GOLDEN STATE INDUSTRIAL PARK

99 GOLDEN STATE INDUSTRIAL PARK 1775 PARK STREET SELMA, CALIFORNIA For Additional Information Please Contact: Ethan Smith, CCIM Senior Vice President - Industrial Division 559.447.6256 esmith@pearsonrealty.com CA BRE #01395349 Ron Stoltenberg Senior Vice President - Industrial Division 559.447.6227 rstoltenberg@pearsonrealty.com CA BRE #00523898 Nick Audino, SIOR Senior Vice President - Industrial Division 559.447.6270 naudino@pearsonrealty.com CA BRE #01231272 1

Table of Contents Signage Plan Investment Opportunity Location Property Overview Parcel Map Current Tenants Building Parcel Specifications Market 3 4 5 8 9 11 12 25 99 2

Signage Plan* *Signage has been designed and priced. 3

Investment Opportunity Golden State Industrial Park (GSIP) is a 33± acre, multi-building industrial and office project located along Highway 99 in Selma, California. Financial Summary for GSIP Project Highlights: GSIP is one of the largest industrial and office parks in the area, consisting of 11 buildings built from 1978-2002 totaling 346,771± square feet GSIP is conveniently located near a full interchange and has approximately 2,000± feet of Highway 99 frontage The office buildings have recently been fully remodeled with over $850,000 in improvements to building systems, lighting, landscaping, exterior lighting, drainage, and amenities The industrial buildings have functional attributes required by a wide variety of assembly and manufacturing occupants, including abundant electrical service, natural gas distribution, ample loading doors, many types of cranes, recently certified roofs, and ample land for outdoor storage 5± acres of undeveloped land allows for new construction to expand existing buildings or construct new buildings Subdivision map (Map#2014-013) entitlement recorded by current owner in 2017 allows for the property to be sold as separate parcels Golden State Industrial Park offers an owner the opportunity to receive reliable cash flow from existing tenants while strengthening their cash position by either leasing or selling the vacant spaces. GSIP is offered well below its estimated replacement cost of more than $21.6 million. Current Gross Revenue NOI Stabilized NOI Replacement Cost Analysis Pricing - Parcel 1 - Parcel 2 - Parcel 3 - Parcel 4 - Parcel 5 - Parcel 6 (Billboard) - Parcel 7 (Billboard) - Parcel 8 - Parcel 9 TOTAL *Total excludes parcels 6, 7, and 8 $628,224 $521,472 $1,250,000 $21,638,000 $487,500 ($65.00 psf) $75,000 $3,091,680 ($38.00 psf) $4,746,000 ($38.00 psf) $331,381 ($4.25 psf) $4,844 yearly $6,084 yearly $5,209,160 ($32.44 psf) yearly $13,940,721 ($40.20 psf)* 4

Location Centrally Located Selma is centrally located between California major markets in northern and southern California, with access to two of the state s major transportation corridors in Highway CA-99 and I-5. Measure C Much of Fresno County s road and highway improvements are funded by Measure C, a half-cent sales tax aimed at improving the overall quality of Fresno County s transportation system. In its first 20 years, Measure C delivered more than $1 billion of improvements to state highways and county roadways, including the building of additional lanes to freeways throughout the County including the expanses of Highway 99 that is adjacent to Golden State Industrial Park. As a result of the successful original measure, Fresno County voters chose to extend Measure C for an additional 20 years. Source: Fresno County EDC US I-5 CALIFORNIA US 99 SACRAMENTO Stockton Oakland San Francisco Modesto San Jose US 101 US 80 Merced Madera US Fresno I-5 Selma Hanford Visalia Lemoore Tulare US Coalinga 99 Bakersfield US I-5 US 15 US 40 San Bernardino Los Angeles Riverside US 10 Major National Highway Regional Connecting Freeway (labeled) (unlabeled) San Diego US 8 5

