USER SALE ACTIVITY RISES

Q2 INDUSTRIAL CHICAGO INDUSTRIAL MARKET OVERVIEW USER SALE ACTIVITY RISES The Metropolitan Chicago Industrial market witnessed an escalation in user sale demand in the second quarter of, driving down the overall vacancy rate to 8.43 percent. Leasing volume and construction deliveries were higher when compared to the prior quarter, while net absorption remained positive. Chicago Metro VACANCY 8.53% 8.43% ABSORPTION 2,435,254 1,922,549 RENTAL RATE $4.18 $4.19 - The second quarter vacancy rate declined 10 basis points to 8.43 percent, the lowest total since the third quarter of 2006 when it reached 8.39 percent. Heightened occupier demand contributed to the improvement. The I-290 South, Chicago North, I-55 Corridor and I-80/Joliet Corridor submarkets experienced a vacancy rate decline of over one-half a percentage point from the previous quarter. Conversely, the Far South Suburbs and I-39 Corridor witnessed a rise of over 50 basis points from first quarter results. Chicago vacant supply equaled 11 million square feet, which is slightly lower than the 112.3 million square feet reported last quarter. Absorption and s 2 15.0 1 5.0-5.0-1 -15.0-2 -25.0 1 1 1 Second quarter leasing volume jumped 6.0 percent from the previous quarter level of 8.5 million square feet to 9.0 million square feet. Heightened second quarter leasing activity was driven by Michelin Tire s signing of a 1.7-million-square-foot build-to-suit lease at RidgePort Logistics Center in Wilmington. The metropolitan Chicago witnessed an uptick in tenant demand from tenants in the 50,000-square-foot to 100,000-square-foot range as there were 26 leases signed in the second quarter, compared to only 19 transactions in the previous quarter. The Michelin Tire lease contributed greatly to the I-80/Joliet Corridor s market-leading second quarter leasing volume of 2.3 million square feet. There was no leasing activity in DeKalb County and the I-39 Corridor in the second quarter. Second quarter sale volume topped out at 5.2 million square feet, rising 24.8 percent from the 4.2 million square feet reported in the prior quarter. Similar to leasing activity, user demand was highest in big blocks of space as four sale transactions totaling 1.8 million square feet were completed in buildings greater than 300,000 square feet. Two of these transactions were buildto-suit sale transactions. The I-55 Corridor, a market that typically draws a great deal of tenant activity, posted the largest user sale volume in the second quarter at 1.1 million square feet. The Far South Suburbs and Northwest Indiana recorded no second quarter sale activity. www.colliers.com/chicago

ABSORPTION The Chicago area second quarter net absorption remained positive at 1.9 million square feet, however it has steadily declined from the third quarter 2013 level of 3.3 million square feet. The I-55 Corridor and I-290 North markets boasted the strongest second quarter results totaling 1.5 million square feet and 1.2 million square feet respectively. The North Suburbs and Lake County markets were the weakest with negative 790,200 square feet and negative 609,700 square feet respectively. Only nine of the 21 Chicago area industrial markets posted positive net absorption in the second quarter. Second quarter industrial deliveries totaled 2.7 million square feet (2.1 million square feet buildto-suit and 602,600 square feet speculative), which far exceeds the first quarter activity of 1.4 million square feet. The Chicago market will continue to see heightened new construction deliveries as 8.6 million square feet of build-to-suit projects and 5.0 million square feet of speculative projects are now underway. The I-55 Corridor welcomed the most construction deliveries in the second quarter with a total of 950,000 square feet. Redevelopment continued to thrive in the Chicago area in the second quarter. Two buildings were demolished and will be replaced with a 306,400-square foot build-to-suit for FedEx in Niles and a two-building, 406,200-square-foot speculative development in Libertyville led by Bridge Development Partners, LLC. P. 2 COLLIERS INTERNATIONAL

Central DuPage The Central DuPage second quarter vacancy rate measured 8.44 percent, down 16 basis points from the prior quarter mark of 8.60 percent. Heightened second quarter leasing volume contributed greatly to the improved vacancy rate. Four large (over 100,000 square feet) spaces returned to the market adding 601,800 square feet to Central DuPage s vacant industrial supply. The largest vacancy was an 188,100-square-foot warehouse/distribution facility at 815 Kimberly Drive in Carol Stream. This brings the total number of vacant options over 100,000 square feet in this market to 15, two more than the prior quarter. Central DuPage Absorption and s VACANCY 8.6 8.4 ABSORPTION -818,587-26,180 RENTAL RATE $5.02 $5.07 Central DuPage s available industrial supply continued to shrink in the second quarter, reaching 7.1 million square feet, which was slightly below the 7.3 million square feet reported in the first quarter. The decline is more significant compared to the all-time high of 10.3 million square feet posted in the second quarter of 2012. CONSTRUCTION Central DuPage witnessed no new construction deliveries in the second quarter compared to just one project totaling 80,000 square feet completed in the first quarter. Two new developments are nearing completion in the Central DuPage market. Native Floral is constructing 60,000 square feet in Lombard and Corrigan Moving Systems will be occupying 45,000 square feet in Hanover Park, both slated for completion in the fourth quarter. LEASE AND SALE ACTIVITY Second quarter leasing volume jumped 35.8 percent from the first quarter volume of 639,600 square feet to 868,300 square feet. The increase was due to increased demand in the 50,000- to 100,000-square-foot range, which witnessed five signed transactions totaling 375,700 square feet. This is a sizable increase from one lease signed in the first quarter totaling only 81,800 square feet. 2.0 1.5 - - -1.5-2.0 1 1 The largest second quarter lease transaction occurred when Diamond Marketing Solutions took occupancy of 184,600 square feet at 890-910 Kimberly Drive in Carol Stream. The integrated direct marketing firm consolidated from several locations. Sale transactions declined 60.2 percent in the second quarter for a total sale volume of only 100,400 square feet, down from the first quarter total of 100,400 square feet. Buyer demand was concentrated in smaller sizes which resulted in the low total sale volume. Heightened second quarter leasing activity was not enough to achieve positive absorption. However, the negative 26,200 square feet posted in the second quarter was considerably better than the negative 818,600 square feet reported last quarter. Central DuPage has not witnessed two consecutive quarters of negative absorption since the third and fourth quarters of 2012. TOP SECOND QUARTER TRANSACTIONS Diamond Marketing Solutions 184,574 890-910 Kimberly Drive, Carol Stream Lease Schnidt Cartage, Inc. 98,470 1625 Hunter Road, Hanover Park Lease Ingram Logistics 90,773 890-910 Kimberly Drive, Carol Stream Lease P. 3 COLLIERS INTERNATIONAL

