INVESTMENT OVERVIEW. Investment Grade and Publicly Traded Companies. Significant Leasing Opportunities at The Terrace, which

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1 Offering Summary

2 INVESTMENT OVERVIEW HFF, L.P. has been exclusively retained by ownership to offer qualified investors an opportunity to purchase the Solana Office Portfolio (the Portfolio and / or Properties ). The Portfolio, a 1.6 million square foot, Class A office campus and associated amenities includes the Terrace at Solana, a 1.2 million square foot, multi-tenant campus; the Vista at Solana, a recently redeveloped, vacant, 380,000-square foot headquarter-quality facility; and the Solana Fitness Club which serves as an amenity to the entire Solana development. The Portfolio is located within the dynamic suburbs of Westlake and Southlake, Texas, a corporate headquarters hub that is home to Fortune 1000 companies including TD Ameritrade, Charles Schwab, Sabre Corporation, Deloitte, and Fidelity Investments. Named as one of Forbes Richest Neighborhoods in America, the area boasts the highest household income in the Dallas / Fort Worth market yet still provides some of the most affordable housing in Dallas / Fort Worth with over 60% of homes priced between $100,000 and $300,000, a key element in attracting young professionals relocating to the area. Highlights of the offering include: Investment Grade and Publicly Traded Companies Significant Leasing Opportunities at The Terrace, which compose 82% of overall tenancy, or 435,304 square feet, with a offers efficient floor plates and contiguous vacancies ranging from weighted remaining lease term of 7.3 years 20,000 to 100,000 square feet, and The Vista, which represents Excellent Leasing Velocity in the past 18 months, executing over 300,000 square feet one of the most attractive Class A, contiguous availabilities in the market at 380,000 square feet Market Leading Parking ratios ranging from 4-7 per Location in Highly Amenitized, Mixed-Use Development featuring office, retail, hospitality and high-end thousand with the ability to increase the overall ratio single-family development World Class Physical Assets were originally developed Substantial Discount to Replacement Cost as the Properties are expected to trade at per square foot values below 50% of replacement cost 2 to above-market specifications for IBM and Sabre and have benefitted from a recently completed, $64 million redevelopment

3 The overwhelming locational attributes, Class A construction quality, and capital improvements completed in 2017 have created significant leasing momentum including over 300,000 square feet of recently executed leases and a robust pipeline. All of these factors combine to make the Solana Office Portfolio one of the most compelling, value-add opportunities available in the market today. The Terrace at Solana and the Vista at Solana are offered individually or as a Portfolio. 3

4 VISTA SO TERRACE 4

5 Building Size (SF) Land Area (Acres) % Leased Year Built / Renovated Stories Parking Ratio Weighted Average Lease Term BL VD Terrace at Solana 1,177,828 SF 55.6 Acres 45.2% 1987 / Stories 3.8:1,000 RSF 7.4 Years Vista at Solana 379,898 SF 22.5 Acres 0.0% 1988 / Stories 7.0:1,000 RSF n/a Total/Wtd. Avg. 1,557,726 SF 78.1 Acres 34.0% 7.4 Years. *Offering also includes 38,000 SF Solana Fitness Club but does not include the noted land parcels nor the Solana Marriott, which are controlled by current Ownership and may be marketed at a later date. INVESTMENT HIGHLIGHTS EXCLUSIVE CAMPUS SETTING WITH SIGNIFICANT UPSIDE The Terrace at Solana is an 8-building, 1.2 million square foot campus that is 45% leased. The six primary buildings LA NA B LVD. feature efficient 20,000 square foot floorplates, an above market parking ratio of 3.8/1,000, striking architecture, and SO OL AN A PROPERTY OVERVIEW the most elegant campus setting in the market. The Vista at Solana, 100% available, presents flexible floor plates that could accommodate single or multi-tenant requirements. The Property offers a market leading 7.0:1,000 parking ratio. HEALTHY TENANT MIX FEATURING INVESTMENT GRADE CREDIT Investment grade credit and publicly traded tenants account for 82% of existing tenancy and have a weighted average remaining lease term of 7.3 years. Tenant Sabre Corporation (NASDAQ: SABR) Verizon Wireless (NYSE: VZ) Goosehead Insurance (NASDAQ: GSHD) Marsh & McLennan (NYSE: MMC) Oliver Wyman (NYSE: MMC) US Air Force SF 196,048 95,839 62,000 57,548 12,109 11,760 Exp. Date Oct-26 Jan-22 Dec-28 Jul-24 Jul-28 Sep-32 Total 435, Years Credit Rating BBBBB+ -BBB+ BBB+ AA5

