ONE ENTERPRISE CENTER OPINION of VALUE 225 Water Street Jacksonville FL 32202 January , 2016

ONE ENTERPRISE CENTER OPINION OF VALUE 225 Water Street Jacksonville FL 32202 January , 2016

PRESENTED TO

PRESENTED BY JOHN F. BELL Managing Director WILLIAM HART Associate

LICENSED REAL ESTATE BROKER Introduction EXECUTIVE SUMMARY

Transwestern is pleased to provide our strategy and recommendations regarding the marketing strategy and disposition pricing for 110 Tower.

Project Name: 110 Tower Street Address: 110 SE 6th Street

City, State: Ft. Lauderdale, FL

Year Built/Renovated: 1988 / 2010

Total Rentable Area: 394,830 SF

Total Land Area: 1.67Acres

Occupancy: 77% Leased / 83% Occupied.

Height 30 stories

Parking: 2.3 per 1,000 square foot parking

Typical Floorplate 15,300 SF

Select floor renovations, level 7/8 upgrades, 10 elevator lobbies & Capital Necessity corridors, elevator cab finishes, wet seal tower: Total $2,307.383.

Class A office tower, LEED Gold Type: certified.

110 Tower 2 Marketing Team EXECUTIVE SUMMARY Thought Leaders: Strategy & Pricing

Transwestern Points of Differentiation: Experience that Maximizes Price

 Bell Team over $4.4 billion in commercial sales.  Local, domestic, and international investment relationship – create deep bidding pool & enhanced competition.  29 continuous years in South Florida Market.  Benefit to Seller: Established relationships and credibility with  Numerous awards, including DBR Deal of the Year, etc. the most aggressive investors – Allows guiding to max price.

TEAM SYNERGY : EXTENSIVE WORKING RELATIONSHIP OF SUCCESS

110 Tower 3 Key Investment Points EXECUTIVE SUMMARY

CONVEYING THE OPPORTUNITY

• Position as Core Asset – Scarcity of product in market.

• Institutional Quality Asset: 110 Tower is a high quality, trophy office building with exceptional surrounding amenities that is attractive to both national and regional tenants – with the opportunity to out-perform the market.

• Significant Below Market Rents: Cash flow spikes as leases roll.

• Stable Tenant Base – Credit tenancy. Stress Upward & Stable Trend of tenancy.

• Demonstrate Long Term Office Demand: Matured Ft. Lauderdale market – Residential condo influx – Long term demand.

• Renaissance of 24/7 CBD – Attracts “New Generation Businesses.”

• Creative & favorable financing pre-sourced. Allows aggressive pricing by offering seamless origination of leverage by the Bell Team. 110 TOWER 4 Key Investment Points EXECUTIVE SUMMARY

LOCATION ONCE AN OBJECTION NOW AN ADVANTAGE

• South of River Sizzle – New Courthouse campus / park / 6th street pedestrian orientation – “Game Changer” for Locale.

• New Generation & Tech Firms Appeal / Superior Market Share - Park across street, pedestrian conversion of SE 6th Street, LEED GOLD, Modern Lobby, electric rail stop, & easy to navigate parking garage. Attracts “New Generation Businesses” = Higher Rents.

• Best access to I-95 – Via Davie Road – Highly attractive competitive advantage.

• Best location for Law Firms - Importance reinforced with new Broward County Courthouse campus and plaza nearing completion. Superior market share.

• New era for CBD – Barriers to entry new office product – increased diversity of demand – Rent spikes.

• Signage Opportunity – Large tenants. 110 TOWER 5 Marketing Objectives EXECUTIVE SUMMARY

MARKETING OBJECTIVES & GOALS

• Trophy Price Premium – Core Positioning. • Market Peak Pricing: Surpass Pricing Levels for recent Ft. Lauderdale CBD– Scarcity of Product • New Buyers: Originate New Buyers via Marketing Team’s Relationships – in addition to Traditional Buyers. • Long history of creating value. Not selling to same comfortable buyer. • Tenacious Buyer Outreach: Wide Net – No Stone Unturned Comprehensive Investor Outreach. • Push Pricing: International Relationships – 29 Years in Miami – increase bidding results – FIRPTA Changes – exploit. Close with First Buyer: Expedient time frame. • Investment Drivers Supporting Premium Trophy Pricing Management Team supports assumptions. •  Tipping Point Locale – Transition to Area of Focus • Prevents Retrades on Underwriting.  Opportunity to Invest in Critical Mass. • Exceptional marketing materials result in quality offers withstanding scrutiny of due  Aggressive capital is targeting South Florida, and specifically Ft. diligence. Lauderdale CBD office assets.

• Overall Goal: Unlocking Value: Achieve pricing above  Renaissance of Downtown into “24/7 City” and beyond traditional office investment parameters for non-Las Olas assets. Stay in the deal? Partial interest sale?

