DON T MISS THE OPPORTUNITY TO JOIN THESE RETAILERS AT THE IMPERIAL VALLEY MALL:

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1 IMPERIAL VALLEY MALL JUST SOUTH OF I-8 AT DOGWOOD RD & CHICK RD EL CENTRO, CALIFORNIA FOR ADDITIONAL INFORMATION, PLEASE CONTACT: PAD OPPORTUNITIES FOR SALE/LEASE OR BUILD TO SUIT PROJECT & AREA HIGHLIGHTS Located at the intersection of Dogwood Road and Chick Road just south of the Interstate 8 in El Centro, the Imperial Valley Mall is a 781,178 SF regional mall anchored by Dillard s, Robinsons-May, Sears, JC Penny and the 14-plex UltraStar Cinema. Centrally located in the Imperial Valley, one of Southern California s most promising commercial and industrial areas, the Imperial Valley Mall is located 120 miles east of San Diego, 90 miles south of Palm Springs, 60 miles west of Yuma, Arizona and 10 miles north of Mexicali, Mexico. The mall draws upon the heavy traffic from the Calexico Ports of Entry from Mexico. The two Calexico Ports of Entry record approximately 28 million border crossings into the U.S. each year. The Calexico East Port of Entry was part of a $360 million Southern Border initiative to improve U.S. - Mexico Border traffic. REG KOBZI SENIOR VICE PRESIDENT reg.kobzi@cbre.com DAVE HAGGLUND SENIOR VICE PRESIDENT dave.hagglund@cbre.com The trade area for the Imperial Valley includes both Imperial County, California and Mexicali, Mexico. The population of the trade area is approximately 1.25 Million residents (Imperial County - 150,000 and Mexicali Million). The Imperial Valley has qualified as one of the fastest growing counties in California with a population growth of 34.1% over the past decade. DON T MISS THE OPPORTUNITY TO JOIN THESE RETAILERS AT THE IMPERIAL VALLEY MALL: Source: Strategic Planning Concepts International ASSET SERVICES BROKERAGE SERVICES CONSULTING SERVICES FINANCIAL SERVICES MORTGAGE BANKING

2 Located in El Centro, CA, the Imperial Valley Mall is a development of CBL & Associates Properties, Inc., along with joint venture partner, The MGHerring Group. The 781,178 square foot enclosed regional shopping center features four department stores, a state-of-the-art, stadium-seating, 14-screen theater, approximately 100 well-known national specialty stores and businesses and a 10-unit food court. The four department stores include Dillard s (147,297 square feet), Robinsons-May (140,000 square feet), Sears (130,220 square feet) and JC Penney (80,743 square feet). The Dillard s and Robinsons-May stores mark their debut in the market. In addition to the enclosed mall, the peripheral property has been earmarked for freestanding businesses including restaurants, hotels and other mall related operations. Imperial Valley Information Imperial Valley is one of the most productive agricultural regions not only in California, but the world. The annual crop production is over $1 Billion. As the type of agriculture has changed, so has employment. Service and retail jobs have grown. Manufacturing jobs have grown tremendously due to the transformation of Mexicali as an industrial center. In the Imperial Valley, the sun shines almost every day, more than any other place in the United States. There are places in the world where more rain has fallen in a single year than has fallen in the Imperial Valley during the past 87 years, an average of 2.87 inches. One of Southern California s most promising commercial and industrial areas, Imperial Valley has an abundant supply of water and electricity CB Richard Ellis, Inc. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or fi nancing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

3 Convenience Store LOT 15 FORTUNE GARDEN LOT 10 OFFICE BUILDINGS LOT ac LOT 22 ROBINSONS MAY RETAIL SHOPS - LOT 28 LOT ac Sombrero s Restaurant LOT SIZE / TENANT ac. +/ ac. +/- 8 Arco / Convenience Store ac. +/ AC. +/- 11 Dollar Tree 12 Wells Fargo ac. +/- 14 Denny s 15 Fortune Garden 16 Chili s 17 Johnny Carino s 18.9ac. +/- (In Escrow) 19 Famous Dave s ac. +/- 21 Fairfield Inn / Townplace Suites ac. +/- (Party City In Escrow) 23 Starbucks 24 Sears Auto Center 25 Jack in the Box 26 Sombrero s Restaurant ac. +/- 28 Arby s / Retail Shops 29 Chuck E. Cheese ac. +/-

