Additionally, you may request a change of address by enrolling in Computershare’s online investor portal, Investor Center.

• Complete a Transfer Request Form . We recommend using this form because it eliminates the complications associated with making errors. NOTE: A Medallion Signature Guarantee must be obtained for all signatures and affixed to the form and/or the certificate(s).
• If your shares or units are held in stock certificate form, you must send us the outstanding stock certificates. If you are unable to locate all of your stock certificates, please notify us immediately.
• When signing the transfer request, the endorsement should include the individual’s former name. Example: “Mary A. Doe now known as Mary A. Smith”
• Any other owner whose name appears on the account or the face of the stock certificate(s) must also sign the transfer request and /or the back of the certificate(s).
• If the existing account is enrolled in a Dividend Reinvestment Plan, you must communicate your intentions as to whether they will remain in the plan by completing our Dividend Reinvestment Form.
• In the case of a divorce where only one party is willing to sign you must supply a court order authorizing the transfer of the stock without the signature of the other party. The court order should include instructions detailing the name of the individual to whom the stock will be transferred.
• Send your original stock certificate(s) (if applicable) and transfer request to:Computershare
  PO Box 30170
  College Station, TX 77845

Important Note:
Whenever mailing stock certificates, we strongly recommend that you insure them for 1.5% of their current market value (minimum $35.00). This will cover the amount charged by most surety companies to obtain the surety bond required to replace the certificates should they be lost in transit.

Investor Relations
Sterling Multifamily Trust
c/o Computershare
PO Box 30170
College Station, TX 77845

Be sure to include the name of the company that you own shares in and any other information related to your question. Most correspondence will have a response mailed within five business days of receipt.

Sterling Multifamily Trust
Investor Relations
4340 18th Avenue South, Suite 200
Fargo, ND 58103

All registered holders of the account must sign the request. You should refer to your plan prospectus for specific terms, conditions and costs related to such transactions or call us at (701) 353-2720 or toll-free at (877) 269-1031.

Computershare
PO Box 30170
College Station, TX 77845

Please remember, the last vote you submit will cancel out all previous votes you may have submitted. Always use the return envelope provided with your proxy card as it may list a designated PO Box to help expedite delivery.

• A Section 721 UPREIT is one of the few techniques available to postpone or potentially eliminate taxes due on the disposition of qualifying properties.
• By deferring the tax, you have more equity available to exchange in Operating Partnership Units (OP units) in the REIT.
• Any gain from depreciation recapture is postponed.
• You can exchange a single property for an interest in a diversified investment portfolio of properties without paying tax on any gain.

• Qualifying Property – Unlike a 1031 Exchange there are no property type requirements for an investor to contribute property to a REIT in a 721 UPREIT transaction. However, most REIT’s will require a property that is investment grade and fits the REIT’s overall investment strategy.
• Entity Exchanging the Property – The entity that owns the property must be the entity that receives the Operating Partnership Units (OP Units) upon completion of the transaction. This is to say that if the property is owned by a legal entity, that entity will be the beneficiary of the 721 UPREIT and own the OP Units when the transaction is completed.

• A Section 1031 exchange is one of the few techniques available to postpone or potentially eliminate taxes due on the sale of qualifying properties.
• By deferring the tax, you have more money available to invest in another property. In effect, you receive an interest free loan from the federal government, in the amount you would have paid in taxes.
• Any gain from depreciation recapture is postponed.
• You can acquire and dispose of properties to reallocate your investment portfolio without paying tax on any gain.

• Simultaneous Exchange: The exchange of the relinquished property for the replacement property occurs at the same time.
• Delayed Exchange: This is the most common type of exchange. A Delayed Exchange occurs when there is a time gap between the transfer of the Relinquished Property and the acquisition of the Replacement Property. A Delayed Exchange is subject to strict time limits, which are set forth in the Treasury Regulations.
• Build-to-Suit (Improvement or Construction) Exchange: This technique allows the taxpayer to build on, or make improvements to, the replacement property, using the exchange proceeds.
• Reverse Exchange: A situation where the replacement property is acquired prior to transferring the relinquished property. The IRS has offered a safe harbor for reverse exchanges, as outlined in Rev. Proc. 2000-37, effective September 15, 2000. These transactions are sometimes referred to as “parking arrangements” and may also be structured in ways which are outside the safe harbor.
• Personal Property Exchange: Exchanges are not limited to real property. Personal property can also be exchanged for other personal property of like-kind or like-class.