Location Ground Package Delivery Transit Days from Fresno/Selma Portland Sacramento Seattle San Francisco FRESNO Reno Las Vegas Los Angeles San Diego Boise Salt Lake City Phoenix Denver Albuquerque FedEx Transit Days 1 2 3 4 Reach over 38 million customers with guaranteed next-day ground service, without the additional cost of expedited shipping. Due to Selma s unique location in the middle of the state, FedEx, UPS, and OnTrac can reach all of California s major market within 1 day with their standard ground shipping, guaranteed. OnTrac even has the ability to reach the entire west coast with their standard ground shipping service. Source: Fresno County EDC Tucson Seattle UPS Seattle OnTrac City Mileage Distances to Other Ports of Entry Portland Sacramento San Francisco FRESNO Reno Las Vegas Boise Salt Lake City Denver Portland Sacramento San Francisco FRESNO Reno Las Vegas Boise Salt Lake City Denver San Francisco Bay Area 140 Sacramento 145 Los Angeles 192 Reno 285 San Diego 315 Port Mileage Stockton 116 Oakland 165 LA/Long Beach 241 Los Angeles Los Angeles Las Vegas 385 San Diego Phoenix Albuquerque San Diego Phoenix Phoenix 580 Tucson Tucson 6

Location Selma Story Selma is in Central California and is home to over 23,000 people. Often called the Raisin Capital of the World, Selma offers a small-town lifestyle with the amenities of a larger metropolitan area. The City of Fresno, which is less than 15 miles to the north, is the 5th largest city in California. Selma is considered part of the Fresno trade area and employers can draw from a large pool of labor and businesses are able to sell to a region with over one million people. Additionally, Selma benefits from its proximity to the region s primary north-south highway, Highway 99, which connects Selma with numerous cities throughout California. 17.3 miles from Fresno 99 More information about Selma can be found at: http://www.cityofselma.com/ Selma s Major Employers: Dragados Flatiron Partnership Selma Unified School District Selma Auto Center Xtreme Manufacturing (located at Golden State Industrial Park) Adventist Medical Center Quinn Caterpillar Guardian Industries Harris Ranch Beef Co. 41 43 99 27.7 miles from Visalia Selma is in Fresno County, which has over 1,000,000 residents, and is the economic and cultural center for the region. Employers in Fresno County benefit from a large labor pool as well as many incentive programs to encourage new hiring, training and expansion. Some of the incentive programs include PG&E s enhanced economic development rate (EDR), New Employment Opportunity (NEO) program, as well as numerous tax credit opportunities. More information about Fresno County can be found at: http://fresnoedc.com/ 7

Property Overview Address: Improvements: Property Size: 1775 Park St., Selma, CA 346,771± SF 33± acres 5 Zoning: M-2 (Heavy Industrial) 1 Electric: Natural Gas: Provided by PG&E Provided by PG&E 9 3 2 Telecommunications: AT&T fiber to site Sewer and Water: Selma-Kingsburg-Fowler County Sanitation District (http://www.skfcsd.org/) 6 4 Parcel Map: #2014-013 completed in 2017 8 7 Parcel Number 8

Parcel Map MAP LEGEND PARK STREET 1 2 GOLDEN STATE BLVD 1 2 Building 87 Fenced yard 3 3 Buildings 79, 79P, & 84 5 4 5 6 Buildings 82 & 83 Undeveloped parcel area Billboard 9 7 8 9 Billboard Ponding Basin Buildings 75, 75A, 76, 77, 78, 80, 81, & 88 4 6 8 7 9

Parcel Map 1 APNs 2 1 390-111-21 2 390-111-22 5 9 3 3 390-111-23 4 390-111-24 5 390-111-25 6 7 8 9 390-111-26 390-111-26 390-111-26 390-111-27 4 8 6 7 10

