Southwest submarket leads absorption for 2015; demand strong for flex space and lagging for distribution

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1 Research & Forecast Report MINNEAPOLIS-ST. PAUL INDUSTRIAL Quarter Southwest submarket leads absorption for 2015; demand strong for flex space and lagging for distribution Vacancy and absorption trends The vacancy rate in the - industrial market is 8.1 percent as of Quarter Four of Absorption was 269,735 square feet. In spite of positive absorption, vacancy actually increased from 8.0 percent in Quarter Three. There was 772,998 square feet of new, speculative space added to the market, and 95 percent of that space is vacant, increasing the vacancy rate in spite of positive absorption for the third quarter. Market Indicators Relative to prior period Q VACANCY NET ABSORPTION RENTAL RATE Since year-end 2014, vacancy has decreased from 8.6 percent, and the market has absorbed a total of 2,958,812 square feet. This absorption total is the highest posted in the last 10 years. There was 3,909,538 square feet of industrial space added to the market in 2015, and the split between speculative and build-to-suit space construction was 45 percent build-to-suit and 55 percent speculative. There is a total of 2,291,906 square feet of additional industrial space under construction. This includes Amazon s 820,000-square-foot distribution facility in Shakopee. Amazon is hiring workers and planning on a completion date this summer. Vacancy Percent Vacant 20% 15% 10.4% 9.0% 10% 5% % 12.5% 11.5% 10.4% 10.5% 9.4% 8.6% 8.6% 8.1% Quarter Four Speculative Construction Net Absorption PROPERTY NAME CITY TOTAL SF % VACANT Plymouth Point Business Plymouth 96, % 169 Business Brooklyn 145, % Bridgepoint Business III 107, % Red Fox Business Buildings 1 & 2 Clark Road Complex Arden Hills 93, % Inver Grove Heights 26,400 82% SF Absorbed 2,958,812 4,000,000 2,782,090 2,011,292 3,000,000 1,410,063 1,369,692 1,677,707 2,000,000 1,355, ,877 1,261,325 1,000,000 0 (1,000,000) (2,000,000) (3,000,000) (4,000,000) (928,872) (2,430,461)

2 Q4 Absorption Q4 Vacancy SF Absorbed 400, ,000 0 (200,000) 42,860 15, ,876 (72,537) 67,140 Percent Vacant % 7.3% 9.3% 6.8% 8.6% (400,000) Airport/South of the River Southwest East west 0 Airport/South of the River Southwest East west Vacancy and absorption trends (Cont. d) Many large tenants have chosen to build their own facilities in order to forgo the process of customizing an existing building for their use. For 2015, there was a total of 2,141,034 square feet of speculative space added to the market. The lack of large bulk warehouse users of more than 100,000 square feet, along with the significant number of existing options available, may result in longer-thanexpected leasing times at new bulk multi-tenant buildings. Overall average lease terms for new deals include a 10 percent discount from the asking rate, two months free rent for five-year terms, and 3-5 months on a 7-10 year term. Tenant improvement allowances are averaging $3-5 on warehouse space and $20+ for office space per square foot. There is demand among tenants seeking flex industrial space but little interest from developers in planning new flex construction. Bulk warehouse space is the preferred product type for both developers and investors. Flex properties are considered a higher risk to investors, as they are more difficult to re-tenant due to the significant amount of customization required compared to bulk warehouse space. Future Trends The - industrial market has seen significant demand reflected in strong absorption and construction numbers. We expect continued strong demand due to a strong, growing economy. The market will continue to favor landlords, with some exceptions, including in the west submarket which saw over 1.2 million square feet of speculative bulk warehouse development in This is combined with additional existing vacancies to create a glut of available space in that submarket. Increasing construction costs will continue to be a challenge for developers and builders Build-to-Suit Construction COMPANY PROPERTY CITY TOTAL SF Room & Board 3M Fedex Blu Dot Wurth Adams Bayer CropScience Design Ready Controls Gateway Business V 3M Research Facility Fedex Distribution Gateway Business III Cross Business Building I Dean Lakes Business Capstone Business Otsego 485,000 Maplewood 400,000 Rogers 350,000 Otsego 150,064 Brooklyn 143,440 Shakopee 135,000 Brooklyn 105, Research & Forecast Report Quarter 4 Industrial Colliers International

