Thomas R. Arnold. Journal Publications & Recent Academic Conference Presentations

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1 Areas of Expertise/Research Interests Leadership, organizational change, business policy and strategy, finance, entrepreneurship, international business, taxation, reputation, trust, private equity, and real estate Education University of Florida, Warrington College of Business, Gainesville, FL (August 2017) Doctor of Business Administration (DBA) Harvard Business School, Boston, MA (May 2013) Advanced Management Program (AMP 184) Dartmouth College, Tuck School of Business, Hanover, NH (June 1991) Master of Business Administration (MBA) London Business School, London, UK (Winter 1991) MBA Finance exchange student New York University, School of Law, New York, NY (July 1986) Master of Laws, Taxation (LL.M.) University of Florida, Holland Law Center, Gainesville, FL (June 1983) Juris Doctor (J.D.) University of Florida, Gainesville, FL (December 1980) Bachelor of Science in Business Administration, Economics (B.S.B.A.) Cum Laude, Outstanding Male Graduate Journal Publications & Recent Academic Conference Presentations Referee, Global Finance Journal, (December 2017-Present) Alfred A. Ring Distinguished Speaker, University of Florida (Three-time honoree: November 2017, 2014, & 1999) Paper Presentation, Institute for Private Capital (IPC), UNC, Chapel Hill, NC on November 10, 2017 (published version) and March 30-31, 2017 (working paper) Arnold, T., D. Ling, and A. Naranjo. Waiting to be Called: The Impact of Manager Discretion and Dry Powder on Private Equity Real Estate Returns Arnold, T., D. Ling, and A. Naranjo. Waiting to be Called: The Impact of Manager Discretion and Dry Powder on Private Equity Real Estate Returns, The Journal of Portfolio Management Special Real Estate Issue 2017, 43 (6)

2 Journal Publications & Recent Academic Conference Presentations (cont.) Arnold, T.R The Appropriate Taxation of Carried Interest: A Reassessment, Tax Notes Special Report, Vol. 156, July 24, 2017, pp Fellow & Keynote Presentation, Disruption within the Retail Sector, Homer Hoyt Research Institute, on May 18, 2017 Visionary Honoree and Keynote Speaker, UNC, Chapel Hill, in New York, NY on May 12, 2016 Discussant, Real Estate Research Institute (RERI), DePaul University, Chicago, IL May 10-11, 2016, Peng, L. Efficient Capital Market Returns: Evidence from Private Commercial Real Estate Investments Luminary Honoree and Keynote Speaker, Georgetown Steers Center for Real Estate, McDonough School of Business, April 21, 2016 Keynote Speaker, University of Florida Trends + Strategies Real Estate Conference, Orlando, FL, February 25, 2016 Professional Experience Warrington College of Business Administration, University of Florida, Gainesville, FL Visiting Scholar, Department of Finance, Insurance, & Real Estate (July 2017-Present) Abu Dhabi Investment Authority (ADIA), Abu Dhabi, UAE Deputy Global Head (October 2009-Present) Head of Americas Real Estate, Executive Committee, Investment Strategy Chair Individual recognition as a top-10 global public investor by the Sovereign Wealth Fund Institute, October 4, 2016 Led internalization of management, full professional and system build-out and the development of the global strategy for overall ADIA real estate exposures (public, private, debt, and equity), over $60 billion, across 32 countries 26 years of legal, tax, management, and creditor rights experience; responsible for $2 billion annual P&L Responsible for organizational design, personnel, reporting systems, semiannual evaluation and personal development plans for large staff Identified and reviewed over 400 candidates and recruited and hired over 150 professionals, relocating each of them to the Abu Dhabi $16.4 billion in closed new investments and $5.9 billion in completed dispositions ( ) 2

3 Professional Experience (cont.) Cerberus Capital Partners, New York, NY (January 2004-October 2009) Managing Director-Real Estate and Private Equity Lead acquisitions and workout principal focusing on Europe and U.S. for three private equity funds (focus on commercial real estate, housing, mortgage and warehouse lending) Liaison with private equity and overall firm management Active management, organizational design and oversight of over fifteen portfolio companies Designed performance feedback and compensation systems for professional staff Consummated 13 European transactions and over 30 domestic transactions Led capital raise of approximately $950 million ING Financial Services, New York, NY, & Amsterdam (March 1999-January 2004) Managing Director-Real Estate and Portfolio Management Senior acquisitions and asset management principal of two closed-end private equity funds Managed interest rate policy and investor communications Oversaw consultant relationships and served as liaison to Dutch headquarters Led capital raise of approximately $200 million Credit Suisse, New York, NY (October 1994-March 1999) Director and Principal Senior principal of three closed-end real estate investment funds Workout officer of 15 operating companies; resolved over 1,000 non-performing loans Led capital raise of approximately $200 million Salomon Brothers (now Citigroup), New York, NY (June 1990-August 1990) Vice President (June 1991-October 1994) Over $9 billion of financial advisory assignments completed Focus on financial institution client base Completed numerous capital raising assignments on behalf of issuers 3