110 TOWER 6 Transwestern Team EXECUTIVE SUMMARY Points of Differentiation

Deep History With 110 Tower: Previous Sale & Management of Asset

Focus – Important Senior Leadership Management Team Deal to Team – Ft. Lauderdale CBD Working Deal – Imbedded in Process – Selective in Office Sale Experience Immersed in Every Andi Lopez Unique Assignments Work Dates to 1989 Detail Expertise Full Attention to 110 Tower Sale

History of Will Identify New National Capital Management & Aggressive Capital – Markets Head Leasing Team Working Don t rely on Imbedded in Process – in Tandem to Push comfortable obvious Steve Pumper More Investor Pricing. buyers. Key to National Coverage Synergy Results in Maximizing Pricing. Max Pricing

Recent buyers are unlikely to stretch on pricing - Use their interest to lever new buyers ”New to Market” Capital is Hungriest and will pay the most.

110 TOWER 7 Interlocking Sales & Management Team EXECUTIVE SUMMARY

SYNERGY DEFINITION: Benefits resulting from combining two different groups, people, or processes, where the interaction results in effects stronger than their mere sum.

Interlocked Sales Management = Maximum Ownership Goals Brokers Team Sale Price

History of Success Working Together: John & Andi have worked on several Office Tower Sales throughout South Florida. • Andi and John fully integrated in strategy and style. • Experienced and effective Ying & Yang of Team: History between sales broker and management team leading investors to maximum pricing. • Management interphase within well planned approach: Leads buyers to stretch on underwriting yields superior pricing. • Unique Market intel: Managing 3 Buildings in Ft. Lauderdale CBD – credibility in supporting operating projections. • Mitigate investors overestimating capital. Uniquely qualified to convey history of renovations, what is needed moving forward. • Demonstrate and convince buyers of continuity of management operating efficiencies moving forward under new ownership. • Best positioned to sell the dream: Preferable to have management team vs leasing team, as not tethered to reality of past leasing efforts (good or bad) – advantage in pushing future superior performance. • Better Offers: Better tours, better understanding of asset, underwrite pricing more aggressively.

110 TOWER 8 Benefits: Sales & Management Synergies EXECUTIVE SUMMARY

Results: Unlocking hidden value through team Value synergies.

Management independently interacting with investors, although Better informed aligned with sales offers, close team's strategy, with first buyer. unique position to push pricing.

Unfettered access to Andi by investors – higher comfort in Better informed underwriting offers, prevents operations, higher price retrades. pricing.

110 TOWER 9 Need to Know Items EXECUTIVE SUMMARY

CRITICAL “NEED TO KNOW” ITEMS Capital Investment in Year One Level 1 - New Conference $100,000 Significant Capital Investment Level 7 & 8 - Demo & Shell Lease Space $500,000 Incorporated into pricing Level 7 & 8 - Lobby and restroom Renovation $207,486 Level 7 - Exterior Renovation $350,394 • Common area renovations. Typical public restrooms 14-19, 21, 23-30: Total 15 $177,512 Elevator lobbies & corridors 17-19, 21, 23-24, 26-29: Total 10 $135,155 • Exterior Renovations. Interior Space Soft Cost: A&E $73,527 Interior Space Soft Costs: Contingency 5% $77,204 • Potential: Elevator Wet Seal Tower $300,000 Modernization scrutiny by Roof Repair (C&D) $80,000 some investors given age of Building Lighting with LED (excl. of insurance) $25,000 equipment – Andi & Ellen to Replace Garage Sprinkler System All Floors $10,000 convey to capture additional Replace Air Handling Units - Radio Room $20,000 Garage Elevator Landings $60,000 life from equipment. Monument Sign $53,000 Major tax reassessment from LEED Recertification $57,030 • Soft Costs R&M: MEP @ 5% $30,252 $55 million to $1Prevents Soft Costs R&M: CM Fee @ 3% $18,151 buyers overstating future Soft Costs R&M: Contingency 5% $32,672 capital in underwriting and $2,307,383 depressing pricing.

Andi & Ellen Team Value: Satisfy Long history of working together capital investment portrayed is Uniquely Qualified. with John & executing sale Accurate and Reliable. strategy.

• Credibly stand behind maintaining exceptional Opex efficiencies moving forward – allows aggressive. • Prevents buyers overstating future capital in underwriting and depressing pricing. • Result: Increased Pricing & Better Offers. 110 TOWER 10 Key Underwriting Considerations EXECUTIVE SUMMARY

 Existing Cash Flow Stability: Minimal rollover during first few years of cash flow – Allows focus on 23% vacancy marketing program.

 One Year Lease Up to 90% stabilized Occupancy.

 Reassessment: Significant reassessment from $55 million to $120 million, 118% increase.

 Sale Metrics: CBD sales of similar South Florida towers at $375/SF - $425/SF.

