Common use of SERVICE COMPANIES Clause in Contracts

SERVICE COMPANIES. The Principals own the following two Service Companies through three entities, each of which is wholly-owned by one of the Principals: • WelshCo, LLC • Welsh Securities, LLC WelshCo, LLC is the sole member of the following Service Companies: • Welsh Companies, LLC • Welsh Facilities Services, LLC • Welsh Capital, LLC • Genesis Architecture, LLC • Welsh Construction, LLC • WelshInvest, LLC EXHIBIT A-4 JV COMPANIES • Welsh Holdings CNL Fund, LLC (to hold interest in following subsidiaries, if required by lender) • Welsh CNL Fund I, LLC (5% interest only) • Welsh CNL Management, LLC (5% interest only) • Welsh Fingerhut Equipment, LLC (5% interest only) • KADO Investment Partners, LLC • KADO Southdale Investment, LLC (owns 21.73% TIC interest in property) EXHIBIT A-5 Entities That Own Property as Tenants in Common with Welsh US Real Estate Fund, LLC • Xxxxxxx Exchange, LLC • Xxxxxxxxx Enterprise Park, LLC • Sauk Point Square, LLC • Koloa Durham, LLC Non-Controlled Entities That Own Property as Tenants in Common • MS/TB, LLC • MMBC Intercen, LLC • ZEL Shoreview, LLC • Xxxxxxxxx Pewaukee, LLC • Van Vliet Pewaukee, LLC • Xxxxxxxxx Glendale, LLC • Van Vliet Glendale, LLC • Welsh Westbelt, LLC • Roseridge Financial, LLC EXHIBIT A-6 EXISTING NON-FUND ENTITIES NEWLY FORMED ENTITIES PROPERTY ADDRESS Xxxxx Xxxxxx, LLC Welsh Xxxxxx XX, LLC 00000 Xxxxxxxx Xxxx, Warren, MI Xxxxx Xxxxxx, Inc. Welsh Xxxxxxxxx XX, LLC 0000 Xxxxxx Xxxxxx, Xx. Xxxxx Xxxx, XX Oakcreek Industrial Partners, LLC Creekedge Business Center, LLC 7247-7275 Flying Cloud Drive, Eden Prairie, MN Welsh Ankeny, LLC Welsh Ankeny II, LLC 0000 XX Xxxxxxxxx Xx., Xxxxxx, XX 00000 B&D Ankeny, LLC TriCor Properties, LLC 0000-0000 00xx Xxxxxx Xxxxx, Xxxxxxxx, XX 00000 0000-0000 00xx Xxxxxx Xxxxx, Xxxxxxxx, XX 00000 Welsh Tri-Center, LLC Welsh Tri-Center II, LLC 1700-1910 Elmhurst, Xxx Xxxxx Xxxxxxx, XX 00000 AM Xxxxxxxx Properties, L.C.* Xxxx Xxxxxxxx Properties, L.C.* Welsh Partners 85, a Limited Partnership Welsh Partners 85, LLC 0000-0000 Xxxxxxxxxx Xxxxxx Xxxxx, Xxxx Xxxxxxx, XX 00000 0000-0000 Xxxxx Xxxxxxxx Highway, Golden Valley, MN 55422 0000-0000 Xxxxxxxxxx Xxxxxx Xxxxx, Xxxx Xxxxxxx, XX 00000 Welsh Executive Park, LLC Welsh Executive Park II, LLC 0000-0000 Xxxxx Xxxxxxxxxx Xxxxxx, Kansas City, MO MS/TB KC, LLC* DJD Executive Park, LLC EXISTING NON-FUND ENTITIES NEWLY FORMED ENTITIES PROPERTY ADDRESS Welsh Lincoln, LLC Welsh Lincoln II, LLC 0000-0000 Xxxxxxx Xxxxx, Xxxxx, XX S.M.D. Lincoln Investments, LLC Hickory Hills Apartments