CRE Proforma Development Project Summary of Before Tax Cash Flows by Year

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1 CRE Proforma Development Project Input Data Marginal Tax Bracket 25.0% Mortgage LTV 75% Developer Cost of Carry 15.0% Depn Recovery Rate 20.0% Amort Term (Years) 30 Going Out Cap Rate 9.0% Capital Gain Rate 12.5% Maturity (Years) 10 Selling Expense 7.0% Equity Hurdle Rate 14.0% Rate 7.000% 7- yr Building Improvement % 12% Depreciation Period 39 Points 2.25% 15-yr Land Improvements 475,000 Prepay Penalty (%) 0.00% Purchase Price 12,965,879 Initial Long term Bldg Basis 8,659,973 Mortgage Amount 9,724,409 Acquisition Costs - Intial 7 yr Bldg Basis 1,180,905 Monthly Pmt 64, Land Value 2,650,000 Initial Land Improve Basis 475,000 Balance 120 Mo 8,344,747 Summary of Before Tax Cash Flows by Year Operations -1, , , , , , , , , ,680 Capital -3,460,269 5,471,642 Total CF -3,460,269-1, , , , , , , , ,612 6,004,322 Before Tax IRR = 13.3% Before Tax NPV = -145,505 Ratio Analysis Unlevered Return 5.98% 8.76% 8.93% 9.10% 9.29% 9.30% 9.49% 9.69% 9.89% 10.10% Cash on Cash Return -0.04% 10.38% 11.02% 11.68% 12.36% 12.42% 13.13% 13.86% 14.61% 15.39% Debt Coverage Ratio Vacancy Collection Loss 26.5% 9.4% 9.4% 9.4% 9.4% 10.4% 10.4% 10.4% 10.4% 10.4% Operating Expense Ratio 46.9% 38.1% 38.2% 38.3% 38.4% 38.9% 39.0% 39.1% 39.1% 39.2% Breakeven Occupancy 73.5% 72.8% 72.1% 71.5% 70.8% 70.1% 69.4% 68.8% 68.1% 67.4% Summary of After Tax Cash Flows by Year Operations 51, , , , , , , , , ,447 Capital -3,460,269 4,625,941 Total CF -3,460,269 51, , , , , , , , ,767 5,008,388 After Tax IRR = 10.9% After Tax NPV = -634,046 Cash Flow From Operations 0 Gross Potential Income 1,985,745 2,026,653 2,068,804 2,112,239 2,156,996 2,203,118 2,250,648 2,299,630 2,350,111 2,402,136 2,455,755 - Vacancy & Collection 527, , , , , , , , , , ,330 = Effective Gross Income 1,458,579 1,835,207 1,873,810 1,913,591 1,954,588 1,974,340 2,016,874 2,060,707 2,105,882 2,152,440 2,200,426 - Operating Expense 683, , , , , , , , , , ,356 = Net Operating Income 775,109 1,135,595 1,157,671 1,180,532 1,204,205 1,206,220 1,230,594 1,255,835 1,281,973 1,309,041 1,337,070 - Mortgage Payment 776, , , , , , , , , ,361 = Before Tax Cash Flow -1, , , , , , , , , ,680 - Taxes -52,292 35,925 44,085 52,597 61,479 65,123 74, , , ,233 = After Tax Cash Flow 51, , , , , , , , , ,447 Income Taxes From Operations End of Year Loan Balance 9,724,409 9,625,628 9,519,705 9,406,126 9,284,335 9,153,741 9,013,706 8,863,547 8,702,534 8,529,881 8,344,747 NOI 775,109 1,135,595 1,157,671 1,180,532 1,204,205 1,206,220 1,230,594 1,255,835 1,281,973 1,309,041 + Capital Reserves 120, , , , , , , , , ,143 - Interest Paid 677, , , , , , , , , ,227 - Amortized Finance Costs 21,880 21,880 21,880 21,880 21,880 21,880 21,880 21,880 21,880 21,880 - Amortized Leasing Costs - Depreciation (Building) 212, , , , , , , , , ,798 - Depreciation (Bldg Impr 7-yr) 161, , , , , , ,701 7,029 - Depreciation (Land Impr 15-yr) 30,347 31,667 31,667 31,667 31,667 31,667 31,667 31,667 31,667 30,347 = Taxable Income -209, , , , , , , , , ,931 Taxes Due -52,292 35,925 44,085 52,597 61,479 65,123 74, , , ,233 Cash flow From Resale EOY 10 Gain on Sale Estimated Sales Price 14,856,333 Net Sales Price 13,816,389 - Sales Expense 1,039,943 - Adjusted Basis 9,268,944 = Net Sales Price 13,816,389 = Gain on Sale 4,547,446 - Mortgage Payoff 8,344,747 = Before Tax Equity Reversion 5,471,642 Depn Recapture 3,696,935 - Taxes on Sale 845,701 Capital Gain 850,511 = After Tax Equity Reversion 4,625,941 DepRecTax 739,387 Cap Gain Tax 106,314 Total Tax on Sale 845,701