 KEY Assumption: Necessary Capital is fully articulated to buyers and mitigate future capital in underwriting to maximize pricing.

 Value Modeled

 As Is: Value Expected Based on Existing In-Place Actual NOI and lease terms, with proforma lease up of vacant space.

BUYER POOL: Local, Regional, National & International Core Buyers.

110 TOWER 11 Key Underwriting Considerations EXECUTIVE SUMMARY

TENANT ASSUMPTION MODELED IN PRICING

Near Term Expiration and Expansion Assumptions Incorporated into Pricing

Tenant Suite S.F. Exp Date Modeled Exp Date Renewal Status Year 1 Rent TI Luks & Santaniello 400 308 3/31/2014 Same as Lease Storage/ Month to Month No Increase $0.00 Cole, Scott & Kissane 500 308 4/30/2014 Same as Lease Storage/ Month to Month No Increase $0.00 Tripp Scott 1401 9,695 12/31/2015 3/31/2019 Downsized to 4,211 Sqft $33 Gross $5.00 Allstate Insurance Company 1800 5,269 3/31/2016 8/31/2021 Expanded by 4,454 Sqft $23 Net $21.45 Scott F Grady 1910 2,006 2/29/2016 6/30/2019 Renewed $23 Net $0.00 Shook Hardy & Bacon 1960 5,511 12/31/2015 12/31/2016 Renewed $25 Net $0.00 Luks & Santaniello 2000 15,298 7/31/2016 1/31/2024 Renewed $22.50 $15.00 Godfrey's Proffesional Auto Garage - 7/31/2014 Same as Lease Month to Month No Increase $0.00 SATO Global 820, 720, 710 21,832 N/A 4/30/2023 Modeled Expansion $26.00 $50.00

Occupancy 110 Tow er Space Sqft Percentage Total Leased by Tenants 3/1/16 299,153 75.8% Enginnering Office 1,084 0.3% Enginnering Storage 1,447 0.4% Management Office 4,643 1.2% SATO Global Expansion 21,832 5.5% Total 328,159 83%