Current Tenants Buildings 75, 75A and 76 at GSIP are occupied by Dragados Flatiron Partnership (DFP), which is the prime contractor for the California High Speed Rail Segments 2 and 3. This portion of the California High Speed Rail project is expected to cost more than $1.5 billion and has been funded. DFP occupies 32,586± square feet of office space. Buildings 75 and 75A are office buildings that were renovated in 2016 and received over $750,000 of capital improvements, including new floor coverings, updated restrooms, and remodeled offices and conference rooms. DFP recently expanded into Building 76, which has also undergone an over $200,000 renovation and remodel to accommodate DFP s rapid employee growth. Given the nature of large, complicated public works projects it would not be surprising to see DFP continue to expand at GSIP and/or eventually extend its tenancy, particularly given their large capital investment in the facilities. More information about Dragados Flatiron can be found at: http://www.dfcp23.com/ More information about the California High Speed Rail project can be found at: http://www.hsr.ca.gov/about/ Building 84, which is 4,000± square feet, was leased to SCST, Inc. in late 2016. This building is a free-standing warehouse that was recently remodeled at a cost in excess of $70,000. Small, free-standing warehouses like this building are typically in great demand and achieve appreciably higher rental rates compared to multi-tenant buildings. SCST, Inc. is a regional engineering firm that utilizes GSIP to service local clients, including DFP and its subcontractors. More information about SCST, Inc. can be found at: http://www.scst.com/ Buildings 82 and 83 are well-maintained manufacturing buildings fully occupied by Xtreme Manufacturing. Xtreme is a 15+ year old company that provides proprietary equipment to Ahern Rentals as well as other construction-related businesses. Xtreme has occupied space at GSIP for more than 15 years and is one of Selma s largest employers. The buildings feature functional office space, numerous restrooms, paint booths, ovens and many types of cranes. Additionally, these buildings have ample electrical service that is typically required by manufacturing-related users along with numerous heavy-duty cranes, features that are very costly and time-consuming to upgrade to replicate in other buildings. Xtreme has also recently installed automated CNC machines, robots and laser cutters to increase production and enhance productivity. Xtreme and the landlord are in preliminary discussions regarding a potential lease extension. More information about Xtreme can be found at: https://www.xmfg.com/ More information about Ahern Rentals can be found at: http://www.ahern.com/ Additionally, there are two billboards located on the west side of the property that are leased to CBS Outdoor Inc. that generate over approximately $11,000 of income per year. Please contact marketing team for more information about each tenant and their leases. 11

Building/Parcel Specifications Parcel 1 Building 87 Hard-to-find, free-standing, 7,500± SF warehouse on a 0.95± acre parcel. The building has four dock positions and three grade level doors. Entire property is perimeter fenced and secured. Office area is 750± SF and has a large open room and two restrooms. Building was recently renovated and roof is in good condition. Parcel 2, which is 0.32± acres, is adjacent to Parcel 1 and is available to expand outdoor storage area for Parcel 1. Building Size: 7,500± SF Parcel Size: 0.95± acre Clear Height: 16 Electrical Service: 400+ AMP; 480V; 3 phase Fire Sprinklers: Gas Heaters: Evaporative Coolers: Dock Doors: 4 Grade Level Doors: 4 Construction: Steel frame APN: 390-11-21 Total Price: $487,500 ($65.00 psf) 12

Building/Parcel Specifications Parcel 2 Out Parcel This parcel may be utilized for additional parking or storage by the users of Building 87 or Buildings 79 and 79P. The parcel is fenced and almost completely paved. There is an open-sided building on this parcel. Alternatively, this parcel may provide additional access to Golden State Boulevard (pending approval by City of Selma). Parcel Size: 0.32± acres APN: 390-11-22 Total Price: $75,000 13

