THIS IS AN EXAMPLE REPORT

Ann Arbor Retail Space 2,000-4,000 SF, High Traffic Prepared on THIS IS AN EXAMPLE REPORT John, It was good speaking with you today. I've identified several spaces that appear to meet your needs. Look them over I can line up showings later this week. I've also attached some lease trends and demographic numbers for Ann Arbor to give you a general idea of where things are going as we hone in on where you want to be. Prepared By Ronald D. Marten, CCIM 2360 E. Stadium Blvd., Unit: 16 Ann Arbor, MI 734-973-3185 ron@catylist.com Page 1

The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions. Page 2

1. Downtown Ann Arbor Retail Or Office 209 N Main St, Ann Arbor, MI 48104 Listing ID: 22025340 Status: Active Property Type: Retail-Commercial For Lease Retail-Commercial Type: Street Retail Rental Rate: $18.50-21.50 PSF (Annual) Monthly Rent: $2,687.50-3,343.88 Lease Types: Modified Gross Contiguous Space: 1,500-2,169 SF Total Available: 3,669 SF Ceiling: 11 ft. Nearest MSA: Ann Arbor County: Washtenaw Tax ID Number/APN: 09-09-29-140-017 Zoning: C2B/R Gross Building Area: 2,169 SF Building Size (RSF): 2,169 SF Property Visibility: Excellent Highway(s) Access: M-14/US-23 - Main Street off-ramp 1 mile north, I-94/Jackson Rd exit one mile west. Tenancy: Single Tenant Year Built: 1901 Construction/Siding: Brick Parking Type: Structure, Surface Property Overview Downtown Ann Arbor retail or office space for lease or sale. Great location, highly visible. Ample on street parking and city parking around the corner. More Information Online http://www.cpix.net/listing/22025340 QR Code Scan this image with your mobile device: Property Contacts Ronald D. Marten, CCIM Marten/Davis REALTORS 734-973-3185 [O] ron@catylist.com Page 3

2. Courtyard Shops 1667 Plymouth Rd., Ann Arbor, MI 48105 Listing ID: 2105155 Status: Active Property Type: Retail-Commercial For Lease Retail-Commercial Type: Mixed Use Rental Rate: $12-18 PSF (Annual) Monthly Rent: $900-3,150 Lease Types: NNN Contiguous Space: 900-2,400 SF Total Available: 6,900 SF Ceiling: 12 ft. Nearest MSA: Ann Arbor County: Washtenaw Tax ID Number/APN: 09-09-22-202-008 Zoning: C1B Gross Building Area: 46,255 SF Property Visibility: Excellent Highway(s) Access: US-23-2 miles Tenancy: Multiple Tenants Year Built: 1972 Construction/Siding: Brick Property Overview The Courtyard Shops is a collection of 30 small shops and cafes located adjacent to the North Campus of the University of Michigan on the Plymouth Road corridor to downtown Ann Arbor. The Courtyard consists of three separate buildings in a park like setting with outdoor seating and convenient parking. The Courtyard Shops is located across the street from the new housing project, The Courtyards, adjacent to University of Michigan's North Campus. This is a student apartment consisting of 896 occupants. More Information Online http://www.cpix.net/listing/2105155 QR Code Scan this image with your mobile device: Property Contacts Ronald D. Marten, CCIM Marten/Davis REALTORS 734-973-3185 [O] ron@catylist.com Page 4

3. Ann Arbor Retail for Lease 3780 Jackson Rd, Ann Arbor, MI 48103 Listing ID: 28244809 Status: Active Property Type: Retail-Commercial For Lease Retail-Commercial Type: Convenience Store, Street Retail Rental Rate: $18 PSF (Annual) Monthly Rent: $5,025-10,050 Lease Types: NNN Contiguous Space: 3,350-6,700 SF Total Available: 6,700 SF Ceiling: 21 ft. Nearest MSA: Ann Arbor County: Washtenaw Tax ID Number/APN: H-08-23-480-003 Zoning: PUD Gross Building Area: 17,700 SF Building Size (RSF): 6,700 SF Road Type: Paved Property Visibility: Excellent Highway(s) Access: I-94 and M-14 Tenancy: Multiple Tenants Year Built: 2007 Construction/Siding: Brick Parking Type: Structure Property Overview Highly visible location. Corner retail unit in front of Qualty 16 theater with Jackson Ave frontage. NNN's estimated at $4.00/SF. 90 day occupancy from lease signing for current tenant to vacate. More Information Online http://www.cpix.net/listing/28244809 QR Code Scan this image with your mobile device: Property Contacts Ronald D. Marten, CCIM Marten/Davis REALTORS 734-973-3185 [O] ron@catylist.com Page 5