110 TOWER 12 Rent Opportunity – Below Market Rents EXECUTIVE SUMMARY

First Term Lease Expirations Expiration Re nt Tenant Name Suite Lease Expiration SF Base Rent Market Rent Re nt/SF % Assumption Opportunity Shook Hardy & Bacon 1960 12-31-2016 5,511 Market $22.92 $24.00 $1.08 $5,952 4.7% Total for Year 1 5,511 $5,952 Trial Copy 190 5-31-2018 1,186 Market $21.92 $27.58 $5.66 $6,713 25.8% MESSAGE TO INVESTORS EVault 2160 5-31-2018 2,908 Market $21.88 $29.17 $7.29 $21,199 33.3% McCalla Raymer, LLC 2500 6-30-2018 15,298 Market $20.96 $31.83 $10.87 $166,289 51.9% McCalla Raymer, LLC 2400 6-30-2018 15,298 Market $20.96 $31.83 $10.87 $166,289 51.9% Freedland Harw in PL 2300 9-30-2018 3,339 Market $22.26 $29.17 $6.91 $23,072 31.0% Mcfann & Beavers, PA 1900 11-30-2018 3,500 Market $20.02 $25.46 $5.44 $19,040 27.2% Total for Year 3 41,529 $402,603 • Many Leases Below Brow ard Safety Counc 1402 2-28-2019 1,835 Market $23.21 $26.23 $3.02 $5,542 13.0% Tripp Scott, PA 1401 3-30-2019 4,211 Market $27.21 $26.23 -$0.98 ($4,127) -3.6% Market. Scott F. Grady, PA 1910 6-30-2019 2,006 Market $22.32 $26.23 $3.91 $7,843 17.5% Total for Year 4 8,052 $9,258 Shift Underwriting State of Florida, AG 900 9-30-2020 15,399 Market $25.13 $28.14 $3.01 $46,351 12.0% • State of Florida, AG 800 9-30-2020 7,348 Market $23.61 $27.01 $3.40 $24,983 14.4% Focus Away from State of Florida, AG 1200 9-30-2020 15,183 Market $23.61 $27.01 $3.40 $51,622 14.4% State of Florida, AG 1000 9-30-2020 15,111 Market $24.75 $27.01 $2.26 $34,151 9.1% Current Yield. Brow ard County 2800 10-31-2020 14,432 Market $31.25 $33.77 $2.52 $36,369 8.1% Brow ard County 2200 10-31-2020 15,298 Market $34.89 $30.95 -$3.94 ($60,274) -11.3% Total for Year 5 82,771 $133,202 High Degree of Zebersky Payne, LLP 2150 2-28-2021 4,481 Market $25.77 $30.05 $4.28 $19,179 16.6% • Sadadell United Bank 101 2-28-2021 4,372 Market $22.68 $28.41 $5.73 $25,052 25.3% Certainty of Existing In- Sabadell United Bank 100 2-28-2021 6,054 Market $26.11 $28.41 $2.30 $13,924 8.8% State Farm Mutual Ins 2100 4-30-2021 7,909 Market $25.55 $30.05 $4.50 $35,591 17.6% Place Income. Essurance 1820 8-31-2021 4,454 Market $22.42 $26.23 $3.81 $16,970 17.0% Allstate Insurance Co 1800 8-31-2021 5,269 Market $22.42 $26.23 $3.81 $20,075 17.0% Total for Year 6 32,539 $130,790 • Minimal Near Term Tripp Scott, PA 1601 9-30-2022 3,596 Market $27.25 $27.82 $0.57 $2,050 2.1% Roll. Tripp Scott, PA 1600 9-30-2022 11,702 Market $27.25 $27.82 $0.57 $6,670 2.1% Tripp Scott, PA 1500 9-30-2022 15,298 Market $27.25 $27.82 $0.57 $8,720 2.1% 110 Fitness 130 11-30-2022 15,258 Market $7.86 $30.14 $22.28 $339,948 283.5% Total for Year 7 45,854 $357,388 United Capital Financ 2350 4-30-2023 3,491 Market $26.49 $32.84 $6.35 $22,168 24.0% SATO Global Solutions 800 4-30-2023 3,357 Market $25.05 $28.66 $3.61 $12,119 14.4% SATO Global Solutions 700 4-30-2023 10,523 Market $26.49 $28.66 $2.17 $22,835 8.2% Luks & Santaniello. L 2002 1-31-2024 158 Market $3.80 $13.05 $9.25 $1,462 243.7% Luks & Santaniello, L 308 1-31-2024 308 Market $15.58 $13.05 -$2.53 ($781) -16.3% Luks & Santaniello. L 2001 1-31-2024 3,000 Market $27.34 $32.84 $5.50 $16,500 20.1% Luks & Santaniello. L 2000 1-31-2024 12,140 Market $27.34 $33.82 $6.48 $78,667 23.7% Cole, Scott & Kissane 400 1-31-2024 308 Market $11.69 $11.94 $0.25 $77 2.1% Value Total for Year 8 117,363 $153,047 Cole Scott & Kissane, 2700 5-31-2024 14,728 Market $25.00 $38.00 $13.00 $191,464 52.0% Subw ay 110 6-30-2024 1,418 Market $26.21 $32.94 $6.73 $9,543 25.7% Lew is Brisbois Bisgaa 2600 7-01-2024 14,873 Market $23.03 $38.00 $14.97 $222,649 65.0% Dunkin Donuts 115 12-31-2024 1,227 Market $28.70 $32.94 $4.24 $5,202 14.8% Total for Year 9 32,246 $428,858 That's A Wrap Sandw ic120 3-16-2025 2,068 Market $28.99 $33.29 $4.30 $8,892 14.8% Empire Executive Office1700 8-31-2025 15,298 Market $22.41 $32.64 $10.23 $156,499 45.6% Total for Year 10 17,366 $165,391 110 TOWER 13 Valuation Summary EXECUTIVE SUMMARY

110 Tower Pricing CY Ending December Low Value Mid Value High Value

Total Estimate of Value $122,300,000 $130,000,000 $138,200,000 Value Per Square Foot $310 $329 $350 In-Place Cap Rate 4.27% 4.02% 3.78% Pro Forma Year 1 Cap Rate 4.69% 4.41% 4.15% Pro Forma Year 2 Cap Rate 5.33% 5.01% 4.71% Pro Forma Year 3 Cap Rate (Stable) 5.83% 5.48% 5.16% In Place NOI (1) $5,222,897 $5,222,897 $5,222,897 Terminal Cap Rate 7.00% 7.00% 7.00% 10 - Year Average NOI Yield 7.32% 6.89% 6.48% 10 - Year Average Cash on Cash Yield 4.29% 3.39% 2.54% 10 - Year Unleveraged IRR 8.00% 7.25% 6.50% 10 - Year Levered IRR 11.74% 10.33% 8.88%

(1) In-Place Cap Rate utilizes the contractual rents in-place for the FY 2/2016-1/2017

Observations • Scarcity of CBD South Florida product for sale to satisfy demand. • Pricing/SF consistent with trades in region and recent top end sales in Ft. Lauderdale. • “New Aggressive Buyer” to be key to achieving pricing – Transwestern Sale Strategy relationships with hungry new capital, not usual suspects. • 65% LTV on total acquisition cost or appraised value, lower of amount, 4.25% interest rate, financing projected. • IRR is reasonable for Core deal – Transwestern Sale Strategy to position as a “Core” asset and not Value Add. 110 TOWER 14 Marketing Plan & Investor Strategy

110 TOWER 15 Transwestern Marketing Points of Differentiation MARKETING PLAN & STRATEGY

Strategy to Extract Maximum Value

• Major acquisitions switched leasing and management upon acquisition. Fresh Perspective on Leasing • Fair or not, investors perceive existing leasing agent as less aggressive than a is Key – Not Tethered to new leasing team in a rapidly evolving market. Past Performance - • Difficult for existing leasing agent to sell “A Better Mousetrap” • Challenge to support aggressive lease rates that have not been able to Transwestern Strength achieve in practice.

