MARKET OVERVIEW

Market Overview MARKET OVERVIEW

MARKET OVERVIEW Metropolitan ORLANDO #3 in Nation ORLANDO #1 in Nation Economics Projected Five Year Population Growth Projected Five Year Employment Growth Percentage Population Percentage Employment The Orlando-Kissimmee Metropolitan Rank Metropolitan Area Growth Growth Rank Metropolitan Area Growth Growth Statistical Area (“MSA” or “metro”), 1) Phoenix-Mesa-Scottsdale 12.7% 606,250 1) Orlando-Kissimmee-Sanford 11.9% 147,246 ’s third most-populated MSA 2) Las Vegas-Henderson-Paradise 12.5% 275,634 2) Austin-Round Rock 10.0% 100,635 3) Orlando-Kissimmee-Sanford 10.4% 257,463 3) Las Vegas-Henderson-Paradise 9.4% 90,569 and the 24th-largest in the nation, is 4) Tampa-St. Petersburg-Clearwater 10.4% 320,703 4) West Palm Beach-Boca Raton-Delray Beach 8.7% 53,385 home to 2.47 million people. Florida is 5) Jacksonville 10.4% 156,238 5) Dallas-Plano-Irving 8.6% 219,791 forecasted to be the fastest growing state 6) West Palm Beach-Boca Raton-Delray Beach 10.4% 153,314 6) Phoenix-Mesa-Scottsdale 8.6% 172,243 7) Fort Lauderdale-Pompano Beach-Deerfield Beach 10.4% 204,289 7) Fort Worth-Arlington 8.2% 84,776 in terms of population between 2017 8) -Miami Beach-Kendall 10.4% 289,952 8) Jacksonville 7.5% 51,612 and 2027 adding 4.61 million people, 9) Austin-Round Rock 7.6% 157,030 9) Portland-Vancouver-Hillsboro 7.1% 82,627 and boasts Moody’s Aa2 credit rating. 10) Houston-The Woodlands-Sugar Land 7.6% 522,101 10) San Antonio-New Braunfels 6.8% 68,878 As an economic powerhouse, the MSA Source: Moody's Source: Moody's has a dynamic business climate that continues to diversify far beyond its AWARDS tourism roots; the area now benefits from AND RECOGNITION a highly-skilled workforce and a broad 160,000 Florida Metro Employment Trends Comparison industry base with nationally recognized Total Non-Farm Employment Projection 147,246 “#3 Travelers’ clusters of innovation in technology “Top Five 140,000 Choice Top 25 U.S. development, aerospace research, life Leading Metro in Destinations” science and biotechnology, and military Next 5 Years Job Creation” simulation. 120,000 – TripAdvisor, 2015 Last 2 Years – Gallup 2015 100,656 Key Indicators 100,000 88,923 State Population: 20,976,199 80,000 70,056 “No. 3 City State Population Rank: 3rd 67,491 “Top Ten American City of MSA Population: 2,469,957 60,000 54,643 53,385 for Jobs 50,922 51,612 48,104 the Future” National MSA Population Rank: 24th 44,567 2016” – FDI 2015/2016 MSA Projected Five Year Population 40,000 33,355 – Forbes 2016 Growth: 257,463 20,000 MSA Projected Five Year Job “Top 100 Best Growth: 147,246 “Top 100 Best 0 Places to Source: Moody's Orlando Tampa Miami Fort Lauderdale Jacksonville West Palm Beach Cities to Start a MSA Average Household Income: Live” $70,127 MSA - Metropolitan Statistical Area; Source: Moody’s, Census Bureau, ESR Business” – U.S. News and 4Q16 Unemployment Rate: 4.5% World Report 2016 – WalletHub 2016 MARKET OVERVIEW