• Qualifying Property – Certain types of property are specifically excluded from Section 1031 treatment: property held primarily for sale; inventories; stocks, bonds or notes; other securities or evidences of indebtedness; interests in a partnership; certificates of trusts or beneficial interest; and choses in action. In general, if property is not specifically excluded, it can qualify for tax-deferred treatment.
• Proper Purpose – Both the relinquished property and replacement property must be held for productive use in a trade or business or for investment. Property acquired for immediate resale will not qualify. The taxpayer’s personal residence will not qualify.
• Like Kind – Replacement property acquired in an exchange must be “like-kind” to the property being relinquished. All qualifying real property located in the United States is like-kind. Personal property that is relinquished must be either like-kind or like-class to the personal property which is acquired. Property located outside the United States is not like-kind to property located in the United States.
• Exchange Requirement – The relinquished property must be exchanged for other property, rather than sold for cash and using the proceeds to buy the replacement property. Most deferred exchanges are facilitated by Qualified Intermediaries, who assist the taxpayer in meeting the requirements of Section 1031.

If the owner later on wants to take advantage of the home owner’s exemption (up to $250,000 or $500,000 for a couple), there is now a five year holding period requirement.

• Acting under a written agreement with the taxpayer, the QI acquires the relinquished property and transfers it to the buyer.
• The QI holds the sales proceeds, to prevent the taxpayer from having actual or constructive receipt of the funds.
• Finally, the QI acquires the replacement property and transfers it to the taxpayer to complete the exchange within the appropriate time limits.

• 3-Property Rule: The taxpayer may identify up to 3 potential replacement properties, without regard to their value; or
• 200% Rule: Any number of properties may be identified, but their total value cannot exceed twice the value of the relinquished property, or
• 95% Rule: The taxpayer may identify as many properties as he wants, but before the end of the exchange period the taxpayer must acquire replacement properties with an aggregate fair market value equal to at least 95% of the aggregate fair market value of all the identified properties.

• Cash boot paid offsets cash boot received
• Cash boot paid offsets mortgage boot received (debt relief)
• Mortgage boot paid (debt assumed) offsets mortgage boot received
• Mortgage boot paid does not offset cash boot received

A registered shareholder or record owner is a shareholder whose share ownership in a company is recorded directly on the books of the company’s transfer agent. If you own company shares through a bank, broker or other intermediary, then you are the beneficial shareholder. Your holdings are considered to be held in “street name” through your bank, broker or other intermediary.

Example
From: Mark B. Arrow Custodian John F. Arrow [state abbr] UNIF GIFT MIN ACT
To: John F. Arrow

• Complete a ​Transfer Request Form. We recommend using these forms because it eliminates the complications associated with making errors. NOTE: A Medallion Signature Guarantee must be obtained for all signatures and affixed to the form and/or the certificate(s).
• If your shares or units are held in stock certificate form, you must send us the outstanding stock certificates. If you are unable to locate all of your stock certificates, please notify us immediately.
• If the existing account is enrolled in a Dividend Reinvestment Plan, you must communicate your intentions as to whether they will remain in the plan by completing our Dividend Reinvestment Form.
• We also require an original birth certificate, a certified copy of the original birth certificate, or a copy with a medallion signature guarantee affixed.
• Send your original stock certificate(s) (if applicable), transfer request and related documents to:

Computershare
PO Box 30170
College Station, TX 77845

Important Note: Whenever mailing stock certificates, we strongly recommend that you insure them for 1.5% of their current market value (minimum $35.00). This will cover the amount charged by most surety companies to obtain the surety bond required to replace the certificates should they be lost in transit.

Example
From: Jacob A. Jackson
To: Jacob A. Jackson TTEE Jacob A. Jackson Trust U/A Dated 1/1/2000

• Complete a Transfer Request Form. We recommend using these forms because it eliminates complications associated with making errors. NOTE: A Medallion Signature Guarantee must be obtained for all signatures and affixed to the form and/or the certificate(s).
• If your shares or units are held in stock certificate form, you must send us the outstanding stock certificates. If you are unable to locate all of your stock certificates, please notify us immediately.
• All owners whose name appears on the account or the face of the stock certificate(s) must sign the transfer request and/or back of the certificate(s).
• If the new account wishes to participate in the Dividend Reinvestment Plan, you must complete the Dividend Reinvestment Form.
• Send your original stock certificate(s) (if applicable) and transfer request to:

Computershare
PO Box 30170
College Station, TX 77845

Important Note:
Whenever mailing certificates, we strongly recommend that you insure them for 1.5% of their current market value (minimum $35.00). This will cover the amount charged by most surety companies to obtain the surety bond required to replace the certificates should they be lost in transit.