3 Ramsey 94 Andover Ham 97 Lake 10 Albertville St. Michael Hanover Greenfield Maple Plain Minnetrista Mound Spring Rogers 55 Medina Orono Shorewood Excelsior Victoria Otsego Independence Corcoran Loretto Tonka Bay 12 Elk River west Wayzata Minnetonka Deephaven Greenwood 5 Chaska Chanhassen Maple Grove Plymouth Dayton Southwest Eden Prairie Champlin Hopkins Industrial Under Construction Osseo Anoka New Hope Edina Crystal Golden Valley St. Louis Brooklyn 100 Bloomington Brooklyn Coon Rapids Robbinsdale 35W 94 Richfield Spring Lake Fridley 65 Blaine Mounds View New Brighton Columbia Heights Saint Anthony 55 Airport/ South of the River Circle Pines Lexington Shoreview Arden Hills Lauderdale 35E Roseville 94 Eagan Columbus Lino Lakes Vadnais Heights West Mendota Heights 35W ville Oaks Little Canada 35E Maplewood South Inver Grove Heights Gem Lake Grant White Bear Lake Willernie Stillwater 694 Pine Springs 36 Woodbury Forest Lake Hugo Dellwood 10 Lake Elmo Oakdale 94 East Afton Cottage Grove Scandia 5 61 OVERALL MARKET > 2,414,306 SF under construction > 831,456 SF speculative > 1,582,850 SF build-to-suit MINNEAPOLIS NORTH > 99,056 SF > 1 project WEST/NORTHWEST > 663,000 > 4 projects SOUTHWEST > 1,252,850 SF > 4 projects ST. PAUL EAST > 189,000 SF > 1 project AIRPORT/SOUTH OF THE RIVER > 210,400 > 2 projects Shakopee Apple 3 Valley 35E 77 Rosemount Industrial Under Construction PROPERTY NAME ADDRESS CITY SUBMARKET SF DEVELOPER Gateway Business of Eagan 3430 Highway 55 Eagan Uponor Expansion Blaine Preserve Business Building 2 150th St W & Johnny Cake Ridge Rd Apple Valley Airport/South of the River Airport/South of the River 122,400 Buhl Investors 88,000 Uponor 95th Ave NE & I-35W Blaine 99,056 United Properties Amazon 1 Shenandoah Drive Shakopee Southwest 820,000 BTS-Amazon Valley Business Innovation Blvd & Innovation Dr Shakopee Southwest 216,000 Opus Group Rahr Malting Expansion 800 W 1st Ave Shakopee Southwest 112,000 Rahr Malting Ziegler Industries 1201 W. 96th St Bloomington Southwest 104,850 Ziegler Industries Midway Office Warehouse Development 1785 Energy Drive East 189,000 United Properties/ Port Authority Kinghorn Logistics Hub Rogers Drive Rogers west 221,000 Scannell Properties Business 109th Ave & Highway 169 Brooklyn west 200,000 Scannell Properties Cross Business Highway 610 & Highway 169 Brooklyn west 182,000 United Properties Business II 4821 Xerxes Ave N Brooklyn west 60,000 Hyde Development - Research & Forecast Report Quarter 4 Industrial Colliers International 3

4 Significant Lease and Sales Activity Lease Activity TENANT BUILDING NAME ADDRESS CITY SIZE SUBMARKET TYPE Bluestem Brands Inc Golden Triangle Innovation 7075 Flying Cloud Dr Eden Prairie 345,299 Southwest New Milestone AV Technology Gateway South SW of Highway 101 & Shenandoah Dr Shakopee 242,004 Southwest New Conklin Shakopee Industrial II th Ave E Shakopee 79,989 Southwest New Graybar Electric Co Crosstown Business XII Setzler Pkwy Brooklyn 72,000 west Expansion HID Flying Cloud Business Centre 6533 Flying Cloud Dr Eden Prairie 52,159 Southwest Renewal Taylor Corp Atlas Business II 2767 Highway 55 Eagan 35,584 Southeast New Tioga Inc 4810 Lilac Dr N 4810 Lilac Dr N Brooklyn 35,000 west New TA Instruments - Waters Golden Triangle Business 9625 W 76th St Eden Prairie 32,919 Southwest New Tapco Circuit Supply Inc Plymouth Industrial Bldg D N 10th Ave Plymouth 29,911 west Renewal That Furniture Outlet Prairieview II 9901 W 74th St Eden Prairie 28,750 Southwest New Auer Steel Berkshire Distribution Berkshire Ln Plymouth 24,444 west New ABM Golden Valley Business Decatur Ave N Golden Valley 23,277 west New Full Motion Fitness K-Tel Dr K-Tel Dr Minnetonka 21,909 Southwest New Current EDM Penn James Commerce 9201 Penn Ave S Bloomington 20,814 Southwest New Golden Triangle Innovation Bluestem Brands, Inc. signed a 340,000-squarefoot lease at Golden Triangle Innovation, which is the former Supervalu Headquarters in Eden Prairie. 4 - Research & Forecast Report Quarter 4 Industrial Colliers International