Chicago Chicago North s vacancy rate benefited from strong second quarter sale activity which resulted in a vacancy rate of 6.84 percent. This was a 65-basis-point decline from the first quarter rate of 7.49 percent. Chicago South vacancy rate measured 11.14 percent, which was a 33-basis-point increase from the first quarter rate of 10.81 percent. Steady user demand was unable to keep pace with vacant space returning to the market. Chicago North VACANCY 7.49% 6.8 ABSORPTION -659,541 570,176 RENTAL RATE $6.11 $6.46 Chicago South VACANCY 10.81% 11.1 ABSORPTION 206,957-275,857 RENTAL RATE $3.99 $4.17 Chicago North s industrial vacant supply dropped 600,000 square feet from the first quarter mark of 6.7 million square feet to 6.1 million square feet. Conversely, Chicago South available supply rose from the first quarter level of 9.1 million square feet to 9.4 million square feet this suspends six consecutive quarters of declining supply. Chicago South witnessed one construction completion in the second quarter totaling 50,000 square feet. Chicago Oriental Wholesale Market moved into a 50,000-square-foot structure at 1902 S. Lumber Street. One building totaling 30,000 square feet was completed in Chicago North market in the previous quarter. Construction activity has been limited in the City of Chicago. The two projects totaling 80,000 square feet completed this year represent the first developments delivered since 2011 when one building totaling 91,000 square feet was completed. One significant Chicago North lease propelled second quarter leasing activity to 172,700 square feet, a 70 percent increase from first quarter activity. Digital Hub leased 94,400 square feet at 930 W. Evergreen Avenue which accounted for 54.6 percent of all second quarter activity. Chicago South leasing volume measured 313,800 square feet which was considerably lower than the first quarter volume of 802,500 square feet. Absorption and s Chicago North 1.5 - - -1.5-2.0-2.5 4.0 3.0 2.0 - -2.0-3.0-4.0 Chicago South 1 9% 7% 5% 3% 1% 1 1 1 1 Chicago North second quarter sale activity measured 504,500 square feet which was significantly higher than the 265,000 square feet sold in Chicago South. This marks the fourth consecutive quarter that Chicago North sale volume produced results superior to those of Chicago South. Despite posting weaker results, the Chicago South sale volume of 265,000 square feet was 97 percent higher than the first quarter output of 134,500 square feet. The Chicago North results were more dramatic, jumping almost 300,000 square feet from the first quarter total of 216,800 square feet to 504,500 square feet. Increased second quarter user demand resulted in the positive 570,200 square feet of absorption in Chicago North. This was a swing of 1.2 million square feet from the negative 659,500 square feet posted in the prior quarter. Strong second quarter sale volume did not help Chicago South net absorption which totaled a disappointing negative 275,900 square feet. This was a significant decline from the first quarter total of 207,000 square feet. Unfortunately this erases three quarters of positive results. TOP SECOND QUARTER TRANSACTIONS CLA Comm Major, LLC 359,374 1819 N. Major Avenue Sale Undisclosed 136,152 5401 S. Western Avenue Sale Digital Hub 94,400 930 W. Evergreen Avenue Lease P. 4 COLLIERS INTERNATIONAL

Elgin/I-90 Corridor Vacancy in the Elgin/I-90 Corridor market measured 14 percent at the end of the second quarter. This marks a 62-basis-point decline from the previous quarter at 14.62 percent. One year ago, the Elgin/I-90 Corridor had a vacancy rate of 11.43 percent 257 basis points lower than the current level. The vacant industrial supply in the Elgin/I-90 Corridor measured 4.1 million square feet at the end of the second quarter, which was a 4.24 percent decrease from the prior quarter total of 4.3 million square feet. Elgin/I-90 Corridor Absorption and s 0.8 0.6 0.4 0.2-0.2-0.4-0.6-0.8 - VACANCY 14.6 14.0 ABSORPTION -230,071 139,810 RENTAL RATE $4.96 $5.08 1 1 1 1 One year ago, the available vacant supply totaled 3.3 million square feet in this submarket a devastating 835,315-square-foot increase. The Elgin/I-90 Corridor witnessed no new construction deliveries in the second quarter, compared to 225,205 square feet built in the first quarter. Weber-Stephen Products, a major resident in the Elgin/I-90 Corridor, announced that it will build a 757,100-square-foot bulk warehouse/distribution facility on 72.3 acres in Huntley. Second quarter leasing volume totaled 448,000 square feet in the Elgin/I-90 Corridor market, a dramatic increase from the 57,000 square feet leased the previous quarter. In this same time period one year ago, 138,000 square feet of leases were transacted. Second quarter user sale activity also improved from the first quarter total. The second quarter sale activity measured 139,390 square feet, up 125,000 square feet from the first quarter level of 14,400 square feet. Sale activity was concentrated in buildings smaller than 40,000 square feet. After posting disappointing first quarter absorption of negative 230,000 square feet, Elgin/I-90 Corridors absorption rebounded to positive 140,000 square feet in the second quarter due to a strong user demand. TOP SECOND QUARTER TRANSACTIONS Medela, Inc. 154,523 2670-80 Spectrum Drive, Elgin Lease Rational Cooking Systems, Inc. 55,247 200-10 Corporate Drive, Elgin Lease Top Flight Volley Ball 54,154 2725 Alft Lane, Elgin Lease P. 5 COLLIERS INTERNATIONAL