Transfer To Estate
From: John A. Doe
To: Jane B. Doe Executrix for the Estate of John A. Doe
– or –
To: (heir) Jane B. Doe

• Complete a Transfer Request Form.  We recommend using these forms because it eliminates complications associated with making errors. NOTE: A Medallion Signature Guarantee must be obtained for all signatures and affixed to the form and/or the certificate(s).
• If your shares or units are held in stock certificate form,you must send us the outstanding stock certificates. If you are unable to locate all of your stock certificates, please notify us immediately.
• A certified copy of the court appointment of estate representative dated within 60 days of the transfer request. This document is obtained when the estate is probated.
• Also required is an Affidavit of Domicile for the deceased shareholder properly executed and notarized. This document will confirm the state of residence at the time of death for tax purposes.
• If the existing account is enrolled in the Dividend Reinvestment Plan, you must communicate your intentions as to whether they will remain in the plan by completing our Dividend Reinvestment Form.
• An Inheritance Tax Waiver (consent to transfer) from the state where the deceased shareholder lived may also be required if the company is incorporated and the beneficiary resides in one of the following states:An Inheritance Tax Waiver (consent to transfer) from the state where the deceased shareholder lived may also be required if the company is incorporated and the beneficiary resides in one of the following states:State Exceptions
  • Arizona Required if decedent was a legal resident of Arizona and stock is a corporation incorporated in Arizona.
  • California Required if decedent was a legal resident of California and died on or before 6/9/82.
  • Hawaii Required if decedent was a legal resident of Hawaii and died before 7/1/83 and stock is of a corporation incorporated in Hawaii.
  • Illinois Required if decedent was a legal resident of Illinois and died before 1/1/83.
  • Indiana Required if decedent was a legal resident of Indiana for all corporations. No waiver or consent to transfer is required if the stock is being transferred to the surviving spouse.
  • Iowa Required if decedent was a legal resident of Iowa and the estate was not probated and the stock is of a corporation in Iowa.
  • Louisiana Required if decedent was a legal resident of Louisiana and stock is of a corporation incorporated in Louisiana. However if probate or court order states that tax has been paid, no consent or inheritance tax waiver is required.
  • Montana Required for all corporations if decedent was a legal resident of Montana.
  • New Hampshire Required if decedent was a legal resident of New Hampshire and the stock is of a corporation incorporated in New Hampshire.
  • New Jersey An inheritance tax waiver is required if the decedent was a legal resident of new jersey and stock is of a corporation incorporated in New Jersey. However an affidavit of waiver should be used in the following situations: *When the transfer is to the surviving spouse and death occurred after 7/1/87 and *When transfer is to a beneficiary who is a kin and death occurred after 7/1/88.
  • New York If the decedent was a legal resident of New York who died before 7/1/78 and the current market value of the shares is $2,000 or more, a tax waiver is required for all corporations. A tax waiver is required if the decedent died after 7/1/78 and the current market value of the shares is $30,000 or more. However, a tax waiver is not required if the shares are registered in joint tenancy with the husband and wife and the shares are being transferred to a surviving spouse.
  • Ohio If decedent was a legal resident of Ohio and the current market value of the shares is $25,000 or more, a tax waiver is required for all corporations. However if stock is being transferred to the surviving spouse, no waiver or consent to transfer is required.
  • Oklahoma If decedent was a legal resident of Oklahoma, a tax waiver is required for all corporations. However no waiver is required for any property passing to the surviving spouse either through the estate of the decedent or by joint tenancy.
  • Oregon Required if decedent was a legal resident of Oregon and died on or before 1/1/87.
  • Puerto Rico Required if decedent was a legal resident of Puerto Rico for all corporations.
  • South Dakota If decedent was a legal resident of South Dakota, a tax waiver is required for all corporations. However no waiver is required if death occurred after 7/4/83 and stock is held in joint tenancy between husband and wife and is being transferred to the surviving spouse.
  • Tennessee If decedent was a legal resident of Tennessee, A tax waiver is required for all corporations. However no tax waiver or consent is required for property passing to the surviving spouse, tenant by entirety, or joint tenant.
  • Utah Required if decedent was a legal resident of Utah and died before 1/1/77.
  • Washington Required if decedent was a legal resident of Washington and died before 1/1/82.
  • West Virginia Required if decedent was a legal resident of West Virginia and died before 7/1/85.
  • Wisconsin Required if decedent was a legal resident of Wisconsin and died on or before 1/2/92.
• Send to us your original stock certificate(s), Request to Transfer Stock Form, and Inheritance Tax Waiver, if applicable, properly completed and executed.

Important Note:
Whenever mailing certificates, we strongly recommend that you insure them for 1.5% of their current market value (minimum $35.00). This will cover the amount charged by most surety companies to obtain the surety bond required to replace the certificates should they be lost in transit.