Courthouse Location an • Compete with Las Olas for New Generation Tenants. Advantage – Tenant • Courthouse park & complex. Diversity – Game Changing • Distinct Advantage for 110 Tower Market Share of New Generation Tenants. Locale • Access Advantages over Increasingly Congested Las Olas & Broward Blvd. Core.

Management Team • Support efficient building operations for next owner. • Capital Story – mitigate impact on underwriting. Imbedded in Our Marketing • Sales & Management team experience with selling value proposition hand in Team Strategy hand.

110 TOWER 16 The Message to the Market MARKETING PLAN & STRATEGY

Marketing Plan Step One: CONVEYING THE OPPORTUNITY

THEMES AT EVERY INVESTOR TOUCH POINT

LOCATION RENAISSANCE : Courthouse/South of River Sizzle

TENANCY DIVERSITY SIGNIFICANT Higher Rents RENT GROWTH High Tech - Beyond AHEAD : 24/7 Attorneys Appeal Urban CBD to New Generation of Tenants

CAN COMPETE WITH LAS OLAS

SUPERIOR MARKET SHARE 110 TOWER 17 Targeting Buyers MARKETING PLAN & STRATEGY

Marketing TARGET BUYER Plan Step THE RIGHT STRATEGY Two: BUYERS

Buyer Profile New Aggressive Capital Key Focus Core

Institutions 29 Years of Established Relationships with Relationships Pension Foreign Capital Funds

No Stone Private Unturned Equity

Foreign

= Max Wide Net EB5 The Unexpected: Broker Price Approach Foreign Pension Inclusion Aggressive Funds Emboldened One Off Buyers by FIRPTA REITS

All Owners in Region & Surrounding Core Buyers Region

110 TOWER 18 Targeting & Reaching Aggressive Investors MARKETING PLAN & STRATEGY

Marketing plan step two: TARGET THE RIGHT BUYERS

. Buyer Relationships & Database Management is a Transwestern Strength: . 20,000 + Local Office Database: Investor database culled over 28 years, the Targeted Marketing Strategies opportunity will be delivered by email to proprietary database. . Transwestern Network: National network of Investment Sales brokers will Email to 20,000 + Transwestern distribute and market to provincial clients throughout US. investor database . BNP Paribas International Network: Opportunity distributed through international network of Asia, Canada, Middle East, Europe & Latin America. National Canvassing through “Transwestern Broker Network”

International Buyer Access via Weekly Email Blasts to Investors. . “BNP Paribas Global Network” . Mailers to Local investors and owners. Weekly Email Blasts to Investors. Buyers during last 5 Years in . Signage on Property – alerting the market of the opportunity. Wynwood & Miami CBD will all . Listing Services: Costar & LoopNet will be used. be contacted. Mailer to regional brokers and network of third party brokers. . Personal Developer Outreach . Phone Calls: The Transwestern Team will collectively reach out and communicate by phone calls to targeted and prime investors. Bidders on Recent Transwestern Redevelopment The goal during the marketing is to identify the most aggressive domestic and international marketings will be contacted investors / developers through our BNP worldwide network. Our BNP relationships routinely bring new buyers to the US that are starved for investment and willing to pay more than the Listed on Costar Network “usual suspect” domestic investors. Listed on LoopNet Network FIRPTA Changes – Existing Relationships with this International Capital that is ready to direct invest in big way. 110 TOWER 19 Global Reach to Foreign Investors MARKETING PLAN & STRATEGY

Transwestern has extensive on-going relationships with the following sample of foreign investors:

Anglo Irish Bank – United Kingdom Gazit-Globe - Israeli Alfa Capital Partners - Russian German and Gloria Coto - Argentina Prudential (TMW) German ABG Sundal - Norwegian Germania of America - German PPC Investors Syndicate – German Alecta Investment - Swiss Harbor Group – Middle East Real Estate Capital PRTS – German Bacardi Corp/Cardinal – Puerto Rican Intervest German – German Stambul Development – Latin America Daejan – United Kingdom Kipp Family - German Sunbelt Management – German Elad Properties - Israeli Istithmar - Dubai Sumitomo - Asian Edwards Day - German Lacy, Ltd. – German Taurus Investment Group - German Euro American – European Metzler North America – German Testa - Spain Falcon Real Estate - German Macquarie Asset Services – Australian Turbo Investments - German FERI - German Mitsui Fudoson America – Japanese Whalou Properties – German Fanjul Family Orix - Japanese Y River – Asian

Foreign Investment in Real Property Act, MARKETING International Target the PLAN: STEP Access to BNP • FIRPTA Changes 12/2015 Right Buyers • Expected to Boost Foreign Investment TWO Buyer Network • Foreign Pension Funds on Equal Tax Footing with US Counterparts.