Building/Parcel Specifications Parcel 3 Buildings 79, 79P and 84 Three buildings totaling 71,360± SF on a 4.85± acre parcel. Each building is well-suited for manufacturing or light industrial uses. The buildings are in very good condition and feature grade level loading and ample area for outdoor storage. Building 84, which is 4,000± SF, is currently leased to SCST, Inc. Parcel Size: 4.85± acres APN: 390-11-23 Total Price: $3,091,680 ($38.00 psf) 84 79P 79 Building 79: Building Size: 38,400± SF Clear Height: 20 Grade Level Doors: 15 Electrical Service: 800 AMP; 480V; 3 phase Fire Sprinklers: Restrooms: Lighting: Fluorescent Gas Heaters: Evaporative Coolers: Cranes: (11)2 ton bridge cranes (2) mono-rail cranes (1) jib crane Occupancy: Vacant. Can be combined with Building 79P. 14

Building/Parcel Specifications Parcel 3 Buildings 79, 79P and 84 Building 79P Building Size: 28,800± SF Clear Height: 22 Grade Level Doors: 3 Electrical Service: 2,000 AMP; 480V; 3 phase Fire Sprinklers: Restrooms: Gas Heaters: Evaporative Coolers: Occupancy: Vacant. Can be combined with Building 79. Building 84 Over $70,000 was recently spent renovating the building, including the offices, restrooms, and electrical systems and evaporative coolers. 79 84 79P 79P 84 79 Building Size: 4,160± SF Clear Height: 16 Grade Level Doors: 1 Electrical Service: 200 AMP; 480V; 3 phase Office Area:. Recently renovated Restrooms:. Recently renovated Gas Heaters: Evaporative Coolers: (new units) Occupancy: Currently fully occupied by SCST, Inc. Lease information available upon request. 15

Building/Parcel Specifications 99 Parcel 4 Buildings 82 and 83 Buildings 82 and 83 are modern manufacturing buildings completely occupied by Xtreme Manufacturing. The buildings total 112,980± SF and are on an 8.39± acre parcel. The parcel has excellent Highway 99 frontage/visibility that can provide an occupant with valuable branding and exposure. Also, the parcel has ample paved area for employee parking, outdoor storage, or expansion. 82 83 Parcel Size: 8.39± acres APN: 390-11-24 Total Price: $4,746,000 ($42.00 psf) Building 82 Building Size: 80,000± SF Clear Height: 20 Grade Level Doors: 19 Electrical Service: 3,000 AMP; 480V; 3 phase Fire Sprinklers: Office Area: Restrooms: Cranes*: (9) 1/2 ton jibs (1) 1 ton jib (1) 1/4 ton jib (2) 1 ton jibs (14) 2 ton bridges (1) 3 ton bridge *Subject to verification (2) 5 ton bridges 16

Building/Parcel Specifications Parcel 4 Buildings 82 and 83 Building 82 (continued) Gas Heaters: Evaporative Coolers: Occupancy: Fully occupied by Xtreme Manufacturing, LLC. Lease information available upon request. 82 83 Building 83 Building Size: 32,980± SF Clear Height: 20 Grade Level Doors: 8 Electrical Service: 1,100 AMP; 480V; 3 phase Fire Sprinklers: Office Area: Restrooms: Cranes*: (2) 1/2 ton monorails Paint Booths: Powder Coating Booths: Gas Heaters: Evaporative Coolers: Occupancy: Fully occupied by Xtreme Manufacturing, LLC. *Subject to verification 17

Building/Parcel Specifications Parcel 5 Undeveloped Area This parcel is a paved area at the northwest corner of GSIP. Currently, the parcel is used by DFP for employee and contractor parking, but the Landlord has the right to relocate. In the future the parcel may be developed for a higher and better use, including light industrial or service commercial. The parcel s visibility from Highway 99 may be beneficial to future tenants and/or users. Parcel Size: 1.81± acres APN: 390-11-25 Total Price: $331,381 ($4.25 psf) Source: Sitewise 2017 TRAFFIC VOLUME Approximately 9,156± cars travel on 2nd Street daily Approximately 66,352± cars travel on Highway 99 daily 18

