Organizational Chart November 2016, PAGE 1 PNC (1) All Other Investors (1) Ownership between entities is 100% unless otherwise stated., Inc. R39631 BAA Holdings, G48284 Holdco 2, Inc. D57602 FutureAdvisor, Inc. Trident Merger, G45639 Infrastructure I, Financial, Inc. C95338 Index Services, G51060, G04045 Portfolio Administration & Ltd. (2) G04066 Mortgage Ventures, G45600 45.72% Economic Interest 21.18% Voting Interest PennyMac Financial Services, Inc. (4) Realty Advisors, Inc. G04056 Cal 1 Investor, G45641 HLX Financial Holdings, G04060 Alternative Advisors GP Holdings, (3) G45494 s, F27236 100% Common Interests (90% Voting Interests) 100% Preferred Interests (10% Voting Interests) Holdco 4, G48277 Holdco 5, G48276 Holdco 6, G48275 Greece Permanent Establishment Jersey Finco 1 Holdings, Inc. G48278 AP Holdco, G45495 Capital Holdings, Inc. G45503 BLK CCF G45625 Strategic Investors GP, G45607 Strategic Investors, LP G45608 PC Holdings, G45602 Execution Services F27068 CA Institutional Trust Company, National Association F67906 USA Institutional Trust Company, National Association United Kingdom London Office & Edinburgh Office USA Institutional Trust Company, National Association Australia Niagara USA Oficina De Representatcion En G45516 CO Institutional Services, Inc. G48273 Delaware Holdings Inc. G04022 Fund Advisors CA G04028 Corporation US Inc. CA G45509 Asset Inc. G04013 ishares Delaware Trust Sponsor G45634 86% Interest General Partner BR Jersey Holdings L.P. G45627 Funds Services Group, G45518 14% Interest Partner To PAGE 2 Operations (Luxembourg) S.à r.l. G45601 Funding, Ltd. G45517 Advisors, G04008 Capital, Inc. D66023 4.9% Voting Interest (5) 52 nd Street Capital Advisors
From PAGE 1 Organizational Chart November 2016, PAGE 2 BR Jersey Holdings L.P. G45627 Infraestructura SAS CO SAS G45508 Overseas Fund (Shanghai) Co., Ltd. PRC CO Holdco, G45507 (Taiwan) G04043 TAI (Korea) G04042 KOR 40% Interest (6) DSP Managers Private Property Malaysia Sdn. Bhd. Advisors Singapore Pte. Services India Private MAL Hong Kong Asset North Asia Beijing Representative Office G45500 BEI 99.99% Interest (7) G45622 G04009 G45605 49% Interest (8) DSP Trustee Company Private Property Asia G45615 Property Consulting (Beijing) Co., Ltd. G45617 Property Singapore Pte. Ltd. G45624 Lux Finco 1 S.a.r.l. Asset North Asia F33252 BEI (Singapore) Holdco G45519 (Hong Kong) (Shanghai) Co., Ltd. G45592 Lux Finco 2 S.a.r.l. G04003 G03999 PRC (Singapore) Holdco Pte. Ltd. G45492 Asia-Pac Holdco, G45496 (Beta) Ltd. 0.01% General Partner Cayco G45504 Trident Holding Company G45609 IRE Japan Holdings GK G45595 Japan Co., Ltd. G04047 JPN JPN (Isle of Man) Holdings G45614 (Isle of Man) G04000 (Alpha) Ltd. (Delta) L.P. IoM Lux Finco 1 S.à r.l. G45597 IoM 99.9% General Partner (Sigma) Ltd. Blackrock Brasil Gestora de Investimentos Ltda. G04021 BRA 2% A Shares Prestadora de Servicios Integrales Mexico, S.A. de C.V. G45637 Mexican Holdco, G45599 2% A Shares BR Acquisition Mexico, S.A. de C.V. G45626 99% Interest (16) 99.9% Interest (9) Impulsora y BR Acquisition holds Promotora Mexico, S.A. de C.V. 98% of the G04061 A Shares Mexico Infraestructura I, S. de R.L. de C.V. 99% Interest (16) Australia Holdco Pty. Ltd. G04020 99% Interest AUS (Australia) G04040 AUS Acero Holdings I B.V. Mexico Infraestructura II, S. de R.L. de C.V. 99% Interest Acero C.V. Acero Cooperatief U.A. Acero Dutch Holdco, 1% Interest 1% Interest Acero Holdings II B.V. 99% Series A Share (16) Acero Dutch Holdco II, Tlali Acero, S.A. de C.V., SOFOM ENR 91.97% LP Interest Holdco 3, G48280 8.01% GP Interest (12) Finco Ltd. G45513 1 LP G45610 Cayman Finco G45506 0.02% LP Interest Cayman Capital Holdings G45506 A LLP 2 LLP G45611 3 LLP G45612 4 LLP 99% Interest (10) Chile Holdings Inversiones Limitada G45632 CHL 99% Interest (11) Chile Asesorias Limitada G45633 CHL Owns 5% of Share Capital in Ordinary A Shares and 90% of Voting Rights Group G04034 To PAGE 3 Owns 95% of Share Capital in Ordinary B Shares and has 10% of Voting Rights 99.99% (BR Jersey) Canada Holdings LP G45501 ONT Canada Holdings ULC G45502 ALB Asset Canada /Gestion d actifs Canada Limitée F15213 ONT 0.01% (Holdco 3) (13) G45613 Finco, G45514 Jersey Finco 2