5 Sales Activity PROPERTY NAME ADDRESS CITY BUYER SELLLER SUBMARKET SF PRICE PRICE PSF 2222 SE Elm St 2222 SE Elm St Evergreen Boulevard fmr Genmab 8840 Evergreen Blvd 9450 Winnetka Ave N Coon Rapids Brooklyn University of Minnesota Shopoff Properties Trust JV Guggenheim RE Coon Rapids LLC Takeda Pharmaceutical Silgan Containers Distr 1080 Pl Shakopee United Properties Eden Woods Business 5651 Innovation Blvd Valley View Rd 5651 Innovation Blvd Murphy Warehouse Co Fairbridge Properties Baxter Healthcare Corp Breckner River Dev East 642,114 $17,950,000 $28 west west 261,805 $14,000,000 $53 215,000 $12,798,800 $60 Southwest 299,600 $12,750,000 $43 Eden Prairie Alidade Cap Onward Investors Southwest 166,736 $11,712,125 $70 Shakopee Liberty Property Trust 4900 W 78th St 4900 W 78th St Bloomington Phillip Jaffe Cedar Business American Blvd E th Ave N th Ave N Golden Valley 3400 Technology Dr NE 3400 Technology Dr NE The Opus Group Southwest 197,956 $11,013,680 $56 Interstate Partners Southwest 111,046 $9,425,000 $85 Bloomington Alidade Cap Onward Investors Southwest 119,295 $8,496,310 $71 Lubrication Technologies Bell Manufacturing Bellcourt Technologies Bureau of Engraving Inc west 132,400 $6,450,000 $49 130,000 $5,800,000 $ MN MN-13 Savage Mike Harris Karl David Bohn Southwest 103,810 $4,560,000 $44 Midwest Business 5320 West 23rd Street 5320 W 23rd St Olympia Business 6775 Shady Oak Rd Washington Sq Kasota Industrial II east Business 2112 Broadway St NE Kasota Industrial 5605 Green Circle Dr Industrial Boulevard 5205 Hwy 169 Plymouth Tryperion Partners American Blvd E 6775 Shady Oak Rd Washington Sq 500 Kasota Ave SE St. Louis Zerorez First Industrial Realty Trust Hillcrest Development west west 98,847 $4,509,643 $46 311,946 $4,462,691 $14 Bloomington Alidade Cap Onward Investors Southwest 54,335 $3,791,340 $70 Eden Prairie Ralph Nordick Prologis Southwest 55,893 $3,780,000 $68 Eden Prairie th St NE 2112 Broadway St NE Kasota Ave 5605 Green Circle Dr Industrial Blvd Saint Paul Hopkins Rogers fmr ABC Electronics 315 N 7th Ave Wedgwood Commerce XI Industrial Blvd 2980 Granada Ln N 8400 Coral Sea St NE Washington Ave S 6845 Wedgwood Ct N Industrial Blvd 2980 Granada Ln N 8400 Coral Sea St NE Washington Ave Maple Grove Elk River Tryperion Partners Tryperion Partners Pan Asian Community Development Inc Schafer Richardson Inc Tryperion Partners Wellington Management NexGen Property LLC Opus JV Greco RE Development Nevers Industries Inc Patriot Converting Inc First Industrial Realty Trust First Industrial Realty Trust Wirth Companies Linvill Properties Inc First Industrial Realty Trust Goodman Networks Inc NexGen Homes Inc Howard Kuretsky Goldblatt Investments LLC Commercial Connection Southwest 73,000 $3,775,293 $52 west west west west 86,055 $3,751,012 $44 149,147 $3,735,000 $25 69,305 $3,705,000 $53 78,502 $3,643,308 $46 58,000 $3,400,000 $59 42,750 $3,200,000 $75 31,290 $3,097,000 $99 50,156 $3,059,516 $61 135,000 $3,050,000 $23 Mulcahy Nickolaus Premier Bank East 48,500 $2,900,000 $60 Mounds View Eden Prairie Midwest Medical Tryperion Partners east Bank First Industrial Realty Trust 66,700 $2,550,000 $38 Southwest 52,217 $2,520,740 $48 - Research & Forecast Report Quarter 4 Industrial Colliers International 5

