Sale/Leaseback: 8.2% Cap Rate 1,861 Sq Ft Medical Office Condominium SUBJECT: Ear, Nose and Throat Specialists of Florida

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1 Sale/Leaseback: 8.2% Cap Rate 1,861 Sq Ft Medical Office Condominium Ear, Nose and Throat Specialists of Florida Suite E, 260 Beth Stacey Blvd, Lehigh Acres, FL Class A MOB Built New: 2008 Lease: A new 5 year term NNN lease will start at closing of sale. Rent Year 1: $18 PSF NNN or $33,498 NOI with 2% Annual Escalations Options: Tenant has five options to renew lease for five years per option with rent continuing to increase 2% per year. Tenant: National tenant 21st Century Oncology ( owns the medical practice called Ear, Nose and Throat Specialists of Florida. The tenant on this lease will be 21st Century Oncology. Limited personal guarantees of 33.3% provided by Howard Barrow MD, Richard Lane MD and Alexander Lozano MD. The same medical practice has been practicing in this condo unit since it was built in Seller: LBL Real Estate, LLC Legal: Strap # E0 Folio ID Florida The statements and figures presented herein, while not guaranteed, are secured from sources we believe authoritative. Subject to prior sale, lease, withdrawal and price change without notice. H SUBJECT: Ear, Nose and Throat Specialists of Florida Suite E, 260 Beth Stacey Blvd, Lehigh Acres, FL For More Information, Call: Cell: (239) mark@markalexanderccim.com

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6 Shape & Size: As the subject is a condominium, no specific land area or site is attributed to the subject improvements. Rather, a pro rata share of the project land area, parking area, and other amenities is felt to within the ownership of the building. Special Flood Hazard Area: Special Flood Hazard Area (SFHA) are defined as the area that will be inundated by the flood event having a 1-percent chance of being equaled or exceeded in any given year. Typical SFHA s are designated as follows: Zone A, Zone AE and A1-30, Zone AH, Zone AO, Zone AR, Zone A99, Zone V, Zone VE and V1-30. Moderate flood hazard areas are labeled Zone B or Zone X (shaded), and are the areas between the limits of the base flood and the 0.2-percent-annual-chance (or 500-year) flood. The areas of minimal flood hazard, which are the areas outside the SFHA and higher than the elevation of the 0.2-percent-annual-chance flood, are labeled Zone C or Zone X (unshaded). Generally construction in designated flood hazard areas must be at or about the designated elevation. This includes the lowest level of the structure, including basement areas. Hence, if the subject is located in an AE_EL8 zone, construction would have to occur at 8 feet above grade or site elevation. The site elevation(s) are generally set by a surveyor. The following table reflects the pertinent flood hazard information for the subject. Flood Zone Table Panel Number Effective Date Zone Flood Hazard Area 12071C0475F August 28, 2008 X No Utilities & Services: The following table sets of the services at and or available to the subject site. Subject Project Utilities & Services Utility or Service Provider Water Waste Water Electric Telephone Police Protection Fire Protection Trash Collection Cable Television Street Improvements Bus Service Electric Co-op Embarq Comcast LeeTran

7 Zoning: C-2 (Commercial) The purpose and intent of the C-1A, C-1 and C-2 districts is to regulate the continuance of commercial and select residential land uses and structures lawfully existing in the C-1A, C-1 and C-2 districts as of August 1, 1986, and as originally permitted by the county zoning regulations of 1962, as amended, and 1978, as amended, respectively. Subsequent to February 4, 1978, no land or water shall be rezoned into the C-1A, C-1 or C-2 districts. In no case shall new development be permitted in any existing C-1A,C-1 or C-2 district which is not consistent with the Lee Plan. The following table sets forth the zoning jurisdiction, Zoning Jurisdiction Based on the above information, the subject appears to be a legally conforming property. Department of Revenue Land Use Code (DOR Code): Each parcel is identified by its use; that code is called the DOR Code or land use code. (DOR stands for Dept. of Revenue) The codes are used throughout the State of Florida to enable state reports to be as unified as possible. The codes are also useful for identifying what particular use a parcel has. These code(s) for the subject property are derived via the property appraiser. Land Use Code 0400 (Condominium) Topography and Drainage: The property is essentially level with drainage appearing to be adequate and similar to surrounding parcels. Soil Bearing Capacity: The established improvements existing on the subject/project site, as well as on similar surrounding parcels, gives evidence to apparently adequate soil conditions to support physical development. I assume no responsibility for hidden or concealed soil conditions. Easements and Encroachments: No adverse easements or encroachments were observed during the property inspection, however it is beyond the scope of this assignment to warrant that none exist. No adverse external influences are noted. Environmental Conditions: The subject was built in 2008 and thus, there is not likely any concern over lead-based paint issues. However, there is always the potential for Radon Gas in Florida Properties. Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public health unit. Some 20 million square feet of Chinese drywall has entered the U.S. since Chinese Drywall has become a factor negatively effecting properties in the Southwest Florida market area. Drywall is made from gypsum, which naturally contains sulfur compounds. If the drywall was exposed to