With neither state nor city income taxes, as well as boasting low costs of living Metro Employment and of doing business, Orlando has sound long-term growth fundamentals, % of Total Change in Jobs underpinned by continued expansion of medical and tourist related sectors, above average population and job growth, and affordable housing. Population Over/Under Last 12 Next 5 Sector Metro US Weight * Months Years** growth has been solid, as in-migration is attracted by growingMetro employment; Employment Construction 6.0% 4.7% 1.29 12.2% 29.4% over the last five years, the MSA% ofadded Total 255,972 people. In termsChange of population in Jobs Manufacturing 3.6% 8.4% 0.42 2.1% -1.4% percentage gains, the MSA ranks third amongOver the/Under 50 largestLast 12US metrosNext 5 Educ. and Health Services 12.5% 15.8% 0.79 5.8% 12.1% throughSector 2022 and is projectedMetro to add 257,463US individuals,Weight * orMonths 10.4 percent,Years** Financial Activities 5.9% 5.7% 1.03 1.7% 7.5% well Constructionover doubling the nation’s6.0% forecasted 4.7% growth of1.29 4.0 percent.12.2% 29.4% Manufacturing 3.6% 8.4% 0.42 2.1% -1.4% Information 1.9% 1.9% 1.00 -0.5% 3.8% In NovemberEduc. and Health 2016, Services Economy.com12.5% ranked 15.8% Orlando0.79 26th (of 4015.8% metros) 12.1% in Leisure and Hosp. Services 20.8% 10.8% 1.94 3.6% 14.0% termsFinancial of its overallActivities vitality—a5.9% measure 5.7%of the strength1.03 of the market’s1.7% income 7.5% Other Services 3.4% 3.9% 0.87 1.6% 7.2% growth,Information labor availability, and1.9% cost structure. 1.9% Since January1.00 2012,-0.5% the Orlando 3.8% Prof. and Bus. Services 17.1% 14.1% 1.21 5.7% 14.7% *weight versus U.S. MSALeisure added and over Hosp. 213,000 Services jobs20.8% with unemployment 10.8% 1.94 declining 3.6%to 4.5 percent. 14.0% Trade, Transportation, Utilities18.7% 18.9% 0.99 2.9% 11.1% ** cumulative NineOther of theServices ten metro employment3.4% sectors 3.9% are anticipated0.87 to1.6% expand over 7.2% Government 10.0% 15.3% 0.65 2.2% 4.0% source: Moody's the nextProf. andfive Bus. years, Services led by 17.1% Leisure and 14.1% Hospitality1.21 Services5.7% (36,173 jobs), 14.7% *weight versus U.S. ProfessionalTrade, Transportation, and Business Utilities Services18.7% (30,937 18.9% jobs), and0.99 Trade, Transportation,2.9% 11.1% ** cumulative and UtilitiesGovernment (25,772 jobs). 10.0% 15.3% 0.65 2.2% 4.0% source: Moody's

The MSA’s Gross Metro Product, an indicator of overall vigor, is anticipated to grow from $117.2 billion in 2016 to $157.1 billion by 2021. In fact, forecasts put overall job growth at 11.9 percent or 147,246 new jobs through 2022—the top percentage growth rate among the 50 most populated metros and the strongest, in terms of raw number gains, amongst Florida’s Big 6 metros. Further, Orlando has a robust talent pipeline of over 500,000 students within a 100-mile radius, ensuring a strong and stable labor pool for an MSA that is anticipated to remain amongst the nation’s top growing metropolitan areas well into the future.