6 west > The vacancy rate in the west submarket is 8.6 percent, up from the third quarter when the vacancy rate was 8.0 percent and year-end 2014 when vacancy was at 7.9 percent. Absorption was 67,140 square feet during the fourth quarter and 713,123 for the year. > Over 2.6 million square feet of industrial space was constructed in 2015 in the west submarket. Of that space, 1,449,836 is speculative space, or constructed without a lead tenant, and much of it remains vacant. This explains the increasing vacancy rate in spite of a significant amount of absorption. > There are numerous bulk space options available in both new construction and existing buildings. > Many large users such as Blu Dot, Fedex, Room & Board, and Design Ready Controls chose build-to-suit options leaving few remaining users of 100,000 square feet or more searching for space compared to a year ago. Plymouth Point > Concessions overall are down from 3-4 years ago, but have been steady over the past year except for bulk warehouse properties where concessions are increasing. > We are seeing an average 2-3 months of free net rent on a fiveyear lease. > While asking rates are closer to actual rates on renewal transactions, landlords are willing to negotiate on tenant improvements. > Office showroom demand is strong, particularly in Plymouth along I-494 and I Business Plymouth Point & 169 Business Opus completed two speculative projects in the west submarket, Plymouth Point Business, a 96,000-square-foot flex property, and the 145,000-square-foot 169 Business in Brooklyn. 6 - Research & Forecast Report Quarter 4 Industrial Colliers International

7 Southwest > The vacancy rate in the Southwest submarket is 9.3 percent, down from 10.6 percent during Quarter Three. > Robust demand for both bulk warehouse and flex space contributed to a record year for absorption. There was 216,876 square feet of absorption for the quarter and over 1.3 million square feet for the year, almost half of the total absorption for the - market in > Polaris accounts for a significant portion of absorption at Canterbury Distribution, where they absorbed 870,000 square feet during the third quarter. > Rental terms continue to favor landlords; we are seeing 3 percent rental rate escalations compared to 2.5 percent in Concessions on new leases are at an all-time low for this market cycle. On a 7-year lease the average is only 2 months of net free rent, while one year ago the average was 3-4 months of net free rent. > Tenant improvement allowances are averaging $2 per square foot for warehouse space and $20 per square foot for office space on new leases. Renewals are averaging $10 per square foot for new carpet and paint but tenants can consider foregoing tenant improvements and negotiating a lower rental rate. > Tenant confidence is strong, as many companies outgrow existing facilities; sometimes taking spaces that have been vacant for 2-3 years. > There is a lack of options at well-located office/showroom and flex buildings. It is very difficult to find blocks of spaces larger than 25,000 square feet for all space types. Companies requiring clear heights of over 18 will find that their only option is in the City of Shakopee. > Owner-user buildings continue to be in high demand, and the lack of options is pushing prices to pre-recession heights. This, combined with a favorable interest rate environment, makes it necessary to make quick decisions as functional office warehouse buildings become available for sale. > Milestone AV chose to combine its locations into a build-to-suit property at a 242,004-square-foot facility in Shakopee, leaving two buildings over 100,000 square feet between Shakopee and Savage. > The Southwest submarket s dense concentration of industrial users and potential employees will continue to make it a soughtafter option for industrial tenants. Gateway South Milestone AV will consolidate its operations into Gateway South, a 242,004-square-foot build-to-suit in Shakopee. - Research & Forecast Report Quarter 4 Industrial Colliers International 7

