Knickerbocker Edens LLC

“David c. Gillan, kevin maloney and michael morrell have a business relationship. Form 990, part vi, lines 6, 7a and 7b the organization's governing body is comprised of officers and directors. The directors were elected under the by-laws of the organization. All officers are appointed by the organization's directors. All officers and directors act to carry out the business of the organization. Subject to the by-laws, the sole member, nys teachers' retirement system (nystrs), may veto or confirm decisions made by the organization's officers. Form 990, part vi, line 11a the officers of the organization are responsible to review the form 990 prior to filing. The new york state teachers' retirement system receives a copy of the filed form 990. Form 990, part vi, line 12c the organization's conflict of interest policy is the sole responsibility of nystrs. The nystrs code of ethics requires that employees review and sign an annual disclosure statement with human resources by january 10 of each year. Any potential conflicts of interest, including elected positions, business holdings, investment interests, etc. Of employees or their spouse, dependent, or member of household must be disclosed. Form 990, part vi, line 15 the organization is an irc 501(c)(2) entity owning a portion of a real estate investment trust and remitting the net income to the new york state teachers' retirement system, an irc 401(a) organization. Additionally, the organization does not have any employees therefore there are no processes related to employee compensation. Form 990, part vi, line 18 and 19 the pension benefit organization makes the documents referenced in questions 18 and 19 available upon request to the public. The form 990 is also available to the general public at www.guidestar.com.”

“Contributions FROM NYSTRS 16,672,296 Distributions TO NYSTRS (36,480,850) BOOK TO TAX DIFFERENCE ON INVESTMENT IN EDENS INVESTMENT TRUST 17,394,176 ------------- Total $(2,414,378)”