Limited Partnership * Outside Entity EXHIBIT B-1 FUND PROPERTIES Welsh Midwest Real Estate Fund, LLC 450 Lombard, LLC • 000 Xxxxx Xxxxxxx Xxxx, Xxxxxxx, XX 00000 1920 Beltway, LLC • 0000 Xxxxxxx Xxxxx, Xx. Xxxxx, XX 00000 2036 Xxxxx, LLC • 0000 Xxxxx Xxxxx West Drive, Indianapolis, IN 46241 7750 Zionsville, LLC • 0000 Xxxxxxxxxx Xxxx, Xxxxxxxxxxxx, XX 00000 Xxxx Xxxxxx, LLC • 2201 Xxxx Road, Elk Grove Village (Chicago), IL 60007 Urbandale Properties, LLC (Interests held indirectly through a wholly-owned subsidiary, Urbandale Delaware Properties, LLC) • 00000 Xxxxxx Xxxxx, Urbandale, IA 50322 • 0000 Xxxxxx Xxxxx, Urbandale, IA 50322 • 0000 00xx Xxxxxx, Xxxxxxxxx, XX 00000 • 0000 00xx Xxxxxx, Xxxxxxxxx, XX 00000 • 0000 00xx Xxxxxx, Xxxxxxxxx, XX 00000 • 0000 000xx Xxxxxx, Xxxxxxxxx, XX 00000 Welsh CJC, LLC • 00 Xxxxxxxxxx Xxxxx, Xxxxxxxx, XX 00000 Xxxxx XX, LLC • Mortgage interest on a property that was sold Welsh Hernasco, LLC • 0000 Xxxx 0xx Xxxxxx, Xxxxxxxxxxxx, XX 00000 Welsh Jacksonville, LLC • 0000 Xxxxxxxx Xxxxxx, Xxxxxxxxxxxx, XX 00000 Welsh Kiesland, LLC • 0000-0000 Xxxxxxxx Xxxxx Xxxxx, Xxxxxxxxxx, XX 00000 • 00000 Xxxxxxx Xxxxxxxxx, Xxxxxxxxxx (Xxxxxxxxxx), XX 00000 • 00000 Xxxxxxx Xxxxxxxxx, Xxxxxxxxxx (Xxxxxxxxxx), XX 00000 • 000 Xxxxxx Xxxxxxx Xxxxx, Xxxx Xxxxxxx, OH 45246 Welsh Kiesland II, LLC • 0 Xxxxxx Xxxxxxx Xxxxx, Xxxx Xxxxxxx, OH 45246 Welsh Rivers Park, LLC • 0000 Xxxxxx Xxxxxx, Xxxxxxxxxx, XX 00000 Welsh Symmes Road, LLC • 0000 Xxxxxx Xxxx, Xxxxxxxx, XX 00000 Welsh Real Estate Fund IV, LLC Welsh Xxxxxx Road, LLC • 0000 Xxxxxx Xxxx, Edina, MN 55439 Welsh Fond du Lac, LLC • 000 Xxxxxx Xxxxx, Fond du Lac, WI 54937 Xxxxx Xxxxxx Way, LLC • Purchase agreement with respect to property located in Kansas City, MO Welsh US Real Estate Fund, LLC Welsh 201 Mississippi, LLC (to hold entire interest in former TIC property) • 000 Xxxxxxxxxxx Xxxxxx, Xxxx, XX 00000 Xxxxx Xxxxxxxx, LLC (to hold entire interest in former TIC property) • 0000-0000 Xxxxxxx Xxx, Xxxxxxxx, XX 00000 Welsh Xxxxxx Road, LLC • 000 Xxxxx Xxxxxx Xxxx, Durham, NC 27704 (34.65% tenant-in-common interest; remaining interest to be held by Non-Fund Entity — 65.35% Koloa Durham, LLC) Xxxxx Xxxxxx, LLC • 0000-0000 Xxxx Xxxxxx Xxxxx, Cincinnati, OH 45241 (18.09% tenant-in-common interest; remaining interest to be held by Non-Fund Entities — 39.00% by Xxxxxxxxx Enterprise Park, LLC and 42.91% by Xxxxxxx Exchange, LLC) Welsh Queenland, LLC • 0000 Xxxxxxxxx Xxxxx, Xxxxxxx, XX 00000 (to hold 30.90% tenant-in-common interest; remaining interest to be held by Non-Fund Entity — 69.10% Sauk Point