110 TOWER 20 Global Reach to Buyers MARKETING PLAN & STRATEGY

International MARKETING Target the Access to PLAN: STEP Right Buyers BNP Buyer TWO Network

BNP Paribas Real Estate Alliance

Through our partnership with BNP Paribas Real Estate, Transwestern serves as the exclusive service provider for BNP Paribas Real Estate occupier clients throughout the U.S. In conjunction, BNP Paribas Real Estate is Transwestern's exclusive service provider for outward bound occupier business in Europe, the Middle East and India.

BNP Paribas Real Estate has the ability to serve clients in 180 offices and 38 countries through its alliance with Transwestern. BNP Paribas Real Estate manages 385 million square feet in Europe and transacted over 50 million square feet in occupier services during the past year.

Real Relationships – Not Just Dots on a Map – Transwestern Point of Difference.

110 TOWER 21 Marketing Plan MARKETING PLAN & STRATEGY Global Reach to Foreign Investors

MARKETING PLAN: Access to Canadian STEP TWO Investors

A.B.G.L. and Company Hofstedter Family Platinum Properties Associated Mechanical Homestead Plazacorp Bentall Realty Advisors Lencor Estates PSP Boardwalk Lenrore Estates Silverstone Equities Cadim Maurice Zahler Sky Development CapREIT Meadowbrook Homes Inc. Solotex Ciminelli Real Estate Corp. Medallion Corp. State Building Group Circoflex Corporation Michaels & Michaels Sun Life CPP Investment Board Monterra Capital Corp. Taff Forward Group Desjardins Group Morguard Tandem Corporation Eli Koenig Myriad Holding Corp. Limited The Reichman Family Europro Real Estate Norstar Group of Companies The Rockport Group Firm Capital North West Property Group Tim Bercreek Investments GHJ Properties Nortown Electrical Transglobe Gowen Properties Oxford Properties Trivest Great Oak Capital PFB Investments Vrahos Investments GWL Realty Advisors Pinedale Properties

110 TOWER 22 Active Office Buyers MARKETING PLAN & STRATEGY

Top US Buyers Top Broward Buyers Last 24 Months

Rank Buy er Location 1 Starwood Capital Group Greenwich, CT 2 Deutsche AWM - US Santa Ana, CA 3 Trinity Partners Charlotte, NC 4 Vanderbilt Capital Advisors Chicago, IL 5 Linco ln Pro perty Co Dallas, TX 6 S tiles Prudential Ft. Lauderdale, FL 7 Ne w Yo rk Life New York, NY 8 AGS Properties Corp Miami, FL 9 Prudential RE Investors Madison, NJ 10 Chambers Street Properties Princeton, NJ 11 M-M Properties Houston, TX 12 TA R e alty Boston, MA 13 CNL Financial Gro up Orlando, FL 14 Ivy Equities Montvale, NJ 15 Brookwood Financial Partners Beverly, MA 16 Gramercy Property Trust New York, NY 17 KBS Realty Adviso rs New York, NY 18 Dividend Cap Diversified Prop Denver, CO 19 Long Wharf RE Ptnrs Boston, MA 20 TM Real Estate Group LLC Miami, FL

MARKETING PLAN: Access Buyers STEP TWO

110 TOWER 23 Capital Stack - Proactive Capital Markets Approach MARKETING PLAN & STRATEGY

The Capital Stack Objectives . Transwestern Provides Plug and Play Debt and JV Equity for bidders on 110 Sponsor Equity Tower . Engineer Maximum Value BEFORE acquisition Co-Invest Equity . Many investors layer JV equity after the fact, speculative nature results in conservative assumptions . Providing definitive Debt and Equity before closing allows for pricing premium Debt 60%DebtDebtDebt TO 65% LTV . Equity raise is key to our approach 4.25% interest rate Result: . Transwestern provides investors with ready-to-go equity opportunities and, if needed, JV partnerships and financing. Nothing is left for an investor to acquire on their own, and in doing so, Transwestern assures the capital stack is credible, solid and will Purchase Price close at the price promised.

Creative options for leverage are critical: Transwestern will provide financing options to investors that are accretive to pricing, and seamlessly achievable in implementation.

MARKETING PLAN: STEP Presenting Market THREE Support for Pricing

110 TOWER 24 Supporting the Message MARKETING PLAN & STRATEGY

MARKETING PLAN: STEP Presenting Market Support THREE for Marketing Themes

$ $

Premium Pricing Goal Provide support of New Value Generation Businesses

Demonstrate CBD Rent Growth Proposition

Market Support: High Tech Firms Opportunity

Best in Class Offering Package to Prevent Retrades & Support Aggressive Underwriting

Transwestern provides the credible market support for aggressive operations: Management & Sales Team Synergy

Lead investors to pricing goal, don’t follow!