5,000,000 Top 5 States by Population Growth 70% Orlando MSA Quarterly Employment Growth Trends 4,607,917 2017-2027 4,444,416 16,000 14.0% 4,500,000 60% 3,940,712 4,000,000 14,000 Population Growth 12.0% 50% 3,500,000 Percentage Growth 12,000

10.0% 3,000,000 10,000 40%

2,500,000 1,894,028 8,000 8.0% 1,430,499 30% 2,000,000 6,000 26.6% 6.0% 1,500,000 22.0% 20% 4,000

1,000,000 15.8% 4.0% 13.9% 10% 2,000 500,000 9.9%

0 2.0% 0 0% 10' 11' 12' 13' 14' 15' 16' Florida Texas California Arizona Source; Moody's Source: Moody's New Jobs Unemployment MARKET OVERVIEW

Metro Drivers Medical City at Lake Nona: Major Projects Project Completion Date Details Located on 650 acres within Lake Nona and just 18 minutes University of Central Florida College of 2009 $65 million, 170,000 SF from the Property, this “Medical City” houses a cluster of Medicine life science companies and healthcare-related facilities. The Sanford-Burnham Institute for Medical 2009 $365 million, 175,000 SF 7,000-acre master-planned community includes two million square feet of research and institutional spaces, as well as Research five million square feet of commercial and retail space. In Nemours Children's Hospital 2012 $400 million, 600,000 SF 10 years, Lake Nona is projected to generate more than $7.6 Academic and Research 2012 $44 million, 100,000 SF billion in economic impact and create 30,000 jobs, including 7,000 students and educators. Center Lake Nona Campus 2012 $21.7 million, 83,000 SF Tennis Association Complex Veterans Affairs Medical Center 2015 $650 million, 1.2 MSF, 180 beds at Lake Nona Set for completion by 2Q17, the United States Tennis GuideWell Innovation Center 2016 $30 million, 92,000 SF Association broke ground on its state-of-the-art tennis facility in Lake Nona during 2Q15. Making it the largest *Occupies space at UCF College of Medicine tennis complex in the nation, the $60-million dollar project, situated on 63 acres, will feature 150,000 square feet of indoor facilities, and over 100 clay and hard courts. It will also serve as the primary playing facility for the University Florida Hospital's Health Village: Major Projects of Central Florida’s varsity team along with a 1,200-person Project Completion Date Details seating area. The venue will create over 150 jobs and offer Ginsburg Tower 2008 $255 million, 15 stories, 440 beds the latest in sports science technology. Ultimately, the facility FL Transplant Center, Digestive Health, and 2010 $47 million, 156,000 SF will anchor and expand into a 100-acre cluster of sports and Advanced Surgical Programs Translational Research Institute for Metabolism and 2012 54,000 SF, 3 stories human performance businesses. Diabetes Corporate Offices 2014 $75 million, 90,000 SF KPMG Complex at Lake Nona SunRail Hub 2014 $5 million The Ivy 3Q14 248 apartments The City of Orlando approved a tax incentive package Women's Hospital 2016 12 stories, 332 beds for KPMG to bring a giant corporate complex with an Biomedical Research* N/A 150,000 SF, 9 stories accompanying attendee lodge to Lake Nona with KPMG having purchased a 54-acre site for $41.8 million in December *Planned 2016. The complex will be located near the United States Tennis Association facility and will boast 800,000 square feet and cost approximately $430 million to build. The new facility would create 88 permanent, high-wage jobs by 2019, in addition to bringing an estimated 48,000 visitors annually for training and professional development, including partners, principles, and employees. United States Tennis Association Complex at Lake Nona MARKET OVERVIEW

SunRail SunRail is an ongoing $1.2-billion, 61-mile commuter rail project which runs north-south through the heart of . Built as an improvement along existing rail lines, SunRail began service in May 2014 for its 32-mile Phase I, which encompasses 12 stations from DeBary to Southeast Orlando. The trains run Mondays-Fridays and recently announced plans to expand operations on select Saturdays. Phase II South construction began in 2Q16, and will include 17.2 miles of rail service between the Sand Lake Road and Poinciana, in addition to the construction of four new stations, which is expected to be operational by early 2018. Phase II North plans are proposed to comprise a 12-mile addition to the existing rail system with a new Deland Station in Volusia County. Phase III received approval from the Federal Transit Administration in late 2015 which will link SunRail to the Orlando International Airport with an estimated completion by 2020. The entire project is forecast to create 114,000 construction jobs and constitute an $8.8-billion economic impact through 2043.

