<SEC-DOCUMENT>0001144204-16-093488.txt : 20160408
<SEC-HEADER>0001144204-16-093488.hdr.sgml : 20160408
<ACCEPTANCE-DATETIME>20160408163035
ACCESSION NUMBER:		0001144204-16-093488
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20160404
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160408
DATE AS OF CHANGE:		20160408

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACADIA REALTY TRUST
		CENTRAL INDEX KEY:			0000899629
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232715194
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12002
		FILM NUMBER:		161563001

	BUSINESS ADDRESS:	
		STREET 1:		411 THEODORE FREMD AVENUE
		STREET 2:		SUITE 300
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914-288-8100

	MAIL ADDRESS:	
		STREET 1:		411 THEODORE FREMD AVENUE
		STREET 2:		SUITE 300
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARK CENTERS TRUST
		DATE OF NAME CHANGE:	19930329
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v436520_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">WASHINGTON, D.C. 20549</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>FORM 8-K</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Date of Report (Date of Earliest Event Reported):
April 4, 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>ACADIA REALTY
TRUST</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Maryland</U></B></FONT></TD>
    <TD STYLE="width: 34%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>1-12002</U></B></FONT></TD>
    <TD STYLE="width: 33%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>23-2715194</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State&nbsp;or&nbsp;other&nbsp;jurisdiction&nbsp;of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">incorporation)</P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission&nbsp;File&nbsp;Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S.&nbsp;Employer&nbsp;Identification&nbsp;No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>411 Theodore Fremd Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; border-top-width: 0in; border-top-color: Black"><B>Suite
300</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Rye, New York 10580</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>(914) 288-8100</B><BR>
(Registrant&rsquo;s telephone number, including area code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>N/A</B><BR>
(Former name or former address, if changed since last report)</P>

