<SEC-DOCUMENT>0001626129-17-000386.txt : 20170523
<SEC-HEADER>0001626129-17-000386.hdr.sgml : 20170523
<ACCEPTANCE-DATETIME>20170523105709
ACCESSION NUMBER:		0001626129-17-000386
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20170523
DATE AS OF CHANGE:		20170523
EFFECTIVENESS DATE:		20170523

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHILLIPS EDISON GROCERY CENTER REIT I, INC.
		CENTRAL INDEX KEY:			0001476204
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				271106076
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-54691
		FILM NUMBER:		17862955

	BUSINESS ADDRESS:	
		STREET 1:		11501 NORTHLAKE DRIVE
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45249
		BUSINESS PHONE:		513-554-1110

	MAIL ADDRESS:	
		STREET 1:		11501 NORTHLAKE DRIVE
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45249

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Phillips Edison Grocery Center REIT I, Inc.
		DATE OF NAME CHANGE:	20141205

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Phillips Edison - ARC Shopping Center REIT Inc.
		DATE OF NAME CHANGE:	20091105
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>phld-defa14a_051817.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>UNITED
STATES <BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Washington,
D.C. 20549</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">FORM
8-K</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Pursuant
to Section 13 or 15(d) of</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>The
Securities Exchange Act of 1934</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date
of Report (Date of earliest event reported): May 18, 2017</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>PHILLIPS
EDISON GROCERY CENTER REIT I, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Exact
name of registrant specified in its charter)</FONT></P>

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    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>000-54691</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>27-1106076</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(State
        or other jurisdiction of</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">incorporation
        or organization)</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission
    File Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">IRS
        Employer</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Identification
        No.</FONT></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">11501
Northlake Drive</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cincinnati,
Ohio 45249</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Address
of principal executive offices)</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Registrant&rsquo;s
telephone number, including area code: (513) 554-1110</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;
&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
1.01. &nbsp;Entry into a Material Definitive Agreement.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 18, 2017, Phillips Edison Grocery Center REIT I, Inc., a Maryland corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), entered
into a Contribution Agreement (the &ldquo;<B><I>Contribution Agreement</I></B>&rdquo;) by and among the entities named on Exhibit
A set forth therein (each, a &ldquo;<B><I>Contributor</I></B>&rdquo; and collectively, the &ldquo;<B><I>Contributors</I></B>&rdquo;),
Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership (&ldquo;<B><I>PECO I OP</I></B>&rdquo;),
Jeffrey S. Edison, as the representative of the Contributors (the &ldquo;<B><I>Contributors&rsquo; Representative</I></B>&rdquo;),
and the Company. <FONT STYLE="background-color: white">A copy of the Contribution Agreement is filed as Exhibit 2.1 to this Current
Report on Form 8-K and incorporated herein by reference. </FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Transaction.
</I>The Contribution Agreement generally provides for the contribution to PECO I OP of all of the issued and outstanding equity
interests of certain of the Contributors&rsquo; subsidiaries identified on Exhibit B set forth therein (each, a &ldquo;<B><I>Contributed
Company,</I></B>&rdquo; and collectively, the &ldquo;<B><I>Contributed Companies</I></B>&rdquo;), which collectively own approximately
76 shopping centers and a third-party asset management business held by Phillips Edison Limited Partnership, a Delaware limited
partnership (&ldquo;<B><I>PELP</I></B>&rdquo;), on the terms and subject to the conditions set forth in the Contribution Agreement
(the &ldquo;<B><I>Transaction</I></B>&rdquo;). Prior to the closing of the Transaction (the &ldquo;<B><I>Closing</I></B>&rdquo;)
and in connection with the Transaction, the Contributors (including PELP) have agreed to consummate a series of transfers and
reorganization transactions that are intended to facilitate the Transaction, and PECO I OP has agreed to form a taxable REIT subsidiary
to which the Contributors will transfer certain of their employees and third party investment management agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Transaction
Consideration.</I> Pursuant to the Contribution Agreement, in exchange for the Contributors&rsquo; equity interests in the Contributed
Companies: (i) at the Closing, PECO I OP will issue to the Contributors 40,360,504 common operating partnership units (&ldquo;<B><I>OP
Units</I></B>&rdquo;) of PECO I OP (the &ldquo;<B><I>Base OP Unit Consideration</I></B>&rdquo;), subject to certain adjustments
set forth in the Contribution Agreement; (ii) at the Closing, PECO I OP will pay the Contributors approximately $50,000,000 in
cash (collectively with the Base OP Unit Consideration, the &ldquo;<B><I>Total Base Consideration</I></B>&rdquo;), subject to
certain adjustments set forth in the Contribution Agreement; and (iii) after the Closing, the Contributors will have the right
to receive up to 12,490,196 OP Units if a liquidity event is achieved by the Company by December 31, 2019 at a share value of
$10.20 or greater, or certain fundraising targets for Phillips Edison Grocery Center REIT III, Inc. are achieved as set forth
in the Contribution Agreement. The Contribution Agreement provides that OP Units comprising 7.5% of the Total Base Consideration
(the &ldquo;<B><I>Escrowed Consideration</I></B>&rdquo;) will be placed into escrow to satisfy the indemnification obligations
of the Contributors under the Contribution Agreement. At the Closing, the parties anticipate that approximately 4.8 million Class
B Units in PECO I OP held by PELP and other persons will convert to OP Units in accordance with the terms and conditions of the
PECO I OP Second Amended and Restated Agreement of Limited Partnership, dated December 1, 2014, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
accordance with Section 8.7 of the Advisory Agreement, dated December 3, 2014, as amended, by and among the Company, PECO I OP
and Phillips Edison NTR LLC, the parties to the Contribution Agreement have agreed that no internalization fees will be paid in
connection with this Transaction (i.e., no consideration is being paid for the ongoing management advisory services that PELP
provides to PECO I OP).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Treatment
of PELP Outstanding Equity Awards.</I> The Contribution Agreement provides that with respect to each restricted unit granted under
the PELP Restricted Unit Award Plan which a holder agrees to cancel and forfeit upon the Closing (the &ldquo;<B><I>Cancelled RMUs</I></B>&rdquo;
and each, a &ldquo;<B><I>Cancelled RMU</I></B>&rdquo;), PECO I OP will grant the right to receive, in cash, the value of one OP
Unit (each a &ldquo;<B><I>Phantom Unit</I></B>&rdquo;) to each holder of Cancelled RMUs immediately prior to Closing, equal to
the number of each Cancelled RMU held by such holder multiplied by three. Each Phantom Unit will vest and be subject to the same
vesting schedule and terms as the corresponding Cancelled RMU.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Closing
Conditions</I>. The consummation of the Transaction is subject to the satisfaction or waiver of specified closing conditions,
including (i) the approval of the Transaction by the stockholders of the Company at a meeting of its stockholders (the &ldquo;<B><I>Stockholder
Meeting</I></B>&rdquo;), (ii) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, (iii) the absence of the occurrence of a Contributed Company Material Adverse Effect or
PECO I OP Material Adverse Effect (in each case, as defined in the Contribution Agreement) after the date of the Contribution
Agreement, (iv) the completion and delivery of all required debt consents and amendments associated with certain loan agreements
and (v) other customary closing conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Representations,
Warranties and Covenants</I>. The Contribution Agreement contains representations, warranties and covenants of the Company, Contributors,
the Contributors&rsquo; Representative Contributed Companies and their subsidiaries. These covenants include obligations of Contributors
to cause the Contributed Companies and their subsidiaries, subject to certain exceptions, to conduct their respective businesses
in the ordinary course of business from the date of the Contribution Agreement through the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Indemnification</I>.
The Contribution Agreement contains provisions providing for the indemnification for breaches of representations, warranties and
covenants and certain other matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Non-Solicitation.
</I>The Contribution Agreement generally prohibits the Contributors&rsquo; solicitation of third-party proposals relating to a
merger, sale of securities, sale of substantial assets or similar transaction involving any Contributed Company or their subsidiaries
(&ldquo;<B><I>Other Bid</I></B>&rdquo;) and restricts the Contributors&rsquo; ability to furnish non-public information to, or
participate in any discussions or negotiations with, any third party with respect to any Other Bid, subject to certain limited
exceptions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Stockholder
Approval</I>. The Contribution Agreement also contains covenants that require, subject to certain limited exceptions, the Company
to file a proxy statement with the United States Securities and Exchange Commission (the &ldquo;<B><I>SEC</I></B>&rdquo;) and
call and hold the Stockholder Meeting. The Company shall, subject to the fiduciary duties of the Company&rsquo;s Board of Directors
under applicable law, use its reasonable best efforts to obtain the Company&rsquo;s stockholder approval.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Termination</I>.
The Contribution Agreement also provides for certain termination rights for the Company and PECO I OP, on the one hand, and the
Contributors, on the other hand.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Ancillary
Agreements</I>. The Contribution Agreement contemplates that at the Closing the parties will enter into an Escrow Agreement, a
Tax Protection Agreement, an Equityholder Agreement, a Services Agreement, the PECO I OP Third Amended and Restated Agreement
of Limited Partnership, the Third Amended and Restated Bylaws of the Company and a Trademark and Trade Name License Agreement.
Forms of each of these agreements and documents are exhibits to the Contribution Agreement filed as Exhibit 2.1 hereto. At Closing,
the Company or one of its affiliates will enter into employment and severance agreements with certain executive officers of the
Company. A term sheet of such employment and severance agreements is an exhibit to the Contribution Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Escrow
Agreement</I>. The form of Escrow Agreement contemplates that PECO I OP will deliver the Escrowed Consideration to Wilmington
Trust, National Association (the &ldquo;<B><I>Escrow Agent</I></B>&rdquo;) at the Closing. The Escrow Agent will hold the Escrowed
Consideration in its possession until: (a) jointly authorized by PECO I OP and the Contributors&rsquo; Representative to release
some or all of the Escrowed Consideration; (b) it receives a final court order instructing the Contributors to pay an indemnification
claim to PECO I OP; or (c) the Escrow Agreement is terminated. The Contributors&rsquo; Representative is entitled to exercise
all voting rights with respect to the Escrowed Consideration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax
Protection Agreement</I>. The form of Tax Protection Agreement contemplates that, for a period of ten years following the Closing,
PECO I OP will, among other things, indemnify each Contributor for certain tax liabilities resulting from a transaction involving
a direct or indirect taxable disposition of all or portion of the property such Contributor contributed to PECO I OP. The Tax
Protection Agreement further contemplates that PECO I OP will maintain and allocate to each Contributor for taxation purposes
minimum levels of liabilities and, under certain circumstances, permit the Contributors to guarantee certain debt of PECO I OP.
The Tax Protection Agreement also imposes restrictions on PECO I OP&rsquo;s ability to engage in certain transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equityholder
Agreement</I>. The form Equityholder Agreement contemplates that each of Messrs. Jeffrey S. Edison, Devin I. Murphy and Robert
M. Addy (collectively, the &ldquo;<B><I>Lock-up Equityholders</I></B>&rdquo;) will not transfer their OP Units for the following
periods of time, subject to certain exceptions set forth therein: (i) with respect to Mr. Jeffrey S. Edison, three years from
the Closing; and (ii) with respect to Messrs. Devin I. Murphy and Robert M. Addy, two years from the Closing. If the shares of
common stock of the Company (&ldquo;<B><I>Company Stock</I></B>&rdquo;) are listed on a national securities exchange and a Form
S-3 is filed, the Company shall provide each Lock-up Equityholder the opportunity to be named as a selling securityholder and
to register such Lock-up Equityholder&rsquo;s Company Stock (received upon the exchange of OP Units), subject to certain exceptions.
The form of Equityholder Agreement further contemplates that Mr. Jeffrey S. Edison (the Chairman of the Board and Chief Executive
Officer of the Company), or his designee will be nominated to the Board of Directors of the Company for each of the ten succeeding
annual meetings following the Closing, subject to certain terminating events including the sale or transfer of more than 35% of
the OP Units that he beneficially owns immediately following the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>D</I>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Services
Agreement. </I>The form of Services Agreement contemplates, among other things, that an affiliate of PECO I OP will provide certain
management services to certain entities which PELP is not contributing to PECO I OP at the Closing (such entities, the &ldquo;<B><I>Excluded
PELP Entities</I></B>&rdquo;) with respect to the operation of the businesses of the Excluded PELP Entities and their eventual
wind-down, liquidation and termination (&ldquo;<B><I>Liquidation</I></B>&rdquo;). The form of Services Agreement further contemplates
that PECO I OP will license the use of the name &ldquo;Phillips Edison&rdquo; or &ldquo;PECO&rdquo;, as applicable, to the Excluded
PELP Entities in connection with the continued operation of their respective businesses for the earlier of fifteen years and the
time they effect their Liquidation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PECO
I OP Third Amended and Restated Agreement of Limited Partnership</I>. The PECO I OP Third Amended and Restated Agreement of Limited
Partnership contemplates certain changes to the PECO I OP Second Amended and Restated Agreement of Limited Partnership, dated
December 1, 2014, designed to, among other things, grant customary rights and protections to the general partner and the limited
partners. These changes include clarifying how the exchange ratio of OP units to Company shares will change as a result of certain
transactions, clarifying limited partners&rsquo; redemption rights, providing for procedural limited partner protections in connection
with certain fundamental transactions, including change of control transactions involving the Company, and imposing transfer restrictions
on limited partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third
Amended and Restated Bylaws of the Company</I>. The Third Amended and Restated Bylaws of the Company contemplates adding a provision
to the Company&rsquo;s current bylaws providing that Mr. Jeffrey S. Edison shall continue to serve as Chairman of the Board of
the Company until the third anniversary of the Closing, subject to certain terminating events including the listing of Company
Stock on a national securities exchange. The amendment to the bylaws is expected to occur in connection with the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>G</I>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Trademark
and Trade Name License Agreement</I>. The form of Trademark and Trade Name License Agreement contemplates that PECO I OP grants
a perpetual license to use the name &ldquo;PECO&rdquo; to PECO Real Estate Partners (&ldquo;<B><I>PREP</I></B>&rdquo;) in connection
with the operation of PREP&rsquo;s business and in a manner that is materially consistent with how PREP used the name &ldquo;PECO&rdquo;
immediately prior to May 18, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
Employment and Severance Agreements</I>. The term sheet of the employment and severance agreements contemplates that each of the
Lock-up Equity Holders and Mr. Robert F. Myers (collectively, the &ldquo;<B><I>Executives</I></B>&rdquo;) will enter into an employment
and severance agreements with PECO I OP pursuant to which, among other things, each such Executive be entitled to certain severance
payments upon a termination of such Executive&rsquo;s employment (i) without cause by PECO I OP or with good reason by such Executive
and (ii) with the amount of such severance payments varying based on whether the termination is prior to or during the 24 months
following a change in control of PECO I OP. Such term sheet further contemplates that each of the Executives will be subject to
customary non-competition and non-solicitation covenants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
foregoing descriptions of the Contribution Agreement and ancillary agreements thereto do not purport to be complete and are qualified
in its entirety by reference to the full text of the Contribution Agreement and exhibits thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Contribution Agreement and the above description of the Contribution Agreement have been included to provide investors and securityholders
with information regarding the terms of the Contribution Agreement and are not intended to provide any other factual information
about the Company, Contributors, Contributed Companies, PELP or their respective subsidiaries or affiliates. The representations
and warranties contained in the Contribution Agreement were made only for purposes of that agreement and as of specific dates,
were solely for the benefit of the parties to the Contribution Agreement, may be subject to a contractual standard of materiality
different from what might be viewed as material to stockholders and may be subject to limitations agreed upon by the parties,
including being qualified by confidential disclosures made by the parties to each other. Investors should not rely on the representations
and warranties contained in the Contribution Agreement as characterizations of the actual state of facts or condition of the Company,
the Contributors, the Contributed Companies, or any of their respective subsidiaries, affiliates or businesses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
3.02. Unregistered Sale of Equity Securities.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Please
refer to Item 1.01 for a description of the terms of the Contribution Agreement, which is incorporated by reference into this
Item 3.02. The operating partnership units of PECO I OP to be issued pursuant to the Contribution Agreement will be issued in
reliance upon Section 4(2) of the Securities Act of 1933, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Additional
Information and Where to Find It:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">This
communication does not constitute a solicitation of any vote or approval in respect of the proposed Transaction involving the
Company or otherwise. In connection with the proposed Transaction, a Stockholder Meeting will be announced soon to obtain stockholder
approval. In connection with the proposed Transaction, the Company intends to file relevant materials, including a proxy statement,
with the SEC. The Company&rsquo;s stockholders are urged to read the definitive proxy statement and other relevant materials when
they become available because they will contain important information about the Company and the proposed Transaction. The proxy
statement and other relevant materials (when they become available), and any other documents filed by the Company with the SEC,
may be obtained free of charge at the SEC&rsquo;s website at <U>www.sec.gov</U>, at the Company&rsquo;s website at <U>www.grocerycenterREIT1.com
</U>or by sending a written request to the Company at 11501 Northlake Drive, Cincinnati, OH 45249, Attention: Investor Relations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Participants
in the Solicitation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company and its directors, executive officers and certain other members of management may be deemed to be participants in soliciting
proxies from the Company&rsquo;s stockholders in favor of the proposed Transaction. Information regarding the persons who may,
under the rules of the SEC, be considered to be participants in the solicitation of the Company&rsquo;s stockholders in connection
with the proposed Transaction and their ownership of Company Stock will be set forth in the proxy statement for its annual meeting
of stockholders. Investors can find more information about the Company&rsquo;s executive officers and directors in its Annual
Report on Form 10-K for the fiscal year ended December 31, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
9.01. Financial Statements and Exhibits.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)
Exhibits.</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 88%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit
    No.</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Description</U></B></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&dagger;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contribution
    Agreement, dated as of May 18, 2017, by and among the Contributors listed on Exhibit A hereto, Phillips Edison Grocery Center
    REIT I, Inc., Phillips Edison Grocery Center Operating Partnership I, L.P., and Jeffrey S. Edison (including forms of an Escrow
    Agreement, a Tax Protection Agreement, an Equityholder Agreement, a Services Agreement, the PECO I OP Third Amended and Restated
    Agreement of Limited Partnership, the Third Amended and Restated Bylaws of the Company and a Trademark and Trade Name License
    Agreement, and a term sheet relating to severance and employment agreements to be entered into with certain executive officers).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font-family: Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&dagger;
        Schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company hereby undertakes to furnish supplementally
        copies of any of the omitted schedules upon request by the SEC.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 47%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 48%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PHILLIPS
    EDISON GROCERY CENTER REIT I, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
    May 23, 2017</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    R. Mark Addy</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R.
    Mark Addy</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
    and Chief Operating Officer</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>EXHIBIT
INDEX</U></B></FONT></P>

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    <TD STYLE="width: 8%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 88%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit
    No.</U></B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Description</U></B></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&dagger;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex2-1.htm">Contribution Agreement, dated as of May 18, 2017, by and among the Contributors listed on Exhibit A hereto, Phillips Edison Grocery Center REIT I, Inc., Phillips Edison Grocery Center Operating Partnership I, L.P., and Jeffrey S. Edison (including forms of an Escrow Agreement, a Tax Protection Agreement, an Equityholder Agreement, a Services Agreement, the PECO I OP Third Amended and Restated Agreement of Limited Partnership, the Third Amended and Restated Bylaws of the Company and a Trademark and Trade Name License Agreement, and a term sheet relating to severance and employment agreements to be entered into with certain executive officers).</A></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <TD COLSPAN="4" STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&dagger;
    Schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company hereby undertakes to furnish supplementally
    copies of any of the omitted schedules upon request by the SEC.</FONT></TD></TR>
</TABLE>


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<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>ex2-1.htm
<DESCRIPTION>CONTRIBUTION AGREEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="phld-defa14a_051817.htm">PHILLIPS EDISON GROCERY CENTER REIT I, INC. DEFA 14A</A>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 2.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I><U>Execution Version</U></I></B>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTRIBUTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">by and among</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE CONTRIBUTORS LISTED ON <U>EXHIBIT A</U>
HERETO,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PHILLIPS EDISON GROCERY CENTER REIT&nbsp;I,
INC.,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PHILLIPS EDISON GROCERY CENTER OPERATING
PARTNERSHIP I, L.P.,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Jeffrey S. Edison,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Contributors&rsquo; Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of May 18, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TABLE OF CONTENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>Page</B></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE I. CONTRIBUTION OF THE CONTRIBUTED INTERESTS; CLOSING</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 84%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 1.01</TD>
    <TD STYLE="vertical-align: top">Contribution of the Contributed Interests</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 1.02</TD>
    <TD STYLE="vertical-align: top">Closing Date</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 1.03</TD>
    <TD STYLE="vertical-align: top">Transactions to Be Effected at the Closing</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 1.04</TD>
    <TD STYLE="vertical-align: top">Escrow</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 1.05</TD>
    <TD STYLE="vertical-align: top">OP Unit Consideration Adjustments</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 1.06</TD>
    <TD STYLE="vertical-align: top">Earn-Out</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 1.07</TD>
    <TD STYLE="vertical-align: top">Treatment of New Properties Acquired</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 1.08</TD>
    <TD STYLE="vertical-align: top">Treatment of PEGC I Class B Units</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 1.09</TD>
    <TD STYLE="vertical-align: top">Relationship among Contributors</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 1.10</TD>
    <TD STYLE="vertical-align: top">Intended Tax Treatment</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 0.375in; text-indent: -0.375in">ARTICLE II. REPRESENTATIONS AND
    WARRANTIES RELATING TO EACH CONTRIBUTOR AND THE CONTRIBUTED INTERESTS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 2.01</TD>
    <TD STYLE="vertical-align: top">Organization, Standing and Power</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 2.02</TD>
    <TD STYLE="vertical-align: top">Authority; Execution and Delivery; Enforceability</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 2.03</TD>
    <TD STYLE="vertical-align: top">No Conflicts; Consents</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 2.04</TD>
    <TD STYLE="vertical-align: top">The Contributed Interests</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 2.05</TD>
    <TD STYLE="vertical-align: top">Concentration of Ownership</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 2.06</TD>
    <TD STYLE="vertical-align: top">Accredited Investor; Investment Decision</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 2.07</TD>
    <TD STYLE="vertical-align: top">U.S. Investor</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 2.08</TD>
    <TD STYLE="vertical-align: top">Restricted Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 2.09</TD>
    <TD STYLE="vertical-align: top">No Public Market</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 2.10</TD>
    <TD STYLE="vertical-align: top">Legends</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 2.11</TD>
    <TD STYLE="vertical-align: top">No Additional Representations or Warranties</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">22</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE III. REPRESENTATIONS AND WARRANTIES RELATING TO THE CONTRIBUTED COMPANIES</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">22</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.01</TD>
    <TD STYLE="vertical-align: top">Organization, Standing and Power; Books and Records</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">22</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.02</TD>
    <TD STYLE="vertical-align: top">Equity Securities of the Contributed Companies and Subsidiaries</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">22</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.03</TD>
    <TD STYLE="vertical-align: top">Authority; Execution and Delivery; Enforceability</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.04</TD>
    <TD STYLE="vertical-align: top">No Conflicts; Consents</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.05</TD>
    <TD STYLE="vertical-align: top">Financial Statements</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.06</TD>
    <TD STYLE="vertical-align: top">Absence of Changes or Events</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.07</TD>
    <TD STYLE="vertical-align: top">Title to Assets/Sufficiency</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.08</TD>
    <TD STYLE="vertical-align: top">Real Property</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.09</TD>
    <TD STYLE="vertical-align: top">Indebtedness</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.10</TD>
    <TD STYLE="vertical-align: top">Intellectual Property</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.11</TD>
    <TD STYLE="vertical-align: top">Information Technology; Security and Privacy</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">30</TD></TR>
</TABLE>