2 Suite Lease and Vacancy Analysis The building summary information is presented first. It is the compilation of the individual rental suites Summary of All Leasable Suites Leasable Square Feet Weighted Average Lease Rate Applies to retail spaces lease with a stated percentage of gross sales above baseline - See individual Suites for details Weighted Average Vacancy 26.55% 9.45% 9.43% 9.40% 9.38% 10.38% 10.39% 10.39% 10.39% 10.39% 10.40% Contract Rent Overage (PCT Rent) Misc Income Real Estate Taxes Common Area Maintenance Utilities Insurance Gross Potential Income Less: Vacancy/Collection Losses Effective Gross Income Management and Leasing Fees General and Adminsitrative Real Estate Taxes Common Area Maintenance Utilities Insurance Capital Expenditures Other Total Net Operating Income 775,109 1,135,595 1,157,671 1,180,532 1,204,205 1,206,220 1,230,594 1,255,835 1,281,973 1,309,041 1,337,070 Operating Expense Ratio 47% 38% 38% 38% 38% 39% 39% 39% 39% 39% 39% Suite A Leasable Square Feet Rental Growth Rate 3.0% Rate 18 Cost Growth Rate 2.5% Vacancy /Collection Losses 40% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11% Contract Rent Overage + Misc Income Real Estate Taxes Common Area Maintenance Utilities Insurance Gross Potential Income Less: Vacancy/Collection Losses Effective Gross Income Management and Leasing Fees

3 General and Adminsitrative Real Estate Taxes Common Area Maintenance Utilities Insurance Capital Expenditures Other In Total Net Operating Income 173, , , , , , , , , , ,870 Operating Expense Ratio 61% 41% 41% 40% 40% 40% 40% 40% 40% 40% 39% le Suite B Leasable Square Feet Rental Growth Rate 0.0% Rate 22 Cost Growth Rate 2.0% Vacancy /Collection Losses 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% Contract Rent Overage + Misc Income Real Estate Taxes Common Area Maintenance Utilities Insurance Gross Potential Income Less: Vacancy/Collection Losses Effective Gross Income Management and Leasing Fees General and Adminsitrative Real Estate Taxes Common Area Maintenance Utilities Insurance Capital Expenditures Other Total Net Operating Income 330, , , , , , , , , , ,136 Operating Expense Ratio 36% 37% 37% 38% 39% 39% 40% 40% 41% 42% 42% Suite C (Retail) Sales Growth Rate 4.0% Leasable Square Feet Rental Growth Rate 3.0% Rate 15 Cost Growth Rate 2.5% Base Pct Over 4% Estimated Sales Vacancy /Collection Losses 5% 5% 5% 5% 5% 10% 10% 10% 10% 10% 10% Contract Rent