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

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

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

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

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

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

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

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

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 8.01. Other Events. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On April 4, 2016, Acadia Realty Trust (the &ldquo;Company&rdquo;)
announced that it commenced an underwritten public offering (the &ldquo;Offering&rdquo;) of 3,600,000 of its common shares of beneficial
interest (&ldquo;Common Shares&rdquo;) on a forward basis in connection with the Forward Sale Agreement (as defined below). Barclays
Capital Inc. and Citigroup Global Markets Inc. (in such capacity, together with Barclays Capital Inc., the &ldquo;Underwriters&rdquo;)
acted as underwriters for the Offering and have been granted a 30-day option to purchase up to an additional 540,000 Common Shares
(the &ldquo;Option to Purchase Additional Shares&rdquo;). A copy of that press release is attached as Exhibit 99.1 hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with the Offering, the Company
entered into (i) a Forward Sale Agreement dated April 4, 2016,(the &ldquo;Forward Sale Agreement&rdquo;) with an affiliate of Citigroup
Global Markets Inc. (such affiliate, the &ldquo;Forward Purchaser&rdquo;) and (ii) an Underwriting Agreement dated April 4, 2016
(the &ldquo;Underwriting Agreement&rdquo;) by and among the Company, Acadia Realty Limited Partnership, the Underwriters, Citigroup
Global Markets Inc., as agent for its affiliated Forward Purchaser (in such capacity, the &ldquo;Forward Seller&rdquo;), and the
Forward Purchaser, pursuant to which the Forward Seller borrowed from third parties and sold to the Underwriters an aggregate of
3,600,000 Common Shares, at $34.60 per share. If the Option to Purchase Additional Shares is exercised, additional Common Shares
will be sold by the Forward Seller to the Underwriters and the Company will enter into one or more Additional Forward Sale Agreements
with the Forward Purchaser in respect of the number of Common Shares that are subject to exercise of the Option to Purchase Additional
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On April 5, 2016 the Company announced the pricing
of the Offering. A copy of the press release related to the pricing is attached as Exhibit 99.2 hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the terms of
the Forward Sale Agreement, and subject to its right to elect cash or net share settlement, the Company expects to issue, upon
physical settlement of such Forward Sale Agreement, 3,600,000 Common Shares to the Forward Purchaser at the then-applicable forward
sale price. The Company expects to physically settle the Forward Sale Agreement in full, which settlement is expected to occur
on one or more dates no later April 10, 2017, subject to acceleration by the Forward Purchaser upon the occurrence of certain events.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Offering is described
in the prospectus supplement of the Company, dated April 4, 2016, together with the related prospectus, filed with the Securities
and Exchange Commission on May 2, 2014.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Underwriting Agreement
and Forward Sale Agreement contain various representations, warranties and agreements by the Company, conditions to closing, indemnification
rights and obligations of the parties and acceleration and termination provisions. The foregoing descriptions of the Underwriting
Agreement and Forward Sale Agreement are qualified in their respective entirety by the terms and conditions of the Underwriting
Agreement and Forward Sale Agreement, which are filed as Exhibits 1.1 and 1.2 hereto, respectively, and are incorporated herein
by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with the Offering, Venable LLP
delivered its legality opinion with respect to the Common Shares to be issued in the Offering. A copy of the legality opinion is
attached hereto as Exhibit 5.1 and is incorporated herein by reference.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Exhibit Number</FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 86%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Underwriting Agreement, dated April 4, 2016, by and among Acadia Realty Trust, Acadia Realty Limited Partnership, Barclays Capital Inc. and Citigroup Global Markets Inc., as underwriters, Citigroup Global Markets Inc., in its capacity as forward seller, and Citibank, N.A., as forward purchaser.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Forward Sale Agreement, dated April 4, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Venable LLP as to legality of the securities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Venable LLP (included in Exhibit 5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Press Release dated April 4, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Press Release dated April 5, 2016.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>ACADIA REALTY TRUST</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Date:&nbsp; April 8, 2016</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Jon Grisham</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Name:&nbsp; Jon Grisham</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Title:&nbsp; Senior Vice President and Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Exhibit Number</FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 86%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Exhibits</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 10pt">Underwriting Agreement, dated April 4, 2016, by and among Acadia Realty Trust, Acadia Realty Limited Partnership, Barclays Capital Inc. and Citigroup Global Markets Inc., as underwriters, Citigroup Global Markets Inc., in its capacity as forward seller, and Citibank, N.A., as forward purchaser.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Forward Sale Agreement, dated April 4, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Venable LLP as to legality of the securities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Venable LLP (included in Exhibit 5.1).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Press Release dated April 4, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Press Release dated April 5, 2016.</FONT></TD></TR>
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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>v436520_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">Exhibit 1.1</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">April 4, 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Barclays Capital Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">745 Seventh Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">New York, New York 10019</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Citigroup Global Markets Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">New York, New York 10013</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">As Representatives of the several Underwriters</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Introductory. </I>Acadia Realty Trust, a
Maryland real estate investment trust (the &ldquo;<U>Company</U>&rdquo;), and Citigroup Global Markets Inc. (in its capacity as
an agent and affiliate of the Forward Purchaser (as defined below), the &ldquo;<U>Forward Seller</U>&rdquo;), at the request of
the Company in connection with the Forward Sale Agreement (as defined below), confirm their respective agreements with you and
each of the several underwriters named in Schedule A (the &ldquo;<U>Underwriters</U>&rdquo;) with respect to (a) subject to Section&nbsp;11
hereof, the sale by the Forward Seller and the purchase by the Underwriters, acting severally and not jointly, of an aggregate
of 3,600,000 shares (the &ldquo;<U>Borrowed Underwritten Shares</U>&rdquo;) of common shares of beneficial interest, par value
$0.001 per share, of the Company (the &ldquo;<U>Common Shares</U>&rdquo;) and (b) the grant by the Company to the Underwriters,
acting severally and not jointly, of the option described in Section&nbsp;3(c) hereof to purchase all or any portion of an additional
540,000 Common Shares (the &ldquo;<U>Borrowed Option Shares</U>&rdquo;). The Company understands that the several Underwriters
propose to offer the Shares (as defined below) for sale upon the terms and conditions contemplated by (i) this Underwriting Agreement
(this &ldquo;<U>Agreement</U>&rdquo;) and (ii) the Base Prospectus (as defined in Section 1(b) hereof), any preliminary prospectus
supplement, any Permitted Free Writing Prospectus (as defined in Section 4(e) hereof) issued at or prior to the Applicable Time
(as defined in Section 1(b) hereof) and the information included on Schedule B hereto. Barclays Capital Inc. (&ldquo;<U>Barclays</U>&rdquo;)
and Citigroup Global Markets Inc. (&ldquo;<U>Citigroup</U>&rdquo;) are acting as the representatives (the &ldquo;<U>Representatives</U>&rdquo;)
in connection with the offering and sale of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Borrowed Underwritten Shares and the Company
Top-Up Underwritten Shares (as defined in Section 11(a) hereof) are herein referred to collectively as the &ldquo;<U>Underwritten
Shares</U>.&rdquo; The Borrowed Option Shares and the Company Top-Up Option Shares (as defined in Section 11(a) hereof) are herein
referred to collectively as the &ldquo;<U>Option Shares</U>.&rdquo; The Company Top-Up Underwritten Shares and the Company Top-Up
Option Shares are herein referred to collectively as the &ldquo;<U>Company Shares</U>.&rdquo; The Borrowed Underwritten Shares
and the Borrowed Option Shares are herein referred to collectively as the &ldquo;<U>Borrowed Shares</U>.&rdquo; The Underwritten
Shares and the Option Shares are herein referred to collectively as the &ldquo;<U>Shares</U>.&rdquo;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As used herein, &ldquo;<U>Forward Sale Agreement</U>&rdquo;
means the letter agreement dated the date hereof between the Company and Citibank, N.A. (the &ldquo;<U>Forward Purchaser</U>&rdquo;)
relating to the forward sale by the Company to the Forward Purchaser, subject to the Company&rsquo;s right to elect Cash Settlement
or Net Share Settlement (as such terms are defined in the Forward Sale Agreement), of a number of Common Shares equal to the number
of Borrowed Underwritten Shares sold by the Forward Seller pursuant to this Agreement, and the term &ldquo;Additional Forward Sale
Agreement&rdquo; has the meaning set forth in Section 3(c) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent there are no additional Underwriters
listed on Schedule A other than Barclays and Citigroup, the terms Representatives and Underwriters as used herein shall mean<I>
</I>Barclays and Citigroup, as Underwriters. The term Underwriters shall mean either the singular or plural as the context requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company, Acadia Realty Limited Partnership,
a Delaware limited partnership (the &ldquo;<U>Partnership</U>&rdquo;), for which the Company is the sole general partner, and the
Forward Seller hereby confirm their respective agreements with the Underwriters as follows:<SUP> </SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Representations
and Warranties of the Company and the Partnership</U></I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-decoration: none; text-indent: 0.5in">The Company and
the Partnership, jointly and severally, represent and warrant to the Underwriters, the Forward Purchaser and the Forward Seller
that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
The Company and the transactions contemplated by this Agreement meet all of the requirements for using Form S-3 under the Securities
Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;) pursuant to the standards for such form in effect currently and
immediately prior to October 21, 1992. The registration statement on Form S-3 (No. 333-195665), including any exhibits thereto
and any prospectus or prospectus supplement deemed a part thereof, each at the time of effectiveness (the &ldquo;<U>Registration
Statement</U>&rdquo;), filed by the Company with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) on
May 2, 2014 became effective upon filing with the Commission in accordance with Rule 462(e) of the rules and regulations of the
Commission under the Securities Act (the &ldquo;<U>Securities Act Regulations</U>&rdquo;) on May 2, 2014, and no stop order suspending
the effectiveness of the Registration Statement or any part thereof has been issued under the Securities Act and no proceedings
for that purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated by the Commission or
by the state securities authority of any jurisdiction, and any request on the part of the Commission for additional information
has been complied with. The Registration Statement was filed by the Company with the Commission not earlier than three years prior
to the date hereof. The Registration Statement is an &ldquo;automatic shelf registration statement,&rdquo; as defined in Rule 405
of the Securities Act Regulations. The Shares, since their registration on the Registration Statement, have been and remain eligible
for registration by the Company on the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(ii) (A) At the original effectiveness of the
Registration Statement, (B) at the time of the most recent amendment thereto for the purposes of complying with Section 10(a)(3)
of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;) or form of prospectus), (C)
at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c) of the Securities
Act Regulations) made any offer relating to the&nbsp; Shares in reliance on the exemption of Rule 163 of the Securities Act Regulations,
and (D) as of the execution of this Agreement, the Company was and is a &ldquo;well-known seasoned issuer,&rdquo; as defined in
Rule 405 of the Securities Act Regulations.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the respective times the Registration Statement and each amendment thereto became effective, at each deemed effective date with
respect to the Underwriters pursuant to Rule 430B(f)(2) of the Securities Act Regulations, at the Applicable Time, at the Closing
Date (as defined in Section 3(b) hereof) and at each Subsequent Closing Date (as defined in Section 3(c) hereof), if any, the Registration
Statement complied and will comply as to form in all material respects with the requirements of the Securities Act and the Securities
Act Regulations, and did not and will not contain an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading; <I>provided, however</I>, that this representation
and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the information concerning
the Underwriters, the Forward Purchaser or the Forward Seller furnished in writing to the Company by the Underwriters, the Forward
Purchaser or the Forward Seller expressly for use therein, it being understood and agreed that the only such information furnished
by any Underwriter, the Forward Purchaser or the Forward Seller consists of the information described as such in Section 9(b) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Neither the Prospectus (as defined in this Section
1(b)) nor any amendments or supplements thereto, at the time the Prospectus or any such amendment or supplement was issued, at
the Applicable Time, at the Closing Date and at each Subsequent Closing Date, if any, included or will include an untrue statement
of a material fact or omitted or will omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; <I>provided, however</I>, that this representation and warranty
shall not apply to any statements or omissions made in reliance upon and in conformity with the information concerning the Underwriters,
the Forward Purchaser or the Forward Seller furnished in writing to the Company by the Underwriters, the Forward Purchaser or the
Forward Seller expressly for use therein, it being understood and agreed that the only such information furnished by any Underwriter,
the Forward Purchaser or the Forward Seller consists of the information described as such in Section 9(b) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each prospectus (including the prospectus or
prospectuses, and any preliminary prospectus, filed as part of the Registration Statement or any amendment thereto) complied as
to form when so filed in all material respects with the Securities Act and the Securities Act Regulations and the Prospectus delivered
to the Underwriters for use in connection with this offering was identical to the electronically transmitted copies thereof filed
with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system (&ldquo;<U>EDGAR</U>&rdquo;), except
to the extent permitted by Regulation S-T.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of the Applicable Time, as of the Closing
Date and as of each Subsequent Closing Date, if any, the Disclosure Package (as defined in this Section 1(b)) did not include any
untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; <I>provided, however</I>, that this representation and warranty
shall not apply to any statements or omissions made in reliance upon and in conformity with the information concerning the Underwriters,
the Forward Purchaser or the Forward Seller furnished in writing to the Company by the Underwriters, the Forward Purchaser or the
Forward Seller expressly for use therein, it being understood and agreed that the only such information furnished by any Underwriter,
the Forward Purchaser or the Forward Seller consists of the information described as such in Section 9(b) hereof.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As used in this subsection and elsewhere in
this Agreement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Applicable Time</U>&rdquo; means 4:10
p.m. (New York City time) on April 4, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Base Prospectus</U>&rdquo; means the
base prospectus dated May 2, 2014 filed as part of the Registration Statement, as amended, in the form first furnished to the Underwriters
for use in connection with the offering of the Shares, including the documents incorporated by reference therein pursuant to Item
12 of Form S-3 under the Securities Act at the time of the execution of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Disclosure Package</U>&rdquo; means
the Base Prospectus, any preliminary prospectus supplement, as amended or supplemented, any Issuer Free Writing Prospectus (as
defined in this Section 1(b)) identified in Schedule 1(b), any other free writing prospectus that the parties hereto shall hereafter
expressly agree in writing to treat as part of the Disclosure Package and a schedule indicating the number of Shares being sold
and the price at which the Shares will be sold to the public, attached hereto as Schedule B.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Issuer Free Writing Prospectus</U>&rdquo;
means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 of the Securities Act Regulations (&ldquo;<U>Rule
433</U>&rdquo;), relating to the Shares that (i)&nbsp;is required to be filed with the Commission by the Company, (ii) is a &ldquo;road
show that is a written communication&rdquo; within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the
Commission or (iii)&nbsp;is exempt from filing pursuant to Rule 433(d)(5)(i)&nbsp;because it contains a description of the Shares
or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission
or, if not required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule 433(g).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Prospectus</U>&rdquo; means the Base
Prospectus, as supplemented by the Prospectus Supplement (as defined in this Section 1(b)), including the documents incorporated
therein pursuant to Item 12 of Form S-3 as of the date of such Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Prospectus Supplement</U>&rdquo; means
the most recent prospectus supplement relating to the Shares, to be filed by the Company with the Commission pursuant to Rule 424(b)
of the Securities Act Regulations, in the form furnished by the Company to the Underwriters in connection with the offering of
the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the offering of Shares
under this Agreement or until any earlier date that the Company notified or notifies the Representatives as described in the next
sentence, did not, does not and will not include any information that conflicted, conflicts or will conflict with the information
contained in the Registration Statement or the Prospectus, including any document incorporated by reference therein and any preliminary
or other prospectus deemed to be a part thereof, that has not been superseded or modified. If at any time following issuance of
an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing
Prospectus included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances, not misleading, the Company has notified or will notify
the Representatives promptly so that any use of such Issuer Free Writing Prospectus may cease until it is amended or supplemented.
The foregoing two sentences do not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in
conformity with written information furnished to the Company by the Underwriters, the Forward Purchaser or the Forward Seller expressly
for use therein.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
documents incorporated or deemed to be incorporated by reference into the Registration Statement, the Prospectus and the Disclosure
Package, at the time they were filed with the Commission, conformed in all material respects to the requirements of the Securities
Act and the Securities Act Regulations or the Exchange Act, and the rules and regulations of the Commission thereunder (the &ldquo;<U>Exchange
Act Regulations</U>&rdquo;), as applicable, and when read together with the information in the Prospectus and the Disclosure Package
(i) at the time the Registration Statement became effective, (ii) at the time each Prospectus was issued and first used, (iii)
at the Applicable Time, (iv) at the Closing Date and (v) at each Subsequent Closing Date, if any, none of such documents contained
an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the
statements therein not misleading; <I>provided, however</I>, that this representation and warranty shall not apply to any statements
or omissions made in reliance upon and in conformity with the information concerning the Underwriters, the Forward Purchaser or
the Forward Seller furnished in writing to the Company by the Underwriters, the Forward Purchaser or the Forward Seller expressly
for use therein, it being understood and agreed that the only such information furnished by any Underwriter, the Forward Purchaser
or the Forward Seller consists of the information described as such in Section 9(b) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has not distributed and will not distribute, prior to the later of the last Subsequent Closing Date (as defined in Section
3(c) hereof) and the completion of the Underwriters&rsquo; distribution of the Shares under this Agreement, any offering material
in connection with the offering and sale of the Shares other than a preliminary prospectus, the Prospectus or any Issuer Free Writing
Prospectus reviewed and consented to by the Representatives or included in Schedule 1(b) hereto or the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the Company and the Partnership.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Forward Sale Agreement has been, and any Additional Forward Sale Agreement will be, duly authorized, executed and delivered by,
and is a valid and binding agreement of, the Company and the Partnership.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no contracts or other documents required to be described in the Registration Statement, the Disclosure Package or the Prospectus
or to be filed as exhibits to the Registration Statement or any documents incorporated by reference that have not been described,
filed or incorporated by reference as required. The contracts so described in the Registration Statement, the Disclosure Package
and the Prospectus to which the Company is a party have been duly authorized, executed and delivered by the Company, constitute
valid and binding agreements of the Company, and are enforceable against and, to the Company&rsquo;s knowledge by, the Company
in accordance with their respective terms, except to the extent that the indemnification and contribution provisions set forth
in Section 9 of this Agreement may be limited by the federal and state securities laws and public policy considerations in respect
thereof, and except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
the enforceability of creditors&rsquo; rights generally. To the Company&rsquo;s knowledge, no other party is in material breach
of or material default under any of such contracts.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise disclosed in the Registration Statement, the Disclosure Package or the Prospectus, subsequent to the respective dates
as of which information is given in the Registration Statement, the Disclosure Package or the Prospectus: (i)&nbsp; there has been
no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the
condition, financial or otherwise, or in the earnings, shareholders&rsquo; equity, business, operations or prospects, whether or
not arising from transactions in the ordinary course of business, of the Company, the Partnership and their subsidiaries, considered
as one entity or a material adverse effect on the performance by the Company or, as applicable, the Partnership pursuant to this
Agreement or the consummation of any of the transactions contemplated hereby (any such change is called a &ldquo;<U>Material Adverse
Change</U>&rdquo;); (ii)&nbsp;the Company, the Partnership and their subsidiaries, considered as one entity, have not incurred
any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor entered into any
material transaction or agreement not in the ordinary course of business; and (iii)&nbsp;there has been no dividend or distribution
of any kind declared, set aside for payment, paid or made by the Company or the Partnership, except for dividends set aside for
payment or paid to the Company, the Partnership or any of their subsidiaries on any class of capital stock or repurchase or redemption
by the Company, the Partnership or any of their subsidiaries of any class of capital stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDO
USA, LLP, who has expressed its opinion with respect to certain financial statements (which term as used in this Agreement includes
the related notes and schedules, if any, thereto) and supporting schedules filed with the Commission and included or incorporated
by reference or deemed to be included or incorporated by reference in the Registration Statement, the Disclosure Package and the
Prospectus, is an independent registered public accounting firm as required by the Securities Act, the Exchange Act and the rules
and regulations of the Public Company Accounting Oversight Board.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
financial statements included or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus
present fairly the consolidated financial position of the Company and its subsidiaries as of and at the dates indicated and the
results of their operations and cash flows for the periods specified. The supporting schedules included or incorporated by reference
in the Registration Statement, the Disclosure Package and the Prospectus present fairly the information stated therein. Such financial
statements and supporting schedules comply as to form with the applicable accounting requirements of the Securities Act, the Exchange
Act, the Securities Act Regulations and the Exchange Act Regulations and have been prepared in conformity with generally accepted
accounting principles as applied in the United States applied on a consistent basis throughout the periods involved, except as
may be expressly stated in the related notes thereto. The pro forma financial statements and other pro forma financial information
included or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus include assumptions
that provide a reasonable basis for presenting the significant effects directly attributable to the transactions and events described
therein, the related pro forma adjustments give appropriate effect to those assumptions, and the pro forma adjustments reflect
the proper application of those adjustments to the historical financial statement amounts in the pro forma financial statements
included or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus. The pro forma financial
statements included or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus comply
as to form in all material respects with the applicable accounting requirements of the Commission&rsquo;s Regulation S-X under
the Act and the pro forma adjustments have been properly applied to the historical amounts in the compilation of those statements.
No other historical, pro forma or other financial statements or supporting schedules are required under applicable law, including
the Securities Act, the Securities Act Regulations, the Exchange Act and the Exchange Act Regulations, to be included or incorporated
by reference in the Registration Statement, the Disclosure Package and the Prospectus. The financial data included or incorporated
by reference in the Registration Statement, the Disclosure Package and the Prospectus fairly present the information set forth
therein on a basis consistent with that of the audited financial statements contained in the Company&rsquo;s most recent Annual
Report on Form 10-K. Any non-GAAP financial measures, as defined under Regulation G under the Securities Act, included in the Registration
Statement, the Disclosure Package and the Prospectus are permitted for use in documents filed with the Commission and are presented
in conformity with the Securities Act, the Securities Act Regulations, the Exchange Act and the Exchange Act Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company, the Partnership and their subsidiaries has been duly incorporated, formed or organized, as the case may be, and
is validly existing as a real estate investment trust, corporation, partnership, limited liability company or other legal entity
in good standing under the laws of the jurisdiction of its incorporation, organization or formation and has full real estate investment
trust, corporate, partnership or other power and authority to own, lease and operate its properties and to conduct its business
as described in the Registration Statement, the Disclosure Package and the Prospectus and, in the case of the Company and the Partnership,
to enter into and perform their respective obligations under this Agreement and to consummate the transactions contemplated herein.
Each of the Company, the Partnership and each of their subsidiaries is duly qualified as a foreign corporation or other legal entity
to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of
the ownership or leasing of property or the conduct of business, except for such jurisdictions where the failure to so qualify
or to be in good standing would not, individually or in the aggregate, result in a Material Adverse Change.<B> </B>All of the issued
and outstanding capital stock, membership interests, partnership interests or similar equity interests of each subsidiary have
been duly authorized and validly issued, are fully paid and non-assessable and the equity interests in each subsidiary which are
owned by the Company, directly or through subsidiaries, are free and clear of any security interest, mortgage, pledge, lien, encumbrance
or claim. The Company does not own or control, directly or indirectly, any corporation, association or other entity other than
the subsidiaries listed on Exhibit 21.1 of the Company&rsquo;s most recently filed Annual Report on Form 10-K, subject to any immaterial
additions and deletions (collectively, the &ldquo;<U>Subsidiaries</U>&rdquo;). There are no Subsidiaries, except for the Partnership,
Acadia Strategic Opportunity Fund II, LLC, Acadia Strategic Opportunity Fund III, LLC and Acadia Strategic Opportunity Fund IV
LLC, of the Company that meet the definition of &ldquo;significant subsidiaries&rdquo; under Regulation S-X under the Securities
Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
authorized, issued and outstanding capital shares of the Company are as described in the Registration Statement, the Disclosure
Package and the Prospectus (other than for subsequent issuances, if any, pursuant to this Agreement, employee benefit plans described
in the Registration Statement, the Disclosure Package and the Prospectus or upon exercise of outstanding options described in the
Registration Statement, the Disclosure Package and the Prospectus). The Common Shares (including the Shares) conform in all material
respects to the description thereof contained in the Registration Statement, the Disclosure Package and the Prospectus. All of
the issued and outstanding Common Shares have been duly authorized and validly issued, are fully paid and non-assessable and have
been offered, sold and issued in compliance with federal and state securities laws. The Company Shares, if any, to be issued and
sold by the Company hereunder have been duly and validly authorized and, upon being delivered to and paid for by the Underwriters
pursuant to this Agreement, the Company Shares will be validly issued, fully paid and non-assessable, free and clear of any security
interest, mortgage, pledge, lien, encumbrance or claim, and the issuance thereof is not subject to any preemptive or other rights
to subscribe for such Company Shares. All of the issued and outstanding units of limited partnership interest in the Partnership
(the &ldquo;<U>OP Units</U>&rdquo;) have been duly authorized by the Partnership. As of the date of this Agreement, the Company
is the sole general partner of the Partnership and owns OP Units representing an approximately 95% interest in the Partnership.
None of the outstanding Common Shares were issued in violation of any preemptive rights, rights of first refusal or other similar
rights to subscribe for or purchase securities of the Company, and the holders of the outstanding capital shares of the Company
are not entitled to preemptive or other rights to subscribe for the Shares. There are no authorized or outstanding options, warrants,
preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable
or exercisable for, any capital shares or ownership interests in the Company or any of its subsidiaries other than those accurately
described in the Registration Statement, the Disclosure Package and the Prospectus. The description of the Company&rsquo;s share
option, share bonus and other share plans or arrangements, and the options or other rights granted thereunder, set forth in the
Registration Statement, the Disclosure Package and the Prospectus accurately and fairly presents the information required to be
shown with respect to such plans, arrangements, options and rights. A number of Common Shares equal to two times the aggregate
Full Number of Shares (as such term is defined in the Forward Sale Agreement or the relevant Additional Forward Sale Agreement,
as applicable) have been duly authorized and reserved for issuance under the Forward Sale Agreement or the relevant Additional
Forward Sale Agreement, as applicable, and, when issued and delivered by the Company to the Forward Purchaser pursuant to the Forward
Sale Agreement or relevant Additional Forward Sale Agreement, as applicable, against payment of any consideration required to be
paid by the Forward Purchaser pursuant to the terms of such Forward Sale Agreement or relevant Additional Forward Sale Agreement,
as applicable, will be validly issued, fully paid and non-assessable, free and clear of any security interest, mortgage, pledge,
lien, encumbrance or claim, and the issuance thereof is not subject to any preemptive or other rights to subscribe for such Common
Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company, the Partnership nor any of their subsidiaries is in violation of its respective charter, declaration of trust, by-laws,
certificate of formation, partnership agreement, operating agreement or similar documents or is in default (or, with the giving
of notice or lapse of time, would be in default) (&ldquo;<U>Default</U>&rdquo;) under any indenture, mortgage, loan or credit agreement,
note, contract, franchise, lease or other agreement, obligation, condition, covenant or instrument to which the Company, the Partnership
or any of their subsidiaries is a party or by which it or any of them may be bound, or to which any of the property or assets of
the Company, the Partnership or any of their subsidiaries is subject (each, an &ldquo;<U>Existing Instrument</U>&rdquo;), except
for such Defaults as would not, individually or in the aggregate, result in a Material Adverse Change. The Company&rsquo;s and
the Partnership&rsquo;s execution, delivery and performance of this Agreement, the application of the proceeds from the sale of
the Shares as described under &ldquo;Use of Proceeds&rdquo; in the Disclosure Package and the Prospectus and the consummation of
the transactions contemplated hereby and thereby and by the Registration Statement (i)&nbsp;will not result in any violation of
the provisions of the respective charter, declaration of trust, by-laws, certificate of formation, partnership agreement, operating
agreement or similar documents of the Company, the Partnership or any subsidiary, (ii)&nbsp;will not conflict with or constitute
a breach of, or Default or a Debt Repayment Triggering Event (as defined in this Section 1(n)) under, or result in the creation
or imposition of any lien, charge or encumbrance upon any property or assets of the Company, the Partnership or any of their subsidiaries
pursuant to, or require the consent of any other party to, any Existing Instrument, except for such conflicts, breaches, Defaults,
Debt Repayment Triggering Events, liens, charges or encumbrances as would not, individually or in the aggregate, result in a Material
Adverse Change and (iii)&nbsp;will not result in any violation of any law, statute, rule, regulation, judgment, order or decree,
administrative regulation or administrative or court decree applicable to the Company, the Partnership or any subsidiary or any
of its or their property. No consent, approval, authorization or other order of, or registration or filing with, any court or other
governmental or regulatory authority or agency, is required for the Company&rsquo;s or the Partnership&rsquo;s execution, delivery
and performance of this Agreement, the Forward Sale Agreement or any Additional Forward Sale Agreement, and consummation of the
transactions contemplated hereby and by the Registration Statement and the Prospectus, except such consents, approvals, authorizations,
orders, filings, registrations or qualifications as may be required under applicable state securities or Blue Sky laws and from
the Financial Industry Regulatory Authority, Inc. (&ldquo;<U>FINRA</U>&rdquo;). As used herein, a &ldquo;<U>Debt Repayment Triggering
Event</U>&rdquo; means any event or condition which gives, or with the giving of notice or lapse of time would give, the holder
of any note, debenture or other evidence of indebtedness (or any person acting on such holder&rsquo;s behalf) the right to require
the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company, the Partnership or any of its
subsidiaries;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, there are no legal or governmental
actions, suits, investigations or proceedings pending or, to the best of the Company&rsquo;s or the Partnership&rsquo;s knowledge,
threatened (i)&nbsp;against or affecting the Company, the Partnership or any of their subsidiaries, (ii)&nbsp;that has as the subject