MARKET SUPPORT IS FOUNDATION OF MAXIMIZING PRICE

110 TOWER 25 Capital Markets Investment Drivers MARKETING PLAN & STRATEGY

The timing is perfect to achieve premium trophy pricing , as there is a scarcity of core Class A office deals to satisfy investor demand for safe haven investment. By properly demonstrating to investors the following investment drivers, the 110 Tower has specific characteristics warranting a pricing premium equal to returns achieved by the highest quality Trophy Office projects in the region.

Premium Pricing Justification: The Message to Investors  Placement Efficiencies: There is highly motivated and pent up investor demand to place significant capital in class A office transactions within the South Florida market – especially the CBD. If properly positioned, 110 Tower enjoys both economic and physical characteristics allowing investors to rationalize premium pricing for a building with credit tenancy, spectacular views of Atlantic Ocean and the city skyline, immediate access to the Courthouse and short walk to Las Olas, and superior access points.

 Trophy Asset in its Market Commands Core Returns: Occupancy is 78%. 110 Tower is near stabilization with respect to the market, and continues to experience robust leasing activity, justifying positioning the investment as worthy of core pricing returns today – and recent leasing momentum suggesting an imminent achievement of stabilized occupancy.

 Creative options for leverage are critical: The Bell Team will provide financing options to investors that are accretive to pricing, and seamlessly achievable in implementation.

 Predictable and Stable returns: A new value thesis will be presented of diversified mix of legal and new generation businesses attracted by the renaissance of the surrounding area and superior access points out of the Downtown. Stable cash flow with minimal near term rollover. Transwestern will aggressively communicate the attractive stability and predictability of cash flow– further support for premium pricing.

MARKETING PLAN: STEP Presenting Market THREE Support for Pricing

110 TOWER 26 Experience

110 TOWER 27 SampleNational National ExperienceE Transwestern Office Sales EXPERIENCE

110 TOWER 28 Sample Team Office Marketings EXPERIENCE

Experience With Previous Sale

110 TOWER 29 Sample Team Office Marketings EXPERIENCE

110 TOWER 30 Sample Team Office Marketings EXPERIENCE

110 TOWER 31 Sample Team Office Marketings EXPERIENCE

110 TOWER 32 Sample Team Office Marketings EXPERIENCE

 Bell Team over $4.4 billion in commercial sales.  29 continuous years in South Florida Market.  Numerous awards, including DBR Deal of the Year, etc.

. Experience with last sale of 110 Tower . 10 Year Sale Leaseback . 1031 Exchange . Was part of sale team to Genesis Capital Advisors, LLC.

110 TOWER 33 The Property

110 TOWER 34 Tenant Value Analysis 110 Tower – Tenant Profiles and Industry Outlook

Tenant Industry Company Overview Industry Outlook

110 Fitness Personal Services Comprehensive health, wellness and fitness center; facilities available to tenants and to the public. An industry with steady growth, new users to South Florida include Orange Theory. TRENDING UPWARD

Legal Lewis Brisbois et al Law Firm National, multiple line practice area. TRENDING UPWARD

Cole Scott et al Law Firm Legal Full-service, statewide – 11 offices - law firm. TRENDING UPWARD

SATO Global Solutions A subsidiary of SATO Holdings (a global leader in bar code printing), Technology providing data capture technology to tag, track, and link objects to IT systems. STABLE

THEME AT EVERY INVESTOR TOUCH POINT

Stable & Upward Trending 110 Tower Tenancy

110 TOWER 35 Tenant Value Analysis 110 Tower – Tenant Profiles and Industry Outlook

Tenant Industry Company Overview Industry Outlook

State of Florida, Attorney General Chief legal officer of the state and head of the Florida Department Government of Legal Affairs. The office is one of Florida's three elected state cabinet posts. Florida ranks among the top fiscally solvent states in the U.S. Executed a 42,000 SF relocation and expansion lease in STABLE Downtown Miami (4Q 2015).