Fox Valley A spike in space returning to the market caused Fox Valley s second quarter vacancy rate to jump 41 basis points from the first quarter level of 7.02 percent to 7.43 percent. Although second quarter vacancy rate increased, it was still significantly lower compared to the 8.31 percent measured one year ago. Four significant vacancies were returned to the market in the second quarter adding 502,100 square feet to Fox Valley s vacant industrial supply. The largest vacancy was a 146,600-square-foot space at 1111 Harvester Road in West Chicago. Fox Valley Absorption and s 5.0 4.0 3.0 2.0 - -2.0-3.0 VACANCY 7.0 7.43% ABSORPTION 212,143-363,176 RENTAL RATE $4.20 $4.18 1 1 1 1 Fox Valley s industrial supply ballooned to 6.7 million square feet in the second quarter, up from the 6.3 million square feet posted last quarter. A significant portion of Fox Valley s vacant industrial base is concentrated in spaces between 100,000 square feet and 300,000 square feet which contains 2.1 million square feet or 30 percent of the overall Fox Valley vacant supply. The Fox Valley market has had no new industrial developments since the second quarter of 2013. One speculative development commenced construction in the Fox Valley market in the second quarter. The Missner Group is building a 149,500-square-foot warehouse/distribution facility at 1919 Diehl Road in Aurora. Second quarter leasing activity in Fox Valley measured 260,200 square feet, which closely matched the 254,300 square feet leased in the previous quarter. However second quarter volume was significantly lower when compared to 623,600 square feet lease one year ago. Leasing activity in the second quarter was driven by smaller tenants as the largest transaction was a 78,100-square-foot lease to ASG Technologies at 921-51 Douglas Road in Batavia. Second quarter sale volume of 190,200 square feet was less than half of the 471,800 square feet reported in the first quarter. There was one notable sale completed in the Fox Valley market in the second quarter. Aurora Specialty Textiles Group purchased a 123,200-square-foot crane facility at 2705 Bridge Street in Yorkville. Fox Valley s second quarter net absorption totaled a disappointing negative 363,200 square feet. This was considerably worse than the 212,100 square feet reported in the first quarter. The outcome was similar one year ago when absorption totaled 201,200 square feet. TOP SECOND QUARTER TRANSACTIONS Aurora Specialty Textile Group 123,160 2705 Bridge Street, Yorkville Sale ASG Technology 78,087 921-51 Douglas Road, Batavia Lease American Excelsior Company 65,632 385 Fenton Lane, West Chicago Lease P. 6 COLLIERS INTERNATIONAL

I-290 North The I-290 North market second quarter vacancy rate measured 9.79 percent, a decline of 19 basis points from the 9.98 percent posted in the prior quarter. The decline was attributed to fewer buildings returning to the market rather than heightened occupier demand. I-290 North VACANCY 9.9 9.79% ABSORPTION 403,063 175,392 RENTAL RATE $3.65 $3.71 Industrial vacant supply totaled 7.4 million square feet at the ended the second quarter, falling slightly from the 7.6 million square feet available in the prior quarter. The decline was more pronounced when compared to one year ago where vacant supply measured 8.6 million square feet an enviable 1.2-million-square-foot decline. The I-290 North market welcomed it first industrial construction delivery since the third quarter of 2010. Duke Realty Corporation completed a 51,900-square-foot addition at 599 Northwest Avenue in Northlake. The building s occupant, Grand Warehouse, now leases 229,600 square feet. No new construction projects are underway in this mature market. Tenant demand continued to weaken in the I-290 North market in the second quarter. Leasing volume measured 165,200 square feet, which was a decline of almost 50 percent from the first quarter total of 325,800 square feet. The last time leasing volume was this low was in the first quarter of 2011 when just 53,500 square feet of lease transactions were reported. Absorption and s Second quarter sale volume measured a solid 236,000 square feet, however it was considerably lower than the first quarter mark of 837,800 square feet. The sale of a 468,700-square-foot facility in Berkeley propelled first quarter sale volume to near historic levels. - -2.0-3.0-4.0-5.0 1 1 Steady sale activity coupled with nominal space returning to the market contributed to the positive second quarter net absorption of 175,400 square feet. Although positive the second quarter volume was 56.5 percent lower than the first quarter mark of 403,100 square feet. TOP SECOND QUARTER TRANSACTIONS Dynamic Manufacturing, Inc. 93,804 2800 W. Lake Street, Melrose Park Lease Johnson Brothers 71,885 5744 McDermott Drive, Berkeley Sale X-Cel Med 60,000 7444 W. Wilson Avenue, Harwood Heights Sale P. 7 COLLIERS INTERNATIONAL