thereof any officer or trustee of, or property owned or leased by, the Company, the Partnership or any of their subsidiaries or
(iii)&nbsp;relating to environmental or discrimination matters, which would reasonably be expected to result in a Material Adverse
Change or adversely affect the consummation of the transactions contemplated by this Agreement. No material labor dispute with
the employees of the Company, the Partnership or any of their subsidiaries exists or, to the best of the Company&rsquo;s and the
Partnership&rsquo;s knowledge, is threatened or imminent, and neither the Company nor the Partnership is aware of any existing
or imminent labor disturbance by the employees at any of its or its subsidiaries&rsquo; principal suppliers, contractors or customers
that could result in a Material Adverse Change.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, the Partnership and their subsidiaries own or possess sufficient trademarks, trade names, patent rights, copyrights, domain
names, licenses, approvals, trade secrets and other similar rights (collectively, &ldquo;<U>Intellectual Property Rights</U>&rdquo;)
reasonably necessary to conduct their businesses as now conducted or as proposed to be conducted in the Registration Statement,
the Disclosure Package and the Prospectus, and the expected expiration of any of such Intellectual Property Rights would not result
in a Material Adverse Change. Neither the Company, the Partnership, nor any of their subsidiaries has received any notice of infringement
or conflict with asserted Intellectual Property Rights of others, which infringement or conflict, if the subject of an unfavorable
decision, would result in a Material Adverse Change. The Company and the Partnership are not parties to or bound by any options,
licenses or agreements with respect to the Intellectual Property Rights of any other person or entity that are required to be set
forth in the Registration Statement, the Disclosure Package and the Prospectus and are not described in all material respects.
None of the technology employed by the Company or the Partnership has been obtained or is being used by the Company or the Partnership
in violation of any contractual obligation binding on the Company, the Partnership or, to the Company&rsquo;s or the Partnership&rsquo;s
knowledge, any of their officers, trustees or employees or is otherwise in violation of the rights of any persons, except for violations
which would not, individually or in the aggregate, result in a Material Adverse Change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, the Partnership and each subsidiary possess such valid and current certificates, authorizations, licenses or permits issued
by the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct their respective businesses, except
where the failure to possess such certificate, authorizations or permits would not, individually or in the aggregate, result in
a Material Adverse Change, and neither the Company, the Partnership nor any of their subsidiaries has received any notice of proceedings
relating to the revocation or modification of, or non-compliance with, any such certificate, authorization, license or permit which,
singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could result in a Material Adverse Change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company, the Partnership and each of their subsidiaries owns or leases all such properties as are necessary to the conduct
of their respective operations as presently conducted. The Company, the Partnership and each of their subsidiaries has good and
marketable title to all the properties and assets reflected as owned in the Company&rsquo;s consolidated financial statements (and
schedules thereto) or elsewhere in the Registration Statement, the Disclosure Package and the Prospectus, in each case free and
clear of any security interests, mortgages, liens, encumbrances, equities, claims and other defects, except as disclosed in the
Registration Statement, the Disclosure Package and the Prospectus or where the existence of any security interest, mortgage, lien,
encumbrance, equity, claim or other defect would not, individually or in the aggregate, result in a Material Adverse Change. The
real property, improvements, equipment and personal property held under lease by the Company, the Partnership or any of their subsidiaries
are held under valid and enforceable leases, except where the invalidity or unenforceability of any leases would not, individually
or in the aggregate, result in a Material Adverse Change.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, the Partnership and their subsidiaries have filed all necessary federal, state, local and foreign income and franchise
tax returns or have properly requested extensions thereof and have paid all taxes required to be paid by any of them and, if due
and payable, any related or similar assessment, fine or penalty levied against any of them except as may be being contested in
good faith and by appropriate proceedings. To the knowledge of the Company, there is no tax deficiency likely to be asserted against
the Company, the Partnership or any of their subsidiaries. All tax liabilities, if any, of the Company, the Partnership and their
subsidiaries are adequately provided for on the respective books of the entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has met the requirements for qualification and taxation as a real estate investment trust (&ldquo;<U>REIT</U>&rdquo;) under
the Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;), as of the close of every taxable year during the
Company&rsquo;s existence, and the Company&rsquo;s current and proposed method of operation will enable it to continue to meet
the requirements for qualification and taxation as a real estate investment trust for federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Partnership and any subsidiary limited liability company or partnership, except Acadia Self Storage Management Investment
Company LLC, A-K JV I LLC and Acadia Fund IV Investments LLC, which have elected to be treated as taxable REIT subsidiaries, is
qualified as a partnership or a disregarded entity for federal income tax purposes and not as an association taxable as a corporation
or as a publicly traded partnership.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company and the Partnership is not, and after giving effect to the offer and sale of the Shares and the application of the
proceeds therefrom as described under &ldquo;Use of Proceeds&rdquo; in each of the Registration Statement, the Disclosure Package
and the Prospectus will not be required to be registered as, an &ldquo;investment company&rdquo; or a company &ldquo;controlled&rdquo;
by an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act of&nbsp;1940, as amended (the &ldquo;<U>Investment
Company Act</U>&rdquo;), and will conduct its business in a manner so that it will not become subject to the Investment Company
Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company, the Partnership and their subsidiaries are insured by recognized, financially sound and reputable institutions
with policies in such amounts and with such deductibles and covering such risks as are prudent and customary for their respective
businesses including, but not limited to, policies covering real and personal property owned or leased by the Company, the Partnership
and their subsidiaries against theft, damage, destruction, acts of vandalism and all other risks customarily insured against. All
such policies of insurance are in full force and effect. There are no claims by the Company, the Partnership or any of their subsidiaries
under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of
rights clause, except where such denial or defense would not, individually or in the aggregate, result in a Material Adverse Change.
Neither the Company, the Partnership nor any subsidiary has been refused insurance coverage sought or applied for and neither the
Company, the Partnership nor any subsidiary has reason to believe that it or any subsidiary will not be able (i)&nbsp;to renew
its existing insurance coverage as and when such policies expire or (ii)&nbsp;to obtain comparable coverage from similar institutions
as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not result in a Material Adverse
Change.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Partnership have not taken and will not take, directly or indirectly, any action designed to or that might be reasonably
expected to cause or result in, or which has constituted or which might reasonably be expected to constitute, the stabilization
or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares. The Company acknowledges
that the Underwriters may engage in passive market making transactions in the Common Shares in accordance with Regulation M under
the Exchange Act, in reliance upon the actively traded security exception to Rule 101 thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Common Shares are registered pursuant to Section 12(b) of the Exchange Act and have been approved for listing on the New York Stock
Exchange (the &ldquo;<U>NYSE</U>&rdquo;). As of the Closing Date, the Shares will be approved for listing on the NYSE, subject
only to official notice of issuance. The Company has taken no action designed to terminate the registration of the Common Shares
under the Exchange Act or cause the delisting of any such securities from the NYSE, nor has the Company received any notification
that the Commission or the NYSE is contemplating terminating such registration or listing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has not distributed and will not distribute any written offering material in connection with the offering and sale of the
Shares other than the Registration Statement, the Disclosure Package and the Prospectus. The Company will file with the Commission
any Issuer Free Writing Prospectuses in the time and manner required under Rule 433(d) under the Securities Act Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company, the Partnership nor any of their subsidiaries nor, to the knowledge of the Company or the Partnership, any trustee,
officer, agent, employee or affiliate of the Company, the Partnership or any of their subsidiaries is aware of or has taken any
action, directly or indirectly, that would result in a violation of such persons of the Foreign Corrupt Practices Act of 1977,
as amended, and the rules and regulations thereunder (the &ldquo;<U>FCPA</U>&rdquo;), including, without limitation, making use
of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay
or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything
of value to any &ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or any foreign political party or official
thereof or any candidate for foreign political office, in contravention of the FCPA and the Company, the Partnership, their subsidiaries
and, to the knowledge of the Company and the Partnership, their affiliates have conducted their businesses in compliance with the
FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue
to ensure, continued compliance therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no business relationships or related-party transactions involving the Company, the Partnership or any subsidiary of either
or any other person required to be described in any preliminary prospectus, the Registration Statement or the Prospectus that have
not been described as required.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and each of its subsidiaries have established and maintain disclosure controls and procedures (as such term is defined
in Rule 13a-15 under the Exchange Act Regulations); such disclosure controls and procedures are designed to ensure that the information
required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated and communicated
to management of the Company and its subsidiaries, including their respective principal executive officers and principal financial
officers, as appropriate, to allow timely decisions regarding required disclosure to be made; and such disclosure controls and
procedures are effective in all material respects to perform the functions for which they were established. Since the date of the
most recent balance sheet of the Company and its consolidated subsidiaries reviewed or audited by BDO USA, LLP and the audit committee
of the board of trustees of the Company, (i)&nbsp;the Company has not been advised of (A)&nbsp;any material weaknesses in the design
or operation of internal controls that would adversely affect the ability of the Company or any of its subsidiaries to record,
process, summarize and report financial data, or any material weaknesses in internal controls or (B)&nbsp;any fraud, whether or
not material, that involves management or other employees who have a significant role in the internal controls of the Company and
each of its subsidiaries, and (ii)&nbsp;since that date, there have been no changes in internal controls or in other factors that
would materially affect internal controls, including any corrective actions with regard to significant deficiencies and material
weaknesses. The Company, the Partnership and each of their subsidiaries maintain a system of internal accounting controls sufficient
to provide reasonable assurances that: (i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific
authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally
accepted accounting principles as applied in the United States and to maintain accountability for assets; (iii)&nbsp;access to
assets is permitted only in accordance with management&rsquo;s general or specific authorization; and (iv)&nbsp;the recorded accountability
for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any difference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the period of at least the last 12 calendar months prior to the date of this Agreement, the Applicable Time, the Closing Date and
any Subsequent Closing Date, the Company has filed with the Commission all documents and other material required to be filed pursuant
to Sections 13, 14 and 15(d) under the Exchange Act; during the period of at least the last 12 calendar months preceding the filing
of the Registration Statement or any post-effective amendment thereto, the Company has filed with the Commission all documents
and other material required to be filed pursuant to Sections 13, 14 and 15(d) under the Exchange Act.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as (x) otherwise described in the Registration Statement, the Disclosure Package and the Prospectus or (y) would not, individually
or in the aggregate, result in a Material Adverse Change: (i)&nbsp;neither the Company, the Partnership, nor any of their subsidiaries
is in violation of any federal, state, local or foreign law or regulation relating to pollution or protection of human health or
the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or
wildlife, including without limitation, laws and regulations relating to emissions, discharges, releases or threatened releases
of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum and petroleum products (collectively,
&ldquo;<U>Materials of Environmental Concern</U>&rdquo;), or otherwise relating to the manufacture, processing, distribution, use,
treatment, storage, disposal, transport or handling of Materials of Environmental Concern (collectively, &ldquo;<U>Environmental
Laws</U>&rdquo;), which violation includes, but is not limited to, noncompliance with any permits or other governmental authorizations
required for the operation of the business of the Company, the Partnership or their subsidiaries under applicable Environmental
Laws, or noncompliance with the terms and conditions thereof, nor has the Company, the Partnership or any of their subsidiaries
received any written communication, whether from a governmental authority, citizens group, employee or otherwise, that alleges
that the Company, the Partnership or any of their subsidiaries is in violation of any Environmental Law; (ii)&nbsp;there is no
claim, action or cause of action filed with a court or governmental authority, no investigation with respect to which the Company
or the Partnership has received written notice, and no written notice by any person or entity alleging potential liability for
investigatory costs, cleanup costs, governmental responses costs, natural resources damages, property damages, personal injuries,
attorneys&rsquo; fees or penalties arising out of, based on or resulting from the presence, or release into the environment, of
any Materials of Environmental Concern at any location owned, leased or operated by the Company, the Partnership or any of their
subsidiaries, now or in the past (collectively, &ldquo;<U>Environmental Claims</U>&rdquo;), pending or, to the best of the Company&rsquo;s
and the Partnership&rsquo;s knowledge, threatened against the Company, the Partnership or any of their subsidiaries or any person
or entity whose liability for any Environmental Claim the Company, the Partnership or any of their subsidiaries has retained or
assumed either contractually or by operation of law; and (iii)&nbsp;to the Company&rsquo;s and the Partnership&rsquo;s knowledge,
there are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation,
the release, emission, discharge, presence or disposal of any Materials of Environmental Concern, that reasonably could result
in a violation of any Environmental Law or form the basis of a potential Environmental Claim against the Company, the Partnership
or any of their subsidiaries or against any person or entity whose liability for any Environmental Claim the Company, the Partnership,
or any of their subsidiaries has retained or assumed either contractually or by operation of law. Except as set forth in the Registration
Statement, the Disclosure Package and the Prospectus, neither the Company, the Partnership nor any subsidiary has been named as
a &ldquo;potentially responsible party&rdquo; under the Comprehensive Environmental Responses Compensation and Liability Act of
1980, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the ordinary course of its business, the Company and the Partnership conduct a periodic review of the effect of Environmental Laws
on the business, operations and properties of the Company, the Partnership and their subsidiaries, in the course of which it identifies
and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required for
clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints
on operating activities and any potential liabilities to third parties). On the basis of such review and the amount of its established
reserves, the Company and the Partnership have reasonably concluded that such associated costs and liabilities would not, individually
or in the aggregate, result in a Material Adverse Change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, the Partnership and their subsidiaries and any &ldquo;Employee Benefit Plan&rdquo; (as defined under the Employee Retirement
Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, &ldquo;<U>ERISA</U>&rdquo;))
established or maintained by the Company, the Partnership and their subsidiaries or their ERISA Affiliates (as defined in this
Section 1(gg)) are in compliance in all material respects with ERISA. &ldquo;<U>ERISA Affiliate</U>&rdquo; means, with respect
to the Company, the Partnership or a subsidiary, any member of any group of organizations described in Sections&nbsp;414(b), (c),
(m) or (o) of the Code, of which the Company, the Partnership or such subsidiary is a member. No &ldquo;reportable event&rdquo;
(as defined under ERISA) has occurred or is reasonably expected to occur with respect to any Employee Benefit Plan established
or maintained by the Company, the Partnership, their subsidiaries or any of their ERISA Affiliates. No Employee Benefit Plan established
or maintained by the Company, the Partnership, their subsidiaries or any of their ERISA Affiliates, if such Employee Benefit Plan
were terminated, would have any &ldquo;amount of unfunded benefit liabilities&rdquo; (as defined under ERISA). Neither the Company,
the Partnership, their subsidiaries nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability
under (i)&nbsp;Title&nbsp;IV of ERISA with respect to termination of, or withdrawal from, any Employee Benefit Plan or (ii)&nbsp;Sections&nbsp;412,
4971, 4975 or 4980B of the Code. Each Employee Benefit Plan established or maintained by the Company, the Partnership, their subsidiaries
or any of their ERISA Affiliates that is intended to be qualified under Section&nbsp;401(a) of the Code is so qualified and nothing
has occurred, whether by action or failure to act, which would cause the loss of such qualification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, there is no broker, finder or other party
that is entitled to receive from the Company or the Partnership, any brokerage or finder&rsquo;s fee or other fee or commission
as a result of any transactions contemplated by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the original effectiveness of the Registration Statement, at the earliest time after the original effectiveness of the Registration
Statement that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the
Securities Act Regulations) of the Shares and as of the date of the execution and delivery of this Agreement (with such date being
used as the determination date for purposes of this clause), the Company was not and is not an &ldquo;ineligible issuer&rdquo;
(as defined in Rule 405 under the Securities Act), without taking account of any determination by the Commission pursuant to Rule
405 under the Securities Act Regulations that it is not necessary that the Company be considered an ineligible issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees
or indebtedness by the Company, the Partnership or any of their subsidiaries to or for the benefit of any of the officers or trustees
of the Company or any of their family members, except as disclosed in the Registration Statement, the Disclosure Package and the
Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Partnership have not been advised, and have no reason to believe, that they and each of their subsidiaries are
not conducting business in compliance with all applicable laws, rules and regulations of the jurisdictions in which it is conducting
business, except where failure to be so in compliance would not result in a Material Adverse Change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no transfer taxes or other similar fees or charges under federal law or the laws of any state, or any political subdivision
thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance or sale of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making
any other distribution on such subsidiary&rsquo;s capital stock, from repaying to the Company any loans or advances to such subsidiary
from the Company or from transferring any of such subsidiary&rsquo;s property or assets to the Company or any other subsidiary
of the Company, except as described in or contemplated by the Registration Statement, the Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is and has been no failure on the part of the Company and any of the Company&rsquo;s trustees or officers, in their capacities
as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection
therewith (the &ldquo;<U>Sarbanes-Oxley Act</U>&rdquo;), including Section 402 of the Sarbanes-Oxley Act related to loans and Sections
302 and 906 thereof related to certifications. The Company is in compliance with the current listing standards of the NYSE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
operations of the Company, the Partnership and their subsidiaries are and have been conducted at all times in compliance with applicable
financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended,
the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any governmental agency (collectively, the &ldquo;<U>Money Laundering Laws</U>&rdquo;)
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
the Company, the Partnership or any of their subsidiaries with respect to the Money Laundering Laws is pending or, to the best
knowledge of the Company or the Partnership threatened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company, the Partnership nor any of their subsidiaries nor, to the knowledge of the Company, the Partnership, any trustee,
officer, agent, employee or affiliate of the Company or the Partnership or any of their subsidiaries is currently subject to any
U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
limited partnership agreement of the Partnership, including any amendments thereto, has been duly and validly authorized, executed
and delivered by the Company and, to the best knowledge of the Company, all the partners of the Partnership and constitutes a valid
and binding agreement, enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors&rsquo; rights generally or by general principles of equity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company nor any of its subsidiaries nor, to the best of the Company&rsquo;s knowledge, any employee of the Company or any of
its subsidiaries, has made any contribution or other payment to any official of, or candidate for, any federal, state or foreign
office in violation of any law or of the character necessary to be disclosed in the Registration Statement, the Disclosure Package
and the Prospectus in order to make the statements therein, in the light of the circumstances under which such statements were
made, not misleading;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(ss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement is not the subject of a pending proceeding or examination under Section 8(d) or 8(e) of the Securities Act,
and the Company is not the subject of a pending proceeding under Section 8A of the Securities Act in connection with the offering
of the Shares.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(tt)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
statistical and market-related data included in the Registration Statement, the Disclosure Package and the Prospectus are based
on the Company&rsquo;s own research or derived from external sources that, in either case, the Company believes to be reliable
and accurate, and the Company has obtained the written consent to the use of such data from such sources to the extent required.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(uu)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has not relied upon the Underwriters or legal counsel for the Underwriters for any legal, tax or accounting advice in connection
with the offering and sale of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(vv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Common Shares are an &ldquo;actively traded security&rdquo; exempted from the requirements of Rule 101 of Regulation M under the
Exchange Act by subsection (c)(1) of such rule.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any certificate signed by an officer of the
Company or the Partnership and delivered to the Forward Seller, the Forward Purchaser, the Representatives or counsel for the Underwriters
shall be deemed to be a representation and warranty by the Company or the Partnership, as the case may be, to the Forward Seller,
the Forward Purchaser and each Underwriter as to the matters set forth therein as of the date or dates indicated in such certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Representations
and Warranties of the Forward Seller</U></I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Forward Seller represents and warrants
to, and agrees with, each Underwriter and the Company that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement has been duly authorized, executed and delivered by the Forward Seller and, at the Closing Date and at each Subsequent
Closing Date, if any, such Forward Seller will have full right, power and authority to sell, transfer and deliver the Borrowed
Underwritten Shares or the Borrowed Option Shares, as the case may be, to the extent that it is required to transfer such Borrowed
Shares hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Forward Sale Agreement has been, and each Additional Forward Sale Agreement, if any, will be, duly authorized, executed and delivered
by the Forward Purchaser and constitutes or will constitute, as applicable, a valid and binding agreement of such Forward Purchaser,
enforceable against such Forward Purchaser in accordance with its terms, except to the extent that enforceability thereof may be
limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating
to or affecting creditors&rsquo; rights generally and by general principles of equity (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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Forward Seller will, at the Closing Date and at each Subsequent Closing Date, if any, have the free and unqualified right to transfer
any Borrowed Underwritten Shares or Borrowed Option Shares, as the case may be, to the extent that it is required to transfer such
Borrowed Shares hereunder, free and clear of any security interest, mortgage, pledge, lien, charge, claim, equity or encumbrance
of any kind; and upon delivery of such Borrowed Shares and payment of the purchase price therefor as herein contemplated, assuming
each of the Underwriters has no notice of any adverse claim, each of the Underwriters will have the free and unqualified right
to transfer any such Borrowed Shares purchased by it from the Forward Seller, free and clear of any security interest, mortgage,
pledge, lien, charge, claim, equity or encumbrance of any kind.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Forward Seller represents and warrants to, and agrees with, each Underwriter that it is acting solely as an agent for the Forward
Purchaser in connection with the transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Purchase,
Sale and Delivery of the Shares</U>.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The
Underwritten Shares. </I>Each of the Forward Seller (with respect to the Borrowed Underwritten Shares) and the Company (with respect
to any Company Top-Up Underwritten Shares), severally and not jointly, agrees to sell to the several Underwriters the Underwritten
Shares upon the terms herein set forth. On the basis of the representations, warranties and agreements herein contained, and upon
the terms but subject to the conditions herein set forth, the Underwriters agree, severally and not jointly, to purchase from the
Forward Seller (with respect to the Borrowed Underwritten Shares) and the Company (with respect to any Company Top-Up Underwritten
Shares), the respective number of Underwritten Shares set forth opposite their names on Schedule A. The purchase price per Underwritten
Share to be paid by the several Underwriters to the Forward Seller (with respect to the Borrowed Underwritten Shares) or the Company
(with respect to any Company Top-Up Underwritten Shares) shall be $34.60 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The
Closing Date. </I>Delivery of certificates for the Underwritten Shares to be purchased by the Underwriters and payment therefor
shall be made at the offices of Sidley Austin <FONT STYLE="font-size: 10pt">LLP</FONT>, 787 Seventh Avenue, New York, New York
10019<B> </B>(or such other place as may be agreed to by the Company and the Representatives), at 9:00 a.m., New York City time,
on April 8, 2016 (the time and date of such closing are called the &ldquo;<U>Closing Date</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The
Option Shares; the Subsequent Closing Dates. </I>In addition, on the basis of the representations, warranties and agreements herein
contained, and upon the terms but subject to the conditions herein set forth, each of the Forward Seller (with respect to any Borrowed
Option Shares) and the Company (with respect to any Company Top-Up Option Shares), severally and not jointly, hereby grants an
option to the several Underwriters to purchase, severally and not jointly, up to an aggregate of 540,000 Option Shares from the
Forward Seller (with respect to any Borrowed Option Shares) and the Company (with respect to any Company Top-Up Option Shares),
as applicable, at the same price as the purchase price per share to be paid by the Underwriters for the Underwritten Shares, less
an amount per share equal to any dividends or distributions declared by the Company and payable on the Underwritten Shares but
not payable on the Option Shares. The option granted hereunder may be exercised at any time and from time to time upon notice by
the Representatives to the Company, which notice may be given at any time within 30 days from the date of this Agreement. Such
notice shall set forth (i) the aggregate number of Option Shares as to which the Underwriters are exercising the option, (ii) the
names and denominations in which the certificates for the Option Shares are to be registered and (iii) the time, date and place
at which such certificates will be delivered (which time and date may be simultaneous with, but not earlier than, the Closing Date;
and in such case the term &ldquo;Closing Date&rdquo; shall refer to the time and date of delivery of certificates for the Underwritten
Shares and the Option Shares delivered simultaneously therewith). Each time and date of delivery of certificates for Option Shares,
if subsequent to the Closing Date, is called a &ldquo;<U>Subsequent Closing Date</U>&rdquo; and shall be determined by the Representatives
and shall not be earlier than three nor later than five full Business Days after delivery of such notice of exercise. If any Option
Shares are to be purchased, each Underwriter agrees, severally and not jointly, to purchase the number of Option Shares (subject
to such adjustments to eliminate fractional shares as the Representatives may determine) that bears the same proportion to the
total number of Option Shares to be purchased as the number of Underwritten Shares set forth on Schedule A opposite the name of
such Underwriter bears to the total number of Underwritten Shares. The Company shall, within one Business Day after such notice
is given, execute and deliver to the Forward Seller an additional letter agreement substantially in the form attached hereto as
Schedule 3(c) hereto between the Company and the Forward Purchaser (each, an &ldquo;<U>Additional Forward Sale Agreement</U>&rdquo;)
providing for the forward sale by the Company, subject to the Company&rsquo;s right to elect Cash Settlement or Net Share Settlement
(as such terms are defined in such Additional Forward Sale Agreement), of a number of Common Shares equal to the aggregate number
of Option Shares being purchased by the Underwriters from the Forward Seller pursuant to the exercise of such option. Upon the
Company&rsquo;s execution and delivery to the Forward Seller of such Additional Forward Sale Agreement, the Forward Purchaser shall
promptly execute and deliver such Additional Forward Sale Agreement to the Company, and upon such execution and delivery to the
Company, on the basis of the representations, warranties and agreements set forth herein, and subject to the conditions set forth
herein, each of the Forward Seller (with respect to any Borrowed Option Shares) and the Company (with respect to any Company Top-Up
Option Shares), severally and not jointly, hereby agrees to sell to the several Underwriters the aggregate number of Option Shares
with respect to which the option is being exercised at the purchase price per share set forth in this Section 3(c).</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
(i) any of the representations and warranties of the Company and the Partnership contained in Section 1 hereof or any certificate
delivered pursuant hereto are not true and correct as of the Closing Date as if made as of the Closing Date, (ii) the Company has
not performed all of the obligations required to be performed by it under this Agreement on or prior to the Closing Date, (iii)
any of the conditions set forth in Section 6 hereof have not been satisfied on or prior to the Closing Date, (iv) this Agreement
shall have been terminated on or prior to the Closing Date, (v) any of the conditions set forth in Section 3 of the Forward Sale
Agreement have not been satisfied on or prior to the Closing Date, (vi) any of the representations and warranties of the Company
and the Partnership under the Forward Sale Agreement are not true and correct as of the Closing Date as if made as of the Closing
Date or (vii) the Company has not delivered to the Forward Purchaser an opinion of counsel pursuant to Section 3(g) of the Forward
Sale Agreement, on or prior to the Closing Date (clauses (i) through (vii), together, the &ldquo;<U>Conditions</U>&rdquo;), then
the Forward Seller, in its sole discretion, may elect not to borrow and deliver for sale to the Underwriters on the Closing Date
the Borrowed Underwritten Shares. In addition, in the event that (A) the Forward Purchaser determines, in its commercially reasonable
judgment, that the Forward Seller is unable, after using commercially reasonable efforts, to borrow and deliver for sale under
this Agreement a number of Common Shares equal to the number of Borrowed Underwritten Shares, or (B) the Forward Purchaser determines,
in its sole judgment, that the Forward Seller would incur a stock loan cost of more than a rate equal to 200 basis points per annum
to do so, then, in each case, Forward Seller shall only be required to deliver for sale to the Underwriters on the Closing Date
the aggregate number of Common Shares that Forward Seller is able to so borrow at or below such cost.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company has entered into an Additional Forward Sale Agreement with the Forward Purchaser pursuant to Section 3(c) hereof, and
(i) any of the representations and warranties of the Company and the Partnership contained in Section 1 hereof or any certificate
delivered pursuant hereto are not true and correct as of the relevant Closing Date or the relevant Subsequent Closing Date, as
applicable, as if made as of such Closing Date or the relevant Subsequent Closing Date, as applicable, (ii) the Company has not
performed all of the obligations required to be performed by it under this Agreement on or prior to the relevant Closing Date or
the relevant Subsequent Closing Date, as applicable, (iii) any of the conditions set forth in Section 6 hereof have not been satisfied
on or prior to the relevant Closing Date or the relevant Subsequent Closing Date, as applicable, (iv) this Agreement shall have
been terminated on or prior to the relevant Closing Date or the relevant Subsequent Closing Date, as applicable, (v) any of the
conditions set forth in Section 3 of the Additional Forward Sale Agreement have not been satisfied on or prior to the Closing Date
or the relevant Subsequent Closing Date, as applicable, (vi) any of the representations and warranties of the Company and the Partnership
under the Additional Forward Sale Agreement are not true and correct as of the Closing Date or the relevant Subsequent Closing
Date, as applicable, as if made as of the Closing Date or the relevant Subsequent Closing Date, as applicable, or (vii) the Company
has not delivered to the Forward Purchaser an opinion of counsel pursuant to Section 3(g) of such Additional Forward Sale Agreement,
on or prior to the relevant Closing Date or the relevant Subsequent Closing Date, as applicable (clauses (i) through (vii), together,
the &ldquo;<U>Additional Conditions</U>&rdquo;), then the Forward Seller, in its sole discretion, may elect not to borrow and deliver
for sale to the Underwriters on the relevant Closing Date or the relevant Subsequent Closing Date, as applicable, the Borrowed
Option Shares. In addition, in the event that (A) in the Forward Purchaser&rsquo;s commercially reasonable judgment, the Forward
Seller is unable, after using commercially reasonable efforts, to borrow and deliver for sale under this Agreement a number of
Common Shares equal to the number of Borrowed Option Shares, or (B) the Forward Purchaser determines, in its sole judgment, that
the Forward Seller would incur a stock loan cost of more than a rate equal to 200 basis points per annum to do so, then, in each
