SCOTT MULDAVIN

Scott Muldavin is Executive Director of the Green Building Finance Consortium, a group he founded in 2006, and President of The Muldavin Company, Inc. For over 25 years, Mr. Muldavin has advised leading real estate companies including CalPERS, RREEF, Bank of America, Mitsui Trust and Banking, Great West Life, Prudential Real Estate, Ohio State Teachers Retirement System, Wells Fargo Bank, The Government of Singapore Investment Corporation, Catellus Development Corporation, Equitable Real Estate, and Standard Insurance Company.

Mr. Muldavin has been a lead real estate consulting partner at Deloitte & Touche, cofounded the $3+ billion private real estate company Guggenheim Real Estate, served on the Advisory Board of Global Real Analytics, an adviser for $2 billion of REIT and CMBS funds, and completed over 300 consulting assignments involving real estate finance, mortgage lending, investment, valuation and securitization. Mr. Muldavin’s engagements and work experience provide him with broad experience in equity and debt transaction structuring, underwriting, due diligence, investment fund design, and corporate real estate.

Mr. Muldavin has advised scores of equity investors and developers. As a co-founder of Guggenheim Real Estate, Mr. Muldavin has been involved in capital formation, investment strategy, due diligence and served on the investment committee. He has assisted pension funds including CalPERS, Ohio State Teachers, and Alaska Permanent Fund in their investment and organizational strategies. He has advised investment managers including RREEF, Prudential Real Estate, Amstar, Hunt Realty, and others on

strategy, capital formation, organizational change, and due diligence practices.

Mr. Muldavin has been involved in the Real Estate Investment Trust (REIT) market since the early 1980s advising clients including Merrill Lynch, CalPERS, Kilroy Realty and others concerning new REIT securities offerings and investment issues. As an investment committee member of Guggenheim Real Estate, he monitored the REIT market and participated in investment decisions concerning the allocation of hundreds of millions of dollars of REIT investments.

Mr. Muldavin has been involved in mortgage underwriting for over 25 years. He was the lead consultant that developed the first commercial mortgage risk-rating system for Standard & Poor’s Corporation in the early 1980’s and was a national leader of the Real Estate Financial Institutions practice for Deloitte & Touché, where he worked with financial institutions to improve their underwriting and servicing systems, assess risks in their mortgage portfolios, and estimate loan losses. He also authored the quarterly “Real Estate Finance Update” in Real Estate Finance, for 16 years; developed the Real Estate Capital Flows Index, which was published quarterly for many years by the Pension Real Estate Association and Institutional Real Estate Inc.; and authored key articles and reports on mezzanine financing, mortgage servicing, risk management, capital volatility, and other topics.

Mr. Muldavin was also a leader of the corporate real estate practice at Deloitte and Touché and during his career has advised corporations such as Texaco, Phoenix American Corporation, Nissan Motors, Pacific Enterprises, Universal Studios, House of Blues Corporation, Johns Manville, and many others on their leasing, acquisition and real estate strategies.

Mr. Muldavin has been involved in the structuring and due diligence of real estate property and business transactions for over 25 years. He has completed due diligence engagements involving the acquisition of office buildings, retail properties, hotels, multifamily properties, industrial properties, large land parcels, mortgage portfolios, mortgage companies, commercial banks, real estate service companies and other real estate assets.

As an advisor and Investment Committee member of Guggenheim Real Estate, Mr.

Muldavin reviewed hundreds of retail, office, industrial and multi-family investment opportunities throughout the United States, as well as investments in mezzanine loans, B-piece investment funds, preferred equity, and REITs.

Mr. Muldavin is a frequent speaker on real estate finance, investment, valuation and sustainability. He has authored over 225 articles published in Real Estate Finance, RICS Property World, Bankers Magazine, Urban Land, European Real Estate Yearbook, The Journal of Property Management, The Pension Real Estate Quarterly, Real Estate Issues, The Investment Property and Real Estate Capital Markets Reports, Institutional Investor, Builder and Developer, The Real Estate Accounting and Tax Journal, and other industry

publications.

Mr. Muldavin is a graduate of UC Berkeley and Harvard University, and has been

recognized by the American Society of Real Estate Counselors and the Royal Institute of Chartered Surveyors, each of who have awarded him their highest level of professional certification. Mr. Muldavin is also on the Advisory Board of the Journal of Sustainable Real Estate and an Honorary Fellow of the Institute of Green Professionals.

Scott Muldavin, CRE, FRICS

Executive Director, Green Building Finance Consortium

President, The Muldavin Company, Inc.

7 Mt. Lassen Drive, Suite D-250

San Rafael, California 94903

415-499-4400

smuldavin@muldavin.com