Building/Parcel Specifications Parcels 6 and 7 Billboards These parcels are individual dual-sided billboards leased to CBS Outdoor. Leases expire in 2021 and may offer an opportunity to increase cash flow due to the scarcity of billboards along Highway 99 and the inability to develop more billboards in a high-traffic area. 7 Current Revenue: $10,928 per year - Parcel 6 $4,844 per year - Parcel 7 $6,084 per year Source: Sitewise 2017 TRAFFIC VOLUME Approximately 9,156± cars travel on 2nd Street daily Approximately 66,352± cars travel on Highway 99 daily 6 19

Building/Parcel Specifications Parcel 8 Ponding Basin There is a plan underway to add a drainage pipe to Park Street which would enable the owner of the property to reorient the drainage towards Park Street in selected acres and reclaim this ponding basin for development. This parcel has excellent exposure to Highway 99. Parcel Size: 1.06± acres APN: 390-11-26 20

Building/Parcel Specifications 81 78 Parcel 9 Buildings 75, 75A, 76, 77, 78, 80, 81, & 88 Parcel 9 consists of eight buildings. Parcel Size: 11.58± acres APN: 390-11-27 Total Price: $5,209,160 75A 75 76 77 80 88 Buildings 75 and 75A: These buildings are connected and currently fully occupied by Dragados Flatiron Partnership as well as administrative staff for the California High-Speed Rail Authority. It is possible to separate the spaces into two units, which allows for flexibility when re-leasing the spaces. The floor plan has many private offices, conference rooms, break rooms, restrooms and ample open space. There are over 170 parking stalls. The property has recently received major investment by the tenant and owner of over $750,000, including ADA upgrades and new HVAC systems. Size: Restrooms: Sprinklers: Telecommunications: 26,000± SF AT&T fiber 21

Building/Parcel Specifications Parcel 9 Buildings 75, 75A, 76, 77, 78, 80, 81, & 88 Building 76: Free-standing two-story office building that is fully occupied by DFP. This building recently underwent an extensive remodel to accommodate DFP s growth. New HVAC systems, restrooms, floor coverings and paint were part of the remodel. In the future, this building may be leased separately from the other buildings on this parcel or it can be included with Building 77 since there is a breezeway that connects the two buildings. Size: Restrooms: Sprinklers: Telecommunications: Occupancy: 6,586± SF AT&T fiber Leased to DFP. 22

Building/Parcel Specifications 77 Parcel 9 Buildings 75, 75A, 76, 77, 78, 80, 81, & 88 Building 77: Free-standing manufacturing building that is well-suited for heavy industrial users as well as many types of assembly-related businesses. The roof on this building is in good condition. Ample paved land for outdoor storage and/or parking. Size: 90,000± SF Office Space: 4,000± SF Restrooms: Sprinklers: Electrical Service: 3,100 AMP; 277/480V; 3 phase Natural Gas: Gas Heaters: Evaporative Coolers: Dock Doors: 3 Grade Level Doors: 14 Cranes: (13) half-ton jib cranes (1) half-ton mono-rail crane (1) one-ton mono-rail crane (1 ) two-ton mono-rail crane (14) two-ton bridge cranes (1) three-ton bridge crane Occupancy: Vacant 23

Building/Parcel Specifications 88 78 Parcel 9 Buildings 75, 75A, 76, 77, 78, 80, 81, & 88 Building 78: Building Size: 38,000± SF Clear Height: 20 Grade Level Doors: 7 Electrical Service: 400+ AMP; 480V; 3 phase Fire Sprinklers: Restrooms: Gas Heaters: Evaporative Coolers: Cranes: (1) half-ton jib crane (1) one-ton bridge crane Occupancy: Vacant Building 88: This building is a 6,357± SF open-sided structure that can be used by the occupants of Parcel 9 to store materials. It may be possible to enclose this building. This building is easily visible from Highway 99. 24