Square, LLC) Welsh Romulus Development, LLC Vacant land located in Romulus, MI Welsh Romulus Mezz, LLC (Interests held indirectly through a wholly-owned subsidiary, Welsh Romulus, LLC) • 0000 Xxxxxxxx Xxxx, Romulus, MI 48174 • 0000 Xxxxxxxx Xxxx, Romulus, MI 48174 • 00000 Xxxxxx Xxxx, Xxxxxxx, XX 00000 • 00000 Xxx Xxxx Xxxx, Xxxxxxxxxx, XX 00000 • 00000 Xxx Xxxx Xxxx, Xxxxxxxxxx, XX 00000 EXHIBIT B-2

SERVICE COMPANIES. The Principals own the following two Service Companies through three entities, each of which is wholly-owned by one of the Principals: • WelshCo, LLC • Welsh Securities, LLC WelshCo, LLC is the sole member of the following Service Companies: • Welsh Companies, LLC • Welsh Facilities Services, LLC • Welsh Capital, LLC • Genesis Architecture, LLC • Welsh Construction, LLC • WelshInvest, LLC EXHIBIT A-4 XXXXXXX X-0 JV COMPANIES • Welsh Holdings CNL Fund, LLC (to hold interest in following subsidiaries, if required by lender) • Welsh CNL Fund I, LLC (5% interest only) • Welsh CNL Management, LLC (5% interest only) • Welsh Fingerhut Equipment, LLC (5% interest only) • KADO Investment Partners, LLC • KADO Southdale Investment, LLC (owns 21.73% TIC interest in property) EXHIBIT A-5 XXXXXXX X-0 Entities That Own Property as Tenants in Common with Welsh US Real Estate Fund, LLC • Xxxxxxx Exchange, LLC • Xxxxxxxxx Enterprise Park, LLC • Sauk Point Square, LLC • Koloa Durham, LLC Non-Controlled Entities That Own Property as Tenants in Common • MS/TB, LLC • MMBC Intercen, LLC • ZEL Shoreview, LLC • Xxxxxxxxx Pewaukee, LLC • Van Vliet Pewaukee, LLC • Xxxxxxxxx Glendale, LLC • Van Vliet Glendale, LLC • Welsh Westbelt, LLC • Roseridge Financial, LLC EXHIBIT A-6 XXXXXXX X-0 EXISTING NON-FUND ENTITIES NEWLY FORMED ENTITIES PROPERTY ADDRESS Xxxxx Xxxxxx, LLC Welsh Xxxxxx XX, LLC 00000 Xxxxxxxx Xxxx, Warren, MI Xxxxx Xxxxxx, Inc. Welsh Xxxxxxxxx XX, LLC 0000 Xxxxxx Xxxxxx, Xx. Xxxxx Xxxx, XX Oakcreek Industrial Partners, LLC Creekedge Business Center, LLC 7247-7275 Flying Cloud Drive, Eden Prairie, MN Welsh Ankeny, LLC Welsh Ankeny II, LLC 0000 XX Xxxxxxxxx Xx., Xxxxxx, XX 00000 B&D Ankeny, LLC TriCor Properties, LLC 0000-0000 00xx Xxxxxx Xxxxx, Xxxxxxxx, XX 00000 0000-0000 00xx Xxxxxx Xxxxx, Xxxxxxxx, XX 00000 Welsh Tri-Center, LLC Welsh Tri-Center II, LLC 1700-1910 Elmhurst, Xxx Xxxxx Xxxxxxx, XX 00000 AM Xxxxxxxx Properties, L.C.* Xxxx Xxxxxxxx Properties, L.C.