Brightline is a $3.0-billion project being developed by All Aboard Florida, a subsidiary of Florida East Coast Industries, that will be a privately-owned and operated intercity passenger rail system, linking to Central Florida. The route will feature passenger service along the existing tracks owned by the company, comprised of the Florida East Coast Corridor between Miami and the (approximately 195 of the required 235 miles of right-of-way), and will also include the creation of new tracks that will link to Central Florida. Currently, there are stations under construction for downtown Miami, Fort Lauderdale, and West Palm Beach and by late September 2016 more than 65 percent of the southeast corridor was completed.

Expected to create more than 10,000 construction jobs and 2,200 permanent jobs; the project is estimated to generate $2 billion in labor income through 2021. This service will link with existing mass transportation options (such as Tri-Rail) to provide travelers with a variety of destinations. Service is expected to begin by mid-2017 with trains traveling between 80 and 125 miles per hour, transporting passengers between downtown Miami and Orlando in approximately three hours.

Central Florida Research Park Orlando is home to the 1,027-acre Central Florida Research Park, the seventh largest research park in the country. Encompassing more than 125 companies and nearly 60 buildings, the Park employs over 10,000 people, and is the hub of the nation’s military simulation and training programs including: the Naval Air Warfare Center Training Systems Division, the Air Force Agency for Modeling and Simulation, and the Army Simulation, Training and Instrumentation Command. Other activities include training systems, optics and lasers, medical equipment testing, behavioral sciences, diagnostic test equipment, cancer research, electric power generation, and wireless communications.

Orlando Events Center - Amway Arena The $480-million Orlando Events Center - Amway Arena opened in October 2010. The state-of-the-art facility is home to the NBA’s Orlando Magic and has been designed as a multi-use venue with seating capacities from 16,000 to 20,000 and the ability to accommodate concerts and other sporting events. Located in Downtown Orlando, the center has helped to greatly revitalize nightlife in the CBD.

Orlando Magic Complex The $200-million dollar Orlando Magic Complex project, approved 2Q14, continues to gain headway as a 7.82-acre entertainment, residential, office, and retail complex that will be adjacent to the Orlando Events Center. The site was recently cleared and the first phase will include 121,800 square feet of office space, 64,000 square feet of retail, a seven-story parking garage, two retail kiosks, and three massive media towers. A second phase will add a 250-room hotel along with 250 units of luxury residential apartments. MARKET OVERVIEW

Orlando City Soccer In 2Q15, the Orlando City Soccer Club of Major League Soccer began building a $155-million soccer-specific stadium in downtown Orlando that is scheduled to open in the 2017 season. Entirely privately funded, the 25,500-seat stadium will includeMedical a fullCity roof at Lake canopy, Nona: sunken Major field, Projects scoreboard balcony bar with 360-degree views, and a single deck safe-standing supporterProject section. Attendance has been on a steady rise Completionsince 2011, inDate fact, Orlando Details was the second-most attended MLS franchise during the 2015 and 2016 seasons. University of Central Florida College of 2009 $65 million, 170,000 SF Creative Village Medicine Creative Village is a 68-acre mixed-use future techSanford-Burnham mecca for businesses, Institute colleges, for Medical and residents that will be2009 situated in downtown $365 million, Orlando. 175,000 It will SF be anchored by a $60-million University of Central Florida academic building, approved by the Florida Board of Governors in early 2016, and is expected to bring 7,700 students to this “live, learn, work and play” urban destination.Research To date, the city of Orlando pledged $75 million in land and other commitments, smaller donations from public and private entities total near $16 million,Nemours in March Children's 2016 the Hospital state approved $20 million in funding,2012 and the University $400 million, of Central 600,000 Florida SF is putting forth $20 million of its own funds. The development will include 1.2 million square feet of office/creative space, 500,000 square feet of higher education space, 1,500 residential units, 150,000 square feet of retail space,University and 225 of Florida hotel rooms. Academic Valencia and College Research will also have 2012hospitality and $44culinary million, management 100,000 SF programs. Phase I of infrastructure development began 2Q15 withCenter vertical construction expected to begin in 2017. Dr. Phillips Center for the PerformingValencia Arts College Lake Nona Campus 2012 $21.7 million, 83,000 SF Completed in November 2014, the $383-million,Veterans 330,000-square Affairs Medical foot Dr. Center Phillips Center for the Performing2015 Arts includes $650 two million, grand performance1.2 MSF, 180 theaters beds (with capacities of 1,700 to 2,700), a community theater, outdoor plaza and performance space, rehearsal rooms, administrative offices, and educational programming space. Phase II, a specialized $185-million acousticalGuideWell performance Innovation hall, Center recently received $45 million in funding2016 from the Tourist $30 million, Development 92,000 SF Council of Orlando and is looking to break ground in early 2017; anticipated to open late 2018.