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<TR>
    <TD STYLE="vertical-align: top; width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 84%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.12</TD>
    <TD STYLE="vertical-align: top">Contracts</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.13</TD>
    <TD STYLE="vertical-align: top">Permits</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">33</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.14</TD>
    <TD STYLE="vertical-align: top">Insurance</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">34</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.15</TD>
    <TD STYLE="vertical-align: top">Taxes</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">34</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.16</TD>
    <TD STYLE="vertical-align: top">Proceedings</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">36</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.17</TD>
    <TD STYLE="vertical-align: top">Compliance with Laws; Environmental Matters</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">37</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.18</TD>
    <TD STYLE="vertical-align: top">Benefit Plans</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">39</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.19</TD>
    <TD STYLE="vertical-align: top">Employee and Labor Matters</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">40</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.20</TD>
    <TD STYLE="vertical-align: top">Transactions with Affiliates</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">41</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.21</TD>
    <TD STYLE="vertical-align: top">Tenants, Customers and Clients</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">41</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.22</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accounts; Safe Deposit Boxes; Powers of Attorney;
        Officers, Directors and Managers</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">42</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.23</TD>
    <TD STYLE="vertical-align: top">Corporate Name</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">42</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.24</TD>
    <TD STYLE="vertical-align: top">Private Offering</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">42</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.25</TD>
    <TD STYLE="vertical-align: top">REIT Qualification</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">42</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.26</TD>
    <TD STYLE="vertical-align: top">Insurance Regulatory</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">43</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.27</TD>
    <TD STYLE="vertical-align: top">Brokers</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">43</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 3.28</TD>
    <TD STYLE="vertical-align: top">No Additional Representations or Warranties</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">43</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF THE CONTRIBUTORS&rsquo; REPRESENTATIVE</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">43</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 4.01</TD>
    <TD STYLE="vertical-align: top">Authority; Execution and Delivery; Enforceability</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">43</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 4.02</TD>
    <TD STYLE="vertical-align: top">No Conflicts; Consents</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">44</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 4.03</TD>
    <TD STYLE="vertical-align: top">No Additional Representations or Warranties</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">44</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE V. REPRESENTATIONS AND WARRANTIES OF PEGC I AND PEGC I OP</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">44</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 5.01</TD>
    <TD STYLE="vertical-align: top">Organization, Standing and Power</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">44</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 5.02</TD>
    <TD STYLE="vertical-align: top">Authority; Execution and Delivery; Enforceability</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">44</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 5.03</TD>
    <TD STYLE="vertical-align: top">PEGC I Board Approvals</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">45</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 5.04</TD>
    <TD STYLE="vertical-align: top">Securities Act</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">45</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 5.05</TD>
    <TD STYLE="vertical-align: top">Issuance of the OP Units</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">45</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 5.06</TD>
    <TD STYLE="vertical-align: top">Brokers</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">45</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 5.07</TD>
    <TD STYLE="vertical-align: top">Opinion of Financial Advisor</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">45</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 5.08</TD>
    <TD STYLE="vertical-align: top">No Additional Representations or Warranties</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">45</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 5.09</TD>
    <TD STYLE="vertical-align: top">No Outside Reliance</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">46</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE VI. COVENANTS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">46</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.01</TD>
    <TD STYLE="vertical-align: top">Covenants Relating to Conduct of Business by Contributors</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">46</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.02</TD>
    <TD STYLE="vertical-align: top">Covenants Relating to the Conduct of Business by PEGC and PEGC I OP</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">51</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.03</TD>
    <TD STYLE="vertical-align: top">No Solicitation</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">51</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.04</TD>
    <TD STYLE="vertical-align: top">Access to Information</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">52</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.05</TD>
    <TD STYLE="vertical-align: top">Confidentiality</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">52</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top; width: 12%; text-align: center">Section 6.06</TD>
    <TD STYLE="vertical-align: top; width: 84%">Reasonable Efforts</TD>
    <TD STYLE="vertical-align: bottom; width: 4%; text-align: right">53</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.07</TD>
    <TD STYLE="vertical-align: top">Expenses; Transfer Taxes</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">56</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.08</TD>
    <TD STYLE="vertical-align: top">Employee Matters</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">57</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.09</TD>
    <TD STYLE="vertical-align: top">Notice of Developments; Supplemental Disclosure</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">57</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.10</TD>
    <TD STYLE="vertical-align: top">Publicity</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">57</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.11</TD>
    <TD STYLE="vertical-align: top">Records</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">58</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.12</TD>
    <TD STYLE="vertical-align: top">[Reserved]</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">58</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.13</TD>
    <TD STYLE="vertical-align: top">Certain Licenses and Permits</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">58</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.14</TD>
    <TD STYLE="vertical-align: top">Further Assurances</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">58</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.15</TD>
    <TD STYLE="vertical-align: top">Names Following Closing</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">58</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.16</TD>
    <TD STYLE="vertical-align: top">Intercompany Accounts; Termination of Intercompany Agreements</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">59</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.17</TD>
    <TD STYLE="vertical-align: top">Title Insurance Policies</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">60</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.18</TD>
    <TD STYLE="vertical-align: top">Surveys; Zoning Reports, Property Condition Reports and Environmental Reports</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">60</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.19</TD>
    <TD STYLE="vertical-align: top">Preparation of the Proxy Statement; PEGC I Stockholders&rsquo; Meeting</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">61</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.20</TD>
    <TD STYLE="vertical-align: top">Directors&rsquo; and Officers&rsquo; Liability</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">62</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 6.21</TD>
    <TD STYLE="vertical-align: top">Plan of Reorganization</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">63</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE VII. CONDITIONS PRECEDENT</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">63</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 7.01</TD>
    <TD STYLE="vertical-align: top">Conditions to Each Party&rsquo;s Obligation</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">63</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 7.02</TD>
    <TD STYLE="vertical-align: top">Conditions to Obligation of PEGC I OP</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">64</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 7.03</TD>
    <TD STYLE="vertical-align: top">Conditions to Obligation of the Contributors</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">65</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 7.04</TD>
    <TD STYLE="vertical-align: top">Frustration of Closing Conditions</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">65</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE VIII. CERTAIN TAX MATTERS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">66</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 8.01</TD>
    <TD STYLE="vertical-align: top">Liability for Taxes</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">66</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 8.02</TD>
    <TD STYLE="vertical-align: top">Tax Returns</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">67</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 8.03</TD>
    <TD STYLE="vertical-align: top">Contest Provisions</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">68</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 8.04</TD>
    <TD STYLE="vertical-align: top">Assistance and Cooperation</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">69</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 8.05</TD>
    <TD STYLE="vertical-align: top">Termination of Tax Allocation Agreements</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">69</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE IX. TERMINATION, AMENDMENT AND WAIVER</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">69</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 9.01</TD>
    <TD STYLE="vertical-align: top">Termination</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">69</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 9.02</TD>
    <TD STYLE="vertical-align: top">Effect of Termination</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">70</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 9.03</TD>
    <TD STYLE="vertical-align: top">Amendments and Waivers</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">70</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE X. INDEMNIFICATION</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">71</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 10.01</TD>
    <TD STYLE="vertical-align: top">Indemnification by the Contributors</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">71</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 10.02</TD>
    <TD STYLE="vertical-align: top">Indemnification by PEGC I OP</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">72</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 10.03</TD>
    <TD STYLE="vertical-align: top">Calculation of Losses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">73</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 10.04</TD>
    <TD STYLE="vertical-align: top">PEGC Disclosure Committee</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">73</TD></TR>
</TABLE>
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<TR>
    <TD STYLE="vertical-align: top; width: 12%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 84%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 10.05</TD>
    <TD STYLE="vertical-align: top">Survival of Representations, Warranties, Covenants and Agreements; Termination of Indemnification</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">74</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 10.06</TD>
    <TD STYLE="vertical-align: top">Procedures</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">74</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 10.07</TD>
    <TD STYLE="vertical-align: top">Mitigation of Losses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">76</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 10.08</TD>
    <TD STYLE="vertical-align: top">Claims Against the Escrow Account; Payment of Defense Costs and Settlements</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">77</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 10.09</TD>
    <TD STYLE="vertical-align: top">Indemnification Sole and Exclusive Remedy</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">78</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 10.10</TD>
    <TD STYLE="vertical-align: top">Tax Treatment</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">78</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 10.11</TD>
    <TD STYLE="vertical-align: top">Release</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">79</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 10.12</TD>
    <TD STYLE="vertical-align: top">Title Claims</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">79</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE XI. GENERAL PROVISIONS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">80</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 11.01</TD>
    <TD STYLE="vertical-align: top">Assignment</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">80</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 11.02</TD>
    <TD STYLE="vertical-align: top">No Third-Party Beneficiaries</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">80</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 11.03</TD>
    <TD STYLE="vertical-align: top">Notices</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">80</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 11.04</TD>
    <TD STYLE="vertical-align: top">Interpretation; Exhibits and Schedules; Certain Definitions</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">81</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 11.05</TD>
    <TD STYLE="vertical-align: top">Actions of PEGC I and PEGC I OP</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">102</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 11.06</TD>
    <TD STYLE="vertical-align: top">Counterparts</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">102</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 11.07</TD>
    <TD STYLE="vertical-align: top">Entire Agreement</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">102</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 11.08</TD>
    <TD STYLE="vertical-align: top">Severability</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">102</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 11.09</TD>
    <TD STYLE="vertical-align: top">Enforcement</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">102</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 11.10</TD>
    <TD STYLE="vertical-align: top">GOVERNING LAW</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">103</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 11.11</TD>
    <TD STYLE="vertical-align: top">Dispute Resolution</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">103</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 11.12</TD>
    <TD STYLE="vertical-align: top">Non-Recourse</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">104</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Section 11.13</TD>
    <TD STYLE="vertical-align: top">Waiver of Conflicts Regarding Representations</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">104</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">Exhibits</TD>
    <TD STYLE="width: 92%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit A</TD>
    <TD>Contributors and Contributed Interests</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit B</TD>
    <TD>Contributed Companies</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit C</TD>
    <TD>Form of Escrow Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit D</TD>
    <TD>Form of Tax Protection Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit E</TD>
    <TD>Form of Equityholder Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit F</TD>
    <TD>Employment Agreement Term Sheets</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit G</TD>
    <TD>Form of Services Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit H</TD>
    <TD>PEGC I OP Amended and Restated Partnership Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit I</TD>
    <TD>Form of Bylaw Amendment</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit J</TD>
    <TD>Example Specified Net Assets Calculation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit K</TD>
    <TD>Knowledge</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit L</TD>
    <TD>PECO Name License Agreement</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTRIBUTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This CONTRIBUTION AGREEMENT,
dated as of May 18, 2017 (this &ldquo;<U>Agreement</U>&rdquo;), among the Persons named on <U>Exhibit&nbsp;A</U> hereto (each,
a &ldquo;<U>Contributor</U>&rdquo; and, collectively, the &ldquo;<U>Contributors</U>&rdquo;), Phillips Edison Grocery Center REIT&nbsp;I,
Inc., a Maryland corporation (&ldquo;<U>PEGC&nbsp;I</U>&rdquo;), Phillips Edison Grocery Center Operating Partnership&nbsp;I, L.P.,
a Delaware limited partnership (&ldquo;<U>PEGC&nbsp;I&nbsp;OP</U>&rdquo;) and Jeffrey S. Edison, an individual (the &ldquo;<U>Contributors&rsquo;
Representative</U>&ldquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the entities
named on <U>Exhibit&nbsp;B</U> hereto (each, a &ldquo;<U>Contributed Company</U>&rdquo; and, collectively, the &ldquo;<U>Contributed
Companies</U>&rdquo;) collectively own or lease the Real Property and operate (i) an investment management business (the &ldquo;<U>Investment
Management Business</U>&rdquo;) and (ii) a captive insurance business (the &ldquo;<U>Insurance Business</U>&rdquo; and, together
with the Real Property and the Investment Management Business, the &ldquo;<U>Contributed Businesses</U>&rdquo;) in connection with
the operation of the Real Property and certain other real estate assets owned by third parties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, upon the terms
and subject to the conditions set forth in this Agreement, the Contributors desire to contribute, directly or indirectly, to PEGC&nbsp;I&nbsp;OP
in exchange for the Closing Consideration and the right to receive the Contingent Consideration, if any,&nbsp;all of the issued
and outstanding equity interests set forth on <U>Exhibit A</U> hereto (collectively, the &ldquo;<U>Contributed Interests</U>&rdquo;)
of the Contributed Companies (the &ldquo;<U>Contributions</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, (a) Phillips
Edison NTR LLC, a Delaware limited liability company (&ldquo;<U>NTR I LLC</U>&rdquo;), owns Class&nbsp;B Units (the &ldquo;<U>PEGC
I Class&nbsp;B Units</U>&ldquo;) of PEGC I OP, and will continue to earn and be issued additional PEGC I Class B Units, in the
amounts and at the times set forth in the PEGC I OP Partnership Agreement, in connection with the provision of management and advisory
services to PEGC I and PEGC I OP through the Closing, and (b) Phillips Edison NTR II LLC, a Delaware limited liability company
and a Contributed Company, owns Class B Units (&ldquo;<U>PEGC II Class B Units</U>&rdquo;) of Phillips Edison Grocery Center Operating
Partnership&nbsp;II, L.P., a Delaware limited partnership (&ldquo;<U>PEGC II OP</U>&rdquo;), and expects to continue to be issued
additional PEGC II Class B Units in connection with the ongoing provision of management and advisory services to PEGC II OP and
its parent company, Phillips Edison Grocery Center REIT II, Inc., a Maryland corporation (&ldquo;<U>PEGC II</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, subject to
the terms and conditions of the PEGC I OP Second Amended and Restated Agreement of Limited Partnership, dated as of December 1,
2014, as amended (the &ldquo;<U>PEGC I OP Partnership Agreement</U>&rdquo;), including full satisfaction of all performance hurdles
set forth therein, the parties anticipate that at the Closing (i) all PEGC I Class B Units that are &ldquo;<U>Restricted Class
B Units</U>&rdquo; within the meaning of the PEGC I OP Partnership Agreement will become &ldquo;<U>Unrestricted Class B Units</U>&rdquo;
within the meaning of such agreement, (ii) to the extent the requirements for conversion of such Unrestricted Class B Units to
OP Units under the PEGC I OP Partnership Agreement are satisfied, such Unrestricted Class B Units will automatically convert to
OP Units pursuant to the terms of the PEGC I OP Partnership Agreement, and (iii) all of such OP Units and any remaining Unrestricted
Class B Units will be retained by NTR I LLC or distributed to NTR I LLC&rsquo;s direct and indirect owners, in each case as contemplated
in <U>Section 1.08</U> hereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, in connection
with, and prior to, the consummation of the Contributions and the other transactions contemplated by this Agreement and the Ancillary
Agreements (the &ldquo;<U>Transactions</U>&rdquo;), the Contributors shall, and shall cause their Affiliates and Subsidiaries to,
effect the transfers and reorganizations contemplated by <U>Schedule 6.21</U> (the &ldquo;<U>Plan of Reorganization</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, the
parties acknowledge the adequacy and receipt of the consideration provided to each through their respective representations, warranties,
conditions, rights and promises contained in this Agreement, and other good and valuable consideration, and intending to be legally
bound hereby, agree as provided below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
I.<BR>
<BR>
<U>Contribution of the Contributed Interests; Closing</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.01 <U>Contribution
of the Contributed Interests</U>. &nbsp;On the terms and subject to the conditions hereof, at the Closing, the Contributors shall contribute,
transfer, convey and deliver, or cause to be contributed, transferred, conveyed and delivered, to PEGC&nbsp;I&nbsp;OP, free and
clear of any Liens (other than Permitted Liens and liens arising out of acts of PEGC&nbsp;I&nbsp;OP or its Affiliates), and PEGC&nbsp;I&nbsp;OP
shall accept from the Contributors, the Contributed Interests in exchange for: (a) a number of newly issued OP Units, payable
as set forth below in <U>Section&nbsp;1.03 </U>and subject to adjustment as provided in <U>Section&nbsp;1.05</U> or the definition
of Cash Consideration (the &ldquo;<U>OP Unit Consideration</U>&rdquo;); (b) the Cash Consideration (together with the OP Unit
Consideration, the &ldquo;<U>Closing Consideration</U>&rdquo;); and (c)&nbsp;the right to receive the Contingent Consideration,
if any, as provided in <U>Section 1.06</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.02 <U>Closing
Date</U>. The closing of the Contributions (the &ldquo;<U>Closing</U>&rdquo;) shall take place at the offices of Sidley
Austin LLP, One South Dearborn, Chicago, Illinois 60603, (a)&nbsp;at 10:00&nbsp;a.m., Chicago time, on the second Business Day
after the date on which each of the conditions set forth in <U>Article&nbsp;VII</U> is satisfied or, to the extent permitted by
Law, waived by the party entitled to waive such condition (except for any conditions that by their nature can only be satisfied
on the Closing Date, but subject to the satisfaction of such conditions or waiver by the party(ies) entitled to waive such conditions)
or (b)&nbsp;at such other time or date as agreed to in writing by the Contributors&rsquo; Representative and PEGC&nbsp;I&nbsp;OP.
The date on which the Closing occurs is referred to herein as the &ldquo;<U>Closing Date</U>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.03 <U>Transactions
to Be Effected at the Closing</U>. &nbsp;At the Closing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Contributor shall deliver, or cause to be delivered by the Contributors&rsquo; Representative, to PEGC&nbsp;I&nbsp;OP:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;instruments
of transfer, in form and substance reasonably satisfactory to PEGC&nbsp;I&nbsp;OP, sufficient to transfer ownership of the Contributed
Interests set forth opposite the name of such Contributor on <U>Exhibit&nbsp;A</U> hereto, to PEGC&nbsp;I&nbsp;OP, free and clear
of all Liens other than Permitted Liens, duly executed by such Contributor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
such Contributor is not an individual, a certificate of good standing of such Contributor certified by the Secretary of State of
the jurisdiction of organization of such entity, dated as of a date within ten (10)&nbsp;Business Days before the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.35in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
such Contributor is not an individual, a certificate of the secretary, general partner or manager, as applicable, of such Contributor,
dated as of the Closing Date, in form and substance reasonably satisfactory to PEGC&nbsp;I&nbsp;OP, as to the resolutions of the
directors, general partner or managers, as applicable, of such Contributor authorizing the execution and performance of this Agreement,
the Ancillary Agreements and the Transactions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;copies
of each Ancillary Agreement to which such Contributor is a party, duly executed by such Contributor; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
other documents required to be delivered by such Contributor pursuant to <U>Article&nbsp;VII</U>, duly executed by such Contributor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Contributors&rsquo; Representative shall (on behalf of the Contributors) deliver to PEGC&nbsp;I&nbsp;OP:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
certificate of good standing for each Contributed Company, and a copy of the certificate of incorporation (or comparable document)
and all amendments thereto of each Contributed Company, in each case certified by the Secretary of State of the jurisdiction of
organization of such entity, each dated as of a date within ten (10) Business Days before the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
certificate of the secretary, general partner or manager, as applicable, of each Contributed Company, dated as of the Closing Date,
in form and substance reasonably satisfactory to PEGC&nbsp;I&nbsp;OP, as to: (A)&nbsp;no amendments to the certificate of incorporation
(or comparable document) of such Contributed Company since the date of the certificate delivered to PEGC&nbsp;I&nbsp;OP pursuant
to <U>Section 1.03(b)(i)</U>; (B)&nbsp;the by-laws (or comparable document) of such Contributed Company in effect as of the Closing
Date; and (C)&nbsp;if applicable, the resolutions of the directors or managers, as applicable, of such Contributed Company authorizing
the execution and performance of this Agreement and the Ancillary Agreements and the Transactions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;either
(A) (1) a statement of each Contributed Company, dated not earlier than twenty (20)&nbsp;days prior to the Closing Date, in accordance
with Treasury Regulation Sections&nbsp;1.1445-2(c)(3) and 1.897-2(h), certifying that such Contributed Company is not, and has
not been, a &ldquo;United States real property holding corporation&rdquo; for purposes of Sections&nbsp;897 and 1445 of the Code;
(2)&nbsp;the notification to the IRS described in Treasury Regulation Section&nbsp;1.897-2(h)(2) regarding delivery of the statement
referred to in the preceding sentence, signed by a responsible corporate officer of such Contributed Company; and (3)&nbsp;an acknowledgment
that PEGC&nbsp;I&nbsp;OP may cause such Contributed Company to file such notification with the IRS on or after the Closing Date;
or (B)&nbsp;a certification of non-foreign status of each Contributor, in form and substance reasonably satisfactory to PEGC&nbsp;I&nbsp;OP,
in accordance with Treasury Regulation Section&nbsp;1.1445-2(b);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
copy of an escrow agreement, in substantially the form attached hereto as <U>Exhibit&nbsp;C</U> (the &ldquo;<U>Escrow Agreement</U>&rdquo;),
duly executed by the Contributors&rsquo; Representative;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
copy of a tax protection agreement, in substantially the form attached hereto as <U>Exhibit&nbsp;D</U> (the &ldquo;<U>Tax Protection
Agreement</U>&rdquo;), duly executed by the Contributors&rsquo; Representative;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;copies
of equityholder agreements, in substantially the form attached hereto as <U>Exhibit&nbsp;E</U> (the &ldquo;<U>Equityholder Agreements</U>&rdquo;),
duly executed by the individuals set forth on <U>Schedule 1.03(b)(vi)</U> (the &ldquo;<U>Lockup Parties</U>&rdquo;), as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;copies
of employment agreements, which substantially reflect the terms in the term sheets attached hereto as <U>Exhibit&nbsp;F</U> (the
&ldquo;<U>Employment Agreements</U>&rdquo;), duly executed by the individual employees contemplated therein (each, an &ldquo;<U>Executive</U>&rdquo;),
as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
copy of an asset management agreement, in substantially the form attached hereto as <U>Exhibit&nbsp;G</U> (the &ldquo;<U>Services
Agreement</U>&rdquo;), duly executed by the parties thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
copy of a PEGC I OP Amended and Restated Partnership Agreement, in substantially the form attached hereto as <U>Exhibit&nbsp;H</U>
(the &ldquo;<U>PEGC I OP Amended and Restated Partnership Agreement</U>&rdquo;), duly executed by the Contributors and Contributed
Companies party thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
copy of the Legacy Agreements Termination, duly executed by Phillips Edison NTR LLC, a Delaware limited liability company, and
Phillips Edison &amp; Company, Ltd., an Ohio limited liability company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;copies
of each other Ancillary Agreement, duly executed by the Contributors&rsquo; Representative and other applicable parties thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
certificate of the Contributors&rsquo; Representative contemplated by <U>Sections&nbsp;7.02(a)</U> and <U>(b)</U>, in form and
substance reasonably satisfactory to PEGC&nbsp;I&nbsp;OP, duly executed by the Contributors&rsquo; Representative;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evidence,
in a form reasonably satisfactory to PEGC I OP, of the assignment of the Intercompany Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evidence,
in a form reasonably satisfactory to PEGC I OP, that the pre-closing restructuring according to the steps set forth in the Plan
of Reorganization has been completed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the documents and certificates required to be delivered pursuant to <U>Section 6.17</U> in connection with the issuance of the
Title Policies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Debt Consents and Amendments on <U>Schedule 1.03(b)(xvi)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xvii)&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">a
copy of a license agreement, in substantially the form attached hereto as Exhibit L (the &ldquo;<U>PECO Name License Agreement</U>&rdquo;),
duly executed by PECO Real Estate Partners; </FONT>and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xviii)&nbsp;&nbsp;&nbsp;the
other documents required to be delivered by the Contributors&rsquo; Representative pursuant to <U>Article&nbsp;VII</U>, duly executed
by the Contributors&rsquo; Representative and other applicable parties thereto.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEGC&nbsp;I&nbsp;OP
shall deliver to the Contributors&rsquo; Representative (or to PELP as noted below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
PELP, the Cash Consideration;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
PELP, the Estimated Adjusted OP Unit Consideration, less the Escrowed Consideration;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
copy of the Escrow Agreement, duly executed by PEGC&nbsp;I&nbsp;OP and the Escrow Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
copy of the Tax Protection Agreement, duly executed by PEGC I and PEGC&nbsp;I&nbsp;OP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;copies
of the Equityholder Agreements, duly executed by PEGC&nbsp;I&nbsp;OP and/or an Affiliate of PEGC I OP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;copies
of the Employment Agreements, duly executed by PEGC&nbsp;I&nbsp;OP and the subsidiary of PEGC I OP which will be the employer of
the Executive;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
copy of the Services Agreement, duly executed by the parties thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
copy of the PEGC I OP Amended and Restated Partnership Agreement, duly executed by PEGC I and PEGC I OP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
copy of an amendment to PEGC I&rsquo;s bylaws, in substantially the form attached hereto as <U>Exhibit&nbsp;I</U> (the &ldquo;<U>Bylaw
Amendment</U>&rdquo;), duly authorized by the PEGC I Board;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
copy of the Legacy Agreements Termination, duly executed by PEGC I and PEGC I OP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
copy of each other Ancillary Agreement to which it is a party, duly executed by PEGC&nbsp;I&nbsp;OP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
certificate of PEGC&nbsp;I&nbsp;OP contemplated by <U>Sections&nbsp;7.03(a)</U> and <U>(b)</U>, in form and substance reasonably
satisfactory to the Contributors&rsquo; Representative, duly executed by PEGC&nbsp;I&nbsp;OP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evidence
reasonably satisfactory to the Contributors&rsquo; Representative that at Closing PEGC I OP shall have assumed the Closing Indebtedness
on <U>Schedule 1.03(c)(xiii)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
copy of the PECO Name License Agreement, duly executed by PEGC I; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
other documents required to be delivered by PEGC&nbsp;I&nbsp;OP pursuant to <U>Article&nbsp;VII</U>, duly executed by PEGC&nbsp;I&nbsp;OP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEGC&nbsp;I&nbsp;OP
shall also (x) deliver to the Escrow Agent the Escrowed Consideration and (y) pay the Estimated Contribution Transaction Expenses
at Closing in accordance with instructions provided by the Contributor Representative together with the Closing OP Unit Consideration
Estimate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.04 <U>Escrow</U>.
&nbsp;At the Closing, PEGC&nbsp;I&nbsp;OP shall cause the Escrowed Consideration to be deposited into an escrow account (the &ldquo;<U>Escrow
Account</U>&rdquo;) established pursuant to the Escrow Agreement, with such Escrowed Consideration to be held in the Escrow Account
as a source of funds for any amounts owing to any PEGC I Indemnitees under (and subject to the limitations in) <U>Article X</U>
and <U>Section 8.01(a)</U>. (a) On the first (1<SUP>st</SUP>)&nbsp;anniversary of the Closing Date (the &ldquo;<U>Termination
Date</U>&rdquo;), the Escrow Agent shall deliver to PELP (for the benefit of the Contributors) all OP Units then held by the Escrow
Agent in the Escrow Account in excess of the Statute of Limitations Escrow Amount and (b) on the date that is thirty (30) days
after the expiration of the applicable statute of limitations for the representations and warranties relating to Taxes contained
in <U>Section 3.15 </U>and <U>Section 3.25</U> (the &ldquo;<U>Statute of Limitations Termination Date</U>&rdquo;), the Escrow
Agent shall deliver to PELP (for the benefit of the Contributors) all OP Units then held by the Escrow Agent in the Escrow Account;
<U>provided</U>, <U>however</U>, that if prior to the Termination Date or, as applicable, the Statute of Limitations Termination
Date, PEGC&nbsp;I&nbsp;OP notifies the Escrow Agent in writing that all or a portion of the OP Units then remaining in the Escrow
Account are subject to claims for indemnification properly made in accordance with this Agreement that have not been finally determined
as of such date (including any potential Third-Party Claim referred to in <U>Section&nbsp;10.05</U>, whether or not such claim
has actually been made or threatened against the Indemnified Party) (the &ldquo;<U>Outstanding Claims</U>&rdquo;), the number
of OP Units delivered to PELP (for the benefit of the Contributors) upon the Termination Date shall be equal to the number of
OP Units then held by the Escrow Agent in the Escrow Account, less the number of OP Units equal to the sum of any amounts subject
to the Outstanding Claims divided by the Implied Valuation (rounded up to the nearest whole number). If at any time after the
Termination Date or Statute of Limitations Termination Date, as applicable, the number of OP Units then held by the Escrow Agent
in the Escrow Account exceeds the number of OP Units equal to the sum of any amounts subject to the Outstanding Claims divided
by the Implied Valuation (rounded up to the nearest whole number), the Contributors&rsquo; Representative and PEGC&nbsp;I&nbsp;OP
shall execute and deliver a certificate requesting the Escrow Agent to deliver such excess number of OP Units to PELP (for the
benefit of the Contributors) and the Escrow Agent shall deliver to PELP (for the benefit of the Contributors) such excess number
of OP Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.05 <U>OP
Unit Consideration Adjustments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation
of Estimates</U>. At least two (2)&nbsp;Business Days prior to the close of business on the Closing Date, the Contributors&rsquo;
Representative shall cause to be prepared and delivered to PEGC&nbsp;I&nbsp;OP an unaudited balance sheet of the Contributed Companies,
their Subsidiaries and the Contributed Businesses as of 11:59 p.m. (New York City time) on the day before the Closing Date, which
shall include a statement (the &ldquo;<U>Closing OP Unit Consideration Estimate</U>&rdquo;) setting forth (i) the Contributors&rsquo;
Representative&rsquo;s estimate of (x) the Closing Specified Net Assets (the &ldquo;<U>Estimated Closing Specified Net Assets</U>&rdquo;),
(y) the estimated amount of Closing Indebtedness (the &ldquo;<U>Estimated Closing Indebtedness Amount</U>&rdquo;) and (z) the Contribution
Transaction Expenses (the &ldquo;<U>Estimated Contribution Transaction Expenses</U>&rdquo;) and (ii) the Stated Value of New Properties
Acquired and the Debt Consent Adjustment Amount as mutually agreed to by the parties hereto. The Closing OP Unit Consideration
Estimate shall reflect the Contributors&rsquo; Representative&rsquo;s good faith estimate (based on reasonable assumptions) of
the Estimated Adjusted OP Unit Consideration, calculated consistent with each of (1) the applicable definitions set forth in this
Agreement and (2) the Agreed Principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation
of Actual Adjusted OP Unit Consideration Amount</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
ten (10)&nbsp;days following the Closing Date, PEGC&nbsp;I&nbsp;OP and the Contributors&rsquo; Representative shall appoint FTI
Consulting, Inc. or, if such firm refuses such assignment, a nationally recognized accounting firm that has not performed work
for, and is otherwise independent of, each of PEGC&nbsp;I&nbsp;OP, the Contributed Companies, the Contributors and the Contributors&rsquo;
Representative and that is reasonably acceptable to PEGC&nbsp;I&nbsp;OP and the Contributors&rsquo; Representative (the &ldquo;<U>Independent
Accounting Firm</U>&rdquo;), to prepare and deliver to PEGC I OP and the Contributors&rsquo; Representative within sixty (60) days
following the Closing Date a statement (the &ldquo;<U>Actual Adjusted OP Unit Consideration Statement</U>&rdquo;) setting forth
the Independent Accounting Firm&rsquo;s calculation of (x) (1) the Closing Specified Net Assets, (2) the actual Closing Indebtedness
(the &ldquo;<U>Actual Closing Indebtedness</U>&rdquo;) and (3) the Actual Contribution Transaction Expenses, (y) the Actual Adjusted
OP Unit Consideration Amount derived from such calculations and (z) the Stated Value of New Properties Acquired and the Debt Consent
Adjustment Amount set forth on the Closing OP Unit Consideration Estimate. The Actual Adjusted OP Unit Consideration Statement
shall be calculated as of 11:59 p.m. (New York City time) on the day before the Closing Date, consistent with each of (1) the applicable
definitions set forth in this Agreement, (2) the calculation of the Stated Value of New Properties Acquired set forth on the Closing
OP Unit Consideration Estimate and (3) the Agreed Principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the parties to this Agreement shall, and shall cause their respective Affiliates and Representatives to, provide full cooperation
to the Independent Accounting Firm, including providing the Independent Accounting Firm with all relevant information, books and
records and any work papers relating to the preparation of the Actual Adjusted OP Unit Consideration Statement and all other items
reasonably requested by the Independent Accounting Firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
engagement letter with the Independent Accounting Firm shall stipulate that (w) prior to the delivery of the Actual Adjusted OP
Unit Consideration Statement, each of the Contributors&rsquo; Representative and PEGC I OP shall be entitled, upon reasonable notice
to the Independent Accounting Firm and the other party, to meet with the Independent Accounting Firm on one or more occasions to
present information or analysis that it deems relevant to the calculation of the Actual Adjusted OP Unit Consideration Amount,
(x) the Independent Accounting Firm shall consider such information and analysis in good faith prior to the delivery of the Actual
Adjusted OP Unit Consideration Statement, and if the Independent Accounting Firm elects not to follow any such information and
analysis, the Actual Adjusted OP Unit Consideration Statement, or accompanying materials delivered concurrently therewith, shall
explain in reasonable detail the reasons the Independent Accounting Firm so elected, (y) Representatives of the Contributors&rsquo;
Representative and PEGC I OP shall be entitled to attend any such meeting and (z) the calculation of the Actual Adjusted OP Unit
Consideration Amount shall be in all respects consistent with the requirements therefor set forth in the last sentence of <U>Section
1.05(b)(i)</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
either the Contributors&rsquo; Representative or PEGC I OP disagrees with the Independent Accounting Firm&rsquo;s calculations
in the Actual Adjusted OP Unit Consideration Statement, it shall notify the other party and the Independent Accounting Firm of
such disagreement in writing (the &ldquo;<U>Notice of Disagreement</U>&rdquo;), setting forth in reasonable detail the particulars
of such disagreement, within thirty (30) days after its receipt of the Actual Adjusted OP Unit Consideration Statement. Any Notice
of Disagreement may reference only disagreements based on mathematical errors or based on assertions that the Independent Accounting
Firm&rsquo;s calculation of the Actual Adjusted OP Unit Consideration Amount is inconsistent with the requirements set forth in
the last sentence of <U>Section 1.05(b)(i)</U>. If neither the Contributors&rsquo; Representative nor PEGC I OP provides a Notice
of Disagreement within such thirty (30)-day period, the parties hereto shall be deemed to have agreed with all calculations set
forth on the Actual Adjusted OP Unit Consideration Statement, which shall be final and binding on the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Notice of Disagreement is timely provided, PEGC I OP (and/or its Representatives) and the Contributors&rsquo; Representative
shall use their reasonable best efforts for a period of ten (10) days (or such longer period as they may mutually agree in writing)
to resolve any disagreements set forth on the Notice of Disagreement. If, at the end of such period, they are unable to resolve
all disagreements, then any remaining disagreements shall be resolved by a nationally recognized accounting firm that has not performed
work for, and is otherwise independent of, each of PEGC&nbsp;I&nbsp;OP, the Contributed Companies, the Contributors and the Contributors&rsquo;
Representative and that is reasonably acceptable to PEGC&nbsp;I&nbsp;OP and the Contributors&rsquo; Representative (the &ldquo;<U>Reviewing
Accounting Firm</U>&ldquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of PEGC I OP and the Contributors&rsquo; Representative shall promptly provide their respective assertions regarding the Actual
Adjusted OP Unit Consideration Statement and, to the extent relevant thereto, supporting materials, in writing to the Reviewing
Accounting Firm and to each other. The Reviewing Accounting Firm shall be instructed to render its determination with respect to
all disagreements as soon as reasonably possible, but in any event within sixty (60) days following the day on which the disagreement
is referred to the Reviewing Accounting Firm. The Reviewing Accounting Firm shall base its determination solely on the written
submissions of PEGC I OP and the Contributors&rsquo; Representative, and shall not conduct an independent investigation. In resolving
any disputed item, the Reviewing Accounting Firm may not assign a value to any item greater than the greatest value for such item
claimed by PEGC I OP or the Contributors&rsquo; Representative, or less than the smallest value for such item claimed by either
PEGC I OP or the Contributors&rsquo; Representative (except as necessary in the Reviewing Accounting Firm&rsquo;s judgment to reflect
the Reviewing Accounting Firm&rsquo;s resolution of another disputed item). The determination of the Reviewing Accounting Firm
shall be final and binding on the parties hereto. PEGC I OP and the Contributors&rsquo; Representative shall reflect those determinations
in a revised Actual Adjusted OP Unit Consideration Statement, and such statement, as revised, shall thereafter be for all purposes
under this Agreement the &ldquo;Actual Adjusted OP Unit Consideration Statement&rdquo; and the Actual Adjusted OP Unit Consideration
Amount set forth thereon shall thereafter be for all purposes under this Agreement the &ldquo;<U>Actual Adjusted OP Unit Consideration
Amount</U>.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;All
expenses relating to the engagement of the Independent Accounting Firm and the Reviewing Accounting Firm in connection with this
<U>Section 1.05</U> shall be paid by PEGC I OP, but borne equally by PEGC&nbsp;I&nbsp;OP and the Contributors (as provided in <U>clause
(c)</U> below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
following the determination of the Actual Adjusted OP Unit Consideration Amount, in the event that the Actual Adjusted OP Unit
Consideration Amount is: (i)&nbsp;less than the Estimated Adjusted OP Unit Consideration Amount (such difference, a &ldquo;<U>Shortfall
Amount</U>&rdquo;), PELP (on behalf of the Contributors) shall deliver to PEGC I OP an aggregate number of OP Units (rounded up
to the nearest whole number) equal to (x) the sum of the Shortfall Amount plus the expenses of the Contributors contemplated in
<U>Section 1.05(b)(vii)</U>, divided by (y) the Implied Valuation (rounded up to the nearest whole number), together with an amount
in cash equal to any distributions paid on such number of OP Units from the Closing through the date the Shortfall Amount is so
delivered; or (ii)&nbsp;greater than the Estimated Adjusted OP Unit Consideration Amount (such excess, an &ldquo;<U>Excess Amount</U>&rdquo;),
PEGC&nbsp;I&nbsp;OP or its agent shall deliver to PELP (for the benefit of the Contributors) an aggregate number of OP Units (rounded
up to the nearest whole number) as is equal to (A) the difference of (x) the Excess Amount, less the expenses of the Contributors
contemplated in <U>Section 1.05(b)(vii)</U>, divided by (B) the Implied Valuation, together with an amount in cash equal to any
distributions paid on such amount of OP Units from the Closing through the date the Excess Amount is so delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.06 <U>Earn-Out</U>.
In addition to the Closing Consideration received pursuant to <U>Sections&nbsp;1.03</U> and <U>1.05</U>, the Contributors shall
be entitled to receive additional OP Units in accordance with the terms set forth in this <U>Section&nbsp;1.06</U> (the &ldquo;<U>Contingent
Consideration</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contingent
Consideration</U>. PEGC I OP shall issue and deliver to PELP (for the benefit of the Contributors) Contingent Consideration in
connection with: (x) equity capital raised by PEGC III (the &ldquo;<U>PEGC III Earn-Out</U>&rdquo;); and (y) a Liquidity Event
(the &ldquo;<U>Liquidity Event Earn-Out</U>&rdquo;); <U>provided</U>, <U>however</U>, that in no event shall the number of OP Units
issued in connection with the PEGC III Earn-Out and the Liquidity Event Earn-Out exceed twelve million four hundred ninety thousand
(12,490,196) OP Units in the aggregate (the &ldquo;<U>Contingent Consideration Cap</U>&rdquo;). The parties hereto acknowledge
and agree that the Contingent Consideration is, or will be issued, for the benefit of the Contributors in exchange for the contribution
of tangible and intangible assets by the Contributors to PEGC I OP at the Closing, the full value of which assets cannot be determined
at the time of the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PEGC
III Earn-Out</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.85in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Contributors shall earn Contingent Consideration in connection with the PEGC III Earn-Out (the &ldquo;<U>PEGC III Earn-Out Unit
Amount</U>&rdquo;) as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.85in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the aggregate amount of equity capital (calculated on a gross basis) received prior to December 31, 2019 by PEGC III through its
issuance of PEGC III Common Stock (the &ldquo;<U>PEGC III Aggregate Equity Capital Amount</U>&rdquo;) is greater than or equal
to one billion, five hundred million dollars ($1,500,000,000), then the Contributors shall earn, subject to the Contingent Consideration
Cap, a PEGC III Earn-Out Unit Amount equal to eight million (8,000,000) OP Units;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.85in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the PEGC III Aggregate Equity Capital Amount is greater than or equal to five hundred million dollars ($500,000,000) but less than
one billion, five hundred million dollars ($1,500,000,000), then the Contributors shall earn, subject to the Contingent Consideration
Cap, a PEGC III Earn-Out Unit Amount equal to such number of OP Units (rounded up to the nearest whole number) as is equal to the
quotient obtained by dividing the PEGC III Qualifying Equity Capital Amount by one-hundred and twenty-five (125); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.85in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the PEGC III Aggregate Equity Capital Amount is less than five hundred million dollars ($500,000,000), then the Contributors shall
earn no PEGC III Earn-Out Unit Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">For the avoidance of doubt, notwithstanding
the foregoing, in the event that the PEGC III Advisory Agreement is terminated or otherwise amended in any manner which would cause
PEGC I and its Subsidiaries to no longer provide PEGC III Services to PEGC III, the Contributors shall earn no PEGC III Earn-Out
Unit Amount with respect to any amounts of equity capital received by PEGC III through its issuance of PEGC III Common Stock following
such termination or amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEGC
I OP shall issue and deliver to the Contributors&rsquo; Representative (for the benefit of the Contributors) annual consideration
in connection with the portions of the PEGC III Earn-Out Unit Amount earned in accordance with this <U>Section 1.06(a)(i)</U> during
the calendar years 2017, 2018 and 2019; <U>provided</U>, <U>however</U>, that if the PEGC III Aggregate Equity Capital Amount reaches
one billion, five hundred million dollars ($1,500,000,000) on a date prior to December 31, 2019 (the &ldquo;<U>PEGC III Earn-Out
Completion Date</U>&rdquo;), a final delivery will be made as promptly as practicable thereafter for any earned but undelivered
portions of the PEGC III Earn-Out Unit Amount (each annual delivery and the final delivery, if any, a &ldquo;<U>PEGC III Earn-Out
Unit Delivery</U>&rdquo;). As promptly as practicable following each of December 31, 2017, December 31, 2018 and December 31, 2019,
or the PEGC III Earn-Out Completion Date, if any, the Contributors&rsquo; Representative shall prepare and deliver to PEGC I OP
a statement (each, a &ldquo;<U>PEGC III Earn-Out Statement</U>&rdquo;) setting forth in writing and in reasonable detail&nbsp;the
number of OP Units comprising the applicable PEGC III Earn-Out Unit Delivery, if any, deliverable to the Contributors; <U>provided</U>,
<U>however</U>, that PEGC I OP shall have the right, in its sole and absolute discretion, to engage the Independent Accounting
Firm to review the accuracy of such statements in accordance with <U>Section 1.06(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
all times prior to December 31, 2019, in the event Jeffrey S. Edison is not the Chief Executive Officer of PEGC I, PEGC I OP shall,
and shall cause PEGC I and its Subsidiaries and their respective officers, managers and employees (i) to comply with the terms
of the PEGC III Advisory Agreement and use commercially reasonable efforts to perform the PEGC III Services in good faith and in
an economically rational manner that is consistent with (x) reasonable business practices (including with respect to capital expenditures
and employee hires) and (y) the historical provision of similar services by NTR I LLC under the Advisory Agreement, and (ii) not
to take any actions or fail to take any actions that are intended, or that have the principal effect, of artificially decreasing
the PEGC III Earnout.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a condition to consummating any Sale Event or M&amp;A Event prior to December 31, 2019, PEGC I OP shall require the terms of such
Sale Event or M&amp;A Event to contain proper provisions such that the purchaser or surviving entity, as applicable, of such Sale
Event or M&amp;A Event shall: (x) assume all of PEGC I OP&rsquo;s remaining obligations with respect to the PEGC III Earn-Out under
this <U>Section 1.06(a)(i)</U>; and (y) permit the Contributors to continue their efforts to raise equity capital for PEGC III
in order to achieve the PEGC III Earn-Out for the period of time between the closing of such Sale Event or M&amp;A Event through
December 31, 2019 in accordance with the provisions of this <U>Section 1.06(a)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the payment mechanics set forth in <U>Section 1.06(a)(i)(B)</U>, if a Sale Event or M&amp;A Event shall occur prior to December
31, 2019, the Contributors&rsquo; Representative and PEGC I OP shall each use their reasonable best efforts to (x) agree, in good
faith, on an amount of OP Units of the PEGC III Earn-Out earned by the Contributors through the closing date of such Sale Event
or M&amp;A Event, and (y) take all actions necessary to ensure that the Contributors (or their designees) will be issued and delivered
such OP Units, with a view toward ensuring that such OP Units will be given the opportunity to participate in the benefits of such
Sale Event or M&amp;A Event to the same extent as other holders of OP Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the approval of PEGC I OP in its sole and absolute discretion, PEGC I OP may, at the request of the Contributors&rsquo; Representative,
substitute an alternative earn-out (the &ldquo;<U>Substituted Earn-Out</U>&rdquo;) for the PEGC III Earn-Out if the economics to
the Contributed Companies, their Subsidiaries and the Contributed Businesses of the Substituted Earn-Out are the same as, or better
than, the economics to the Contributed Companies, their Subsidiaries and the Contributed Businesses of the PEGC III Earn-Out; <U>provided</U>,
<U>however</U>, that PEGC I OP and PEGC I OP shall have no obligation to consider such a substitution request and can reject such
a substitution request for any or no reason in PEGC I OP&rsquo;s sole and absolute discretion. For the avoidance of doubt, any
Substituted Earn-Out shall also be subject to the Contingent Consideration Cap on the same terms and in the same manner as the
PEGC III Earn-Out.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidity
Event Earn-Out</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Contributors shall earn Contingent Consideration in connection with the Liquidity Event Earn-Out (the &ldquo;<U>Liquidity Event
Earn-Out Unit Amount</U>&rdquo;) as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
PEGC I achieves a Liquidity Event prior to December 31, 2019, then the Contributors shall earn, subject to the Contingent Consideration
Cap, a Liquidity Event Earn-Out Unit Amount equal to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.4in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five
million (5,000,000) OP Units, if the Liquidity Event involves a Liquidity Event Price Per Share greater than or equal to ten dollars
and twenty cents ($10.20);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.4in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
number of OP Units (rounded up to the nearest whole number) as is equal to three million (3,000,000) plus the product of (x) the
quotient obtained by dividing the Liquidity Event Price Per Share Spread by one dollar and forty cents ($1.40) and (y) two million
(2,000,000), if the Liquidity Event involves a Liquidity Event Price Per Share greater than or equal to eight dollars and eighty
cents ($8.80) but less than ten dollars and twenty cents ($10.20); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.4in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three
million (3,000,000) OP Units if the Liquidity Event involves a Liquidity Event Price Per Share of less than eight dollars and eighty
cents ($8.80);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
PEGC I achieves a Liquidity Event between January 1, 2020 and December 31, 2020, then the Contributors shall earn, subject to the
Contingent Consideration Cap, a Liquidity Event Earn-Out Unit Amount equal to two-thirds (2/3) of the Liquidity Event Earn-Out
Unit Amount that would otherwise have been earned if the Liquidity Event had been achieved prior to December 31, 2019 in accordance
with <U>Section 1.06(a)(ii)(A)(1)</U> above (rounded up to the nearest whole number);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
PEGC I achieves a Liquidity Event between January 1, 2021 and December 31, 2021, then the Contributors shall earn, subject to the
Contingent Consideration Cap, a Liquidity Event Earn-Out Unit Amount equal to one-third (1/3) of the Liquidity Event Earn-Out Unit
Amount that would otherwise have been earned if the Liquidity Event had been achieved prior to December 31, 2019 in accordance
with <U>Section 1.06(a)(ii)(A)(1)</U> above (rounded up to the nearest whole number); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
PEGC I achieves a Liquidity Event after December 31, 2021, then the Contributors shall earn no Liquidity Event Earn-Out Unit Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEGC
I OP shall issue and deliver to the Contributors&rsquo; Representative (for the benefit of the Contributors) consideration in connection
with the Liquidity Event Earn-Out Unit Amount earned in accordance with this <U>Section 1.06(a)(ii)</U> (the &ldquo;<U>Liquidity
Event Earn-Out Unit Delivery</U>&rdquo; and, together with the PEGC III Earn-Out Unit Delivery, the &ldquo;<U>Earn-Out Unit Deliveries</U>&rdquo;).
As promptly as practicable following a Liquidity Event, the Contributors&rsquo; Representative shall prepare and deliver to PEGC
I OP a statement (the &ldquo;<U>Liquidity Event Earn-Out Statement</U>&rdquo; and, together with the PEGC III Earn-Out Statements,
the &ldquo;<U>Earn-Out Statements</U>&rdquo;) setting forth in writing and in reasonable detail&nbsp;the number of OP Units comprising
the Liquidity Event Earn-Out Unit Delivery, if any, deliverable to the Contributors; <U>provided</U>, <U>however</U>, that PEGC
I OP shall have the right, in its sole and absolute discretion, to engage the Independent Accounting Firm to review the accuracy
of such statement in accordance with <U>Section 1.06(c)</U>. Notwithstanding the payment mechanics set forth in this <U>Section
1.06(a)(ii)(B)</U>, if the Liquidity Event giving rise to the Liquidity Event Earn-Out is a Sale Event or an M&amp;A Event, the
Contributors&rsquo; Representative and PEGC I OP each shall use their reasonable best efforts to take all actions necessary to
ensure that the Contributors (or their designees) will be issued and delivered the OP Units payable in connection with such Sale
Event or M&amp;A Event as of immediately prior to the consummation of such Sale Event or M&amp;A Event (but expressly conditioned
on the closing thereof), with a view toward ensuring that such OP Units will be given the opportunity to participate in the benefits
of the Sale Event or M&amp;A Event to the same extent as other holders of OP Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event PEGC I OP or the Contributors&rsquo; Representative determines that any Extraordinary Transaction prior to December 31,
2021 results in a dilution or enlargement of the benefits or potential benefits intended to be made available to the Contributors
under the Liquidity Event Earn-Out, the parties agree to negotiate in good faith and consider such factors as may be reasonably
appropriate to equitably adjust the Liquidity Event Earn-Out to take into account the effects of such Extraordinary Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Access
to Information</U>. Upon or prior to the delivery of an Earn-Out Statement, the Contributors&rsquo; Representative and the Independent
Accounting Firm (if engaged by PEGC I OP in accordance with <U>Section 1.06(c)</U>) shall be entitled to, and PEGC&nbsp;I&nbsp;OP
shall, and shall cause its respective Affiliates and Representatives to, provide full cooperation to the Contributors&rsquo; Representative
and the Independent Accounting Firm, including providing the Contributors&rsquo; Representative and the Independent Accounting
Firm with all relevant information, books and records and any work papers relating to the preparation of such Earn-Out Statement
and all other items reasonably requested by the Contributors&rsquo; Representative or the Independent Accounting Firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disputes
of Earn-Out Statements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
fifteen (15)&nbsp;days following the delivery of an Earn-Out Statement by the Contributors&rsquo; Representative, PEGC I OP may
deliver to the Contributors&rsquo; Representative a written notice (a &ldquo;<U>Notice of Review</U>&rdquo;) setting forth, in
reasonable detail and to the extent practicable, specific amounts in the Earn-Out Statement that PEGC I OP would like the Independent
Accounting Firm to review and revise (to the extent that the Independent Accounting Firm deems such revisions necessary to comply
with the provisions of this <U>Section 1.06</U>) (the &ldquo;<U>Disputed Earn-Out Amount</U>&rdquo;). PEGC I OP shall instruct
the Independent Accounting Firm to reach its conclusions regarding the Disputed Earn-Out Amount and, based thereon, the amount
of Contingent Consideration, within sixty (60) days after its appointment and provide a written explanation of its decision (the
&ldquo;<U>Disputed Earn-Out Statement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
engagement letter with the Independent Accounting Firm shall stipulate that (w) prior to the delivery of the Disputed Earn-Out
Statement, the Contributors&rsquo; Representative and PEGC I OP shall be entitled, upon reasonable notice to the Independent Accounting
Firm and the other party, to meet with the Independent Accounting Firm on one or more occasions to present information or analysis
that it deems relevant to the calculation of the Disputed Earn-Out Amount, (x) the Independent Accounting Firm shall consider such
information and analysis in good faith prior to the delivery of the Disputed Earn-Out Statement, and if the Independent Accounting
Firm elects not to follow any such information and analysis, the Disputed Earn-Out Statement, or accompanying materials delivered
concurrently therewith, shall explain in reasonable detail the reasons the Independent Accounting Firm so elected, (y) Representatives
of the Contributors&rsquo; Representative and PEGC I OP shall be entitled to attend any such meeting and (z) the calculation of
the Disputed Earn-Out Amount shall be in all respects consistent with the requirements in this <U>Section 1.06</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
either the Contributors&rsquo; Representative or PEGC I OP disagrees with the Independent Accounting Firm&rsquo;s calculations
in the Disputed Earn-Out Statement, it shall notify the other party and the Independent Accounting Firm of such disagreement in
writing (&ldquo;<U>Notice of Earn-Out Disagreement</U>&rdquo;), setting forth in reasonable detail the particulars of such disagreement,
within fifteen (15) days after its receipt of the Disputed Earn-Out Statement. Any Notice of Earn-Out Disagreement may reference
only disagreements based on mathematical errors or based on assertions that the Independent Accounting Firm&rsquo;s calculation
of the Disputed Earn-Out Amount is inconsistent with the requirements set forth in this <U>Section 1.06</U>. If neither the Contributors&rsquo;
Representative nor PEGC I OP provides a Notice of Earn-Out Disagreement within such fifteen (15)-day period, the parties hereto
shall be deemed to have agreed with all calculations set forth on the Disputed Earn-Out Statement, which shall be final and binding
on the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Notice of Earn-Out Disagreement is timely provided, all remaining disagreements shall be resolved by the Reviewing Accounting
Firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Contributors&rsquo; Representative and PEGC I OP shall promptly, provide their respective assertions regarding the Disputed
Earn-Out Statement and, to the extent relevant thereto, supporting materials, in writing to the Reviewing Accounting Firm and to
each other. The Reviewing Accounting Firm shall be instructed to render its determination with respect to all disagreements as
soon as reasonably possible, but in any event within thirty (30) days following the day on which the disagreement is referred to
the Reviewing Accounting Firm. The Reviewing Accounting Firm shall base its determination solely on the written submissions of
PEGC I OP and the Contributors&rsquo; Representative, and shall not conduct an independent investigation. In resolving any disputed
item, the Reviewing Accounting Firm may not assign a value to any item greater than the greatest value for such item claimed by
either PEGC I OP or the Contributors&rsquo; Representative, or less than the smallest value for such item claimed by either PEGC
I OP or the Contributors&rsquo; Representative (except as necessary in the Reviewing Accounting Firm&rsquo;s judgment to reflect
the Reviewing Accounting Firm&rsquo;s resolution of another disputed item). The determination of the Reviewing Accounting Firm
shall be final and binding on the parties hereto. PEGC I OP and the Contributors&rsquo; Representative shall reflect those determinations
in a revised Disputed Earn-Out Statement, and such statement, as revised, shall thereafter be for all purposes under this Agreement
the &ldquo;<U>Disputed Earn-Out Statement</U>&rdquo; and the Contingent Consideration set forth thereon shall be thereafter be
for all purposes under this Agreement the &ldquo;<U>Contingent Consideration</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
expenses relating to the engagement of the Independent Accounting Firm and the Reviewing Accounting Firm in connection with this
<U>Section 1.06</U> shall be paid by PEGC I OP, but borne equally by PEGC I OP and the Contributors (as provided in <U>clause (d)</U>
below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Earn-Out
Unit Deliveries</U>. Within fifteen (15)&nbsp;days following the delivery of an Earn-Out Statement by the Contributors&rsquo; Representative,
PEGC&nbsp;I&nbsp;OP shall issue and deliver to PELP (for the benefit of the Contributors) the Earn-Out Unit Delivery, if any, set
forth on the Earn-Out Statement with respect to all amounts that are not under review by the Independent Accounting Firm in accordance
with <U>Section 1.06(c)</U> (an &ldquo;<U>Undisputed Earn-Out Amount</U>&rdquo;). In addition, in the event a Notice of Review
is timely delivered pursuant to <U>Section 1.06(c)</U>, then, within five (5)&nbsp;days after the date that the calculation of
an Earn-Out Unit Delivery becomes final pursuant to <U>Section 1.06(c)</U>, (i) PEGC&nbsp;I&nbsp;OP shall deliver to PELP (for
the benefit of the Contributors) the Earn-Out Unit Delivery less any Undisputed Earn-Out Amount previously delivered by PEGC&nbsp;I&nbsp;OP
to PELP (for the benefit of the Contributors). The Contributors&rsquo; Representative shall cause the Contributors&rsquo; share
of the Independent Accounting Firm&rsquo;s and the Reviewing Accounting Firm&rsquo;s expenses contemplated in <U>Section 1.06(c)(vi)</U>
to be satisfied by delivery of a number of OP Units equal to (x) such expenses divided by the Implied Valuation (rounded up to
the nearest whole number). With each Earn-Out Unit Delivery, PEGC I OP shall also deliver an amount in cash equal to any distributions
paid on such amount of OP Units from the date of the Earn-Out Statement relating to such OP Units through the date such OP Units
are so delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Security</U>. The parties hereto understand and agree that: (i) the contingent rights to receive any Earn-Out Unit Delivery shall
not be represented by any form of certificate or other instrument, are not transferable, except by operation of Laws relating to
descent and distribution, divorce and community property, and do not constitute an equity or ownership interest in PEGC I or PEGC
I OP; (ii) the Contributors shall not have any rights as a securityholder of PEGC I or PEGC I OP as a result of the Contributors&rsquo;
contingent right to receive any Earn-Out Unit Delivery hereunder; and (iii) no interest is payable with respect to any Earn-Out
Unit Delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.07 <U>Treatment
of New Properties Acquired</U>. If, prior to the Closing, PELP or any of its Subsidiaries acquires real estate assets constituting
New Properties Acquired, including through an exchange transaction qualifying under Section&nbsp;1031 (or any successor statute)
of the Code (a &ldquo;<U>1031 Exchange</U>&rdquo;), subject to Section 6.01(a)(xvii), then at the Closing such properties will
be deemed Owned Real Property or Ground Leased Real Property (as applicable), any entity owning such properties at the Closing
shall be a Contributed Company, and the aggregate Stated Value of New Properties Acquired on the Closing OP Unit Consideration
Estimate will reflect an increase equal to the Stated Value of such New Properties Acquired. For the avoidance of doubt, any Indebtedness
incurred in connection with New Properties Acquired will be included in Closing Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">Section 1.08 <U>Treatment
of PEGC I Class B Units</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions of the PEGC I OP Partnership Agreement (including full satisfaction of all performance hurdles set
forth therein), the parties anticipate that at the Closing all Restricted Class B Units in PEGC I OP will become Unrestricted Class
B Units in PEGC I OP and, to the extent the requirements for conversion of such Unrestricted Class B Units to OP Units under the
PEGC I OP Partnership Agreement are satisfied, such Unrestricted Class B Units will automatically convert to OP Units pursuant
to the terms of the PEGC I OP Partnership Agreement. The parties agree to, prior to the Closing, work together to determine; (i)
whether the requirements set forth in the PEGC I OP Partnership Agreement (including those in Section 16.2(a) thereof) for the
Restricted Class B Units&rsquo; becoming Unrestricted Class B Units have been or will be satisfied and, as a result, whether the
Restricted Class B Units in PEGC I OP will become Unrestricted Class B Units in PEGC I OP; and (ii) whether the requirements for
conversion of such Unrestricted Class B Units in PEGC I OP to OP Units under the PEGC I OP Partnership Agreement (including those
in Section 16.4 thereof) are satisfied and if so, how many Unrestricted Class B Units will automatically be converted to OP Units
pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
OP Units (i.e., Unrestricted Class B Units in PEGC I OP converted to OP Units pursuant to <U>Section 1.08(a))</U> held by NTR I
LLC, which is not a Contributed Company, are expected to be distributed to NTR I LLC&rsquo;s direct and indirect owners in accordance
with the Plan of Reorganization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions of the PEGC I OP Partnership Agreement, any remaining Unrestricted Class B Units held by NTR I LLC
that are not converted to OP Units will be retained by NTR I LLC, or distributed to PELP and retained by PELP, until the requirements
for conversion of such Unrestricted Class B Units to OP Units under the PEGC I OP Partnership Agreement (including those in Section
16.4 thereof) are satisfied, at which time such Unrestricted Class B Units will automatically be converted to OP Units pursuant
thereto, and such OP Units are expected to be distributed to NTR I LLC&rsquo;s or PELP&rsquo;s (as applicable) direct and indirect
owners in accordance with the Plan of Reorganization. Notwithstanding the foregoing, the parties hereto acknowledge and agree that
after the Closing, any remaining PEGC I Class B Units shall be handled in accordance with the terms and conditions of the PEGC
I OP Partnership Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.09 <U>Relationship
among Contributors</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Contributors&rsquo; Representative shall have, and each Contributor hereby grants to the Contributors&rsquo; Representative, such
power, authority, rights, privileges and protections as are necessary to carry out the functions assigned to him under this Agreement;
<U>provided</U>, <U>however</U> that the Contributors&rsquo; Representative shall have no obligation to act, except as expressly
provided in this Agreement. Without limiting the generality of the foregoing, the Contributors&rsquo; Representative shall have
full power, authority and discretion to engage in the following: (i)&nbsp;acceptance of any issuance of OP Units hereunder or payments
hereunder or under any Ancillary Agreement (net of applicable withholding Taxes) and delivery of wire instructions to PEGC&nbsp;I&nbsp;OP
in connection therewith; (ii)&nbsp;review of the statements delivered in connection with the matters set forth in <U>Sections&nbsp;1.05</U>
and <U>1.06</U> and taking any action that may be necessary or desirable, as determined by the Contributors&rsquo; Representative
in his sole discretion, in connection with such matters, including the payment of any fees or expenses associated therewith; (iii)&nbsp;delivering
any funds or OP Units hereunder or under any Ancillary Agreement; (iv)&nbsp;determining whether the conditions to Closing in <U>Article&nbsp;VII</U>
have been satisfied and supervising the Closing, including waiving any such condition if the Contributors&rsquo; Representative,
in his sole discretion, determines that such waiver is appropriate; (v)&nbsp;taking any action that may be necessary or desirable,
as determined by the Contributors&rsquo; Representative in his sole discretion, in connection with the termination hereof in accordance
with <U>Article&nbsp;IX</U>; (vi)&nbsp;taking any and all actions that may be necessary or desirable, as determined by the Contributors&rsquo;
Representative in his sole discretion, in connection with the amendment hereof in accordance with <U>Section&nbsp;9.03</U>; (vii)&nbsp;accepting
notices on behalf of such Contributor in accordance with <U>Section&nbsp;11.03</U>; (viii)&nbsp;taking any and all actions that
may be necessary or desirable, as determined by the Contributors&rsquo; Representative in his sole discretion, in connection with
the payment of the costs and expenses incurred with respect to any Contributed Company or such Contributor in accordance with <U>Section&nbsp;6.07</U>;
(ix)&nbsp;delivering or causing to be delivered to PEGC&nbsp;I&nbsp;OP at the Closing certificates representing the Contributed
Interests to be contributed by such Contributor hereunder; (x)&nbsp;executing and delivering, in the Contributors&rsquo; Representative&rsquo;s
capacity as the representative of such Contributor, any and all notices, documents or certificates to be executed by the Contributors&rsquo;
Representative, on behalf of such Contributor, in connection with this Agreement, the Ancillary Agreements and the Transactions;
(xi)&nbsp;granting any consent or approval on behalf of such Contributor under this Agreement; and (xii)&nbsp;taking any and all
other actions and doing any and all other things provided in or contemplated by this Agreement or any Ancillary Agreement to be
performed by such Contributor or by the Contributors&rsquo; Representative on behalf of such Contributor. As the representative
of the Contributors, the Contributors&rsquo; Representative shall act as the agent for all Contributors and shall have authority
to bind each Contributor in accordance with this Agreement, and PEGC&nbsp;I&nbsp;OP may rely on such appointment and authority
until the receipt of notice of the appointment of a successor upon five (5)&nbsp;Business Days&rsquo; prior written notice to PEGC&nbsp;I&nbsp;OP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Contributor agrees that (i) this Agreement is not intended to, and does not, create or impose any fiduciary or other similar duty
on the Contributors&rsquo; Representative, (ii) such Contributor hereby disclaims and waives any and all duties owed to such Contributor
by the Contributors&rsquo; Representative (including those duties that, absent such waiver, may be implied by Law), (iii) the only
duties and obligations of the Contributors&rsquo; Representative (in such capacity) to any Person are as expressly set forth in
this Agreement, (iv) actions taken (or elected not to be taken) by the Contributors&rsquo; Representative that are consistent with
the authority and discretion granted in this Agreement shall be deemed to satisfy any covenant or good faith and/or fair dealing
implied by Law, (v) the Contributors&rsquo; Representative shall have no liability to such Contributors with respect to actions
taken or omitted to be taken in his capacity as the Contributors&rsquo; Representative that are consistent with the grant of authority
made under this Agreement, (vi) the Contributors&rsquo; Representative shall at all times be entitled to rely on any directions
received from the Contributors or any other party hereto (<U>provided</U>, <U>however</U>, that the Contributors&rsquo; Representative
shall not be required to follow any such direction), (vii) the Contributors&rsquo; Representative shall have no liability for any
actions (or elections not to act) taken under this Agreement, and shall be indemnified by the Contributors for and shall be held
harmless against any loss, liability or expense incurred by the Contributors&rsquo; Representative relating to the Contributors&rsquo;
Representative&rsquo;s conduct as Contributors&rsquo; Representative, in each case, other than losses, liabilities or expenses
resulting from the bad faith or fraud of the Contributors&rsquo; Representative resulting in material harm to the Contributors
as a whole, it being agreed that such indemnification shall survive the termination of this Agreement, (viii) the Contributors&rsquo;
Representative shall be entitled to engage counsel, experts, accountants and advisors as he shall deem necessary in connection
with exercising his powers and performing his functions or duties hereunder and shall be entitled to rely conclusively on the opinions
and advice of such Persons and shall have no liability for any actions (or elections not to act) taken after consultation with
such counsel, experts, accountants and/or advisors and (ix) such Contributor expressly disclaims any right to bring any legal or
regulatory action and agrees for itself and its successors and assigns that such Contributor will not bring any such legal or regulatory
action against any representative, employee, partner, affiliate or other agent of the Contributors&rsquo; Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Contributor hereby appoints the Contributors&rsquo; Representative as such Contributor&rsquo;s true and lawful attorney-in-fact
and agent, with full power of substitution and resubstitution, in such Contributor&rsquo;s name, place and stead, in any and all
capacities, in connection with the Transactions, granting unto said attorney-in-fact and agent full power and authority to do and
perform each and every act and thing requisite and necessary to be done in connection with the contribution of such Contributor&rsquo;s
Contributed Interests and the other Transactions as fully to all intents and purposes as such Contributor might or could do in
person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Contributors&rsquo; Representative shall be solely responsible for determining the relative allocation among the Contributors of
payments to or by the Contributors under this Agreement and any Ancillary Agreement. Any obligation of PEGC&nbsp;I&nbsp;OP to make
any payment or issue any OP Units to the Contributors shall be fully and completely satisfied and discharged by making such payment
(or directing the Escrow Agent to make such payment) or issuing such OP Units to PELP (for the benefit of the Contributors). PEGC&nbsp;I&nbsp;OP
and its Affiliates shall have no liability to any party arising from or in connection with, the Contributors&rsquo; Representative&rsquo;s
determination of the relative allocation among the Contributors of payments to or by the Contributors under this Agreement and
any Ancillary Agreement, or any failure by the Contributors&rsquo; Representative to fulfill his obligations to the Contributors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the Contributors&rsquo; Representative is unwilling or unable to continue to act as the Contributors&rsquo; Representative,
PELP, or its permitted assigns shall appoint his successor. Each successor Contributors&rsquo; Representative shall have all of
the power, authority, rights and privileges conferred by this Agreement upon the initial Contributors&rsquo; Representative, and
the term &ldquo;Contributors&rsquo; Representative&rdquo; shall include any interim or successor Contributors&rsquo; Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.10 <U>Intended
Tax Treatment</U>. Except to the extent reasonably agreed upon by the Contributors&rsquo; Representative and PEGC I OP, the parties
intend that (a) the Contributions shall be treated and reported for federal income tax purposes as a tax-free contribution of
property in exchange for OP Units (including Contingent Consideration) under Section 721(a) of the Code (to which the &ldquo;traditional
method&rdquo; (without curative allocations) as set forth in Treasury Regulations Section 1.704-3(b) shall be applied in respect
of each asset contributed in the Contributions) and, (b) to the extent any cash is being paid by PEGC I OP to, directly or indirectly,
the Contributors, such cash payment shall be treated as a reimbursement of preformation capital expenditures within the meaning
of Treasury Regulations Section 1.707-4(d). In addition, the parties agree that all liabilities to be repaid by PEGC I OP at the
Closing in connection with the Contributions are &ldquo;qualified liabilities&rdquo; within the meaning of Treasury Regulations
Section 1.707-5 and will be assumed (or taken subject to) by PEGC I OP prior to such repayment. The parties agree to report the
Contributions consistent with this intended Tax treatment on all applicable income Tax returns, and no party shall take a position
on any applicable income Tax return that would be inconsistent with the intended Tax treatment described in this <U>Section 1.10
</U>unless otherwise required by a final determination within the meaning of Section 1313 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
II.<BR>
<BR>
<U>Representations and Warranties Relating to Each Contributor</U><BR>
<U>and the Contributed Interests</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as set forth
in the Schedules, each Contributor hereby represents and warrants to PEGC&nbsp;I&nbsp;OP, as of the date hereof and as of the Closing
Date as though made on the Closing Date, except to the extent such representations and warranties expressly relate to another date
(in which case as of such other date), as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.01 <U>Organization,
Standing and Power</U>. Such Contributor is duly organized, validly existing and in good standing under the Laws of the jurisdiction
in which it is organized and has the requisite power and authority to enable it to own, lease or otherwise hold its properties
and assets, including the Contributed Interests, and to conduct its businesses as presently conducted. Such Contributor has made
available to PEGC&nbsp;I&nbsp;OP true and complete copies of its certificate of incorporation and by-laws (or comparable documents),
in each case as amended through the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.02 <U>Authority;
Execution and Delivery; Enforceability</U>. Such Contributor has the requisite power and authority to execute this Agreement and
the Ancillary Agreements to which it is, or is specified to be, a party and to consummate the Transactions. The execution and
delivery by such Contributor of this Agreement and the Ancillary Agreements to which it is, or is specified to be, a party and
the consummation by such Contributor of the Transactions have been duly authorized by all necessary limited liability company
or partnership actions by such Contributor. Such Contributor has duly executed and delivered this Agreement and, at or before
the Closing, such Contributor will have duly executed and delivered each Ancillary Agreement to which it is, or is specified to
be, a party, and this Agreement constitutes, and each Ancillary Agreement to which it is, or is specified to be, a party will
after the Closing constitute, assuming due and valid authorization, execution and delivery hereof and thereof by PEGC I OP, its
legal, valid and binding obligation, enforceable against it in accordance with its terms, except as limited by bankruptcy, insolvency,
reorganization, moratorium or other applicable Laws, now or hereafter in effect, affecting the enforcement of creditors&rsquo;
rights generally or by general equitable principles (regardless of whether enforceability is considered in a proceeding in equity
or at Law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.03 <U>No
Conflicts; Consents</U>. Except as set forth on <U>Schedule 2.03</U>, the execution and delivery by such Contributor of this Agreement
do not, the execution and delivery by such Contributor of each Ancillary Agreement to which it is, or is specified to be, a party
will not, and the consummation of the Transactions and compliance by such Contributor with the terms hereof and thereof will not
contravene, conflict with, or result in any violation of or default (with or without notice or lapse of time, or both) under,
or give rise to a right of termination, cancellation or acceleration of any obligation, or to loss of a material benefit under,
or to increased, additional, accelerated or guaranteed rights or entitlements of any Person under, or require any Consent of any
Person under, or result in the creation of any Lien (other than Permitted Liens) upon any of the properties or assets of such
Contributor under, any provision of: (a)&nbsp;the certificate of incorporation or by-laws (or comparable documents) of such Contributor;
(b)&nbsp;any Material Contract to which such Contributor is a party; or (c)&nbsp;any Judgment or Law applicable to such Contributor.
No material Consent or Judgment of, or Filing with, any Governmental Entity is required to be obtained or made by or with respect
to such Contributor in connection with the execution, delivery and performance of this Agreement or any Ancillary Agreement or
the consummation of the Transactions or the ownership by PEGC&nbsp;I&nbsp;OP of any Contributed Company following the Closing,
other than: (x)&nbsp;Filings and Consents under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the &ldquo;<U>HSR Act</U>&rdquo;);
(y)&nbsp;such Filings and Consents as may be required in connection with the contribution of the Insurance Business as set forth
on <U>Schedule 7.01(a)</U>; and (z)&nbsp;such Filings and Consents as may be required in connection with the Taxes described in
<U>Section&nbsp;6.07</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.04 <U>The
Contributed Interests</U>. Other than as contemplated by the Plan of Reorganization, such Contributor, directly or through one
or more wholly owned Subsidiaries, has good and valid title to the Contributed Interests set forth next to such Contributor&rsquo;s
name on <U>Exhibit A</U>, free and clear of all Liens other than Permitted Liens. Assuming PEGC&nbsp;I&nbsp;OP has the requisite
power and authority to be the lawful owner of such Contributed Interests, at Closing, upon Contributor&rsquo;s receipt of the
Closing Consideration, good and valid title to the Contributed Interests will pass to PEGC&nbsp;I&nbsp;OP, free and clear of any
Liens (other than Permitted Liens and liens arising out of acts of PEGC I OP or its Affiliates). Other than this Agreement, such
Contributed Interests are not subject to any voting trust agreement or other Contract, including any Contract restricting or otherwise
relating to the voting dividend rights or disposition of such Contributed Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.05 <U>Concentration
of Ownership</U>. No Contributor, nor any Person to which such Contributor may distribute OP Units as part of a post-Closing distribution
set forth on <U>Schedule 2.05</U> (the &ldquo;<U>Post-Closing Distributions</U>&rdquo;), shall collectively beneficially own greater
than fifteen percent (15%) of the fully diluted number of shares outstanding of PEGC I Common Stock immediately following the
Closing and the completion of the Post-Closing Distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.06 <U>Accredited
Investor; Investment Decision</U>. As of the Closing, no Contributor, nor any Person to which such Contributor may distribute
OP Units, is a Non-Accredited Investor. Such Contributor acknowledges that it has received such information as such Contributor
deems necessary in order to make an investment decision with regard to the OP Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.07 <U>U.S.
Investor</U>. Such Contributor is a United States person (as defined in Section&nbsp;7701(a)(30) of the Code).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.08 <U>Restricted
Securities</U>. Such Contributor understands that the OP Units have not been, and will not be, registered under the Securities
Act, by reason of a specific exemption from the registration provisions of the Securities Act, which depends upon, among other
things, the bona fide nature of the investment intent and the accuracy of each Contributor&rsquo;s representations as expressed
in this Agreement. Such Contributor understands that the OP Units are &ldquo;restricted securities&rdquo; under applicable U.S.&nbsp;federal
and state securities Laws and that, pursuant to these Laws, such Contributor must hold the OP Units indefinitely unless they are
registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements
is available. Such Contributor acknowledges that PEGC I OP has no obligation to register or qualify the OP Units for resale. Such
Contributor further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on
various requirements, including, but not limited to, the time and manner of sale, the holding period for the OP Units, and on
requirements relating to PEGC&nbsp;I&nbsp;OP, which are outside of such Contributor&rsquo;s control, and which PEGC&nbsp;I&nbsp;OP
is under no obligation, and may not be able, to satisfy. Such Contributor acknowledges that the OP Units are subject to the terms
of the PEGC&nbsp;I&nbsp;OP Partnership Agreement, which has been filed with the SEC by PEGC&nbsp;I.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.09 <U>No
Public Market</U>. Such Contributor understands that no public market now exists for the OP Units, and that neither PEGC nor PEGC&nbsp;I&nbsp;OP
has made any representation that a public market will ever exist for the OP Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.10 <U>Legends</U>.
Such Contributor understands that any certificate representing the OP Units may bear any legend set forth in, or expressly required
by, the Ancillary Agreements or required by the PEGC&nbsp;I&nbsp;OP Partnership Agreement or the following legend:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS,
AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH
TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY
TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 26; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.11 <U>No
Additional Representations or Warranties</U>. <FONT STYLE="background-color: white">Except as provided in this <U>Article II</U>
and in <U>Article III</U>, no Contributor nor any of its Affiliates (other than the Contributors&rsquo; Representative with respect
to <U>Article IV</U>), nor any of their respective directors, officers, employees, stockholders, partners, members or representatives
has made, or is making, any representation or warranty whatsoever to PEGC I or PEGC I OP or their respective Affiliates, directors,
officers, employees, stockholders, partners, members or representatives in connection with the Transactions</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
III.<BR>
<BR>
<U>Representations and Warranties Relating to the Contributed Companies</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as set forth
in the Schedules, the Contributors, jointly and severally, represent and warrant to PEGC&nbsp;I&nbsp;OP, as of the date hereof
and as of the Closing Date as though made on the Closing Date, except to the extent such representations and warranties expressly
relate to another date (in which case as of such other date), as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.01 <U>Organization,
Standing and Power; Books and Records</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Contributed Companies and Subsidiaries thereof is duly organized, validly existing and in good standing under the Laws of
the jurisdiction in which it is organized. Each of the Contributed Companies and Subsidiaries thereof has the requisite power and
authority necessary to enable it to own, lease or otherwise hold its properties and assets and to carry on its business as presently
conducted. Each of the Contributed Companies and Subsidiaries thereof is duly qualified and in good standing to do business in
each jurisdiction (with respect to jurisdictions which recognize such concept) in which the conduct or nature of its business,
or the ownership, leasing or holding of its properties, makes such qualification necessary; except as would not reasonably be expected
to have, individually or in the aggregate, a significant impact on the business or operations of the Contributed Companies, considered
as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Contributors, on behalf of each Contributed Company, have delivered to PEGC&nbsp;I&nbsp;OP true and complete copies of the
certificate of incorporation and by-laws (or comparable documents), each as amended to date, of such Contributed Company and each
Subsidiary thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
Closing, the stock certificate or interest certificate, if any, and transfer books and the minute books of each Contributed Company
and Subsidiary thereof will be in the possession of the applicable Contributed Company or Subsidiary thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.02 <U>Equity
Securities of the Contributed Companies and Subsidiaries</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
for the minority interests set forth on <U>Schedule&nbsp;3.02(a)</U> and the Contributed Interests, there are no shares of capital
stock or other equity interests of any Contributed Company or Subsidiary thereof issued, reserved for issuance or outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule&nbsp;3.02(b)</U>
sets forth, for each Contributed Company and Subsidiary thereof the amount of its authorized capital stock or other equity interests,
the amount of its outstanding shares of capital stock or other equity interests and the record owners of its outstanding shares
of capital stock or other equity interests, and there are no other shares of capital stock or other equity interests of any Subsidiary
thereof issued, reserved for issuance or outstanding. All of the outstanding shares of capital stock and other securities of each
Subsidiary thereof are owned of record by one or more Contributed Companies or Subsidiaries thereof, free and clear of all Liens
other than Permitted Liens. No legend or other reference to any purported Lien appears upon any certificate representing the Contributed
Interests or any equity interests or other securities of any Subsidiary thereof. The Contributed Interests and all the outstanding
shares of capital stock of each Contributed Company Subsidiary are duly authorized, validly issued, fully paid and nonassessable
and not subject to or issued in violation of any purchase option, call option, right of first refusal, preemptive right, subscription
right or any similar right under any provision of applicable Law, the certificate of incorporation or by-laws (or comparable documents)
of any Contributed Company or Subsidiary thereof or any Contract to which any Contributed Company or Subsidiary thereof is a party
or otherwise bound. There is no Voting Debt of any Contributed Company or Subsidiary thereof. There are no Convertible Securities
of any Contributed Company or Subsidiary thereof. Except as set forth on <U>Schedule 3.02(b)</U>, there are not any outstanding
contractual obligations of any Contributed Company or Subsidiary thereof to repurchase, redeem or otherwise acquire any shares
of capital stock, membership interests, partnership interests, joint venture interests or other equity interests of any Contributed
Company or Subsidiary thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule&nbsp;3.02(c)</U>
sets forth, a true and complete list of all capital stock, membership interests, partnership interests, joint venture interests
and other equity interests in any Person (other than a Subsidiary thereof) owned, directly or indirectly, by any Contributed Company
or Subsidiary thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.03 <U>Authority;
Execution and Delivery; Enforceability</U>. Each Contributed Company has the requisite power and authority to execute and deliver
the Ancillary Agreements to which it is, or is specified to be, a party and to consummate the Transactions to which it is, or
is specified to be, a party. The execution and delivery by each Contributed Company of the Ancillary Agreements to which it is,
or is specified to be, a party and the consummation by such Contributed Company of the Transactions to which it is, or is specified
to be, a party have been duly authorized by all necessary corporate, limited liability company or partnership actions by such
Contributed Company. Each Contributed Company at or before the Closing will have duly executed and delivered each Ancillary Agreement
to which it is, or is specified to be, a party and each Ancillary Agreement to which it is, or is specified to be, a party will
after the Closing constitute, assuming due and valid authorization, execution and delivery thereof by PEGC I OP and other parties
thereto, such Contributed Company&rsquo;s legal, valid and binding obligation, enforceable against such Contributed Company in
accordance with its terms, except as limited by bankruptcy, insolvency, reorganization, moratorium or other similar Laws, now
or hereafter in effect, affecting the enforcement of creditors&rsquo; rights generally or by general equitable principles (regardless
of whether enforceability is considered in a proceeding in equity or at Law).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.04 <U>No
Conflicts; Consents</U>. Except as set forth on <U>Schedule 3.04</U>, the execution and delivery by each Contributed Company of
each Ancillary Agreement to which such Contributed Company is, or is specified to be, a party will not, and the consummation of
the Transactions to which such Contributed Company is a party and compliance by such Contributed Company with the terms thereof
will not contravene, conflict with or result in any violation of or default (with or without notice or lapse of time, or both)
under, or give rise to a right of termination, cancellation or acceleration of any obligation or to loss of a material benefit
under, or to increased, additional, accelerated or guaranteed rights or entitlements of any Person under, or require any Consent
of any Person under, or result in the creation of any Lien (other than Permitted Liens) upon any of the properties or assets of
any Contributed Company or Subsidiary thereof under, any provision of: (a)&nbsp;the certificate of incorporation or by-laws (or
comparable documents) of any Contributed Company or Subsidiary thereof; (b)&nbsp;any Contract or Benefit Plan to which any Contributed
Company or Subsidiary thereof is a party or by which any of their respective properties or assets is bound; or (c)&nbsp;any Permit,
Judgment or Law applicable to any Contributed Company or Subsidiary thereof or their respective properties or assets; except in
each of clauses (b) and (c) as would not reasonably be expected to have, individually or in the aggregate, a material effect on
the business or operations of any individual Contributed Company. No material Consent of, or Filing with, any Governmental Entity
is required to be obtained or made by or with respect to any Contributed Company or Subsidiary thereof in connection with the
execution, delivery and performance of this Agreement or any Ancillary Agreement or the consummation of the Transactions or the
ownership by PEGC&nbsp;I&nbsp;OP of any Contributed Company following the Closing, other than: (x)&nbsp;Filings and Consents under
the HSR Act; (y)&nbsp;such Filings and Consents as may be required in connection with the contribution of the Insurance Business
as set forth on <U>Schedule 7.01(a)</U>; and (z)&nbsp;such Filings and Consents as may be required in connection with the Taxes
described in <U>Section&nbsp;6.07</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.05 <U>Financial
Statements</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule&nbsp;3.05(a)</U>
sets forth: (i)&nbsp;an audited combined balance sheet of PELP as of December&nbsp;31, 2016 (the &ldquo;<U>Audited Balance Sheet</U>&rdquo;);
(ii)&nbsp;audited combined statements of operations, cash flows and partners&rsquo; equity of the PELP for the year ended December&nbsp;31,
2016; (iii)&nbsp;an unaudited combined balance sheet of PELP as of March&nbsp;31, 2017 (the &ldquo;<U>Interim Balance Sheet</U>&rdquo;);
and (iv)&nbsp;unaudited combined statements of operations, cash flows and partners&rsquo; equity of PELP for the three (3) months
ended March&nbsp;31, 2017 (the foregoing financial statements, together with any additional financial statements provided after
the date hereof pursuant hereto, including the notes thereto and all related compilations, reviews and other reports issued by
PELP&rsquo;s accountants with respect thereto, the &ldquo;<U>Financial Statements</U>&rdquo;). The Financial Statements: have been
prepared from the books and records of PELP and fairly present in all material respects in accordance with GAAP consistently applied
during the periods covered thereby (except as otherwise disclosed therein); the combined financial condition and the results of
operations, cash flows and changes in partners&rsquo; equity of PELP (on a combined basis) as of the respective dates of and for
the periods referred to in the Financial Statements, subject, in the case of the interim Financial Statements, to normal recurring
year-end adjustments (the effect of which will not, individually or in the aggregate, be materially adverse) and the absence of
notes (that, if presented, would not differ materially from those included in the most recent year-end Financial Statements). No
financial statements of any Person other than PELP and its Subsidiaries are required by GAAP to be included in the combined financial
statements of the Contributors&rsquo; Representative.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the date hereof, the Contributed Companies and Subsidiaries thereof do not have any material liabilities or obligations of any
nature of a type required to be reflected on a balance sheet in accordance with GAAP, except: (i)&nbsp;as disclosed, reflected
or reserved against in the Audited Balance Sheet; (ii)&nbsp;for liabilities and obligations incurred in the Ordinary Course of
Business since the date of the Audited Balance Sheet; or (iii) incurred under this Agreement or in connection with the transactions
contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Contributed Companies and Subsidiaries thereof maintain internal accounting controls sufficient to provide reasonable assurances
that: (i)&nbsp;transactions are executed in accordance with management&rsquo;s authorizations; and (ii)&nbsp;transactions are recorded
as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule&nbsp;3.05(d)</U>
sets forth: (i)&nbsp;as of the date hereof, the budgets of capital, payroll and other expenditures of the Contributed Companies,
their Subsidiaries and the Contributed Businesses prepared in the Ordinary Course of Business for the fiscal year ending December&nbsp;31,
2017; and (ii)&nbsp;the total capital expenditures through December&nbsp;31, 2017 for each capital expenditure project for which
funds, as of the date hereof, are proposed to be expended during 2017 (the &ldquo;<U>Capital Expenditures Budget</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting the rest of this <U>Section 3.05</U>, with respect to the Insurance Business as reflected in the Financial Statements,
all reserves and other liabilities for benefits, claims, losses (including incurred but not reported losses), loss adjustment expenses
(whether allocated or unallocated) and unearned premium, if any, (i) were determined in accordance with generally accepted actuarial
standards, (ii) are in compliance with the requirements of Laws applicable to captive insurers domiciled in Utah and (iii) except
as otherwise noted in the Financial Statements and notes thereto, have been computed on the basis of accounting methodologies consistent
in all material respects with those used in computing the corresponding reserves in the prior fiscal year. No facts or circumstances
exist which would necessitate any material adverse change in the required reserves of such Contributed Company or Subsidiary above
those reflected in the most recent balance sheet included in the Financial Statements. For the avoidance of doubt, no representation
or warranty contained in this <U>Section 3.05(e)</U> shall be deemed to constitute a representation or warranty as to the ultimate
adequacy or sufficiency of the reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.06 <U>Absence
of Changes or Events</U>. Since the date of the Audited Balance Sheet to the date of this Agreement, there has not occurred any
event, and no circumstances exist that constitute, or could reasonably be expected to result in, a Contributed Company Material
Adverse Effect. Since the date of the Audited Balance Sheet to the date of this Agreement, the business of each Contributed Company
and Subsidiary thereof has been conducted in the Ordinary Course of Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.07 <U>Title
to Assets/Sufficiency</U>. (a) Each Contributed Company or Subsidiary thereof has good and valid title (other than as contemplated
by the Plan of Reorganization) to all the material assets reflected on the Audited Balance Sheet or thereafter acquired, other
than assets disposed of in the Ordinary Course of Business since the date of the Audited Balance Sheet and not in violation hereof,
in each case free and clear of all Liens other than Permitted Liens. (b) The assets of the Contributed Companies and Subsidiaries
thereof (after giving effect to the Plan of Reorganization), together with any third party rights and assets licensed or leased
to the Contributed Companies and Subsidiaries thereof, are sufficient for the continued conduct of the business of the Contributed
Companies, their Subsidiaries and the Contributed Businesses in substantially the same manner as conducted before the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.08 <U>Real
Property</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule&nbsp;3.08(a)</U>
sets forth a true and complete list, as of the date hereof, of the address of each parcel of real property owned in fee simple
title (or the equivalent thereof in the respective jurisdiction) by the Contributed Companies (collectively, the &ldquo;<U>Owned
Real Property</U>&rdquo;) and the name of the record owner thereof. To the Knowledge of each Contributor, no Contributed Company
or Subsidiary thereof is obligated or bound by any options, obligations or rights of first refusal or contractual rights to sell,
lease or acquire any real property. To the Knowledge of each Contributor, there are no material defaults, violations or breaches
by such Contributor under any non-monetary Liens recorded against the Owned Real Property and which constitute Permitted Liens
under subsection (viii) of such definition. To the Knowledge of each Contributor, each Owned Real Property has, in all material
respects, permanent vehicular access to a public road.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule&nbsp;3.08(b)</U>
sets forth a true and complete list, as of the date hereof, of the address of each parcel of real property (or space thereon) leased,
licensed, subleased or occupied by the Contributed Companies as lessee or occupant (collectively, the &ldquo;<U>Ground Leased Real
Property</U>&rdquo;) and brief description of each ground lease, lease, license, sublease or similar occupancy Contract (collectively,
the &ldquo;<U>Ground Leases</U>&rdquo;) showing the title of the Ground Lease, date of the Ground Lease, the parties thereto, and
including a description of any amendments, supplements and separate agreements, that comprise such lease, license, sublease or
similar occupancy agreement. To the Knowledge of each Contributor, there are no material defaults, violations or breaches by such
Contributor under any non-monetary Liens recorded against the Ground Leased Real Property and which constitute Permitted Liens
under subsection (viii) of such definition. Each Ground Lease is in full force and effect, is the valid and legally binding obligation
of the applicable Contributed Company or Subsidiary thereof and is enforceable against the applicable Contributed Company or Subsidiary
thereof. No Ground Lease has been terminated or cancelled, and leasehold interest of the applicable Contributed Company or Subsidiary
thereof in each Ground Lease has not been assigned or encumbered, except for Permitted Liens. No Contributed Company nor Subsidiary,
and to the Knowledge of each Contributor, no other party to a Ground Lease is in default under such Ground Lease. No notice of
default under such Ground Lease has been sent or received by the Contributed Companies or their Subsidiaries which is not currently
resolved. To the Knowledge of each Contributor, no condition exists which, but for the giving of notice or the passage of time,
or both, would constitute a breach or default, by any Contributed Company or Subsidiary thereof or any other party pursuant to
any Ground Lease. To the Knowledge of each Contributor, each Ground Leased Real Property has, in all material respects, permanent
vehicular access to a public road.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;True,
complete and correct copies of all Ground Leases have heretofore been delivered by the Contributors, on behalf of the Contributed
Companies and Subsidiaries thereof, to PEGC I OP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than as set forth on <U>Schedule&nbsp;3.08(b)</U>, as of the date hereof, no Contributed Company or Subsidiary thereof is a party
to any lease, license, sublease or similar occupancy Contract under which any of the Contributed Companies or Subsidiary thereof
is lessee, sublessee or licensee of, or holds, uses or operates, any real property owned by any third Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Knowledge of each Contributor, no written notice from any Governmental Entity has been received by any Contributor or Contributed
Company or Subsidiary thereof concerning the possible imposition of any material special assessments on the Real Property. To the
Knowledge of each Contributor, true and complete copies, in all material respects, of the most recent title commitments, surveys,
appraisals and policies of title insurance or the equivalent in the possession or control of the Contributed Companies or Subsidiaries
thereof with respect to the Real Property have been made available to PEGC&nbsp;I&nbsp;OP. To the Knowledge of each Contributor,
there are no encroachments relating to any Real Property, which are reasonably likely to result in a material adverse impact on
the use and operation of any such Real Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule
3.08(f)</U> sets forth a true, correct and complete rent roll as of the date hereof reflecting each lease, sublease, license or
similar occupancy Contract with any Person under which a Contributed Company or Subsidiary thereof is a lessor or sublessor of,
or makes available for use to any Person (other than a Contributed Company or Subsidiary thereof), any Real Property (collectively,
the &ldquo;<U>Tenant Leases</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to each Material Lease set forth on <U>Schedule 11.04(b)(I)</U> and to the Knowledge of each Contributor with respect to
each other Tenant Lease, and except as set forth on <U>Schedule 3.08(g)</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
Tenant Lease is in full force and effect and there are no material defaults thereunder by Contributor, nor to the Knowledge of
Contributor, by the other party thereto, beyond any applicable notice or cure period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
rent (other than security deposits or first month&rsquo;s rent) has been paid more than one (1) month in advance of its due date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
tenant under any Tenant Lease has any right or option for additional space in the Improvements, except for any rights or options
expressly set forth in such Tenant Lease;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
tenant has assigned its Tenant Lease or sublet (in any material respect) all or any portion of the premises demised thereby, except
as may be provided in such Tenant Lease or with the consent of the lessor thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
tenant under any Tenant Lease has a right or option pursuant to such Tenant Lease or otherwise to purchase all or any part of the
leased premises or the building of which the leased premises are a part; except in the case of Material Leases as expressly set
forth in such Material Lease; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;true,
complete and correct copies of all Material Leases have heretofore been delivered by the Contributors, on behalf of the Contributed
Companies and Subsidiaries thereof, to PEGC I OP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.09 <U>Indebtedness</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule&nbsp;3.09(a)</U>
sets forth a true and complete list, as of the date hereof, of each loan or other Indebtedness secured by any Real Property that
will continue to be secured by any Real Property after the Closing, including the outstanding principal balance as of March 31,
2017 and the maturity date of each loan or other Indebtedness, address of the Real Property subject to such loan or other Indebtedness,
and the current lender or servicer thereunder (the &ldquo;<U>Real Property Debt</U>&rdquo;). True, complete and correct copies
of all Real Property Debt Loan Documents and all other material instruments and material documents evidencing the Real Property
Debt have been heretofore delivered by the Contributors, on behalf of the Contributed Companies and Subsidiaries thereof, to PEGC
I OP. Except as set forth on <U>Schedule 3.09</U>, to the Knowledge of each Contributor, there is no default under any Real Property
Debt in any material respect and neither Contributor or the Contributed Companies have received any written notice of any uncured
default under any Real Property Debt. None of the Real Property Debt is crossed collateralized or cross defaulted with any other
loan which is not Real Property Debt other than customary cross defaults of a general nature with respect to judgments or defaults
under other obligations of Contributors, and none of the material terms or provisions of any of the loan documents of the Real
Property Debt is in the process of being modified, amended or restructured (other than pursuant to the PELP Debt Consents and Amendments).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule&nbsp;3.09(b)</U>
sets forth a true and complete list as of the date hereof of each loan or other Indebtedness with an outstanding principal balance
exceeding $250,000, that is unsecured or secured by property other than Real Property that will remain in effect or continue to
be secured by such property after the Closing, including the current lender thereunder and the outstanding principal balance of
such loan or other Indebtedness (the &ldquo;<U>Corporate Debt</U>&rdquo;). True, complete and correct copies of all instruments
and documents evidencing the Corporate Debt have been heretofore delivered by the Contributors, on behalf of the Contributed Companies
and Subsidiaries thereof, to PEGC I OP. To the Knowledge of each Contributor, there is no default under any Corporate Debt in any
material respect and neither Contributor or the Contributed Companies have received any written notice of any uncured default under
any Corporate Debt. None of the Corporate Debt is crossed collateralized or cross defaulted with any Real Property Debt other than
customary cross defaults of a general nature with respect to judgments or defaults under other obligations of Contributors. Except
as provided on Schedule 3.09(b), none of the material terms or provisions of any of the loan documents of the Corporate Debt is
in the process of being modified, amended or restructured (other than pursuant to the Corporate Debt Consents and Amendments).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.10 <U>Intellectual
Property</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule&nbsp;3.10</U>
sets forth a true and complete list, as of the date hereof, of all (i) patents and patent applications, (ii) trademark and service
mark registrations and applications for registration thereof, (iii) copyright registrations and applications for registration the<FONT STYLE="color: black">r</FONT>eof,
(iv) internet domain name registrations, in each case that are owned by a Contributed Company or their Subsidiaries and registered
or subject to an application for registration with a Governmental Authority or domain name registrar (the &ldquo;<U>Registered
Contributed Company Intellectual Property</U>&rdquo;) and (v) unregistered Trade Names and Trademarks. The Intellectual Property
that is owned by the Contributed Companies and their Subsidiaries (including the Trade Names and Trademarks) is referred to herein
as the &ldquo;<U>Contributed Company Intellectual Property</U>&rdquo;. With respect to all Registered Contributed Company Intellectual
Property, <U>Schedule&nbsp;3.10(a)</U> sets forth a list, as of the date hereof, of all jurisdictions in which such Contributed
Company Intellectual Property is registered or in which registrations have been applied for and all registration and application
numbers. Except with respect to rights in the Trade Names and Trademarks prior to the consummation of the Transactions, a Contributed
Company or Subsidiary thereof is the sole and exclusive owner of, and the Contributed Companies and Subsidiaries thereof have the
right to use, execute, reproduce, display, perform, modify, enhance, distribute, prepare derivative works of and license, without
payment to any other Person, all the Contributed Company Intellectual Property and the execution and delivery of this Agreement
and the Ancillary Agreements and, except as specifically contemplated in this Agreement or the Ancillary Agreements, the consummation
of the Transactions do not and will not contravene, conflict with, alter or impair any such rights. Since January&nbsp;1, 2016
(the &ldquo;<U>Relevant Date</U>&rdquo;), no Contributor or Contributed Company or Subsidiary thereof has received any written
communication from any Person asserting any ownership interest in any Contributed Company Intellectual Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule
3.10(b)</U> sets forth a true and complete list, as of the date hereof, of all contracts and agreements under which any (a) Contributor
or Contributed Company or Subsidiary thereof has granted any license of any kind relating to any Contributed Company Intellectual
Property, or (b) any Contributed Company or Subsidiary thereof is bound by or a party to any option, license or similar Contract
relating to the Intellectual Property of any other Person and that is material to the conduct of the business of the Contributed
Companies, their Subsidiaries and the Contributed Businesses, except for license agreements relating to standard, generally commercially
available, &ldquo;off-the-shelf&rdquo; Software (including software-as-a-service agreements) licensed to a Contributed Company
or Subsidiary thereof in the Ordinary Course of Business (such contracts and agreements set forth in <U>Schedule 3.10(b)</U>, the
&ldquo;<U>IP Contracts</U>&rdquo;). To the Knowledge of the Contributors, the conduct of the Contributed Businesses by the Contributed
Companies and their Subsidiaries as presently conducted does not violate, conflict with or infringe in any material respect the
Intellectual Property of any other Person. To the Knowledge of the Contributors, no written claims are pending or threatened against
a Contributed Company or Subsidiary thereof by any Person with respect to the ownership, validity, enforceability, effectiveness
or use in the business of the Contributed Companies, their Subsidiaries and the Contributed Businesses of any Contributed Company
Intellectual Property. Since the Relevant Date, no Contributor or Contributed Company or Subsidiary thereof has received any written
communication alleging that a Contributed Company or Subsidiary thereof has violated any rights in any material respect relating
to Intellectual Property of any Person. No settlement or consents, covenants not to sue, nonassertion assurances, or releases,
have been entered into by the Contributed Company and their Subsidiaries or to which the Contributed Company or their Subsidiaries
is bound that adversely affects its rights to own or use any material Contributed Company Intellectual Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
material trade secrets and source code included in the Contributed Company Intellectual Property has been maintained in confidence
in accordance with commercially reasonable protection procedures customarily used in the same industry as the business of the Contributed
Companies and Subsidiaries and Contributed Businesses to protect trade secrets and source code of like importance. To the Knowledge
of the Contributors, no former and current members of management and key personnel of the Contributed Companies and Subsidiaries
thereof, including all former and current employees, agents, consultants and independent contractors who have contributed to or
participated in the conception and development of Contributed Company Intellectual Property that is material to the Contributed
Businesses (collectively, &ldquo;<U>Development Personnel</U>&rdquo;), have made or filed any written claim against any Contributor
or any Contributed Company or Subsidiary thereof claiming ownership, royalties, or other rights in any Contributed Company Intellectual
Property and no such claim has been asserted or, to the Knowledge of the Contributors, threatened. No Development Personnel has
any patents issued or applications pending for any device, process, design or invention of any kind now used or needed by any Contributed
Company or Subsidiary thereof in the furtherance of the business of the Contributed Companies, their Subsidiaries and the Contributed
Businesses, which patents or applications have not been assigned to a Contributed Company or Subsidiary thereof with such assignment
duly recorded in the United States Patent and Trademark Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.11 <U>Information
Technology; Security and Privacy</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Knowledge of the Contributors, all information technology and computer systems, including Software, hardware, networks, interfaces,
and related systems, relating to the transmission, storage, maintenance, organization, presentation, generation, processing or
analysis of data and information, whether or not in electronic format, material to the conduct of the business of the Contributed
Companies, their Subsidiaries and the Contributed Businesses (collectively, &ldquo;<U>Contributed Company IT Systems</U>&rdquo;)
are in good working condition to effectively perform all information technology operations necessary to conduct the business of
the Contributed Companies, their Subsidiaries and the Contributed Businesses in all material respects. The Contributed Companies
and Subsidiaries thereof have in place a commercially reasonable disaster recovery program consistent with commercially reasonable
protection disaster recovery program customarily used in the same industry as the business of the Contributed Companies, their
Subsidiaries and the Contributed Businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Contributed Company has implemented commercially reasonable security measures consistent with measures customarily used in
the same industry as the business of the Contributed Companies, their Subsidiaries and the Contributed Businesses that are designed
to protect against unauthorized use, access, interruption, modification or corruption of the Contributed Company IT Systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Knowledge of the Contributors, the Contributed Company IT Systems are sufficient for the immediate needs of the business of
the Contributed Companies, their Subsidiaries and the Contributed Businesses. To the Knowledge of the Contributors, since the Relevant
Date, there has not been any: (i)&nbsp;material outage affecting any Contributed Company IT System; or (ii) material data security
breach or other unauthorized use, access, interruption, modification or corruption of any Contributed Company IT System, or written
complaint, written notice to, or audit, proceeding or investigation conducted or claim asserted by any Person against any Contributed
Company or Subsidiary thereof regarding any actual or alleged security breach or other unauthorized use, access, interruption,
modification or corruption of any Contributed Company IT System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.12 <U>Contracts</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule
3.12(a)</U> sets forth a true and complete list of each of the following Contracts (excluding Tenant Leases and Ground Leases)
to which any Contributed Company or Subsidiary thereof is a party or by which any Contributed Company or Subsidiary thereof or
any of their assets or businesses are bound as of the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract
of employment which provides for severance, a specified term or an annual salary in excess of $200,000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;collective
bargaining agreement or other Contract with any labor organization, union or association;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract
or covenant not to compete or other Contract restricting the development, lease, manufacture, marketing or distribution of the
assets, products or services of any Contributed Company or Subsidiary thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract
pursuant to which any Contributed Company or Subsidiary thereof is granted by any Person other than a Contributed Company or Subsidiary
thereof an option to purchase or right of first refusal or offer relating to property of the Contributed Businesses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract
with any Contributor or any Related Person of any Contributor (other than a Contributed Company or Subsidiary thereof);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lease,
sublease or similar Contract with any Person (other than a Contributed Company or Subsidiary thereof) under which: (A)&nbsp;a Contributed
Company or Subsidiary thereof is lessee of, or holds or uses, any machinery, equipment, vehicle or other tangible personal property
owned by any Person which involves consideration in excess of $250,000 annually; or (B)&nbsp;a Contributed Company or Subsidiary
thereof is a lessor or sublessor of, or makes available for use by any Person, any tangible personal property owned or leased by
a Contributed Company or Subsidiary thereof, in any such case that has an aggregate future liability or receivable, as the case
may be, in excess of $250,000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;continuing
Contract where any Contributed Company or Subsidiary thereof is obligated to purchase materials, supplies or equipment involving
payments by any Contributed Company or Subsidiary thereof in excess of $250,000 annually;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(viii)&nbsp;&nbsp;&nbsp;other
than Real Property Debt and Corporate Debt, Contract under which a Contributed Company or Subsidiary thereof has borrowed any money
from, or issued any note, bond, debenture or other evidence of Indebtedness, other than surety bonds and notary bonds issued in
the Ordinary Course of Business, to, any Person (other than a Contributed Company or Subsidiary thereof) or any other note, bond,
debenture or other evidence of Indebtedness of a Contributed Company or Subsidiary thereof (other than in favor of a Contributed
Company or Subsidiary thereof);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract
under which a Contributed Company or Subsidiary thereof has, directly or indirectly, made any material advance, loan, extension
of credit, guaranty, pledge, performance or completion bond or indemnity, surety, or obligation to make in the future any capital
contribution to, or other investment in, any Person (other than a Contributed Company or Subsidiary thereof);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
continuing Contract for the future purchase of materials, supplies or equipment; (B)&nbsp;management, marketing, service, operations,
consulting or other similar Contract; or (C)&nbsp;advertising Contract, in any such case that has an aggregate future liability
to any Person (other than a Contributed Company or Subsidiary thereof) in excess of $150,000 and is not terminable by such Contributed
Company or Subsidiary thereof by notice of not more than sixty (60)&nbsp;days for a cost of less than $150,000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract
granting or creating a Lien other than a Permitted Lien upon any Real Property or any other asset;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract
outside of the Ordinary Course of Business (other than organizational documents of the Contributed Companies or their respective
Subsidiaries) providing for indemnification of any Person with respect to liabilities relating to any current business of a Contributed
Company or Subsidiary thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;a
power of attorney outside of the Ordinary Course of Business that will continue in effect after the Closing and is not revocable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;a
Contract for the sale of any material asset of a Contributed Company or Subsidiary thereof (including any Real Property) or the
grant of any preferential rights to purchase any such material asset or requiring the Consent of any party to the transfer thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
Contract for the purchase of any asset by a Contributed Company or Subsidiary thereof or other transfer of any asset to a Contributed
Company or Subsidiary thereof that, in either case, would be required to be disclosed on <U>Schedule 3.08(a),</U> if such asset
was owned on the date hereof or a Contract for the lease of any asset by a Contributed Company or Subsidiary thereof that would
be required to be disclosed on <U>Schedule 3.08(b)</U> if such asset was leased on the date hereof; other than any Contracts or
arrangements with respect to the transactions contemplated by the Plan of Reorganization;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;a
Contract with or license or material Permit by or from any Governmental Entity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xvii)&nbsp;&nbsp;&nbsp;a
Contract for any joint venture or partnership, or any Contract involving a sharing of profits, losses, costs or liabilities by
any Contributed Company or Subsidiary thereof with any other Person other than Tenant Leases;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xviii)&nbsp;&nbsp;&nbsp;a
Contract providing for property management services or the services of any dealer, distributor, sales representative, franchisee,
broker or similar representative involving the payment or receipt in excess of $250,000 annually (other than intercompany Contracts);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other
Contract that has an aggregate future liability to any Person in excess of $250,000 (determined in accordance with GAAP) and is
not terminable by a Contributed Company or Subsidiary thereof by notice of not more than sixty (60)&nbsp;days for a cost of less
than $250,000; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance
Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as has not had and would not reasonably be expected to have, individually or in the aggregate, a Contributed Company Material Adverse
Effect, as of the date hereof (i) all Contracts set forth or required to be set forth in <U>Schedule 3.12(a)</U> (together with
the IP Contracts, the &ldquo;<U>Contributed Company Contracts</U>&rdquo;) are valid, binding and to the Knowledge of the Contributors,
in full force and effect and are enforceable by the applicable Contributed Company or Subsidiary thereof in accordance with their
terms and (ii) to the Knowledge of the Contributors, the applicable Contributed Company or Subsidiary thereof has performed all
material obligations required to be performed by it under the Contributed Company Contracts, and it is not (with or without notice
or lapse of time, or both) in breach or default in any material respect thereunder and, to the Knowledge of the Contributors, no
other party to any Contributed Company Contract is (with or without notice or lapse of time, or both) in breach or default in any
material respect thereunder. No Contributor or Contributed Company or Subsidiary thereof has received any written notice of any
actual, alleged, possible or potential material violation of, or failure to comply in any material respect with, any term or requirement
of any Contributed Company Contract. No circumstances exist that (with or without notice or lapse of time, or both) would materially
contravene, conflict with, or result in a violation or breach of, or give a Contributed Company or Subsidiary thereof or any other
Person the right to declare a default or exercise any remedy under, or to accelerate the maturity or performance of, or to cancel,
terminate or modify, any Contributed Company Contract. As of the date hereof, no Contributor or Contributed Company or Subsidiary
thereof has received any notice of the intention of any party to terminate any Contributed Company Contract. As of the date hereof,
true and complete copies of all Contributed Company Contracts, together with all amendments, supplements and modifications thereto,
have been made available to PEGC I OP before the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.13 <U>Permits</U>.
<U>Schedule&nbsp;3.13 </U>sets forth all material certificates, licenses, permits, authorizations and approvals (&ldquo;<U>Permits</U>&rdquo;)
issued or granted to a Contributed Company or Subsidiary thereof as of the date hereof. All Permits set forth or required to be
set forth in <U>Schedule&nbsp;3.13</U> are (i) validly held by a Contributed Company or Subsidiary thereof, (ii) the applicable
Contributed Company or Subsidiary thereof is in compliance, in all material respects, with all terms and conditions thereof and
(iii) since the Relevant Date or which notice remains unresolved in any material respect, no Contributor or Contributed Company
or Subsidiary thereof has received written notice of any Proceeding relating to: (a)&nbsp;any actual, alleged, possible or potential
violation of, or failure to comply with, any term or requirement of any such Permit; or (b)&nbsp;any actual, proposed, possible
or potential revocation, withdrawal, suspension, cancellation, termination, nonrenewal or modification of any such Permit; except
in each case above for such non-compliance that has not had and would not reasonably be expected to result, individually or in
the aggregate, in a material liability to any Contributed Company. None of such Permits will be subject to revocation, withdrawal,
suspension, termination, nonrenewal or modification as a result of the execution and delivery of this Agreement or any Ancillary
Agreement or the consummation of the Transactions. The Contributed Companies and Subsidiaries thereof possess all material Permits
required to own or hold under lease and operate their respective assets and to conduct the business of Contributed Companies,
their Subsidiaries and the Contributed Businesses as currently conducted. Notwithstanding anything to the contrary in this <U>Section
3.13</U>, the provisions of this <U>Section 3.13</U> shall not apply to the matters discussed in <U>Section 3.17</U> and <U>Section
3.19</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.14 <U>Insurance</U>.
<U>Schedule&nbsp;3.14 </U>sets forth a true and complete list of the insurance policies (except insurance policies issued by or
for the Insurance Business) maintained as of the date hereof with respect to the Contributed Companies and Subsidiaries thereof,
their respective assets and properties and their directors, officers or employees. True and complete copies of all such insurance
policies and all related applications, together with all modifications and amendments thereto, have been made available to PEGC&nbsp;I&nbsp;OP
before the date hereof. As such policies are in full force and effect, all premiums due and payable as of the date hereof have
been paid, and no notice of cancellation or termination has been received with respect to any such policy that has not been replaced
on substantially similar before the date of such cancellation. All insurance policies required to be listed on <U>Schedule 3.14</U>: (i)&nbsp;are issued by a reputable insurer with an AM Best rating greater than B-; (ii)&nbsp;taken together, are for
amounts and against such losses and risks as are consistent with industry practice and are adequate for the conduct of the business
in substantially the same manner as conducted immediately prior to the date hereof; (iii)&nbsp;are sufficient for compliance with
all Law and Contracts to which any Contributed Company or Subsidiary thereof is a party or by which any of them is bound; (iv)&nbsp;except
for as set forth on <U>Schedule 3.14(iv)</U> will continue in full force and effect following the Closing; and (v)&nbsp;do not
provide for any retrospective premium adjustment or other experience-based liability on the part of any Contributed Company or
Subsidiary thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.15 <U>Taxes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth on <U>Schedule 3.15(a)</U> (and after taking into account the consummation of the Plan of Reorganization):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
federal and state income Taxes and other material Taxes (whether or not shown on any Tax Return) for which any Contributed Company
or Subsidiary is liable have been timely paid;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
federal and state income Tax Returns and other material Tax Returns required to have been filed by or with respect to each Contributed
Company and Subsidiary thereof have been timely filed, taking into account all extensions properly obtained;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Tax Returns referred to in <U>clause (ii)</U> are complete and accurate in all material respects;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
extension of time within which to file any Tax Return referred to in <U>clause (ii)</U> is currently in effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
waiver of any statute of limitations relating to Taxes for which any Contributed Company or Subsidiary thereof may be liable is
in effect, and no written request for such a waiver is outstanding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule
3.15(a)(vi)</U> sets forth, as of the date hereof, a schedule of the Tax Returns referred to in <U>clause (ii)</U> with respect
to which neither the appropriate Governmental Entity has completed its examination (with all issues finally resolved) nor the period
for assessment of the associated Taxes (taking into account all applicable extensions and waivers) has expired;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
is no action, suit, investigation, audit, claim or assessment pending or proposed or threatened with respect to Taxes for which
any Contributed Company or Subsidiary thereof may be liable, as to which any Contributor, Contributed Company or Subsidiary thereof
has received notice in writing, or to the Knowledge of the Contributors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
claim has ever been made in writing, or to the Knowledge of the Contributors, by a Governmental Entity in a jurisdiction where
any Contributed Company or Subsidiary thereof has never paid Taxes or filed Tax Returns asserting that such Contributed Company
or Subsidiary thereof, respectively, is or may be subject to Taxes assessed by such jurisdiction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
deficiencies asserted or assessments made as a result of any examination of the Tax Returns referred to in <U>Section 3.15(a)(ii)</U>
have been paid or otherwise finally resolved;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no Tax rulings, requests for rulings or closing agreements relating to Taxes for which any Contributed Company or Subsidiary
thereof may be liable that could affect such Contributed Company&rsquo;s or Subsidiary&rsquo;s liability for Taxes for any taxable
period ending after the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
Contributed Company nor any Subsidiary thereof will be required to include or accelerate the recognition of any item in income,
or exclude or defer any deduction or other tax benefit, in each case in any taxable period (or portion thereof) after the Closing,
as a result of any change in method of accounting, closing agreement, intercompany transaction, instalment sale, election under
Section 108(i) of the Code or the receipt of any prepaid amount, in each case prior to Closing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Tax Sharing Arrangements and Tax indemnity arrangements relating to any Contributed Company or Subsidiary thereof (other than this
Agreement) will terminate prior to the Closing Date and no Contributed Company nor any Subsidiary thereof will have any liability
thereunder on or after the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no liens for Taxes upon the assets of any Contributed Company or Subsidiary thereof except Permitted Liens;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Taxes which any Contributed Company or Subsidiary thereof is required by law to withhold or to collect for payment have been duly
withheld and collected and have been paid to the appropriate Governmental Entity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
Contributed Company nor any Subsidiary thereof has been a member of any Contributed Company Group other than any Contributed Company
Group of which it is presently a member, and other than as set forth on Schedule 3.15(a)(xv) no Contributed Company nor any Subsidiary
thereof presently has or has had any direct or indirect ownership interest in any corporation, partnership, joint venture or other
entity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
Contributed Company nor any Subsidiary thereof has any liability for Taxes of another Person (other than the Contributed Companies
and their Subsidiaries and members of any Contributed Company Group of which such Contributed Company or Subsidiary thereof is
presently a member) under Treasury Regulation Section 1.1502-6 (or any similar provision of state, local or foreign law), under
any agreement or arrangement, as a transferee or successor, or by contract or otherwise (excluding customary Tax indemnification
provisions in commercial Contracts not primarily relating to Taxes);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xvii)&nbsp;&nbsp;&nbsp;&nbsp;no
Contributed Company nor any Subsidiary thereof has participated in any &ldquo;listed transaction&rdquo; within the meaning of Treasury
Regulation Section 1.6011-4(b)(2) and, with respect to each transaction in which any Contributed Company or Subsidiary thereof
has participated that is a &ldquo;reportable transaction&rdquo; within the meaning of Treasury Regulation Section 1.6011-4(b)(1),
such participation has been properly disclosed on IRS Form 8886 (Reportable Transaction Disclosure Statement) and on any corresponding
form required under state, local or other law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xviii)&nbsp;&nbsp;&nbsp;any
powers of attorney granted by any Contributed Company or Subsidiary thereof prior to the Closing relating to Taxes will terminate
and be of no effect following the Closing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no Tax credits, grants or similar amounts that are or could be subject to clawback or recapture as a result of (1) the Transactions
or (2) a failure by any Contributed Company or Subsidiary thereof to satisfy one or more requirements on which the credit, grant
or similar amount is or was conditioned; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
Transaction is subject to withholding under Section 1445 of the Code (relating to &ldquo;FIRPTA&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 36pt">Section 3.16
<U>Proceedings</U>. <U>Schedule 3.16</U> sets forth a list of each pending or, to the Knowledge of the Contributors, threatened
Proceeding (whether brought by a third party or a Governmental Entity) against or affecting any Contributed Company or Subsidiary
thereof or any of their assets or businesses, or to which any Contributed Company or Subsidiary thereof is a party and that: (a)&nbsp;relates
to or involves more than $250,000; (b)&nbsp;seeks any material injunctive relief; (c)&nbsp;relates to, challenges or may have
the effect of preventing, delaying, making illegal or otherwise interfering with the Transactions; (d)&nbsp;relates to the ownership
of any capital stock or other securities of any of the Contributed Companies or Subsidiaries thereof, or any option or other right
to the capital stock or other securities of any Contributed Company or Subsidiary thereof, or right to receive consideration as
a result of this Agreement; or (e)&nbsp;has had or could reasonably be expected to have, individually or in the aggregate, a Contributed
Company Material Adverse Effect. No Contributed Company or Subsidiary thereof is a party or subject to or in default under any
material Judgment. To the Knowledge of the Contributors, no officer, director, agent or employee of any Contributed Company or
Subsidiary thereof is subject to any Judgment that prohibits such officer, director, agent or employee from engaging in or continuing
any conduct, activity or practice relating to the business of any Contributed Company or Subsidiary thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.17 <U>Compliance
with Laws; Environmental Matters</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
The Contributed Companies and Subsidiaries thereof are, and at all times since the Relevant Date have been, in material compliance
with all Laws, including those relating to occupational health and safety, and all Judgments applicable to any Contributed Company
or Subsidiary thereof or any assets owned or used by any of them; and (ii) to the Knowledge of the Contributors, no circumstances
exist, and since the Relevant Date no event has occurred, that (with or without notice or lapse of time, or both) would constitute
or result in a violation by any Contributed Company or Subsidiary thereof of, or a failure on the part of any Contributed Company
or Subsidiary thereof to materially comply with, any Law, or any Judgment applicable to any Contributed Company or Subsidiary thereof
or any assets owned or used by any of them, or would give rise to any material obligation on the part of any Contributed Company
or Subsidiary thereof to undertake, or to bear all or any material portion of the cost of, any remedial action of any nature. To
Contributors&rsquo; Knowledge, no Contributor or Contributed Company or Subsidiary thereof has received any communication since
the Relevant Date seeking any Judgment or alleging that a Contributed Company or Subsidiary thereof is not in compliance in any
material respect with any Law or any Judgment. There are no Judgements applicable to any Contributed Company or Subsidiary thereof
or any assets owned or used by any of them. The Contributors and the Contributed Companies have made available for inspection by
PEGC&nbsp;I&nbsp;OP before the date hereof all material Filings made by the Contributors, with respect to their ownership or operation
of the Contributed Companies, or by any Contributed Company or Subsidiary thereof with any Governmental Entity since the Relevant
Date to the date of this Agreement. All such Filings were timely filed and were in compliance in all material respects with all
Laws when filed. No material deficiencies have been asserted by any such Governmental Entity with respect to such Filings that
have not been cured or satisfied.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth on <U>Schedule 3.17(b)</U>: (i)&nbsp;no Contributor or Contributed Company or Subsidiary thereof has, with respect
to the Real Property, received any written notice prior to or since the Relevant Date that alleges that any Contributed Company
or Subsidiary thereof or any Real Property is not or was not in compliance in any material respect with any Environmental Law or
is subject to material liability or remedial obligations under any Environmental Law, that in each case that remains outstanding
in any material respect; (ii)&nbsp;the Contributed Companies and Subsidiaries thereof hold, and are in compliance in all materials
respects with, all Permits required on the part of the Contributed Companies, the Subsidiaries thereof or the Contributed Businesses
in respect of the Real Property under Environmental Laws, and are in compliance in all material respects with all applicable Environmental
Laws; (iii)&nbsp;the Contributors have made available all material reports relating to any environmental investigation or cleanup
in their reasonable possession or control relating to the Real Property (the &ldquo;<U>Environmental Reports</U>&rdquo;); (iv)&nbsp;the
Contributed Companies and Subsidiaries thereof have not entered into or agreed to any Judgment and are not subject to any Proceeding
or Judgment relating to alleged non-compliance with any Environmental Law or to investigation or cleanup of Hazardous Materials
either since the Relevant Date or prior to the Relevant Date but which remain outstanding in any material respect as of the date
hereof; (v)&nbsp;to the Knowledge of Contributors, no Contributed Company or Subsidiary thereof has any liabilities in connection
with any Hazardous Materials or arising under any Environmental Laws in connection with the Real Property, that, individually or
in the aggregate, have had or would reasonably be expected to have a Contributed Company Material Adverse Effect; (vi)&nbsp;to
Contributors&rsquo; Knowledge, except as disclosed in the Environmental Reports, there are no friable asbestos-containing materials
or equipment or light fixtures containing polychlorinated biphenyls in damaged condition in violation of applicable Environmental
Laws and there is no ongoing cleanup of Hazardous Materials occurring at, any Real Property; (vii) to Contributors&rsquo; Knowledge,
no Contributor or Contributed Company or Subsidiary thereof has received any written notice from a Governmental Entity that it
is a potentially responsible party under applicable Environmental Laws, or received any written request for information under Environmental
Laws, relating to Hazardous Materials sent off-site for treatment or disposal by any Contributor, Contributed Company or Subsidiary
thereof; and (viii)&nbsp;since the Relevant Date, or to Contributors&rsquo; Knowledge, prior to the Relevant Date, there have been
no Releases of Hazardous Materials on, at or under any of the Real Property that has had or would reasonably be expected to result
in a Contributed Company Material Adverse Effect. Notwithstanding anything herein to the contrary, the representations and warranties
in <U>Section 3.05(b)</U> and this <U>Section 3.17(b)</U> are the exclusive representations and warranties concerning environmental
matters, including, without limitation, any matters arising under Environmental Laws.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Contributed Company or Subsidiary thereof, nor any joint venture to which any Contributed Company or Subsidiary thereof is a party,
nor any of their respective directors, officers, employees or agents or any other Person authorized to act, or acting, on behalf
of any Contributed Company or Subsidiary thereof, has directly or indirectly made any contribution, gift, bribe, rebate, payoff,
influence payment, kickback or other payment to or for the benefit of any government official, candidate for public office, political
party, political campaign or other Person, private or public, regardless of form, whether in money, property, or services (i)&nbsp;for
the purpose of (A)&nbsp;influencing any act or decision of such government official, candidate, party, campaign or other Person,
(B)&nbsp;inducing such government official, candidate, party, campaign or other Person to do or omit to do any act in violation
of a lawful duty, (C)&nbsp;obtaining or retaining business for or with any Person, (D)&nbsp;expediting or securing the performance
of official acts of a routine nature or (E)&nbsp;otherwise securing any improper advantage or (ii) in violation of the Foreign
Corrupt Practices Act of 1977, 15&nbsp;U.S.C. Sections&nbsp;78dd-1, et&nbsp;seq. or other Law.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.18 <U>Benefit
Plans</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule&nbsp;3.18(a)</U>
contains a list, as of the date hereof, of each &ldquo;employee pension benefit plan&rdquo; (as defined in Section&nbsp;3(2) of
the Employee Retirement Income Security Act of 1974, as amended (&ldquo;<U>ERISA</U>&rdquo;)) (a &ldquo;<U>Pension Plan</U>&rdquo;),
&ldquo;employee welfare benefit plan&rdquo; (as defined in Section&nbsp;3(1) of ERISA) (a &ldquo;<U>Welfare Plan</U>&rdquo;), and
each other plan, arrangement, agreement or policy (written or oral) relating to equity, compensation, deferred compensation, severance,
fringe or other employee benefits, in each case maintained or contributed to, or required to be maintained or contributed to, by
any Contributed Company or any ERISA Affiliate for the benefit of any present or former officers, employees, agents, directors
or independent contractors of any Contributed Company or Subsidiary thereof (all the foregoing being herein called &ldquo;<U>Benefit
Plans</U>&rdquo;). The Contributors Representative, on behalf of the Contributed Companies, has made available to PEGC&nbsp;I&nbsp;OP
true and complete copies of: (i)&nbsp;each Benefit Plan (or, in the case of any unwritten Benefit Plans, a description thereof);
(ii)&nbsp;the three (3) most recent annual reports on Form&nbsp;5500 (including all schedules and attachments thereto) filed with
the IRS with respect to each Benefit Plan (if any such report was required by Law); (iii)&nbsp;the most recent summary plan description
(or similar document) for each Benefit Plan for which such a summary plan description is required by Law or was otherwise provided
to plan participants or beneficiaries; and (iv)&nbsp;each trust agreement and insurance or annuity Contract or other funding or
financing arrangement relating to any Benefit Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as set forth on <U>Schedule 3.18(b)</U>: (i) Each Benefit Plan has been administered in all material respects in accordance
with its terms, and is in compliance in all material respects with the applicable provisions of ERISA, the Code, all other Laws
and the terms of all applicable Contracts, and (ii) all material reports, returns and similar documents with respect to the Benefit
Plans required to be filed with any Governmental Entity or distributed to any Benefit Plan participant have been duly and timely
filed or distributed There are no investigations by any Governmental Entity, Proceedings or other claims (except routine claims
for benefits payable under the Benefit Plans) against or involving any Benefit Plan or asserting any rights to or claims for benefits
under any Benefit Plan, and to the Knowledge of the Contributed Companies there are not any facts or circumstances that could give
rise to any liability in the event of any such investigation, claim or Proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Benefit Plan is subject to Title IV of ERISA or Section 412 of the Code and none of the Contributed Companies, the Subsidiaries
or any of their respective ERISA Affiliates has any liability or contingent liability, directly or indirectly, with respect to
any plan subject to Section&nbsp;412 of the Code, Section&nbsp;302 of ERISA or Title&nbsp;IV of ERISA, including any &ldquo;multiemployer
plan&rdquo; (within the meaning of Sections&nbsp;3(37) or 4001(a)(3) of ERISA or Section&nbsp;414(f) of the Code) or any single
employer pension plan (within the meaning of Section&nbsp;4001(a)(15) of ERISA) subject to Sections&nbsp;4063, 4064 or 4069 of
ERISA or Section&nbsp;413(c) of the Code.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Benefit Plan that is intended to be a tax-qualified plan has been the subject of a determination letter from the IRS to the effect
that such Benefit Plan and related trust is qualified and exempt from Federal income taxes under Sections&nbsp;401(a) and 501(a),
respectively, of the Code; no such determination letter has been revoked or revocation threatened; no event has occurred and no
circumstances exist that would adversely affect the tax-qualification of such Benefit Plan and such Benefit Plan has not been amended
since the effective date of its most recent determination letter in any respect that could reasonably be expected to adversely
affect its qualification. The Contributors&rsquo; Representative, on behalf of the Contributed Companies, has delivered to PEGC
I OP a true and complete copy of the most recent determination letter received with respect to each Benefit Plan for which such
a letter has been issued, as well as a true and complete copy of any pending application for a determination letter.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
non-exempt &ldquo;prohibited transaction&rdquo; (as defined in Section&nbsp;4975 of the Code or Section&nbsp;406 of ERISA) has
occurred that could subject any Contributed Company or Subsidiary thereof, any of their employees, or, to the Knowledge of the
Contributors, a trustee, administrator or other fiduciary of any trust created under any Benefit Plan to any material tax or sanctions
on prohibited transactions imposed by Section&nbsp;4975 of the Code or Title&nbsp;I of ERISA. No Contributed Company or Subsidiary
thereof or, to the Knowledge of the Contributors, any trustee, administrator or other fiduciary of any Benefit Plan or any agent
of any of the foregoing has engaged in any transaction or acted, or failed to act, in a manner that could subject any Contributed
Company or Subsidiary thereof to any material liability for breach of fiduciary duty under ERISA or any other Law.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the Contributed Companies is a party to&nbsp;any plan or arrangement that provides for post-employment medical, life insurance
or other welfare-type benefits (other than health continuation coverage required by Section&nbsp;4980B of the Code and Title I,
Subtitle B, Part&nbsp;6 of ERISA, as otherwise required by Law or for which the recipient pays the full premium). The Contributed
Companies and Subsidiaries thereof have complied in all material respects with the applicable requirements of Section 4980B(f)
of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
employee of any Contributed Company or Subsidiary thereof will be entitled to any additional benefits or any acceleration of the
time of payment, vesting or funding of any benefits under any Benefit Plan as a result of the Transactions, either alone or together
with any other event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
amounts payable under a Benefit Plans or otherwise will fail to be deductible for federal income tax purposes by virtue of Section
280G of the Code and no Benefit Plan provides for the gross-up or reimbursement of taxes under Section 409A or Section 4999 of
the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Benefit Plan and other arrangement with respect to which any Contributed Company or Subsidiary thereof has any liability that is
a nonqualified deferred compensation plan within the meaning of Section 409A of the Code has been administered, operated and maintained
in all material respects according to the requirements of Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.19 <U>Employee
and Labor Matters</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;There
is not, and since the Relevant Date there has not been, any labor strike, dispute, work stoppage or lockout pending, or, to the
Knowledge of the Contributors, threatened, against or affecting any Contributed Company or Subsidiary thereof; (ii)&nbsp;to the
Knowledge of the Contributors, no union organizational campaign is in progress with respect to the employees of any Contributed
Company or Subsidiary thereof and no question concerning representation of such employees exists; (iii)&nbsp; no Contributed Company
or Subsidiary thereof is engaged in any unfair labor practice; (iv) there are no unfair labor practice charges or complaints against
any Contributed Company or Subsidiary thereof pending, or, to the Knowledge of the Contributors, threatened, before the National
Labor Relations Board; (v)&nbsp;there are no pending, or, to the Knowledge of the Contributors, threatened, union grievances against
any Contributed Company or Subsidiary thereof as to which there is a reasonable possibility of adverse determination, and that,
if so determined, individually or in the aggregate, could reasonably be expected to have a Contributed Company Material Adverse
Effect; (vi)&nbsp;there are no pending, or, to the Knowledge of the Contributors, threatened, charges against any Contributed Company
or Subsidiary thereof or any of their current or former employees before the Equal Employment Opportunity Commission or any state
or local agency responsible for the prevention of unlawful employment practices that could reasonably be expected to have a Contributed
Company Material Adverse Effect; (vii)&nbsp;no Contributor or Contributed Company or Subsidiary thereof has received any communication
since the Relevant Date of the intent of any Governmental Entity responsible for the enforcement of labor or employment Laws to
conduct an investigation of or affecting any Contributed Company or Subsidiary thereof and, to the Knowledge of the Contributors,
no such investigation is in progress; and (viii)&nbsp;each Contributed Company and Subsidiary thereof is in compliance in all material
respects with all applicable Laws respecting employment and employment practices, terms and conditions of employment, worker classification,
wages, hours of work, withholding and occupational safety and health.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PELP
has provided PEGC I OP a list of each employee of the Contributed Companies and Subsidiaries thereof as of the date of this Agreement,
by position, together with (i) full- or part-time status, (ii) date of commencement of service, (iii) base salary or wages, and
(iv) the 2017 annual incentive opportunity, and the amount of annual incentive paid for 2016 for each such Person. PEGC I OP agrees
to keep such list confidential and to make it available only to those individuals at PEGC I OP and its advisors who need such information
for economic modeling or human resource purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Knowledge of the Contributors, no activity of any employee of any Contributed Company or Subsidiary thereof as or while an
employee of any Contributed Company or Subsidiary thereof has caused a violation of any employment Contract, confidentiality agreement,
patent disclosure agreement or other Contract to which such employee was a party. To the Knowledge of the Contributors, neither
the execution and delivery of this Agreement, nor the consummation of the Transactions, will contravene, conflict with or result
in a breach of the terms, conditions or provisions of, or constitute a default under, any Contract under which any such employee
is obligated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.20 <U>Transactions
with Affiliates</U>. Except as set forth in <U>Schedule 3.20</U>, none of the Contracts set forth in <U>Schedule&nbsp;3.12(a)
</U>between any Contributed Company or Subsidiary thereof, on the one hand, and any Contributor or any of its current Related
Persons, on the other hand, will continue in effect after the Closing. After the Closing, none of the Contributors or any of their
current or former Related Persons will have any interest in any property (real or personal, tangible or intangible) or Contract
of any Contributed Company or Subsidiary thereof or used in or pertaining to their business. None of the Contributors or any of
their current or former Related Persons provide material services to any Contributed Company or Subsidiary thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.21 <U>Tenants,
Customers and Clients</U>. <U>Schedule&nbsp;3.21 </U>sets forth a true and complete list of each tenant, customer or client from
whom the Contributed Companies or their Subsidiaries, on a combined basis, received more than five percent (5%) of their total
aggregate revenues during the most recent full fiscal year. Since the date of the Audited Balance Sheet, there has not been: (i)&nbsp;any
material adverse change in the business relationship of any Contributed Company or Subsidiary thereof with any tenant, customer
or client set forth or required to be set forth in <U>Schedule&nbsp;3.21</U>; or (ii)&nbsp;any adverse change in any material
term (including payment terms) of the advisory agreements or related agreements with any such tenant, customer or client. Since
the Relevant Date, the Contributed Companies and Subsidiaries thereof have not received any tenant, customer or client complaint
concerning their services other than complaints and returns in the Ordinary Course of Business that, individually or in the aggregate,
have not had and could not reasonably be expected to have a Contributed Company Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.22 <U>Accounts;
Safe Deposit Boxes; Powers of Attorney; Officers, Directors and Managers</U>. <U>Schedule&nbsp;3.22 </U>sets forth, as of the
date hereof: (i) a true and complete list of all bank and savings accounts, certificates of deposit and safe deposit boxes of
the Contributed Companies and Subsidiaries thereof and those Persons authorized to sign thereon; (ii)&nbsp;a true and complete
list as of the date of this Agreement of all powers of attorney granted by the Contributed Companies and Subsidiaries thereof
and those Persons authorized to act thereunder in each case that will remain in effect after the Closing; and (iii)&nbsp;a true
and complete list as of the date of this Agreement of all officers, directors and managers of the Contributed Companies and Subsidiaries
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.23 <U>Corporate
Name</U>. The Contributed Companies and Subsidiaries thereof&nbsp;have not received any notice of conflict since the Relevant
Date with respect to the rights of others regarding the names of the Contributed Companies and Subsidiaries thereof. Except with
respect to (i) PECO Real Estate Partners&rsquo; use of &ldquo;PECO&rdquo;, (ii) the Persons that are being granted a right and
license to use the Trade Names and Trademarks under the Services Agreement (including Phillips Edison Strategic Investment Fund
LLC, Phillips Edison Strategic Investment Fund II LLC, and PECO Net Lease Income Fund) use of such Trade Names and Trademarks,
or (iii) Phillips Edison Stategic Investment Fund III LLC&rsquo;s use of &ldquo;Phillips Edison&rdquo;, no Person is presently
authorized by any Contributor or any Contributed Company or Subsidiary thereof to use the Trade Names and Trademarks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.24 <U>Private
Offering</U>. None of the Contributors, the Contributed Companies, their Related Persons and their Representatives has issued,
sold or offered, or solicited any offers to acquire, any security of any Contributed Company to or from any Person under circumstances
that would cause the contribution of the Contributed Interests, as contemplated by this Agreement, to be subject to the registration
requirements of the Securities Act. Assuming the representations of PEGC&nbsp;I&nbsp;OP contained in <U>Section 5.04</U> are true
and correct, the contribution and delivery of the Contributed Interests hereunder are exempt from the registration and prospectus
delivery requirements of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.25 <U>REIT
Qualification</U>. Except as set forth on <U>Schedule 3.25</U>, the Contributed Businesses, other than the Investment Management
Business and the Insurance Business, meet the gross asset tests contained in Section 856(c)(4) of the Code, as of the Closing
Date (as if the Closing Date were the closing of a quarter), and the gross income tests contained in Section 856(c)(2) and (3)
of the Code for the twelve (12)-month period ending as of the Closing Date (as if such twelve-month period were a taxable year)
if the Contributed Businesses, other than the Investment Management Business and the Insurance Business, were treated as the only
assets of a REIT that has the same shareholders as PEGC I, not taking into account any cure or mitigation provision relating to
Section 856(c)(4) of the Code and assuming that the Investment Management Business and the Insurance Business were owned by such
REIT through a taxable REIT subsidiary and any incidental services that would cause such REIT to derive &ldquo;impermissible tenant
service income&rdquo; (as defined in Section 856(d)(7) of the Code) were provided by a taxable REIT subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.26 <U>Insurance
Regulatory</U>. The Contributors, on behalf of each Contributed Company and Subsidiary thereof, has delivered to PEGC I OP true
and complete copies of (i) all material registration, Filings, correspondence and submissions (including business plans) made
or received since December 22, 2015 to or from any Insurance Department, (ii) any reports on financial examination and other reports
issued since December 22, 2015 by any Insurance Department with respect to the Insurance Business and (iii) any actuarial reports
prepared by independent actuaries with respect to reserve adequacy of any Contributed Company or Subsidiary thereof with respect
to the Insurance Business since December 22, 2015, including all attachments, addenda, supplements and modifications thereto (the
&ldquo;<U>Actuarial Reports</U>&rdquo;). The information and data furnished by any Contributed Company or Subsidiary thereof to
its independent actuaries in connection with the Actuarial Reports were accurate in all material respects, and no information
necessary to make the information provided therein not materially misleading was omitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.27 <U>Brokers</U>.
Except as set forth on <U>Schedule&nbsp;3.27</U>, no broker, finder or investment banker is entitled to any brokerage, finder&rsquo;s
or other fee or commission in connection with the Transactions based upon arrangements made by or on behalf of any of the Contributors,
Contributed Companies or Subsidiaries thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.28 <U>No
Additional Representations or Warranties</U>. <FONT STYLE="background-color: white">Except as provided in <U>Article II</U> and
in this <U>Article III</U>, no Contributed Company nor any of their Affiliates (other than the Contributors&rsquo; Representative
with respect to <U>Article IV</U>), nor any of their respective directors, officers, employees, stockholders, partners, members
or representatives has made, or is making, any representation or warranty whatsoever to PEGC I or PEGC I OP or their respective
Affiliates, directors, officers, employees, stockholders, partners, members or representatives in connection with the Transactions</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
IV.<BR>
<BR>
<U>Representations and Warranties of the Contributors&rsquo; Representative</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as set forth
in the Schedules, the Contributors&rsquo; Representative hereby represents and warrants to PEGC I OP, solely in his capacity as
the Contributors&rsquo; Representative, as of the date hereof and as of the Closing Date as though made on the Closing Date, except
to the extent such representations and warranties expressly relate to another date (in which case as of such other date), as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.01 <U>Authority;
Execution and Delivery; Enforceability</U>. The Contributors&rsquo; Representative has the requisite power and authority to execute
this Agreement and the Ancillary Agreements to which he is, or is specified to be, a party and to consummate the Transactions.
The Contributors&rsquo; Representative has duly executed and delivered this Agreement and, at or before the Closing, will have
duly executed and delivered each Ancillary Agreement to which he is, or is specified to be, a party, and this Agreement constitutes,
and each Ancillary Agreement to which he is, or is specified to be, a party will after the Closing constitute, assuming due and
valid authorization, execution and delivery hereof and thereof by PEGC I and PEGC I OP, his legal, valid and binding obligation,
enforceable against him in accordance with its terms, except as limited by Laws affecting the enforcement of creditors&rsquo;
rights generally or by general equitable principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.02 <U>No
Conflicts; Consents</U>. The execution and delivery by the Contributors&rsquo; Representative of this Agreement do not, and the
consummation of the Transactions and compliance by the Contributors&rsquo; Representative with the terms hereof and thereof will
not contravene, conflict with, or result in any violation of or default (with or without notice or lapse of time, or both) under,&nbsp;any
Judgment or Law applicable to the Contributors&rsquo; Representative; except as would not reasonably be expected to have, individually
or in the aggregate, a Contributors&rsquo; Representative Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.03 <U>No
Additional Representations or Warranties</U>. <FONT STYLE="background-color: white">Except as provided in this <U>Article IV</U>,
neither the Contributors&rsquo; Representative nor any of his Affiliates (other than the Contributors and the Contributed Companies
with respect to <U>Article II</U> and <U>Article III</U>), has made, or is making, any representation or warranty whatsoever to
PEGC I or PEGC I OP or their respective Affiliates, directors, officers, employees, stockholders, partners, members or representatives
in connection with the Transactions</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
V.<BR>
<BR>
<U>Representations and Warranties of PEGC I and PEGC&nbsp;I&nbsp;OP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as set forth
in the Schedules, PEGC I and PEGC&nbsp;I OP hereby represent and warrant to each Contributor, as of the date hereof and as of the
Closing Date as though made on the Closing Date, except to the extent such representations and warranties expressly relate to another
date (in which case as of such other date), as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.01 <U>Organization,
Standing and Power</U>. PEGC I OP is duly organized, validly existing and in good standing under the Laws of the jurisdiction
in which it is organized and has the requisite corporate power and authority to enable it to own, lease or otherwise hold its
properties and assets and to carry on its business as presently conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.02 <U>Authority;
Execution and Delivery; Enforceability</U>. PEGC&nbsp;I&nbsp;OP has the requisite power and authority to execute this Agreement
and the Ancillary Agreements to which it is, or is specified to be, a party and to consummate the Transactions. The execution
and delivery by PEGC&nbsp;I&nbsp;OP hereof and the Ancillary Agreements to which it is, or is specified to be, a party and the
consummation by PEGC&nbsp;I&nbsp;OP of the Transactions have been duly authorized by all necessary limited liability company or
partnership actions by PEGC I OP. PEGC&nbsp;I&nbsp;OP has duly executed and delivered this Agreement and, at or before the Closing,
will have duly executed and delivered each Ancillary Agreement to which it is, or is specified to be, a party, and this Agreement
constitutes, and each Ancillary Agreement to which it is, or is specified to be, a party will after the Closing constitute, assuming
due and valid authorization, execution and delivery hereof and thereof by Contributors and Contributors&rsquo; Representative,
its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as limited by Laws affecting
the enforcement of creditors&rsquo; rights generally or by general equitable principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.03 <U>PEGC
I Board Approvals</U>. Each of the PEGC I Board and the Special Committee at a duly held meeting or by written consent, has (a)
duly authorized the execution and delivery of this Agreement and approved the issuance of OP Unit Consideration and the other
transactions contemplated by this Agreement and each Ancillary Agreement, (b) directed that the issuance of the OP Unit Consideration
be submitted for consideration at the PEGC I Stockholders&rsquo; Meeting, and (c) resolved to recommend that PEGC I&rsquo;s stockholders
vote in favor of the approval of all transactions contemplated by this Agreement and each Ancillary Agreement and to include such
recommendation in the Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.04 <U>Securities
Act</U>. The Contributed Interests purchased by PEGC&nbsp;I&nbsp;OP pursuant hereto are being acquired for investment only and
not with a view to any public distribution thereof in violation of any of the registration requirements of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.05 <U>Issuance
of the OP Units</U>. The issuance of the OP Units hereunder has been duly authorized and, when issued and delivered in accordance
with the terms and for the consideration set forth in this Agreement, such OP units will be validly issued and the Contributors
shall acquire good and valid title to such OP Units, free and clear of any Liens, other than: (a)&nbsp;those imposed under the
PEGC&nbsp;I&nbsp;OP Partnership Agreement; or (b)&nbsp;restrictions on transfer under federal and state securities Laws. Assuming
the accuracy of the representations of the Contributors set forth in <U>Article&nbsp;II</U> of this Agreement, the OP Units will
be issued in compliance with all applicable federal securities Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.06 <U>Brokers</U>.
Except as set forth on <U>Schedule&nbsp;5.06</U>, no broker, finder or investment banker is entitled to any brokerage, finder&rsquo;s
or other fee or commission in connection with the Transactions based upon arrangements made by or on behalf of PEGC I OP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.07 <U>Opinion
of Financial Advisor</U>. The Special Committee has received an&nbsp; opinion of Lazard Fr&egrave;res &amp; Co. LLC, as financial
advisor to the Special Committee, to the effect that, as of the date of such opinion, and subject to the assumptions, limitations
and qualifications set forth in the opinion, the Closing Consideration and the Contingent Consideration, if any, to be paid by
PEGC I OP in the Transaction is fair, from a financial point of view, to PEGC I.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.08 <U>No
Additional Representations or Warranties</U>. <FONT STYLE="background-color: white">Except as provided in this <U>Article V</U>,
neither PEGC I OP nor any of its Affiliates, nor any of its respective directors, officers, employees, stockholders, partners,
members or representatives has made, or is making, any representation or warranty whatsoever to any Contributor, Contributed Company
or the Contributors&rsquo; Representative or their respective Affiliates, directors, officers, employees, stockholders, partners,
members or representatives in connection with the Transactions</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.09 <U>No
Outside Reliance</U>. <FONT STYLE="background-color: white">Notwithstanding anything contained in this Agreement or the Ancillary
Agreements to the contrary, each of PEGC I and PEGC I OP acknowledges and agrees that none of the Contributors&rsquo; Representative,
the Contributors nor any of their Affiliates, nor any of its or their respective directors, officers, employees, stockholders,
partners, members, agents or representatives, has made, or is making, any representation or warranty whatsoever, express or implied
(and neither PEGC I nor PEGC I OP has relied on any representation, warranty or statement of any kind by the Contributors&rsquo;
Representative, the Contributors or any of their Affiliates or any of their respective agents or representatives), beyond those
expressly given in <U>Article II</U>, <U>Article III</U> and this <U>Article V</U>, including any implied warranty or representation
as to condition, merchantability, suitability or fitness for a particular purpose or trade as to any of the assets of the Contributed
Companies or any of their respective Subsidiaries. Without limiting the generality of the foregoing, it is understood that any
cost estimates, financial or other projections or other predictions that may be contained or referred to in the Schedules or elsewhere,
as well as any information, documents or other materials (including any such materials contained in any &ldquo;data room&rdquo;
or reviewed by PEGC I or PEGC I OP or any of their Affiliates, agents or representatives pursuant to the Confidentiality Agreement)
or management presentations that have been or shall hereafter be provided to PEGC I or PEGC I OP or any of their Affiliates, agents
or representatives are not and will not be deemed to be representations or warranties of the Contributors&rsquo; Representative
or the Contributors, and no representation or warranty is made as to the accuracy or completeness of any of the foregoing in each
case, except as may be expressly set forth in <U>Article II</U>, <U>Article III</U>, this <U>Article V</U>, or any Ancillary Agreement.
Except as otherwise expressly set forth in this Agreement, each of PEGC I and PEGC I OP understands and agrees that any inventory,
equipment, vehicles, assets, properties and business of the Contributed Companies and their Subsidiaries are furnished &ldquo;as
is&rdquo;, &ldquo;where is&rdquo; and, subject only to the representations and warranties contained in <U>Article II</U>, <U>Article
III</U>, this <U>Article V</U>, or any Ancillary Agreement, with all faults and without any other representation or warranty of
any nature whatsoever</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
VI.<BR>
<BR>
<U>Covenants</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.01 <U>Covenants
Relating to Conduct of Business by Contributors</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
for matters set forth in <U>Schedule&nbsp;6.01(a)</U> or otherwise expressly permitted hereby (including the Plan of Reorganization
and the Capital Expenditures Budget), from the date hereof to the earlier of (i) Closing Date or (ii) the date (if any) on which
this Agreement is terminated pursuant to <U>Section 9.01(a)</U>, the Contributors shall, and shall cause the Contributed Companies
and Subsidiaries thereof to, conduct their respective businesses in the Ordinary Course of Business (including with respect to
capital expenditures) and shall use all reasonable efforts to keep intact their respective businesses, keep available the services
of their current employees and preserve their relationships with customers, suppliers, landlords, tenants, creditors, employees
and others with whom they deal; <U>provided</U>, that the foregoing shall not impose any obligation on any Contributor to undertake
any new capital improvement projects after the date hereof, except to the extent such capital improvement projects are required
to be undertaken under the terms of the Real Property Debt or the failure to perform such new capital improvement projects would
be reasonably expected to result in a default or breach under any Real Property Debt loan documents. The Contributors shall not,
and shall not permit any Contributed Company or Subsidiary thereof to, take any action that would, or that could reasonably be
expected to, result in any of the conditions to the contribution of the Contributed Interests set forth in <U>Article&nbsp;VII</U>
not being satisfied. In addition (and without limiting the generality of the foregoing), except as set forth in <U>Schedule&nbsp;6.01(a)</U>
or otherwise expressly permitted or required by the terms hereof (including the Plan of Reorganization and the Capital Expenditures
Budget), the Contributors shall cause each Contributed Company and Subsidiary thereof not to do any of the following without the
prior written consent of PEGC&nbsp;I&nbsp;OP (which consent shall not be unreasonably withheld, delayed or conditioned):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend
its certificate of incorporation or by-laws (or comparable documents);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;declare
or pay any dividend or make any other distribution to its equity holders other than quarterly dividends not to exceed $5,000,000&nbsp;per
quarter in the Ordinary Course of Business consistent with past practice, whether or not upon or in respect of any shares of its
capital stock or other equity interests; <U>provided</U>, <U>however</U>, that dividends and other distributions may continue to
be made by the Subsidiaries thereof to a Contributed Company or to other wholly-owned Subsidiaries thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as contemplated in the Plan of Reorganization, redeem or otherwise acquire any shares of its capital stock or other equity interests
or any Convertible Securities or authorize, issue or sell any capital stock or other equity interests or any Convertible Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as permitted elsewhere in this <U>Section 6.01(a)</U>, adopt, amend or terminate any Benefit Plan (or any plan that would be a
Benefit Plan if adopted) or enter into, adopt, extend (beyond the Closing Date), except for administrative amendments that do not
materially increase the cost of any Benefit Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;renew,
amend or terminate any collective bargaining agreement or other Contract with any labor organization, union or other collective
association, except in each case as required by Law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;issue,
deliver, grant or authorize the issuance, delivery, or grant of any RMU (as defined in <U>Section 6.08(b)</U> below), or any rights
of any kind to acquire any RMU; provided that if the Closing Date has not occurred prior to January 2, 2018, PELP or a Contributed
Company or its Subsidiary may grant up to 246,598 RMUs in the ordinary course of business consistent with past practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(vii)&nbsp;&nbsp;&nbsp;grant
to any executive officer or employee any increase in compensation or benefits in excess of $50,000 (other than merit-based increases
in base compensation in the Ordinary Course of Business, and not exceeding 25% for any employee or 5% for all employees in the
aggregate) or accelerate the vesting, payment, or funding of any compensation or benefits, except as may be required under existing
written Contracts set forth on <U>Schedule&nbsp;3.12(a)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(viii)&nbsp;&nbsp;hire,
promote or terminate, other than for cause, the employment of any employee, other than employees below the level of senior management
and with total annual compensation less than $350,000 who are hired, promoted or terminated in the Ordinary Course of Business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;incur
or assume any Indebtedness or guarantee any such Indebtedness in excess of $20,000,000 in the aggregate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;permit,
allow or suffer any of its assets (including any Real Property) to become subjected to any Lien other than Permitted Liens;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;enter
into, modify, amend or terminate, other than in the Ordinary Course of Business consistent with past practices, any Contract that
would have been required to be set forth in <U>Schedule&nbsp;3.09(a)</U>, <U>Schedule&nbsp;3.09(b)</U> or <U>Schedule&nbsp;3.12(a)</U>
if it were in effect on the date hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cancel
any Indebtedness in excess of $20,000,000 in the aggregate, or settle, compromise, discharge, waive, release or assign any material
claim, right or Proceeding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;pay,
loan or advance any amount to, or sell, transfer or lease any of its assets to, or enter into any agreement or arrangement with,
the Contributors or any of their current or former Related Persons that will survive the Closing, except for: (A)&nbsp;transactions
among such Contributed Companies and the Subsidiaries thereof; and (B)&nbsp;dividends and other distributions permitted under <U>clause&nbsp;(ii)</U>
above;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;make
any material change in any method of accounting or accounting practice, controls or policy other than as required by changes in
Law or GAAP that become effective after the date hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prepare
or file any Tax Return inconsistent with past practice or, on any such Tax Return, take any position, make any election, or adopt
any method that is inconsistent with positions taken, elections made or methods used in preparing or filing similar Tax Returns
in prior periods (including positions, elections or methods that would have the effect of deferring income to periods ending after
the Closing Date or accelerating deductions to periods ending on or before the Closing Date), settle or otherwise compromise any
claim relating to material Taxes, enter into any closing agreement or similar agreement relating to material Taxes, otherwise settle
any dispute relating to material Taxes, or request any ruling or similar guidance with respect to Taxes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;acquire
by merging or consolidating with, or by purchasing a substantial portion of the assets of, or by any other manner, any business
or any corporation, partnership, association or other business organization or division thereof or otherwise acquire any assets
(other than inventory) that are material in transactions involving consideration individually in excess of $1,000,000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xvii)&nbsp;&nbsp;&nbsp;make
or incur any capital expenditures or commitments therefor other than in the Ordinary Course of Business in a manner consistent
with the Capital Expenditures Budget to address obligations under existing contracts, or in connection with emergency repairs;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xviii)&nbsp;&nbsp;&nbsp;(A)
purchase, lease, license or otherwise acquire any material assets, except in the Ordinary Course of Business for any assets other
than real property, and (B) with respect to real property assets, purchase or otherwise acquire title to any asset in the nature
of real property or enter into any Contract with a Person for any such purchase or acquisition;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sell
or otherwise dispose of any material assets (including any Real Property), except inventory sold in the Ordinary Course of Business
and the properties listed on <U>Schedule 6.01(a)(xviii)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;enter
into any Contract with a Person that would be a Ground Lease if such Contract was in effect as of the date hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xxi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;enter
into any Contract with a Person that would be a Material Lease if such Contract was in effect as of the date hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xxii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;apply
for or agree to any change in zoning affecting any of the Real Property in any material respect or any modification of the terms
of any permit or other approval related to the Contributed Businesses in any material respect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;terminate,
or, in any material respect, modify, amend, permit the lapse of, breach of or failure of performance of any Ground Lease; terminate,
or, in any material respect, modify or amend, any Material Lease except in the Ordinary Course of Business; enter into, terminate,
or in any material respect, modify or amend, any Tenant Lease, other than a Material Lease, except in the Ordinary Course of Business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xxiv)&nbsp;&nbsp;&nbsp;&nbsp;enter
into any material settlement Contract in connection with any condemnation proceedings affecting or relating to any Real Property,
except in the Ordinary Course of Business consistent with past practice;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xxv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cancel
any of their respective insurance policies identified in <U>Schedule&nbsp;3.14</U> or reduce the amount of any insurance coverage
provided by such insurance policies; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(xxvi)&nbsp;&nbsp;&nbsp;&nbsp;authorize,
or commit or agree to do, whether in writing or otherwise, any of the foregoing actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Affirmative
Covenants</U>. Until the Closing, the Contributors shall, and shall cause the Contributed Companies and Subsidiaries thereof to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;comply
in all material respects with the terms of all Contributed Company Contracts, all Ground Leases, all Tenant Leases, all Contracts
with respect to the Real Property Debt and all Contracts with respect to the Corporate Debt;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;maintain
their respective assets (including the Real Property) in the Ordinary Course of Business in good operating order and condition,
reasonable wear and tear excepted;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon
any damage, destruction, taking or loss to any material asset, unless otherwise consented to by PEGC I OP, apply any and all insurance
proceeds, awards or other proceeds received with respect thereto to the timely repair, replacement and restoration thereof to the
condition of such asset before such event or, if required, to such better condition as may be required by Law; provided, however,
that any excess insurance proceeds, awards or other proceeds remaining after any such repair, replacement and restoration shall
remain an asset of and be held by the applicable Contributed Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly
advise PEGC&nbsp;I&nbsp;OP in writing of the occurrence of any matter or event that is material to the business, assets, condition
(financial or otherwise) or results of operations of the Contributed Companies and Subsidiaries thereof, taken as a whole;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
soon as reasonably practicable after they become available, but in any event not later than sixty (60)&nbsp;days after the last
day of each fiscal quarter ending after the date of the Interim Balance Sheet, furnish to PEGC&nbsp;I&nbsp;OP: an unaudited combined
balance sheet of PELP as of the last day of such fiscal quarter and unaudited combined statements of operations, cash flows and
partners&rsquo; equity for such fiscal quarter, including the notes thereto and all related compilations, reviews and other reports
issued by PELP&rsquo;s accountants with respect thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
soon as reasonably practicable after they become available, but in any event not later than ninety (90)&nbsp;days after the last
day of each fiscal year ending after the date of the Audited Balance Sheet, furnish to PEGC&nbsp;I&nbsp;OP: an audited combined
balance sheet of PELP as of the last day of such fiscal year and audited combined statements of operations, cash flows and partners&rsquo;
equity for such fiscal year, including the notes thereto and all related compilations, reviews and other reports issued by PELP&rsquo;s
accountants with respect thereto; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;furnish
any other information reasonably requested by PEGC&nbsp;I&nbsp;OP that is necessary to comply with the requirements of the Securities
Act and the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consultation</U>.
In connection with the continuing operation of the business of the Contributed Companies, their Subsidiaries and the Contributed
Businesses between the date hereof and earlier of (i) the Closing Date or (ii) the date (if any) on which this Agreement is terminated
pursuant to <U>Section 9.01(a)</U>, with no less than two (2) weeks prior notice from PEGC I OP (or its designated Representative)
the Contributors shall use all reasonable efforts to consult in good faith, once each calendar month, on a date and time to be
mutually agreed between the Contributors&rsquo; Representative and PEGC I OP, with the Representatives for PEGC&nbsp;I&nbsp;OP
to report material information regarding operational developments and ongoing operations in response to written requests which
shall be prepared and submitted by PEGC&nbsp;I&nbsp;OP (or its designated Representative) which specify with reasonable detail
the subject matter of such inquiry; <U>provided</U>, that the Contributors shall have the right to be represented by and rely on
the advice of counsel at each consultation meeting which is held pursuant to this <U>Section 6.01(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance</U>.
The Contributors shall keep, or cause to be kept, all insurance policies set forth in <U>Schedule&nbsp;3.14</U>, or suitable replacements
therefor, in full force and effect through the close of business on the Closing Date. As of the Closing, each Contributor shall
assign to PEGC&nbsp;I&nbsp;OP and to the Contributed Companies and Subsidiaries thereof any and all assignable rights that such
Contributor may have under such insurance policies covering claims relating to the period on or before the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.02 <U>Covenants
Relating to the Conduct of Business by PEGC and PEGC I OP</U>. Except for matters set forth in <U>Schedule&nbsp;6.02</U>, or otherwise
expressly permitted hereby, from the date hereof to the earlier of (i) Closing Date or (ii) the date (if any) on which this Agreement
is terminated pursuant to <U>Section 9.01(a)</U>, PEGC and PEGC I OP shall not, and shall cause their Subsidiaries not to, without
the prior written consent of the Contributors&rsquo; Representative (which consent shall not be unreasonably withheld, delayed
or conditioned):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend,
repeal or otherwise modify any provision of (i) the charter or bylaws of PEGC I or (ii) the PEGC I OP Partnership Agreement, other
than, in each case, as specifically contemplated by this Agreement or any amendment, repeal or other modification that would not
be adverse to the Contributors or Contributed Companies or those that would not impede PEGC I or PEGC I OP&rsquo;s ability to consummate
the transactions contemplated hereby;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;take
any action to reclassify, combine, split or subdivide any of PEGC I&rsquo;s capital stock or the OP Units or to alter any stockholder
rights with respect thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;take
any action that would adversely affect PEGC I&rsquo;s status as a &ldquo;real estate investment trust&rdquo; under the Code; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agree
to take, make any commitment to take, or cause the PEGC I Board to adopt any resolutions in support of, any of the actions prohibited
by this <U>Section 6.02</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.03 <U>No
Solicitation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Contributors shall, and shall cause the Contributed Companies to, effective upon the execution hereof, terminate any discussions
or negotiations regarding any proposal that constitutes, or may reasonably be expected to lead to, any Other Bid, and shall promptly
after the execution hereof request each Person that has executed a confidentiality agreement in connection with its consideration
of acquiring any Contributed Company or Subsidiary thereof or substantially all the business or assets of any Contributed Company
or Subsidiary thereof to return all confidential information furnished to such Person by or on behalf of any Contributed Company
or Subsidiary thereof. None of the Contributors shall, nor shall any Contributor authorize or permit any Contributed Company or
Subsidiary thereof or any of their Representatives to: (i)&nbsp;solicit, initiate or encourage any Other Bid; (ii)&nbsp;enter into
any Contract with respect to any Other Bid; or (iii)&nbsp;participate in any discussions or negotiations regarding, or furnish
to any Person any information with respect to, or take any other action intended to facilitate, any inquiries or the making of
any proposal that constitutes, or may reasonably be expected to lead to, any Other Bid. The Contributors shall promptly advise
PEGC&nbsp;I&nbsp;OP orally and in writing of any Other Bid and the identity of the Person making any such Other Bid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEGC
I shall, and shall cause PEGC I OP and its Subsidiaries to, effective upon the execution hereof, not directly or indirectly, hire,
solicit the employment of, enter into a contract with or otherwise solicit, entice, induce, cause or encourage any Person other
than NTR I LLC and Phillips Edison &amp; Company, Ltd. to provide the services provided under (i) the Advisory Agreement, by and
among PEGC I, PEGC I OP and NTR I LLC, dated as of December 3, 2014, as amended (the &ldquo;<U>PEGC I Advisory Agreement</U>&rdquo;)
and (ii) the Amended and Restated Property Management, Leasing and Construction Management Agreement, by and among PEGC I, PEGC
I OP and Phillips Edison &amp; Company, Ltd., dated as of June 1, 2014, as amended (the &ldquo;<U>PEGC I Property Management Agreement</U>&rdquo;)
or take any other action to cause the termination of the PEGC I Advisory Agreement or PEGC I Property Management Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.04 <U>Access
to Information</U>. The Contributors shall, and shall cause the Contributed Companies and Subsidiaries thereof to afford to PEGC&nbsp;I&nbsp;OP
and its accountants, counsel and other Representatives reasonable access, upon reasonable notice during normal business hours
during the period before the Closing, to all the personnel, properties, books, Contracts, commitments, Tax Returns, records and
financial, operating and other data of the Contributed Companies and Subsidiaries thereof, and, during such period shall furnish
promptly to PEGC&nbsp;I&nbsp;OP any information concerning a Contributed Company or Subsidiary thereof as PEGC&nbsp;I&nbsp;OP
may reasonably request; <U>provided</U>, that none of the Contributors, Contributed Companies or any Subsidiaries thereof shall
be required to provide access to any of its properties if such access would result in material damage to such property; <U>provided</U>,
<U>further</U> that nothing herein will obligate any of the Contributors, Contributed Companies or any Subsidiaries thereof to
take or permit any actions that would result in any waiver of attorney-client or attorney work product privilege. The Contributors
and PEGC I OP will use its reasonable best efforts to minimize any disruption to the businesses of the other party that may result
from the request for access and information hereunder. The Contributors shall be given a reasonable opportunity to have their
Representatives present at all times during any inspections, investigations or onsite procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.05 <U>Confidentiality</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the Closing, each Contributor shall keep confidential, and cause its Related Persons and its and their Representatives to keep
confidential, all information relating to the Contributed Companies and Subsidiaries thereof, except (i)&nbsp;as required by Law
or administrative process and (ii)&nbsp;for information that is available to the public on the date hereof or thereafter becomes
available to the public other than as a result of a breach of this <U>Section 6.05(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Contributor hereby assigns, effective at the Closing, to PEGC&nbsp;I&nbsp;OP its rights under all confidentiality agreements entered
into by such Contributor with any Person in connection with the proposed contribution of the Contributed Companies to the extent
such rights relate to the Contributed Companies and Subsidiaries thereof and are assignable. The Contributors shall, upon the request
of PEGC&nbsp;I&nbsp;OP, hold, maintain and enforce any such rights that are not assignable. Copies of all confidentiality agreements
entered into by such Contributor with any Person in connection with the proposed contribution of the Contributed Companies shall
be provided to PEGC&nbsp;I&nbsp;OP on the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.06 <U>Reasonable
Efforts</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the terms and subject to the conditions set forth in this Agreement, each of the parties shall promptly use reasonable best efforts
to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other parties
in doing, all things necessary, proper or advisable to consummate and make effective, in the most expeditious manner practicable,
the Contributions and the other Transactions, including using all reasonable efforts to obtain all necessary actions, nonactions
and Consents from Governmental Entities and to make all necessary Filings and to take all reasonable steps as may be necessary
to obtain an approval or waiver from, or to avoid a Proceeding by, any Governmental Entity. Notwithstanding the foregoing, PEGC&nbsp;I&nbsp;OP
shall not have any obligation: (a)&nbsp;to propose, negotiate, commit to or effect, by consent decree, hold separate order or otherwise,
the sale, divestiture or disposition of any assets or businesses of PEGC&nbsp;I&nbsp;OP, any of its Subsidiaries (including the
Contributed Companies after the Closing) or their Affiliates; or (b)&nbsp;otherwise to take or commit to take any actions that
would limit the ability of PEGC&nbsp;I&nbsp;OP, its Subsidiaries (including the Contributed Companies after the Closing) or their
Affiliates to retain, one or more of their businesses, product lines or assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before
the Closing, each party hereto shall, and shall cause its controlled Affiliates to, use reasonable best efforts to obtain, and
to cooperate in obtaining, all Consents from third parties necessary or appropriate to permit the consummation of the Contributions;
<U>provided</U>, <U>however</U>, that, except as provided in subsections (c), (d) and (e), below, the parties shall not be required
to pay or commit to pay any amount to (or incur any obligation in favor of) any Person from whom any such Consent may be required
(other than customary filing fees payable to Governmental Entities and nominal filing or application fees payable to other third
parties) and no party shall agree to any conditions or restrictions imposed by any third party that, individually or in the aggregate,
would materially impair (or could reasonably be expected to materially impair) the ability of such party to consummate the Transactions
or could reasonably be expected to have a material adverse effect on the economic benefits to PEGC&nbsp;I&nbsp;OP arising therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing in clauses (a) and (b) above, with respect to obtaining the PELP Debt Consents and Amendments, (i) the Contributors
shall be responsible for seeking to obtain the PELP Debt Consents and Amendments, (ii) the Contributors shall use reasonable best
efforts (subject to cooperation by PEGC I and PEGC I OP) to obtain the PELP Debt Consents and Amendments and PEGC I and PEGC I
OP shall use reasonable best efforts to cooperate with the Contributors obtaining the PELP Debt Consents and Amendments (including
providing replacement guarantors and indemnitors and entering amendments and/or modifications to the loan documents which are reasonably
acceptable to PEGC I and PEGC I OP), (iii) in no event shall any Contributor agree to any conditions or terms of any consent (including,
without limitation, any fee, premium, cash deposits or additional reserves or any material changes to the existing terms of such
Indebtedness) without the prior written consent of PEGC I and PEGC I OP, which consent shall not be unreasonably withheld, conditioned
or delayed, (iv) each party shall give the other no less than ten (10) Business Days upon receipt to review and comment on all
materials or documents with respect to the PELP Debt Consents and Amendments and any such materials or documents shall be revised
to reflect the reasonable comments of such other party, (v) neither party, nor any of their respective Representatives, shall engage
or participate in any material meeting or discussion or proposed material discussion or communication with, and communications
from, any lender or any loan servicer with respect to the PELP Debt Consents and Amendments without providing representatives of
the other party reasonable opportunity to participate, and (vi) except pursuant to clause (i) above, neither the Contributors,
nor PEGC I, nor PEGC I OP shall, nor shall permit their respective Representatives to, agree to, amend, modify, supplement or waive
the terms and conditions of the outstanding Indebtedness or guarantees thereof for which the PELP Debt Consents and Amendments
of such lenders or servicers are required, without the prior consent of the other (which consent shall not be unreasonably withheld,
conditioned or delayed). <FONT STYLE="background-color: white">If, despite the reasonable best efforts of the parties, a particular
PELP Debt Consent and Amendment has not been obtained with respect to any Real Property, at the election of the Contributors, on
the one hand, and PEGC I and PEGC I OP, on the other hand, the parties may mutually agree that such Real Property that is subject
to the Indebtedness for which the Debt Consent and Amendment cannot be obtained and the corresponding Contributed Interests shall
be excluded from the Transaction and the Closing Consideration shall be reduced by an amount mutually agreeable to the parties
(such amount, the &ldquo;<U>Debt Consent Adjustment Amount</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing in clauses (a) and (b) above, with respect to obtaining the PEGC I Debt Consents and Amendments, (i) the Contributors
shall be responsible for seeking to obtain the PEGC I Debt Consents and Amendments and (ii) the Contributors shall use reasonable
best efforts (subject to cooperation by PEGC I and PEGC I OP) to obtain the PEGC I Debt Consents and Amendments and PEGC I and
PEGC I OP shall use reasonable best efforts to cooperate with the Contributors obtaining the PEGC I Debt Consents and Amendments
(including entering amendments and/or modifications to the loan documents which are reasonably acceptable to PEGC I and PEGC I
OP), (iii) in no event shall any Contributor agree to any conditions or terms of any consent (including, without limitation, any
fee, premium, cash deposits or additional reserves or any material changes to the existing terms of such Indebtedness) without
the prior written consent of PEGC I and PEGC I OP, which consent shall not be unreasonably withheld, conditioned or delayed, (iv)
each party shall give the other no less than ten (10) Business Days upon receipt to review and comment on all materials or documents
with respect to the PEGC I Debt Consents and Amendments and any such materials or documents shall be revised to reflect the reasonable
comments of such other party, (v) the Contributor shall not engage or participate in any material meeting or discussion or proposed
material discussion or communication with, and communications from, any lender or any loan servicer with respect to the PEGC I
Debt Consents and Amendments without providing representatives of PEGC I and PEGC I OP reasonable opportunity to participate, and
(vi) except pursuant to clause (i) the Contributors shall not agree to, amend, modify, supplement or waive any term or condition
of the outstanding Indebtedness or guarantees thereof for which the PEGC I Debt Consents and Amendments of such lenders or servicers
are required, without the prior consent of PEGC I and PEGC I OP (which consent shall not be unreasonably withheld, conditioned
or delayed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing in clauses (a) and (b) above, with respect to obtaining the PEGC II Debt Consents and Amendments, (i) the Contributors
shall be responsible for seeking to obtain the PEGC II Debt Consents and Amendments and (ii) the Contributors shall use reasonable
best efforts (subject to cooperation by PEGC II) to obtain the PEGC II Debt Consents and Amendments and PEGC I and PEGC I OP shall
use reasonable best efforts to cooperate with the Contributors obtaining the PEGC II Debt Consents and Amendments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing in clauses (a) and (b) above, with respect to obtaining the Corporate Debt Consents and Amendments, (i) the Contributors
shall be responsible for seeking to obtain the Corporate Debt Consents and Amendments, (ii) the Contributors shall use reasonable
best efforts to obtain the Corporate Debt Consents and Amendments and PEGC I and PEGC I OP shall use reasonable best efforts to
cooperate with the Contributors obtaining the Corporate Debt Consents and Amendments, (iii) in no event shall any Contributor agree
to any conditions or terms of any consent (including, without limitation, any fee, premium, cash deposits or additional reserves
or any material changes to the existing terms of such Indebtedness) without the prior written consent of PEGC I and PEGC I OP,
which consent shall not be unreasonably withheld, conditioned or delayed, (iv) each party shall give the other no less than ten
(10) Business Days upon receipt to review and comment on all materials or documents with respect to the Corporate Debt Consents
and Amendments and any such materials or documents shall be revised to reflect the reasonable comments of such other party, (v)
the Contributor shall not engage or participate in any material meeting or discussion or proposed material discussion or communication
with, and communications from, any lender or any loan servicer with respect to the Corporate Debt Consents and Amendments without
providing representatives of PEGC I and PEGC I OP reasonable opportunity to participate, and (vi) except pursuant to clause (i)
the Contributors shall not agree to, amend, modify, supplement or waive any term or condition of the outstanding Indebtedness or
guarantees thereof for which the Corporate Debt Consents and Amendments of such lenders or servicers are required, without the
prior consent of PEGC I and PEGC I OP (which consent shall not be unreasonably withheld, conditioned or delayed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting the generality of the foregoing, each of the Contributors, the Contributed Companies and PEGC&nbsp;I&nbsp;OP shall as
promptly as practicable, but in no event later than fifteen (15) Business Days following the execution and delivery of this Agreement,
file with the United States Federal Trade Commission (the &ldquo;<U>FTC</U>&rdquo;) and the Antitrust Division of the United States
Department of Justice (the &ldquo;<U>DOJ</U>&rdquo;) the notification and report form, if any, required for the Transactions. Any
such notification and report form and other Filings shall be in substantial compliance with the requirements of the HSR Act. Each
of the Contributors, the Contributed Companies and PEGC&nbsp;I&nbsp;OP shall furnish to the others such necessary information and
reasonable assistance as the other may request in connection with its preparation of any Filing that is necessary under the HSR
Act. The Contributors, the Contributed Companies and PEGC&nbsp;I&nbsp;OP shall keep each other apprised of the status of any communications
with and any inquiries or requests for additional information from the FTC, the DOJ and any other Governmental Entity and shall
comply promptly with any such inquiry or request and shall promptly provide any supplemental information requested in connection
with the Filings made hereunder pursuant to the HSR Act. Any such supplemental information shall be in substantial compliance with
the requirements of the HSR Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting the generality of the foregoing, as soon as reasonably practicable after the date hereof, the parties shall make all Filings
with all Governmental Entities that may be or may become reasonably necessary, proper or advisable under this Agreement and applicable
Laws to consummate and make effective the Transactions, including (i) PEGC I OP causing &ldquo;Form A&rdquo; or similar change
of control applications to be filed in each jurisdiction where required by applicable Insurance Laws with respect to the Transactions
or (ii) an application for an exemption from such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Laws relating to the sharing of information, each of the Contributors, the Contributed Companies and PEGC&nbsp;I&nbsp;OP shall
have the right to review in advance, and to the extent practicable each will consult the others on, all the information relating
to the Contributors, PEGC&nbsp;I&nbsp;OP or the Contributed Companies, as the case may be, and any of their respective Related
Persons, that appear in any Filing made with, or written materials submitted to, any third party or any Governmental Entity in
connection with the Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the express terms of this Agreement, in the event that a party (the &ldquo;<U>Requesting Party</U>&rdquo;) determines that a structure
change is necessary, advisable or desirable, the other party (the &ldquo;<U>Responding Party</U>&rdquo;) agrees to use reasonable
efforts to accommodate any request of the Requesting Party to modify the structure of the Transactions in a mutually agreeable
manner prior to the Closing, including with respect to any amendments to, this Agreement, the Ancillary Agreements, the Plan of
Restructuring or Capital Expenditures Budget; <U>provided</U>, <U>however</U>, that the Responding Party shall not be required
to agree to such modification if (A) such modification would materially delay the Closing or (B)(1) such modification would have
an adverse economic effect on the Responding Party, as reasonably determined by the Responding Party, and (2) the Contributors
do not indemnify PEGC I OP for such adverse economic effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.07 <U>Expenses;
Transfer Taxes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether
or not the Closing takes place, and except as otherwise expressly set forth herein, all costs and expenses incurred in connection
with this Agreement and the Ancillary Agreements and the Transactions shall be paid by the party incurring such expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEGC&nbsp;I&nbsp;OP
shall pay one hundred percent (100%) of the HSR Act filing fee and any other filing fees relating to regulatory Filings and Consents
required in connection with the Transactions (including fees relating to any filings required under <U>Section 6.06(g)</U>) (the
&ldquo;<U>Regulatory Filing Expenses</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
transfer Taxes applicable to the transfer of the Contributed Interests (the &ldquo;<U>Contribution Transfer Taxes</U>&ldquo;) shall
be paid by PEGC&nbsp;I&nbsp;OP, provided that 50% of the Contribution Transfer Taxes be included in the Contribution Transaction
Expenses. Each party shall use all reasonable efforts to avail itself of any available exemptions from any such Taxes or fees,
and to cooperate with the other parties in providing any information and documentation that may be necessary to obtain such exemptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
PEGC I OP shall pay for all costs, fees and expenses necessary (A) to obtain each of the Debt Consents and Amendments, and (B)
to refinance the Corporate Debt or other Indebtedness agreed upon by PEGC I OP and Contributors (in each case, including, without
limitation, attorneys&rsquo; fees, diligence reports and customary fees payable to lenders under the Indebtedness) (collectively,
the &ldquo;<U>Debt Expenses</U>&rdquo;) up to the Debt Consents and Amendments Cost Cap; and (ii) each of PEGC I OP on the one
hand and the Contributors on the other shall split equally any additional Debt Expenses above the Debt Consents and Amendments
Cost Cap.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.08 <U>Employee
Matters</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
on the Closing Date, PEGC I and PEGC I OP will adopt an equity incentive plan pursuant to which OP units may be granted to employees
of the Contributed Companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Closing Date, PEGC I OP will grant Phantom Units (as defined below) to each RMU Holder (as defined below) equal to the number
of Cancelled RMUs (as defined below) held by such RMU Holder multiplied by three (3). The Phantom Units will vest and be subject
to the same vesting schedule and terms as the corresponding Cancelled RMU. &ldquo;Cancelled RMU&rdquo; means each restricted unit
granted pursuant to the Phillips Edison Limited Partnership Restricted Unit Award Plan (each an &ldquo;<U>RMU</U>&rdquo;), which
an RMU Holder has agreed to forfeit and cancel upon the Closing. &ldquo;Phantom Unit&rdquo; means the right to receive in cash
the value of one OP Unit. &ldquo;RMU Holder&rdquo; means each holder of an RMU immediately prior to the Closing. PELP has provided
PEGC I OP a list of all RMU awards that are outstanding as of the date of this Agreement, including the name of the RMU Holder,
the number of RMUs subject to such RMU award and the applicable vesting schedule. PEGC I OP agrees to keep such list confidential
and to make it available only to those individuals at PEGC I OP and its advisors who need such information for economic modeling
or human resource purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.09 <U>Notice
of Developments; Supplemental Disclosure</U>. Without limiting the remainder of this <U>Section 6.09</U>, the Contributors shall
have the right, but not the obligation, to supplement or amend the Schedules with respect to any matter hereafter arising after
that if existing at the date hereof, would have been required, or otherwise could have been required, to be set forth or described
in the Schedules if such matter had occurred as of the date hereof; <U>provided</U>, <U>however</U>, that (i) no such supplement
or amendment to the Schedules shall have any effect for the purpose of determining the satisfaction of the conditions set forth
in <U>Section&nbsp;7.02</U>, but (ii) each such supplement or amendment shall otherwise be deemed for all purposes under this
Agreement, including for purposes of determining whether any Person is entitled to indemnification pursuant to <U>Article&nbsp;X
</U>or <U>Article VIII</U>, to fully and completely amend the Schedules such that each such supplement and amendment will be deemed
to have been included in the Schedules as of the time this Agreement was executed by the parties. From and after the date of this
Agreement until the Closing, the Contributors, on the one hand, and PEGC I and PEGC I OP, on the other hand, shall promptly, upon
having or gaining knowledge of any event, condition or fact that would cause any of the conditions in this Agreement not to be
fulfilled, notify the other thereof, and furnish the other with any information it (or they) may reasonably request with respect
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.10 <U>Publicity</U>.
From the date hereof through the Closing Date, no public release or announcement concerning the Transactions shall be issued by
any party hereto without the prior written consent of PEGC I OP and the Contributors&rsquo; Representative, except such release
or announcement as may be required by Law or the rules or regulations of any United States or foreign securities exchange, in
which case the party required to make the release or announcement shall allow PEGC I OP and the Contributors&rsquo; Representative
reasonable time to comment on such release or announcement in advance of such issuance; <U>provided</U>, <U>however</U>, that
each of the Contributors and the Contributed Companies may make internal announcements to their respective employees that are
consistent with the parties&rsquo; prior public disclosures regarding the Transactions after reasonable prior notice to and consultation
with PEGC I OP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.11 <U>Records</U>.
On the Closing Date, each Contributor shall deliver, or cause to be delivered, to PEGC&nbsp;I&nbsp;OP all agreements, documents,
books, records and files, including records and files stored on computer disks or tapes or any other storage medium (collectively,
&ldquo;<U>Records</U>&rdquo;), if any, in the possession of such Contributor relating to the business and operations of the Contributed
Companies and Subsidiaries thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.12 <U>[Reserved]</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.13 <U>Certain
Licenses and Permits</U>. Each Contributor agrees that all Permits which are held in the name of any Contributor, any of their
Related Persons or any of their Representatives on behalf of a Contributed Company or Subsidiary thereof shall be duly and validly
transferred to such Contributed Company or Subsidiary thereof without consideration before the Closing and that the warranties,
representations, covenants and conditions contained herein shall apply to the same as if held by such Contributed Company or Subsidiary
thereof as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.14 <U>Further
Assurances</U>. From time to time, as and when requested by any party, each party shall execute and deliver, or cause to be executed
and delivered, all such documents and instruments and shall take, or cause to be taken, all such further or other actions (subject
to <U>Section 6.06</U>) as such other party may reasonably deem necessary or desirable to consummate the Transactions, including,
in the case of the Contributors, executing and delivering to PEGC&nbsp;I&nbsp;OP such assignments, deeds, bills of sale, Consents
and other instruments as PEGC&nbsp;I&nbsp;OP or its counsel may reasonably request as necessary or desirable for such purpose.
If the parties determine that any assets primarily used in the Contributed Businesses were not transferred to or retained in the
Contributed Companies or their Subsidiaries at or prior to Closing or otherwise were not transferred to PEGC I OP or one of its
Affiliates at Closing, the Contributors shall promptly transfer and deliver any and all of such assets to PEGC I OP or one of
its Affiliates (including, from and after the Closing, the Contributed Companies and their Subsidiaries) without the payment by
PEGC I OP of any further consideration therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.15 <U>Names
Following Closing</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Contributors agree that they have or may have a proprietary interest in the names &ldquo;PHILLIPS EDISON&rdquo; and &ldquo;PECO&rdquo;
(the &ldquo;<U>Trade Names and Trademarks</U>&rdquo;). The Contributors, do hereby, on behalf of themselves and their Affiliates
and Subsidiaries, whether now in existence or after the Closing Date hereby sell, assign, convey and transfer to PEGC I OP, and
PEGC I OP hereby accepts, all right, title and interest in and to the Trade Names and Trademarks, together with the goodwill of
the business thereto, including all rights of any kind whatsoever accruing under the applicable laws of any jurisdiction, including
by international treaty or convention, and otherwise throughout the world; such assignment to include rights to royalties, fees,
income, payments, and other proceeds now or hereafter acquired, due or payable, and any and all claims and causes of action together
with damages, restitution, and injunctive relief and other legal and equitable relief with respect to the foregoing, whether having
accrued before, on, or after the Closing Date, the same to be held and enjoyed by PEGC I OP for its own use and benefit, and for
the use and benefit of its successors and assigns, to the extent Contributors have any proprietary right, title and interest in
and to the Trade Names and Trademarks. Unless expressly permitted by PEGC I OP or its Affiliates in a separate written agreement,
PEGC I OP or its Affiliates shall have the sole and exclusive right as between PEGC I OP and its Affiliates on one hand, and Contributors
and their Affiliates on the other hand, to register the Trade Names and Trademarks, with the U.S. Patent and Trademark Office,
or any equivalent government agency, worldwide, in connection with the business of the Contributed Companies and their Subsidiaries,
or any other businesses PEGC I, OP shall enter. The Contributors and their Affiliates, whether acting alone or with or through
other Persons, will not object to, sue, challenge, or otherwise oppose the use of such names by PEGC I OP or its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately
before the Closing, the Contributors shall, as necessary, cause their names and the names of their Affiliates to be changed to
names that do not include the words &ldquo;PHILLIPS EDISON&rdquo; or &ldquo;PECO&rdquo;, except, that: (i) PEGC I OP hereby grants
to PELP a license to use the trade name and trademark &ldquo;PHILLIPS EDISON&rdquo; in the form of &ldquo;PHILLIPS EDISON LIMITED
PARTNERSHIP&rdquo; for a period equal to the earlier of (x) 15 years from the Closing Date, or (y) until such time as PELP has
been fully wound-down and liquidated and a certificate of termination or dissolution of PELP has been filed in its applicable state
of formation; (ii) PEGC I OP hereby grants to Phillips Edison Strategic Investment Fund III LLC a license to use the trade name
and trademark &ldquo;PHILLIPS EDISON&rdquo; in the form of &ldquo;PHILLIPS EDISON STRATEGIC INVESTMENT FUND III LLC&rdquo; for
a period equal to the earlier of (x) 15 years from the Closing Date, or (y) until such time as Phillips Edison Strategic Investment
Fund III LLC has been fully wound-down and liquidated and a certificate of termination or dissolution of Phillips Edison Strategic
Investment Fund III LLC has been filed in its applicable state of formation; (iii) Contributors shall have the right to use the
name &ldquo;PHILLIPS&rdquo; or &ldquo;EDISON&rdquo; individually, but in any case not &ldquo;PHILLIPS EDISON&rdquo; together, in
the names of Contributors or their Affiliates and their related domain names and trademarks; and (iv) any Contributors or their
Affiliates or Related Persons that have been granted a specific right and license to use the name &ldquo;PHILLIPS EDISON&rdquo;
or &ldquo;PECO&rdquo; as set forth in the Services Agreement or the PECO Name License Agreement, in each case with PEGC I OP or
any of its Subsidiaries, shall not be required to change their names until after the termination of the license grant in such agreements
(collectively the &ldquo;<U>Permitted Name Uses</U>&rdquo;). From and after the Closing Date, PEGC I OP hereby agrees and consents,
on behalf of itself and its Affiliates, that the Contributors and their Affiliates and Related Persons contemplated in sub-section
(v) of the previous sentence may use such names for the Permitted Name Uses, and PEGC I OP, whether acting alone or with or through
other Persons, hereby agrees that it will not object to, sue, challenge, or otherwise oppose the use of such names by Contributors
or their Affiliates and Related Persons for the Permitted Name Uses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.16 <U>Intercompany
Accounts; Termination of Intercompany Agreements</U>. Except for the Services Agreement and any Contract that has been identified
as continuing in effect subsequent to the Closing in <U>Schedule&nbsp;3.20</U>, the Contributors shall take all actions necessary
to terminate before or concurrent with the Closing all Contracts between any Contributed Company or Subsidiary thereof, on the
one hand, and the Contributors or any of their Related Persons, on the other hand, such that the applicable Contributed Company
or Subsidiary thereof shall have no monetary or other obligation or liability thereunder following the Closing. From and after
the date hereof, the Contributors and their Related Persons shall conduct all transactions with any Contributed Company or Subsidiary
thereof only on an arm&rsquo;s-length basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.17 <U>Title
Insurance Policies</U>. The Contributors&rsquo; Representative acknowledges and agrees that, for each parcel of Real Property,
PEGC&nbsp;I&nbsp;OP may obtain 2006 form ALTA owner&rsquo;s or leasehold owner&rsquo;s policies, as applicable (with extended
coverage), covering such Real Property, issued to the applicable Contributed Company by First American Insurance Company (&ldquo;<U>Title
Company</U>&rdquo;), in each case which may, at the option of PEGC I: (a)&nbsp;have an effective date as of the Closing Date;
(b) be in amount, form and substance reasonably satisfactory to PEGC I OP; (c)&nbsp;insure that such Contributed Company has valid
title to the Real Property, free and clear of all Liens other than Permitted Liens; and (d)&nbsp;include, to the extent available
in the applicable jurisdiction, the endorsements that are listed on <U>Schedule 6.17</U> for each parcel of Real Property (herein
collectively referred to as the &ldquo;<U>Title Policies</U>&rdquo;). In order to obtain the Title Policies, only if requested
by the Title Company, the Contributors shall deliver on, or prior to, the Closing Date the following documents to the Title Company,
in customary form and substance reasonably acceptable to the Title Company and Contributors&rsquo; Representative: (u) customary
owner&rsquo;s affidavit; (v) no change to survey affidavit; (w) GAP indemnity; (x) non-imputation affidavit; (y) financial information
and information regarding on-going construction; and (z) such other customary and reasonable certificates and documents requested
by the Title Company in connection with the issuance of the Title Policies contemplated above. In addition, the Contributors agree
to provide to PEGC&nbsp;I&nbsp;OP and its Representatives, access and documents reasonably necessary to produce the Title Policies.
The Contributors shall be responsible for the cost of and premiums for the Title Policies (excluding the cost of and premiums
for the endorsements other than any extended coverage endorsements) and PEGC I OP shall be responsible for the cost of and premiums
for the endorsements to such Title Policies (other than any extended coverage endorsements).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.18 <U>Surveys;
Zoning Reports, Property Condition Reports and Environmental Reports</U>. The Contributors acknowledge and agree that, at PEGC
I OP&rsquo;s sole cost, PEGC&nbsp;I&nbsp;OP may obtain certified ALTA surveys (each, a &ldquo;<U>Survey</U>&rdquo;), zoning reports
(each, a &ldquo;<U>Zoning Report</U>&rdquo;), and property condition reports (each, a &ldquo;<U>Property Condition Report</U>&rdquo;)
and conduct a commercially reasonable environmental review (each, a &ldquo;<U>New Environmental Report</U>&rdquo;), in each case
with respect to some or all of the Real Properties. The Contributors agree to reasonably cooperate and provide to PEGC&nbsp;I&nbsp;OP
and its Representatives access and documents in their possession reasonably necessary to produce the Surveys, the Zoning Reports,
the Property Condition Reports and the New Environmental Report and perform any additional testing recommended pursuant to such
New Environmental Reports if requested, <U>provided</U>, that PEGC I OP and its Representatives shall request authorization from
the Contributors before conducting any intrusive soil sampling (which authorization will not be unreasonably withheld or delayed)
and use reasonable efforts to minimize disruptions to the operations conducted on the Real Properties in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 65; Value: 2 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">Section 6.19 <U>Preparation
of the Proxy Statement; PEGC I Stockholders&rsquo; Meeting</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
soon as practicable following the date of this Agreement, PEGC I shall prepare and file with the SEC the Proxy Statement in preliminary
form. PEGC I shall ensure that the Proxy Statement complies in all material respects with the applicable provisions of the Exchange
Act. The Contributors shall, and shall cause the Contributed Companies and Subsidiaries thereof, to cooperate with PEGC I in the
preparation of the Proxy Statement, and shall furnish all information concerning them and the Contributed Companies, their Subsidiaries
and the Contributed Businesses that is necessary or appropriate in connection with the preparation of the Proxy Statement. The
parties shall notify each other promptly of the receipt of any comments from the SEC or its staff and of any request by the SEC
or its staff for amendments or supplements to the Proxy Statement or for additional information and shall supply each other with
copies of all correspondence between such party or any of its Representatives, on the one hand, and the SEC or its staff, on the
other hand, with respect to the Proxy Statement or the Transactions. Each party shall give each other party an opportunity to participate
in any discussions or meetings such party has with the SEC or its staff in connection with the Proxy Statement or the Transactions.
PEGC I shall use all reasonable best efforts to respond as promptly as practicable to any comments of the SEC with respect thereto
and have the Proxy Statement cleared by the SEC as soon as reasonably practicable after such filing. PEGC I shall use all reasonable
best efforts to cause the Proxy Statement to be mailed to PEGC I&rsquo;s stockholders as promptly as practicable after the date
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the filing of the Proxy Statement (including any amendment or supplement thereto) with the SEC or dissemination thereof to PEGC
I&rsquo;s stockholders, or responding to any comments of the SEC with respect to the Proxy Statement, PEGC I shall provide PELP
and its counsel a reasonable opportunity to review and comment on such Proxy Statement, amendment, supplement or response and PEGC
I shall consider in good faith any comments by PELP and its counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
before the Closing, any event occurs with respect to PELP, the Contributors or the Contributed Companies or Subsidiaries thereof,
or any change occurs with respect to other information supplied by PELP, the Contributors, or the Contributed Companies or Subsidiaries
thereof for inclusion in the Proxy Statement, that is required to be described in an amendment of, or a supplement to, the Proxy
Statement, PELP shall promptly notify PEGC I of such event, and PELP and PEGC I shall cooperate in the prompt filing with the SEC
of any necessary amendment or supplement to the Proxy Statement and, as required by Law, in disseminating the information contained
in such amendment or supplement to PEGC I&rsquo;s stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEGC
I shall, as soon as practicable after the Proxy Statement is cleared by the SEC for mailing to PEGC I&rsquo;s stockholders, duly
call, give notice of, convene and hold a meeting of its stockholders (the &ldquo;<U>PEGC I Stockholders&rsquo; Meeting</U>&ldquo;)
for the purpose of seeking the PEGC I Stockholder Approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any provision of this Agreement to the contrary, PEGC I may, in its sole discretion, adjourn or postpone the PEGC I Stockholders&rsquo;
Meeting, and may change the record date thereof: (i) to the extent necessary, in the judgment of the PEGC I Board to ensure that
any required supplement or amendment to the Proxy Statement is provided to the stockholders of PEGC I a reasonable amount of time
in advance of the PEGC I Stockholders&rsquo; Meeting; (ii) if as of the time for which the PEGC I Stockholders&rsquo; Meeting is
originally scheduled (as set forth in the Proxy Statement) there are insufficient shares of PEGC I Common Stock represented (either
in person or by proxy) to constitute a quorum necessary to conduct the business of the PEGC I Stockholders&rsquo; Meeting or to
the extent that at such time PEGC I has not received proxies sufficient to allow the receipt of the PEGC I Stockholder Approval
at the PEGC I Stockholders&rsquo; Meeting; or (iii) to the extent required by applicable Law; <U>provided</U>, that the PEGC I
Stockholders&rsquo; Meeting is not postponed or adjourned to a date that is more than thirty (30) days after the date for which
the PEGC I Stockholders&rsquo; Meeting was originally scheduled. PEGC I shall keep the Contributors&rsquo; Representative informed
with respect to proxy solicitation results as reasonably requested by the Contributors, Contributors&rsquo; Representative or their
Representatives. PEGC I shall, subject to the fiduciary duties of the PEGC I Board under applicable Law, use its reasonable best
efforts to obtain the PEGC I Stockholder Approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.20 <U>Directors&rsquo;
and Officers&rsquo; Liability</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEGC
I and PEGC I OP (the &ldquo;<U>D&amp;O Indemnifying Parties</U>&ldquo;) agree that all rights to indemnification and exculpation
from liabilities for acts or omissions occurring at or prior to the Closing now existing in favor of a manager, director, officer,
trustee, agent or fiduciary of any Contributed Company or any of its Subsidiaries and acting in its capacity as such (collectively,
the &ldquo;<U>D&amp;O Indemnified Parties</U>&ldquo;) as provided in under any charter, bylaws, limited liability company agreement,
partnership agreement or other similar organizational documents or agreements of the Contributed Companies and their Subsidiaries
(collectively, the &ldquo;<U>Contributed Company Organizational Documents</U>&rdquo;) and indemnification agreements of the Contributed
Companies and/or their Subsidiaries shall survive the Closing and shall continue in full force and effect in accordance with their
terms. For a period of six (6) years from the Closing, PEGC I and PEGC I OP agree that the Contributed Company Organizational Documents
shall not be amended, repealed or otherwise modified in any manner that would adversely affect the rights thereunder of D&amp;O
Indemnified Party, unless such modification shall be required by applicable Law and then only to the minimum extent required by
applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEGC
I OP has obtained or shall obtain, prior to the Closing, a prepaid insurance and indemnification policy (i.e., tail coverage) with
a term of six (6) years covering each D&amp;O Indemnified Party that provides coverage, subject to such policy&rsquo;s terms and
conditions, for matters occurring prior to the Closing (the &ldquo;<U>D&amp;O Tail Policy</U>&ldquo;) that is no less favorable
than the Contributed Company&rsquo;s or such Subsidiary&rsquo;s existing policy (true and complete copies which have been previously
provided to PEGC I OP) or, if substantially equivalent insurance coverage is unavailable, the best available coverage; <U>provided</U>,
that (i) the premium for such D&amp;O Tail Policy shall not exceed 300% of the last annual premium paid prior to the date of this
Agreement unless the Contributors agree to bear the incremental cost in excess thereof, and (ii) PEGC I OP and the Contributors
(through an increase to Contribution Transaction Expenses) shall each bear 50% of the cost of the D&amp;O Tail Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of PEGC I or the PEGC I OP or any of their respective successors or assigns (i) consolidates with or merges with or into any
other Person and shall not be the continuing or surviving company, partnership or other entity of such consolidation or merger
or (ii) liquidates, dissolves or winds-up, or transfers or conveys all or substantially all of its properties and assets to any
Person, then, and in each such case, proper provision shall be made so that the successors and assigns of PEGC I or the PEGC I
OP, as applicable, assume the obligations set forth in this <U>Section 6.20</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of this <U>Section 6.20</U> are intended to be for the express benefit of, and shall be enforceable by, each D&amp;O
Indemnified Party (who are intended to be third party beneficiaries of this <U>Section 6.20</U>), his or her heirs and his or her
personal representatives, shall be binding on all successors and assigns of PEGC I, PEGC I OP and the Contributed Companies and
their Subsidiaries and shall not be amended in a manner that is adverse to the D&amp;O Indemnified Parties (including their successors,
assigns and heirs) without the prior written consent of the D&amp;O Indemnified Party (including the successors, assigns and heirs)
affected thereby. The exculpation and indemnification provided for by this <U>Section 6.20</U> shall not be deemed to be exclusive
of any other rights to which a D&amp;O Indemnified Party is entitled, whether pursuant to applicable Law, contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this <U>Section 6.20</U>, PEGC I and PEGC I OP shall have no obligation under this Agreement to indemnify
or hold harmless any D&amp;O Indemnified Party (i) in respect of any claim made by any Contributor Indemnitee against PEGC I OP
under <U>Article X</U> hereof, or (ii) against obligations of such D&amp;O Indemnifying Party to bear its portion of any indemnification
obligations to the PEGC I Indemnitees under <U>Article X</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.21 <U>Plan
of Reorganization</U>. Notwithstanding anything to the contrary set forth herein, prior to or concurrently with the Closing, the
Contributors shall, and shall cause their applicable Affiliates and Subsidiaries to, effect and carry out the pre-closing restructuring
according to the steps set forth in the Plan of Reorganization. Following the date of this Agreement, the Contributors may amend,
or cause to be amended, the Plan of Reorganization; <U>provided</U>, <U>however</U>, that any such amendment shall not result
in an adverse economic effect on PEGC I OP (or, if such amendment would result in an adverse economic effect on PEGC I OP, the
Contributors shall indemnify PEGC I OP for such adverse economic effect) and shall not delay the Closing to any material extent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
VII.<BR>
<BR>
<U>Conditions Precedent</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.01 <U>Conditions
to Each Party&rsquo;s Obligation</U>. The obligation of PEGC&nbsp;I&nbsp;OP and the Contributors to consummate the Transactions
is subject to the satisfaction (or waiver by PEGC&nbsp;I&nbsp;OP and the Contributors&rsquo; Representative) on or before the
Closing Date of the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Approvals</U>.
Any waiting period (and any extension thereof) applicable to the Contributions under the HSR Act shall have been terminated or
shall have expired. All Filings and Consents necessary for the consummation of the Contributions, including those required in connection
with the contribution of the Insurance Business as set forth on <U>Schedule 7.01(a)</U>, shall have been made or obtained, in each
case without any conditions, restrictions, undertakings or limitations that, individually or in the aggregate, in the reasonable
judgment of PEGC&nbsp;I&nbsp;OP, would materially impair (or could reasonably be expected to materially impair) the ability of
PEGC&nbsp;I&nbsp;OP to consummate the Transactions or could reasonably be expected to have a material adverse effect on the economic
benefits to PEGC&nbsp;I&nbsp;OP arising therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Injunctions or Restraints</U>. No Law, Judgment or other legal restraint preventing the consummation of the Contributions shall
be in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PEGC
I Stockholder Approval</U>. PEGC&nbsp;I&nbsp;OP shall have received the PEGC I Stockholder Approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.02 <U>Conditions
to Obligation of PEGC&nbsp;I&nbsp;OP</U>. The obligation of PEGC&nbsp;I&nbsp;OP to consummate the Transactions is subject to the
satisfaction (or waiver by PEGC&nbsp;I&nbsp;OP) on or before the Closing Date of the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. Each Fundamental Representation of the Contributors shall be true and correct in all material respects, as
of the date hereof and as of the Closing Date as though made on the Closing Date, except to the extent such Fundamental Representation
expressly relates to another date (in which case as of such other date). Each representation and warranty of the Contributors herein
and in the Ancillary Agreements (other than any Fundamental Representations) that is qualified as to materiality shall be true
and correct, and each such representation and warranty not so qualified shall be true and correct in all material respects, as
of the date hereof and as of the Closing Date as though made on the Closing Date, except to the extent such representation and
warranty expressly relates to another date (in which case as of such other date). PEGC&nbsp;I&nbsp;OP shall have received a certificate
signed by the Contributors&rsquo; Representative to the effect of the preceding two (2) sentences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance
of Obligations of the Contributors</U>. Each Contributor and the Contributors&rsquo; Representative shall have performed or complied
with in all material respects each obligation and covenant required by this Agreement and the Ancillary Agreements to be performed
or complied with by such Contributor and the Contributors&rsquo; Representative on or before the Closing Date and PEGC&nbsp;I&nbsp;OP
shall have received a certificate signed by the Contributors&rsquo; Representative to such effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing
Deliverables</U>. The Contributors and the Contributors&rsquo; Representative shall have delivered to PEGC&nbsp;I&nbsp;OP the items
set forth in <U>Sections&nbsp;1.03(a)</U> and <U>1.03(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Contributed Company Material Adverse Effect</U>. There shall not have occurred any event since the date of the Audited Balance
Sheet, and no circumstance shall exist, that constitute, or could reasonably be expected to result in, a Contributed Company Material
Adverse Effect, and PEGC&nbsp;I&nbsp;OP shall have received a certificate signed by the Contributors&rsquo; Representative to such
effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consents</U>.
PEGC&nbsp;I&nbsp;OP shall have received the written Consents identified on <U>Schedule&nbsp;7.02(e)</U> in form and substance reasonably
acceptable to PEGC&nbsp;I&nbsp;OP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indebtedness
Amendments</U>. PEGC I OP shall have received the PELP Debt Consents and Amendments, the PEGC I Debt Consents and Amendments, the
Corporate Debt Consent and Amendments and any and all other amendments, modifications, certifications and instruments reasonably
required by PEGC I OP in connection with the existing Indebtedness in order to effectuate the Transactions in each case, in form
and substance reasonably acceptable to PEGC&nbsp;I&nbsp;OP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PEGC
II OP Debt Consents and Amendments</U>. PEGC II OP shall have received the PEGC II Debt Consents and Amendments, in form and substance
acceptable to PEGC II OP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Permits</U>.
The Permits required by <U>Section 6.13</U> to be transferred to the Contributed Companies prior to Closing shall have been so
transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Intercompany Agreements</U>. The Contracts required by <U>Section 6.16</U> to be terminated prior to Closing shall have been
terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Title
Insurance Policies</U>. PEGC&nbsp;I&nbsp;OP shall have received the Title Policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.03 <U>Conditions
to Obligation of the Contributors</U>. The obligation of the Contributors to consummate the Transactions is subject to the satisfaction
(or waiver by the Contributors&rsquo; Representative) on or before the Closing Date of the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. Each Fundamental Representation of PEGC&nbsp;I&nbsp;OP shall be true and correct in all material respects,
as of the date hereof and as of the Closing Date as though made on the Closing Date, except to the extent such Fundamental Representation
expressly relates to another date (in which case as of such other date). Each representation and warranty of PEGC&nbsp;I&nbsp;OP
made herein and in the Ancillary Agreements shall be true and correct as of the date hereof and as of the Closing Date as though
made on the Closing Date, except to the extent such representation and warranty expressly relate to another date (in which case
as of such other date) in each case except for breaches as to matters that, individually or in the aggregate, have not had and
could not reasonably be expected to have a PEGC I OP Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance
of Obligations of PEGC&nbsp;I&nbsp;OP</U>. PEGC&nbsp;I&nbsp;OP shall have performed or complied with in all material respects each
obligation and covenant required by this Agreement and the Ancillary Agreements to be performed or complied with by PEGC&nbsp;I&nbsp;OP
on or before the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing
Deliverables</U>. PEGC&nbsp;I&nbsp;OP shall have delivered to the Contributors&rsquo; Representative the items set forth in <U>Section&nbsp;1.03(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of PEGC I OP Material Adverse Effect</U>. There shall not have occurred and no circumstance shall exist, that constitute, or could
reasonably be expected to result in, a PEGC I OP Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.04 <U>Frustration
of Closing Conditions</U>. Neither PEGC&nbsp;I&nbsp;OP nor any Contributor may rely, either as a basis for not consummating the
Contributions or the other Transactions or terminating this Agreement and abandoning the Contributions, on the failure of any
condition set forth in this <U>Article&nbsp;VII</U> to be satisfied if such failure was caused by such party&rsquo;s material
breach of any provision of this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
VIII.<BR>
<BR>
<U>Certain Tax Matters</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8.01 <U>Liability
for Taxes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Contributor shall be liable for and pay, and shall indemnify and hold harmless each PEGC I Indemnitee (as defined in <U>Section
10.01</U> below) from and against any and all Losses suffered or incurred by such PEGC I Indemnitee in connection with or arising
from (i) Taxes imposed on any Contributed Company or Subsidiary thereof or for which such Contributed Company or such Subsidiary
may otherwise be liable, as a result of having been a member of a Contributed Company Group (including Taxes for which the Contributed
Company or any Subsidiary thereof may be liable pursuant to Treasury Regulation Section 1.1502-6 or similar provisions of state,
local or foreign Law as a result of having been a member of a Contributed Company Group and any Taxes resulting from the Contributed
Company or any Subsidiary thereof ceasing to be a member of any Contributed Company Group), (ii) Taxes imposed on any Contributed
Company or Subsidiary thereof, or for which any Contributor or Contributed Company or Subsidiary thereof may otherwise be liable,
for any taxable year or period that ends on or before the Closing Date and, with respect to any Straddle Period, the portion of
such Straddle Period ending on and including the Closing Date, (iii) any breach of any representation or warranty of such Contributor
or any Contributed Company or Subsidiary thereof contained herein relating to Taxes, in any Ancillary Agreement or any certificate
or supplemental disclosures delivered pursuant hereto or thereto (it being agreed and acknowledged by the parties that such representations
and warranties shall be deemed not qualified by any references therein to materiality or to whether or not such breach results
or may result in a Contributor Material Adverse Effect or a Contributed Company Material Adverse Effect solely for the purpose
of calculating the amount of Losses, but not for the purpose of determining whether there has been a breach of such representations
and warranties), and (iv) any breach of any covenant of such Contributor or any Contributed Company or Subsidiary thereof contained
herein or in any Ancillary Agreement (other than the Tax Protection Agreement) relating to Taxes; <U>provided</U>, that (1) the
Contributors shall have no liability under this <U>Section 8.01(a)</U> for Taxes to the extent included or reflected in a contra-asset,
liability or obligation accrued or reserved for in the Audited Balance Sheet or included in the determination of the Actual Adjusted
OP Unit Consideration or Contingent Consideration, as finally determined pursuant to <U>Section 1.05(b)(vi)</U> or <U>Section 1.06(c)(v)</U>
and (2) the first (but not the sole) source of recovery under this <U>Section 8.01(a)</U> shall be the Escrow Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of <U>Section 8.01(a)</U>, whenever it is necessary to determine the liability for Taxes of a Contributed Company or any
Subsidiary thereof for a Straddle Period, the determination of the Taxes of such Contributed Company or Subsidiary thereof for
the portion of the Straddle Period ending on and including the Closing Date shall be determined by assuming that the Straddle Period
consisted of two (2) taxable years or periods, one which ended at the close of the Closing Date and the other which began at the
beginning of the day following the Closing Date and items of income, gain, deduction, loss or credit of such Contributed Company
or Subsidiary thereof for the Straddle Period shall be allocated between such two (2) taxable years or periods on a &ldquo;closing
of the books basis&rdquo; by assuming that the books of such Contributed Company or Subsidiary thereof were closed at the close
of the Closing Date; <U>provided</U>, <U>however</U>, that exemptions, allowances, deductions or Taxes that are calculated on an
annual basis, such as property Taxes and depreciation deductions, shall be apportioned between such two taxable years or periods
on a daily basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Contributors under this <U>Section 8.01(a)</U> shall be: (i)&nbsp;joint and several among the Contributors that
are wholly-owned, directly or indirectly, by PELP and (ii)&nbsp;otherwise individual and several with respect to those Contributors
listed on <U>Schedule 10.01(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEGC
I OP shall be liable for and pay, and shall indemnify and hold harmless each Contributor Indemnitee from and against any and all
Losses suffered or incurred by such Contributor Indemnitee in connection with or arising from any breach of any covenant of PEGC
I OP relating to Taxes contained herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8.02 <U>Tax
Returns; Tax Refunds</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Contributors shall timely file or cause to be timely filed when due (taking into account all extensions properly obtained) all
Tax Returns that are required to be filed by or with respect to each Contributed Company and Subsidiary thereof on or prior to
the Closing Date and shall remit or cause to be remitted any Taxes due in respect of such Tax Returns. PEGC I OP shall file or
cause to be filed when due (taking into account all extensions properly obtained) all other Tax Returns that are required to be
filed by or with respect to each Contributed Company and Subsidiary thereof after the Closing Date and shall remit or cause to
be remitted any Taxes due in respect of such Tax Returns; <U>provided</U>, <U>however</U>, that if any such Tax Return relates
to a taxable period ending on or before the Closing Date or to any Straddle Period, PEGC I OP shall deliver a copy of such Tax
Return to the Contributors&rsquo; Representative for the Contributors&rsquo; Representative&rsquo;s review and approval (which
approval shall not be unreasonably withheld, conditioned or delayed) at least twenty (20) Business Days prior to the due date (taking
into account any extension) for the filing of such Tax Return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Tax Returns that the Contributors are required to file or cause to be filed in accordance with <U>Section 8.02(a)</U> shall be
prepared and filed in a manner consistent with past practice and, on such Tax Returns, no position shall be taken, election made
or method adopted that is inconsistent with positions taken, elections made or methods used in preparing and filing similar Tax
Returns in prior periods (including positions, elections or methods that would have the effect of deferring income to periods ending
after the Closing Date or accelerating deductions to periods ending on or before the Closing Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEGC
I OP and its Affiliates shall promptly pay to the Contributors any refunds received by PEGC I OP or any of its Affiliates for Taxes
of the Contributed Companies and their Subsidiaries attributable to any taxable year or period that ends on or before the Closing
Date or, with respect to any Straddle Period, the portion of such Straddle Period ending on and including the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8.03 <U>Contest
Provisions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
so long as the Contributors&rsquo; Representative remains a member of PEGC I&rsquo;s management team, the Contributors&rsquo; Representative
shall notify PEGC I OP in writing upon receipt by the Contributors&rsquo; Representative or any of its Affiliates of notice of
any pending or threatened federal, state, local or foreign Tax audits or assessments relating to any taxable period ending on or
before the Closing Date or to any Straddle Period relating to a Tax liability for which the Contributors would be required to indemnify
PEGC I OP pursuant to <U>Section 8.01</U>. &nbsp;If the Contributors&rsquo; Representative is not a member of PEGC I&rsquo;s management
team, each of the Contributors&rsquo; Representative and PEGC I OP, as applicable, shall notify the other party in writing upon
receipt by the applicable party or any of its Affiliates (including, in the case of PEGC I OP after the Closing Date, any Contributed
Company or Subsidiary thereof) of notice of any pending or threatened federal, state, local or foreign Tax audits or assessments
relating to any taxable period ending on or before the Closing Date or to any Straddle Period relating to a Tax liability for which
the Contributors would be required to indemnify PEGC I OP pursuant to <U>Section 8.01</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Contributors shall have the sole right to represent the Contributed Companies&rsquo; and each Subsidiary thereof&rsquo;s interests
in any Tax audit or administrative or court proceeding relating to a Tax liability for which the Contributors would be required
to indemnify PEGC I OP pursuant to <U>Section 8.01</U> or that relates to a taxable year or period ending on or before the Closing
Date, and to employ counsel of the Contributors&rsquo; choice at the Contributors&rsquo; expense; <U>provided</U>, <U>however</U>,
that the Contributors shall have no right to represent a Contributed Company&rsquo;s or Subsidiary thereof&rsquo;s interests in
any such Tax audit or administrative or court proceeding except to the extent the Contributors&rsquo; Representative shall have
first notified PEGC I OP in writing of Contributors&rsquo; intention to do so and of the identity of counsel, if any, chosen by
the Contributors in connection therewith; <U>provided</U>, <U>further</U>, that PEGC I OP and its representatives shall be permitted,
at PEGC I OP&rsquo;s expense, to be present at, and participate in, any such audit or proceeding. Notwithstanding the foregoing,
neither the Contributors nor any Contributor Affiliate shall be entitled to settle, either administratively or after the commencement
of litigation, any claim for Taxes which could adversely affect the liability for Taxes of any Contributed Company, Subsidiary
thereof or Affiliate thereof for any period after the Closing Date to any extent unless the Contributors have indemnified each
PEGC I Indemnitee against the effects of any such settlement (including the imposition of income Tax deficiencies, the reduction
of asset basis or cost adjustments, the lengthening of any amortization or depreciation periods, the denial of amortization or
depreciation deductions or the reduction of loss or credit carryforwards) and the Contributors have obtained the prior written
consent of PEGC I OP, which consent shall not be unreasonably withheld, conditioned or delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEGC
I OP shall have the sole right to represent the Contributed Companies&rsquo; and each Subsidiary thereof&rsquo;s interests in any
Tax audit or administrative or court proceeding relating to Tax liabilities other than those for which the Contributors have exercised
such right pursuant to <U>Section 8.03(b)</U> and to employ counsel of PEGC I OP&rsquo;s choice at PEGC I OP&rsquo;s expense; <U>provided</U>,
<U>however</U>, that to the extent such Tax audit or administrative or court proceeding relates to a Tax liability for which the
Contributors would be required to indemnify PEGC I OP pursuant to <U>Section 8.01</U> or that relates to a taxable year or period
ending on or before the Closing Date, PEGC I OP shall keep the Contributors&rsquo; Representative reasonably informed of the progress
of such Tax audit or administrative or court proceeding and shall not effect any settlement or compromise with respect to which
any Contributor is liable without obtaining the Contributors&rsquo; Representative&rsquo;s prior written consent thereto, which
consent shall not be unreasonably withheld, conditioned or delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
herein shall be construed to impose on PEGC I OP any obligation to defend a Contributed Company or Subsidiary thereof in any Tax
audit or administrative or court proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8.04 <U>Assistance
and Cooperation</U>. After the Closing Date, each Contributor and PEGC I OP shall (and shall cause their respective Affiliates
to):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;timely
sign and deliver such certificates or forms as may be necessary or appropriate to establish an exemption from (or otherwise reduce),
or file Tax Returns or other reports with respect to, Taxes described in <U>Section 6.07(c)</U> (relating to sales, transfer and
similar Taxes);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assist
the other party in preparing any Tax Returns which such other party is responsible for preparing and filing in accordance with
<U>Section 8.02</U>, and in connection therewith, provide the other party with any necessary powers of attorney;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cooperate
fully in preparing for and defending any audits of, or disputes with taxing authorities regarding, any Tax Returns of each Contributed
Company and Subsidiary thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make
available to the other and to any taxing authority as reasonably requested all information, records and documents relating to Taxes
of each Contributed Company and Subsidiary thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;furnish
the other with copies of all correspondence received from any taxing authority in connection with any Tax audit or information
request with respect to any Taxes or Tax Returns of each Contributed Company and Subsidiary thereof; <U>provided</U>, <U>however</U>,
that PEGC I OP shall only be obligated to furnish copies of such correspondence to the Contributors&rsquo; Representative to the
extent such audit or information request relates to Taxes for which the Contributors may be liable under the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8.05 <U>Termination
of Tax Allocation Agreements</U>. Any Tax Sharing Arrangement entered into by any Contributor or Contributor Affiliate, on the
one hand, and any Contributed Company or Subsidiary thereof, on the other hand, shall be terminated as to such Contributed Company
or Subsidiary on or prior to the Closing, and after the Closing neither such Contributed Company nor any Subsidiary thereof shall
have any liability thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
IX.<BR>
<BR>
<U>Termination, Amendment and Waiver</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9.01 <U>Termination</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary herein, this Agreement may be terminated and the Transactions abandoned at any time before the Closing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
mutual written consent of the Contributors&rsquo; Representative and PEGC&nbsp;I&nbsp;OP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
the Contributors&rsquo; Representative if: (A)&nbsp;there have been one or more breaches by PEGC&nbsp;I&nbsp;OP of any of its representations,
warranties, covenants or agreements contained herein that have not been waived by the Contributors&rsquo; Representative and would
result in the failure to satisfy any of the conditions set forth in <U>Section&nbsp;7.01</U> or <U>Section&nbsp;7.03</U> and such
breaches have not been cured within sixty (60)&nbsp;days after written notice thereof has been received by PEGC&nbsp;I&nbsp;OP;
or (B)&nbsp;any of the conditions set forth in <U>Section&nbsp;7.01</U> or <U>Section&nbsp;7.03</U> has become incapable of being
satisfied on or before February 14, 2018 (the &ldquo;<U>Outside Date</U>&rdquo;) and has not been waived by the Contributors&rsquo;
Representative;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
PEGC&nbsp;I&nbsp;OP if: (A)&nbsp;there have been one or more breaches by the Contributors or the Contributed Companies or Subsidiaries
thereof of any of their representations, warranties, covenants or agreements contained herein that have not been waived by PEGC&nbsp;I&nbsp;OP
and would result in the failure to satisfy any of the conditions set forth in <U>Section&nbsp;7.01</U> or <U>Section&nbsp;7.02</U>
and such breaches have not been cured within sixty (60)&nbsp;days after written notice thereof has been received by the Contributors&rsquo;
Representative; or (B)&nbsp;any of the conditions set forth in <U>Section&nbsp;7.01</U> or <U>Section&nbsp;7.02</U> has become
incapable of being satisfied on or before the Outside Date and has not been waived by PEGC&nbsp;I&nbsp;OP; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
the Contributors&rsquo; Representative or PEGC&nbsp;I&nbsp;OP, if the Closing does not occur on or before the Outside Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.4in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="text-align: justify">In the event of termination by the Contributors&rsquo; Representative or PEGC I OP pursuant to
this <U>Section 9.01</U>, written notice thereof shall forthwith be given to the other and the Transactions shall be terminated,
without further action by any party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9.02 <U>Effect
of Termination</U>. If this Agreement is terminated and the Transactions are abandoned as described in <U>Section&nbsp;9.01</U>,
then this Agreement shall become null and void and of no further force and effect, and all further obligations of the parties
under this Agreement will terminate, except as otherwise set forth in this <U>Section&nbsp;9.02</U> and except for <U>Section&nbsp;6.05
</U>(Confidentiality), <U>Section&nbsp;6.07 </U>(<U>Expenses; Transfer Taxes)</U>, <U>Section&nbsp;6.10</U> (Publicity), <U>Section&nbsp;9.01
</U>(Termination), this <U>Section&nbsp;9.02 </U>and <U>Article&nbsp;XI</U> (General Provisions), which shall survive such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9.03 <U>Amendments
and Waivers</U>. This Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties
hereto or, in the case of each Contributor, by the Contributors&rsquo; Representative on behalf of such Contributor. By an instrument
in writing PEGC&nbsp;I&nbsp;OP, on the one hand, or the Contributors&rsquo; Representative on behalf of the Contributors, on the
other hand, may waive compliance by the other with any term or provision hereof that such other party was or is obligated to comply
with or perform. No delay or omission by any party hereto to exercise any right or power under this Agreement or pursuant to Law
shall impair such right or power or be construed as a waiver thereof. A waiver by either party of any representation, warranty,
covenant or condition shall not be construed to be a waiver of any succeeding breach or of any other representation, warranty,
covenant or condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
X.<BR>
<BR>
<U>Indemnification</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.01 <U>Indemnification
by the Contributors</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
and after the Closing, each Contributor shall be liable for, and shall indemnify PEGC I, PEGC I OP and their Affiliates and each
of their Representatives (each, a &ldquo;<U>PEGC I Indemnitee</U>&rdquo; and, collectively, the &ldquo;<U>PEGC I Indemnitees</U>&ldquo;)
against and hold them harmless from, any Losses suffered or incurred by such PEGC&nbsp;I&nbsp;Indemnitees (other than any Loss
relating to Taxes, for which indemnification provisions are set forth in <U>Article VIII</U>) arising out of, involving or otherwise
in respect of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
breach of any representation or warranty of such Contributor or any Contributed Company or Subsidiary thereof contained herein,
in any Ancillary Agreement or any certificate delivered pursuant hereto or thereto (it being agreed and acknowledged by the parties
that such representations and warranties shall be deemed not qualified by any references therein to materiality or to whether or
not any such breach results or may result in a Contributor Material Adverse Effect or a Contributed Company Material Adverse Effect
solely for the purpose of calculating the amount of Losses, but not for the purpose of determining whether there has been a breach
of such representations and warranties);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
breach of any covenant of such Contributor or any Contributed Company or Subsidiary thereof contained herein or in any Ancillary
Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
act or omission of the Contributors&rsquo; Representative; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
assertion by or on behalf of PELP or any limited partner of PELP (in such capacity) of any claim or demand against PEGC I, PEGC
I OP, any Contributed Company, any Subsidiary of a Contributed Company or any D&amp;O Indemnified Party that arises, contemporaneously
with or before the Closing Date or arises out of any matter, cause or event occurring contemporaneously with or before the Closing
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Contributors shall not have any liability under <U>Section 10.01(a)(i)</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unless
the aggregate of all Losses for which the Contributors would, but for this <U>clause&nbsp;(i)</U>, be liable thereunder exceeds,
on a cumulative basis, an amount equal to the Deductible, in which event the Contributors shall be liable, solely for all such
Losses in excess the Deductible (subject to the other limitations in this <U>clause (b)</U> and this <U>Article X</U>); and/or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
excess of the Cap;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>provided</U>, <U>however</U>,
that neither the Deductible nor the Cap shall apply to any claims of, or causes of action arising out of, involving or otherwise
in respect of (i) any Fundamental Representation or (ii) Fraud.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Contributors shall not have any liability under <U>Section 10.01(a)</U> or <U>Section 8.01(a)</U> for Losses to the extent included
or reflected in a contra-asset, liability or obligation accrued or reserved for in the Audited Balance Sheet or included in the
determination of the Actual Adjusted OP Unit Consideration Amount or Contingent Consideration, as finally determined pursuant to
<U>Section 1.05(b)(vi)</U> or <U>Section 1.06(c)(v)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Contributors under <U>Section 10.01(a)</U> shall be: (i)&nbsp;joint and several among the Contributors that
are wholly-owned, directly or indirectly, by PELP and (ii)&nbsp;otherwise individual and several with respect to those Contributors
listed on <U>Schedule 10.01(d)</U>. No Contributor shall have any right to obtain damages (whether through an action for contribution
or otherwise) from any of the Contributed Companies or Subsidiaries thereof or their Representatives to recoup Losses paid to the
PEGC I Indemnitees under this Agreement, and each Contributor hereby releases, waives and discharges any such rights against the
Contributed Companies and Subsidiaries thereof and their Representatives (other than with respect to obligations of the Contributed
Companies hereunder to be performed after the Closing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.02 <U>Indemnification
by PEGC&nbsp;I&nbsp;OP</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEGC&nbsp;I&nbsp;OP
shall be liable for and shall indemnify each of the Contributors and their Affiliates and each of their respective Representatives
(the &ldquo;<U>Contributor Indemnitees</U>&rdquo;) against and hold them harmless from any Loss suffered or incurred by such Contributor
Indemnitees (other than relating to Taxes, for which indemnification provisions are set forth in <U>Article VIII</U>) arising out
of, involving or otherwise in respect of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
breach of any representation or warranty of PEGC&nbsp;I&nbsp;OP contained herein, in any Ancillary Agreement or in any certificate
delivered pursuant hereto or thereto (it being agreed and acknowledged by the parties that the representations and warranties of
PEGC&nbsp;I&nbsp;OP contained herein shall be deemed not qualified by any references therein to materiality or to whether or not
any such breach results or may result in a PEGC&nbsp;I&nbsp;OP Material Adverse Effect solely for the purpose of calculating the
amount of Losses, but not for the purpose of determining whether there has been a breach of such representations and warranties);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
breach of any covenant of PEGC&nbsp;I&nbsp;OP contained herein or in any Ancillary Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEGC&nbsp;I&nbsp;OP
shall not have any liability under <U>Section 10.02(a)(i)</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unless
the aggregate of all Losses for which PEGC&nbsp;I&nbsp;OP would, but for this <U>clause&nbsp;(i)</U>, be liable thereunder exceeds,
on a cumulative basis, an amount equal to the Deductible, in which event PEGC&nbsp;I&nbsp;OP shall be liable for all such Losses
in excess of the Deductible (subject to the other limitations in this <U>clause (b)</U> and this <U>Article X</U>); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
excess of an amount equal to the Cap;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>provided</U>, <U>however</U>,
that neither the Deductible nor the Cap shall apply to any claims of, or causes of action arising out of, involving or otherwise
in respect of (i) any Fundamental Representation or (ii) Fraud.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.03 <U>Calculation
of Losses</U>. The amount of any Loss for which indemnification is provided under <U>Article VIII</U> or this <U>Article&nbsp;X
</U>shall be net of (i)&nbsp;any amounts recovered and actually received by the Indemnified Party under any insurance policy with
respect to such Loss, and (ii) any amounts actually recovered from other third parties with respect to such Loss. In the event
any Indemnified Party is entitled to any insurance proceeds, indemnity payments or any third-party recoveries in respect of any
Losses for which such Indemnified Party is entitled to indemnification pursuant to <U>Article VIII</U> or this <U>Article X</U>,
such Indemnified Party shall use commercially reasonable efforts to obtain, receive or realize such proceeds, payments or recoveries.
In the event that any such insurance proceeds, indemnity payments or other third-party recoveries are realized by an Indemnified
Party subsequent to receipt by such Indemnified Party of any indemnification payment hereunder in respect of the claims to which
such insurance proceeds, indemnity payments or other third-party recoveries relate, appropriate refunds shall be made promptly
by the relevant Indemnified Parties of all or the relevant portion of such indemnification payment, net of costs incurred by such
indemnified Party to obtain such insurance proceeds, indemnity payments or other third-party recoveries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.04 <U>PEGC
Disclosure Committee</U>. (a) On the last day of each quarter following the Closing Date, (b) on the date that is ten (10) Business
Days prior to the Termination Date and (c) on the date that is ten (10) Business Days prior to the Statute of Limitations Termination
Date, the PEGC Disclosure Committee shall convene to discuss any potential indemnification claims by any PEGC I Indemnitee under
this <U>Article X</U> or <U>Section 8.01(a)</U> and the senior management of PEGC I shall promptly (and in any event within one
(1) Business Day of each such meeting) inform the Special Committee of any Losses reasonably determined by the PEGC Disclosure
Committee in good faith to have been suffered by a PEGC I Indemnitee for which indemnification is available under this <U>Article
X</U> or <U>Section 8.01(a)</U>. For the avoidance of doubt, the PEGC Disclosure Committee shall continue to meet until no claims
for indemnification may be made under <U>Section 10.01(a)</U> or <U>Section 8.01(a)(i)</U>, <U>(ii)</U> or <U>(iii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section
10.05 <U>Survival of Representations, Warranties, Covenants and Agreements; Termination of Indemnification</U>. The
representations, warranties, covenants and agreements contained herein, in the Ancillary Agreements and in any certificate
delivered pursuant hereto or thereto shall survive the Closing as follows: (a)&nbsp;the Fundamental Representations shall
survive until the six (6) year anniversary of the Closing; (b)&nbsp;all other representations and warranties shall survive
through the Termination Date (except that the representations and warranties relating to Taxes contained in <U>Section
3.15</U> and <U>Section 3.25</U> shall survive through the Statute of Limitations Termination Date); (c)&nbsp;the covenants
to be performed at or before the Closing shall survive until one hundred thirty-five (135) days after the Closing; and
(d)&nbsp;all other covenants shall survive for one hundred thirty-five (135) days following the time at which such covenants
are required to be performed. The rights of each PEGC&nbsp;I&nbsp;Indemnitee under <U>Section 10.01(a)</U>, and the rights of
each Contributor Indemnitee under <U>Section 10.02(a)</U>, after the Closing shall not be affected by any knowledge at or
before the execution hereof or at or before the Closing of any breach of representation, warranty, covenant or agreement,
whether such knowledge came from any Contributor, PEGC&nbsp;I&nbsp;OP or any other Person, or any waiver of condition set
forth in <U>Article&nbsp;VII</U>. The obligations to indemnify and hold harmless any party: (w) pursuant to <U>Sections
8.01(a)(i)</U>, (ii) or (iii) shall terminate on the Statute of Limitations Termination Date; (x)&nbsp;pursuant to <U>Section
10.01(a)(i)</U> or <U>Section 10.02(a)(i)</U> shall terminate when the applicable representation or warranty terminates in
accordance with this <U>Section&nbsp;10.05</U>; (y)&nbsp;pursuant to <U>Section 8.01(a)(iv)</U>, <U>Section 8.01(d)</U>, <U>Section
10.01(a)(ii)</U>, <U>Section 10.01(a)(iii)</U> or <U>Section 10.02(a)(ii)</U> shall terminate when the applicable covenant
terminates in accordance with this <U>Section&nbsp;10.05</U>; and (z)&nbsp;pursuant to the other clauses of <U>Section
10.01(a)</U> and <U>Section 10.02(a)</U> shall terminate on the Termination Date; <U>provided</U>, <U>however</U>, that such
obligations to indemnify and hold harmless shall not terminate with respect to any Losses as to which (1) the PEGC Disclosure
Committee has determined a claim may be made, but such claim has not been communicated to the Special Committee pursuant to <U>Section
10.04</U>, (2) the Indemnified Party shall have, before the expiration of the applicable period, made a claim by delivering a
notice of such claim in accordance with <U>Section&nbsp;10.06</U> to the Indemnifying Party specifying, the basis of the
claim and, to the extent practical, the Losses incurred prior to the expiration of the applicable period or (3) to the extent
arising out of a Third-Party Claim (including any claim by any Governmental Entity), (x) such Losses were asserted in writing
prior to the expiration of the applicable period, (y) such claim is made in respect of a reasonably estimated amount of
Losses (if then known or estimable) reasonably expected to arise in connection with such Third-Party Claim and (z) such
Third-Party Claim has been actually commenced or threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.06 <U>Procedures</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Third-Party
Claims</U>. In order for a Person (the &ldquo;<U>Indemnified Party</U>&rdquo;) to be entitled to any indemnification provided for
under <U>Section&nbsp;10.01</U> or <U>Section&nbsp;10.02</U> in respect of, arising out of or involving a claim made by any Person
not a party hereto against the Indemnified Party (a &ldquo;<U>Third-Party Claim</U>&rdquo;), such Indemnified Party must, within
thirty (30) days after receipt by such Indemnified Party of written notice of the commencement of a Third-Party Claim or the threat
of a Third-Party Claim, notify the indemnifying party (the &ldquo;<U>Indemnifying Party</U>&rdquo;) in writing of such actual or
threatened Third-Party Claim (such notice, a &ldquo;<U>Third-Party Claim Notice</U>&ldquo;); <U>provided</U>, <U>however</U>, that
failure to timely give a Third-Party Claim Notice shall not affect the indemnification provided hereunder except to the extent
that (i) the Indemnifying Party shall have been actually and materially prejudiced as a result of such failure or (ii) the Indemnified
Party fails to provide such Third-Party Claim Notice in accordance with this <U>Section 10.06</U> prior to the expiration of the
applicable period set forth in <U>Section 10.05</U>. For the avoidance of doubt, in instances where PEGC I OP is the Indemnified
Party, the aforementioned thirty (30) day period shall not begin with respect to a potential Third-Party Claim until such time
as the Special Committee has been informed of such Claim pursuant to <U>Section 10.04</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assumption</U>.
If a Third-Party Claim is made against an Indemnified Party, the Indemnifying Party shall be entitled to participate in the defense
thereof and (unless&nbsp;the Indemnifying Party fails to provide reasonable assurance to the Indemnified Party of its willingness
and financial capacity to defend such Third-Party Claim), if it so chooses, to assume the defense thereof with counsel selected
by the Indemnifying Party by providing the Indemnified Party with written notice of such election within thirty (30) days after
its receipt of the applicable Third-Party Claim Notice; <U>provided</U>, <U>however</U>, that such counsel is not reasonably objected
to by the Indemnified Party. If the Indemnifying Party assumes the defense of a Third-Party Claim in accordance with this <U>Section&nbsp;10.06(b)</U>,&nbsp;the
Indemnifying Party shall not be liable to the Indemnified Party for any legal expenses subsequently incurred by the Indemnified
Party in connection with the defense thereof (which, for the sake of clarity, will not be Losses indemnifiable under this <U>Article
X</U>). Any such participation or assumption shall not constitute a waiver by any party of any attorney-client privilege in connection
with such Third-Party Claim. If the Indemnifying Party assumes the defense of a Third-Party Claim in accordance with this <U>Section&nbsp;10.06(b)</U>,
the Indemnified Party shall have the right to participate in the defense thereof and to employ counsel, at its own expense, separate
from the counsel employed by the Indemnifying Party, it being understood that the Indemnifying Party shall control such defense.
The Indemnifying Party shall be liable (subject to <U>Section 10.06</U> below) for the fees and expenses of counsel employed by
the Indemnified Party for any period during which the Indemnifying Party has not assumed the defense thereof. If the Indemnifying
Party chooses to defend or prosecute a Third-Party Claim, all the Indemnified Parties shall cooperate in the defense or prosecution
thereof. Such cooperation shall include the retention and (upon the Indemnifying Party&rsquo;s request) the provision to the Indemnifying
Party of records and information that are reasonably relevant to such Third-Party Claim, and making employees available at such
times and places as may be reasonably necessary to defend against such Third-Party Claim for the purpose of providing additional
information, explanation or testimony in connection with such Third-Party Claim. If the Indemnifying Party assumes the defense
of a Third-Party Claim, the Indemnifying Party shall not agree to the entry of any Judgment or enter into any settlement or compromise
with respect to such Third-Party Claim without the prior written consent of the Indemnified Party (not to be unreasonably withheld,
delayed or conditioned) unless such settlement: (xx)&nbsp;does not involve any finding or admission of any violation of Law; (yy)&nbsp;does
not involve any relief other than monetary damages that are satisfied in full out of the Escrowed Consideration in the Escrow
Account (in accordance with <U>Section 10.08</U> below); and (zz)&nbsp;completely, finally and unconditionally releases the Indemnified
Party in connection with such Third-Party Claim. Notwithstanding the foregoing, the Indemnifying Party shall not be entitled to
assume the defense of any Third-Party Claim (and shall be liable for the fees and expenses of counsel incurred by the Indemnified
Party in defending such Third-Party Claim) if: (yyy)&nbsp;the Third-Party Claim seeks an injunction or other equitable relief
or relief other than monetary damages for which the Indemnified Party could be entitled to indemnification under this Agreement;
or (zzz)&nbsp;the Third-Party Claim is a criminal Proceeding, or relates to such a Proceeding, or the underlying facts or circumstances
of which would reasonably be expected to give rise to such a Proceeding. If the Indemnified Party assumes the defense of a Third-Party
Claim, the Indemnified Party shall not agree to the entry of any judgment or enter into any settlement or compromise with respect
to such Third-Party Claim without the prior written consent of the Indemnifying Party (not to be unreasonably withheld, delayed
or conditioned).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regardless
of whether the defense of a Third-Party Claim is controlled by the Indemnified Party or the Indemnifying Party, the controlling
party shall not, without the prior written consent of the non-controlling party (which consent shall not be unreasonably withheld,
conditioned or delayed) cause, or agree to, the waiver of the attorney-client privilege, attorney work-product immunity or any
other privilege or protection in respect of confidential legal memoranda and other privileged materials drafted by, or otherwise
reflecting the legal advice of, internal or outside counsel of an Indemnified Party (the &ldquo;<U>Subject Materials</U>&rdquo;)
relating to such Third-Party Claim. Each party hereto mutually acknowledges and agrees, on behalf of itself and its Affiliates,
that (i)&nbsp;each shares a common legal interest in preparing for the defense of legal proceedings, or potential legal proceedings,
arising out of, relating to or in respect of any actual or
threatened Third-Party Claim or any related claim or counterclaim, (ii)&nbsp;the sharing of Subject Materials will further such
common legal interest, and (iii)&nbsp;by disclosing any Subject Materials to and/or sharing any Subject Materials with the Indemnifying
Party, the Indemnified Party shall not waive the attorney-client privilege, attorney work-product immunity or any other privilege
or protection. The Indemnified Party shall not be required to make available to the Indemnifying Party any information that is
subject to an attorney-client or other applicable legal privilege that based on the advice of outside counsel would be impaired
by such disclosure or any confidentiality restriction under applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Direct
Claims</U>. In the event any Indemnified Party has a claim against any Indemnifying Party under <U>Section&nbsp;10.01</U> or <U>Section&nbsp;10.02</U>
that does not involve a Third-Party Claim (such claim, a &ldquo;<U>Direct Claim</U>&ldquo;), the Indemnified Party shall deliver
notice of such Direct Claim to the Indemnifying Party (such notice, a &ldquo;<U>Direct Claim Notice</U>&ldquo;); <U>provided</U>,
<U>however</U>, that failure to timely give a Direct Claim Notice shall not affect the indemnification provided hereunder except
to the extent that (i) the Indemnifying Party shall have been actually and materially prejudiced as a result of such failure or
(ii) the Indemnified Party fails to provide such Direct Claim Notice in accordance with this <U>Section 10.06</U> prior to the
<FONT STYLE="background-color: white">expiration of the applicable period set forth in <U>Section 10.05</U></FONT>. If the Indemnifying
Party does not notify the Indemnified Party within thirty (30) days following its receipt of such Direct Claim Notice that the
Indemnifying Party disputes its liability to the Indemnified Party under <U>Section 10.01(a)</U> or <U>Section 10.02(a)</U>, such
Direct Claim shall be conclusively deemed a Loss indemnifiable under this Agreement (subject to the limitations in this <U>Article
X</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time after delivery of a Direct Claim Notice, at the reasonable request of the Indemnifying Party, each Indemnified Party shall
grant the Indemnifying Party and its representatives all reasonable access to the books, records, employees and properties of such
Indemnified Party to the extent reasonably related to the matters to which the applicable Direct Claim relates; <U>provided</U>,
<U>however</U>, that no Indemnified Party shall be obligated to grant access to, disclose or otherwise provide any information
the disclosure of which, in the reasonable judgment of the Indemnified Party is subject to attorney-client privilege or attorney-work
product doctrine that would be waived if provided to the Indemnifying Party in the manner requested (<U>provided</U>, that if information
is withheld pursuant to this proviso the Indemnified Party shall provide a list or other reasonable description to the Indemnifying
Party of the information withheld without any requirement to disclose or include any privileged material in any such list or description).
All such access shall be granted during normal business hours and shall be granted under the conditions which shall not unreasonably
interfere with the business and operations of such Indemnified Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Coordination
with Tax Contests</U>. If there shall be any conflicts between the provisions of this <U>Section&nbsp;10.06</U> and <U>Article
VIII</U>, the provisions of <U>Article VIII</U> shall control with respect to Tax contests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.07 <U>Mitigation
of Losses</U>. <FONT STYLE="background-color: white">An Indemnified Party shall use its reasonable best efforts to mitigate any
Losses for which it is entitled to indemnification pursuant to <U>Article VIII</U> and this <U>Article X</U>. The Indemnifying
Party(ies) shall have the right, but not the obligation, and shall be afforded the opportunity by the Indemnified Party to the
extent reasonably possible, to take
all available steps to minimize Losses for which the Indemnified Party is entitled to indemnification before such Losses actually
are incurred by the Indemnified Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.08 <U>Claims
Against the Escrow Account; Payment of Defense Costs and Settlements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to <U>Section 10.01(b)(ii)</U> and <U>Section 8.01(a)</U>, the first (but not the sole) source of recovery for all Claims for Losses
by PEGC I Indemnitees under <U>Article VIII</U> and this <U>Article X</U> shall be the Escrowed Consideration in the Escrow Account;
<U>provided</U>, that in no event shall the Contributors have any liability under <U>Section 10.01(a)(i)</U> (other than with respect
to claims of, or causes of action arising out of, involving or otherwise in respect of any Fundamental Representation or Fraud)
in excess of the Cap. PEGC&nbsp;I&nbsp;OP shall have the right to notify the Escrow Agent of any claim for indemnification made
by any PEGC&nbsp;I&nbsp;Indemnitee pursuant to <U>Article VIII</U> or this <U>Article X</U>. Promptly following the final determination
of any claim for indemnification made by any PEGC&nbsp;I&nbsp;Indemnitee pursuant to <U>Article VIII</U> or this <U>Article X</U>,
upon request by PEGC&nbsp;I&nbsp;OP, the Contributors&rsquo; Representative shall execute and deliver a certificate requesting
the Escrow Agent to deliver to PEGC&nbsp;I&nbsp;OP the number of OP Units (not to exceed the number of OP Units in the Escrow Account)
equal to the amount of such claim as finally determined in accordance with <U>Article VIII</U> or this <U>Article X</U> divided
by the Implied Valuation (rounded up to the nearest whole number).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Contributors&rsquo; Representative or any Contributor assumes the defense of any Third-Party Claim for which the PEGC I Indemnitees
have or may seek indemnification under this <U>Article X</U>, reasonable expenses incurred by the Contributors&rsquo; Representative
or any Contributor in connection therewith, including reasonable legal costs and expenses, shall be paid to the Contributors&rsquo;
Representative or such Contributor(s), as applicable, in cash by PEGC I OP from time to time upon request. Concurrently with such
payment, PEGC&nbsp;I&nbsp;OP and the Contributors&rsquo; Representative shall execute and deliver a certificate requesting the
Escrow Agent to deliver to PEGC&nbsp;I&nbsp;OP the number of OP Units (not to exceed the number of OP Units in the Escrow Account)
equal to the amount of such payment divided by the Implied Valuation (rounded up to the nearest whole number).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
one or more of the Contributors is an Indemnifying Party in connection with a Third-Party Claim, any obligation to pay settlements,
penalties, fines or other similar amounts to the applicable third party(ies) shall be made or satisfied in cash by PEGC I OP. Concurrently
with such payment, PEGC&nbsp;I&nbsp;OP and the Contributors&rsquo; Representative shall execute and deliver a certificate requesting
the Escrow Agent to deliver to PEGC&nbsp;I&nbsp;OP the number of OP Units (not to exceed the number of OP Units in the Escrow Account)
equal to the amount of such payment divided by the Implied Valuation (rounded up to the nearest whole number).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.09 <U>Indemnification
Sole and Exclusive Remedy</U>. <FONT STYLE="background-color: white">Except with respect to Fraud, Willful Misconduct and for
claims for specific performance of covenants and agreements, and subject to <U>Section 10.12</U> hereof, following the Closing,
indemnification pursuant to this <U>Article X</U> shall be the sole and exclusive remedy of the parties and any parties claiming
by or through any party (including the Indemnified Parties) related to or arising from any breach of any representation, warranty,
covenant or agreement contained in, or otherwise pursuant to, this Agreement and the Ancillary Agreements, and none of PEGC I,
PEGC OP, the Contributors, any Contributed Company or the Contributors&rsquo; Representative (or, for the sake of clarity, any
of their respective partners, members, shareholders, control Persons or employees) shall have any other rights or remedies in
connection with any breach of this Agreement or any Ancillary Agreement or any other liability arising out of the negotiation,
entry into or consummation of the Transactions, whether based on contract, tort, strict liability, other Laws or otherwise. All
representations and warranties set forth in this Agreement and the Ancillary Agreements are contractual in nature only and subject
to the sole and exclusive remedies set forth in this <U>Article X</U>. Furthermore, each of PEGC I, PEGC OP, the Contributors
and the Contributors&rsquo; Representative acknowledge and agree that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
parties have voluntarily agreed to define their rights, liabilities and obligations respecting the Transactions exclusively in
contract pursuant to the express terms and provisions of this Agreement and, except for Fraud, hereby waive any statutory and common
law remedies, including remedies that may be available under Environmental Laws, with respect to matters relating to the transactions
contemplated by this Agreement (including with respect to any environmental, health or safety matters);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
sole and exclusive remedies for any breach of the terms and provisions of this Agreement and/or the Ancillary Agreements (including
any representations and warranties set forth herein, made in connection herewith or as an inducement to enter into this Agreement),
or any Action otherwise arising out of or related to the Transactions, shall be those remedies available at law or in equity for
breach of contract only (as such contractual remedies have been further limited or excluded pursuant to the express terms of this
Agreement, and excepting Fraud); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
parties each hereby acknowledge that this Agreement embodies the justifiable expectations of sophisticated parties derived from
arm&rsquo;s-length negotiations, and the parties specifically acknowledge that no party has any special relationship with another
party that would justify any expectation beyond that of an ordinary buyer and an ordinary seller in an arm&rsquo;s-length transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the avoidance of
doubt, any adjustments made to the Closing Consideration pursuant to <U>Section 1.05</U> shall not be considered &ldquo;remedies&rdquo;
for purposes of this <U>Section 10.09</U> and shall not be limited by the terms of this <U>Section 10.09</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.10 <U>Tax
Treatment</U>. All amounts paid or settled in OP Units with respect to Losses under this Agreement shall be treated by the parties
hereto for all federal and applicable state income Tax purposes as adjustments to the total consideration payable for the Contributions
unless otherwise required by Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.11 <U>Release</U>.
Effective as of, and expressly conditioned upon, the Closing, each Contributor, on behalf of such Contributor and each of such
Contributor&rsquo;s Subsidiaries, general partners, managing members and its and their respective Related Persons (collectively,
the &ldquo;<U>Releasors</U>&ldquo;), releases and forever discharges PEGC I, PEGC&nbsp;I&nbsp;OP, each Contributed Company and
each Subsidiary thereof, and each of their respective individual, joint or mutual, past, present and future Representatives, successors
and assigns (individually, a &ldquo;<U>Releasee</U>&rdquo; and collectively, &ldquo;<U>Releasees</U>&rdquo;), from any and all
claims, demands, Proceedings, causes of action and Judgments that such Releasor now has, has ever had or may hereafter have against
the respective Releasees, in each case of any nature (whether absolute or contingent, asserted or unasserted, known or unknown,
primary or secondary, direct or indirect, and whether or not accrued), arising contemporaneously with or before the Closing Date
or on account of or arising out of any matter, cause or event occurring contemporaneously with or before the Closing Date (collectively,
the &ldquo;<U>Released Claims</U>&rdquo;). Notwithstanding the foregoing, the term &ldquo;Released Claims&rdquo; shall not include
claims brought by Releasors with respect to (a) the obligations or PEGC I, PEGC I OP or their respective Subsidiaries under this
Agreement or any Ancillary Agreement, (b) any claim related to employment with PEGC I, PEGC I OP, the Contributors, the Contributed
Companies or any of their Subsidiaries or (c) any rights to indemnification or reimbursement from any Contributed Company or Subsidiary
thereof, whether pursuant to their respective certificate of incorporation or by-laws (or comparable documents), Contract or otherwise
and whether or not relating to claims pending on, or asserted after, the Closing Date. Each Contributor, on behalf of itself and
each of its Subsidiaries and executive officers, hereby irrevocably covenants to refrain from, directly or indirectly, asserting
any claim or demand, or commencing, instituting or causing to be commenced, any Proceeding of any kind against any Releasee, based
upon any Released Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.12 <U>Title
Claims</U>. The parties hereto acknowledge and agree that, from and after the Closing and the issuance of the Title Policies herein
described, to the extent that the substance of the Real Estate Title Representations are also covered by one or more of the Title
Policies, PEGC I OP agrees that it will not unreasonably curtail the senior management team of PEGC I OP from pursuing any claim
with respect to a breach or violation of such Real Estate Title Representations first against the Title Company. To the extent
any claim against the Title Company fails to reasonably compensate PEGC I OP for any loss, cost or damage as a result of the matter
giving rise to the breach or violation of such Real Estate Title Representation (including a denial of any claim made on a Title
Policy (in whole or in part)), then PEGC I OP shall have the right to pursue any deficiency in accordance with the terms and provisions
hereof as a result of the breach or violation of such representation or warranty. In no event shall any recovery under the Title
Policies reduce or otherwise affect either the Cap or Deductible described herein. Furthermore, in the event that PEGC 1 OP makes
a claim against a Title Policy (a &ldquo;<U>Subject Title Claim</U>&rdquo;) with respect to any matter that is covered by a Real
Estate Title Representation, and such Subject Title Claim is made prior to the expiration of the applicable survival period for
such representation and warranty as provided for herein (&ldquo;<U>RE Title Survival Period</U>&rdquo;), then PEGC 1 OP shall
have the right to deliver written notice of such Subject Title Claim to the Contributors&rsquo; Representative (a &ldquo;<U>Subject
Title Claim Notice</U>&rdquo;).&nbsp; In the event that PEGC 1 OP delivers a Subject Title Claim Notice to Contributors&rsquo;
Representative, and the Subject Title Claim described therein is thereafter denied (in whole or in part) by the Title Company
which issued the Title Policy under which such Subject Title Claim was made, then the RE Title Survival Period of the Real Estate
Title Representation which is covered by such Subject Title Claim shall be deemed to have automatically been extended with respect
to such Subject Title Claim by a number of days equal to the number of days falling within the period that commences on the date
on which the Subject Title Claim Notice was delivered to the Contributors&rsquo; Representative and ends on the date on which
written notice of the Title Company&rsquo;s denial (in whole or in part) of the Subject Title Claim was delivered to PEGC 1 OP.
For clarity, the terms and provisions of this <U>Section 10.12</U> shall in no way limit or impair the rights of PEGC I OP under
the terms and provisions of <U>Section 7.02</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
XI.<BR>
<BR>
<U>General Provisions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.01 <U>Assignment</U>.
This Agreement and the rights and obligations hereunder shall not be assignable or transferable by any party (including by operation
of law in connection with a merger or consolidation of such party) without the prior written consent of the other parties hereto.
Any attempted assignment in violation of this <U>Section&nbsp;11.01</U> shall be void. Upon PEGC&nbsp;I&nbsp;OP&rsquo;s sale,
disposition or other transfer, in whole or in part, of the shares of capital stock or other equity interests in, or business or
assets or properties of, any Contributed Company or Subsidiary thereof, the Contributors hereby agree that PEGC&nbsp;I&nbsp;OP
may assign, in whole or in part, any indemnification and other rights related thereto set forth herein, without the consent of
the Contributors, <U>provided</U> it provides reasonable prior notice to the Contributors&rsquo; Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.02 <U>No
Third-Party Beneficiaries</U>. Except as provided in <U>Article X</U> and <U>Section 6.20</U>, this Agreement is for the sole
benefit of the parties hereto and their permitted assigns and nothing herein expressed or implied shall give or be construed to
give to any Person, other than the parties hereto and such assigns, any legal or equitable rights hereunder. This Agreement does
not constitute an amendment of any Benefit Plan and does not impose any obligations on PEGC&nbsp;I&nbsp;OP under any Benefit Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.03 <U>Notices</U>.
All notices or other communications required or permitted to be given hereunder shall be in writing and shall be delivered by
hand or sent, postage prepaid, by registered, certified or express mail or overnight courier service and shall be deemed given
when received as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
to PEGC I or PEGC&nbsp;I&nbsp;OP,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">11501 Northlake Drive&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Cincinnati, Ohio 45249&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attention: Special Committee
of the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">with a copy, which shall not
constitute notice, to:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Sidley Austin LLP&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">One South Dearborn&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Chicago, IL 60603&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attention:&nbsp;&nbsp;&nbsp;Paul L. Choi&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">E-mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pchoi@sidley.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
to any Contributor or to the Contributors&rsquo; Representative,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">222 South Main Street, Suite
1730&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Salt Lake City, UT 84101&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attention: Jeffrey S. Edison&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">E-mail: jedison@phillipsedison.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">with a copy, which shall not
constitute notice, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Latham &amp; Watkins LLP&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">355 South Grand Avenue&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Los Angeles, California 90071&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attention: Julian Kleindorfer/Bradley
A. Helms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">E-mail: julian.kleindorfer@lw.com
/ bradley.helms@lw.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.04 <U>Interpretation;
Exhibits and Schedules; Certain Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
headings contained herein and in any Exhibit or Schedule hereto, the table of contents hereto and the index of defined terms are
for reference purposes only and shall not affect in any way the meaning or interpretation hereof. Any disclosure set forth in any
Schedule shall be deemed set forth for purposes of any other Schedule to which such disclosure is relevant, but only to the extent
that it is readily apparent that such disclosure is relevant to such other Schedule. All Exhibits and Schedules annexed hereto
or referred to herein are hereby incorporated in and made a part hereof as if set forth in full herein. Any capitalized terms used
in any Schedule or Exhibit, but not otherwise defined therein, shall have the meaning as defined herein. When a reference is made
herein to a Section, Exhibit or Schedule, such reference shall be to a Section of, or an Exhibit or Schedule to, this Agreement
unless otherwise indicated. Any agreement, instrument or statute defined or referred to herein or in any agreement or instrument
that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented,
including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable
successor statutes and references to all attachments thereto and instruments incorporated therein. References to a Person are also
to its permitted successors and assigns. For all purposes of this Agreement, unless otherwise specified herein, (i)&nbsp;&rdquo;or&rdquo;
shall be construed in the inclusive sense of &ldquo;and/or&rdquo;; (ii)&nbsp;words (including capitalized terms defined herein)
in the singular shall be construed to include the plural and vice versa and words (including capitalized terms defined herein)
of one gender shall be construed to include the other gender as the context requires; (iii)&nbsp;the terms &ldquo;hereof&rdquo;
and &ldquo;herein&rdquo; and words of similar import shall be construed to refer to this Agreement as a whole (including all the
Exhibits and Schedules) and not to any particular provision of this Agreement; and (iv)&nbsp;all references herein to &ldquo;$&rdquo;
or dollars shall refer to United States dollars. Each representation, warranty, covenant and agreement contained herein shall have
independent significance. Accordingly, if any representation, warranty, covenant or agreement contained herein is breached, the
fact that there exists another representation, warranty, covenant or agreement relating to the same subject matter (regardless
of the relative levels of specificity) shall not detract from or mitigate the breach of the first representation, warranty, covenant
or agreement. Whenever this Agreement requires any Contributed Company or Subsidiary thereof to take any action prior to the Closing,
such requirement shall be deemed to involve an undertaking on the part of the Contributors to cause such Contributed Company or
Subsidiary thereof to take such action. Except to the extent a shorter time period is expressly set forth herein for a particular
cause of action, actions hereunder may be brought at any time prior to the expiration of the longest time period permitted by Section&nbsp;8106(c)
of Title&nbsp;10 of the Delaware Code. Any cause of action for breach of any representation, warranty or covenant contained herein
shall accrue, and the statute of limitations period shall begin to run, upon the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
all purposes hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>1031 Exchange</U>&rdquo;
has the meaning set forth in <U>Section 1.07</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Actual Adjusted
OP Unit Consideration Amount</U>&rdquo; means the Estimated Adjusted OP Unit Consideration Amount, adjusted to reflect the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Actual Closing Specified Net Assets is (a) <I>greater than</I> the Estimated Closing Specified Net Assets, then the Estimated
Adjusted OP Unit Consideration Amount shall be <I>increased</I> by the amount by which the Actual Closing Specified Net Assets
is greater than the Estimated Closing Specified Net Assets, or (b) <I>less than</I> the Estimated Closing Specified Net Assets,
then the Estimated Adjusted OP Unit Consideration Amount shall be <I>decreased</I> by the amount by which the Actual Closing Specified
Net Assets is less than the Estimated Closing Specified Net Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Actual Closing Indebtedness is (a) <I>greater than</I> the Estimated Closing Indebtedness Amount, then the Estimated Adjusted
OP Unit Consideration Amount shall be <I>decreased</I> by the amount by which the Actual Closing Indebtedness is greater than the
Estimated Closing Indebtedness Amount, or (b) <I>less than</I> the Estimated Closing Indebtedness Amount, then the Estimated Adjusted
OP Unit Consideration Amount shall be <I>increased</I> by the amount by which the Actual Closing Indebtedness is less than the
Estimated Closing Indebtedness Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Actual Contribution Transaction Expenses is (a) <I>greater than</I> the Estimated Contribution Transaction Expenses, then the
Estimated Adjusted OP Unit Consideration Amount shall be <I>decreased</I> by the amount by which the Actual Contribution Transaction
Expenses is greater than the Estimated Contribution Transaction Expenses, or (b) <I>less than</I> the Estimated Contribution Transaction
Expenses, then the Estimated Adjusted OP Unit Consideration Amount shall be <I>increased</I> by the amount by which the Actual
Contribution Transaction Expenses is less than the Estimated Contribution Transaction Expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Actual Adjusted
OP Unit Consideration Statement</U>&rdquo; has the meaning set forth in <U>Section 1.05(b)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Actual Closing
Indebtedness</U>&rdquo; means the Closing Indebtedness as finally determined pursuant to <U>Section 1.05(b)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Actual Closing
Specified Net Assets</U>&rdquo; means the Closing Specified Net Assets as finally determined pursuant to <U>Section 1.05(b)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Actual Contribution
Transaction Expenses</U>&rdquo; means the Contribution Transaction Expenses as finally determined pursuant to <U>Section 1.05(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Actuarial Reports</U>&rdquo;
has the meaning set forth in <U>Section 3.26</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Acquisition
Closing Consideration</U>&rdquo; means the Closing Consideration, minus the number of OP Units issued to the Contributors as a
result of a conversion of the Contributors&rsquo; PEGC I Class B Units in connection with the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Affiliate</U>&rdquo;
of any Person means another Person that directly or indirectly, through one or more intermediaries, controls, is controlled by,
or is under common control with, such first Person. For purposes of this definition, the term &ldquo;control&rdquo; (including
its correlative meanings &ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo;) means possession, directly or
indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership
or other ownership interests, by contract or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Agreed Principles</U>&rdquo;
means the specific accounting methods, policies, practices, judgments and procedures, including classification and estimation methodologies,
used in the preparation of the audited combined financial statements of PELP as of December 31, 2016, whether or not consistent
with GAAP; <U>provided</U>, <U>however</U>, that the Stated Value of any New Property Acquired in all cases shall be calculated
as set forth in the definition of &ldquo;Stated Value.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Agreement</U>&rdquo;
has the meaning set forth in the Preamble hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Ancillary Agreements</U>&rdquo;
means the Escrow Agreement, the Tax Protection Agreement, the Equityholder Agreements, the Services Agreement, the PEGC I OP Amended
and Restated Partnership Agreement, the Bylaw Amendment, the Legacy Agreements Termination, the Debt Consents and Amendments and
the other agreements and instruments executed and delivered in connection with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Audited Balance
Sheet</U>&rdquo; has the meaning set forth in <U>Section 3.05(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Base OP Unit
Consideration</U>&rdquo; means 40,360,504 OP Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Base OP Unit
Consideration Amount</U>&rdquo; means the product of (i)&nbsp;the Base OP Unit Consideration and (ii)&nbsp;the Implied Valuation
(rounded up to the nearest whole number).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Benefit Plans</U>&rdquo;
has the meaning set forth in <U>Section 3.18(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Business Day</U>&rdquo;
means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are generally
authorized or required by Law to close in Chicago, Illinois.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Bylaw Amendment</U>&rdquo;
has the meaning set forth in <U>Section 1.03(c)(ix)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Cap</U>&rdquo;
means $42,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Capital Expenditures
Budget</U>&rdquo; has the meaning set forth in <U>Section 3.05(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Cash Consideration</U>&rdquo;
means fifty million dollars ($50,000,000); <U>provided</U>, that until thirty (30) days prior to the Closing, with prior written
notice by the Contributors&rsquo; Representative to PEGC I and PEGC I OP, the Contributors may, in their sole discretion, elect
to reduce the amount of Cash Consideration by the Cash Consideration Adjustment Amount, in which case the OP Unit Consideration
will be increased by the number of OP Units equal to the Cash Consideration Adjustment Amount divided by the Implied Valuation
(rounded up to the nearest whole number).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Cash Consideration
Adjustment Amount</U>&rdquo; means an amount not to exceed five million dollars ($5,000,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Change of Control
Payment</U>&rdquo; means any bonus, severance or other payment or other form of compensation that is created, accelerated, accrues
or becomes payable by any Contributed Company or Subsidiary thereof to any present or former director, stockholder, employee or
consultant thereof (including pursuant to any employment agreement, benefit plan or any other Contract), in each case, as a result
of, or in connection with, the execution and delivery of this Agreement or any Ancillary Agreement or the consummation of the Transactions,
including any Taxes payable on or triggered by any such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Closing</U>&rdquo;
has the meaning set forth in <U>Section 1.02</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Closing Consideration</U>&rdquo;
has the meaning set forth in <U>Section 1.01</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Closing Date</U>&rdquo;
has the meaning set forth in <U>Section 1.02</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Closing Indebtedness</U>&rdquo;
means an amount equal to the Indebtedness of the Contributed Companies, calculated as of 11:59 p.m. (New York City time) on the
day immediately preceding the Closing Date, in accordance with the Agreed Principles; <U>provided</U>, <U>however</U>, that Closing
Indebtedness (i) shall not reflect any liability for which PEGC I or PEGC I OP is responsible under this Agreement, (ii) shall
not include any redemption premium, prepayment penalty or similar payment with respect to leases, or for mortgages, credit facilities
or other indebtedness for borrowed money, in each case, included in Indebtedness but that are not required by their terms to be
repaid in full at the Closing and (iii) shall not include any amounts included in Closing Specified Net Assets or the Contribution
Transaction Expenses or otherwise taken into account in the Actual Adjusted OP Unit Consideration Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Closing OP
Unit Consideration Estimate</U>&rdquo; has the meaning set forth in <U>Section 1.05(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Closing Specified
Net Assets</U>&rdquo; means an amount equal to the sum, which maybe a positive or negative number, of certain assets and liabilities
of the Contributed Companies and the Contributed Businesses as set forth on the specific line items on <U>Exhibit J</U> hereto,
calculated as of 11:59 p.m. (New York City time) on the day immediately preceding the Closing Date in accordance with the Agreed
Principles; <U>provided</U>, <U>however</U>, that Closing Specified Net Assets (i) shall not reflect any liability for which PEGC
I or PEGC I OP is responsible under this Agreement, (ii) shall not give effect to the consummation of the Transactions and (iii)
shall not include any amounts included in Closing Indebtedness or the Contribution Transaction Expenses or otherwise taken into
account in the Actual Adjusted OP Unit Consideration Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Code</U>&rdquo;
means the Internal Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Consent</U>&rdquo;
means any consent, notice, approval, ratification, permission, waiver, license, permit, franchise or authorization of any Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contingent
Consideration</U>&rdquo; has the meaning set forth in <U>Section 1.06</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contingent
Consideration Cap</U>&rdquo; has the meaning set forth in <U>Section 1.06(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contract</U>&rdquo;
means any written agreement (including &ldquo;click-through&rdquo; agreement), contract, license, sublicense, subcontract, settlement
agreement, lease, understanding, arrangement, instrument, note, purchase order, warranty, insurance policy, benefit plan or legally
binding commitment between parties or by one party in favor of another party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contributed
Businesses</U>&rdquo; has the meaning set forth in the Recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contributed
Company</U>&rdquo; and &ldquo;<U>Contributed Companies</U>&rdquo; have the meanings set forth in the Recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contributed
Company Contracts</U>&rdquo; has the meaning set forth in <U>Section 3.12(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contributed
Company Group</U>&rdquo; means any &ldquo;affiliated group&rdquo; (as defined in Section 1504(a) of the Code without regard to
the limitations contained in Section 1504(b) of the Code) that, at any time on or before the Closing Date, includes or has included
a Contributed Company or Subsidiary thereof or any direct or indirect predecessor of such Contributed Company or Subsidiary thereof,
or any other group of corporations filing Tax Returns on a combined, consolidated or unitary basis that, at any time on or before
the Closing Date, includes or has included such Contributed Company or Subsidiary thereof or any direct or indirect predecessor
of such Contributed Company or Subsidiary thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contributed
Company Intellectual Property</U>&rdquo; has the meaning set forth in <U>Section 3.10(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contributed
Company IT Systems</U>&rdquo; has the meaning set forth in <U>Section 3.11(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contributed
Company Material Adverse Effect</U>&rdquo; means a material adverse effect (i)&nbsp;on the business, assets, liabilities, condition
(financial or otherwise) or results of operations of the Contributed Companies and Subsidiaries thereof, taken as a whole, or (ii)&nbsp;on
the ability of the Contributed Companies and the Subsidiaries thereof to timely consummate the Contributions and to perform their
obligations under this Agreement and the Ancillary Agreements; <U>provided</U>, <U>however</U>, that (with respect to <U>clause&nbsp;(i)</U>
of this definition) for purposes of <U>Section 3.06</U> and <U>Section 7.02(d)</U> the term &ldquo;<U>Contributed Company Material
Adverse Effect</U>&rdquo; shall not include effects to the extent they result from (v)&nbsp;changes in general economic conditions
or in the industries in which the Contributed Companies and Subsidiaries thereof operate, (w)&nbsp;declaration of war or terrorist
attack, (x)&nbsp;changes in Law, (y)&nbsp;changes in GAAP or (z)&nbsp;the announcement of the Contributions, but any effects resulting
from the matters referred to in this proviso shall be excluded only to the extent such matters occur after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contributed
Company Organizational Documents</U>&rdquo; has the meaning set forth in <U>Section 6.20(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contributed
Interests</U>&rdquo; has the meaning set forth in the Recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contribution
Transaction Expenses</U>&rdquo; means all costs, fees and expenses incurred in connection with the negotiation, execution and
delivery of this Agreement and the Ancillary Agreements and the consummation of the Transactions, to the extent such costs, fees
and expenses are payable or reimbursable by any Contributed Company or Subsidiary thereof and remain unpaid as of the Closing,
including (a)&nbsp;all fees and expenses payable to the brokers listed on <U>Schedule 3.27</U> and all other brokerage fees, commissions,
finders&rsquo; fees or financial advisory fees so incurred, (b)&nbsp;the fees and expenses of Deloitte &amp; Touche LLP, Duff
&amp; Phelps LLC, Latham &amp; Watkins LLP and all other fees and expenses of legal counsel, accountants, consultants and other
experts and advisors so incurred, (c)&nbsp;all Change of Control Payments, (d) an amount equal to 50% of the Contribution Transfer
Taxes, (e) an amount equal to 50% of the cost of the D&amp;O Tail Policy and (f) an amount equal to 50% of all fees payable to
the Escrow Agent pursuant to the Escrow Agreement; <U>provided</U>, <U>however</U>, that the Contribution Transaction Expenses
(i) shall not reflect any liability for which PEGC I or PEGC I OP is responsible under this Agreement, including the Regulatory
Filing Expenses, the Debt Expenses and the Contribution Transfer Taxes (other than as contemplated by <U>clause (d)</U>), (ii)
shall not include any intercompany Liabilities or Indebtedness between or among the Contributed Companies and one or more of their
Subsidiaries, and (iii) shall not include any amounts included in Closing Specified Net Assets or Closing Indebtedness or otherwise
taken into account in the Actual Adjusted OP Unit Consideration Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contribution
Transfer Taxes</U>&rdquo; has the meaning set forth in <U>Section 6.07(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contributions</U>&rdquo;
has the meaning set forth in the Recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contributor</U>&rdquo;
and &ldquo;<U>Contributors</U>&rdquo; have the meanings set forth in the Preamble hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contributor
Indemnitees</U>&rdquo; has the meaning set forth in <U>Section 10.02(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contributor
Material Adverse Effect</U>&rdquo; means with respect to any Contributor a material adverse effect on the ability of such Contributor
to timely consummate the Contributions and to perform its obligations under this Agreement and the Ancillary Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contributors&rsquo;
Representative</U>&rdquo; has the meaning set forth in the Preamble hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contributors&rsquo;
Representative Material Adverse Effect</U>&rdquo; means a material adverse effect on the ability of the Contributors&rsquo; Representative
(solely in his capacity as the Contributors&rsquo; Representative) to perform his obligations under this Agreement and the Ancillary
Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Convertible
Securities</U>&rdquo; of any Person means any options, warrants, rights, convertible or exchangeable securities, &ldquo;phantom&rdquo;
stock rights, stock appreciation rights, stock-based performance units, commitments, Contracts, arrangements or undertakings of
any kind to which any such Person or any of its Subsidiaries is a party or by which such Person or any of its assets is bound:
(i)&nbsp;obligating such Person to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of capital
stock or other equity interests in, or any security convertible or exercisable for or exchangeable into any capital stock of or
other equity interest in, such Person or into any Voting Debt of such Person; (ii)&nbsp;obligating such Person to issue, grant,
extend or enter into any such option, warrant, call, right, security, commitment, Contract, arrangement
or undertaking; or (iii)&nbsp;that give any Person the right to receive any economic benefit or right similar to or derived from
the economic benefits and rights accruing to holders of shares or other equity interests in such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Corporate Debt</U>&rdquo;
has the meaning set forth in <U>Section 3.09(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Corporate Debt
Consents and Amendments</U>&rdquo; means (i) reasonably acceptable evidence that all applicable lender(s), administrative agents,
rating agencies, and/or servicers with respect to the Corporate Debt have affirmatively approved or consented to the Transaction
(or waived their right to approve or consent to the Transaction) and (ii) any amendments and/or modifications to the loan documents
set forth on <U>Schedule 1.03(b)(xvi)(D</U>), in each case, to be entered into in accordance with <U>Section 6.06(f)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Covered Claim</U>&rdquo;
has the meaning set forth in <U>Section 11.10</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>D&amp;O Indemnified
Parties</U>&rdquo; has the meaning set forth in <U>Section 6.20(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>D&amp;O Indemnifying
Parties</U>&rdquo; has the meaning set forth in <U>Section 6.20(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>D&amp;O Tail
Policy</U>&rdquo; has the meaning set forth in <U>Section 6.20(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="background-color: white">&ldquo;<U>Debt
Consent Adjustment Amount</U>&rdquo; </FONT>has the meaning set forth in <U>Section 6.06(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Debt Consents
and Amendments</U>&rdquo; means, individually and collectively, the PELP Debt Consents and Amendments, the PEGC I Debt Consents
and Amendments, the PEGC II Debt Consents and Amendments and/or the Corporate Debt Consents and Amendments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Debt Consents
and Amendments Cost Cap</U>&rdquo; means an amount equal to Four Million One Hundred Thousand Dollars ($4,100,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Debt Expenses</U>&rdquo;
has the meaning set forth in <U>Section 6.07(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Deductible</U>&rdquo;
means $2,800,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Development
Personnel</U>&rdquo; has the meaning set forth in <U>Section 3.10(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Direct Claim</U>&rdquo;
has the meaning set forth in <U>Section 10.06(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Direct Claim
Notice</U>&rdquo; has the meaning set forth in <U>Section 10.06(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Disputed Earn-Out
Amount</U>&rdquo; has the meaning set forth in <U>Section 1.06(c)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Disputed Earn-Out
Statement</U>&rdquo; has the meaning set forth in <U>Section 1.06(c)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>DOJ</U>&rdquo;
has the meaning set forth in <U>Section 6.06(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Earn-Out Statements</U>&rdquo;
has the meaning set forth in <U>Section 1.06(a)(ii)(B)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Earn-Out Unit
Deliveries</U>&rdquo; has the meaning set forth in <U>Section 1.06(a)(ii)(B)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Employment
Agreements</U>&rdquo; has the meaning set forth in <U>Section 1.03(b)(vii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Environment</U>&rdquo;
includes: ambient air (including indoor air), building surfaces or interiors (to the extent impacted by Hazardous Materials), land
surface, sub-surface strata, soil, surface water, ground water, river sediment, marshes, wet lands, flora and fauna.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Environmental
Laws</U>&rdquo; means any and all Laws, and any binding Judgments and Permits issued, promulgated or entered into by or with any
Governmental Entity, in each case relating to pollution or protection of the Environment, natural resources, or human health (solely
as it relates to the Environment), including Laws relating to the management, Release or threatened Release of Hazardous Materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Environmental
Reports</U>&rdquo; has the meaning set forth in <U>Section 3.17(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>ERISA</U>&rdquo;
has the meaning set forth in <U>Section 3.18(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>ERISA Affiliate</U>&rdquo;
means any trade or business (whether or not incorporated) that together with any of the Contributed Companies is treated as a single
employer within the meaning of Section 414(b), (c), (m) or (o) of the Code or Section 4001 of ERISA. Any trade or business that
would have previously been considered to have been an ERISA Affiliate shall continue to be considered an ERISA Affiliate with respect
to liabilities for which any Contributed Company could incur any liability on account of such trade or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Escrow Account</U>&rdquo;
has the meaning set forth in <U>Section 1.04</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Escrow Agent</U>&rdquo;
means Wilmington Trust, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Escrow Agreement</U>&rdquo;
has the meaning set forth in <U>Section 1.03(b)(iv)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Escrowed Consideration</U>&rdquo;
means the number of OP Units equal to the quotient obtained by dividing (i)&nbsp;the Escrowed Consideration Amount by (ii)&nbsp;the
Implied Valuation (rounded up to the nearest whole number).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Escrowed Consideration
Amount</U>&rdquo; means the product of (i) seven and one half percent (7.5%) and (ii) the Total Base Consideration Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Estimated Adjusted
OP Unit Consideration</U>&rdquo; means the number of OP Units equal to the quotient obtained by dividing (i)&nbsp;the Estimated
Adjusted OP Unit Consideration Amount by (ii)&nbsp;the Implied Valuation (rounded up to the nearest whole number).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Estimated Adjusted
OP Unit Consideration Amount</U>&rdquo; means the Base OP Unit Consideration Amount: (i)&nbsp;plus the Estimated Closing Specified
Net Assets Adjustment Amount; (ii) plus the Estimated Closing Indebtedness Adjustment Amount; (iii) minus the Estimated Contribution
Transaction Expenses; (iv) minus, if any, the Debt Consent Adjustment Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Estimated Closing
Indebtedness Adjustment Amount</U>&rdquo; means the amount, which may be positive or negative, equal to the Estimated Closing Indebtedness
Amount minus $501,070,776.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Estimated Closing
Indebtedness Amount</U>&rdquo; has the meaning set forth in <U>Section 1.05(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Estimated Closing
Specified Net Assets</U>&rdquo; has the meaning set forth in <U>Section 1.05(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Estimated Closing
Specified Net Assets Adjustment Amount</U>&rdquo; means an amount, which may be positive or negative, equal to the Estimated Closing
Specified Net Assets minus $27,844,016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Estimated Contribution
Transaction Expenses</U>&rdquo; has the meaning has the meaning set forth in <U>Section 1.05(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Equityholder
Agreements</U>&rdquo; has the meaning set forth in <U>Section 1.03(b)(vi)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Excess Amount</U>&rdquo;
has the meaning set forth in <U>Section 1.05(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Exchange Act</U>&rdquo;
means Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Executive</U>&rdquo;
has the meaning set forth in <U>Section 1.03(b)(vii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Existing Representation</U>&rdquo;
has the meaning set forth in <U>Section 11.13</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Extraordinary
Transaction</U>&rdquo; means any extraordinary transaction involving PEGC I or a Subsidiary thereof, including a stock split of
PEGC I Common Stock, a dividend or other distribution of PEGC I Common Stock, an extraordinary cash dividend or a corporate transaction,
such as a merger, consolidation, reorganization or partial liquidation of PEGC I or any Subsidiary thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Family</U>&rdquo;
means, with respect to an individual, (i)&nbsp;the individual&rsquo;s spouse and (ii)&nbsp;any other relation by blood or marriage
that resides with such individual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Filing</U>&rdquo;
means any registration, declaration, notice, report, submission or other filing with any Governmental Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Financial Statements</U>&rdquo;
has the meaning set forth in <U>Section 3.05(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Fraud</U>&rdquo;
means, with respect to the making of any representation or warranty set forth in this Agreement or any Ancillary Agreement, or
in any certificate delivered pursuant to this Agreement or any Ancillary Agreement, an act, committed by a party hereto, with intent
to deceive another party hereto, or to induce that party to enter into this Agreement or the other Ancillary Agreements and requires
(i) a false representation of material fact made in this Agreement, an Ancillary Agreement or any such certificate; (ii) with knowledge
that such representation is false; (iii) with an intention to induce the party to whom such representation is made to act or refrain
from acting in reliance upon it; (iv) causing that party, in justifiable reliance upon such false representation and with ignorance
to the falsity of such representation, to take or refrain from taking action; and (v) causing such party to suffer damage by reason
of such reliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>FTC</U>&rdquo;
has the meaning set forth in <U>Section 6.06(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Fundamental
Representations</U>&rdquo; means the representations and warranties set forth in <U>Section 2.01</U> (Organization, Standing and
Power), <U>Section 2.02</U> (Authority; Execution and Delivery; Enforceability), clauses (a) and (c) (solely relating to the Judgments)
of <U>Section 2.03</U> (No Conflict), <U>Section 2.04</U> (The Contributed Interests), <U>Section 2.05</U> (Concentration of Ownership),
<U>Section 2.06</U> (Accredited Investor; Investment Decision), <U>Section 2.07</U> (U.S. Investor), <U>Section 3.01(a)</U> and
<U>Section 3.01(b)</U> (Organization, Standing and Power; Books and Records), <U>Section 3.02</U> (Equity Securities of the Contributed
Companies and Subsidiaries), <U>Section 3.03</U> (Authority; Execution and Delivery; Enforceability), clauses (a) and (c) (solely
relating to the Judgments) of Section 3.04 (No Conflict), <U>Section 4.01</U> (Authority; Execution and Delivery; Enforceability),
<U>Section 4.02</U> (No Conflict), <U>Section 5.01</U> (Organization, Standing and Power), and <U>Section 5.02</U> (Authority;
Execution and Delivery; Enforceability).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>GAAP</U>&rdquo;
means United States generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Governmental
Entity</U>&rdquo; means any government or any arbitrator, tribunal or court of competent jurisdiction, administrative agency, department
or commission or other governmental authority or instrumentality (in each case whether Federal, state, local, foreign, international
or multinational).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Ground Leased
Real Property</U>&rdquo; has the meaning set forth in <U>Section 3.08(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Ground Leased
Real Property Title Representations</U>&rdquo; has the meaning set forth in <U>Section 3.08(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Ground Leases</U>&rdquo;
has the meaning set forth in <U>Section 3.08(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Hazardous Materials</U>&rdquo;
means (i)&nbsp;any and all radioactive materials or wastes, petroleum (including crude oil or any fraction thereof) or petroleum
distillates, asbestos or asbestos containing materials and urea formaldehyde foam and (ii)&nbsp;any other material, substance,
chemical, gas, liquid, waste, effluent, pollutant or contaminant which, either separately or in combination with any substance
or substances, is regulated by or pursuant to any Environmental Laws or for which, in the event of a Release to the Environment,
liability is imposed by Environmental Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>HSR Act</U>&rdquo;
has the meaning set forth in <U>Section 2.03</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Implied Valuation</U>&rdquo;
means an agreed valuation of ten dollars and twenty cents ($10.20) per OP Unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Improvements</U>&rdquo;
has the meaning set forth in <U>Section 3.08(e)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>including</U>&rdquo;
means &ldquo;including, without limiting the generality of the foregoing&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Indebtedness</U>&rdquo;
means, with respect to a Person, without duplication, (i)&nbsp;all indebtedness for borrowed money, (ii)&nbsp;all indebtedness
for the deferred purchase price of property or services, excluding trade payables and other current liabilities incurred in the
Ordinary Course of Business, (iii)&nbsp;all obligations evidenced by notes, bonds, debentures or other similar instruments, (iv)&nbsp;all
indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired
(even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession
or sale of such property), (v)&nbsp;all obligations under leases that have been or should be, in accordance with GAAP, recorded
as capital leases, (vi)&nbsp;all reimbursement, payment or similar obligations, contingent or otherwise, under acceptance, or
letter of credit, in each case to the extent drawn, and (vii)&nbsp;any liability of others described in <U>clauses&nbsp;(i)</U>
through <U>(vi)</U> above that the Person has guaranteed or that is otherwise its legal liability, and including in <U>clauses&nbsp;(i)
</U>through <U>(vii)</U> above any accrued and unpaid interest or penalties thereon; <U>provided</U>, <U>however</U>, that with
respect to the Contributed Companies and their Subsidiaries, Indebtedness shall not include any intercompany Liabilities to the
extent between or among the Contributed Companies and one or more of their Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Indemnified
Party</U>&rdquo; has the meaning set forth in <U>Section 10.06(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Indemnifying
Party</U>&rdquo; has the meaning set forth in <U>Section 10.06(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Independent
Accounting Firm</U>&rdquo; has the meaning set forth in <U>Section 1.05(b)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Insurance Business</U>&rdquo;
has the meaning set forth in the Recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Insurance Contract</U>&rdquo;
means, except for title insurance policies currently in place for the Contributed Companies and those set forth on <U>Schedule
3.14</U>, all policies, binders, slips, certificates, annuity contracts, reinsurance agreements or novations thereof (assumed or
ceded) and participation agreements and other agreements or evidence of insurance or reinsurance (including all applications, supplements,
endorsements, riders and ancillary agreements in connection therewith) issued by, to, or on behalf of, Silver Rock Insurance, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Insurance Department</U>&rdquo;
means the regulatory body responsible for administering the Insurance Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Insurance Laws</U>&rdquo;
means all Laws applicable to the conduct or operation of the Insurance Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Intellectual
Property</U>&rdquo; means any patent (including any reissue, division, continuation or extension thereof), patent application,
patent right, trademark, trademark registration, trademark application, servicemark, trade name, business name, brand name, copyright,
copyright registration, design or design registration, or any right to any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Intercompany
Notes</U>&rdquo; means (a) the Promissory Note, by and between Aegis Realty Operating Partnership, L.P. and PELP, dated as of March
9, 2016, as amended, (b) the Promissory Note by and between St. Cloud Station LLC and PELP dated December 19, 2016, as amended,
and (c) the Promissory Note by and between PELP and Silver Rock Insurance, Inc., as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Interim Balance
Sheet</U>&rdquo; has the meaning set forth in <U>Section 3.05(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Investment
Management Business</U>&rdquo; has the meaning set forth in the Recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>IP Contracts</U>&rdquo;
has the meaning set forth in <U>Section 3.10(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>IRS</U>&rdquo;
means the United States Internal Revenue Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Judgment</U>&rdquo;
means any judgment, order, decree, award, ruling, decision, verdict, subpoena, injunction or settlement entered, issued, made or
rendered by, or any consent agreement, memorandum of understanding or other Contract with, any Governmental Entity (in each case
whether temporary, preliminary or permanent).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Knowledge</U>&rdquo;
when used with respect to (i)&nbsp;a Contributor, means the actual knowledge of any fact, circumstance or condition of those officers
of such Contributor set forth on <U>Exhibit L</U>, (ii)&nbsp;the Contributed Companies, means the actual knowledge of any fact,
circumstance or condition of those officers of the Contributors&rsquo; Representative set forth on <U>Exhibit L</U>, and (iii)
the Contributors&rsquo; Representative, means the actual knowledge of any fact, circumstance or condition of Jeffrey S. Edison;
and, in the case of <U>clauses (i)</U> and <U>(ii)</U> above, the knowledge that such officers would have if such officers had
conducted a reasonable due inquiry of the Person having primary responsibility for such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Law</U>&rdquo;
means any federal, state, local, municipal, foreign, supranational or other law, statute, constitution, treaty, principle of common
law, directive, resolution, ordinance, code, edict, writ, decree, rule, regulation, Judgment, ruling, injunction or requirement
issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Entity,
and any rule, regulation or operating or technical standard or guidance issued, adopted, promulgated, implemented or otherwise
put into effect by or under the authority of any payment system in which any Contributed Company or Subsidiary thereof processes
transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Legacy Agreements</U>&rdquo;
means (i) the Advisory Agreement, by and among PEGC I, PEGC I OP and NTR I LLC, dated as of December 3, 2014, as amended; and (ii)
the Amended and Restated Property Management, Leasing and Construction Management Agreement, by and among PEGC I, PEGC I OP and
Phillips Edison &amp; Company, Ltd., dated as of June 1, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Legacy Agreements
Termination</U>&rdquo; means an acknowledgement of the termination of the Legacy Agreements, providing that the Legacy Agreements,
following such termination, shall be void and shall have no effect, and no party thereto shall have any liability to the other
party or parties thereto or their respective Affiliates, or their respective directors, officers or employees (including with respect
to any disposition, exit fee or any payment or obligation relating to the &ldquo;Special Limited Partner Interest&rdquo;), except
as expressly contemplated herein, except that nothing therein shall relieve any party from liability for any fees or expenses accrued
through such termination or for any breach of the Legacy Agreements that arose prior to such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Lien</U>&rdquo;
means any lien, pledge, hypothecation, charge, mortgage, deed of trust, security interest, encumbrance, easement, lease,
exclusive license, right to occupy, intangible property right, title defect, survey defect, title retention agreement, claim,
encroachment, covenant, restriction, right of way, infringement, option, right of first offer or refusal, conditional sale or
other retention agreement, preemptive right, community property interest or restriction of any nature (including any
restriction on the voting of any security or restriction on the transfer, use or ownership of any security or other
asset).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Liquidity Event</U>&rdquo;
means (i) a Sale Event, (ii) an M&amp;A Event or (iii) a Listing Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Liquidity Event
Earn-Out</U>&rdquo; has the meaning set forth in <U>Section 1.06(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Liquidity Event
Earn-Out Statement</U>&rdquo; has the meaning set forth in <U>Section 1.06(a)(ii)(B)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Liquidity Event
Earn-Out Unit Amount</U>&rdquo; has the meaning set forth in <U>Section 1.06(a)(ii)(A)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Liquidity Event
Earn-Out Unit Delivery</U>&rdquo; has the meaning set forth in <U>Section 1.06(a)(ii)(B)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Liquidity Event
Price Per Share</U>&rdquo; means, (i) with respect to a Sale Event, the implied net equity value per share of PEGC I Common Stock,
(ii) with respect to an M&amp;A Event, the price per share of PEGC I Common Stock and (iii) with respect to a Listing Event, the
highest volume weighted average price per share of PEGC I Common Stock over any thirty (30) consecutive trading day period during
the one-hundred and eighty (180) days after the Listing Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Liquidity Event
Price Per Share Spread</U>&rdquo; means the result of the Liquidity Event Price Per Share minus eight dollars and eighty cents
($8.80).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Listing Event</U>&rdquo;
means the approval and listing for trading of PEGC I Common Stock on any securities exchange registered as a national securities
exchange under Section 6 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Lockup Parties</U>&rdquo;
has the meaning set forth in <U>Section 1.03(b)(vi)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Loss</U>&rdquo;
means any loss, liability, claim, damage, cost or expense, including Taxes and reasonable fees and expenses of outside legal and
accounting advisors, whether involving a Third-Party Claim or a claim solely between the parties; <U>provided</U>, <U>however</U>,
that Loss shall not include (i) special, punitive or exemplary damages, except to the extent finally awarded and actually paid
by an Indemnified Party to a third-party in a Third-Party Claim or (ii) damages calculated based on a multiple of profits, revenue
or other financial metric or any lost profits or consequential, indirect or incidental damages, except, in each case, to the extent
that such Loss is a reasonably foreseeable consequence of the matter giving rise to the applicable Loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>M&amp;A Event</U>&rdquo;
means a sale or merger of PEGC I, following which (a) greater than fifty percent (50%) of the equity interests of PEGC I are owned
by a holder or a group of holders who did not own, in the aggregate, greater than fifty (50%) of the equity interests of PEGC
I or PEGC I OP prior to the closing of such transaction and/or (b) the equity holders of the acquiring or merging entity, or of
the parent of the acquiring or merging entity, before the transaction, will own greater than fifty percent (50%) of the equity
interests of PEGC I or the combined entity after the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Material Lease</U>&rdquo;
shall mean any Tenant Lease (i) set forth on <U>Schedule 11.04(b)(I)</U>, (ii) which has either an annual base rent of $50,000
or more or provides for a tenant improvement allowance or costs to be incurred by landlord to build-out the tenant space of $250,000
or more, (iii)&nbsp;which contains any option, offer, right of first refusal or other similar entitlement to acquire all or any
portion of a given Owned Real Property or Ground Leased Real Property, or (iv)&nbsp;under which the Tenant is an Affiliate of any
Contributor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>New Environmental
Report</U>&rdquo; has the meaning set forth in <U>Section 6.18</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>New Property
Acquired</U>&rdquo; means a real property asset acquired by a Contributor or a Contributed Company after the date of this Agreement
and prior to the Closing and in accordance with <U>Section 6.01(a)(xvii)</U>. <U>Schedule 3.08(a)</U> and <U>Schedule 3.08(b)</U>
indicate by footnote any Owned Real Property or Ground Lease Real Property, respectively, that is also a New Property Acquired.
For the avoidance of doubt, the Owned Real Property known as Delafield Station, Everson Pointe and Riverplace Station are not considered
New Property Acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Non-Accredited
Investor</U>&rdquo; means a Person who is not an &ldquo;accredited investor&rdquo; within the meaning of Regulation&nbsp;D promulgated
by the SEC under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Notice of Disagreement</U>&rdquo;
has the meaning set forth in <U>Section 1.05(b)(iv)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Notice of Earn-Out
Disagreement</U>&rdquo; has the meaning set forth in <U>Section 1.06(c)(iii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Notice of Review</U>&rdquo;
has the meaning set forth in <U>Section 1.06(c)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>NTR I LLC</U>&rdquo;
has the meaning set forth in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>OP Unit Consideration</U>&rdquo;
has the meaning set forth in <U>Section 1.01</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>OP Units</U>&rdquo;
means the operating partnership units of PEGC I OP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Ordinary Course
of Business</U>&rdquo; means, with respect to an action taken by any Person, an action that (i)&nbsp;is consistent with the past
practices of such Person and is taken in the ordinary course of the normal day-to-day operations of the business of such Person;
(ii)&nbsp;is not required to be authorized by the board of directors of such Person (or by any Person or group of Persons exercising
similar authority) and is not required to be specifically authorized by the parent company (if any) or the holders of the capital
stock or other equity interests of such Person; and (iii)&nbsp;is similar in nature and magnitude to actions customarily taken,
without any authorization by the board of directors (or by any Person or group of Persons exercising similar authority), in the
ordinary course of the normal day-to-day operations of other Persons that are in the same line of business as such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Other Bid</U>&rdquo;
means any proposal for a merger, sale of securities, sale of substantial assets or similar transaction involving any Contributed
Company or Subsidiary thereof, other than the Transactions and the acquisition of inventory in the Ordinary Course of Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Outside Date</U>&rdquo;
has the meaning set forth in <U>Section 9.01(a)(ii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Outstanding
Claims</U>&rdquo; has the meaning set forth in <U>Section 1.04</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Owned Real
Property</U>&rdquo; has the meaning set forth in <U>Section 3.08(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Owned Real
Property Title Representations</U>&rdquo; has the meaning set forth in <U>Section 3.08(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PECO Name License
Agreement</U>&rdquo; has the meaning set forth in <U>Section 1.03(xviii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC Disclosure
Committee</U>&rdquo; means the disclosure committee formed by PEGC I to maintain its disclosure controls and procedures in accordance
with the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC&nbsp;I</U>&rdquo;
has the meaning set forth in the Preamble hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC I Advisory
Agreement</U>&rdquo; has the meaning set forth in <U>Section 6.03(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC I Board</U>&rdquo;
means the board of directors of PEGC I.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC I Class&nbsp;B
Units</U>&rdquo; has the meaning set forth in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC I Common
Stock</U>&rdquo; means the common stock, par value $0.01 per share, of PEGC&nbsp;I.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC I Debt
Consents and Amendments</U>&rdquo; means (i) reasonably acceptable evidence that all applicable lender(s), administrative agents,
rating agencies, and/or servicers with respect to the loan documents set forth on <U>Schedule 1.03(b)(xvi)(B)</U> have affirmatively
approved or consented to the Transaction (or waived their right to approve or consent to the Transaction) and (ii) any amendments
and/or modifications to the loan documents set forth on <U>Schedule 1.03(b)(xvi)(B)</U>, in each case, to be entered into in accordance
with <U>Section 6.06(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC&nbsp;I&nbsp;Indemnitee</U>&rdquo;
has the meaning set forth in <U>Section 10.01(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC&nbsp;I&nbsp;OP</U>&rdquo;
has the meaning set forth in the Preamble hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC I OP Amended
and Restated Partnership Agreement</U>&rdquo; has the meaning set forth in <U>Section 1.03(b)(ix)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC&nbsp;I&nbsp;OP
Material Adverse Effect</U>&rdquo; means a material adverse effect on the ability of PEGC&nbsp;I&nbsp;OP to timely consummate the
Contributions and to perform its obligations under this Agreement and the Ancillary Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC&nbsp;I&nbsp;OP
Partnership Agreement</U>&rdquo; has the meaning set forth in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC I Property
Management Agreement</U>&rdquo; has the meaning set forth in <U>Section 6.03(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC I Stockholder
Approval</U>&rdquo; means the affirmative vote of the holders of shares of PEGC I Common Stock representing a majority of the votes
cast at a meeting of the stockholders of PEGC&nbsp;I at which a quorum is present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC I Stockholders&rsquo;
Meeting</U>&rdquo; has the meaning set forth in <U>Section 6.19(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC II</U>&rdquo;
has the meaning set forth in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC II Class
B Units</U>&rdquo; has the meaning set forth in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC II Debt
Consents and Amendments</U>&rdquo; means (i) all applicable lender(s), administrative agents, rating agencies, and/or servicers
with respect to the loan documents set forth on <U>Schedule 1.03(b)(xvi)(C)</U> have affirmatively approved or consented to the
Transaction (or waived their right to approve or consent to the Transaction) in a form acceptable to PEGC II and (ii) any amendments
and/or modifications to the loan documents set forth on <U>Schedule 1.03(b)(xvi)(C)</U>, in each case, to be entered into in accordance
with <U>Section 6.06(e)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC II OP</U>&rdquo;
has the meaning set forth in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC III</U>&rdquo;
means Phillips Edison Grocery Center REIT III, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC III Advisory
Agreement</U>&rdquo; means the Advisory Agreement, dated as of October 5, 2016, among Phillips Edison Grocery Center REIT III,
Inc., a Maryland corporation, Phillips Edison Grocery Center Operating Partnership III, L.P., a Delaware limited partnership, and
PECO-Griffin REIT Advisor, LLC, a Delaware limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC&nbsp;III
Aggregate Equity Capital Amount</U>&rdquo; has the meaning set forth in <U>Section 1.06(a)(i)(A)(1)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC&nbsp;III
Common Stock</U>&rdquo; means the common stock, par value $0.01 per share, of PEGC III.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC&nbsp;III
Earn-Out</U>&rdquo; has the meaning set forth in <U>Section 1.06(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC&nbsp;III
Earn-Out Completion Date</U>&rdquo; has the meaning set forth in <U>Section 1.06(a)(i)(B)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC&nbsp;III
Earn-Out Statement</U>&rdquo; has the meaning set forth in <U>Section 1.06(a)(i)(B)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC&nbsp;III
Earn-Out Unit Amount</U>&rdquo; has the meaning set forth in <U>Section 1.06(a)(i)(A)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC&nbsp;III
Earn-Out Unit Delivery</U>&rdquo; has the meaning set forth in <U>Section 1.06(a)(i)(B)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC III Qualifying
Equity Capital Amount</U>&rdquo; means the difference of the PEGC III Aggregate Equity Capital Amount less five hundred million
dollars ($500,000,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PEGC III Services</U>&rdquo;
means the organizational and offering services that PEGC I and its Subsidiaries will provide to PEGC III (including from and after
the Closing) pursuant to the terms of the PEGC III Advisory Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PELP</U>&rdquo;
means Phillips Edison Limited Partnership, a Delaware limited partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>PELP Debt Consents
and Amendments</U>&rdquo; means (i) reasonably acceptable evidence that all applicable lender(s), administrative agents, rating
agencies, and/or servicers with respect to the loan documents set forth on <U>Schedule 1.03(b)(xvi)(A)</U> have affirmatively approved
or consented to the Transaction (or waived their right to approve or consent to the Transaction) and (ii) any amendments and/or
modifications to the loan documents set forth on <U>Schedule 1.03(b)(xvi)(A)</U>, in each case, to be entered into in accordance
with <U>Section 6.06(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Pension Plan</U>&rdquo;
has the meaning set forth in <U>Section 3.18(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Permits</U>&rdquo;
has the meaning set forth in <U>Section 3.13</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Permitted Lien</U>&rdquo;
means (i)&nbsp;liens for Taxes, assessments or other governmental charges not yet due and payable or that are contested in good
faith by appropriate proceedings, (ii)&nbsp;mechanics&rsquo;, workmen&rsquo;s, repairmen&rsquo;s, warehousemen&rsquo;s, carriers&rsquo;
or other like liens arising or incurred in the Ordinary Course of Business consistent with past practices if the underlying obligations
are not past due, (iii)&nbsp;zoning, entitlement or other land use regulations that, in the reasonable discretion of PEGC&nbsp;I&nbsp;OP,
do not materially adversely impact the intended use of the Real Property for the business purposes conducted thereon, (iv)&nbsp;liens
which will be released or terminated at Closing, (v) liens evidencing the Real Property Debt and the Corporate Debt, (vi) standard
printed title exceptions, other than those that may be removed by endorsement or deletion or by the execution and delivery of customary
affidavits of Contributors or their Subsidiaries (in forms reasonably acceptable to the Title Company and Contributors) in favor
of the Title Company, provided that PEGC I obtains Title Policies with respect to the Real Property that does not contain standard
printed title exceptions, (vii) liens against tenant leasehold interests created by tenants under tenant leases, and (viii) other
non-monetary liens, including but not limited to, easements, covenants, conditions, restrictions, encroachments, or licenses that
would, with respect to each parcel of Real Property as well as all of the Real Property in the aggregate, not reasonably be expected
to materially adversely and materially or unreasonably affect the access, use, or operation of such Real Property or to impair
or interfere with the business following the Closing in all material and commercially reasonably respects as it is currently being
conducted (which liens for clarification shall not include any mortgages (or similar liens) or security interests other than as
set forth in this definition of Permitted Liens).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Permitted Name
Uses</U>&rdquo; has the meaning set forth in <U>Section 6.15</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Person</U>&rdquo;
means any individual, firm, corporation, partnership, limited liability company, trust, joint venture, Governmental Entity or other
entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Plan of Reorganization</U>&rdquo;
has the meaning set forth in the Preamble hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Post-Closing
Distributions</U>&rdquo; has the meaning set forth in <U>Section 2.05</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Post-Closing
Management Team</U>&rdquo; has the meaning set forth in <U>Section 10.04</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Post-Closing
Matter</U>&rdquo; has the meaning set forth in <U>Section 11.13(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Post-Closing
Representations</U>&rdquo; has the meaning set forth in <U>Section 11.13(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Pre-Closing
Privileges</U>&rdquo; has the meaning set forth in <U>Section 11.13(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Prior Counsel</U>&rdquo;
has the meaning set forth in <U>Section 11.13(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Privileged
Materials</U>&rdquo; has the meaning set forth in <U>Section 11.13(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Proceeding</U>&rdquo;
means any suit, action, proceeding, condemnation, assessment, arbitration, audit, hearing, or investigation (in each case, whether
civil, criminal, administrative, investigative, or informal) commenced, brought, conducted or heard by or before, or otherwise
involving, any Governmental Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Property Condition
Report</U>&rdquo; has the meaning set forth in <U>Section 6.18</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Proxy Statement</U>&rdquo;
means a proxy or information statement relating to the approval of this Agreement by PEGC I&rsquo;s stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>RE Title Survival
Period</U>&rdquo; has the meaning set forth in <U>Section 10.12</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Real Estate
Title Representations</U>&rdquo; means the representations made by Contributors solely in Sections with respect to any Real Property
under <U>Section 3.08(a)</U>, <U>Section 3.08(b)</U>, <U>Section 3.08(e)</U>, <U>Section 3.16</U> or <U>Section 3.17</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Real Property</U>&rdquo;
means the Owned Real Property and the Ground Leased Real Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Real Property
Debt</U>&rdquo; has the meaning set forth in <U>Section 3.09(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Real Property
Debt Loan Documents</U>&rdquo; means the promissory notes, the deeds of trust, mortgages or deeds to secure debt, security agreements,
UCC financing statements, guaranties, letters of credit, pledges, loan agreements, and/or other instruments creating a security
interest in, and/or a lien or encumbrance upon any collateral for any Real Property Debt or other documents related thereto or
evidencing such Real Property Debt, together with all subsequent amendments, modifications, extensions, renewals and supplements
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Records</U>&rdquo;
has the meaning set forth in <U>Section 6.11</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Registered
Contributed Company Intellectual Property</U>&rdquo; has the meaning set forth in <U>Section 3.10(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Regulatory
Filing Expenses</U>&rdquo; has the meaning set forth in <U>Section 6.07(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>REIT</U>&rdquo;
means a real estate investment trust, as described in Section 856 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Related Person</U>&rdquo;
means: (i)&nbsp;with respect to any Person that is not an individual, (A)&nbsp;any Affiliate of such Person (other than PEGC I,
PEGC II and PEGC III or their Subsidiaries) and (B)&nbsp;any Person that serves as a director, officer, general partner, or managing
member of such Person; and (i)&nbsp;with respect to any Person that is an individual (A)&nbsp;each other member of such individual&rsquo;s
Family and (B)&nbsp;any Affiliate of such Person or a member of such individual&rsquo;s Family (other than PEGC I, PEGC II and
PEGC III or their Subsidiaries).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Release</U>&rdquo;
means with respect any Hazardous Materials, any spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal,
leaching, dumping, pouring, emanation or migration in, into, onto or through the Environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Released Claims</U>&rdquo;
has the meaning set forth in <U>Section 10.11</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Releasee</U>&rdquo;
has the meaning set forth in <U>Section 10.11</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Releasors</U>&rdquo;
has the meaning set forth in <U>Section 10.11</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Relevant Date</U>&rdquo;
has the meaning set forth in <U>Section 3.10(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Representative</U>&rdquo;
means, with respect to any Person, any director, officer, partner, member, stockholder, Affiliate, employee, agent, consultant,
advisor or other representative of such Person, including legal counsel, accountants and financial advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Requesting
Party</U>&rdquo; has the meaning set forth in <U>Section 6.06(j)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Responding
Party</U>&rdquo; has the meaning set forth in <U>Section 6.06(j)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Restricted
Class B Units</U>&rdquo; has the meaning set forth in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Reviewing Accounting
Firm</U>&rdquo; has the meaning set forth in <U>Section 1.05(b)(v)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Rules</U>&rdquo;
has the meaning set forth in <U>Section 11.11</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Sale Event</U>&rdquo;
means a sale of all or substantially all of the assets of PEGC I.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>SEC</U>&rdquo;
means the United States Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Securities
Act</U>&rdquo; means the United States Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Services Agreement</U>&rdquo;
has the meaning set forth in <U>Section 1.03(b)(viii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Shortfall Amount</U>&rdquo;
has the meaning set forth in <U>Section 1.05(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Software</U>&rdquo;
means computer and other software, including source code, object code, firmware, middleware, tools, data, databases and related
documentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Special Committee</U>&rdquo;
means the Special Committee of the PEGC I Board that has been formed by the PEGC I Board in connection with the Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Stated Value</U>&rdquo;
means with respect to each New Property Acquired, the total purchase price paid for such property, including all transaction costs,
as calculated from (x) the closing statement for the acquisition of such New Property Acquired and (y) if applicable, and without
duplication, invoices for third-party transaction costs of such acquisition which are not reflected on such closing statement.
For sake of clarity, for purposes of determining the consideration payable under this Agreement, the Stated Value of New Property
Acquired <I>can only increase</I> from the zero dollar ($0) value reflected on <U>Exhibit J</U>, with the acquisition of each New
Property Acquired increasing such total by the Stated Value thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Statute of
Limitations Escrow Amount</U>&rdquo; means the number of OP Units equal to the quotient obtained by dividing (i)&nbsp;the Statute
of Limitations Escrowed Consideration Amount by (ii)&nbsp;the Implied Valuation (rounded up to the nearest whole number).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Statute of
Limitations Escrowed Consideration Amount</U>&rdquo; means the product of (i) one percent (1.0%) and (ii) the Total Base Consideration
Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Statute of
Limitations Termination Date</U>&rdquo; has the meaning set forth in <U>Section 1.04</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Straddle Period</U>&rdquo;
means any taxable year or period beginning on or before and ending after the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Subject Materials</U>&rdquo;
has the meaning set forth in <U>Section 10.06(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Subject Title
Claim</U>&rdquo; has the meaning set forth in <U>Section 10.12</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Subject Title
Claim Notice</U>&rdquo; has the meaning set forth in <U>Section 10.12</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Subsidiary</U>&rdquo;
of any Person means another Person, an amount of the voting securities, other voting ownership or voting partnership interests
sufficient to elect at least a majority of its board of directors or other governing body of which (or, if there are no such voting
interests, fifty percent (50%) or more of the equity interests of which) is owned directly or indirectly by such first Person or
by another Subsidiary of such first Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Substituted
Earn-Out</U>&rdquo; has the meaning set forth in <U>Section 1.06(a)(i)(E)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Survey</U>&rdquo;
has the meaning set forth in <U>Section 6.18</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Tax</U>&rdquo;
(and, with correlative meaning, &ldquo;<U>Taxes</U>&rdquo;) means: any federal, state, local or foreign net income, gross income,
gross receipts, windfall profit, severance, property, production, sales, use, license, excise, franchise, employment, payroll,
withholding on amounts paid to or by any Person, alternative or add-on minimum, ad&nbsp;valorem, value-added, transfer, stamp,
or environmental tax (including taxes under Code Section&nbsp;59A), escheat payments or any other tax, custom, duty, governmental
fee or other like assessment or charge of any kind whatsoever, together with any interest or penalty, addition to tax or additional
amount imposed by any Governmental Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Tax Protection
Agreement</U>&rdquo; has the meaning set forth in <U>Section 1.03(b)(v)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Tax Return</U>&rdquo;
means any return, report or similar statement required to be filed with respect to any Tax (including any attached schedules),
including any information return, claim for refund, amended return or declaration of estimated Tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Tax Sharing
Arrangement</U>&rdquo; means any written or unwritten agreement or arrangement providing for the allocation or payment of Tax liabilities
or payment for Tax benefits between or among members of any group of corporations filing Tax Returns that files, will file, or
has filed Tax Returns on a combined, consolidated or unitary basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Technology</U>&rdquo;
means all trade secrets, confidential information, inventions, know-how, formulae, processes, procedures, research records, records
of inventions, test information, market surveys and marketing know-how of the Contributed Companies and Subsidiaries thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Tenant Leases</U>&rdquo;
has the meaning set forth in <U>Section 3.08(f)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Termination
Date</U>&rdquo; has the meaning set forth in <U>Section 1.04</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Third-Party
Claim</U>&rdquo; has the meaning set forth in <U>Section 10.06(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Third-Party
Claim Notice</U>&rdquo; has the meaning set forth in <U>Section 10.06(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Title Company</U>&rdquo;
has the meaning set forth in <U>Section 6.17</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Title Policies</U>&rdquo;
has the meaning set forth in <U>Section 6.17</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Total Base
Consideration Amount</U>&rdquo; means the Cash Consideration plus the Base OP Unit Consideration Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Trade Names
and Trademarks</U>&rdquo; has the meaning set forth in <U>Section 6.15(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Transactions</U>&rdquo;
has the meaning set forth in the Recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Undisputed
Earn-Out Amount</U>&rdquo; has the meaning set forth in <U>Section 1.06(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Unrestricted
Class B Units</U>&rdquo; has the meaning set forth in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Voting Debt</U>&rdquo;
of any Person, means any bonds, debentures, notes or other Indebtedness of such Person or any of its Subsidiaries having the right
to vote (or convertible into, or exchangeable for, securities having the right to vote) on any matters on which holders of shares
in the capital stock of such Person or holders of equity interests in such Person may vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Welfare Plan</U>&rdquo;
has the meaning set forth in <U>Section 3.18(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Willful Breach</U>&rdquo;
means a material breach of any covenant or other agreement set forth in this Agreement or an Ancillary Agreement that is a consequence
of an act or failure to act by the breaching party (which, in the case of the Contributors, shall include an act or failure to
act by the Persons identified on <U>Exhibit L</U>, but no other Person) with the actual knowledge that the taking of such act or
failure to act would cause such breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Zoning Report</U>&rdquo;
has the meaning set forth in <U>Section 6.18</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.05 <U>Actions
of PEGC I and PEGC I OP</U>. The parties agree that in connection with this Agreement, the Ancillary Agreements and the Transactions,
PEGC I and PEGC I OP shall act at the sole direction of the Special Committee with respect to any actions to be taken, conditions
to be satisfied or waivers or consents to be granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.06 <U>Counterparts</U>.
This Agreement may be executed in one or more counterparts, including electronically in Adobe Portable Document Format (.pdf),
all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have
been signed by each of the parties and delivered to the other parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.07 <U>Entire
Agreement</U>. This Agreement and the Ancillary Agreements, along with the Schedules and Exhibits hereto and thereto, contain
the entire agreement of the parties with respect to the contribution of the Contributed Interests and supersede all prior agreements
among the parties with respect to the contribution of the Contributed Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.08 <U>Severability</U>.
If any provision hereof (or any portion thereof) or the application of any such provision (or any portion thereof) to any Person
or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity,
illegality or unenforceability shall not affect any other provision hereof (or the remaining portion thereof) or the application
of such provision to any other Persons or circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.09 <U>Enforcement</U>.
The parties agree that irreparable damage could occur in the event that any of the provisions of this Agreement or any Ancillary
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that
the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or any Ancillary Agreement
and to enforce specifically the terms and provisions of this Agreement or any Ancillary Agreement, this being in addition to any
other remedy to which they are entitled at Law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.10 <U>GOVERNING
LAW</U>. THIS AGREEMENT, THE ANCILLARY AGREEMENTS, AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE
BASED UPON, ARISE OUT OF OR RELATE TO THE TRANSACTIONS, THIS AGREEMENT OR THE ANCILLARY AGREEMENTS, OR THE NEGOTIATION, EXECUTION
OR PERFORMANCE OF THIS AGREEMENT OR THE ANCILLARY AGREEMENTS (INCLUDING ANY CLAIM OR CAUSE OF ACTION BASED UPON, ARISING OUT OF
OR RELATED TO ANY REPRESENTATION OR WARRANTY MADE IN OR IN CONNECTION WITH THIS AGREEMENT OR THE ANCILLARY AGREEMENTS OR AS AN
INDUCEMENT TO ENTER INTO THIS AGREEMENT OR THE ANCILLARY AGREEMENTS) (EACH, A &ldquo;<U>COVERED CLAIM</U>&rdquo;), SHALL BE GOVERNED
BY THE INTERNAL LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT
REGARD TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.11 <U>Dispute
Resolution</U>. Except as otherwise provided in <U>Section 1.05</U> and <U>Section 1.06</U>, any Covered Claim, including the
determination of the scope or applicability of this agreement to arbitrate, shall be finally resolved by binding arbitration in
New York, New York under JAMS Comprehensive Arbitration Rules and Procedures as those rules exist on the effective date of this
Agreement (the &ldquo;<U>Rules</U>&rdquo;) and in accordance with the Expedited Procedures set forth in those Rules, including
Rules 16.1 and 16.2 of those Rules, except as modified by this Agreement. Each party hereto hereby waives any right it may otherwise
have to resolution of any Covered Claim by any means other than arbitration pursuant to this <U>Section 11.11</U>. As a minimum
set of rules in the arbitration, the parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
arbitration will be held before a panel of three (3) arbitrators. Within fifteen (15) days after the commencement of arbitration,
each party shall select one person to act as arbitrator, and the two so selected shall select a third arbitrator within thirty
(30) days of the commencement of the arbitration. If the arbitrators selected by the parties are unable or fail to agree upon the
third arbitrator within the allotted time, the third arbitrator shall be appointed by JAMS in accordance with the Rules. All arbitrators
serve as neutral, independent and impartial arbitrators, and each party shall communicate its choice of a party-appointed arbitrator
only to the JAMS Case Manager in charge of the filing. Neither party is to inform any of the arbitrators as to which of the parties
may have appointed them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties shall maintain the confidential nature of the arbitration proceeding and the award, including the hearing, except as may
be necessary in connection with a court application for a preliminary remedy, a judicial challenge to an Award or its enforcement,
or unless otherwise required by any Law or Judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
any arbitration arising out of or related to this Agreement, the arbitrators are not empowered to award punitive or exemplary damages,
except where permitted by statute, and the parties waive any right to recover any such damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
any arbitration arising out of or related to this Agreement, the arbitrators shall award to the prevailing party, if any, the costs
and attorneys&rsquo; fees reasonably incurred by the prevailing party in connection with the arbitration. If the arbitrators determine
a party to be the prevailing party under circumstances where the prevailing party won on some but not all of the claims and counterclaims,
the arbitrators may award the prevailing party an appropriate percentage of the costs and attorneys&rsquo; fees reasonably incurred
by the prevailing party in connection with the arbitration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.12 <U>Non-Recourse</U>.
<FONT STYLE="background-color: white">This Agreement may only be enforced against, and any claim or cause of action based upon,
arising out of, or related to this Agreement or the transactions contemplated hereby may only be brought against, the entities
that are expressly named as parties hereto and then only with respect to the specific obligations set forth herein with respect
to such party. Except to the extent a named party to this Agreement (and then only to the extent of the specific obligations undertaken
by such named party in this Agreement and not otherwise), no past, present or future director, officer, employee, incorporator,
member, partner, stockholder, Affiliate, agent, attorney, advisor or representative or Affiliate of any of the foregoing shall
have any liability (whether in contract, tort, equity or otherwise) for any one or more of the representations, warranties, covenants,
agreements or other obligations or liabilities of any one or more of each Contributor, Contributed Company, the Contributors&rsquo;
Representative, PEGC I or PEGC I OP under this Agreement (whether for indemnification or otherwise) or of or for any claim based
on, arising out of, or related to this Agreement or the transactions contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.13 <U>Waiver
of Conflicts Regarding Representations</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEGC
I and PEGC I OP acknowledge that Latham &amp; Watkins LLP and other legal counsel (&ldquo;<U>Prior Counsel</U>&rdquo;) have, on
or prior to the Closing Date, represented one or more of the Contributors, Contributed Companies, and the Contributors&rsquo; Representative
and their respective Subsidiaries and other Affiliates, and their respective officers, employees and directors in one or more matters
relating to this Agreement or any other agreements or transactions contemplated hereby (including any matter that may be related
to a litigation, claim or dispute arising under or related to this Agreement or such other agreements or in connection with such
transactions) (each, an &ldquo;<U>Existing Representation</U>&rdquo;), and that, in the event of any post-Closing matters (x) relating
to this Agreement or any other agreements or transactions contemplated hereby (including any matter that may be related to a litigation,
claim or dispute arising under or related to this Agreement or such other agreements or in connection with such transactions) and
(y) in which PEGC I or PEGC I OP or any of their respective Affiliates (including the Contributed Companies and their respective
Subsidiaries), on the one hand, and one or more Contributor or the Contributors&rsquo; Representative, on the other hand, are or
may be adverse to each other (each, a &ldquo;<U>Post-Closing Matter</U>&rdquo;), that each Contributor and the Contributors&rsquo;
Representative reasonably anticipate that Prior Counsel will represent them in connection with such matters. Accordingly, each
of PEGC I, PEGC I OP and the Contributed Companies hereby (i) waives and shall not assert, and agrees after the Closing to cause
its Affiliates to waive and to not assert, any conflict of interest arising out of or relating to the representation by one or
more Prior Counsel of one or more Contributor or the Contributors&rsquo; Representative in connection with one or more Post-Closing
Matters (the &ldquo;<U>Post-Closing Representations</U>&rdquo;)<I>, </I>and (ii) agrees that, in the event that a Post-Closing
Matter arises, Prior Counsel may represent one or more Contributor or the Contributors&rsquo; Representative in a Post-Closing
Matter even though the interests of such Person(s) may be directly adverse to PEGC I, PEGC I OP, any of the Contributed Companies
or any of their respective Affiliates, and even though Prior Counsel may (i) have represented any of the Contributed Companies
or their respective Subsidiaries in a matter substantially related to such dispute or (ii) be currently representing any of the
Contributors or the Contributors&rsquo; Representative or any of their respective Affiliates. Without limiting the foregoing, each
of PEGC I, PEGC I OP and the Contributed Companies (on behalf of itself and its Affiliates) consents to the disclosure by Prior
Counsel, in connection with one or more Post-Closing Representations, to the Contributors or Contributors&rsquo; Representative
of any information learned by Prior Counsel in the course of one or more Existing Representations, whether or not such information
is subject to the attorney-client privilege of the Contributed Companies or any of their Subsidiaries and/or Prior Counsel&rsquo;s
duty of confidentiality as to the Contributed Companies or any of their Subsidiaries and whether or not such disclosure is made
before or after the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of PEGC I and PEGC I OP, and the Contributors&rsquo; Representative (on behalf of itself and its Affiliates) waives and shall not
assert, and agrees after the Closing to cause its Affiliates to waive and to not assert, any attorney-client privilege, attorney
work-product protection or expectation of client confidence with respect to any communication between Prior Counsel, on the one
hand, and any Contributed Company, on the other hand, or any advice given to any Contributed Company by Prior Counsel, occurring
during one or more Existing Representations (the &ldquo;<U>Pre-Closing Privileges</U>&rdquo;) in connection with any Post-Closing
Representation, including in connection with a dispute between any Contributed Company and one or more of the Contributors or the
Contributors&rsquo; Representative and their respective Affiliates. Furthermore, each of PEGC I and PEGC I OP, and the Contributors&rsquo;
Representative (on behalf of itself and its Affiliates) acknowledges and agrees that with respect to any Post-Closing Matters,
any advice given to or communication with any of the Contributed Companies shall not be subject to any joint privilege (whether
or not the Contributors&rsquo; Representative or one more of its Subsidiaries also received such advice or communication) and shall
be owned solely by such Contributed Company. Notwithstanding the foregoing, in the event that a dispute arises between PEGC I or
PEGC I OP, or the Contributors&rsquo; Representative or any of their respective Subsidiaries, on the one hand, and a third party
other than a Contributed Company, on the other hand, the Contributors&rsquo; Representative shall (and shall cause his Affiliates
to) assert the Pre-Closing Privileges on behalf of the Contributed Companies to prevent disclosure of Privileged Materials to such
third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
such Pre-Closing Privileges, and the portion of any books and records and other documents of the Contributors&rsquo; Representative
containing any advice or communication that is subject to any Pre-Closing Privilege (&ldquo;<U>Privileged Materials</U>&rdquo;),
shall be distributed to the applicable Contributed Company immediately prior to the Closing with (in the case of such books and
records) no copies retained by the Contributors&rsquo; Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEGC
I and PEGC I OP hereby acknowledge that each has had the opportunity (including on behalf of its Affiliates) to discuss and obtain
adequate information concerning the significance and material risks of, and reasonable available alternatives to, the waivers,
permissions and other provisions of this Agreement, including the opportunity to consult with counsel other than Prior Counsel.
This <U>Section 11.13</U> shall be irrevocable, and no term of this <U>Section 11.13</U> may be amended, waived or modified, without
the prior written consent of the PEGC I, PEGC I OP and the Contributors&rsquo; Representative and Prior Counsel affected thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Contributors, PEGC I, PEGC&nbsp;I&nbsp;OP and the Contributors&rsquo; Representative have duly executed this Agreement under
seal as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONTRIBUTORS:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PHILLIPS EDISON LIMITED PARTNERSHIP,
    A Delaware limited partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips Edison &amp; Company, Inc.,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a Maryland corporation,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="exhibit2-1002.jpg" ALT="-s- Jeffrey S. Edition">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jeffrey S. Edition</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Executive Officer And President</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DOUBLEDAY STATION LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Doubleday Station Member LLC, its sole  member</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips Edison Limited Partnership, its sole
     member</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips Edison &amp; Company, Inc., its general
     partner</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="exhibit2-1002.jpg" ALT="-s- Jeffrey S. Edition">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jeffrey S. Edition</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Executive Officer And President</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 216.05pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 216.05pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">[<I>Signature Page to Contribution Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 216.05pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AEGIS REALTY OPERATING PARTNERSHIP,
    L.P.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Doubleday Station LLC, its general partner</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Doubleday Station Member LLC, its sole  member</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips Edison Limited Partnership, its sole
     member</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips Edison &amp; Company, Inc., its general
     partner</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><IMG SRC="exhibit2-1002.jpg" ALT="-s- Jeffrey S. Edition">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jeffrey S. Edition</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Executive Officer And President</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WG STATION HOLDING COMPANY LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips Edison Limited Partnership, its  Managing
    Member</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips Edison &amp; Company, Inc., its general
     partner</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="exhibit2-1002.jpg" ALT="-s- Jeffrey S. Edition">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jeffrey S. Edition</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Executive Officer And President</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EAST POINTE STATION II HOLDCO LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips Edison Limited Partnership, its  Manager</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips Edison &amp; Company, Inc., its general
     partner</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="exhibit2-1002.jpg" ALT="-s- Jeffrey S. Edition">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jeffrey S. Edition</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Executive Officer And President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">[<I>Signature Page to Contribution Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WG STATION IX LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips Edison Limited Partnership, its  managing
    member</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips Edison &amp; Company, Inc., its general
     partner</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><IMG SRC="exhibit2-1002.jpg" ALT="-s- Jeffrey S. Edition">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jeffrey S. Edition</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Executive Officer And President</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PECO II INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="exhibit2-1002.jpg" ALT="-s- Jeffrey S. Edition">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jeffrey S. Edition</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Executive Officer And President</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">[<I>Signature Page to Contribution Agreement</I>]</P>

