FRIENDWELL MANAGEMENT USA, LLC

Friendwell Group of Companies specializes in the acquisition and management of income-producing real estate, such as shopping centers, office buildings and hotels. Friendwell operates very similar to a REIT: it pays virtually all of its taxable income to shareholders every year. Company assets are primarily composed of real estate held for the long term. Company income is mainly derived from real estate. Company pays out all of its taxable income to shareholders. Friendwell's acquisition and management focus is on shopping centers, office buildings and hotels in the north-eastern United States. We finance our transactions through our capital partners, investment bankers and income from our properties.