Organizational Chart November 2016, PAGE 3 From PAGE 2 Group G04034 Advisors () G04004 Grosvenor Alternate Partner G45629 Grosvenor Ventures G45630 Asset G04019 Mercury Carry Company Slovakia s.r.o Executor & Trustee Co. Company Secretarial Services () G45640 Finance Europe Group -Luxembourg Property Lux S.a.r.l. G45635 IoM G45606 SLV G45511 G45512 G45621 E90305 SCOT Europe Development G45510 CY Property France S.a.r.l. G45619 FR Property Germany GmbH G31984 GER Alternative Fund Managers Advisors () Dubai Pensions Nominees G45604 Asset Investor Services G04014 (Netherlands) B.V. G04002 (14) Mercury Private Equity MUST 3 (Jersey) G45636 () D26249 Fund Company S.A. G04030 Luxembourg Holdco S.à r.l. G45598 Dublin SCOT Pensions G45603 Life G04049 (17) Holdco G45593 (Luxembourg) S.A. G04001 Ireland Holdings G45594 IRE Holdings (Schweiz) AG G51405 SWZ Asset Schweiz AG G04017 SWZ Channel Islands Holdco G55087 (Channel Islands) G03997 Asset Ireland IRE (Dublin) IRE Fund Company (Ireland) F07802 G04041 G25012 IRE First Partner G45515 St. Albans House Nominees (Jersey) Ltd. G45638 () Israel () German - Frankfurt TBC () German - Munich () Stockholm (Sweden) () Brussels (Belgium) () Vienna Office () Poland () Copenhagen () South African () Athens () Milan (Italy) () Madrid (Spain) () Amsterdam (Netherlands) () Paris (France) Fund Managers G04032 16.5% (15) Bank of China TBCCo., Ltd. PRC Asset Deutschland AG F79675 GER ishares () I aktienges ellschaft mit Teilgesellschaftsver mögen G45631 GER
Organizational Chart November 2016, PAGE 4 Managers Company Name (alphabetical) Registered Office (Isle of Man) Atlantic House, 3rd Floor,4-8 Circular Road, Douglas IM1 1AG, Isle of Man (Netherlands) B.V. Rembrandt Tower, 17th floor, Amstelplein 1, Amsterdam 1096, Netherlands (Singapore) 20 Anson Road #18-01, Singapore 79912, Singapore Advisors () 12 Throgmorton Avenue, London EC2N 2DL, U.K. Advisors, 100 Bellevue Parkway, Wilmington, 19809, U.S.A. Asset Canada 161 Bay Street, Suite 2500, Toronto, Ontario M5J 2S1, Canada Asset Deutschland AG Max-Joseph-Straße 6, Munich 80333, Germany Asset North Asia 15/F, 16/F, 17/F Champion Tower & 17/F ICBC Tower, 3 Garden Road, Central Asset Schweiz AG Bahnhofstraβe 54, Zurich 8001, Switzerland Brasil Gestora de Investimentos Ltda. AvenidaPresidente Juscelino Kubitscheck No. 2041, 11th Floor, Suite B, São Paulo 04571-000, Brazil Capital, Inc. 100 Bellevue Parkway, Wilmington, 19809, U.S.A. Financial, Inc. 55 East 52nd Street, New York, NY 10055, U.S.A. Fund Advisors 400 Howard Street, San Francisco, CA 94105, U.S.A. Fund Managers 12 Throgmorton Avenue, London EC2N 2DL, U.K. Institutional Trust Company, National Association 400 Howard Street, San Francisco, CA 94105, U.S.A. Exchange Place One, 1 Semple Street, Edinburgh EH3 8BL, U.K. (Australia) Level 26, 101 Collins Street, Melbourne, VIC 3000, Australia (Korea) 23/F Seoul Finance Center, 84 Taepyeongno 1-ga, Jung-gu, Seoul 100-768, Korea (Taiwan) 28F, 95 Tun Hwa South Road, Section 2, Taipei, Taiwan () 12 Throgmorton Avenue, London EC2N 2DL, U.K., 1 University Square Drive, Princeton, NJ 8540, U.S.A. Japan Co., Ltd. 1-8-3 Marunouchi Chiyoda-ku, Trust Tower Main, Tokyo 100-8217, Japan Blackrock México Infraestructura I, S. de R.L. de C.V. Paseo de la Reforma 505, Piso 30, Cuauhtémoc, Mexico City 6500, Mexico Blackrock México Infraestructura II, S. de R.L. de C.V. Paseo de la Reforma 505, Piso 30, Cuauhtémoc, Mexico City 6500, Mexico Overseas Fund (Shanghai) Co., Ltd. Room 3619, Shanghai Intenational Finance Center, Tower 2, 8 Century Avenue, China (Shanghai) Pilot Free Trade Zone, China 200120 Blackrock Realty Advisors, Inc. 2nd Floor, 400 Howard Stree, San Francisco, CA 94105, U.S.A. Impulsora y Promotora Mexico, S.A. de C.V. Paseo de la Reforma No 505, 30th Floor, Cuauhtémoc, Mexico City 6500, Mexico ishares () I aktiengesellschaft mit Teilgesellschaftsvermögen Max-Joseph-Straße 6, Munich 80333, Germany FutureAdvisor, Inc. 1209 Orange Street, Wilmington, Delaware 19801, U.S.A