4 + Overage Misc Income Real Estate Taxes Common Area Maintenance Utilities In Insurance Gross Potential Income le Less: Vacancy/Collection Losses Effective Gross Income Management and Leasing Fees General and Adminsitrative Real Estate Taxes Common Area Maintenance Utilities Insurance Capital Expenditures Other Total Net Operating Income 212, , , , , , , , , , ,932 Operating Expense Ratio 37% 37% 36% 35% 34% 36% 35% 34% 34% 33% 33% Suite D Leasable Square Feet Rental Growth Rate 0.0% Rate 30 Cost Growth Rate 2.5% Vacancy /Collection Losses 50% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% Contract Rent Overage + Misc Income Real Estate Taxes Common Area Maintenance Utilities Insurance Gross Potential Income Less: Vacancy/Collection Losses Effective Gross Income Management and Leasing Fees General and Adminsitrative Real Estate Taxes Common Area Maintenance Utilities Insurance Capital Expenditures Other Total Net Operating Income 58, , , , , , , , , , ,132 Operating Expense Ratio 63% 36% 37% 38% 39% 40% 41% 42% 43% 44% 45%

5 Purchase or Development Cost Detail a) Purchase Detail Purchase Indicator 0 Purchase Price ($) 13,000,000 Non Depr Land Value ($) 2,500,000 Depreciable Land Impr ($) 500,000 Acquisition Costs ($) 45,000 b) Interim Finance and Development Cost For an existing building, enter 1 as the Purchase Indicator, then enter the purchase price of the b (including land) and the estimated land value. T depreciable land improvment is for the estimat cost that can be depreciated. The aquisition co all costs in addition to the purchase price incurr Interim Loan Amount Cash Advanced 140,000 Interest Rate 6% Points 2% End of Month Dollars Disburssed Loan Interest Payment Loan Balance 0 140, , , ,300, ,250, , ,280, ,160, , , , Sums Ending Loan Balance Sum of Payments = Total Paid to Lender Total Disbursed by Lender = Total Paid to Interest Total Acquisition plus Construction Cost Land Cost Construction Cost Interim Loan Interest Project Cost Equity Stake Loan to Cost Ratio 79.5%

6 Construction Budget Month Excavation / Grading Paving / Sewer / Water Sidewalks Landscape Shell HVAC Electrical Plumbing Finish Architect Engineer Legal Fees Permits Total Percent 1 100, , ,000 50,000 70, , % 2 25, ,000 50, ,000 50, , % 3 100, ,000 50,000 1,000,000 50,000 1,300, % 4 1,250,000 1,250, % 5 750,000 80, , , % 6 750, , ,000 60, ,000 1,280, % 7 500, , ,000 40, ,000 1,160, % 8 50, , , ,000 40, , , % 9 100,000 25,000 80,000 40,000 40, ,000 50,000 10, , % 10 50,000 75,000 40,000 90, ,000 50,000 25,000 30, , % % % Total 125, , , ,000 5,000, , , ,000 2,200, ,000 75, ,000 9,860, %

7 Development Budget Gross Square Feet Dollar Cost Percent $/sqft (Gross) A. Land and Site Improvements Site acqusition and closing 2,200, % $ Site preparation Excavation and grading 125, % $ 1.56 Sewer/Water 300, % $ 3.75 Paving/Curbs/Sidewalks 350, % $ 4.38 Landscaping 150, % $ 1.88 Total site costs $ 3,125, % $ B. Building Construction Costs Hard Costs: Shell structure 5,000, % $ HVAC 500, % $ 6.25 Electrical 400, % $ 5.00 Plumbing 350, % $ 4.38 Finish Out 2,200, % $ Total Hard Costs $ 8,450, % $ Soft Costs: Architect & Engineering 300, % $ 3.75 Legal costs 75, % $ 0.94 Fees and permits 110, % $ 1.38 Construction Interest 519, % $ 6.49 Leasing Commissions 0.0% Total Soft Costs $ 1,004, % $ Total Project Costs $ 12,579, % $ Total less land and interest costs $ 9,860,000