The Related Companies, Inc.

MSD Capital is an investment firm primarily focused on the following investment activities: investing in publicly traded securities, engaging in traditional private equity activities, investing in real estate and selectively forming partnerships with established third-party managers in the private and public markets.The MSD Public Equities group's primary investment mission is to utilize their family capital base and resources in making long-term equity investments in a limited number of outstanding companies. The group employs a disciplined, research-intensive analytic process in their search for businesses that possess sustainable long-term competitive advantages and are managed by honest, astute and shareholder-driven people. In addition to investing in equities, MSD maintains a substantial convertible bond portfolio.Private equity is an integral part of the long-term investment strategy of MSD. They seek to deploy capital in outstanding businesses with excellent management teams at attractive valuations. As distinct from private equity funds, they provide long-term, permanent capital and are able to invest without the pressures of fund raising.MSD invests in established public and private companies through privately negotiated transactions, including buyouts of private companies and divisions of public or private companies and acquisitions of public companies through going private transactions. They also make purchases of blocks of stock from public or private companies seeking equity capital or persons, families or funds seeking liquidity on existing investments. Transaction examples include leveraged and management buyouts, going private transactions, mezzanine debt and other structured investments, Private Investments in Public Entities (PIPEs) and growth equity financings, platform acquisitions and roll-ups and partnerships with other financial sponsors.While they maintain a generalist approach with regard to industries and transaction structures, they generally seek to invest in non-technology companies as a means to diversify their portfolio.MSD seeks investments with the following characteristics: solid business fundamentals including recurring revenue, high margin businesses with organic growth potential and favorable long-term prospects. They also seek investments in companies with stable, predictable operating earnings and free cash flow as evidenced by consistent operating history, a strong and sustainable market position based on high barriers to entry, attractive valuations and favorable transaction structures. Other considerations are sensible valuation multiples with attractive free cash flow yields, conservative leverage ratios with emphasis on safety of principal and strong management teams.MSD also engages in special opportunities investing. The group focuses on a variety of event-driven investment strategies including distressed debt investing, equity restructurings, direct investments and merger arbitrage.The firm's Partnership Investments group invests in a select number of investment partnerships across a variety of investment disciplines and asset classes, including hedge funds employing specific public equity and fixed-income strategies, private equity funds and real estate. They seek to generate superior risk-adjusted and tax-efficient returns by concentrating their investments with outstanding managers who collaborate with the firm to build economically aligned, long-term strategic relationships.

REPIA invests proprietary capital in real estate opportunities worldwide. They seek to identify structure and finance the acquisition of real estate assets and management companies through the purchase of, among other things, equity interests, mortgages and operating companies that focus on high-growth 'platform' opportunities (hotel, parking and storage companies).