Organizational Chart November 2016, PAGE 5 Footnotes PNC Other Investors (1) Voting Interests 21.3% 78.7% Economic Interests 22.0% 78.0% numbers are as of October 31, 2016 2) Portfolio Administration & Ltd. ( PAM ) serves as a general partner for several Private Equity Partner funds. In addition, PAM serves as the general partner for several Private Equity partner carry vehicles and as the managing for several Private Equity Partner funds. (3) (4) Financial, Inc. is the managing of Alternative Advisors GP Holdings, ( BAA GP Holdings ). BAA GP Holdings is the sole of certain limited liability companies that serve as the general partner, managing or the equival ent for certain legacy Quellos private investment funds. Consists of 1,800,000 shares of Class A Common Stock of PennyMac Financial Services, Inc. (PFSI) received by Mortgage Ventures, upon exchange of its Class A Units of Private National Mortgage Acceptance Company, (PNMAC) on December 13, 2013, and 13,760,647 Class A Units of PNMAC exchangeable by Mortgage Ventures, for shares of Class A common stock of PFSI. Mortgage Ventures, is indirectly wholly-owned by, Inc., Inc. controls the voting and investment power with respect to the securities held by Mortgage Ventures, and, therefore, may be deemed to be the beneficial owner of the shares of Class A common stock beneficially owned by that entity., Inc. also holds indirectly 512,631 shares of Class A common stock acquired in its role as an investment adviser for certain client accounts. (5) Advisors has a 36.5% economic in the entity and a 4.9% voting. Outside investors hold the remaining. (6) DSP ADIKO Holdings Pvt. Ltd. owns a 40% Interest, and DSP HMK Holdings Private Ltd. owns a 20%. (7) Advisors Singapore Pte. Ltd. has 99.99% ; (Singapore) Holdco Pte. Ltd. owns 0.01%. (8) DSP ADIKO Holdings Pvt. Ltd. owns a 34% and DSP HMK Holdings Private Ltd. owns a 17%. (9) Holdings, Inc. owns a 0.01%. (10) Financial, Inc. owns a 1%. (11) Holdings, Inc. owns a 1%. (12) As GP, Holdco 3, is responsible for the management of the entity. Voting power is proportional to ship. (13) decisions are made by Canada Holdings LP s GP, Holdco 3,. (14) Group owns 24,999 shares and St. Albans House Nominees owns 1 share. (15) Bank of China Co. Ltd. has a 83.5% ownership. () has the right to appoint 2 Directors, one of which must be independent, to the 7 board of the company. (16) (17) Holdings, Inc., owns 0.01% Interest and a 0.01% Series A Share in Tlali Acero, S.A. de C.V., SOFAM ENR. Asset Schweiz AG is the owner of a number of General Partnerships and Partnerships for the Priva te Equity Business, as a result of the merger of Private Equity Partners AG. * Denotes an entity that is in liquidation. Voting ownership is proportional to share ownership.
Organizational Chart November 2016, PAGE 6 State/Country Abbreviations AUS BEI BRA CA CAN CHL CO CY DM FR GER GRE IRE IoM JPN Australia Beijing Brazil California, USA Canada Chile Cayman Islands Cyprus Delaware, USA Denmark France Germany Greece Hong Kong India Ireland Isle of Man Japan KOR MAL MA ONT PA PRC SCOT SLV SWZ TAI UGU USA Jersey Korea Luxembourg Malaysia Massachusetts, USA Mexico Netherlands Ontario, Canada Pennsylvania, USA People's Republic of China Scotland Singapore Slovakia Switzerland Taiwan United Kingdom Uruguay United States of America