case, the Forward Seller shall only be required to deliver for sale to the Underwriters on the relevant Closing Date or the relevant
Subsequent Closing Date, as applicable, the aggregate number of shares of Common Stock that such Forward Seller is able to so borrow
at or below such cost.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
(i) the Forward Seller elects, pursuant to Section 3(d) hereof, not to borrow and deliver for sale to the Underwriters on the Closing
Date the total number of Borrowed Underwritten Shares, or (ii) the Forward Purchaser has entered into an Additional Forward Sale
Agreement with the Company pursuant to Section 3(c) hereof and the Forward Seller elects, pursuant to Section 3(e) hereof, not
to borrow and deliver for sale to the Underwriters on the Closing Date or the relevant Subsequent Closing Date, as applicable,
the total number of Borrowed Option Shares for such Option Time of Delivery, in either case, the Forward Seller will use its best
efforts to notify the Company no later than 5:00 p.m., New York City time, on the second Business Day prior to the Closing Date
or such Subsequent Closing Date, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Public
Offering of the Shares. </I>The Representatives hereby advise the Company that the Underwriters intend to offer for sale to the
public, as described in the Prospectus, their respective portions of the Shares as soon after this Agreement has been executed
and the Registration Statement has been declared effective as the Representatives, in their sole judgment, have determined is advisable
and practicable.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment
for the Shares. </I>Payment for the Shares shall be made by wire transfer of immediately available funds to the account specified
to the Representatives by the Forward Seller (with respect to any Borrowed Shares) and the Company (with respect to any Company
Shares) in connection with a closing (i) in the case of the Underwritten Shares, at the offices of Sidley Austin <FONT STYLE="font-variant: small-caps">llp</FONT>,
787 Seventh Avenue, New York, NY 10019, at 10:00 a.m., New York City time, on April 8, 2016, or at such other time or place on
the same or such other date, not later than the fifth Business Day thereafter, as the Representatives, the Forward Seller and the
Company may agree upon in writing or (ii) in the case of any Option Shares, on the date and at the time and place specified by
the Representatives in the written notice of the Underwriters&rsquo; election to purchase such Option Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">It is understood that Citigroup has been authorized,
for its own account and the accounts of the several Underwriters, to accept delivery of and receipt for, and make payment of the
purchase price for, the Underwritten Shares and any Option Shares the Underwriters have agreed to purchase. Citigroup, individually
and not as Representative of the Underwriters, may (but shall not be obligated to) make payment for any Shares to be purchased
by any Underwriter whose funds shall not have been received by Citigroup by the Closing Date or relevant Subsequent Closing Date,
as the case may be, for the account of such Underwriter, but any such payment shall not relieve such Underwriter from any of its
obligations under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Delivery
of the Shares. </I>Delivery of the Shares shall be made through the facilities of The Depository Trust Company (&ldquo;<U>DTC</U>&rdquo;)
unless the Representatives shall otherwise instruct. Time shall be of the essence, and delivery at the time and place specified
in this Agreement is a further condition to the obligations of the Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The documents to be delivered at the Closing
Date and each Subsequent Closing Date, if any, by or on behalf of the parties hereto shall be delivered at the offices of Goodwin
Procter LLP, 620 Eighth Avenue, New York, NY 10018, or at such other place as shall be mutually agreed upon by you and the Company.
For the purposes of this Section 3(i), &ldquo;<U>Business Day</U>&rdquo; shall mean each Monday, Tuesday, Wednesday, Thursday and
Friday which is not a day on which banking institutions in New York, New York are generally authorized or obligated by law or executive
order to close.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Delivery
of Prospectus to the Underwriters. </I>Not later than 3:00 p.m. on the first business day in New York City following the date of
this Agreement, the Company shall deliver or cause to be delivered, copies of the Prospectus in such quantities and at such places
as the Representatives shall request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Covenants
of the Company and the Partnership.</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company and the Partnership covenant and
agree, jointly and severally, with each Underwriter, the Forward Purchaser and the Forward Seller as follows:</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Representatives&rsquo;
Review of Proposed Amendments and Supplements. </I>During the period beginning on the Applicable Time and ending on the later of
the Closing Date or such date, as in the opinion of counsel for the Underwriters, the Prospectus is no longer required by law to
be delivered in connection with sales by an Underwriter or dealer, including in circumstances where such requirement may be satisfied
pursuant to Rule 172 under the Securities Act (the &ldquo;<U>Prospectus Delivery Period</U>&rdquo;), prior to amending or supplementing
the Registration Statement, the Disclosure Package or the Prospectus, subject to Section 4(d), the Company shall furnish to the
Representatives for review a copy of each such proposed amendment or supplement, and the Company shall not file or use any such
proposed amendment or supplement to which the Representatives reasonably object.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Securities
Act Compliance.</I> After the date of this Agreement, the Company shall promptly advise the Representatives and the Forward Seller
in writing (i) of the receipt of any comments of, or requests for additional or supplemental information from the Commission, (ii)
of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement
to any preliminary prospectus or the Prospectus, (iii) of the time and date that any post-effective amendment to the Registration
Statement becomes effective, (iv) of the issuance of any stop order by the Commission suspending the effectiveness of the Registration
Statement, or notice objecting to its use pursuant to Rule 401(g)(2), or any order preventing or suspending the use of any preliminary
prospectus or the Prospectus or threatening of any such proceedings for that purpose or for any examination pursuant to Section
8(d) or 8(e) of the Securities Act concerning the Registration Statement, (v) of any proceedings to remove, suspend or terminate
from listing or quotation the Common Shares from any securities exchange upon which it is listed for trading or included or designated
for quotation, or of the threatening or initiation of any proceeding for any such purpose, and (vi) if the Company becomes the
subject of a proceeding under Section 8A of the Securities Act in connection with the offering of the Shares. The Company shall
use its best efforts to prevent the issuance of any such stop order or notice of prevention or suspension of such use. If the Commission
shall enter any such stop order or issue any such notice at any time, the Company will use its best efforts to obtain the lifting
or reversal of such order or notice at the earliest possible moment, or, subject to Sections 4(a) and 4(d), will file an amendment
to the Registration Statement or will file a new registration statement and use its best efforts to have such amendment or new
registration statement declared effective as soon as practicable. Additionally, the Company agrees that it shall comply with the
provisions of Rules 424(b) and 430B, as applicable, of the Securities Act Regulations, including with respect to the timely filing
of documents thereunder, and will use its reasonable efforts to confirm that any filings made by the Company under such Rule 424(b)
of the Securities Act Regulations were received in a timely manner by the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company shall pay the required Commission
filing fees relating to the Shares within the time required by Rule 456(b)(1)(i) of the Securities Act Regulations without regard
to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r) of the Securities Act Regulations (including, if
applicable, by updating the &ldquo;Calculation of Registration Fee&rdquo; table in accordance with Rule 456(b)(1)(ii) either in
a post-effective amendment to the Registration Statement or on the cover page of a prospectus filed pursuant to Rule 424(b)).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exchange
Act Compliance. </I>During the Prospectus Delivery Period, the Company will file all documents required to be filed with the Commission
pursuant to Section 13, 14 or 15 of the Exchange Act in the manner and within the time periods required by the Exchange Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amendments
and Supplements to the Registration Statement, Disclosure Package and Prospectus and Other Securities Act Matters. </I>If, during
the Prospectus Delivery Period, any event or development shall occur or condition exist as a result of which the Registration Statement,
the Disclosure Package or the Prospectus as then amended or supplemented would include any untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements therein (in the case of the Prospectus, in the light
of the circumstances under which they were made), not misleading, or if it shall be necessary to amend the Registration Statement
or amend or supplement the Disclosure Package or the Prospectus, or to file under the Exchange Act any document incorporated by
reference in the Disclosure Package or the Prospectus, in order to make the statements therein, in the light of the circumstances
under which they were made or then prevailing, as the case may be, not misleading, or if in the opinion of the Representatives
it is otherwise necessary or advisable to amend or supplement the Registration Statement, the Disclosure Package or the Prospectus,
or to file under the Exchange Act any document incorporated by reference in the Disclosure Package or the Prospectus, or to file
a new registration statement containing the Prospectus, in order to comply with law, including in connection with the delivery
of the Prospectus, the Company agrees to (i) notify the Representatives of any such event or development, (ii) prepare and file
with the Commission such amendment or supplement or new registration statement which will correct such statement or omission, effect
such compliance or satisfy such filing requirement, and (iii) promptly prepare (subject to Sections 4(a) and 4(d) hereof), file
with the Commission (and use its best efforts to have any amendment to the Registration Statement or any new registration statement
to be declared effective as soon as possible if not an automatic shelf registration statement) and furnish at its own expense to
the Forward Seller, the Forward Purchaser and the Underwriters and to dealers, amendments or supplements to the Registration Statement,
the Disclosure Package or the Prospectus, or any new registration statement, necessary in order to make the statements in the Registration
Statement or the Prospectus as so amended or supplemented, in the light of the circumstances under which they were made or then
prevailing, as the case may be, not misleading or so that the Registration Statement, the Disclosure Package or the Prospectus,
as amended or supplemented, will comply with law.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Permitted
Free Writing Prospectuses</I>. The Company represents that it has not made, and agrees that, unless it obtains the prior written
consent of the Representatives and the Forward Seller, it will not make, any offer relating to the Shares that constitutes or would
constitute an Issuer Free Writing Prospectus or that otherwise constitutes or would constitute a &ldquo;free writing prospectus&rdquo;
(as defined in Rule 405 of the Securities Act Regulations) or a portion thereof required to be filed by the Company with the Commission
or retained by the Company under Rule 433 of the Securities Act Regulations; provided that the prior written consent of the Representatives
hereto and the Forward Seller shall be deemed to have been given in respect of the Issuer Free Writing Prospectuses included in
Schedule 1(b) hereto and any electronic road show. Any such free writing prospectus consented to by the Representatives and the
Forward Seller is hereinafter referred to as a &ldquo;<U>Permitted Free Writing Prospectus</U>.&rdquo; The Company agrees that
(i) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus,
and (ii) has complied and will comply, as the case may be, with the requirements of Rules 164 and 433 of the Securities Act Regulations
applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record
keeping.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Copies
of any Amendments and Supplements to the Prospectus. </I>The Company agrees to furnish the Representatives, without charge, during
the Prospectus Delivery Period, as many copies of the Prospectus and any amendments and supplements thereto (including any documents
incorporated or deemed incorporated by reference therein) and the Disclosure Package as the Representatives may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Copies
of the Registration Statement and the Prospectus. </I>The Company will furnish to the Forward Purchaser, the Forward Seller, the
Representatives and counsel for the Underwriters signed copies of the Registration Statement (including exhibits thereto) and,
so long as delivery of a prospectus by an Underwriter or dealer may be required by the Securities Act, as many copies of each preliminary
prospectus, the Prospectus and any supplement thereto and the Disclosure Package as the Representatives may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Blue
Sky Compliance. </I>The Company shall cooperate with the Representatives and counsel for the Underwriters to qualify or register
the Shares for sale under (or obtain exemptions from the application of) the state securities or blue sky laws or Canadian provincial
securities laws or other foreign laws of those jurisdictions designated by the Representatives, shall comply with such laws and
shall continue such qualifications, registrations and exemptions in effect so long as required for the distribution of the Shares.
The Company shall not be required to qualify as a foreign corporation or to take any action that would subject it to general service
of process in any such jurisdiction where it is not presently qualified or where it would be subject to taxation as a foreign corporation,
other than those arising out of the offering or sale of the Shares in any jurisdiction where it is not now so subject. The Company
will advise the Representatives promptly of the suspension of the qualification or registration of (or any such exemption relating
to) the Shares for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose,
and in the event of the issuance of any order suspending such qualification, registration or exemption, the Company shall use its
best efforts to obtain the withdrawal thereof at the earliest possible moment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Use
of Proceeds. </I>The Company shall apply the net proceeds from the sale of the Shares sold by it in the manner described under
the caption &ldquo;Use of Proceeds&rdquo; in the Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Transfer
Agent. </I>The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Earnings
Statement. </I>To make generally available to its shareholders as soon as practicable, but in any event not later than sixteen
months after the effective date of the Registration Statement (as defined in Rule 158(c) under the Securities Act), an earnings
statement of the Company and its Subsidiaries (which need not be audited) complying with Section&nbsp;11(a) of the Securities Act
and the rules and regulations of the Commission thereunder (including, at the option of the Company, Rule&nbsp;158).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Periodic
Reporting Obligations. </I>During the Prospectus Delivery Period the Company shall file, on a timely basis, with the Commission
and the NYSE all reports and documents required to be filed under the Exchange Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Listing.
</I>The Company will use its best efforts to maintain the listing of the Common Shares on the NYSE. Additionally, the Company will
use its best efforts to list on the NYSE, upon issuance by the Company, (i) the Company Shares to be issued and sold by the Company
hereunder, if any, and (ii) the Common Shares (if any) to be issued to the Forward Purchaser pursuant to the Forward Sale Agreement
and any Additional Forward Sale Agreement (whether pursuant to Physical Settlement, Net Share Settlement, as a result of an Early
Valuation (as such terms are defined in the Forward Sale Agreement or the relevant Additional Forward Sale Agreement, as applicable)
or otherwise).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Agreement
Not to Offer or Sell Additional Shares<B>. </B> </I>During the period commencing on the date hereof and ending on the 30<SUP>th</SUP>
day following the date of the Prospectus, the Company will not, without the prior written consent of the Representatives (which
consent may be withheld at the sole discretion of the Representatives), directly or indirectly, sell, offer, contract or grant
any option to sell, pledge, transfer or establish an open &ldquo;put equivalent position&rdquo; or liquidate or decrease a &ldquo;call
equivalent position&rdquo; within the meaning of Rule 16a-1(h) of the Exchange Act Regulations, or otherwise dispose of or transfer
(or enter into any transaction that is designed to, or might reasonably be expected to, result in the disposition of), or announce
the offering of, or file any registration statement under the Securities Act in respect of, any Common Shares, options or warrants
to acquire shares of the Common Shares or securities exchangeable or exercisable for or convertible into Common Shares (other than
as contemplated by this Agreement with respect to the Shares). Notwithstanding the foregoing, if (x) during the last 17 days of
the 30-day restricted period the Company issues an earnings release or material news or a material event relating to the Company
occurs, or (y) prior to the expiration of the 30-day restricted period, the Company announces that it will release earnings results
during the 16-day period beginning on the last day of the 30-day period, the restrictions imposed in this clause shall continue
to apply until the expiration of the 18-day period beginning on the date of the issuance of the earnings release or the occurrence
of the material news or material event; <U>provided</U>, <U>however</U>, that such extension of the 30-day restricted period shall
not apply if, (i) at the expiration of the 30-day restricted period, the Common Shares are &ldquo;actively traded securities&rdquo;
(as defined in Regulation M) and (ii) the Company meets the applicable requirements of paragraph (a)(1) of Rule 139 under the 1933
Act in the manner contemplated by Rule 2711(f)(4) of the former NASD Manual. The Company will provide the Representatives and each
individual subject to the restricted period pursuant to the lockup letters described in Section 6(i) with prior notice of any such
announcement that gives rise to an extension of the restricted period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance
with Sarbanes-Oxley Act. </I> The Company will comply with all applicable securities and other laws, rules and regulations, including,
without limitation, the Sarbanes-Oxley Act, and use its best efforts to cause the Company&rsquo;s trustees and officers, in their
capacities as such, to comply with such laws, rules and regulations, including, without limitation, the provisions of the Sarbanes-Oxley
Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Future
Reports to Shareholders. </I>To furnish to its shareholders as soon as practicable after the end of each fiscal year an annual
report (including a balance sheet and statements of income, shareholders&rsquo; equity and cash flows of the Company and its consolidated
Subsidiaries certified by independent public accountants) and, as soon as practicable after the end of each of the first three
quarters of each fiscal year (beginning with the fiscal quarter ending after the effective date of the Registration Statement),
to make available to its shareholders consolidated summary financial information of the Company and its Subsidiaries for such quarter
in reasonable detail.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Future
Reports to the Representatives, the Forward Purchaser and the Forward Seller. </I>Unless publicly filed with the Commission on
EDGAR, during the period of five (5) years hereafter the Company will furnish to the Representatives, the Forward Purchaser and
the Forward Seller (i) as soon as practicable after the end of each fiscal year, copies of the Annual Report of the Company containing
the balance sheet of the Company as of the close of such fiscal year and statements of income, shareholders&rsquo; equity and cash
flows for the year then ended and the opinion thereon of the Company&rsquo;s independent public or certified public accountants;
(ii) as soon as practicable after the filing thereof, copies of each proxy statement, Annual Report on Form 10-K, Quarterly Report
on Form 10-Q, Current Report on Form 8-K or other report filed by the Company with the Commission, FINRA or any securities exchange;
and (iii) as soon as available, copies of any report or communication of the Company mailed generally to holders of its capital
stock.<FONT STYLE="font-size: 10pt"><SUP> </SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investment
Limitation. </I>The Company shall not invest, or otherwise use the proceeds received by the Company from its sale of the Shares
in such a manner as would require the Company or any of its Subsidiaries to register as an investment company under the Investment
Company Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No
Manipulation of Price. </I>The Company will not take, directly or indirectly, any action designed to cause or result in, or that
has constituted or might reasonably be expected to constitute, under the Exchange Act or otherwise, the stabilization or manipulation
of the price of any securities of the Company to facilitate the sale or resale of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Representatives, on behalf of the several
Underwriters, may, in its sole discretion, and the Forward Seller, on behalf of itself and the Forward Purchaser, may, in its sole
discretion, waive in writing the performance by the Company of any one or more of the foregoing covenants or extend the time for
their performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(t) &#9;<I>Registration Statement Renewal.</I>
If immediately prior to the third anniversary (the &ldquo;<U>Renewal Deadline</U>&rdquo;) of the initial effective date of the
Registration Statement, the distribution of the Shares is not complete, the Company will, prior to the Renewal Deadline file, if
it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Shares, in a
form satisfactory to the Representatives. If the Company is no longer eligible to file an automatic shelf registration statement,
the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating
to the Shares, in a form satisfactory to the Representatives, and will use its best efforts to cause such registration statement
to be declared effective within 60&nbsp;days after the Renewal Deadline. The Company will take all other action necessary or appropriate
to permit the issuance and sale of the Shares to continue as contemplated in the expired registration statement relating to the
Shares. References herein to the Registration Statement shall include such new automatic shelf registration statement or such new
shelf registration statement, as the case may be.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Payment
of Expenses</U></I>. The Company agrees to pay all costs, fees and expenses incurred in connection with the performance of its
obligations under this Agreement, the Forward Sale Agreement and any Additional Forward Sale Agreement, and in connection with
the transactions contemplated hereby and thereby, including without limitation (i) all expenses incident to the issuance and delivery
of the Shares (including all printing and engraving costs), (ii) all fees and expenses of the registrar and transfer agent of the
Common Shares, (iii) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Shares
to the Underwriters, (iv) all fees and expenses of the Company&rsquo;s counsel, independent public or certified public accountants
and other advisors, (v) all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution
of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts), each
Issuer Free Writing Prospectus, each preliminary prospectus and the Prospectus, and all amendments and supplements thereto, and
this Agreement, (vi) all filing fees and expenses incurred by the Company (including attorneys&rsquo; fees) or the Underwriters
in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part
of the Shares for offer and sale under the state securities or blue sky laws or the provincial securities laws of Canada, and,
if requested by the Representatives, preparing and printing a &ldquo;Blue Sky Survey&rdquo; or memorandum, and any supplements
thereto, advising the Underwriters of such qualifications, registrations and exemptions, but not, however, legal fees and expenses
of the Underwriters&rsquo; counsel incurred in connection with any of the foregoing, (vii) the filing fees incident to, and the
reasonable fees and expenses of counsel for the Underwriters in connection with, FINRA&rsquo;s review and approval of the Underwriters&rsquo;
participation in the offering and distribution of the Shares, (viii) the fees and expenses associated with listing of the Shares
on the NYSE, (ix) the expenses of the Company and the Underwriters in connection with the marketing and offering of the Shares,
and (x) all other fees, costs and expenses referred to in Item 14 of Part II of the Registration Statement. Except as provided
in this Section 5, Section 7 and Section 9 hereof, the Forward Seller, the Forward Purchaser and the Underwriters shall pay their
own expenses, including the fees and disbursements of their counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Conditions
of the Obligations of the Underwriters</U></I>. The obligations of the several Underwriters to purchase and pay for the Underwritten
Shares as provided herein on the Closing Date or the Option Shares on the Closing Date or the relevant Subsequent Closing Date,
as applicable, and the obligations of the Forward Seller to deliver and sell the Borrowed Underwritten Shares on the Closing Date
or the Borrowed Option Shares on the relevant Closing Date or the Subsequent Closing Date , as applicable, as the case may be,
are subject to the accuracy of the representations and warranties on the part of the Company and the Partnership set forth in Section
1 hereof as of the date hereof and as of the Closing Date as though then made and, with respect to the Option Shares, as of any
Subsequent Closing Date (if subsequent to the Closing Date) as though then made, to the accuracy of the statements of the Company
made in any certificates pursuant to the provisions hereof, to the timely performance by the Company of its covenants and other
obligations hereunder, and to each of the following additional conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Accountants&rsquo;
Comfort Letter. </I>On the date hereof, the Representatives, the Forward Purchaser and the Forward Seller shall have received from
BDO USA, LLP, independent public accountants for the Company, a letter dated the date hereof addressed to the Underwriters, in
form and substance satisfactory to the Underwriters, containing statements and information of the type ordinarily included in accountants&rsquo;
&ldquo;comfort letters&rdquo; with respect to the financial statements and certain financial information contained in the Registration
Statement and the Prospectus.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance
with Registration Requirements; No Stop Orders; No Objection from FINRA. </I>For the period from and after effectiveness of this
Agreement and prior to the Closing Date and, with respect to the Option Shares, any Subsequent Closing Date (if subsequent to the
Closing Date):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company shall have filed the Prospectus with the Commission (including the information required by Rule 430B of the Securities
Act Regulations) in the manner and within the time period required by Rule 424(b) of the Securities Act Regulations; or the Company
shall have filed a post-effective amendment to the Registration Statement containing the information required by such Rule 430B
of the Securities Act Regulations, and such post-effective amendment shall have become effective;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all material required to
be filed by the Company pursuant to Rule 433(d) of the Securities Act Regulations shall have been filed with the Commission within
the applicable time periods prescribed for such filings under such Rule 433 of the Securities Act Regulations;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
stop order suspending the effectiveness of the Registration Statement, or any post-effective amendment to the Registration Statement,
shall be in effect and no proceedings for such purpose shall have been instituted or threatened by the Commission; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINRA
shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No
Material Adverse Change or Rating Agency Change. </I>For the period from and after the date of this Agreement and prior to the
Closing Date and, with respect to the Option Shares, any Subsequent Closing Date (if subsequent to the Closing Date):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the judgment of the Representatives there shall not have occurred any Material Adverse Change;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
shall not have been any change or decrease specified in the letter or letters referred to in paragraph (a) of this Section 6 which
is, in the sole judgment of the Representatives, so material and adverse as to make it impractical or inadvisable to proceed with
the offering or delivery of the Shares as contemplated by the Disclosure Package and the Prospectus; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any
review for a possible change that does not indicate the direction of the possible change, in the rating accorded any securities
of the Company or any of its subsidiaries by any &ldquo;nationally recognized statistical rating organization&rdquo; as such term
is defined under Section 3(a)(62) of the Exchange Act.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion
of Counsel for the Company. </I>On the Closing Date and any Subsequent Closing Date, the Representatives, the Forward Purchaser
and the Forward Seller shall have received favorable opinions and letters dated as of such Closing Date or Subsequent Closing Date
of (i) Goodwin Procter LLP, counsel for the Company, the form of which is attached as <U>Exhibits A-1-A</U> and <U>A-1-B</U>; (ii)
Jason Blacksberg, Esq., General Counsel of the Company, the form of which is attached hereto as <U>Exhibit A-2</U>; (iii) Seyfarth
&amp; Shaw LLP, special REIT tax counsel to the Company, the form of which is attached hereto as <U>Exhibit A-3</U> and (iv) Venable
LLP, special Maryland counsel to the Company, the form of which is attached as <U>Exhibit A-4</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion
of Counsel for the Underwriters.</I><B> </B>On the Closing Date and any Subsequent Closing Date, the Representatives, the Forward
Purchaser and the Forward Seller shall have received the favorable opinion of Sidley Austin <FONT STYLE="font-size: 10pt">LLP</FONT>,
counsel for the Underwriters, the Forward Purchaser and the Forward Seller, dated as of such Closing Date or Subsequent Closing
Date, in form and substance satisfactory to, and addressed to, the Representatives, with respect to the issuance and sale of the
Shares, the Registration Statement, the Prospectus (together with any supplement thereto), the Disclosure Package and other related
matters as the Representatives may reasonably require, and the Company shall have furnished to such counsel such documents as they
request for the purpose of enabling them to pass upon such matters. In said opinion, Sidley Austin <FONT STYLE="font-size: 10pt">LLP</FONT>
may rely as to all matters of Maryland law on the opinion of Venable LLP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Officers&rsquo;
Certificate. </I>On the Closing Date and any Subsequent Closing Date, the Representatives, the Forward Purchaser and the Forward
Seller shall have received a written certificate executed by the Chairman of the Board, Chief Executive Officer or President of
the Company and the Chief Financial Officer or Chief Accounting Officer of the Company, dated as of such Closing Date or Subsequent
Closing Date, to the effect that the signers of such certificate have carefully examined the Registration Statement, the Prospectus
and any amendment or supplement thereto, any Issuer Free Writing Prospectus and any amendment or supplement thereto and this Agreement,
to the effect set forth in subsections (b) and (c)(iii) of this Section 6, and further to the effect that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
the period from and after the date of this Agreement and prior to such Closing Date or Subsequent Closing Date, there has not occurred
any Material Adverse Change;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
representations and warranties of the Company set forth in Section 1 of this Agreement are true and correct on and as of such Closing
Date or Subsequent Closing Date with the same force and effect as though expressly made on and as of such Closing Date or Subsequent
Closing Date; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has complied with all the agreements hereunder and satisfied all the conditions on its part to be performed or satisfied
hereunder at or prior to such Closing Date or Subsequent Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bring-down
Comfort Letter. </I>On the Closing Date and any Subsequent Closing Date, the Representatives, the Forward Purchaser and the Forward
Seller shall have received from BDO USA, LLP, independent public accountants for the Company, a letter dated such date, in form
and substance satisfactory to the Representatives and the Forward Seller, to the effect that they reaffirm the statements made
in the letter furnished by them pursuant to subsection (a) of this Section 6, except that the specified date referred to therein
for the carrying out of procedures shall be no more than three (3) business days prior to such Closing Date or Subsequent Closing
Date.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Listing
of Common Shares.</I> The Company Shares, if any, to be issued and sold by the Company hereunder on the Closing Date or any Subsequent
Closing Date, and the Common Shares (if any) deliverable to the Forward Purchaser pursuant to the Forward Sale Agreement and any
Additional Forward Sale Agreement (whether pursuant to Physical Settlement, Net Share Settlement, as a result of an Early Valuation
(as such terms are defined in the Forward Sale Agreement or relevant Additional Forward Sale Agreement, as applicable) or otherwise,
in each case, shall have been approved for listing on the NYSE, subject to official notice of issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lock-Up
Agreement from Certain Shareholders of the Company. </I>On or prior to the date hereof, the Company shall have furnished to the
Representatives an agreement in the form of Exhibit B hereto from those individuals listed on Schedule 5(h) hereto, and such agreement
shall be in full force and effect on the Closing Date and any Subsequent Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Listing
of Shares. </I>The Shares shall have been listed and admitted and authorized for trading on the NYSE, and satisfactory evidence
of such actions shall have been provided to the Representatives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional
Documents. </I>On or before the Closing Date and any Subsequent Closing Date, the Representatives, the Forward Purchaser, the Forward
Seller and counsel for the Underwriters shall have received such information, documents and opinions as they may reasonably require
for the purposes of enabling them to pass upon the issuance and sale of the Shares as contemplated herein, or in order to evidence
the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements, herein contained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any condition specified in this Section 6
is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Representatives by notice to the
Company at any time on or prior to the Closing Date and, with respect to the Option Shares, at any time prior to the applicable
Subsequent Closing Date, which termination shall be without liability on the part of any party to any other party, except that
Section 5, Section 7, Section 9 and Section 15 shall at all times be effective and shall survive such termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Reimbursement
of Underwriters&rsquo; Expenses</U></I>. If this Agreement is terminated pursuant to Section 6 (except in Section 6(e) in the case
where such opinion of Sidley Austin <FONT STYLE="font-size: 10pt">LLP</FONT> is unreasonably withheld), Section 10 or Section 12(i),
or if the sale to the Underwriters of the Shares on the Closing Date or on any Subsequent Closing Date is not consummated because
of any refusal, inability or failure on the part of the Company to perform any agreement herein or to comply with any provision
hereof, the Company agrees to reimburse the Forward Purchaser, the Forward Seller, the Representatives and the other Underwriters
(or such Underwriters as have terminated this Agreement with respect to themselves), severally, upon demand for all out-of-pocket
expenses that shall have been reasonably incurred by the Forward Purchaser, the Forward Seller, the Representatives and the Underwriters
in connection with the proposed purchase and the offering and sale of the Shares, including but not limited to fees and disbursements
of counsel, printing expenses, travel expenses, postage, facsimile and telephone charges.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Effectiveness
of this Agreement.</U></I> This Agreement shall not become effective until the execution of this Agreement by the parties hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Indemnity
and Contribution.</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Partnership, jointly and severally, agree to indemnify, defend and hold harmless the Underwriters, the Forward
Purchaser and the Forward Seller, their affiliates, as such term is defined in Rule 501(b) of the Securities Act Regulations, their
selling agents and each person, if any, who controls any Underwriter within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons from and against any loss, damage,
expense, liability or claim (including, but not limited to, the reasonable cost of investigation), as incurred,&nbsp;that any Underwriter
or any such person may incur under the Securities Act, the Exchange Act, federal or state statutory law or regulation, the common
law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&nbsp;any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement or in any application or other
