Biographies RICHARD H. SCHAUPP (212) 883-2716 Richard.Schaupp@clarionpartners.com Director, Portfolio Manager Richard Schaupp is an equity owner and Director at Clarion Partners. He is the Portfolio Manager for Clarion Ventures 4, Lion Value Fund, Clarion Partners’ value-add fund which is liquidating, and a separate account relationship. As portfolio manager, Rick has overall responsibility for the management and portfolio strategy of these relationships. From 2005-2012, Rick was the Assistant Portfolio Manager for the Clarion Development Venture Funds, Clarion’s series of closed-end opportunistic vehicles. Rick has participated in the acquisition, asset management, and development management of over $4.0 billion of real estate. He originally joined Clarion Partners in 2000 and began working in the real estate industry in 1995. Prior Experience Hidalgo and Company, White Plains, NY - Vice President (2003-2005) ING Clarion Partners, New York, NY - Vice President (2000-2003) Cooper, Robertson, & Partners, New York, NY - Senior Urban Designer (1995-1998) Education Yale University, M.B.A. - Finance, Public Economics (2000) University of Notre Dame - B.Arch. (1995)