<P STYLE="margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONTRIBUTORS&rsquo; REPRESENTATIVE:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="exhibit2-1002.jpg" ALT="-s- Jeffrey S. Edition">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jeffrey S. Edison</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">[<I>Signature Page to Contribution Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PEGC I:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PHILLIPS EDISON GROCERY CENTER REIT
    I, INC., a Maryland corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="exhibit2-1003.jpg" ALT="-s- Devin I. Murphy">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Devin I. Murphy</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Financial Officer, Treasurer and
    Secretary</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PEGC I OP:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PHILLIPS EDISON GROCERY CENTER OPERATING
    PARTNERSHIP I, L.P., a Delaware limited partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips Edison Grocery Center OP GP I LLC,
    a Delaware limited liability company and its general partner</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips Edison Grocery Center REIT I, Inc.,
    a Maryland corporation and its sole member</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="exhibit2-1003.jpg" ALT="-s- Devin I. Murphy">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Devin I. Murphy</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Financial Officer, Treasurer and
    Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">[<I>Signature Page to Contribution Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">EXHIBIT&nbsp;A</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Contributors and Contributed Interests</U></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; border: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in"><B>CONTRIBUTOR</B></TD>
    <TD STYLE="width: 38%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in"><B>CONTRIBUTED INTEREST</B></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">1.</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Phillips Edison Limited Partnership</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">B. &amp; O., Ltd. (also known as Town &amp; Country)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Buckingham Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Civic Center Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Commerce GP LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Commerce Station LP</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">8.9%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Countryside Station Limited Liability Company</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Crossroads Asheboro Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Delafield Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">East Pointe Station HoldCo LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Eastland Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Everson Pointe Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Gateway Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Guadalupe Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Hillside &ndash; West LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Jasper Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">9%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">LaPlata IV LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">LaPlata North LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Melbourne Station LLC (formerly C. &amp; A. Ltd. L.C.)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Nordan Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Northlake Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
</table>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; border: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in"><B>CONTRIBUTOR</B></TD>
    <TD STYLE="width: 38%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in"><B>CONTRIBUTED INTEREST</B></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Phillips Edison Limited Partnership (continued)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Northside Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Orchard Plaza Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Park Place Station LLC (formerly O. &amp; F. Ltd. L.C.)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">PECO Value Added Grocery Manager, LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Phillips Edison &amp; Company Ltd.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">99.9%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Phillips Edison Grocery Center REIT III, Inc.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">6.34%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Phillips Edison HoldCo LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Phillips Edison HoldCo Manager LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Phillips Edison NTR II LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Phillips Edison NTR III LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Pipestone Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Powell Villa Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Riverplace Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Silver Rock Insurance Inc.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">The Phillips Edison Group LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Timberlake Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Upper Deerfield Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Vaughns Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">2.</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Doubleday Station LLC</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Barclay/Aegis LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">3.</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Aegis Realty Operating Partnership, L.P.</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Aegis Waterford L.L.C.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Barclay/Aegis Limited Partnership</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">99%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Birdneck Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Cactus Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Centre Stage Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Dunlop Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Emporia Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; border: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in"><B>CONTRIBUTOR</B></TD>
    <TD STYLE="width: 38%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in"><B>CONTRIBUTED INTEREST</B></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Aegis Realty Operating Partnership, L.P. (continued)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Forest Park Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Forest Park Station II LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Governor&rsquo;s Square Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Hickory Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Highland Fair Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Marion Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Mountain Park Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">PECO Winery LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Rolling Hills Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Southgate/Aegis LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Southgate Partners Limited Partnership</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">99.9%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Winery Square Station L.P.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">99.9%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">White Oaks Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Willowbrook Commons Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">4.</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">WG Station Holding Company LLC</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Jasper Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">91%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Commerce Station LP</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">91%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">5.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">East Pointe Station II HoldCo LLC</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">East Pointe Station II Intermediate HoldCo</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">6.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">WG Station IX LLC</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Rio Rancho Station LLC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">7.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">PECO II Inc.</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 0.125in">Phillips Edison &amp; Company Ltd.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left">0.1%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBIT&nbsp;B</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>C<FONT STYLE="text-transform: lowercase">ontributed
</FONT>C<FONT STYLE="text-transform: lowercase">ompanies</FONT></U></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aegis Waterford L.L.C.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. &amp; O., Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barclay/Aegis LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barclay/Aegis Limited Partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Birdneck Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buckingham Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cactus Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Centre Stage Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Civic Center Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commerce GP LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commerce Station LP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Countryside Station Limited Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Crossroads Asheboro Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delafield Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dunlop Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">East Pointe Station HoldCo LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">East Pointe Station II Intermediate HoldCo LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eastland Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emporia Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Everson Pointe Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forest Park Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forest Park Station II LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.</FONT></TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gateway Station LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24. Governor&rsquo;s Square
    Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25. Guadalupe Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26. Hickory Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27. Highland Fair Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28. Hillside &ndash; West LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29. Jasper Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30. LaPlata IV LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31. LaPlata North LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32. Marion Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33. Melbourne Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34. Mountain Park Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35. Nordan Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36. Northlake Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37. Northside Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38. Orchard Plaza Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39. Park Place Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40. PECO Value Added Grocery Manager, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41. PECO Winery LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42. Phillips Edison &amp; Company Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43. Phillips Edison HoldCo LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44. Phillips Edison HoldCo Manager LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45. Phillips Edison NTR II LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46. Phillips Edison NTR III LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47. Pipestone Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48. Powell Villa Station LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49. Rio Rancho Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50. Riverplace Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51. Rolling Hills Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52. Silver Rock Insurance Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53. Southgate/Aegis LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54. Southgate Partners Limited Partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55. The Phillips Edison Group LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56. Timberlake Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57. Upper Deerfield Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58. Vaughns Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59. White Oaks Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60. Willowbrook Commons Station LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61. Winery Square Station L.P.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia,serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXHIBIT&nbsp;C</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>&nbsp;</FONT></P>