I-290 South The I-290 South second quarter vacancy rate dropped dramatically from the first quarter level of 7.0 percent to 5.32 percent a stunning 168-basis-point decline and the most of any Chicago area market. This was largely due to extremely strong second quarter sale volume. Vacant industrial supply measured 2.4 million square feet, which represents a 23.1-percent drop from the 3.1 million square feet vacant in the prior quarter. I-290 South VACANCY 7.0 5.3 ABSORPTION 111,106 1,237,903 RENTAL RATE $4.05 $3.88 Although industrial supply in I-290 South has been shrinking, the sector of the market between 100,000 square feet and 300,000 square feet has nine vacancies totaling 1.4 million square feet. This represents 58.4 percent of the overall vacant supply. Two build-to-suit projects in McCook were delivered to the market in the second quarter, adding 518,000 square feet to I-290 South s inventory base. Freeman Decorating took occupancy of 365,400 square feet at 8201 W. 47th Street and Golden State Foods moved into 152,700 square feet at 8901 W. 47th Street. There were no industrial deliveries in this market in the prior quarter. DP Partners has commenced construction on a two-building speculative development at LogisticCenter McCook that will add 662,700 square feet to I-290 South s industrial inventory. Absorption and s 1.5 - - -1.5 1 I-290 South second quarter leasing volume measured 247,000 square feet, up 18.4 percent from the prior quarter mark of 208,500 square feet. The increase was better still when compared to one year ago when just 52,700 square feet were leased. Sale activity rose dramatically in the I-290 South market to 645,700 square feet, up from the first quarter tally of 102,000 square feet. Second quarter s sale volume was positively influenced by two transactions. Star Plastics and Rubbers purchased 293,800 square feet at 2801 S. 25th Street in Broadview and Golden State Foods moved into its 152,700-square-foot build-to-suit sale in McCook. Heightened second quarter user demand resulted in the positive net absorption of 1.2 million square feet. This easily surpassed the 111,100 square feet achieved last quarter. The I-290 South market claimed the second highest net absorption of any Chicago area market in the second quarter. TOP SECOND QUARTER TRANSACTIONS Star Plastics & Rubbers 293,750 2801 S. 25th Avenue, Broadview Sale Golden State Foods 152,670 8901 W. 47th Street, McCook Sale Quality Reducer 74,525 1515-33 S. 55th Court, Cicero Sale P. 8 COLLIERS INTERNATIONAL

I-55 Corridor The I-55 Corridor s vacancy rate made a remarkable recovery from the first quarter rate of 10.33 percent to 9.35 percent in the second quarter, largely due to historically high sale activity. The vacant supply totaled 7.2 million square feet, dropping 600,000 square feet from the first quarter level of 7.8 million square feet. There are just four options in spaces over 300,000 square feet with only one of those options in first generation space. I-55 Corridor VACANCY 10.33% 9.35% ABSORPTION 410,010 1,541,198 RENTAL RATE $5.14 $5.05 A 419,300-square-foot space located at 555 Joliet Road in Bolingbrook formerly occupied by Midwest Warehouse & Distribution System, Inc. was returned to the market. The third party warehouser consolidated this account into other facilities. Two construction projects were completed in the second quarter adding 950,000 square feet to I-55 Corridor s inventory base. IDI enclosed a 602,600-square-foot speculative bulk warehouse/ distribution facility at 700 S. Weber Road in Bolingbrook and Conor Commercial Real Estate completed a build-to-suit lease totaling 347,400 square feet for Orbus Exhibit & Display Group. The building is located at Union Pointe Business Park at 9033 Murphy Road in Woodridge. Absorption and s 3.0 2.5 2.0 1.5 1 1 1 1 1 Construction deliveries to date reached 1.8 million square feet, which is the highest annual total since 2008 when 2.5 million square feet of new projects were constructed. The I-55 Corridor witnessed two speculative developments commence construction in Romeoville in the second quarter which will add 426,700 square feet of new inventory. Seefried Industrial Properties, Inc. is building a 237,100-square-foot warehouse/distribution facility, in which Berlin Packaging has committed to 125,500 square feet. The second is a 189,700-square-foot project being developed by Molto Properties at 900 Windham Parkway at 1485 Normantown Road. Second quarter leasing volume totaled 1.3 million square feet which was down 39.3 percent from the first quarter mark of 2.1 million square feet. This was due to limited demand from the big box user. Only one large lease transaction was signed, as Aryzta AG leased 317,100 square feet at 570 W. North Frontage Road in Bolingbrook. In the first quarter, three big box leases totaling 1.8 million square feet were completed. Although leasing volume was lower, the second quarter witnessed more lease transactions in all size ranges below 300,000 square feet, most notably between 25,000 square feet and 50,000 square feet. Four leases were signed in this size range, compared to none in the previous quarter. Sale activity in the second quarter was a solid 1.1 million square feet. This easily surpassed the paltry 79,500 square feet sold last quarter. The rise in second quarter activity was triggered by one of the largest user sale transactions to take place in the I-55 Corridor. Magid Glove and Safety, LLC purchased a 642,900-square-foot manufacturing plant at 1300 Naperville Road in Romeoville. Historical second quarter sale volume propelled net absorption to 1.5 million square feet. This was more than three times greater than the 410,000 square feet posted in the first quarter. The I-55 Corridor s net absorption had not previously exceeded 1.5 million square feet since the fourth quarter of 2010 when 1.6 million square feet of net absorption was reported. TOP SECOND QUARTER TRANSACTIONS Magid Glove and Safety 642,852 1300 Naperville Road, Romeoville Sale Aryzta AG 317,076 570 W. North Frontage Road, Bolingbrook Lease H&M/North Bay Logistics 198,731 875 W. Crossroads Parkway, Romeoville Lease P. 9 COLLIERS INTERNATIONAL

