Joel Wynton's Hilco Real Estate introduction and capabilities presentation

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2. Serving Clients on Five Continents
With offices and staff in the U.S., Canada and the European Union,
Hilco Global can offer comprehensive strategic solutions
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Los Angeles
Oakland
Mexico City
São Palo
Dubai*
Melbourne
Singapore
Bangkok
Tokyo*
Hong Kong
Dusseldorf*
Paris*
London
Leeds
Boston
New York
Toronto
Detroit
Grand Rapids
Chicago
Charlotte
Atlanta
Birmingham
Sydney
Madrid
Dublin
Villahermosa
Monterrey
Irapuato
Guadalajara
Amsterdam
Mumbai

3. Hilco Global’s Valued Clients Include:
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4. ABOUT HILCO REAL ESTATE 4
Corporate Structure/Strength and Differentiation
Hilco Real Estate LLC (“HRE”) is a division of Hilco Global, which recently celebrated 30 years as a fully integrated, independent
and diversified financial services company and the world's preeminent authority on maximizing the value of assets (or minimize
certain liabilities, as applicable) for both healthy and stressed companies. Hilco Global boasts over 20 integrated companies,
with valuation, consulting, restructuring, and disposition activities in the following business sectors: real estate, retail, consumer
and industrial inventory, machinery and equipment, accounts receivable, intellectual property, and going-concern enterprises.
Hilco Global employs over 500 employees on several continents and an additional 10,000 people at companies in which Hilco
has an equity stake. As to the financial strength of Hilco Global, we are proud of our healthy balance sheet, our diverse group
of businesses and, most importantly, the fact that we have never had an unprofitable year in 30 years of being in business.
HRE operates out of the Hilco Global headquarters in Northbrook, IL. The company has satellite offices in Boston, Miami, New
York, and Los Angeles. HRE helps businesses improve leverage and cash flow by repositioning and restructuring their real estate
commitments. Our focus is on optimizing asset value for our clients in the best way possible. Principal services include strategic
advisory and consulting; lease renegotiation and restructure; lease termination; sale of non-core owned assets; asset
management; sale/leaseback transactions; appraisals; and special situation property acquisitions in the industrial space. Our
integrated services structure enables clients to consolidate all requirements with one resource.
In the 15+ years since its inception, HRE has grown to be one of the largest full-service strategic real estate repositioning groups in
North America. HRE is not a typical brokerage firm with disparate professionals with varying levels of experience. Rather, each of
HRE's professionals assist with all aspects of valuation and asset maximization. HRE's philosophy across our platform is to
strategically analyze a client's situation and develop a recommended courses of action designed to maximize opportunities.
Following a carefully crafted strategic phase, we then go into execution mode and work to achieve projected results timely and
effectively and in a manner that most benefits our client and their valued reputation.
Depth of Experience
Hilco Real Estate has:
 A team of 35 internal professionals with unequaled experience, expertise and depth
 Monetized well in excess of $3 billion of owned and leased real estate through brokerage services
 Successfully mitigated lease-related financial obligations on as estimated 40,000 leases, creating value in excess of $5 billion
on behalf of our clients
 Made principal investments in commercial and industrial properties in excess of $1 billion
 Appraised more than 10,000 retail/consumer-focused properties with a value in excess of $6 billion.