* Welsh Partners 85, a Limited Partnership Welsh Partners 85, LLC 0000-0000 Xxxxxxxxxx Xxxxxx Xxxxx, Xxxx Xxxxxxx, XX 00000 0000-0000 Xxxxx Xxxxxxxx Highway, Golden Valley, MN 55422 0000-0000 Xxxxxxxxxx Xxxxxx Xxxxx, Xxxx Xxxxxxx, XX 00000 Welsh Executive Park, LLC Welsh Executive Park II, LLC 0000-0000 Xxxxx Xxxxxxxxxx Xxxxxx, Kansas City, MO MS/TB KC, LLC* DJD Executive Park, LLC EXISTING NON-FUND ENTITIES NEWLY FORMED ENTITIES PROPERTY ADDRESS Welsh Lincoln, LLC Welsh Lincoln II, LLC 0000-0000 Xxxxxxx Xxxxx, Xxxxx, XX S.M.D. Lincoln Investments, LLC Hickory Hills Apartments Limited Partnership * Outside Entity EXHIBIT B-1 XXXXXXX X-0 FUND PROPERTIES Welsh Midwest Real Estate Fund, LLC 450 Lombard, LLC • 000 Xxxxx Xxxxxxx Xxxx, Xxxxxxx, XX 00000 1920 Beltway, LLC • 0000 Xxxxxxx Xxxxx, Xx. Xxxxx, XX 00000 2036 Xxxxx, LLC • 0000 Xxxxx Xxxxx West Drive, Indianapolis, IN 46241 7750 Zionsville, LLC • 0000 Xxxxxxxxxx Xxxx, Xxxxxxxxxxxx, XX 00000 Xxxx Xxxxxx, LLC • 2201 Xxxx Road, Elk Grove Village (Chicago), IL 60007 Urbandale Properties, LLC (Interests held indirectly through a wholly-owned subsidiary, Urbandale Delaware Properties, LLC) • 00000 Xxxxxx Xxxxx, Urbandale, IA 50322 • 0000 Xxxxxx Xxxxx, Urbandale, IA 50322 • 0000 00xx Xxxxxx, Xxxxxxxxx, XX 00000 • 0000 00xx Xxxxxx, Xxxxxxxxx, XX 00000 • 0000 00xx Xxxxxx, Xxxxxxxxx, XX 00000 • 0000 000xx Xxxxxx, Xxxxxxxxx, XX 00000 Welsh CJC, LLC • 00 Xxxxxxxxxx Xxxxx, Xxxxxxxx, XX 00000 Xxxxx XX, LLC • Mortgage interest on a property that was sold Welsh Hernasco, LLC • 0000 Xxxx 0xx Xxxxxx, Xxxxxxxxxxxx, XX 00000 Welsh Jacksonville, LLC • 0000 Xxxxxxxx Xxxxxx, Xxxxxxxxxxxx, XX 00000 Welsh Kiesland, LLC • 0000-0000 Xxxxxxxx Xxxxx Xxxxx, Xxxxxxxxxx, XX 00000 • 00000 Xxxxxxx Xxxxxxxxx, Xxxxxxxxxx (Xxxxxxxxxx), XX 00000 • 00000 Xxxxxxx Xxxxxxxxx, Xxxxxxxxxx (Xxxxxxxxxx), XX 00000 • 000 Xxxxxx Xxxxxxx Xxxxx, Xxxx Xxxxxxx, OH 45246 Welsh Kiesland II, LLC • 0 Xxxxxx Xxxxxxx Xxxxx, Xxxx Xxxxxxx, OH 45246 Welsh Rivers Park, LLC • 0000 Xxxxxx Xxxxxx, Xxxxxxxxxx, XX 00000 Welsh Symmes Road, LLC • 0000 Xxxxxx Xxxx, Xxxxxxxx, XX 00000 Welsh Real Estate Fund IV, LLC Welsh Xxxxxx Road, LLC • 0000 Xxxxxx Xxxx, Edina, MN 55439 Welsh Fond du Lac, LLC • 000 Xxxxxx Xxxxx, Fond du Lac, WI 54937 Xxxxx Xxxxxx Way, LLC • Purchase agreement with respect to property located in Kansas City, MO Welsh US Real Estate Fund, LLC Welsh 201 Mississippi, LLC (to hold entire interest in former TIC property) • 000 Xxxxxxxxxxx Xxxxxx, Xxxx, XX 00000 Xxxxx Xxxxxxxx, LLC (to hold entire interest in former TIC property) • 0000-0000 Xxxxxxx Xxx, Xxxxxxxx, XX 00000 Welsh Xxxxxx Road, LLC • 000 Xxxxx Xxxxxx Xxxx, Durham, NC 27704 (34.65% tenant-in-common interest; remaining interest to be held by Non-Fund Entity — 65.35% Koloa Durham, LLC) Xxxxx