4 Professional Experience (cont.) William, Parker, et al., Sarasota, FL (July 1986-August 1989) Attorney Representative clients included a 30,000-student community college (now designated as a state college), a 40,000+ student public school board, an 800+ bed public hospital, and an educational foundation Holland & Knight, Tampa, FL (July 1983-July 1986) Securities & Corporate Attorney Representative clients included a professional sport league, a professional football team and two public sports authorities Active firm-wide recruiter Professional Affiliations Urban Land institute (ULI), Global Governing Trustee & Governor (2015-present) Global Exchange Council & Community Development Council 39,000-member non-profit research and educational organization operating on four continents, with 20% of its membership from academia, government, and public-private partnerships Real Estate Roundtable, Board of Directors (2015-present) Nation s most influential real estate business and trade association focused on key national policy issues related to real estate, taxation, national security, and the overall economy. The association represents 1.5 million jobs, and the portfolios of members include 12 billion square feet of commercial space, over 1.5 million apartment units, and over 2.5 million hotel rooms. Pension Real Estate Association Foundation Task Force, Chairman ( ) $13 million raised for underrepresented student scholarships. Scholarships awarded to 219 students at 50 academic institutions for deserving women & minority students Homer Hoyt Institute, Fellow (2017-present) Independent, non-profit research and educational foundation established in Dartmouth College, Tuck School of Business Advisory Board ( ) Advisor on curriculum enhancement, admissions, placement, complementary offerings (such as executive education and bridge program), development, financials, and women and minority initiatives 4

5 Professional Affiliations (cont.) Pension Real Estate Association (PREA), Chairman ( ) Educationally-focused, non-profit trade association for the global institutional real estate investment community. The organization is inclusive and diverse and includes over 700 firms across the U.S., Canada, Europe, and Asia. The membership includes public and corporate pension funds, university endowments, foundations, Taft-Hartley funds, insurance companies, investment advisory firms, REITs, operating companies, and service providers. Association of Foreign Investors in Real Estate (AFIRE), Chairman ( ) 200-member not-for-profit educational and informational forum comprised of companies from 21 countries, and their managers and advisors, whose aggregate world-wide real estate investment portfolio exceeds $900 billion Academy of Management (2015-present) Professional academic organization dedicated to the advancement of management and administration. Active in the Business & Policy; Entrepreneurship; Organizational Development & Change; Organizational Behavior; and Strategizing Activities & Practices divisions Alpha Epsilon Lambda Graduate Students Honors Society (2015-present) Leadership and service record plus GPA in the top 35% of all graduate students, campuswide Member of the District of Columbia Bar Member of The Florida Bar (inactive) CFA Institute Chartered Financial Analyst (CFA) Charter holder Chartered Alternative Investment Analyst Association CAIA Charter holder National Association of Securities Dealers NASD Series 24 and 63 Registered Securities Principal (inactive) 5

6 Lecture and Teaching Experience ( ) Baker Program of Cornell University Columbia University Real Estate Master s Program Dartmouth College International Business Seminar DePaul University Research Symposium Georgetown University Graduate Real Estate Lecture Georgetown University Masters of Business Administration Graaskamp Center for Real Estate of the University of Wisconsin Harvard Business School Johnson School of Business of Cornell University Kellogg School of Northwestern New York University Graduate Real Estate Lectures New York Law School Commercial Transactions Rotman School of Management of the University of Toronto Masters of Business Administration Tuck School of Business at Dartmouth College Masters of Business Administration The Wharton School Undergraduate and Masters of Business Administration University of California Los Angeles Masters of Business Administration University of Chicago Masters of Business Administration University of Florida Hough graduate business programs University of Florida Doctorate-level Accounting Foundations course University of North Carolina Real Estate Faculty Symposium 6