5. Hilco Real Estate Select Case Studies 5
1555 Times Drive, Des Plaines, IL
Hostess Brands
In late 2012 Hostess Brands announced that it was shutting down its business and selling all assets in a bankruptcy and
liquidation. Hilco was appointed as exclusive real estate advisor, initially valuing all 260 owned locations. After 120 were
sold as part of a combined brand/asset purchase of certain brands, Hilco was retained as exclusive national disposition
agent to handle the sale of the remaining 140 diverse real estate assets across 34 states, which included production and
distribution facilities and retail properties. Hilco quickly implemented a highly innovative and centralized marketing
campaign. Within approximately 90 days, over 6,000 prospective buyers responded, which led to over 400
offers. Ultimately the portfolio (140 properties, machinery and equipment and thousands of trucks) was sold in a bulk
transaction at auction to the stalking horse bidder, which yielded the estate $62.5 million in proceeds.
Budweiser Distribution Center
HRE was recently engaged to dispose of a 69,000 SF cold storage distribution building, built in 2008. The property is located
on I-74 in Tilton, IL (east of Champaign) and includes a cross dock and premium office component. Prior to engaging HRE,
the property had been listed for an extended period of time with a traditional local broker, who was ultimately unable to
produce a satisfactory buyer. HRE immediately implemented a strategic and targeted marketing campaign, reaching out
to more than 1,500 regionally-based end users. Several interested parties emerged, and HRE successfully secured a
creditor-approved buyer, with a contract executed in under 60 days. The closing process is currently underway.
Windsor Atlanta Airport Hotel in receivership
Hilco Real Estate was recently engaged to market this 323-room full-service hotel (formerly a Wyndham Garden) in
Atlanta, Georgia via receiver-ordered sale. Over the course of the past year+, the receiver had secured several offers
which unfortunately included contingencies and failed to close. However, the HRE auction team’s national platform and
extensive and creative campaign resulted in an extremely successful live, onsite auction. As a result of HRE’s marketing
efforts, the event received international exposure in six different countries, resulting in over 150 direct inquiries and several
serious bidders attending the auction (with certified funds prepared to close in 45 days). The winning international bidder
signed an as-is/where-is contract and deposited non-refundable earnest money, presenting a favorable sale price of $4
million.
Lowe’s Home Improvement / Orchard Supply Hardware
In 3Q2018, Lowe’s announced the closure and wind-down of its (primarily West Coast-based) 100+ unit Orchard Supply
Hardware chain of stores. HRE’s scope of work for Lowe’s involves providing strategic and transactional services to
effectuate the termination or sublease/assignment of all Orchard leased locations. In 4Q2018, HRE’s role with Lowe’s was
expanded to include assisting with excess/non-core owned and leased Lowe’s Home Improvement locations. HRE is
selling 20+ excess owned Lowe’s buildings and land parcels initially, with an additional 100+ pieces of real estate
expected to be marketed/sold by HRE over the next 6-12 months.

6. Hilco Real Estate Select Case Studies 6
Furniture Brands International
HRE was retained to sell the residual real estate that was excluded from KPS Capital Partners’ acquisition of
substantially all of FurnitureBrands’ assets. Hilco implemented a date-certain, accelerated sale process for 16
manufacturing, distribution, and land assets totaling approximately 2.5M square feet of buildings on over 500
acres of land located throughout Mississippi, North Carolina, Tennessee and Virginia. Several of these assets
presented significant challenges including environmental concerns, functional obsolescence, and structural
deficiencies. After an extensive 90-day marketing process, HRE received 38 individual qualified offers at the bid
deadline. Gross sale proceeds for the estate approached $7 million, which exceeded projections of market
value ranges for this complex assignment.
Reichhold, Inc.
Hilco Real Estate recently completed marketing ten surplus industrial real estate assets across eight states on
behalf of Reichhold, a ninety-year-old maker of resins used in composites and coatings. For these ten surplus
assets (former chemical production sites with significant ongoing environmental liabilities), HRE worked in tandem
with Reichhold’s environmental consultants to establish a transparent and informative bidding process which
was integral to the national marketing campaign. With initial value expectations being quite low given the
properties’ condition and environmental status, the sale effort generated significant interest, primarily from
industrial users, which resulted in total proceeds of $7 million in addition to relieving Reichhold of ongoing liability.
Trulite
This private equity-sponsored glass fabricating firm was combined with another operating company --- which
resulted in seven manufacturing facilities across six states becoming surplus. HRE ran a simultaneous sale
process to market and dispose of all properties in an accelerated time frame.
Confidential Industrial Portfolio Disposition Program
Hilco Real Estate was engaged by the Environmental, Health & Safety (EHS) group within an international
Fortune 10 industrial company to sell a portfolio of individual surplus/decommissioned properties. The
engagement included 21 properties (primarily industrial/land) held within a variety of subsidiaries, located
across a dozen states with a total projected value in excess of $20 million. HRE has worked collaboratively with
the company to fundamentally restructure the way they approach the disposition of brownfield properties,
rolling out a strategic and property-specific marketing program. A dozen sales have closed to date, with the
remainder under contract or in active marketing. Assets sold in the initial pilot program included a 900-acre
gold mine; which previous brokers had been unable to sell for decades, HRE employed a multi-channel
marketing effort that resulted in several interested parties and a bidding war for the asset.