I-80/Joliet Corridor The I-80/Joliet Corridor s second quarter vacancy rate measured 11.40 percent which was a noticeable improvement from the first quarter level of 11.90 percent. The second quarter s decline was attributed to a nominal amount of space returning to the market rather than an increase in occupier demand. I-80/Joliet Corridor Absorption and s 4.0 3.5 3.0 2.5 2.0 1.5 - VACANCY 11.9 11.4 ABSORPTION -871,625 663,899 RENTAL RATE $3.48 $3.54 25% 2 15% 1 5% Available industrial supply measured 8.2 million square feet at the end of the quarter. This was a reduction of 3.7 percent from the prior quarter total of 8.5 million square feet. Unfortunately this was not the case when compared to the vacant supply one year ago when 7.5 million square feet were reported available a 9.3 percent increase. The I-80/Joliet Corridor vacant supply has the most big box (350,000 square feet and above) options of any Chicago area market. Seven large blocks of big box space were available at the end of the second quarter, one less than the prior quarter. Three build-to-suit projects including two freezer/cooler facilities were completed in the second quarter which raised I-80/Joliet Corridor s inventory base by 360,000 square feet. Supreme Lobster took possession of a 250,000-square-foot facility at 1101 Cherry Hill Road in Joliet and McKay TransCold Express occupied 60,000 square feet at the RidgePort Logistics Center 25000 W. Design Road in Wilmington. Construction activity continued to flourish in the I-80/Joliet Corridor in the second quarter. Four new projects broke ground that will add 3.1 million square feet to I-80/Joliet Corridor s industrial base. The largest development to commence construction is by Michelin Tire which has signed a build-tosuit lease with Ridge Property Trust to construct a 1.7-million-square-foot bulk warehouse campus at the RidgePort Logistics Center in Wilmington. The Michelin tire build-to-suit lease drove second quarter leasing volume to 2.3 million square feet, surpassing the 34,700 square feet leased in the prior quarter. The I-80/Joliet Corridor has not had such healthy leasing activity since the fourth quarter of 2010 when 2.3 million square feet of lease transactions were recorded. Second quarter sale activity also experienced a spike in volume totaling 376,400 square feet. This was almost three times greater than the 135,500 square feet sold last quarter. The majority of second quarter volume came from three build-to-suit sale projects that were completed during the quarter, accounting for 360,000 square feet of all second quarter volume. The second quarter net absorption figure rebounded dramatically to positive 663,900 square feet, vastly superior to the negative 871,600 square feet posted in the previous quarter. This represents a 1.5 million-square-foot swing from first quarter s results. TOP SECOND QUARTER TRANSACTIONS Michelin Tire 1,700,000 RidgePort Logistics Center Lease Undisclosed 3PL 323,795 4100 Rock Creek Boulevard, Joliet Lease Supreme Lobster 250,000 1101 Cherry Hill Road, Joliet Sale P. 10 COLLIERS INTERNATIONAL

Lake County Despite less space returning to the market than the previous quarter, Lake County s vacancy rate rose 29 basis points in the second quarter to 13 percent. Second quarter s vacant supply measured 7.8 million square feet, an increase of 200,000 square feet from the prior quarter level. Weaker second quarter tenant demand was partially to blame for the rise in Lake County s available supply. Lake County s vacant supply has remained above 7.0 million square feet for five consecutive quarters. Lake County VACANCY 10.7 13% ABSORPTION -156,652-609,743 RENTAL RATE $5.23 $5.02 Lake County witnessed no new construction for the past two quarters. Similarly, during the same time period last year just one building totaling 70,500 square feet was delivered to the market. Bridge Development Partners recently razed a 450,000-square-foot manufacturing plant at 804 Park Avenue in Libertyville. The developer is planning on building two speculative facilities encompassing 406,200 square feet. Construction is scheduled to start third quarter of. Leasing activity was steady in spaces below 50,000 square feet which brought the second quarter volume to 314,100 square feet. However, this was significantly below the 819,000 square feet leased last quarter. Although leasing volume was down, 11 leases were completed in spaces between 10,000 square feet and 25,000 square feet a segment which previously had higher-than-average vacancy. Absorption and s Second quarter sale activity measured 131,800 square feet, a 37-percent decline from the first quarter sale volume of 209,000 square feet. Similar to leasing activity, all second quarter sale volume occurred in smaller buildings. - - -1.5-2.0 1 1 1 1 Weaker second quarter user demand drove Lake County s net absorption to negative 609,700 square feet. This was considerably worse than the negative 156,700 square feet registered last quarter. The last time Lake County suffered two consecutive quarters of negative results was in the first half of 2010 when negative 466,800 square feet and negative 587,900 square feet were reported. TOP SECOND QUARTER TRANSACTIONS Gewalt Hamilton & Associates 48,040 625 Forest Edge Drive, Vernon Hills Sale Ice Services, LLC 47,643 800 Corporate Woods Parkway, Vernon Hills Lease International Tower 47,215 1081 Johnson Drive, Buffalo Grove Lease P. 11 COLLIERS INTERNATIONAL