<P STYLE="font: 10pt Georgia,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FORM OF ESCROW AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Georgia,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
This Escrow Agreement dated this ___ day of _________________, 2017 (the &ldquo;Escrow Agreement&rdquo;), is entered into by and
among Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership (the &ldquo;OP&rdquo;), and
Jeffrey S. Edison, an individual, (the &rdquo;Contributors&rsquo; Representative&rdquo; on behalf of the Contributors (as such
term is defined in the Contribution Agreement)) and together with the OP, the &ldquo;Parties,&rdquo; and each individually, a
&ldquo;Party&rdquo;), and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national association, as escrow agent (the &ldquo;Escrow Agent&rdquo;).</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Georgia,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
RECITALS</FONT></P>

<P STYLE="font: 10pt Georgia,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Escrow Agreement is the Escrow Agreement referred to in that certain Contribution
Agreement (the &ldquo;Contribution Agreement&rdquo;), dated as of May 18, 2017, by and among the OP, Phillips Edison Grocery Center
REIT I, Inc., the Contributors listed on Exhibit A thereto and the Contributors&rsquo; Representative.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The OP agrees to place in escrow the Escrowed Consideration and the Escrow Agent agrees to hold and distribute such Escrowed Consideration
in accordance with the terms of this Escrow Agreement.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized
terms used in this Escrow Agreement, but not otherwise defined herein, shall have the meanings ascribed to such terms in the Contribution
Agreement.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration of the promises and agreements of the Parties and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Parties and the Escrow Agent agree as follows:</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Georgia,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE<BR>
ESCROW DEPOSIT</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
Section 1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Receipt of Escrowed Consideration</U>. Upon execution hereof, the OP shall deliver to the Escrow Agent the
amount of [&nbsp;&#9679;&nbsp;] OP Units (the &ldquo;Escrowed Consideration&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disbursements</U>.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Escrow Agent shall hold the Escrowed Consideration in its possession until (i) instructed hereunder to deliver the Escrowed Consideration,
or any specified portion thereof, in accordance with a written release notice executed jointly by an Authorized Representative
(as defined below) of each the OP and the Contributors&rsquo; Representative directing the Escrow Agent as to payment of all or
part of the Escrowed Consideration (a &ldquo;Joint Instruction&rdquo;), (ii) it receives an Order pursuant to clause (f) hereof
directing the Escrow Agent to release the Escrowed Consideration in accordance with such Order or (iii) this Escrow Agreement
is terminated pursuant to Section 1.6 hereof.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fractional shares of Escrowed Consideration shall be retained in or released from the Escrow Account pursuant to this Agreement.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amount disbursed or released in accordance with the terms hereof shall no longer be deemed a part of the Escrowed Consideration
or otherwise be subject to the provisions of this Escrow Agreement.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Escrow Agent shall promptly, but in any event within three (3) Business Days after receipt of a Joint Instruction, disburse all
or part of the Escrowed Consideration from the Escrow Account in accordance with the transfer instructions set forth on Schedule
I hereto or as otherwise specified in such Joint Instruction.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Escrow Agent makes any disbursement to any other party pursuant to this Escrow Agreement and for any reason
such disbursement (or any portion thereof) is required to be returned to the Escrow Account or another party or is subsequently
invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a receiver, trustee or other
party under any bankruptcy or insolvency law, other federal or state law, common law or equitable doctrine, in each case pursuant
to a final, non-appealable decision of any court of competent jurisdiction, then the recipient shall repay to the Escrow Agent
upon written request the amount so disbursed to it.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time either of the Parties receives a final non-appealable order of a court of competent jurisdiction or a final non-appealable
arbitration decision directing delivery of all or part of the Escrowed Consideration (an &ldquo;Order&rdquo;), then the receiving
Party shall promptly deliver a copy of such Order to the other Party and the Escrow Agent and, upon receipt by the Escrow Agent
of a copy of such Order, the Escrow Agent shall, on the third (3<SUP>rd</SUP>) Business Day following delivery of such notice
to the applicable Party from the Escrow Agent of the Order, disburse to the OP and/or the Contributors&rsquo; Representative (on
behalf of the Contributors), as applicable, part or all of the Escrowed Consideration in accordance with such Order.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Escrow Agent shall comply with judgments or orders issued or process entered by any court with respect to the Escrowed Consideration,
including without limitation any attachment, levy or garnishment, without any obligation to determine such court&rsquo;s jurisdiction
in the matter and in accordance with its normal business practices. If the Escrow Agent complies with any such judgment, order
or process, then it shall not be liable to any Party or any other person by reason of such compliance, regardless of the final
disposition of any such judgment, order or process.</FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Escrow Agent shall furnish monthly statements to the Parties setting forth the activity in the Escrow Account.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Income Tax Allocation and Reporting</U>.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties agree that, for tax reporting purposes, all income from or with respect to the Escrowed Consideration shall, as of the
end of each calendar year and to the extent required by the Internal Revenue Service, be reported as having been earned by the
Contributors, whether or not such income was disbursed during such calendar year.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to closing, the Parties shall provide the Escrow Agent with certified tax identification numbers by furnishing appropriate forms
W-9 or W-8 and such other forms and documents that the Escrow Agent may reasonably request. The Parties understand that if such
tax reporting documentation is not provided and certified to the Escrow Agent, the Escrow Agent may be required by the Internal
Revenue Code of 1986, as amended, and the regulations promulgated thereunder, to withhold a portion of any income earned on or
with respect to the Escrowed Consideration.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties, severally, and not jointly (i.e., 50% by the OP and 50% by the Contributors&rsquo; Representative on behalf of the Contributors)
shall indemnify, defend and hold the Escrow Agent harmless from and against any tax, late payment, interest, penalty or other
cost or expense that may be assessed against the Escrow Agent on or with respect to the Escrowed Consideration and the investment
thereof unless such tax, late payment, interest, penalty or other expense was directly caused by the gross negligence, fraud or
willful misconduct of the Escrow Agent. The indemnification provided by this Section 1.3(c) is in addition to the indemnification
provided in Section 3.1 and shall survive the resignation or removal of the Escrow Agent and the termination of this Escrow Agreement.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties agree that the Escrow Agent will not be responsible for any tax reporting related to the Escrowed Consideration.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Distributions</U>. As between the Parties, for so long as any of the Escrowed Consideration is held by the Escrow Agent
pursuant to the terms hereof, any ordinary distributions that may be paid in respect of such Escrowed Consideration shall be paid
in accordance with that certain Third Amended and Restated Agreement of Limited Partnership of the OP, dated as of the date hereof,
to the Contributors&rsquo; Representative (for further distribution to the Contributors).</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting</U>. The Contributors&rsquo; Representative shall be entitled to exercise all voting rights with respect to
the Escrowed Consideration.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. Upon the disbursement of all of the Escrowed Consideration in accordance with Section 1.04 of the
Contribution Agreement, this Escrow Agreement shall terminate and be of no further force and effect except that the provisions
of Sections 1.3(c), 3.1 and 3.2 hereof shall survive termination.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Georgia,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
2<BR>
DUTIES OF THE ESCROW AGENT</FONT></P>

<P STYLE="font: 10pt Georgia,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Scope of Responsibility</U>. Notwithstanding any provision to the contrary, the Escrow Agent is obligated only to perform
the duties specifically set forth in this Escrow Agreement, which shall be deemed purely ministerial in nature. Under no circumstances
will the Escrow Agent be deemed to be a fiduciary to any Party or any other person under this Escrow Agreement. The Escrow Agent
will not be responsible or liable for the failure of any Party to perform in accordance with this Escrow Agreement. The Escrow
Agent shall neither be responsible for, nor chargeable with, knowledge of the terms and conditions of any other agreement (other
than capitalized terms used herein but not defined herein to which meanings have been given in the Contribution Agreement), instrument,
or document other than this Escrow Agreement, whether or not an original or a copy of such agreement has been provided to the
Escrow Agent; and the Escrow Agent shall have no duty to know or inquire as to the performance or nonperformance of any provision
of any such agreement, instrument, or document. References in this Escrow Agreement to any other agreement, instrument, or document
are for the convenience of the Parties, and the Escrow Agent has no duties or obligations with respect thereto. This Escrow Agreement
sets forth all matters pertinent to the escrow contemplated hereunder, and no additional obligations of the Escrow Agent shall
be inferred or implied from the terms of this Escrow Agreement or any other agreement.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Attorneys and Agents</U>. The Escrow Agent shall be entitled to rely on and shall not be liable for any action taken
or omitted to be taken by the Escrow Agent in accordance with the advice of counsel or other professionals retained or consulted
by the Escrow Agent. The Escrow Agent shall be reimbursed as set forth in Section 3.1 for any and all compensation (fees, expenses
and other costs) paid and/or reimbursed to such counsel and/or professionals. The Escrow Agent may perform any and all of its
duties through its agents, representatives, attorneys, custodians, and/or nominees.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reliance</U>. The Escrow Agent shall not be liable for any action taken or not taken by it in accordance with the direction
or consent of the Authorized Representatives or their respective agents, representatives, successors, or assigns. The Escrow Agent
shall not be liable for acting or refraining from acting upon any notice, request, consent, direction, requisition, certificate,
order, affidavit, letter, or other paper or document reasonably believed by it to be genuine and correct and to have been signed
or sent by the proper person or persons, without further inquiry into the person&rsquo;s or persons&rsquo; authority.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right Not Duty Undertaken</U>. The permissive rights of the Escrow Agent to do things enumerated in this Escrow Agreement
shall not be construed as duties, unless otherwise expressly provided herein.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Georgia,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
ARTICLE 3<BR>
PROVISIONS CONCERNING THE ESCROW AGENT</FONT></P>

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Section 3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>.</FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties hereby agree, severally and not jointly (i.e. 50% by the OP and 50% by the Contributors&rsquo; Representative on behalf
of the Contributors), to indemnify the Escrow Agent, its directors, officers, employees and agents (collectively, the &ldquo;Indemnified
Parties&rdquo;), and hold the Indemnified Parties harmless from any and against all liabilities, losses, actions, suits or proceedings
at law or in equity, and any other reasonable out-of-pocket expenses, fees or charges of any character or nature, including, without
limitation, reasonable out-of-pocket outside attorney&rsquo;s fees and expenses, which an Indemnified Party may incur or with which
it may be threatened by reason of acting as or on behalf of Escrow Agent under this Agreement or arising out of the existence
of the Escrow Account, except to the extent the same shall be caused by Escrow Agent&rsquo;s gross negligence, fraud or willful misconduct.
The terms of this paragraph shall survive termination of this Agreement.</FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties agree that if any claim in accordance with Section 3.1(a) is caused by or through one of the Parties, such Party will
indemnify the other Party for any liability of such other Party to the Escrow Agent.</FONT></P>

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Section 3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation of Liability</U>. <FONT STYLE="text-transform: uppercase">the escrow agent SHALL NOT be liable,
directly or indirectly, for any (i) damages, Losses or expenses arising out of the services provided hereunder, other than damages,
losses or expenses which have been finally adjudicated to have DIRECTLY resulted from the escrow agent&rsquo;s gross negligence,
fraud or willful misconduct or (ii) special, Indirect or consequential damages or LOSSES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT
LIMITATION LOST PROFITS), even if the escrow agent has been advised of the possibility of such LOSSES OR damages AND REGARDLESS
OF THE FORM OF ACTION.</FONT></FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Resignation or Removal</U>. The Escrow Agent may resign by furnishing written notice of its resignation to the Parties,
and the Parties may remove the Escrow Agent by furnishing to the Escrow Agent a joint written notice of its removal along with
payment of all fees and expenses to which it is entitled through the date of termination. Such resignation or removal, as the
case may be, shall be effective thirty (30) calendar days after the delivery of such notice or upon the earlier appointment of
a successor, and the Escrow Agent&rsquo;s sole responsibility thereafter shall be to safely keep the Escrowed Consideration and
to deliver the same to a successor escrow agent as shall be appointed by the Parties, as evidenced by a joint written notice filed
with the Escrow Agent or in accordance with a court order. If the Parties have failed to appoint a successor escrow agent prior
to the expiration of thirty (30) calendar days following the delivery of such notice of resignation or removal, the Escrow Agent
may petition any court of competent jurisdiction for the appointment of a successor escrow agent or for other appropriate relief,
and any such resulting appointment shall be binding upon the Parties.</FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation</U>. The Escrow Agent shall be entitled to compensation for its services as stated in the fee schedule
attached hereto as Exhibit C, which compensation shall be paid by the OP. The fee agreed upon for the services rendered hereunder
is intended as compensation for the Escrow Agent&rsquo;s services as contemplated by this Escrow Agreement; provided, however, that
in the event that the conditions for the disbursement of funds under this Escrow Agreement are not fulfilled, or the Escrow Agent
renders any service not contemplated in this Escrow Agreement, or there is any assignment of interest in the subject matter of
this Escrow Agreement, or any material modification hereof, or if any material controversy arises hereunder, or the Escrow Agent
is made a party to any litigation pertaining to this Escrow Agreement or the subject matter hereof (other than as a result of
the Escrow Agent&rsquo;s gross negligence, fraud or willful misconduct), then the Escrow Agent shall be compensated for such extraordinary
services and reimbursed for all costs and expenses, including reasonable attorneys&rsquo; fees and expenses, occasioned by any
such delay, controversy, litigation or event. If any amount due to the Escrow Agent hereunder is not paid within thirty (30) calendar
days of the date due, the Escrow Agent in its sole discretion may charge interest on such amount up to the highest rate permitted
by applicable law.</FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disagreements</U>. If any conflict, disagreement or dispute arises between, among, or involving any of the parties
hereto concerning the meaning or validity of any provision hereunder or concerning any other matter relating to this Escrow Agreement,
or the Escrow Agent is in doubt as to the action to be taken hereunder, the Escrow Agent may, at its option, retain the Escrowed
Consideration until the Escrow Agent (i) receives a final non-appealable order of a court of competent jurisdiction or a final
non-appealable arbitration decision directing delivery of the Escrowed Consideration, (ii) receives a written agreement executed
by each of the parties involved in such disagreement or dispute directing delivery of the Escrowed Consideration, in which event
the Escrow Agent shall be authorized to disburse the Escrowed Consideration in accordance with such final court order, arbitration
decision, or agreement, or (iii) files an interpleader action in any court of competent jurisdiction, and upon the filing thereof,
the Escrow Agent shall be relieved of all liability as to the Escrowed Consideration and shall be entitled to recover attorneys&rsquo;
fees, expenses and other costs incurred in commencing and maintaining any such interpleader action. The Escrow Agent shall be
entitled to act on any such agreement, court order, or arbitration decision without further question, inquiry, or consent.</FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Merger or Consolidation</U>. Any corporation or association into which the Escrow Agent may be converted or merged,
or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business
and assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale,
merger, consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor escrow agent under this
Escrow Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, without
the execution or filing of any instrument or paper or the performance of any further act.</FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Attachment of Escrowed Consideration; Compliance with Legal Orders</U>. In the event that any Escrowed Consideration
shall be attached, garnished or levied upon by any court order, or the delivery thereof shall be stayed or enjoined by an order
of a court, or any order, judgment or decree shall be made or entered by any court order affecting the Escrowed Consideration,
the Escrow Agent is hereby expressly authorized, in its sole discretion, to respond as it deems appropriate or to comply with
all writs, orders or decrees so entered or issued, or which it is advised by legal counsel of its own choosing is binding upon
it, whether with or without jurisdiction. In the event that the Escrow Agent obeys or complies with any such writ, order or decree
it shall not be liable to any of the Parties or to any other person, firm or corporation, should, by reason of such compliance
notwithstanding, such writ, order or decree be subsequently reversed, modified, annulled, set aside or vacated.</FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Force Majeure</U>. The Escrow Agent shall not be responsible or liable for any failure or delay in the performance of
its obligation under this Escrow Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable
control, including, without limitation, acts of God; earthquakes; fire; flood; wars; acts of terrorism; civil or military disturbances;
sabotage; epidemic; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications
services; accidents; labor disputes; acts of civil or military authority or governmental action; it being understood that the
Escrow Agent shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as reasonably practicable under the circumstances.</FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance with Legal Orders</U>. Escrow Agent shall be entitled to consult with legal counsel in the event that a question
or dispute arises with regard to the construction of any of the provisions hereof, and shall incur no liability and shall be fully
protected in acting in accordance with the advice or opinion of such counsel.</FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.10&nbsp;<U>Disagreements</U>. In the event Escrow Agent receives conflicting instructions hereunder, Escrow Agent shall be fully
protected in refraining from acting until such conflict is resolved to the satisfaction of Escrow Agent.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.11 <U>No Financial Obligation</U>. Escrow Agent shall not be required to use its own funds in the performance of any of its
obligations or duties or the exercise of any of its rights or powers and shall not be required to take any action (other than
the actions expressly contemplated by this Escrow Agreement) which, in Escrow Agent&rsquo;s sole and absolute judgment, could involve
it in expense or liability unless furnished with security and indemnity which it deems, in its sole and absolute discretion, to
be satisfactory.</FONT></P>

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<P STYLE="font: 10pt Georgia,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
4<BR>
MISCELLANEOUS</FONT></P>

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Section 4.1.&nbsp;<U>Successors and Assigns</U>. This Escrow Agreement shall be binding on and inure to the benefit of the Parties
and the Escrow Agent and their respective successors and permitted assigns. No other persons shall have any rights under this
Escrow Agreement.&nbsp;&nbsp;No assignment of the interest of any of the Parties shall be binding unless and until written notice
of such assignment shall be delivered to the other Party and the Escrow Agent and shall require the prior written consent of the
other&nbsp;Party and the Escrow Agent (such&nbsp;consent not to be unreasonably withheld); provided, that Contributors&rsquo;
Representative may assign this Escrow Agreement without the prior written consent of Escrow Agent or any other Party to any Affiliate
of Contributors&rsquo; Representative. The Contributors&rsquo; Representative will provide prior notice of any such assignment
to the Escrow Agent and provide Know Your Customer documentation as needed.</FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.2.&nbsp;<U>Escheat</U>. The Parties are aware that under applicable state law, property which is presumed abandoned may under
certain circumstances escheat to the applicable state. The Escrow Agent shall have no liability to the Parties, their respective
heirs, legal representatives, successors and assigns, or any other party, should any or all of the Escrowed Consideration escheat
by operation of law.</FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
Section 4.3.&nbsp;<U>Notices</U>. All notices, account statements, requests, demands, and other communications required under this
Escrow Agreement shall be in writing, in English, and shall be deemed to have been duly given if delivered (i) personally, (ii)
by facsimile transmission with written confirmation of receipt, (iii) by overnight delivery with a reputable national overnight
delivery service, or (iv) by mail, email or other electronic transmission or by certified mail, return receipt requested, and
postage prepaid. If any notice is mailed, it shall be deemed given five Business Days after the date such notice is deposited
in the United States mail. If notice is given to a party, it shall be given at the address for such party set forth below. It
shall be the responsibility of the Parties to notify the Escrow Agent and the other Party in writing of any name or address changes.
In the case of communications delivered to the Escrow Agent, such communications shall be deemed to have been given on the date
received by the Escrow Agent.</FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the OP:</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0 0pt 22.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips
Edison Grocery Center Operating Partnership I, L.P.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0 0pt 22.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11501
Northlake Drive</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0 0pt 22.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cincinnati,
Ohio 45249</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0 0pt 22.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Special Committee of the Board of Directors</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
a copy, which shall not constitute notice, to:</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sidley
Austin LLP</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
South Dearborn</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago,
IL 60603</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paul
L. Choi</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312)
853-7036</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pchoi@sidley.com</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the Contributors&rsquo; Representative:</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
S. Edison</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">222
South Main Street, Suite 1730</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salt
Lake City, UT 84101</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(801)
521-6952</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;jedison@phillipsedison.com</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
a copy, which shall not constitute notice, to:</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latham
&amp; Watkins LLP</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">355
South Grand Avenue</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Los
Angeles, California 90071</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Julian
Kleindorfer/Bradley A. Helms</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213)
891-8763</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;julian.kleindorfer@lw.com
/ bradley.helms@lw.com</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the Escrow Agent:</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wilmington
Trust, National Association</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">650
Town Center Drive, Suite 600</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costa
Mesa, CA 92626</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Jane Snyder</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
(714) 384-4162</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail:
jmsnyder@wilmingtontrust.com</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.4.&nbsp;<U>Governing Law</U>. This Escrow Agreement shall be governed by the internal laws of the State of Delaware applicable
to agreements made and to be performed entirely within such state, without regard to the conflicts of law principles of such state.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.5.&nbsp;<U>Entire Agreement</U>. This Escrow Agreement sets forth the entire agreement and understanding of the parties related
to the Escrowed Consideration. As between the OP and the Contributors&rsquo; Representative, in the event of conflict between
this Escrow Agreement and the Contribution Agreement, the Contribution Agreement shall prevail.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.6.&nbsp;<U>Amendment</U>. This Escrow Agreement may be amended, modified, superseded, rescinded, or canceled only by a written
instrument executed by the Parties and the Escrow Agent.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.7.&nbsp;<U>Waivers</U>. The failure of any party to this Escrow Agreement at any time or times to require performance of any provision
under this Escrow Agreement shall in no manner affect the right at a later time to enforce the same performance. A waiver by any
party to this Escrow Agreement of any such condition or breach of any term, covenant, representation, or warranty contained in
this Escrow Agreement, in any one or more instances, shall neither be construed as a further or continuing waiver of any such
condition or breach nor a waiver of any other condition or breach of any other term, covenant, representation, or warranty contained
in this Escrow Agreement.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.8.&nbsp;<U>Headings</U>. Section headings of this Escrow Agreement have been inserted for convenience of reference only and shall
in no way restrict or otherwise modify any of the terms or provisions of this Escrow Agreement. Except as otherwise expressly
set forth herein, references to &ldquo;Articles,&rdquo; &ldquo;Exhibits,&rdquo; or &ldquo;Sections&rdquo; shall be to Articles,
Exhibits or Sections of or to this Escrow Agreement.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.9.&nbsp;<U>Counterparts</U>. This Escrow Agreement may be executed in one or more counterparts, each of which when executed shall
be deemed to be an original, and such counterparts shall together constitute one and the same instrument.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.10. <U>Waiver of Jury Trial.</U> <B>EACH OF THE PARTIES HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN RESOLVING ANY CLAIM
OR COUNTERCLAIM RELATING TO OR ARISING OUT OF THIS ESCROW AGREEMENT.</B></FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[The
remainder of this page left intentionally blank.]</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, this Escrow Agreement has been duly executed as of the date first written above.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Verdana,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 51%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Jeffrey
    S. Edison, as Contributors&rsquo; Representative</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Verdana,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">By:&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Verdana,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 51%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Phillips
    Edison Grocery Center Operating Partnership I, L.P., as the OP</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Verdana,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">By:&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Verdana,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 51%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">WILMINGTON
    TRUST, NATIONAL ASSOCIATION, as Escrow Agent</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Verdana,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">By:&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>EXHIBIT
A-1</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTIFICATE
AS TO AUTHORIZED REPRESENTATIVES</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OF
the OP</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips
Edison Grocery Center Operating Partnership I, L.P. (the &ldquo;OP&rdquo;) hereby designates each of the following persons as
its Authorized Representatives for purposes of this Agreement, and confirms that the title, contact information and specimen signature
of each such person as set forth below is true and correct. Each such Authorized Representative is authorized to initiate and
approve transactions of all types for the Escrow Account established under the Agreement to which this Exhibit A-1 is attached,
on behalf of the OP.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    </B>(print):</FONT></TD>
    <TD STYLE="width: 74%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Specimen
    Signature:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telephone
Number </B>(required):</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>If
more than one, list all applicable telephone numbers.</I></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cell:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E-mail
</B>(required):</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>If
more than one, list all applicable email addresses.</I></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
1:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
2:</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    </B>(print):</FONT></TD>
    <TD STYLE="width: 74%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Specimen
    Signature:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telephone
Number </B>(required):</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>If
more than one, list all applicable telephone numbers.</I></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office:</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cell:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E-mail
</B>(required):</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>If
more than one, list all applicable email addresses.</I></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
1:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
        2:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    </B>(print):</FONT></TD>
    <TD STYLE="width: 74%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Specimen
    Signature:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telephone
Number </B>(required):</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>If
more than one, list all applicable telephone numbers.</I></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cell:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E-mail
</B>(required):</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>If
more than one, list all applicable email addresses.</I></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
1:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
2:</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Additional
Email Addresses:</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following additional email addresses also may be used by Escrow Agent to verify the email address used to send any Payment Notice
to Escrow Agent:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
1: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
2: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
3: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPLETE
BELOW TO UPDATE EXHIBIT A-1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the OP wishes to update this Exhibit A-1, the OP must complete, sign and send to Escrow Agent an updated copy of this Exhibit
A-1 with such changes. Any updated Exhibit A-1 shall be effective once signed by the OP and Escrow Agent and shall entirely supersede
and replace any prior Exhibit A-1 to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips
Edison Grocery Center Operating Partnership I, L.P.</FONT></P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:_________________________&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WILMINGTON
TRUST, NATIONAL ASSOCIATION (as Escrow Agent)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:_________________________&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>OP
Remittance Instructions:</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>EXHIBIT
A-2</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTIFICATE
AS TO AUTHORIZED REPRESENTATIVES</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OF
CONTRIBUTORS&rsquo; REPRESENTATIVE</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
S. Edison, as the Contributors&rsquo; Representative (the &ldquo;Contributors&rsquo; Representative&rdquo;) designates each of
the following persons as its Authorized Representatives for purposes of this Agreement, and confirms that the title, contact information
and specimen signature of each such person as set forth below is true and correct. Each such Authorized Representative is authorized
to initiate and approve transactions of all types for the Escrow Account established under the Agreement to which this Exhibit
A-2 is attached, on behalf of the Contributors&rsquo; Representative.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    </B>(print):</FONT></TD>
    <TD STYLE="width: 74%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Specimen
    Signature:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telephone
Number </B>(required):</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>If
more than one, list all applicable telephone numbers.</I></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cell:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E-mail
</B>(required):</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>If
more than one, list all applicable email addresses.</I></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
1:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
2:</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    </B>(print):</FONT></TD>
    <TD STYLE="width: 74%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Specimen
    Signature:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telephone
Number </B>(required):</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>If
more than one, list all applicable telephone numbers.</I></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cell:</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E-mail
</B>(required):</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>If
more than one, list all applicable email addresses.</I></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
1:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
        2:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    </B>(print):</FONT></TD>
    <TD STYLE="width: 74%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Specimen
    Signature:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telephone
Number </B>(required):</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>If
more than one, list all applicable telephone numbers.</I></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cell:</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E-mail
</B>(required):</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>If
more than one, list all applicable email addresses.</I></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
1:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
2:</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Additional
Email Addresses: </U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following additional email addresses also may be used by Escrow Agent to verify the email address used to send any Payment Order
Notice to Escrow Agent:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
1: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
2: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
3: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPLETE
BELOW TO UPDATE EXHIBIT B-2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Contributors&rsquo; Representative wishes to update this Exhibit A-2, the Contributors&rsquo; Representative must complete,
sign and send to Escrow Agent an updated copy of this Exhibit A-2 with such changes. Any updated Exhibit A-2 shall be effective
once signed by the Contributors&rsquo; Representative and Escrow Agent and shall entirely supersede and replace any prior Exhibit
A-2 to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contributors&rsquo;
Representative</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:_________________________&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;Jeffrey
S. Edison</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WILMINGTON
TRUST, NATIONAL ASSOCIATION (as Escrow Agent)</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:_________________________&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contributors&rsquo;
Representative Remittance Instructions:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left"><IMG SRC="exhibit2-1001.jpg" ALT="(WILMINGTON TRUST LOGO)"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit
C</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees
of Escrow Agent</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 10pt Times New Roman,serif; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Acceptance
    Fee:</U></B></FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$0</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial
Fees as they relate to Wilmington Trust acting in the capacity of Escrow Agent &ndash; includes review of the Escrow Agreement;
acceptance of the Escrow appointment; setting up of Escrow Account(s) and accounting records; and coordination of receipt of funds
for deposit to the Escrow Account(s). <B>Acceptance Fee payable at time of Escrow Agreement execution</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 10pt Times New Roman,serif; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Escrow
    Agent Administration Fee:</U></B></FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$2,500</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
ordinary administrative services by Escrow Agent &ndash; includes daily routine account management; investment transactions; cash
transaction processing (including wire and check processing); monitoring claim notices pursuant to the agreement; disbursement
of funds in accordance with the agreement; and mailing of trust account statements to all applicable parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Out-of-Pocket
Expenses:</U></B></FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><B>Billed At Cost</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>