8 Airport/South of the River > The vacancy rate in the Airport/South of the River submarket is 7.6 percent, down slightly from Quarter Three s rate of 7.7 percent. For the year, the smallest of the submarkets we track absorbed an impressive 324,033 square feet, and vacancy has declined from 9.5 percent at year-end > The strongest demand is for buildings with clear heights of > Tenants seeking space from 15,000 square feet to 40,000 square feet are most active. > Activity for 32 clear bulk warehouse spaces over 100,000 square feet remains slow. > We have seen an uptick in deal velocity for office/showroom space, which should translate into positive absorption in > Quoted net rates for new construction office/warehouse space is above $10.50-$11.00 per square foot for office space and $5.00- $5.50 per square foot for warehouse space. Existing functional office/warehouse space is quoted between $9.50-$9.75 per square foot for office and $4.50-$4.75 per square foot for warehouse. Office/showroom rates remain flat, however should increase as velocity increases. > The vacancy rate in the submarket is 7.3 percent, up slightly from 7.1 percent during the third quarter. There was 15,396 square feet of absorption for the quarter and 224,809 square feet for all of > Red Fox Business Buildings 1 and 2, two speculative facilities in Arden Hills totaling 93,000 square feet, were completed. > The 99,000-square-foot Blaine Preserve Business Building 2 is under construction with completion expected sometime this spring. This property is also being constructed on a speculative basis. > Demand is strongest for office warehouse spaces of 4,000 to 12,000 square feet, while demand for bulk warehouse and office showroom space is limited. > Final rental rates for a typical 5 year new lease are very close to asking rates with limited free rent. > For tenants with expiring leases, there are limited viable space options, leading to high renewal rates. > Free rent is on the decline; 5-year leases are seeing an average of 2-3 months. > The Vikings purchased the former Delta headquarters in Eagan and are planning a mixed-use project that would include retail and office components as well as a state-of-the-art practice facility. This, in addition to a growing population, will contribute to the overall vibrancy of this submarket. East > The vacancy rate in the East submarket is 6.8 percent, up from 6.1 percent in the third quarter. > Overall, there was a negative 72,537 square feet of absorption for the quarter. Fedex Home Delivery moved out of 85,000 square feet at Energy Distribution. Red Fox Business Roberts Management Group completed construction on two speculative flex buildings in Arden Hills, Red Fox Business Buildings 1 and 2. The two projects total 93,000 square feet. > 3M s $150 million research and development facility opened in Maplewood. The 400,000-square-foot facility will house up to 700 researchers and scientists. > Interstate Partners Bridgepoint Business III was completed, bringing 107,000 square feet of speculative space to the market. 8 - Research & Forecast Report Quarter 4 Industrial Colliers International

9 Market Statistics Submarket Airport/South of the River Total SF Direct Vacant SF % Vacant Direct Sublease Vacant SF % Vacant W/ Sublease Low-High Asking Rate Q Absorption YTD Absorption Bulk Warehouse 5,365, , % 0 3.4% $4.33-$ ,287 38,943 Office Showroom 3,450, , % 47, % $4.69-$9.02 (4,073) 78,323 Office Warehouse 9,255, , % 66, % $4.74-$9.18 2, ,767 Totals: 18,072,350 1,377, % 114, % $4.68-$ , ,033 Bulk Warehouse 5,260, , % 10, % $4.60-$ ,470 (13,040) Office Showroom 4,341, , % 7, % $5.20-$9.71 (4,348) 23,095 Office Warehouse 17,257,437 1,072, % 85, % $4.70-$9.23 (21,726) 214,754 Totals: 26,858,866 1,963, % 103, % $4.84-$ , ,809 Southwest Bulk Warehouse 7,439, , % % $4.23-$ ,950 1,187,478 Office Showroom 7,158, , % 151, % $5.41-$9.89 (56,712) (28,547) Office Warehouse 14,668,458 1,002, % 49, % $4.82-$ , ,555 Totals: 29,266,636 2,730, % 201, % $5.01-$ ,876 1,357,486 East Bulk Warehouse 9,041, , % 0 7.7% $4.92-$8.88 (58,605) (108,352) Office Showroom 2,480, , % 6, % $4.67-$ , ,757 Office Warehouse 12,591, , % 160, % $4.65-$9.68 (29,220) 288,956 Totals: 24,112,609 1,643, % 167, % $4.71-$9.66 (72,537) 339,361 west Bulk Warehouse 12,655,215 1,465, % 53, % $4.66-$ , ,802 Office Showroom 5,751, , % 108, % $5.01-$9.50 (10,369) (34,402) Office Warehouse 21,457,571 1,303, % 47, % $4.71-$ , ,723 Totals: 39,863,847 3,430, % 209, % $4.78-$ , ,123 Total All Markets Bulk Warehouse 39,762,426 3,813, % 63, % $4.58-$ ,160 1,419,831 Office Showroom 23,181,543 2,475, % 322, % $5.08-$9.63 (60,214) 197,226 Office Warehouse 75,230,339 4,855, % 409, % $4.73-$ ,789 1,341,755 Totals: 138,174,308 11,144, % 794, % $4.82-$ ,735 2,958,812 The above table is summarized data on multi-tenant industrial buildings greater than 20,000 square feet. Not included are single-tenant or owner-occupied buildings. - Research & Forecast Report Quarter 4 Industrial Colliers International 9

