Kenneth M. Jacobson. Partner West Monroe Street Chicago, IL Practices.

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1 Kenneth M. Jacobson Partner West Monroe Street Chicago, IL Practices FOCUS: Real Estate Distressed Property Real Estate Finance and Lending Real Estate Equity and Investments Industries Private Client Services Recognition Chambers USA, Super Lawyers, Legal 500, 2011 Best Lawyers in America, The International Who's Who of Real Estate Lawyers, 2014 Education JD, Stanford University Law School BA, University of Illinois Kenneth M. Jacobson concentrates his practice on commercial real estate finance and investment, representing real estate investment trusts, real estate investment funds, commercial banks, insurance companies, finance companies, developers and other lenders and borrowers on financings and investments in a variety of asset classes, including office, hotel and resort, casino, multifamily, industrial, retail, and unimproved, multi-use and timberland properties. Ken counsels clients in equity and debt capitalizations, including mortgage, B-Note and mezzanine loan financing, venture formation and equity investment, acquisition and disposition of single-asset and portfolio real estate and debt, and restructuring and disposition of distressed real estate assets. Ken is a frequent speaker and author on a variety of topics, including real estate portfolio transactions and deeds in lieu of foreclosure, formation, capitalization and governance of limited liability entities, opinions of counsel, mortgage finance and restrictions, and easement agreements. He is currently the president of the American College of Real Estate Lawyers. Selected Experience Representation of borrower in connection with mortgage financing of national credit tenant lease portfolio. Representation of mortgage note purchaser in connection with purchase of B- notes pertaining to urban condominium conversion loans. Representation of US venture capital lender as borrower in connection with warehouse line of credit facility. Representation of purchaser in connection with purchase of commercial real estate assets of, and real estate lending business from, US commercial real estate lender. Representation of borrower in connection with mortgage financing for repositioning of mid-atlantic office building. Representation of mortgage lender in connection with construction mortgage financing for southeastern US hotel and condominium resort community development.

2 Bar Admissions Illinois Representation of mezzanine lender in connection with corporate mezzanine financing of US and cross-border retail company. Representation of preferred equity investor in residential condominium development project in eastern United States. Representation of borrower in connection with mortgage financing for Silicon Valley US corporate campus office complex. Representation of mortgage lender in construction financing for multifamily project in eastern United States. Representation of mortgage lender in connection with land acquisition and preentitlement financing for Midwestern US luxury hotel project. Representation of mortgage lender in connection with mortgage loan restructuring for Midwestern US hotel and conversion of shared appreciation interest to equity investment. Representation of mortgage lender as repurchase line of credit facility seller in connection with repurchase financing facilities. Representation of borrower in connection with subscription financing line of credit for investment fund. Representation of mezzanine lender in connection with mezzanine financing for urban cooperative apartment conversion project. Representation of mezzanine lender in connection with mezzanine financing for national multifamily portfolio. Representation of preferred equity investor in connection with formation and capitalization of, and lending by, mezzanine lender venture. Representation of borrower in connection with mortgage financing for mid-atlantic multifamily project. Representation of mortgage lender in connection with mortgage financing for US hotel and casino. Representation of warehouse lender in connection with warehouse line of credit to brownfields mortgage lender. Representation of borrower in connection with mortgage financing for mid-atlantic US mission-critical office complex. Representation of mortgage lender in connection with mortgage financing for Caribbean resort. Representation of repurchase facility buyer in connection with repurchase line of credit facility with real estate mortgage lender. Representation of warehouse lender in connection with warehouse line of credit to lender to US automobile dealerships.

3 Representation of borrower in connection with warehouse lines of credit for mortgage and mezzanine loans. Representation of seller in connection with disposition of western US hotel portfolio. Representation of purchaser in connection with purchase of approximately 1.1 million acres of US timberland and related debt and equity capitalization, and representation of seller in subsequent disposition of the acquired properties. Representation of equity investor in connection with disposition of condominium development project and related formation of development venture with preferred equity and common equity capitalization for southeastern US property. Representation of ground lessor in connection with sale of improvements and ground lease of land pertaining to mid-atlantic office building. Representation of ground lessor in connection with ground lease of Midwestern office building. Representation of ground lessor in connection with sale of improvements and ground lease of land pertaining to Midwestern office building and garage facility. Representation of purchaser and ground lessee in connection with acquisition of improvements and leasehold interest of southeastern US office building and related borrowing of a leasehold mortgage loan. Representation of borrower in connection with mortgage acquisition financing for southeastern US office complex. Representation of mortgage lender in connection with construction loan financing for conversion of office building to residential condominium in eastern US city. Representation of mortgage lender in connection with mortgage financing for national limited-service hotel portfolio. Representation of mortgage lender in connection with loan assumption and related loan restructuring for office building repositioning project in Midwestern US city. Representation of lender in connection with line of credit to private equity investment fund of funds. Memberships American Bar Association American College of Real Estate Lawyers, President The Chicago Bar Association Urban Land Institute Working Group on Legal Opinions Foundation, Board Member

