William S. Mercer, Cfa Email and Phone Number

DebtX Analytics is the world’s leading full-service financial advisor for the valuation and stress testing of commercial real estate, residential, consumer and C&I loans for hundreds of financial institutions and numerous government agencies. For over 20 years, DebtX Analytics has captured precise trade data on hundreds of thousands of whole loan and participation sales executed via the DebtX marketplace as well as new originations. DebtX Analytics is the only company with such market insight and industry experience.We leverage the unique data coupled with our valuations expertise and collaborative approach to provide an independent and defendable estimated fair value for our clients’ loans and loan portfolios. We provide daily, monthly, quarterly and annual valuations.We also provide realistic scenario analyses, stress testing and credit default modeling services. Financial institutions use these services to aid in risk assessment and the measurement of future credit risk for individual loans and loan portfolios.Fair Value for CRE Loans, Residential (SFR) Loans, Consumer and C&I LoansStress Testing & Scenario Analysis, including DFASTCMBS (Commercial Mortgage-Backed Securities) Collateral PricingLoan Loss Reserve Adequacy/CECLMerger and Acquisition Portfolio ValuationsRegulation W Transfer Pricing

Executive Vice President, Valuation and Analytics, May 2012- December 2022-Responsible for strategic and operational oversight of DebtX's Loan Valuations and Analytics department, which provides valuations, stress testing and credit scoring for US $24 Trillion of CRE, C&I and Residential debt instruments annually.-Monitor overall market trends and develop new products and services accordingly; developed and launched new products for CRE loan credit rating, CECL compliance and stress testing.-Manage and assist sales staff in generating new business and existing customer relations, including all aspects of marketing and advertising. -Manage staff of analysts and support workers throughout deliverable process. -Manage department P&L and generate revenue forecasts for quarterly board meetings. Managing Director, Trading, June, 2007- May 2012 -Senior Trader responsible for analyzing, pricing, pooling and marketing large scale commercial loan sale transactions. -Sold over $5.3 billion of assets. Clients represented include U.S. Department of Housing and Urban Development; Fannie Mae; Wall Street Syndications Desks; Special Servicers; Life Insurance Companies; Top 10, Regional and Local Banks; Receiverships-Experienced expert witness offering testimony on behalf of lenders in bankruptcy proceedings and other civil litigation.

Sun Capital Advisers LLC July, 2006 – April, 2007 U.S. Public Fixed Income -Analyst responsible for credit research and buy/sell recommendations for multi-billion dollar, primarily investment grade portfolio. -Covered REIT, CMBS, Homebuilding and Building Materials sectors as well as two affiliate-managed Real Estate CDO’s. -Worked closely with Portfolio Manager and Head Trader to execute timely investment ideas. Managed money for both insurance and total return accounts. Sun Life Investments LLC September, 2005 – July, 2006 Director of Credit Research -Worked with another principal and senior corporate management to start up and run a total return, multi-billion dollar investment grade fixed income portfolio for Canadian parent surplus funds. -Shared responsibility for portfolio management functions as well as credit analysis in the REIT, Finance, Insurance, Retail and Transportation sectors. -Managed and trained junior analyst. Sun Capital Advisers LLC December, 2004 - September, 2005 U. S. Private Placements -Analyst responsible for credit research and buy/sell recommendations for a $900 million dollar portfolio of traditional private placements, structured finance deals and 144A securities. -Generalist approach which included the evaluation of a variety of sectors. Sun Capital Advisers LLC December, 2003 - December 2004; April, 1999 - January, 2002 U. S. Mortgages -Responsible for sourcing, underwriting and recommending commercial real estate loans. -Presented loans to investment committee. -Worked a broad territory in the western U. S. and cultivated a wide net of local contacts. -Marketed Sun Life program to borrowers. -Generated portfolio sales, typically parri passu structure, and contributing collateral to commercial real estate CDO’s managed by affiliate company. -Responsible for evaluation and hiring of local mortgage correspondents when opening new markets.

-Responsible for sourcing, underwriting and recommending commercial real estate loans for both insurance accounts and CMBS pools. -Presented loans to investment committee. -Worked a variety of eastern U. S. territories, developed network of local contacts. -Marketed John Hancock program to borrowers. -Responsible for evaluating loan pool purchases from other insurers on opportunistic basis.