Market Fresno County Workforce Current labor and industry information along with occupational industry projections for the Fresno Metropolitan Statistical Area (MSA) Industry Nov 16 Employed Nov 15 Employed California Employment Development Department, November 2016 YOY Change YOY Change (%) Total, All Industries 378,900 372,900 6,000 1.6% Total Farm 40,400 40,500 (100) -0.2% Total Non-Farm 338,500 332,400 6,100 1.8% Mining & Lodging 300 300 0 0.0% Manufacturing 25,900 25,300 600 2.4% Trade, Trans., & Utilities Financial Activities Professional & Business Services Educational & Business Services Leisure & Hospitality Industry Employment - Fresno MSA Construction 15,100 14,800 300 2.0% 68,300 67,200 1,100 1.6% Information 3,800 3,900 (100) -2.6% 13,600 13,100 500 3.8% 31,000 31,400 (400) -1.3% 63,600 62,700 900 1.4% 31,600 31,500 100 0.3% Other Services 11,700 11,600 100 0.9% Government 73,600 70,600 3,000 4.2% Fresno County Labor Force 445,800 Employed 404,200 Unemployed 41,600 Unemployment Rate 9.3% California Employment Development Department, November 2016 Top 5 Projected Growth Occupations by Occupational Classification - Fresno MSA (2012-2022) Rank Occupational Title California Employment Development Department, Employment Projections by Industry and Occupation, February 2015 Rank SOC Code 1 39-0000 2 17-0000 3 47-0000 4 31-0000 5 15-0000 1 2 3 4 5 Personal Care & Service Occupations Architecture & Engineering Occupations Construction & Extraction Occupations Healthcare Support Occupations Computer & Mathematical Occupations Top 5 Projected Growth Industries by Employment - Fresno MSA (2012-2022) Industry Construction Educational Services, Health Care, & Social Assistance Professional & Business Services Leisure & Hospitality Financial Activities California Employment Development Department, Employment Projections by Industry and Occupation, February 2015 % Growth 38.0% 35.4% 32.2% 26.0% 24.8% % Growth 37.7% 31.9% 31.4% 22.1% 19.5% 25

Market Fresno MSA - Occupational Wage Estimates Q1 2016 Occupation Code Occupational Title # Employed Average Hourly Wage Median Hourly Wage Average Annual Wage 11-3071 Transportation, Storage, and Distribution Managers Fresno MSA 330 $40.75 $36.70 $84,754 43-4151 Order Clerks Fresno MSA - $15.41 $15.87 $32,062 43-5071 Shipping, Receiving, and Traffic Clerks Fresno MSA 2,330 $14.01 $12.82 $29,145 43-5081 Stocks Clerks and Order Fillers Fresno MSA 4,590 $13.72 $12.21 $28,531 43-9061 Office Clerks, General Fresno MSA 7,900 $15.34 $14.57 $31,918 53-1031 Transportation and Material-Moving Supervisors Fresno MSA 480 $26.63 $23.71 $55,388 53-7051 Industrial Truck and Tractor Operators (including forklift drivers) Fresno, CA 2,120 $13.97 $12.43 $29,044 53-7062 Laborers and Material Movers Fresno, CA 5,180 $12.43 $11.01 $25,845 California Employment Development Department, Occupational Wages Estimates 26