document executed by or on behalf of the Company or the Partnership or based on written information furnished by or on behalf of
the Company or the Partnership filed in any jurisdiction in order to qualify the Shares under the securities or blue sky laws thereof
or filed with the Commission, or the omission or alleged omission therefrom of a material fact required to be stated therein or
necessary to make the statements therein not misleading, (ii)&nbsp;any untrue statement or alleged untrue statement of a material
fact contained in the Base Prospectus, the Prospectus Supplement (including any preliminary prospectus supplement), any Issuer
Free Writing Prospectus, any &ldquo;road show&rdquo; (as defined under Rule 433) not constituting an Issuer Free Writing Prospectus,
the Disclosure Package or the Prospectus or any omission or alleged omission to state in any such document a material fact required
to be stated therein or necessary to make the statements made therein, in the light of the circumstances under which they were
made, not misleading or (iii)&nbsp;any act or failure to act or any alleged act or alleged failure to act by any Underwriter in
connection with, or relating in any manner to, the Shares or the offering contemplated hereby, and which is included as part of
or referred to in any loss, damage, expense, liability, claim or action arising out of or based upon matters covered by clause
(i)&nbsp;or (ii)&nbsp;above (provided that neither the Company nor the Partnership shall be liable under this clause (iii)&nbsp;to
the extent it is finally judicially determined by a court of competent jurisdiction that such loss, damage, expense, liability,
claim or action resulted directly from any such acts or failures to act undertaken or omitted to be taken by any Underwriter through
its gross negligence or willful misconduct), except insofar as any such loss, damage, expense, liability or claim arises out of
or is based upon any untrue statement or alleged untrue statement of a material fact contained in and in conformity with information
furnished in writing by or on behalf of an Underwriter, the Forward Purchaser or the Forward Seller to the Company expressly for
use with reference to the Underwriter, the Forward Purchaser or the Forward Seller in the Disclosure Package or the Prospectus
or arises out of or is based upon any omission or alleged omission to state in any such document a material fact in connection
with such information required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any action, suit or proceeding (together,
a &ldquo;<U>Proceeding</U>&rdquo;)&nbsp;is brought against an Underwriter or any such person in respect of which indemnity may
be sought against an indemnifying party pursuant to the foregoing paragraph, such Underwriter or such person shall promptly notify
such indemnifying party in writing of the institution of such Proceeding and such indemnifying party shall assume the defense of
such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees
and expenses; <I>provided, however</I>, that the omission to so notify such indemnifying party shall not relieve such indemnifying
party from any liability that it may have to such Underwriter or any such person or otherwise, except to the extent such indemnifying
party has been materially prejudiced by such failure; <I>provided, further</I>, that the failure to notify such indemnifying party
shall not relieve it from any liability it may have to such Underwriter or any such person otherwise than under this Section 9(a).
An Underwriter or such controlling person shall have the right to employ its or their own counsel in any such case, but the fees
and expenses of such counsel shall be at the expense of such Underwriter or such person unless the employment of such counsel shall
have been authorized in writing by such indemnifying party in connection with the defense of such Proceeding or such indemnifying
party shall not have, within a reasonable period of time in light of the circumstances, employed counsel reasonably satisfactory
to the Underwriters (as approved by the Representatives) to have charge of the defense of such Proceeding or such indemnified party
or parties shall have reasonably concluded that there may be defenses available to it or them which are in conflict with or in
addition to those available to such indemnifying party (in which case such indemnifying party shall not have the right to direct
the defense of such Proceeding on behalf of the indemnified party or parties, but such indemnifying party may employ counsel and
participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of such indemnifying party),
in any of which events such fees and expenses shall be borne by such indemnifying party and paid as incurred (it being understood,
however, that such indemnifying party shall not be liable for the expenses of more than one separate counsel (other than local
counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who
are parties to such Proceeding). An indemnifying party shall not be liable for any settlement of any such Proceeding effected without
its written consent (which shall not be unreasonably withheld) but if settled with the written consent of the indemnifying party,
the indemnifying party agrees to indemnify and hold harmless such Underwriter and any such person from and against any loss or
liability by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have
requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by this Section
9(a), the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent
if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of the aforesaid request and
(ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date
of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement
of any pending or threatened Proceeding in respect of which any indemnified party is or could have been a party and indemnity could
have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified
party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault, culpability
or a failure to act, by or on behalf of such indemnified party.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Underwriters agree, severally and not jointly, to indemnify, defend and hold harmless the Company, its officers employees and trustees,
the Partnership and any person who controls the Company or the Partnership within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act from and against any loss, damage, expense, liability or claim (including, but not limited to,
the reasonable cost of investigation), as incurred,&nbsp;which, jointly or severally, the Company, the Partnership or any such
person may incur under the Securities Act, the Exchange Act, federal or state statutory law or regulation, the common law or otherwise,
insofar as such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue
statement of a material fact contained in and in conformity with information furnished in writing by or on behalf of an Underwriter
to the Company expressly for use with reference to the Underwriter in the Disclosure Package or the Prospectus Supplement or arising
out of or based upon any&nbsp;omission or alleged omission to state in any such document a material fact in connection with such
information required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading. The Company and the Partnership hereby acknowledge that the only information that the Underwriters
have furnished to the Company expressly for use in the Disclosure Package or the Prospectus Supplement are (i) the first and third
sentences of the third paragraph and (ii) the ninth paragraph under the caption &ldquo;Underwriting&rdquo; in the Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any Proceeding is brought against the Company,
the Partnership or any such person in respect of which indemnity may be sought against an indemnifying party pursuant to the foregoing
paragraph, the Company, the Partnership or such person shall promptly notify such indemnifying party in writing of the institution
of such Proceeding and such indemnifying party shall assume the defense of such Proceeding, including the employment of counsel
reasonably satisfactory to such indemnified party and payment of all fees and expenses; <I>provided, however</I>, that the omission
to so notify such indemnifying party shall not relieve such indemnifying party from any liability that it may have to the Company,
the Partnership or any such person or otherwise, except to the extent such indemnifying party has been materially prejudiced by
such failure; <I>provided, further</I>, that the failure to notify such indemnifying party shall not relieve it from any liability
it may have to the Company, the Partnership or any such person otherwise than under this Section 9(b). The Company, the Partnership
or such controlling person shall have the right to employ its or their own counsel in any such case, but the fees and expenses
of such counsel shall be at the expense of the Company, the Partnership or such person unless the employment of such counsel shall
have been authorized in writing by such indemnifying party in connection with the defense of such Proceeding or such indemnifying
party shall not have, within a reasonable period of time in light of the circumstances, employed counsel reasonably satisfactory
to the Company, the Partnership or such person to have charge of the defense of such Proceeding or such indemnified party or parties
shall have reasonably concluded that there may be defenses available to it or them which are in conflict with or in addition to
those available to such indemnifying party (in which case such indemnifying party shall not have the right to direct the defense
of such Proceeding on behalf of the indemnified party or parties, but such indemnifying party may employ counsel and participate
in the defense thereof but the fees and expenses of such counsel shall be at the expense of such indemnifying party), in any of
which events such fees and expenses shall be borne by such indemnifying party and paid as incurred (it being understood, however,
that such indemnifying party shall not be liable for the expenses of more than one separate counsel (other than local counsel)
in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties
to such Proceeding). An indemnifying party shall not be liable for any settlement of any such Proceeding effected without its written
consent (which shall not be unreasonably withheld) but if settled with the written consent of the indemnifying party, the indemnifying
party agrees to indemnify and hold harmless the Company, the Partnership and any such person from and against any loss or liability
by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested
an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by this Section 9(b),
the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent
if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of the aforesaid request and
(ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date
of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement
of any pending or threatened Proceeding in respect of which any indemnified party is or could have been a party and indemnity could
have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified
party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault, culpability
or a failure to act, by or on behalf of such indemnified party.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the indemnification provided for in this Section&nbsp;9 is unavailable to an indemnified party under subsections (a)&nbsp;and (b)&nbsp;of
this Section&nbsp;9 in respect of any losses, damages, expenses, liabilities or claims referred to therein, then in order to provide
just and equitable contribution in such circumstance, each applicable indemnifying party, in lieu of indemnifying such indemnified
party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages, expenses,
liabilities or claims (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Company and
the Partnership on the one hand and any Underwriter, the Forward Purchaser and the Forward Seller on the other hand from the offering
of the Shares or (ii)&nbsp;if, but only if, the allocation provided by clause (i)&nbsp;above is not permitted by applicable law,
in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the
relative fault of the Company and the Partnership on the one hand and of any Underwriter, the Forward Purchaser and the Forward
Seller on the other in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities
or claims, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Partnership
on the one hand and any Underwriter, the Forward Purchaser and the Forward Seller on the other shall be deemed to be in the same
respective proportion as the total proceeds from the offering (net of underwriting discounts and commissions but before deducting
expenses)&nbsp;received by the Company and the total underwriting discounts and commissions received by such Underwriter (which
benefits shall include the proceeds to be received by the Company pursuant to the Forward Sale Agreement and any Additional Forward
Sale Agreement assuming, in each case, Physical Settlement thereof on the Effective Date (as such term is defined in the Forward
Sale Agreement or relevant Additional Forward Sale Agreement, as applicable)), bear to the aggregate public offering price of the
Shares, or with respect to the Forward Seller and the Forward Purchaser, the aggregate spread received by affiliates of the Forward
Seller under the Forward Sale Agreement and any Additional Forward Sale Agreement, net of any costs associated therewith, as reasonably
determined by the Forward Seller, bear to the aggregate offering price, as applicable. The relative fault of the Company and/or
the Partnership on the one hand and of any Underwriter, the Forward Purchaser and the Forward Seller on the other shall be determined
by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or
alleged omission relates to information supplied by the Company or the Partnership or by such Underwriter or the Forward Seller
and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to
in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection
with investigating, preparing to defend or defending any claim or Proceeding.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, the Partnership, each Underwriter and the Forward Seller agree that it would not be just and equitable if contribution
pursuant to this Section&nbsp;9 were determined by pro rata allocation or by any other method of allocation that does not take
account of the equitable considerations referred to in subsection (c) above. Notwithstanding the provisions of this Section&nbsp;9,
no Underwriter, Forward Purchaser or Forward Seller (except as may be provided in any agreement among the Underwriters, the Forward
Purchaser and the Forward Seller relating to the offering of the Shares) shall be liable or responsible for, or be required to
contribute, any amount pursuant to this Section 9 in excess of the amount, with respect to the Underwriters, of the underwriting
discounts and commissions applicable to the Shares purchased by such Underwriter or, with respect to the Forward Seller and the
Forward Purchaser, the aggregate spread received by affiliates of the Forward Seller under the Forward Sale Agreement and any Additional
Forward Sale Agreement, net of any costs associated therewith, as reasonably determined by the Forward Seller, exceeds the amount
of any damages which such Underwriter, Forward Purchaser or Forward Seller has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the
meaning of Section&nbsp;11(f) of the Securities Act)&nbsp;shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnity and contribution agreements contained in this Section&nbsp;9 and the covenants, warranties and representations of the
Company and the Partnership contained in this Agreement shall remain in full force and effect regardless of any investigation made
by or on behalf of the Underwriters, the directors and officers or any person (including each partner, officer, trustee or director
of such person) who controls any Underwriter within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of
the Exchange Act, or by or on behalf of the Company or the Partnership, their trustees, officers or partners or any person who
controls the Company or the Partnership within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange
Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares. The Company, the Partnership
and each Underwriter agree to promptly notify each other upon the commencement of any Proceeding against it and, in the case of
the Company and the Partnership, against any of the Company&rsquo;s or the Partnership officers, trustees or partners in connection
with the issuance and sale of the Shares, or in connection with the Disclosure Package or Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Default
of One or More of the Several Underwriters</U></I>. If, on the Closing Date or a Subsequent Closing Date, as the case may be, any
one or more of the several Underwriters shall fail or refuse to purchase Shares that it or they have agreed to purchase hereunder
on such date, and the aggregate number of Shares which such defaulting Underwriter or Underwriters agreed but failed or refused
to purchase does not exceed 10% of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall
be obligated, severally, in the proportions that the number of Underwritten Shares set forth opposite their respective names on
Schedule A bears to the aggregate number of Underwritten Shares set forth opposite the names of all such non-defaulting Underwriters,
or in such other proportions as may be specified by the Representatives with the consent of the non-defaulting Underwriters, to
purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. If,
on the Closing Date or a Subsequent Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse
to purchase Shares and the aggregate number of Shares with respect to which such default occurs exceeds 10% of the aggregate number
of Shares to be purchased on such date, and arrangements satisfactory to the Representatives and the Company for the purchase of
such Shares are not made within 48 hours after such default, this Agreement shall terminate without liability of any party to any
other party except that the provisions of Section 5, Section 7, Section 9 and Section 15 shall at all times be effective and shall
survive such termination in the case of any non-defaulting Underwriter. In any such case either the Representatives or the Company
shall have the right to postpone the Closing Date or a Subsequent Closing Date, as the case may be, but in no event for longer
than seven (7) days in order that the required changes, if any, to the Registration Statement and the Prospectus or any other documents
or arrangements may be effected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As used in this Agreement, the term &ldquo;Underwriter&rdquo;
shall be deemed to include any person substituted for a defaulting Underwriter under this Section 10. Any action taken under this
Section 10 shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Issuance
and Sale by the Company</U>.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that (i) all the Conditions are not satisfied on or prior to the Closing Date or, in respect of any Additional Forward
Sale Agreement entered into pursuant to Section 3(c), all the Additional Conditions are not satisfied on the Closing Date or the
applicable Subsequent Closing Date, if any, as the case may be, and the Forward Seller elects, pursuant to Section 3(d) or Section
3(e) hereof, as the case may be, not to deliver the Borrowed Underwritten Shares or the Borrowed Option Shares deliverable by the
Forward Seller, as applicable, (ii) in the Forward Purchaser&rsquo;s commercially reasonable judgment, the Forward Seller is unable,
after using commercially reasonable efforts, to borrow and deliver for sale under this Agreement a number of Common Shares equal
to the number of the Borrowed Underwritten Shares or Borrowed Option Shares, as applicable, to be borrowed and delivered for sale
by the Forward Seller under this Agreement or (iii) in the Forward Purchaser&rsquo;s sole judgment, the Forward Seller would incur
a stock loan cost of more than a rate equal to 200 basis points per annum to do so, then, in each case, the Company shall issue
and sell to the Underwriters, pursuant to Section 3 hereof, in whole but not in part, an aggregate number of Common Shares equal
to the number of Borrowed Underwritten Shares or Borrowed Option Shares, as the case may be, that the Forward Seller does not so
deliver and sell to the Underwriters. In connection with any such issuance and sale by the Company, the Company or the Representatives
shall have the right to postpone the Closing Date or the applicable Subsequent Closing Date, as the case may be, for a period not
exceeding two business days in order to effect any required changes in any documents or arrangements. The Common Shares sold by
the Company to the Underwriters pursuant to this Section 11(a) in lieu of Borrowed Underwritten Shares are referred to herein as
the &ldquo;<U>Company Top-Up Underwritten Shares</U>,&rdquo; and the Common Shares sold by the Company to the Underwriters pursuant
to this Section 11(a) in lieu of Borrowed Option Shares are referred to herein as the &ldquo;<U>Company Top-Up Option Shares</U>.&rdquo;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Forward Purchaser nor the Forward Seller shall have any liability whatsoever for any Borrowed Shares that the Forward Seller
does not deliver and sell to the Underwriters or any other party if (i) all of the Conditions are not satisfied on or prior to
the Closing Date, in the case of Borrowed Underwritten Shares, or all of the Additional Conditions are not satisfied on or prior
to the Closing Date or the applicable Subsequent Closing Date, in the case of Borrowed Option Shares, and the Forward Seller elects,
pursuant to Section 3(d) or Section 3(e) hereof, as the case may be, not to deliver and sell to the Underwriters the Borrowed Underwritten
Shares or the Borrowed Option Shares, as applicable, (ii) in the Forward Purchaser&rsquo;s commercially reasonable judgment, the
Forward Seller is unable, after using commercially reasonable efforts, to borrow and deliver for sale under this Agreement on the
Closing Date or the relevant Subsequent Closing Date, as the case may be, a number of Common Shares equal to the number of the
Borrowed Underwritten Shares or Borrowed Option Shares, as applicable, to be borrowed and delivered for sale by the Forward Seller
under this Agreement or (iii) in the Forward Purchaser&rsquo;s sole judgment, the Forward Seller would incur a stock loan cost
of more than a rate equal to 200 basis points per annum to do so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Termination
of this Agreement</U></I>. Prior to the Closing Date and, with respect to the Option Shares, the Closing Date and any Subsequent
Closing Date, this Agreement may be terminated by the Representatives by notice given to the Company if at any time (i) trading
or quotation in any of the Company&rsquo;s securities shall have been suspended or limited by the Commission or by the NYSE, or
minimum or maximum prices shall have been generally established by the Commission or FINRA or such stock exchange; (ii) trading
in securities generally on the NYSE shall have been suspended or limited, or minimum or maximum prices shall have been generally
established by the Commission or FINRA or on stock exchange; (iii) a general banking moratorium shall have been declared by federal
or New York authorities or a material disruption in commercial banking or securities settlement or clearance services in the United
States has occurred; or (iv) there shall have occurred any outbreak or escalation of national or international hostilities or declaration
of a national emergency or war by the United States or any crisis or calamity, or any change in the United States or international
financial markets, or any substantial change or development involving a prospective substantial change in United States&rsquo;
or international political, financial or economic conditions, as in the judgment of the Representatives is material and adverse
and makes it impracticable or inadvisable to market the Shares in the manner and on the terms described in the Prospectus or to
enforce contracts for the sale of securities. Any termination pursuant to this Section 12 shall be without liability on the part
of (a) the Company to any Underwriter, except that the Company shall be obligated to reimburse the expenses of the Representatives
and the Underwriters pursuant to Sections 5 and 7 hereof in connection with a termination of this Agreement pursuant to subsection
(i) of this Section 12 or (b) any Underwriter to the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>No
Advisory or Fiduciary Responsibility</U>.</I> Each of the Company and the Partnership acknowledges and agrees that: (i) the purchase
and sale of the Shares pursuant to this Agreement, including the determination of the public offering price of the Shares and any
related discounts and commissions, is an arm&rsquo;s-length commercial transaction between the Company, on the one hand, and the
several Underwriters, the Forward Purchaser and the Forward Seller on the other hand, and the Company is capable of evaluating
and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement;
(ii) in connection with each transaction contemplated hereby and the process leading to such transaction each Underwriter, Forward
Purchaser and the Forward Seller is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary
of the Company or Partnership, or their affiliates, shareholders, creditors or employees or any other party; (iii) no Underwriter,
Forward Purchaser and the Forward Seller has assumed or will assume an advisory, agency or fiduciary responsibility in favor of
the Company or the Partnership with respect to any of the transactions contemplated hereby or the process leading thereto (irrespective
of whether such Underwriter, Forward Purchaser and the Forward Seller has advised or is currently advising the Company or the Partnership
on other matters) and no Underwriter, Forward Purchaser and the Forward Seller has any obligation to the Company or the Partnership
with respect to the offering contemplated hereby except the obligations expressly set forth in this Agreement, the Forward Sale
Agreement and any Additional Forward Sale Agreement; (iv) the several Underwriters, the Forward Purchaser and the Forward Seller
and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of
the Company and the Partnership and that the several Underwriters, the Forward Purchaser and the Forward Seller have no obligation
to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the Underwriters, the Forward
Purchaser and the Forward Seller have not provided any legal, accounting, regulatory or tax advice with respect to the offering
contemplated hereby and the Company and the Partnership have consulted their own legal, accounting, regulatory and tax advisors
to the extent they deemed appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Agreement supersedes all prior agreements
and understandings (whether written or oral) between the Company, the Partnership, the several Underwriters, the Forward Purchaser
and the Forward Seller or any of them, with respect to the subject matter hereof. The Company and the Partnership hereby waive
and release, to the fullest extent permitted by law, any claims that the Company and the Partnership may have against the several
Underwriters, the Forward Purchaser and the Forward Seller with respect to any breach or alleged breach of agency or fiduciary
duty.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Research
Analyst Independence</U>. </I> The Company and the Partnership acknowledge that the Underwriters&rsquo; research analysts and research
departments are required to be independent from their respective investment banking divisions and are subject to certain regulations
and internal policies, and that such Underwriters&rsquo; research analysts may hold views and make statements or investment recommendations
and/or publish research reports with respect to the Company and/or the offering that differ from the views of their respective
investment banking divisions. The Company and the Partnership hereby waive and release, to the fullest extent permitted by law,
any claims that the Company or the Partnership may have against the Underwriters with respect to any conflict of interest that
may arise from the fact that the views expressed by their independent research analysts and research departments may be different
from or inconsistent with the views or advice communicated to the Company or the Partnership by such Underwriters&rsquo; investment
banking divisions. The Company and the Partnership acknowledge that each of the Underwriters is a full service securities firm
and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account
of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the
transactions contemplated by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Representations
and Indemnities to Survive Delivery</U></I>. The respective indemnities, agreements, representations, warranties and other statements
of the Company, of the Partnership, of their officers and of the several Underwriters and the Forward Seller set forth in or made
pursuant to this Agreement (i) will remain operative and in full force and effect, regardless of any (A) investigation, or statement
as to the results thereof, made by or on behalf of any Underwriter, the Forward Purchaser and the Forward Seller, the officers
or employees of any Underwriter, the Forward Purchaser and the Forward Seller, or any person controlling the Underwriter, the Forward
Purchaser, the Forward Seller, the Company, the officers or employees of the Company, or any person controlling the Company, the
Partnership, the officers or employees of the Partnership, as the case may be or (B) acceptance of the Shares and payment for them
hereunder and (ii) will survive delivery of and payment for the Shares sold hereunder and any termination of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Notices</U></I>.
All communications hereunder shall be in writing and shall be mailed, hand delivered or telecopied and confirmed to the parties
hereto as follows:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Barclays Capital Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">745 Seventh Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Facsimile: (646) 834-8133<BR>
Attention: Syndicate Registration</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Citigroup Global Markets Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Facsimile: (646) 291-1469<BR>
Attention: General Counsel</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If to the Forward Purchaser or the Forward Seller:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Citibank, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">c/o Citigroup Global Markets Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Facsimile: (646) 291-1469<BR>
Attention: General Counsel</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">Acadia Realty Trust<BR>
Suite 260</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">1311 Mamaroneck Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">White Plains, New York 10605</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">Facsimile: 914-288-2139</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">Acadia Realty Limited Partnership<BR>
Suite 260</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">1311 Mamaroneck Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">White Plains, New York 10605</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">Facsimile: 914-288-2139</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any party hereto may change the address for
receipt of communications by giving written notice to the others.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Successors
and Assigns</U></I>. This Agreement will inure to the benefit of and be binding upon the parties hereto, including any substitute
Underwriters pursuant to Section 10 hereof, and to the benefit of (i) the Company, its trustees, any person who controls the Company
within the meaning of the Securities Act or the Exchange Act and any officer of the Company who signs the Registration Statement,
(ii) the Partnership and its officers and directors, (iii) the Underwriters and the Forward Seller, the officers, directors, employees
and agents of the Underwriters and the Forward Seller, and each person, if any, who controls any Underwriter or the Forward Seller
within the meaning of the Securities Act or the Exchange Act and (iv) the respective successors and assigns of any of the above,
all as and to the extent provided in this Agreement, and no other person shall acquire or have any right under or by virtue of
this Agreement. The term &ldquo;successors and assigns&rdquo; shall not include a purchaser of any of the Shares from any of the
several Underwriters merely because of such purchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Partial
Unenforceability</U></I>. The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not
affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision
of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes
(and only such minor changes) as are necessary to make it valid and enforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Governing
Law</U></I>. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Consent
to Jurisdiction</U></I>. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated
hereby (&ldquo;<U>Related Proceedings</U>&rdquo;) may be instituted in the federal courts of the United States of America located
in the City and County of New York, Borough of Manhattan, or the courts of the State of New York in each case located in the City
and County of New York, Borough of Manhattan (collectively, the &ldquo;<U>Specified Courts</U>&rdquo;), and each party irrevocably
submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such
court (a &ldquo;<U>Related Judgment</U>&rdquo;), as to which such jurisdiction is non-exclusive) of such courts in any such suit,
action or proceeding. Service of any process, summons, notice or document by mail to such party&rsquo;s address set forth above
shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably
and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts
and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other
proceeding brought in any such court has been brought in an inconvenient forum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>General
Provisions</U></I>. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written
or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. This
Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. This Agreement may not be amended or modified unless in writing by all of the
parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition
is meant to benefit. The Section headings herein are for the convenience of the parties only and shall not affect the construction
or interpretation of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each of the parties hereto acknowledges that
it is a sophisticated business person who was adequately represented by counsel during negotiations regarding the provisions hereof,
including, without limitation, the indemnification and contribution provisions of Section 9, and is fully informed regarding said
provisions. Each of the parties hereto further acknowledges that the provisions of Section 9 hereto fairly allocate the risks
in light of the ability of the parties to investigate the Company and Partnership, their affairs and their business in order to
assure that adequate disclosure has been made in the Registration Statement, any preliminary prospectus and the Prospectus (and
any amendments and supplements thereto), as required by the Securities Act and the Exchange Act.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the foregoing is in accordance with your
understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument, along
with all counterparts hereof, shall become a binding agreement in accordance with its terms.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">ACADIA REALTY TRUST</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Jon Grisham</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;Jon Grisham</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Senior Vice President and Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">ACADIA REALTY LIMITED PARTNERSHIP</FONT></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><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">ACADIA REALTY TRUST</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Its sole general partner</FONT></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><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Jon Grisham</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;Jon Grisham</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Senior Vice President and Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><I>Underwriting Agreement &ndash; Signature
Page</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The foregoing Underwriting Agreement is hereby
confirmed and accepted by the Representatives as of the date first above written.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">BARCLAYS CAPITAL INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Victoria Hale</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;Victoria Hale</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Vice President</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">CITIGROUP GLOBAL MARKETS INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Paul Ingrassia</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;Paul Ingrassia</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Managing Director</FONT></TD>
    <TD>&nbsp;</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><FONT STYLE="font-size: 10pt">Acting as Representatives of the several Underwriters named in the attached Schedule A.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">CITIGROUP GLOBAL MARKETS INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Paul Ingrassia</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;Paul Ingrassia</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Managing Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Acting in its capacity as Forward Seller.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">CITIBANK, N.A.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ James Heathcote</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;James Heathcote</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;Authorized Signatory</FONT></TD>
    <TD>&nbsp;</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><FONT STYLE="font-size: 10pt">Acting in its capacity as Forward Purchaser, solely as the recipient and/or beneficiary of certain representations, warranties, covenants and indemnities set forth in this Agreement.</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><I>Underwriting Agreement &ndash; Signature
Page</I></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Underwriters</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of<BR> Underwritten<BR> Shares to be<BR> Purchased</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 85%; text-align: left">Barclays Capital Inc.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,800,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Citigroup Global Markets Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,800,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 9pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,600,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Aggregate number of shares offered: 3,600,000</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Offering price to public: $34.70</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 1(b)</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">None.</P>