4. The Landmark 601 S Forest Ave, Ann Arbor, MI 48104 Listing ID: 8204259 Status: Lease Pending Property Type: Retail-Commercial For Lease Retail-Commercial Type: Convenience Store, Mixed Use Rental Rate: $45 PSF (Annual) Monthly Rent: $7,875-9,937.50 Lease Types: Absolute NNN Contiguous Space: 2,100-2,650 SF Total Available: 6,896 SF Nearest MSA: Ann Arbor County: Washtenaw Tax ID Number/APN: 09-09-28-309-040 Zoning: PUD Gross Building Area: 227,223 SF Building Size (RSF): 227,223 SF Road Type: Paved Property Visibility: Excellent Highway(s) Access: Easy access to I-94, US-23 & M-14 all within 2 miles of downtown Ann Arbor. Tenancy: Multiple Tenants Year Built: 2012 Construction/Siding: Steel Frame Parking Type: Surface, Underground Property Overview The Landmark - Ann Arbor's newest construction, high end student housing in U of M's central campus. Very high foot traffic, best campus retail location. 5 retail spaces on main level. Accepting LOI's now, building to be fully lease and open by Fall 2012. Campus Acquisitions recently broke ground for this new student apartment, on approximately eight-tenths of an acre. When completed, the building will feature an apartment tower with approximately 173 student housing apartments/606 beds, 8,655 square feet ("SF") of rentable retail space and 2 levels of underground parking. The Project will include a beautifully landscaped courtyard on the second floor for the exclusive enjoyment of all the residents and their guests. The project will strive to achieve LEED... More Information Online http://www.cpix.net/listing/8204259 QR Code Scan this image with your mobile device: Property Contacts Ronald D. Marten, CCIM Marten/Davis REALTORS 734-973-3185 [O] ron@catylist.com Page 6

5. The Dakota Building 1785 W STADIUM BLVD, Unit 202, Ann Arbor, MI 48103-5291 Listing ID: 18414391 Status: Active Property Type: Office For Lease Office Type: Office Building Rental Rate: $15.50-17.50 PSF (Annual) Monthly Rent: $543.96-3,544.33 Lease Types: Modified Gross Contiguous Space: 373-2,744 SF Total Available: 4,252 SF Nearest MSA: Ann Arbor County: Washtenaw Tax ID Number/APN: 09-09-31-206-025 Zoning: O - Office Class of Space: Class B Gross Building Area: 20,402 SF Building Size (RSF): 20,402 SF Road Type: Paved Property Visibility: Excellent Highway(s) Access: 5 minutes from I-94 Tenancy: Multiple Tenants Year Built: 2007 Construction/Siding: Brick Parking Type: Surface Property Overview Beautiful office building close to downtown Ann Arbor without the traffic congestion. Free onsite parking. More Information Online http://www.cpix.net/listing/18414391 QR Code Scan this image with your mobile device: Property Contacts Ronald D. Marten, CCIM Marten/Davis REALTORS 734-973-3185 [O] ron@catylist.com Page 7 The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.

Retail-Commercial Summary Ann Arbor, MI 106 Active Listings 476,768.0 SF Available 7.0% Vacancy $19.38 PSF Annual Lease Rate 13.0% Below List 332 Days on Market Vacancy & Lease Rates New Listings & Completed Transactions Annual Lease Rate PSF Vacancy Rate % # New Listings # Completed Transactions This Month Last Month 3 Month Average 12 Month Average Trend 22 Sale Listings 84 Lease Listings 202,517 SF For Sale 274,251 SF For Lease 7.3 million SF Occupied 7.8 million SF Total Inventory 7.0% Vacancy 155,478 SF Net Absorption - Leased 15 15 18 52 53 55 119,573 SF 120,029 SF 180,547 SF 168,683 SF 165,522 SF 177,742 SF 7.5 million SF 7.5 million SF 7.1 million SF 7.8 million SF 7.8 million SF 7.4 million SF 4.0% 4.0% 5.4% - - 69,678 SF - 2 2 3 Page 8 The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.

