Commercial Real Estate Financial Analysis

1. R E A L E S T A T E & F in a n c ia l A d v iso r y FINANCIAL CONSULTING BROCHURE Private & Confidential Disclaimer: This document is solely for informational purposes Prepared by Ploutus Advisors, LLC 1875 Century Park East, Suite 700 Century City, CA 90067 atapia@ploutusadvisors.com +1.424.274.3561

2. FINANCIAL CONSULTING SERVICES Our firm provides exemplary, unbiased, ethical and value-focused investment, commercial and corporate real estate consulting services to investors, companies, owners / landlords, and users / tenants. Below is a list of frequently requested assignments: § Evaluation of Lease, Sublease, Purchase, or Sale-Leaseback § Occupancy Cost Analysis § Lease Comparison Analysis § Space Consolidation Scenarios § Cash and GAAP Perspectives § Impact of Purchase or Lease Transactions on Financial Statements § Comparison of Portfolio Value vs. Outstanding Obligation § Portfolio Analysis vs. Business Strategy § Own vs. Lease Decision § Operating vs. Capital Lease § Evaluation and Assessment of Investment Opportunities § Valuation of Individual Assets or Real Estate Portfolios § Development Analysis and Project Financial Feasibility § Optimal Holding Period Analysis § Benchmarking Based on Key Measurement Metrics § Detailed Sensitivity or What If Analysis § Review and Preparation of Lease Abstracts § Preparation of Detailed Cash Flows § Market Research Software used to create our financial decision models: § Excel § Argus Our models can be custom-built to cater to specific needs of a client. Our goal is to help our clients make qualified or informed decisions that are by design. “Strive not to be a success, but rather to be of value.” Albert Einstein

3. Development Financial Feasibility Report

4. Client: Name Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 3-Jun-13 Prepared by PLOUTUS ADVISORS, LLC EXECUTIVE SUMMARY Name (“the Client”) Name (“Client Contact”) Address Ploutus Advisors, LLC was commissioned on ________, 2013 by the Client to conduct financial feasibility analyses for the proposed mixed-use development project located at _____________ Blvd., (including other adjacent parcels) in __________, California. GOAL & PURPOSE OF REPORT: This report encompasses a comprehensive financial analysis of one specific mixed-use development scenario. The development scenario analyzed, as part of this report, is as follows: (i) Option 3H-1: 136,500 square feet total project area which includes restaurant, cafe and multifamily (Refer to Appendix A) The purpose of the assignment was to conduct a detailed financial analysis for the above listed scenario presented by the Client to Ploutus Advisors, LLC. This report has been prepared for exclusive use by the Client as a development program financial assessment document that may enable and/or lay a roadmap for further refinement and/or modification of the development program. This report is not intended for use as a final investment decision tool. [Finding and Recommendations on following pages]

5. Client: Name Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 3-Jun-13 Prepared by PLOUTUS ADVISORS, LLC EXECUTIVE SUMMARY FINDINGS: The following table exhibits few of the key findings for the scenario: PARAMETER OPTION 3H-1 Total Project Cost (10-Year) $33.2MM Total Project Cost / SF $243.4/SF Levered IRR (10-Year) 18.6% Unlevered IRR (10-Year) 10.6% Levered Profit (10-Year) $27.2MM Unlevered Profit (10-Year) $38.2MM Levered IRR & Profit (7-Year) 19.1% & $16.8MM Levered IRR & Profit (5-Year) 19.8% & $11.7MM Levered IRR & Profit (3-Year) 9.9% & $3.3MM Probability of IRR Greater Than 18.0% 57.4% Max Unlevered IRR (Type) 14.9% (Restaurant) Min Unlevered IRR (Type) 9.9% (Multifamily) Note: The above results are based on an as-is land value input assumption of $3.0MM Option 3H-1 offers the best results so far when compared with all previous options. The cost side of the equation needs to be further validated and refined. Also, the results shown above will be significantly impacted by market apartment rents. Currently, the model assumes $1,300 per month per 500 square feet apartment unit as a base case assumption. The results page provides a sensitivity analysis with shows leveraged IRRs for the project at different values of apartment rent. If the apartment rent is $1,000 per month the project levered IRR is 10.9%. For apartment rents of $1,400 per month, the project levered IRR is 21.2%. The results page also shows levered IRR and profit for different assumptions of holding period – 3 Years, 5 Years, 7 Years and 10 Years. Based on the current assumptions, the total project cost per square foot for Option 3H is $243.4/SF. Market assumptions for the café and restaurants are based on a five-year initial lease term. Therefore, within the ten-year analysis window, additional capital needs for TIA and leasing commissions, and downtime at the end of the initial lease term have been programmed in our analysis. These factors have a dampening effect on returns, but are unavoidable.

6. Client: Name Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 3-Jun-13 Prepared by PLOUTUS ADVISORS, LLC EXECUTIVE SUMMARY The distribution of cost across major cost categories i.e., land, hard and soft costs under Option 3H-1 is approximately 11.3%, 67.9% and 20.8% respectively. The distribution of cost across these major cost categories does appear to be reasonable, therefore, it can be concluded that the absolute cost amounts will need to be further investigated to ensure that the program is sustainable. Multifamily as a product type accounts for approximately 85.7% of the total square footage under Option 3H-1. RECOMMENDATIONS: In our opinion, per the above metrics Option 3H-1, based on the current development budget and product mix generates a near reasonable internal rate of return, however, this option needs to be further validated and fine-tuned. To enhance the financial viability of the project it is recommended that the Client explore the following steps: (i) Engage a General Contracting firm to validate the construction numbers (ii) Conduct a comprehensive multifamily market research and absorption study to validate demand for the proposed product mix, area and type, ascertain current inventory levels, competitive supply, absorption trends and future demand projections, ability of the submarket to absorb the planned project, and future rental rates and vacancy trends [General Methodology, Report Contents and Conditions on following pages]

7. Client: Name Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 3-Jun-13 Prepared by PLOUTUS ADVISORS, LLC EXECUTIVE SUMMARY GENERAL METHODOLOGY: The analysis period is assumed to be ten years with an initial two-year development period followed by an eight-year operating period. Stabilization of each product type is assumed over a three-year operating period post construction. At the end of the operating period a reversion or sale of the project is calculated based on the net operating income from various product types by applying an independent exit cap rate for each separate product type. Construction and permanent debt financing assumed in the analysis is applied towards the entire project, and is not based on an individual product type. Valuation to determine amount of permanent financing is derived by using an assumed cap rate that is applied to the consolidated stabilized cash flows. Further, the entire development program is assumed as built concurrently without any phasing. Furthermore, key development cost assumptions and market research information used to conduct the financial analysis has been provided by and/or vetted by other independent consultants and experts, either engaged or identified as reliable by the Client. Neither does Ploutus Advisors, LLC, nor do any of its officers, representatives and/or employees, make any representation, guarantees and/or warranties, expressed or implied, as to the accuracy and/or completeness of such information. REPORT CONTENTS – FINANCIAL ANALYSIS: The financial analysis as part of this report comprises of the following components: 1. Result Summary: Provides an overview of various project level details such as: a. Capitalization: Breakdown of the sources and uses b. Key Performance Metrics: Unlevered (without debt) and levered (with debt) - profit, invested equity, multiple, return on equity (ROE) and internal rate of return (IRR) c. Monte Carlo Simulation: Shows the probabilities for levered IRR (based on a sample size of 1,000 IRR values) being less than, between, or greater than pre-defined IRR limits d. Cash Flow: Ten-year, unlevered, levered and cumulative cash flow, and payback period based on the undiscounted levered cash flow e. Cost Breakdown: Distribution of hard, soft and land costs f. Area Breakdown: Area by product type g. Sensitivity Analysis: Calculation of levered IRR, ROE, profit and multiple for a range of land values, and calculation of levered IRR for a range of apartment rents 2. Monte Carlo Simulation (MCS): The levered IRR output of the financial analysis per base assumptions was subjected to a simulation test. The model generated 1,000 random levered IRR values based on the assumption that the model levered IRR has a standard deviation of 20%. The result of the MCS is displayed in the Result Summary. 3. Assumptions: Primary operating related (i.e., rent, free rent, downtime, operating expenses, tenant improvement allowance (TIA), lease term and other), exit related, and other general assumptions used in analysis are listed under Assumptions.

8. Client: Name Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 3-Jun-13 Prepared by PLOUTUS ADVISORS, LLC EXECUTIVE SUMMARY 4. Area Statement: Shows a detailed area analysis including land area information with details of subject and target land parcels, and a breakdown of square footage by product type and parking. 5. Consolidated Cash Flows: Displays a consolidated ten-year proforma cash flow from development to operations and sale. The proforma also shows the cash flows on both an unlevered and a levered basis assuming (i) construction financing over the development period, (ii) permanent or take-out financing at the end of the development period, and (iii) exit or reversion values for each product type of the project. 6. Project Budget: Provides a detail breakdown for each major cost category: land, hard and soft. Further, the project budget also illustrates how each itemized cost under the major cost categories is calculated and applied to the analysis. 7. Consolidated Monthly Development Cost: Provides a breakdown of each major cost category, namely land, hard, and soft, by month and by project product type. 8. Monthly Development Cost: Provides a detailed line-by-line itemized monthly breakdown of development cost by product type, and includes a monthly development cost section for each product type (upon request by Client). 9. Proforma: Provides an annual 10-Year operating proforma for each product type. CONDITIONS: 1. Ploutus Advisors, LLC has not independently verified the validity of any assumptions provided by the Client’s consultants, advisors and experts. 2. No independent demographic, econometric, market research or development cost study was conducted by Ploutus Advisors, LLC as part of this analysis. 3. The findings and recommendations of this report may be subject to changes due to changes in the product type, general macro and micro economic environment, and/or other items that are beyond the scope of this assignment and/or control of Ploutus Advisors, LLC. [Disclaimer on following page]

9. Client: Name Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 3-Jun-13 Prepared by PLOUTUS ADVISORS, LLC EXECUTIVE SUMMARY DISCLAIMER: This report is based on inputs from third parties and/or sources deemed reliable. This report and its contents are for informational purposes, only for use by the intended recipient, and may be subject to errors and/or omissions. The recipient is advised to conduct its own due diligence and consult with other advisors prior to making any investment decision. This analysis does not purport to be all-inclusive, or to contain all of the information that prospective investors, lenders, and/or other stakeholders may desire. It should be noted that all financial projections are provided for general reference and informational purposes only in that they are based on assumptions relating to the general economy, competition, and other factors beyond the control of Ploutus Advisors, LLC and, therefore, are subject to material variation. There may be other elements to the project not analyzed herein that have significant tax and accounting implications, in addition to other factors that may impact the results of this report. Ploutus Advisors, LLC urges you to consult with your audit, legal and tax advisors in order to validate any such impact. Neither does Ploutus Advisors, LLC, nor do any of its officers, representatives and/or employees, make any representation, guarantees and/or warranties, expressed or implied, as to the accuracy and/or completeness of this report, financial analysis and/or any of its contents, and no legal commitments or obligations shall arise by reason of this report or any of its contents. CONTACT INFORMATION: Adnan Tapia Ploutus Advisors, LLC Email: atapia@ploutusadvisors.com Tel: +1.424.274.3561

10. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 3-Jun-13 Prepared by PLOUTUS ADVISORS, LLC APPENDIX A - OPTION 3H-1

11. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 3-Jun-13 Prepared by PLOUTUS ADVISORS, LLC RESULT SUMMARY CAPITALIZATION (Development Period) (At Refinance - Permanent Loan) (Total Equity Invested) Type % Total Equity $ Amount % Total $/Total SF Amount Amount Land Owner Land Value 21.1% $3,000,000 9.0% $21.98 Permanent Financing $28,492,102 Initial Equity $14,246,315 Capital Partner Equity 78.9% $11,246,315 33.8% $82.39 Equity $0 Deficit - At Refinance $0 Total Equity Contribution 100.0% $14,246,315 $104.37 Additional Equity over Operations $0 Construction Loan Debt $18,978,217 57.1% $139.03 Total Sources $33,224,532 100.0% $243.40 Total Sources $28,492,102 Total Equity Invested in Project $14,246,315 Loan Fees $427,382 Development Cost $31,630,362 95.2% $231.72 Construction Loan Paydown $18,978,217 Note: Additional equity may be required due to Construction Loan - Interest Carry $1,594,170 4.8% $11.68 Equity Pay Down $9,086,504 shortfall during refinance and/or other negative Total Uses $33,224,532 100.0% $243.40 Total Uses $28,492,102 cash flows over operating period. KEY PERFORMANCE METRICS MONTE CARLO SIMULATION (MCS) (Sample Size: 1,000) Equity Profit Distribution Equity Profit Distribution Probability of (IRR ≤ 18.0%) 42.7% $31,630,362 $38,226,319 $69,856,681 $14,246,315 $27,185,543 $41,431,858 Probability of (18.0% < IRR < 25.0%) 52.9% Multiple IRR ROE Multiple IRR ROE Probability of (IRR ≥ 25.0%) 4.4% 2.2x 10.6% 120.9% 2.9x 18.6% 190.8% Probability of (IRR > 18.0%) 57.3% CASH FLOW (Amounts in $,000) Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Unlevered Cash Flow - UCF ($3,110) ($23,425) ($5,095) $1,448 $2,115 $2,431 $2,516 $2,601 $2,402 $2,798 $53,546 Levered Cash Flow - LCF ($3,110) ($11,136) $0 $10,534 $321 $637 $722 $807 $608 $1,005 $26,798 Cumulative LCF ($3,110) ($14,246) ($14,246) ($3,712) ($3,391) ($2,754) ($2,032) ($1,225) ($617) $387 $27,186 Payback Period (Years to Break-Even): 8.61 Years U N L E V E R E D L E V E R E D ($20,000) ($15,000) ($10,000) ($5,000) $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 CASH FLOW Levered Cash Flow - LCF Cumulative LCF 2 per. Mov. Avg. (Levered Cash Flow - LCF)

12. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 3-Jun-13 Prepared by PLOUTUS ADVISORS, LLC RESULT SUMMARY COST BREAKDOWN AREA BREAKDOWN BY USE Cost Type Amount ($) Breakdown (%) Cost Type Square Feet Breakdown (%) LAND $3,572,000 11.3% OFFICE 0 0.0% HARD $21,481,000 67.9% RETAIL 0 0.0% SOFT $6,577,362 20.8% GROCERY 0 0.0% Total $31,630,362 100.0% CAFÉ 6,500 4.8% RESTAURANT 13,000 9.5% MULTIFAMILY 117,000 85.7% Total 136,500 100.0% SENSITIVITY ANALYSIS (LEVERED) IRR BY USE IRR & PROFIT BY HOLDING PERIOD Land Value IRR ROE Profit Multiple Use Unlevered IRR Levered IRR Holding Levered IRR Profit Incremental $2,000,000 20.4% 205.5% $28,293,715 3.05x OFFICE na Period Profit $2,250,000 19.9% 201.7% $28,016,672 3.02x RETAIL na $2,500,000 19.4% 198.0% $27,739,629 2.98x CAFÉ 11.7% 3 Years 9.9% $3,335,317 $0 $2,750,000 19.0% 194.4% $27,462,586 2.94x RESTAURANT 14.9% 5 Years 19.8% $11,682,475 $8,347,158 $3,000,000 18.6% 190.8% $27,185,543 2.91x MULTIFAMILY 9.9% 7 Years 19.1% $16,815,166 $5,132,691 $3,250,000 18.2% 187.3% $26,908,500 2.87x CONSOLIDATED 10.6% 18.6% 10 Years 18.6% $27,185,543 $10,370,377 $3,500,000 17.8% 183.9% $26,631,457 2.84x $3,750,000 17.4% 180.5% $26,354,414 2.80x IRR BY APARTMENT RENT 1300 $4,000,000 17.0% 177.1% $26,077,371 2.77x Levered IRR $4,250,000 16.6% 173.9% $25,800,328 2.74x 1300 18.6% $4,500,000 16.3% 170.6% $25,523,285 2.71x $2.20 $1,100 13.4% $4,750,000 15.9% 167.4% $25,246,242 2.67x $2.40 $1,200 16.0% $5,000,000 15.6% 164.3% $24,969,199 2.64x $2.60 $1,300 18.6% $5,250,000 15.3% 161.2% $24,692,156 2.61x $2.80 $1,400 21.2% $5,500,000 14.9% 158.2% $24,415,113 2.58x $3.00 $1,500 23.8% Apartment Rent 11.3% 67.9% 20.8% LAND HARD SOFT 0%0%0% 5% 9% 86% OFFICE RETAIL GROCERY CAFÉ RESTAURANT MULTIFAMILY

13. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 03-Jun-13 Prepared by PLOUTUS ADVISORS, LLC Monte Carlo Simulation CASH FLOW Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Levered Cash Flow (in $,000) ($3,110.2) ($11,136.1) $0.0 $10,534.2 $320.9 $637.3 $721.7 $806.8 $608.2 $1,004.5 $26,798.2 PROJECT IRR & ASSUMED STD DEV Project IRR 18.6% Standard Deviation 20.00% 3.7% PROBABILITY LIMITS Project IRR Mid Range 18.0% 25.0% Mean = 0.187 Sigma = 0.037 MCS RESULT (Sample Size: 1,000) Probability of (IRR ≤ 18.0%) 42.7% Probability of (18.0% < IRR < 25.0%) 52.9% 100.0% Probability of (IRR ≥ 25.0%) 4.4% Probability of (IRR > 18.0%) 57.3% 0 2 4 6 8 10 12 IRR Distribution Distribution Area for X = 0.18

14. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 3-Jun-13 Prepared by PLOUTUS ADVISORS, LLC ASSUMPTIONS KEY ASSUMPTIONS OFFICE RETAIL GROCERY CAFÉ RESTAURANT MULTIFAMILY Lease Type FSG NNN NNN NNN NNN Contract Rent / SF / Month $3.00 $4.00 $3.00 $3.00 $3.00 Rent / Month / 500 SF Unit $1,300 Rent Escalation / Year 3.00% 3.00% 3.00% 3.00% 3.00% Rent / Month / 1000 SF Unit $0 Stabilization Over 3 Years Over 3 Years Over 3 Years Over 3 Years Over 3 Years Rent Escalation / Year 4.00% Free Rent - Mo(s) / Yr of Lease 1 Months 1 Months 1 Months 1 Months 1 Months Stabilization Over 3 Years Downtime / Rollover 9 Months 9 Months 9 Months 9 Months 9 Months Model Unit, Concession, Bad Debt 1.00% General Vacancy Rate 10.00% 10.00% 10.00% 10.00% 10.00% Stabilized Vacancy 5.00% Operating Expense / Year $0.00 $0.00 $0.00 $0.00 $0.00 Expense Ratio 35.00% Operating Expense Reimbursement % 5.00% 0.00% 0.00% 0.00% 0.00% Capital Reserve / Unit / Yr $120 Initial Lease Term 5 Years 5 Years 5 Years 5 Years 5 Years Exit Cap Rate (Year 10) 5.50% Leasing Commission - New Lease 6.00% 6.00% 6.00% 6.00% 6.00% General Assumptions Leasing Commission - Lease Renewal 3.00% 3.00% 3.00% 3.00% 3.00% Global Escalation Rate 3.00% TI Allowance - New Lease $25.00 $30.00 $30.00 $35.00 $0.00 Year of Reversion Yr 10 TI Allowance - Lease Renewal $15.00 $15.00 $15.00 $15.00 $0.00 Construction Loan (LTC) 60.00% Probability of Renewal 75.00% 75.00% 75.00% 75.00% 75.00% Permanent Financing (LTV) 70.00% Parking Rate / Stall / Month $50.00 $0.00 $0.00 $0.00 $0.00 Cap Rate - Refi * A 6.00% Capital Reserves / SF/ Yr $0.20 $0.20 $0.20 $0.20 $0.20 Applied Cap Rate - Refi 6.00% Exit Cap Rate (Year 10) 7.00% 7.00% 7.00% 7.00% 7.50% * Applied (A) or Blended (B)

15. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 3-Jun-13 Prepared by PLOUTUS ADVISORS, LLC AREA STATEMENT LAND AREA INFORMATION Parcel No. APN Address Current Existing Land Existing Acquisition OPP - Original OPP per Bldg. OPP per Land Current Purchase PP per Land Percent of Owner Bldg. Area Coverage Date Purchase Price Square Foot Square Foot Use Price (PP) Square Foot Total PP (SF) (SF) (%) ($) ($/SF) ($/SF) ($) ($/SF) (%) Parcel 3 Number Address Name 2,240 11,504 19.5% 10/1/10 $680,000 $303.57 $59.11 Auto $422,434 $36.72 14.1% Parcel 1 Number Address Name 12,000 12,225 98.2% 4/11/61 $290,000 $24.17 $23.72 Parking Lot $448,909 $36.72 15.0% Parcel 1 Number Address Name 982 15,845 6.2% 2/6/12 $245,000 $249.49 $15.46 Parking Lot & House $581,838 $36.72 19.4% Parcel 5 Number Address Name 6,353 15,679 40.5% 11/17/92 $600,000 $94.44 $38.27 Strip Center $575,742 $36.72 19.2% Parcel 2 Number Address Name 3,626 9,607 37.7% 2/3/87 $218,000 $60.12 $22.69 Deli $352,775 $36.72 11.8% Parcel 2 Number Address Name 4,200 4,265 98.5% 12/30/76 $24,354 $5.80 $5.71 Deli $156,613 $36.72 5.2% Parcel 4 Number Address Name 3,030 12,573 24.1% 9/6/05 $900,000 $297.03 $71.58 AutoParts Store $461,688 $36.72 15.4% TOTAL 32,431 81,698 39.7% $2,957,354 $91.19 $36.20 $3,000,000 $36.72 100.0%

16. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 3-Jun-13 Prepared by PLOUTUS ADVISORS, LLC AREA STATEMENT LAND AREA INFORMATION AREA & PARKING BREAKDOWN Type of Use NSF Circulation % Circulation Total SF % Total Net Area (NSF) by Use by Use by Use by Use by Use Parcel 1 Parcel 2 Parcel 3 Parcel 4 Parcel 5 OFFICE 0 0 0.0% 0 0.0% RETAIL 0 0 0.0% 0 0.0% GROCERY 0 0 0.0% 0 0.0% CAFÉ 5,000 1,500 30.0% 6,500 4.8% 5,000 RESTAURANT 10,000 3,000 30.0% 13,000 9.5% 10,000 MULTIFAMILY 90,000 27,000 30.0% 117,000 85.7% 30,000 15,000 15,000 15,000 15,000 TOTAL 105,000 31,500 30.0% 136,500 100.0% 30,000 15,000 15,000 15,000 30,000 DEVELOPMENT OPTION Type of Use Pro-Rata Circulation (SF) Total Area (SF) 3H-1 Parcel 1 Parcel 2 Parcel 3 Parcel 4 Parcel 5 Parcel 1 Parcel 2 Parcel 3 Parcel 4 Parcel 5 OFFICE 0 0 0 0 0 0 0 0 0 0 RETAIL 0 0 0 0 0 0 0 0 0 0 GROCERY 0 0 0 0 0 0 0 0 0 0 CAFÉ 0 0 0 0 1,500 0 0 0 0 6,500 RESTAURANT 0 0 0 0 3,000 0 0 0 0 13,000 MULTIFAMILY 9,000 4,500 4,500 4,500 4,500 39,000 19,500 19,500 19,500 19,500 TOTAL 9,000 4,500 4,500 4,500 9,000 39,000 19,500 19,500 19,500 39,000 Parcel Land Max FAR Max Dev PARKING Ratio SF or Rooms # Stalls RESIDENTIAL Area (SF) % of NSF % of GSF Number Area Ratio Density OFFICE 0.00 0 0 NSF 90,000 100.0% 76.9% (SF) (SF) RETAIL 0.00 0 0 Circulation 27,000 30.0% 23.1% Parcel 1 28,070 3.0 84,210 CAFÉ 2.00 6,500 13 Total / GSF 117,000 100.0% Parcel 2 13,872 3.0 41,616 RESTAURANT 2.65 13,000 35 Type SF/Unit # of Units NSF Parcel 3 11,504 3.0 34,512 MULTIFAMILY 1.00 180 180 1B x 1B 500 180 90,000 Parcel 4 12,573 3.0 37,719 TOTAL STALLS 228 2B x 2B 0 0 0 Parcel 5 15,679 3.0 47,037 Other 0 0 0 TOTAL 81,698 3.0 245,094 TOTAL 500 180 90,000 Residential NSF Check: TRUE

17. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 03-Jun-13 Prepared by PLOUTUS ADVISORS, LLC CONSOLIDATED CASH FLOWS CONSOLIDATED Total Project SF 136,500 SF PROFORMA % of Total $ / Total SF Total Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 to Yr 10 DEVELOPMENT PERIOD OPERATING PERIOD Stabilized Reversion LAND COST (i) 10.8% $26.2 $3,572,000 $3,082,500 $489,500 $0 $0 $0 HARD COST (ii) 64.7% $157.4 $21,481,000 $0 $19,672,652 $1,808,348 $0 $0 SOFT COST (iii) 19.8% $48.2 $6,577,362 $27,673 $3,262,923 $3,286,765 $0 $0 DEVELOPMENT COST (DC) (i) + (ii) + (iii) 95.2% $231.7 $31,630,362 $3,110,173 $23,425,075 $5,095,113 $0 $0 CONSTRUCTION FINANCING Interest Period Interest Carry 7.00% 24 Months 4.8% $11.7 $1,594,170 $0 $1,594,170 $0 $0 $0 ALL IN PROJECT COST 100.0% $243.4 $33,224,532 $3,110,173 $25,019,245 $5,095,113 $0 $0 $0 $0 $0 $0 $0 $0

18. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 03-Jun-13 Prepared by PLOUTUS ADVISORS, LLC CONSOLIDATED CASH FLOWS FINANCING Total Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 to Yr 10 DEVELOPMENT PERIOD OPERATING PERIOD A) Equity Max: $14,246,315 Equity Draws $14,246,315 $3,110,173 $11,136,142 $0 $0 $0 $0 $0 $0 $0 $0 $0 B) Construction Loan Max: $18,978,217 Opening Balance $0 $0 $13,883,104 $18,978,217 $0 $0 $0 $0 $0 $0 $0 Loan Draws % of DC: 60.0% Avg Balance: 60.0% $18,978,217 $0 $13,883,104 $5,095,113 $0 $0 $0 $0 $0 $0 $0 $0 Paydown from Permanent Financing $18,978,217 $0 $0 $0 $18,978,217 $0 $0 $0 $0 $0 $0 $0 Closing Balance $0 $13,883,104 $18,978,217 $0 $0 $0 $0 $0 $0 $0 $0 Shortfall $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 C) Permanent / Take-Out Financing Stabilized NOI $2,442,180 Cap Rate (Blended) 6.00% Est. Stabilized Value $40,703,003 Month Start 0 0 0 0 1 13 25 37 49 61 73 Appraised Amount $40,703,003 Month End 0 0 0 0 12 24 36 48 60 72 84 LTV 70.0% Loan Draws $28,492,102 $0 $0 $0 $28,492,102 $0 $0 $0 $0 $0 $0 $0 Loan Amount $28,492,102 Loan Fees $427,382 $0 $0 $0 $427,382 $0 $0 $0 $0 $0 $0 $0 LIBOR 0.80% Debt Service / Year $12,557,008 $0 $0 $0 $0 $1,793,858 $1,793,858 $1,793,858 $1,793,858 $1,793,858 $1,793,858 $1,793,858 Spread 400 bps Debt Service / Month $0 $0 $0 $0 $149,488 $149,488 $149,488 $149,488 $149,488 $149,488 $149,488 Interest Rate 4.80% Interest Paid / Year $9,019,225 $0 $0 $0 $0 $1,358,118 $1,336,736 $1,314,305 $1,290,773 $1,266,086 $1,240,188 $1,213,020 Amortization 30.00 Yrs Principal Paid / Year $3,537,783 $0 $0 $0 $0 $435,741 $457,123 $479,554 $503,086 $527,772 $553,670 $580,839 Loan Fees 1.50% Closing Loan Balance $0 $0 $0 $28,492,102 $28,056,361 $27,599,239 $27,119,685 $26,616,599 $26,088,827 $25,535,158 $24,954,319 Year of Permanent Financing 3 Loan Repay $24,954,319 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $24,954,319 Debt Service Coverage 1.41x na na na na 1.18x 1.36x 1.40x 1.45x 1.34x 1.56x 1.62x Debt Yield 9.2% 5.1% 7.6% 8.8% 9.3% 9.9% 10.3% 11.1% 11.8% NET OPERATING INCOME (NOI) $19,629,301 $0 $0 $0 $1,455,948 $2,123,241 $2,442,180 $2,534,002 $2,629,322 $2,680,408 $2,828,824 $2,935,376 $/Total SF OPERATING CASH FLOW BEFORE DEBT $140.8 $19,214,359 $0 $0 $0 $1,447,728 $2,114,775 $2,431,168 $2,515,579 $2,600,621 $2,402,099 $2,798,375 $2,904,014 CASH FLOW FROM SALE BEFORE DEBT Reversion Yr of Sale Exit Cap Rate % Total Reversion $/SF 10 5.8% 100.0% $382.5 $52,208,580 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $52,208,580 OFFICE 7.0% 0.0% $0.0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 RETAIL 7.0% 0.0% $0.0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 GROCERY 7.0% 0.0% $0.0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 CAFÉ 7.0% 6.4% $513.0 $3,334,772 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,334,772 RESTAURANT 7.5% 11.9% $478.8 $6,224,908 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $6,224,908 MULTIFAMILY 5.5% 81.7% $364.5 $42,648,899 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $42,648,899 Cost of Sale 3.0% $1,566,257 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,566,257 $/Total SF NET CASH FLOW FROM SALE BEFORE DEBT $371.0 $50,642,322 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $50,642,322 UNLEVERED CASH FLOW 10.6% $38,226,319 ($3,110,173) ($23,425,075) ($5,095,113) $1,447,728 $2,114,775 $2,431,168 $2,515,579 $2,600,621 $2,402,099 $2,798,375 $53,546,336 CAFÉ Unlevered IRR 11.7% $2,599,318 ($148,135) ($1,360,455) ($374,689) $33,800 $143,273 $194,118 $199,942 $205,940 $27,277 $218,482 $3,459,765 RESTAURANT Unlevered IRR 14.9% $5,809,560 ($296,194) ($2,235,898) ($452,243) $67,600 $286,546 $388,236 $399,883 $411,880 $314,553 $436,963 $6,488,233 MULTIFAMILY Unlevered IRR 9.9% $29,817,441 ($2,665,844) ($19,828,722) ($4,268,182) $1,346,328 $1,684,956 $1,848,814 $1,915,754 $1,982,801 $2,060,269 $2,142,930 $43,598,338 LEVERED CASH FLOW 18.6% $27,185,543 ($3,110,173) ($11,136,142) $0 $10,534,232 $320,916 $637,310 $721,721 $806,763 $608,240 $1,004,517 $26,798,159

19. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 03-Jun-13 Prepared by PLOUTUS ADVISORS, LLC PROJECT BUDGET TYPE OF USE CAFÉ RESTAURANT MULTIFAMILY TOTAL TOTALAREA BY USE 6,500 SF 13,000 SF 117,000 SF 136,500 SF DRIVERS Land Cost $142,857 $285,714 $2,571,429 $3,000,000 Hard Cost $1,239,762 $1,874,524 $18,366,714 $21,481,000 Use as % of Total Area 4.76% 9.52% 85.71% 100.0% Land Allocation 4.76% 9.52% 85.71% 100.0% Cost Allocation 4.76% 9.52% 85.71% 100.0% LAND COST (1) Land / Purchase Costs: 1 1 Land Purchase Cost $21.98 / SF $142,857 $285,714 $2,571,429 $3,000,000 2 2 Real Estate Broker's Fees - Land Sale 1.00% $0.22 / SF $1,429 $2,857 $25,714 $30,000 3 3 Title Policy - Land Acquisition 0.25% $0.05 / SF $357 $714 $6,429 $7,500 4 4 Recording Fees 0.25% $0.05 / SF $357 $714 $6,429 $7,500 5 5 Transfer Taxes 0.25% $0.05 / SF $357 $714 $6,429 $7,500 6 6 Filing Fee 0.25% $0.05 / SF $357 $714 $6,429 $7,500 7 7 Legal / Due Diligence 1.00% $0.22 / SF $1,429 $2,857 $25,714 $30,000 8 8 Off-Site Improvements 2.00% $0.44 / SF $2,857 $5,714 $51,429 $60,000 9 9 Miscellaneous Fees 0.50% $0.11 / SF $714 $1,429 $12,857 $15,000 10 Subtotal 5.50% $23.19 / SF $150,714 $301,429 $2,712,857 $3,165,000 11 12 (2) Eng Fees / Entitlement Cost: 13 1 Appraisal Fees - Land Purchase $0.11 / SF $714 $1,429 $12,857 $15,000 14 2 Demolition Cost $1.47 / SF $9,524 $19,048 $171,429 $200,000 15 3 Market Study $0.18 / SF $1,190 $2,381 $21,429 $25,000 16 4 Planning & Zoning Fee - PUD Approval $0.29 / SF $1,905 $3,810 $34,286 $40,000 17 5 Lot Line Adjustment - Parcel Maps/Plats $0.00 / SF $0 $0 $0 $0 18 6 Entitlement Consultant $0.18 / SF $1,190 $2,381 $21,429 $25,000 19 7 Financial Consultant $0.11 / SF $714 $1,429 $12,857 $15,000 20 8 Special Development Fees $0.00 / SF $0 $0 $0 $0 21 9 Traffic Study $0.11 / SF $714 $1,429 $12,857 $15,000 22 10 Geotechnical Survey $0.11 / SF $714 $1,429 $12,857 $15,000 23 11 Environmental Survey - Phase I $0.11 / SF $714 $1,429 $12,857 $15,000 24 12 Environmental Survey - Phase II $0.00 / SF $0 $0 $0 $0 25 13 ALTA Survey $0.09 / SF $571 $1,143 $10,286 $12,000 26 14 Flood Certificate / Inspection Fee $0.00 / SF $0 $0 $0 $0 27 15 Hazardous Material Remediation $0.22 / SF $1,429 $2,857 $25,714 $30,000 28 Subtotal $2.98 / SF $19,381 $38,762 $348,857 $407,000 29 30 LAND ASSEMBLY/PRE-DEV COSTS % Total: 11.3% $26.17 /SF $170,095 $340,190 $3,061,714 $3,572,000 31

20. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 03-Jun-13 Prepared by PLOUTUS ADVISORS, LLC PROJECT BUDGET TYPE OF USE CAFÉ RESTAURANT MULTIFAMILY TOTAL 32 HARD COST 33 34 (1) Building Core & Shell: 35 OFFICE Core & Shell 0 SF x $140.00 / SF = - - - $0 36 RETAIL Core & Shell 0 SF x $130.00 / SF = - - - $0 37 GROCERY Core & Shell 0 SF x $130.00 / SF = - - - $0 38 CAFÉ Core & Shell 6,500 SF x $130.00 / SF = $845,000 - - $845,000 39 RESTAURANT Core & Shell 13,000 SF x $130.00 / SF = - $1,690,000 - $1,690,000 40 MULTIFAMILY Core & Shell 117,000 SF x $135.00 / SF = - - $15,795,000 $15,795,000 41 Subtotal 136,500 SF $845,000 $1,690,000 $15,795,000 $18,330,000 42 43 (2) Parking: 45 At Grade # of Stalls 13 35 148 196 46 Below Grade # of Stalls 0 0 32 32 47 1 At Grade Parking 196 Stalls $5,000 / Stall = $65,000 $175,000 $740,000 $980,000 48 2 Below Grade Parking 32 Stalls $18,000 / Stall = $0 $0 $576,000 $576,000 49 Subtotal 228 Stalls $65,000 $175,000 $1,316,000 $1,556,000 50 51 (3) Tenant Finishes: 52 OFFICE Tenant Finishes 0 SF x $15.00 / SF = - - - $0 53 RETAIL Tenant Finishes 0 SF x $15.00 / SF = - - - $0 54 GROCERY Tenant Finishes 0 SF x $15.00 / SF = - - - $0 55 CAFÉ Tenant Finishes 6,500 SF x $15.00 / SF = $97,500 - - $97,500 56 RESTAURANT Tenant Finishes 13,000 SF x $0.00 / SF = $0 - $0 57 MULTIFAMILY Tenant Finishes 117,000 SF x $10.00 / SF = - - $1,170,000 $1,170,000 58 Subtotal 136,500 SF $97,500 $0 $1,170,000 $1,267,500 59 60 (4) Sitework: 61 Sitework $4,762 $9,524 $85,714 $100,000 62 63 (5) TIA: 64 OFFICE TIA 0 SF x $30.00 / SF = - - - $0 65 RETAIL TIA 0 SF x $30.00 / SF = - - - $0 66 GROCERY TIA 0 SF x $30.00 / SF = - - - $0 67 CAFÉ TIA 6,500 SF x $35.00 / SF = $227,500 - - $227,500 68 RESTAURANT TIA 13,000 SF x $0.00 / SF = $0 - $0 69 MULTIFAMILY TIA 117,000 SF x $0.00 / SF = - - $0 $0 70 Subtotal 136,500 SF $227,500 $0 $0 $227,500 71 72 HARD COST - CONSTRUCTION % Total: 67.9% $157.37 /SF $1,239,762 $1,874,524 $18,366,714 $21,481,000 73

21. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 03-Jun-13 Prepared by PLOUTUS ADVISORS, LLC PROJECT BUDGET TYPE OF USE CAFÉ RESTAURANT MULTIFAMILY TOTAL 74 SOFT COST 75 76 (1) Design & Consultants: 77 1 Architect $5.86 / SF $38,095 $76,190 $685,714 $800,000 78 2 MEP & Fire Protection $2.20 / SF $14,286 $28,571 $257,143 $300,000 79 3 Structural $1.10 / SF $7,143 $14,286 $128,571 $150,000 80 4 ADA $0.15 / SF $952 $1,905 $17,143 $20,000 81 5 Surveyor $0.11 / SF $714 $1,429 $12,857 $15,000 82 6 Civil $0.18 / SF $1,190 $2,381 $21,429 $25,000 83 7 Exterior Skin $0.00 / SF $0 $0 $0 $0 84 8 Landscaping $0.11 / SF $714 $1,429 $12,857 $15,000 85 9 Restaurant & Kitchen $0.00 / SF $0 $0 $0 $0 86 10 Roofing & Waterproofing $0.22 / SF $1,429 $2,857 $25,714 $30,000 87 11 Swimming Pool & Equipment $0.00 / SF $0 $0 $0 $0 88 12 Vertical Transportation $0.04 / SF $238 $476 $4,286 $5,000 89 13 Parking $0.09 / SF $571 $1,143 $10,286 $12,000 90 14 Special Systems 91 Acoustical $0.04 / SF $238 $476 $4,286 $5,000 92 Audio Visual $0.00 / SF $0 $0 $0 $0 93 Telecommunications / Data $0.04 / SF $238 $476 $4,286 $5,000 94 Security $0.04 / SF $238 $476 $4,286 $5,000 95 15 Contingency 5.00% $0.51 / SF $3,302 $6,605 $59,443 $69,350 96 Subtotal % of HC: 6.78% $10.67 / SF $69,350 $138,700 $1,248,300 $1,456,350 97 98 (2) Miscellaneous Dev Cost: 99 1 Site Security $0.37 / SF $2,381 $4,762 $42,857 $50,000 ## 2 Utility Consumption $0.55 / SF $3,571 $7,143 $64,286 $75,000 ## 3 Drawing / Printing $0.13 / SF $857 $1,714 $15,429 $18,000 ## 4 Team Meeting / Catering $0.04 / SF $238 $476 $4,286 $5,000 ## Subtotal % of HC: 0.69% $1.08 / SF $7,048 $14,095 $126,857 $148,000 ## ## (3) Permits & Fees: ## 1 Building Permit Fee 1.50% $2.36 / SF $18,596 $28,118 $275,501 $322,215 ## 2 Plan Check Fee 0.18% $0.28 / SF $2,232 $3,374 $33,060 $38,666 ## 3 Grading Permit 0.13% $0.20 / SF $1,550 $2,343 $22,958 $26,851 ## 4 Water & Sewer Tap Fees 0.13% $0.20 / SF $1,550 $2,343 $22,958 $26,851 ## 5 State Imposed Fees 0.13% $0.20 / SF $1,550 $2,343 $22,958 $26,851 ## 6 School Impact Fees 0.13% $0.20 / SF $1,550 $2,343 $22,958 $26,851 ## 7 Other Misc. Permits & Fees 0.05% $0.08 / SF $620 $937 $9,183 $10,741 ## Subtotal % of HC: 2.23% $3.51 / SF $27,647 $41,802 $409,578 $479,026 ## ## (4) Testing & Inspections: ## 1 Soils Testing 0.11% $0.17 / SF $1,364 $2,062 $20,203 $23,629 ## 2 Concrete Testing / Reinforcing Inspec 0.08% $0.12 / SF $930 $1,406 $13,775 $16,111 ## 3 Masonry Testing / Inspection 0.07% $0.11 / SF $868 $1,312 $12,857 $15,037 ## 4 Steel Testing / Inspections 0.08% $0.12 / SF $930 $1,406 $13,775 $16,111 ## 5 Fireproofing Testing / Inspections 0.08% $0.12 / SF $930 $1,406 $13,775 $16,111 ## 6 Building Envelope / Window Wall Testing 0.05% $0.08 / SF $620 $937 $9,183 $10,741 ## Subtotal % of HC: 0.46% $0.72 / SF $5,641 $8,529 $83,569 $97,739

22. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 03-Jun-13 Prepared by PLOUTUS ADVISORS, LLC PROJECT BUDGET TYPE OF USE CAFÉ RESTAURANT MULTIFAMILY TOTAL ## ## (5) Legal: ## 1 Land Purchase DD / Purchase Agrmt $0.73 / SF $4,762 $9,524 $85,714 $100,000 ## 2 Development / Construction Agrmt $0.37 / SF $2,381 $4,762 $42,857 $50,000 ## 3 Consultant / Broker Agrmt / CC&Rs $0.55 / SF $3,571 $7,143 $64,286 $75,000 ## 4 RE Tax Consultant / Audits / Accounting $0.37 / SF $2,381 $4,762 $42,857 $50,000 ## 5 Legal: Miscellaneous $0.15 / SF $952 $1,905 $17,143 $20,000 ## Subtotal % of HC: 1.37% $2.16 / SF $14,048 $28,095 $252,857 $295,000 ## ## (6) Insurance During Construction: ## 1 Builders Risk Insurance (Hard Cost) $0.30 /$100/Yr x 30 Mths $9,298 $14,059 $137,750 $161,108 ## 2 Builders Risk Insurance (Soft Cost) $0.35 /$100/Yr x 30 Mths $1,864 $3,403 $18,744 $24,011 ## 3 General Liablility Wrap-up Policy 1.50% $18,596 $28,118 $275,501 $322,215 ## 4 Earthquake Insurance 0.00% $0 $0 $0 $0 ## 5 Professional Insurance - e.g.: CPPIC $14,286 $28,571 $257,143 $300,000 ## 6 Commercial Umbrella w/Constructn $0 $0 $0 $0 ## 7 Force Majeure w/Owner $0 $0 $0 $0 ## Subtotal % of HC: 3.76% $5.91 / SF $44,045 $74,151 $689,138 $807,333 ## ## (7) Taxes During Construction: ## 1 Property Taxes (Year 1) $0.33 / SF $15,000 $15,000 $15,000 $45,000 ## 2 Property Taxes (Year 2) $0.66 / SF $30,000 $30,000 $30,000 $90,000 ## 3 Property Taxes (Year 3) $0.00 / SF $0 $0 $0 $0 ## 4 Property Taxes (Year 4) $0.00 / SF $0 $0 $0 $0 ## 5 Sales Tax w/Constructn $0.00 / SF $0 $0 $0 $0 ## Subtotal % of HC: 0.63% $0.99 / SF $45,000 $45,000 $45,000 $135,000 ## ## (8) Marketing / Leasing Office: ## 1 Leasing Office (Staff/Equip/Furn/Trailer) $0.33 / SF $15,000 $15,000 $15,000 $45,000 ## 2 Model Room Construction $0.00 / SF $0 $0 $0 $0 ## 3 Model Room Furniture $0.00 / SF $0 $0 $0 $0 ## 4 Marketing (Print/Media Advt/PR) $0.13 / SF $6,000 $6,000 $6,000 $18,000 ## 5 Leasing Commissions 6.0% $1.50 / SF $68,329 $136,657 In OpEx $204,986 ## 6 Other $0.00 / SF $0 $0 $0 $0 ## Subtotal % of HC: 1.25% $1.96 / SF $89,329 $157,657 $21,000 $267,986 ## ## (9) Developer Fees: ## 1 Development Fee 10.0% $15.74 / SF $123,976 $187,452 $1,836,671 $2,148,100 ## 2 CM & PM Fee 2.0% $3.15 / SF $24,795 $37,490 $367,334 $429,620 ## Subtotal % of HC: 12.00% $18.88 / SF $148,771 $224,943 $2,204,006 $2,577,720 ## ## (10) General Contingency ## Soft Cost Contingency 5.0% $2.29 / SF $22,544 $36,649 $254,015 $313,208 SOFT COST % Total: 20.8% $48.19 /SF $473,421 $769,621 $5,334,319 $6,577,362 DEVELOPMENT COST % Total: 100.0% $231.72 /SF $1,883,279 $2,984,335 $26,762,748 $31,630,362 DEVELOPMENT COST PER SF $289.7 $229.6 $228.7 $231.7

23. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Prepared by PLOUTUS ADVISORS, LLC LAND COST (1) Land / Purchase Costs: 1 Land Purchase Cost 2 Real Estate Broker's Fees - Land Sale 3 Title Policy - Land Acquisition 4 Recording Fees 5 Transfer Taxes 6 Filing Fee 7 Legal / Due Diligence 8 Off-Site Improvements 9 Miscellaneous Fees Subtotal (2) Eng Fees / Entitlement Cost: 1 Appraisal Fees - Land Purchase 2 Demolition Cost 3 Market Study 4 Planning & Zoning Fee - PUD Approval 5 Lot Line Adjustment - Parcel Maps/Plats 6 Entitlement Consultant 7 Financial Consultant 8 Special Development Fees 9 Traffic Study 10 Geotechnical Survey 11 Environmental Survey - Phase I 12 Environmental Survey - Phase II 13 ALTA Survey 14 Flood Certificate / Inspection Fee 15 Hazardous Material Remediation Subtotal LAND ASSEMBLY/PRE-DEV COSTS Financial Feasibility Report Financial Feasibility Report PROJECT BUDGET PROJECT BUDGET OFFICE RETAIL CAFÉ RESTAURANT MULTIFAMILY SM D (Mo) T SM D (Mo) T SM D (Mo) T SM D (Mo) T SM D (Mo) T 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 0 SP 0 2 SL 0 2 SL 0 2 SL 0 2 SL 0 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 0 2 SL 0 2 SL 0 2 SL 0 2 SL 0 2 SL 1 1 SL 1 1 SL 1 1 SL 1 1 SL 1 1 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 6 SL 1 6 SL 1 6 SL 1 6 SL 1 6 SL 1 6 SL 1 6 SL 1 6 SL 1 6 SL 1 6 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL 1 2 SL $0.00MM $0.00MM $0.17MM $0.34MM $3.06MM 03-Jun-13 LEGEND: SM - Start Month D (Mo) - Duration in Mths T - Treatment for Distribution of Cost Select one of the following Treatments (T) SP - Single Payment SL - Straight Line SC - S-Curve

24. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Prepared by PLOUTUS ADVISORS, LLC HARD COST (1) Building Core & Shell: OFFICE Core & Shell RETAIL Core & Shell GROCERY Core & Shell CAFÉ Core & Shell RESTAURANT Core & Shell MULTIFAMILY Core & Shell Subtotal (2) Parking: 1 At Grade Parking 2 Below Grade Parking Subtotal (3) Tenant Finishes: OFFICE Tenant Finishes RETAIL Tenant Finishes GROCERY Tenant Finishes CAFÉ Tenant Finishes RESTAURANT Tenant Finishes MULTIFAMILY Tenant Finishes Subtotal (4) Sitework: Sitework (5) TIA: OFFICE TIA RETAIL TIA GROCERY TIA CAFÉ TIA RESTAURANT TIA MULTIFAMILY TIA Subtotal HARD COST - CONSTRUCTION Financial Feasibility Report Financial Feasibility Report PROJECT BUDGET PROJECT BUDGET OFFICE RETAIL CAFÉ RESTAURANT MULTIFAMILY SM D (Mo) T SM D (Mo) T SM D (Mo) T SM D (Mo) T SM D (Mo) T 03-Jun-13 LEGEND: 6 8 SC 6 8 SC 6 8 SC 6 8 SC 6 8 SC 6 4 SC 6 4 SC 6 4 SC 6 4 SC 6 4 SC 6 4 SC 6 4 SC 6 4 SC 6 4 SC 6 4 SC 12 4 SC 12 4 SC 12 4 SC 12 4 SC 12 4 SC 1 2 SC 1 2 SC 1 2 SC 1 2 SC 1 2 SC 4 4 SC 4 4 SC 4 4 SC 4 4 SC 4 4 SC $0.00MM $0.00MM $1.24MM $1.87MM $18.37MM

25. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Prepared by PLOUTUS ADVISORS, LLC SOFT COST (1) Design & Consultants: 1 Architect 2 MEP & Fire Protection 3 Structural 4 ADA 5 Surveyor 6 Civil 7 Exterior Skin 8 Landscaping 9 Restaurant & Kitchen 10 Roofing & Waterproofing 11 Swimming Pool & Equipment 12 Vertical Transportation 13 Parking 14 Special Systems Acoustical Audio Visual Telecommunications / Data Security 15 Contingency Subtotal (2) Miscellaneous Dev Cost: 1 Site Security 2 Utility Consumption 3 Drawing / Printing 4 Team Meeting / Catering Subtotal (3) Permits & Fees: 1 Building Permit Fee 2 Plan Check Fee 3 Grading Permit 4 Water & Sewer Tap Fees 5 State Imposed Fees 6 School Impact Fees 7 Other Misc. Permits & Fees Subtotal (4) Testing & Inspections: 1 Soils Testing 2 Concrete Testing / Reinforcing Inspec 3 Masonry Testing / Inspection 4 Steel Testing / Inspections 5 Fireproofing Testing / Inspections 6 Building Envelope / Window Wall Testing Subtotal Financial Feasibility Report Financial Feasibility Report PROJECT BUDGET PROJECT BUDGET OFFICE RETAIL CAFÉ RESTAURANT MULTIFAMILY SM D (Mo) T SM D (Mo) T SM D (Mo) T SM D (Mo) T SM D (Mo) T 03-Jun-13 LEGEND: 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 4 12 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 18 SC 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 4 2 SL 2 2 SL 2 2 SL 2 2 SL 2 2 SL 2 2 SL 0 2 SC 0 2 SC 0 2 SC 0 2 SC 0 2 SC 6 6 SC 6 6 SC 6 6 SC 6 6 SC 6 6 SC 6 6 SC 6 6 SC 6 6 SC 6 6 SC 6 6 SC 6 6 SC 6 6 SC 6 6 SC 6 6 SC 6 6 SC 12 4 SC 12 4 SC 12 4 SC 12 4 SC 12 4 SC 12 4 SC 12 4 SC 12 4 SC 12 4 SC 12 4 SC

26. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Prepared by PLOUTUS ADVISORS, LLC (5) Legal: 1 Land Purchase DD / Purchase Agrmt 2 Development / Construction Agrmt 3 Consultant / Broker Agrmt / CC&Rs 4 RE Tax Consultant / Audits / Accounting 5 Legal: Miscellaneous Subtotal (6) Insurance During Construction: 1 Builders Risk Insurance (Hard Cost) 2 Builders Risk Insurance (Soft Cost) 3 General Liablility Wrap-up Policy 4 Earthquake Insurance 5 Professional Insurance - e.g.: CPPIC 6 Commercial Umbrella 7 Force Majeure Subtotal (7) Taxes During Construction: 1 Property Taxes (Year 1) 2 Property Taxes (Year 2) 3 Property Taxes (Year 3) 4 Property Taxes (Year 4) 5 Sales Tax Subtotal (8) Marketing / Leasing Office: 1 Leasing Office (Staff/Equip/Furn/Trailer) 2 Model Room Construction 3 Model Room Furniture 4 Marketing (Print/Media Advt/PR) 5 Leasing Commissions 6 Other Subtotal (9) Developer Fees: 1 Development Fee 2 CM & PM Fee Subtotal (10) General Contingency Soft Cost Contingency SOFT COST DEVELOPMENT COST DEVELOPMENT COST PER SF Financial Feasibility Report Financial Feasibility Report PROJECT BUDGET PROJECT BUDGET OFFICE RETAIL CAFÉ RESTAURANT MULTIFAMILY SM D (Mo) T SM D (Mo) T SM D (Mo) T SM D (Mo) T SM D (Mo) T 03-Jun-13 LEGEND: 0 6 SL 0 6 SL 0 6 SL 0 6 SL 0 6 SL 0 6 SL 0 6 SL 0 6 SL 0 6 SL 0 6 SL 1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SC 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 1 24 SL 12 12 SL 12 12 SL 12 12 SL 12 12 SL 12 12 SL 12 12 SL 12 12 SL 12 12 SL 12 12 SL 12 12 SL 12 12 SL 12 12 SL 12 12 SL 12 12 SL 12 12 SL 6 18 SL 6 18 SL 6 18 SL 6 18 SL 6 18 SL 6 18 SL 6 18 SL 6 18 SL 6 18 SL 6 18 SL 6 18 SL 6 18 SL 6 18 SL 6 18 SL 6 18 SL 0 24 SC 0 24 SC 0 24 SC 0 24 SC 0 24 SC 0 24 SC 0 24 SC 0 24 SC 0 24 SC 0 24 SC 0 24 SC 0 24 SC 0 24 SC 0 24 SC 0 24 SC $0.00MM $0.00MM $0.47MM $0.77MM $5.33MM $0.00MM $0.00MM $1.88MM $2.98MM $26.76MM $0.0 $0.0 $289.7 $229.6 $228.7

27. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 03-Jun-13 Prepared by PLOUTUS ADVISORS, LLC CONSOLIDATED MONTHLY DEVELOPMENT COST CONSOLIDATED - MONTHLY CASH FLOWS Total Month Month Month Month Month Month 0 1 2 3 4 5 LAND COST 1 OFFICE $0 $0 $0 $0 $0 $0 $0 2 RETAIL $0 $0 $0 $0 $0 $0 $0 3 GROCERY $0 $0 $0 $0 $0 $0 $0 4 CAFÉ $170,095 $146,786 $16,317 $5,722 $317 $317 $317 5 RESTAURANT $340,190 $293,571 $32,635 $11,444 $635 $635 $635 6 MULTIFAMILY $3,061,714 $2,642,143 $293,714 $103,000 $5,714 $5,714 $5,714 LAND ASSEMBLY/PRE-DEV COSTS $3,572,000 $3,082,500 $342,667 $120,167 $6,667 $6,667 $6,667 HARD COST 1 OFFICE $0 $0 $0 $0 $0 $0 $0 2 RETAIL $0 $0 $0 $0 $0 $0 $0 3 GROCERY $0 $0 $0 $0 $0 $0 $0 4 CAFÉ $1,239,762 $0 $4 $4,758 $0 $209 $10,653 5 RESTAURANT $1,874,524 $0 $9 $9,515 $0 $0 $0 6 MULTIFAMILY $18,366,714 $0 $79 $85,636 $0 $0 $0 HARD COST - CONSTRUCTION $21,481,000 $0 $92 $99,908 $0 $209 $10,653 SOFT COST 1 OFFICE $0 $0 $0 $0 $0 $0 $0 2 RETAIL $0 $0 $0 $0 $0 $0 $0 3 GROCERY $0 $0 $0 $0 $0 $0 $0 4 CAFÉ $473,421 $1,349 $6,588 $5,607 $5,800 $19,350 $19,968 5 RESTAURANT $769,621 $2,623 $10,005 $8,522 $8,850 $29,408 $30,483 6 MULTIFAMILY $5,334,319 $23,702 $77,658 $63,088 $66,116 $267,196 $277,072 SOFT COST $6,577,362 $27,673 $94,250 $77,218 $80,767 $315,953 $327,523 DEVELOPMENT COST 1 OFFICE $0 $0 $0 $0 $0 $0 $0 2 RETAIL $0 $0 $0 $0 $0 $0 $0 3 GROCERY $0 $0 $0 $0 $0 $0 $0 4 CAFÉ $1,883,279 $148,135 $22,910 $16,087 $6,118 $19,876 $30,939 5 RESTAURANT $2,984,335 $296,194 $42,648 $29,481 $9,485 $30,043 $31,117 6 MULTIFAMILY $26,762,748 $2,665,844 $371,450 $251,724 $71,831 $272,910 $282,787 DEVELOPMENT COST $31,630,362 $3,110,173 $437,009 $297,293 $87,434 $322,829 $344,843

28. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Prepared by PLOUTUS ADVISORS, LLC CONSOLIDATED - MONTHLY CASH FLOWS Total LAND COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $170,095 5 RESTAURANT $340,190 6 MULTIFAMILY $3,061,714 LAND ASSEMBLY/PRE-DEV COSTS $3,572,000 HARD COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $1,239,762 5 RESTAURANT $1,874,524 6 MULTIFAMILY $18,366,714 HARD COST - CONSTRUCTION $21,481,000 SOFT COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $473,421 5 RESTAURANT $769,621 6 MULTIFAMILY $5,334,319 SOFT COST $6,577,362 DEVELOPMENT COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $1,883,279 5 RESTAURANT $2,984,335 6 MULTIFAMILY $26,762,748 DEVELOPMENT COST $31,630,362 Financial Feasibility Report Financial Feasibility Report 03-Jun-13 CONSOLIDATED MONTHLY DEVELOPMENT COST CONSOLIDATED MONTHLY DEVELOPMENT COST Month Month Month Month Month Month 6 7 8 9 10 11 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $317 $0 $0 $0 $0 $0 $635 $0 $0 $0 $0 $0 $5,714 $0 $0 $0 $0 $0 $6,667 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $157,409 $66,618 $63,714 $108,772 $280,142 $309,347 $1,711 $15,216 $158,398 $229,424 $560,284 $618,694 $15,694 $127,249 $1,260,466 $2,059,863 $5,236,497 $5,782,408 $174,814 $209,083 $1,482,577 $2,398,060 $6,076,923 $6,710,449 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $10,498 $12,450 $15,918 $21,910 $28,283 $33,980 $17,535 $20,996 $27,134 $37,587 $48,925 $58,819 $73,590 $105,320 $161,706 $258,323 $362,052 $452,511 $101,623 $138,767 $204,757 $317,820 $439,259 $545,310 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $168,224 $79,069 $79,631 $130,682 $308,425 $343,327 $19,881 $36,213 $185,532 $267,011 $609,208 $677,513 $94,998 $232,569 $1,422,171 $2,318,186 $5,598,549 $6,234,918 $283,103 $347,850 $1,687,334 $2,715,880 $6,516,182 $7,255,758

29. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Prepared by PLOUTUS ADVISORS, LLC CONSOLIDATED - MONTHLY CASH FLOWS Total LAND COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $170,095 5 RESTAURANT $340,190 6 MULTIFAMILY $3,061,714 LAND ASSEMBLY/PRE-DEV COSTS $3,572,000 HARD COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $1,239,762 5 RESTAURANT $1,874,524 6 MULTIFAMILY $18,366,714 HARD COST - CONSTRUCTION $21,481,000 SOFT COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $473,421 5 RESTAURANT $769,621 6 MULTIFAMILY $5,334,319 SOFT COST $6,577,362 DEVELOPMENT COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $1,883,279 5 RESTAURANT $2,984,335 6 MULTIFAMILY $26,762,748 DEVELOPMENT COST $31,630,362 Financial Feasibility Report Financial Feasibility Report 03-Jun-13 CONSOLIDATED MONTHLY DEVELOPMENT COST CONSOLIDATED MONTHLY DEVELOPMENT COST Month Month Month Month Month Month 12 13 14 15 16 17 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $115,740 $29,552 $67,103 $25,742 $0 $0 $231,301 $49,973 $0 $0 $0 $0 $2,162,845 $521,841 $805,240 $308,898 $0 $0 $2,509,885 $601,365 $872,343 $334,640 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $39,428 $40,648 $39,851 $35,096 $29,250 $23,726 $66,465 $67,213 $64,566 $56,161 $46,446 $37,488 $513,784 $522,723 $500,831 $423,383 $333,184 $249,884 $619,677 $630,583 $605,248 $514,639 $408,881 $311,098 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $155,168 $70,200 $106,955 $60,837 $29,250 $23,726 $297,765 $117,186 $64,566 $56,161 $46,446 $37,488 $2,676,629 $1,044,563 $1,306,070 $732,281 $333,184 $249,884 $3,129,562 $1,231,949 $1,477,591 $849,279 $408,881 $311,098

30. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Prepared by PLOUTUS ADVISORS, LLC CONSOLIDATED - MONTHLY CASH FLOWS Total LAND COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $170,095 5 RESTAURANT $340,190 6 MULTIFAMILY $3,061,714 LAND ASSEMBLY/PRE-DEV COSTS $3,572,000 HARD COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $1,239,762 5 RESTAURANT $1,874,524 6 MULTIFAMILY $18,366,714 HARD COST - CONSTRUCTION $21,481,000 SOFT COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $473,421 5 RESTAURANT $769,621 6 MULTIFAMILY $5,334,319 SOFT COST $6,577,362 DEVELOPMENT COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $1,883,279 5 RESTAURANT $2,984,335 6 MULTIFAMILY $26,762,748 DEVELOPMENT COST $31,630,362 Financial Feasibility Report Financial Feasibility Report 03-Jun-13 CONSOLIDATED MONTHLY DEVELOPMENT COST CONSOLIDATED MONTHLY DEVELOPMENT COST Month Month Month Month Month Month Month 18 19 20 21 22 23 24 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $19,049 $15,334 $13,074 $11,597 $10,667 $10,096 $3,903 $30,001 $23,992 $20,454 $18,138 $16,679 $15,783 $5,350 $180,111 $124,217 $91,117 $69,453 $55,814 $47,429 $34,057 $229,161 $163,544 $124,645 $99,187 $83,161 $73,307 $43,310 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $19,049 $15,334 $13,074 $11,597 $10,667 $10,096 $3,903 $30,001 $23,992 $20,454 $18,138 $16,679 $15,783 $5,350 $180,111 $124,217 $91,117 $69,453 $55,814 $47,429 $34,057 $229,161 $163,544 $124,645 $99,187 $83,161 $73,307 $43,310

31. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Prepared by PLOUTUS ADVISORS, LLC CONSOLIDATED - MONTHLY CASH FLOWS Total LAND COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $170,095 5 RESTAURANT $340,190 6 MULTIFAMILY $3,061,714 LAND ASSEMBLY/PRE-DEV COSTS $3,572,000 HARD COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $1,239,762 5 RESTAURANT $1,874,524 6 MULTIFAMILY $18,366,714 HARD COST - CONSTRUCTION $21,481,000 SOFT COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $473,421 5 RESTAURANT $769,621 6 MULTIFAMILY $5,334,319 SOFT COST $6,577,362 DEVELOPMENT COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $1,883,279 5 RESTAURANT $2,984,335 6 MULTIFAMILY $26,762,748 DEVELOPMENT COST $31,630,362 Financial Feasibility Report Financial Feasibility Report 03-Jun-13 CONSOLIDATED MONTHLY DEVELOPMENT COST CONSOLIDATED MONTHLY DEVELOPMENT COST Month Month Month Month Month Month Month 25 26 27 28 29 30 31 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

34. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Prepared by PLOUTUS ADVISORS, LLC CONSOLIDATED - MONTHLY CASH FLOWS Total LAND COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $170,095 5 RESTAURANT $340,190 6 MULTIFAMILY $3,061,714 LAND ASSEMBLY/PRE-DEV COSTS $3,572,000 HARD COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $1,239,762 5 RESTAURANT $1,874,524 6 MULTIFAMILY $18,366,714 HARD COST - CONSTRUCTION $21,481,000 SOFT COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $473,421 5 RESTAURANT $769,621 6 MULTIFAMILY $5,334,319 SOFT COST $6,577,362 DEVELOPMENT COST 1 OFFICE $0 2 RETAIL $0 3 GROCERY $0 4 CAFÉ $1,883,279 5 RESTAURANT $2,984,335 6 MULTIFAMILY $26,762,748 DEVELOPMENT COST $31,630,362 Financial Feasibility Report Financial Feasibility Report 03-Jun-13 CONSOLIDATED MONTHLY DEVELOPMENT COST CONSOLIDATED MONTHLY DEVELOPMENT COST Month Month Month 46 47 48 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

35. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 03-Jun-13 Prepared by PLOUTUS ADVISORS, LLC CAFE PROFORMA CAFÉ Total SF 6,500 SF PROFORMA Average Average Total Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 $/SF/Mo $/SF/Yr to Yr 10 DEVELOPMENT PERIOD OPERATING PERIOD Operating Cash Flow 1 2 3 4 5 6 7 8 Economic Occupancy 15.0% 60.0% 78.8% 78.8% 78.8% 73.1% 78.8% 78.8% 78.8% Physical Occupancy 25.0% 75.0% 95.8% 95.8% 95.8% 81.3% 95.8% 95.8% 95.8% Occupied Square Feet 1,625 SF 4,875 SF 6,229 SF 6,229 SF 6,229 SF 5,281 SF 6,229 SF 6,229 SF 6,229 SF New Lease 6,500 SF Contract Rent / Month NNN $3.00 $3.09 $3.18 $3.28 $3.38 $3.48 $3.58 $3.69 $3.80 Rent Escalation 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Annual Rent / SF $36.00 $37.08 $38.19 $39.34 $40.52 $41.73 $42.99 $44.28 $45.60 Renewal Prob Downtime Weighted Downtime/Rollover 75.0% 9.00 Mo 2.25 Mo 9.00 Mo 3.00 Mo 0.50 Mo 0.50 Mo 0.50 Mo 2.25 Mo 0.50 Mo 0.50 Mo 0.50 Mo Occupied Square Feet 1,625 SF 4,875 SF 6,229 SF 6,229 SF 6,229 SF 5,281 SF 6,229 SF 6,229 SF 6,229 SF Free Rent in Months 1.00 Mo 1.00 Mo 1.00 Mo 1.00 Mo 1.00 Mo 0.00 Mo 1.00 Mo 1.00 Mo 1.00 Mo Renewal Prob TI Cost Weighted Tenant Improvemt (TI) 75.0% $15.00 Renew $20.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20.00 $0.00 $0.00 $0.00 TI Amount $35.00 New $0 $0 $0 $0 $0 $130,000 $0 $0 $0 Annual Cash Flows Annual Contract Rent Check $0 $3.33 $40.02 $2,080,807 $234,000 $241,020 $248,251 $255,698 $263,369 $271,270 $279,408 $287,790 $296,424 Less: Free Rent ($19,500) ($20,085) ($20,688) ($21,308) ($21,947) $0 ($23,284) ($23,983) ($24,702) Less: Downtime/Rollover ($175,500) ($60,255) ($10,344) ($10,654) ($10,974) ($50,863) ($11,642) ($11,991) ($12,351) Reimbursement Income 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Parking Income 13 Stalls $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Income $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Potential Gross Income $39,000 $160,680 $217,219 $223,736 $230,448 $220,407 $244,482 $251,817 $259,371 Less: General Vacancy 10.00% ($3,900) ($16,068) ($21,722) ($22,374) ($23,045) ($22,041) ($24,448) ($25,182) ($25,937) Effective Gross Income (EGI) $2.29 $27.48 $1,429,010 $35,100 $144,612 $195,497 $201,362 $207,403 $198,366 $220,034 $226,635 $233,434 Operating Expenses Yr 1-Operation Annual (% or $/SF/Yr) Escalation Property Taxes $0.00 2.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Insurance $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Utilities $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 R&M $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Administration $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Security $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Parking Expense $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Insurance $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 General Bldg $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Management Fee 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Operating Expenses $0.00 $0.00 $0.00 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Expense Ratio (% of EGI) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Net Operating Income (NOI) $2.29 $27.48 $1,429,010 $35,100 $144,612 $195,497 $201,362 $207,403 $198,366 $220,034 $226,635 $233,434 NOI YOY Growth 312.0% 35.2% 3.0% 3.0% -4.4% 10.9% 3.0% 3.0% NOI Margin - NOI/EGI 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Tenant Improvements $0 $0 $0 $0 $0 ($130,000) $0 $0 $0 Leasing Commission Renewal 3.00% 5 Yr Term ($39,583) Capital Reserves $0.20/Yr 3.00% ($1,300) ($1,339) ($1,379) ($1,421) ($1,463) ($1,507) ($1,552) ($1,599) ($1,647) Operating Cash Flow Before Debt $1,247,867 $33,800 $143,273 $194,118 $199,942 $205,940 $27,277 $218,482 $225,036 $231,787 Operating Cash Flow YOY Growth 323.9% 35.5% 3.0% 3.0% -86.8% 701.0% 3.0% 3.0% Operating Margin - Operating Cash Flow/EGI 96.3% 99.1% 99.3% 99.3% 99.3% 13.8% 99.3% 99.3% 99.3%

36. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 03-Jun-13 Prepared by PLOUTUS ADVISORS, LLC RESTAURANT PROFORMA RESTAURANT Total SF 13,000 SF PROFORMA Average Average Total Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 $/SF/Mo $/SF/Yr to Yr 10 DEVELOPMENT PERIOD OPERATING PERIOD Operating Cash Flow 1 2 3 4 5 6 7 8 Economic Occupancy 15.0% 60.0% 78.8% 78.8% 78.8% 73.1% 78.8% 78.8% 78.8% Physical Occupancy 25.0% 75.0% 95.8% 95.8% 95.8% 81.3% 95.8% 95.8% 95.8% Occupied Square Feet 3,250 SF 9,750 SF 12,458 SF 12,458 SF 12,458 SF 10,563 SF 12,458 SF 12,458 SF 12,458 SF New Lease 13,000 SF Contract Rent / Month NNN $3.00 $3.09 $3.18 $3.28 $3.38 $3.48 $3.58 $3.69 $3.80 Rent Escalation 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Annual Rent / SF $36.00 $37.08 $38.19 $39.34 $40.52 $41.73 $42.99 $44.28 $45.60 Renewal Prob Downtime Weighted Downtime/Rollover 75.0% 9.00 Mo 2.25 Mo 9.00 Mo 3.00 Mo 0.50 Mo 0.50 Mo 0.50 Mo 2.25 Mo 0.50 Mo 0.50 Mo 0.50 Mo Occupied Square Feet 3,250 SF 9,750 SF 12,458 SF 12,458 SF 12,458 SF 10,563 SF 12,458 SF 12,458 SF 12,458 SF Free Rent in Months 1.00 Mo 1.00 Mo 1.00 Mo 1.00 Mo 1.00 Mo 0.00 Mo 1.00 Mo 1.00 Mo 1.00 Mo Renewal Prob TI Cost Weighted Tenant Improvemt (TI) 75.0% $0.00 Renew $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 TI Amount $0.00 New $0 $0 $0 $0 $0 $0 $0 $0 $0 Annual Cash Flows Annual Contract Rent Check $0 $3.33 $40.02 $4,161,613 $468,000 $482,040 $496,501 $511,396 $526,738 $542,540 $558,816 $575,581 $592,848 Less: Free Rent ($39,000) ($40,170) ($41,375) ($42,616) ($43,895) $0 ($46,568) ($47,965) ($49,404) Less: Downtime/Rollover ($351,000) ($120,510) ($20,688) ($21,308) ($21,947) ($101,726) ($23,284) ($23,983) ($24,702) Reimbursement Income 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Parking Income 35 Stalls $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Income $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Potential Gross Income $78,000 $321,360 $434,439 $447,472 $460,896 $440,814 $488,964 $503,633 $518,742 Less: General Vacancy 10.00% ($7,800) ($32,136) ($43,444) ($44,747) ($46,090) ($44,081) ($48,896) ($50,363) ($51,874) Effective Gross Income (EGI) $2.29 $27.48 $2,858,020 $70,200 $289,224 $390,995 $402,725 $414,806 $396,733 $440,068 $453,270 $466,868 Operating Expenses Yr 1-Operation Annual (% or $/SF/Yr) Escalation Property Taxes $0.00 2.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Insurance $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Utilities $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 R&M $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Administration $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Security $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Parking Expense $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Insurance $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 General Bldg $0.00 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Management Fee 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 Operating Expenses $0.00 $0.00 $0.00 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Expense Ratio (% of EGI) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Net Operating Income (NOI) $2.29 $27.48 $2,858,020 $70,200 $289,224 $390,995 $402,725 $414,806 $396,733 $440,068 $453,270 $466,868 NOI YOY Growth 312.0% 35.2% 3.0% 3.0% -4.4% 10.9% 3.0% 3.0% NOI Margin - NOI/EGI 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Tenant Improvements $0 $0 $0 $0 $0 $0 $0 $0 $0 Leasing Commission Renewal 3.00% 5 Yr Term ($79,165) Capital Reserves $0.20/Yr 3.00% ($2,600) ($2,678) ($2,758) ($2,841) ($2,926) ($3,014) ($3,105) ($3,198) ($3,294) Operating Cash Flow Before Debt $2,755,735 $67,600 $286,546 $388,236 $399,883 $411,880 $314,553 $436,963 $450,072 $463,575 Operating Cash Flow YOY Growth 323.9% 35.5% 3.0% 3.0% -23.6% 38.9% 3.0% 3.0% Operating Margin - Operating Cash Flow/EGI 96.3% 99.1% 99.3% 99.3% 99.3% 79.3% 99.3% 99.3% 99.3%

37. Client: Name (SAMPLE) Project Code | Project Type: OPTION 3H-1 Financial Feasibility Report 03-Jun-13 Prepared by PLOUTUS ADVISORS, LLC MULTIFAMILY PROFORMA MULTIFAMILY Unit Type Number Percent of Avg Area Total Area Avg Rent Avg Rent Annual of Units Total Units Per Unit SF /SF/Month /Unit/Month Rent 1Bed x 1Bath 180 100.0% 500 90,000 $2.60 $1,300 $2,808,000 2Bed x 2Bath 0 0.0% 0 0 $0.00 $0 $0 Residential 180 100.0% 500 90,000 $2.60 $1,300 $2,808,000 Other 0 0 0 $0.00 $0 $0 Annual Gross Rent $2,808,000 Rentable Area 77% 90,000 Common Area/Circulation 23% 27,000 Total SF 100% 117,000 PROFORMA Average Avg/Unit Total Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 /Mo to Yr 10 DEVELOPMENT PERIOD OPERATING PERIOD Operating Cash Flow 1 2 3 4 5 6 7 8 Economic Occupancy 90.8% 74.0% 89.0% 94.0% 94.0% 94.0% 93.9% 93.9% 93.9% 93.9% Physical Occupancy 91.9% 75.0% 90.0% 95.0% 95.0% 95.0% 95.0% 95.0% 95.0% 95.0% Gross Market Rent (GMR) $1,497 $25,873,547 $2,808,000 $2,920,320 $3,037,133 $3,158,618 $3,284,963 $3,416,361 $3,553,016 $3,695,136 $3,842,942 Gross Market Rent Escalation 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% Loss-to-Lease $0 $0 $0 $0 $0 ($3,416) ($3,553) ($3,695) ($3,843) Loss-to-Lease as % of Gross Market Rent 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% Gross Scheduled Rent $1,497 $25,862,883 $2,808,000 $2,920,320 $3,037,133 $3,158,618 $3,284,963 $3,412,945 $3,549,463 $3,691,441 $3,839,099 Vacancy ($702,000) ($292,032) ($151,857) ($157,931) ($164,248) ($170,647) ($177,473) ($184,572) ($191,955) Economic Vacancy as % of Scheduled Rent 8.1% 25.0% 10.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% Other - Model Unit, Conc., Allow., Bad Debt, etc. ($28,080) ($29,203) ($30,371) ($31,586) ($32,850) ($34,129) ($35,495) ($36,914) ($38,391) Other as % of Scheduled Rent 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% Effective Rental Income $2,077,920 $2,599,085 $2,854,905 $2,969,101 $3,087,865 $3,208,168 $3,336,495 $3,469,955 $3,608,753 Other Income $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Income as % of Gross Scheduled Rent 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Effective Gross Income (EGI) $1,366 $23,603,494 $2,077,920 $2,599,085 $2,854,905 $2,969,101 $3,087,865 $3,208,168 $3,336,495 $3,469,955 $3,608,753 EGI YOY Growth 25.1% 9.8% 4.0% 4.0% 3.9% 4.0% 4.0% 4.0% EGI Margin - EGI/GMR 90.8% 74.0% 89.0% 94.0% 94.0% 94.0% 93.9% 93.9% 93.9% 93.9% Operating Expense ($727,272) ($909,680) ($999,217) ($1,039,185) ($1,080,753) ($1,122,859) ($1,167,773) ($1,214,484) ($1,263,064) Expense Ratio as % of EGI 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% Residential NOI $888 $15,342,271 $1,350,648 $1,689,405 $1,855,688 $1,929,916 $2,007,112 $2,085,309 $2,168,722 $2,255,471 $2,345,689 YOY Growth Other NOI 0.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 Net Operating Income (NOI) $888 $15,342,271 $1,350,648 $1,689,405 $1,855,688 $1,929,916 $2,007,112 $2,085,309 $2,168,722 $2,255,471 $2,345,689 NOI YOY Growth 25.1% 9.8% 4.0% 4.0% 3.9% 4.0% 4.0% 4.0% NOI Margin - NOI/EGI 65.0% 65.0% 65.0% 65.0% 65.0% 65.0% 65.0% 65.0% 65.0% 65.0% $ per Unit YOY Growth CapEx Reserve $120 3.0% ($4,320) ($4,450) ($6,875) ($14,162) ($24,311) ($25,040) ($25,792) ($26,565) ($27,362) Reserve Applied % 20.0% 20.0% 30.0% 60.0% 100.0% 100.0% 100.0% 100.0% 100.0% Operating Cash Flow Before Debt $880 $15,210,757 $1,346,328 $1,684,956 $1,848,814 $1,915,754 $1,982,801 $2,060,269 $2,142,930 $2,228,905 $2,318,327 Operating Cash Flow YOY Growth 25.2% 9.7% 3.6% 3.5% 3.9% 4.0% 4.0% 4.0% Operating Margin - Operating Cash Flow/EGI 64.8% 64.8% 64.8% 64.5% 64.2% 64.2% 64.2% 64.2% 64.2%

38. Comprehensive Lease Analysis With GAAP Impact

39. Page 1 of 4 Developed by Comprehensive Financial Analysis of a Real Estate Lease Client Name & Property Address October 2, 2013 INPUT DASHBOARD (PART A) ALL INPUT IN BLUE GENERAL CONTRACT RENT Lease Commences 5/1/13 From To Number of Rent Esc. (Lease Type) > Gross Rent Input Lease Term 60 Months or 5.0 Yrs Month Month Months CPI $/SF/Mo $/SF/Yr $/SF/Yr Lease Expiration/Analysis End Date 4/30/18 3.00% Applied Rate Cash Flow Period 1 Annual 5/1/13 4/30/14 12 $3.00 $36.00 $36.00 Pre-Tax Discount Rate 8.00% 5/1/14 4/30/15 12 3.0% $3.09 $37.08 $38.00 Equivalent Periodic PT Discount Rate 8.00% 5/1/15 4/30/16 12 3.0% $3.18 $38.19 $40.00 Estimated Tax Rate 40.00% 5/1/16 4/30/17 12 3.0% $3.28 $39.34 $42.00 After-Tax Discount Rate 4.80% 5/1/17 4/30/18 12 3.0% $3.38 $40.52 $44.00 Undepreciated TI Write-Off at Expiration Yes 0 $0.00 RLO Yes 5/1/15 0 $0.00 0 $0.00 0 $0.00 GAAP 0 $0.00 GAAP Rent Start (Refer to Note) 5/1/13 0 $0.00 Straight-Line Rent Period (Mos) 60 0 $0.00 Note: Enter Date of "Beneficial Use" i.e., Earlier of 0 $0.00 Construction Start or Lease Commencement for GAAP 0 $0.00 0 $0.00 0 $0.00 AREA 0 $0.00 Suite / Floor / Bldg Start Date RSF Total Months 60 Avg Rent (5/1/13-4/30/18) $38.23 Building A 5/1/13 15,000 Note 1: In case of a "Modified" Lease, enter Direct Expenses under "Expense" input area Load Factor 15.00% Note 2: "Fixed" - Enter Rental Rate; "CPI" - CPI Included in GAAP Rent; "CPI(NR)" - CPI Not Included in GAAP Rent Total USF 13,043 EXPENSE RENT ABATEMENT Operating Expense Escalation Yr 2011 Yr 2013 Months From Months To Months To Percent Utilities 3.0% $5.00 $5.30 1 2 2 100% R&M 3.0% $1.50 $1.59 13 14 2 50% Janitorial 3.0% $1.00 $1.06 25 26 2 100% G&A 3.0% $1.00 $1.06 0 0 0 100% Management Fee 3.0% $1.25 $1.33 0 0 0 100% Insurance 3.0% $0.65 $0.69 0 0 0 100% Security 3.0% $0.50 $0.53 0 0 0 100% Equipment Maint. 3.0% $0.50 $0.53 0 0 0 100% Other 1 3.0% $0.00 $0.00 0 0 0 100% Other 2 3.0% $0.00 $0.00 0 0 0 100% Other 3 3.0% $0.00 $0.00 Total Months Abated 5.00 Total Amount $ Other 4 5.0% $0.00 $0.00 Abatement Type Gross $244,940 Other 5 3.0% $0.00 $0.00 Other 6 3.0% $0.00 $0.00 Real Estate Taxes 2.0% $2.00 $2.08 COMMISSION FEE Subtotal / Avg. Esc. 3.1% $13.40 $14.18 From To % of Rent For Gross Rent: Enter "BY" for Base Yr BY Month Month Contract Base Year: 2013 1 60 3.0% Direct Expense Escalation Yr 2011 Yr 2013 0 0 0.0% DE 1 4.0% $1.00 $1.08 0 0 0.0% DE 2 4.0% $0.50 $0.54 Commission Fee $79,053 Subtotal / Avg. Esc. 4.0% $1.50 $1.62 Time Applied (Month of Lease Term) Month 0 Total Expense $14.90 $15.80 Commission Rebate ($) $50,000 Fiscal/Calendar Fiscal < (Fiscal Esc. is per Lease Start) Time Applied (Month of Lease Term) Month 3 PARKING General Stalls Rate Initial Rent Must-Take Stalls Rate Initial Rent Total Stalls Total Initial Rent Type # $/Stall/Month $/Month Type # $/Stall/Month $/Month # $/Month Unreserved 20 75 1,500 Unreserved 18 75 1,350 38 2,850 Reserved 0 0 0 Reserved 0 0 0 0 0 Other 0 0 0 Other 0 0 0 0 0 Total 20 $1,500 Total 18 $1,350 38 $2,850 Escalation/Yr 5.0% Rent Start Month 5 Escalation/Yr 5.0% Rent Start Month 20 Fiscal/Calender Fiscal < (Fiscal Esc. is per Lease Start) Fiscal/Calender Calendar < (Fiscal Esc. is per Lease Start) Parking Ratio 2.50/1,000 SF General Parking Abatement Must-Take Parking Abatement Ratio Per Rentable SF From Month To Month Percent From Month To Month Percent 3 6 100% 30 40 100% Note: For Parking Abatement 0 0 100% 0 0 100% enter Month of Lease Term 0 0 100% 0 0 100% Tenant Representation Analysis Enter BY In One Cell, NOT Both Disclaimer:Informationfurnishedregardingpropertyhasnotbeenverifiedandnorepresentations,expressorimplied,canbemadeasitsaccuracy.Thisanalysismaybesubjecttoerrors,omissions,changeofprice,rentalorotherconditions.Wedonotprovideanyguarantees,expressorimplied,astotheaccuracyoftheinformationshownherein.Alldatashould beverifiedbytheuser.TheanalysisrepresentsourinterpretationandisNOTintendedtoreplaceinformationreceivedfromtaxand/oraccountingprofessionals.Theuserisadvisedtoconductitsownduediligenceandconsultwithitsadvisorspriortomakinganydecision. ©Copyright2013,PloutusAdvisors,LLC.AllRightsReserved. For Illustra+on Purposes Only For further informa+on, please contact: Adnan Tapia +1.424.274.3561 | atapia@ploutusadvisors.com