4 Advisories Destiny v. Citigroup What It Means for Lenders (August 4, 2009) Implications of the Lehman Bankruptcy Entities on Multi-Lender Financings (September 2008) Articles Co-author, Enforceability of Distressed Mortgage Loan Pre-Negotiation Agreements, International Law Office Commercial Property Newsletter - USA (October 7, 2011) Co-author, Court Invalidates Foreclosures Based on Ineffective Mortgage Assignments, International Law Office (March 11, 2011) Co-author, Illinois Appeal Courts Affirm Mortgagee's Right to Appointment of a Receiver, International Law Office (August 6, Co-author, No Second Chances for 'Bad Boys': Court Holds Non-Recourse Carve- Out Enforceable, International Law Office (December 4, 2009) Co-author, Vested Rights in Zoning Classifications, International Law Office (November 28, 2008) Co-author, Appellate Court Requires Strict Compliance with Terms of Lease Termination Option, International Law Office (August 22, 2008) Co-author, Proration of Property Taxes and the Merger Doctrine, International Law Office (May 17, 2007) Speaking Engagements & Presentations Speaker, Opinions of Counsel Commercial Real Estate Financing 2015, Practising Law Institute Chicago, Illinois (April 9 10, 2015) Speaker, Joint Ventures as a Financing Vehicle Commercial Real Estate Financing 2014, Practising Law Institute Chicago, Illinois (March 20 21, 2014) Speaker, Legal Opinion Letters 9th Annual Real Estate Short Course, Illinois Institute for Continuing Legal Education Palatine, Illinois (October 22, 2013) Speaker Bridging the Capitalization Gap: My Loan Is Due, Now What Do I Do? Preferred Equity, Mezzanine Financing and Second Mortgages, American Bar Association, Section of Real Property, Trusts and Estate Law ecle Webinar (September 18, 2013) Speaker, Bridging the Gap: My Loan Is Due, Now What Do I Do? 24th Annual Spring CLE Symposia, American Bar Association, Section of Real Property, Trusts and Estate Washington, DC (May 2 3, 2013) Speaker, New Developments in Legal Opinion Practice Chicago Mortgage Attorneys Association, Chicago, Illinois (November 16, 2011)

5 Panelist, Proposed Report on Customary Practice: Process for Building Consensus Working Group on Legal Opinions, New York, New York (October 19, Speaker, Real Estate Opinion Letters: Is There an Emerging National Customary Practice? ALI-ABA CLE, Webinar (September 21, Speaker, What a Real Estate Lawyer Needs to Know About Entities Real Property Young Lawyers Institute: Practice Essentials, American Bar Association, Section of Real Property, Trusts and Estate Philadelphia, Pennsylvania (May 7, Panelist, Annotated Finance Opinion Letter Project 2010 Mid-Year Meeting of the American College of Real Estate Lawyers, Palos Verdes, California (March 13, Panelist, Real Estate Legal Opinion Practice: Selected Issues Working Group on Legal Opinions, Spring Meeting (May 19, 2009) Speaker, Toward an Emerging Consensus in Real Estate Legal Opinion Practice 20th Annual Spring Symposia, American Bar Association, Section of Real Property, Trusts and Estate Washington, DC (April 29 May 1, 2009) Panelist, The Remedies Opinion and Customary Diligence: The Real Estate Secured Transaction Approach: Is it Consistent with Customary Non-Real Estate Legal Opinion Practice? Legal Opinion Risk Seminar, New York, New York (April 17, 2007) Speaker, Are We Coming Apart or Coming Together: Is Customary Real Estate Legal Opinion Practice Converging With Customary "Business Transaction" (Non- Real Estate) Legal Opinion Practice?" American College of Real Estate Lawyers 2007 Mid-Year Meeting, San Diego, California (March 22 24, 2007)