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<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXHIBIT&nbsp;D</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>FORM
OF TAX PROTECTION AGREEMENT</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
TAX PROTECTION AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;) is entered into as of [&nbsp;&#9679;&nbsp;], 2017, by and among Phillips Edison
Grocery Center REIT I, Inc., a Maryland corporation (the &ldquo;<U>REIT</U>&rdquo;), Phillips Edison Grocery Center Operating
Partnership I, L.P., a Delaware limited partnership (the &ldquo;<U>Operating Partnership</U>&rdquo;), and each Protected Partner
identified as a signatory on <U>Schedule I</U>, as amended from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">RECITALS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">WHEREAS,
the REIT is a real estate investment trust within the meaning of Section 856 of the Code;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">WHEREAS,
the REIT is the sole member of Phillips Edison Grocery Center OP GP I LLC, a Delaware limited liability company and general partner
of the Operating Partnership, and a limited partner of the Operating Partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">WHEREAS,
the REIT desires to cause the Operating Partnership to acquire a portfolio of properties currently owned, directly or indirectly,
by certain entities, as set forth in the Contribution Agreement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">WHEREAS,
as a condition to engaging in the Contribution Transactions, and as an inducement to do so, the parties hereto are entering into
this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">NOW,
THEREFORE, in consideration of the promises and mutual agreements contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
I<BR>
<BR>
<U>DEFINED TERMS</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
purposes of this Agreement the following terms shall apply:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>50% Termination</U>&rdquo; has the meaning set forth in the definition
of &ldquo;Tax Protection Period.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Affiliate</U>&rdquo; means, with respect to any Person, any Person
directly or indirectly controlling or controlled by or under common control with such Person. For the purposes of this definition,
&ldquo;control&rdquo; when used with respect to any Person means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract
or otherwise, and the terms &ldquo;controlling&rdquo; and &ldquo;controlled&rdquo; have meanings correlative to the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Allocation Shortfall</U>&rdquo; has the meaning set forth in <U>Section
2.4(b)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.4&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&ldquo;<U>Agreement</U>&rdquo; has the meaning set forth in the
preamble.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Approval of the Partners&rsquo; Representative</U>&rdquo; means the
written approval of the Partners&rsquo; Representative with respect to any matter or transaction (for the avoidance of doubt,
no vote in favor of any transaction by the Partners&rsquo; Representative or any of its Affiliates in its capacity as owner of
shares of the REIT or OP Units shall constitute such approval).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Approved Liability</U>&rdquo; means:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
liability of the Operating Partnership (or of an entity whose separate existence from the Operating Partnership is disregarded
for U.S. federal income tax purposes) with respect to which all of the following requirements are satisfied:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
liability is secured by real property or other assets (the &ldquo;<U>Collateral</U>&rdquo;) owned directly by the Operating Partnership
or by an entity whose separate existence from the Operating Partnership is disregarded for U.S. federal income tax purposes;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
the date on which the Operating Partnership designated such liability as an Approved Liability, the outstanding principal amount
(and any accrued and unpaid interest) of the liability and any other Approved Liabilities secured by such Collateral at such time
was no more than 65% of the fair market value (as reasonably determined in good faith by the Operating Partnership) of the Collateral
at such time, <I>provided</I> that if interest on such liability is &ldquo;pay in kind&rdquo; or otherwise not required to be
paid (in cash) at least annually or if the documents evidencing such liability permit the borrower to borrow additional amounts
that are secured by the Collateral, the outstanding principal amount of such liability shall include the maximum amount that could
be so added to the principal amount of such liability without a default;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
other Person has executed any guarantees with respect to such liability other than: (A) guarantees by the Protected Partners;
(B) guarantees by Affiliates of the Operating Partnership, provided that each applicable Protected Partner indemnifies each such
Affiliate against any liability of such Affiliate (to the extent such liability does not exceed such Protected Partner&rsquo;s
Required Liability Amount) arising solely from the existence or performance of such guarantee; and (C) non-recourse carve out
guarantees (i.e., bad-boy guarantees);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Collateral does not provide security for another liability (other than another Approved Liability) that ranks senior to, or <I>pari
passu</I> with, the liability described in clause (i) above; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
liability is a Guarantee Permissible Liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
purposes of determining whether clause (ii) has been satisfied in situations where one or more potential Approved Liabilities
are secured by more than one item of Collateral, the Operating Partnership shall allocate such liabilities among such items of
Collateral in proportion to their relative fair market values (as reasonably determined in good faith by the Operating Partnership);
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
other indebtedness approved by the Partners&rsquo; Representative (or its successor or designee) in its sole and absolute discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Closing Date</U>&rdquo; has the meaning assigned to it in the Contribution
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<U>Code</U>&rdquo; means the Internal Revenue Code of 1986, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Collateral</U>&rdquo; has the meaning set forth in the definition
of &ldquo;Approved Liability.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Contribution Agreement</U>&rdquo; means the Contribution Agreement by
and among the REIT, the Operating Partnership, PELP and certain other parties, dated as of May 18, 2017, pursuant to which the
Operating Partnership will acquire, among other things, a portfolio of properties currently owned, directly or indirectly, by
certain entities as set forth in such agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Contribution Transactions</U>&rdquo; means the acquisition of a portfolio
of properties pursuant to the Contribution Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Debt Gross Up Amount</U>&rdquo; has the meaning set forth in definition
of &ldquo;Make Whole Amount.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Debt Notification Event</U>&rdquo; means, with respect to a Nonrecourse
Liability or an Approved Liability, any transaction (a) in which such liability shall be refinanced, otherwise repaid, or guaranteed
by any of the REIT, the Operating Partnership, or one or more of their Affiliates, or guaranteed by one or more partners of the
Operating Partnership, or (b) that would otherwise result in any reduction in the amount of Nonrecourse Liabilities or Approved
Liabilities allocated to a Protected Partner; in each case other than fixed scheduled payments of principal occurring prior to
the maturity date of such liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>DownREIT OP Units</U>&rdquo; has the meaning set forth in <U>Section 3.2(a)(ii)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<U>Exchange</U>&rdquo; has the meaning set forth in <U>Section 2.1(b)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Fundamental Transaction</U>&rdquo; means, with respect to any entity,
a merger, combination, consolidation or similar transaction (including a transfer of all or substantially all of the assets of
such entity).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Fundamental Transaction Gross Up Amount</U>&rdquo; has the meaning set
forth in definition of &ldquo;Make Whole Amount.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Gain Transaction</U>&rdquo; has the meaning set forth in <U>Section 2.1(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Gross Up Amount</U>&rdquo; has the meaning set forth in definition of
&ldquo;Make Whole Amount.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Guarantee</U>&rdquo; has the meaning set forth in <U>Section 2.4(b)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Guarantee Opportunity</U>&rdquo; has the meaning set forth in <U>Section
2.4(b)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Guarantee Permissible Liability</U>&rdquo; means a liability with respect
to which the lender permits a guarantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Make Whole Amount</U>&rdquo; means:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to any Protected Partner that recognizes income or gain under Section 704(c) of the Code as a result of a Tax Protection
Period Transfer, <I>the sum of</I> (i) <I>the product of</I> (A) the amount of income or gain recognized by such Protected Partner
under Section 704(c) of the Code in respect of such Tax Protection Period Transfer (taking into account any adjustments under
Section 743 of the Code to which such Protected Partner is entitled) <I>multiplied by</I> (B) the Make Whole Tax Rate, <I>plus
</I>(ii) an amount equal to the combined U.S. federal and applicable state income taxes (calculated using the Make Whole Tax Rate)
imposed on such Protected Partner as a result of the receipt by such Protected Partner of a payment under <U>Section 2.2</U> (the
&ldquo;<U>Gross Up Amount</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to any Protected Partner that recognizes income or gain as a result of a breach by the Operating Partnership of the provisions
of <U>Section 2.4</U> hereof, <I>the sum of </I>(i) <I>the product of</I> (A) the amount of income or gain recognized by such
Protected Partner by reason of such breach, <I>multiplied by </I>(B) the Make Whole Tax Rate, <I>plus</I> (ii) an amount equal
to the combined U.S. federal and applicable state income taxes (calculated using the Make Whole Tax Rate) imposed on such Protected
Partner as a result of the receipt by such Protected Partner of a payment under <U>Section 2.4</U> (the &ldquo;<U>Debt Gross Up
Amount</U>&rdquo;); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to any Protected Partner that recognizes income or gain as a result of a Fundamental Transaction described in clause (ii)
of <U>Section 2.1(a)</U> or as a result of the receipt of consideration payable pursuant to <U>Section 3.5</U>, <I>the sum of
</I>(i) <I>the product of</I> (A) the amount of income or gain recognized by such Protected Partner in respect of such transaction,
<I>multiplied by </I>(B) the Make Whole Tax Rate, <I>plus</I> (ii) an amount equal to the combined U.S. federal and applicable
state income taxes (calculated using the Make Whole Tax Rate) imposed on such Protected Partner as a result of the receipt by
such Protected Partner of a payment under <U>Section 2.2</U> or <U>Section 3.5</U>, as applicable (the &ldquo;<U>Fundamental Transaction
Gross Up Amount</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the avoidance of doubt, each Make Whole Amount shall be calculated pursuant to the formula set forth above, and the actual
taxes or tax attributes of the Protected Partners shall not be taken into account. For purposes of calculating the amount of
Section 704(c) gain that is allocated to a Protected Partner, (i) subject to clause (ii) below, any &ldquo;reverse Section
704(c) gain&rdquo; allocated to such Protected Partner pursuant to Treasury Regulations Section 1.704-3(a)(6) shall not be
taken into account, <U>provided</U>, <U>however</U>, that (ii) if, as a result of adjustments to the Gross Asset Value (as
defined in the OP Agreement) of the Protected Properties pursuant to clause (b) of the definition of Gross Asset Value as set
forth in the OP Agreement, all or a portion of the gain recognized by the Operating Partnership that would have been Section
704(c) gain without regard to such adjustments becomes or is treated as &ldquo;reverse Section 704(c) gain&rdquo; or Section
704(b) gain under Section 704 of the Code, then such gain shall continue to be treated as Section 704(c) gain.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Make Whole Tax Rate</U>&rdquo; means, with respect to a Protected Partner who
is entitled to receive a payment under <U>Section 2.2</U>, <U>Section 2.4</U> or <U>Section 3.5</U>, the highest combined statutory
U.S. federal and state tax rate in respect of the income or gain that gave rise to such payment, taking into account the character
of the income and gain in the hands of such Protected Partner, for the taxable year in which such gain or income is recognized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Nonrecourse Liability</U>&rdquo; means a liability that is a &ldquo;nonrecourse
liability&rdquo; for purposes of Section 752 of the Code and the Treasury Regulations thereunder and &ldquo;qualified nonrecourse
financing&rdquo; as defined in Section 465(b)(6) of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>OP Agreement</U>&rdquo; means the Third Amended and Restated Agreement
of Limited Partnership of the Operating Partnership, as amended from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<U>OP Units</U>&rdquo; means common units of partnership interest in the Operating
Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Operating Partnership</U>&rdquo; has the meaning set forth in the preamble.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Partners&rsquo; Representative</U>&rdquo; means any Person designated
as the &ldquo;Partners&rsquo; Representative&rdquo; pursuant to <U>Section 4.16(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Partners&rsquo; Representative Expenses</U>&rdquo; has the meaning set
forth in <U>Section 4.16(c)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Pass Through Entity</U>&rdquo; means an entity treated as a partnership,
grantor trust, or S corporation for U.S. federal income tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.32&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<U>PELP</U>&rdquo; means Phillips Edison Limited Partnership, a Delaware limited
partnership, or its permitted assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.33&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Permitted Disposition</U>&rdquo; means a sale, exchange or other disposition
of OP Units (a) by a Protected Partner: (i) to such Protected Partner&rsquo;s children, spouse or issue; (ii) to a trust solely
for the benefit of (A) such Protected Partner, (B) such Protected Partner&rsquo;s children, spouse or issue, and/or (C) a spouse
of any of such Protected Partner&rsquo;s children; (iii) in the case of a trust which is a Protected Partner, solely to its beneficiaries,
or any of them, whether current or remainder beneficiaries; (iv) to an <I>inter vivos</I> or testamentary trust of which such
Protected Partner and/or the spouse or child of such Protected Partner is the trustee; (v) in the case of any partnership or limited
liability company which is a Protected Partner, solely to its direct partners or members; and/or (vi) in the case of any corporation
which is a Protected Partner, to its shareholders, and (b) by a party described in clauses (i), (ii), (iii) or (iv) to a partnership,
limited liability company or corporation of which the only partners, members or shareholders, as applicable, are parties described
in clauses (i), (ii), (iii) or (iv); <I>provided</I>, that for purposes of a 50% Termination (as defined in the definition of
Tax Protection Period), such Protected Partner shall be treated as continuing to own any OP Units</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">which
were subject to a Permitted Disposition unless and until there has been a sale, exchange or other disposition of such OP Units
by a permitted transferee which is not another Permitted Disposition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.34&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Person</U>&rdquo; means an individual or a corporation, partnership, trust,
unincorporated organization, association, limited liability company or other entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.35&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Protected Partner</U>&rdquo; means: (a) each signatory on <U>Schedule I</U>
attached hereto, as amended from time to time; (b) any Person who holds OP Units and who acquired such OP Units from another Protected
Partner in a Permitted Disposition in which such Person&rsquo;s adjusted basis in such OP Units, as determined for U.S. federal
income tax purposes, is determined, in whole or in part, by reference to the adjusted basis of the other Protected Partner in
such OP Units; and (c) with respect to a Protected Partner that is Pass Through Entity, and solely for purposes of computing the
amount to be paid under <U>Section 2.2</U>, <U>Section 2.4</U> or <U>Section 3.5</U>, as applicable, with respect to such Protected
Partner, any Person who (i) holds an interest in such Protected Partner, either directly or through one or more Pass Through Entities,
and (ii) is required to include all or a portion of the income of such Protected Partner in its own gross income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.36&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Protected Property</U>&rdquo; means each property identified on <U>Exhibit
A</U> hereto and each property and/or interest acquired in Exchange for a Protected Property as set forth in <U>Section 2.1(b)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.37&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Public DownREIT</U>&rdquo; means a real estate investment trust (within
the meaning of Section 856 of the Code) (a) that holds some, but not substantially all, of its assets through a single subsidiary
operating partnership that is treated as a partnership for U.S. federal income tax purposes and (b) whose common equity interests
are listed on the New York Stock Exchange or another national securities exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.38&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Public UPREIT</U>&rdquo; means a real estate investment trust (within
the meaning of Section 856 of the Code) (a) that holds all or substantially all of its assets through a single subsidiary operating
partnership that is treated as a partnership for U.S. federal income tax purposes and (b) whose common equity interests are listed
on the New York Stock Exchange or another national securities exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.39&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Required Liability Amount</U>&rdquo; means, with respect to each Protected
Partner, 142% of the amount of such Protected Partner&rsquo;s actual &ldquo;negative tax capital account&rdquo; determined as
of the Closing Date; provided however, that with respect to any OP Units that PELP distributes to its partners who are Protected
Partners, such amount shall be determined as of the date of such distribution, taking into account such distribution; provided,
further, that the aggregate Required Liability Amount for all Protected Partners shall be no greater than $160,000,000 (the &ldquo;<U>Required
Liability Amount Cap</U>&rdquo;). A current estimate of the Required Liability Amount for each Protected Partner is set forth
on <U>Exhibit C</U> hereto. In the event the aggregate Required Liability Amount for all Protected Partners exceeds the Required
Liability Amount Cap, the Required Liability Amount for each Protected Partner shall be reduced proportionately based on the Protected
Partners&rsquo; relative Required Liability Amounts, such that the aggregate Required Liability Amount for all Protected Partners
shall not exceed the Required Liability Amount Cap.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Required Liability Amount Cap</U>&rdquo; has the meaning set forth in
the definition of &ldquo;Required Liability Amount.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.41&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>REIT</U>&rdquo; has the meaning set forth in the preamble.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.42&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Section 2.4 Notice</U>&rdquo; has the meaning set forth in <U>Section
2.4(c)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.43&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Tax Protection Period</U>&rdquo; means the period commencing on the Closing
Date and ending on the tenth (10<SUP>th</SUP>) anniversary of the Closing Date; <I>provided</I>, <I>however</I>, that (a) such
period shall end with respect to any Protected Partner (i) if such Person owns less than fifty percent (50%) of the OP Units received
by the Protected Partner in the Contribution Transactions on the Closing Date, disregarding Permitted Dispositions (such an event,
a &ldquo;<U>50% Termination</U>&rdquo;) or (ii) with respect to any OP Units acquired by such Protected Partner as a result of
the death of another Protected Partner, if such death results in a step-up in the adjusted basis in such OP Units, and (b) such
period shall end with respect to all Protected Partners other than Michael C. Phillips (and any Protected Partners to the extent
they acquired OP Units from Michael C. Phillips) if there is a 50% Termination with respect to Jeffrey S. Edison and his affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.44&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Tax Protection Period Transfer</U>&rdquo; has the meaning set forth in
<U>Section 2.1(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.45&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Transfer</U>&rdquo;&nbsp;means any direct or indirect sale, exchange,
transfer or other disposition, whether voluntary or involuntary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.46&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Treasury Regulations</U>&rdquo; means the income tax regulations under the Code,
whether such regulations are in proposed, temporary or final form, as such regulations may be amended from time to time (including
corresponding provisions of succeeding regulations).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
II<BR>
<BR>
<U>TAX MATTERS</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxable Transfers</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
the Operating Partnership receives the Approval of the Partners&rsquo; Representative with respect to a Tax Protection Period
Transfer or an applicable Fundamental Transaction, during the Tax Protection Period, if the Operating Partnership or any entity
in which the Operating Partnership holds a direct or indirect interest shall cause or permit or suffer to occur (i) any Transfer
of all or any portion of a Protected Property (including any interest therein or in the entity owning, directly or indirectly,
the Protected Property) in a transaction that would result in the recognition of taxable income or gain by any Protected Partner
under Section 704(c) of the Code (a &ldquo;<U>Tax Protection Period Transfer</U>&rdquo;), or (ii) any Fundamental Transaction
with respect to the Operating Partnership that would result in the recognition of taxable income or gain by any Protected Partner
(a &ldquo;<U>Gain Transaction</U>&rdquo;), then subject to <U>ARTICLE III</U> below, the Operating Partnership shall make a payment
to each applicable Protected Partner as required under <U>Section 2.2</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to <U>ARTICLE III</U> below, <U>Section 2.1(a)</U> shall not apply to any Tax Protection Period Transfer of a Protected Property
(including any interest therein or in the entity owning, directly or indirectly, the Protected Property) or any Fundamental Transaction
with respect to the Operating Partnership, in each case in a transaction in which no income or gain is required to be recognized
by a Protected Partner (an &ldquo;<U>Exchange</U>&rdquo;), including a transaction qualifying under Section 1031 or Section 721
(or any successor statutes) of the Code; <I>provided</I>, <I>however</I>, that any property and/or interests acquired by the Operating
Partnership in any Exchange shall remain subject to the provisions of this <U>ARTICLE II</U> in place of the exchanged Protected
Property for the remainder of the Tax Protection Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
successor to the Operating Partnership must expressly assume the obligations of the Operating Partnership under this <U>ARTICLE
II</U> as a condition to becoming a successor to the Operating Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification for Taxable Transfers</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to <U>ARTICLE III</U> below, in the event of a Tax Protection Period Transfer or Fundamental Transaction described in <U>Section
2.1(a)</U>, the Operating Partnership shall pay an amount of cash equal to the estimated Make Whole Amount to each Protected Partner
(i) in the case of a Tax Protection Period Transfer, no later than the thirteenth (13<SUP>th</SUP>) day after the end of the quarter
in which such Tax Protection Period Transfer took place, and (ii) in the case of a Fundamental Transaction, within ten (10) business
days after the closing of such Fundamental Transaction. If it is later determined that the true Make Whole Amount applicable to
a Protected Partner exceeds the estimated Make Whole Amount applicable to such Protected Partner, then the Operating Partnership
shall pay such excess to such Protected Partner within ten (10) business days after the date of such determination, and if such
estimated Make Whole Amount exceeds the true Make Whole Amount, then such Protected Partner shall pay such excess to the Operating
Partnership within ten (10) business days after the date of such determination, but only to the extent such excess was actually
received by such Protected Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the avoidance of doubt, a vote in favor of a Tax Protection Period Transfer or Fundamental Transaction by a Protected Partner
or the Partners&rsquo; Representative in its capacity as, or acting for, an owner of OP Units or shares of the REIT shall not
constitute a waiver of such Protected Partner&rsquo;s right to indemnification pursuant to this <U>Section 2.2</U> as a result
of such Tax Protection Period Transfer or Fundamental Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section 704(c) Methodology</U>.&nbsp;The Operating Partnership shall use
the traditional method (without curative allocations) as set forth in Treasury Regulations Section 1.704-3(b) with respect to
the Protected Properties. A good faith estimate of the initial amount of Section 704(c) gain allocable to each Protected Property
as of the Closing Date of the Contribution Transactions is set forth on <U>Exhibit B</U> hereto. The parties acknowledge that
the initial amount of such Section 704(c) gain may be adjusted over time, including as required by Section 704(c) of the Code
and the Treasury Regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonrecourse Liability Maintenance and Debt Guarantee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the Tax Protection Period, the Operating Partnership shall: (i) use its commercially reasonable best efforts to maintain on a
continuous basis an amount of Nonrecourse Liabilities that would be allocated to each Protected Partner under Treasury Regulations
Section 1.752-3 and for purposes of Section 465(b)(6) of the Code at least equal to the Required Liability Amount with respect
to such Protected Partner; (ii) allocate excess nonrecourse liabilities (within the meaning of Treasury Regulations Section 1.752-3(a)(3))
in a manner that results in the greatest amount of excess nonrecourse liabilities being allocated to the Protected Partners; and
(iii) provide the Partners&rsquo; Representative, promptly upon request, with a description of the nature and amount of any Approved
Liabilities that are available to be guaranteed by the Protected Partners pursuant to <U>Section 2.4(b)</U> of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the Tax Protection Period, in the event that the amount of Nonrecourse Liabilities allocated to any Protected Partner is, or is
expected to be, less than the Required Liability Amount with respect to such Protected Partner (such shortfall, an &ldquo;<U>Allocation
Shortfall</U>&rdquo;), the Operating Partnership shall provide such Protected Partner with (i) written notice of such Allocation
Shortfall, which notice shall be provided no later than thirty (30) days prior to the occurrence of such Allocation Shortfall,
and (ii) the opportunity to execute an enforceable guarantee (a &ldquo;<U>Guarantee</U>&rdquo;) on a form provided by the Partners&rsquo;
Representative and approved by the Operating Partnership (which approval shall not be unreasonably withheld), of one or more Approved
Liabilities in an amount up to such Allocation Shortfall (each such opportunity, a &ldquo;<U>Guarantee Opportunity</U>&rdquo;).
The Guarantee provided by any Protected Partner shall not be subordinated (i.e., have relatively higher economic risk) to any
other guarantees of the same debt covered by such Protected Partner&rsquo;s Guarantee. The Operating Partnership shall have the
discretion to identify the Approved Liability or Approved Liabilities that shall be made available for guarantee by each Protected
Partner. Each Protected Partner that is a Pass Through Entity and its indirect owners may allocate the Guarantee Opportunity afforded
to such Protected Partner in any manner they choose. The Operating Partnership agrees to file its tax returns allocating any debt
subject to a Guarantee to the applicable Protected Partners without disclosure (relating to the avoidance of penalties), except
to the extent that the Operating Partnership is required to do otherwise as a result of (i) a final determination to the contrary
within the meaning of Section 1313(a) of the Code (or comparable applicable state law) or (ii) a change in applicable tax law
after the date this Agreement is executed. Each Protected Partner shall bear the costs incurred by it in connection with the execution
of any Guarantee to which it is a party. To the extent a Protected Partner executes a Guarantee, the Operating Partnership shall
deliver a copy of such Guarantee to the applicable lender promptly after receiving such copy from the relevant Protected Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the Tax Protection Period, the Operating Partnership shall not allow a Debt Notification Event to occur unless the Operating Partnership
provides at least thirty (30) days&rsquo; written notice (a &ldquo;<U>Section 2.4 Notice</U>&rdquo;) to each Protected Partner
that may be affected thereby. The Section 2.4 Notice shall describe the Debt Notification Event and designate one or more Approved
Liabilities that may be guaranteed by the Protected Partners pursuant to <U>Section 2.4(b)</U> of this Agreement. The Section
2.4 Notice shall be deemed to have been provided when delivered to the Protected Partner in accordance with Section 15.2 of the
OP Agreement. Any Protected Partner that desires to execute a Guarantee following the receipt of a Section 2.4 Notice shall provide
the Operating Partnership with notice thereof within ten (10) days after the date of the Section 2.4 Notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Operating Partnership fails to comply with any provision of this <U>Section 2.4</U> (and the Operating Partnership does not
receive the Approval of the Partners&rsquo; Representative with respect to such failure), the Operating Partnership shall pay
an amount of cash equal to the estimated Make Whole Amount to each Protected Partner no later than the thirteenth (13<SUP>th</SUP>)
day after the end of the quarter in which in which such failure took place. If it is later determined that the true Make Whole
Amount applicable to a Protected Partner exceeds the estimated Make Whole Amount applicable to such Protected Partner, then the
Operating Partnership shall pay such excess to such Protected Partner within ten (10) business days after the date of such determination,
and if such estimated Make Whole Amount exceeds the true Make Whole Amount, then such Protected Partner shall pay such excess
to the Operating Partnership within ten (10) business days after the date of such determination, but only to the extent such excess
was actually received by such Protected Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
III</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Fundamental
Transaction Matters</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Public UPREIT Surviving Company</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of any Fundamental Transaction in which the REIT or the Operating Partnership is acquired by or merged with or into a
Public UPREIT, each Protected Partner shall be provided with at least the following choices of consideration for each OP Unit
held by such Protected Partner immediately prior to the transaction:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
same consideration that is paid with respect to each share of the REIT&rsquo;s common stock in the transaction in accordance with
Section 11.2(c)(i) of the OP Agreement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
units of partnership interest in the operating partnership of such Public UPREIT, with terms that are at least as favorable as
the terms of the OP Units and otherwise in accordance with Section 11.2(c)(ii) of the OP Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the avoidance of doubt, subject to compliance with the ongoing terms of this Agreement by the Public UPREIT, if the consideration
choices described in <U>Section 3.1(a)</U> are offered to the Protected Partners and, in the case of clause (a)(ii) above, in
a transaction that is not a Gain Transaction, the Operating Partnership shall not be required to pay any Make Whole Amount pursuant
to <U>Section 2.2</U> or <U>Section 3.5</U>, and no consent of OP Unit holders shall be required for the consummation of the Fundamental
Transaction other than the consent described in Article 11 of the OP Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Public DownREIT Surviving Company</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of any Fundamental Transaction in which the REIT or the Operating Partnership is acquired by or merged with or into a
Public DownREIT, each Protected Partner shall be provided with at least the following choices of consideration for each OP Unit
held by such Protected Partner immediately prior to the transaction:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
same consideration that is paid with respect to each share of the REIT&rsquo;s common stock in the transaction in accordance with
Section 11.2(c)(i) of the OP Agreement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
units of partnership interest in the operating partnership of such Public DownREIT (&ldquo;<U>DownREIT OP Units</U>&rdquo;), with
terms that are at least as favorable as the terms of the OP Units and otherwise in accordance with Section 11.2(c)(ii) of the
OP Agreement; provided that such partnership must (A) have and maintain at all times subordinate units of partnership interest
(e.g., owned by the Public DownREIT) with a value equal to at least 100% of the value of the OP Units exchanged for DownREIT OP
Units; and (B) not have at closing, or thereafter incur, debt (including debt-like preferred or senior units) that would, at the
time incurred, cause such partnership to have aggregate leverage on a consolidated basis in excess of 65% of the fair market value
of such partnership&rsquo;s assets; provided, further, that no distribution may be made by such partnership with respect to such
subordinate units of partnership interest to the extent the requirement described in clause (B) of the preceding proviso would
not be met immediately after such distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the avoidance of doubt, subject to compliance with the ongoing terms of this Agreement by the Public DownREIT, if the consideration
choices described in <U>Section 3.2(a)</U> are offered to the Protected Partners and, in the case of clause (a)(ii) above, in
a transaction that is not a Gain Transaction, and the leverage and distribution limitations described in <U>Section 3.2(a)</U>
are complied with, the Operating Partnership shall not be required to pay any Make Whole Amount pursuant to <U>Section 2.2</U>
or <U>Section 3.5</U>, and no consent of OP Unit holders shall be required for the consummation of the Fundamental Transaction
other than the consent described in Article 11 of the OP Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Surviving Company</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of any Fundamental Transaction (1) in which the REIT or the Operating Partnership is acquired by or merged with or into
an entity other than a Public UPREIT or Public DownREIT or (2) after which the REIT&rsquo;s common stock will not be listed on
the New York Stock Exchange or other national securities exchange, each Protected Partner shall be provided with at least the
following choices of consideration for each OP Unit held by such Protected Partner immediately prior to the transaction:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
same consideration that is paid with respect to each share of the REIT&rsquo;s common stock in the transaction in accordance with
Section 11.2(c)(i) of the OP Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
units in an acquiror partnership that initially acquires all or substantially all of the assets of the Operating Partnership with
the following terms and conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Protected Partner(s) must receive common units based on a value per unit equal to the value of the consideration paid by the acquiror
for each share of the REIT&rsquo;s common stock;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
terms of such common units are at least as favorable as the terms of the OP Units and otherwise in accordance with Section 11.2(c)(ii)
of the OP Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
acquiror partnership must (x) not have at closing, or thereafter incur, debt (including debt-like preferred or senior units) that
would, at the time incurred, cause such partnership to have aggregate leverage on a consolidated basis in excess of 65% of the
fair market value of such partnership&rsquo;s assets, and (y) not make any distribution to the extent the leverage limitation
described in clause (x) would not be met immediately after such distribution; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;until
the second anniversary of the expiration of the Tax Protection Period, upon the earlier of (x) the fifth anniversary of the consummation
of the relevant Fundamental Transaction or (y) the expiration of the Tax Protection Period, the holder must have a put right to
the acquiror partnership for cash in an amount equal to the fair market value of such common units at the time of the exercise
of the put right (without liquidity discount or minority interest discount); provided, however, that the exercise of such put
right during the Tax Protection Period will not trigger the payment of any Make Whole Amount pursuant to <U>Section 2.2</U> or
<U>Section 3.5</U>, unless the acquiror partnership is in breach of the covenants set forth in clause (C) above, the Partners&rsquo;
Representative provides to the acquiror partnership written notice of such breach, and such breach has not been cured within ten
(10) days of the date of such notice; provided, further, that after the expiration of the Tax Protection Period, the exercise
of such put right will not trigger any payment of any Make Whole Amount pursuant to <U>Section 2.2</U> or <U>Section 3.5</U>;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred
units in an acquiror partnership that initially acquires all or substantially all of the assets of the Operating Partnership with
the following terms and conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
liquidation preference of each preferred unit must be equal to the value of the consideration paid by the acquiror for each share
of the REIT&rsquo;s common stock;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
distribution rate on the preferred units will be set at market for the terms of the units and the acquiror partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
partnership that issues the preferred units must (x) have and maintain at all times subordinate or common units with a value equal
to at least 100% of the value of the OP Units exchanged for preferred units; (y) not have at closing, or thereafter incur, debt
(including debt-like preferred or senior units) that would, at the time incurred, cause it to have aggregate leverage on a consolidated
basis in excess of 65% of the fair market value of the issuing partnership&rsquo;s assets; and (z) not make any distribution with
respect to subordinate or common partnership interests to the extent the leverage limitation described in clause (y) would not
be met immediately after such distribution; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.7in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;until
the second anniversary of the expiration of the Tax Protection Period, upon the earlier of (x) the fifth anniversary of the consummation
of the relevant Fundamental Transaction or (y) the expiration of the Tax Protection Period, the holder must have a put right to
the acquiror partnership for cash in an amount equal to the liquidation preference of such preferred units plus any accrued and
unpaid distributions; provided, however, that the exercise of such put right during the Tax Protection Period will not trigger
the payment of any Make Whole Amount pursuant to <U>Section 2.2</U> or <U>Section 3.5</U>, unless the acquiror partnership is
in breach of the covenants set forth in clause (C) above, the Partners&rsquo; Representative provides to the acquiror partnership
written notice of such breach, and such breach has not been cured within ten (10) days of the date of such notice; provided, further,
that after the expiration of the Tax Protection Period, the exercise of such put right will not trigger any payment of any Make
Whole Amount pursuant to <U>Section 2.2</U> or <U>Section 3.5</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 148.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the avoidance of doubt, subject to compliance with the ongoing terms of this Agreement by the surviving entities, if the consideration
choices described in <U>Section 3.3(a)</U> are offered to the Protected Partners and, in the case of clauses (a)(ii) and (a)(iii)
above, as applicable, in a transaction that is not a Gain Transaction, and the leverage and distribution limitations described
in <U>Section 3.3(a)</U> are complied with, the Operating Partnership shall not be required to pay any Make Whole Amount pursuant
to <U>Section 2.2</U> or <U>Section 3.5</U>, and no consent of OP Unit holders shall be required for the consummation of the Fundamental
Transaction other than the consent described in Article 11 of the OP Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Continuation of Protections</U>.&nbsp;If a Protected Partner elects to receive
the units described in <U>Section 3.1(a)(ii)</U>, <U>Section 3.2(a)(ii)</U>, <U>Section 3.3(a)(ii)</U> or <U>Section 3.3(a)(iii)
</U>with respect to a Fundamental Transaction, such Protected Holder shall be entitled to the continuation of the protections
set forth in this Agreement with respect to the equity interests received in the acquiror partnership, including with respect
to the covenants set forth in <U>ARTICLE II</U> and this <U>ARTICLE III</U>. Any successor to the Operating Partnership must expressly
assume the obligations of the Operating Partnership under this <U>ARTICLE III</U> as a condition to becoming a successor to the
Operating Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>.&nbsp;During the Tax Protection Period, if a Protected
Partner elects to receive the units described in <U>Section 3.1(a)(ii)</U>, <U>Section 3.2(a)(ii)</U>, <U>Section 3.3(a)(ii)</U>
or <U>Section 3.3(a)(iii)</U> with respect to a Fundamental Transaction and thereafter the REIT, the Operating Partnership or
their successors fail to comply with their equity, leverage or distribution obligations set forth in this <U>ARTICLE III</U> (after
taking into account applicable cure periods set forth in this <U>ARTICLE III</U>) (and the Operating Partnership does not receive
the Approval of the Partners&rsquo; Representative with respect to such failure), then to the extent any Protected Partner elects
to, or is required to, receive the consideration payable with respect to the redemption, exchange or other liquidity rights relating
to such units, the Operating Partnership shall pay, within ten (10) business days after the expiration of the applicable cure
periods, to each Protected Partner an amount of cash equal to the estimated Make Whole Amount applicable to such transaction.
If it is later determined that the true Make Whole Amount applicable to a Protected Partner exceeds the estimated Make Whole Amount
applicable to such Protected Partner, then the Operating Partnership shall pay such excess to such Protected Partner within ten
(10) business days after the date of such determination, and if such estimated Make Whole Amount exceeds the true Make Whole Amount,
then such Protected Partner shall pay such excess to the Operating Partnership within ten (10) business days after the date of
such determination, but only to the extent such excess was actually received by such Protected Partner. For the avoidance of doubt,
a vote in favor of a Fundamental Transaction by a Protected Partner or the Partners&rsquo; Representative in its capacity as,
or acting for, an owner of OP Units or shares of the REIT shall not constitute a waiver of such Protected Partner&rsquo;s right
to indemnification pursuant to this <U>Section 3.5</U> as a result of such Fundamental Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
IV<BR>
<BR>
<U>GENERAL PROVISIONS</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Changes in Law; Voluntary Redemptions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any provision of this Agreement to the contrary, the Operating Partnership shall not be required to make an indemnification payment
to a Protected Partner pursuant to this Agreement if such obligation arises solely as a result of a change in any provision of
the Code, the Treasury Regulations or any other applicable tax law or any administrative or judicial interpretation thereof (and
not, for example, as a result of any Tax Protection Period Transfer or Fundamental Transaction, or any change with respect to
Operating Partnership liabilities allocated to any Protected Partner if such change is attributable to any act or omission by
the Operating Partnership).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the avoidance of doubt, a Protected Partner shall not be entitled to the protections set forth in <U>ARTICLE II</U> and <U>ARTICLE
III</U> in the event of a full or partial redemption of the Protected Partner&rsquo;s interest in the Operating Partnership pursuant
to Section 15.1 of the OP Agreement; provided, however, that the foregoing limitation in this <U>Section 4.1(b)</U> shall not
apply to such Protected Partner, and such Protected Partner shall be entitled to any Make Whole Amount payable to such Protected
Partner in an amount determined under <U>Section 3.5</U>, in the event the REIT or the Operating Partnership engages in a Fundamental
Transaction described in <U>Section 3.1(a)</U>, <U>Section 3.2(a)</U> or <U>Section 3.3(a)</U> and either a Protected Partner
is not offered the consideration described in such provisions, as applicable, or one or more compliance failures described in
<U>Section 3.5</U> occurs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cooperation</U>.&nbsp;The Operating Partnership and the Partners&rsquo;
Representative agree to furnish or cause to be furnished to the other, upon request, as promptly as practicable, such information
and assistance as is reasonably necessary to effectuate the provisions of this Agreement. In the event any change in any applicable
provision of the Code, the Treasury Regulations or any other applicable tax law or any administrative or judicial interpretation
thereof would result in the recognition of taxable income or gain by any Protected Partner, the parties shall reasonably cooperate
to minimize or avoid any resulting tax on such Protected Partner. Prior to any anticipated change (or as soon as reasonably possible
following any unanticipated change) in any applicable provision of the Code, the Treasury Regulations or any other applicable
tax law or any administrative or judicial interpretation thereof, or the consummation of any spin-off transaction, reorganization
transaction or other transaction that would affect the Operating Partnership and the Protected Partners, the parties shall cooperate
in good faith to amend this Agreement as may be necessary or appropriate to preserve the intent and effect of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dispute Resolution</U>.&nbsp;Any controversy, dispute, or claim of any nature
arising out of, in connection with, or in relation to the interpretation, performance, enforcement or breach of this Agreement
(and any closing document executed in connection herewith) shall be governed by the dispute resolution provisions set forth in
Section 11.11 of the Contribution Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.&nbsp;All notices, demands, declarations, consents, directions,
approvals, instructions, requests and other communications required or permitted by the terms of this Agreement shall be given
in the same manner as in the OP Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Titles and Captions</U>.&nbsp;All Article or Section titles or captions
in this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend
or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to &ldquo;Articles&rdquo;
and &ldquo;Sections&rdquo; are to Articles and Sections of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pronouns and Plurals</U>.&nbsp;Whenever the context may require, any pronoun
used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns
and verbs shall include the plural and vice versa.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further Action</U>.&nbsp;The parties shall execute and deliver all documents,
provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding Effect</U>.&nbsp;This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted
assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Creditors</U>.&nbsp;Other than as expressly set forth herein, none of the
provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Operating Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</U>.&nbsp;No failure by any party to insist upon the strict performance
of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof
shall constitute waiver of any such breach or any covenant, duty, agreement or condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.&nbsp;This Agreement may be executed in counterparts, all of
which together shall constitute one agreement binding on all of the parties hereto, notwithstanding that all such parties are
not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing
its signature hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicable Law</U>.&nbsp;This Agreement shall be construed and enforced in accordance
with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Invalidity of Provisions</U>.&nbsp;If any provision of this Agreement is or becomes
invalid, illegal or unenforceable in any respect, the validity, legality or enforceability of other remaining provisions contained
herein shall not be affected thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire Agreement; Coordination with OP Agreement</U>. This Agreement contains the entire
understanding and agreement among the Partners with respect to the subject matter hereof and amends, restates and supersedes the
OP Agreement and any other prior written or oral understandings or agreements among them with respect thereto. The parties hereto
agree that, to the extent of any conflict between the provisions of the OP Agreement and the provisions of this Agreement with
respect to the rights, obligations or remedies of any such party under this Agreement, the provisions of this Agreement shall
control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Rights as Stockholders</U>.&nbsp;Nothing contained in this Agreement shall
be construed as conferring upon the holders of the OP Units any rights whatsoever as stockholders of the REIT, including, without
limitation, any right to receive dividends or other distributions made to stockholders of the REIT or to vote or to consent or
to receive notice as stockholders in respect of any meeting of stockholders for the election of directors of the REIT or any other
matter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Partners&rsquo; Representative Matters</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="background-color: white">The
Protected Partners agree that it is desirable to designate a Person to act as the Partners&rsquo; Representative for purposes
of this Agreement with all powers, authority, rights, privileges and protections set forth in this Agreement. Each Protected Partner
hereby grants to </FONT>PELP (which, as used in this <U>Section 4.16</U>, shall include any designee or successor of PELP) the
full power and authority, on behalf of such Protected Partner, to appoint the Partners&rsquo; Representative in PELP&rsquo;s sole
and absolute discretion, and any such Person so chosen shall be deemed for all purposes under this Agreement or otherwise as having
been designated by each such Protected Partner. PELP hereby designates Jeffrey S. Edison as the initial Partners&rsquo; Representative,
and each Protected Partner acknowledges such designation. In the event the Partners&rsquo; Representative is unwilling or unable
to continue to act as Partners&rsquo; Representative, PELP shall appoint his successor. Each successor Partners&rsquo; Representative
shall have all of the power, authority, rights, privileges and protections conferred by this Agreement upon the initial Partners&rsquo;
Representative, and the term &ldquo;Partners&rsquo; Representative&rdquo; shall include any interim or successor representative.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
<FONT STYLE="background-color: white">Partners&rsquo;</FONT> Representative shall have, and each Protected Partner hereby grants
to the Partners&rsquo; Representative, such power, authority, rights, privileges and protections as are necessary to carry out
the functions assigned to it under this Agreement; <U>provided</U>, <U>however</U> that the Partners&rsquo; Representative shall
have no obligation to act, except as expressly provided in this Agreement. Without limiting the generality of the foregoing, the
Partners&rsquo; Representative shall have full power, authority and discretion to (i) submit any Approval of the Partners&rsquo;
Representative with respect to the matters specified in this Agreement, (ii) estimate and determine the amounts of Partners&rsquo;
Representative Expenses and to pay such Partners&rsquo; Representative Expenses in accordance with <U>Section 4.16(c)</U> and
(iii) take any and all actions, or elect not to take actions, that it believes are necessary under or contemplated by this Agreement,
irrespective of whether such actions or election not to take actions may result in disparate outcomes for each Protected Partner,
it being expressly agreed by each Protected Partner that, when exercising its authority under this Agreement, the Partners&rsquo;
Representative shall have no obligation to take into consideration the specific tax or other attributes of any single Protected
Partner or group of Protected Partners, but may take into consideration only such facts, circumstances and considerations (including
its own interests) as it determines in its sole and absolute discretion are relevant to such exercise of authority. All actions
taken by the Partners&rsquo; Representative under this Agreement shall be binding on the Protected Partners and their respective
successors and assigns as if expressly confirmed and ratified in writing by each of them. The parties hereto may rely upon any
decision, act, consent or instruction of the Partners&rsquo; Representative as being the decision, act, consent or instruction
of each of the Protected Partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
<FONT STYLE="background-color: white">time</FONT> to time, the Partners&rsquo; Representative shall be entitled to submit to PELP
an estimate of any costs, fees and expenses incurred, or that may be in the future incurred, by the Partners&rsquo; Representative
in connection with exercising its powers and performing its function hereunder in its capacity as the Partners&rsquo; Representative
(the &ldquo;<U>Partners&rsquo; Representative Expenses</U>&rdquo;). PELP shall promptly pay to the Partners&rsquo; Representative
and/or to such other persons (and in such amounts) as may be designated in writing to PELP by the Partners&rsquo; Representative,
by wire transfer to an account or accounts designated by the Partners&rsquo; Representative to PELP in writing, of immediately
available funds in the amount of such Partners&rsquo; Representative Expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Protected Partner agrees that (i) this Agreement is not intended to, and does not, create or impose any fiduciary or other similar
duty on the Partners&rsquo; Representative (or PELP in exercising its authority to designate the Partners&rsquo; Representative),
(ii) such Protected Partner hereby disclaims and waives any and all duties owed to such Protected Partner by the Partners&rsquo;
Representative (including those duties that, absent such waiver, may be implied by law), (iii) the only duties and obligations
of the Partners&rsquo; Representative (in such capacity) to any Person are only as expressly set forth in this Agreement, (iv)
actions taken (or elected not to be taken) by the Partners&rsquo; Representative that are consistent with the authority and discretion
granted in this Agreement shall be deemed to satisfy any covenant or good faith and/or fair dealing implied by law, (v) the Partners&rsquo;
Representative shall have no liability to such Protected Partner or any other party hereto with respect to actions taken or omitted
to be taken in its capacity as the Partners&rsquo; Representative that are consistent with the grant of authority made under this
Agreement, (vi) the Partners&rsquo; Representative shall at all times be entitled to rely on any directions received from the
Protected Partners or any other party hereto; <U>provided</U>, <U>however</U>, that the Partners&rsquo; Representative shall not
be required to follow any such direction, (vii) the Partners&rsquo; Representative shall have no liability for any actions (or
elections not to act) taken under this Agreement, and shall be indemnified by the Protected Partners for and shall be held harmless
against any loss, liability or expense incurred by the Partners&rsquo; Representative relating to the Partners&rsquo; Representative&rsquo;s
conduct as Partners&rsquo; Representative, in each case, other than losses, liabilities or expenses resulting from the bad faith
or fraud of the Partners&rsquo; Representative resulting in material harm to the Protected Partners as a whole, it being agreed
that such exculpation indemnification shall survive the termination of this Agreement, (viii) the Partners&rsquo; Representative
shall be entitled to engage counsel, experts, accountants and advisors as it shall deem necessary in connection with exercising
its powers and performing its function hereunder and shall be entitled to rely conclusively on the opinions and advice of such
Persons and shall have no liability for any actions (or elections not to act) taken after consultation with such counsel, experts,
accountants and/or advisors and (ix) such Protected Partner expressly disclaims any right to bring any legal or regulatory action,
and agrees for itself and its successors and assigns that such Protected Partner will not bring any such legal or regulatory action
against, any representative, member, shareholder, employee, partner, affiliate, controller, officer or other agent of the Partners&rsquo;
Representative.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>[Remainder
of Page Left Blank Intentionally]</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REIT:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PHILLIPS
    EDISON GROCERY CENTER REIT I, INC., </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">a Maryland corporation</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OPERATING PARTNERSHIP:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 44%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PHILLIPS EDISON GROCERY CENTER OPERATING
    PARTNERSHIP I, L.P.,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR> <FONT STYLE="font-size: 10pt">a Delaware
    limited partnership</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PHILLIPS EDISON GROCERY CENTER</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">OP GP I LLC,</FONT><BR>
    <FONT STYLE="font-size: 10pt">a Delaware limited liability company,</FONT><BR>
    <FONT STYLE="font-size: 10pt">its general partner</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PHILLIPS EDISON GROCERY CENTER</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">REIT I, INC.,</FONT><BR>
    <FONT STYLE="font-size: 10pt">a Maryland corporation,</FONT><BR>
    <FONT STYLE="font-size: 10pt">its sole member</FONT></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 53%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title :</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>Signature
Page to Tax Protection Agreement</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PROTECTED
                                         PARTNERS LISTED ON SCHEDULE I HERETO:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 50%; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 3%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif">PHILLIPS
                                         EDISON LIMITED PARTNERSHIP,<BR></FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
Delaware limited partnership&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
attorney-in-fact acting on behalf of the Protected Partners named on Schedule I hereto</FONT></P>
</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 53%; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 3%"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:<BR>
                                         Title :</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>Signature
Page to Tax Protection Agreement</B></FONT>&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
I<BR>
<BR>
PROTECTED PARTNERS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><I>[Attached]</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 21; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">Schedule I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">EXHIBIT
A<BR>
<BR>
PROTECTED PROPERTIES</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><I>[Attached]</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 22; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">EXHIBIT
B<BR>
<BR>
ESTIMATED ALLOCATIONS OF SECTION 704(c) GAIN</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><I>[Attached]</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 23; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">Exhibit B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">EXHIBIT
C<BR>
<BR>
ESTIMATED REQUIRED LIABILITY AMOUNT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><I>[Attached]</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 24; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXHIBIT&nbsp;E</FONT></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>FORM
OF</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>EQUITYHOLDER
AGREEMENT</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
EQUITYHOLDER AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;) is entered into as of [ &#9679; ], 2017, by and among Phillips Edison
Grocery Center REIT I, Inc., a Maryland corporation (the &ldquo;<U>REIT</U>&rdquo;), Phillips Edison Grocery Center Operating
Partnership I, L.P., a Delaware limited partnership (the &ldquo;<U>Operating Partnership</U>&rdquo;), and each of the individuals
signatory hereto (each, an &ldquo;<U>Equity Holder</U>&rdquo; and, collectively, the &ldquo;<U>Equity Holders</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">RECITALS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">WHEREAS,
concurrently with the execution and delivery of this Agreement, the Operating Partnership will acquire a portfolio of properties
currently owned, directly or indirectly, by Phillips Edison Limited Partnership, a Delaware limited partnership (&ldquo;<U>PELP</U>&rdquo;),
pursuant to that certain Contribution Agreement, dated as of May 18, 2017 (the &ldquo;<U>Contribution Agreement</U>&rdquo;), by
and among the REIT, the Operating Partnership, PELP and certain other contributors listed on Exhibit A thereto (collectively,
&ldquo;<U>Contributors</U>&rdquo;) and Jeffrey S. Edison (&ldquo;<U>JSE</U>&rdquo;) as Contributors&rsquo; Representative (as
defined therein), in exchange for consideration that includes cash, common units of limited partnership interest in the Operating
Partnership (&ldquo;<U>OP Units</U>&rdquo;) and contingent rights to receive additional OP Units pursuant to certain earn-out
provisions in the Contribution Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">WHEREAS,
PELP and the other Contributors anticipate that, concurrently with or immediately after the closing of the transactions contemplated
by the Contribution Agreement (the &ldquo;<U>Closing</U>&rdquo;), they will distribute a substantial portion of the OP Units received
at the Closing to their partners and members, including the Equity Holders, who will then become direct limited partners in the
Operating Partnership and hold a significant portion of the fully diluted equity of the REIT; and</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">WHEREAS,
as a condition to the Closing, the parties hereto are entering into this Agreement to (i) limit Transfers of certain OP Units
by the Equity Holders for certain periods, (ii) provide JSE with certain Board rights and (iii) provide the Equity Holders with
certain registration and information rights, in each case, subject in all cases to the exceptions and other terms and conditions
set forth in this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">NOW,
THEREFORE, in consideration of the promises and mutual agreements contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
I</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<BR>
<U>DEFINED TERMS</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
otherwise defined in this Agreement, capitalized terms have the meanings given to them in that certain Third Amended and Restated
Agreement of Limited Partnership of the REIT, dated as of the Closing Date (the &ldquo;<U>OP Agreement</U>&rdquo;). Without otherwise
limiting the foregoing, for purposes of this Agreement the following terms shall apply:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Affiliate</U>&rdquo;
means, with respect to any Person, any Person directly or indirectly controlling or controlled by or under common control with
such Person. For the purposes of this definition, &ldquo;control&rdquo; when used with respect to any Person means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through
the ownership of voting securities, by contract or otherwise, and the terms &ldquo;controlling&rdquo; and &ldquo;controlled&rdquo;
have meanings correlative to the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Beneficial
Ownership</U>&rdquo; has the meaning given to such term in Rule 13d-3 under the Securities Exchange Act of 1934, as amended, and
the term &ldquo;Beneficially Own&rdquo; has a meaning correlative to the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Board</U>&rdquo;
means the board of directors of the REIT.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Cause</U>&rdquo;
means, with respect to an Equity Holder, the meaning given to such term in the Executive Severance and Employment Agreement between
such Equity Holder and [&#9679;].</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Closing
Date</U>&rdquo; has the meaning assigned to it in the Contribution Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Consent
of the REIT</U>&rdquo; means the prior written consent of the REIT, as the general partner of the Operating Partnership, pursuant
to a resolution duly adopted by the Special Committee (as defined in the Contribution Agreement) or any other committee of independent
and disinterested directors on the Board that is delegated with the authority to provide such consent by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Escrowed
Consideration</U>&rdquo; has the meaning assigned to it in the Contribution Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Fundamental
Transaction</U>&rdquo; means either (i) a &ldquo;Transaction,&rdquo; as defined in the OP Agreement, or (ii) a &ldquo;Business
Combination,&rdquo; as defined in the OP Agreement, that, in the case of this <U>clause (ii)</U>, results in a change in the Beneficial
Ownership of more than fifty percent (50%) of the outstanding voting equity interests of the Operating Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Good
Reason</U>&rdquo; means, with respect to an Equity Holder, the meaning given to such term in the Executive Severance and Change
in Control Plan of the REIT.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Governmental
Entity</U>&rdquo; means any government or any arbitrator, tribunal or court of competent jurisdiction, administrative agency,
department or commission or other governmental authority or instrumentality (in each case whether Federal, state, local, foreign,
international or multinational).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Immediate
Family</U>&rdquo; means any family relationship by blood, marriage or adoption, not more remote than first cousin.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Incapacity</U>&rdquo;
has the meaning assigned to it in Section 4.4(a) of the OP Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Judgment</U>&rdquo;
means any judgment, order, decree, award, ruling, decision, verdict, subpoena, injunction or settlement entered, issued, made
or rendered by, or any consent agreement, memorandum of understanding or other contract with, any Governmental Entity (in each
case whether temporary, preliminary or permanent).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Law</U>&rdquo;
means any federal, state, local, municipal, foreign, supranational or other law, statute, constitution, treaty, principle of common
law, directive, resolution, ordinance, code, edict, writ, decree, rule, regulation, Judgment, ruling, injunction or requirement
issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental
Entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Lock-up
Period</U>&rdquo; means the period beginning on the date of this Agreement and ending (i) with respect to JSE, on the three (3)
year anniversary of the Closing Date, and (ii) with respect to each other Equity Holder, on the two (2) year anniversary of the
Closing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Person</U>&rdquo;
means an individual or a corporation, partnership, trust, unincorporated organization, association, limited liability company
or other entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Restricted
OP Units</U>&rdquo; means, with respect to an Equity Holder: (i) all OP Units distributed to such Equity Holder at or substantially
around the time of the Closing, <I><U>plus</U></I> (ii) such Equity Holder&rsquo;s ratable interest in (x) any OP Units held by
PELP or any of its Affiliates (including the other Contributors) on the date of this Agreement, (y) the Class B Units held by
PELP or its Affiliates (including the other Contributors) on the date of this Agreement and which are eligible to convert to OP
Units pursuant to the OP Agreement after the date of this Agreement, and (z) the OP Units included in the Escrowed Consideration
(in each case, as adjusted (if applicable) for any unit split, combination, distribution on units made in units or other recapitalization
or reclassification of units effected after the date of this Agreement, as such adjustment may be deemed necessary and appropriate
in the reasonable, good faith judgment of the Board).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
II</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<BR>
<U>Lock-up of restricted op units</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Lock-up</U>. Subject to <U>Section 2.2</U> below, but
without otherwise limiting or affecting the limitations on Transfers otherwise set forth in the OP Agreement, each Equity Holder
agrees not to Transfer any Restricted OP Unit until the expiration of his applicable Lock-up Period without the Consent of the
REIT.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Qualified Exceptions</U>. Notwithstanding <U>Section
2.1</U>, but subject to the proviso at the end of this <U>Section 2.2</U>, each Equity Holder shall be entitled to make the following
Transfers of Restricted OP Units:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">pledges
as collateral by such Equity Holder or any of its Affiliates in connection with a bona fide borrowing or hedging transaction,
and Transfers of such Restricted OP Units that result from the bona fide exercise of lender remedies in connection with any such
borrowing or hedging transaction;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Transfers
to one or more members of such Equity Holder&rsquo;s Immediate Family or to any trust for the direct or indirect benefit of such
Equity Holder or one or more members of his Immediate Family, <U>provided</U> that such Equity Holder and/or one or more members
of his Immediate Family continue to Beneficially Own such Restricted OP Units throughout the applicable Lock-up Period;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Transfers
to Affiliates of such Equity Holder, <U>provided</U> that such Equity Holder or one or more members of his Immediate Family continue
to Beneficially Own such Restricted OP Units throughout the applicable Lock-up Period;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Transfers
that are bona fide gifts or charitable donations; and/or</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Transfers
to raise cash for the settlement of, or in settlement of, tax obligations in respect of phantom income solely attributable to
the ownership of the Restricted OP Units;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>provided</U>,
<U>however</U>, that the aggregate amount of any such Transfers by such Equity Holder described in <U>clauses (a)</U> through
<U>(e)</U> above shall not exceed 50% of such Equity Holder&rsquo;s Restricted OP Units.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.3&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Other
Exceptions</U>. Notwithstanding <U>Section 2.1</U>, the REIT and the Operating Partnership agree that each Equity Holder
shall also be entitled to make the following Transfers of Restricted OP Units:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Transfers
required by Law or any Judgment, including pursuant to a qualified domestic order or in connection with a divorce settlement,
or pursuant to will or intestate succession upon the death of such Equity Holder;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">with
the Consent of the REIT, Transfers to the REIT, the Operating Partnership or one or more of their wholly-owned subsidiaries; and/or</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Transfers
pursuant to or in connection with any Fundamental Transaction approved by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Early
Termination Upon Specified Events</U>. Notwithstanding anything to the contrary in this Agreement, an Equity Holder&rsquo;s
Lock-up Period shall terminate upon any of the following events:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">the
Incapacity (including death) of such Equity Holder;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">termination
of such Equity Holder&rsquo;s employment with the REIT, Operating Partnership and their subsidiaries (as applicable) either (i)
without Cause by the REIT, Operating Partnership or such subsidiary, or (ii) by such Equity Holder for Good Reason; and/or</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">the
consummation of any Fundamental Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
III</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<BR>
<U>OTHER RIGHTS</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.1&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Nomination
Rights</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to <U>Section 3.1(b)</U> below, the Board (or a duly authorized committee thereof) shall continue to include JSE or, subject to
<U>Section 3.1(c)</U> below, his designee as a nominee in its slate of directors for election by the REIT&rsquo;s stockholders
at each of the ten (10) succeeding annual meetings following the Closing (or at each special meeting of the REIT&rsquo;s stockholders
called for the purpose of electing directors of the REIT during such time period), and at any adjournment or postponement thereof.
The REIT agrees to use its reasonably best efforts to solicit the vote of stockholders of the REIT to elect JSE or, subject to
<U>Section 3.1(c)</U> below, his designee to the Board (which efforts shall, to the fullest extent permitted by applicable law,
include the inclusion in any proxy statement prepared, used, delivered or publicly filed by the REIT to solicit the vote of its
stockholders in connection with any such meeting the recommendation of the Board that the stockholders of the REIT vote in favor
of nominating JSE or, subject to <U>Section 3.1(c)</U> below, his designee to the Board).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">This
nomination right shall automatically terminate in the event that JSE sells, pledges, donates, gifts or otherwise transfers more
than thirty-five percent (35%) in the aggregate of the OP Units (and any shares of the common stock of the REIT (&ldquo;<U>Common
Stock</U>&rdquo;) he receives in exchange therefor) that he beneficially owns as of the Closing (other than to Affiliates; provided,
however, that beneficial ownership of the OP Units continues to be held by JSE, his family or estate-planning entities controlled
by JSE).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
designee of JSE entitled to be nominated for election to the Board as provided in this <U>Section 3.1</U> shall be subject to
approval by the Special Committee, which approval shall not be unreasonably withheld, conditioned or delayed.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.2&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Registration
and Rule 144 Information Rights</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Following
any listing of the Common Stock on a national securities exchange, the REIT shall, to the extent it files a shelf registration
statement on Form S-3 with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) following the effectiveness
of such listing, (i) provide each Equity Holder the opportunity to be named as a selling securityholder in such shelf registration
statement (or in a separate &ldquo;resale&rdquo; shelf registration statement on Form S-3) (the &ldquo;<U>Registration Statement</U>&rdquo;)
and to register such number of shares of Common Stock held by (or receivable upon the exchange of OP Units held by) such Equity
Holder as such Equity Holder may request and (ii) use reasonable efforts to cause such Registration Statement to become and remain
effective, until the earliest of (y) such time as no Equity Holder is an Affiliate of the REIT, or (z) the date on which all shares
of Common Stock held by (or receivable upon the exchange of OP Units held by) each Equity Holder and covered by such Registration
Statement have been sold. Notwithstanding the foregoing, if the filing, initial effectiveness or continued use of such Registration
Statement would require the REIT to make a public disclosure of material non-public information, which disclosure in the good
faith determination of the REIT (<U>i</U>) would be required to be made in any Registration Statement so that such Registration
Statement would not be materially misleading, (<U>ii</U>) would not be required to be made at such time but for the filing, effectiveness
or continued use of such Registration Statement or (<U>iii</U>) would reasonably be expected to adversely affect in any material
respect the REIT or its business or the REIT&rsquo;s ability to effect a bona fide material proposed acquisition, disposition,
financing, reorganization, recapitalization or similar transaction, then the REIT may, upon giving written notice to each Equity
Holder participating in such registration, delay the filing or initial effectiveness of, or suspend use of, such Registration
Statement (and any related prospectus), <U>provided</U> that the REIT shall not be permitted to do so for any single period of
time in excess of 90 days, or for periods exceeding, in the aggregate, 120 days during any 12-month period. In the event that
the REIT exercises its rights under the preceding sentence, each Equity Holder agrees to suspend, promptly upon receipt of the
written notice referred to above, the use of the Registration Statement (and any related prospectus) in connection with any sale
or offer to sell shares of Common Stock held by (or receivable upon the exchange of OP Units held by) such Equity Holder until
such Equity Holder is advised in writing by the REIT that the use of such Registration Statement (and any related prospectus)
may be resumed.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">As
long as any Equity Holder owns shares of Common Stock or OP Units, and as long as the REIT is required to file reports under Section
13 or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;), the REIT shall (i) make
and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act of 1933,
as amended (the &ldquo;<U>Securities Act</U>&rdquo;), at all times after the Closing; (ii) use reasonable efforts to file with
the Commission in a timely manner (or obtain extensions in respect thereof and file within the applicable grace period) all reports
and other documents required of the REIT under Section 13 or 15(d) of the Exchange Act at any time after the Closing; and (iii)
furnish to any Equity Holder so long as such Equity Holder owns shares of Common Stock or OP Units, promptly upon request by such
Equity Holder, a written statement by the REIT as to its compliance with the reporting requirements of Rule 144 and of the Exchange
Act, a copy of the most recent annual or quarterly report of the REIT, and such other reports and documents so filed or furnished
by the REIT as such Equity Holder may reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
IV</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<BR>
<U>GENERAL PROVISIONS</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>GOVERNING
LAW</U>. THIS AGREEMENT AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE OUT OF
OR RELATE TO THIS AGREEMENT OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT, SHALL BE GOVERNED BY THE INTERNAL
LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO
THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Dispute Resolution</U>. Any controversy, dispute, or
claim of any nature arising out of, in connection with, or in relation to the interpretation, performance, enforcement or breach
of this Agreement (and any closing document executed in connection herewith) shall be governed by the dispute resolution provisions
set forth in Section 11.11 of the Contribution Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Enforcement</U>. The parties agree that irreparable
damage could occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific
terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an inunction or injunctions to
prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, this being in addition
to any other remedy to which they are entitled at Law or in equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Notices</U>. All notices, demands, declarations, consents,
directions, approvals, instructions, requests and other communications required or permitted by the terms of this Agreement shall
be given in the same manner as in the OP Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Titles and Captions</U>. All Article or Section titles
or captions in this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no way define,
limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references
to &ldquo;Articles&rdquo; and &ldquo;Sections&rdquo; are to Articles and Sections of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Pronouns
and Plurals</U>. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice
versa.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Binding Effect</U>. This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives
and permitted assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Amendments and Waivers</U>. This Agreement may not be
amended except by an instrument in writing signed on behalf of (i) the REIT (with the Consent of the REIT) and (ii) JSE; provided,
that any amendment of this Agreement that would disproportionately and adversely affect an Equity Holder relative to the Equity
Holders in the aggregate shall not be effective against any such adversely affected Equity Holder without his written consent.
No delay or omission by any party hereto to exercise any right or power under this Agreement or pursuant to Law shall impair such
right or power or be construed as a waiver thereof. A waiver by or for the benefit of party any provision of this Agreement shall
not be construed to be a waiver of any other provision of this Agreement or a waiver for the benefit or any other party hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>No
Third-Party Beneficiaries</U>. This Agreement is for the sole benefit of the parties hereto and their permitted assigns and
nothing herein expressed or implied shall give or be construed to give to any Person, other than the parties hereto and such
assigns, any legal or equitable rights hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Counterparts</U>. This Agreement may be executed in
counterparts, all of which together shall constitute one agreement binding on all of the parties hereto, notwithstanding that
all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement
immediately upon affixing its signature hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Severability</U>. If any provision hereof (or any portion
thereof) or the application of any such provision (or any portion thereof) to any Person or circumstance shall be held invalid,
illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision hereof (or the remaining portion thereof) or the application of such provision to any other
Persons or circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Entire Agreement</U>. This Agreement contains the entire
understanding and agreement among the Partners with respect to the subject matter hereof and amends, restates and supersedes the
OP Agreement and any other prior written or oral understandings or agreements among them with respect thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Non-Recourse</U>.
This Agreement may only be enforced against, and any claim or cause of action based upon, arising out of, or related to this
Agreement or the transactions contemplated hereby may only be brought against, the Persons that are expressly named as
parties hereto and then only with respect to the specific obligations set forth herein with respect to such party. Except to
the extent a named party to this Agreement (and then only to the extent of the specific obligations undertaken by such named
party in this Agreement and not otherwise), no past, present or future director, officer, employee, incorporator, member,
partner, stockholder, Affiliate, agent, attorney, advisor or representative or Affiliate of any of the foregoing shall have
any liability (whether in contract, tort, equity or otherwise) for any one or more of the representations, warranties,
covenants, agreements or other obligations or liabilities of any one or more of each Equity Holder, the REIT or the Operating
Partnership under this Agreement (whether for indemnification or otherwise) or of or for any claim based on, arising out of,
or related to this Agreement or the transactions contemplated hereby</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>REIT:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">PHILLIPS EDISON GROCERY CENTER REIT I, INC.,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">a Maryland corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD></TR>
</TABLE>


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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>OPERATING PARTNERSHIP:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">PHILLIPS EDISON GROCERY CENTER OPERATING</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">PARTNERSHIP I, L.P.,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">a Delaware limited partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">PHILLIPS EDISON GROCERY CENTER</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">OP GP I LLC,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">a Delaware limited liability company,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">its general partner</FONT></TD></TR>
</TABLE>


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<TD STYLE="width: 50%"></TD><TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD><TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif">PHILLIPS
                                         EDISON GROCERY CENTER<BR>
                                         REIT I, INC.,<BR>
                                         a Maryland corporation,<BR>
                                         its sole member</FONT></TD></TR></TABLE>

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    <TD STYLE="width: 54%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Lock-Up
Partners - Signature Page to Lock-Up Agreement]</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 54%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EQUITY HOLDERS:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JEFFREY S. EDISON</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEVIN MURPHY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BOB MYERS</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROBERT MARK ADDY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Lock-Up
Partners - Signature Page to Lock-Up Agreement]</FONT></P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-align: right">EXHIBIT F</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Phillips
Edison Grocery Center REIT I, Inc.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Summary
of Principal Terms for Proposed</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Executive
Severance and Change of Control Plan</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are the proposed principal terms for a new Executive Severance and Change in Control Plan (the &ldquo;<U>Plan</U>&rdquo;)
for Phillips Edison Grocery Center REIT I, Inc. (the &ldquo;<U>Company</U>&rdquo;). The proposed Plan would provide the Compensation
Committee with the flexibility to expand severance and change of control protections to a greater number of executives without
the need for employment agreements. Other employees not designated by the Compensation Committee as Participants under the Plan
would continue to be subject to the general severance policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation Committee would have the flexibility to designate executives as Participants under the Plan and the Company would
enter into a letter agreement with each designated executive pursuant to which the Company would agree that the executive was
a Plan Participant and the executive would agree to certain individualized restrictive covenants as noted below. The proposed
Plan terms would be structured to permit different levels of severance payments for different executive positions.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Participants</B></FONT></TD>
    <TD STYLE="width: 62%; padding-right: 5.75pt; padding-bottom: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: -0.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Participants
                                         will be designated by the Compensation Committee (and may include new executives from
                                         time to time) provided that, in order to be a Participant the executive must execute
                                         a letter agreement with the Company, which letter agreement will contain the restrictive
                                         covenants relating to confidentiality, non-competition, non-solicitation and non-disparagement
                                         as set forth below. The initial Participants shall consist of</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: -0.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
        Edison (Co-Chairman and CEO)</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert
        Myers (COO)</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Devin
        Murphy (Principal and CFO)</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R.
        Mark Addy (President/COO, Non Traded REIT)</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Plan
    Term/Amendments:</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Plan will continue, subject to amendment, until terminated by the Board.&nbsp;&nbsp;The Board may terminate or amend the Plan
    except that (i)&nbsp;six months prior notice to affected Participants will be required for any termination of the Plan or
    amendment that materially and adversely affects the rights of such Participants, (ii)&nbsp;no termination or amendment will
    materially and adversely affect the rights of any Participant whose employment terminated prior to the date of such amendment
    or termination, and (iii)&nbsp;a Participant&rsquo;s right to receive payments or benefits with respect to a termination occurring
    in connection with or within 12 months after a Change of Control shall not be adversely affected by an amendment or termination
    of the Plan that is made within 6 months before or 12 months after the Change of Control date.&nbsp;&nbsp;A Participant who
    is removed from participation in the Plan will no longer be subject to any post-employment non-compete/non-solicitation covenants.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Termination
    without Cause by Company, or with Good Reason by Executive (Not related to a Change in Control)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 15.95pt; font-family: Times New Roman,serif; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severance
    Multiple</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 8pt; padding-left: 5.75pt; width: 62%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;2.0x
                                for CEO</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;1.5x
        for Other Officers</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 15.95pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis
    for Severance Calculation</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Base
    Salary plus average cash performance bonus based on the amount of cash performance bonus, if any, paid for the 3 most recent
    years, provided that, if Participant was not eligible to receive an annual cash performance bonus for at least 3 years prior
    to termination, then the bonus amount for calculating severance shall be (i)&nbsp;if the Participant was eligible to receive
    a bonus for two years prior to termination, the average cash performance bonus, if any, for the prior two years; (ii)&nbsp;if
    the Participant was eligible to receive a bonus for only one year prior to termination, the cash performance bonus, if any,
    paid for such year; and (iii)&nbsp;if Participant has not been employed long enough to be eligible to receive an annual bonus,
    then the Participant&rsquo;s target annual cash performance bonus.&nbsp;&nbsp;&nbsp;Severance is payable as a lump sum.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 15.95pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benefits
    Continuation</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medical
    benefits (comparable to Company&rsquo;s other executives) for Severance Period, subject to applicable law (or the economic
    equivalent).&nbsp;&nbsp;These benefits shall be reduced to the extent of similar benefits the Executive receives in connection
    with new employment.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 15.95pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LTI
    Awards</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 14.55pt; text-align: justify; text-indent: -14.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;Accelerated
                                vesting of the unvested time based LTI awards that would have otherwise vested over the Severance
                                Period (as defined below).</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 14.55pt; text-align: justify; text-indent: -14.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.2in; text-align: justify; text-indent: -0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;Pro-rata
amount of performance awards based on actual performance achieved at end of performance period and then pro-rated based on the
proportion of time elapsed from the beginning of the award period through the termination date is of the full Performance Period.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change
    in Control Followed by Termination without Cause by Company or with Good Reason by Executive during Change in Control Period</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 15.95pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severance
    Multiple (CIC)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 8pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;2.5x
                                for CEO</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;2.0x
for Other Officers</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 15.95pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis
    for Severance</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Base
    salary plus average bonus (calculated in the same manner as in paragraph 3 above).</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 15.95pt; font-family: Times New Roman,serif; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payout
    Trigger</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; text-align: justify; font-family: Times New Roman,serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Double
    Trigger for Severance - Change in Control event and subsequent termination without Cause or resignation with Good Reason within
    Change in Control Period.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 15.95pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
    in Control Period</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24
    months post-Change in Control</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 15.95pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benefits
    Continuation</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medical
    benefits (comparable to Company&rsquo;s other executives) for the Severance Period, subject to applicable law (or the economic
    equivalent).&nbsp;&nbsp;These benefits shall be reduced to the extent of similar benefits the Executive receives in connection
    with new sustained employment.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 15.95pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LTI
    Awards</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 18.4pt; text-align: justify; text-indent: -18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;Accelerated
                                vesting of all unvested time based LTI awards; and</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 18.4pt; text-align: justify; text-indent: -18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 18.4pt; text-align: justify; text-indent: -18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;At
        Change in Control the number of performance based awards eligible for vesting will be determined based on the actual performance
        as determined by the Compensation Committee pro rating the performance targets for the shortened performance period. That
        number of performance awards will then vest based on continued service through the end of the performance period and will
        become time vesting awards, subject to full acceleration upon termination.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 18.4pt; text-align: justify; text-indent: -18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: -0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Both
of the above to the extent not assumed by the acquirer and for performance-based awards to the extent practicable as to not impact
the performance measurement</I></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 15.95pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Termination
    for Cause</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;No
                                severance</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;Unvested
        LTI awards forfeited</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Voluntary
    Termination without Good Reason</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;No
                                severance</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;Unvested
LTI awards forfeited</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Termination
    Because of Death or Disability</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;No
                                severance.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;Pro-rata
        portion of annual cash performance award if Compensation Committee determines performance is achieved.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated
        vesting of the unvested time based LTI awards that would have otherwise vested over Severance Period.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;Pro-rata
vesting in performance based LTI awards based on actual performance at the end of the performance period, with pro-ration based
on the portion of time elapsed between grant date and the termination date is of the full performance period.</FONT></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-left: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Restrictive
    Covenants</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 5.75pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 15.95pt; font-family: Times New Roman,serif; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Competition</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.75pt; padding-left: 5.75pt; width: 62%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;CEO:
                                24 months</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;Other
        Officers: 18 months</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
        not directly or indirectly, own, manage, operate, control, fundraise, consult with (as a consultant, independent contractor,
        or otherwise), be employed by or otherwise provide services to, or participate in the ownership, management, operation
        or control of a Competing Business in the United States.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: 71.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
        &ldquo;Competing Business&rdquo; means:</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;Edison/Myers/Murphy:
        a company with the following characteristics: (i) the primary and principal business activity of the entity is the ownership,
        management and/or development of neighborhood and community grocery anchored shopping centers and (ii) whose owned, managed
        or assets under development exceed $1B as of the end of the entity&rsquo;s last fiscal year. Standard carve outs for owning
        securities in a company such that the ownership is solely as a passive investors of 3% or less of the outstanding securities
        of any class of any company.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;Addy:
        any company, partnership, entity which raises capital through retail investor channels for the purchase of neighborhood
        and community grocery anchored shopping centers.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 15.95pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Solicitation</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;CEO:
                                24 months</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;Other
        Officers: 18 months</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prohibited
from inducing, or encouraging any employee of the Company, or any of its affiliates, to leave the employment of the Company, or
solicit, induce, or encourage any existing customer, client, , or independent contractor of the Company, or any of its affiliates,
on behalf, director or indirectly of a Competing Business to cease or reduce its business with or services rendered to the Company
or its affiliates.</FONT></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 15.95pt; font-family: Times New Roman,serif; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Disclosure</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.75pt; font-family: Times New Roman,serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite
    for confidential information and trade secrets.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Excess
    Parachute Payments</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;No
                                gross up</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;Excess
        payments subject to reduction unless Executive will receive a greater net after tax payment if the amount of the excess
        payment is not reduced.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 12.95pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Condition
    to Severance Release/Restrictive Covenants</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Participant
    must (i)&nbsp;sign a release (in the form attached to the Company/Participant Letter Agreement) to receive severance benefits,
    and (ii)&nbsp;be in compliance with the Restrictive Covenants provided for in the Company/Participant Letter Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dispute
    Resolution</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbitration
    in Ohio, but injunctive relief available to enforce restrictive covenants</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Definitions</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Cause&rdquo;
    means any one (or more) of the following: (i) the Executive&rsquo;s commission of any fraud, misappropriation or gross and
    willful misconduct which causes demonstrable injury to the Company or a subsidiary or affiliate; (ii) an act of dishonesty
    by the Executive resulting or intended to result, directly or indirectly, in gain or personal enrichment at the expense of
    the Company or a subsidiary or affiliate; (iii) willful and repeated failure to follow specific directives of the Board or
    the Chief Executive Officer to act or refrain from acting, which directives are consistent with Executive&rsquo;s position
    and title; and (iv) conviction of, or a plea of <I>nolo contendere</I> with respect to, a felony or a crime involving moral
    turpitude.&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; font-family: Times New Roman,serif; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 8pt; padding-left: 5.75pt; text-align: justify; font-family: Times New Roman,serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Change
    in Control&rdquo; means the first to occur of any of the events set forth in the following paragraphs: (i) any &ldquo;person,&rdquo;
    as such term is used in Sections 13(d) and 14(d) of the Exchange Act, other than the Company or an affiliate or a Company
    employee benefit plan, including any trustee of such plan acting as trustee, is or becomes the &ldquo;beneficial owner&rdquo;
    (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing forty
    percent (40%) or more of the combined voting power of the Company&rsquo;s then outstanding securities entitled to vote generally
    in the election of directors; (ii) a merger, reverse merger or other business combination or consolidation of the Company
    or any direct or indirect subsidiary of the Company with any other corporation other than an affiliate of the Company, other
    than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto
    continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity)
    at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving
    entity outstanding immediately after such merger, reverse merger, business combination or consolidation; (iii) a majority
    of the members of the Board in effect on the closing date are replaced during any 12 month period after the closing date by
    directors whose appointment or election is not endorsed by a majority of the Board prior to the date of the appointment or
    election; or (iv) a person (or group), other than an Affiliate, acquires (or has acquired, during a 12-month period), assets
    that have a total gross fair market value of fifty percent (50%) or more of the total gross fair market value of all assets
    of the Company immediately prior to such acquisition. &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Disability&rdquo;
    means a Participant&rsquo;s absence from employment with the Company due to: (a) his inability to engage in any substantial
    gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in
    death or can be expected to last for a continuous period of not less than twelve (12) months; or (b) is by reason of such
    medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for
    a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than
    three (3) months under an accident and health plan covering the Company&rsquo;s employees.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; font-family: Times New Roman,serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; font-family: Times New Roman,serif; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 8pt; padding-left: 5.75pt; text-align: justify; font-family: Times New Roman,serif; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Good
    Reason&rdquo; means the occurrence of any of the following without the prior written consent of the Executive: (a) a material
    diminution in the Executive&rsquo;s base compensation; (b) a material diminution in the Executive&rsquo;s authority, duties
    or responsibilities; (c) a material diminution in the authority, duties or responsibilities of the supervisor to whom the
    Executive is required to report; (d) a material diminution in the budget over which the Executive retains authority; or (e)
    any other action or inaction that constitutes a material breach by the Company of the terms of any employment agreement to
    which the Executive may be a party.&nbsp;&nbsp;Notwithstanding the foregoing, (I) Good Reason shall not be deemed to exist
    unless notice of termination on account thereof&nbsp;&nbsp;is given no later than 30 days after the time at which the event
    or condition purportedly giving rise to Good Reason first occurs or arises and (II) if there exists (without regard to this
    clause (II)) an event or condition that constitutes Good Reason, the Company shall have 30 days from the date notice of such
    a termination is given to cure such event or condition and, if the Company does so, such event or condition shall not constitute
    Good Reason hereunder.&nbsp;&nbsp;If the Company fails to cure any such event or condition within 30 days then Executive must
    terminate his/her employment within 12 months of the event or condition giving rise to Good Reason.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Severance
    Period&rdquo;&nbsp;&nbsp;means (i) with respect to termination without Cause or for Good Reason not in connection with a Change
    in Control, or termination due to Death or Disability; 24 months for the CEO and 18 months for the Other Officers, and (ii)
    termination without Cause or for Good Reason in connection with a Change in Control, 30 months for the CEO and 24 months for
    the Other Officers.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXHIBIT&nbsp;G</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM
OF SERVICES AGREEMENT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
SERVICES AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;) dated as of ____________, 2017, (the &ldquo;<U>Effective Date</U>&rdquo;)
is entered into by and between <FONT STYLE="text-transform: uppercase"><B>Phillips Edison Limited Partnership</B></FONT>, a Delaware
limited partnership (&ldquo;<U>PELP</U>&rdquo;), and <FONT STYLE="text-transform: uppercase"><B>[TRS ENTITY]</B></FONT> (&ldquo;<U>Manager</U>&rdquo;).
Manager and PELP are referred to in this Agreement individually as a &ldquo;<U>Party</U>&rdquo; and collectively as the &ldquo;<U>Parties</U>.&rdquo;
Operating Partnership (as defined below) hereby joins this Agreement for purposes of <U>Section 3</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
pursuant to that certain Contribution Agreement, dated as of May 18, 2017 (the &ldquo;<U>Contribution Agreement</U>&rdquo;), by
and among the Contributors (as defined therein), Phillips Edison Grocery Center REIT I, Inc. (the &ldquo;<U>REIT</U>&rdquo;),
Phillips Edison Grocery Center Operating Partnership I, L.P. (&ldquo;<U>Operating Partnership</U>&rdquo;) and Jeffrey S. Edison,
pursuant to which PELP and each Contributor transferred substantially all of their respective assets to Operating Partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the transactions contemplated in the Contribution Agreement are being consummated contemporaneously herewith (the &ldquo;<U>Closing</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the corporate organizational chart set forth on <U>Annex A</U> hereto represents the remaining entities owned by PELP as of the
Closing (PELP, together with such remaining entities, the &ldquo;<U>PELP Entities</U>&rdquo;); and</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
PELP and Manager desire to enter into this Agreement pursuant to which Manager shall provide certain services to the PELP Entities
in order to provide for the wind-down of the PELP Entities pursuant to the terms and conditions set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the foregoing, the covenants and agreements contained herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment
of Manager; Services</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
PELP Entities set forth on <U>Annex B</U> hereto (the &ldquo;<U>Real Property Entities</U>&rdquo;) own the real estate assets
identified opposite their respective names (the &ldquo;<U>Real Properties</U>&rdquo;). A subsidiary of Manager, Phillips Edison
&amp; Company, Ltd, (&ldquo;<U>Property Manager</U>&rdquo;), provides property management and leasing services to the applicable
Real Property Entities with respect to the Real Properties pursuant to the terms of the property management agreements identified
on <U>Annex B</U> (the &ldquo;<U>Property Management Agreements</U>&rdquo;). The Parties acknowledge that two of the Real Properties
identified on Annex B (i.e., Smoketown &amp; Veronica and Cedar Hills &ndash; West) (the &ldquo;<U>Vacant Lots</U>&rdquo;) are
vacant, unimproved parcels of land, and are not subject to the Property Management Agreements. Manager agrees that PELP shall
have the right to request that Property Manager provide some subset of the services set forth in the Property Management Agreements
with respect to the Vacant Lots on terms and conditions to be mutually agreed upon by the Parties. In such event, the Parties
will enter into a separate property management agreement reflecting the agreement with respect to such additional services.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the Closing, PELP desires to engage Manager to provide the following services to the PELP Entities (the &ldquo;<U>Services</U>&rdquo;)
with respect to the operation of the businesses of the PELP Entities and the eventual wind-down, liquidation and termination of
the PELP Entities:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;advising
PELP with respect to, and implementing on behalf of PELP, the disposition of any Real Property and/or the liquidation of any other
investment held by any of the PELP Entities;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;providing
finance, accounting and tax services for the PELP Entities, including (A) tax return preparation, (B) sales tax, personal property
tax, and other tax compliance services, (C) responding to notices from taxing jurisdictions including audits, (D) calculating
and making distributions and dividends to investors in the PELP Entities, (E) treasury services relating to the PELP Entities&rsquo;
bank accounts, (F) preparing and managing a budget for PELP, and (G) preparing and maintaining routine and customary financial
and business books and records for the PELP Entities in a manner substantially similar to the books and records currently maintained
by the PELP Entities;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;advising
and procuring (at PELP&rsquo;s expense) appropriate insurance coverage for the business and operation of the PELP Entities and
handling related communications with the applicable insurance providers, and managing any litigation or threatened litigation
relating thereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;maintaining
the corporate record books for the PELP Entities and preparing all necessary filings with the various states of incorporation/formation
(with the costs of all such filings being at PELP&rsquo;s expense);</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;providing
and maintaining, at Manager&rsquo;s expense, offices, together with all administrative services, staff and accommodations reasonably
required for the performance of its duties under this Agreement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other services reasonably requested by PELP to effectuate an orderly wind-down and liquidation of the PELP Entities; provided
that all filing and third party costs related thereto (including legal and accounting fees and expenses) are at PELP&rsquo;s expense.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Services shall be subject to the prior approval and direction of PELP. For the avoidance of doubt, the Services are intended to
manage entity-level matters of the PELP Entities and not to duplicate any services being provided under the Property Management
Agreements. In the event of a conflict between the Property Management Agreements and this Agreement, the Property Management
Agreements shall govern.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PELP
hereby appoints Manager to perform the services described in <U>Section 2(b)</U> above, and Manager hereby accepts such appointment
on the terms and conditions set forth in this Agreement. PELP acknowledges and agrees that Manager shall have the right to delegate
the performance of the Services to any affiliate under Manager&rsquo;s control or that is controlled by or is under common control
with Manager.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PELP
shall have the right, from time to time and at its sole discretion, to limit the scope of any of the Services, and/or to engage
a third-party provider (at PELP&rsquo;s expense) to perform such Services for any of the PELP Entities.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Standard;
Third Party Providers</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager
shall provide the Services in a substantially similar manner and quality as such Services were provided to PELP prior to the Closing.
Notwithstanding anything to the contrary in this Agreement, the Parties agree that the Manager will not provide the Services or
any other services in a scope or frequency outside the ordinary course of business, substantially consistent with past practices,
unless the Manager receives the prior approval of the independent directors of the REIT (such services, the &ldquo;<U>REIT Approved
Extraneous Services</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager
shall have the right to engage an independent, third party provider (a &ldquo;<U>Third Party Provider</U>&rdquo;) to perform any
portion of the Services subject to the following conditions. Any such Third Party Provider shall be subject to the prior written
approval of PELP. In seeking such approval, Manager shall provide PELP with a budget or fixed cost arrangement, together with
the engagement and payment terms, for such Third Party Provider. Any fees or expenses charged by such Third Party Provider in
excess of an approved budget amount, or any change to the engagement and payment terms thereof, shall require the prior written
approval of PELP. PELP shall be responsible for the timely payment of any invoice from an approved Third Party Provider. Notwithstanding
anything to contrary herein, neither Manager nor any of its affiliates shall be liable to such a Third Party Provider, PELP or
any other PELP entity for any fees, expenses or other costs related to a Third Party Provider&rsquo;s provision of any portion
of the Services.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager
may rely on such Third Party Provider and will not be liable for any act or omission of any Third Party Provider unrelated to
Manager. To the extent the provision of any Services by a Third Party Provider do not conform to the standards set forth in this
Agreement or under the terms of such Third Party Provider&rsquo;s engagement letter and Manager becomes aware of such nonconformance,
Manager shall use reasonable efforts to cause such Third Party Provider to either (i) timely correct the relevant deficiencies
or (ii) cause such Services to be timely re-performed in a conforming manner.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>License
of Intellectual Property</U>. Pursuant to the terms of the Contribution Agreement, at Closing, PELP transferred to the Operating
Partnership any right, title and interest PELP may have had to the names &ldquo;Phillips Edison&rdquo; and &ldquo;PECO&rdquo;
(the &ldquo;<U>Licensed Names</U>&rdquo;). In connection with such transfer, PELP and the Operating Partnership agreed that PELP
and any applicable PELP Entity using the Licensed Names (a &ldquo;<U>Licensee</U>&rdquo;) would have the right to use such names
in connection with the continued operation of its respective businesses for the duration of the applicable Licensee&rsquo;s License
Term (as defined below). Accordingly, Operating Partnership hereby grants to each Licensee a non-transferable (except in connection
with a permitted assignment under Section 10(e)), non-assignable (except in connection with a permitted assignment under Section
10(e)), non-sublicensable, royalty-free, fully paid up, worldwide, limited right and license to use, reproduce, and exploit the
Licensed Names in its corporate name and in connection with the continued operation of such Licensee&rsquo;s business (e.g., in
its corporate names, marketing materials, websites, domain names, stationery, and similar uses). For each Licensee, this license
shall survive and continue until the earlier of (x) 15 years from the Effective Date, or (y) such time as such Licensee&rsquo;s
business has been fully wound-down and liquidated and a certificate of termination or dissolution of such Licensee has been filed
in its applicable state of formation or incorporation (the &ldquo;<U>License Term</U>&rdquo;). Licensee agrees that all rights
and goodwill in the Licensed Name that accrue during the license shall inure to the benefit of the Operating Partnership. Operating
Partnership joins in the execution of this Agreement for the purposes of effectuating the foregoing license. Any additional use
of the Licensed Names by a Licensee in a manner that deviates from how such Licensed Names were used by such Licensee immediately
prior to the Effective Date will require the prior written approval of Operating Partnership. PELP shall (and shall cause the
Licensees to) do such things as Operating Partnership may reasonably request, at Operating Partnership&rsquo;s cost and expense,
in order for Operating Partnership to retain the ownership and benefit of the Licensed Names. Operating Partnership shall take
all actions reasonably necessary to maintain any rights it may have in and to the Licensed Names. For the avoidance of doubt,
this license will survive any expiration or earlier termination of this Agreement; it being the express intent of the Parties
that this license shall remain in place for each Licensee&rsquo;s applicable License Term.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments,
Fees and Costs</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PELP
shall pay Manager, and Manager shall accept, as compensation for providing the Services an annual fee of Two Hundred Thousand
and 00/100 Dollars ($200,000.00). Such fee will be payable in quarterly installments equal to Fifty Thousand and 00/100 Dollars
($50,000.00), in arrears on or before the tenth (10<SUP>th</SUP>) Business Day of each calendar quarter during the Term, and shall
be prorated for any partial quarter. If the Manager provides any REIT Approved Extraneous Services to PELP, PELP shall pay the
Manager a separate fee for such services as mutually agreed by PELP and the independent directors of the REIT.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
other expenses, charges, fees, taxes, personnel charges and costs relating to the Services shall be the sole expense and responsibility
of Manager, except as otherwise contemplated by <U>Section 1(b)</U> or <U>Section 2(b)</U> above.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the Term of this Agreement, each Party (&ldquo;<U>Recipient</U>&rdquo;) may have access to, or have disclosed to it, certain confidential
information, data, records, files, archives and other proprietary information, whether oral or written, concerning, among other
things, third party materials, inventions, know-how, customer lists, supplier lists, pricing, patent and trade secrets, software,
and other general business information (collectively, the &ldquo;<U>Proprietary Information</U>&rdquo;) that is owned by the other
Party (&ldquo;<U>Discloser</U>&rdquo;). All Proprietary Information of Discloser or its affiliates, customers, suppliers or independent
contractors generated, produced or stored by Recipient in connection with the provision of Services or the performance of this
Agreement shall be the Proprietary Information of Discloser. Proprietary Information shall remain the sole property of Discloser
and Recipient shall have no interest in or rights with respect to such Proprietary Information.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the Term of this Agreement and for a period of one (1) year thereafter, each Party agrees, and shall cause its respective affiliates,
to protect the confidentiality of Discloser&rsquo;s Proprietary Information with at least the same degree of care that it utilizes
with respect to its own similar confidential and proprietary information, but in any event, no less than reasonable care, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
to disclose or copy, display, publish, transfer (whether by sale, operation of law or otherwise) or otherwise disseminate or allow
access to the Proprietary Information, in whole or in part, in any form whatsoever, to or by any third party without the prior
written consent of Discloser, except that such disclosure or access shall be permitted with respect to an employee or independent
contractor of Recipient requiring access to the Proprietary Information in the course of his or her employment or provision of
Services hereunder; <U>provided</U>, <U>however</U>, that such employee or independent contractor is subject to confidentiality
obligations substantially similar and in no event less restrictive than as set forth in this <U>Section&nbsp;5</U> and such Recipient
shall enforce such obligations;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
immediately notify Discloser promptly and in writing of the circumstances surrounding any suspected possession, use, disclosure
or knowledge of the Proprietary Information or any part thereof at any location or by any person other than those authorized by
this Agreement and to take further steps as may reasonably be requested by Discloser to remedy any such possession, use or disclosure;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon
Discloser&rsquo;s request, to promptly return to Discloser, or at Recipient&rsquo;s request destroy, all documents and materials
in tangible form, and permanently erase all data in electronic form (other than back-ups and archived data, so long as such data
continues to be bound by the confidentiality obligations of this <U>Section&nbsp;5</U>), containing any Proprietary Information,
and certify in writing signed by an officer of Recipient that Recipient has fully complied with this obligation (except that the
Recipient&rsquo;s legal counsel may retain one copy of such information in their offices for record-keeping purposes only).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this <U>Section&nbsp;5</U> shall restrict the Parties with respect to data, records, files, archives or other proprietary or
confidential information, whether or not identical or similar to that contained in the Proprietary Information, if such data,
records, files, archives or other proprietary or confidential information: (i)&nbsp;are independently developed by Recipient without
reference to Discloser&rsquo;s Proprietary Information; (ii)&nbsp;are or become generally available to the public other than as
a result of any act or default of, or disclosure by, Recipient; (iii)&nbsp;become available to Recipient on a non-confidential
basis from a source other than Discloser, <U>provided</U> the Recipient believes in good faith that such source is entitled to
disclose such information to the Recipient on a non-confidential basis; or (iv)&nbsp;were known by Recipient on a non-confidential
basis prior to the disclosure thereof to the Recipient by Discloser. In addition, to the extent that Proprietary Information is
required by law to be disclosed, such Proprietary Information may be disclosed; <U>provided</U> that as soon as is reasonably
practicable after receiving notice of any such required disclosure and to the extent that it may legally do so, Recipient advises
Discloser of the same, and prior to making any such disclosure, takes commercially reasonable actions to assure the confidential
handling of the Proprietary Information, including, to the extent permissible and practicable, affording Discloser a reasonable
period of time to seek a protective order prohibiting the disclosure of the Proprietary Information, if allowed by applicable
law and cooperates with Discloser, at Discloser&rsquo;s reasonable request and sole expense, in any lawful action to contest or
limit the scope of such required disclosure.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Party acknowledges and agrees that the other Party may suffer irreparable harm for which monetary damages may be an inadequate
remedy if there were a breach by such Party of obligations under this <U>Section&nbsp;5</U>. Each Party further acknowledges and
agrees that equitable relief, including injunctive relief, may be appropriate to protect the non-breaching Party&rsquo;s rights
and interests if such a breach were to arise, be threatened, or be asserted, and the non-breaching Party will be entitled to seek
the entry of an order for immediate injunctive relief without the necessity of posting a bond or other security.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclaimer
of Warranties</U>. EXCEPT FOR ANY REPRESENTATIONS AND WARRANTIES AND SUBJECT TO THE STANDARD OF CARE THAT ARE EXPRESSLY SET FORTH
HEREIN, (A)&nbsp;THE SERVICES ARE PROVIDED TO PELP &ldquo;AS-IS&rdquo; AND (B)&nbsp;NEITHER PARTY, NOR ANY OF THEIR AFFILIATES,
MAKES ANY REPRESENTATION, WARRANTY OR CONDITION OF ANY KIND, WHETHER EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, REGARDING THE
SERVICES IT PROVIDES. SUBJECT TO THE PRECEDING SENTENCE, THE MANAGER SPECIFICALLY DISCLAIMS THE WARRANTIES OF MERCHANTABILITY
AND FITNESS FOR A PARTICULAR PURPOSE AND ANY AND ALL WARRANTIES AGAINST INFRINGEMENT, TO THE MAXIMUM EXTENT PERMISSIBLE BY LAW.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term
and Termination</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>.
Unless terminated earlier in accordance with <U>Section&nbsp;7(b)</U>, the term of this Agreement (the &ldquo;<U>Term</U>&rdquo;)
shall commence on the Effective Date and shall expire on the last day of the calendar month that is the fifth (5<SUP>th</SUP>)
anniversary of the Effective Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.
This Agreement, or any specific Services provided hereunder, may be terminated before the completion of the Term:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
mutual agreement of the Parties;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
either Party who is not in material breach of this Agreement for material breach by the other Party of any of the terms hereof
if such material breach is not cured within thirty&nbsp;(30) days after written notice of such breach is delivered to the breaching
Party; or</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
PELP for any reason in its sole and absolute discretion with respect to any or all Service(s) to be effective upon the date specified
in such notice (provided that such date may not be less than ten (10) days after written notice of such termination is received
by Manager).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
termination or expiration of this Agreement, or particular Services hereunder, Manager shall have no further obligation hereunder
to provide such Service(s); <U>provided</U>, <U>however</U>, that, notwithstanding any other provision of this Agreement, no obligation
of a Party accruing hereunder prior to such expiration or termination shall be terminated or otherwise relieved and the rights
and obligations of the Parties under <U>Sections&nbsp;2</U>, <U>3</U>, <U>5</U>, <U>6</U>, and <U>7</U> through <U>10</U>, and
all of PELP&rsquo;s or Manager&rsquo;s payment obligations with respect to any accrued but unpaid amounts owed hereunder subject
to the terms and conditions of this Agreement shall survive any expiration or termination hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
of Liability</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXCEPT
AS EXPRESSLY SET FORTH IN <U>SECTION 9</U>, NEITHER MANAGER, ITS AFFILIATES OR ITS REPRESENTATIVES, ON THE ONE HAND, NOR PELP,
ITS AFFILIATES OR ITS REPRESENTATIVES, ON THE OTHER HAND, SHALL BE LIABLE FOR ANY LOST PROFITS OR FOR ANY INDIRECT, SPECIAL, INCIDENTAL,
CONSEQUENTIAL OR PUNITIVE DAMAGES ARISING OUT OF THIS AGREEMENT OR ANY PERFORMANCE OR NON-PERFORMANCE OF ANY SERVICES HEREUNDER
OR THE PERFORMANCE OR BREACH OF ANY OBLIGATIONS HEREUNDER OR OTHERWISE, EVEN IF THE APPLICABLE PARTY HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE
WAIVER OF DAMAGES AND LIMITATION OF LIABILITY SET FORTH IN CLAUSE&nbsp;(a) ABOVE EXPRESSLY EXCLUDE ALL LIABILITY ARISING FROM
(1)&nbsp;BREACHES OF ANY COVENANTS OF NON-USE AND NON-DISCLOSURE OF PROPRIETARY INFORMATION, (2)&nbsp;CLAIMS FOR INDEMNITY UNDER
<U>SECTION&nbsp;9(a)(ii)</U>, OR (3) CLAIMS RELATED TO GROSS NEGLIGENCE, FRAUD OR INTENTIONAL MISCONDUCT.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTWITHSTANDING
ANYTHING TO THE CONTRARY IN THIS AGREEMENT (INCLUDING THE FOREGOING CLAUSES (a) AND (b)), FOR SO LONG AS JEFFREY S. EDISON IS
AN EXECUTIVE OFFICER OF THE MANAGER OR AN AFFILIATE OF THE MANAGER, NONE OF THE MANAGER, ITS AFFILIATES OR ITS REPRESENTATIVES
SHALL BE LIABLE FOR ANY DAMAGES ARISING OUT OF THIS AGREEMENT OR ANY PERFORMANCE OR NON-PERFORMANCE OF ANY SERVICES HEREUNDER
OR THE PERFORMANCE OR BREACH OF ANY OBLIGATIONS HEREUNDER OR OTHERWISE, UNLESS SUCH DAMAGES RESULT FROM GROSS NEGLIGENCE, FRAUD
OR INTENTIONAL MISCONDUCT DIRECTED BY THE INDEPENDENT DIRECTORS OF THE REIT.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>.
PELP shall indemnify the Manager and its managers, employees and officers against and agrees to defend, protect, hold and save
them free and harmless from any liability or expenses (including reasonable attorney&rsquo;s fees and court costs) arising out
of injuries or damages to persons or property by reason of any cause relating to this Agreement or any performance or non-performance
of any services hereunder, except to the extent caused by gross negligence, fraud or willful misconduct and which is not otherwise
covered by insurance held by PELP. PELP shall name the Manager as an &ldquo;additional insured&rdquo; or &ldquo;co-insured&rdquo;
on each liability insurance policy maintained by PELP. The Manager shall indemnify PELP and its employees and officers against
and agrees to defend, protect, hold and save them free and harmless from any liability or expenses (including reasonable attorney&rsquo;s
fees and court costs) arising out of injuries or damages to persons or property by reason of any cause relating to this Agreement
or any performance or non-performance of any services hereunder caused by the gross negligence, fraud or willful misconduct of
the Manager, which is not otherwise covered by insurance held by PELP.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Business Day</U>. For purposes of this Agreement, &ldquo;<U>Business Day</U>&rdquo; means any day that is not a Saturday, Sunday
or legal holiday in the State of Ohio or a federal holiday in the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Independent
Contractor</U>. Manager is acting pursuant to this Agreement solely as an independent contractor. Nothing contained in this Agreement
shall be deemed to constitute a single employer, joint employer, co-employer, alter-ego, agency, partnership, joint venture or
similar relationship between Manager and its affiliates, on the one hand, and any of the PELP Entities, on the other hand.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation</U>.
The titles, captions or headings of the Sections herein are inserted for convenience of reference only and are not intended to
be a part of or to affect the meaning or interpretation of this Agreement. All Annexes or Schedules attached hereto are hereby
incorporated in and made a part of this Agreement. For all purposes of and under this Agreement, (i)&nbsp;the word &ldquo;including&rdquo;
shall be deemed to be immediately followed by the words &ldquo;without limitation&rdquo;; (ii)&nbsp;words (including defined terms)
in the singular shall be deemed to include the plural and vice versa; (iii)&nbsp;words of one gender shall be deemed to include
the other gender as the context requires; (iv)&nbsp;&rdquo;or&rdquo; is not exclusive; and (v)&nbsp;the terms &ldquo;hereof,&rdquo;
&ldquo;herein,&rdquo; &ldquo;hereto,&rdquo; &ldquo;herewith&rdquo; and any other words of similar import shall, unless otherwise
stated, be construed to refer to this Agreement as a whole (including the Annexes and Schedules hereto) and not to any particular
term or provision of this Agreement, unless otherwise specified.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
All notices or other communications required or permitted to be given hereunder shall be in writing and shall be delivered by
hand or sent by overnight courier service and shall be deemed given when received as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>To
Manager:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11501
Northlake Drive</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cincinnati,
Ohio 45249</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Special Committee of the Board of Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
mandatory copies (which shall not constitute notice) to:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sidley
Austin LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
South Dearborn</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago,
IL 60603</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paul
L. Choi</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>To
PELP:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips
Edison Limited Partnership</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11501
Northlake Drive</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cincinnati,
Ohio 45249</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey S. Edison</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.75in; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tanya
E. Brady</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: left; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: left; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors
and Assigns</U>. No assignment of this Agreement or of any rights or obligations hereunder may be made by either Party without
the prior written consent of the other Party and any attempted assignment without the required consent shall be null and void
and without any legal effect. Upon any such permitted assignment, the references in this Agreement to Manager or PELP (as applicable)
shall also apply to any such assignee. This Agreement shall be binding upon and inure to the benefit of the Parties and their
respective permitted successors and assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights
of Third Parties</U>. Except for the indemnification provisions of this Agreement which are intended to be enforceable by the
persons respectively referred to therein, nothing expressed or implied in this Agreement shall create or be deemed to create any
third-party beneficiary rights in any person or entity not a party to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
Except as otherwise provided herein, each Party shall bear its own expenses incurred in connection with this Agreement and the
transactions contemplated hereby whether or not such transactions shall be consummated.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in one or more counterparts, including electronically in Adobe Portable Document Format (.pdf),
all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have
been signed by each of the Parties and delivered to the other Parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U>. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and
supersedes any other agreements, whether written or oral, that may have been made or entered into by or among any of the Parties
or any of their respective affiliates relating to the subject matter hereof. The Parties each hereby acknowledge that this Agreement
embodies the justifiable expectations of sophisticated parties derived from arm&rsquo;s-length negotiations, and all Parties to
this Agreement specifically acknowledge that no Party has any special relationship with another Party that would justify any expectation
beyond that of an ordinary buyer and an ordinary seller of services in an arm&rsquo;s-length transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments;
Waiver</U>. This Agreement may be amended, supplemented or modified in whole or in part if, but only if, such amendment, supplement
or modification is in writing and is signed by each of PELP and Manager and specific reference to this Agreement is made in such
writing. Any provision of this Agreement may be waived if, but only if, such waiver is in writing and is signed by the Party or
Parties against whom enforcement of any such waiver is sought and specific reference to this Agreement is made in such writing.
The waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing
waiver of such breach or as a waiver of any other or subsequent breach. No failure on the part of any Party to exercise, and no
delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of such right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other right,
power or remedy.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
If any provision hereof (or any portion thereof) or the application of any such provision (or any portion thereof) to any Party
or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity,
illegality or unenforceability shall not affect any other provision hereof (or the remaining portion thereof) or the application
of such provision to any other Parties or circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mutual
Drafting</U>. The Parties have participated jointly in the negotiation and drafting of this Agreement and, if an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the Parties and no presumption
or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="text-transform: uppercase"><U>Governing
Law</U>. </FONT>THIS AGREEMENT AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE
OUT OF OR RELATE TO THIS AGREEMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT SHALL BE GOVERNED BY THE INTERNAL
LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO
THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE<FONT STYLE="text-transform: uppercase">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>WAIVER
OF TRIAL BY JURY</U>. EACH PARTY HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY LITIGATION OR OTHER COURT PROCEEDING WITH RESPECT
TO ANY MATTER ARISING FROM OR IN CONNECTION WITH THIS AGREEMENT.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies
Cumulative</U>. The rights and remedies of the Parties under or pursuant to this Agreement are cumulative, and no single or partial
exercise by a Party of any right or remedy precludes or otherwise affects the exercise of any other right or remedy to which that
Party may be entitled.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Assurances</U>. If any further action is necessary, proper or desirable to carry out any purpose of this Agreement, then each
Party hereto will take such further action (including the execution and delivery of further documents) as the other Party hereto
reasonably requests to carry out such purpose. The foregoing will be at the expense of such requesting Party, except to the extent
such requesting Party is entitled to indemnification therefor or to the extent this Agreement otherwise allocates such expense
to the other Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Remainder
of page intentionally left blank;<BR>
Signatures on following pages]</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed and delivered as of the Effective Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>MANAGER</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[TRS</B>]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>OPERATING
    PARTNERSHIP</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PHILLIPS EDISON GROCERY CENTER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OPERATING PARTNERSHIP I</B>,
    <B>L.P.,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A Delaware limited partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips Edison Grocery Center
    OP GP I LLC,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A Delaware limited liability company,
    its general partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp; Phillips Edison Grocery Center
    REIT I, Inc.,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A Maryland corporation, its sole
    member</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B><U>PELP</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>PHILLIPS EDISON LIMITED</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>PARTNERSHIP</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">A Delaware limited partnership</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>Phillips Edison &amp; Company, Inc.,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>A Maryland corporation,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Its General Partner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ANNEX
A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PELP
CORPORATE ORGANIZATIONAL CHART</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ANNEX
B</B></FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>REAL
    PROPERTY ENTITY</U></B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>REAL
    PROPERTIES</U></B></FONT></TD>
    <TD STYLE="width: 37%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>PROPERTY
    MANAGEMENT<BR>
AGREEMENTS</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mountain
    View Station LLC</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mountain
                                         View Village Shopping Center,</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Snellville,
Georgia</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Management Agreement, dated December 1, 2012, between Mountain View Station LLC and Phillips Edison &amp; Company
    Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rt.
    24 &amp; Marketplace LLC</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rt.
                                         24 &amp; Marketplace Walgreens</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
        Rt. 24 &amp; Marketplace Drive</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bel
Air, Maryland</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Master Property Management, Leasing and Construction Management Agreement, Dated March 9, 2016, between Phillips
    Edison Limited Partnership, as assigned to Operating Partnership, and Phillips Edison &amp; Company Ltd.; Addendum #000149</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stations
    West &ndash; Saratoga LLC</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Saratoga
                                         Springs</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S.R.
        73 and Redwood Road</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Saratoga
Springs, Utah 84043</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Master Property Management, Leasing and Construction Management Agreement, Dated March 9, 2016, between Phillips
    Edison Limited Partnership, as assigned to Operating Partnership, and Phillips Edison &amp; Company Ltd.; Addendum #000117</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smoketown
    &amp; Veronica LLC</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Virginia</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VACANT
    LOT</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cedar
    Hills &ndash; West LLC</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cedar
    Hills, Utah</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VACANT
    LOT</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Belvedere
    Station LLC] <SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Belvedere
                                         Plaza Shopping Center</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anderson,
South Carolina</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Management Agreement, dated January 1, 2015, between Belvedere Station LLC and Phillips Edison &amp; Company
    Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Lassen
    Station LP]</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lassen
                                         Shopping Center</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2545
        Main Street</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Susanville,
California 96130</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Master Property Management, Leasing and Construction Management Agreement, Dated March 9, 2016, between Phillips
    Edison Limited Partnership, as assigned to Operating Partnership, and Phillips Edison &amp; Company Ltd.; Addendum #000140</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[New
    Market Station LLC]</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
                                         Market Madison</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102-152
        New Market</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Madison,
North Carolina 27025</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Master Property Management, Leasing and Construction Management Agreement, Dated March 9, 2016, between Phillips
    Edison Limited Partnership, as assigned to Operating Partnership, and Phillips Edison &amp; Company Ltd.; Addendum #000143</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Marketplace
    Station LLC]</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marketplace
                                         Center</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2725
        Northwest Blvd</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Newton,
North Carolina 28658</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Master Property Management, Leasing and Construction Management Agreement, Dated March 9, 2016, between Phillips
    Edison Limited Partnership, as assigned to Operating Partnership, and Phillips Edison &amp; Company Ltd.; Addendum #000142</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
&nbsp;</SUP>Note to Draft: Bracketed properties to be deleted if sold prior to Closing.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXHIBIT&nbsp;H</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">THIRD
AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OF</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PHILLIPS
EDISON GROCERY CENTER OPERATING PARTNERSHIP I, L.P.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal">THE
SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal">UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;), OR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal">THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal">TRANSFERRED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal">REGISTRATION,
UNLESS IN THE OPINION OF COUNSEL SATISFACTORY TO THE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal">PARTNERSHIP
THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal">EFFECTED
WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND UNDER</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal">APPLICABLE
STATE SECURITIES OR &ldquo;BLUE SKY&rdquo; LAWS.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated
as of [ &#9679; ], 2017</FONT></P>