40. Page 2 of 4 Developed by Comprehensive Financial Analysis of a Real Estate Lease Client Name & Property Address October 2, 2013 Tenant Representation Analysis For Illustra+on Purposes Only For further informa+on, please contact: Adnan Tapia +1.424.274.3561 | atapia@ploutusadvisors.com INPUT DASHBOARD (PART B) ALL INPUT IN BLUE TENANT IMPROVEMENT COST TI - Part A Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF TI - Part F Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF TI Cost RT $600,000 $40.00 TI Cost RT $0 $0.00 Less: LL TI Allowance or Deferred Rent Credit $150,000 $10.00 Less: LL TI Allowance or Deferred Rent Credit $0 $0.00 Net TI Cost 39.0 Yrs $450,000 $30.00 Net TI Cost 3.0 Yrs $0 $0.00 Time Applied (Month of Lease Term) Month 0 Time Applied (Month of Lease Term) Month 0 Area Applied (RSF) 15,000 SF Area Applied (RSF) 0 SF TI - Part B Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF TI - Part G Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF TI Cost RT $75,000 $15.00 TI Cost RT $0 $0.00 Less: LL TI Allowance or Deferred Rent Credit $25,000 $5.00 Less: LL TI Allowance or Deferred Rent Credit $0 $0.00 Net TI Cost 7.0 Yrs $50,000 $10.00 Net TI Cost 3.0 Yrs $0 $0.00 Time Applied (Month of Lease Term) Month 10 Time Applied (Month of Lease Term) Month 0 Area Applied (RSF) 5,000 SF Area Applied (RSF) 0 SF TI - Part C Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF TI - Part H Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF TI Cost RT $0 $0.00 TI Cost 7.0 Yrs $0 $0.00 Less: LL TI Allowance or Deferred Rent Credit $0 $0.00 Less: LL TI Allowance or Deferred Rent Credit $0 $0.00 Net TI Cost 2.0 Yrs $0 $0.00 Net TI Cost 3.0 Yrs $0 $0.00 Time Applied (Month of Lease Term) Month 0 Time Applied (Month of Lease Term) Month 0 Area Applied (RSF) 0 SF Area Applied (RSF) 0 SF TI - Part D Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF TI - Part I Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF TI Cost RT $0 $0.00 TI Cost 2.0 Yrs $0 $0.00 Less: LL TI Allowance or Deferred Rent Credit $0 $0.00 Less: LL TI Allowance or Deferred Rent Credit $0 $0.00 Net TI Cost 3.0 Yrs $0 $0.00 Net TI Cost 3.0 Yrs $0 $0.00 Time Applied (Month of Lease Term) Month 0 Time Applied (Month of Lease Term) Month 0 Area Applied (RSF) 0 SF Area Applied (RSF) 0 SF TI - Part E Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF TI - Part J Tax-UL (Yrs) GAAP-UL (Yrs) $ Amount $ per RSF TI Cost RT $0 $0.00 TI Cost RT $0 $0.00 Less: LL TI Allowance or Deferred Rent Credit $0 $0.00 Less: LL TI Allowance or Deferred Rent Credit $0 $0.00 Net TI Cost 3.0 Yrs $0 $0.00 Net TI Cost 3.0 Yrs $0 $0.00 Time Applied (Month of Lease Term) Month 0 Time Applied (Month of Lease Term) Month 0 Area Applied (RSF) 0 SF Area Applied (RSF) 0 SF Total TI Cost ($) $675,000 $55.00 Note: For Tax and GAAP Useful Life (UL), enter either "RT" for Remaining Term, Total Net TI Cost ($) $500,000 $40.00 or Number of Years MISCELLANEOUS COST Miscellaneous - Part A $ per RSF Miscellaneous - Part C $ per RSF Moving Cost $1.00 Moving Cost $0.00 Other $0.00 Other $0.00 Total Amount ($) $15,000 Total Amount ($) $0 Time Applied (Month of Lease Term) Month 0 Time Applied (Month of Lease Term) Month 0 Area Applied (RSF) 15,000 SF Area Applied (RSF) 0 SF Miscellaneous - Part B $ per RSF Miscellaneous - Part D $ per RSF Moving Cost $1.00 Moving Cost $0.00 Other $0.00 Other $0.00 Total Amount ($) $50,000 Total Amount ($) $0 Time Applied (Month of Lease Term) Month 3 Time Applied (Month of Lease Term) Month 0 Area Applied (RSF) 50,000 SF Area Applied (RSF) 0 SF Total Miscellaneous Cost ($) $65,000 OTHER MUST-TAKE RENT (Storage, etc) Description RSF Rate/RSF/Yr StartCost/Month Storage Room 2,000 $12.00 $2,000 Other 0 $0.00 $0 2,000 $2,000 Escalation/Yr 3.0% Rent Start Month 6 Fiscal/Calender Fiscal < (Fiscal Esc. is per Lease Start) Disclaimer:Informationfurnishedregardingpropertyhasnotbeenverifiedandnorepresentations,expressorimplied,canbemadeasitsaccuracy.Thisanalysismaybesubjecttoerrors,omissions,changeofprice,rentalorotherconditions.Wedonotprovideanyguarantees,expressorimplied,astotheaccuracyoftheinformationshownherein.Alldata shouldbeverifiedbytheuser.TheanalysisrepresentsourinterpretationandisNOTintendedtoreplaceinformationreceivedfromtaxand/oraccountingprofessionals.Theuserisadvisedtoconductitsownduediligenceandconsultwithitsadvisorspriortomakinganydecision. ©Copyright2013,PloutusAdvisors,LLC.AllRightsReserved.

41. Page 3 of 4 Developed by Comprehensive Financial Analysis of a Real Estate Lease Client Name & Property Address October 2, 2013 Tenant Representation Analysis For Illustra+on Purposes Only For further informa+on, please contact: Adnan Tapia +1.424.274.3561 | atapia@ploutusadvisors.com CASH ANALYSIS Period T0 T1 T2 T3 T4 T5 T6 T7 T8 T9 T10 Total Months 12 12 12 12 12 60 Period Beginning 5/1/13 5/1/14 5/1/15 5/1/16 5/1/17 Period Ending 12 4/30/14 4/30/15 4/30/16 4/30/17 4/30/18 Lease Rent Annualized Gross Rent 37.62$ 39.17$ 40.77$ 42.41$ 44.11$ -$ -$ -$ -$ -$ NNN Rent 21.82 22.90 24.02 25.16 26.34 - - - - - Utilities 5.30 5.46 5.63 5.80 5.97 - - - - - R&M 1.59 1.64 1.69 1.74 1.79 - - - - - Janitorial 1.06 1.09 1.13 1.16 1.19 - - - - - G&A 1.06 1.09 1.13 1.16 1.19 - - - - - Management Fee 1.33 1.37 1.41 1.45 1.49 - - - - - Insurance 0.69 0.71 0.73 0.75 0.78 - - - - - Security 0.53 0.55 0.56 0.58 0.60 - - - - - Equipment Maint. 0.53 0.55 0.56 0.58 0.60 - - - - - Other 1 - - - - - - - - - - Other 2 - - - - - - - - - - Other 3 - - - - - - - - - - Other 4 - - - - - - - - - - Other 6 - - - - - - - - - - Real Estate Taxes 2.08 2.12 2.16 2.21 2.25 - - - - - DE 1 1.08 1.12 1.17 1.22 1.27 - - - - - DE 2 0.54 0.56 0.58 0.61 0.63 - - - - - Expenses 15.80 16.27 16.75 17.25 17.76 - - - - - Gross ($/RSF/Yr) - Per Months/Yr 37.62$ 39.17$ 40.77$ 42.41$ 44.11$ -$ -$ -$ -$ -$ NNN Rent 327,374$ 343,574$ 360,260$ 377,447$ 395,149$ -$ -$ -$ -$ -$ 1,803,804$ Expenses 236,962 244,002 251,257 258,733 266,437 - - - - - 1,257,391 Gross Rent 564,336$ 587,576$ 611,517$ 636,180$ 661,586$ -$ -$ -$ -$ -$ 3,061,195$ Gross Abatement (94,056) (48,965) (101,919) - - - - - - - (244,940) Gross Rent, After Abatement ($/Yr) 470,280$ 538,611$ 509,597$ 636,180$ 661,586$ -$ -$ -$ -$ -$ 2,816,255$ Other Cost Net TI Cost - Part A 450,000 - - - - - - - - - - 450,000 Net TI Cost - Part B - 50,000 - - - - - - - - - 50,000 Net TI Cost - Part C - - - - - - - - - - - - Net TI Cost - Part D - - - - - - - - - - - - Net TI Cost - Part E - - - - - - - - - - - - Net TI Cost - Part F - - - - - - - - - - - - Net TI Cost - Part G - - - - - - - - - - - - Net TI Cost - Part H - - - - - - - - - - - - Net TI Cost - Part I - - - - - - - - - - - - Net TI Cost - Part J - - - - - - - - - - - - Net TI Cost 450,000 50,000 - - - - - - - - - 500,000 Parking Cost - 9,000 25,920 26,933 33,042 40,945 - - - - - 135,840 Miscellaneous Cost 15,000 50,000 - - - - - - - - - 65,000 Other Must Take Cost (Storage, etc.) - 14,000 24,720 25,462 26,225 27,012 - - - - - 117,419 Commission Rebate - (50,000) - - - - - - - - - (50,000) Commission Fee 79,053 - - - - - - - - - - 79,053 Total Other Cost ($/Yr) 544,053 73,000 50,640 52,394 59,267 67,957 - - - - - 847,312 Pre-Tax Occupancy Cost ($/Yr) 544,053$ 543,280$ 589,251$ 561,992$ 695,447$ 729,544$ -$ -$ -$ -$ -$ 3,663,567$ Tax Benefit/Shield Gross Rent, After Abatement ($/Yr) -$ 188,112$ 215,445$ 203,839$ 254,472$ 264,635$ -$ -$ -$ -$ -$ 1,126,502$ Depreciation - Net TI Cost - Part A - 4,615 4,615 4,615 4,615 161,538 - - - - - 180,000 Depreciation - Net TI Cost - Part B - 476 2,857 2,857 2,857 10,952 - - - - - 20,000 Depreciation - Net TI Cost - Part C - - - - - - - - - - - - Depreciation - Net TI Cost - Part D - - - - - - - - - - - - Depreciation - Net TI Cost - Part E - - - - - - - - - - - - Depreciation - Net TI Cost - Part F - - - - - - - - - - - - Depreciation - Net TI Cost - Part G - - - - - - - - - - - - Depreciation - Net TI Cost - Part H - - - - - - - - - - - - Depreciation - Net TI Cost - Part I - - - - - - - - - - - - Depreciation - Net TI Cost - Part J - - - - - - - - - - - - Depreciation - Net TI Cost - 5,092 7,473 7,473 7,473 172,491 - - - - - 200,000 Net TI Credit - - - - - - - - - - - - Parking Cost - 3,600 10,368 10,773 13,217 16,378 - - - - - 54,336 Miscellaneous Cost 6,000 20,000 - - - - - - - - - 26,000 Other Must Take Cost (Storage, etc.) - 5,600 9,888 10,185 10,490 10,805 - - - - - 46,968 Commission Rebate - (20,000) - - - - - - - - - (20,000) Commission Fee 31,621 - - - - - - - - - - 31,621 Total Tax Shield 37,621$ 202,404$ 243,173$ 232,269$ 285,651$ 464,308$ -$ -$ -$ -$ -$ 1,465,427$ AT Occupancy Cost ($/Yr) 506,432$ 340,876$ 346,078$ 329,722$ 409,796$ 265,235$ -$ -$ -$ -$ -$ 2,198,140$ Result Occupancy Cost (All in $s) Pre-Tax Discount Rate 6.0% 7.0% 8.0% 9.0% 10.0% Pre-Tax Undiscounted Cost 3,663,567$ Pre-Tax NPV ($) 3,006,095 3,148,889 3,075,927 3,006,095 2,939,222 2,875,150 Pre-Tax NPV 3,006,095$ Pre-Tax ARE ($/Yr) 747,535 750,190 752,896 755,652 758,457 Pre-Tax ARE ($/SF/Yr) 49.84 50.01 50.19 50.38 50.56 After-Tax Undiscounted Cost 2,198,140$ After-Tax NPV ($/Yr) 2,032,420 2,007,281 1,982,789 1,958,922 1,935,659 After-Tax NPV 1,982,789$ Notes: Annual Rental Equivalent - ARE; Net Present Value - NPV (Discount Rate Increment) > 1.0% Remaining Lease Obligation (RLO) RLO as of 5/1/15 RLO Undiscounted Amount 1,986,982$ RLO Present Value 1,757,788$ Disclaimer: Information furnished regarding property has not been verified and no representations, express or implied, can be made as its accuracy. This analysis may be subject to errors, omissions, change of price, rental or other conditions. We do not provide any guarantees, express or implied, as to the accuracy of the information shown herein. All data should be verified by the user. The analysis represents our interpretation and is NOT intended to replace information received from tax and/or accounting professionals. The user is advised to conduct its own due diligence and consult with its advisors prior to making any decision. © Copyright 2013, Ploutus Advisors, LLC. All Rights Reserved. $2,000 $3,000 $4,000 6.0% 7.0% 8.0% 9.0% 10.0% Thousands Pre-‐Tax NPV ($,000) Pre-‐Tax NPV