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


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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>v436520_ex1-2.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 1.2</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 15%; text-align: right"><B>To:</B></TD>
    <TD STYLE="vertical-align: bottom; width: 85%; padding-left: 10pt">Acadia Realty Trust (&ldquo;<B>Party B</B>&rdquo;)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><B>A/C:</B></TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><B>From:</B></TD>
    <TD STYLE="padding-left: 10pt">Citibank, N.A. (&ldquo;<B>Party A</B>&rdquo;)<BR>
390 Greenwich Street <BR>
New York, NY 10013<BR>
Telephone: 212-723-7452</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><B>Re:</B></TD>
    <TD STYLE="padding-left: 10pt">Issuer Share Forward Sale Transaction</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><B>Ref. No:</B></TD>
    <TD STYLE="padding-left: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><B>Date:</B></TD>
    <TD STYLE="padding-left: 10pt; text-align: justify">April 4, 2016</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dear Sir(s):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The purpose of this communication
(this &ldquo;<B>Confirmation</B>&rdquo;) is to set forth the terms and conditions of the above-referenced transaction entered into
on the Trade Date specified below (the &ldquo;<B>Transaction</B>&rdquo;) between Citibank, N.A. (&ldquo;<B>Party A</B>&rdquo;)
and Acadia Realty Trust (&ldquo;<B>Party B</B>&rdquo;). This communication constitutes a &ldquo;Confirmation&rdquo; as referred
to in the Agreement specified below. This Confirmation is a confirmation for purposes of Rule 10b-10 promulgated under the Securities
Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;). <B> </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This
Confirmation is subject to, and incorporates, the 2002 ISDA Equity Derivatives Definitions (the &ldquo;<B>Equity Definitions</B>&rdquo;),
as published by the International Swaps and Derivatives Association, Inc. (&ldquo;<B>ISDA</B>&rdquo;). For purposes of the Equity
Definitions, the Transaction will be deemed to be a Share Forward Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Confirmation shall
supplement, form a part of and be subject to an agreement (the &ldquo;<B>Agreement</B>&rdquo;) in the form of the 1992 ISDA Master
Agreement (Multicurrency&mdash;Cross Border) (the &ldquo;<B>ISDA Form</B>&rdquo;), as published by ISDA, as if Party A and Party
B had executed the ISDA Form on the date hereof (but without any Schedule except for (i) the election of Loss and Second Method,
New York law (without regard to New York&rsquo;s choice of laws doctrine other than Title 14 of Article 5 of the New York General
Obligations Law) as the governing law and US Dollars (&ldquo;<B>USD</B>&rdquo;) as the Termination Currency, and (ii) the replacement
of the word &ldquo;third&rdquo; in the last line of Section 5(a)(i) with the word &ldquo;second&rdquo;. All provisions contained
in the Agreement are incorporated into and shall govern this Confirmation except as expressly modified below. This Confirmation
evidences a complete and binding agreement between Party A and Party B as to the terms of the Transaction and replaces any previous
agreement between the parties with respect to the subject matter hereof.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Transaction hereunder
shall be the sole Transaction under the Agreement. If there exists any ISDA Master Agreement between Party A or any of its Affiliates
and Party B or any confirmation or other agreement between Party A or any of its Affiliates and Party B pursuant to which an ISDA
Master Agreement is deemed to exist between Party A or any of its Affiliates and Party B, then notwithstanding anything to the
contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Party A or any of its Affiliates
and Party B are parties, the Transaction shall not be considered a Transaction under, or otherwise governed by, such existing or
deemed ISDA Master Agreement. In the event of any inconsistency among the Agreement, this Confirmation and the Equity Definitions,
the following will prevail in the order of precedence indicated: (i) this Confirmation; (ii) the Equity Definitions; and (iii)
the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
terms of the particular Transaction to which this Confirmation relates are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-indent: -9pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-indent: -9pt"><B><U>General Terms</U>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify">Trade Date:</TD>
    <TD STYLE="width: 70%; text-align: justify">April 4, 2016</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Effective Date:</TD>
    <TD STYLE="text-align: justify">April 8, 2016 (the &ldquo;<B>Scheduled Effective Date</B>&rdquo;), or such later date on which the conditions set forth in Section &lrm;3 of this Confirmation shall have been satisfied.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Buyer:</TD>
    <TD STYLE="text-align: justify">Party A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Seller:</TD>
    <TD STYLE="text-align: justify">Party B</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Maturity Date:</TD>
    <TD STYLE="text-align: justify">April 8, 2017 (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Shares:</TD>
    <TD STYLE="text-align: justify">The common shares of beneficial interest (&ldquo;<B>Shares</B>&rdquo;), par value $0.001 per Share, of Party B (Ticker:&nbsp;&ldquo;AKR&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Number of Shares:</TD>
    <TD STYLE="text-align: justify">Initially, (x)&nbsp;if no Initial Hedging Disruption (as defined below) occurs, 3,600,000 Shares (the &ldquo;<B>Full</B> <B>Number of Shares</B>&rdquo;) or (y)&nbsp;if an Initial Hedging Disruption occurs, the Reduced Number of Shares (as defined below), in each case, as reduced on each Relevant Settlement Date (as defined under &ldquo;Settlement Terms&rdquo; below) by the number of Settlement Shares to which the related Valuation Date relates.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Settlement Currency:</TD>
    <TD STYLE="text-align: justify">USD</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Exchange:</TD>
    <TD STYLE="text-align: justify">The New York Stock Exchange</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Related Exchange:</TD>
    <TD STYLE="text-align: justify">All Exchanges</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Prepayment:</TD>
    <TD STYLE="text-align: justify">Not Applicable</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -2.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify">Variable Obligation:</TD>
    <TD STYLE="width: 70%; text-align: justify">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Forward Price:</TD>
    <TD STYLE="text-align: justify">On the Effective Date, USD34.60, and on any day thereafter, the product of the Forward Price on the immediately preceding calendar day and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">1 + the Daily Rate * (1/365);</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><I>provided</I> that the Forward Price on each Forward Price Reduction Date shall be the Forward Price otherwise in effect on such date <I>minus</I> the Forward Price Reduction Amount for such Forward Price Reduction Date.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Daily Rate:</TD>
    <TD STYLE="text-align: justify">For any day, the USD-Federal Funds Rate <I>minus</I> the Spread.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Spread:</TD>
    <TD STYLE="text-align: justify">0.75%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">USD-Federal Funds Rate: </TD>
    <TD STYLE="text-align: justify">For any day,<B> </B>the rate set forth for such day opposite the caption &ldquo;Federal funds&rdquo; as displayed on the page &ldquo;FedsOpen &lt;Index&gt; &lt;GO&gt;&rdquo; on the BLOOMBERG Professional Service, or any successor page; <I>provided</I> that if no such rate appears for such day on such page, USD-Federal Funds Rate for such day shall be such rate for the immediately preceding day for which such a rate appears.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Forward Price Reduction Dates:</TD>
    <TD STYLE="text-align: justify">As set forth on Annex B.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Forward Price Reduction Amount:</TD>
    <TD STYLE="text-align: justify">For each Forward Price Reduction Date, the Forward Price Reduction Amount set forth opposite such date on Annex B.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline"><B><U>Valuation</U>:</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Valuation Date:</TD>
    <TD STYLE="text-align: justify">For any Settlement (as defined below), if Physical Settlement is applicable, as designated in the relevant Settlement Notice (as defined below); or if Cash Settlement or Net Share Settlement is applicable, the last Unwind Date for such Settlement. Section 6.6 of the Equity Definitions shall not apply to any Valuation Date. For the avoidance of doubt, the last Unwind Date shall be determined by Party A based on the completion of the unwinding of its commercially reasonable hedge position.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Unwind Dates:</TD>
    <TD STYLE="text-align: justify">For any Cash Settlement or Net Share Settlement, each day on which Party A (or its agent or affiliate) purchases Shares in the market in connection with unwinding its commercially reasonable hedge position in connection with such Settlement, starting on the First Unwind Date for such Settlement.&nbsp;&nbsp;</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: left">First Unwind Date:</TD>
    <TD STYLE="width: 70%; text-align: justify">For any Cash Settlement or Net Share Settlement, as designated in the relevant Settlement Notice.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Unwind Period:</TD>
    <TD STYLE="text-align: justify">For any Cash Settlement or Net Share Settlement, the period starting on the First Unwind Date for such Settlement and ending on the Valuation Date for such Settlement.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Cash Settlement Valuation Disruption:</TD>
    <TD STYLE="text-align: justify">If Cash Settlement is applicable and any Unwind Date during an Unwind Period is a Disrupted Day, the Calculation Agent shall determine whether (i) such Disrupted Day is a Disrupted Day in full, in which case the 10b-18 VWAP for such Disrupted Day shall not be included in the calculation of the Settlement Price, or (ii) such Disrupted Day is a Disrupted Day only in part, in which case the 10b-18 VWAP for such Disrupted Day shall be determined by the Calculation Agent based on Rule 10b-18 eligible transactions (as defined below) in the Shares on such Disrupted Day, taking into account the nature and duration of the relevant Market Disruption Event, and the weightings of the 10b-18 VWAP for each Unwind Date during the Unwind Period shall be adjusted in a commercially reasonable manner by the Calculation Agent for purposes of determining the Settlement Price to account for the occurrence of such partially Disrupted Day, with such adjustments based on, among other factors, the duration of any Market Disruption Event and the volume, historical trading patterns and price of the Shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Market Disruption Event:</TD>
    <TD STYLE="text-align: justify">The definition of &ldquo;Market Disruption Event&rdquo; in Section 6.3(a) of the Equity Definitions is hereby amended by deleting the words &ldquo;at any time during the one-hour period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be&rdquo; and inserting the words &ldquo;at any time on any Exchange Business Day during the Valuation Period&rdquo; after the word &ldquo;material,&rdquo; in the third line thereof.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: justify">Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term &ldquo;Scheduled Closing Time&rdquo; in the fourth line thereof.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-indent: -9pt"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-indent: -9pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-decoration: underline"><B><U>Settlement Terms</U>:</B></TD>
    <TD STYLE="width: 70%"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Settlement:</TD>
    <TD STYLE="text-align: justify">Any Physical Settlement, Cash Settlement or Net Share Settlement of all or any portion of the Transaction.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Settlement Notice:</TD>
    <TD STYLE="text-align: justify">Subject to &ldquo;Early Valuation&rdquo; below, Party B may elect to effect a Settlement of all or any portion of the Transaction by designating one or more Scheduled Trading Days following the Effective Date and on or prior to the Maturity Date to be Valuation Dates (or, with respect to Cash Settlements or Net Share Settlements, First Unwind Dates, each of which First Unwind Dates shall occur no later than the 60th Scheduled Trading Day immediately preceding the Maturity Date) in a written notice to Party A (a &ldquo;<B>Settlement Notice</B>&rdquo;) delivered no later than the applicable Settlement Method Election Date, which notice shall also specify (i) the number of Shares (the &ldquo;<B>Settlement Shares</B>&rdquo;) for such Settlement (not to exceed the number of Undesignated Shares as of the date of such Settlement Notice) and (ii) the Settlement Method applicable to such Settlement; <I>provided</I> that (A) Party B may not designate a First Unwind Date for a Cash Settlement or a Net Share Settlement if, as of the date of such Settlement Notice, any Shares have been designated as Settlement Shares for a Cash Settlement or a Net Share Settlement for which the related Relevant Settlement Date has not occurred; and (B) if the number of Undesignated Shares as of the Maturity Date is not zero, then the Maturity Date shall be a Valuation Date for a Physical Settlement and the number of Settlement Shares for such Settlement shall be the number of Undesignated Shares as of the Maturity Date (<I>provided</I> that if the Maturity Date occurs during the period from the time any Settlement Notice is given for a Cash Settlement or Net Share Settlement until the related Relevant Settlement Date, inclusive, then the provisions set forth below opposite &ldquo;Early Valuation&rdquo; shall apply as if the Maturity Date were the Early Valuation Date).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Undesignated Shares:</TD>
    <TD STYLE="text-align: justify">As of any date, the Number of Shares <I>minus</I> the number of Shares designated as Settlement Shares for Settlements for which the related Relevant Settlement Date has not occurred.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Settlement Method Election:</TD>
    <TD STYLE="text-align: justify">Applicable; <I>provided</I> that:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(i) Net Share Settlement shall be deemed to be included as an additional settlement method under Section 7.1 of the Equity Definitions;</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify">(ii) Party B may elect Cash Settlement or Net Share Settlement only if Party B represents and warrants to Party A in the Settlement Notice containing such election that, as of the date of such Settlement Notice, (A) Party B is not aware of any material nonpublic information concerning itself or the Shares, (B) Party B is electing the settlement method and designating the First Unwind Date specified in such Settlement Notice in good faith and not as part of a plan or scheme to evade compliance with Rule 10b-5 under the Exchange Act (&ldquo;<B>Rule 10b-5</B>&rdquo;) or any other provision of the federal securities laws, (C) Party B is not &ldquo;insolvent&rdquo; (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the &ldquo;<B>Bankruptcy Code</B>&rdquo;)), (D) Party B would be able to purchase a number of Shares equal to the greater of (x) the number of Settlement Shares designated in such Settlement Notice and (y) a number of Shares with a value as of the date of such Settlement Notice equal to the product of (I) such number of Settlement Shares and (II) the applicable Relevant Forward Price for such Cash Settlement or Net Share Settlement in compliance with the laws of Party B's jurisdiction of organization and (E) such election, and settlement in accordance therewith, does not and will not violate or conflict with any law or regulation applicable to Party B, or any order or judgment of any court or other agency of government applicable to it or any of its assets, and any governmental consents that are required to have been obtained by Party B with respect to such election or settlement have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(iii) Notwithstanding any election to the contrary in any Settlement Notice, Physical Settlement shall be applicable:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 0.35in; text-align: justify; text-indent: -0.25in">(A)&nbsp;to all of the Settlement Shares designated in such Settlement Notice if, at any time from the date such Settlement Notice is received by Party A until the related First Unwind Date, inclusive, (I) the trading price per Share on the Exchange (as determined by Party A in a commercially reasonable manner) is below USD17.30 (the &ldquo;<B>Threshold Price</B>&rdquo;) or (II) Party A determines, in its good faith and commercially reasonable judgment, that it would, after using commercially reasonable efforts, be unable to purchase a number of Shares in the market sufficient to unwind a commercially reasonable hedge position in respect of the portion of the Transaction represented by such Settlement Shares and satisfy its delivery obligation hereunder, if any, by the Maturity Date (x) in a manner that (A) would, if Party A were Party B or an affiliated purchaser of Party B, be subject to the safe harbor provided by Rule 10b-18(b) under the Exchange Act and (B) based on advice of counsel, would not raise material risks under applicable securities laws or (y) due to the lack of sufficient liquidity in the Shares (each, a &ldquo;<B>Trading Condition</B>&rdquo;); or</TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 70%; padding-left: 0.35in; text-align: justify; text-indent: -0.25in">(B)&nbsp;to all or a portion of the
    Settlement Shares designated in such Settlement Notice if, on any day during the relevant Unwind Period, (I) the trading price
    per Share on the Exchange (as determined by Party A in a commercially reasonable manner) is below the Threshold Price or (II)
    Party A determines, in its good faith and commercially reasonable judgment or based on advice of counsel, as applicable, that
    a Trading Condition has occurred, in which case the provisions set forth below in the third paragraph opposite &ldquo;Early
    Valuation Date&rdquo; shall apply as if such day were the Early Valuation Date and (x) for purposes of clause (i) of such
    paragraph, such day shall be the last Unwind Date of such Unwind Period and the &ldquo;Unwound Shares&rdquo; shall be calculated
    to, and including, such day and (y) for purposes of clause (ii) of such paragraph, the &ldquo;Remaining Shares&rdquo; shall
    be equal to the number of Settlement Shares designated in such Settlement Notice <I>minus</I> the Unwound Shares determined
    in accordance with clause (x) of this sentence.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Electing Party:</TD>
    <TD STYLE="text-align: justify">Party B</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Settlement Method Election Date:</TD>
    <TD STYLE="text-align: justify">With respect to any Settlement, the 5th Scheduled Trading Day immediately preceding (x)&nbsp;the Valuation Date, in the case of Physical Settlement, or (y)&nbsp;the First Unwind Date, in the case of Cash Settlement or Net Share Settlement.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Default Settlement Method:</TD>
    <TD STYLE="text-align: justify">Physical Settlement</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify">Physical Settlement:</TD>
    <TD STYLE="width: 70%; text-align: justify">Notwithstanding Section 9.2(a)(i) of the Equity Definitions, on the Settlement Date, Party A shall pay to Party B an amount equal to the Forward Price on the relevant Valuation Date <I>multiplied by</I> the number of Settlement Shares for such Settlement, and Party B shall deliver to Party A such Settlement Shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Settlement Date:</TD>
    <TD STYLE="text-align: justify">The Valuation Date.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Net Share Settlement:</TD>
    <TD STYLE="text-align: justify">On the Net Share Settlement Date, if the Net Share Settlement Amount is greater than zero, Party B shall deliver a number of Shares equal to the Net Share Settlement Amount (rounded down to the nearest integer) to Party A, and if the Net Share Settlement Amount is less than zero, Party A shall deliver a number of Shares equal to the absolute value of the Net Share Settlement Amount (rounded down to the nearest integer) to Party B, in either case, in accordance with Section 9.4 of the Equity Definitions, with the Net Share Settlement Date deemed to be a &ldquo;Settlement Date&rdquo; for purposes of such Section 9.4, and, in either case, plus cash in lieu of any fractional Shares included in the Net Share Settlement Amount but not delivered due to rounding required hereby, valued at the Settlement Price.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Net Share Settlement Date:</TD>
    <TD STYLE="text-align: justify">The date that follows the Valuation Date by one Settlement Cycle.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Net Share Settlement Amount:</TD>
    <TD STYLE="text-align: justify">For any Net Share Settlement, an amount equal to the Forward Cash Settlement Amount <I>divided by </I>the Settlement Price.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Forward Cash Settlement Amount:</TD>
    <TD STYLE="text-align: justify">Notwithstanding Section 8.5(c) of the Equity Definitions, the Forward Cash Settlement Amount for any Cash Settlement or Net Share Settlement shall be equal to (i) the number of Settlement Shares for such Settlement <I>multiplied by</I> (ii) an amount equal to (A) the Settlement Price <I>minus </I>(B)<I> </I>the Relevant Forward Price.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Relevant Forward Price:</TD>
    <TD STYLE="text-align: justify">For any Cash Settlement, the arithmetic average of the Forward Prices on each Unwind Date relating to such Settlement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">For any Net Share Settlement, the weighted average of the Forward Prices on each Unwind Date relating to such Settlement (weighted based on the number of Shares purchased by Party A or its agent or affiliate on each such Unwind Date in connection with unwinding Party A&rsquo;s commercially reasonable hedge position in connection with such Settlement, as determined by the Calculation Agent).</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify">Settlement Price:</TD>
    <TD STYLE="width: 70%; text-align: justify">For any Cash Settlement, the arithmetic average of the 10b-18 VWAP on each Unwind Date relating to such settlement, <I>plus</I> commercially reasonable commissions not to exceed USD0.03 per Share.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">For any Net Share Settlement, the weighted average price of the purchases of Shares made by Party A (or its agent or affiliate) during the Unwind Period in connection with unwinding its commercially reasonable hedge position relating to such Settlement (weighted based on the number of Shares purchased by Party A or its agent or affiliate on each Unwind Date in connection with unwinding its commercially reasonable hedge position in connection with such Settlement, as determined by the Calculation Agent), <I>plus</I> commercially reasonable commissions not to exceed USD0.03 per Share.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">10b-18 VWAP:</TD>
    <TD STYLE="text-align: justify">For any Exchange Business Day, as determined by the Calculation Agent based on the 10b-18 Volume Weighted Average Price per Share for the regular trading session (including any extensions thereof) of the Exchange on such Exchange Business Day (without regard to pre-open or after hours trading outside of such regular trading session for such Exchange Business Day), as published by Bloomberg at 4:15 p.m. New York time (or 15 minutes following the end of any extension of the regular trading session) on such Exchange Business Day, on Bloomberg page &ldquo;AKR &lt;Equity&gt; AQR_SEC&rdquo; (or any successor thereto), or if such price is not so reported on such Exchange Business Day for any reason or is, in the Calculation Agent&rsquo;s reasonable determination, erroneous, such 10b-18 VWAP shall be as reasonably determined by the Calculation Agent. <B>&nbsp;</B>For purposes of calculating the 10b-18 VWAP for such Exchange Business Day, the Calculation Agent will include only those trades that are reported during the period of time during which Party B could purchase its own shares under Rule 10b-18(b)(2) and are effected pursuant to the conditions of Rule 10b-18(b)(3), each under the Exchange Act (such trades, &ldquo;<B>Rule 10b-18 eligible transactions</B>&rdquo;).</TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify">Unwind Activities:</TD>
    <TD STYLE="width: 70%; text-align: justify">The times and prices at which Party A (or its agent or affiliate) purchases any Shares during any Unwind Period in connection with unwinding its commercially reasonable hedge position shall be determined by Party A in a commercially reasonable manner.&nbsp;&nbsp;Without limiting the generality of the foregoing, in the event that Party A concludes, in its reasonable discretion based on advice of counsel, that it is appropriate with respect to any legal, regulatory or self-regulatory requirements or related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Party A) (a &ldquo;<B>Regulatory Disruption</B>&rdquo;), for it to refrain from purchasing Shares in connection with unwinding its commercially reasonable hedge position on any Scheduled Trading Day that would have been an Unwind Date but for the occurrence of a Regulatory Disruption, Party A may (but shall not be required to) notify Party B in writing that a Regulatory Disruption has occurred on such Scheduled Trading Day, in which case Party A shall, to the extent practicable in its good faith discretion, specify the nature of such Regulatory Disruption, and, for the avoidance of doubt, such Scheduled Trading Day shall not be an Unwind Date and such Regulatory Disruption shall be deemed to be a Market Disruption Event; <I>provided</I>&nbsp;that Party A may exercise its right to suspend under this sentence only in good faith in relation to events or circumstances that are not the result of actions of it or any of its Affiliates that are taken with the intent to avoid its obligations under the Transaction.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Relevant Settlement Date:</TD>
    <TD STYLE="text-align: justify">For any Settlement, the Settlement Date, Cash Settlement Payment Date or Net Share Settlement Date, as the case may be.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Other Applicable Provisions:</TD>
    <TD STYLE="text-align: justify">To the extent Party A is obligated to deliver Shares hereunder, the provisions of Sections 9.2 (last sentence only), 9.8, 9.9, 9.10, 9.11 and 9.12 of the Equity Definitions will be applicable as if &ldquo;Physical Settlement&rdquo; applied to the Transaction; <I>provided</I> that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws that exist as a result of the fact that Party B is the issuer of the Shares.&nbsp;&nbsp;</TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-decoration: underline"><B><U>Share Adjustments</U>:</B></TD>
    <TD STYLE="width: 70%"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Potential Adjustment Events:</TD>
    <TD STYLE="text-align: justify">An Extraordinary Dividend shall not constitute a Potential Adjustment Event. For the avoidance of doubt, a cash dividend on the Shares that differs from expected dividends as of the Trade Date shall not be a Potential Adjustment Event under Section 11.2(e)(vii) of the Equity Definitions.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Extraordinary Dividend:</TD>
    <TD STYLE="text-align: justify">Any dividend or distribution on the Shares with an ex-dividend date occurring on any day following the Trade Date (other than (i) any dividend or distribution of the type described in Section 11.2(e)(i) or Section 11.2(e)(ii)(A) of the Equity Definitions or (ii) a regular, quarterly cash dividend in an amount equal to or less than the Regular Dividend Amount for such calendar quarter that has an ex-dividend date no earlier than the Forward Price Reduction Date occurring in the relevant quarter).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Regular Dividend Amount:</TD>
    <TD STYLE="text-align: justify">For each calendar quarter, as set forth on Annex B.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Method of Adjustment:</TD>
    <TD STYLE="text-align: justify">Calculation Agent Adjustment</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline"><B><U>Extraordinary Events</U>:</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Extraordinary Events:</TD>
    <TD STYLE="text-align: justify">The consequences that would otherwise apply under Article 12 of the Equity Definitions to any applicable Extraordinary Event (excluding any Failure to Deliver, Increased Cost of Hedging, Increased Cost of Stock Borrow or any Extraordinary Event that also constitutes a Bankruptcy Termination Event, but including, for the avoidance of doubt, any other applicable Additional Disruption Event) shall not apply.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tender Offer:</TD>
    <TD STYLE="text-align: justify">Applicable; <I>provided</I>&nbsp;that Section 12.1(d) of the Equity Definitions shall be amended by replacing the reference therein to &ldquo;10%&rdquo; with a reference to &ldquo;20%&rdquo;.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Delisting:</TD>
    <TD STYLE="text-align: justify">In addition to the provisions of Section&nbsp;12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall be deemed to be the Exchange.</TD></TR>
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    <TD STYLE="width: 30%; text-decoration: underline"><B><U>Additional Disruption Events</U>:</B></TD>
    <TD STYLE="width: 70%"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify">Change in Law:</TD>
    <TD STYLE="text-align: justify">Applicable; <I>provided</I> that (A) any determination as to whether (i) the adoption of or any change in any applicable law or regulation (including, without limitation, any tax law) or (ii) the promulgation of or any change in or public announcement of the formal or informal interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), in each case, constitutes a &ldquo;Change in Law&rdquo; shall be made without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the Trade Date, (B)&nbsp;Section 12.9(a)(ii) of the Equity Definitions is hereby amended (i)&nbsp;by adding the words &ldquo;(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)&rdquo; after the word &ldquo;regulation&rdquo; in the second line thereof and (ii)&nbsp;by replacing the words &ldquo;the interpretation&rdquo; with the words &ldquo;or public announcement of any formal or informal interpretation&rdquo; in the third line thereof and (C) the words &ldquo;, unless the illegality is due to an act or omission of the party seeking to elect termination of the Transaction with the intent to avoid its obligations under the terms of the Transaction&rdquo; are added immediately following the word &ldquo;Transaction&rdquo; in the fifth line thereof; and <I>provided</I> <I>further</I> that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by adding the phrase &ldquo;and/or Hedge Position&rdquo; after the word &ldquo;Shares&rdquo; in clause (X) thereof and (iii) by immediately following the word &ldquo;Transaction&rdquo; in clause (X) thereof, adding the phrase &ldquo;in the manner contemplated by the Hedging Party on the Trade Date&rdquo;.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Failure to Deliver:</TD>
    <TD STYLE="text-align: justify">Applicable if Party A is required to deliver Shares hereunder; otherwise, Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Hedging Disruption:</TD>
    <TD STYLE="text-align: justify">Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Increased Cost of Hedging:</TD>
    <TD STYLE="text-align: justify">Applicable; <I>provided</I> that Section 12.9(b)(vi) of the Equity Definitions shall be amended by (i)&nbsp;deleting clause (C) of the second sentence thereof and (ii)&nbsp;deleting the third and fourth sentences thereof.</TD></TR>
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    <TD STYLE="width: 30%; text-align: justify">Increased Cost of Stock Borrow:</TD>
    <TD STYLE="width: 70%; text-align: justify">Applicable; <I>provided</I> that Section 12.9(b)(v) of the Equity Definitions shall be amended by (i)&nbsp;deleting clause (C) of the second sentence thereof and (ii)&nbsp;deleting the third, fourth and fifth sentences thereof. For the avoidance of doubt, upon the announcement of any event that, if consummated, would result in a Merger Event or Tender Offer, the term &ldquo;rate to borrow Shares&rdquo; as used in Section 12.9(a)(viii) of the Equity Definitions shall include any commercially reasonable cost borne or amount payable by the Hedging Party in respect of maintaining or reestablishing its hedge position, including, but not limited to, any assessment or other amount payable by the Hedging Party to a lender of Shares in respect of any merger or tender offer premium, as applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Initial Stock Loan Rate:</TD>
    <TD STYLE="text-align: justify">25 basis points per annum</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Loss of Stock Borrow:</TD>
    <TD STYLE="text-align: justify">Applicable; <I>provided</I> that Section 12.9(b)(iv) of the Equity Definitions shall be amended by (i) deleting clause (A) of the first sentence thereof in its entirety and (ii) deleting the words &ldquo;neither the Non-Hedging Party nor the Lending Party lends Shares in the amount of the Hedging Shares or&rdquo; in the second sentence thereof.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Maximum Stock Loan Rate:</TD>
    <TD STYLE="text-align: justify">200 basis points per annum</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Hedging Party:</TD>
    <TD STYLE="text-align: justify">For all applicable Additional Disruption Events, Party A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Determining Party:</TD>
    <TD STYLE="text-align: justify">For all applicable Extraordinary Events, Party A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: justify"><B><U>Early Valuation</U>:</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Early Valuation:</TD>
    <TD STYLE="text-align: justify">Notwithstanding anything to the contrary herein, in the Agreement or in the Equity Definitions, at any time (x)&nbsp;following the occurrence of a Hedging Event, the declaration by Issuer of an Extraordinary Dividend, or an ISDA Event or (y)&nbsp;if an Excess Section 13 Ownership Position, an Excess NYSE Ownership Position or an Excess Regulatory Ownership Position exists, Party A (or, in the case of an ISDA Event that is an Event of Default or Termination Event, the party entitled to designate an Early Termination Date in respect of such event pursuant to Section 6 of the Agreement) shall have the right to designate any Scheduled Trading Day to be the &ldquo;Early Valuation Date&rdquo;, in which case the provisions set forth in this &ldquo;Early Valuation&rdquo; section shall apply, in the case of an Event of Default or Termination Event, in lieu of Section 6 of the Agreement.&nbsp;&nbsp;For the avoidance of doubt, any amount calculated pursuant to this &ldquo;Early Valuation&rdquo; section as a result of an Extraordinary Dividend shall not be adjusted by the value associated with such Extraordinary Dividend.</TD></TR>
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    <TD STYLE="width: 30%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify">Party A represents and warrants to and agrees with Party B that (i) based upon advice of counsel, Party A (A) does not know of the existence on the Trade Date of an Excess Section 13 Ownership Position, an Excess NYSE Ownership Position or an Excess Regulatory Ownership Position and (B) based on reasonable internal inquiry in the ordinary course of Party A&rsquo;s business does not know on the Trade Date of any event or circumstance that will cause the occurrence of an Excess Section 13 Ownership Position, an Excess NYSE Ownership Position or an Excess Regulatory Ownership Position on any day during the term of the Transaction; and&nbsp;&nbsp;(ii) Party A will not knowingly cause the occurrence of an Excess Section 13 Ownership Position, an Excess NYSE Ownership Position or an Excess Regulatory Ownership Position on any day during the term of the Transaction for the purpose, in whole or in part, of causing the occurrence of an Early Valuation Date.</TD></TR>
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    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">If the Early Valuation Date occurs on a date that is not during an Unwind Period, then the Early Valuation Date shall be a Valuation Date for a Physical Settlement, and the number of Settlement Shares for such Settlement shall be the Number of Shares on the Early Valuation Date; <I>provided</I> that Party A may in its sole discretion permit Party B to elect Cash Settlement or Net Share Settlement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">If the Early Valuation Date occurs during an Unwind Period, then (i)&nbsp;(A) the last Unwind Date of such Unwind Period shall be deemed to be the Early Valuation Date, (B) a Settlement shall occur in respect of such Unwind Period, and the Settlement Method elected by Party B in respect of such Settlement shall apply, and (C) the number of Settlement Shares for such Settlement shall be the number of Unwound Shares for such Unwind Period on the Early Valuation Date, and (ii) (A) the Early Valuation Date shall be a Valuation Date for an additional Physical Settlement (<I>provided</I> that Party A may in its sole discretion elect that the Settlement Method elected by Party B for the Settlement described in clause (i) of this sentence shall apply) and (B) the number of Settlement Shares for such additional Settlement shall be the number of Remaining Shares on the Early Valuation Date.</TD></TR>
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    <TD STYLE="width: 70%; text-align: justify">Notwithstanding the foregoing, in the case of a Nationalization or Merger Event, if at the time of the related Relevant Settlement Date the Shares have changed into cash or any other property or the right to receive cash or any other property, the Calculation Agent shall adjust the nature of the Shares as it determines appropriate to account for such change such that the nature of the Shares is consistent with what shareholders receive in such event.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">ISDA Event:</TD>
    <TD STYLE="text-align: justify">(i)&nbsp;Any Event of Default or Termination Event, other than an Event of Default or Termination Event that also constitutes a Bankruptcy Termination Event, that gives rise to the right of either party to designate an Early Termination Date pursuant to Section 6 of the Agreement or (ii)&nbsp;the announcement of any event or transaction that, if consummated, would result in a Merger Event, Tender Offer, Nationalization, Delisting or Change in Law, in each case, as determined by the Calculation Agent.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Amendment to Merger Event:</TD>
    <TD STYLE="text-align: justify">Section 12.1(b) of the Equity Definitions is hereby amended by deleting the remainder of such Section beginning with the words &ldquo;in each case if the Merger Date is on or before&rdquo; in the fourth to last line thereof.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Hedging Event:</TD>
    <TD STYLE="text-align: justify">(i)&nbsp;(x) A Loss of Stock Borrow in connection with which Party B does not refer the Hedging Party to a satisfactory Lending Party within the required time period as provided in Section 12.9(b)(iv) of the Equity Definitions or (y) a Hedging Disruption, (ii)&nbsp;(A)&nbsp;an Increased Cost of Stock Borrow or (B)&nbsp;an Increased Cost of Hedging in connection with which, in the case of sub-clause (A) or (B), Party B does not elect, and so notify the Hedging Party of its election, in each case, within the required time period to either amend the Transaction pursuant to Section 12.9(b)(v)(A) or Section 12.9(b)(vi)(A) of the Equity Definitions, as applicable, or pay an amount determined by the Calculation Agent that corresponds to the relevant Price Adjustment pursuant to Section 12.9(b)(v)(B) or Section 12.9(b)(vi)(B) of the Equity Definitions, as applicable, or (iii) the occurrence of a Market Disruption Event during an Unwind Period and the continuance of such Market Disruption Event for at least eight Scheduled Trading Days.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Remaining Shares:</TD>
    <TD STYLE="text-align: justify">On any day, the Number of Shares as of such day (or, if such day occurs during an Unwind Period, the Number of Shares as of such day <I>minus</I> the Unwound Shares for such Unwind Period on such day).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify">Unwound Shares:</TD>
    <TD STYLE="width: 70%; text-align: justify">For any Unwind Period on any day, the aggregate number of Shares with respect to which Party A has unwound its commercially reasonable hedge position in respect of the Transaction in connection with the related Settlement as of such day.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: justify"><B><U>Acknowledgements:</U></B></TD>
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Non-Reliance:</TD>
    <TD STYLE="text-align: justify">Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Agreements and Acknowledgements</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Regarding Hedging Activities:</TD>
    <TD STYLE="text-align: justify">Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Additional Acknowledgements:</TD>
    <TD STYLE="text-align: justify">Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Transfer:</TD>
    <TD STYLE="text-align: justify">Notwithstanding anything to the contrary in the Agreement, Party A may assign, transfer and set over all rights, title and interest, powers, privileges and remedies of Party A under the Transaction, in whole or in part, to an affiliate of Party A without the consent of Party B; <I>provided</I> that (x) Party B will neither (1) be required to pay, nor is there a material likelihood that it would be required to pay, an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) of the Agreement, nor (2) receive a payment, nor is there a material likelihood that it would receive a payment, from which an amount has been deducted or withheld for or on account of any Indemnifiable Tax in respect of which the other party is not required to pay an additional amount, in either case as a result of such transfer or assignment, (y) such transferee is a &ldquo;dealer&rdquo; within the meaning of section 1.1001-4(b)(1) of the U.S. Treasury Regulations and (z) no Event of Default or Potential Event of Default shall have occurred with respect to either party solely as a result of such transfer and assignment.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing or any other provision of this Confirmation to the contrary requiring or allowing Party A to purchase, sell, receive or deliver any Shares or other securities to or from Party B, Party A may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities and otherwise to perform Party A obligations in respect of the Transaction and any such designee may assume such obligations.&nbsp; Party A shall be discharged of its obligations to Party B only to the extent of any such performance<I>.</I></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -2.5in"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify">Calculation Agent:</TD>
    <TD STYLE="width: 70%; text-align: justify">Party A; <I>provided</I> that, following the occurrence and during the continuation of an Event of Default pursuant to Section 5(a)(vii) of the Agreement with respect to which Party A is the sole Defaulting Party, Party B shall have the right to select a leading dealer in the market for U.S. corporate equity derivatives reasonably acceptable to Party A to replace Party A as Calculation Agent, and the parties shall work in good faith to execute any appropriate documentation required by such replacement Calculation Agent.&nbsp;&nbsp;Following any determination or calculation by the Calculation Agent hereunder, upon a written request by Party B, the Calculation Agent will, within a commercially reasonable period of time following such request, provide to Party B by e-mail to the e-mail address provided by Party B in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such determination or calculation, as the case may be; <I>provided</I> that Party A shall not be required to disclose any proprietary or confidential models of Party A or any information that is proprietary or subject to contractual, legal or regulatory obligations to not disclose such information.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Party B Payment Instructions:</TD>
    <TD>To be provided by Party B</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Party A Payment Instructions:</TD>
    <TD STYLE="padding-left: 0.5in">BIC:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>F/O:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>A/C:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Ref:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">Party B&rsquo;s Contact Details for Purpose of Giving Notice:</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">Acadia Realty Trust</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>411 Theodore Fremd Avenue, Suite 300</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Rye, NY 10580</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in">Attention: Amy Racanello</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in">Telephone:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">With a copy to:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Goodwin Procter LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>620 Eighth Avenue</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>New York, NY 10018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Attention: Yoel Kranz</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Telephone:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Email:</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 5.4pt">Party A&rsquo;s Contact Details for Purpose of Giving Notice:</TD>
    <TD STYLE="width: 70%; text-align: left; vertical-align: bottom">Citibank, N.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">390 Greenwich Street, 1st Floor </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">New York, NY 10013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Attention: James Heathcote</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Telephone:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Email:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">With a copy to:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Attention: Dustin Sheppard</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Telephone:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Email:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Effectiveness</U>.
The effectiveness of this Confirmation and the Transaction shall be subject to the following conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
representations and warranties of Party B and Acadia Realty Limited Partnership (the &ldquo;<B>Partnership</B>&rdquo;) contained
in the Underwriting Agreement dated the date hereof between Party B, the Partnership, Party A and Citigroup Global Markets Inc.,
as forward seller and as representative, among others, of the Underwriters party thereto (the &ldquo;<B>Underwriting Agreement</B>&rdquo;),
and any certificate delivered pursuant thereto by Party B or the Partnership shall be true and correct on the Effective Date as
if made as of the Effective Date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;Each of
Party B and the Partnership shall have performed all of the obligations required to be performed by it under the Underwriting Agreement
on or prior to the Effective Date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;all of the
conditions set forth in Section 6 of the Underwriting Agreement shall have been satisfied;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;the Closing
Date (as defined in the Underwriting Agreement) shall have occurred as provided in the Underwriting Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;all of the
representations and warranties of Party B hereunder and under the Agreement shall be true and correct on the Effective Date as
if made as of the Effective Date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;Party B
shall have performed all of the obligations required to be performed by it hereunder and under the Agreement on or prior to the
Effective Date, including without limitation its obligations under Section &lrm;6 hereof; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;Party B
shall have delivered to Party A an opinion of counsel in form and substance reasonably satisfactory to Party A, with respect to
the matters set forth in Section 3(a) of the Agreement and that the maximum number of Shares initially issuable hereunder have
been duly authorized and, upon issuance pursuant to the terms of the Transaction, will be validly issued, fully paid and nonassessable.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding the foregoing or any other
provision of this Confirmation, if (x)&nbsp;on or prior to 9:00 a.m., New York City time, on the date the Closing Date (as defined
in the Underwriting Agreement) is scheduled to occur, in connection with establishing its commercially reasonable hedge position
Party A, in its sole judgment, is unable, after using commercially reasonable efforts, to borrow and deliver for sale the Full
Number of Shares or (y)&nbsp;in Party A&rsquo;s sole judgment, it would incur a stock loan cost of more than 200 basis points per
annum with respect to all or any portion of the Full Number of Shares (in each case, an &ldquo;<B>Initial Hedging Disruption</B>&rdquo;),
the effectiveness of this Confirmation and the Transaction shall be limited to the number of Shares Party A is so able to borrow
in connection with establishing its commercially reasonable hedge position at a cost of not more than 200 basis points per annum
(such number of Shares, the &ldquo;<B>Reduced Number of Shares</B>&rdquo;), which, for the avoidance of doubt, may be zero.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Additional
Mutual Representations and Warranties</U>. In addition to the representations and warranties in the Agreement, each party represents
and warrants to the other party that it is an &ldquo;eligible contract participant&rdquo;, as defined in the U.S. Commodity Exchange
Act (as amended), and an &ldquo;accredited investor&rdquo; as defined in Section 2(a)(15)(ii) of the Securities Act of 1933 (as
amended) (the &ldquo;<B>Securities Act</B>&rdquo;), and is entering into the Transaction hereunder as principal and not for the
benefit of any third party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Additional
Representations and Warranties of Party B</U>. In addition to the representations and warranties in the Agreement and those contained
elsewhere herein, Party B represents and warrants to Party A, and agrees with Party A, that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;without
limiting the generality of Section 13.1 of the Equity Definitions, it acknowledges that Party A is not making any representations
or warranties with respect to the treatment of the Transaction, including without limitation ASC Topic 260,<I> Earnings Per Share</I>,
ASC Topic 815,<I> Derivatives and Hedging</I>, ASC Topic 480,<I> Distinguishing Liabilities from Equity</I>, ASC 815-40,<I> Derivatives
and Hedging &ndash; Contracts in Entity&rsquo;s Own Equity</I> (or any successor issue statements) or under the Financial Accounting
Standards Board&rsquo;s Liabilities &amp; Equity Project;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;it shall
not take any action to reduce or decrease the number of authorized and unissued Shares below the sum of (i) the Number of Shares
<I>plus</I> (ii) the total number of Shares issuable upon settlement (whether by net share settlement or otherwise) of any other
transaction or agreement to which it is a party;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;it will
not repurchase any Shares if, immediately following such repurchase, the Number of Shares would be equal to or greater than 5.0%
of the number of then-outstanding Shares and it will notify Party A immediately upon the announcement or consummation of any repurchase
of Shares in an amount that, taken together with the amount of all repurchases since the date of the last such notice (or, if no
such notice has been given, since the Trade Date), exceeds 0.5% of the number of then-outstanding Shares;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;it is not
entering into this Confirmation to create actual or apparent trading activity in the Shares (or any security convertible into or
exchangeable for Shares), or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into
or exchangeable for Shares) for the purpose of inducing the purchase or sale of the Shares (or any security convertible into or
exchangeable for Shares) by others;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;neither
it nor any of its officers, directors, managers or similar persons is aware of any material non-public information regarding itself
or the Shares; it is entering into this Confirmation and will provide any Settlement Notice in good faith and not as part of a
plan or scheme to evade compliance with Rule 10b-5 or any other provision of the federal securities laws; it has not entered into
or altered any hedging transaction relating to the Shares corresponding to or offsetting the Transaction; and it has consulted
with its own advisors as to the legal aspects of its adoption and implementation of this Confirmation under Rule 10b5-1 under the
Exchange Act (&ldquo;<B>Rule 10b5-1</B>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;no state
or local (including non-U.S. jurisdictions) law, rule, regulation or regulatory order applicable to the Shares would give rise
to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval
from any person or entity) as a result of Party A or its affiliates owning or holding (however defined) Shares; <I>provided</I>
that Party B makes no such representation or warranty regarding any such requirement that is applicable generally to the ownership
of equity securities by Party A;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;as of the
Trade Date and as of the date of any payment or delivery by Party B or Party A hereunder, it is not and will not be &ldquo;insolvent&rdquo;
(as such term is defined under Section 101(32) of the Bankruptcy Code);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;it is not,
and after giving effect to the transactions contemplated hereby will not be, required to register as an &ldquo;investment company&rdquo;
as such term is defined in the Investment Company Act of 1940, as amended;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;it: (i)
is an &ldquo;institutional account&rdquo; as defined in FINRA Rule 4512(c); and (ii) is capable of evaluating investment risks
independently, both in general and with regard to all transactions and investment strategies involving a security or securities,
and will exercise independent judgment in evaluating any recommendations of Party A or its associated persons;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;ownership
positions held by Party A or any of its affiliates solely in its capacity as a nominee or fiduciary do not constitute &ldquo;ownership&rdquo;
by Party A, and Party A shall not be deemed or treated as the &ldquo;owner&rdquo; of such positions, in each case, for purposes
Article 6 of the Declaration of Trust of Party B (the &ldquo;<B>Declaration of Trust</B>&rdquo;), including, without limitation,
Section 6.6(c), Section 6.6(d), Section 6.6(g) or Section 6.6(k) of the Declaration of Trust; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;IT UNDERSTANDS
THAT THE TRANSACTION IS SUBJECT TO COMPLEX RISKS WHICH MAY ARISE WITHOUT WARNING AND MAY AT TIMES BE VOLATILE AND THAT LOSSES MAY
OCCUR QUICKLY AND IN UNANTICIPATED MAGNITUDE AND IS WILLING TO ACCEPT SUCH TERMS AND CONDITIONS AND ASSUME (FINANCIALLY AND OTHERWISE)
SUCH RISKS.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Additional
Covenants of Party B</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;Party B
acknowledges and agrees that any Shares delivered by Party B to Party A on any Settlement Date or Net Share Settlement Date will
be (i) newly issued, (ii) approved for listing or quotation on the Exchange, subject to official notice of issuance, and (iii)
registered under the Exchange Act, and, when delivered by Party A (or an affiliate of Party A) to securities lenders from whom
Party A (or an affiliate of Party A) borrowed Shares in connection with hedging its exposure to the Transaction, will be freely
saleable without further registration or other restrictions under the Securities Act in the hands of those securities lenders,
irrespective of whether any such stock loan is effected by Party A or an affiliate of Party A Accordingly, Party B agrees that
any Shares so delivered will not bear a restrictive legend and will be deposited in, and the delivery thereof shall be effected
through the facilities of, the Clearance System. In addition, Party B represents and agrees that any such Shares shall be, upon
such delivery, duly and validly authorized, issued and outstanding, fully paid and nonassessable, free of any lien, charge, claim
or other encumbrance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;Party B
agrees that Party B shall not enter into or alter any hedging transaction relating to the Shares corresponding to or offsetting
the Transaction. Without limiting the generality of the provisions set forth opposite the caption &ldquo;Unwind Activities&rdquo;
in Section 2 of this Confirmation, Party B acknowledges that it has no right to, and agrees that it will not seek to, control or
influence Party A&rsquo;s decision to make any &ldquo;purchases or sales&rdquo; (within the meaning of Rule 10b5-1(c)(1)(i)(B)(3))
under or in connection with the Transaction, including, without limitation, Party A&rsquo;s decision to enter into any hedging
transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;Party B
acknowledges and agrees that any amendment, modification, waiver or termination of this Confirmation must be effected in accordance
with the requirements for the amendment or termination of a &ldquo;plan&rdquo; as defined in Rule 10b5-1(c). Without limiting the
generality of the foregoing, any such amendment, modification, waiver or termination shall be made in good faith and not as part
of a plan or scheme to evade the prohibitions of Rule 10b-5, and no such amendment, modification or waiver shall be made at any
time at which Party B or any officer, director, manager or similar person of Party B is aware of any material non-public information
regarding Party B or the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;Party B
shall promptly provide notice thereof to Party A (i) upon the occurrence of any event that would constitute an Event of Default
or a Termination Event in respect of which Party B is a Defaulting Party or an Affected Party, as the case may be, and (ii) upon
announcement of any event that, if consummated, would constitute an Extraordinary Event or Potential Adjustment Event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;Neither
Party B nor any of its &ldquo;affiliated purchasers&rdquo; (as defined by Rule 10b-18 under the Exchange Act (&ldquo;<B>Rule 10b-18</B>&rdquo;))
shall take any action that would cause any purchases of Shares by Party A or any of its Affiliates in connection with any Cash
Settlement or Net Share Settlement not to meet the requirements of the safe harbor provided by Rule 10b-18 if such purchases were
made by Party B. Without limiting the generality of the foregoing, during any Unwind Period, except with the prior written consent
of Party A, Party B will not, and will cause its affiliated purchasers (as defined in Rule 10b-18) not to, directly or indirectly
(including, without limitation, by means of a derivative instrument) purchase, offer to purchase, place any bid or limit order
that would effect a purchase of, or announce or commence any tender offer relating to, any Shares (or equivalent interest, including
a unit of beneficial interest in a trust or limited partnership or a depository share) or any security convertible into or exchangeable
for the Shares.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;Party B
will not be subject to any &ldquo;restricted period&rdquo; (as such term is defined in Regulation M promulgated under the Exchange
Act (&ldquo;<B>Regulation M</B>&rdquo;)) in respect of Shares or any security with respect to which the Shares are a &ldquo;reference
security&rdquo; (as such term is defined in Regulation M) during any Unwind Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;Party B
shall: (i) prior to the opening of trading in the Shares on any day on which Party B makes, or expects to be made, any public announcement
(as defined in Rule 165(f) under the Securities Act) of any Merger Transaction, notify Party A of such public announcement; (ii)
promptly notify Party A following any such announcement that such announcement has been made; (iii) promptly (but in any event
prior to the next opening of the regular trading session on the Exchange) provide Party A with written notice specifying (A) Party
B&rsquo;s average daily Rule 10b-18 Purchases (as defined in Rule 10b-18) during the three full calendar months immediately preceding
the announcement date for the Merger Transaction that were not effected through Party A or its affiliates and (B) the number of
Shares purchased pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act for the three full calendar months preceding
such announcement date. Such written notice shall be deemed to be a certification by Party B to Party A that such information is
true and correct. In addition, Party B shall promptly notify Party A of the earlier to occur of the completion of such transaction
and the completion of the vote by target shareholders. Party B acknowledges that any such notice may result in a Regulatory Disruption,
a Trading Condition or, if such notice relates to an event that is also an ISDA Event, an Early Valuation, or may affect the length
of any ongoing Unwind Period; accordingly, Party B acknowledges that its delivery of such notice must comply with the standards
set forth in Section 6(c) above. &ldquo;<B>Merger Transaction</B>&rdquo; means any merger, acquisition or similar transaction involving
a recapitalization as contemplated by Rule 10b-18(a)(13)(iv) under the Exchange Act. For the avoidance of doubt, a Merger Transaction
or the announcement thereof shall not give either party the right to designate an Early Valuation Date and/or to accelerate or
preclude an election by Party B of Physical Settlement, unless such Merger Transaction or the announcement thereof is also an ISDA
Event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination
on Bankruptcy</U>. &#9;The parties hereto agree that, notwithstanding anything to the contrary in the Agreement or the Equity Definitions,
the Transaction constitutes a contract to issue a security of Party B as contemplated by Section 365(c)(2) of the Bankruptcy Code
and that the Transaction and the obligations and rights of Party B and Party A (except for any liability as a result of breach
of any of the representations or warranties provided by Party B in Section 4 or Section 5 above) shall immediately terminate, without
the necessity of any notice, payment (whether directly, by netting or otherwise) or other action by Party B or Party A, if, on
or prior to the final Settlement Date, Cash Settlement Payment Date or Net Share Settlement Date, an Insolvency Filing occurs or
any other proceeding commences with respect to Party B under the Bankruptcy Code (a &ldquo;<B>Bankruptcy Termination Event</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Additional
Provisions</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a) Party A acknowledges
and agrees that Party B&rsquo;s obligations under the Transaction are not secured by any collateral and that this Confirmation
is not intended to convey to Party A rights with respect to the transactions contemplated hereby that are senior to the claims
of common stockholders in any U.S. bankruptcy proceedings of Party B; <I>provided</I> that nothing herein shall limit or shall
be deemed to limit Party A&rsquo;s right to pursue remedies in the event of a breach by Party B of its obligations and agreements
with respect to this Confirmation or the Agreement; <I>provided further</I> that nothing herein shall limit or shall be deemed
to limit Party A&rsquo;s rights in respect of any transaction other than the Transaction.</P>