4 S S S LA BRUCHERIE BRUCHERIE RD S S S CLARK CLARK CLARK RD RD RD S S S DOGWOOD DOGWOOD DOGWOOD RD RD RD S S S DOGWOOD DOGWOOD DOGWOOD RD RD RD S S S DOGWOOD DOGWOOD DOGWOOD RD RD RD PITZER PITZER PITZER RD RD RD PITZER PITZER PITZER RD RD RD PITZER PITZER PITZER RD RD RD Imperial Valley Mall El Centro, CA TO BRAWLEY 12TH RD WADAMSAVE W EUCLID AVE WOODWARD AVE MAIN ST WROSSAVE S S S WATERMAN AVE S S S IMPERIAL AVE TO SAN DIEGO INTERSTATE 8-36,000 ADT TO YUMA S S S S CLARK CLARK CLARK CLARK RD RD RD RD WAKE AVE DANENBERG RD ECHICKRD FARNSWORTH LANE RD IMPERIAL VALLEY MALL W MCCABE RD Sombreros DOGWOOD RD E MCCABE RD CORRELL RD HIGHWAY ,000 ADT Retail Detention Pond E CHICK RD 13 Gas Station / Convenience Store DOGWOOD DOGWOOD RD Cinema Multi-Family JASPER E JASPER RD MEADOWS RD COLE RD E COLE RD Available Pads: LOT SIZE 3.78ac. 2.67ac. 1.47ac. 1.67ac. 2.86ac. 1.37ac. 2.80ac ac ac ac. CAMACHO RD STATE HWY 98 This map contains information from sources we believe to be reliable, but we make no representation, warranty or guaranty of its accuracy. This map is published for the use of CBRE and its clients only. Redistribution in whole or part to any third party without the prior written consent of CBRE is strictly prohibited CB Richard Ellis, All Rights Reserved. Sources: CBRE Mapping Services (877) ; AirPhotoUSA LLC; Claritas, Inc./GDT, Inc. MapFiles\Work2007\ wor 8/22/2007 ANZA RD EMERSON AVE ROCKWOOD AVE MEXICALI POPULATION MILLION 0 Miles 1/4 1/2?

5 Imperial Valley Mall Imperial Valley, CA E WORTHINGTON RD FORRESTER RD T o S a n D i e g o W MCCABE RD COURTYARD VILLAS 54 Single Family Homes Imperial WEST SHORE DEVELOPMENT 2,708 Residential Lots El Centro MILLER BURSON 599 Single Family Homes DESERT VILLAGE (Propsed) 95 Single Family Homes WILLOW BEND LINDA VISTA 122 Single Family Lots 173 Single Family Homes E MAIN ST H I G H W A Y , A D T ROSSWOOD 152 Single Family Lots I N T E R S T A T E 8-3 6, A D T IMPERIAL VALLEY MALL WATERFORD/ANDERSON 5,385 Mixed Residential T o Y u m a Site Plan CITRUS GROVE ESTATES 120 Single Family Lots COUNTRYSIDE SOUTH 125 Single Family Homes DOGWOOD RD Heber CALEXICO INTL. CTR 128 Apts. 440 Mobile Homes 256 Condos LAS VENTANAS 1,000 Single Family Homes 454 Townhomes LA JOLLA PALMS EL PORTAL 500 Single Family Homes 535 Single Family Homes STATE HWY 98 LOS LAGOS 1,200 Single Family Homes 936 Townhomes Calexico B o r d e r C r o s s i n g LAS BRISAS (Under Construction) 559 Single Family Homes Mexicali - Population 1.1 million For additional information, please contact: Reg Kobzi Dave Hagglund This map contains information from sources we believe to be reliable, but we make no representation, warranty or guaranty of its accuracy. This map is published for the use of CBRE and its clients only. Redistribution in whole or part to any third party without the prior written consent of CBRE is strictly prohibited CB Richard Ellis, All Rights Reserved. Sources: CBRE Mapping Services (877) ; AirPhotoUSA LLC; Claritas, Inc./GDT, Inc. MapFiles\Work2006\ wor 4/27/ / 2 1 M i l e s

6 Demographic Report Imperial Valley Mall Dogwood Rd and Chick Rd 5 mile radius Dogwood Rd and Chick Rd 10 mile radius Dogwood Rd and Chick Rd 20 mile radius 2006 Estimated Population 48, , , Projected Population 50, , , Census Population 46,551 91, , Census Population 39,307 72,752 97,089 Growth % 15.92% 12.42% Growth % 11.99% 10.01% 2006 Estimated Median Age Estimated Average Age Estimated Households 14,023 29,675 38, Projected Households 14,653 33,121 42, Census Households 13,546 25,772 34, Census Households 11,620 20,773 28,088 Growth % 15.14% 12.07% Growth % 11.61% 9.84% 2006 Est. Average Household Size Est. Median Household Income $39,898 $40,414 $39, Prj. Median Household Income $44,580 $44,849 $43, Cen. Median Household Income $35,048 $34,916 $34, Cen. Median Household Income $25,555 $24,241 $23, Est. Average Household Income $54,398 $54,083 $53, Estimated Per Capita Income $16,325 $15,338 $15, Estimated Housing Units 15,168 31,504 40, Estimated Occupied Units 14,023 (92.5%) 29,675 (94.2%) 38,396 (93.8%) 2006 Estimated Vacant Units 1,145 (7.5%) 1,829 (5.8%) 2,546 (6.2%) 2006 Est. Owner Occupied Units 7,653 (50.5%) 17,172 (54.5%) 21,924 (53.5%) 2006 Est. Renter Occupied Units 6,370 (42.0%) 12,503 (39.7%) 16,472 (40.2%) 2006 Est. Median Housing Value $194,366 $197,462 $194, Est. Average Housing Value $216,613 $223,628 $221,060 Prepared On: 11/6/ :28:39 PM Page 1 of CB Richard Ellis. All rights reserved. This report contains information from sources we believe to be reliable, but we make no representation, warranty or guaranty of its accuracy. Opinions, assumptions and estimates constitute CBRE's judgment as of the date this report is first released and are subject to change without notice. CBRE holds all right, title and interest in this report and the proprietary information contained herein. This report is published for the use of CBRE and its clients only. Redistribution in whole or part to any third party without the prior written consent of CBRE is strictly prohibited. Sources: Claritas.