42. Page 4 of 4 Developed by Comprehensive Financial Analysis of a Real Estate Lease Client Name & Property Address October 2, 2013 Tenant Representation Analysis For Illustra+on Purposes Only For further informa+on, please contact: Adnan Tapia +1.424.274.3561 | atapia@ploutusadvisors.com GAAP ANALYSIS Period T0 T1 T2 T3 T4 T5 T6 T7 T8 T9 T10 Total Months 12 12 12 12 12 60 Period Ending 4/30/13 4/30/14 4/30/15 4/30/16 4/30/17 4/30/18 Lease Rent Annualized Gross Rent 35.75$ 36.22$ 36.71$ 37.20$ 37.72$ -$ -$ -$ -$ -$ NNN GAAP (Straight-Lined) Rent (Refer to Description Below) 19.96 19.96 19.96 19.96 19.96 - - - - - Expenses, except Direct Expenses 14.18 14.58 15.00 15.42 15.86 - - - - - Direct Expenses 1.62 1.69 1.75 1.82 1.90 - - - - - FSG ($/RSF/Yr) - Per Months/Yr 35.75$ 36.22$ 36.71$ 37.20$ 37.72$ -$ -$ -$ -$ -$ GAAP Rent 299,332$ 299,332$ 299,332$ 299,332$ 299,332$ -$ -$ -$ -$ -$ 1,496,661$ Expenses 236,962 244,002 251,257 258,733 266,437 - - - - - 1,257,391 Gross Rent ($/Yr) 536,294$ 543,334$ 550,589$ 558,065$ 565,770$ -$ -$ -$ -$ -$ 2,754,052$ Other Cost Depreciation - TI Cost - Part A - 120,000 120,000 120,000 120,000 120,000 - - - - - 600,000 Depreciation - TI Cost - Part B - 3,000 18,000 18,000 18,000 18,000 - - - - - 75,000 Depreciation - TI Cost - Part C - - - - - - - - - - - - Depreciation - TI Cost - Part D - - - - - - - - - - - - Depreciation - TI Cost - Part E - - - - - - - - - - - - Depreciation - TI Cost - Part F - - - - - - - - - - - - Depreciation - TI Cost - Part G - - - - - - - - - - - - Depreciation - TI Cost - Part H - - - - - - - - - - - - Depreciation - TI Cost - Part I - - - - - - - - - - - - Depreciation - TI Cost - Part J - - - - - - - - - - - - Depreciation - TI Cost - 123,000 138,000 138,000 138,000 138,000 - - - - - 675,000 Parking Cost - 9,000 18,900 19,845 20,837 21,879 - - - - - 90,461 Miscellaneous Cost 15,000 50,000 - - - - - - - - - 65,000 Commission Fee 79,053 - - - - - - - - - - 79,053 Total Other Expense ($/Yr) 94,053 182,000 156,900 157,845 158,837 159,879 - - - - - 909,514 Pre-Tax Occupancy Expense ($/Yr) 94,053$ 718,294$ 700,234$ 708,434$ 716,902$ 725,649$ -$ -$ -$ -$ -$ 3,663,567$ EBITDA Impact ($/Yr) 94,053$ 595,294$ 562,234$ 570,434$ 578,902$ 587,649$ -$ -$ -$ -$ -$ 2,988,567$ Tax Provision 37,621$ 287,318$ 280,094$ 283,374$ 286,761$ 290,260$ -$ -$ -$ -$ -$ 1,465,427$ After-Tax Occupancy Expense ($/Yr) 56,432$ 430,976$ 420,141$ 425,060$ 430,141$ 435,389$ -$ -$ -$ -$ -$ 2,198,140$ GAAP RENT TREATMENT: NNN GAAP Rent includes NNN-equivalent base rent (net of abatement), TI allowance (also called deferred rent credit), must-take parking (net of abatement), must-take storage, all calculated on a straight-line basis from 5/1/13 Result GAAP Expense (All in $s) Pre-Tax GAAP Reconciliation TI Cost & GAAP Depreciation Reconciliation Pre-Tax GAAP Expense $3,663,567 Item Cash GAAP Item TI Cost GAAP Depn After-Tax Undiscounted Cost $2,198,140 NNN Rent $1,803,804 $1,496,661 Part A $600,000 $600,000 GAAP Reconciliation Rent Abatement ($244,940) Part B $75,000 $75,000 Pre-Tax Undiscounted Cost $3,663,567 TI Allowance ($175,000) Part C $0 $0 Pre-Tax GAAP Expense $3,663,567 Must-Take (MT) Parking $61,538 Part D $0 $0 Variance $0 MT Parking Abatement ($16,160) Part E $0 $0 Variance Due to CPI(NR) - GAAP NA Commission Rebate ($50,000) Part F $0 $0 Variance Balance NA Other Must-Take Rent $117,419 Part G $0 $0 Part H $0 $0 P&L Impact Part I $0 $0 GAAP Rent From Lease Start 1,496,661 Part J $0 $0 GAAP Rent Prior to Lease Start $0 Subtotal $1,496,661 $1,496,661 Subtotal $675,000 $675,000 Total GAAP Rent $1,496,661 -$ Annual Impact to P&L $299,332 Variance $0 Variance $0 Monthly Impact to P&L $24,944 Total Variance $0 Disclaimer: Information furnished regarding property has not been verified and no representations, express or implied, can be made as its accuracy. This analysis may be subject to errors, omissions, change of price, rental or other conditions. We do not provide any guarantees, express or implied, as to the accuracy of the information shown herein. All data should be verified by the user. The analysis represents our interpretation and is NOT intended to replace information received from tax and/or accounting professionals. The user is advised to conduct its own due diligence and consult with its advisors prior to making any decision. © Copyright 2013, Ploutus Advisors, LLC. All Rights Reserved. $94,053 $595,294 $562,234 $570,434 $578,902 $587,649 $-‐ $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 Apr-‐13 Apr-‐14 Apr-‐15 Apr-‐16 Apr-‐17 Apr-‐18 EBITDA Impact ($/Yr)

43. Lease Comparison Analysis

44. Client Tenant Representation Summary of Results O P T I O N S Bldg A - Option 1 Bldg B - Option 2 Bldg C - Option 3 Bldg D - Option 4 Bldg E - Option 5 RSF 40,946 40,000 40,000 40,000 40,000 Rent Commencement Date 9/1/2006 9/1/2006 9/1/2006 9/1/2006 9/1/2006 Lease Term (Years) 10 10 10 10 10 Lease Type NNN NNN NNN Modified Gross NNN Contract Rent ($/RSF/Yr) Y 01 13.95 14.00 19.00 24.00 21.75 Y 02 14.23 14.35 19.50 24.00 21.75 Y 03 14.51 14.70 20.00 24.50 21.75 Y 04 14.80 15.05 20.50 24.50 22.50 Y 05 15.10 15.40 21.00 25.00 22.50 Y 06 15.40 15.75 21.50 25.00 22.50 Y 07 15.71 16.10 22.00 25.00 23.25 Y 08 16.02 16.45 22.50 26.00 23.25 Y 09 16.34 16.80 23.00 26.00 23.25 Y 10 16.67 17.15 23.50 26.00 23.25 Avg 15.27 15.58 21.25 25.00 22.58 Total Rent $ 6,254,445 6,230,000 8,500,000 10,000,000 9,030,000 Total Expense $ 4,555,044 4,454,529 4,221,617 3,831,179 4,221,617 Avg Expense ($/RSF/Yr) 11.12 11.14 10.55 9.58 10.55 Cash Basis Gross Rent, Less Abatmt, Undiscounted $ 10,809,489 10,684,529 12,721,617 11,050,179 13,251,617 Total Other Cost, Undiscounted $ 574,190 1,207,000 600,000 600,000 200,000 Pre-Tax Cost, Undiscounted $ 11,383,679 11,891,529 13,321,617 11,650,179 13,451,617 Discount Rate 8.0% 8.0% 8.0% 8.0% 8.0% Tax Rate Applied 40.0% 40.0% 40.0% 40.0% 40.0% PT NPV $ 7,721,235 8,264,416 9,001,663 7,926,777 9,006,841 PT NPV Differential $ 0 543,181 1,280,428 205,542 1,285,606 AT NPV $ 5,438,399 5,836,561 6,334,420 5,572,374 6,310,030 AT NPV Differential $ 0 398,162 896,021 133,975 871,631 GAAP Basis Gross Rent, Less Abatmt, Undiscounted $ 10,809,489 10,684,529 12,721,617 11,050,179 13,251,617 Total Other Expense, Undiscounted $ 574,190 1,207,000 600,000 600,000 200,000 PT Expense, Undiscounted $ 11,383,679 11,891,529 13,321,617 11,650,179 13,451,617 PT Expense, Differential $ 0 507,851 1,937,938 266,500 2,067,938 AT Expense, Undiscounted $ 6,830,207 7,134,918 7,992,970 6,990,107 8,070,970 AT Expense, Differential $ 0 304,710 1,162,763 159,900 1,240,763 GAAP Basis - EPS Impact Weighted Avg Shares-Diluted (2004) 34,882,000 PT $/Share - 3 Yr Avg 0.03 0.03 0.04 0.03 0.04 AT $/Share - 3 Yr Avg 0.02 0.02 0.02 0.02 0.02 Best Option [PT Cash Basis] :- Bldg A - Option 1 Page 1 of 14

45. Client Tenant Representation Summary of Results This analysis does not purport to be all inclusive, or to contain all of the information that prospective tenants may desire. It should be noted that all financial projections are provided for general reference purposes only in that they are based on assumptions relating to the general economy, competition, and other factors beyond the control of Ploutus Advisors and, therefore, are subject to material variation. There may be other elements to the proposed transaction not analyzed that have tax and GAAP implications, in addition to other factors that impact the investment results of this opportunity. We urge you to consult with your auditing and tax advisory firm(s) in order to validate the results and recommendations stated herein. Further, Ploutus Advisors recommends that you prepare your own analysis based on information, that in your judgment, may be relevant. Neither Ploutus Advisors, nor any of its respective officers or employees, has made any representation or warranty, expressed or implied, as to the accuracy or completeness of this analysis or any of its contents, and no legal commitments or obligations shall arise by reason of this model or any of its contents. Pre-Tax NPV and Annual Rental Equivalent (10 Yr Avg $/RSF) 29.53 33.5633.54 30.79 28.10 7,000,000 7,500,000 8,000,000 8,500,000 9,000,000 9,500,000 Bldg A Bldg B Bldg C Bldg D Bldg E Scenario OccupancyCost(in$) 24.00 26.00 28.00 30.00 32.00 34.00 AnnualRentalEquivalent(in $/RSF) NPV ARE/SF Page 2 of 14

46. Client Tenant Representation Bldg A - Option 1 LEASE DETAILS General NNN Rent Schedule Expense* Rent Start Date 9/1/2006 Month Rent Esc/Yr $ per Mth $ per Yr Growth Rate 2005 2006 Term of Lease (Yrs) 10.00 2.0% OpEx + RE Taxes 3.0% 6.99 7.20 Expiry of Lease 8/31/2016 1-12 1.16$ 13.95$ Utilities 2.5% 2.50 2.56 Tax Rate 40.0% 13-24 2.0% 1.19 14.23 Total 9.49$ 9.76$ PT Discount Rate 8.0% 25-36 2.0% 1.21 14.51 AT Discount Rate 4.8% 37-48 2.0% 1.23 14.80 *Analysis applies OpEx/Tax on Fiscal Basis Tax Depreciation 39 Yrs 49-60 2.0% 1.26 15.10 GAAP Depreciation 10 Yrs 61-72 2.0% 1.28 15.40 73-84 2.0% 1.31 15.71 Tenant Improvement 85-96 2.0% 1.34 16.02 Percent $ per RSF 97-108 2.0% 1.36 16.34 Required TI Cost 45.00 Area 109-120 2.0% 1.39 16.67 Supervision Fee 0.0% - Floor/Suite RSF Average Rent 1.27$ 15.27$ Less: Space Plan - Entire Bldg 40,946 Less: TI Allowance 30.00 - Parking* Net TI Cost per RSF 15.00$ - Parking Ratio: 4.0 Stalls per 1000 RSF Total RSF 40,946 Type Stalls Rate Initial Rent $/Stall/Mth $/Mth Miscellaneous Unreserved 164 - - Moving Allowance from LL (40,000)$ Reserved 0 - - Abatement Total 164 -$ Months % Abamt Escalation/Yr 3.0% 0 0.0% *Analysis applies Parking escalation on Fiscal Basis ALL INPUT IN BLUE CASH BASIS Initial 1 2 3 4 5 6 7 8 9 10 Total Year Ending Investment 8/31/2007 8/31/2008 8/31/2009 8/31/2010 8/31/2011 8/31/2012 8/31/2013 8/31/2014 8/31/2015 8/31/2016 /Avg Months in Year 12 12 12 12 12 12 12 12 12 12 120 New Lease Rent NNN 13.95$ 14.23$ 14.51$ 14.80$ 15.10$ 15.40$ 15.71$ 16.02$ 16.34$ 16.67$ 15.27$ OpEx + RE Taxes 7.20 7.42 7.64 7.87 8.10 8.35 8.60 8.85 9.12 9.39 8.25 Utilities 2.56 2.63 2.69 2.76 2.83 2.90 2.97 3.05 3.12 3.20 2.87 FSG ($/RSF/Yr) 23.71$ 24.27$ 24.84$ 25.43$ 26.03$ 26.65$ 27.28$ 27.92$ 28.59$ 29.27$ 26.40$ Gross Rent 970,920 993,811 1,017,261 1,041,285 1,065,897 1,091,112 1,116,945 1,143,413 1,170,530 1,198,315 10,809,489 Less: Rent Abatement - - - - - - - - - - - Gross Rent, less Abatmt ($/Yr) 970,920$ 993,811$ 1,017,261$ 1,041,285$ 1,065,897$ 1,091,112$ 1,116,945$ 1,143,413$ 1,170,530$ 1,198,315$ 10,809,489$ Other Cost Net TI Cost 614,190 - - - - - - - - - - 614,190 Moving (40,000) - - - - - - - - - - (40,000) Parking - - - - - - - - - - - - Total Other Cost ($/Yr) 574,190 - - - - - - - - - - 574,190 PT Occupany Cost ($/Yr) 574,190$ 970,920$ 993,811$ 1,017,261$ 1,041,285$ 1,065,897$ 1,091,112$ 1,116,945$ 1,143,413$ 1,170,530$ 1,198,315$ 11,383,679$ Tax Benefit/Shield Gross Rent, less Abatmt ($/Yr) -$ 388,368$ 397,524$ 406,904$ 416,514$ 426,359$ 436,445$ 446,778$ 457,365$ 468,212$ 479,326$ 4,323,795$ Net TI Cost - Depreciation - 6,299 6,299 6,299 6,299 6,299 6,299 6,299 6,299 6,299 188,982 245,676 Rent Credit - - - - - - - - - - - - Moving (16,000) - - - - - - - - - - (16,000) Parking - - - - - - - - - - - - Total Tax Shield (16,000)$ 394,667$ 403,824$ 413,204$ 422,813$ 432,658$ 442,744$ 453,078$ 463,664$ 474,511$ 668,307$ 4,553,471$ AT Occupany Cost ($/Yr) 590,190$ 576,252$ 589,987$ 604,057$ 618,472$ 633,239$ 648,368$ 663,868$ 679,748$ 696,019$ 530,007$ 6,830,207$ Occupancy Cost Discount Rate 6.0% 7.0% 8.0% 9.0% 10.0% PT Undiscounted Cost 11,383,679$ PT NPV 7,721,235 8,441,430 8,068,335 7,721,235 7,397,925 7,096,414 PT NPV 7,721,235$ PT ARE ($/SF) 28.01 28.06 28.10 28.15 28.21 AT Undiscounted Cost 6,830,207$ AT NPV 5,438,399$ Page 3 of 14