Florida Hospital’s Health Village *Occupies space at UCF College of Medicine Florida Hospital was recognized as one of the best hospitals for 2014-15 by U.S. News & World Report and was also named the No. 1 hospital in the state of Florida, as well as the Orlando metro. Just north of downtown Orlando, Florida Hospital’s 172-acre Health Village is taking shape and will include an urban mix of housing, retail, hotel, offices, and a conference facility. Master plans are Florida Hospital's Health Village: Major Projects halfway complete and will encompass 20 Project Completion Date Details years of capital investments in the complex Ginsburg Tower 2008 $255 million, 15 stories, 440 beds and its surrounding areas. The Hospital’s FL Transplant Center, Digestive Health, and 2010 $47 million, 156,000 SF Health Village will account for an estimated Advanced Surgical Programs 18,000 jobs upon its completion in 2023. Translational Research Institute for Metabolism and 2012 54,000 SF, 3 stories In February 2016, construction of the 332- Diabetes Corporate Offices 2014 $75 million, 90,000 SF bed Women’s Hospital was completed, and future projects include a 150,000-square SunRail Hub 2014 $5 million foot facility that will be part of a bio- The Ivy 3Q14 248 apartments research cluster. A SunRail hub opened May Women's Hospital 2016 12 stories, 332 beds 2014, which coincided with the opening of Biomedical Research* N/A 150,000 SF, 9 stories the corporate offices for Adventist Health System’s Florida Division. *Planned MARKET OVERVIEW

Orlando Health A $300-million expansion and renovation of Orlando Regional Medical Center’s downtown campus, as part of the hospital system’s $750-million, five-year capital improvement plan, got underway 1Q12. A 10-story, 245-bed patient tower was completed in January of 2015 and encompasses 345,000 square feet. Other improvements included increasing the size of and renovating the existing emergency medicine, cardiovascular, surgical, critical care, pharmacy, laboratory, and oncology areas, as well as the new opening of the 15,000-square foot proton radiation therapy center that started treating patients in the beginning of April 2016.

Orange County Convention Center The Orange County Convention Center ranks as the second largest convention center in the United States was recently ranked as the best meeting facility in the country by Business Review USA. Possessing 7.0 million square feet, of which 2.1 million square feet is exhibit space, the complex leaves an indelible footprint on the economy in the form of more than 200 events and 1.4 million annual attendees as of 2014-2015. Visit Orlando estimates that the Convention Center affects the employment of more than 25,500 people and 1,000 businesses, constituting a $2.2-billion annual impact on Orlando’s economy. In 2013, the Convention Center launched a $187-million capital improvement project that encompasses interior renovations and exterior enhancements.