2 Sold $19.38 PSF Asking Lease - Actual Lease $96.37 PSF Asking Sale $133.78 PSF Actual Sale 13.0% Below List 332 Days on Market 1 2 1 $20.71 PSF $21.29 PSF $20.87 PSF $40 PSF $25.73 PSF $23.63 PSF $115.87 PSF $129.87 PSF $108.58 PSF $392.49 PSF $263.14 PSF $235.59 PSF 8.0% 10.5% 18.2% 68 200 277 Frequency: Statistics are compiled at the beginning of each month. Reliability: The quality of the data will vary based on many factors, including whether or not your CIE verifies the data on an ongoing basis. Statistics based on larger numbers of listings (as indicated by the "Listings" column) are generally more trustworthy. Accuracy: We make all attempts to normalize these stats, but make no guarantees about their accuracy. Outliers (extremely high or low values) are excluded from calculations. Counts: Listing and Transaction counts reflect the number of records with price and size information within valid ranges. The actual counts of all records in the CIE are larger. Weighted Averages: Price averages are weighed using the square footage available. Direct: Lease statistics are direct (exclude subleases). Below List: Reflects the average percent difference between the original listed price and the final transaction price. Net Absorption: We calculate absorption using a 90 day period. Locations: We only allow filters for locations with at least 100 active listings. Disclaimer: All statistics on this page have been gathered from user-loaded listings and userreported transactions. We have not verified accuracy and make no guarantees. By using the information provided on this page, the user acknowledges that the data may contain errors or other nonconformities. You and/or your client should diligently and independently verify the specifics of the information that you are using. Statistics courtesy of: Commercial Property Information Exchange (CPIX) Page 9 The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.

Demographic Statistics Ann Arbor, MI Disclaimer: While we believe this information (via the United States Census Bureau, 2010 Census and 2010 American Community Survey) to be reliable, we have not checked its accuracy and make no guarantee as to its validity. By using the information provided on this page, the user acknowledges that the data may contain errors or other nonconformities. You and/or your client should diligently and independently verify the specifics of the information that you are using. 113,934 Population 61,285 Workforce 6.6% Unemployment 27.8 Median Age $52,625 Household Income $240,400 Home Value Population 2010 Census 113,934 2000 Census 114,110 Growth 2000-2010 -0.15% Population (Male) 2010 Census 56,155 Population (Female) 2010 Census 57,779 Page 10 The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.

Population by Age (2010 Census) Age 0 to 5 4,868 Age 5 to 10 4,531 Age 10 to 15 4,284 Age 15 to 20 13,146 Age 20 to 25 23,091 Age 25 to 30 12,112 Age 30 to 35 8,166 Age 35 to 40 5,888 Age 40 to 45 5,466 Age 45 to 50 5,669 Age 50 to 55 5,650 Age 55 to 60 5,667 Age 60 to 65 4,784 Age 65 and over 10,612 Total Population 113,934 Median Age 27.8 Age 0 to 5 Age 5 to 10 Age 10 to 15 Age 15 to 20 Age 20 to 25 Age 25 to 30 Age 30 to 35 Age 35 to 40 Age 40 to 45 Age 45 to 50 Age 50 to 55 Age 55 to 60 Age 60 to 65 Age 65 and over 4% 4% 4% 12% 20% 11% 7% 5% 5% 5% 5% 5% 4% 9% Median Age (Male) 2010 Census 27 Median Age (Female) 2010 Census 28.7 High School Graduates Age 25+ by Educational Attainment (2010 Census) High School Graduate (or GED) 5,269 Some College, No Degree 7,722 Associate or Bachelor's Degree 2,911 Master's Degree 15,517 Professional School Degree 3,955 Doctorate Degree 6,485 Total High School Graduates Age 25+ 41,859 High School Graduate (or GED) Some College, No Degree Associate or Bachelor's Degree Master's Degree Professional School Degree Doctorate Degree 13% 18% 7% 37% 9% 15% Population Age 5+ by Language at Home (2010 Census) Only English 87,427 Spanish or Spanish Creole 3,030 Other 19,810 Total Population Age 5+ 110,267 Only English Spanish or Spanish Creole Page 11 The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions. Other 79% 3% 18%

