Bulls Capital Partners Sells Assets to Pillar Multifamily, A Division of Guggenheim Securities

Friends and Colleagues,

I am pleased to announce that Bulls Capital Partners has sold the assets of the firm to Pillar Multifamily, a division of Guggenheim Securities.

I will continue to have an interest in the success of the new firm and look forward to contributing to Pillar Multifamily's long term success by serving Pillar Multifamily in a non-executive role as an originator of new transactions through an affiliate company, Bulls Advisory Group, LLC (http://www.bullsadvisorygroup.com/).

I look forward to continuing to work with many of you in this capacity.

Mark Van Kirk (lower right photo)  and most of our former Bulls Capital Partners colleagues will continue in their roles with the Pillar organization.

It has been a unique experience to co-found Bulls Capital Partners with Mark and to build the firm during an extraordinarily challenging environment for capital markets and real estate finance.

With the support of many people, we originated loans well in excess of $400 million and advanced the opportunity for thousands of families to have safe and comfortable homes. I am grateful for the opportunity to have been part of such an exciting adventure over the past decade.

In addition to originating loans for Pillar Multifamily, I remain founder and Chief Executive Officer of Jones Lang LaSalle's Public Institutions business, which continues to grow as we provide critical real estate support to federal, state and local governments, not-for-profit organizations and institutions of higher learning.

Additionally, I serve on various for-profit boards, including Comfort Systems, USA, Rasmussen College, New York State Teachers Retirement System Real Estate Advisory Council and, starting this fall, a Fortune 200 financial services firm.

On the non-profit side, I am honored to serve as Vice Chairman of the West Point Association of Graduates Board of Directors, and on the Board of Eagle Bank Bowl, the latest NCAA-sanctioned football bowl game, which is played in our nation's capital.

I have enjoyed working with you on financing solutions in the past, and look forward to providing financing for your multifamily projects in the years to come. Do not hesitate to contact me if you have questions, or just to catch up.

Contact: herman.bulls@bullscapitalpartners.com