North Suburbs The North Suburbs vacancy rate grew by 13 basis points from the previous quarter mark to 6.07 percent. This was the result of weaker occupier demand during the quarter. Despite the minor vacancy rate increase in the second quarter, the vacancy rate one year ago was 202 basis points higher at 8.09 percent. North Suburbs Absorption and s - - -1.5-2.0-2.5-3.0 VACANCY 5.9 6.07% ABSORPTION 140,413-790,204 RENTAL RATE $4.38 $4.10 1 The available industrial supply totaled 3.4 million square feet in the second quarter, which was up marginally from the first quarter level of 3.37 million square feet. Several facilities were withdrawn from the market by ownership, which assisted in keeping the second quarter supply from escalating. There were no new industrial projects completed in the second quarter of which is a trend that has continued for the past ten quarters. The former W.W. Grainger distribution center at 5959 W. Howard Street in Niles was razed in the second quarter eliminating 756,600 square feet from North Suburbs industrial base. This loss will be short lived, as the 37.36-acre site will be the new home of a 306,400-square-foot distribution center for FedEx. Panattoni commenced construction on a speculative warehouse/distribution facility in the second quarter. The developer had successfully leased out 40,500 square feet to S-L Distribution prior to breaking ground. Leasing volume weakened in the second quarter as only 135,200 square feet of transactions were completed, compared to 360,100 square feet leased in the prior quarter. All leases occurred in spaces below 30,000 square feet. Tenant demand was very active in spaces from 10,000 square feet to 25,000 square feet as seven of the eight transactions that completed during the quarter were in that size range. Sale activity fell for the second consecutive quarter measuring just 112,200 square feet. This is a significant decline from the 360,400 square feet sold in the first quarter. The largest building sold in the second quarter was a 40,000-square-foot facility located at 6977 Austin Avenue in Niles. Weak second quarter user demand coupled with the loss of 756,600 of inventory resulted in the net absorption of negative 790,200 square feet. This was far worse than the positive 140,400 square feet measured last quarter. TOP SECOND QUARTER TRANSACTIONS Private Individual 40,000 6977 N. Austin Avenue, Niles Sale BonaFida 27,900 100 Shepard Avenue, Wheeling Sale Genesis Recycling 26,411 180-230 E. Messner Drive, Wheeling Lease P. 12 COLLIERS INTERNATIONAL

Northwest Suburbs The Northwest Suburbs second quarter vacancy rate remained flat in the second quarter at 7.46 percent. Steady leasing and sale activity was able to keep pace with space returning to the market. The available inventory base in the Northwest Suburbs totaled 2.5 million square feet, also unchanged from the previous quarter. Northwest Suburbs VACANCY 7.4 7.4 - ABSORPTION 134,489-13,707 RENTAL RATE $4.91 $4.95 After witnessing the construction of 156,800 square feet in the prior quarter, there were no new construction completions in the Northwest Suburbs in the second quarter. Sunstar Americas is nearing the completion on a 302,000-square-foot manufacturing facility in Schaumburg. The building is scheduled for completion in the fourth quarter of. ITW s lease of 51,900 square feet in Bartlett was the only completed lease transaction of the second quarter. This is a decline from the 106,900 square feet leased in the prior quarter. One year ago, leasing activity totaled 122,100 square feet. The second quarter sale activity measured 101,037 square feet, up 122 percent from the first quarter level of 45,500 square feet. The Northwest Suburbs experienced net absorption of negative 13,707 square feet at the end of the second quarter. This marks a significant decline from the positive 134,489 square feet recorded in the first quarter, which was the result of slow leasing activity. Absorption and s TOP SECOND QUARTER TRANSACTIONS 0.9 0.6 0.3-0.3-0.6-0.9-1.2-1.5 1 9% 3% ITW 51,925 1452-58 Brewster Creek, Bartlett Leased SVM 35,514 3727 N. Venture Drive, Arlington Heights Sale Yonan Carpets 32,423 1400-40 S. Hicks Road, Rolling Meadows Sale P. 13 COLLIERS INTERNATIONAL

O Hare The second quarter vacancy rate in the O Hare market measured 7.64 percent, virtually unchanged from the first quarter level of 7.65 percent. The vacancy rate improved dramatically when compared to one year ago, declining 80 basis points from the 8.44 percent posted at that time. O Hare VACANCY 7.65% 7.6 - ABSORPTION 646,799-76,945 RENTAL RATE $4.83 $4.53 O Hare s available supply measured 10.6 million square feet, which was unchanged from the first quarter volume. The last time O Hare vacant stock fell below 1 million square feet was in the third quarter of 2006 when 9.4 million square feet were vacant. Spaces between 10,000 and 25,000 square feet experienced the largest decline in available options, dropping from 118 in the first quarter to 99 in the second quarter. The flow of new construction has slowed down in the O Hare market as no deliveries were reported for the past two quarters. However, there are two projects underway that will bring 615,400 square feet to O Hare s inventory base. DHL is nearly finished constructing a 476,000-square-foot bulk warehouse/distribution facility in Chicago on airport grounds and Brennan Investments is underway on a 139,400-square-foot speculative facility in Des Plaines. Absorption and s 1.5 - - -1.5-2.0-2.5-3.0-3.5 1 1 Steady tenant demand propelled O Hare s leasing volume above million square feet for the third consecutive quarter. Second quarter activity measured 1.1 million square feet, however it was down 24.9 percent from the 1.5 million square feet leased in the previous quarter. Second quarter s weaker output was due to limited demand from the large user. The second quarter saw only one lease transaction in spaces over 100,000 square feet while the first quarter boasted three lease transactions. O Hare s second quarter sale volume reached 284,200 square feet which compares favorably to the 235,000 square feet sold in the first quarter a noticeable 21 percent increase. Stronger second quarter sale volume was assisted greatly by one transaction. Do & Company USA Holiday, Inc. purchased an 114,000-square-foot manufacturing facility at 2150 Frontage Road in Des Plaines. This transaction accounted for 40.1 percent of all second quarter sale activity. Despite healthy second quarter user demand, O Hare s net absorption totaled negative 76,900 square feet. An overabundant amount of space returned to the market which occupier demand was unable to match. TOP SECOND QUARTER TRANSACTIONS Glazers-Stoler Distributing Inc. 171,076 2801-81 S. Busse Road, Elk Grove Village Lease Do & Company USA Holiday, Inc. 114,000 2150 Frontage Road, Des Plaines Sale SPX Genfare 71,841 800 Arthur Avenue, Elk Grove Village Lease P. 14 COLLIERS INTERNATIONAL

