(Multiple Choice)

Which of the following board of directors conditions provide REIT general individual shareholders with the best alignment of the equity interest with a REIT

a. No independent directors, 100% annual directors up for annual elections, existence of a special class of stock providing management insiders with a disproportionate controlling vote

b. No independent directors, 50% annual directors up for annual elections, existence of a special class of stock providing management insiders with a disproportionate controlling vote

c. 2 independent directors, 100% annual directors up for annual elections, no special class of stock providing management insiders with a disproportionate controlling vote

d. 2 independent directors, 50% annual directors up for election, no special class of stock providing management insiders with a disproportionate vote

e. No independent directors, 100% annual directors up for election, no special class of stock providing management insiders with a disproportionate vote