Households 2010 Census 47,060 Population in Households 2010 Census 102,094 Average Household Size 2010 Census 2.17 Households by Household Type and Size and Presence of Children (2010 Census) Family Households 20,502 Married-couple family 16,118 With own children under 18 years 6,798 No own children under 18 years 9,320 Male Householder: no wife present 1,063 With own children under 18 years 429 No own children under 18 years 634 Female Householder: no husband present 3,321 With own children under 18 years 1,799 No own children under 18 years 1,522 Nonfamily Households 26,558 1 Person households 17,596 2+ Unrelated people 8,962 Total Households 47,060 Family Households Married-couple family With own children under 18 years No own children under 18 years Male Householder: no wife present With own children under 18 years No own children under 18 years Female Householder: no husband present With own children under 18 years No own children under 18 years Nonfamily Households 1 Person households 2+ Unrelated people 44% 34% 14% 20% 2% 1% 1% 7% 4% 3% 56% 37% 19% Households by Household Income (2010 Census) Less than $25,000 11,553 $25,000 to $49,999 9,893 $50,000 to $74,999 7,665 $75,000 to $99,999 4,631 $100,000 to $124,999 3,472 $125,000 to $149,999 2,445 $150,000 to $199,999 2,905 $200,000 or more 2,602 Total Households 45,166 Average Household Income $75,256 Median Household Income $52,625 Less than $25,000 $25,000 to $49,999 $50,000 to $74,999 $75,000 to $99,999 $100,000 to $124,999 $125,000 to $149,999 $150,000 to $199,999 $200,000 or more 26% 22% 17% 10% 8% 5% 6% 6% Page 12 The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.

Unemployment Rate 2010 Census 6.6% Population Age 16+ By Employment Status (2010 Census) Labor Force 61,285 In Armed Forces 26 Civilian, Employed 57,217 Civilian, Unemployed 4,042 Not in Labor Force 39,049 Total Population Age 16+ 100,334 Labor Force In Armed Forces Civilian, Employed Civilian, Unemployed Not in Labor Force 61% 0% 57% 4% 39% Employed Civilian Population Age 16+ by Industry (2010 Census) Agriculture, forestry, fishing and hunting, mining 789 Manufacturing 4,116 Wholesale & retail trade 4,718 Transportation and warehousing, and utilities 780 Information 1,697 Finance, insurance, real estate and rental and lea 2,425 Professional, scientific, management, administrat 6,646 Professional, scientific, and technical service 5,546 Management of companies and enterprises 105 Administrative and support and waste manag 995 Educational, health and social services 27,077 Arts, entertainment, recreation, accommodation a 5,937 Other services (except public administration) 1,992 Public Administration 1,040 Total Employed Civilian Population Age 16+ 57,217 Agriculture, forestry, fishing and hunting, mining Manufacturing Wholesale & retail trade Transportation and warehousing, and utilities Information Finance, insurance, real estate and rental and lea Professional, scientific, management, administrat Professional, scientific, and technical service Management of companies and enterprises Administrative and support and waste manag Educational, health and social services Arts, entertainment, recreation, accommodation a Other services (except public administration) Public Administration 1% 7% 8% 1% 3% 4% 12% 10% 0% 2% 47% 10% 3% 2% Page 13 The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.

Employed Civilian Population Age 16+ by Occupation (2010 Census) Management, Professional, and Related occupatio 35,043 Management, Business, and Financial Operat 8,172 Professional and Related Occupations 26,871 Service Occupations 8,859 Healthcare support occupations 1,031 Protective service occupations 417 Food preparation and serving related occupat 4,501 Building and grounds cleaning and maintena 1,103 Personal care and service occupations 1,807 Sales and Office Occupations 9,954 Sales and related occupations 4,299 Office and administrative support occupation 5,655 Farming, fishing, and forestry occupations 67 Construction, Extraction, and Maintenance Occupa 1,176 Production, Transportation, and Material Moving O 2,118 Total Employed Civilian Population Age 16+ 57,217 Management, Professional, and Related occupatio Management, Business, and Financial Operat Professional and Related Occupations Service Occupations Healthcare support occupations Protective service occupations Food preparation and serving related occupat Building and grounds cleaning and maintena Personal care and service occupations Sales and Office Occupations Sales and related occupations Office and administrative support occupation Farming, fishing, and forestry occupations Construction, Extraction, and Maintenance Occupa Production, Transportation, and Material Moving O 61% 14% 47% 15% 2% 1% 8% 2% 3% 17% 8% 10% 0% 2% 4% Workers Age 16+ by Transportation to Work (2010 Census) Total Workers Age 16+ 55,227 Housing Units by Tenure (2010 Census) Vacant Housing Units 2,729 Occupied Housing Units 47,060 Owner-Occupied 21,078 Renter-Occupied 25,982 Total Housing Units 49,789 Vacant Housing Units Occupied Housing Units Owner-Occupied Renter-Occupied 5% 95% 42% 52% Page 14 The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.