South Suburbs The South Suburbs second quarter vacancy rate measured 8.64 percent, a minor increase from the 8.36 percent registered in the prior quarter. South Suburbs available vacant supply totaled 8.8 million square feet in the second quarter, increasing modestly from the 8.5 million square feet available in the previous quarter. One year ago, the available vacant supply totaled 10.4 million square feet in this submarket a remarkable 300,000-square-foot decline. South Suburbs VACANCY 8.3 8.6 ABSORPTION 1,292,238-285,363 RENTAL RATE $4.10 $4.10 - Although the South Suburbs industrial market incurred no new construction deliveries for the past six quarters, two new projects are underway. Plastic Color Corporation is building a 40,000-squarefoot manufacturing plant in Calumet City, while Intermodal Maintenance Group is close to completing a 36,000-square-foot garage in Bedford Park. The South Suburbs second quarter leasing volume reached 385,500 square feet, a sizable decrease from the 560,200 square feet leased in the previous quarter. In this same time period one year ago, 238,600 square feet of lease transactions were completed. Two significant leases were signed in the South Suburbs in the second quarter. Menasha Packaging leased 117,100 square feet in Bridgeview and Bossard North America leased 68,900 square feet in Alsip. Absorption and s The second quarter sale volume measured 93,100 square feet, a 51-percent decline from the previous quarter level of 188,500 square feet. The largest sale reported in the second quarter captured 66.8 percent of all sale activity. Bernard Holman purchased a 67,500-square-foot building at 9999 S. Virginia Avenue in Chicago Ridge. 2.0 1.5 - - -1.5-2.0-2.5-3.0 1 1 1 ABSORPTION The South Suburbs net absorption at the end of the second quarter measured negative 285,300 square feet, down 122 percent from the first quarter total 1.3 million square feet, the result of slow leasing activity. TOP SECOND QUARTER TRANSACTIONS Mensha Packaging 117,077 7800 W. 71st Street, Bridgeview Leased Bossard North America 68,858 11800 S. Austin Avenue, Alsip Leased Bernard Holman 67,500 9999 S. Virginia Avenue, Chicago Ridge Sale P. 15 COLLIERS INTERNATIONAL

Southeast Wisconsin The second quarter vacancy rate totaled 4.46 percent in the Southeast Wisconsin market, a healthy improvement from the 4.74 percent reported in the first quarter. This also marks an 88 basis-pointimprovement from the 5.34 vacancy rate established one year ago. Available industrial supply in the Southeast Wisconsin market measured 2.18 million square feet in the second quarter, which was 120,000 square feet less than the 2.2 million square feet reported available in the previous quarter. Southeast Wisconsin VACANCY 4.7 4.4 ABSORPTION 52,226 402,359 RENTAL RATE $4.32 $4.15 9201 Wilmot Road in Pleasant Prairie is still the only option for users looking for space greater than 300,000 square feet. After witnessing no new construction completions in the first quarter, a 432,000-square-foot buildto-suit project in Sturtevant was completed in the second quarter for United Natural Foods. Two new build-to-suit projects commenced construction in the second quarter in Kenosha. Amazon is underway on a second bulk warehouse/distribution building totaling 500,000 square feet at Kenosha Enterprise Park and Kenall Manufacturing broke ground on a 354,000-square-foot warehouse/distribution facility. Absorption and s 2.5 2.0 1.5-1 1 The Southeast Wisconsin s second quarter leasing volume measured 256,600 square feet, significantly higher than 20,600 square feet leased in the first quarter. InSinkErator s 160,300-square-foot lease at 5612 95th Avenue in Kenosha was the largest lease transaction of the quarter. Second quarter user sale activity reached an impressive 499,900 square feet, a 280 percent increase from the first quarter total of 131,600 square feet. Virtually all second quarter sale activity occurred from the 432,000-square-foot United Natural Foods build-to-suit sale. United Natural Foods is expanding operations in the area. ABSORPTION Net absorption during the second quarter was a positive 402,300 square feet, far surpassing the 52,200 square feet posted in the prior quarter. The improvement was also better when compared to the 278,700 square feet of net absorption posted one year ago. TOP FIRST QUARTER TRANSACTIONS United Natural Food 432,000 Highway H & 11, Sturtevant Sale InSinkErator 160,300 5612 95th Avenue, Kenosha Leased Porchlight, Inc. 53,238 1524 Fredrocl Street, Racine Sale P. 16 COLLIERS INTERNATIONAL