Xxxxxx, LLC • 0000-0000 Xxxx Xxxxxx Xxxxx, Cincinnati, OH 45241 (18.09% tenant-in-common interest; remaining interest to be held by Non-Fund Entities — 39.00% by Xxxxxxxxx Enterprise Park, LLC and 42.91% by Xxxxxxx Exchange, LLC) Welsh Queenland, LLC • 0000 Xxxxxxxxx Xxxxx, Xxxxxxx, XX 00000 (to hold 30.90% tenant-in-common interest; remaining interest to be held by Non-Fund Entity — 69.10% Sauk Point Square, LLC) Welsh Romulus Development, LLC Vacant land located in Romulus, MI Welsh Romulus Mezz, LLC (Interests held indirectly through a wholly-owned subsidiary, Welsh Romulus, LLC) • 0000 Xxxxxxxx Xxxx, Romulus, MI 48174 • 0000 Xxxxxxxx Xxxx, Romulus, MI 48174 • 00000 Xxxxxx Xxxx, Xxxxxxx, XX 00000 • 00000 Xxx Xxxx Xxxx, Xxxxxxxxxx, XX 00000 • 00000 Xxx Xxxx Xxxx, Xxxxxxxxxx, XX 00000 XXXXXXX X-0 NON-FUND PROPERTIES Welsh Xxxxxx XX, LLC (to be formed to hold entire interest in former TIC property) • 00000 Xxxxxxxx Xxxx, Warren, MI Welsh Lincoln II, LLC (to be formed to hold entire interest in former TIC property) • 0000-0000 Xxxxxxx Xxxxx, Xxxxx, XX Welsh Orange City, LLC • 0000 Xxxxxx Xxxxx XX, Xxxxxx Xxxx, XX Oxford Industrial Partners Limited Partnership (Welsh Xxxxxxxxx XX, LLC to be formed to hold a 2% general partnership interest in Oxford Partners Limited Partnership) • 0000 Xxxxxx Xxxxxx, Xx. Xxxxx Xxxx, XX Welsh Xxxxx Road, LLC • 0000 Xxxxx Xxxx, Minnetonka, MN • 0000 Xxxxx Xxxx, Minnetonka, MN Creekedge Business Center, LLC (to be formed to hold interest formerly held by Oakcreek Industrial Partners, LLC) • 7247-7275 Flying Cloud Drive, Eden Prairie, MN Welsh Executive Park II, LLC (to be formed to hold entire interest in former TIC property) • 0000-0000 Xxxxx Xxxxxxxxxx Xxxxxx, Kansas City, MO Waters Ventures, LLC • Loan Oak Parkway, Eagan, MN Xxxxx Green Park, LLC • 00000 Xxxx Xxxxx Xxxxxxxxx, Xxxxx Xxxx, XX Welsh Lambert Pointe Development III, LLC • 000-000 Xxxxxxx Xxxxxx Drive, Hazelwood, MO Welsh Lambert Pointe Holdings, LLC • 000-000 XxXxxxxxx Xxxxxxxxx, Hazelwood, MO Welsh Lambert Pointe Holdings II, LLC • 000-000 Xxxxxxx Xxxxxx Drive, Hazelwood, MO Welsh Lambert Pointe Development II, LLC • 000-000 Xxxxxxx Xxxxxx Drive, Hazelwood, MO (70.09% tenant-in-common interest) MS/TB, LLC • 000-000 Xxxxxxx Xxxxxx Drive, Hazelwood, MO (29.91% tenant-in-common interest) MMBC Intercen, LLC • 000 0xx Xxxxxx Xxxxx, Xxxxxxxxxxx, XX (39.3% direct interest in Intercen Partners, LLC, the property owner) Welsh Intercen, LLC • 000 0xx Xxxxxx Xxxxx, Xxxxxxxxxxx, XX (21.4% direct interest in Intercen Partners, LLC, the property owner; 39.3% interest held indirectly