Contract analysis

1. The private letter ruling request;

2. IRS Form 2848 (Power of Attorney and Declaration of Representative), designating Sylvia Hartwell (PTIN: P01882447) and Garrett Simmons (PTIN: P02094518) as authorized representatives — I have executed the Form 2848, and the signed original was sent to your office via courier earlier today for inclusion in the submission package; and

3. The IRS user fee payment of $38,000 (Category 2, Rev. Proc. 2025-1, Appendix A) via Ridgeline National Bank check no. 00471826, payable to "United States Treasury." **Rulings Requested** I confirm that we are comfortable with each of the three specific rulings being sought:

1. That rents received by Fairwater from Fairwater Southgate TRS, Inc. under the proposed intercompany leases will constitute "rents from real property" under IRC § 856(d), provided rents are at arm's-length rates as required by IRC § 856(d)(7)(B);

2. That the formation and capitalization of Fairwater Southgate TRS, Inc. will not cause Fairwater to fail the 20% TRS asset test under IRC § 856(c)(4)(B)(ii) or the 75%/25% asset tests under IRC § 856(c)(4); and

3. That certain tenant improvement allowances funded by Fairwater and provided to third-party retail tenants in the Southgate Portfolio will not be treated as "impermissible tenant service income" under IRC § 856(d)(7)(C)(i). **Accuracy of Factual Representations** I confirm that all factual representations contained in the ruling request submission are accurate and complete as of the date of signing. Specifically, I