6 LOCATION IN PREMIER MIXED-USE DEVELOPMENT Designed by the world-renowned architect Ricardo Legorreta, the broader Solana project offers one of the most comprehensive amenity packages in the market including the 38,000 SF Solana Fitness Club; 40,000 square feet of restaurants and support retail; and the 294-key, full service Marriott Solana (which is owned by Seller and not included in this Offering, but may be marketed at a later date). SUBSTANTIAL DISCOUNT TO REPLACEMENT COST Solana Office Portfolio offers investors the opportunity to acquire a Class A office portfolio at a substantial discount to replacement cost, providing a competitive basis as new ownership pursues an opportunistic strategy. Due to the high quality of the assets and the rising cost of new construction, the replacement cost of comparable assets would likely be in excess of $350 PSF. Competitive new developments would require net rents in excess of $32.00 PSF which is more than 43% greater than the Portfolio s current market rents. This spread creates the ideal path to rental growth and a barrier to near-term speculative development in the area. CLASS A OFFICE NET OFFICE RENTAL RATES Estimated Replacement Cost (PSF) Land $25.00 Core & Shell $ Tenant Improvements $60.00 Parking $90.00 Total Hard Costs 6 $30.00 $ % Discount To New Construction $25.00 $ Lease Commissions $17.50 Financing Cost $10.00 Other Soft Costs $5.00 Total Soft Cost $32.50 Total Development Cost ($/PSF) $ Required Yield on Cost $35.00 $20.00 $18.50 $15.00 $ % New Developments Net Rents $32.18 Solana Market Net Rental Rate $18.50 Discount to New Construction (42.5%) $5.00 $0.00 New Suburban Construction Solana Office Portfolio

7 R GRANADA WESTLAKE 84 single-family homes $1.2 million+ WESTLAKE ENTRADA 100+ townhomes & villas retail, restaurants, office space 3,500-seat performance hall (under construction) THE KNOLLS planned residential development 56 custom villas $1.2-$1.7 million TERRACE 1.2 million SF Office TROPHY WOOD DISTRICT SOLANA FITNESS CLUB 38,000 SF facility operated by Larry North Fitness SOLANA BLVD ACRES (NET 7.2 ACRES) (Owned by Seller but Not Included in Offering) (Owned by Seller but Not Included in Offering) PLAZA 350,000 SF of Office, 40,000 SF of Retail, and 294-key Marriott Hotel KIRKWOOD BLVD. VISTA 380,000 SF Office 32.8 ACRES (NET 8.3 ACRES) (Owned by Seller but Not Included in Offering) 7

8 JUSTIN 407 WESTLAKE ENTRADA 85-acre mixed-use development modeled after villages in the Catalonia region of Spain. It will feature retail, entertainment, and over 300 residential homes. 156 OUTSTANDING SURROUNDING AMENITIES & DEMOGRAPHICS TROPHY WOOD DISTRICT $100 million development features an Aloft-branded hotel, 250 apartment units, 60,000 square feet of retail space, and greenspace Mile Radius ROANOKE VAQUERO CLUB 33,000 square-foot club house, multimillion dollar estates, and luxury golf course designed by Tom Fazio. Fort Worth liance Airport SOUTHLAKE TOWN SQUARE 120 shops and restaurants makes this one of the premier shopping destinations in DFW. WESTLAKE ENTRADA TROPHY WOOD DISTRICT 114 FLOWER MOUND TROPHY CLUB CHARLES SCHWAB DEVELOPMENT Grapevine Lake R 114 THE KNOLLS CHARLES SCHWAB DEVELOPMENT 130-acre mixed-use development includes 2 million square feet of office, retail, and entertainment. The project will anchor Charles Schwab s regional HQ. VAQUERO CLUB $1.4 B of improvements to SH 114 in prior 5 years 98,500 Current Population THE KNOLLS Residential development consisting of 56 custom villa homes starting at $1.2 million. The project will also include parks, trails, and a 23-acre nature preserve. 8 11% Projected Population Growth From 2018 to MM Population within 30 minutes (Drive Time) KELLER SOUTHLAKE TOWN SQUARE $144,740 Median Household Income SOUTHLAKE 114 GRAPEVINE 10 Min TIMARRON COUNTRY CLUB from 121

9 TENANTS IN THE MARKET LEWISVILLE 20,000+ SF THE COLONY LLELA Nature Preserve M SQUARE FEET 103 TENANTS NATIONAL NET ABSORPTION LEADERS ROBUST OFFICE MARKET ll Da B uth o S / as ay.w Ft th or DFW office market led the nation in absorption between 2015 and 2017 e os Since 2011, the submarket has experienced 20% rental rate growth The submarket has absorbed over 5.4 million square feet since 2011 Submarket is home to several of Dallas / Fort Worth s largest corporate campuses including: Deloitte (50,000 annual visitors), Fidelity Investments (4,500 employees), Sabre Holdings (3,000 employees), Charles Schwab (2,600 employees), and TD Ameritrade (2,000 employees) The area benefits from substantial employment centers including DFW International Airport (230,000 employees), AllianceTexas (40,000+ employees), and Fort Worth Alliance Airport (10,000+ employees) J an /S n sto Bo tle at Se COPPELL nix oe h P North Lake 121 ta lan At i Ph l ia lph e ad 0 10 (Millions SF)

10 INVESTMENT ADVISORY ANDREW LEVY TODD SAVAGE CHRIS MURPHY PARKER MCCORMACK Senior Managing Director Managing Director Director Director Debt Contact STEVEN KIMOSH BEN SIEGEL CAMPBELL ROCHE Associate Analyst Managing Director Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, HFF ), HFF Securities L.P. and HFF Securities Limited (collectively, HFFS ) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on HFF has been engaged by the owner of the property [properties] to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.