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


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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;The parties
hereto intend for:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Transaction to be a &ldquo;securities contract&rdquo; as defined in Section 741(7) of the Bankruptcy Code, and the parties hereto
to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(27), 362(o), 546(e), 546(j), 555
and 561 of the Bankruptcy Code;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
rights given to Party A pursuant to &ldquo;Early Valuation&rdquo; in Section 2 above to constitute &ldquo;contractual rights&rdquo;
to cause the liquidation of a &ldquo;securities contract&rdquo; and to set off mutual debts and claims in connection with a &ldquo;securities
contract&rdquo;, as such terms are used in Sections 555 and 362(b)(6) of the Bankruptcy Code;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
cash, securities or other property provided as performance assurance, credit support or collateral with respect to the Transaction
to constitute &ldquo;margin payments&rdquo; and &ldquo;transfers&rdquo; under a &ldquo;securities contract&rdquo; as defined in
the Bankruptcy Code;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
payments for, under or in connection with the Transaction, all payments for Shares and the transfer of Shares to constitute &ldquo;settlement
payments&rdquo; and &ldquo;transfers&rdquo; under a &ldquo;securities contract&rdquo; as defined in the Bankruptcy Code; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
or all obligations that either party has with respect to this Confirmation or the Agreement to constitute property held by or due
from such party to margin, guaranty or settle obligations of the other party with respect to the transactions under the Agreement
(including the Transaction) or any other agreement between such parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;Notwithstanding
any other provision of the Agreement or this Confirmation, in no event will Party B be required to deliver in the aggregate in
respect of all Settlement Dates, Net Share Settlement Dates or other dates on which Shares are delivered in respect of any amount
owed under this Agreement a number of Shares greater than 7,200,000 (the &ldquo;<B>Capped Number</B>&rdquo;). The Capped Number
shall be subject to adjustment only on account of (x) Potential Adjustment Events of the type specified in (1) Sections 11.2(e)(i)
through (vi) of the Equity Definitions or (2) Section 11.2(e)(vii) of the Equity Definitions so long as, in the case of this sub-clause
(2), such event is within Issuer&rsquo;s control, (y) Merger Events requiring trust action of Issuer (or any surviving entity of
the Issuer hereunder in connection with any such Merger Event) and (z) Announcement Events that are not outside Issuer&rsquo;s
control. Party B represents and warrants to Party A (which representation and warranty shall be deemed to be repeated on each day
that the Transaction is outstanding) that the Capped Number is equal to or less than the number of authorized but unissued Shares
that are not reserved for future issuance in connection with transactions in the Shares (other than the Transaction) on the date
of the determination of the Capped Number (such Shares, the &ldquo;<B>Available Shares</B>&rdquo;). In the event Party B shall
not have delivered the full number of Shares otherwise deliverable as a result of this Section 8(c) (the resulting deficit, the
&ldquo;<B>Deficit Shares</B>&rdquo;), Party B shall be continually obligated to deliver Shares, from time to time until the full
number of Deficit Shares have been delivered pursuant to this paragraph, when, and to the extent that, (A) Shares are repurchased,
acquired or otherwise received by Party B or any of its subsidiaries after the Trade Date (whether or not in exchange for cash,
fair value or any other consideration), (B) authorized and unissued Shares reserved for issuance in respect of other transactions
prior to such date which prior to the relevant date become no longer so reserved and (C) Party B additionally authorizes any unissued
Shares that are not reserved for other transactions (such events as set forth in clauses (A), (B) and (C) above, collectively,
the &ldquo;<B>Share Issuance Events</B>&rdquo;). Party B shall promptly notify Party A of the occurrence of any of the Share Issuance
Events (including the number of Shares subject to clause (A), (B) or (C) and the corresponding number of Shares to be delivered)
and, as promptly as reasonably practicable, deliver such Shares thereafter. Party B shall not, until Party B&rsquo;s obligations
under the Transaction have been satisfied in full, use any Shares that become available for potential delivery to Party A as a
result of any Share Issuance Event for the settlement or satisfaction of any transaction or obligation other than the Transaction
or reserve any such Shares for future issuance for any purpose other than to satisfy Party B&rsquo;s obligations to Party A under
the Transaction.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;The parties
intend for this Confirmation to constitute a &ldquo;Contract&rdquo; as described in the letter dated October 6, 2003 submitted
on behalf of Goldman, Sachs &amp; Co. to Paula Dubberly of the staff of the Securities and Exchange Commission (the &ldquo;<B>Staff</B>&rdquo;)
to which the Staff responded in an interpretive letter dated October 9, 2003.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;The parties
intend for this Transaction (taking into account purchases of Shares in connection with any Cash Settlement or Net Share Settlement)
to comply with the requirements of Rule 10b5-1(c)(1)(i)(A) under the Exchange Act and for this Confirmation to constitute a binding
contract or instruction satisfying the requirements of 10b5-1(c) and to be interpreted to comply with the requirements of Rule
10b5-1(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;Notwithstanding
any provisions of the Agreement, all communications relating to the Transaction or the Agreement shall be transmitted exclusively
through Party A at 390 Greenwich Street, New York, NY 10013, Telephone No. 212-723-7452.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 48.95pt">(i)&nbsp;&nbsp;during
the term of the Transaction, Party A and its affiliates may buy or sell Shares or other securities or buy or sell options or futures
contracts or enter into swaps or other derivative securities in order to establish, adjust or unwind its hedge position with respect
to the Transaction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 48.95pt">(ii)&nbsp;&nbsp;Party
A and its affiliates may also be active in the market for the Shares and derivatives linked to the Shares other than in connection
with hedging activities in relation to the Transaction, including acting as agent or as principal and for its own account or on
behalf of customers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 48.95pt">(iii)&nbsp;&nbsp;Party
A shall make its own determination as to whether, when or in what manner any hedging or market activities in Party B&rsquo;s securities
shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the
Forward Price and the Settlement Price;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 48.95pt">(iv)&nbsp;&nbsp;any
market activities of Party A and its affiliates with respect to the Shares may affect the market price and volatility of the Shares,
as well as the Forward Price and the Settlement Price, each in a manner that may be adverse to Party B; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 48.95pt">(v)&nbsp;&nbsp;the
Transaction is a derivatives transaction; Party A may purchase or sell shares for its own account at an average price that may
be greater than, or less than, the price received by Party B under the terms of the Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Indemnification</U>.
Party B agrees to indemnify and hold harmless Party A, its affiliates and its assignees and their respective directors, officers,
employees, agents and controlling persons (Party A and each such person being an &ldquo;<B>Indemnified Party</B>&rdquo;) from and
against any and all losses (excluding, for the avoidance of doubt, financial losses resulting from the economic terms of the Transaction),
claims, damages and liabilities (or actions in respect thereof), joint or several, incurred by or asserted against such Indemnified
Party arising out of, in connection with, or relating to, the execution or delivery of this Confirmation, the performance by the
parties hereto of their respective obligations under the Transaction, any breach of any covenant or representation made by Party
B in this Confirmation or the Agreement or the consummation of the transactions contemplated hereby. Party B will not be liable
under the foregoing indemnification provision to the extent that any loss, claim, damage, liability or expense is found in a nonappealable
judgment by a court of competent jurisdiction to have resulted from Party A&rsquo;s willful misconduct, gross negligence or bad
faith in performing the services that are subject of the Transaction. If for any reason the foregoing indemnification is unavailable
to any Indemnified Party or insufficient to hold harmless any Indemnified Party, then Party B shall contribute, to the maximum
extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability.
In addition, Party B will reimburse any Indemnified Party for all reasonable expenses (including reasonable counsel fees and expenses)
as they are incurred in connection with the investigation of, preparation for or defense or settlement of any pending or threatened
claim or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether
or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Party B. Party B also agrees that no Indemnified
Party shall have any liability to Party B or any person asserting claims on behalf of or in right of Party B in connection with
or as a result of any matter referred to in this Confirmation except to the extent that any losses, claims, damages, liabilities
or expenses incurred by Party B result from the gross negligence, willful misconduct or bad faith of the Indemnified Party. The
provisions of this Section&nbsp;&lrm;9 shall survive the completion of the Transaction contemplated by this Confirmation and any
assignment and/or delegation of the Transaction made pursuant to the Agreement or this Confirmation shall inure to the benefit
of any permitted assignee of Party A For the avoidance of doubt, any payments due as a result of this provision may not be used
to set off any obligation of Party A upon settlement of the Transaction.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Beneficial
Ownership</U>. Notwithstanding anything to the contrary in the Agreement or this Confirmation, in no event shall Party A be entitled
to receive, or be deemed to receive, or have the &ldquo;right to acquire&rdquo; (within the meaning of NYSE Rule 312.04(g)) Shares
to the extent that, upon such receipt of such Shares, (i) the &ldquo;beneficial ownership&rdquo; (within the meaning of Section
13 of the Exchange Act and the rules promulgated thereunder) of Shares by Party A, any of its affiliates&rsquo; business units
subject to aggregation with Party A for purposes of the &ldquo;beneficial ownership&rdquo; test under Section 13 of the Exchange
Act and all persons who may form a &ldquo;group&rdquo; (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) with Party
A with respect to &ldquo;beneficial ownership&rdquo; of any Shares (collectively, the &ldquo;<B>Party Group</B>&rdquo;) would be
equal to or greater than the lesser of (x) 9.0% of the outstanding Shares (such condition, an &ldquo;<B>Excess Section 13 Ownership
Position</B>&rdquo;), and (y) 7,017,325 (such number of Shares, the &ldquo;<B>Threshold Number of Shares</B>&rdquo; and such condition,
the &ldquo;<B>Excess NYSE Ownership Position</B>&rdquo;) or (ii) Party A, Party A Group or any person whose ownership position
would be aggregated with that of Party A or Party A Group (Party A, Party A Group or any such person, a &ldquo;<B>Party A Person</B>&rdquo;)
under Sections 3-601 through 3-603 of the Maryland Code (Corporations and Associations) or any state or federal bank holding company
or banking laws, or any federal, state or local laws, regulations or regulatory orders applicable to ownership of Shares (&ldquo;<B>Applicable
Laws</B>&rdquo;), would own, beneficially own, constructively own, control, hold the power to vote or otherwise meet a relevant
definition of ownership in excess of a number of Shares equal to (x) the lesser of (A) the maximum number of Shares that would
be permitted under Applicable Laws and (B) the number of Shares that would give rise to reporting or registration obligations or
other requirements (including obtaining prior approval by a state or federal regulator) of a Party A Person under Applicable Laws
and with respect to which such requirements have not been met or the relevant approval has not been received or that would give
rise to any consequences under the constitutive documents of Party B) or any contract or agreement to which Party B is a party,
in each case <I>minus</I> (y) 1% of the number of Shares outstanding on the date of determination (such condition described in
clause (ii), an &ldquo;<B>Excess Regulatory Ownership Position</B>&rdquo;). If any delivery owed to Party A hereunder is not made,
in whole or in part, as a result of this provision, (i)&nbsp;Party B&rsquo;s obligation to make such delivery shall not be extinguished
and Party B shall make such delivery as promptly as practicable after, but in no event later than one Exchange Business Day after,
Party A gives notice to Party B that such delivery would not result in (x) Party A Group directly or indirectly so beneficially
owning in excess of the lesser of (A) 9.0% of the outstanding Shares and (B) the Threshold Number of Shares or (y) the occurrence
of an Excess Regulatory Ownership Position and (ii)&nbsp;if such delivery relates to a Physical Settlement, notwithstanding anything
to the contrary herein, Party A shall not be obligated to satisfy the portion of its payment obligation corresponding to any Shares
required to be so delivered until the date Party B makes such delivery.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Non-Confidentiality</U>.
The parties hereby agree that (i) effective from the date of commencement of discussions concerning the Transaction, Party B and
each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the
tax treatment and tax structure of the Transaction and all materials of any kind, including opinions or other tax analyses, provided
by Party A and its affiliates to Party B relating to such tax treatment and tax structure;<I> provided</I> that the foregoing does
not constitute an authorization to disclose the identity of Party A or its affiliates, agents or advisers, or, except to the extent
relating to such tax structure or tax treatment, any specific pricing terms or commercial or financial information, and (ii) Party
A does not assert any claim of proprietary ownership in respect of any description contained herein or therein relating to the
use of any entities, plans or arrangements to give rise to a particular United States federal income tax treatment for Party B.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Restricted
Shares</U>. If Party B is unable to comply with the covenant of Party B contained in Section &lrm;6 above or Party A otherwise
determines in its reasonable opinion that any Shares to be delivered to Party A by Party B may not be freely returned by Party
A to securities lenders as described in the covenant of Party B contained in Section &lrm;6 above, then delivery of any such Settlement
Shares (the &ldquo;<B>Unregistered Settlement Shares</B>&rdquo;) shall be effected pursuant to Annex A hereto, unless waived by
Party A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Use
of Shares</U>. Party A acknowledges and agrees that, except in the case of a Private Placement Settlement, Party A shall use any
Shares delivered by Party B to Party A on any Settlement Date to return to securities lenders to close out borrowings created by
Party A in connection with its hedging activities related to exposure under this Transaction or otherwise in compliance with applicable
law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Rule
10b-18</U>. In connection with bids and purchases of Shares in connection with any Net Share Settlement or Cash Settlement of the
Transaction, Party A shall use commercially reasonable efforts to conduct its activities, or cause its affiliates to conduct their
activities, in a manner consistent with the requirements of the safe harbor provided by Rule 10b-18 under the Exchange Act, as
if such provisions were applicable to such purchases and taking into account any applicable Securities and Exchange Commission
no-action letters as appropriate, and subject to any delays between the execution and reporting of a trade of the Shares on the
Exchange and other circumstances beyond Party A&rsquo;s control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Governing
Law</U>. Notwithstanding anything to the contrary in the Agreement, the Agreement, this Confirmation and all matters arising in
connection with the Agreement and this Confirmation shall be governed by, and construed and enforced in accordance with, the laws
of the State of New York (without reference to its choice of laws doctrine other than Title 14 of Article 5 of the New York General
Obligations Law).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Set-Off</U>.
Each party waives any and all rights it may have to set-off delivery or payment obligations it owes to the other party under the
Transaction against any delivery or payment obligations owed to it by the other party, whether arising under the Agreement, under
any other agreement between parties hereto, by operation of law or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Staggered
Settlement</U>. Notwithstanding anything to the contrary herein, Party A may, by prior notice to Party B, satisfy its obligation
to deliver any Shares or other securities on any date due (an &ldquo;<B>Original Delivery Date</B>&rdquo;) by making separate deliveries
of Shares or such securities, as the case may be, at more than one time on or prior to such Original Delivery Date, so long as
the aggregate number of Shares and other securities so delivered on or prior to such Original Delivery Date is equal to the number
required to be delivered on such Original Delivery Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Waiver
of Right to Trial by Jury</U>. EACH OF PARTY A AND PARTY B HEREBY IRREVOCABLY WAIVES (ON SUCH PARTY&rsquo;S OWN BEHALF AND, TO
THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF SUCH PARTY&rsquo;S STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS CONFIRMATION OR THE
ACTIONS OF PARTY A, PARTY B OR THEIR AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Jurisdiction</U>.
THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING
OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT TO, THESE COURTS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Counterparts</U>.
This Confirmation may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and
any party hereto may execute this Confirmation by signing and delivering one or more counterparts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Delivery
of Cash</U>. For the avoidance of doubt, nothing in this Confirmation shall be interpreted as requiring Party B to deliver cash
or other assets in respect of the settlement of the Transaction, except in circumstances where the required cash or other asset
settlement thereof is permitted for classification of the contract as equity by ASC 815-40, <I>Derivatives and Hedging &ndash;
Contracts in Entity&rsquo;s Own Equity</I>, as in effect on the Trade Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Adjustments</U>.
For the avoidance of doubt, whenever the Calculation Agent, the Hedging Party or the Determining Party is called upon to make an
adjustment pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of an event, the
Calculation Agent, the Hedging Party or the Determining Party, as applicable, shall make such adjustment by reference to the effect
of such event on the Hedging Party, assuming that the Hedging Party maintains a commercially reasonable hedge position at the time
of the event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>HIRE
Act Protocols</U>. The parties agree that the definitions and provisions contained in the 2015 Section 871(m) Protocol as published
by ISDA are incorporated into and apply to the Agreement solely for purposes of this Confirmation as if set forth in full herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Party B hereby agrees (a)
to check this Confirmation carefully and immediately upon receipt so that errors or discrepancies can be promptly identified and
rectified and (b) to confirm that the foregoing (in the exact form provided by Party A) correctly sets forth the terms of the agreement
between Party A and Party B with respect to the Transaction, by manually signing this Confirmation or this page hereof as evidence
of agreement to such terms and providing the other information requested herein and immediately returning an executed copy to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Yours faithfully,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>CITIBANK, N.A.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="text-decoration: none; border-bottom: Black 1pt solid">/s/&nbsp;&nbsp;James Heathcote</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: James Heathcote</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Authorized Representative</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Agreed and accepted by:</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><B>ACADIA REALTY TRUST</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="text-decoration: none; border-bottom: Black 1pt solid">/s/&nbsp;&nbsp;Jonathan Grisham</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;Jonathan Grisham</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;Sr. Vice President and Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: right; text-indent: -0.25in"><B>ANNEX A</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If Party B delivers Unregistered
Settlement Shares pursuant to Section 12 above (a &ldquo;<B>Private Placement Settlement</B>&rdquo;), then:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;all
Unregistered Settlement Shares shall be delivered to Party A (or any affiliate of Party A designated by Party A) pursuant to the
exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;as
of or prior to the date of delivery, Party A and any potential purchaser of any such shares from Party A (or any affiliate of Party
A designated by Party A) identified by Party A shall be afforded a commercially reasonable opportunity to conduct a due diligence
investigation with respect to Party B customary in scope for private placements of equity securities of similar size (including,
without limitation, the right to have made available to them for inspection all financial and other records, pertinent trust documents
and other information reasonably requested by them);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;as
of the date of delivery, Party B shall enter into an agreement (a &ldquo;<B>Private Placement Agreement</B>&rdquo;) with Party
A. (or any affiliate of Party A designated by Party A) in connection with the private placement of such shares by Party B to Party
A (or any such affiliate) and the private resale of such shares by Party A (or any such affiliate), substantially similar to private
placement purchase agreements customary for private placements of equity securities of similar size, in form and substance commercially
reasonably satisfactory to Party A, which Private Placement Agreement shall include, without limitation, provisions substantially
similar to those contained in such private placement purchase agreements relating, without limitation, to the indemnification of,
and contribution in connection with the liability of, Party A and its affiliates and obligations to use best efforts to obtain
customary opinions, accountants&rsquo; comfort letters and lawyers&rsquo; negative assurance letters, and shall provide for the
payment by Party B of all commercially reasonable fees and expenses in connection with such resale, including all commercially
reasonable fees and expenses of counsel for Party A, and shall contain representations, warranties, covenants and agreements of
Party B reasonably necessary or advisable to establish and maintain the availability of an exemption from the registration requirements
of the Securities Act for such resales; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;in
connection with the private placement of such shares by Party B to Party A (or any such affiliate) and the private resale of such
shares by Party A (or any such affiliate), Party B shall, if so requested by Party A, prepare, in cooperation with Party A, a private
placement memorandum in form and substance reasonably satisfactory to Party A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the case of a Private
Placement Settlement, Party A shall, in its good faith discretion, adjust the amount of Unregistered Settlement Shares to be delivered
to Party A hereunder in a commercially reasonable manner to reflect the fact that such Unregistered Settlement Shares may not be
freely returned to securities lenders by Party A and may only be saleable by Party A at a discount to reflect the lack of liquidity
in Unregistered Settlement Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If Party B delivers any
Unregistered Settlement Shares in respect of the Transaction, Party B agrees that (i) such Shares may be transferred by and among
Party A and its affiliates and (ii) after the minimum &ldquo;holding period&rdquo; within the meaning of Rule 144(d) under the
Securities Act has elapsed after the applicable Settlement Date, Party B shall promptly remove, or cause the transfer agent for
the Shares to remove, any legends referring to any transfer restrictions from such Shares upon delivery by Party A (or such affiliate
of Party A) to Party B or such transfer agent of seller&rsquo;s and broker&rsquo;s representation letters customarily delivered
by Party A or its affiliates in connection with resales of restricted securities pursuant to Rule 144 under the Securities Act,
each without any further requirement for the delivery of any certificate, consent, agreement, opinion of counsel, notice or any
other document, any transfer tax stamps or payment of any other amount or any other action by Party A (or such affiliate of Party
A).</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">Forward
Price Reduction Amounts</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">REGULAR DIVIDEND Amounts</FONT></P>