8 Project Site Improvements Description. On-Site Improvements: On-site improvements include asphalt-paved parking and drive areas, concrete, landscaping, utility connections fees, impact fees, etc. (Impact fees run with the land and thus they are considered a site improvement). Project Site Improvements - Parking and Landscaping Improvement Parking Landscaping # of Spaces Handicapped Spaces Total Spaces Asphalt Paved Parking Concrete Paved Gravel Parking Surface Shell Parking Surface Parking Lot Condition (P,F,A,G,V,N) Effectively None Minimal Landscaping Average Landscaping Average to Good Good (design & maintenance) Very Good (design/maintenance) Subject X A X (P = poor; F = fair; A = average; G = good; V = very good; N = new; U = Undetermined; UN = Unmarked Spaces) Project Site Improvements - Lighting, Fence(s) and Irrigation Improvement Lighting Fence(s) Irrigation None Yes Building Mounted Pole Mounted Number of Fixtures Appears adequate None Chain Link (6 feet) Barbed Wire Top Strand(s) Wood None Average Appears adequate Appears inadequate Subject X X X X X X (P = poor; F = fair; A = average; G = good; V = very good; N = new; U = Undetermined; UN = Unmarked Spaces)

9 SKETCH/AREA TABLE ADDENDUM Property Address City State Zip Borrower Lender/Client Appraiser Name S 45 11' 33" E ' N 26 31' 26" E 365.3' Project Site S 89 13' 37" W ' S 44 48' 27" W ' Subject Site S 45 11' 33" E sf S 44 48' 27" W sf S 89 13' 37" W sf N 26 31' 26" E sf to POB 1.55 acres ± ( sf) Perimeter = sf No significant error of closure. Scale: 1 = 84

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11 Description of Improvements. The details discussed in this section are based either solely or in part on information provided to this firm as well as information obtained by personal on site inspection of the subject. The following facts and figures should be construed as estimates only as I was not provided official building plans. General Characteristics: The subject includes a single medical office condominium unit out of the Lehigh Professional Center project. The unit represents a traditional architectural style. The improvements are of concrete block construction and consist of one unit. Unit area is estimated at 1,886 square feet based on provided information based on an as built building survey. Project Information: The following table sets out information pertinent to the overall subject project. Project Information Table Condominium Project Name: Lehigh Professional Center Total Number of Units 7 Parking Ratio (spaces per 1,000 sf): 4.83 Total Number of Buildings: 1 Parking Ratio (spaces per unit): Approximate Project Building Area (sf):* 17,800 Project Land Area (acres): 1.55 Number of Phases Planned: 1 Density (units per acre) 4.52 Number of Phases Complete: 1 Annual POA/Condo Fees (annual psf): $5.15 psf Parking (spaces): 86 Subject POA Fees Include Property Owners Association Fees Common Area Maintenance Structural Insurance Property Management Pest Control Reserves for Replacement Exterior Power Washing Administrative Expenses Irrigation and Water Common Area Utilities Water & Sewer X X X X X X X X X X **Building area totals 15,007 sf with some 2,793 of common halls and elevator. Age and Condition: The improvements were constructed in 2008, reflecting an actual age of 2 years. In addition, they possess adequate functional utility. Effective age is estimated to be 2 years old which is in line with the actual age. As a result, I believe the effective age estimate to be reasonable. Marshall Valuation Service indicates a total economic life for these types of improvements as being 40 to 50 years. As such, the subject s Remaining Economic Life is estimated to be 38 to 48 years. PF Warren Company Page 24

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13 Mark Alexander holds the CCIM (Certified Commercial Investment Member) designation along with a Bachelor of Science degree in Marine Engineering from the Massachusetts Maritime Academy on Cape Cod. He worked for Exxon as an engineer from 1980 to 1986 on their ocean going oil tankers. Mark has worked full time in commercial real estate brokerage from 1986 to present. His specialty is helping doctors achieve top of market sale prices for their medical office and surgery centers using Sale/Leaseback transactions. Through September 2018, Alexander has sold 104 medical office buildings between Florida, Georgia, South Carolina, North Carolina,Wisconsin, Illinois and Texas. Previously, Mark worked as National Director of Medical Office Sales for Sperry Van Ness, a national real estate company based in Irvine, California. Alexander hosted a monthly Medical Office Conference Call for 12 years where he trained company advisors coast-to-coast on how to work with doctors and list medical office sale/ leaseback transactions. Mark returned as President of his own private company in 2015 and continues to sell MOBs across the USA. Alexander was a panel speaker for the RealShare Healthcare Real Estate National Conference on December 2-3, 2015 in Scottsdale, Arizona. Mark moved to Miami in 2014 to be near his daughter Lauren who attends college in Miami. She goes to Nursing school next year as part of her goal to become a Nurse Practitioner. From left, Lauren, Buddy and Mark Brickell breakfast April 7, 2018 Mark Alexander, CCIM Cell Phone mark@markalexanderccim.com 325 South Biscayne Boulevar, Suite 819 Miami, Florida 33131