Market Business Activity Selected Fresno County Development Projects: Community Medical Centers Clovis Cancer Center: Clovis Community Medical Center is planning a $65 million facility for cancer hospital. The 100,000± square foot facility will be one of a kind in the valley. The goal of the Cancer Center is to consolidate all of Community s outpatient cancer services to the new facility and will conduct research with UCSF. Community Regional Medical Center: A five-story, 180,000± square foot pediatric office building in Downtown Fresno. The more than $1 billion expansion will feature pediatric sub-specialists and outpatient services. The expansion should be completed by the end of summer 2017. California Health Sciences University (CHSU): CHSU s announced plans to build their 826,000± square foot permanent medical school campus on 70 acres of land at the Clovis Research & Technology Park. The $250 million campus will eventually have 2,000-3,000 students and a staff of 300-400. This new university is planning to open the new campus in 2019. Fowler Pediatric Care Medical Plaza: Valley Children s Hospital and Adventist Health formed a partnership to build a $10 million medical plaza in the City of Fowler with an aim of improving pediatric rural health care services. The planned 16 acre state-of the art pediatric care facility, located adjacent to State Highway 99, is scheduled to open in the early part of 2018. Downtown Fresno Station: Downtown Fresno has been designated as the location for the rail station serving Fresno and Madera Counties. The station will be located at Mariposa and H Streets and construction of the station could begin as soon as 2017. The City of Fresno in partnership with the California HSR Authority is developing a master plan to include station area designs, market feasibility analysis, a real estate development strategy, an infrastructure and financing plan, and transportation integration plan. The Fresno Station will support and further advance Downtown Fresno s current revitalization efforts. The Square at Campus Pointe: $260 million, 45 acre mixed-use development project at Fresno State. A public private partnership development, at full build out, Campus Pointe will have over 1 million± SF of space. Currently 250,000± square feet of retail space has been constructed with anchor tenant Maya Theaters opening in April of 2015. Future phases of the project call for office buildings, a hotel, and a senior housing project. Source: Fresno County EDC High-Speed Rail: The nation s first ever high-speed rail project broke ground in Downtown Fresno in January 2015. Phase 1 of the $64 billion California High-Speed Rail (HSR) project will connect San Francisco and Los Angeles through the San Joaquin Valley with passenger trains traveling up to 220 miles per hour. The first operational segment is expect to be completed by 2025 and Phase 1 by 2029. Construction of the system is currently underway in Fresno and Madera. 27

Market Business Activity Selected Fresno County Development Projects (continued): The Fulton Street Reconstruction Project: The Fulton Mall was one of the nation s first pedestrian malls constructed. Built in 1964, the mall converted Downtown Fresno s main street into a pedestrian only mall. The mall and surrounding buildings have suffered from neglect for decades. The City of Fresno is planning a $20 million project to re-open the mall to vehicle traffic in an effort to help revitalize one of Fresno s historic districts. Construction has began and will be completed in Spring 2017. Warehouse Row Project: $13 million renovation of the historic Warehouse Row buildings in Downtown Fresno. Nearly completed, project consists of 220,000± square feet of commercial office space. Clovis Centennial Plaza: Completed in the Spring of 2015, the 7,500± square foot Clovis Centennial Plaza is located in Old Town Clovis in Clovis, CA. The next phase of the project will include the construction of two retail and office buildings adjacent to the plaza that will total 31,000± square feet of new retail and office space. Construction will begin in early 2016. Clovis Centennial Plaza information. Hotel Fresno: $23 million renovation project of Downtown Fresno s historic Hotel Fresno. When complete, the seven-story building will consist of 79 residential apartment units. Renovations are expected to begin in 2016. GV Urban: GV Urban of Granville Homes, a major residential developer in Fresno, is Granville s urban development division focused on new, preservation, and revitalization residential development projects in Downtown Fresno. In just the past couple of years GV Urban has completed 7 residential mixed-use projects in Downtown Fresno, with another nearing completion. The eight projects total to nearly 270 multi-family housing units along with an additional 15,000± square feet of retail/commercial space. GV Urban has plans for new projects as Downtown Fresno s revitalization continues to expand. Boardwalk at Palm Bluffs: New 74,000± square foot office complex development located in north Fresno. The new development is part of the larger Palm Bluffs Corporate Center project, which includes 1.7 million± SF of existing occupied commercial office space. The Marketplace at El Paseo: 45 acre retail development project located in northwest Fresno. Phase 1 of the project has been completed, which consists of 400,000± square feet of retail space. Phase 2, an additional 350,000± square feet of retail space is currently under construction. Hotel Projects: There are six hotel projects in the Fresno/Clovis area that have reached the permitting process. Clovis, CA 79 unit hotel located near Shaw Ave and Clovis Ave. 114 unit hotel located on Shaw Ave east of CA-168. Fresno, CA 92 unit hotel located on West Shaw Ave east of CA-99. 100 unit hotel near Herndon Ave and CA-41 with 6,200± SF event center. 92 unit hotel located just south of Fresno-Yosemite International Airport. 152 unit hotel to be located in the Campus Pointe development at Fresno State Source: Fresno County EDC 28