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OF CONTENTS</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif">Page</TD></TR>
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    <TD STYLE="width: 97%; text-align: left; text-indent: -1in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    1 DEFINED TERMS</FONT></TD>
    <TD STYLE="width: 3%; text-align: right; padding-top: 12pt; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    2 ORGANIZATIONAL MATTERS</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&nbsp;&nbsp;&nbsp;<U>Formation</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2&nbsp;&nbsp;&nbsp;<U>Name</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3&nbsp;&nbsp;&nbsp;<U>Registered
    Office and Agent; Principal Office</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4&nbsp;&nbsp;&nbsp;<U>Power
    of Attorney</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5&nbsp;&nbsp;&nbsp;<U>Term</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    3 PURPOSE</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1&nbsp;&nbsp;&nbsp;<U>Purpose
    and Business</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2&nbsp;&nbsp;&nbsp;<U>Powers</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3&nbsp;&nbsp;&nbsp;<U>Representations
    and Warranties by the Partners</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    4 CAPITAL CONTRIBUTIONS</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1&nbsp;&nbsp;&nbsp;<U>Capital
    Contributions of the Partners</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2&nbsp;&nbsp;&nbsp;<U>Additional
    Funds; Restrictions on the General Partner</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3&nbsp;&nbsp;&nbsp;<U>Issuance
    of Additional Partnership Interests; Admission of Additional Limited Partners</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4&nbsp;&nbsp;&nbsp;<U>Contribution
    of Proceeds of Issuance of Common Stock</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5&nbsp;&nbsp;&nbsp;<U>Equity
    Incentive Plans</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6&nbsp;&nbsp;&nbsp;<U>Repurchase
    of Common Stock</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7&nbsp;&nbsp;&nbsp;<U>No
    Third-Party Beneficiary</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8&nbsp;&nbsp;&nbsp;<U>No
    Interest; No Return</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9&nbsp;&nbsp;&nbsp;<U>No
    Preemptive Rights</U>.</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    5 DISTRIBUTIONS</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1&nbsp;&nbsp;&nbsp;<U>Distributions</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2&nbsp;&nbsp;&nbsp;<U>Qualification
    of the Initial Limited Partner as a REIT</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3&nbsp;&nbsp;&nbsp;<U>Withholding</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4&nbsp;&nbsp;&nbsp;<U>Additional
    Partnership Interests</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5&nbsp;&nbsp;&nbsp;<U>Distributions
    in Kind</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6&nbsp;&nbsp;&nbsp;<U>Distributions
    Upon Liquidation</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    6 ALLOCATIONS</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1&nbsp;&nbsp;&nbsp;<U>Allocations</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2&nbsp;&nbsp;&nbsp;<U>Revisions
    to Allocations to Reflect Issuance of Partnership Interests</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    7 MANAGEMENT AND OPERATIONS OF BUSINESS</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1&nbsp;&nbsp;&nbsp;<U>Management</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2&nbsp;&nbsp;&nbsp;<U>Certificate
    of Limited Partnership</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3&nbsp;&nbsp;&nbsp;<U>Reimbursement
    of the General Partner</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4&nbsp;&nbsp;&nbsp;<U>Outside
    Activities of the General Partner and the Initial Limited Partner</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.5&nbsp;&nbsp;&nbsp;<U>Contracts
    with Affiliates</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liability
    of the General Partner and the Initial Limited Partner</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
    Matters Concerning the General Partner</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Title
    to Partnership Assets</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.10&nbsp;&nbsp;&nbsp;<U>Reliance
    by Third Parties</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.11&nbsp;&nbsp;&nbsp;<U>Loans
    By Third Parties</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    8 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
    of Liability</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Management
    of Business</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Outside
    Activities of Limited Partners</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Return
    of Capital</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights
    of Limited Partners Relating to the Partnership</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Partnership
    Right to Call Limited Partner Interests</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Not
    Applicable to Initial Limited Partner</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    9 BOOKS, RECORDS, ACCOUNTING AND REPORTS</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Records
    and Accounting</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fiscal
    Year</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reports</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    10 TAX MATTERS</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1&nbsp;&nbsp;&nbsp;<U>Preparation
    of Tax Returns</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2&nbsp;&nbsp;&nbsp;<U>Tax
    Elections</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3&nbsp;&nbsp;&nbsp;<U>Tax
    Matters Partner; Partnership Representative</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4&nbsp;&nbsp;&nbsp;<U>Organizational
    Expenses</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5&nbsp;&nbsp;&nbsp;<U>Withholding</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    11 TRANSFERS; WITHDRAWALS; BUSINESS COMBINATIONS</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1&nbsp;&nbsp;&nbsp;<U>Transfers
    in General</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2&nbsp;&nbsp;&nbsp;<U>Transfer
    Restrictions in Business Combinations</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3&nbsp;&nbsp;&nbsp;<U>Permitted
    Transfers; Right of First Refusal</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.4&nbsp;&nbsp;&nbsp;<U>Substituted
    Limited Partners</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.5&nbsp;&nbsp;&nbsp;<U>Assignees</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.6&nbsp;&nbsp;&nbsp;<U>General
    Provisions</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    12 ADMISSION OF PARTNERS</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1&nbsp;&nbsp;&nbsp;<U>Admission
    of Successor General Partner</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2&nbsp;&nbsp;&nbsp;<U>Admission
    of Additional Limited Partners</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.3&nbsp;&nbsp;&nbsp;<U>Amendment
    of Agreement and Certificate of Limited Partnership</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    13 DISSOLUTION, LIQUIDATION AND TERMINATION</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1&nbsp;&nbsp;&nbsp;<U>Dissolution</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2&nbsp;&nbsp;&nbsp;<U>Winding
    Up</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.3&nbsp;&nbsp;&nbsp;<U>Negative
    Capital Account</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.4&nbsp;&nbsp;&nbsp;<U>Rights
    of Limited Partners</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.5&nbsp;&nbsp;&nbsp;<U>Notice
    of Dissolution</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
    of Partnership and Cancellation of Certificate of Limited Partnership</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reasonable
    Time for Winding-Up</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver
    of Partition</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    14 AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Meetings
    of the Partners</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    15 GENERAL PROVISIONS</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption
    Rights of Qualifying Parties</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Addresses
    and Notice</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Titles
    and Captions</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pronouns
    and Plurals</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
    Action</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding
    Effect</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Creditors</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.10&nbsp;&nbsp;&nbsp;<U>Applicable
    Law</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.11&nbsp;&nbsp;&nbsp;<U>Invalidity
    of Provisions</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.12&nbsp;&nbsp;&nbsp;<U>Entire
    Agreement</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.13&nbsp;&nbsp;&nbsp;<U>No
    Rights as Stockholders</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.14&nbsp;&nbsp;&nbsp;<U>Limitation
    to Preserve REIT Status</U>.</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    16 CLASS B UNITS</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation
    and Number</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Special
    Provisions</U>.</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
    of Class B Units</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Profits
    Interests</U></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBIT</FONT>S</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit
A</U>&nbsp;&nbsp;&ndash;&nbsp;&nbsp;Allocations</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit
B</U>&nbsp;&nbsp;&ndash;&nbsp;&nbsp;Examples Regarding Exchange Factor&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit
C</U>&nbsp;&nbsp;&ndash;&nbsp;&nbsp;Notice of Redemption&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit
D</U>&nbsp;&nbsp;&ndash;&nbsp;&nbsp;Certificate of Limited Partnership</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIRD
AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">OF</FONT><BR>
<FONT STYLE="font-size: 10pt">PHILLIPS EDISON GROCERY CENTER OPERATING PARTNERSHIP I, L.P.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF PHILLIPS EDISON GROCERY CENTER OPERATING PARTNERSHIP, L.P. (this
&ldquo;<U>Agreement</U>&rdquo;) dated as of [ &#9679; ], 2017, is entered into among PHILLIPS EDISON GROCERY CENTER OP GP I, LLC,
a Delaware limited liability company, as general partner (the &ldquo;<U>General Partner</U>&rdquo;), PHILLIPS EDISON GROCERY CENTER
REIT I, INC., a Maryland corporation, as Limited Partner (the &ldquo;<U>Initial Limited Partner</U>) and the Limited Partners
party hereto from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RECITALS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the General Partner and the Initial Limited Partner formed the Partnership as a limited partnership on December 3, 2009 pursuant
to the Revised Uniform Limited Partnership Act of the State of Delaware and filed a certificate of limited partnership with the
Secretary of State of the State of Delaware (the &ldquo;<U>Certificate</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the General Partner and the Initial Limited Partner entered into the Agreement of Limited Partnership of the Partnership, dated
as of December 3, 2009, including any amendments thereto through the date hereof (the &ldquo;<U>Original Agreement</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the General Partner, the Initial Limited Partner and certain other Limited Partners entered into the Amended and Restated Agreement
of Limited Partnership of the Partnership, dated as of February 4, 2013 (the &ldquo;<U>First Amended Agreement</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the First Amended Agreement was amended and restated in its entirety when the General Partner, the Initial Limited Partner and
certain other Limited Partners entered into the Second Amended and Restated Agreement of Limited Partnership of the Partnership,
dated as of December 1, 2014, which was amended by that certain First Amendment to Second Amended and Restated Agreement of Limited
Partnership (as so amended, the &ldquo;<U>Amended Agreement</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the General Partner, the Initial Limited Partner and certain other Limited Partners signatory hereto wish to amend and restate
the Amended Agreement as set forth herein and to admit additional Persons as Limited Partners by entering into this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW
THEREFORE, in consideration of the mutual covenants herein contained, and other valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties do hereby agree that the Amended Agreement hereby is amended and restated in its
entirety to read as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">DEFINED TERMS</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used
in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Act</U></I>&rdquo;
means the Delaware Revised Uniform Limited Partnership Act, as amended from time to time, and any successor to such statute.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Action</U></I>&rdquo;
has the meaning set forth in Section 7.6(a)(i).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Additional
Limited Partner</U></I>&rdquo; means a Person that has executed and delivered an additional limited partner signature page in
the form attached hereto, has been admitted to the Partnership as a Limited Partner pursuant to Section 4.3 hereof and that is
shown as such on the books and records of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Adjusted
Capital Account Deficit</U></I>&rdquo; means with respect to any Partner, the negative balance, if any, in such Partner&rsquo;s
Capital Account as of the end of any relevant Partnership Year or other applicable period, determined after giving effect to the
following adjustments:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;credit
to such Capital Account any portion of such negative balance which such Partner (i) is treated as obligated to restore to the
Partnership pursuant to the provisions of Section 1.704-1(b)(2)(ii)(c) of the Regulations, or (ii) is deemed to be obligated to
restore to the Partnership pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debit
to such Capital Account the items described in Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6) of the Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Adjustment
Event</U></I>&rdquo; has the meaning set forth in Section 16.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Affected
Gain</U></I>&rdquo; has the meaning set forth in subparagraph 4(b) of <U>Exhibit A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Affiliate</U></I>&rdquo;
means,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-indent: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to any individual Person, any member of the Immediate Family of such Person or a trust established for the benefit of
such member, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-indent: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-indent: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to any Entity, any Person which, directly or indirectly through one or more intermediaries, controls, is controlled by,
or is under common control with, any such Entity. For purposes of this definition, &ldquo;control&rdquo;, when used with respect
to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise, and the terms &ldquo;controlling&rdquo; and &ldquo;controlled&rdquo;
have meanings correlative to the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-indent: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-indent: 34.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-indent: 34.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Agreement</U></I>&rdquo;
means this Third Amended and Restated Agreement of Limited Partnership, as originally executed and as amended, supplemented or
restated from time to time, as the context requires.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Amended
Agreement</U></I>&rdquo; has the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Applicable
Percentage</U></I>&rdquo; has the meaning set forth in Section 15.1(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Articles
of Incorporation</U></I>&rdquo; means the Initial Limited Partner&rsquo;s Fourth Articles of Amendment and Restatement, filed
with the Maryland State Department of Assessments and Taxation, or other organizational document governing the Initial Limited
Partner, as amended, supplemented or restated from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Assignee</U></I>&rdquo;
means a Person to whom one or more Partnership Units have been transferred in a manner permitted under this Agreement, but who
has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Available
Cash</U></I>&rdquo; means, with respect to the applicable period of measurement (i.e., any period (other than the first period
in which this calculation of Available Cash is being made) beginning on the first day of the fiscal year, quarter or other period
commencing immediately after the last day of the fiscal year, quarter or other applicable period for purposes of the prior calculation
of Available Cash for or with respect to which a distribution has been made, and ending on the last day of the fiscal year, quarter
or other applicable period immediately preceding the date of the calculation), the excess, if any, as of such date, of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-indent: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
gross cash receipts of the Partnership for such period from all sources whatsoever, including the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-indent: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
rents, revenues, income and proceeds derived by the Partnership from its operations, including distributions received by the Partnership
from any Entity in which the Partnership has an interest;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
proceeds and revenues received by the Partnership on account of any sales of any Partnership property or as a refinancing of or
payment of principal, interest, costs, fees, penalties or otherwise on account of any borrowings or loans made by the Partnership
or financings or refinancings of any property of the Partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the amount of
any insurance proceeds and condemnation awards received by the Partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
capital contributions and loans received by the Partnership from its Partners;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
cash amounts previously reserved by the Partnership, to the extent such amounts are no longer needed for the specific purposes
for which such amounts were reserved; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
proceeds of liquidation of the Partnership&rsquo;s property in accordance with this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>over</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
sum of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
operating costs and expenses, including taxes and other expenses of the properties directly and indirectly held by the Partnership
and capital expenditures made during such period (without deduction, however, for any capital expenditures, charges for Depreciation
or other expenses not paid in cash or expenditures from reserves described in clause (viii) below);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
costs and expenses expended or paid during such period in connection with the sale or other disposition, or financing or refinancing,
of the property directly or indirectly held by the Partnership or the recovery of insurance or condemnation proceeds;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
fees provided for under this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
debt service, including principal and interest, paid during such period on all indebtedness (including under any line of credit)
of the Partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
capital contributions, advances, reimbursements, loans or similar payments made to any Person in which the Partnership has an
interest;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
loans made by the Partnership in accordance with the terms of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
reimbursements to the General Partner or its Affiliates during such period; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
amount of any new reserve or reserves or increase in reserves established during such period which the General Partner determines
is necessary or appropriate in its sole and absolute discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, Available Cash shall not include any cash received or reductions in reserves, or take into account any disbursements
made or reserves established, after commencement of the dissolution and liquidation of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>BBA
Rules</U></I>&rdquo; means Subchapter C of Chapter 63 of the Code (Sections 6221 <I>et seq</I>.), as enacted by the Bipartisan
Budget Act of 2015, and any Regulations or other guidance issued thereunder, and any similar state or local legislation, regulations
or guidance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Board
of Directors</U></I>&rdquo; means, with respect to any Person, (i) in the case of any corporation, the board of directors (or
a duly authorized committee thereof) of such Person, (ii) in the case of any limited liability company, the managing member or
members or any controlling committee of managing members thereof or board of directors (or a duly authorized committee thereof)
of such Person, as the case may be, (iii) in the case of any partnership, the board of directors (or a duly authorized committee
thereof) of the general partner of such Person and (iv) in any other case, the functional equivalent of the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Business
Combination</U></I>&rdquo; has the meaning set forth in Section 7.1(a)(iii)(D).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Business
Day</U></I>&rdquo; means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by law to close.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Capital
Account</U></I>&rdquo; means with respect to any Partner, the capital account maintained for such Partner in accordance with the
following provisions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
each Partner&rsquo;s Capital Account there shall be credited;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Partner&rsquo;s Capital Contributions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Partner&rsquo;s distributive share of Net Income and any items in the nature of income or gain which are specially allocated to
such Partner pursuant to paragraphs 1 and 2 of <U>Exhibit A</U>; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
amount of any Partnership liabilities assumed by such Partner or which are secured by any asset distributed to such Partner;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
each Partner&rsquo;s Capital Account there shall be debited;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
amount of cash and the Gross Asset Value of any property distributed to such Partner pursuant to any provision of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Partner&rsquo;s distributive share of Net Losses and any items in the nature of expenses or losses which are specially allocated
to such Partner pursuant to paragraphs 1 and 2 of <U>Exhibit A</U>; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
amount of any liabilities of such Partner assumed by the Partnership or which are secured by any asset contributed by such Partner
to the Partnership (except to the extent such liabilities were excluded in determining such Partner&rsquo;s Capital Contributions);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
all or a portion of a Partnership Interest is transferred in accordance with the terms of this Agreement, the transferee shall
succeed to the Capital Account of the transferor to the extent it relates to the transferred Partnership Interest; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in determining the amount of any liability for purposes of paragraphs (a) and (b) hereof, there shall be taken into account Code
Section 752(c) and any other applicable provisions of the Code and the Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to
comply with Sections 1.704-1(b) and 1.704-2 of the Regulations, and shall be interpreted and applied in a manner consistent with
such Regulations. If the General Partner shall reasonably determine that it is prudent to modify the manner in which the Capital
Accounts, or any debits or credits thereto (including debits or credits relating to liabilities which are secured by contributed
or distributed assets or which are assumed by the Partnership, the General Partner or any Limited Partner) are computed in order
to comply with such Regulations, the General Partner may make such modification; <I>provided</I>, that, all allocations of Partnership
income, gain, loss and deduction continue to have</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">&ldquo;substantial economic effect&rdquo; within the meaning of Section 704(b) of the Code and that
no Limited Partner is materially adversely affected by any such modification.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Capital
Contribution</U></I>&rdquo; means, with respect to any Partner, any cash, cash equivalents or the Gross Asset Value of property
(net of any liabilities secured by contributed property that the Partnership is considered to assume or take subject to under
Section 752 of the Code) which such Partner contributes or is deemed to contribute to the Partnership pursuant to Article 4 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Capital
Transaction</U></I>&rdquo; means any sale, or other disposition (other than a deemed disposition pursuant to Section 708(b)(1)(B)
of the Code and the Regulations thereunder) of all or substantially all of the assets and properties of the Partnership or a related
series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets
and properties of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Cash
Amount</U></I>&rdquo; means an amount of cash equal to the product of (i) the Value of a share of Common Stock and (ii) the Common
Stock Amount determined as of the applicable Valuation Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Certificate</U></I>&rdquo;
has the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Change
of Control</U></I>&rdquo; means:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
&ldquo;person&rdquo; or &ldquo;group&rdquo; of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange
Act) (x) becomes the &ldquo;beneficial owner&rdquo; (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for
purposes of this clause (a) such person or group shall be deemed to have &ldquo;beneficial ownership&rdquo; of all shares that
any such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of
time), directly or indirectly, in a single transaction or series of related transactions, by way of purchase, exchange, merger,
consolidation, recapitalization, reorganization, reclassification, business combination or other similar transaction of more than
50% of the total voting power of the Voting Stock of (1) the Initial Limited Partner or (2) any of the Initial Limited Partner&rsquo;s
direct or indirect parent entities (or its or their successors by merger, consolidation or purchase of all or substantially all
of its or their assets); or (y) becomes entitled, either alone or together with its Affiliates or group members, to nominate,
designate or elect a majority of the Board of Directors; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
stockholders of the Initial Limited Partner (or its successors by merger, consolidation, reorganization, business combination
or other similar transaction) adopt a plan or proposal for liquidation or dissolution of the Initial Limited Partner or the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Charity</U></I>&rdquo;
means an entity described in Section 501(c)(3) of the Code or any trust all the beneficiaries of which are such entities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Class
B Unit</U></I>&rdquo; means a Partnership Unit which is designated as a Class B Unit of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Code</U></I>&rdquo;
means the Internal Revenue Code of 1986, as amended and in effect from time to time, as interpreted by the applicable regulations
thereunder. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding
provision of future law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Common
Stock</U></I>&rdquo; means the common stock of the Initial Limited Partner, $0.01 par value per share. Common Stock may be issued
in one or more classes or series in accordance with the terms of the Articles of Incorporation. If, at any time, there is more
than one class or series of Common Stock, the term &ldquo;Common Stock&rdquo; shall, as the context requires, be deemed to refer
to the class or series of Common Stock that correspond to the class or series of Partnership Interests for which the reference
to Common Stock is made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Common
Stock Amount</U></I>&rdquo; means a number of shares of Common Stock equal to the product of (a) the number of Tendered Units
and (b) the Exchange Factor; <I>provided</I>, <I>however</I>, that, in the event that the Initial Limited Partner issues to all
holders of Common Stock as of a certain record date rights, options, warrants or convertible or exchangeable securities entitling
the Initial Limited Partner&rsquo;s stockholders to subscribe for or purchase Common Stock, or any other securities or property
(collectively, the &ldquo;<U>Rights</U>&rdquo;), with the record date for such Rights issuance falling within the period starting
on the date of the Notice of Redemption and ending on the day immediately preceding the Specified Redemption Date, which Rights
will not be distributed before the relevant Specified Redemption Date, then the Common Stock Amount shall also include such Rights
that a holder of that number of shares of Common Stock would be entitled to receive, expressed, where relevant hereunder, in a
number of shares of Common Stock determined by the General Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Consent</U></I>&rdquo;
means the consent or approval of a proposed action by a Partner given in accordance with Section 14.2 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Consent
of the Limited Partners</U></I>&rdquo; means the Consent of Limited Partners (excluding for this purpose any Partnership Interests
held by the General Partner, any other Person of which the General Partner owns or controls more than fifty percent (50%) of the
voting interests and any Person directly or indirectly owning or controlling more than fifty percent (50%) of the outstanding
voting interests of the General Partner) holding Percentage Interests that are greater than sixty six and two-thirds percent (66
2/3%) of the aggregate Percentage Interests of all Limited Partners who are not excluded for the purposes hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Constituent
Person</U></I>&rdquo; has the meaning set forth in Section 16.4(d) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Contributed
Property</U></I>&rdquo; means each property, partnership interest, contract right or other asset, in such form as may be permitted
by the Act, contributed or deemed contributed to the Partnership by any Partner, including any interest in any successor partnership
occurring as a result of a termination of the Partnership pursuant to Section 708 of Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Controlled
Entity</U></I>&rdquo; means as to any Partner, (a) any corporation one hundred percent (100%) of the outstanding Voting Stock
of which is owned by such Partner or such Partner&rsquo;s members of its Immediate Family or Affiliates, (b) any trust, whether
or not revocable, of which such Partner or such Partner&rsquo;s members of its Immediate Family or Affiliates are the sole beneficiaries,
(c) any partnership of which such Partner or its Affiliates are the sole managing partners and in which such Partner, such Partner&rsquo;s
members of its Immediate Family or Affiliates hold partnership interests representing at least seventy-five percent (75%) of such
partnership&rsquo;s capital and profits and (d) any limited liability company of which such Partner or its Affiliates are the
managers and in which such Partner, such Partner&rsquo;s members of its Immediate Family or Affiliates hold membership interests
representing at least seventy-five percent (75%) of such limited liability company&rsquo;s capital and profits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Conversion
Date</U></I>&rdquo; has the meaning set forth in Section 16.4(a) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Cut-Off
Date</U></I>&rdquo; means the third (3rd) Business Day after the General Partner&rsquo;s receipt of a Notice of Redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Debt</U></I>&rdquo;
means, as to any Person, as of any date of determination and without duplication, (a) all indebtedness of such Person for borrowed
money or for the deferred purchase price of property or services; (b) all amounts owed by such Person to banks or other Persons
in respect of reimbursement obligations under letters of credit, surety bonds and other similar instruments guaranteeing payment
or other performance of obligations by such Person; (c) all indebtedness for borrowed money or for the deferred purchase price
of property or services secured by any lien on any property owned by such Person, to the extent attributable to such Person&rsquo;s
interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (d) obligations
of such Person incurred in connection with entering into a lease which, in accordance with generally accepted accounting principles,
should be capitalized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Depreciation</U></I>&rdquo;
means, with respect to any asset of the Partnership for any Partnership Year or other applicable period, the depreciation, depletion,
amortization or other cost recovery deduction, as the case may be, allowed or allowable for federal income tax purposes in respect
of such asset for such year or other period; <I>provided</I>, <I>however</I>, that except as otherwise provided in Section 1.704-2
of the Regulations, if there is a difference between the Gross Asset Value (including the Gross Asset Value, as increased pursuant
to paragraph (d) of the definition of Gross Asset Value) and the adjusted tax basis of such asset at the beginning of such year
or other period, Depreciation for such asset shall be an amount that bears the same ratio to the beginning Gross Asset Value of
such asset as the federal income tax depreciation, depletion, amortization or other cost recovery deduction for such year or other
period bears to the beginning adjusted tax basis of such asset; <I>provided further, however</I>, that if the federal income tax
depreciation, depletion, amortization or other cost recovery deduction for such asset for such year or other period is zero, Depreciation
of such asset shall be determined with reference to the beginning Gross Asset Value of such asset using any reasonable method
selected by the General Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Disregarded
Entity</U></I>&rdquo; means, with respect to any Person, (i) any Qualified REIT Subsidiary of such Person, (ii) any entity treated
as a disregarded entity for federal income tax purposes with respect to such Person, or (iii) any grantor trust if the sole owner
of the assets of such trust for federal income tax purposes is such Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Distributed
Right</U></I>&rdquo; shall have the meaning set forth in the definition of &ldquo;Exchange Factor&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Distribution
Date</U></I>&rdquo; has the meaning set forth in Section 5.1(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Entity</U></I>&rdquo;
means any general partnership, limited partnership, corporation, joint venture, trust, business trust, real estate investment
trust, limited liability company, limited liability partnership, cooperative or association.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Equity
Interests</U></I>&rdquo; of any Person means (1) any and all shares or other equity interests (including common stock, preferred
stock, limited liability company interests and partnership interests) in such Person and (2) all rights to purchase, warrants
or options (whether or not currently exercisable), participations or other equivalents of or interests in (however designated)
such shares or other interests in such Person but excluding any debt securities convertible or exchangeable into such equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>ERISA</U></I>&rdquo;
means the Employee Retirement Income Security Act of 1974, as amended from time to time (or any corresponding provisions of succeeding
laws).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Exchange
Act</U></I>&rdquo; means the Securities Exchange Act of 1934, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Exchange
Factor</U></I>&rdquo; means 1.0; <I>provided, however</I>, that if the Initial Limited Partner:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
(a) declares or pays a dividend on its outstanding Common Stock in Common Stock or makes a distribution to all holders of its
outstanding Common Stock in Common Stock; (b) subdivides its outstanding Common Stock; or (c) combines its outstanding Common
Stock into a smaller number of shares of Common Stock, the Exchange Factor shall be adjusted by multiplying the Exchange Factor
previously in effect by a fraction, the numerator of which shall be the number of shares of Common Stock issued and outstanding
on the record date for such dividend, contribution, subdivision or combination (assuming for such purpose that such dividend,
distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be the actual number
of shares of Common Stock (determined without the above assumption) issued and outstanding on the record date for such dividend,
distribution, subdivision or combination;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
distributes any rights, options or warrants to all holders of its Common Stock to subscribe for or to purchase or to otherwise
acquire shares of Common Stock, or other securities or rights convertible into, exchangeable for or exercisable for shares of
Common Stock (other than shares of Common Stock issuable pursuant to a Qualified DRIP / COPP), at a price per share less than
the Value of a share of Common Stock on the record date for such distribution (each a &ldquo;<U>Distributed Right</U>&rdquo;),
then, as of the distribution date of such Distributed Rights or, if later, the time such Distributed Rights become exercisable,
the Exchange Factor shall be adjusted by multiplying the Exchange Factor previously in effect by a fraction (a) the numerator
of which shall be the number of shares of Common Stock issued and outstanding on the record date (or, if later, the date such
Distributed Rights become exercisable) plus the maximum number of shares of Common Stock purchasable under such Distributed Rights
and (b) the denominator of which shall be the number of shares of Common Stock issued and outstanding on the record date (or,
if later, the date such Distributed Rights become exercisable) plus a fraction (1) the numerator of which is the maximum number
of shares of Common Stock purchasable under such Distributed Rights times the minimum purchase price per share of Common Stock
under such Distributed Rights and (2) the denominator of which is the Value of a share of Common Stock as of the record date (or,
if later, the date such Distributed Rights become exercisable); <I>provided</I>, <I>however</I>, that, if any such Distributed
Rights expire or become no longer exercisable, then the Exchange Factor shall be adjusted, effective retroactive to the date of
distribution of the Distributed Rights, to reflect a reduced maximum number of shares of Common Stock or any change in the minimum
purchase price for the purposes of the above fraction; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
distributes, by dividend or otherwise, to all holders of its Common Stock evidences of its indebtedness or assets (including securities,
but excluding any dividend or distribution referred to in subsection (i) or (ii) above), which evidences of indebtedness or assets
relate to assets not received by the Initial Limited Partner pursuant to a pro rata distribution by the Partnership, then the
Exchange Factor shall be adjusted to equal the amount determined by multiplying the Exchange Factor in effect immediately prior
to the close of business as of the applicable record date by a fraction (a) the numerator of which shall be such Value of a share
of Common Stock as of the record date and (b) the denominator of which shall be the Value of a share of Common Stock as of the
record date less the then fair market value (as determined by the General Partner, whose determination shall be conclusive except
in case of manifest error) of the portion of the evidences of indebtedness or assets so distributed applicable to one share of
Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, no adjustments to the Exchange Factor will be made for any class or series of Partnership Interests to the extent
that the Partnership makes or effects any correlative distribution or payment to all of the Partners holding Partnership Interests
of such class or series, or effects any correlative split or reverse split in respect of the Partnership Interests of such class
or series. Any adjustments to the Exchange Factor shall become effective immediately after such event, retroactive to the record
date, if any, for such event. For illustrative purposes, examples of adjustments to the Exchange Factor are set forth on Exhibit
C attached hereto</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>First
Amended Agreement</U></I>&rdquo; has the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Funding
Debt</U></I>&rdquo; means any Debt incurred by or on behalf of the Initial Limited Partner for the purpose of providing funds
to the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>General
Partner</U></I>&rdquo; means Phillips Edison Grocery Center OP GP I, LLC, a Delaware limited liability company, and any successor
as general partner of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>General
Partner Interest</U></I>&rdquo; means a Partnership Interest held by the General Partner, in its capacity as general partner.
A General Partner Interest may be expressed as a number of GP Units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>GP
Unit</U></I>&rdquo; means a Partnership Unit which is designated as a GP Unit of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Gross
Asset Value</U></I>&rdquo; means, with respect to any asset of the Partnership, such asset&rsquo;s adjusted basis for federal
income tax purposes, except as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the gross fair market value of such
asset, without reduction for liabilities, as determined by the contributing Partner and the Partnership on the date of contribution
thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the General Partner determines that an adjustment is necessary or appropriate to reflect the relative economic interests of the
Partners, the Gross Asset Values of all Partnership assets shall be adjusted in accordance with Sections 1.704-1(b)(2)(iv)(f)
and (g) of the Regulations to equal their respective gross fair market values, without reduction for liabilities, as reasonably
determined by the General Partner, as of the following times:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
Capital Contribution (other than a <I>de minimis </I>Capital Contribution) to the Partnership by a new or existing Partner as
consideration for a Partnership Interest;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
distribution by the Partnership to a Partner of more than a <I>de minimis </I>amount of Partnership assets as consideration for
the repurchase or redemption of a Partnership Interest;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
liquidation of the Partnership within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
grant of an interest in the Partnership (other than a <I>de minimis</I> interest) as consideration for the provision of services
to or for the benefit of the Partnership by an existing Partner acting in a partner capacity, or by a new Partner acting in a
partner capacity or in anticipation of becoming a Partner; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
such other times as the General Partner shall reasonably determine necessary or advisable in order to comply with Sections 1.704-1(b)
and 1.704-2 of the Regulations;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Gross Asset Values of Partnership assets distributed to any Partner shall be the gross fair market values of such assets (taking
Section 7701(g) of the Code into account) without reduction for liabilities, as determined by the General Partner as of the date
of distribution; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Gross Asset Values of Partnership assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of
such assets pursuant to Sections 734(b) or 743(b) of the Code, but only to the extent that such adjustments are taken into account
in determining Capital Accounts pursuant to Section 1.704-1(b)(2)(iv)(m) of the Regulations (as set forth in <U>Exhibit A</U>);
<I>provided</I>, <I>however</I>, that Gross Asset Values shall not be adjusted pursuant to this paragraph (d) to the extent that
the General Partner determines that an adjustment pursuant to paragraph (b) above is necessary or appropriate in connection with
a transaction that would otherwise result in an adjustment pursuant to this paragraph (d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
all times, Gross Asset Values shall be adjusted by any Depreciation taken into account with respect to the Partnership&rsquo;s
assets for purposes of computing Net Income and Net Loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Immediate
Family</U></I>&rdquo; means as to a Person that is an individual, any of such Person&rsquo;s family relationship by blood, marriage
or adoption, not more remote than first cousin and inter vivos or testamentary trusts of which only such Person and his Immediate
Family are beneficiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Incapacity</U></I>&rdquo;
or &ldquo;<I><U>Incapacitated</U></I>&rdquo; means,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
to any individual who is a Partner, death, total physical disability or entry by a court of competent jurisdiction adjudicating
him incompetent to manage his person or his estate;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
to any corporation which is a Partner, the filing of a certificate of dissolution, or its equivalent, for the corporation or the
revocation of its charter;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
to any partnership which is a Partner, the dissolution and commencement of winding up of the partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
to any limited liability company which is a Partner, the dissolution and commencement of winding up of the limited liability company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
to any estate which is a Partner, the distribution by the fiduciary of the estate&rsquo;s entire interest in the Partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
to any trustee of a trust which is a Partner, the termination of the trust (but not the substitution of a new trustee); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
to any Partner, the bankruptcy of such Partner, which shall be deemed to have occurred when:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Partner commences a voluntary proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency
or other similar law now or hereafter in effect;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Partner is adjudged as bankrupt or insolvent, or a final and nonappealable order for relief under any bankruptcy, insolvency or
similar law now or hereafter in effect has been entered against the Partner;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Partner executes and delivers a general assignment for the benefit of the Partner&rsquo;s creditors;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Partner files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against
the Partner in any proceeding of the nature described in clause (ii) above;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for the Partner or for all or
any substantial part of the Partner&rsquo;s properties;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
proceeding seeking liquidation, reorganization or other relief of or against such Partner under any bankruptcy, insolvency or
other similar law now or hereafter in effect has not been dismissed within one hundred twenty (120) days after the commencement
thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
appointment without the Partner&rsquo;s consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed
within ninety (90) days of such appointment; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&nbsp;&nbsp;&nbsp;&nbsp;an
appointment referred to in clause (vii) which has been stayed is not vacated within ninety (90) days after the expiration of any
such stay.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Include</U></I>&rdquo;,
&ldquo;<I><U>includes</U></I>&rdquo; and &ldquo;<I><U>including</U></I>&rdquo; shall be construed as if followed by the phrase
&ldquo;without limitation&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Indemnitee</U></I>&rdquo;
means</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Person made a party to a proceeding by reason of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its
status as the General Partner,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its
status as a Limited Partner,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its
status as an investment advisor to the General Partner or the Initial Limited Partner,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its
status as a trustee, director or officer of the Partnership, the General Partner, the Initial Limited Partner, or the investment
advisor to the Initial Limited Partner,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its
status as a director, trustee, member, officer , investment advisor or agent of any other Entity, each Person serving in such
capacity at the request of the Partnership, the General Partner, the Initial Limited Partner or any of its Subsidiaries,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its
status as the Tax Matters Partner or the Partnership Representative, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;his
or its liabilities, pursuant to a loan guarantee or otherwise, for any indebtedness of the Partnership or any Subsidiary of the
Partnership (including any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken assets
subject to); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
other Persons (including Affiliates of the General Partner, a Limited Partner or the Partnership) as the General Partner may designate
from time to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Initial
Holding Period</U></I>&rdquo; means, as to any Qualifying Party or any of their successors in interest, a period ending on the
day before the first twelve-month anniversary of such Qualifying Party&rsquo;s first becoming a holder of Limited Partnership
Interests; <I>provided, however</I>, that the General Partner may, in its sole and absolute discretion, by written agreement with
a Qualifying Party, shorten or lengthen the Initial Holding Period applicable to such Qualifying Party and its successors-in-interest
to a period of shorter or longer than twelve months.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Initial
Limited Partner</U></I>&rdquo; means Phillips Edison Grocery Center REIT I Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Investment</U></I>&rdquo;
or &ldquo;<I><U>Investments</U></I>&rdquo; means any investment or investments by the Partnership, directly or indirectly, in
Properties, Loans or other Permitted Investments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>IRS</U></I>&rdquo;
means the Internal Revenue Service of the United States (or any successor organization).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Liability
Shortfall</U></I>&rdquo; has the meaning set forth in subparagraph 4(d) of <U>Exhibit A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Lien</U></I>&rdquo;
means any lien, security interest, mortgage, deed of trust, charge, claim, encumbrance, pledge, option, right of first offer or
first refusal and any other right or interest of others of any kind or nature, actual or contingent, or other similar encumbrance
of any nature whatsoever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Limited
Partner</U></I>&rdquo; means any Person named as a Limited Partner in the Register, as may be updated from time to time, upon
the execution and delivery by such Person of an additional limited partner signature page, or any Substituted Limited Partner
or Additional Limited Partner, in such Person&rsquo;s capacity as a Limited Partner of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Limited
Partner Interest</U></I>&rdquo; means a Partnership Interest of a Limited Partner in the Partnership representing a fractional
part of the Partnership Interests of all Partners and includes any and all benefits to which the holder of such a Partnership
Interest may be entitled, as provided in this Agreement, together with all obligations of such Person to comply with the terms
and provisions of this Agreement. A Limited Partner Interest may be expressed as a number of Partnership Units (other than GP
Units).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Liquidating
Event</U></I>&rdquo; has the meaning set forth in Section 13.1(b) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Liquidating
Gain</U></I>&rdquo; means net capital gain realized in connection with an actual or hypothetical Capital Transaction, including
the amount of any adjustment of the Gross Asset Value of any Real Estate Asset which requires that the Capital Accounts of the
Partners be adjusted pursuant to Sections 1.704-1(b)(2)(iv)(e), (f) and (g) of the Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Liquidator</U></I>&rdquo;
has the meaning set forth in Section 13.2(a)(iii) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Listing</U></I>&rdquo;
means the listing of the shares of Common Stock on a national securities exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Listing
Date</U></I>&rdquo; means the first date on which a Listing occurs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Loans</U></I>&rdquo;
means mortgage loans and other types of debt financing investments made by the Partnership, either directly or indirectly, including
through ownership interests in a joint venture or other entity and including mezzanine loans, B-notes, bridge loans, convertible
mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests, and participations in such loans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Net
Income</U></I>&rdquo; or &ldquo;<I><U>Net Loss</U></I>&rdquo; means, for each Partnership Year or other applicable period, an
amount equal to the Partnership&rsquo;s taxable income or loss for such year or period as determined for federal income tax purposes
by the General Partner, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain,
loss or deduction required to be stated separately pursuant to Section 703(a) of the Code shall be included in taxable income
or loss), adjusted as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
including as an item of gross income any tax-exempt income received by the Partnership and not otherwise taken into account in
computing Net Income or Net Loss;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
treating as a deductible expense any expenditure of the Partnership described in Section 705(a)(2)(B) of the Code (or which is
treated as a Section 705(a)(2)(B) expenditure pursuant to Section 1.704-1(b)(2)(iv)(i) of the Regulations) and not otherwise taken
into account in computing Net Income or Net Loss, including amounts paid or incurred to organize the Partnership (unless an election
is made pursuant to Section 709(b) of the Code) or to promote the sale of interests in the Partnership and by treating deductions
for any losses incurred in connection with the sale or exchange of Partnership property disallowed pursuant to Section 267(a)(1)
or 707(b) of the Code as expenditures described in Section 705(a)(2)(B) of the Code;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
taking into account Depreciation in lieu of depreciation, depletion, amortization and other cost recovery deductions taken into
account in computing taxable income or loss;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
computing gain or loss resulting from any disposition of Partnership property with respect to which gain or loss is recognized
for federal income tax purposes by reference to the Gross Asset Value of such property rather than its adjusted tax basis;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
an adjustment of the Gross Asset Value of any Partnership asset which requires that the Capital Accounts of the Partners be adjusted
pursuant to Sections 1.704-1(b)(2)(iv)(e), (f) and (g) of the Regulations, by taking into account the amount of such adjustment
as if such adjustment represented additional Net Income or Net Loss pursuant to <U>Exhibit A</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that an adjustment to the adjusted tax basis of any Partnership asset pursuant to Section 734(b) or 743(b) of the Code
is required pursuant to Section 1.704-1(b)(2)(iv)(m) of the Regulations to be taken into account in determining Capital Accounts
as a result of a distribution other than in liquidation of a Partner&rsquo;s interest in the Partnership, the amount of such adjustment
shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases
the basis of the asset) from the disposition of the asset and shall be taken into account for purposes of computing Net Income
or Net Loss; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
not taking into account in computing Net Income or Net Loss items separately allocated to the Partners pursuant to paragraphs
1(c), 2 and 3 of <U>Exhibit A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Net
Property Gain</U></I>&rdquo; or &ldquo;<I><U>Net Property Loss</U></I>&rdquo; means, for each Partnership Year or other applicable
period, an amount equal to the Partnership&rsquo;s taxable gain or loss for such year or period from Sales, including the amount
of any adjustment of the Gross Asset Value of any Real Estate Asset which requires that the Capital Accounts of the Partners be
adjusted pursuant to Sections 1.704-1(b)(2)(iv)(e), (f) and (g) of the Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>New
Securities</U></I>&rdquo; means (i) any rights, options, warrants or convertible or exchangeable securities having the right to
subscribe for or purchase shares of Common Stock or Preferred Shares, excluding grants under any equity incentive plans, or (ii)
any Debt issued by the Initial Limited Partner that provides any of the rights described in clause (i).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Nonrecourse
Deductions</U></I>&rdquo; has the meaning set forth in Sections 1.704-2(b)(1) and 1.704-2(c) of the Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Nonrecourse
Liabilities</U></I>&rdquo; has the meaning set forth in Section 1.704-2(b)(3) of the Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Notice
of Redemption</U></I>&rdquo; means the Notice of Redemption substantially in the form of <U>Exhibit C</U> attached to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Offer</U></I>&rdquo;
has the meaning set forth in Section 11.2(c)(i).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Offering</U></I>&rdquo;
means any issuance of additional shares of Common Stock, Preferred Stock, Funding Debt or New Securities for consideration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>OP
Unit</U></I>&rdquo; means a Partnership Unit which is designated as an OP Unit of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>OP
Unit Economic Balance</U></I>&rdquo; has the meaning set forth in subparagraph 1(c)(ii) of <U>Exhibit A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>OP
Unit Transaction</U></I>&rdquo; means, in connection with a Class B Unit, a transaction to which the Partnership or the Initial
Limited Partner shall be a party, including a merger, consolidation, unit exchange, self-tender offer for all or substantially
all OP Units or other business combination or reorganization, or sale of all or substantially all of the Partnership&rsquo;s assets
(but excluding any transaction which constitutes an Adjustment Event and any merger in which the Initial Limited Partner is the
surviving entity) in each case as a result of which OP Units shall be exchanged for or converted into the right, or the holders
of such Units shall otherwise be entitled, to receive cash, securities or other property or any combination thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Original
Agreement</U></I>&rdquo; has the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Ownership
Limit</U></I>&rdquo; means, with respect to any Person, the applicable restriction or restrictions on the ownership and transfer
of stock of the Initial Limited Partner imposed under the Articles of Incorporation, as such restrictions may be modified for
any Excepted Holder (as such term is defined in the Articles of Incorporation) pursuant to an Excepted Holder Limit (as such term
is defined in the Articles of Incorporation).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Partner</U></I>&rdquo;
means the General Partner or a Limited Partner, and &ldquo;Partners&rdquo; means the General Partner and the Limited Partners
collectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Partner
Nonrecourse Debt</U></I>&rdquo; has the meaning set forth in Section 1.704-2(b)(4) of the Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Partner
Nonrecourse Debt Minimum Gain</U></I>&rdquo; means an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership
Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance
with Section 1.704-2(i)(3) of the Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Partner
Nonrecourse Deductions</U></I>&rdquo; has the meaning set forth in Sections 1.704-2(i)(1) and (2) of the Regulations, and the
amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership Year shall be determined
in accordance with the rules of Section 1.704-2(i)(2) of the Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Partnership</U></I>&rdquo;
means the limited partnership formed under the Act and pursuant to this Agreement, and any successor thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Partnership
Interest</U></I>&rdquo; means an ownership interest in the Partnership held by either a Limited Partner or a General Partner,
and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement,
together with all obligations of such Person to comply with the terms and provisions of this Agreement. A Partnership Interest
may be expressed as a number of Partnership Units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Partnership
Minimum Gain</U></I>&rdquo; has the meaning set forth in Section 1.704-2(b)(2) of the Regulations, and the amount of Partnership
Minimum Gain, as well as any net increase or decrease in a Partnership Minimum Gain, for a Partnership Year shall be determined
in accordance with the rules of Section 1.704-2(d) of the Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Partnership
Record Date</U></I>&rdquo; means the record date established by the General Partner for a distribution pursuant to Section 5.1(a)
hereof, which record date shall be the same as the record date established by the General Partner for a distribution to its stockholders
of some or all of its portion of such distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Partnership
Unit</U></I>&rdquo; means a fractional, undivided share of the Partnership Interests of all Partners issued hereunder. Partnership
Units consist of GP Units, OP Units, Class B Units and any classes or series of Partnership Units established after the date hereof.
The number of Partnership Units outstanding and the Percentage Interests in the Partnership represented by such Partnership Units
are set forth in the Register, as may be updated from time to time. The ownership of Partnership Units shall be evidenced by such
form of certificate for Partnership Units as the General Partner adopts from time to time unless the General Partner determines
that the Partnership Units shall be uncertificated securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Partnership
Vote</U></I>&rdquo; has the meaning set forth in Section 11.2(e).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Partnership
Vote Transaction</U></I>&rdquo; has the meaning set forth in Section 11.2(e).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Partnership
Year</U></I>&rdquo; means the fiscal year of the Partnership, as set forth in Section 9.2 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Percentage
Interest</U></I>&rdquo; means, as to a Partner, the fractional part of the Partnership Interests owned by such Partner and expressed
as a percentage as specified in the Register, as may be updated from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Permitted
Investments</U></I>&rdquo; means all investments (other than Properties and Loans) in which the Partnership acquires an interest,
either directly or indirectly, including through ownership interests in a joint venture or other entity, pursuant to the Certificate,
this Agreement and the investment objectives and policies adopted by the Initial Limited Partner from time to time, other than
short-term investments acquired for purposes of cash management, and that allow the Initial Limited Partner to meet the REIT Requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Permitted
Transfer</U></I>&rdquo; shall have the meaning set forth in Section 11.3(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Permitted
Transferee</U></I>&rdquo; means any person to whom Partnership Units are Transferred in accordance with Section 11.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Person</U></I>&rdquo;
means an individual or Entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Pledge</U></I>&rdquo;
shall have the meaning set forth in Section 11.3(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Precontribution
Gain</U></I>&rdquo; has the meaning set forth in subparagraph 4(c) of <U>Exhibit A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Preferred
Share</U></I>&rdquo; means a share of preferred stock of the Initial Limited Partner of any class or series now or hereafter authorized
that has dividend rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Property</U></I>&rdquo;
or &ldquo;<I><U>Properties</U></I>&rdquo; means any Real Property or properties transferred or conveyed to the Partnership or
any subsidiary of the Partnership, either directly or indirectly, and/or any Real Property or properties transferred or conveyed
to a joint venture or partnership in which the Partnership is, directly or indirectly, a co-venturer or partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>PTP
Safe Harbors</U></I>&rdquo; has the meaning set forth in Section 11.6(e).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Qualified
DRIP / COPP</U></I>&rdquo; means a dividend reinvestment plan or a cash option purchase plan of the Initial Limited Partner that
permits participants to acquire shares of Common Stock using the proceeds of dividends paid by the Initial Limited Partner or
cash of the participant, respectively; <I>provided</I>, <I>however</I>, that if such shares are offered at a discount, such discount
must be designed to pass along to the stockholders of the Initial Limited Partner the savings enjoyed by the Initial Limited Partner
in connection with the avoidance of stock issuance costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Qualified
REIT Subsidiary</U>&rdquo; means a &ldquo;qualified REIT subsidiary&rdquo; (as defined in Section 856(i) of the Code).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Qualified
Transferee</U></I>&rdquo; means an &ldquo;accredited investor&rdquo; as defined in Rule 501 promulgated under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Qualifying
Party</U></I>&rdquo; means (a) a Limited Partner, (b) an Assignee of a Limited Partner or (c) a Person, including a lending institution
as the pledgee of a Pledge, who is the transferee of a Limited Partner Interest in a Permitted Transfer; <I>provided, however</I>,
that a Qualifying Party shall not include the General Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Redemption</U></I>&rdquo;
has the meaning set forth in Section 15.1(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Redemption
Right</U></I>&rdquo; has the meaning set forth in Section 15.1(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Real
Estate Assets</U></I>&rdquo; means any investment by the Partnership in unimproved and improved Real Property (including fee or
leasehold interests, options and leases), directly, through one or more subsidiaries or through a joint venture (net of any interest
held in such investment by a partner or member of a joint venture unaffiliated with the Partnership).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Real
Property</U></I>&rdquo; means (i) land, (ii) rights in land (including leasehold interests), (iii) any buildings, structures,
improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land and
(iv) any other real property within the meaning of Section 856 of the Code and the Regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Register</U></I>&rdquo;
has the meaning set forth in Section 4.1(f).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Regulations</U></I>&rdquo;
means the final, temporary or proposed income tax regulations promulgated under the Code, as such regulations may be amended from
time to time (including corresponding provisions of succeeding regulations).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Regulatory
Allocations</U></I>&rdquo; means the allocations set forth in paragraph 2 of <U>Exhibit A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>REIT</U></I>&rdquo;
means a real estate investment trust as defined in Section 856 of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>REIT
Requirements</U></I>&rdquo; has the meaning set forth in Section 5.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Related
Party</U></I>&rdquo; means, with respect to any Person, any other Person to whom ownership of shares of the Initial Limited Partner&rsquo;s
stock by the first such Person would be attributed under Code Section 544 (as modified by Code Section 856(h)(1)(B)) or Code Section
318(a) (as modified by Code Section 856(d)(5)).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Rights</U></I>&rdquo;
shall have the meaning set forth in the definition of &ldquo;Common Stock Amount&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Safe
Harbor</U></I>&rdquo; has the meaning set forth in Section 10.2(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Safe
Harbor Election</U></I>&rdquo; has the meaning set forth in Section 10.2(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Safe
Harbor Interests</U></I>&rdquo; has the meaning set forth in Section 10.2(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Sales</U></I>&rdquo;
means (i) any transaction or series of transactions whereby: (A) the Initial Limited Partner or the Partnership sells, grants,
transfers, conveys, or relinquishes its direct or indirect ownership of any Investment or portion thereof, including the transfer
of any Property that is the subject of a ground lease, and including any event with respect to any Investment that gives rise
to a significant amount of insurance proceeds or condemnation awards; (B) the Initial Limited Partner or the Partnership sells,
grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the direct or indirect interest of the
Initial Limited Partner or the Partnership in any joint venture or partnership in which it is, directly or indirectly, a co-venturer
or partner; or (C) any joint venture or partnership (in which the Initial Limited Partner or the Partnership is, directly or indirectly,
a co-venturer or partner) sells, grants, transfers, conveys, or relinquishes its direct or indirect ownership of any Investment
or portion thereof, including any event with respect to any Investment that gives rise to insurance claims or condemnation awards,
but (ii) not including any transaction or series of transactions specified in clause (i)(A), (i)(B), or (i)(C) above in which
the proceeds of such transaction or series of transactions are reinvested in one or more Investments within 180 days thereafter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Securities</U></I>&rdquo;
has the meaning set forth in Section 4.2(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Special
Redemption</U></I>&rdquo; has the meaning set forth in Section 15.1(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Specified
Redemption Date</U></I>&rdquo; means the sixth (6th) Business after the receipt by the General Partner of a Notice of Redemption;
<I>provided</I>, <I>however</I>, that no Specified Redemption Date shall occur during the Initial Holding Period (except pursuant
to a Special Redemption).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Stockholder</U></I>&rdquo;
means a holder of Common Stock or Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Stockholder
Distributions</U></I>&rdquo; means any distributions of money or other property by the Initial Limited Partner to Stockholders,
including distributions that may constitute a return of capital for U.S. federal income tax purposes, with the exception of distributions
paid on shares of Common Stock repurchased or redeemed by the Initial Limited Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Stockholder
Vote</U></I>&rdquo; has the meaning set forth in Section 11.2(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Stockholder
Vote Transaction</U></I>&rdquo; has the meaning set forth in Section 11.2(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Subsidiary</U></I>&rdquo;
means, with respect to any Person, any corporation, partnership, limited liability company or other entity of which a majority
of (a) the voting power of the voting equity securities; or (b) the outstanding equity interests (whether or not voting), is owned,
directly or indirectly, by such Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Substituted
Limited Partner</U></I>&rdquo; means a Person who is admitted as a Limited Partner to the Partnership pursuant to Section 11.4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Surviving
Partnership</U></I>&rdquo; has the meaning set forth in Section 11.2(d)(i).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Tax
Allocations</U></I>&rdquo; means the allocations set forth in paragraph 4 of <U>Exhibit A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Tax
Items</U></I>&rdquo; has the meaning set forth in subparagraph 4(a) of <U>Exhibit A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Tax
Protection Agreement</U></I>&rdquo; means that certain Tax Protection Agreement, by and among the Initial Limited Partner, the
Partnership and each Protected Partner (as such term is defined therein), dated as of [ &#9679; ], 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>TEFRA
Rules</U></I>&rdquo; means Subchapter C of Chapter 63 of the Code (Section 6221 <I>et seq</I>.) as in effect for any period to
which the BBA Rules do not apply, and any Regulations or other guidance issued thereunder, and any similar state or local legislation,
regulations or guidance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Tendered
Units</U></I>&rdquo; has the meaning set forth in Section 15.1(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Tendering
Party</U></I>&rdquo; has the meaning set forth in Section 15.1(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Terminating
Capital Transaction</U></I>&rdquo; means any sale or other disposition of all or substantially all of the assets of the Partnership
or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all
of the assets of the Partnership, in any case, not in the ordinary course of the Partnership&rsquo;s business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Transaction</U></I>&rdquo;
has the meaning set forth in Section 11.2(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Transfer</U></I>&rdquo;
as a noun, means any sale, assignment, conveyance, pledge, hypothecation, gift, encumbrance or other transfer, and as a verb,
means to sell, assign, convey, pledge, hypothecate, give, encumber or otherwise transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Valuation
Date</U></I>&rdquo; means the date of receipt by the General Partner of a Notice of Redemption pursuant to Section 15.1 herein,
or such other date as specified herein, or, if such date is not a Business Day, the immediately preceding Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Value</U></I>&rdquo;
means (i) prior to the Listing Date, the most recent Offering price for a share of Common Stock less any selling commissions and
dealer manager fee that would be payable with respect to the sale of a share of Common Stock or (ii) on or following the Listing
Date, the Market Price of a share of Common Stock on the Valuation Date. The term &ldquo;Market Price&rdquo; on any date means,
with respect to any class or series of outstanding shares of Common Stock, the last sale price for such shares of Common Stock,
regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for
such shares of Common Stock, in either case as reported in the principal consolidated transaction reporting system with respect
to securities listed or admitted to trading on the New York Stock Exchange or, if such shares of Common Stock are not listed or
admitted to trading on the New York Stock Exchange, as reported on the principal consolidated transaction reporting system with
respect to securities listed on the principal national securities exchange on which such shares of Common Stock are listed or
admitted to trading or, if such shares of Common Stock are not listed or admitted to trading on any national securities exchange,
the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market,
as reported by the National Association of Securities Dealers, Inc. Automated Quotation System or, if such system is no longer
in use, the principal other automated quotation system that may then be in use or, if such shares of Common Stock are not quoted
by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a
market in such shares of Common Stock selected by the Board of Directors or, in the event that no trading price is available for
such shares of Common Stock, the fair market value of the shares of Common Stock, as determined in good faith by the Board of
Directors. In the event that the Common Stock Amount includes rights that a holder of shares of Common Stock would be entitled
to receive, then the Value of such rights shall be determined by the Initial Limited Partner acting in good faith on the basis
of such quotations and other information as it considers, in its reasonable judgment, appropriate.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I><U>Voting
Stock</U></I>&rdquo; with respect to any Person, means securities entitling the holders thereof to vote or consent in connection
with the election of members of the Board of Directors of such Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
additional terms and phrases have the meanings set forth in <U>Exhibit A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">ORGANIZATIONAL MATTERS</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Formation</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
General Partner and the Initial Limited Partner have formed the Partnership by filing the Certificate on December 3, 2009 in the
office of the Delaware Secretary of State. The Partnership is a limited partnership organized pursuant to the provision of the
Act and upon the terms and conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights
and obligations of the Partners and the administration and termination of the Partnership shall be governed by the Act. The Partnership
Interest of each Partner shall be personal property for all purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Name</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
name of the Partnership is Phillips Edison Grocery Center Operating Partnership I, L.P. The Partnership&rsquo;s business may be
conducted under any other name or names deemed advisable by the General Partner, including the name of the Initial Limited Partner
or any Affiliate thereof. The words &ldquo;Limited Partnership&rdquo;, &ldquo;LP&rdquo;, &ldquo;Ltd.&rdquo; or similar words,
phrases or letters shall be included in the Partnership&rsquo;s name where necessary for the purposes of complying with the laws
of any jurisdiction that so requires. The General Partner in its sole and absolute discretion may change the name of the Partnership
and shall notify the Limited Partners of such change in the next regular communication to the Limited Partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Registered
                                         Office and Agent; Principal Office</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address of the registered office of the Partnership in the State of Delaware and the name and address of the registered agent
for service of process on the Partnership in the State of Delaware is the Corporation Trust Company, Corporation Trust Center,
1209 Orange Street, Wilmington, Delaware 19801. The principal office of the Partnership shall be 11501 Northlake Drive, Cincinnati,
Ohio 45249, or such other place as the General Partner may from time to time designate by notice to the Limited Partners. The
Partnership may maintain offices at such other place or places within or outside the State of Delaware as the General Partner
deems advisable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Power
                                         of Attorney</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Limited Partner and each Assignee who accepts Partnership Units (or any rights, benefits or privileges associated therewith) is
deemed to irrevocably constitute and appoint the General Partner, any Liquidator, and authorized officers and attorneys-in-fact
of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact,
with full power and authority in its name, place and stead to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;execute,
swear to, acknowledge, deliver, file and record in the appropriate public offices</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
certificates, documents and other instruments (including this Agreement and the Certificate and all amendments or restatements
thereof) that the General Partner or the Liquidator deems appropriate or necessary to form, qualify or continue the existence
or qualification of the Partnership as a limited partnership (or a partnership in which the Limited Partners have limited liability)
in the State of Delaware and in all other jurisdictions in which the Partnership may or plans to conduct business or own property,
including any documents necessary or advisable to convey any Contributed Property to the Partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
instruments that the General Partner or any Liquidator deems appropriate or necessary to reflect any amendment, change, modification
or restatement of this Agreement in accordance with its terms;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
conveyances and other instruments or documents that the General Partner or any Liquidator deems appropriate or necessary to reflect
the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including a certificate of cancellation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
instruments relating to the admission, withdrawal, removal or substitution of any Partner pursuant to, or other events described
in, Article 11, 12 or 13 hereof or the Capital Contribution of any Partner;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of any Partnership
Interest; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amendments
to this Agreement as provided in Article 14 hereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;execute,
swear to, seal, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate
or necessary, in the sole and absolute discretion of the General Partner or any Liquidator, to make, evidence, give, confirm or
ratify any vote, consent, approval, agreement or other action which is made or given by the Partners hereunder or is consistent
with the terms of this Agreement or appropriate or necessary, in the sole discretion of the General Partner or any Liquidator,
to effectuate the terms or intent of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
contained herein shall be construed as authorizing the General Partner or any Liquidator to amend this Agreement except in accordance
with Article 14 hereof or as may be otherwise expressly provided for in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, in recognition of the fact
that each of the Limited Partners will be relying upon the power of the General Partner and any Liquidator to act as contemplated
by this Agreement in any filing or other action by it on behalf of the Partnership, and it shall survive and not be affected by
the subsequent Incapacity of any Limited Partner or Assignee and the Transfer of all or any portion of such Limited Partner&rsquo;s
or Assignee&rsquo;s Partnership Units and shall extend to such Limited Partner&rsquo;s or Assignee&rsquo;s heirs, successors,
assigns and personal representatives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
such Limited Partner or Assignee hereby agrees to be bound by any representation made by the General Partner or any Liquidator,
acting in good faith pursuant to such power of attorney, and each such Limited Partner or Assignee hereby waives any and all defenses
which may be available to contest, negate or disaffirm the action of the General Partner or any Liquidator, taken in good faith
under such power of attorney.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Limited Partner or Assignee shall execute and deliver to the General Partner or the Liquidator, within fifteen (15) days after
receipt of the General Partner&rsquo;s or Liquidator&rsquo;s request therefore, such further designation, powers of attorney and
other instruments as the General Partner or the Liquidator, as the case may be, deems necessary to effectuate this Agreement and
the purposes of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
anything else set forth in this Section 2.4, no Limited Partner shall incur any personal liability for any action of the General
Partner or any Liquidator taken under such power of attorney.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Term</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term of the Partnership commenced on the date of the Original Agreement and shall continue unless the Partnership is dissolved
pursuant to the provisions of Article 13 or as otherwise provided by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">PURPOSE</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Purpose
                                         and Business</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purpose and nature of the business to be conducted by the Partnership is to conduct any business that may be lawfully conducted
by a limited partnership organized pursuant to the Act including to engage in the following activities:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
acquire, hold, own, develop, construct, improve, maintain, operate, sell, lease, transfer, encumber, convey, exchange, and otherwise
dispose of or deal with Real Property and Real Property-related loans and assets;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
acquire, hold, own, develop, construct, improve, maintain, operate, sell, lease, transfer, encumber, convey, exchange, and otherwise
dispose of or deal with real and personal property of all kinds;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
enter into any partnership, joint venture, corporation, limited liability company, trust or other similar arrangement to engage
in any of the foregoing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
conduct the business of providing property and asset management and brokerage services and other advisory services, whether directly
or through one or more partnerships, joint ventures, Subsidiaries, business trusts, limited liability companies or similar arrangements;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
undertake such other activities as may be necessary, advisable, desirable or convenient to the business of the Partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
engage in such other ancillary activities as shall be necessary or desirable to effectuate the foregoing purposes;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided</I>,
<I>however</I>, that such activities shall be limited to and conducted in such a manner as to permit the Initial Limited Partner
at all times to be classified as a REIT, unless the Initial Limited Partner voluntarily revokes its election to be a REIT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership shall have all powers necessary or desirable to accomplish the purposes enumerated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Powers</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership is empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient
for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit of the
Partnership including full power and authority to enter into, perform, and carry out contracts of any kind, to borrow money and
to issue evidences of indebtedness, whether or not secured by mortgage, trust deed, pledge or other Lien, and, directly or indirectly,
to acquire, own, improve, develop and construct Real Property, and lease, sell, transfer and dispose of Real Property; <I>provided</I>,
<I>however</I>, that the Partnership shall not take, or refrain from taking, any action which, in the judgment of the General
Partner, in its sole and absolute discretion,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;could
adversely affect the ability of the Initial Limited Partner to continue to qualify as a REIT, unless the Initial Limited Partner
otherwise ceases to qualify as a REIT;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;could
subject the Initial Limited Partner to any additional taxes under Section 857 or Section 4981 of the Code; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;could
violate any law or regulation of any governmental body or agency having jurisdiction over the Initial Limited Partner or its securities,
unless such action (or inaction) shall have been specifically consented to by the Initial Limited Partner in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner also is empowered to do any and all acts and things necessary, appropriate or advisable to ensure that the Partnership
will not be classified as a &ldquo;publicly traded partnership&rdquo; for the purposes of Section 7704 of the Code, including
but not limited to imposing restrictions on exchanges of Partnership Units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Representations
                                         and Warranties by the Partners</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Partner that is an individual (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as
a condition to becoming an Additional Limited Partner or a Substituted Limited Partner) represents and warrants to, and covenants
with (severally, and not jointly or jointly and severally with any other Person), each other Partner that (i) the consummation
of the transactions contemplated by this Agreement to be performed by such Partner will not result in a breach or violation of,
or a default under, any material agreement by which such Partner or any of such Partner&rsquo;s property is bound, or any statute,
regulation, order or other law to which such Partner is subject, (ii) if five percent (5%) or more (by value) of the Partnership&rsquo;s
interests are or will be owned by such Partner within the meaning of Code Section 7704(d)(3), such Partner does not, and for so
long as it is a Partner will not, own, directly or indirectly, (a) stock of any corporation that is a tenant of (I) the Initial
Limited Partner or any Disregarded Entity with respect to the Initial Limited Partner, (II) the Partnership or (III) any partnership,
venture or limited liability company of which the Initial Limited Partner, any Disregarded Entity with respect to the Initial
Limited Partner, or the Partnership is a direct or indirect member or (b) an interest in the assets or net profits of any non-corporate
tenant of (I) the Initial Limited Partner or any Disregarded Entity with respect to the Initial Limited Partner, (II) the Partnership
or (III) any partnership, venture, or limited liability company of which the Initial Limited Partner, any Disregarded Entity with
respect to the Initial Limited Partner, or the Partnership is a direct or indirect member, (iii) such Partner has the legal capacity
to enter into this Agreement and perform such Partner&rsquo;s obligations hereunder, and (iv) this Agreement is binding upon,
and enforceable against, such Partner in accordance with its terms, as such enforceability may be limited by bankruptcy, insolvency,
reorganization, fraudulent conveyance, moratorium or similar laws affecting the enforcement of creditors&rsquo; rights generally
and by general principles of equity and the discretion of the court before which any proceeding therefor may be brought. Notwithstanding
the foregoing, a Partner that is an individual shall not be subject to the ownership restrictions set forth in clause (ii) of
the immediately preceding sentence to the extent such Partner obtains the written consent of the General Partner prior to violating
any such restrictions, which consent the General Partner may give, withhold or condition in its sole and absolute discretion.
Each Partner that is an individual shall also represent and warrant to the Partnership that such Partner is neither a &ldquo;foreign
person&rdquo; within the meaning of Code Section 1445(f) nor a foreign partner within the meaning of Code Section 1446(e).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Partner that is not an individual (including, without limitation, each Additional Limited Partner or Substituted Limited Partner
as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner) represents and warrants to, and covenants
with (severally, and not jointly or jointly and severally with any other Person), each other Partner that (i) the consummation
of the transactions contemplated by this Agreement to be performed by it have been duly authorized by all necessary action, including,
without limitation, that of its general partner(s), committee(s), trustee(s), beneficiaries, directors and/or stockholder(s) (as
the case may be) as required, (ii) the consummation of such transactions shall not result in a breach or violation of, or a default
under, its partnership or operating agreement, trust agreement, charter or bylaws (as the case may be) any material agreement
by which such Partner or any of such Partner&rsquo;s properties or any of its partners, members, beneficiaries, trustees or stockholders
(as the case may be) is or are bound, or any statute, regulation, order or other law to which such Partner or any of its partners,
members, trustees, beneficiaries or stockholders (as the case may be) is or are subject, (iii) if five percent (5%) or more (by
value) of the Partnership&rsquo;s interests are or will be owned by such Partner within the meaning of Code Section 7704(d)(3),
such Partner does not, and for so long as it is a Partner will not, own, directly or indirectly, (a) stock of any corporation
that is a tenant of (I) the Initial Limited Partner or any Disregarded Entity with respect to the Initial Limited Partner, (II)
the Partnership or (III) any partnership, venture or limited liability company of which the Initial Limited Partner, any Disregarded
Entity with respect to the Initial Limited Partner, or the Partnership is a direct or indirect member or (b) an interest in the
assets or net profits of any non-corporate tenant of (I) the Initial Limited Partner, or any Disregarded Entity with respect to
the Initial Limited Partner, (II) the Partnership or (III) any partnership, venture or limited liability company of which the
Initial Limited Partner, any Disregarded Entity with respect to the Initial Limited Partner, or the Partnership is a direct or
indirect member, and (iv) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms,
as such enforceability may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar
laws affecting the enforcement of creditors&rsquo; rights generally and by general principles of equity and the discretion of
the court before which any proceeding therefor may be brought. Notwithstanding the foregoing, a Partner that is not an individual
shall not be subject to the ownership restrictions set forth in clause (iii) of the immediately preceding sentence to the extent
such Partner obtains the written consent of the General Partner prior to violating any such restrictions, which consent the General
Partner may give, withhold or condition in its sole and absolute discretion. Each Partner that is not an individual shall also
represent and warrant to the Partnership that such Partner is neither a &ldquo;foreign person&rdquo; within the meaning of Code
Section 1445(f) nor a foreign partner within the meaning of Code Section 1446(e).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Partner (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming
an Additional Limited Partner or Substituted Limited Partner represents, warrants and agrees that (i) it has acquired and continues
to hold its interest in the Partnership for its own account for investment purposes only and not for the purpose of, or with a
view toward, the resale or distribution of all or any part thereof in violation of applicable laws, and not with a view toward
selling or otherwise distributing such interest or any part thereof at any particular time or under any predetermined circumstances
in violation of applicable laws, (ii) it is a sophisticated investor, able and accustomed to handling sophisticated financial
matters for itself, particularly real estate investments, and that it has a sufficiently high net worth that it does not anticipate
a need for the funds that it has invested in the Partnership in what it understands to be a highly speculative and illiquid investment,
and (iii) without the consent of the General Partner, which consent may be given, withheld or conditioned in the General Partner&rsquo;s
sole discretion, it shall not take any action that would cause (a) the Partnership at any time to have more than 100 partners,
including for these purposes as partners those Persons (&ldquo;<U>Flow-Through Partners</U>&rdquo;) indirectly owning an interest
in the Partnership through an entity treated as a partnership, Disregarded Entity or S corporation (each such entity, a &ldquo;<U>Flow-Through
Entity</U>&rdquo;), but only if substantially all of the value of such Person&rsquo;s interest in the Flow-Through Entity is attributable
to the Flow-Through Entity&rsquo;s interest (direct or indirect) in the Partnership; or (b) the Partnership Interest initially
issued by the Partnership to such Partner or its predecessors to be held by more than three (3) partners, including as partners
any Flow-Through Partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
representations and warranties contained in Sections 3.4(a), 3.4(b) and 3.4(c) hereof shall survive the execution and delivery
of this Agreement by each Partner (and, in the case of an Additional Limited Partner or a Substituted Limited Partner, the admission
of such Additional Limited Partner or Substituted Limited Partner as a Limited Partner in the Partnership) and the dissolution,
liquidation and termination of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Partner (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming
an Additional Limited Partner or Substituted Limited Partner) hereby acknowledges that no representations as to potential profit,
cash flows, funds from operations or yield, if any, in respect of the Partnership or the Initial Limited Partner have been made
by any Partner or any employee or representative or Affiliate of any Partner, and that projections and any other information,
including, without limitation, financial and descriptive information and documentation, that may have been in any manner submitted
to such Partner shall not constitute any representation or warranty of any kind or nature, express or implied.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, the General Partner may, in its sole and absolute discretion, permit the modification of any of the representations
and warranties contained in Sections 3.4(a), 3.4(b) and 3.4(c) above as applicable to any Partner (including, without limitation
any Additional Limited Partner or Substituted Limited Partner or any transferee of either), provided that such representations
and warranties, as modified, shall be set forth in a separate writing addressed to the Partnership and the General Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">CAPITAL CONTRIBUTIONS</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Capital
                                         Contributions of the Partners</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partners have made the Capital Contributions as set forth in the Register.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent the Partnership acquires any property by the merger of any other Person into the Partnership or the contribution of
assets by any other Person, Persons who receive Partnership Interests in exchange for their interests in the Person merging into
or contributing assets to the Partnership shall become Limited Partners and shall be deemed to have made Capital Contributions
as provided in the applicable merger agreement or contribution agreement and as set forth in the Register, as updated to reflect
such deemed Capital Contributions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the effective date of this Agreement, the Partnership shall have three classes of Partnership Units, entitled &ldquo;GP Units&rdquo;,
&ldquo;OP Units&rdquo; and &ldquo;Class B Units&rdquo;, respectively. Any Partnership Units representing Limited Partner Interests
previously issued hereunder are redesignated as OP Units, and any Partnership Units representing General Partner Interests previously
issued hereunder are redesignated as GP Units. The Class B Units shall have the same rights, privileges and preferences as the
OP Units, except as set forth in <U>Article 16</U>. Each Partner shall own Partnership Units in the amounts set forth for such
Partner in the Register and shall have a Percentage Interest in the Partnership as set forth in the Register, which Percentage
Interest shall be adjusted in the Register from time to time by the General Partner to the extent necessary to reflect accurately
exchanges, additional Capital Contributions, the issuance of additional Partnership Units, transfers of Partnership Units or similar
events having an effect on any Partner&rsquo;s Percentage Interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of Partnership Units held by the General Partner, in its capacity as general partner, as evidenced by GP Units, shall be
deemed to be the General Partner Interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise may be expressly provided herein or as agreed to in writing by any Partner, (i) no such Partner shall have an obligation
to make any additional Capital Contributions or provide any additional funding to the Partnership (whether in the form of loans,
repayments of loans or otherwise) and (ii) no Partner shall have any obligation to restore any deficit that may exist in its Capital
Account, either upon a liquidation of the Partnership or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner shall cause to be maintained in the principal business office of the Partnership, or such other place as may be
determined by the General Partner, the books and records of the Partnership, which shall include, among other things, a register
containing the name, address, and number, class and series of Partnership Interests of each Partner, and such other information
as the General Partner may deem necessary or desirable (the &ldquo;<U>Register</U>&rdquo;). The Register shall not be part of
this Agreement. The General Partner shall from time to time update the Register as necessary to accurately reflect the information
therein, including as a result of any sales, exchanges or other Transfers, or any redemptions, issuances or similar events involving
Partnership Interests. Any reference in this Agreement to the Register shall be deemed a reference to the Register as in effect
from time to time. Subject to the terms of this Agreement, the General Partner may take any action authorized hereunder in respect
of the Register without any need to obtain the consent or approval of any other Partner. No action of any Limited Partner shall
be required to amend or update the Register. Except as required by law, no Limited Partner shall be entitled to receive a copy
of the information set forth in the Register relating to any Partner other than itself.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Additional
                                         Funds; Restrictions on the General Partner</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
sums of money required to finance the business and affairs of the Partnership shall be derived from the Capital Contributions
made to the Partnership by the Partners as set forth in Section 4.1 and from funds generated from the operation and business of
the Partnership, including rents and distributions directly or indirectly received by the Partnership from any Subsidiary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
additional financing is needed from sources other than as set forth in Section 4.2(a)(i) for any reason, the General Partner may,
in its sole and absolute discretion, in such amounts and at such times as it solely shall determine to be necessary or appropriate,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cause
the Partnership to issue additional Partnership Interests and admit additional Limited Partners to the Partnership in accordance
with Section 4.3;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make
additional Capital Contributions to the Partnership (subject to the provisions of Section 4.2(b));</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cause
the Partnership to borrow money, enter into loan arrangements, issue debt securities, obtain letters of credit or otherwise borrow
money on a secured or unsecured basis;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make
a loan or loans to the Partnership (subject to Section 4.2(b)); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sell
any assets or properties directly or indirectly owned by the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
no event shall any Limited Partners be required to make any additional Capital Contributions or any loan to, or otherwise provide
any financial accommodation for the benefit of, the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Initial Limited Partner shall not issue any debt securities, any preferred stock or any common stock (including additional Common
Stock (other than (i) as payment of the Common Stock Amount, (ii) in connection with the conversion or exchange of securities
of the Initial Limited Partner solely in conversion or exchange for other securities of the Initial Limited Partner or (iii) in
connection with an acquisition of Partnership Units or a property or other asset to be owned, directly or indirectly, by the Initial
Limited Partner if the General Partner determines that such acquisition is in the best interests of the Partnership)) or rights,
options, warrants or convertible, exercisable or exchangeable securities containing the right to subscribe for or purchase any
of the foregoing (collectively, &ldquo;<U>Securities</U>&rdquo;), other than to all holders of Common Stock, unless the Initial
Limited Partner shall:</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of debt Securities, lend to the Partnership the proceeds of or consideration received for such Securities on the same
terms and conditions, including interest rate and repayment schedule, as shall be applicable with respect to or incurred in connection
with the issuance of such Securities and the proceeds of, or consideration received from, any subsequent exercise, exchange or
conversion thereof (if applicable);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of equity Securities senior or junior to the Common Stock as to dividends and distributions on liquidation, contribute
to the Partnership the proceeds of or consideration (including any property or other non-cash assets) received for such Securities
and the proceeds of, or consideration received from, any subsequent exercise, exchange or conversion thereof (if applicable),
and receive from the Partnership, interests in the Partnership in consideration therefor with the same terms and conditions, including
dividend, dividend priority and liquidation preference, as are applicable to such Securities; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of Common Stock or other equity Securities on a parity with the Common Stock as to dividends and distributions on liquidation
(including Common Stock or other Securities granted as a stock award to directors and officers of the Initial Limited Partner
or directors, officers or employees of its Affiliates in consideration for services or future services, and Common Stock issued
pursuant to a dividend reinvestment plan or issued to enable the Initial Limited Partner to make distributions to satisfy the
REIT Requirements), contribute to the Partnership the proceeds of or consideration (including any property or other non-cash assets,
including services) received for such Securities and the proceeds of, or consideration received from, any subsequent exercise,
exchange or conversion thereof (if applicable), and receive from the Partnership a number of additional Partnership Units in consideration
therefor equal to the product of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
number of shares of Common Stock or other equity Securities issued by the Initial Limited Partner, multiplied by</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
fraction the numerator of which is one and the denominator of which is the Exchange Factor in effect on the date of such contribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Issuance
                                         of Additional Partnership Interests; Admission of Additional Limited Partners</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to any Partnership Interests issuable by the Partnership pursuant to Section 4.2, the General Partner is authorized to
cause the Partnership to issue additional Partnership Interests (or options therefore) in the form of Partnership Units or other
Partnership Interests in one or more series or classes, or in one or more series of any such class senior, on a parity with, or
junior to the Partnership Units to any Persons at any time or from time to time, on such terms and conditions, as the General
Partner shall establish in each case in its sole and absolute discretion subject to Delaware law, including (i) the allocations
of items of Partnership income, gain, loss, deduction and credit to each class or series of Partnership Interests, (ii) the right
of each class or series of Partnership Interests to share in Partnership distributions, and (iii) the rights of each class or
series of Partnership Interest upon dissolution and liquidation of the Partnership; <I>provided, however</I>, that, no such Partnership
Interests shall be issued to the General Partner or the Initial Limited Partner unless either (A) the Partnership Interests are
issued in connection with the grant, award, or issuance of Common Stock or other equity interests in the Initial Limited Partner
having designations, preferences and other rights such that the economic interests attributable to such Common Stock or other
equity interests are substantially similar to the designations, preferences and other rights (except voting rights) of the Partnership
Interests issued to the Initial Limited Partner in accordance with this Section 4.3(a) or (B) the additional Partnership Interests
are issued to all Partners holding Partnership Interests in the same class in proportion to their respective Percentage Interests
in such class, without any approval being required from any Limited Partner or any other Person; <I>provided further, however</I>,
that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
issuance does not cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA or Section
4975 of the Code, a &ldquo;party in interest&rdquo; (as defined in Section 3(14) of ERISA) or a &ldquo;disqualified person&rdquo;
(as defined in Section 4975(e) of the Code); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
issuance would not cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant
to Section 2510.3-101 of the regulations of the United States Department of Labor as modified by Section 3(42) of ERISA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the limitations set forth in Section 4.3(a), the General Partner may take such steps as it, in its sole and absolute discretion,
deems necessary or appropriate to admit any Person as a Limited Partner of the Partnership or to issue any Partnership Interests,
including amending the Certificate, the Register or any other provision of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Contribution
                                         of Proceeds of Issuance of Common Stock</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with any Offering, grant, award, or issuance of Common Stock or securities, rights, options, warrants or convertible
or exchangeable securities pursuant to Section 4.2, the Initial Limited Partner shall make aggregate Capital Contributions to
the Partnership of the proceeds raised in connection with such Offering, grant, award, or issuance, including any property acquired
by the Initial Limited Partner pursuant to a merger or contribution agreement in exchange for Common Stock; <I>provided</I>, <I>however</I>,
that if the proceeds actually received by the Initial Limited Partner are less than the gross proceeds of such Offering, grant,
award, or issuance as a result of any underwriter&rsquo;s discount, commission, or fee or other expenses paid or incurred in connection
with such Offering, grant, award, or issuance, then the Initial Limited Partner shall make a Capital Contribution to the Partnership
in the amount equal to the sum of (i) the net proceeds of such issuance plus (ii) an intangible asset in an amount equal to the
capitalized costs of the Initial Limited Partner relating to such issuance of Common Stock. Upon any such Capital Contribution
by the Initial Limited Partner, the Capital Account of the Initial Limited Partner shall be increased by the amount of its Capital
Contribution as described in the previous sentence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Equity
                                         Incentive Plans</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
in this Agreement shall be construed or applied to preclude or restrain the Initial Limited Partner or the General Partner from
adopting, modifying or terminating equity incentive plans for the benefit of employees, directors or other business associates
of the Initial Limited Partner, the Partnership or any of their Affiliates or from issuing Common Stock, any other class or series
of stock of the Initial Limited Partner or New Securities pursuant to any such plans. The General Partner or the Initial Limited
Partner, as applicable, may implement such plans and any actions taken under such plans (such as the grant or exercise of options
to acquire Common Stock, or the issuance of restricted Common Stock), whether taken with respect to or by an employee or other
service provider of the Initial Limited Partner, the Partnership or its Subsidiaries, in a manner determined by the General Partner
or Initial Limited Partner, as applicable, which may be set forth in plan implementation guidelines that the General Partner or
Initial Limited Partner, as applicable, may establish or amend from time to time. The Partners acknowledge and agree that, in
the event that any such plan is adopted, modified or terminated by the General Partner or the Initial Limited Partner, or for
any other reason as determined by the General Partner, amendments to this Section 4.5 may become necessary or advisable, any approval
or Consent to any such amendments requested by the General Partner shall be deemed granted by the Limited Partners. The Partnership
is expressly authorized to issue Partnership Units (i) in accordance with the terms of any such equity incentive plans, or (ii)
in an amount equal to the number of shares of Common Stock or other class or series of stock of the Initial Limited Partner or
New Securities issued pursuant to any such equity incentive plans, without any further act, approval or vote of any Partner or
any other Persons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Repurchase
                                         of Common Stock</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Initial Limited Partner shall elect to purchase from its stockholders Common Stock for the purpose of delivering such Common
Stock to satisfy an obligation under any dividend reinvestment plan adopted by the Initial Limited Partner, any employee stock
purchase plan adopted by the Initial Limited Partner, or for any other purpose, the purchase price paid by the Initial Limited
Partner for such Common Stock and any other expenses incurred by the Initial Limited Partner in connection with such purchase
shall be considered expenses of the Partnership and shall be reimbursed to the Initial Limited Partner, subject to the condition
that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
such Common Stock subsequently is to be sold by the Initial Limited Partner, the Initial Limited Partner shall pay to the Partnership
any proceeds received by the Initial Limited Partner from the sale of such Common Stock (provided that an exchange of Common Stock
for Partnership Units pursuant to Section 15.1(b) would not be considered a sale for such purposes); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
such Common Stock is not re-transferred by the Initial Limited Partner within 30 days after the purchase thereof, the Initial
Limited Partner shall cause the Partnership to cancel a number of Partnership Units held by the Initial Limited Partner (as applicable)
equal to the product of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
number of shares of such Common Stock, multiplied by</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
fraction, the numerator of which is one and the denominator of which is the Exchange Factor in effect on the date of such cancellation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Initial Limited Partner purchases shares of Common Stock from the Trust (as from time to time defined in the Articles of Incorporation),
the Partnership will purchase from the Initial Limited Partner a number of Partnership Units, at a price per Partnership Unit
equal to the price per share of Common Stock paid by the Initial Limited Partner, equal to the product of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the number of shares of Common Stock purchased by the Initial Limited Partner from the Trust, multiplied by</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
a fraction, the numerator of which is one and the denominator of which is the Exchange Factor in effect on the date of such purchase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>No
                                         Third-Party Beneficiary</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligations of
any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it
being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely
by, the parties hereto and their respective successors and assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>No
                                         Interest; No Return</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Partner shall be entitled to interest on its Capital Contribution or on such Partner&rsquo;s Capital Account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided herein or by law, no Partner shall have any right to demand or receive the return of its Capital Contribution from
the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>No
                                         Preemptive Rights</U>.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to any preemptive rights that may be granted pursuant to Section 4.3 hereof, no Person shall have any preemptive or other similar
right with respect to</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional
Capital Contributions or loans to the Partnership; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issuance
or sale of any Partnership Units or other Partnership Interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">DISTRIBUTIONS</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Distributions</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of Sections 5.3, 5.4, 12.2(c) and 13.2, the General Partner shall cause the Partnership to distribute, at such
times as the General Partner shall determine (each a &ldquo;<U>Distribution Date</U>&rdquo;), an amount of Available Cash, determined
by the General Partner in its sole discretion to the Partners holding GP Units, OP Units and/or Class B Units who are Partners
on the applicable Partnership Record Date, in accordance with each such Partner&rsquo;s respective Percentage Interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
no event may any Partner receive a distribution pursuant to Section 5.1(a) with respect to a Partnership Unit if such Partner
is entitled to receive a distribution with respect to Common Stock for which such a Partnership Unit has been exchanged.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Qualification
                                         of the Initial Limited Partner as a REIT</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
General Partner shall use its best efforts to cause the Partnership to distribute sufficient amounts under this Article 5 to enable
the Initial Limited Partner to pay dividends to the Stockholders that will enable the Initial Limited Partner to</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;satisfy
the requirements for qualification as a REIT under the Code and Regulations (&ldquo;<U>REIT Requirements</U>&rdquo;), and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;minimize
any federal income or excise tax liability;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided</I>,
<I>however</I>, that the General Partner shall not be bound to comply with this covenant to the extent such distributions would
violate applicable Delaware law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Withholding</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
amounts withheld pursuant to the Code or any provisions of any state or local tax law and Section 10.5 hereof with respect to
any allocation, payment or distribution to the Partners or Assignees shall be treated as amounts distributed to the Partners or
Assignees pursuant to Section 5.1 for all purposes under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Additional
                                         Partnership Interests</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Partnership issues Partnership Interests in accordance with Section 4.2, 4.3 or 4.5, the distribution priorities set forth
in Section 5.1 shall be amended, as necessary, to reflect the distribution priority of such Partnership Interests and corresponding
amendments shall be made to the provisions of <U>Exhibit A.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Distributions
                                         in Kind</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as expressly provided herein, no right is given to any Partner to demand and receive property other than cash as provided in this
Agreement. The General Partner may determine, in its sole and absolute discretion, to cause the Partnership to make a distribution
in kind of Partnership assets to the Partners, and such assets shall be distributed in such a fashion as to ensure that the fair
market value is distributed and allocated in accordance with Articles 5, 6 and 10 hereof; <I>provided</I>, <I>however</I>, that
the General Partner shall not cause the Partnership to make a distribution in kind to any Partner unless the Partner has been
given 90 days prior written notice of such distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Distributions
                                         Upon Liquidation</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the other provisions of this Article 5, net proceeds from a Terminating Capital Transaction, and any other cash received or reductions
in reserves made after commencement of the liquidation of the Partnership, shall be distributed to the Holders in accordance with
Section 13.2 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
6</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">ALLOCATIONS</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Allocations</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Net Income, Net Loss and other Partnership items shall be allocated pursuant to the provisions of <U>Exhibit A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Revisions
                                         to Allocations to Reflect Issuance of Partnership Interests</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Partnership issues Partnership Interests to the General Partner, the Initial Limited Partner or any additional Limited Partner
pursuant to Article 4, the General Partner shall make such revisions to this Article 6 and <U>Exhibit A</U> as it deems necessary
to reflect the terms of the issuance of such Partnership Interests, including making preferential allocations to classes of Partnership
Interests that are entitled thereto. Such revisions shall not require the consent or approval of any other Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
7</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">MANAGEMENT AND OPERATIONS OF BUSINESS</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Management</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise expressly provided in this Agreement, full, complete and exclusive discretion to manage and control the business
and affairs of the Partnership are and shall be vested in the General Partner, and no Limited Partner (in its capacity as such)
shall have any right or obligation to participate in or exercise control or management power over the business and affairs of
the Partnership or any liability in connection with the General Partner&rsquo;s exercise of such control or management power.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner may not be removed by the Limited Partners with or without cause.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the powers now or hereafter granted a general partner of a limited partnership under applicable law or which are granted
to the General Partner under any other provision of this Agreement, the General Partner, subject to Section 7.11 and Article 11
(as applicable), shall have full power and authority to do all things deemed necessary or desirable by it to conduct the business
of the Partnership, to exercise all powers set forth in Section 3.2 hereof and to effectuate the purposes set forth in Section
3.1 hereof, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
making of any expenditures, the lending or borrowing of money, including making prepayments on loans and borrowing money to permit
the Partnership to make distributions to its Partners in such amounts as will permit the Initial Limited Partner (so long as the
Initial Limited Partner qualifies as a REIT) to avoid the payment of any federal income tax (including, for this purpose, any
excise tax pursuant to Section 4981 of the Code) and to make distributions to its Stockholders in amounts sufficient to permit
the Initial Limited Partner to maintain REIT status,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
assumption or guarantee of, or other contracting for, indebtedness and other liabilities,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
issuance of evidence of indebtedness (including the securing of the same by deed, mortgage, deed of trust or other lien or encumbrance
on the Partnership&rsquo;s assets), and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
incurring of any obligations it deems necessary for the conduct of the activities of the Partnership, including the payment of
all expenses associated with the General Partner;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
acquisition, purchase, ownership, operating, leasing and disposition of any Real Property and any other property or assets, including
mortgages and real estate-related notes, whether directly or indirectly;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having
jurisdiction over the business or assets of the Partnership or the General Partner;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject
to Article 11, the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of all or substantially
all of the assets of the Partnership (including the exercise or grant of any conversion, option, privilege, or subscription right
or other right available in connection with any assets at any time held by the Partnership) or the merger, consolidation or other
combination (each a &ldquo;<U>Business Combination</U>&rdquo;) of the Partnership with or into another Entity on such terms as
the General Partner deems proper;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
use of the assets of the Partnership (including cash on hand) for any purpose consistent with the terms of this Agreement and
on any terms it sees fit, including,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
financing of the conduct of the operations of the Initial Limited Partner, the Partnership or any of the Partnership&rsquo;s Subsidiaries,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
lending of funds to other Persons (including the Subsidiaries of the Partnership and/or the Initial Limited Partner) and the repayment
of obligations of the Partnership and its Subsidiaries and any other Person in which it has an equity investment, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
making of capital contributions to its Subsidiaries;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
expansion, development, redevelopment, construction, leasing, repair, rehabilitation, repositioning, alteration, demolition or
improvement of any property in which the Partnership or any Subsidiary of the Partnership owns an interest;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(G)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
negotiation, execution, and performance of any contracts, conveyances or other instruments that the General Partner considers
useful or necessary to the conduct of the Partnership&rsquo;s operations or the implementation of the General Partner&rsquo;s
powers under this Agreement, including contracting with contractors, developers, consultants, accountants, legal counsel, other
professional advisors and other agents and the payment of their expenses and compensation out of the Partnership&rsquo;s assets;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(H)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
distribution of Partnership cash or other Partnership assets in accordance with this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;holding,
managing, investing and reinvesting cash and other assets of the Partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(J)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
collection and receipt of revenues and income of the Partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(K)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
establishment of one or more divisions of the Partnership, the selection and dismissal of employees of the Partnership (including
employees having titles such as &ldquo;president&rdquo;, &ldquo;vice president&rdquo;, &ldquo;secretary&rdquo; and &ldquo;treasurer&rdquo;
of the Partnership), and agents, outside attorneys, accountants, consultants and contractors of the Partnership, and the determination
of their compensation and other terms of employment or engagement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(L)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
maintenance of such insurance for the benefit of the Partnership and the Partners and directors and officers thereof as it deems
necessary or appropriate;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(M)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
formation of, or acquisition of an interest (including non-voting interests in entities controlled by Affiliates of the Partnership
or third parties) in, and the contribution of property to, any further Entities or other relationships that it deems desirable,
including the acquisition of interests in, and the contributions of funds or property to, or making of loans to, its Subsidiaries
and any other Person from time to time, or the incurrence of indebtedness on behalf of such Persons or the guarantee of the obligations
of such Persons; <I>provided, however,</I> that as long as the Initial Limited Partner has determined to elect to qualify as a
REIT or to continue to qualify as a REIT, the Partnership may not engage in any such formation, acquisition or contribution that
would cause the Initial Limited Partner to fail to qualify as a REIT;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(N)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
control of any matters affecting the rights and obligations of the Partnership, including</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
settlement, compromise, submission to arbitration or any other form of dispute resolution, or abandonment of, any claim, cause
of action, liability, debt or damages, due or owing to or from the Partnership,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
commencement or defense of suits, legal proceedings, administrative proceedings, arbitration or other forms of dispute resolution,
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
representation of the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations or other forms of
dispute resolution, the incurring of legal expenses, and the indemnification of any Person against liabilities and contingencies
to the extent permitted by law;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(O)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
undertaking of any action in connection with the Partnership&rsquo;s direct or indirect investment in its Subsidiaries or any
other Person (including the contribution or loan of funds by the Partnership to such Persons);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(P)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
determination of the fair market value of any Partnership property distributed in kind using such reasonable method of valuation
as the General Partner may adopt; <I>provided</I>, <I>however</I>, that such methods are otherwise consistent with the requirements
of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited power of attorney, of any right,
including the right to vote, appurtenant to any asset or investment held by the Partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(R)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of or in connection with any Subsidiary
of the Partnership or any other Person in which the Partnership has a direct or indirect interest, or jointly with any such Subsidiary
or other Person;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(S)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of any Person in which the Partnership
does not have an interest pursuant to contractual or other arrangements with such Person;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(T)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
making, execution and delivery of any and all deeds, leases, notes, mortgages, deeds of trust, security agreements, conveyances,
contracts, guarantees, warranties, indemnities, waivers, releases or legal instruments or agreements in writing necessary or appropriate,
in the judgment of the General Partner, for the accomplishment of any of the foregoing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
issuance of additional Partnership Units in connection with Capital Contributions by Additional Limited Partners and additional
Capital Contributions by Partners pursuant to Article 4 hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(V)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
authorization, issuance, sale, redemption or purchase of any Partnership Units or any securities of the Partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(W)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
opening of bank accounts on behalf of, and in the name of, the Partnership and its Subsidiaries;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(X)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
updating of the Register to reflect accurately at all times the Capital Contributions and Percentage Interests of the Partners
as the same are adjusted from time to time to the extent necessary to reflect redemptions, Capital Contributions, the issuance
of Partnership Units, the admission of any Additional Limited Partner or any Substituted Limited Partner or otherwise, which updating,
notwithstanding anything in this Agreement to the contrary, shall not be deemed an amendment of this Agreement, as long as the
matter or event being reflected in the Register otherwise is authorized by this Agreement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the amendment of this Agreement to reflect such changes as are reasonably necessary or appropriate for the General Partner or
the Partnership to comply with, or reasonably allocate the burden of any Partnership-level assessments under the BBA Rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Limited Partners agree that, subject to Article 7 and Article 11, the General Partner is authorized to execute, deliver
and perform the above-mentioned agreements and transactions on behalf of the Partnership without any further act, approval or
vote of the Partners, notwithstanding any other provision of this Agreement to the fullest extent permitted under the Act or other
applicable law, rule or regulation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
all times from and after the date hereof, the General Partner at the expense of the Partnership, may or may not, cause the Partnership
to obtain and maintain</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;casualty,
liability and other insurance on the properties of the Partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liability
insurance for the Indemnitees hereunder; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
other insurance as the General Partner, in its sole and absolute discretion, determines to be appropriate and reasonable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner may cause the Partnership to establish and maintain at any and all times working capital accounts and other cash
or similar balances in such amount as the General Partner, in its sole and absolute discretion, deems appropriate and reasonable
from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise required by the Tax Protection Agreement or any other written agreement between the General Partner or the Partnership
and any Partner, in exercising its authority under this Agreement, the General Partner may, but shall be under no obligation to,
take into account the tax consequences to any Partner (including the General Partner) of any action taken (or not taken) by it.
Except as otherwise required by the Tax Protection Agreement or any other written agreement between the General Partner or the
Partnership and any Partner, the General Partner and the Partnership shall not have liability to any Limited Partner for monetary
damages or otherwise for losses sustained, liabilities incurred or benefits not derived by such Limited Partner in connection
with such decisions; <I>provided</I>, that the General Partner has acted in good faith pursuant to its authority under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise required by the Tax Protection Agreement or any other written agreement between the General Partner or the Partnership
and any Partner, the General Partner and the Partnership shall not have liability to any Limited Partner under any circumstances
as a result of an income tax liability incurred by such Limited Partner as a result of an action (or inaction) by the General
Partner taken pursuant to its authority under and in accordance with this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Certificate
                                         of Limited Partnership</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner and the Initial Limited Partner have previously filed the Certificate with the Secretary of State of Delaware
as required by the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner shall use all reasonable efforts to cause to be filed such other certificates or documents as may be reasonable
and necessary or appropriate for the formation, continuation, qualification and operation of a limited partnership (or a partnership
in which the limited partners have limited liability) in the State of Delaware and any other state, or the District of Columbia,
in which the Partnership may elect to do business or own property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that such action is determined by the General Partner to be reasonable and necessary or appropriate, the General Partner
shall file amendments to and restatements of the Certificate and do all of the things to maintain the Partnership as a limited
partnership (or a partnership in which the limited partners have limited liability) under the laws of the State of Delaware and
each other state, or the District of Columbia, in which the Partnership may elect to do business or own property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate or any amendment thereto
to any Limited Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Reimbursement
                                         of the General Partner</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided in this Section 7.3 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding distributions,
payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general
partner of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership shall be responsible for and shall pay all expenses relating to the Partnership&rsquo;s organization, the ownership
of its assets and its operations. Subject to Section 15.14, the General Partner shall be reimbursed on a monthly basis, or such
other basis as it may determine in its sole and absolute discretion, for all expenses that it incurs on behalf of the Partnership
relating to the ownership and operation of the Partnership&rsquo;s assets, or for the benefit of the Partnership, including (i)
all expenses associated with compliance by the General Partner and the Initial Limited Partner, with laws, rules and regulations
promulgated by any regulatory body, (ii) expenses related to the operations of the General Partner and the Initial Limited Partner
and to the management and administration of any Subsidiaries of the General Partner, the Initial Limited Partner or the Partnership
or Affiliates of the Partnership, such as auditing expenses and filing fees and any and all salaries, compensation and expenses
of officers and employees of the General Partner and the Initial Limited Partner (including, without limitation, payments under
future compensation plans, of the General Partner or the Initial Limited Partner that may provide for stock units, or phantom
stock, pursuant to which employees of the General Partner, the Initial Limited Partner or the Partnership will receive payments
based upon dividends or on the value of share of Common Stock), (iii) director or manager fees and expenses of the General Partner,
the Initial Limited Partner or their Affiliates, or (iv) all costs and expenses of the Initial Limited Partner being a public
company, including costs of filings with the SEC, reports and other distributions to its stockholders; <I>provided, however,</I>
that the amount of any such reimbursement shall be reduced by any interest earned by the General Partner with respect to bank
accounts or other instruments or accounts held by it in its name.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
reimbursement shall be in addition to any reimbursement made as a result of indemnification pursuant to Section 7.6 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner shall determine in good faith the amount of expenses incurred by it and the Initial Limited Partner related to
the ownership and operation of, or for the benefit of, the Partnership. If certain expenses are incurred for the benefit of the
Partnership and other entities (including the General Partner and/or the Initial Limited Partner), such expenses will be allocated
to the Partnership and such other entities in such a manner as the General Partner in its reasonable discretion deems fair and
reasonable. All payments and reimbursements hereunder shall be characterized for federal income tax purposes as expenses of the
Partnership incurred on its behalf, and not as expenses of the General Partner or the Initial Limited Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses
incurred by the General Partner relating to the organization or reorganization of the Partnership, the General Partner and the
Initial Limited Partner, the issuance of Common Stock, Preferred Stock, Funding Debt or New Securities in connection with an Offering
and any issuance of additional Partnership Interests, Common Stock or rights, options, warrants, or convertible or exchangeable
securities pursuant to Section 4.2 hereof and all costs and expenses associated with the preparation and filing of any periodic
reports by the General Partner or the Initial Limited Partner under federal, state or local laws or regulations (including all
costs, expenses, damages, and other payments resulting from or arising in connection with litigation related to any of the foregoing)
are primarily obligations of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 15.14, to the extent the General Partner pays or incurs such expenses, the General Partner shall be reimbursed for
such expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
and to the extent any reimbursements to the General Partner pursuant to this Section 7.3 constitute gross income to the General
Partner (as opposed to the repayment of advances made on behalf of the Partnership), such amounts shall constitute guaranteed
payments within the meaning of Section 707(c) of the Code, shall be treated consistently therewith by the Partnership and all
Partners, and shall not be treated as distributions for purposes of computing the Partners&rsquo; Capital Accounts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Outside
                                         Activities of the General Partner and the Initial Limited Partner</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the General Partner nor the Initial Limited Partner shall directly or indirectly enter into or conduct any business, other than
in connection with, (a) the ownership, acquisition and disposition of Partnership Interests, (b) with respect to the General Partner,
the management of the business and affairs of the Partnership, (c) with respect to the Initial Limited Partner, the operation
of the Initial Limited Partner as a reporting company with a class (or classes) of securities registered under the Exchange Act,
(d) with respect to the Initial Limited Partner, its operations as a REIT, (e) with respect to the Initial Limited Partner, the
offering, sale, syndication, private placement or public offering of stock, bonds, securities or other interests, (f) financing
or refinancing of any type related to the Partnership or its assets or activities, and (g) such activities as are incidental thereto;
<I>provided</I>, <I>however</I>, that, except as otherwise provided herein, any funds raised by the Initial Limited Partner pursuant
to the preceding clauses (e) and (f) shall be made available to the Partnership, whether as Capital Contributions, loans or otherwise,
as appropriate, and, <I>provided</I>, <I>further</I> that each of the General Partner and the Initial Limited Partner may, in
its sole and absolute discretion, from time to time hold or acquire Properties in its own name or otherwise other than through
the Partnership so long as the General Partner or the Initial Limited Partner, as applicable, takes commercially reasonable measures
to ensure that the economic benefits and burdens of such Property are otherwise vested in the Partnership, through assignment,
mortgage loan or otherwise or, if it is not commercially reasonable to vest such economic interests in the Partnership, the Partners
shall negotiate in good faith to amend this Agreement, including, without limitation, the definition of &ldquo;Exchange Factor,&rdquo;
to reflect such activities and the direct ownership of assets by the General Partner or the Initial Limited Partner, as applicable.
Nothing contained herein shall be deemed to prohibit the General Partner or the Initial Partner from executing guarantees of the
Partnership&rsquo;s Debt. Notwithstanding the foregoing, the General Partner or the Initial Limited Partner may acquire Properties
in exchange for shares of Common Stock, other shares of capital stock or New Securities, or cash, in each case solely to the extent
such Properties (or interests therein) are contributed by the General Partner or the Initial Limited Partner, as applicable, to
the Partnership, pursuant to the terms described in Section 4.3, except no such contribution shall be required to the extent the
Properties acquired by the General Partner or the Initial Limited Partner, as applicable, are direct or indirect interests in
Partnership Interests. If, at any time, the General Partner or the Initial Limited Partner acquires material assets (other than
on behalf of the Partnership), to the extent reasonably determined by the General Partner to be necessary, the definition of &ldquo;Exchange
Factor&rdquo; shall be adjusted, as reasonably agreed to by the General Partner and the other Limited Partners, to reflect such
acquisition of material assets by the General Partner or the Initial Limited Partner, as applicable. The General Partner&rsquo;s
General Partner Interest in the Partnership, the Initial Limited Partner&rsquo;s Limited Partner Interest in the Partnership,
a minority interest in any Subsidiary of the Partnership that the General Partner or the Initial Limited Partner holds in order
to maintain such Subsidiary&rsquo;s status as a partnership for federal income tax purposes or otherwise, Properties that meet
the requirements of this Section 7.5(a) (and prior to their contribution to the Partnership pursuant to Section 4.3), interests
in such short-term liquid investments, bank accounts or similar instruments as the General Partner deems necessary to carry out
the General Partner&rsquo;s and the Initial Limited Partner&rsquo;s responsibilities contemplated under this Agreement and the
Articles of Incorporation, and interests in Disregarded Entities with respect to the General Partner or the Initial Limited Partner
which hold any of the foregoing, are interests which the General Partner and the Initial Limited Partner are permitted to acquire
and hold for purposes of this Section 7.5(a). Nothing in this Agreement shall limit, or be deemed to limit, the ability of the
Initial Limited Partner or its Subsidiaries to act as an advisor to, or manage the day-to-day activities and investment strategy
of, Phillips Edison Grocery Center REIT II, Inc., Phillips Edison Grocery Center REIT III, Inc. or their respective Affiliates,
or to provide similar services to other Persons from time to time in the sole discretion of the Initial Limited Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner and any Affiliates of the General Partner may acquire Limited Partner Interests and shall be entitled to exercise
all rights of a Limited Partner relating to such Limited Partner Interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.5</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Contracts
                                         with Affiliates</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership may lend or contribute funds or other assets to its Subsidiaries or other Persons in which it has an equity investment
and such Subsidiaries and Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute
discretion of the General Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided in Section 7.4, the Partnership may Transfer assets to Entities in which it is or thereby becomes a participant upon
such terms and subject to such conditions consistent with this Agreement and applicable law as the General Partner, in its sole
and absolute discretion, may determine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as expressly permitted by this Agreement, neither the Initial Limited Partner nor any of its Affiliates shall sell, Transfer or
convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions
that are determined by the General Partner in good faith to be fair and reasonable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner, in its sole and absolute discretion and without the approval of the Limited Partners, may propose and adopt,
on behalf of the Partnership, employee benefit plans, stock option plans, and similar plans funded by the Partnership for the
benefit of employees of the Partnership, the Initial Limited Partner, any Subsidiaries of the Partnership or any Affiliate of
any of them in respect of services performed, directly or indirectly, for the benefit of the Partnership, the Initial Limited
Partner, any Subsidiaries of the Partnership or any Affiliate of any of them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner is expressly authorized to enter into, in the name and on behalf of the Partnership, a &ldquo;right of first opportunity&rdquo;
or &ldquo;right of first offer&rdquo; arrangement, non-competition agreements and other conflict avoidance agreements with various
Affiliates of the Partnership and the General Partner, on such terms as the General Partner, in its sole and absolute discretion,
believes are advisable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.6</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Indemnification</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Subject
to Section 15.14, to the fullest extent permitted by applicable law, the Partnership shall indemnify each Indemnitee from and
against any and all losses, claims, damages, liabilities, joint or several, expenses (including reasonable attorney&rsquo;s fees
and other legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all claims, demands,
actions, suits or proceedings, civil, criminal, administrative or investigative, whether by or in the right of the Partnership
or otherwise (subject to (y) below) that relate to the operations of the Partnership or the Initial Limited Partner (&ldquo;<I><U>Actions</U></I>&rdquo;)
as set forth in this Agreement in which such Indemnitee may be involved, or is threatened to be involved, as a party or otherwise;
<I>provided</I>, <I>however</I>, that the Partnership shall not indemnify an Indemnitee (i) if the act or omission of the Indemnitee
was material to the matter giving rise to the Action and either was committed in bad faith or was the result of active and deliberate
dishonesty; (ii) in the case of any criminal proceeding, if the Indemnitee had reasonable cause to believe that the act or omission
was unlawful; or (iii) for any loss resulting from any transaction for which such Indemnitee actually received an improper personal
benefit in money, property or services or otherwise in violation or breach of any provision of this Agreement; and provided, further,
that no payments pursuant to this Agreement shall be made by the Partnership (x) to indemnify or advance expenses to any Indemnitee
with respect to any Action initiated or brought voluntarily by such Indemnitee (and not by way of defense) unless (I) approved
or authorized by the General Partner or (II) incurred to establish or enforce such Indemnitee&rsquo;s right to indemnification
under this Agreement, (y) to advance expenses in connection with one or more Actions or claims brought by or in the right of the
Partnership or (z) to indemnify an Indemnitee in connection with one or more Actions involving such Indemnitee if such Indemnitee
is found liable to the Partnership with respect to such claim or Action. If Indemnitee is entitled to indemnification hereunder
with respect to one or more but less than all claims, issues or matters in any Action, the Partnership shall provide indemnification
hereunder in connection with each such claim, issue or matter, allocated on a reasonable and proportionate basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty or otherwise,
for any indebtedness of the Partnership or any Subsidiary of the Partnership (including any indebtedness which the Partnership
or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is hereby authorized and empowered,
in its sole and absolute discretion on behalf of the Partnership, to enter into one or more indemnity agreements consistent with
the provisions of this Section 7.6 in favor of any Indemnitee having or potentially having liability for any such indebtedness.
It is the intention of this Section 7.6(a) that the Partnership indemnify each Indemnitee to the fullest extent permitted by law
and this Agreement. The termination of any proceeding by judgment, order or settlement does not create a presumption that the
Indemnitee did not meet the requisite standard of conduct set forth in this Section 7.6(a). The termination of any proceeding
by conviction of an Indemnitee or upon a plea of <I>nolo contendere</I> or its equivalent by an Indemnitee, or an entry of an
order of probation against an Indemnitee prior to judgment, does not create a presumption that such Indemnitee acted in a manner
contrary to that specified in this Section 7.6(a) with respect to the subject matter of such proceeding. Any indemnification pursuant
to this Section 7.6 shall be made only out of the assets of the Partnership, and neither the General Partner nor any other holder
shall have any obligation to pay or otherwise satisfy such indemnification obligation or to contribute to the capital of the Partnership
or otherwise provide funds to enable the Partnership to fund its obligations under this Section 7.6.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
indemnification pursuant to this Section 7.6 shall be made only out of the assets of the Partnership, and neither the General
Partner nor any Limited Partner shall have any obligation to contribute to the capital of the Partnership, or otherwise provide
funds, to enable the Partnership to fund its obligations under this Section 7.6.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 15.14, to the fullest extent permitted by law, expenses incurred by an Indemnitee who is a party to a proceeding or
otherwise subject to or the focus of or is involved in any Action shall be paid or reimbursed by the Partnership as incurred by
the Indemnitee in advance of the final disposition of the Action upon receipt by the Partnership of (i) a written affirmation
by the Indemnitee of the Indemnitee&rsquo;s good faith belief that the standard of conduct necessary for indemnification by the
Partnership as authorized in Section 7.7(b) has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to
repay the amount if it shall ultimately be determined that the standard of conduct has not been met.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnification provided by this Section 7.6 shall be in addition to any other rights to which an Indemnitee or any other Person
may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue
as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns
and administrators of the Indemnitee unless otherwise provided in a written agreement with such Indemnitee or in the writing pursuant
to which such Indemnitee is indemnified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of any of the Indemnitees and such
other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may
be incurred by such Person in connection with the Partnership&rsquo;s activities, regardless of whether the Partnership would
have the power to indemnify such Person against such liability under the provisions of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
liabilities which an Indemnitee incurs as a result of acting on behalf of the Partnership, the General Partner or the Initial
Limited Partner (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee
benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the
IRS, penalties assessed by the U.S. Department of Labor, restitutions to such a plan or trust or other funding mechanism or to
a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise) shall be treated as liabilities or
judgments or fines under this Section 7.6, unless such liabilities arise as a result of (i) an act or omission of such Indemnitee
that was material to the matter giving rise to the Action and either was committed in bad faith or was the result of active and
deliberate dishonesty; (ii) in the case of any criminal proceeding, an act or omission that such Indemnitee had reasonable cause
to believe was unlawful, or (iii) any transaction in which such Indemnitee actually received an improper personal benefit in violation
or breach of any provision of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
no event may an Indemnitee subject any of the Partners (other than the General Partner) to personal liability by reason of the
indemnification provisions set forth in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Indemnitee shall not be denied indemnification in whole or in part under this Section 7.6 because the Indemnitee had an interest
in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of
this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of this Section 7.6 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and
shall not be deemed to create any rights for the benefit of any other Persons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amendment, modification or repeal of this Section 7.6 or any provision hereof shall be prospective only and shall not in any way
affect the Partnership&rsquo;s liability to any Indemnitee under this Section 7.6, as in effect immediately prior to such amendment,
modification, or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such
amendment, modification or repeal, regardless of when such claims may arise or be asserted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
and to the extent any payments to the Initial Limited Partner pursuant to this Section 7.6 constitute gross income to the Initial
Limited Partner (as opposed to the repayment of advances made on behalf of the Partnership), such amounts shall constitute guaranteed
payments within the meaning of Section 707(c) of the Code, shall be treated consistently therewith by the Partnership and all
Partners, and shall not be treated as distributions for purposes of computing the Partners&rsquo; Capital Accounts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
obligation or liability whatsoever of the General Partner which may arise at any time under this Agreement or any other instrument,
transaction, or undertaking contemplated hereby shall be satisfied, if at all, out of the assets of the General Partner or the
Partnership only. No such obligation or liability shall be personally binding upon, nor shall resort for the enforcement thereof
be had to, any of the General Partner&rsquo;s directors, stockholders, officers, employees, or agents, regardless of whether such
obligation or liability is in the nature of contract, tort or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the fullest extent permitted by applicable law, no Indemnitee shall be liable to the Partnership, any Partner or any other Person
bound by this Agreement for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Indemnitee
in good faith on behalf of the Partnership and in a manner reasonably believed to be within the scope of the authority conferred
on such Indemnitee by this Agreement, except that an Indemnitee shall be liable for any such loss, damage or claim incurred by
reason of such Indemnitee&rsquo;s intentional harm or gross negligence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.7</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Liability
                                         of the General Partner and the Initial Limited Partner</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Limited Partners (other than the Initial Limited Partner) expressly acknowledge that, in discharging its fiduciary duties to the
Partnership and the Limited Partners, the General Partner is acting on behalf of the Partnership and the Stockholders of the Initial
Limited Partner collectively; accordingly, subject to the provisions of Section 7.1(e) and the remainder of this Section 7.7,
the General Partner is under no obligation to consider the separate interest of the Limited Partners (including the tax consequences
to any Limited Partner or any Assignees) in deciding whether to cause the Partnership to take (or decline to take) any actions
and (ii) shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited
Partners in connection with such decisions; <I>provided that</I> the General Partner has acted in good faith and otherwise in
compliance with this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any indebtedness of the Partnership which any Limited Partner may have guaranteed, the General Partner shall have no
duty to keep such indebtedness outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Limited Partners expressly acknowledge that if any conflict in the fiduciary duties owed by the Initial Limited Partner (as
the sole member of the General Partner) to its Stockholders and by the General Partner, in its capacity as a general partner of
the Partnership, to the Limited Partners (other than the Initial Limited Partner), the General Partner will endeavor in good faith
to resolve the conflict in a manner not adverse to either the Stockholders of the Initial Limited Partner or the Limited Partners
(other than the Initial Limited Partner), provided that, to the extent that any such conflict cannot be resolved in a manner not
adverse to either the Stockholders of the Initial Limited Partner or the Limited Partners (other than the Initial Limited Partner),
the General Partner shall be entitled to resolve such conflict in favor of the Stockholders of the Initial Limited Partner. The
General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by
the Limited Partners in connection with any action (or election not to act) in accordance with this Section 7.7(b) so long as
the General Partner has complied with its obligations under this Section 7.7(b) and not otherwise violated this Agreement. The
Initial Limited Partner shall guarantee all liabilities and obligations of the General Partner to the Limited Partners (other
than the Initial Limited Partner) arising from any breach or violation of this Agreement or the General Partner&rsquo;s duties
to the Limited Partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this Agreement, under no circumstances will the fiduciary duties of the General Partner require the
General Partner to breach the Tax Protection Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amendment, modification or repeal of this Section 7.7 or any provision hereof shall be prospective only and shall not in any way
affect the limitations on the liability of the General Partner or the members, managers or agents of the General Partner, the
Initial Limited Partner, or of the directors, officers, stockholders, employees or agents of the Initial Limited Partner, or the
Indemnitees, to the Partnership, the Partners or any other Person bound by this Agreement under this Section 7.7 as in effect
immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring,
in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this Agreement shall limit or otherwise affect the rights, obligations or remedies of any party to the Tax Protection Agreement
or any other written agreement between the General Partner or the Partnership and any Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.8</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Other
                                         Matters Concerning the General Partner</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner may rely and shall be protected in acting, or refraining from acting, upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, bond, debenture, or other paper or document believed by it in good
faith to be genuine and to have been signed or presented by the proper party or parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers, architects,
engineers, environmental consultants and other consultants and advisers selected by it, and any act taken or omitted to be taken
in reliance upon and in accordance with the opinion of such Persons as to matters which such General Partner reasonably believes
to be within such Person&rsquo;s professional or expert competence shall be presumed to have been done or omitted in good faith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly
authorized officers and duly appointed attorneys-in-fact.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
such attorney shall, to the extent provided by the General Partner in the power of attorney, have full power and authority to
do and perform each and every act and duty which is permitted or required to be done by the General Partner hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision
of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action
or omission is necessary or advisable in order</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
protect the ability of the Initial Limited Partner to continue to qualify as a REIT; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
minimize the incurrence by the Initial Limited Partner of any taxes under Section 857 or Section 4981 of the Code,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
expressly authorized under this Agreement and is deemed approved by all of the Limited Partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.9</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Title
                                         to Partnership Assets</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title
to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the
Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership
assets or any portion thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title
to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees,
as the General Partner may determine, including Affiliates of the General Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner hereby declares and warrants that any Partnership asset for which legal title is held in the name of the General
Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the
Partnership in accordance with the provisions of this Agreement; <I>provided, however</I>, that the General Partner shall use
its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in
which legal title to such Partnership assets is held.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.10</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Reliance
                                         by Third Parties</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the General
Partner has full power and authority, without consent or approval of any other Partner or Person, to encumber, sell or otherwise
use in any manner any and all assets of the Partnership and to enter into any contracts on behalf of the Partnership, and take
any and all actions on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if the
General Partner were the Partnership&rsquo;s sole party in interest, both legally and beneficially.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Limited Partner hereby waives any and all defenses or other remedies which may be available against such Person to contest, negate
or disaffirm any action of the General Partner in connection with any such dealing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of
this Agreement have been complied with or to inquire into the necessity or expediency of any act or action of the General Partner
or its representatives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives
shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on
behalf of the Partnership; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement
and is binding upon the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.11</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Loans
                                         By Third Parties</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Partnership may incur Debt, or enter into similar credit, guarantee, financing or refinancing arrangements for any purpose (including
in connection with any acquisition of property) with any Person upon such terms as the General Partner determines appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
8</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Limitation
                                         of Liability</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Limited Partner shall have any liability under this Agreement except as expressly provided in this Agreement, including Section
10.5 hereof, or under the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Management
                                         of Business</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Limited Partner or Assignee (other than the General Partner, any of its Affiliates or any officer, director, employee, agent or
trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such) shall take part in the
operation, management or control (within the meaning of the Act) of the Partnership&rsquo;s business, transact any business in
the Partnership&rsquo;s name or have the power to sign documents for or otherwise bind the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
transaction of any such business by the General Partner, any of its Affiliates or any officer, director, employee, partner, agent
or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair
or eliminate the limitations on the liability of the Limited Partners or Assignees under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Outside
                                         Activities of Limited Partners</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 7.7 and any agreements entered into pursuant to Section 7.5 hereof and any other agreements entered into by a Limited
Partner, or any of its Affiliates with the Partnership or any of its Subsidiaries, any Limited Partner, and any officer, director,
employee, agent, trustee, Affiliate or shareholder of any Limited Partner shall be entitled to and may have business interests
and engage in business activities in addition to those relating to the Partnership, including business interests and activities
that are in direct competition with the Partnership or that are enhanced by the activities of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Partnership nor any Partners shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner,
any Assignee or any of their Affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Limited Partner nor any other Person shall have any rights by virtue of this Agreement or the Partnership relationship established
hereby in any business ventures of any other Person and such Person shall have no obligation pursuant to this Agreement to offer
any interest in any such business ventures to the Partnership, any Limited Partner or any such other Person, even if such opportunity
is of a character which, if presented to the Partnership, any Limited Partner or such other Person, could be taken by such Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Return
                                         of Capital</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
pursuant to the rights of Redemption set forth in Section 15.1, no Limited Partner shall be entitled to the withdrawal or return
of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement or upon termination of the
Partnership as provided herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided in Articles 5, 6 and 13 hereof, no Limited Partner or Assignee shall have priority over any other Limited Partner
or Assignee, either as to the return of Capital Contributions or as to profits, losses or distributions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.5</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Rights
                                         of Limited Partners Relating to the Partnership</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the other rights provided by this Agreement or by the Act, and except as limited by Section 8.5(b) hereof, each Limited
Partner shall have the right, for a purpose reasonably related to such Person&rsquo;s interest as a limited partner in the Partnership,
upon written demand with a statement of the purpose of such demand and at such Person&rsquo;s own expense (including such reasonable
copying and administrative charges as the General Partner may establish from time to time):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
obtain a copy of the most recent annual and quarterly reports filed with the Securities and Exchange Commission by the Initial
Limited Partner pursuant to the Exchange Act; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
obtain a copy of the Partnership&rsquo;s federal, state and local income tax returns for each Partnership Year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision of this Section 8.5, the General Partner may keep confidential from the Limited Partners, for such period
of time as the General Partner determines in its sole and absolute discretion to be reasonable, any information that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
General Partner reasonably believes to be in the nature of trade secrets or other information, the disclosure of which the General
Partner in good faith believes is not in the best interests of the Partnership or could damage the Partnership or its business;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Partnership is required by law or by agreements with an unaffiliated third party to keep confidential.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.6</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Partnership
                                         Right to Call Limited Partner Interests</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
any other provision of this Agreement, on and after the date on which the aggregate Percentage Interests of the Limited Partners
are less than one percent (1%), the Partnership shall have the right, but not the obligation, from time to time and at any time
to redeem any and all outstanding Limited Partner Interests by treating any Limited Partner as a Tendering Party who has delivered
a Notice of Redemption pursuant to Section 15.1 hereof for the amount of OP Units to be specified by the General Partner, in its
sole and absolute discretion, by notice to such Limited Partner that the Partnership has elected to exercise its rights under
this Section 8.6. Such notice given by the General Partner to a Limited Partner pursuant to this Section 8.6 shall be treated
as if it were a Notice of Redemption delivered to the General Partner by such Limited Partner. For purposes of this Section 8.6,
(a) any Limited Partner (whether or not otherwise a Qualifying Party) may, in the General Partner&rsquo;s sole and absolute discretion,
be treated as a Qualifying Party that is a Tendering Party and (b) the provisions of Sections 15.1(e)(ii) and 15.1(e)(iii) hereof
shall not apply, but the remainder of Section 15.1 hereof shall apply, mutatis mutandis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.7</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Not
                                         Applicable to Initial Limited Partner</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used in this Article 8, &ldquo;Limited Partner&rdquo; refers to Limited Partners other than the Initial Limited Partner or its
successors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
9</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">BOOKS, RECORDS, ACCOUNTING AND REPORTS</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Records
                                         and Accounting</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner shall keep or cause to be kept at the principal office of the Partnership those records and documents required
to be maintained by the Act and other books and records deemed by the General Partner to be appropriate with respect to the Partnership&rsquo;s
business, including all books and records necessary for the Initial Limited Partner to comply with applicable REIT Requirements
and to provide to the Limited Partners any information, lists and copies of documents required to be provided pursuant to Sections
8.5(a) and 9.3 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
records maintained by or on behalf of the Partnership in the regular course of its business may be kept on, or be in the form
of, punch cards, magnetic tape, photographs, micrographics or any other information storage device, provided that the records
so maintained are convertible into clearly legible written form within a reasonable period of time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
books of the Partnership shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with
generally accepted accounting principles, or such other basis as the General Partner determines to be necessary or appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Fiscal
                                         Year</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fiscal year of the Partnership shall be the calendar year, unless otherwise required by the Code and the Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Reports</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
soon as practicable, but in no event later than the date on which the Initial Limited Partner mails its annual report to its Stockholders,
the General Partner shall cause to be mailed to each Limited Partner as of the close of the Partnership Year, an annual report
containing financial statements of the Partnership, or of the Initial Limited Partner, if such statements are prepared on a consolidated
basis with the Partnership, for such Partnership Year, presented in accordance with the standards of the Public Accounting Oversight
Board (United States), such statements to be audited by a nationally recognized firm of independent public accountants selected
by the General Partner in its sole discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
and to the extent that the Initial Limited Partner mails quarterly reports to its Stockholders, then as soon as practicable, but
in no event later than the date such reports are mailed, the General Partner shall cause to be mailed to each Limited Partner
a report containing unaudited financial statements as of the last day of the calendar quarter of the Partnership, or of the Initial
Limited Partner, if such statements are prepared on a consolidated basis with the Partnership, and such other information as may
be required by applicable law or regulation, or as the General Partner determines to be appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, for so long as Jeffrey S. Edison or any of his Affiliates hold OP Units, the General Partner shall furnish to all
holders of OP Units all quarterly and annual financial information that would be required to be contained in a filing with the
Securities and Exchange Commission on Forms 10-Q and 10-K, as applicable, if the Initial Limited Partner or the Partnership were
required to file such forms, including a &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results
of Operations&rdquo; and, with respect to the annual information only, a report thereon by the certified public accountants of
the Initial Limited Partner or the Partnership, as applicable; <I>provided, however</I>, that to the extent such information is
filed with the Securities and Exchange Commission and is publicly available, no additional copies need be furnished to holders
of OP Units. This Section 9.3(c) may not be amended without the consent of holders of at least 50% of the Partnership Interest
held by Jeffrey S. Edison and his Affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, the General Partner may deliver to the Limited Partners each of the reports described above, as well as any other
communications that it may provide hereunder, by e-mail or by any other electronic means.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
10</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">TAX MATTERS</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Preparation
                                         of Tax Returns</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner shall arrange for the preparation and timely filing (taking into account extensions) of all returns of Partnership
income, gains, deductions, losses and other items required of the Partnership for federal and state income tax purposes and shall
use all reasonable efforts to furnish, (i) within ninety (90) days of the close of each taxable year, preliminary tax information
(which information shall be an estimate based on information available to the Partnership at such time) reasonably required by
the Limited Partners for federal and state income tax reporting purposes and (ii) no later than thirty (30) days prior to the
due date of the Partnership federal income tax return (taking into account extensions), a final version of such information, which
may include information that is different from the information previously provided under clause (i). The federal income tax return
of the Partnership shall be filed annually on IRS Form 1065 (or such other successor form) or on any other IRS form as may be
required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
required under the Code or applicable state or local income tax law, the General Partner shall also arrange for the preparation
and timely filing (taking into account extensions) of all returns of income, gains, deductions, losses and other items required
of the Subsidiaries of the Partnership for federal and state income tax purposes and shall use all reasonable efforts to furnish,
(i) within ninety (90) days of the close of each taxable year, preliminary tax information (which information shall be an estimate
based on information available to the Partnership at such time) reasonably required by the Limited Partners for federal and state
income tax reporting purposes and (ii) no later than thirty (30) days prior to the due date of the applicable federal income tax
returns (taking into account extensions), a final version of such information, which may include information that is different
from the information previously provided under clause (i).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Tax
                                         Elections</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any available
election pursuant to the Code and the Regulations, including any election under the BBA Rules and the election under Section 754
of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise required by the Tax Protection Agreement or by any other agreement between the General Partner or the Partnership
and any Partner, the General Partner shall elect a permissible method (which need not be the same method for each item or property)
of eliminating the disparity between the Gross Asset Value and the tax basis for each item of property contributed to the Partnership
or to a Subsidiary of the Partnership pursuant to the Regulations promulgated under the provisions of Section 704(c) of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner shall have the right to seek to revoke any tax election it makes, including any election under the BBA Rules and
the election under Section 754 of the Code, upon the General Partner&rsquo;s determination, in its sole and absolute discretion,
that such revocation is in the best interests of the Partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partners, intending to be legally bound, hereby authorize the Partnership to make an election (the &ldquo;<U>Safe Harbor Election</U>&rdquo;)
to have the &ldquo;liquidation value&rdquo; safe harbor provided in proposed Regulations Section 1.83-3(1) and the proposed Revenue
Procedure set forth in Internal Revenue Service Notice 2005-43, as such safe harbor may be modified when such proposed guidance
is issued in final form or as amended by subsequently issued guidance (the &ldquo;<U>Safe Harbor</U>&rdquo;), apply to any interest
in the Partnership transferred to a service provider while the Safe Harbor Election remains effective, to the extent such interest
meets the Safe Harbor requirements (collectively, such interests are referred to as &ldquo;<U>Safe Harbor Interests</U>&rdquo;).
The General Partner is authorized and directed to execute and file the Safe Harbor Election on behalf of the Partnership and the
Partners if and when the Safe Harbor Election becomes available. The Partnership and the Partners (including any person to whom
an interest in the Partnership is transferred in connection with the performance of services) hereby agree to comply with all
requirements of the Safe Harbor (including forfeiture allocations) with respect to all Safe Harbor Interests and to prepare and
file all U.S. federal income tax returns reporting the tax consequences of the issuance and vesting of Safe Harbor Interests consistent
with such final Safe Harbor guidance. The General Partner is authorized to take such actions as are necessary to achieve, under
the Safe Harbor, the effect that the election and compliance with all requirements of the Safe Harbor referred to above would
be intended to achieve under proposed Regulations Section 1.83-3, including amending this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Tax
                                         Matters Partner; Partnership Representative</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner shall be the &ldquo;tax matters partner,&rdquo; within the meaning of Section 6231 of the TEFRA Rules (the &ldquo;<U>Tax
Matters Partner</U>&rdquo;), and the &ldquo;partnership representative,&rdquo; within the meaning of Section 6223 of the BBA Rules
(the &ldquo;<U>Partnership Representative</U>&rdquo;), of the Partnership for federal income tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to Section 6230(e) of the TEFRA Rules, upon receipt of notice from the Internal Revenue Service of the beginning of an administrative
proceeding with respect to the Partnership, the Tax Matters Partner shall furnish the Internal Revenue Service with the name,
address, taxpayer identification number, and profit interest of each of the Limited Partners and the Assignees; <I>provided, however</I>,
that such information is provided to the Partnership by the Limited Partners and the Assignees, and the TEFRA Rules apply to such
proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Tax Matters Partner or the Partnership Representative, as applicable, is authorized, but not required:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
enter into any settlement with the Internal Revenue Service with respect to any administrative or judicial proceedings for the
adjustment of Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings
being referred to as a &ldquo;tax audit&rdquo; and such judicial proceedings being referred to as &ldquo;judicial review&rdquo;),
and in the settlement agreement the Tax Matters Partner or the Partnership Representative may expressly state that such agreement
shall bind all Partners, except that if the TEFRA Rules apply to such proceeding, such settlement agreement shall not bind any
Partner</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;who
(within the time prescribed pursuant to the Code and Regulations) files a statement with the Internal Revenue Service providing
that the Tax Matters Partner shall not have the authority to enter into a settlement agreement on behalf of such Partner; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;who
is a &ldquo;notice partner&rdquo; (as defined in Section 6231(a)(8) of the TEFRA Rules) or a member of a &ldquo;notice group&rdquo;
(as defined in Section 6223(b)(2) of the TEFRA Rules);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
a notice of a final administrative adjustment at the Partnership level of any item required to be taken into account by a Partner
for tax purposes (a &ldquo;final adjustment&rdquo;) is mailed to the Tax Matters Partner or the Partnership Representative, as
applicable, to seek judicial review of such final adjustment, including the filing of a petition for readjustment with the Tax
Court or the filing of a complaint for refund with the United States Claims Court or the District Court of the United States for
the district in which the Partnership&rsquo;s principal place of business is located;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
intervene in any action brought by any other Partner for judicial review of a final adjustment;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
file a request for an administrative adjustment with the Internal Revenue Service and, if any part of such request is not allowed
by the Internal Revenue Service, to file an appropriate pleading (petition or complaint) for judicial review with respect to such
request;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
enter into an agreement with the Internal Revenue Service to extend the period for assessing any tax which is attributable to
any item required to be taken account of by a Partner for tax purposes, or an item affected by such item; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
take any other action on behalf of the Partners or the Partnership in connection with any tax audit or judicial review proceeding
to the extent permitted by applicable law or regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
taking of any action and the incurring of any expense by the Tax Matters Partner or the Partnership Representative in connection
with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the Tax Matters
Partner or the Partnership Representative, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Tax Matters Partner or the Partnership Representative, as applicable, shall receive no compensation for its services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
third party costs and expenses incurred by the Tax Matters Partner or the Partnership Representative, as applicable, in performing
its duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
herein shall be construed to restrict the Partnership from engaging an accounting firm to assist the Tax Matters Partner or the
Partnership Representative, as applicable, in discharging its duties hereunder, so long as the compensation paid by the Partnership
for such services is reasonable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Organizational
                                         Expenses</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Partnership shall elect to deduct expenses, if any, incurred by it in organizing the Partnership ratably over a one hundred eighty
(180) month period as provided in Section 709 of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Withholding</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Limited Partner hereby authorizes the Partnership to withhold from, or pay on behalf of or with respect to, such Limited Partner
any amount of federal, state, local, or foreign taxes that the General Partner determines that the Partnership is required to
withhold or pay with respect to any amount distributable or allocable to such Limited Partner pursuant to this Agreement, including
any taxes required to be withheld or paid by the Partnership pursuant to Sections 1441, 1442, 1445, or 1446 of the Code. For purposes
of this Section 10.5, any tax (including interest and penalties) assessed against or otherwise required to be paid by the Partnership
on behalf of or with respect to any Partner or otherwise as a result of a Partner&rsquo;s interest in the Partnership (including
any assessment under the BBA Rules) shall be treated as a withholding tax subject to the provisions of this Section 10.5, which
tax shall be allocated among the Partners (including, in the case of assessments under the BBA Rules or otherwise, any Person
that was a Partner during the taxable year or other period to which such assessment relates, even if such Person is not a Partner
at the time the assessment is made or actually paid by the Partnership) as determined in good faith by the General Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amount paid on behalf of or with respect to a Limited Partner shall constitute a loan by the Partnership to such Limited Partner,
which loan shall be repaid by such Limited Partner as the case may be within fifteen (15) days after notice from the General Partner
that such payment must be made unless</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Partnership withholds such payment from a distribution which would otherwise be made to the Limited Partner; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
General Partner determines, in its sole and absolute discretion, that such payment may be satisfied out of the available funds
of the Partnership which would, but for such payment, be distributed to the Limited Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amounts withheld pursuant to the foregoing clauses (i)(A) or (B) shall be treated as having been distributed to the Limited Partner
(except that, with respect to assessments under the BBA Rules, such amounts shall (x) be treated as expenditures of the Partnership
described in Section 705(a)(2)(B) of the Code, (y) be specially allocated to the Partners to whom such amounts are attributable,
as determined in good faith by the General Partner, and (z) reduce the amounts otherwise distributable to such Partners under
this Agreement, as if such amounts were distributed to them, as determined in good faith by the General Partner).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Limited Partner hereby unconditionally and irrevocably grants to the Partnership a security interest in such Limited Partner&rsquo;s
Partnership Interest to secure such Limited Partner&rsquo;s obligation to pay to the Partnership any amounts required to be paid
pursuant to this Section 10.5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Limited Partner fails to pay when due any amounts owed to the Partnership pursuant to this Section 10.5, the General Partner
may, in its sole and absolute discretion, elect to make the payment to the Partnership on behalf of such defaulting Limited Partner,
and in such event shall be deemed to have loaned such amount to such defaulting Limited Partner and shall succeed to all rights
and remedies of the Partnership as against such defaulting Limited Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.8pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.8pt; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.8pt; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limitation, in such event, the General Partner shall have the right to receive distributions that would otherwise be distributable
to such defaulting Limited Partner until such time as such loan, together with all interest thereon, has been paid in full, and
any such distributions so received by the General Partner shall be treated as having been distributed to the defaulting Limited
Partner and immediately paid by the defaulting Limited Partner to the General Partner in repayment of such loan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amount payable by a Limited Partner hereunder shall bear interest at the highest base or prime rate of interest published from
time to time by The Wall Street Journal but in no event higher than the maximum lawful rate of interest on such obligation, such
interest to accrue from the date such amount is due (i.e., fifteen (15) days after demand) until such amount is paid in full.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Limited Partner shall take such actions as the Partnership or the General Partner shall request in order to perfect or enforce
the security interest created hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
11</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">TRANSFERS; WITHDRAWALS; BUSINESS COMBINATIONS</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Transfers
                                         in General</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &ldquo;Transfer,&rdquo; when used in this Article 11 with respect to a Partnership Interest or a Partnership Unit, shall
be deemed to refer to a transaction by which the General Partner purports to assign all or any part of its General Partner Interest
to another Person, or a Limited Partner (including the Initial Limited Partner) purports to assign all or any part of its Limited
Partner Interest to another Person, and includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange,
merger, consolidation, reclassification, reorganization, liquidation or any other disposition by law or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &ldquo;Transfer&rdquo; when used in this Article 11 does not include any exchange of Partnership Units for cash or Common
Stock pursuant to Section 15.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Partnership Interest shall be Transferred, in whole or in part, except in accordance with the terms and conditions set forth in
this Article 11.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Transfer or purported Transfer of a Partnership Interest not made in accordance with this Article 11 shall be null and void.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Transfer
                                         Restrictions in Business Combinations</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner may not Transfer any of its General Partner Interest or withdraw as General Partner, or Transfer any of its Limited
Partner Interest, except</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
the Consent of the Limited Partners to such Transfer or withdrawal;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the General Partner Transfers all of its General Partner Interest to the Initial Limited Partner; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
such Transfer is to an entity which is wholly owned by the General Partner or the Initial Limited Partner and is a Qualified REIT
Subsidiary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is a condition to any Transfer of the General Partner&rsquo;s General Partner Interest otherwise permitted hereunder (including
any transfer permitted under this Section 11.2(a)) that: (x) coincident with such Transfer, the transferee is admitted as a General
Partner pursuant to Section 12.1 hereof; (ii) the transferee assumes, by operation of law or express agreement, all of the obligations
of the transferor General Partner under this Agreement with respect to such transferred General Partner Interest; and (iii) the
transferee has executed such instruments as may be necessary to effectuate such admission and to confirm the agreement of such
transferee to be bound by all the terms and provisions of this Agreement with respect to the General Partner Interest so acquired
and the admission of such transferee as a General Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the General Partner withdraws as general partner of the Partnership in accordance with Section 11.2(a), the General Partner&rsquo;s
General Partner Interest shall immediately be converted into a Limited Partner Interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the requirements of Section 11.2(d), without the Consent of the Limited Partners, the Initial Limited Partner shall
not engage in any merger, consolidation or other combination of the Initial Limited Partner or the Partnership with or into another
Person or sale of all or substantially all of its or the Partnership&rsquo;s assets, or any reclassification, recapitalization
or change of any outstanding shares of the Initial Limited Partner&rsquo;s stock or other equity interests (other than a change
in par value, or from par value to no par value, or as a result of a subdivision or combination of Common Stock) (a &ldquo;<U>Transaction</U>&rdquo;),
unless</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
connection with the Transaction all Limited Partners (other than the Initial Limited Partner) will either receive, or will have
the right to elect to receive on substantially identical terms as holders of Common Stock, for each OP Unit an amount of cash,
securities, or other property equal to the product of the Exchange Factor and the greatest amount of cash, securities or other
property or value paid in the Transaction (as applicable based on the consideration payable to holders of Common Stock) to or
received by a holder of one share of Common Stock in consideration of one share of Common Stock pursuant to such Transaction or,
if greater, at any time during the period from and after the date on which the Transaction is consummated; <I>provided, however,
</I>that if, in connection with the Transaction, a purchase, tender or exchange offer (&ldquo;<U>Offer</U>&rdquo;) shall have
been made to and accepted by the holders of the outstanding Common Stock, each holder of OP Units also shall be given the option
to exchange its OP Units for the greatest amount of cash, securities, or other property which a Limited Partner would have received
had it:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exercised
its Redemption Right pursuant to Section 15.1 and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sold,
tendered or exchanged pursuant to the Offer the Common Stock received upon exercise of its Redemption Right pursuant to Section
15.1 immediately prior to the expiration of the Offer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing is not intended to, and does not, affect the ability of (i) a Stockholder of the Initial Limited Partner to sell its
stock in the Initial Limited Partner or (ii) the Initial Limited Partner to perform its obligations (under agreement or otherwise)
to such Stockholders (including the fulfillment of any obligations with respect to registering the sale of stock under applicable
securities laws); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
the following conditions are met: (w) substantially all of the assets directly or indirectly owned by the surviving entity are
owned directly or indirectly by the Partnership or another limited partnership or limited liability company which is the survivor
of a merger, consolidation or combination of assets with the Partnership (in each case, the &ldquo;Surviving Partnership&rdquo;);
(x) the Limited Partners that held OP Units immediately prior to the Transaction own a percentage interest of the Surviving Partnership
based on the relative fair market value of the net assets of the Partnership and the other net assets of the Surviving Partnership
immediately prior to the consummation of such transaction; (y) the rights, preferences and privileges of such Limited Partners
in the Surviving Partnership are at least as favorable as those in this Agreement and as those applicable to any other limited
partners or non-managing members of the Surviving Partnership; and (z) the rights of the such Limited Partners include at least
the following: (a) the right to redeem their interests in the Surviving Partnership for the consideration available to such persons
pursuant to Section 11.2(c)(i) or (b) the right to redeem their interests in the Surviving Partnership for cash on terms equivalent
to those in effect with respect to their OP Units in this Agreement, or, if the ultimate controlling person of the Surviving Partnership
has publicly traded common equity securities, such common equity securities, with an exchange ratio based on the determination
of relative fair market value of such securities and the Common Stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
above provisions of this Section 11.2(c)(i) or (ii), as the case may be, shall similarly apply to successive mergers or consolidations
permitted hereunder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Initial Limited Partner nor the General Partner, as applicable, shall consummate (v) a merger, consolidation or other combination
involving a Change of Control, (w) any merger involving the Partnership, (x) the sale of all or substantially all of the assets
of the Initial Limited Partner or the Partnership to any &ldquo;person&rdquo; (as such term is used in Sections 13(d) and 14(d)
of the Exchange Act), (y) any OP Unit issuance in respect of a transaction (a &ldquo;<U>Stockholder Vote Transaction</U>,&rdquo;
and each Stockholder Vote Transaction or other transaction described in subclauses (v), (w), and (x) of this Section 11.2(d),
a &ldquo;<U>Partnership Vote Transaction</U>&rdquo;) required to be submitted for the approval of the holders of Common Stock
(a &ldquo;<U>Stockholder Vote</U>&rdquo;) unless: (i) the General Partner first provides the Limited Partners with advance notice
at least equal in time to the advance notice given to holders of Common Stock in connection with such Stockholder Vote (or if
no Stockholder Vote is required, advance notice at least equal in time to the advance notice that would be given to holders of
Common Stock if a Stockholder Vote were required), (ii) in connection with such advance notice, the General Partner provides the
Limited Partners with written materials describing the proposed Partnership Vote Transaction (which may consist of the proxy statement
or registration statement used in connection with a Stockholder Vote, if applicable) and (iii) the Partnership Vote Transaction
is approved by the holders of the Partnership Units (the &ldquo;<U>Partnership Vote</U>&rdquo;) at the same level of approval
as required for the Stockholder Vote (or if no Stockholder Vote is required, the level of approval that would be required if a
Stockholder Vote were required) (for example, (x) if the approval of holders of outstanding shares of Common Stock entitled to
cast a majority of the votes entitled to be cast on the matter is required to approve the Stockholder Vote Transaction in the
Stockholder Vote, then the approval of holders of outstanding Partnership Units (including votes deemed to be cast by the General
Partner) entitled to cast a majority of votes entitled to be cast on the matter will be required to approve the Partnership Vote
Transaction in the Partnership Vote or (y) if the approval of a majority of the votes cast by holders of outstanding shares of
Common Stock present at a meeting of such holders at which a quorum is present is required to approve the Stockholder Vote Transaction
in the Stockholder Vote, then the approval of a majority of the votes cast (including votes deemed to be cast by the General Partner)
by holders of outstanding Partnership Units present at a meeting of such holders at which a quorum is present will be required
to approve the Partnership Vote Transaction in the Partnership Vote). For purposes of the Partnership Vote, (i) each Partner holding
Partnership Units (other than the Initial Limited Partner or any of its Subsidiaries) shall be entitled to cast a number of votes
equal to the total number of Partnership Units held by such Partner as of the record date for the Stockholder Meeting, and (ii)
the Initial Limited Partner and its Subsidiaries shall not be entitled to vote thereon and shall instead be deemed to have cast
a number of votes equal to the sum of (x) the total number of Partnership Units held by the Initial Limited Partner and its Subsidiaries
as of the Record Date for the Stockholder Meeting plus (y) the total number of shares of unvested restricted shares of Common
Stock with respect to which the General Partner does not hold back-to-back OP Units as of the Record Date for the Stockholder
Meeting, in proportion to the manner in which all outstanding shares of Common Stock were voted in the Stockholder Vote (for example,
&ldquo;For,&rdquo; &ldquo;Against,&rdquo; &ldquo;Abstain&rdquo; and &ldquo;Not Present&rdquo;). Any such Partnership Vote will
be taken in accordance with Section 14.2 below (including Section 14.2(b) thereof permitting actions to be taken by written consent
without a meeting), <I>mutatis mutandis</I> to give effect to the foregoing provisions of this Section 11.2(d), except that, solely
for purposes of determining whether a quorum is present at any meeting of the Partners at which a Partnership Vote will occur,
the Initial Limited Partner and its Subsidiaries shall be considered to be entitled to cast at such meeting all votes that the
Initial Limited Partner and its Subsidiaries will be deemed to have cast in such Partnership Vote as provided in this Section
11.2(d). For sake of greater clarity, notwithstanding anything in this Agreement to the contrary (including, but not limited to,
Section 13.1(b), Section 14.1 and Section 16.3), no Limited Partner shall have voting or consent rights in connection with any
transaction described in Section 11.2(c) other than those set forth in Section 11.2(c) or in this Section 11.2(d).</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Permitted
                                         Transfers; Right of First Refusal</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the end of the Initial Holding Period, no Limited Partner shall Transfer all or any portion of its Partnership Interest to
any transferee without the consent of the General Partner, which consent may be withheld in its sole and absolute discretion;
<I>provided</I>, <I>however</I>, that any Limited Partner may, at any time, without the consent of the General Partner, (i) Transfer
all or part of its Partnership Interest to any member of its Immediate Family, any Charity, any Controlled Entity or any Affiliate,
or (ii) pledge (a &ldquo;<U>Pledge</U>&rdquo;) all or any portion of its Partnership Interest to a lending institution that is
not an Affiliate of such Limited Partner as collateral or security for a bona fide loan or other extension of credit, and Transfer
such pledged Partnership Interest to such lending institution in connection with the exercise of remedies under such loan or extension
of credit (any Transfer or Pledge permitted by this proviso is hereinafter referred to as a &ldquo;<U>Permitted Transfer</U>&rdquo;).
After the Initial Holding Period, subject to the provisions of Sections 11.3(c), 11.3(d), 11.3(e), 11.4 and 11.6, a Limited Partner
(other than the Initial Limited Partner) may, without the consent of the General Partner, Transfer all or any portion of its Limited
Partner Interest, or any of such Limited Partner&rsquo;s economic right as a Limited Partner, subject to satisfaction of each
of the following conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General
Partner Right of First Refusal</I>. The transferring Partner (or the Partner&rsquo;s estate in the event of the Partner&rsquo;s
death) shall give written notice of the proposed Transfer to the General Partner, which notice shall state (i) the identity and
address of the proposed transferee and (ii) the amount and type of consideration proposed to be received for the transferred Partnership
Units. The General Partner shall have two (2) Business Days upon which to give the transferring Partner notice of its election
to acquire the Partnership Units on the terms set forth in such notice. If it so elects, it shall purchase the Partnership Units
on such terms within three (3) Business Days after giving notice of such election; <I>provided</I>, <I>however</I>, that such
closing may be deferred for up to forty-five (45) days to the extent necessary to effect compliance with the Hart-Scott-Rodino
Antitrust Act, if applicable, and any other applicable requirements of law. If it does not so elect, the transferring Partner
may Transfer such Partnership Units to a third party, on terms no more favorable to the transferee than the proposed terms, subject
to the other conditions of this Section 11.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Qualified
Transferee</I>. Any Transfer of a Partnership Interest shall be made only to a Qualified Transferee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion
of Counsel</I>. The Transferor shall deliver or cause to be delivered to the General Partner an opinion of counsel reasonably
satisfactory to it to the effect that the proposed Transfer may be effected without registration under the Securities Act and
will not otherwise violate the registration provisions of the Securities Act and the regulations promulgated thereunder or violate
any state securities laws or regulations applicable to the Partnership or the Partnership Interests Transferred; <I>provided</I>,
<I>however</I>, that the General Partner may, in its sole discretion, waive this condition upon the request of the Transferor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Minimum
Transfer Restriction</I>. Any Transferring Partner must Transfer not less than the lesser of (i) five hundred (500) Partnership
Units or (ii) all of the remaining Partnership Units owned by such Transferring Partner, unless, in each case, otherwise agreed
to by the General Partner in its sole and absolute discretion; <I>provided</I>, <I>however</I>, that, for purposes of determining
compliance with the foregoing restriction, all Partnership Units owned by Affiliates of a Limited Partner shall be considered
to be owned by such Limited Partner.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exception
for Permitted Transfers</I>. The conditions of Sections 11.3(a)(i) through 11.3(a)(iv) hereof shall not apply in the case of a
Permitted Transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to effect such transfer, the Limited Partner must deliver to the General Partner a duly executed copy of the instrument
making such transfer and such instrument must evidence the written acceptance by the assignee of all of the terms and conditions
of this Agreement and represent that such assignment was made in accordance with all applicable laws and regulations. Notwithstanding
the foregoing, any transferee of any transferred Partnership Interest shall be subject to any and all restrictions on ownership
or transfer of stock of the Initial Limited Partner contained in the Articles of Incorporation that may limit or restrict such
transferee&rsquo;s ability to exercise its redemption rights, including, without limitation, any Ownership Limit. Any transferee,
whether or not admitted as a Substituted Limited Partner, shall take subject to the obligations of the transferor hereunder. Unless
admitted as a Substituted Limited Partner, no transferee, whether by a voluntary Transfer, by operation of law or otherwise, shall
have any rights hereunder, other than the rights of an Assignee as provided in Section 11.5 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Limited Partner is Incapacitated, the executor, administrator, trustee, committee, guardian, conservator or receiver of such
Limited Partner&rsquo;s estate shall have all of the rights of a Limited Partner, but not more rights than those enjoyed by other
Limited Partners, for the purpose of settling or managing the estate and such power as the Incapacitated Limited Partner possessed
to Transfer all or any part of his or its interest in the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Incapacity of a Limited Partner, in and of itself, shall not dissolve or terminate the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner may prohibit any Transfer by a Limited Partner of its Partnership Units if it reasonably believes (based on the
advice of counsel) such Transfer would require filing of a registration statement under the Securities Act of 1933, as amended,
or would otherwise violate any federal or state securities laws or regulations applicable to the Partnership or the Partnership
Units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Transfer by a Limited Partner of its Partnership Units may be made to any Person if</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
could adversely affect the ability of the Initial Limited Partner to continue to qualify as a REIT or would subject the Initial
Limited Partner to any additional taxes under Section 857 or Section 4981 of the Code;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
could result in the Partnership being treated as an association taxable as a corporation for federal income tax purposes;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Transfer would cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a &ldquo;party-in-interest&rdquo;
(as defined in Section 3(14) of ERISA) or a &ldquo;disqualified person&rdquo; (as defined in Section 4975(c) of the Code);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Transfer would, in the opinion of legal counsel for the Partnership, cause any portion of the assets of the Partnership to constitute
assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.2-101;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Transfer would subject the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisors Act of
1940 or the Employee Retirement Income Security Act of 1974, each as amended;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Transfer is a sale or exchange, and such sale or exchange would, when aggregated with all other sales and exchanges during the
12-month period ending on the date of the proposed Transfer, result in 50% or more of the interests in Partnership capital and
profits being sold or exchanged during such 12-month period without the consent of the General Partner, which consent may be withheld
in its sole and absolute discretion; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Transfer could be treated as effectuated through an &ldquo;established securities market&rdquo; or a &ldquo;secondary market (or
the substantial equivalent thereof)&rdquo; within the meaning of Section 7704 of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
transfer of any Partnership Units may be made to a lender to the Partnership or any Person who is related (within the meaning
of Section 1.752-4(b) of the Regulations) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within
the meaning of Section 1.752-1(a)(2) of the Regulations), without the consent of the General Partner, which may be withheld in
its sole and absolute discretion; <I>provided, however,</I> that as a condition to such consent the lender will be required to
enter into an arrangement with the Partnership and the General Partner to exchange for the Cash Amount any Partnership Units in
which a security interest is held simultaneously with the time at which such lender would be deemed to be a partner in the Partnership
for purposes of allocating liabilities to such lender under Section 752 of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Transfer in contravention of any of the provisions of this Section 11.3 shall be void and ineffectual and shall not be binding
upon, or recognized by, the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.4</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Substituted
                                         Limited Partners</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Limited Partner shall have the right to substitute a Permitted Transferee for a Limited Partner in its place.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner shall, however, have the right to consent to the admission of a Permitted Transferee of the Partnership Interest
of a Limited Partner pursuant to this Section 11.4 as a Substituted Limited Partner, which consent may be given or withheld by
the General Partner in its sole and absolute discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner&rsquo;s failure or refusal to permit such transferee to become a Substituted Limited Partner shall not give rise
to any cause of action against the Partnership or any Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
transferee who has been admitted as a Substituted Limited Partner in accordance with this Article 11 shall have all the rights
and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Permitted Transferee will be admitted as a Substituted Limited Partner, unless such transferee has furnished to the General Partner
evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement, including
the power of attorney granted in Section 2.4 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the admission of a Substituted Limited Partner, the General Partner shall update the Register to reflect the name, address, number
of Partnership Units, and Percentage Interest of such Substituted Limited Partner, and to eliminate or adjust, if necessary, the
name, address and interest of the predecessor of such Substituted Limited Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.5</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Assignees</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the General Partner, in its sole and absolute discretion, does not consent to the admission of any transferee as a Substituted
Limited Partner, as described in Section 11.4(a), such transferee shall be considered an Assignee for purposes of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Assignee shall be deemed to have had assigned to it, and shall be entitled to receive distributions from the Partnership and the
share of Net Income, Net Losses, and any other items of gain, loss, deduction or credit of the Partnership attributable to the
Partnership Units assigned to such transferee, but shall not be deemed to be a holder of Partnership Units for any other purpose
under this Agreement, and shall not be entitled to vote such Partnership Units in any matter presented to the Limited Partners,
for a vote (such Partnership Units being deemed to have been voted on such matter in the same proportion as all other Partnership
Units held by Limited Partners are voted).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any such transferee desires to make a further assignment of any such Partnership Units, such transferee shall be subject to all
of the provisions of this Article 11 to the same extent and in the same manner as any Limited Partner desiring to make an assignment
of Partnership Units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.6</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>General
                                         Provisions</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer of all of such Limited Partner&rsquo;s
Partnership Units in accordance with this Article 11 or, as it relates to the Limited Partners, pursuant to exchange of all of
its Partnership Units pursuant to Section 15.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Limited Partner which shall Transfer all of its Partnership Units in a Transfer permitted pursuant to this Article 11 shall cease
to be a Limited Partner upon the admission of all Assignees of such Partnership Units as Substituted Limited Partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similarly,
any Limited Partner which shall Transfer all of its Partnership Units pursuant to an exchange of all of its Partnership Units
pursuant to Section 15.1 shall cease to be a Limited Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than pursuant to Section 15.1 or with the consent of the General Partner, transfers pursuant to this Article 11 may only be made
as of the first day of a fiscal quarter of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any Partnership Interest is transferred or assigned during the Partnership Year in compliance with the provisions of this Article
11 or exchanged pursuant to Section 15.1 on any day other than the first day of a Partnership Year, then Net Income, Net Losses,
each item thereof and all other items attributable to such interest for such Partnership Year shall be divided and allocated between
the transferor Partner and the transferee Partner by taking into account their varying interests during the Partnership Year in
accordance with Section 706(d) of the Code and Section 1.706-4 of the Regulations, using the interim closing of the books method
or such other method permitted by the Code and the Regulations as the General Partner may select, which selection shall be set
forth in a dated, written statement maintained with the Partnership&rsquo;s books and records. The Partners hereby agree that
any such selection by the General Partner is made by &ldquo;agreement of the partners&rdquo; within the meaning of Section 1.706-4(f)
of the Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solely
for purposes of making such allocations, each of such items for the calendar month in which the Transfer or assignment occurs
shall be allocated to the transferee Partner, and none of such items for the calendar month in which an exchange occurs shall
be allocated to the exchanging Partner, <I>provided</I>, <I>however</I>, that the General Partner may adopt such other conventions
relating to allocations in connection with transfers, assignments, or exchanges as it determines are necessary or appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
distributions pursuant to Section 5.1(a) attributable to Partnership Units, with respect to which the Partnership Record Date
is before the date of such Transfer, assignment, or exchange of such Partnership Units, shall be made to the transferor Partner
or the exchanging Partner, as the case may be, and in the case of a Transfer or assignment other than an exchange, all distributions
pursuant to Section 5.1(a) thereafter attributable to such Partnership Units shall be made to the transferee Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to any other restrictions on transfer herein contained, including the provisions of this Article 11, in no event may
any Transfer or assignment of a Partnership Interest by any Partner (including pursuant to Section 15.1) be made without the express
consent of the General Partner, in its sole and absolute discretion, (i) to any person or entity who lacks the legal right, power
or capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) of any component portion of a Partnership
Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership
Interest; (iv) if in the opinion of legal counsel to the Partnership such transfer would cause a termination of the Partnership
for federal or state income tax purposes (except as a result of the exchange for Common Stock of all Partnership Units held by
all Limited Partners or pursuant to a transaction expressly permitted under Section 11.2); (v) if in the opinion of counsel to
the Partnership, there would be a significant risk that such transfer would cause the Partnership to cease to be classified as
a partnership for federal income tax purposes (except as a result of the exchange for Common Stock of all Partnership Units held
by all Limited Partners or pursuant to a transaction expressly permitted under Section 11.2); (vi) if such transfer requires the
registration of such Partnership Interest pursuant to any applicable federal or state securities laws; (vii) if such transfer
is effectuated through an &ldquo;established securities market&rdquo; or a &ldquo;secondary market (or the substantial equivalent
thereof)&rdquo; within the meaning of Section 7704 of the Code, such transfer would result in the Partnership being unable to
qualify for one or more (as selected by the General Partner) of the &ldquo;safe harbors&rdquo; set forth in Section 1.7704-1 of
the Regulations (or such other guidance subsequently published by the IRS setting forth safe harbors under which interests will
not be treated as &ldquo;readily tradable on a secondary market (or the substantial equivalent thereof)&rdquo; within the meaning
of Section 7704 of the Code) (the &ldquo;<U>PTP Safe Harbors</U>&rdquo;), or such transfer causes the Partnership to become a
&ldquo;publicly traded partnership,&rdquo; as such term is defined in Section 469(k)(2) or Section 7704(b) of the Code (<I>provided,
however,</I> that this clause (vii) shall not be the basis for limiting or restricting in any manner the exercise of the Redemption
Right under Section 15.1 unless, and only to the extent that, outside tax counsel provides to the General Partner an opinion to
the effect that, in the absence of such limitation or restriction, there is a significant risk that the Partnership will be treated
as a &ldquo;publicly traded partnership&rdquo; and, by reason thereof, taxable as a corporation); (viii) such transfer could adversely
affect the ability of the Initial Limited Partner to remain qualified as a REIT; or (ix) if in the opinion of legal counsel of
the transferring Partner (which opinion and counsel are reasonably satisfactory to the Partnership), or legal counsel of the Partnership,
such transfer could adversely affect the ability of the Initial Limited Partner to continue to qualify as a REIT or subject the
Initial Limited Partner to any additional taxes under Section 857 or Section 4981 of the Code, if the Initial Limited Partner
has elected to be qualified as a REIT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner shall monitor the transfers of interests in the Partnership to determine (i) if such interests are being traded
on an &ldquo;established securities market&rdquo; or a &ldquo;secondary market (or the substantial equivalent thereof)&rdquo;
within the meaning of Section 7704 of the Code; and (ii) whether additional transfers of interests would result in the Partnership
being unable to qualify for one or more (as selected by the General Partner) of the PTP Safe Harbors. The General Partner shall
take all steps reasonably necessary or appropriate to prevent any trading of interests or any recognition by the Partnership of
transfers made on such markets and, except as otherwise provided herein, to ensure that one or more (as selected by the General
Partner) of the PTP Safe Harbors is met; <I>provided</I>, <I>however</I>, that the foregoing shall not authorize the General Partner
to limit or restrict in any manner the right of any holder of a Partnership Unit to exercise the Redemption Right in accordance
with Section 15.1 unless, and only to the extent that, outside tax counsel provides to the General Partner an opinion to the effect
that, in the absence of such limitation or restriction, there is a significant risk that the Partnership will be treated as a
&ldquo;publicly traded partnership&rdquo; and, by reason thereof, taxable as a corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
12</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">ADMISSION OF PARTNERS</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Admission
                                         of Successor General Partner</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
successor to all of the General Partner Interest pursuant to Article 11 hereof who is proposed to be admitted as a successor General
Partner shall be admitted to the Partnership as the General Partner, effective immediately following such transfer and the admission
of such successor General Partner as a general partner of the Partnership upon the satisfaction of the terms and conditions set
forth in Section 12.1(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
such transferee shall carry on the business of the Partnership without dissolution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Person shall be admitted as a substitute or successor General Partner of the Partnership only if the following terms and conditions
are satisfied:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms
and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required
or appropriate in order to effect the admission of such Person as a General Partner;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership it shall have provided
the Partnership with evidence satisfactory to counsel for the Partnership of such Person&rsquo;s authority to become a General
Partner and to be bound by the terms and provisions of this Agreement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;counsel
for the Partnership shall have rendered an opinion (relying on such opinions from other counsel as may be necessary) that the
admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act, that none
of the actions taken in connection with the admission of such Person as a substitute or additional General Partner will cause</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Partnership to be classified other than as a partnership for federal income tax purposes, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
loss of any Limited Partner&rsquo;s limited liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of such admission on any day other than the first day of a Partnership Year, all items attributable to the General Partner
Interest for such Partnership Year shall be allocated between the transferring General Partner and such successor as provided
in Section 11.6(d) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
admission of any Person as a substitute or successor General Partner of the Partnership must comply with the terms of Article
11.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Admission
                                         of Additional Limited Partners</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Person who makes a Capital Contribution to the Partnership in accordance with this Agreement shall be admitted to the Partnership
as an Additional Limited Partner only upon furnishing to the General Partner</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evidence
of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement, including the
power of attorney granted in Section 2.4 hereof, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
other documents or instruments as may be required in the discretion of the General Partner in order to effect such Person&rsquo;s
admission as an Additional Limited Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this Section 12.2, no Person shall be admitted as an Additional Limited Partner without the consent
of the General Partner, which consent may be given or withheld in the General Partner&rsquo;s sole and absolute discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
admission of any Person as an Additional Limited Partner shall become effective on the date upon which the name of such Person
is recorded on the books and records of the Partnership, following the consent of the General Partner to such admission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any Additional Limited Partner is admitted to the Partnership on any day other than the first day of a Partnership Year, then
Net Income, Net Losses, each item thereof and all other items allocable among Partners and Assignees for such Partnership Year
shall be allocated among such Additional Limited Partner and all other Partners and Assignees by taking into account their varying
interests during the Partnership Year in accordance with Section 706(d) of the Code and Section 1.706-4 of the Regulations, using
the interim closing of the books method or such other method permitted by the Code and the Regulations as the General Partner
may select, which selection shall be set forth in a dated, written statement maintained with the Partnership&rsquo;s books and
records. The Partners hereby agree that any such selection by the General Partner is made by &ldquo;agreement of the partners&rdquo;
within the meaning of Section 1.706-4(f) of the Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solely
for purposes of making such allocations, unless the General Partner decides to use another method permitted under the Code or
the Regulations, each of such items for the calendar month in which an admission of any Additional Limited Partner occurs shall
be allocated among all of the Partners and Assignees, including such Additional Limited Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;distributions
pursuant to Section 5.1(a) with respect to which the Partnership Record Date is before the date of such admission shall be made
solely to Partners and Assignees, other than the Additional Limited Partner, and all distributions pursuant to Section 5.1(a)
thereafter shall be made to all of the Partners and Assignees, including such Additional Limited Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.3</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Amendment
                                         of Agreement and Certificate of Limited Partnership</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the
Act to amend the records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement
(or any update of the Register) and, if required by law, shall prepare and file an amendment to the Certificate and may for this
purpose exercise the power of attorney granted pursuant to Section 2.4 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
13</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">DISSOLUTION, LIQUIDATION AND TERMINATION</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Dissolution</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership shall not be dissolved by the admission of Substituted Limited Partners, Additional Limited Partners or by the admission
of a successor General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any
successor General Partner shall continue the business of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership shall dissolve, and its affairs shall be wound up, only upon the first to occur of any of the following (each, a &ldquo;<U>Liquidating
Event</U>&rdquo;):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
expiration of its term as provided in Section 2.5 hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
event of withdrawal of the General Partner, as defined in the Act (other than an event of bankruptcy), unless, within ninety (90)
days after such event of withdrawal, a &ldquo;majority in interest&rdquo; (as defined below) of the remaining Partners Consent
in writing to continue the business of the Partnership and to the appointment, effective as of the date of withdrawal, of a successor
General Partner;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
election to dissolve the Partnership made by the General Partner, with the consent of the Limited Partners holding at least a
majority of the Percentage Interest of the Limited Partners (including Limited Partner Interests held by the General Partner);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;entry
of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
Capital Transaction;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
final and non-appealable judgment is entered by a court of competent jurisdiction ruling that each of the General Partner and
the Initial Limited Partner is bankrupt or insolvent, or a final and non-appealable order for relief is entered by a court with
appropriate jurisdiction against each of the General Partner and the Initial Limited Partner, in each case under any federal or
state bankruptcy or insolvency laws as now or hereafter in effect, unless prior to the entry of such order or judgment a &ldquo;majority
in interest&rdquo; (as defined below) of the remaining Partners Consent in writing to continue the business of the Partnership
and to the appointment, effective as of a date prior to the date of such order or judgment, of a substitute General Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used herein, a &ldquo;majority in interest&rdquo; shall refer to Partners (excluding the General Partner) who hold more than fifty
percent (50%) of the outstanding Percentage Interests not held by the General Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Winding
                                         Up</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its affairs in an
orderly manner, liquidating its assets, and satisfying the claims of its creditors and Partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Partner shall take any action that is inconsistent with, or not necessary to or appropriate for, the winding up of the Partnership&rsquo;s
business and affairs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner, or, if there is no remaining General Partner, any Person elected by the Limited Partners holding at least a &ldquo;majority
in interest&rdquo; (the General Partner or such other Person being referred to herein as the &ldquo;<U>Liquidator</U>&rdquo;),
shall be responsible for overseeing the winding up and dissolution of the Partnership and shall take full account of the Partnership&rsquo;s
liabilities and property and the Partnership property shall be liquidated as promptly as is consistent with obtaining the fair
value thereof, and the proceeds therefrom (which may, to the extent determined by the General Partner, include shares of common
stock or other securities of the General Partner) shall be applied and distributed in the following order:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First,
to the payment and discharge of all of the Partnership&rsquo;s debts and liabilities to creditors other than the Partners;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second,
to the payment and discharge of all of the Partnership&rsquo;s debts and liabilities to the General Partner;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third,
to the payment and discharge of all of the Partnership&rsquo;s debts and liabilities to the other Partners; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
balance, if any, shall be distributed to all Partners with positive Capital Accounts in accordance with their respective positive
Capital Account balances after giving effect to all allocations in <U>Exhibit A</U> and all prior distributions under Section
5.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner shall not receive any additional compensation for any services performed pursuant to this Article 13.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
distributions pursuant to this Section 13.2(a) shall be made by the end of the Partnership&rsquo;s taxable year in which the liquidation
occurs (or, if later, within 90 days after the date of the liquidation).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions of Section 13.2(a) hereof which require liquidation of the assets of the Partnership, but subject to the order
of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines that an immediate
sale of part or all of the Partnership&rsquo;s assets would be impractical or would cause undue loss to the Partners, the Liquidator
may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any asset except those necessary to satisfy
liabilities of the Partnership (including to those Partners as creditors) or distribute to the Partners, in lieu of cash, as tenants
in common and in accordance with the provisions of Section 13.2(a) hereof, undivided interests in such Partnership assets as the
Liquidator deems not suitable for liquidation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.05pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.05pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
such distributions in kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in kind are
in the best interests of the Partners, and shall be subject to such conditions relating to the disposition and management of such
properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at
such time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Liquidator shall determine the fair market value of any property distributed in kind using such reasonable method of valuation
as it may adopt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the General Partner,
the Limited Partners pursuant to this Article 13 may be:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;distributed
to a trust established for the benefit of the General Partner and the Limited Partners for the purposes of liquidating Partnership
assets, collecting amounts owed to the Partnership, and paying any contingent or unforeseen liabilities or obligations of the
Partnership or the General Partner arising out of or in connection with the Partnership; the assets of any such trust shall be
distributed to the General Partner and the Limited Partners from time to time, in the reasonable discretion of the Liquidator,
in the same proportions as the amount distributed to such trust by the Partnership would otherwise have been distributed to the
General Partner and the Limited Partners pursuant to this Agreement; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;withheld
or escrowed to provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to reflect the unrealized
portion of any installment obligations owed to the Partnership, provided that such withheld or escrowed amounts shall be distributed
to the General Partner and the Limited Partners in the manner and order of priority set forth in Section 13.2(a), as soon as practicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.3</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Negative
                                         Capital Account</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise agreed to in writing by any Partner, if any Partner has a deficit balance in his Capital Account (after giving effect
to all contributions, distributions and allocations for all taxable years, including the year during which such liquidation occurs),
such Partner shall have no obligation to make any contribution to the capital of the Partnership with respect to such deficit,
and such deficit shall not be considered a debt owed to the Partnership or to any other Person for any purpose whatsoever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.4</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Rights
                                         of Limited Partners</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided in this Agreement, each Limited Partner shall look solely to the assets of the Partnership for the return
of its Capital Contributions and shall have no right or power to demand or receive property other than cash from the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided in this Agreement, no Limited Partner shall have priority over any other Partner as to the return of its
Capital Contributions, distributions, or allocations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.5</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice
                                         of Dissolution</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a Liquidating Event occurs or an event occurs that would, but for the provisions of an election or objection by one or more Partners
pursuant to Section 13.1, result in a dissolution of the Partnership, the General Partner shall, within thirty (30) days thereafter,
provide written notice thereof to each of the Partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.6</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Termination
                                         of Partnership and Cancellation of Certificate of Limited Partnership</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the completion of the liquidation of the Partnership&rsquo;s assets, as provided in Section 13.2 hereof, the Partnership shall
be terminated, a certificate of cancellation shall be filed, and all qualifications of the Partnership as a foreign limited partnership
in jurisdictions other than the state of Delaware shall be canceled and such other actions as may be necessary to terminate the
Partnership shall be taken.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Reasonable
                                         Time for Winding-Up</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reasonable time shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation
of its assets pursuant to Section 13.2 hereof in order to minimize any losses otherwise attendant upon such winding-up, and the
provisions of this Agreement shall remain in effect among the Partners during the period of liquidation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.8</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Waiver
                                         of Partition</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Partner hereby waives any right to partition of the Partnership property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
14</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Amendments</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner shall have the power, without the consent of the Limited Partners, to amend this Agreement except as set forth
in Section 14.1(b) hereof. The General Partner shall provide notice to the Limited Partners when any action under this Section
14.1(a) is taken in the next regular communication to the Limited Partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
Section 14.1(a) hereof, this Agreement shall not be amended with respect to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Partner adversely affected without the Consent of such Partner adversely affected if such amendment would:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;convert
a Limited Partner&rsquo;s interest in the Partnership into a General Partner Interest;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;modify
the limited liability of a Limited Partner in a manner adverse to such Limited Partner; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend
this Section 14.1(b)(i);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Limited Partner adversely affected without the Consent of Limited Partners if such amendment would:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;alter
or change Section 15.1 or any defined terms used therein to the extent such alteration or change would affect the provisions of
Section 15.1;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;create
an obligation to make Capital Contributions not contemplated in this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;alter
or change the terms of this Agreement regarding the rights of the limited partners with respect to Business Combinations, Transactions
or transactions giving rise to voting or consent rights under Article 11 or alter or change any defined term used in any provision
of this Agreement relating thereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;&nbsp;amend
Section 7.1(e), Section 7.7 or Section 7.8 or otherwise alter or change the fiduciary duties of the General Partner to the Limited
Partners;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;alter
or change the distribution and liquidation rights provided in Section 5 and 13 hereto, or the allocations provisions of Article
6 or Exhibit A except as permitted under Section 5.4, Section 6.2 and Section 7.1(a)(iii)(Y) of this Agreement; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend
this Section 14.1(b)(ii).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
14.1(b)(i) does not require unanimous consent of all Partners adversely affected unless the amendment is to be effective against
all Partners adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
restrictions on amendments in this Agreement, including in this Section 14.1, shall apply regardless of how an amendment may be
affected, whether directly, by supplement or separate agreement, or whether by or in connection with a merger, consolidation or
by an amendment to the Certificate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.2</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Meetings
                                         of the Partners</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings
of the Partners may be called by the General Partner and shall be called upon the receipt by the General Partner of a written
request by Limited Partners holding 25 percent or more of the Partnership Interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
request shall state the nature of the business to be transacted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth in Section 11.2(d), notice of any such meeting shall be given to all Partners not less than seven (7) days nor more
than thirty (30) days prior to the date of such meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners
may vote in person or by proxy at such meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
the vote or Consent of the Limited Partners is permitted or required under this Agreement, such vote or Consent may be given at
a meeting of the Partners or may be given in accordance with the procedure prescribed in Section 14.1(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise expressly provided in this Agreement, the Consent of holders of a majority of the Percentage Interests held by Partners
(including the General Partner) shall control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 14.2(a)(vi), any action required or permitted to be taken at a meeting of the Partners may be taken without a meeting
if a written consent setting forth the action so taken is signed by a majority of the Percentage Interests of the Partners (or
such other percentage as is expressly required by this Agreement).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
Consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of a majority of
the Percentage Interests of the Partners (or such other percentage as is expressly required by this Agreement).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
Consent shall be filed with the General Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
action so taken shall be deemed to have been taken at a meeting held on the effective date of the Consent as certified by the
General Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Limited Partner may authorize any Person or Persons to act for him by proxy on all matters in which a Limited Partner is entitled
to participate, including waiving notice of any meeting, or voting or participating at a meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
proxy must be signed by the Partner or an attorney-in-fact and a copy thereof delivered to the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
proxy shall be valid after the expiration of eleven (11) months from the date thereof unless otherwise provided in the proxy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
proxy shall be revocable at the pleasure of the Partner executing it, such revocation to be effective upon the General Partner&rsquo;s
receipt of written notice of such revocation from the Partner executing such proxy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
meeting of the Partners shall be conducted by the General Partner or such other Person as the General Partner may appoint pursuant
to such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings
of Partners may be conducted in the same manner as meetings of the Stockholders of the General Partner and may be held at the
same time, and as part of, meetings of the Stockholders of the General Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
15</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">GENERAL PROVISIONS</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Redemption
                                         Rights of Qualifying Parties</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the applicable Initial Holding Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth
herein) (the &ldquo;<U>Redemption Right</U>&rdquo;) to require the Partnership to redeem all or a portion of the applicable OP
Units held by such Tendering Party (OP Units that have in fact been tendered for redemption being hereafter referred to as &ldquo;<U>Tendered
Units</U><I>&rdquo;)</I> in exchange (a &ldquo;<U>Redemption</U>&rdquo;) for the Cash Amount payable on the Specified Redemption
Date. The Partnership may, in the General Partner&rsquo;s sole and absolute discretion, redeem Tendered Units at the request of
the holder thereof prior to the end of the applicable Initial Holding Period (subject to the terms and conditions set forth herein)
(a &ldquo;<U>Special Redemption</U>&rdquo;). Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to
the General Partner by the Qualifying Party when exercising the Redemption Right (the &ldquo;<U>Tendering Party</U>&rdquo;). The
Partnership&rsquo;s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the
earlier of (i) the date the General Partner notifies the Tendering Party that the General Partner declines to require the Initial
Limited Partner to acquire some or all of the Tendered Units under Section 15.1(b) hereof following receipt of a Notice of Redemption
and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified
or bank check payable to the Tendering Party or, in the General Partner&rsquo;s sole and absolute discretion, in immediately available
funds, in each case, on or before the Specified Redemption Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions of Section 15.1(a) hereof, on or before the close of business on the Cut-Off Date, the General Partner may, in
the General Partner&rsquo;s sole and absolute discretion but subject to the Ownership Limit, elect to require the Initial Limited
Partner to acquire some or all (such percentage being referred to as the &ldquo;Applicable Percentage&rdquo;) of the Tendered
Units from the Tendering Party in exchange for shares of Common Stock or the Cash Amount payable on the Specified Redemption Date.
If the General Partner elects to require the Initial Limited Partner to acquire some or all of the Tendered Units pursuant to
this Section 15.1(b), the General Partner shall give written notice thereof to the Tendering Party on or before the close of business
on the Cut-Off Date. If the General Partner elects to require the Initial Limited Partner to acquire any of the Tendered Units
for shares of Common Stock, the Initial Limited Partner shall issue and deliver such Common Stock to the Tendering Party pursuant
to the terms of this Section 15.1(b), in which case (1) the Initial Limited Partner shall assume directly the obligation with
respect thereto and shall satisfy the Tendering Party&rsquo;s exercise of its Redemption Right with respect to such Tendered Units
and (2) such transaction shall be treated, for federal income tax purposes, as a transfer by the Tendering Party of such Tendered
Units to the Initial Limited Partner in exchange for the Common Stock Amount. If the General Partner so elects, on the Specified
Redemption Date, the Tendering Party shall sell such number of the Tendered Units to the Initial Limited Partner in exchange for
a number of shares of Common Stock equal to the product of the Common Stock Amount and the Applicable Percentage. The Tendering
Party shall submit (i) such information, certification or affidavit as the Initial Limited Partner may reasonably require in connection
with the application of the Ownership Limit to any such acquisition and (ii) such written representations, investment letters,
legal opinions or other instruments necessary, in the Initial Limited Partner&rsquo;s view, to effect compliance with the Securities
Act. In the event of a purchase of the Tendered Units by the Initial Limited Partner pursuant to this Section 15.1(b), the Tendering
Party shall no longer have the right to cause the Partnership to effect a Redemption of such Tendered Units and, upon notice to
the Tendering Party by the General Partner given on or before the close of business on the Cut-Off Date that the General Partner
has elected to require the Initial Limited Partner to acquire some or all of the Tendered Units pursuant to this Section 15.1(b),
the obligation of the Partnership to effect a Redemption of the Tendered Units as to which the General Partner&rsquo;s notice
relates shall not accrue or arise. A number of shares of Common Stock equal to the product of the Applicable Percentage and the
Common Stock Amount, if applicable, shall be delivered by the Initial Limited Partner as duly authorized, validly issued, fully
paid and non-assessable shares of Common Stock and, if applicable, Rights, free of any pledge, lien, encumbrance or restriction,
other than the Ownership Limit, the Securities Act and relevant state securities or &ldquo;blue sky&rdquo; laws. Neither any Tendering
Party whose Tendered Units are acquired by the Initial Limited Partner pursuant to this Section 15.1(b), any Partner, any Assignee
nor any other interested Person shall have any right to require or cause the Initial Limited Partner to register, qualify or list
any Common Stock owned or held by such Person, whether or not such shares of Common Stock are issued pursuant to this Section
15.1(b), with the SEC, with any state securities commissioner, department or agency, under the Securities Act or the Exchange
Act or with any stock exchange; <I>provided</I>, <I>however</I>, that this limitation shall not be in derogation of any registration
or similar rights granted pursuant to any other written agreement between the Initial Limited Partner and any such Person. Shares
of Common Stock issued upon an acquisition of the Tendered Units by the Initial Limited Partner pursuant to this Section 15.1(b)
may contain such legends regarding restrictions under the Securities Act and applicable state securities laws as the General Partner
determines to be necessary or advisable in order to ensure compliance with such laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions of Section 15.1(a) and 15.1(b) hereof, the Tendering Parties shall have no rights under this Agreement that would
otherwise be prohibited by the Articles of Incorporation and shall have no rights to require the Partnership to redeem OP Units
if the acquisition of such OP Units by the Initial Limited Partner pursuant to Section 15.1(b) hereof would cause any Person to
violate the Ownership Limit. To the extent that any attempted Redemption or acquisition of the Tendered Units by the Initial Limited
Partner pursuant to Section 15.1(b) hereof would be in violation of this Section 15.1(c), it shall be null and void <I>ab initio</I>,
and the Tendering Party shall not acquire any rights or economic interests in the shares of Common Stock otherwise issuable by
the Initial Limited Partner under Section 15.1(b) hereof or cash otherwise payable under Section 15.1(a) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the General Partner does not elect to require the Initial Limited Partner to acquire the Tendered Units pursuant to Section 15.1(b)
hereof:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership may elect to raise funds for the payment of the Cash Amount either (a) by requiring that the Initial Limited Partner
contribute to the Partnership funds from the proceeds of a registered public Offering by the Initial Limited Partner of shares
of Common Stock sufficient to purchase the Tendered Units or (b) from any other sources (including, but not limited to, the sale
of any Property and the incurrence of additional Debt) available to the Partnership. The Initial Limited Partner shall make a
Capital Contribution of any such amounts to the Partnership for an additional Partnership Interest consistent with the provisions
of Article 4. Any such contribution shall entitle the Initial Limited Partner to an equitable Percentage Interest adjustment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Cash Amount is not paid on or before the Specified Redemption Date, interest shall accrue with respect to the Cash Amount
from the day after the Specified Redemption Date to and including the date on which the Cash Amount is paid at a rate equal to
the base rate on corporate loans at large United States money center commercial banks, as published from time to time in the Wall
Street Journal (but not higher than the maximum lawful rate).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything herein to the contrary (but subject to Section 15.1(c) hereof), with respect to any Redemption (or any tender of OP Units
for Redemption if the Tendered Units are acquired by the Initial Limited Partner pursuant to Section 15.1(b) hereof) pursuant
to this Section 15.1:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
OP Units acquired by the Initial Limited Partner pursuant to Section 15.1(b) hereof shall automatically, and without further action
required, be converted into and deemed to be an Initial Limited Partner Partnership Interest comprised of the same number of OP
Units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the Ownership Limit, no Tendering Party may effect a Redemption for less than one thousand (1,000) OP Units or, if such Tendering
Party holds (as a Limited Partner or, economically, as an Assignee) less than one thousand (1,000) OP Units, all of the OP Units
held by such Tendering Party, without, in each case, the Consent of the General Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
(i) a Tendering Party surrenders its Tendered Units during the period after the Partnership Record Date with respect to a distribution
and before the record date established by the Initial Limited Partner for a distribution to its stockholders of some or all of
its portion of such Partnership distribution, and (ii) the General Partner elects to require the Initial Limited Partner to acquire
any of such Tendered Units in exchange for shares of Common Stock pursuant to Section 15.1(b), such Tendering Party shall pay
to the Initial Limited Partner on the Specified Redemption Date an amount in cash equal to the portion of the Partnership distribution
in respect of the Tendered Units exchanged for shares of Common Stock, insofar as such distribution relates to the same period
for which such Tendering Party would receive a distribution in respect of such shares of Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consummation of such Redemption (or an acquisition of Tendered Units by the Initial Limited Partner pursuant to Section 15.1(b)
hereof, as the case may be) shall be subject to the expiration or termination of the applicable waiting period, if any, under
the Hart-Scott-Rodino Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Tendering Party shall continue to own (subject, in the case of an Assignee, to the provisions of Section 11.5 hereof) all OP Units
subject to any Redemption, and be treated as a Limited Partner or an Assignee, as applicable, with respect to such OP Units for
all purposes of this Agreement, until such OP Units are either paid for by the Partnership pursuant to Section 15.1(a) hereof
or transferred to the Initial Limited Partner and paid for, by the issuance of the Common Stock, pursuant to Section 15.1(b) hereof
on the Specified Redemption Date. Until a Specified Redemption Date and an acquisition of the Tendered Units by the Initial Limited
Partner pursuant to Section 15.1(b) hereof, the Tendering Party shall have no rights as a stockholder of the Initial Limited Partner
with respect to the shares of Common Stock issuable in connection with such acquisition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with an exercise of Redemption Rights pursuant to this Section 15.1, except as otherwise Consented to by the General
Partner, the Tendering Party shall submit the following to the General Partner, in addition to the Notice of Redemption:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
written affidavit, dated the same date as the Notice of Redemption, (a) disclosing the actual and constructive ownership, as determined
for purposes of Code Sections 856(a)(6) and 856(h), of shares of Common Stock by (i) such Tendering Party and (ii) to the best
of their knowledge any Related Party and (b) representing that, after giving effect to the Redemption or an acquisition of the
Tendered Units by the Initial Limited Partner pursuant to Section 15.1(b) hereof, neither the Tendering Party nor to the best
of their knowledge any Related Party will own shares of Common Stock in violation of the Ownership Limit;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
written representation that neither the Tendering Party nor to the best of their knowledge any Related Party has any intention
to acquire any additional shares of Common Stock prior to the closing of the Redemption or an acquisition of the Tendered Units
by the Initial Limited Partner pursuant to Section 15.1(b) hereof on the Specified Redemption Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
undertaking to certify, at and as a condition of the closing of (i) the Redemption or (ii) the acquisition of Tendered Units by
the Initial Limited Partner pursuant to Section 15.1(b) hereof on the Specified Redemption Date, that either (a) the actual and
constructive ownership of shares of Common Stock by the Tendering Party and to the best of its knowledge any Related Party remain
unchanged from that disclosed in the affidavit required by Section 15.1(f)(i) or (b) after giving effect to the Redemption or
the acquisition of Tendered Units by the Initial Limited Partner pursuant to Section 15.1(b) hereof, neither the Tendering Party
nor, to the best of its knowledge, any other Person shall own shares of Common Stock in violation of the Ownership Limit; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with any Special Redemption, the Initial Limited Partner shall have the right to receive an opinion of counsel reasonably
satisfactory to it to the effect that the proposed Special Redemption will not cause the Partnership, the General Partner or the
Initial Limited Partner to violate any federal or state securities laws or regulations applicable to the Special Redemption, the
issuance and sale of the Tendered Units to the Tendering Party or the issuance and sale of Shares of Common Stock to the Tendering
Party pursuant to Section 15.1(b) of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Qualifying Party shall be solely responsible for the payment of any real estate transfer taxes imposed in connection with any
Redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.2</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Addresses
                                         and Notice</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
notice, demand, request or report required or permitted to be given or made to a Partner, Indemnitee or Assignee under this Agreement
shall be in writing and shall be deemed given or made when delivered in person or five days after being sent by first class United
States mail or by overnight delivery or via facsimile to the Partner or Assignee at the address set forth in the Register or such
other address of which the Partner shall notify the General Partner in writing. Notwithstanding the foregoing, the General Partner
may elect to deliver any such notice, demand, request or report by E-mail or by any other electronic means, in which case such
communication shall be deemed given or made one day after being sent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Titles
                                         and Captions</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
article or section titles or captions in this Agreement are for convenience of reference only, shall not be deemed part of this
Agreement and shall in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically
provided otherwise, references to &ldquo;Articles&rdquo; and &ldquo;Sections&rdquo; are to Articles and Sections of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.4</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Pronouns
                                         and Plurals</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms,
and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.5</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Further
                                         Action</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary
or appropriate to achieve the purposes of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.6</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Binding
                                         Effect</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors,
legal representatives and permitted assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.7</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Creditors</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as expressly set forth herein with respect to the Indemnities, none of the provisions of this Agreement shall be for the
benefit of, or shall be enforceable by, any creditor of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.8</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Waiver</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or
to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant,
duty, agreement or condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.9</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Counterparts</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement may be executed (including by facsimile transmission) with counterpart signature pages or in counterparts, all of which
together shall constitute one agreement binding on all of the parties hereto, notwithstanding that all such parties are not signatories
to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature
hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.10</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Applicable
                                         Law</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard
to the principles of conflicts of laws thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.11</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Invalidity
                                         of Provisions</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability
of the remaining provisions contained herein shall not be affected thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.12</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Entire
                                         Agreement</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement contains the entire understanding and agreement among the Partners with respect to the subject matter hereof and supersedes
any other prior written or oral understandings or agreements among them with respect thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.13</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>No
                                         Rights as Stockholders</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as
stockholders of the Initial Limited Partner or the General Partner, including any right to receive dividends or other distributions
made to Stockholders or to vote or to consent or receive notice as Stockholders in respect to any meeting of Stockholders for
the election of directors of the Initial Limited Partner or the General Partner or any other matter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.14</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Limitation
                                         to Preserve REIT Status</U>.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
anything else in this Agreement, to the extent that the amount to be paid, credited, distributed or reimbursed by the Partnership
to the Initial Limited Partner or its officers, directors, employees or agents, whether as a reimbursement, fee, expense or indemnity
(a &ldquo;<U>REIT Payment</U>&rdquo;), would constitute gross income to the Initial Limited Partner for purposes of Section 856(c)(2)
or 856(c)(3) of the Code, then, notwithstanding any other provision of this Agreement, the amount of such REIT Payments, as selected
by the General Partner in its discretion from among items of potential distribution, reimbursement, fees, expenses and indemnities,
shall be reduced for any Partnership Year so that the REIT Payments, as so reduced, for or with respect to the Initial Limited
Partner shall not exceed the lesser of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an amount equal to the excess, if any, of (a) four and nine-tenths percent (4.9%) of the Initial Limited Partner&rsquo;s total
gross income (but excluding the amount of any REIT Payments) for the Partnership Year that is described in subsections (A) through
(I) of Section 856(c)(2) of the Code over (b) the amount of gross income (within the meaning of Section 856(c)(2) of the Code)
derived by the Initial Limited Partner from sources other than those described in subsections (A) through (I) of Section 856(c)(2)
of the Code (but not including the amount of any REIT Payments); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
an amount equal to the excess, if any, of (a) twenty-four percent (24%) of the Initial Limited Partner&rsquo;s total gross income
(but excluding the amount of any REIT Payments) for the Partnership Year that is described in subsections (A) through (I) of Section
856(c)(3) of the Code over (b) the amount of gross income (within the meaning of Section 856(c)(3) of the Code) derived by the
Initial Limited Partner from sources other than those described in subsections (A) through (I) of Section 856(c)(3) of the Code
(but not including the amount of any REIT Payments);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided</I>,
<I>however</I>, that REIT Payments in excess of the amounts set forth in clauses (i) and (ii) above may be made if the General
Partner, as a condition precedent, obtains an opinion of tax counsel that the receipt of such excess amounts should not adversely
affect the Initial Limited Partner&rsquo;s ability to qualify as a REIT. To the extent that REIT Payments may not be made in a
Partnership Year as a consequence of the limitations set forth in this Section 15.14, such REIT Payments shall carry over and
shall be treated as arising in the following Partnership Year if such carry over does not adversely affect the Initial Limited
Partner&rsquo;s ability to qualify as a REIT, <I>provided</I>, <I>however</I>, that any such REIT Payment shall not be carried
over more than three Partnership Years, and any such remaining payments shall no longer be due and payable. The purpose of the
limitations contained in this Section 15.14 is to prevent the Initial Limited Partner from failing to qualify as a REIT under
the Code by reason of the Initial Limited Partner&rsquo;s share of items, including distributions, reimbursements, fees, expenses
or indemnities, receivable directly or indirectly from the Partnership, and this Section 15.14 shall be interpreted and applied
to effectuate such purpose.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
16</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">CLASS B UNITS</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Designation
                                         and Number</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth in this Article 16, Class B Units shall have the same rights, privileges and preferences as the OP Units. Subject
to the provisions of this Article 16 and the special provisions of subparagraph 1(c)(ii) of Exhibit A, Class B Units shall be
treated as Partnership Units, with all of the rights, privileges and obligations attendant thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is intended that the Partnership shall maintain at all times a one-to-one correspondence between Class B Units and OP Units for
conversion and other purposes. If an Adjustment Event (as defined below) occurs, then the General Partner shall make a corresponding
adjustment to the Class B Units to maintain a one-for-one conversion and economic equivalence ratio between OP Units and Class
B Units. The following shall be &ldquo;<U>Adjustment Events</U>:&rdquo; (A) the Partnership makes a distribution on all outstanding
OP Units in Partnership Units, (B) the Partnership subdivides the outstanding OP Units into a greater number of units or combines
the outstanding OP Units into a smaller number of units, or (C) the Partnership issues any Partnership Units in exchange for its
outstanding OP Units by way of a reclassification or recapitalization of its OP Units. If more than one Adjustment Event occurs,
the adjustment to the Class B Units need be made only once using a single formula that takes into account each and every Adjustment
Event as if all Adjustment Events occurred simultaneously. For the avoidance of doubt, the following events shall not be Adjustment
Events: (x) the issuance of Partnership Units in a financing, reorganization, acquisition or other similar business transaction,
(y) the issuance of Partnership Units pursuant to any employee benefit or compensation plan or dividend reinvestment plan, or
(z) the issuance of any Partnership Units in respect of a capital contribution to the Partnership, including a contribution by
the Initial Limited Partner of proceeds from the sale of securities by the Initial Limited Partner. If the Partnership takes an
action affecting the OP Units other than actions specifically described above as Adjustment Events and, in the opinion of the
General Partner such action would require an adjustment to the Class B Units to maintain the one-to-one correspondence described
above, the General Partner shall have the right to make such adjustment to the Class B Units, to the extent permitted by law,
in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under the circumstances.
If an adjustment is made to the Class B Units as herein provided, the Partnership shall promptly file in the books and records
of the Partnership an officer&rsquo;s certificate setting forth such adjustment and a brief statement of the facts requiring such
adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment absent manifest error. Promptly
after the filing of such certificate, the Partnership shall mail a notice to each holder of Class B Units setting forth the adjustment
to his, her or its Class B Units and the effective date of such adjustment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.2</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Special
                                         Provisions</U>.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
B Units shall be subject to the following special provisions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Distributions</U>.
The holders of Class B Units shall be entitled to (i) current distributions of Available Cash pursuant to Section 5.1(a); and
(ii) distributions in liquidation of the Partnership pursuant to Section 13.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocations</U>.
Holders of Class B Units shall be entitled to certain special allocations of gain under subparagraph 1(c)(ii) of <U>Exhibit A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exchange
Right</U>. The right to exchange all or a portion of Partnership Units for cash or, at the option of the Partnership, for shares
of Common Stock provided to Limited Partners under Section 15.1 hereof shall not apply with respect to Class B Units unless and
until the Class B Units are converted to OP Units as provided in clause (d) below and Section 16.4 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
to OP Units</U>. Class B Units are eligible to be converted into OP Units in accordance with Section 16.4 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.3</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Voting</U></FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of Class B Units shall (a) have the same voting rights as the Limited Partners, with the Class B Units voting as a single class
with the OP Units and having one vote per Class B Unit; and (b) have the additional voting rights that are expressly set forth
below. So long as any Class B Units remain outstanding, the Partnership shall not, without the affirmative vote of the holders
of at least a majority of the Class B Units outstanding at the time, given in person or by proxy, either in writing or at a meeting
(voting separately as a class), amend, alter or repeal, whether by merger, consolidation or otherwise, the provisions of this
Agreement applicable to Class B Units so as to materially and adversely affect any right, privilege or voting power of the Class
B Units or the holders of Class B Units as such, unless such amendment, alteration, or repeal affects equally, ratably and proportionately
the rights, privileges and voting powers of the Limited Partners; but subject, in any event, to the following provisions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any OP Unit Transaction, so long as the Class B Units are treated in accordance with Section 16.4(d) hereof, the consummation
of such OP Unit Transaction shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting
powers of the Class B Units or the holders of Class B Units as such; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
creation or issuance of any Partnership Units or of any class or series of Partnership Interest including additional OP Units
or Class B Units whether ranking senior to, junior to, or on a parity with the Class B Units with respect to distributions and
the distribution of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect
such rights, preferences, privileges or voting powers of the Class B Units or the holders of Class B Units as such.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise
be required, all outstanding Class B Units shall have been converted into OP Units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.4</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Conversion
                                         of Class B Units</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion</U>.
At such time as the Economic Capital Account Balance attributable to a Class B Unit is equal to the OP Unit Economic Balance,
each such balance determined on a per unit basis as of the effective date of conversion (the &ldquo;<U>Conversion Date</U>&rdquo;),
such Class B Unit shall automatically convert into one fully paid and non-assessable OP Unit, giving effect to all adjustments
(if any) made pursuant to Section 16.1 hereof; <I>provided</I>, that a Class B Unit shall not be convertible into OP Units if
the Economic Capital Account Balance attributable to such Class B Unit is negative. Each holder of Class B Units covenants and
agrees with the Partnership that all Class B Units to be converted pursuant to this Section 16.4 shall be free and clear of all
liens. The conversion of Class B Units shall occur automatically after the close of business on the applicable Conversion Date
without any action on the part of such holder of Class B Units, as of which time such holder of Class B Units shall be credited
on the books and records of the Partnership with the issuance as of the opening of business on the next day of the number of OP
Units issuable upon such conversion. For purposes of determining the Economic Capital Account Balance attributable to a Class
B Unit, allocations pursuant to subparagraph 1(c)(ii) of <U>Exhibit A</U> shall be made in such a manner so as to allow the greatest
number of Class B Units to convert pursuant to this Section 16.4 at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
to Gross Asset Value</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner shall provide the holders of Class B Units the opportunity but not the obligation to make Capital Contributions
to the Partnership in exchange for OP Units in order to cause an adjustment to the Gross Asset Value of the Partnership&rsquo;s
assets within the meaning of paragraph (b)(i) of the definition of Gross Asset Value up to two (2) times each Partnership Year
including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Partnership or the General Partner shall be a party to any OP Unit Transaction; <I>provided</I>, that the General Partner
shall give each holder of Class B Units written notice of such OP Unit Transaction at least thirty (30) days prior to entering
into any definitive agreement pursuant to which the OP Unit Transaction would be consummated; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.8in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon
a Listing; <I>provided</I>, that the General Partner shall give each holder of Class B Units written notice of such Listing at
least thirty (30) days prior to such Listing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of clause (i) of this Section 16.4(b), the value of each OP Unit issued in order to cause an adjustment to the Gross
Asset Value of the Partnership&rsquo;s assets shall be an amount equal to the product of (y) the Value of a share of Common Stock
as of the date the holder of Class B Units makes a Capital Contribution to the Partnership multiplied by (z) the Exchange Factor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the avoidance of doubt, the issuance of Class B Units shall be treated as an event allowing for an adjustment to the Gross Asset
Value of the Partnership&rsquo;s assets within the meaning of paragraph (b)(iv) of the definition of Gross Asset Value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Impact
of Conversion for Purposes of Subparagraph 1(c)(ii) of Exhibit A</U>. For purposes of making future allocations under subparagraph
1(c)(ii) of <U>Exhibit A</U>, the portion of the Economic Capital Account Balance of the applicable holder of Class B Units that
is treated as attributable to his, her or its Class B Units shall be reduced, as of the date of conversion, by the product of
the number of Class B Units converted and the OP Unit Economic Balance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>OP
Unit Transactions</U>. Immediately prior to or concurrent with an OP Unit Transaction the maximum number of Class B Units then
eligible for conversion (in accordance with the provisions of Section 16.4(a)) shall automatically be converted into an equal
number of OP Units, giving effect to all adjustments (if any) made pursuant to Section 16.1 hereof, taking into account any allocations
that occur in connection with the OP Unit Transaction or that would occur in connection with the OP Unit Transaction if the assets
of the Partnership were sold at the OP Unit Transaction price or, if applicable, at a value determined by the General Partner
in good faith using the value attributed to the Partnership Units in the context of the OP Unit Transaction (in which case the
Conversion Date shall be the effective date of the OP Unit Transaction). In anticipation of such OP Unit Transaction, the Partnership
shall use commercially reasonable efforts to cause each holder of Class B Units to be afforded the right to receive in connection
with such OP Unit Transaction in consideration for the OP Units into which his, her or its Class B Units will be converted the
same kind and amount of cash, securities and other property (or any combination thereof) receivable upon the consummation of such
OP Unit Transaction by a holder of the same number of OP Units, assuming such holder of OP Units is not a Person with which the
Partnership consolidated or into which the Partnership merged or which merged into the Partnership or to which such sale or transfer
was made, as the case may be (a &ldquo;<U>Constituent Person</U>&rdquo;), or an affiliate of a Constituent Person. In the event
that holders of OP Units have the opportunity to elect the form or type of consideration to be received upon consummation of the
OP Unit Transaction, prior to such OP Unit Transaction the General Partner shall give prompt written notice to each holder of
Class B Units of such election, and shall use commercially reasonable efforts to afford the holders of Class B Units the right
to elect, by written notice to the General Partner, the form or type of consideration to be received upon conversion of each Class
B Unit held by such holder into OP Units in connection with such OP Unit Transaction. If a holder of Class B Units fails to make
such an election, such holder (and any of its transferees) shall receive upon conversion of each Class B Unit held by him, her
or it (or by any of his, her or its transferees) the same kind and amount of consideration that a holder of an OP Unit would receive
if such OP Unit holder failed to make such an election. The Partnership shall use commercially reasonable effort to cause the
terms of any OP Unit Transaction to be consistent with the provisions of this Section 16.4(d) and to enter into an agreement with
the successor or purchasing entity, as the case may be, for the benefit of any holders of Class B Units whose Class B Units will
not be converted into OP Units in connection with the OP Unit Transaction that will (i) contain provisions enabling the holders
of Class B Units that remain outstanding after such OP Unit Transaction to convert their Class B Units into securities as comparable
as reasonably possible under the circumstances to the OP Units and (ii) preserve as far as reasonably possible under the circumstances
the distribution, special allocation, conversion, and other rights set forth in this Agreement for the benefit of the holders
of Class B Units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.5</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Profits
                                         Interests</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class
B Units are intended to qualify as a &ldquo;profits interest&rdquo; in the Partnership issued to a new or existing Partner in
a partner capacity for services performed or to be performed to or for the benefit of the Partnership within the meaning of Rev.
Proc. 93-27, 1993-2 C.B. 343, and Rev. Proc. 2001-43, 2001-2 C.B. 191, the Code, the Regulations, and other future guidance provided
by the IRS with respect thereto, and the allocations under subparagraph 1(c)(ii) of <U>Exhibit A</U> shall be interpreted in a
manner that is consistent therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partners agree that the General Partner may make a Safe Harbor Election (if and when the Safe Harbor Election becomes available),
on behalf of itself and of all Partners, to have the Safe Harbor apply irrevocably with respect to Class B Units transferred in
connection with the performance of services by a Partner in a partner capacity. The Safe Harbor Election (if and when the Safe
Harbor Election becomes available) shall be effective as of the date of issuance of such Class B Units. If such election is made,
(i) the Partnership and each Partner agree to comply with all requirements of the Safe Harbor with respect to all interests in
the Partnership transferred in connection with the performance of services by a Partner in a partner capacity, whether such Partner
was admitted as a Partner or as the transferee of a previous Partner, and (ii) the General Partner shall cause the Partnership
to comply with all record-keeping requirements and other administrative requirements with respect to the Safe Harbor as shall
be required by proposed or final regulations relating thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partners agree that if a Safe Harbor Election is made by the General Partner, (A) each Class B Unit issued hereunder with respect
to which the Safe Harbor Election is available is a Safe Harbor Interest, (B) each Class B Unit represents a profits interest
received for services rendered or to be rendered to or for the benefit of the Partnership by such holder of Class B Units in his,
her or its capacity as a Partner or in anticipation of becoming a Partner, and (C) the fair market value of each Class B Unit
issued by the Partnership upon receipt by such holder of Class B Units as of the date of issuance is zero (plus the amount, if
any, of any Capital Contributions made to the Partnership by such holder of Class B Units in connection with the issuance of such
Class B Unit), representing the liquidation value of such interest upon receipt (with such valuation being consented to and hereby
approved by all Partners).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Partner, by signing this Agreement or by accepting such transfer, hereby agrees (A) to comply with all requirements of any Safe
Harbor Election made by the General Partner with respect to each holder of Class B Units&rsquo; Safe Harbor Interest, (B) that
each holder of Class B Units shall take into account all items of income, gain, loss, deduction and credit associated with its
Class B Units, (C) that neither the Partnership nor any Partner shall claim a deduction (as wages, compensation or otherwise)
for the fair market value of such Class B Units issued to a holder of such Class B Units, and (D) that to the extent that such
profits interest is forfeited after the date hereof, the Partnership shall make special forfeiture allocations of gross items
of income, deduction or loss (including, as may be permitted by or under Regulations (or other rules promulgated) to be adopted,
notional items of income, deduction or loss) in accordance with the Regulations to be adopted under Sections 704(b) and 83 of
the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner shall file or cause the Partnership to file all returns, reports and other documentation as may be required, as
reasonably determined by the General Partner, to perfect and maintain any Safe Harbor Election made by the General Partner with
respect to granting of each holder of Class B Units&rsquo; Safe Harbor Interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner is hereby authorized and empowered, without further vote or action of the Partners, to amend this Agreement to
the extent necessary or helpful in accordance with the advice of Partnership tax counsel or accountants to sustain the Partnership&rsquo;s
position that (A) it has complied with the Safe Harbor requirements in order to provide for a Safe Harbor Election and it has
ability to maintain the same, or (B) the issuance of the Class B Units is not a taxable event with respect to the holders of Class
B Units, and the General Partner shall have the authority to execute any such amendment by and on behalf of each Partner pursuant
to the power of attorney granted by this Agreement. Any undertaking by any Partner necessary or desirable to (A) enable or preserve
a Safe Harbor Election or (B) otherwise to prevent the issuance of Class B Units from being a taxable event with respect to the
holders of Class B Units may be reflected in such amendments and, to the extent so reflected, shall be binding on each Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Partner agrees to cooperate with the General Partner to perfect and maintain any Safe Harbor Election, and to timely execute and
deliver any documentation with respect thereto reasonably requested by the General Partner, at the expense of the Partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Transfer of any interest in the Partnership by a Partner shall be effective unless prior to such Transfer, the assignee or intended
recipient of such interest shall have agreed in writing to be bound by the provisions of Section 10.2(d) and this Section 16.5,
in a form reasonably satisfactory to the General Partner.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of this Section 16.5 shall apply regardless of whether or not a holder of Class B Units files an election pursuant
to Section 83(b) of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner may amend this Section 16.5 as it deems necessary or appropriate to maximize the tax benefit of the issuance of
Class B Units to any holder of Class B Units if there are changes in the law or Regulations concerning the issuance of partnership
interests for services.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[SIGNATURE
PAGE FOLLOWS]</FONT></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature
Page to Third Amended and Restated Agreement of Limited Partnership of Phillips Edison Grocery Center Operating Partnership I,
L.P., among the undersigned and the other parties thereto.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GENERAL PARTNER:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PHILLIPS EDISON GROCERY CENTER OP
    GP I, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillips Edison Grocery Center REIT I Inc.,
    its sole member</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INITIAL LIMITED PARTNER:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PHILLIPS EDISON GROCERY CENTER REIT
    I INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PHILLIPS EDISON NTR LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>