SECOND QUARTER MARKET STATISTICS Sub-Market Total Inventory Sq. Ft New Supply Came on Market Vacancy Rate Current Qtr Vacancy Rate Prior Qtr Net Absorption Current Qtr-SF Net Absorption YTD-SF Leased SF Current Qtr. Sold SF Current Qtr. Under Construction Current Qtr. Ave Annual Asking Rate/SF Central DuPage County 84,395,494 0 1,143,086 8.4 8.6 (26,180) (844,767) 868,312 100,441 105,000 $5.07 $61.88 Chicago North 89,843,780 0 158,072 6.8 7.49% 570,176 (89,365) 172,745 504,541 0 $6.46 $38.62 Chicago South 84,142,474 50,000 974,539 11.1 10.81% (275,857) (68,900) 313,815 265,034 236,616 $4.17 $33.66 DeKalb County 19,981,307 0 56,093 3.47% 3.3 (32,704) (32,704) - 23,389 0 $2.78 $43.41 Elgin I-90 Corridor 29,391,533 0 613,401 14.0 14.6 139,810 (90,261) 447,638 139,390 823,620 $5.08 $50.86 Far South Suburbs 45,378,632 0 337,144 5.01% 4.3 (325,144) 323,084 12,000 0 0 $3.77 $36.88 Fox Valley 89,830,760 0 845,802 7.43% 7.0 (363,176) (151,033) 260,168 190,218 1,104,090 $4.18 $50.46 I-290 North 75,892,896 51,884 538,824 9.79% 9.9 175,392 578,455 165,204 235,974 0 $3.71 $32.03 I-290 South 45,453,875 518,029 72,472 5.3 7.0 1,237,903 1,349,009 246,973 645,678 662,700 $3.88 $31.88 I-39 Corridor 17,919,915 327,360 362,294 3.31% 2.6 90,066 90,066-327,360 0 $2.63 $26.44 I-55 Corridor 76,558,397 950,000 1,812,844 9.35% 10.33% 1,541,198 1,951,208 1,254,990 1,131,606 1,690,638 $5.05 $68.99 I-80/Joliet Corridor 71,771,861 360,000 353,220 11.4 11.9 663,899 (207,726) 2,326,904 376,375 3,848,341 $3.54 $49.17 Lake County 70,333,305-450,000 750,090 13% 10.7 (609,743) (766,395) 314,064 131,750 22,000 $5.02 $54.33 McHenry County 30,099,848 0 354,924 15.19% 15.1 (38,186) 260,378 213,304 18,945 0 $3.50 $38.54 North Suburbs 56,076,099-756,560 492,033 6.07% 5.9 (790,204) (649,791) 135,161 112,196 150,070 $4.10 $57.57 Northwest Suburbs 34,318,583 0 178,994 7.4 7.4 (13,707) 120,782 51,925 101,037 302,000 $4.95 $58.36 O Hare 139,248,726-89,370 1,508,348 7.6 7.65% (76,945) 569,854 1,089,473 284,242 615,455 $4.53 $54.63 South Suburbs 102,223,995 0 833,109 8.6 8.3 (285,363) 1,006,875 385,468 93,100 76,000 $4.04 $24.46 Metro Chicago Total 1,162,861,480 961,343 11,385,289 8.59% 8.7 1,581,235 3,348,769 8,258,144 4,681,276 9,636,530 $4.27 $45.96 Northwest Indiana 54,500,906 0 0 7.2 6.9 (191,661) 46,337 324,537 0 0 $3.85 $37.82 Rockford Area 51,745,970 0 90,834 9.5 9.8 130,616 508,112 182,000 13,200 785,000 $2.93 $21.78 Southeastern Wisconsin 48,842,860 432,000 370,975 4.4 4.7 402,359 454,585 256,611 499,923 2,533,997 $4.15 $44.27 GRAND TOTAL 1,317,951,216 1,393,343 11,847,098 8.43% 8.53% 1,922,549 4,357,803 9,021,292 5,194,399 12,955,527 $4.19 $44.41 Ave Asking Sales Price/SF QUARTERLY COMPARISON AND TOTALS Q2-14 1,317,951,216 1,393,343 11,847,098 8.43% 8.53% 1,922,549 4,357,803 9,021,292 5,194,399 12,955,527 $4.19 $44.41 Q1-14 1,316,557,873 808,987 13,752,791 8.53% 8.7 2,435,254 2,435,254 8,510,129 4,163,516 9,867,130 $4.18 $44.04 Q4-13 1,315,748,886 2,698,924 14,261,931 8.7 8.8 3,153,323 12,760,948 6,867,660 6,719,920 9,800,982 $4.11 $43.14 Q3-13 1,313,001,075 565,583 11,893,971 8.8 9.03% 3,282,973 9,607,625 9,813,774 3,690,025 8,846,858 $4.12 $43.10 Q2-13 1,316,389,092 1,465,700 15,995,012 9.03% 9.0 285,690 6,324,652 8,743,513 3,543,270 3,953,402 $4.09 $42.57 The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports. P. 17 COLLIERS INTERNATIONAL

CHICAGO INDUSTRIAL SUBMARKET MAP SOUTHEAST WISCONSIN 485 offices in 63 countries on 6 continents McHENRY COUNTY LAKE COUNTY United States: 146 Canada: 44 Asia: 38 Australia/New Zealand: 148 Latin Ameria: 25 EMEA: 84 > $2.1 billion in annual revenue > 1.46 billion square feet under management > Over 15,800 professionals 12 45 83 60 ELGIN I-90 72 68 NORTHWEST SUBURBS 14 62 83 12 45 Lake Cook Rd. 22 94 NORTH SUBURBS/COOK 21 41 94 Lake Michigan 59 53 90 O'HARE 58 294 www.twitter.com/collierschicago DeKALB COUNTY 20 31 I-88 / FOX VALLEY Elgin-O'Hare Expy. 20 290 CENTRAL DuPAGE 64 53 355 290 83 190 90 I-290 NORTH 64 I-290 SOUTH 41 CHICAGO NORTH 94 90 www.colliers.com/chicago 59 88 45 290 43 CHICAGO SOUTH 88 East-West Tollway 34 294 90 94 55 34 I-55 CORRIDOR 53 355 55 43 50 12 20 94 90 SOUTH SUBURBS NORTH I-80 / JOLIET CORRIDOR 80 53 7 171 45 80 57 94 50 294 FAR SOUTH SUBURBS NORTH- WEST INDIANA RESEARCHER: George A. Cutro Vice President Research Services Colliers International Chicago 6250 N. River Road, Suite 11-100 Rosemont, IL 60018 TEL +1 847 698 8295 george.cutro@colliers.com 0 1 5 10 miles 55 Accelerating success. www.colliers.com/marketname