Market Transportation THE FRESNO YOSEMITE INTERNATIONAL AIRPORT (FYI) The Fresno Yosemite International Airport is located approximately six air miles northeast of downtown Fresno. FYI currently has direct jet service to Los Angeles, San Francisco, San Diego, Portland, Seattle, Las Vegas, Phoenix, Denver, Salt Lake City, Dallas/Fort Worth, Honolulu, and Guadalajara, Mexico. Local residents appreciate the ease of getting in and out of the Fresno Airport compared to other terminals in our nation. A newly expanded terminal will enhance service even further. FREIGHT RAIL Freight Rail is one of the most viable transportation options for the Fresno County manufacturing and distribution/warehousing industries. Fresno County is served by Union Pacific (UP), BNSF, and San Joaquin Valley Railroad, which provides service to both UP & BNSF lines. HIGH-SPEED RAIL The nation s very first high-speed rail project broke ground in downtown Fresno in January 2015. Our region will now mark the starting point of a high-speed rail network that will one day span the entire state, beginning with the first operational segment between the San Joaquin Valley and Los Angeles, before advancing to a 500 mile system connecting San Francisco to Los Angeles. Phase 2 of the project calls for extensions to Sacramento and San Diego to complete the entire 800 mile system. Already, the design and right-of-way phases of the first high-speed rail segment have resulted in hundreds of hours of employment and millions of dollars in contracts for local businesses. Some of the strongest voices in Fresno County government, business, and civic leadership, have joined a regional partnership called Fresno Works to bring the planned High-Speed Rail Operations and Heavy Maintenance Facility (HMF) to Fresno. In addition, training and educational programs are gearing up to provide a skilled workforce for high-speed rail construction, operations, and maintenance. 29

Market Housing The most significant factor contributing to Fresno County s affordable cost of living is affordable housing. The relatively low cost of housing in Fresno County attracts many new residents to the region. These new residents arrive from all parts of the country but especially from California s large metropolitan areas. As the rebound effect from the housing market lows of the Great Recession begin to fade, real estate markets increasingly depend on strong fundamentals to drive sustainable housing activity. The Fresno housing market possesses these strong fundamentals; solid job growth, low vacancy rate, a market not overvalued, and affordability, amongst other factors. Thanks to the presence of these fundamentals, the Fresno housing market was ranked as the healthiest in the United States entering 2016 according to a report issued by mortgage industry leader Freddie Mac. The Fresno metropolitan area ranks #1 as the healthiest housing market in the U.S. - Multi-Indicator Market Index Freddie Mac Median Sales Price of Homes Sold November 2015 Region Median Price Fresno County $242,000 Clovis $298,000 Fresno $220,000 Alameda County $663,000 Berkeley $832,000 Oakland $567,500 Los Angeles County $525,000 Long Beach $478,000 Los Angeles $682,000 Sacramento County $310,000 Elk Grove $380,000 Sacramento $275,000 San Francisco $1,050,000 Santa Clara County $829,500 San Jose $720,000 Sunnyvale $1,172,000 California Home Sale Activity by City, CoreLogic, September 2016 30