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


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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>v436520_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>[LETTERHEAD
OF VENABLE LLP]</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">April 8, 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Realty Trust<BR>
411 Theodore Fremd Avenue, Suite 300<BR>
Rye, NY 10580</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration Statement
on Form S-3 (File No. 333-195665)</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">We have served as Maryland
counsel to Acadia Realty Trust, a Maryland real estate investment trust (the &ldquo;Trust&rdquo;), in connection with certain matters
of Maryland law relating to the sale and issuance of up to 4,140,000 common shares (the &ldquo;Shares&rdquo;) of beneficial interest,
par value $.001 per share (&ldquo;Common Shares&rdquo;), of the Trust, including up to 540,000 Shares issuable to the Underwriters
(as defined below) pursuant to an option to purchase additional Shares, covered by the above-referenced Registration Statement,
and all amendments related thereto (the &ldquo;Registration Statement&rdquo;), filed by the Trust with the United States Securities
and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;).
The Shares are to be issued to pursuant to (i) the Prospectus Supplement (as defined below), (ii) an Underwriting Agreement, dated
April 4, 2016 (the &ldquo;Underwriting Agreement&rdquo;), by and among the Trust, Acadia Realty Limited Partnership, a Delaware
limited partnership for which the Trust is the sole general partner, Citibank, N.A., in its capacity as forward seller, and Barclays
Capital Inc. and Citigroup Global Markets Inc. (the &ldquo;Underwriters&rdquo;), and (iii) a letter agreement, dated as of the
date hereof (the &ldquo;Forward Sale Agreement&rdquo; and, together with the Underwriting Agreement, the &ldquo;Agreements&rdquo;),
by and between the Trust and Citibank, N.A. (the &ldquo;Forward Purchaser&rdquo;), relating to the forward sale by the Trust to
the Forward Purchaser. The Shares sold by the Trust pursuant to the Forward Sale Agreement are referred to herein as the &ldquo;Settlement
Shares.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">In connection with our representation of the Trust,
and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to
our satisfaction, of the following documents (hereinafter collectively referred to as the &ldquo;Documents&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement and the related form of prospectus included therein in the form in which it was transmitted to the Commission
under the 1933 Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Prospectus Supplement, dated April 4, 2016 (the &ldquo;Prospectus Supplement&rdquo;), filed with the Commission pursuant to Rule
424(b) of the General Rules and Regulations promulgated under the 1933 Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Declaration of Trust of the Trust, as amended (the &ldquo;Declaration of Trust&rdquo;), certified by the State Department of Assessments
and Taxation of Maryland (the &ldquo;SDAT&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Amended and Restated Bylaws of the Trust, as amended, certified as of the date hereof by an officer of the Trust;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
certificate of the SDAT as to the good standing of the Trust, dated as of a recent date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolutions
adopted by the Board of Trustees of the Trust, or a duly authorized committee thereof (the &ldquo;Resolutions&rdquo;), relating
to, among other matters, (i) the authorization of the registration, sale and issuance of the Shares, and (ii) the Agreements, certified
as of the date hereof by an officer of the Trust;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agreements;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
certificate executed by an officer of the Trust, dated as of the date hereof; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">In expressing the opinion set forth below, we
have assumed the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">1.</TD><TD STYLE="text-align: left">Each individual executing any of the Documents, whether
on behalf of such individual or another person, is legally competent to do so.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">2.</TD><TD>Each individual executing any of the Documents on behalf
of a party (other than the Trust) is duly authorized to do so.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">3.</TD><TD>Each of the parties (other than the Trust) executing
any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and
such party&rsquo;s obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated
terms.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">4.</TD><TD>All Documents submitted to us as originals are authentic.
The form and content of all Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion
from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic
copies conform to the original documents. All signatures on all Documents are genuine. All public records reviewed or relied upon
by us or on our behalf are true and complete. All representations, warranties, statements and information contained in the Documents
are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there has been
no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">5.</TD><TD>The Shares will not be issued or transferred in violation
of the restrictions on transfer and ownership contained in Article VI of the Declaration of Trust.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">6.</TD><TD>Upon the issuance of any of the Settlement Shares, the
total number of Common Shares issued and outstanding will not exceed the total number of Common Shares that the Trust is then
authorized to issue under the Declaration of Trust.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Based upon the foregoing, and subject to the assumptions,
limitations and qualifications stated herein, it is our opinion that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is a real estate investment trust duly formed and existing under and by virtue of the laws of the State of Maryland and is
in good standing with the SDAT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance of the Shares has been duly authorized and, when issued and delivered by the Trust in accordance with the Agreements,
the Resolutions and the Registration Statement against payment of the consideration set forth therein, the Shares will be validly
issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">The foregoing opinion is limited to the laws of
the State of Maryland and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability
or effect of federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state
laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed
by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter. The opinion expressed
herein is subject to the effect of any judicial decision which may permit the introduction of parol evidence to modify the terms
or the interpretation of agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">The opinion expressed herein is limited to the
matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no
obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that
might change the opinion expressed herein after the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">This opinion is being furnished to you for submission
to the Commission as an exhibit to the Trust&rsquo;s Current Report on Form 8-K relating to the Shares (the &ldquo;Current Report&rdquo;).
We hereby consent to the filing of this opinion as an exhibit to the Current Report and to the use of the name of our firm therein.
In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the
1933 Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>/s/ Venable LLP</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<TYPE>EX-99.1
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<FILENAME>v436520_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 99.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">RYE,
N.Y.&mdash;(<U>BUSINESS WIRE</U>)&mdash;April 4, 2016&mdash;Acadia Realty Trust (NYSE:AKR - &quot;Acadia&quot; or the
&quot;Company&quot;) announced today the commencement of a public offering of up to approximately 3,600,000 of the
Company&rsquo;s common shares of beneficial interest (the &ldquo;Common Shares&rdquo;) on a forward basis in connection with
the forward sale agreement described below. The underwriters have been granted a 30-day option to purchase up to an
additional 540,000 Common Shares (the &ldquo;Option to Purchase Additional Shares&rdquo;). Barclays and Citigroup are acting
as the underwriters of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company expects to use any net proceeds
received upon the settlement of the forward sale agreement described below or upon any issuance and sale to the underwriters of
Common Shares in the offering to fund a portion of the aggregate purchase price of the Company&rsquo;s current acquisition pipeline
consisting of street and urban retail portfolios and individual retail properties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the offering of Common Shares,
the Company has entered into a forward sale agreement with an affiliate of Citigroup (which we refer to in this capacity as the
forward purchaser), under which the Company has agreed to issue and sell to the forward purchaser (subject to the Company&rsquo;s
right to cash settle or net share settle the forward sale agreement) the same number of Common Shares sold by Citigroup to the
underwriters in the public offering. The forward purchaser or its affiliate is expected to borrow from third parties and sell to
the underwriters up to approximately 3,600,000 Common Shares at the close of the public offering. If the Option to Purchase Additional
Shares is exercised, the Company will enter into one or more additional forward sale agreements with the forward purchaser in respect
of the number of shares that are subject to exercise of the Option to Purchase Additional Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the terms of the forward sale agreement,
and subject to its right to elect cash or net share settlement, the Company intends to issue and sell, upon physical settlement
of such forward sale agreement, up to an aggregate of 3,600,000 Common Shares to the forward purchaser (assuming no exercise of
the Option to Purchase Additional Shares).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company expects to physically settle the
forward sale agreement in full, which settlement is expected to occur on one or more dates no later than approximately 12 months
after the date of the prospectus supplement relating to the offering.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A preliminary prospectus supplement and accompanying
prospectus relating to the offering will be filed with the Securities and Exchange Commission. A copy of the preliminary prospectus
supplement and accompanying prospectus relating to the offering may be obtained from:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Barclays Capital Inc.<BR>
c/o Broadridge Financial Solutions<BR>
1155 Long Island Avenue<BR>
Edgewood, NY 11717<BR>
<U>Barclaysprospectus@broadridge.com</U><BR>
(888) 603-5847</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Citigroup, c/o Broadridge Financial Solutions<BR>
1155 Long Island Avenue<BR>
Edgewood, NY 11717<BR>
(800) 831-9146</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale is not permitted. A registration statement relating to these securities has been filed
with the Securities and Exchange Commission and is effective. Any offer or sale will be made only by means of a prospectus, a related
preliminary prospectus supplement and, to the extent applicable, a free writing prospectus which has or will be filed with the
Securities and Exchange Commission.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Acadia Realty Trust is an equity real estate
investment trust focused on seeking long-term growth via its dual &ndash; core and fund &ndash; operating platforms and its disciplined,
location-driven investment strategy. Acadia Realty Trust seeks to build a high-quality core real estate portfolio with meaningful
concentrations of assets in dynamic urban and street-retail corridors; and making opportunistic and value-add investments through
its series of discretionary, institutional funds.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain matters in this press release may constitute
forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risks, uncertainties
and other factors that may cause the actual results, performances or achievements of Acadia to be materially different from any
future results, performances or achievements expressed or implied by such forward-looking statements. These forward-looking statements
include statements regarding Acadia&rsquo;s future financial results and its ability to capitalize on potential opportunities arising
from continued economic uncertainty. Factors that could cause the Company&rsquo;s forward-looking statements to differ from its
future results include, but are not limited to, those discussed under the headings &ldquo;Risk Factors&rdquo; and &ldquo;Management's
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; in the Company&rsquo;s most recent annual report
on Form 10-K filed with the SEC on February 19, 2016 (&ldquo;Form 10-K&rdquo;) and other periodic reports filed with the SEC, including
risks related to: (i) political and economic uncertainty; (ii) the Company&rsquo;s reliance on revenues derived from major tenants;
(iii) the Company&rsquo;s limited control over joint venture investments; (iv) the Company&rsquo;s partnership structure; (v) adverse
changes in the Company&rsquo;s real estate markets; (vi) market interest rates; (vii) leverage; (viii) liability for environmental
matters; (ix) the Company&rsquo;s growth strategy; (x) the Company&rsquo;s status as a real estate investment trust; (xi) uninsured
losses; and (xii) the loss of key executives. Copies of the Form 10-K and the other periodic reports Acadia files with the SEC
are available on the SEC&rsquo;s website at <U>www.sec.gov</U>. Any forward-looking statements in this press release speak only
as of the date hereof. Acadia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to
any forward-looking statements contained herein to reflect any change in Acadia's expectations with regard thereto or change in
events, conditions or circumstances on which any such statement is based.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Realty Trust<BR>
Amy Racanello, 914-288-8100</P>

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


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<SEQUENCE>6
<FILENAME>v436520_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 99.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Realty Trust Announces Pricing of Common Share Offering on
a Forward Basis</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">RYE, N.Y.&mdash;(BUSINESS WIRE)&mdash;April
5, 2016 &mdash; Acadia Realty Trust (NYSE: AKR - &quot;Acadia&quot; or the &quot;Company&quot;) today announced the pricing of
a public offering of 3,600,000 of the Company&rsquo;s common shares of beneficial interest (the &ldquo;Common Shares&rdquo;) on
a forward basis in connection with the forward sale agreement described below, which will result in approximately $124.9 million
of gross proceeds (assuming such forward sale agreement is physically settled in full based on the offer price to the public per
share of $34.70) before any underwriting compensation and offering expenses. The offering is expected to close on or about April
8, 2016, subject to customary closing conditions. The underwriters have been granted a 30-day option to purchase up to an additional
540,000 Common Shares (the &ldquo;Option to Purchase Additional Shares&rdquo;) upon the same terms. Barclays and Citigroup are
acting as the underwriters of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company expects to use any net proceeds
received upon the settlement of the forward sale agreement described below or upon any issuance and sale to the underwriters of
Common Shares in the offering to fund a portion of the aggregate purchase price of the Company&rsquo;s current acquisition pipeline
consisting of street and urban retail portfolios and individual retail properties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the offering of Common Shares,
the Company has entered into a forward sale agreement with an affiliate of Citigroup (which we refer to in this capacity as the
forward purchaser), under which the Company has agreed to issue and sell to the forward purchaser (subject to the Company&rsquo;s
right to cash settle or net share settle the forward sale agreement) the same number of Common Shares sold by Citigroup to the
underwriters in the public offering. The forward purchaser or its affiliate is expected to borrow from third parties and sell to
the underwriters 3,600,000 Common Shares at the close of the public offering. If the Option to Purchase Additional Shares is exercised,
the Company will enter into one or more additional forward sale agreements with the forward purchaser in respect of the number
of shares that are subject to exercise of the Option to Purchase Additional Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the terms of the forward sale agreement,
and subject to its right to elect cash or net share settlement, the Company intends to issue and sell, upon physical settlement
of such forward sale agreement, of 3,600,000 Common Shares to the forward purchaser (assuming no exercise of the Option to Purchase
Additional Shares).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company expects to physically settle the
forward sale agreement in full, which settlement is expected to occur on one or more dates no later than approximately 12 months
after the date of the prospectus supplement relating to the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A copy of the final prospectus relating to
the offering will be filed with the Securities and Exchange Commission. A copy of the final prospectus supplement and accompanying
prospectus relating to the offering when available may be obtained from:</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Barclays Capital Inc.<BR>
c/o Broadridge Financial Solutions<BR>
1155 Long Island Avenue<BR>
Edgewood, NY 11717<BR>
Barclaysprospectus@broadridge.com<BR>
(888) 603-5847</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Citigroup, c/o Broadridge Financial Solutions<BR>
1155 Long Island Avenue<BR>
Edgewood, NY 11717<BR>
(800) 831-9146</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale is not permitted. A registration statement relating to these securities has been filed
with the Securities and Exchange Commission and is effective. Any offer or sale will be made only by means of a prospectus, a related
preliminary prospectus supplement and, to the extent applicable, a free writing prospectus which has or will be filed with the
Securities and Exchange Commission.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Acadia Realty Trust is an equity real estate
investment trust focused on seeking long-term growth via its dual &ndash; core and fund &ndash; operating platforms and its disciplined,
location-driven investment strategy. Acadia Realty Trust seeks to build a high-quality core real estate portfolio with meaningful
concentrations of assets in dynamic urban and street-retail corridors; and making opportunistic and value-add investments through
its series of discretionary, institutional funds.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain matters in this press release may constitute
forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risks, uncertainties
and other factors that may cause the actual results, performances or achievements of Acadia to be materially different from any
future results, performances or achievements expressed or implied by such forward-looking statements. These forward-looking statements
include statements regarding Acadia&rsquo;s future financial results and its ability to capitalize on potential opportunities arising
from continued economic uncertainty. Factors that could cause the Company&rsquo;s forward-looking statements to differ from its
future results include, but are not limited to, those discussed under the headings &ldquo;Risk Factors&rdquo; and &ldquo;Management's
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; in the Company&rsquo;s most recent annual report
on Form 10-K filed with the SEC on February 19, 2016 (&ldquo;Form 10-K&rdquo;) and other periodic reports filed with the SEC, including
risks related to: (i) political and economic uncertainty; (ii) the Company&rsquo;s reliance on revenues derived from major tenants;
(iii) the Company&rsquo;s limited control over joint venture investments; (iv) the Company&rsquo;s partnership structure; (v) adverse
changes in the Company&rsquo;s real estate markets; (vi) market interest rates; (vii) leverage; (viii) liability for environmental
matters; (ix) the Company&rsquo;s growth strategy; (x) the Company&rsquo;s status as a real estate investment trust; (xi) uninsured
losses; and (xii) the loss of key executives. Copies of the Form 10-K and the other periodic reports Acadia files with the SEC
are available on the SEC&rsquo;s website at www.sec.gov. Any forward-looking statements in this press release speak only as of
the date hereof. Acadia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Acadia's expectations with regard thereto or change in events, conditions
or circumstances on which any such statement is based.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Amy Racanello, 914-288-8100</P>

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


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