Selected Companies

Alliance Partners HSP, LLC (“Alliance”) is a real estate investment and operating firm focused on opportunistic acquisitions in major eastern United States markets. Alliance is the east coast operating arm of The Shidler Group, one of the nation’s foremost commercial real estate organizations. The Alliance senior management team combines extensive capital markets and real estate operating experience with the financial resources and expertise of The Shidler Group.

Priority Capital Group, LLC was formed by The Shidler Group and affiliates in March 2009 to meet specific financial priorities of the retail investor market through the creation of non-traded real estate securities. Priority Capital’s mission is to be a multi-product, platform delivering innovative financial solutions tailored to the priorities of the retail investor and the financial planning industry.

Priority Capital distributes its sponsored securities through its wholly owned subsidiary, Priority Capital Investments, LLC, a registered broker dealer. The first security created and to be distributed by Priority Capital is the Senior Common Stock issued by Pacific Office Properties Trust, Inc.

The Shidler Group formed Pacific Office Properties Trust, Inc. (NYSE Amex: PCE) through a contribution of it’s Western U.S. portfolio and institutional joint venture operations to, and merger with a small AMEX listed REIT. Concurrent with the merger, the Company changed its name and shifted its focus to continue The Shidler Group’s strategy of acquiring and owning, often in partnership with institutional co-investors, core and value-added office properties.

Pacific Office focuses on Class A office properties in high barrier-to-entry markets and high quality-of-life markets in the Western U.S. with the best long-term growth prospects. The Company is currently the largest office building owner in Honolulu, which consistently ranks as one of the nation’s healthiest commercial property markets.

In March 2002, The Shidler Group and affiliates formed Primus Guaranty, Ltd. (NYSE: PRS), a Bermuda holding company, and its subsidiaries, Primus Financial Products, Inc., a AAA/Aaa rated financial products company based in New York City and Primus Re, Ltd., a financial guarantor based in Bermuda. Primus Guaranty was initially capitalized through a private placement of $270 million.

Primus Financial Products was established to be a highly rated wholesale provider of credit default swaps to institutions, primarily commercial banks, investment banks, and insurance companies. Primus Re, licensed as a Bermuda Class 3 insurer, is a provider of both credit default swaps and financial guaranty insurance. After two years of highly successful operations, Primus Guaranty went public with a $139 million IPO in 2004 and was concurrently listed on the NYSE.

Recognizing the growing need for credit enhancement to the real estate-related structured finance market, The Shidler Group formed CGA Group, Ltd. and its subsidiaries, Commercial Guaranty Assurance, Ltd. and CGA Investment Management, Inc. in 1997.

Commercial Guaranty Assurance was a AAA-rated financial guarantor based in Bermuda and was the first financial guarantor established specifically to provide credit enhancement for real estate-related securities. CGA Investment Management provided investment management services to the structured finance market from its base in New York City. In July 2001, CGA Group, Ltd. was effectively sold via a $400 million reinsurance agreement with its largest shareholder, ACE Limited.

The Shidler Group formed Corporate Office Properties Trust, Inc. (NYSE: OFC) through a contribution of its Mid-Atlantic suburban office operations to, and merger with, Royale Investments, Inc., a small NASDAQ-listed REIT.

Based on The Shidler Group’s principle that office buildings offer the best returns of any property type and that suburban properties offer the highest growth potential, the Company focused on suburban office properties located in strong and growing submarkets, later developing a specialty in providing these spaces to the U.S. Government, Defense IT and Data sectors.

Marking its 10-year anniversary on the New York Stock Exchange in 2008, Corporate Office has consistently been ranked one of the nation’s top performing office REITs. Corporate Office was one of the first REITs to give investors the opportunity to invest in “essential need” U.S. government facilities and is currently a major owner of office buildings leased to companies in the defense industry.

The Shidler Group formed First Industrial Realty Trust, Inc. (NYSE: FR) in 1993 as a private company designed to emerge within 12 months as a public entity via an IPO. During this interim period, First Industrial purchased or contracted to purchase 101 industrial properties, which became part of the 226-property portfolio of the new REIT.

In June 1994, First Industrial went public with a $389.5 million IPO of common stock and Jay Shidler as its Chairman. Concurrent with its IPO, the Company was listed on the New York Stock Exchange. First Industrial was the first REIT to give investors the opportunity to invest in a national portfolio of industrial facilities. First Industrial is now the nation’s largest provider of diversified industrial real estate with nearly 800 wholly owned properties comprising 70 million rentable square feet.

In the early 1990s, ownership of real estate held publicly in REITs was growing in popularity. Responding to a need by new REIT investors for different types of investments, The Shidler Group formed TriNet Corporate Realty Trust, Inc. in 1993. TriNet was a fully integrated real estate investment trust acquiring, owning and managing office and industrial properties triple-net leased to major corporations nationwide. Concurrent with its formation, the Company was listed on the New York Stock Exchange (NYSE: TRI) with Jay Shidler as its co-Chairman. In November 1999, TriNet, then one of the largest providers of sale leaseback financing in the U.S., merged with Starwood Financial Trust, now known as iStar Financial, Inc. (NYSE: SFI). TriNet was the first REIT to give investors the opportunity to invest in commercial properties triple net leased to major corporations.

In 1991, Unisys Corporation was seeking to unlock capital from its corporate real estate assets. Later that year, The Shidler Group formed Blue Bell Investment Company, L.P. (“Blue Bell”) to buy and leaseback to Unisys its one million square foot world headquarters in Blue Bell, Pennsylvania.

In mid-1992, Blue Bell, through its subsidiary, Blue Bell Funding, Inc., publicly issued $65 million of rated notes which were used to finance the acquisition. The Blue Bell sale/leaseback and single asset securitization was one of the first transactions of its kind. Blue Bell provided fixed income investors highly profitable credit exposure to Unisys Corporation with the rated debt obligations secured by essential corporate facilities.

The Shidler Group and Westinghouse Credit Corporation formed Shidler/West Finance Partners (“SWFP”) to acquire net leased corporate properties via sale/leasebacks in 1989. In a year’s time, SWFP acquired 87 properties with a total acquisition cost of approximately $111 million. The acquisitions were financed through the issuance of A-1, P-1 rated commercial paper issued by Westinghouse/Shidler Funding Corporation (“WSFC”), an affiliate established by The Shidler Group to provide sale/leaseback financing to U.S. corporations. WSFC was one of the first investment companies to fund the acquisition of corporate real estate using proceeds from the sale of commercial paper.

The Shidler Group formed National Warehouse Investment Company (“NWIC”) in 1986 to provide sale/leaseback financing for corporate LBOs. Later that year, NWIC acquired and leased back 117 freight and distribution facilities in 36 states as the final phase of the management sponsored LBO of P-I-E Nationwide, Inc. In 1988, NWIC acquired, via sale/leaseback, all of the industrial real estate owned by Palco, Inc. as a key part of Hicks & Haas’ LBO of that company. Following the successful recapitalization of Palco, which had changed its name to Thermadyne Corporation, the properties were exchanged for common stock in the initial public offering of First Industrial Realty Trust, Inc. in June 1994.