through a wholly-owned subsidiary, PH Intercen, LLC) Welsh Shoreview, LLC • 000 Xxxx Xxxxxx Xxxx Xxxx, Xxxxxxxxx, XX 00000 (25% tenant-in-common interest) Xxxxx PaR, LLC • 000 Xxxx Xxxxxx Xxxx Xxxx, Xxxxxxxxx, XX 00000 (25% tenant-in-common interest) ZEL Shoreview, LLC • 000 Xxxx Xxxxxx Xxxx Xxxx, Xxxxxxxxx, XX 00000 (50% tenant-in-common interest) 000 Xxxxxxxx Partners, LLC • 0000 Xxxxxxxx Xxxx, Xxxxxxxx, XX 00000 • 0000 Xxxxxxxx Xxxx, Xxxxxxxx, XX 00000 Welsh Ankeny II, LLC (to be formed to hold entire interest in former TIC property) • 0000 XX Xxxxxxxxx Xx., Xxxxxx, XX 00000 Bloomgate Holdings, LLC • 0000 Xxxxxxxx Xxxxxxxxx Xxxx, Xxxxxxxxxxx, XX 00000 Westval Ventures, LLC • 0000-0000 Xxxxx Xxx Xxxx, Xxxx Xxxxxxx, XX 00000 (88.59% tenant-in-common interest held indirectly through Westval Ventures Sub, LLC) • 13810-13800 00xx Xxx Xxxxx, Xxxxxxxx, XX 00000 (88.59% tenant-in-common interest held indirectly through Westval Ventures Sub, LLC) Roseridge Financial, LLC • 0000-0000 Xxxxx Xxx Xxxx, Xxxx Xxxxxxx, XX 00000 (11.41% tenant-in-common interest) • 13810-13800 00xx Xxx Xxxxx, Xxxxxxxx, XX 00000 (11.41% tenant-in-common interest) TriCor Properties, LLP (TriCor Properties, LLC to be formed to hold 28% partnership interest) • 0000-0000 00xx Xxxxxx Xxxxx, Xxxxxxxx, XX 00000 • 0000-0000 00xx Xxxxxx Xxxxx, Xxxxxxxx, XX 00000 Valley View Investments, LLC • 0000-0000 Xxxxxx Xxxx Xxxx, Xxxx Xxxxxxx, XX 00000 Welsh Tri-Center II, LLC (to be formed to hold entire interest in former TIC property) • 1700-1910 Elmhurst, Xxx Xxxxx Xxxxxxx, XX 00000 Welsh Partners 85, LLC (to be formed to hold interest formerly held by Welsh Partners 85, a Limited Partnership) • 0000-0000 Xxxxxxxxxx Xxxxxx Xxxxx, Xxxx Xxxxxxx, XX 00000 • 0000-0000 Xxxxx Xxxxxxxx Highway, Golden Valley, MN 55422 • 0000-0000 Xxxxxxxxxx Xxxxxx Xxxxx, Xxxx Xxxxxxx, XX 00000 Welsh Glendale, LLC • 000 Xxxx Xxxxx, Xxxxxxxx Xxxxxxx, XX 00000 (57.35% tenant-in-common interest) Van Vliet Glendale, LLC • 000 Xxxx Xxxxx, Xxxxxxxx Xxxxxxx, XX 00000 (23.00% tenant-in-common interest) Xxxxxxxxx Glendale, LLC • 000 Xxxx Xxxxx, Xxxxxxxx Xxxxxxx, XX 00000 (19.65% tenant-in-common interest) Welsh Pewaukee, LLC • X00X00000 Xxxxxxxxx Xxxxxxx, Xxxxxxxx, XX 00000 (57.35% tenant-in-common interest) Van Vliet Pewaukee, LLC • X00X00000 Xxxxxxxxx Xxxxxxx, Xxxxxxxx, XX 00000 (23.00% tenant-in-common interest) Xxxxxxxxx Pewaukee, LLC • X00X00000 Xxxxxxxxx Xxxxxxx, Xxxxxxxx, XX 00000 (19.65% tenant-in-common interest) FAE Westbelt SPE, LLC • 0000-0000 X’Xxxxx Xxxx, Xxxxxxxx, XX 00000 (80% tenant-in-common interest) Welsh Westbelt, LLC • 0000-0000 X’Xxxxx Xxxx, Xxxxxxxx, XX 00000 (20% tenant-in-common interest) XXXXXXX X-0 JV PROPERTIES Welsh CNL Fund I, LLC owns the following wholly-owed subsidiaries which, in turn, own the properties indicated: Welsh ADS IN, LLC • 0000 Xxxx 000xx Xxxxxx, Xxxxxxx, XX 00000 Welsh ADS NC, LLC • 0000 Xxxxxxxxx Xxxxxx, Xxxxxxxxx, XX 00000 Welsh Core OH, LLC • 000 Xxxxxxxxxxx Xxxxxxx, Xxxxxxxxxx, XX 00000 WelshFingerhut MN, LLC • 0000 Xxxxxxxxx Xxxx, Xx. Xxxxx, XX 00000 Welsh GMR WI, LLC • 0000 Xxxxx Xxxxx Xxxxx, Xxx Xxxxxx, XX 00000 Xxxxx XX WI, LLC • 0000 Xxxxx Xxxxx Xxxxx, New Berlin, WI 53151 Welsh Xxxxxxx AL, LLC • 1608 Xxxxx Xxxxx Road, Anniston, AL 36202 Welsh Leedsworld PA, LLC • 000 Xxxx Xxxxxx Road, New Kensington, PA 15068 Welsh Midland WI, LLC • 0000 Xxxxxxxxx Xxxx, Franksville, WI 53126 Welsh Navarre MN, LLC • 0000 00xx Xxxxxx Xxxxx, Xxx Xxxx, XX 00000 C-33 Welsh Xxxxx IA, LLC • 0000 Xxxx XxXxxxxx Xxxx, Xxxxxxxx, IA 52748 Welsh Riviera MI, LLC • 0000 Xxxxxxxxx Xxxxxxx, Xxxxx Xxxxxx, XX 00000 Welsh Superstock FL, LLC • 0000 Xxxxxxxxx Xxxxxxx, Xxxxxxxxxxxx, XX 00000 KADO Investment Partners, LLC owns the following wholly-owed subsidiary which, in turn, owns the property indicated: KADO Southdale Investment, LLC • 0000-0000 Xxxxxx Xxxxxx Xxxxx, Xxxxx, XX 00000 (21.73% tenant-in-common interest held indirectly through a wholly-owned subsidiary, KADO Southdale Investment, LLC; remaining 78.27% tenant-in-common interest held by Southdale Office, LLC, a third party not participating in the Formation Transactions) EXHIBIT B-2D FORM OF CERTIFICATION OF NON-FOREIGN STATUS Section 1445 of the Internal Revenue Code of 1986, as amended (the “Code”), provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person. For United States tax purposes (including section 1445 of the Code), the owner of a disregarded entity (which has legal title to a United States real property interest under local law) will be the transferor of the property and not the disregarded entity. Capitalized terms which are used but not otherwise defined herein shall have the meanings ascribed to them in that certain Contribution Agreement, dated , 20___by and between Welsh Property Trust, L.P., a Delaware limited partnership (the “Operating Partnership”) and the undersigned (the “Contributor”). To inform the Operating Partnership that the withholding of tax is not required upon the contribution of the Net Proceeds by Contributor, to the Operating Partnership, which transfer occurred on the date set forth below, the undersigned hereby certifies the following on behalf of Contributor: