ADDING and REPLACING ElmTree Funds Partners with China Life to Recapitalize ElmTree Net Lease Portfolio

Strategic Partnership Reflects Attractiveness of U.S. Commercial Real
Estate Net Lease Investments

ST. LOUIS–(BUSINESS WIRE)–In the release dated May 23, 2017, add Eastdil Secured as a financial
advisor in the fifth paragraph and add the boilerplate for Eastdil
Secured to the end of the release.

The corrected release reads:

ELMTREE FUNDS PARTNERS WITH CHINA LIFE TO RECAPITALIZE ELMTREE NET
LEASE PORTFOLIO

Strategic Partnership Reflects Attractiveness of U.S. Commercial Real
Estate Net Lease Investments

ElmTree Funds, LLC, a leading private equity real estate firm, is
pleased to announce a $950 million recapitalization with a wholly-owned
subsidiary of China Life Insurance Group (“China Life”), the largest
financial insurance corporation in China, of an existing ElmTree net
lease portfolio. This strategic partnership reflects the appeal of
ElmTree Funds’ platform and the strong outlook supporting commercial
real estate net lease investments.

“We are honored to form this strategic joint venture with China Life,
who recognizes the inherent value in the high quality portfolio that we
have assembled and shares our bullish outlook on the net lease sector,”
said Jim Koman, managing principal at ElmTree Funds. “This transaction
gives China Life immediate scale and diversification in the U.S. market.
We look forward to a highly productive, long-term relationship with
China Life as we explore additional opportunities to invest together.”

The joint venture’s portfolio will initially comprise 48 single-tenant
properties aggregating more than 5.5 million square feet across 20
states. The transaction agreement provides for the acquisition of two
additional single-tenant net lease properties from ElmTree Net Lease
Fund II, subject to certain conditions.

The vast majority of the assets in the portfolio are recently
constructed build-to-suit properties that are primarily leased to
investment grade tenants and situated in secondary and tertiary markets
that exhibit strong long-term economic and demographic fundamentals.
ElmTree Funds will continue to serve as asset manager of the portfolio
and employ a core/core-plus investment strategy.

Hodes Weill Securities, LLC, and Eastdil Secured acted as the
co-exclusive financial advisors to ElmTree Funds. Eastdil Secured acted
as exclusive advisor on the debt placement.

About ElmTree Funds

ElmTree Funds, LLC is a leading private equity real estate firm and
seasoned fund manager to institutional and private investors. ElmTree’s
investment philosophy focuses on creating attractive risk-adjusted
returns for its investors in the commercial real estate net lease,
sale-leaseback, and build-to-suit sectors. Since its founding in 2011,
ElmTree Funds has acquired, developed or financed more than $1.5 billion
of office, industrial and healthcare properties. ElmTree Funds targets
investments in secondary and tertiary markets across the United States
that are leased to investment grade tenants on a long-term basis.
ElmTree Funds is headquartered in St. Louis, Missouri. For more
information please visit www.elmtreefunds.com.

About China Life Insurance Group

China Life Insurance (Group) Company is one of the largest insurance
corporations and institutional investors in China’s capital market. Its
business scope covers life insurance, property & casualty insurance,
pension, asset management, alternative investment, overseas business and
others. By the end of 2015, consolidated total assets of the group
company exceeded RMB 3 trillion, which is ranked as the highest in the
industry in China. For more information please visit www.chinalife.com.cn.

About Hodes Weill & Associates

Hodes Weill & Associates is a real estate advisory boutique with a focus
on the investment and funds management industry. Founded in 2009, the
firm provides institutional capital raising for funds, transactions,
co-investments and separate accounts; M&A, strategic and restructuring
advisory services; and fairness and valuation analyses. All U.S.
regulated capital market and securities advisory services are provided
by Hodes Weill Securities, LLC, a registered broker-dealer with the SEC,
and a member of FINRA and SIPC, and internationally, by non-U.S. Hodes
Weill affiliates. For more information please visit www.hodesweill.com.

About Eastdil Secured

Eastdil Secured, a subsidiary of Wells Fargo Bank (NYSE: WFC), is one of
the most active investment property sales, debt placement and commercial
mortgage sales firms in the country.  Eastdil Secured is also engaged in
raising debt and equity in the public markets and raising private equity
and entity recapitalizations through its broker dealer affiliate, Wells
Fargo Securities.  Since 2010, Eastdil Secured has completed over 4,762
transactions totaling over $1.4 trillion. The firm has offices in New
York, Los Angeles, San Francisco, London, Hong Kong, Dallas, Washington
D.C., Chicago, Atlanta, Boston, Irvine and Silicon Valley. For more
information please visit www.eastdilsecured.com.

Contacts

Jason Chudoba, 646-277-1249
Jason.chudoba@icrinc.com
or
John
McKenna, 203-682-8252
john.mckenna@icrinc.com