10 Market Statistics (Expanded Market) Submarket Airport/South of the River Total SF Direct Vacant SF % Vacant Direct Sublease Vacant SF % Vacant W/ Sublease Low-High Asking Rate Q Absorption YTD Absorption Bulk Warehouse 17,074, , % 46, % $5.62-$ , ,693 Office Showroom 4,679, , % 47, % $4.89-$9.00 (1,073) 89,881 Office Warehouse 10,896, , % 66, % $5.03-$9.28 3, ,542 Totals: 32,649,769 1,738, % 160, % $5.15-$ , ,116 Bulk Warehouse 20,389, , % 21, % $5.34-$8.85 (21,033) 19,837 Office Showroom 6,115, , % 7, % $5.18-$9.66 (19,004) (10,044) Office Warehouse 19,543,349 1,201, % 85, % $4.69-$9.21 (86,305) (18,699) Totals: 46,048,432 2,431, % 114, % $4.97-$9.28 (126,342) (8,906) Southwest Bulk Warehouse 23,627,700 1,254, % 325, % $4.46-$ ,725 1,604,842 Office Showroom 8,547, , % 151, % $5.40-$9.89 (8,012) (16,308) Office Warehouse 17,576,010 1,532, % 49, % $4.93-$ ,339 (368,183) Totals: 49,750,930 3,567, % 526, % $5.01-$ ,052 1,220,351 East Bulk Warehouse 19,253, , % 0 4.2% $4.75-$8.29 (56,115) (110,465) Office Showroom 4,426, , % 6, % $6.66-$ , ,919 Office Warehouse 20,868, , % 160, % $4.60-$9.48 (14,795) 234,433 Totals: 44,548,183 1,787, % 167, % $5.17-$ , ,887 west Bulk Warehouse 37,380,343 2,599, % 398, % $4.81-$ ,529 1,305,341 Office Showroom 8,099, , % 158, % $5.50-$9.91 (36,313) (38,503) Office Warehouse 25,821,070 1,450, % 47, % $4.95-$ , ,698 Totals: 71,300,764 4,772, % 604, % $5.02-$ ,395 1,728,536 Total All Markets Bulk Warehouse 117,725,275 5,937, % 790, % $4.94-$ ,992 2,974,248 Office Showroom 31,867,815 2,684, % 372, % $5.43-$ , ,945 Office Warehouse 94,704,988 5,675, % 409, % $4.87-$9.20 (46,936) 454,791 Totals: 244,298,078 14,297, % 1,572, % $5.05-$ ,389 3,943,984 The above table is summarized data on multi- and single-tenant industrial buildings greater than 10,000 square feet. Owner-occupied properties are also included Research & Forecast Report Quarter 4 Industrial Colliers International

11 - Research & Forecast Report Quarter 4 Industrial Colliers International 11

12 502 offices in 67 countries on 6 continents United States: 140 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108 $2.3 billion in annual revenue BROKERAGE SERVICES CONTACT: William M. Wardwell SIOR Executive Vice President Brokerage bill.wardwell@colliers.com FOR MORE INFORMATION: Maura Carland Director of Research maura.carland@colliers.com Colliers International Baker Road, Suite 400 Minnetonka, MN billion square feet under management 16,300 professionals and staff Copyright 2016 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

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