7. STRATEGY AND EXECUTION 7
In order to achieve the Seller’s targeted timing for the sale of an asset, Hilco often recommends implementing a sophisticated,
accelerated marketing campaign culminating in a managed bid environment.
By heavily marketing assets locally, regionally, nationally, and, when appropriate, internationally together with establishing a date-
certain deadline by which all interested parties must submit bids, the program will essentially freeze any other competing
properties currently on the market and force potential buyers to act.
Creating urgency in the marketplace as well as fear of loss by convincing potential buyers of the threat of other interested parties
is key to the success of these sales. We do this by:
Creating professionally designed ads and marketing material highlighting the opportunity, property, and urgency to act
Exposing the property to a broader geographical market and audience
Providing complete due diligence packages available in our virtual deal room
Fostering consistent market interaction, HRE professionals attend all inspections and in constant communication with buyers
Creation of a transparent bidding environment
Hilco often recommends using a Managed Qualifying Bid Program (Qualifying Bid + Final Round Competitive Bid).
1) Qualifying Bids would be due by a set deadline after heavily marketing the property, Seller would then select a shortlist of qualified bidders
to advance
2) Qualified Bidders are invited to perform additional due diligence and review the Seller-approved contract
3) Winning bidder is determined with a call for best and final offers

8. FEE STRUCTURE 8
Advisory: A core component of our transactional service is strategic and implementation planning with
the client’s management team. As outlined in the previous pages, HRE will be spending a
significant amount of time in the planning phase even before the marketing program is
initiated. No fee is charged in connection with HRE’s role in this consultative process.
Transactional Compensation: HRE earns a fee equal to a percentage of gross sale proceeds for each property sale.
Typically fees range from 5-8% of asset sales and are inclusive of any cooperating broker fees
that may need to be paid out. Often this fee is in the form of a Buyer’s Premium paid by the
Buyer as part of the sales process, this Buyer’s Premium gets added to their high bid price.
Timeline: Our process to evaluate, market, sell and close assets typically ranges from 60-120 days.
Marketing Investment: HRE will recommend a marketing budget, the detail of which would be provided prior to
engagement commencement and subject to client’s final approval. HRE can advance the
marketing dollars subject to being reimbursed from sales proceeds. HRE’s marketing program
typically includes:
Print Media Advertising
Internet Advertising
Signage
Custom Brochure
Direct Marketing (Direct Mail)
Public Relations
Virtual Due Diligence Data Room

9. TEAM LEADERS 9
Joel Wynton joined Hilco in 2018 as the Managing Director for Hilco Real Estate in Los Angeles.
Prior to joining Hilco, Joel has had 12+ years of experience as a commercial real estate
professional transacting over $100MM in acquisitions, dispositions and financing. He has
handled significant assignments with such notable organizations as CalSTRS, Hines, MetLife,
Simon Property Group, Federal Realty, Goldrich & Kest, Pacific Castle, Sarofim Realty Advisors,
Panda Restaurant Group, Shopoff Realty Investments and Rising Realty Partners. Such
assignments include, but are not limited to redevelopment, financing, valuations, acquisitions,
dispositions, debt/equity restructuring, project management and portfolio management.
Jeff Azuse has been responsible for leading and advising Fortune 500 companies to high net
worth real estate developers in the acquisition, development, financing, construction, and
disposition of their properties. As a Senior Vice President at Hilco Real Estate he is responsible
for operations (Project Management) and overseeing the business development team.
Activities include new client relations, marketing, implementation and reporting, website
marketplace management, customer interaction, auction event management, and
facilitation of transaction closings.
Jeff Azuse
Senior Vice President, Hilco Real Estate
Steve Madura
Vice President, Hilco Real Estate
Steve brings extensive real estate marketing and transactional experience to Hilco Real
Estate, having sold hundreds of millions worth of properties of nearly every asset class on a
national and international basis during his career including multifamily, office, industrial,
hospitality, golf course development, retail and special use properties on behalf of high profile
clients such as JP Morgan Chase, Bank of America, Prudential, Wells Fargo, ING/Clarion, Royal
Bank of Canada, Banco Popular and the State of Illinois. Steve’s responsibilities within Hilco’s
disposition team include project management, deal structuring, marketing and execution of
strategic sales processes for owned real estate assignments.
Joel Wynton
Managing Director, Hilco Real Estate

10. Advisory
Valuation
Monetization
Hilco Global Offices and Resources, Worldwide
US Chicago • Detroit • Grand Rapids • New York • Los
Angeles • Boston • Oakland • San Diego • Birmingham
CANADA Toronto
UK London • Leeds • Birmingham • Dublin
ASIA PACIFIC Singapore • Hong Kong • Bangkok
MEXICO Mexico City - Irapuato – Guadalajara, Villahermosa
BRAZIL São Paulo
AUSTRALIA Sydney
NETHERLANDS Amsterdam
Vested in Your Success.
Jeff Azuse
Senior Vice President
P | 847.418.2703
E | jazuse@hilcoglobal.com
Joel Wynton
Managing Director
P | 310.849.9387
E | jwynton@hilcoglobal.com
Steve Madura
Vice President
P | 847.504.2478
E | smadura@hilcoglobal.com