Owner occupied Housing Units by Housing Value (2010 Census) Less than $50,000 350 $50,000 to $99,999 1,150 $100,000 to $149,999 1,770 $150,000 to $199,999 3,531 $200,000 to $249,999 4,565 $250,000 to $299,999 2,555 $300,000 to $399,999 3,832 $400,000 to $499,999 1,395 $500,000 to $749,999 1,226 $750,000 to $1,000,000 346 $1,000,000 or more 256 Total Owner occupied Housing Units 20,976 Median Housing Value $240,400 Less than $50,000 $50,000 to $99,999 $100,000 to $149,999 $150,000 to $199,999 $200,000 to $249,999 $250,000 to $299,999 $300,000 to $399,999 $400,000 to $499,999 $500,000 to $749,999 $750,000 to $1,000,000 $1,000,000 or more 2% 5% 8% 17% 22% 12% 18% 7% 6% 2% 1% Page 15 The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.

Ronald D. Marten, CCIM Marten/Davis REALTORS Professional Profile Agent/Broker Working in Commercial Real Estate Since 1976 Ronald Marten, President and CEO of Catylist Inc. and Marten/Davis Limited Realtors started his career in the computer industry. He has an extensive background in computer operations, systems design, programming and management. Ron left the computer industry in 1976 and began a new career in real estate. Ron started and managed the commercial division of a local real estate company from 1979-1981. After receiving his CCIM designation in 1981, he started Marten/Davis Limited Realtors, which specializes in commercial brokerage and acquisitions. Ron is also the owner and managing member of several real estate partnerships and LLCs in Michigan and Florida. As far back as 1981, Ron had the idea of CCIM sponsoring a national commercial property database. In 2001 he met a small group of extremely talented computer technologists with a similar vision. Together they created Catylist Inc., Catylist Consulting Inc., and Catylist Real Estate Software Inc., which powers 30+CIE's and commercialiq. Expertise Specializations: Net Leased Properties Syndication Credentials Designations & Certifications: CCIM GRI Professional Organizations: CCIM ICSC Real Estate Licenses: Real Estate License: R Education Associate, Finance Oakland Completed Transactions Completed Sale Office (Office Building) in Ann Arbor, MI 2155 JACKSON AVE Completed: 7/31/2006 Size: 7,200 SF Price: $1,118,000 Cap Rate: Undisclosed Sold as partial owner occupied. Property Types: Office Retail Professional Licenses: Real Estate Brokerage Marten/Davis REALTORS CEO/President 2360 E. Stadium Blvd. Suite 16 Ann Arbor, MI 48104 734-973-3185 [Office] 734-973-3188 [Fax] ron@catylist.com http://www.martendavisrealtors.com Assistant: Tracy Wright 734-973-3185 martendavis@provide.net Completed Sale Office (Office Building) in Ann Arbor, MI 24,000 SQUARE FEET OF OFFICE SPACE Completed: 3/24/2005 Size: 24,000 SF Price: $2,070,000 Cap Rate: Undisclosed Buyer to occupy 50% of space balance leased back by seller Page 16 The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.

Completed Lease Shopping Center (Grocery-Anchored) in Ann Arbor, MI LAMP POST SHOPPING CENTER RETAIL SPACE AVAILABLE, 2412 Completed: 7/1/2004 Size: 1,000 SF Price: $18 PSF (Annual) Lease/Management of 33,000 S.F. Center References RON HAS HANDLED ALL OF MY REAL ESTATE TRANSACTIONS SINCE 1976 IN A PROFESSIONAL MANNER. LONG TERM CLIENT Page 17 The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.