Q: If my subject LLC consolidates with the company, may I choose to receive something other than shares of Class A common stock? A: Yes, you will have the option to receive cash (at a price per share equal to the IPO price reduced by the underwriting discount per share paid by the company in the IPO) for up to [12-15] % of the shares of Class A common stock issuable to you in the consolidation, by electing a cash option in the consent form accompanying this prospectus/consent solicitation. This election is referred to herein as the cash option. The cash option provides those participants that wish to receive cash the ability to have immediate liquidity. Participants in the subject LLCs are being provided with the option to enable them to receive cash to cover a portion of U.S. federal income taxes payable in connection with the shares of Class A common stock issued to them in the consolidation. The cash option is limited to [12-15] % to assist the company in meeting the conditions for obtaining the reduced New York City and New York State transfer tax rate applicable to REITs, which the supervisor believes may be available with respect to a portion of the consolidation transfers, depending on the circumstances of the consolidation and certain events following the consolidation.