Table of Contents ARK We recently launched a global real estate platform to acquire and manage real estate. We call this platform ARK. ARK’s purpose is to make acquisitions of real estate assets through discretionary investment vehicles, joint ventures with strategic partners and acquisitions of real estate investment trusts, operating companies and other large portfolios. We participate in ARK through our 80% interest in ARK’s management company and general partner. While we have committed capital to real estate acquisition vehicles controlled by ARK, the amount of our commitments represents a small percentage of the amount committed by third parties. The business and operations of ARK, including decisions regarding deployment, management and disposition of ARK-owned assets, are carried out by ARK’s senior management group as described below. ARK is the product of an organic evolution in our strategy to achieve efficiency with respect to our use of real estate. In particular, ARK allows us to: • improve our access to the most desirable buildings in the best locations in cities around the world; • improve our control over the locations we activate; • partner with developers and landlords to purchase a small portion of equity in multiple locations (a “sliver equity” strategy); and • capture a portion of the value created by our occupancy of a location, as described below. The chart below depicts the structure of ARK with its three principal components, each as described in detail below: (1) the general partner (ARK Master GP); (2) the manager (ARK Manager); and (3) the real estate acquisition vehicles that are managed by the general partner and manager. We own 80% of each of ARK Master GP and the ARK Manager. Through our 80% ownership of such entities, we are entitled to our corresponding share of the management fee and incentive fee income earned by such entities. ARK Master GP and the ARK Manager are consolidated in our consolidated financial statements. Primarily because our 165