Example
From: James B. Smith (deceased) & Joan A. Smith JT TEN
To: Joan A. Smith

• Complete a Transfer Request Form.  We recommend using these forms because it eliminates complications associated with making errors. NOTE: All surviving tenants must sign the Request to Transfer Stock form and A Medallion Signature Guarantee must be obtained for all signatures and affixed to the form and/or the certificate(s).
• If your shares or units are held in stock certificate form, you must send us the outstanding stock certificate(s). If you are unable to locate all of your stock certificates, please notify us immediately.
• The Guarantor will require an Affidavit of Domicile for the deceased shareholder properly executed and notarized. This document will confirm the state of residence at the time of death for tax purposes.
• The Guarantor will also require a certified copy of the death certificate of the deceased owner.
• If the existing account is enrolled in a Dividend Reinvestment Plan, you must communicate your intentions as to whether they will remain in the plan by completing our Dividend Reinvestment Form.
• An Inheritance Tax Waiver (consent to transfer) from the state where the deceased shareholder lived may also be required if the company is incorporated and the beneficiary resides in one of the following states:An Inheritance Tax Waiver (consent to transfer) from the state where the deceased shareholder lived may also be required if the company is incorporated and the beneficiary resides in one of the following states:State Exceptions
  • Arizona Required if decedent was a legal resident of Arizona and stock is a corporation incorporated in Arizona.
  • California Required if decedent was a legal resident of California and died on or before 6/9/82.
  • Hawaii Required if decedent was a legal resident of Hawaii and died before 7/1/83 and stock is of a corporation incorporated in Hawaii.
  • Illinois Required if decedent was a legal resident of Illinois and died before 1/1/83.
  • Indiana Required if decedent was a legal resident of Indiana for all corporations. No waiver or consent to transfer is required if the stock is being transferred to the surviving spouse.
  • Iowa Required if decedent was a legal resident of Iowa and the estate was not probated and the stock is of a corporation in Iowa.
  • Louisiana Required if decedent was a legal resident of Louisiana and stock is of a corporation incorporated in Louisiana. However if probate or court order states that tax has been paid, no consent or inheritance tax waiver is required.
  • Montana Required for all corporations if decedent was a legal resident of Montana.
  • New Hampshire Required if decedent was a legal resident of New Hampshire and the stock is of a corporation incorporated in New Hampshire.
  • New Jersey An inheritance tax waiver is required if the decedent was a legal resident of new jersey and stock is of a corporation incorporated in New Jersey. However an affidavit of waiver should be used in the following situations: *When the transfer is to the surviving spouse and death occurred after 7/1/87 and *When transfer is to a beneficiary who is a kin and death occurred after 7/1/88.
  • New York If the decedent was a legal resident of New York who died before 7/1/78 and the current market value of the shares is $2,000 or more, a tax waiver is required for all corporations. A tax waiver is required if the decedent died after 7/1/78 and the current market value of the shares is $30,000 or more. However, a tax waiver is not required if the shares are registered in joint tenancy with the husband and wife and the shares are being transferred to a surviving spouse.
  • Ohio If decedent was a legal resident of Ohio and the current market value of the shares is $25,000 or more, a tax waiver is required for all corporations. However if stock is being transferred to the surviving spouse, no waiver or consent to transfer is required.
  • Oklahoma If decedent was a legal resident of Oklahoma, a tax waiver is required for all corporations. However no waiver is required for any property passing to the surviving spouse either through the estate of the decedent or by joint tenancy.
  • Oregon Required if decedent was a legal resident of Oregon and died on or before 1/1/87.
  • Puerto Rico Required if decedent was a legal resident of Puerto Rico for all corporations.
  • South Dakota If decedent was a legal resident of South Dakota, a tax waiver is required for all corporations. However no waiver is required if death occurred after 7/4/83 and stock is held in joint tenancy between husband and wife and is being transferred to the surviving spouse.
  • Tennessee If decedent was a legal resident of Tennessee, A tax waiver is required for all corporations. However no tax waiver or consent is required for property passing to the surviving spouse, tenant by entirety, or joint tenant.
  • Utah Required if decedent was a legal resident of Utah and died before 1/1/77.
  • Washington Required if decedent was a legal resident of Washington and died before 1/1/82.
  • West Virginia Required if decedent was a legal resident of West Virginia and died before 7/1/85.
  • Wisconsin Required if decedent was a legal resident of Wisconsin and died on or before 1/2/92.

• Send your original stock certificate(s) (if applicable), transfer request and related documents to:

Computershare
PO Box 30170
College Station, TX 77845