Education Higher education opportunities provide an additional countercyclical boost to the metro. The University of Central Florida (UCF) is the second-largest university in the nation, with more than 60,000 students and 11,074 faculty and staff. Other major educational institutions include Rollins College, State College, Valencia College (awards more associate degrees than any other school in the nation), Full Sail University, and UCF’s College of Medicine—which opened in fall 2009 at Lake Nona’s Medical City. During fall 2016, work began on the $19.3-million Phase 1 of UCF’s library, which will create new spaces for learning, technology, collaboration and resources, as well as an automated retrieval center (ARC). Phase 2 will encompass a collaborative learning space with a tentative completion date of 2020.

Airports Orlando benefits from two international airports, Orlando International Airport and Orlando-Sanford International Airport. With an annual economic impact of over $31.0 billion and accounting for over 60,000 jobs, Orlando International Airport ranked 14th in the US and 43rd in the world, in terms of total passengers in 2015, which was a record breaking year for domestic and international traffic at Orlando International Airport (MCO), more than 38.8 million travelers moved through MCO, shattering the old record of 36.4 million set back in 2007. As of 3Q16, domestic and international traffic volume hit a new record of 40.7 million passengers, on a rolling 12-month basis. Orlando International Airport In October 2013, the Aviation Authority announced $1.2 billion in renovation and expansion projects at the Orlando International Airport which are being completed through 2018. This encompasses enhancements to the terminal, ticket lobby, baggage systems, airfield, ground transportation, a new south airport automated people mover complex, new parking garage, and upgrades to the international terminal. Orlando International Airport also received approval to construct a $2.1-billion south terminal that is expected to become fully operational by 2022. The South Terminal expansion will include 16 new gates and an intermodal transportation facility (ITF). The ITF will serve as a station for local and regional rail systems including SunRail and Brightline.

The Orlando-Sanford International Airport is home to eight airlines and handled a record 2.48 million passengers in 2015 — a 13.5 percent increase from 2014 and a staggering 112.8 percent increase since 2010. MARKET OVERVIEW

LYNX Orlando’s Highway Construction Programs , the public transit provider in Orlando, covers more than 2,500 square miles extending (Estimated completion date of 2021) through Orange, Seminole, and Osceola counties. LYNX provides regularly scheduled bus service to 88 routes via 300 colorful buses and 70 vans. In 2015, LYNX accounted for ridership of over 29 million people.

Roads Economic growth within the metro is further spurred by its excellent highway system, including , Florida’s Turnpike, SR 408/East-West Expressway, SR 417/Central Florida Greenway, SR 429/Western Beltway, and SR 528/Beach-Line Expressway. The final northwestern leg of Orlando’s beltway, SR 429/Wekiva Parkway, began construction on Phase I in mid-2015. The $1.6-billion project will run west/southwest from Interstate 4 in Sanford and connect with the existing beltway system in Apopka near US Highway 441. Completion is expected by 2021.

Reconstruction of Interstate 4 between Florida’s Turnpike and Lake Mary began in 1Q15. Dubbed “I-4 Ultimate”, this private-public partnership will be Central Florida’s largest interstate expansion project with a design-build contract of $2.3 billion. It encompasses widening and modernizing 21 miles of interstate highway, building or modifying 140 bridges, adding four dynamically tolled express lanes, reconstruction of 15 major interchanges, and increasing design speed to 60 mph. The project will also showcase distinctive bridge architecture, unique landscaping, and aesthetic lighting elements. I-4 Ultimate is expected to create over 2,000 construction jobs with completion slated for 2021.