<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit
A</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<BR></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocations</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>[Intentionally
omitted.]</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocations
of Net Income and Net Loss</U>. Except as otherwise provided in this Agreement, after giving effect to the special allocations
in subparagraphs 1(c) and paragraph 2, Net Income, Net Loss and, to the extent necessary, individual items of income, gain, credit,
loss and deduction comprising Net Income and Net Loss of the Partnership for each Partnership Year or other applicable period
shall be allocated among the Partners in a manner determined in the reasonable discretion of the General Partner that will, as
nearly as possible cause the Capital Account balance of each Partner at the end of such Partnership Year or other applicable period
to equal (i) the amount of the distributions that would be made to such Partner pursuant to Section 5.1(a) of the Agreement if
the Partnership were dissolved, its affairs wound up and its assets were sold for cash equal to their Gross Asset Value, taking
into account any adjustments thereto for such period, all Partnership liabilities were satisfied in full in cash according to
their terms (limited with respect to each nonrecourse liability to the Gross Asset Value of the assets securing such liability),
and the net proceeds (after satisfaction of such liabilities) were distributed in full in accordance with Section 5.1(a) of the
Agreement to the Partners immediately after making such allocations, minus (ii) the sum of such Partner&rsquo;s share of Partnership
Minimum Gain and Partner Nonrecourse Debt Minimum Gain and the amount, if any and without duplication, that the Partner would
be obligated to contribute to the capital of the Partnership, all computed immediately prior to the hypothetical sale of assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Special
Allocations</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General
Partner Gross Income Allocation.</U> After giving effect to the special allocations in paragraph 2 but prior to any allocations
under subparagraph 1(b), there shall be specially allocated to the General Partner an amount of (i) first, items of Partnership
income and (ii) second, items of Partnership gain during each Partnership Year or other applicable period in an amount equal to
the excess, if any, of (A) the cumulative distributions made to the General Partner under Section 7.3(b) of the Agreement, other
than distributions which would properly be treated as &ldquo;guaranteed payments&rdquo; or which are attributable to the reimbursement
of expenses which would properly be either deductible by the Partnership or added to the tax basis of any Partnership asset, over
(B) the cumulative allocations of Partnership income and gain to the General Partner under this subparagraph 1(c)(i).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Special
Allocations Regarding Class B Units</U>. After giving effect to the special allocations in subparagraph 1(c)(i) and paragraph
2 but prior to any allocations under subparagraph 1(b), Net Property Gain, Net Property Loss or Liquidating Gain and, to the extent
necessary, individual items of income and gain comprising Net Property Gain and Liquidating Gain of the Partnership shall be allocated
to the holders of Class B Units until their Economic Capital Account Balances are equal to (A) the OP Unit Economic Balance, multiplied
by (B) the number of their Class B Units; <I>provided</I>, that no such Net Property Gain, Net Property Loss or Liquidating Gain
or individual items of income and gain comprising Net Property Gain or Liquidating Gain will be allocated with respect to any
particular Class B Unit unless and to the extent that the OP Unit Economic Balance exceeds the OP Unit Economic Balance in existence
at the time such Class B Unit was issued. The &ldquo;Economic Capital Account Balances&rdquo; of the Class B Unit holders will
be equal to their Capital Account balances to the extent attributable to their ownership of Class B Units. The &ldquo;OP Unit
Economic Balance&rdquo; shall mean (Y) the aggregate Capital Account balance attributable to the OP Units outstanding, plus the
amount of any Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to the ownership of
OP Units and computed on a hypothetical basis after taking into account all allocations through the date on which any allocation
is made under this subparagraph 1(c)(ii), divided by (Z) the number of OP Units outstanding. Any allocations made pursuant to
the first sentence of this subparagraph 1(c)(ii) shall be made among the holders of Class B Units in proportion to the amounts
required to be allocated to each under this subparagraph 1(c)(ii). The parties agree that the intent of this subparagraph 1(c)(ii)
is to make the Capital Account balance associated with each Class B Unit to be economically equivalent to the Capital Account
balance associated with the OP Units outstanding (on a per-Unit basis), but only if and to the extent that the Capital Account
balance associated with the OP Units outstanding, without regard to the allocations under this subparagraph 1(c)(ii), has increased
on a per-Unit basis since the issuance of the relevant Class B Unit. Any remaining Net Property Gain, Net Property Loss or Liquidating
Gain not allocated pursuant to this subparagraph 1(c)(ii) shall be included in the calculation of Net Income and Net Loss and
will be allocated pursuant to subparagraph 1(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Regulatory
Allocations</U>. Notwithstanding any provisions of paragraph 1 of this <U>Exhibit A</U>, the following special allocations shall
be made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Minimum
Gain Chargeback (Nonrecourse Liabilities)</U>. Except as otherwise provided in Section 1.704-2(f) of the Regulations, if there
is a net decrease in Partnership Minimum Gain for any Partnership Year, each Partner shall be specially allocated items of Partnership
income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Partner&rsquo;s share of the net
decrease in Partnership Minimum Gain to the extent required by Section 1.704-2(f) of the Regulations. The items to be so allocated
shall be determined in accordance with Sections 1.704-2(f) and (i) of the Regulations. This subparagraph 2(a) is intended to comply
with the minimum gain chargeback requirement in said section of the Regulations and shall be interpreted consistently therewith.
Allocations pursuant to this subparagraph 2(a) shall be made in proportion to the respective amounts required to be allocated
to each Partner pursuant hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Partner
Minimum Gain Chargeback</U>. Except as otherwise provided in Section 1.704-2(i)(4) of the Regulations, if there is a net decrease
in Partner Nonrecourse Debt Minimum Gain during any Partnership Year, each Partner who has a share of the Partner Nonrecourse
Debt Minimum Gain, determined in accordance with Section 1.704-2(i)(5) of the Regulations, shall be specially allocated items
of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to that Partner&rsquo;s
share of the net decrease in the Partner Nonrecourse Debt Minimum Gain to the extent and in the manner required by Section 1.704-2(i)
of the Regulations. The items to be so allocated shall be determined in accordance with Sections 1.704-2(i)(4) and (j)(2) of the
Regulations. This subparagraph 2(b) is intended to comply with the minimum gain chargeback requirement with respect to Partner
Nonrecourse Debt contained in said section of the Regulations and shall be interpreted consistently therewith. Allocations pursuant
to this subparagraph 2(b) shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant
hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Qualified
Income Offset</U>. If a Partner unexpectedly receives any adjustments, allocations or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4),
(5) or (6) of the Regulations, and such Partner has an Adjusted Capital Account Deficit, items of Partnership income (including
gross income) and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate the Adjusted
Capital Account Deficit as quickly as possible as required by the Regulations. This subparagraph 2(c) is intended to constitute
a &ldquo;qualified income offset&rdquo; under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently
therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonrecourse
Deductions</U>. Nonrecourse Deductions for any Partnership Year or other applicable period shall be allocated to the Partners
in accordance with their respective Percentage Interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Partner
Nonrecourse Deductions</U>. Partner Nonrecourse Deductions for any Partnership Year or other applicable period with respect to
a Partner Nonrecourse Debt shall be specially allocated to the Partner that bears the economic risk of loss for such Partner Nonrecourse
Debt (as determined under Sections 1.704-2(b)(4) and 1.704-2(i)(1) of the Regulations).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
754 Adjustment</U>. To the extent an adjustment to the adjusted tax basis of any asset of the Partnership pursuant to Section
734(b) of the Code or Section 743(b) of the Code is required, pursuant to Section 1.704-1(b)(2)(iv)(m) of the Regulations, to
be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated
as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such
gain or loss shall be specially allocated among the Partners in a manner consistent with the manner in which each of their respective
Capital Accounts are required to be adjusted pursuant to such section of the Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Gross
Income Allocation</U>. If any Partner has an Adjusted Capital Account Deficit at the end of any Partnership Year or other applicable
period which is in excess of the amount such Partner is obligated to restore pursuant to the penultimate sentences of Sections
1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations, such Partner shall be specially allocated items of Partnership income (including
gross income) and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this subparagraph
2(g) shall be made if and only to the extent that such Partner would have an Adjusted Capital Account Deficit in excess of such
amount after all other allocations provided for under this Agreement have been tentatively made as if subparagraph 2(c) and this
subparagraph 2(g) were not in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Curative
Allocations</U>. The General Partner is authorized to offset all Regulatory Allocations either with other Regulatory Allocations
or with special allocations of other items of Partnership income, gain, loss, or deduction pursuant to this paragraph 3. Therefore,
notwithstanding any other provision of this <U>Exhibit A</U> (other than the Regulatory Allocations and Tax Allocations), the
General Partner shall make such offsetting allocations of Partnership income, gain, loss or deduction in whatever manner the General
Partner determines appropriate so that, after such offsetting allocations are made, each Partner&rsquo;s Capital Account balance
is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were
not part of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Allocations</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Items
of Income or Loss</U>. Except as is otherwise provided in this Exhibit A, an allocation of Partnership Net Income, Net Loss, Net
Property Gain, Net Property Loss or Liquidating Gain to a Partner shall be treated as an allocation to such Partner of the same
share of each item of income, gain, loss, deduction and item of tax-exempt income or Section 705(a)(2)(B) expenditure (or item
treated as such expenditure pursuant to Section 1.704-1(b)(2)(iv)(i) of the Regulations) that is taken into account in computing
Net Income, Net Loss, Net Property Gain, Net Property Loss or Liquidating Gain. Except as otherwise provided in this paragraph
4, items of income, gain, loss and deduction of the Partnership to be allocated for income tax purposes (&ldquo;<U>Tax Items</U>&rdquo;)
shall be allocated among the Partners on the same basis as the corresponding book items are allocated under paragraphs 1 through
3 of this <U>Exhibit A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
1245/1250 Recapture</U>. Subject to subparagraph 4(c) below, if any portion of gain from the sale of Partnership assets is treated
as gain which is ordinary income by virtue of the application of Sections 1245 or 1250 of the Code or is gain described in Section
1(h)(1)(D) of the Code (&ldquo;<U>Affected Gain</U>&rdquo;), then such Affected Gain shall be allocated among the Partners in
the same proportion that the depreciation and amortization deductions giving rise to the Affected Gain were allocated. This subparagraph
4(b) shall not alter the amount of Net Income, Net Property Gain or Liquidating Gain (or items thereof) allocated among the Partners,
but merely the character of such Net Income, Net Property Gain or Liquidating Gain (or items thereof). For purposes hereof, in
order to determine the proportionate allocations of depreciation and amortization deductions for each Partnership Year or other
applicable period, such deductions shall be deemed allocated on the same basis as Net Income, Net Loss, Net Property Gain, Net
Property Loss and Liquidating Gain for such respective period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Precontribution
Gain, Revaluations</U>. With respect to any Contributed Property, the Partnership shall use any permissible method contained in
the Regulations promulgated under Section 704(c) of the Code selected by the General Partner, in its sole discretion, to take
into account any variation between the adjusted basis of such asset and the fair market value of such asset as of the time of
the contribution (&ldquo;<U>Precontribution Gain</U>&rdquo;). Each Partner hereby agrees to report income, gain, loss and deduction
on such Partner&rsquo;s federal income tax return in a manner consistent with the method used by the Partnership. If any asset
has a Gross Asset Value which is different from the Partnership&rsquo;s adjusted basis for such asset for federal income tax purposes
because the Partnership has revalued such asset pursuant to Section 1.704-1(b)(2)(iv)(f) of the Regulations, the allocations of
Tax Items shall be made in accordance with the principles of Section 704(c) of the Code and the Regulations and the methods of
allocation promulgated thereunder. The intent of this subparagraph 4(c) is that each Partner who contributed to the capital of
the Partnership a Contributed Property will bear, through reduced allocations of depreciation, increased allocations of gain or
other items, the tax detriments associated with any Precontribution Gain. This subparagraph 4(c) is to be interpreted consistently
with such intent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Excess
Nonrecourse Liability Safe Harbor</U>. Pursuant to Section 1.752-3(a)(3) of the Regulations, solely for purposes of determining
each Partner&rsquo;s proportionate share of the &ldquo;excess nonrecourse liabilities&rdquo; of the Partnership (as defined in
Section 1.752-3(a)(3) of the Regulations), the Partners&rsquo; respective interests in Partnership profits shall be determined
under any permissible method reasonably determined by the General Partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>References
to Regulations</U>. Any reference in this <U>Exhibit A</U> or the Agreement to a provision of proposed and/or temporary Regulations
shall, if such provision is modified or renumbered, be deemed to refer to the successor provision as so modified or renumbered,
but only to the extent such successor provision applies to the Partnership under the effective date rules applicable to such successor
provision.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor
Partners</U>. For purposes of this <U>Exhibit A</U>, a transferee of a Partnership Interest shall be deemed to have been allocated
the Net Income, Net Loss, Net Property Gain, Net Property Loss and other items of Partnership income, gain, loss, deduction and
credit allocable to the transferred Partnership Interest that previously have been allocated to the transferor Partner pursuant
to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit
B</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Examples
Regarding Exchange Factor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of the following examples, it is assumed that (a) the Exchange Factor in effect on ________ is 1.0 and (b) on _______
(the &ldquo;<I>Partnership Record Date</I>&rdquo; for purposes of these examples), prior to the events described in the examples,
there are 100 shares of Common Stock issued and outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Example
1 </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the Partnership Record Date, the Initial Limited Partner declares a dividend on its outstanding Common Stock in shares of Common
Stock. The amount of the dividend is one share of Common Stock paid in respect of each share of Common Stock owned. Pursuant to
Paragraph (i) of the definition of &ldquo;Exchange Factor,&rdquo; the Exchange Factor shall be adjusted on the Partnership Record
Date, effective immediately after the stock dividend is declared, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.0
* 200/100 = 2.0</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
the Exchange Factor after the stock dividend is declared is 2.0.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Example
2 </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the Partnership Record Date, the Initial Limited Partner distributes options to purchase Common Stock to all holders of its Common
Stock. The amount of the distribution is one option to acquire one share of Common Stock in respect of each share of Common Stock
owned. The strike price is $4.00 a share. The Value of a share of Common Stock on the Partnership Record Date is $5.00 per share.
Pursuant to Paragraph (ii) of the definition of &ldquo;Exchange Factor,&rdquo; the Exchange Factor shall be adjusted on the Partnership
Record Date, effective immediately after the options are distributed, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.0
* (100 + 100)/(100 + [100 * $4.00/$5.00]) = 1.1111</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
the Exchange Factor after the options are distributed is 1.1111. If the options expire or become no longer exercisable, then the
retroactive adjustment specified in Paragraph (ii) of the definition of &ldquo;Exchange Factor&rdquo; shall apply.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Example
3 </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the Partnership Record Date, the Initial Limited Partner distributes assets to all holders of its Common Stock. The amount of
the distribution is one asset with a fair market value (as determined by the Initial Limited Partner) of $1.00 in respect of each
share of Common Stock owned. It is also assumed that the assets do not relate to assets received by the Initial Limited Partner
pursuant to a pro rata distribution by the Partnership. The Value of a share of Common Stock on the Partnership Record Date is
$5.00 a share. Pursuant to Paragraph (iii) of the definition of &ldquo;Exchange Factor,&rdquo; the Exchange Factor shall be adjusted
on the Partnership Record Date, effective immediately after the assets are distributed, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.0
* $5.00/($5.00 - $1.00) = 1.25</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
the Exchange Factor after the assets are distributed is 1.25.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit
C</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
of Redemption</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[_________]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_________]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_________]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned Limited Partner or Assignee hereby irrevocably tenders for Redemption OP Units in Philips Edison Grocery Center Operating
Partnership I, L.P. in accordance with the terms of the Philips Edison Grocery Center Operating Partnership I, L.P., dated as
of [________], as amended (the &ldquo;<I>Agreement</I>&rdquo;), and the Redemption Rights referred to therein. The undersigned
Limited Partner or Assignee:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
undertakes (i) to surrender such Partnership OP Units and any certificate therefor at the closing of the Redemption and (ii) to
furnish to the General Partner, prior to the Specified Redemption Date, the documentation, instruments and information required
under Section 15.1(f) of the Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;directs
that the certified check representing the Cash Amount, or the Common Stock Amount, as applicable, deliverable upon the closing
of such Redemption be delivered to the address specified below;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;represents,
warrants, certifies and agrees that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
undersigned Limited Partner or Assignee is a Qualifying Party,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
undersigned Limited Partner or Assignee has, and at the closing of the Redemption will have, good, marketable and unencumbered
title to such OP Units, free and clear of the rights or interests of any other person or entity,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
undersigned Limited Partner or Assignee has, and at the closing of the Redemption will have, the full right, power and authority
to tender and surrender such OP Units as provided herein, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
undersigned Limited Partner or Assignee has obtained the consent or approval of all persons and entities, if any, having the right
to consent to or approve such tender and surrender; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acknowledges
that he will continue to own such OP Units until and unless either (1) such OP Units are acquired by the Initial Limited Partner
pursuant to Section 15.1(b) of the Agreement or (2) such redemption transaction closes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
capitalized terms used herein and not otherwise defined shall have the same meaning ascribed to them respectively in the Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font-family: Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
                                         ___________</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 50%; font-family: Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
                                         of Limited Partner or Assignee:</FONT></P><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Signature
    of Limited Partner or Assignee)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Street
    Address)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(City)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip
    Code)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature
    Medallion Guaranteed by:</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font-family: Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issue
                                         Check Payable to:&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 50%; font-family: Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
    insert social security&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">or
    identifying number:&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit
D</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate
of Limited Partnership</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->


