Awards and Recognition Disclaimers

The annual ApartmentRatings awards recognize properties with outstanding resident satisfaction, based on resident reviews, and are available on ApartmentRatings.com. Approximately 5% of the total properties listed on the website qualify for an award. The top rated award criteria is as follows: 10+ total reviews, 5+ reviews and an overall recommended score of 70% or greater (at the time of award). ApartmentRatings’ ranking is not indicative of Waterton’s future performance. Please refer to http://www.apartmentratings.com for further information. The SatisFacts Index Score is calculated in real time and is determined by aggregating the average scores of prospective and current resident responses to questions that relate to key events in the resident’s life cycle. The index is based on a 5 point grading scale from (1) very unsatisfied to (5) very satisfied. It captures key attributes such as apartment appearance, maintenance requests and service, office staff and community. In order to be eligible for an award, the community’s average score must be 4.0 or higher and a minimum of 25 surveys must be competed. SatisFacts’ ranking is not indicative of Waterton’s future performance. Please refer to https://www.satisfacts.com/ for further information.

Based on data collected, analyzed and ranked by Preqin. The annual ranking is conducted by Preqin. Preqin assigns each closed-end fund a quartile ranking based on its performance against other funds of the same geographic focus and vintage year. The methodology used to compile Preqin’s consistent performing managers list looks at these quartile rankings; a top-quartile fund will be ascribed a score of one, a second-quartile fund a score of two and so on. Preqin only assigns quartile rankings to funds of more mature vintage years. Funds with vintages of 2013 or later are not considered. Furthermore, the table has been restricted to fund managers that have raised at least three funds, and is further narrowed down to include only active fund managers. Managers that have not launched a new fund since 2009 are excluded. Preqin does not endorse these fund managers, but rather to illustrate those that have performed the most consistently in the past. Preqin compiles its data based on questionnaires that have been completed by firms that participate in the survey as well as from publically available data sources. Preqin’s ranking is not indicative of Waterton’s future performance. For additional information regarding data collection and methodology, please refer to: www.preqin.com.