LYNX I-4 Ultimate MARKET OVERVIEW

Tourism Besting the Big Apple in 2010 to become the first US city ever to hurdle 50 68 68 66.1 Annual VisitorsAnnual toVisitors Orlando to Orlando 66.1 million visitors, Orlando’s $60-billion industry is the undisputed hub of 66 66 63.0 63.0 worldwide tourism. In fact, Orlando broke its own US tourism record in 2015, 64 64 as more than 66.1 million visitors flocked to Orlando’s lakes, greens, and theme 62 62 58.5 parks, making it the country’s number one tourist destination—ahead of New 60 60 58.5 58 58 56.8 56.8 York, Los Angeles, Miami, and Chicago. 55.2 55.2 56 56 54 54 Tourism figures in the area have discovered new highs every year since 2009, 51.5 51.5 52 52 with the metro’s 2015 theme park visitation over 80 million strong. The ever 49.3 49.3 48.948.7 48.9 50 50 48.747.8 Millions of Visitors Millions of Visitors 47.7 47.8 Millions of Visitors Millions of Visitors 47.7 growing footprint of Orlando tourism now encompasses 370,000 direct and 48 48 46.6 46.6 indirect jobs in the local economy and $31.6 billion in annual visitor spending. 46 46 The international traveler now constitutes a large part of theme park attendance. 44 44 42 42 The unprecedented success of the Wizarding World of Harry Potter in many 40 40 ways redefined the topography of the theme park industry. The Wizarding World 2004 20052004 20062005 20072006 20082007 20092008 20102009 20112010 20122011 20132012 20142013 20152014 2015 opened in 2010 and immediately increased ’s park attendance Source: Visit OrlandoSource: Visit Orlando by an astounding 40 percent. Since then, the major theme park operators have scrambled to capitalize on the drawing power of mega-project “theme lands,” investing hundreds of millions in upgrading and expanding their Orlando capabilities.

Universal Orlando Consisting of Universal Studios Florida, Islands of Adventure Orlando, Universal CityWalk, and over 5,000 hotel rooms, this entertainment giant employs over 20,000 people. In 2015, Universal Studios ranked 10th in the world and 6th in the US, in terms of annual attendance. Islands of Adventure was the 12th largest theme park in the world and the 8th largest in North America by annual attendance in 2015. 2015 attendance at Universal Studios totaled 9.58 million visitors (up 16.0 percent from 2014) with Islands of Adventure visitation at 8.79 million individuals (up 8.0 percent since 2014). Universal Orlando green lighted a colossal ten year plan entailing $1.5 billion in Orlando capital investments. Among the headlines are: A re-creation of the Simpsons’ Springfield cartoon town, supporting the existing Simpsons’ ride, opened its final phase in August 2013 The Wizarding World’s Diagon Alley opened June 2014 and more than doubled the size of the Harry Potter theme park Construction on a 53-acre water park began in 2Q15; Volcano Bay is anticipated to open in 2017; the park will feel like a tropical island, formed by a massive volcano, complete with several waterslides running down its slopes Sapphire Falls Resort was completed Fall 2016 and added 1,000 rooms and 131,000 square feet of meeting/special event space that is connected via an air- conditioned/covered bridge to the Loews Royal Pacific Resort. In May 2015, Nintendo and Universal Parks & Resorts announced plans to create the world’s first-ever theme park attractions based on Nintendo’s beloved games and characters In 2015, Universal released plans of a groundbreaking King Kong-themed attraction opening between July and August 2016, Skull Island: Reign of Kong, to Universal’s Islands of Adventure Universal’s Aventura Hotel was announced in 4Q16 and will deliver 600 rooms within 16 stories; it is slated to open in 2018 Over the past two years, CityWalk has opened eight new restaurants and venues In December 2015, Universal acquired an additional 450 acres for $130 million for expansion of its theme park venues MARKET OVERVIEW

Walt Disney World Resort The Resort encompasses the Magic Walt Disney World Resort Attendance Figures* Worldwide North America Kingdom, Epcot, Hollywood Studios, Animal Kingdom, Park 2015** 2014** % Change Rank Rank Typhon Lagoon, Blizzard Beach, , ESPN’s Magic Kingdom 20.49 19.33 6.0% 1 1 Wide World of Sports, and more than 30,000 hotel rooms. Epcot 11.80 11.45 3.0% 6 3 Animal Kingdom 10.92 10.40 5.0% 7 4 The Walt Disney World Resort, the state’s largest private employer (74,000+ employees), has undertaken several Hollywood Studios 10.83 10.31 5.0% 8 5 capital improvements which will greatly expand its presence * Source: Themed Entertainment Association within the Orlando tourist corridor and inject millions of ** in millions dollars into the economy: Headlined by the Seven Dwarfs Mine Train, Journey of the Little Mermaid, and Beast’s Castle, Disney’s new Fantasyland Project marks the largest expansion ever in Magic Kingdom History; launched in phases, the final phase of Fantasyland opened May 2014 AVATAR Land broke ground in 2013 as a $400 million expansion in Disney’s Animal Kingdom, and is projected to open in 2017 Four Seasons’ 444-room luxury hotel was completed summer 2014 as the centerpiece of Disney’s “Golden Oak” residential subdivision—a community of multimillion-dollar homes that is being built on the resort Downtown Disney underwent a radical phased redevelopment which opened in summer 2016. The newly christened Disney Springs will double the number of existing retailers and greatly enhance Disney World’s most popular shopping destination with a cohesive 20th century lakeside aesthetic, three additional neighborhoods, and a new Town Center Disney launched its $1.5 billion Magic Band technology in 2013; the company’s prized and secretive technology is anticipated to greatly improve park capacity and visitor experiences by optimizing reservations and visitor flow between attractions In 2015, Disney revealed plans to add a new Star Wars-themed land; construction began in early 2016 and will include two novel thrill seeking experiences Disney announced plans to expand Toy Story Mania in 2015, which will include a Slinky Dog Dash family coaster attraction and Alien Swirling Saucers, a spinning 3-D ride; construction is expected to begin in summer 2016 MARKET OVERVIEW

SeaWorld Orlando SeaWorld Orlando employs over 6,000 individuals, with 4.78 million visitors in 2015, up 2.0 percent from 2014. In terms of visitation numbers, it ranked 10th in North America and 22nd in the world during 2015.

SeaWorld Orlando rolled out four significant expansions totaling $60 million: Freshwater Oasis provides visitors with the ultimate in marine life entertainment with real human to animal interaction; opened in 2012 Antarctica: Empire of the Penguin is the largest SeaWorld entertainment attraction ever, and the headline of SeaWorld’s expansion plans. The trackless dark ride features live penguin habitats in an indoor Antarctic environment which constitutes the world’s coldest theme park ride; opened in early 2013 Opened in June 2016, SeaWorld Orlando’s shark-inspired roller coaster named Mako has a 4,760-foot track with a top speed of 73 mph

International Drive This mega tourist corridor encompasses thousands of hotel rooms, timeshare resorts, restaurants, and entertainment venues. The I-Drive 360 project, opened May 2015, is a $250-million dollar entertainment complex located next to the Orlando Convention Center. I-Drive 360 is headlined by the Orlando Eye, (a 425-foot observation wheel and a sister icon to London’s world-famous landmark), Madame Tussauds Orlando, (a 25,000-square foot showcase of lifelike wax figures and several Florida-specific exhibits), and Sea Life Orlando (over 5,000 species of fish and other aquatic life, a submerged 360 degree tunnel, along with conservation and educational components). Skyplex Orlando will feature the world’s tallest roller coaster (600 feet) embedded in a $460-million, 495,000-square foot entertainment complex. The project is fully approved and expected to deliver in 2019. Current plans also call for an elevated surf park designed by American Wave Machines, a 600-foot Skyfly zip line, 450 hotel rooms, restaurants, and stores. iSquare is a $400-millon mega-entertainment complex to be located at the of and Kirkman Road. Slated to open in 2017, the property is a ground-up redevelopment of the International Plaza shopping center. It is proposed to include a 539-room Solis Orlando Hotel, 100-room ultra-luxury Capella Suites, multi-level 434,800-square foot mall, helipad, parking garage, and rotating rooftop restaurant. Topgolf Orlando expects to open in the Fall of 2017 for its 65,000-square- foot entertainment center.