MICHAEL R. FRIEMAN 506 Trenton Street 303-882-8151 Denver, CO 80230 mf7635e2@westpost.

net ASSET MANAGER A creative real estate professional who enhances real property asset value and solves real property problems. a Financial Analysis/Reporting: Prepare a quarterly investor report discussing leasing and the current market, budget vs. actual vs. pro-forma variances and ca pital expenditures. Prepare lease valuation analyses, hold/sell analyses, strat egic business plans for commercial/retail portfolio/multi-family and ad-hoc prop erty valuation analyses. a Transactions: Have leased and renewed approximately 1,000,000 sq. ft. of offi ce and retail space, helped acquire 20 office and retail properties and sold fiv e separate properties. a Portfolio Management: Work with third party property management teams and inhouse management to prepare capital and operating budgets for multi-state, 20+ p roperties portfolios encompassing more than 4.5 million square feet. Very invol ved in capital expenditures to maintain and enhance asset value. Strong supervi sory experience of third party property management/leasing/sales service provide rs. PROFESSIONAL EXPERIENCE TRIPLE NET PROPERTIES, Denver, CO, March 2001 a" September 2008 Vice President/Asset Manager Promoted to Vice President in 2006 to be the multi-family divisionas asset manag er. Helped acquire 27 properties (9,500 units, $535,000,000) in a seven state r egion completing due diligence and market investigation. Managed more than $3mm dollars of value add capital improvements. Supervised five 3rd party property management vendors. Senior Asset Manager 2001 - 2006 Managed a Class B/C nationally located 4.5 million square foot, $500 mm value re tail, office, NNN office/flex commercial, 21 property, portfolio held as direct investment, non-traded REIT, and TIC assets. Actively teamed on the acquisition of more than a quarter billion dollars of commercial real estate which included initial physical property and market analysis due diligence, assist in preparat ion of pro-formaas and working with capital markets mortgage bankers and lender/ analysts on the financing of same. Sold more than $60mm dollars of commercial p roperty. a Closed several multi-million dollar leases with Fortune 100 and government ten ants, including review of lease proposals, negotiation of terms and conditions a nd business points in a national portfolio from the east coast to the Rocky Moun tains. These included King Soopers, Lockheed Martin, Blue Cross, Northrop Grumm an, Starbucks(R) (build to suit) and Taco Johns(R) (land lease). a Negotiate funding for and coordinate construction efforts to maximize asset va lues through capital improvement for several value add assets. Includes $2MM fi re/safety renovation of 20-story office building in Nashville, installation of $ 4MM roof replacement on 10 story office building in St. Louis as well as hallway lighting re-fixturing, restroom renovation, landscape upgrades, new retail sign age, parking area repairs, lobby redecoration. a Assist in the analysis and selection of acquisition and disposition candidates . Select and manage lease listing and property management companies, evaluating and negotiating lease offers to acceptance. Conduct tenant interviews, financi al performance evaluation analysis including appraisal of operating results and marketing plans. Review estoppels and SNDAs, third party due diligence reports including environmental, engineering and appraisals. a Assist in compilation and approval of annual budgets. Complete monthly manage ment report review. Daily interaction with partners, REIT officers, investors,

capital markets lenders and corporate senior officers on a daily basis. Quarter ly financial and asset report writing. a Excellent written and spoken communication skills. ARGUS literate. TAUREAN.COM, Lone Tree, CO, 1999 a" 2001 a Start-up adot coma that developed and marketed an Internet-based automated hom e appraisal service to lenders and consumers. Company sold to AVM competitor. STATE OF COLORADO, Denver, CO, 1996 a" 1999 Real Estate Specialist a Managed 2.5MM square feet of leased space in Colorado and two outsourced leasi ng brokerage contracts for 1MM square feet. a Supervised over $1MM in real estate acquisitions and dispositions. a Drafted contracts and documentation for urban and rural land easements, rights -of-way, building licenses, and commercial leases. Built and administered lease inventory database. ASSET CONSULTING GROUP, Denver, CO, 1994 a" 1996 Principal a Operated consulting firm while earning Masteras degree at University of Denver . Accepted short term appraisal assignments. a Performed cell tower acquisition services for wireless telecommunications comp anies, inclusive of due diligence and appraisal assistance. COOPERS & LYBRAND, Denver, CO, 1991 a" 1994 Asset Manager / Appraisal Reviewer a Analyzed 150 REO commercial properties for a $500MM portfolio. a Negotiated sales for over 20 commercial real estate investments. a Wrote asset management business plans, including operating income and expenses , capital expenditure budgets, sales and marketing plans, and yield analyses. FALK & SMITH ASSOCIATES, Denver, CO, 1985 a" 1991 Commercial Real Estate Appraiser a Started as apprentice and promoted to commercial appraiser completing full nar rative reports of multi-million dollar commercial, retail, warehouse, multi-fami ly properties, and development land. Completed five week- long MAI classes. PROPERTY MANAGER, WASHINGTON D.C. AND DENVER, CO Multiple years of property management experience with Landlords and fee shops. Started as trainee in Washington D.C. and learned budgeting, collections, mainte nance and repair, lease administration, and marketing. Management portfolio ass ignments in Washington and Colorado which included multi-family, garden apartmen ts, suburban and CBD and suburban office property, grocery-anchored retail strip centers, and community-sized malls. EDUCATION Master of Science, Burnas School of Real Estate and Construction Management, 199 6 University of Denver, Denver, CO Bachelor of Arts in Political Science & Business, Ithaca College, New York, NY Professional Training: a Appraisal Institute, 185 hours of MAI Appraisal Courses a Employing Real Estate Brokeras License in Colorado and 10 other states. Conti nuing Education consists of CLE (legal) seminars concerning real property transa ction contracts, lease agreements, environmental assessment,

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