<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXHIBIT&nbsp;I</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">THIRD
AMENDED&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">AND
RESTATED BYLAWS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OF</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PHILLIPS
EDISON GROCERY CENTER REIT I INC.</B></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
I&nbsp;</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OFFICES</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PRINCIPAL OFFICES</U>. The principal office of Phillips Edison Grocery Center REIT I Inc. (the &ldquo;Corporation&rdquo;)
shall be located at such place or places as the board of directors may designate from time to time.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ADDITIONAL OFFICES</U>. The Corporation may have additional offices, including a principal executive office, at such
places as the board of directors may from time to time determine or otherwise as the business of the Corporation may require.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
II</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MEETINGS
OF STOCKHOLDERS</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PLACE</U>. All meetings of stockholders shall be held at the principal executive office of the Corporation or at such
other place as shall be set by the board of directors and stated in the notice of the meeting.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ANNUAL MEETING</U>. An annual meeting of the stockholders for the election of directors and the transaction of any
business within the powers of the Corporation shall be held on a date and at the time set by the board of directors, beginning
in the year 2011.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SPECIAL MEETINGS</U>. Special meetings of the stockholders may be called by: (i) the president; (ii) the chief executive
officer; (iii) the board of directors or (iv) a majority of the Independent Directors, as defined in the Corporation&rsquo;s charter
(the &ldquo;Charter&rdquo;), and must be called by the secretary of the Corporation upon the written request of stockholders entitled
to cast a majority of all the votes entitled to be cast at such meeting whereby such written request states the purpose of the
meeting and the matters proposed to be acted upon at such meeting. In the event of a stockholders&rsquo; meeting called by the
secretary as required above, the secretary of the Corporation shall, within ten days of his or her receipt of the written request,
notify, in the manner proscribed herein, each stockholder entitled to vote at the meeting. Notwithstanding anything to the contrary
herein, such meeting shall be held not less than 15 days nor more than 60 days after the secretary&rsquo;s delivery of such notice.
Subject to the foregoing sentence, such meeting shall be held at the time and place specified in the stockholder request; provided,
however, that if none is so specified, the meeting shall be held at such time and place convenient to the stockholders. Unless
requested by the stockholders entitled to cast a majority of all the votes entitled to be cast at such meeting, a special meeting
need not be called to consider any matter that is substantially the same as a matter voted on at any special meeting of the stockholders
held during the preceding twelve months.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NOTICE FOR MEETINGS</U>. Except as provided otherwise in Section 2.03 of this Article II, the secretary shall, not
less than ten nor more than 90 days before each meeting of stockholders, give to each stockholder entitled to vote at the meeting
and each other stockholder entitled to notice of the meeting, notice in writing or by electronic transmission stating the time
and place of the meeting and, in the case of a special meeting or as otherwise required by the Maryland General Corporation Law
(the &ldquo;MGCL&rdquo;), the purpose of the meeting. Notice shall be deemed delivered to a stockholder upon being: (i) personally
delivered to the stockholder; (ii) left at the stockholder&rsquo;s residence or usual place of business; (iii) mailed to the stockholder
at the stockholder&rsquo;s address as it appears on the records of the Corporation, in which case such notice shall be deemed
to be given when deposited in the United States mail with postage prepaid thereon; or (iv) transmitted to the stockholder by electronic
mail to any electronic mail address of the stockholder or by any other electronic means. A single notice to all stockholders who
share an address shall be effective as to any stockholder at such address who consents to such notice or after having been notified
of the Corporation&rsquo;s intent to give a single notice fails to object in writing to such single notice within 60 days. Failure
to give notice of any meeting to one or more stockholders, or any irregularity in such notice, shall not affect the validity of
any meeting fixed in accordance with this Article II, or the validity of any proceedings at any such meeting. The Corporation
may postpone or cancel a meeting of stockholders by making a public announcement (as defined in Section 2.12(c)(3)) of such postponement
or cancellation prior to the meeting. Notice of the date to which the meeting is postponed shall be given not less than ten days
prior to such date and otherwise in the manner set forth in this Section 2.04.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SCOPE OF NOTICE</U>. Any business of the Corporation may be transacted at an annual meeting of stockholders without
being specifically designated in the notice, except as otherwise set forth in Section 2.12(a) of this Article II and except for
such business as is required by the MGCL or any other relevant statute to be stated in such notice. No business shall be transacted
at a special meeting of stockholders except as specifically designated in the notice.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ORGANIZATION AND CONDUCT</U>. Every meeting of stockholders shall be conducted by an individual appointed by the board
of directors to be chairman of the meeting or, in the absence of such appointment, by the chairman or co-chairmen of the board,
as applicable, or, in the case of a vacancy in the office or absence of the chairman of the board, by one of the following officers
present at the meeting: the vice chairman of the board, if there be one, the president, the vice presidents in their order of
rank and seniority, the secretary, or, in the absence of such officers, a chairman chosen by the stockholders by the vote of a
majority of the votes cast by stockholders present in person or by proxy. The secretary, or, in the secretary&rsquo;s absence
or the secretary&rsquo;s appointment as chairman of the meeting, an assistant secretary, or in the absence of both the secretary
and assistant secretaries, an individual appointed by the board of directors or, in the absence of such appointment, an individual
appointed by the chairman or co-chairmen of the meeting, as applicable, shall act as secretary. In the event that the secretary
presides at a meeting of the stockholders, an assistant secretary, or, in the absence of an assistant secretary, an individual
appointed by the secretary shall record the minutes of the meeting. The order of business and all other matters of procedure at
any meeting of stockholders shall be determined by the chairman or co-chairmen of the meeting, as applicable. The chairman or
co-chairmen of the meeting, as applicable, may prescribe such rules, regulations and procedures and take such action as, in the
discretion of such chairman or co-chairmen and without any action by the stockholders, are appropriate for the proper conduct
of the meeting, including, without limitation, (a) restricting admission to the time set for the commencement of the meeting;
(b) limiting attendance at the meeting to stockholders of record of the Corporation, their duly authorized proxies or other such
persons as the chairman or co-chairmen of the meeting, as applicable, may determine; (c) limiting participation at the meeting
on any matter to stockholders of record of the Corporation entitled to vote on such matter, their duly authorized proxies or other
such persons as the chairman or co-chairmen of the meeting, as applicable, may determine; (d) limiting the time allotted to questions
or comments by participants; (e) determining when and for how long the polls should be opened and when the polls should be closed;
(f) maintaining order and security at the meeting; (g) removing any stockholder or any other individual who refuses to comply
with meeting procedures, rules or guidelines as set forth by the chairman or co-chairmen of the meeting, as applicable; (h) concluding
a meeting or recessing or adjourning the meeting to a later date and time and place announced at the meeting; and (i) complying
with any state and local laws and regulations concerning safety and security. Unless otherwise determined by the chairman or co-chairmen
of the meeting, as applicable, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary
procedure.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.07.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>QUORUM; ADJOURNMENT</U>. At any meeting of the stockholders, the presence in person or by proxy of stockholders entitled
to cast 50% of all the votes entitled to be cast at such meeting shall constitute a quorum except as otherwise provided by law,
the Charter or these bylaws. If a quorum shall not be present at any meeting of the stockholders, the chairman or co-chairman
of the meeting may adjourn the meeting from time to time to a date not more than 120 days after the original record date without
notice other than announcement at the meeting. At such adjourned meeting at which a quorum is present, any business may be transacted
that might have been transacted at the meeting as originally noticed.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
stockholders present either in person or by proxy, at a meeting which has been duly called and convened, may continue to transact
business until adjournment, notwithstanding the withdrawal of enough stockholders to leave fewer than required to establish a
quorum.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.08.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>VOTING</U>. The holders of a majority of the shares of stock entitled to vote who are present in person or by proxy
at an annual meeting at which a quorum is present may, without the necessity for concurrence by the board of directors, vote to
elect a director. Each share may be voted for as many individuals as there are directors to be elected and for whose election
the share is entitled to be voted. Except as otherwise required by law, the Charter or these bylaws, a majority of the votes cast
at a meeting of the stockholders duly called and at which a quorum is present shall be sufficient to approve any other matter
which may properly come before the meeting. Unless otherwise provided in the Charter, each outstanding share, regardless of class,
shall be entitled to one vote on each matter submitted to a vote at a meeting of the stockholders.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.09.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PROXIES</U>. A stockholder may cast the votes entitled to be cast by the shares of stock owned of record by the stockholder
in person or by proxy executed by the stockholder or by the stockholder&rsquo;s duly authorized agent in any manner permitted
by law. Such proxy or evidence of authorization of such proxy shall be filed with the secretary of the Corporation before or at
the time of the meeting. No proxy shall be valid after eleven months from the date of its execution, unless otherwise provided
in the proxy.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>VOTING OF STOCK BY CERTAIN HOLDERS</U>. Stock registered in the name of a corporation, partnership, trust or other
entity, if entitled to be voted, may be voted by the president, a vice president, a general partner, or a trustee thereof, as
the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to
vote such stock pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or agreement of
the partners of a partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may
vote such stock. Any director or other fiduciary may vote stock registered in his name in his capacity as such fiduciary, either
in person or by proxy.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of the Corporation&rsquo;s stock owned directly or indirectly by it shall not be voted at any meeting and shall not be counted
in determining the total number of outstanding shares entitled to be voted at any given time, unless they are held by it in a
fiduciary capacity, in which case, subject to the terms of the Charter, they may be voted and shall be counted in determining
the total number of outstanding shares at any given time.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors may adopt by resolution a procedure by which a stockholder may certify in writing to the Corporation that any
shares of stock registered in the name of the stockholder are held for the account of a specified person other than the stockholder.
The resolution shall set forth the class of stockholders who may make the certification, the purpose for which the certification
may be made, the form of certification and the information to be contained in it; if the certification is with respect to a record
date, the time after the record date within which the certification must be received by the Corporation; and any other provisions
with respect to the procedure which the board of directors considers necessary or desirable. On receipt of such certification,
the person specified in the certification shall be regarded as, for the purposes set forth in the certification, the stockholder
of record of the specified stock in place of the stockholder who makes the certification.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>INSPECTORS</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors or the chairman or co-chairmen of the meeting, as applicable, may, but need not, appoint one or more individual
inspectors or one or more entities that designate individuals as inspectors to act at the meeting or any adjournment thereof.
If an inspector or inspectors are not appointed, the person presiding at the meeting may, but need not, appoint one or more inspectors.
In case any person appointed as an inspector fails to appear or act, the vacancy may be filled by appointment made by the board
of directors in advance of the meeting or at the meeting by the chairman or co-chairmen of the meeting, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
inspectors, if any, shall determine the number of shares outstanding and the voting power of each, the shares represented at the
meeting, the existence of a quorum, the validity and effect of proxies, and shall receive votes, ballots or consents, hear and
determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or
consents, determine the result, and do such acts as are proper to conduct the election or vote fairly. Each such report shall
be in writing and signed by him or her or by a majority of them if there is more than one inspector acting at such meeting. If
there is more than one inspector, the report of a majority shall be the report of the inspectors. The report of the inspector
or inspectors on the number of shares represented at the meeting and the results of the voting shall be prima facie evidence thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NOMINATIONS AND STOCKHOLDER BUSINESS</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual
Meetings of Stockholders</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nominations
of individuals for election to the board of directors and the proposal of other business to be considered by the stockholders
may be made at an annual meeting of stockholders (A) pursuant to the Corporation&rsquo;s notice of such meeting; (B) by or at
the direction of the board of directors; or (C) by any stockholder of the Corporation who (i) was a stockholder of record both
at the time of giving of notice provided for in this Section 2.12(a) and at the time of the annual meeting in question; (ii) is
entitled to vote at such meeting in the election of each individual so nominated or on any such other business; and (iii) has
complied with the notice procedures set forth in this Section 2.12(a) as to such business or nomination (clause (C) shall be the
exclusive means for a stockholder to make nominations or submit other business (other than matters properly brought under Rule
14a-8 under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) and included in the Corporation&rsquo;s
notice of the meeting) before an annual meeting of stockholders).</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
qualification, for any nominations or other business to be properly brought at an annual meeting by a stockholder pursuant to
this paragraph (a)(2) or paragraph (a)(1) of this Section 2.12, the stockholder must give timely notice thereof in writing to
the secretary of the Corporation and such other business must otherwise be a proper matter for stockholder action. To be timely,
a stockholder&rsquo;s notice shall be delivered to the secretary at the principal executive office of the Corporation not earlier
than the 150<SUP>th</SUP> day nor later than 5:00 p.m., Eastern Time, on the 120<SUP>th</SUP> day prior to the first anniversary
of the date of mailing of the notice for the preceding year&rsquo;s annual meeting; provided, however, that in the event that
the date of the annual meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the preceding
year&rsquo;s annual meeting, notice by the stockholder to be timely must be so delivered not earlier than the 150<SUP>th</SUP>
day prior to the date of such annual meeting nor later than 5:00 p.m., Eastern Time, on the later of the 120<SUP>th</SUP> day
prior to the date of such annual meeting or, if the first public announcement of the date of such annual meeting is made less
than 130 days prior to the date of such annual meeting, the 10<SUP>th</SUP> day following the day on which public announcement
of the date of such meeting is first made. In no event shall the postponement or adjournment of an annual meeting, or the announcement
thereof, commence a new time period for the giving of a stockholder&rsquo;s notice as described above. To be in proper form, a
stockholder&rsquo;s notice (whether given pursuant to this Section 2.12(a)(2) or Section 2.12(b)) must: (a) set forth, as to each
person, if any, whom the stockholder proposes to nominate for election or re-election as a director (i) the name, age, business
address, and residence address of such person; the number of shares of each class or series of stock of the Corporation that are,
directly or indirectly, owned beneficially or of record by such person; and all other information relating to such person that
would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of
proxies for election of directors in an election contest (even if an election contest is not involved), or is otherwise required
pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder (including such person&rsquo;s
written consent to being named in the proxy statement as a nominee and to serving as a director if elected); and (ii) a description
of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the past
three years, and any other material relationships, between or among such stockholder and beneficial owner, if any, on whose behalf
the nomination is made, and their respective affiliates and associates, or others acting in concert therewith, on the one hand,
and each proposed nominee, and his or her respective affiliates and associates, or others acting in concert therewith, on the
other hand, including, without limitation all information that would be required to be disclosed pursuant to Rule 404 promulgated
under Regulation S-K if the stockholder making the nomination and any beneficial owner on whose behalf the nomination is made,
if any, or any affiliate or associate thereof or person acting in concert therewith, were the &ldquo;registrant&rdquo; for purposes
of such rule and the nominee were a director or executive officer of such registrant; (b) with respect to each nominee for election
or re-election to the board of directors, include a completed and signed questionnaire, representation and agreement required
by Section 2.13; (c) if the notice relates to any business other than a nomination of a director or directors that the stockholder
proposes to bring before the meeting, set forth (i) a brief description of the business desired to be brought before the meeting,
the reasons for conducting such business at the meeting and any material interest of such stockholder and beneficial owner, if
any, on whose behalf the proposal is made, in such business and (ii) a description of all agreements, arrangements and understandings
between such stockholder and beneficial owner, if any, and any other person or persons (including their names) in connection with
the proposal of such business by such stockholder; (d) set forth, as to the stockholder giving the notice and the beneficial owner,
if any, on whose behalf the nomination or proposal is made, (i) the name and address of such stockholder as they appear on the
Corporation&rsquo;s books, and of such beneficial owner, if any; (ii) (A) the number of shares of each class or series of stock
of the Corporation that are, directly or indirectly, owned beneficially or of record by such stockholder and such beneficial owner,
(B) any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege
or a settlement payment or mechanism at a price related to any class or series of shares of the Corporation or with a value derived
in whole or in part from the value of any class or series of shares of the Corporation, whether or not such instrument or right
shall be subject to settlement in the underlying class or series of capital stock of the Corporation or otherwise (a &ldquo;Derivative
Instrument&rdquo;) directly or indirectly owned beneficially by such stockholder and any other direct or indirect opportunity
to profit or share in any profit derived from any increase or decrease in the value of shares of the Corporation, (C) any proxy,
contract, arrangement, understanding, or relationship pursuant to which such stockholder has a right to vote any shares of any
security of the Corporation, (D) any short interest in any security of the Corporation (for purposes of this Section 2.12 a person
shall be deemed to have a short interest in a security if such person directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise, has the opportunity to profit or share in any profit derived from any decrease in the
value of the subject security), (E) any rights to dividends on the shares of the Corporation owned beneficially by such stockholder
that are separated or separable from the underlying shares of the Corporation, (F) any proportionate interest in shares of the
Corporation or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which such stockholder
is a general partner or, directly or indirectly, beneficially owns an interest in a general partner and (G) any performance-related
fees (other than an asset-based fee) that such stockholder is entitled to based on any increase or decrease in the value of shares
of the Corporation or Derivative Instruments, if any, as of the date of such notice, including without limitation any such interests
held by members of such stockholder&rsquo;s immediate family sharing the same household (which information shall be supplemented
by such stockholder and beneficial owner, if any, not later than ten days after the record date for the meeting to disclose such
ownership as of the record date), and (iii) any other information relating to such stockholder and beneficial owner, if any, that
would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of
proxies for, as applicable, the proposal and/or for the election of directors in a contested election pursuant to Section 14 of
the Exchange Act and the rules and regulations promulgated thereunder; and (e) set forth, to the extent known by the stockholder
giving the notice, the name and address of any other stockholder supporting the nominee for election or reelection as a director
or the proposal of other business on the date of such stockholder&rsquo;s notice. In addition, the Corporation may require any
proposed nominee to furnish such other information as may reasonably be required by the Corporation to determine the eligibility
of such proposed nominee to serve as an independent director of the Corporation or that could be material to a reasonable stockholder&rsquo;s
understanding of the independence, or lack thereof, of such nominee.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in the second sentence of paragraph (a)(2) of this Section 2.12 to the contrary, in the event that the number of directors
to be elected to the board of directors is increased and there is no public announcement naming all of the nominees for directors
or specifying the size of the increased board of directors made by the Corporation at least 130 days prior to the first anniversary
of the date of mailing of the notice for the preceding year&rsquo;s annual meeting, a stockholder&rsquo;s notice required by this
Section 2.12(a) shall also be considered timely, but only with respect to nominees for any new positions created by such increase,
if it shall be delivered to the secretary at the principal executive offices of the Corporation no later than 5:00 p.m., Eastern
Time, on the 10th day following the day on which such public announcement is first made by the Corporation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Special
Meetings of Stockholders</U>. Only such business shall be conducted at a special meeting of stockholders as shall have been brought
before the meeting pursuant to the Corporation&rsquo;s notice of said meeting. Nominations of individuals for election to the
board of directors may be made at a special meeting of stockholders at which directors are to be elected pursuant to the Corporation&rsquo;s
notice of said meeting (i) by or at the direction of the board of directors or (ii) provided that such special meeting has been
called in accordance with Section 2.03 of this Article II for the purpose of electing directors, by any stockholder of the Corporation
who (A) is a stockholder of record both at the time of giving of notice provided for in this Section 2.12(b) and at the time of
the special meeting; (B) is entitled to vote at the meeting in the election of each individual so nominated; and (C) complied
with the notice procedures set forth in this Section 2.12(b). In the event the Corporation calls a special meeting of stockholders
for the purpose of electing one or more directors to the board of directors, any such stockholder may nominate an individual or
individuals (as the case may be) for election to such position as specified in the Corporation&rsquo;s notice of meeting, if the
stockholder&rsquo;s notice containing the information required by paragraph (a)(2) of this Section 2.12 with respect to any nomination
(including the completed and signed questionnaire, representation and agreement required by Section 2.13) shall be delivered to
the secretary at the principal executive offices of the Corporation not earlier than the 120<SUP>th</SUP> day prior to such special
meeting nor later than 5:00 p.m., Eastern Time, on the later of the 90<SUP>th</SUP> day prior to such special meeting or, if the
first public announcement of the date of such special meeting is made less than 100 days prior to the date of such special meeting,
the 10th day following the day on which public announcement is first made of the date of the special meeting and of the nominees
proposed by the board of directors to be elected at such meeting. In no event shall the postponement or adjournment of a special
meeting, or the announcement thereof, commence a new time period for the giving of a stockholder&rsquo;s notice as described above.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
information submitted pursuant to this Section 2.12 by any stockholder proposing a nominee for election as a director or any proposal
for other business at a meeting of stockholders shall be inaccurate in any material respect, such information may be deemed not
to have been provided in accordance with this Section 2.12. Any such stockholder shall notify the Corporation of any inaccuracy
or change (within two business days of becoming aware of such inaccuracy or change) in any such information. Upon written request
by the secretary or the board of directors, any such stockholder shall provide, within five business days of delivery of such
request (or such other period as may be specified in such request), (i) written verification, satisfactory, in the discretion
of the board of directors or any authorized officer of the Corporation, to demonstrate the accuracy of any information submitted
by the stockholder pursuant to this Section 2.12 and (ii) a written update of any information submitted by the stockholder pursuant
to this Section 2.12 as of an earlier date. If a stockholder fails to provide such written verification or written update within
such period, the information as to which written verification or a written update was requested may be deemed not to have been
provided in accordance with this Section 2.12.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
such individuals who are nominated in accordance with this Section 2.12 shall be eligible to serve as directors and only such
business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with this
Section 2.12. The chairman or co-chairman of the meeting shall have the power to determine whether a nomination or any business
proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 2.12, and,
if any proposed nomination or business is not in compliance with this Section 2.12, to declare that such defective nomination
or proposal, if any, be disregarded.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Section 2.12, the &ldquo;date of mailing of the notice&rdquo; shall have the same meaning as &ldquo;the date
of the company&rsquo;s proxy statement released to shareholders&rdquo; as used in Rule 14a-8(e) promulgated under the Exchange
Act, as interpreted by the Securities and Exchange Commission from time to time. &ldquo;Public announcement&rdquo; shall mean
disclosure in a press release reported by the Dow Jones News Service, Associated Press or comparable news service or in a document
publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d) of the Exchange
Act and the rules and regulations promulgated thereunder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing provisions of this Section 2.12, a stockholder shall also comply with all applicable requirements of state law and
the Exchange Act and the rules and regulations promulgated thereunder with respect to the matters set forth in this Section 2.12;
provided, however, that any references in this Section 2.12 to the Exchange Act or the rules promulgated thereunder are not intended
to and shall not limit the requirements applicable to nominations or proposals as to any other business to be considered pursuant
to Section 2.12(a)(1)(C) or Section 2.12(b). Nothing in this Section 2.12 shall be deemed to affect any rights of stockholders
to request inclusion of proposals in, or the right of the Corporation to omit a proposal from, the Corporation&rsquo;s proxy statement
pursuant to Rule 14a-8 under the Exchange Act. Nothing in this Section 2.12 shall require disclosure of revocable proxies received
by the stockholder pursuant to a solicitation of proxies after the filing of an effective Schedule 14A by such stockholder under
Section 14(a) of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SUBMISSION OF QUESTIONNAIRE; REPRESENTATION AND AGREEMENT</U>. To be eligible to be a nominee for election or re-election
as a director of the Corporation pursuant to Section 2.12(a)(1)(C), a person must deliver (in accordance with the time periods
prescribed for delivery of notice under Section 2.12) to the secretary of the Corporation at the principal executive office of
the Corporation a written questionnaire with respect to the background and qualification of such person and the background of
any other person or entity on whose behalf the nomination is being made (which questionnaire shall be provided by the secretary
upon written request) and a written representation and agreement (in the form provided by the secretary upon written request)
that such person (A) is not and will not become a party to (1) any agreement, arrangement or understanding with, and has not given
any commitment or assurance to, any person or entity as to how such person, if elected as a director of the Corporation, will
act or vote on any issue or question (a &ldquo;Voting Commitment&rdquo;) that has not been disclosed to the Corporation or (2)
any Voting Commitment that could limit or interfere with such person&rsquo;s ability to comply, if elected as a director of the
Corporation, with such person&rsquo;s duties under applicable law, (B) is not and will not become a party to any agreement, arrangement
or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement
or indemnification in connection with service or action as a director that has not been disclosed therein, and (C) in such person&rsquo;s
individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance,
if elected as a director of the Corporation, and will comply with all applicable publicly disclosed corporate governance, conflict
of interest, confidentiality and stock ownership and trading policies and guidelines of the Corporation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>VOTING BY BALLOT</U>. Voting on any question or in any election may be viva voce unless the presiding officer shall
order, or any stockholder shall demand, that voting be by ballot.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>EXEMPTION FROM CONTROL SHARE ACQUISITION STATUTE</U>. Notwithstanding any other provision of the Charter or these
bylaws or any contrary provision of law, the Maryland Control Share Acquisition Statute, found in Title 3, Subtitle 7 of the MGCL,
as amended from time to time, or any successor statute thereto, shall not apply to any acquisition of shares of stock of the Corporation
by any person. This section may be repealed, in whole or in part, at any time, whether before or after an acquisition of control
shares and, upon such repeal, may, to the extent provided by any successor bylaw, apply to any prior or subsequent control share
acquisition.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
III</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIRECTORS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GENERAL POWERS</U>. The business and affairs of the Corporation shall be managed under the direction of its board
of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NUMBER, TENURE AND QUALIFICATIONS</U>. At any regular meeting or at any special meeting called for that purpose, a
majority of the members then serving on the board of directors may establish, increase, or decrease the number of directors, provided
that, except as otherwise provided in the Charter, the number thereof shall never be less than the minimum number required by
the MGCL or the Charter (whichever is greater), nor more than the maximum number of directors set forth in the Charter, and further
provided that, except as may be provided in the terms of any preferred stock issued by the Corporation, the tenure of office of
a director shall not be affected by any decrease in the number of directors. Any director of the Corporation may resign at any
time by delivering his or her resignation to the board of directors, either co-chairman of the board or the secretary. Any resignation
shall take effect immediately upon its receipt or at such later time specified in the resignation. The acceptance of a resignation
shall not be necessary to make it effective unless otherwise stated in the resignation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ANNUAL AND REGULAR MEETINGS</U>. An annual meeting of the board of directors shall be held immediately after and at
the same place as the annual meeting of stockholders, no notice other than this bylaw being necessary. In the event such meeting
is not so held, the meeting may be held at such time and place as shall be specified in a notice given as hereinafter provided
for special meetings of the board of directors. The board of directors may provide, by resolution, the time and place, either
within or without the State of Maryland, for the holding of regular meetings of the board of directors without other notice than
such resolution.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SPECIAL MEETINGS</U>. Special meetings of the board of directors may be called by or at the request of either co-chairman
of the board or the president or by a majority of the board of directors. The person or persons authorized to call special meetings
of the board of directors may fix any place, either within or without the State of Maryland, as the place for holding any special
meeting of the board of directors called by them. The board of directors may provide, by resolution, the time and place for the
holding of special meetings of the board of directors without other notice than such resolution.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NOTICE</U>. Notice of any special meeting of the board of directors shall be delivered personally, or by telephone,
electronic mail, facsimile transmission, United States mail, or courier to each director at his business or residence address.
Notice by personal delivery, telephone, electronic mail, or facsimile transmission shall be given at least two days prior to the
meeting. Notice by United States mail shall be given at least five days prior to the meeting and shall be deemed to be given when
deposited in the United States mail properly addressed, with postage prepaid thereon. Telephone notice shall be deemed to be given
when the director or his agent is personally given such notice in a telephone call to which he or his agent is a party. Electronic
mail notice shall be deemed to be given upon transmission of the message to the electronic mail address given to the Corporation
by the director. Facsimile transmission notice shall be deemed to be given upon completion of the transmission of the message
to the number given to the Corporation by the director and receipt of a completed answer-back indicating receipt. Notice by courier
shall be deemed to be given when deposited with or delivered to a courier properly addressed. Neither the business to be transacted
at, nor the purpose of, any annual, regular or special meeting of the board of directors need be stated in the notice, unless
specifically required by statute or these bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>QUORUM</U>. A majority of the directors then serving shall constitute a quorum for transaction of business at any
meeting of the board of directors, provided that if less than a majority of such directors are present at said meeting, a majority
of the directors present may adjourn the meeting from time to time without further notice, and provided further that, if pursuant
to the Charter or these bylaws, the vote of a majority of a particular group of directors is required for action, a quorum must
also include a majority of such group. The directors present at a meeting which has been duly called and at which a quorum was
established may continue to transact business until adjournment, notwithstanding the withdrawal of enough directors to leave fewer
than required to establish a quorum.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.07.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>VOTING</U>. The action of the majority of the directors present at a meeting at which a quorum is present shall be
the action of the board of directors, unless the concurrence of a greater proportion is required for such action by the MGCL or
the Charter. If enough directors have withdrawn from a meeting to leave fewer than required to establish a quorum but the meeting
is not adjourned, the action of the majority of that number of directors necessary to constitute a quorum at such meeting shall
be the action of the board of directors, unless the concurrence of a greater proportion is required for such action by the MGCL
or the Charter.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.08.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ORGANIZATION</U>. At each meeting of the board of directors, the co-chairmen of the board or, in the absence of the
co-chairmen, the vice chairman of the board, if any, shall act as chairmen or chairman, as applicable. In the absence of each
of the co-chairmen and vice chairman of the board, the chief executive officer or, in the absence of the chief executive officer,
the president or, in the absence of the president, a director chosen by a majority of the directors present, shall act as chairman.
The secretary or, in his or her absence, an assistant secretary of the Corporation or, in the absence of the secretary and all
assistant secretaries, an individual appointed by the co-chairmen or chairman, as applicable, shall act as secretary of the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.09.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ACTION BY WRITTEN CONSENT OR BY ELECTRONIC TRANSMISSION; INFORMAL ACTION</U>. Any action required or permitted to
be taken at any meeting of the board of directors may be taken without a meeting, if a consent to such action is given in writing
or by electronic transmission by each director, and such consent is filed in paper or electronic form with the minutes of proceedings
of the board of directors.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>TELEPHONE MEETINGS</U>. Directors may participate in a meeting of the board of directors by means of a conference
telephone or other communications equipment if all persons participating in the meeting can hear each other at the same time.
Participation in a meeting by these means shall constitute presence in person at the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REMOVAL</U>. At any meeting of stockholders called expressly, but not necessarily solely, for that purpose, any director
or the entire board of directors may be removed, with or without cause, by a vote of the holders of a majority of the shares then
entitled to vote on the election of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>VACANCIES</U>. If for any reason any or all the directors cease to be directors, such event shall not terminate the
Corporation or affect these bylaws or the powers of the remaining directors hereunder (even if fewer than the statutory minimum
remain). Until such time as the Corporation becomes subject to Section 3-804(c) of the MGCL, a successor to fill a vacancy on
the board of directors that results from the removal of a director may be elected by either (a) the stockholders or (b) a majority
of the remaining directors, even if such majority is less than a quorum; any vacancy on the board of directors for any other cause
shall be filled by a majority of the remaining directors, even if such majority is less than a quorum; and any individual so elected
as director shall serve until the next annual meeting of stockholders and until his or her successor is elected and qualifies.
At such time as the Corporation becomes subject to Section 3-804(c) of the MGCL and except as may be provided by the board of
directors in setting the terms of any class or series of preferred stock, any vacancy on the board of directors may be filled
only by a majority of the remaining directors, even if the remaining directors do not constitute a quorum, and any director elected
to fill a vacancy shall serve for the remainder of the full term of the directorship in which the vacancy occurred and until a
successor is elected and qualifies. The Conflicts Committee (as defined and created by the Charter) shall nominate replacements
for vacancies among the Independent Directors positions.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>COMPENSATION</U>. The directors may, in the discretion of the board of directors, receive annual or monthly salary
for their services as directors, fixed sums per meeting and/or per visit to real property or other facilities owned or leased
by the Corporation, and/or for any service or activity performed or engaged in as directors on behalf of the Corporation. Directors
may be reimbursed for expenses of attendance, if any, at each annual, regular or special meeting of the board of directors or
of any committee thereof and for their reasonable out-of-pocket expenses, if any, in connection with each such meeting, property
visit, and/or other service or activity they performed or engaged in as directors on behalf of the Corporation. Nothing herein
contained shall be construed to preclude any director from serving the Corporation in any other capacity and receiving compensation
therefor.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>LOSS OF DEPOSITS</U>. No director shall be liable for any loss which may occur by reason of the failure of the bank,
trust company, savings and loan association, or other institution with whom monies or stock have been deposited.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SURETY BONDS</U>. Unless required by law, no director shall be obligated to give any bond or surety or other security
for the performance of any of his duties.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CERTAIN RIGHTS OF DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS</U>. The directors shall have no responsibility to devote
their full time to the affairs of the Corporation. For so long as the Corporation is externally advised, no officer or employee
of the Corporation who is affiliated with the advisor shall be expected to devote his full time to the efforts of the Corporation
unless he agrees in writing to do so. Any director or officer of the Corporation, in his personal capacity or in a capacity as
an affiliate, employee, or agent of any other person, or otherwise, may have business interests and engage in business activities
similar to, in addition to, or in competition with those of or relating to the Corporation, subject to the provisions of the Charter.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>RELIANCE</U>. Each director and officer of the Corporation shall, in the performance of his or her duties with respect
to the Corporation, be entitled to rely on any information, opinion, report or statement, including any financial statement or
other financial data, prepared or presented by an officer or employee of the Corporation whom the director or officer reasonably
believes to be reliable and competent in the matters presented, by a lawyer, certified public accountant or other person, as to
a matter which the director or officer reasonably believes to be within the person&rsquo;s professional or expert competence,
or, with respect to a director, by a committee of the board of directors on which the director does not serve, as to a matter
within its designated authority, if the director reasonably believes the committee to merit confidence.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>RATIFICATION</U>. The board of directors or the stockholders may ratify and make binding on the Corporation any action
or inaction by the Corporation or its officers to the extent that the board of directors or the stockholders could have originally
authorized the matter. Moreover, any action or inaction questioned in any stockholders&rsquo; derivative proceeding or any other
proceeding on the ground of lack of authority, defective or irregular execution, adverse interest of a director, officer or stockholder,
non-disclosure, miscomputation, the application of improper principles or practices of accounting, or otherwise, may be ratified,
before or after judgment, by the board of directors or by the stockholders, and if so ratified, shall have the same force and
effect as if the questioned action or inaction had been originally duly authorized, and such ratification shall be binding upon
the Corporation and its stockholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned
action or inaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>EMERGENCY PROVISIONS</U>. Notwithstanding any other provision in the Charter or these bylaws, this Section 3.19 shall
apply during the existence of any catastrophe, or other similar emergency condition, as a result of which a quorum of the board
of directors under Article III of these bylaws cannot readily be obtained (an &ldquo;Emergency&rdquo;). During any Emergency,
unless otherwise provided by the board of directors, (a) a meeting of the board of directors or a committee thereof may be called
by any director or officer by any means feasible under the circumstances; (b) notice of any meeting of the board of directors
during such an Emergency may be given less than 24 hours prior to the meeting to as many directors and by such means as may be
feasible at the time, including publication, television or radio, and (c) the number of directors necessary to constitute a quorum
shall be one-third of the entire board of directors.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
IV&nbsp;</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMITTEES</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>NUMBER, TENURE AND QUALIFICATIONS</U>. The board of directors may designate an Executive Committee, an Audit Committee,
a Conflicts Committee and other committees composed of at least one director.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>COMPOSITION</U>. Except as provided in the Charter, such committees shall serve at the pleasure of the board of directors.
The members of the Conflicts Committee and Audit Committee shall at all times consist solely of Independent Directors, and the
majority of the members of all committees shall be Independent Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>MEETINGS</U>. Notice of committee meetings shall be given in the same manner as notice for special or regular meetings
of the board of directors. Proper notice of any meeting of the board of directors shall also constitute notice of a meeting of
the Conflicts Committee that may be held contemporaneously and/or immediately following the board meeting. A majority of the members
of the committee shall constitute a quorum for the transaction of business at any meeting of the committee. Except as provided
in these bylaws, the act of a majority of the committee members present at a meeting shall be the act of such committee. The board
of directors may designate a chairman of any committee, and such chairman or, in the absence of a chairman, any two members of
any committee may fix the time and place of its meeting unless the board shall otherwise provide. In the absence of any member
of any such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint another
director to act in the place of such absent member. Each committee shall keep minutes of its proceedings.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>TELEPHONE MEETINGS</U>. Members of a committee of the board of directors may participate in a meeting by means of
a conference telephone or other communications equipment if all persons participating in the meeting can hear each other at the
same time. Participation in a meeting by these means shall constitute presence in person at the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ACTION BY WRITTEN CONSENT OR BY ELECTRONIC TRANSMISSION; INFORMAL ACTION</U>. Any action required or permitted to
be taken at any meeting of a committee of the board of directors may be taken without a meeting, if a consent to such action is
given in writing or by electronic transmission by each member of the committee and such consent is filed in paper or electronic
form with the minutes of proceedings of such committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>VACANCIES</U>. Subject to the provisions hereof, and the Charter, the board of directors shall have the power at any
time to change the membership of any committee, to fill any vacancy, to designate an alternate member to replace any absent or
disqualified member or to dissolve any such committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
V&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OFFICERS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>GENERAL PROVISIONS</U>. The officers of the Corporation shall include a president, a secretary and a treasurer and may
include co-chairmen of the board, a vice chairman of the board, one or more vice presidents, a chief operating officer, a chief
financial officer, one or more assistant secretaries and one or more assistant treasurers. In addition, the board of directors
may from time to time elect such other officers with such powers and duties as they shall deem necessary or desirable. The officers
of the Corporation shall be elected annually by the board of directors at the first meeting of the board of directors held after
each annual meeting of stockholders, except that the president may from time to time appoint one or more vice presidents, assistant
secretaries and assistant treasurers. If the election of officers shall not be held at such meeting, such election shall be held
as soon thereafter as may be convenient. Each officer shall hold office until his successor is elected and qualifies or until
his death or his resignation or removal in the manner hereinafter provided. Any two or more offices, except president and vice
president, may be held by the same person. In its discretion, the board of directors may leave unfilled any office except that
of president, treasurer and secretary. Election of an officer or agent shall not of itself create contract rights between the
Corporation and such officer or agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REMOVAL AND RESIGNATION</U>. Any officer or agent of the Corporation may be removed by the board of directors if in
its judgment the best interests of the Corporation would be served thereby, but such removal shall be without prejudice to the
contract rights, if any, of the person so removed. Any officer of the Corporation may resign at any time by delivering his resignation
to the board of directors, the chairman or either co-chairman of the board, as applicable, the president or the secretary. Any
resignation shall take effect at the time specified therein or, if the time when it shall become effective is not specified therein,
immediately upon its receipt. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated
in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>VACANCIES</U>. A vacancy in any office may be filled by the board of directors or, to the extent permitted in Section
5.01, the president for the balance of the term.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>CHIEF EXECUTIVE OFFICER</U>. The board of directors may designate a chief executive officer. In the absence of such
designation, the president shall be the chief executive officer of the Corporation. The chief executive officer shall have general
responsibility for implementation of the policies of the Corporation, as determined by the board of directors, and for the management
of the business and affairs of the Corporation. He may execute any deed, mortgage, bond, contract or other instrument, except
in cases where the execution thereof shall be expressly delegated by the board of directors or by these bylaws to some other officer
or agent of the Corporation or shall be required by law to be otherwise executed; and in general shall perform all duties incident
to the office of chief executive officer and such other duties as may be prescribed by the board of directors from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>CHIEF OPERATING OFFICER</U>. The board of directors may designate a chief operating officer. The chief operating
officer shall have the responsibilities and duties as determined by the board of directors or the chief executive officer.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>CHIEF FINANCIAL OFFICER</U>. The board of directors may designate a chief financial officer. The chief financial
officer shall have the responsibilities and duties as determined by the board of directors or the chief executive officer.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.07.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>CHAIRMAN OR CO-CHAIRMEN OF THE BOARD</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors may designate a chairman or co-chairmen of the board. The chairman or co-chairmen of the board, as applicable,
shall preside over the meetings of the board of directors and, unless the board of directors designates another officer to so
preside, meetings of the stockholders at which he or they shall be present. The chairman or co-chairman of the board, as applicable,
shall perform such other duties as may be assigned to him or them by the board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
and until a Chairman Right Termination Event occurs, Jeffrey S. Edison shall serve as the chairman of the board of directors until
the third (3rd) anniversary of [<I>date of bylaw amendment</I>], 2017. &ldquo;Chairman Right Termination Event&rdquo; shall mean
any of (i) the death or total physical disability of Jeffrey S. Edison or the entry by a court of competent jurisdiction adjudicating
Jeffrey S. Edison incompetent to manage his person or his estate, (ii) Jeffrey S. Edison&rsquo;s termination for &ldquo;Cause&rdquo;
as defined in that certain [Executive Severance Agreement, dated [ &#9679; ], by and between Jeffrey S. Edison and [ &#9679; ]],
(iii) Jeffrey S. Edison has sold, pledged, donated, gifted or otherwise transferred more than thirty-five percent (35%) in the
aggregate of the OP Units of Phillips Edison Grocery Center Operating Partnership I, L.P. (and any shares of the Corporation&rsquo;s
common stock he receives in exchange therefor) that he beneficially owned as of [<I>date of closing</I>], 2017 (other than to
his affiliates; provided, however, that beneficial ownership of the OP Units continues to be held by Jeffrey S. Edison, his family
or estate-planning entities controlled by Jeffrey S. Edison), (iv) the listing of shares of the Corporation&rsquo;s common stock
on a national securities exchange, or (v) Jeffrey S. Edison no longer serves as a member of the board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
Article XIII or any other provision of these bylaws, Section 5.07 of these bylaws may not be amended, altered, repealed or replaced
for so long as Jeffrey S. Edison remains a member of the board of directors of the Corporation without the affirmative vote of
Jeffrey S. Edison.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.08.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>PRESIDENT</U>. In the absence of a chief executive officer, the president shall in general supervise and control all
of the business and affairs of the Corporation. In the absence of a designation of a chief operating officer by the board of directors,
the president shall be the chief operating officer. He may execute any deed, mortgage, bond, contract or other instrument, except
in cases where the execution thereof shall be expressly delegated by the board of directors or by these bylaws to some other officer
or agent of the Corporation or shall be required by law to be otherwise executed; and in general shall perform all duties incident
to the office of president and such other duties as may be prescribed by the board of directors from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.09.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>VICE PRESIDENTS</U>. In the absence of the president or in the event of a vacancy in such office, the vice president
(or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election
or, in the absence of any designation, then in the order of their election) shall perform the duties of the president and when
so acting shall have all the powers of and be subject to all the restrictions upon the president; and shall perform such other
duties as from time to time may be assigned to him by the president or the board of directors. The board of directors may designate
one or more vice presidents as executive vice president, senior vice president or vice president for particular areas of responsibility.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>SECRETARY</U>. The secretary shall (a) keep the minutes of the proceedings of the stockholders, the board of directors
and committees of the board of directors in one or more books provided for that purpose; (b) see that all notices are duly given
in accordance with the provisions of these bylaws or as required by law; (c) be custodian of the corporate records and of the
seal of the Corporation; (d) keep a register of the post office address of each stockholder which shall be furnished to the secretary
by such stockholder; (e) have general charge of the share transfer books of the Corporation; and (f) in general perform such other
duties as from time to time may be assigned to him by the chief executive officer, the president or the board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>TREASURER</U>. The treasurer shall have the custody of the funds and securities of the Corporation and shall keep
full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys and
other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the board
of directors. In the absence of a designation of a chief financial officer by the board of directors, the treasurer shall be the
chief financial officer of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
treasurer shall disburse the funds of the Corporation as may be ordered by the board of directors, taking proper vouchers for
such disbursements, and shall render to the president and board of directors, at the regular meetings of the board of directors
or whenever it may so require, an account of all his transactions as treasurer and of the financial condition of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>ASSISTANT SECRETARIES AND ASSISTANT TREASURERS</U>. The assistant secretaries and assistant treasurers, in general,
shall perform such duties as shall be assigned to them by the secretary or treasurer, respectively, or by the president or the
board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Section
5.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>COMPENSATION</U>. The compensation of the officers shall be fixed from time to time by the board of directors and
no officer shall be prevented from receiving such compensation by reason of the fact that he is also a director.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
VI&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTRACTS,
LOANS, CHECKS AND DEPOSITS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CONTRACTS</U>. The board of directors may authorize any officer or agent to enter into any contract or to execute
and deliver any instrument in the name of and on behalf of the Corporation and such authority may be general or confined to specific
instances. Any agreement, deed, mortgage, lease or other document shall be valid and binding upon the Corporation when authorized
or ratified by action of the board of directors and executed by an authorized person.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CHECKS AND DRAFTS</U>. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness
issued in the name of the Corporation shall be signed by such officer or agent of the Corporation in such manner as shall from
time to time be determined by the board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>DEPOSITS</U>. All funds of the Corporation not otherwise employed shall be deposited from time to time to the credit
of the Corporation as the board of directors, the chief executive officer, the chief financial officer or any other officer designated
by the board of directors may determine.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
VII&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STOCK</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CERTIFICATES</U>. Unless otherwise provided by the board of directors, the Corporation shall not issue stock certificates.
In the event that the Corporation issues shares of stock represented by certificates, such certificates shall be in such form
as prescribed by the board of directors or a duly authorized officer, shall contain the statements and information required by
the MGCL and shall be signed by the officers of the Corporation in the manner permitted by the MGCL. In the event that the Corporation
issues shares of stock without certificates, to the extent then required by the MGCL, the Corporation shall provide to the record
holders of such shares a written statement of the information required by the MGCL to be included on stock certificates. There
shall be no differences in the rights and obligations of stockholders based on whether or not their shares are represented by
certificates. If a class or series of stock is uncertificated, no stockholder shall be entitled to a certificate or certificates
representing any shares of such class or series of stock held by such stockholder unless otherwise determined by the board of
directors and then only upon written request by such stockholder to the secretary of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>TRANSFERS; REGISTERED STOCKHOLDERS</U>. Transfers of shares of any class of stock will be subject in all respects
to the Charter and all of the terms and conditions contained therein. The Corporation shall be entitled to treat the holder of
record of any share of stock as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or
other claim to or interest in such share or on the part of any other person, whether or not it shall have express or other notice
thereof, except as otherwise provided by the laws of the State of Maryland. All transfers of shares of stock shall be made on
the books of the Corporation, by the holder of the shares, in person or by his attorney, in such manner as the board of directors
or any officer of the Corporation may prescribe and, if such shares are certificated, upon surrender of certificates duly endorsed.
The issuance of a new certificate upon the transfer of certificated shares is subject to the determination of the board of directors
that such shares shall no longer be represented by certificates. Upon the transfer of uncertificated shares, to the extent then
required by the MGCL, the Corporation shall provide to record holders of such shares a written statement of the information required
by the MGCL to be included on stock certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REPLACEMENT CERTIFICATES</U>. The Corporation shall issue a new certificate in place of any certificate for shares
previously issued if the registered owner of the certificate satisfies the following requirements:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Claim</U>.
The registered owner makes proof in affidavit form that a previously issued certificate for shares has been lost, destroyed, stolen
or mutilated;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Timely
Request</U>. The registered owner requests the issuance of a new certificate before the Corporation has notice that the certificate
has been acquired by a purchaser for value in good faith and without notice of an adverse claim;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Bond</U>.
Unless otherwise determined by an officer of the Corporation, the registered owner gives a bond in such form, and with such surety
or sureties, with fixed or open penalty, as the board of directors may direct, in its discretion, to indemnify the Corporation
(and its transfer agent and registrar, if any) against any claim that may be made on account of the alleged loss, destruction,
or theft of the certificate; and</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Requirements</U>. The registered owner satisfies any other reasonable requirements imposed by the board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
a certificate has been lost, destroyed, stolen or mutilated and the stockholder of record fails to notify the Corporation within
a reasonable time after he has notice of it, if the Corporation registers a transfer of the shares represented by the certificate
before receiving such notification, the stockholder of record is precluded from making any claim against the Corporation for the
transfer or for a new certificate. In addition, if the shares represented by the certificate have ceased to be certificated, no
new certificate shall be issued unless requested in writing by the stockholder of record and the board of directors has determined
that such certificates may be issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Section
7.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>FIXING OF RECORD DATE</U>. The board of directors may set, in advance, a record date for the purpose of determining
stockholders entitled to notice of or to vote at any meeting of stockholders or determining stockholders entitled to receive payment
of any dividend or the allotment of any other rights, or in order to make a determination of stockholders for any other proper
purpose (such record date, in any case, may not be prior to the close of business on the day the record date is fixed and shall
be not more than 90 days before the date on which the meeting or particular action requiring such determination of stockholders
of record is to be held or taken).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
a record date for the determination of stockholders entitled to notice of and to vote at any meeting of stockholders has been
set as provided in this section, such record date shall continue to apply to the meeting if adjourned or postponed, except if
the meeting is adjourned to a date more than 120 days or postponed to a date more than 90 days after the record date originally
fixed for the meeting, in which case a new record date for such meeting may be determined as set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>STOCK LEDGER</U>. The Corporation shall maintain at one or more of its principal offices or at the office of its counsel,
accountants, or transfer agent, an original or duplicate share ledger containing the name and address of each stockholder and
the number of shares of each class held by such stockholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>FRACTIONAL STOCK; ISSUANCE OF UNITS</U>. The Corporation may issue fractional stock or provide for the issuance of
scrip, all on such terms and under such conditions as the board of directors may determine. Notwithstanding any other provision
of the Charter or these bylaws, the board of directors may issue units consisting of different securities of the Corporation.
Any security issued in a unit shall have the same characteristics as any identical securities issued by the Corporation, except
that the board of directors may provide that for a specified period securities of the Corporation issued in such unit may be transferred
on the books of the Corporation only in such unit.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
VIII</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACCOUNTING
YEAR</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors shall have the power, from time to time, to fix the fiscal year of the Corporation by a duly adopted resolution.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
IX</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISTRIBUTIONS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>AUTHORIZATION</U>. Dividends and other distributions upon the stock of the Corporation may be authorized by the board
of directors, subject to the provisions of law and the Charter. Dividends and other distributions may be paid in cash, property
or stock of the Corporation, subject to the provisions of law and the Charter.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CONTINGENCIES</U>. Before payment of any dividends or other distributions, there may be set aside out of any assets
of the Corporation available for dividends or other distributions such sum or sums as the board of directors may from time to
time, in its absolute discretion, think proper as a reserve fund for contingencies, for equalizing dividends, for repairing or
maintaining any property of the Corporation or for such other purpose as the board of directors shall determine, and the board
of directors may modify or abolish any such reserve.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
X</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENT
POLICY</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of the Charter, the board of directors may from time to time adopt, amend, revise or terminate any policy or
policies with respect to investments by the Corporation as it shall deem appropriate in its sole discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
XI</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEAL</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SEAL</U>. The board of directors may authorize the adoption of a seal by the Corporation. The seal shall contain
the name of the Corporation and the year of its incorporation and the words &ldquo;Incorporated Maryland.&rdquo; The board of
directors may authorize one or more duplicate seals and provide for the custody thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>AFFIXING SEAL</U>. Whenever the Corporation is permitted or required to affix its seal to a document, it shall be
sufficient to meet the requirements of any law, rule or regulation relating to a seal to place &ldquo;[SEAL]&rdquo; adjacent to
the signature of the person authorized to execute the document on behalf of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
XII</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WAIVER
OF NOTICE</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
any notice of a meeting is required to be given pursuant to the Charter or these bylaws or pursuant to applicable law, a waiver
thereof in writing or by electronic transmission, given by the person or persons entitled to such notice, whether before or after
the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor
the purpose of any meeting need be set forth in the waiver of notice, unless specifically required by statute. The attendance
of any person at any meeting shall constitute a waiver of notice of such meeting, except where such person attends a meeting for
the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
XIII</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDMENT
OF BYLAWS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to Section 5.07(c), the board of directors shall have the exclusive power to adopt, alter or repeal any provision of these bylaws
and to make new bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">EXHIBIT&nbsp;J</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Example
Specified Net Assets Calculation</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center; background-color: White">PELP ADJUSTED BALANCE SHEET - 3/31/2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: justify">Other Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: justify; padding-left: 0.25in">Cash &amp; Cash Equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">8,210,856</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Restricted Cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,596,126</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Accounts Receivable &ndash; Net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,910,825</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Accounts/Notes Receivable, Affiliates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,794,893</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Prepaid Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,892,952</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Investment in Affiliates &ndash; Other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,200,387</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Deposits &amp; Miscellaneous AR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">549,127</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Stated Value of New Properties Acquired</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Total Specified Assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">64,155,166</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: justify">Other Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Accounts Payable &ndash; Affiliates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">627,311</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Accounts Payable &amp; Accrued Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,049,431</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Accrued Interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,297,493</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Accrued Real Estate Taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,046,793</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Deferred Income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,568,701</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Accrued Insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,397,869</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Accrued Compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,162,462</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Accrued Equity Compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,338,057</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in">Security Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,823,033</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Total Specified Liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">36,311,150</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Specified Net Assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; font-weight: bold; text-align: right">27,844,016</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">EXHIBIT
K</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Knowledge</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Contributors</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Jeff
Edison</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Devin
Murphy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Bob
Myers</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mark
Addy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tanya
Brady</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Contributed
Companies</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Jeff
Edison</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Devin
Murphy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Bob
Myers</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mark
Addy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tanya
Brady</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">EXHIBIT
L</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>LICENSE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This LICENSE AGREEMENT (this
&ldquo;<U>Agreement</U>&rdquo;) dated as of ____________, 2017, (the &ldquo;<U>Effective Date</U>&rdquo;) is entered into by and
between PECO Real Estate Partners (&ldquo;<U>Licensee</U>&rdquo;) and Phillips Edison Grocery Center Operating Partnership&nbsp;I,
L.P. (&ldquo;<U>Licensor</U>&rdquo;). Licensee and Licensor shall each be referred to as a &ldquo;<U>Party</U>&rdquo; and collectively
the &ldquo;<U>Parties</U>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to that certain
Contribution Agreement, dated as of May 18, 2017 (the &ldquo;<U>Signing Date</U>&rdquo;) (such agreement, the &ldquo;<U>Contribution
Agreement</U>&rdquo;), by and among the Contributors listed on Exhibit A thereto (each, a &ldquo;<U>Contributor</U>&rdquo;), Licensor,
Jeffrey S. Edison, and the other parties set forth therein, each Contributor transferred substantially all of their respective
assets to Licensor;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to the terms
of the Contribution Agreement, Contributors agreed to transferred and assigned to Licensor any right, title and interest that Contributors
may have in and to the name &ldquo;PECO&rdquo; (the &ldquo;<U>Licensed Name</U>&rdquo;), subject to Licensor agreeing to grant
a royalty-free, fully-paid up, perpetual license in the Licensed Name back to Licensee hereunder;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Licensee has been
using the Licensed Name in connection with the operation of its business prior to the Effective Date;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, in connection with
such assignment of the Licensed Name as contemplated in the Contribution Agreement, Licensor agreed to grant to Licensee the right
to use the Licensed Name as set forth herein;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the foregoing, the covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereto, intending to be legally bound, agree as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>License Grant</U>. Licensor, on behalf of itself and any of its affiliates that may have any rights in and to the Licensed
Names, hereby grants to Licensee a perpetual, non-exclusive, non-transferable (except as permitted in Section 5(d)), non-assignable
(except as permitted in Section 5(d)), non-sublicensable, royalty-free, fully paid up, worldwide, irrevocable limited right and
license to use, reproduce and commercially exploit the Licensed Name in connection with the operation of its business (e.g., in
its corporate names, marketing and promotional materials, websites, domain names, social media pages, stationery, and similar uses)
(the &ldquo;<U>Licensed Use</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Protection and Ownership of Licensed Name Uses</U>.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Licensee acknowledges that certain goodwill and reputation may be associated with the Licensed Name and agrees to use the
Licensed Name only in a manner that maintains and promotes such goodwill and reputation, which use otherwise shall be a material
breach of this Agreement. Licensee shall cooperate with Licensor in facilitating the Licensor&rsquo;s control of the nature and
quality of the products and other uses of the Licensed Name, provided however that Licensor agrees that Licensee shall not require
Licensor&rsquo;s approval to use the Licensed Name for the Licensed Use in a manner that is materially consistent with how Licensee
was using the Licensed Name immediately prior to the Signing Date. Further, Licensee agrees that any use of the Licensed Name in
a manner that materially deviates from how such Licensed Name was used by Licensee immediately prior to the Signing Date will require
the prior written approval of Licensor, not to be unreasonably conditioned, delayed or withheld.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject to Section 2(c) below, Licensor shall, at its cost and expense, take all actions reasonably necessary to police,
protect and maintain any rights it or its affiliates may have in and to the Licensed Name. Licensees agree to reasonably cooperate
with Licensor, at Licensor&rsquo;s costs and expense, for purposes of securing and preserving Licensor&rsquo;s or its affiliates&rsquo;
rights in and the Licensed Name.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In the event that Licensor or its affiliates wish to abandon or cease using the Licensed Name, Licensor shall first provide
60 days&rsquo; written notice to Licensee before commencing such action (an &ldquo;<U>Abandonment Notice</U>&rdquo;). Thereafter,
Licensee shall have the right to receive an assignment of such Licensed Name as the new owner, which right may be exercised in
Licensee&rsquo;s sole discretion upon written notice to Licensor sent within 60 days after Licensee&rsquo;s receipt of the Abandonment
Notice.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term
and Termination</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall commence as of the Effective Date and continue in perpetuity, except if terminated pursuant to Section
3(b) or 3(c) below.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Licensee will have the right to terminate this Agreement, for any reason or no reason, upon 30 days written notice to Licensor.
Upon delivery of such written notice by Licensee to Licensor, all rights granted herein shall terminate.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each Party will have the right to terminate this Agreement if the other Party is in material breach of this Agreement and
such material breach has not been cured within thirty (30) days after written notice of such breach is received by the breaching
Party.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Parties rights and obligations under Sections 4 and 5 of this Agreement shall survive the termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>LIMITATION OF LIABILITY</U>. NO PARTY WILL BE LIABLE TO THE OTHER FOR ANY INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES,
ARISING OUT OF OR RELATED TO THIS AGREEMENT INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF BUSINESS PROFITS, BUSINESS INTERRUPTION,
LOSS OF BUSINESS INFORMATION, AND THE LIKE, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND WHETHER
OR NOT SUCH DAMAGE IS CAUSED BY NEGLIGENCE OF THE OTHER PARTY.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Independent Contractor</U>. The Parties are and at all times shall be and remain independent contractors as to each other,
and at no time shall either be deemed to be the agent or employee of the other. Nothing contained in this Agreement shall be deemed
to constitute a single employer, joint employer, co-employer, alter-ego, agency, partnership, joint venture or similar relationship
between the Parties. Further, neither Party will have the authority to, and will not, enter into any contract on behalf of the
other Party or any of its affiliates, or commit them to any obligation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Interpretation</U>. The titles, captions or headings of the Sections herein are inserted for convenience of reference
only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. All Exhibits attached hereto
are hereby incorporated in and made a part of this Agreement. For all purposes of and under this Agreement, (i)&nbsp;the word &ldquo;including&rdquo;
shall be deemed to be immediately followed by the words &ldquo;without limitation&rdquo;; (ii)&nbsp;words (including defined terms)
in the singular shall be deemed to include the plural and vice versa; (iii)&nbsp;words of one gender shall be deemed to include
the other gender as the context requires; (iv)&nbsp;&rdquo;or&rdquo; is not exclusive; and (v)&nbsp;the terms &ldquo;hereof,&rdquo;
&ldquo;herein,&rdquo; &ldquo;hereto,&rdquo; &ldquo;herewith&rdquo; and any other words of similar import shall, unless otherwise
stated, be construed to refer to this Agreement as a whole (including the Annexes and Schedules hereto) and not to any particular
term or provision of this Agreement, unless otherwise specified.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notices</U>. All notices or other communications required or permitted to be given hereunder shall be in writing and
shall be delivered by hand or sent by overnight courier service and shall be deemed given when received as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">To Licensor:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify">Phillips Edison Grocery Center Operating
Partnership&nbsp;I, L.P.<BR>
11501 Northlake Drive<BR>
Cincinnati, Ohio 45249<BR>
Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Counsel</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">To Licensee:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 2in; text-align: justify">PECO Real Estate
Partners<BR>
1790 BONANZA DRIVE, SUITE 201<BR>
PARK CITY, UTAH 84060<BR>
Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Operating Officer</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Successors and Assigns</U>. This Agreement shall be binding upon and inure to the benefit of each of the Parties hereunder
and their respective legal representatives, heirs, successors and permitted assigns and delegates, and neither this Agreement nor
any of the rights or obligations hereunder may be assigned by a Party without the other Party&rsquo;s prior written consent, which
consent will not be unreasonably conditioned, withheld or delayed, and provided further that failure by the non-assigning Party
to provide a written response within five (5) business days from the date of receipt of a request from the other Party for consent
to assign hereunder shall be deemed consent. Any attempted assignment in violation of this Agreement shall be null and void.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Counterparts</U>. This Agreement may be executed in one or more counterparts, including electronically in Adobe Portable
Document Format (.pdf), all of which shall be considered one and the same agreement, and shall become effective when one or more
such counterparts have been signed by each of the Parties and delivered to the other Parties.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Further Assurances</U>. Each Party must do, sign, execute, deliver and otherwise ensure that each of its employees and
agents does, signs, executes and delivers all Agreements, documents, instruments and acts reasonably required of it or them by
notice from another party effectively, to carry out and give full effect to this Agreement and the rights and obligations of the
parties under it.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Entire Agreement</U>. This Agreement constitutes the entire agreement between the Parties with respect to the subject
matter hereof and supersedes any other agreements, whether written or oral, that may have been made or entered into by or among
any of the Parties or any of their respective affiliates relating to the subject matter hereof. The Parties each hereby acknowledge
that this Agreement embodies the justifiable expectations of sophisticated parties derived from arm&rsquo;s-length negotiations,
and all Parties to this Agreement specifically acknowledge that no Party has any special relationship with another Party that would
justify any expectation beyond that of an ordinary buyer and an ordinary seller of services in an arm&rsquo;s-length transaction.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Amendments; Waiver</U>. This Agreement may be amended, supplemented or modified in whole or in part if, but only if,
such amendment, supplement or modification is in writing and is signed by each Party and specific reference to this Agreement is
made in such writing. Any provision of this Agreement may be waived if, but only if, such waiver is in writing and is signed by
the Party or Parties against whom enforcement of any such waiver is sought and specific reference to this Agreement is made in
such writing. The waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as a further
or continuing waiver of such breach or as a waiver of any other or subsequent breach. No failure on the part of any Party to exercise,
and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of such right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other
right, power or remedy.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Severability</U>. If any provision hereof (or any portion thereof) or the application of any such provision (or any portion
thereof) to any Party or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other provision hereof (or the remaining portion thereof)
or the application of such provision to any other Parties or circumstances.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Mutual Drafting</U>. The Parties have participated jointly in the negotiation and drafting of this Agreement and, if
an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the Parties
and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="text-transform: uppercase"><U>Governing Law</U>. </FONT>THIS AGREEMENT AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER
IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE TO THIS AGREEMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE
OF THIS AGREEMENT SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE<FONT STYLE="text-transform: uppercase">.</FONT></P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>WAIVER
OF TRIAL BY JURY</U>.&nbsp;EACH PARTY HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY LITIGATION OR OTHER COURT PROCEEDING WITH RESPECT
TO ANY MATTER ARISING FROM OR IN CONNECTION WITH THIS AGREEMENT.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies Cumulative</U>. The rights and remedies of the Parties under or pursuant to this Agreement are cumulative, and
no single or partial exercise by a Party of any right or remedy precludes or otherwise affects the exercise of any other right
or remedy to which that Party may be entitled.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Further Assurances</U>. If any further action is necessary, proper or desirable to carry out any purpose of this Agreement,
then each Party hereto will take such further action (including the execution and delivery of further documents) as the other Party
hereto reasonably requests to carry out such purpose. The foregoing will be at the expense of such requesting Party, except to
the extent such requesting Party is entitled to indemnification therefor or to the extent this Agreement otherwise allocates such
expense to the other Party.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">[Remainder of page intentionally left blank;<BR>
Signatures on following pages]</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the Parties
hereto have caused this Agreement to be executed and delivered as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><B><U>LICENSOR</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; width: 51%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><B>Phillips Edison Grocery Center Operating Partnership I, L.P.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif">By: Phillips Edison Grocery Center OP GP I LLC, its
        general partner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">By: Phillips Edison Grocery Center REIT
        I, Inc., its sole member</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">Name:&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">Title:</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><B><U>LICENSEE</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><B>PECO Real Estate Partners</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">By:</TD>
    <TD STYLE="font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">Name:</TD>
    <TD STYLE="font-family: Times New Roman,serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">Title:</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