McCalla Raymer, LLC Provider of legal services to the financial services and mortgage banking industries in the states of Alabama, Florida, Georgia and Legal Mississippi with concentration of services/practice on the representation of banks, credit unions, investors, hedge funds, and large mortgage servicing entities. S&P Rating AA+, Moody’s Rating TRENDING Aaa. UPWARD

Broward County Fitch affirms Broward County, FL's GO and Sales Tax Bonds. Key Government rating drivers: STRONG FINANCIAL OPERATIONS, DEBT REMAINS LOW, Strong sales tax coverage and ECONOMY PERFORMING COMPARATIVELY WELL. STABLE

Empire Executive Offices Upscale, executive suites and virtual offices provider. This industry sector is one of the fastest-growing and among the largest deal Real Estate makers in the region; in Miami alone during 2015, over 350,000 SF were executed for such firms as WeWork, Regus, Pipeline, Premier TRENDING Business Centers and Büro. UPWARD

Tripp Scott Law Firm Legal Commercial law firm with multiple line practice areas; three office throughout the state and a 40-year history in Florida. TRENDING UPWARD

110 TOWER 36 CBD Office Market

110 TOWER 37 The Florida Story OFFICE MARKET

Florida has passed New York to Become the Nation’s Third Most Populous State

• MORE THAN 1,011,800 NEW PRIVATE SECTOR JOBS CREATED IN THE LAST FIVE YEARS

- Florida’s unemployment rate dropped to 5.0 percent - the lowest in seven 12.7% Increase years

- Florida’s annual private sector job growth rate, now at 3.6 percent, FLORIDA - Employment Growth has exceeded that of the nation since April 2012 2015 - 2023 - 4th lowest private sector unionization rate in the U.S. All Employment Industries 10,000,000 9,800,000 • GLOBAL HUB 9,600,000 9,400,000 - 2nd largest foreign trade zone network in the nation 9,200,000 - Florida exports nearly $60 billion in goods made in the state - 7th highest 9,000,000 among all states 8,800,000 8,600,000 - 5.0 million Floridians speak foreign languages 8,400,000 - Merchandise trade valued at $153.2 billion flowed through Florida’s airports 8,200,000 and seaports making the state one of the world’s leaders in international trade 8,000,000 2015 Estimated 2023 Projected Employment Employment • SUPERIOR TRANSPORTATION INFRASTRUCTURE – MULTI-MODAL TRANSPORTATION - 19 commercial service airports - 2 spaceports - 15 deep-water seaports - 3,000 miles of freight rail tracks - 12,000+ miles of highway

Sources: Enterprise Florida, FREIDA, PBS, U.S. Census Bureau 110 TOWER 38 New Generation Businesses OFFICE MARKET

Theme for Investors: 110 Tower Prime Target for Broward’s Tech Firms

Sato Lease

. Over the last couple of years, Downtown (and the Greater Fort Lauderdale area) has retained and increasingly drawn tech-related tenants such as Patriot National, Prolexic Technologies, GlobeNet, Sato Holdings of Tokyo and iCare.

. The Fort Lauderdale metro area job demand stands at 24,302 openings, including 6,178 openings in high-wage, high-skill science, technology, engineering, and math (STEM) openings. 110 TOWER 39 Development OFFICE MARKET

Broward Courthouse Expansion and Renovation

Proximity to 110 Tower and Schedule Courthouse Tower - 2016 Final Complex Completion set for 2018

Public Plaza

Public art work, “FLOW” by artist Margi Glavovic Nothard, is planned for the 500- Car Secure Garage

New Judicial Tower

110 TOWER 40 Development OFFICE MARKET

Notable Area Developments Projected to Enhance 110 Tower’s Value

Across the street and surrounding 110 Tower are projects under way and major improvements - once completed, they will further enhance the value of 110 Towe.r

Broward Courthouse Expansion and Renovation • New 21-story building was- estimated by 2Q-2016. • 730,000 SF, 20-story high-rise tower which occupies a 1.55 acre portion of this 18 acre judicial campus. • Features a new parking deck, public green space and pedestrian walkways • Project investment: $328 million - Demolition of the old courthouse is anticipated mid-2016. Broward Courthouse Expansion and Renovation

Public art work, “FLOW” by artist Margi Glavovic Nothard, is planned for the 500- Car Secure Garage

110 TOWER 41 Development OFFICE MARKET

Broward Courthouse Expansion and Renovation

Proximity to 110 Tower and Schedule Courthouse Tower - 2016 Final Complex Completion set for 2018

Public Plaza

Public art work, “FLOW” by artist Margi Glavovic Nothard, is planned for the 500- Car Secure Garage

New Judicial Tower

110 TOWER 42 Development OFFICE MARKET

The “Wave” Light Rail Transit System Streetscape Improvements –DIRECTLY IN FRONT OF 110 TOWER • This light rail transit system is a 2.7 mile streetcar that will loop • Ft Lauderdale Transportation and Mobility Department throughout Downtown Fort Lauderdale. announced that the City Commission approved SE 6th Street, • Initially there will be 10 stations – ONE STATION WILL BE DIRECTLY IN fronting 110 Tower, will become a pedestrian only segment FRONT OF 110 TOWER from 1st Ave to 3rd Avenue. Awarded $18 M transportation - TIGER grant from the FTA. • The project is still in the design/review process of these • improvements. • Project investment: $124 million.

COMING TO FORT LAUDERDALE IN 2018: Design Phase, 2013 - 2015 Construction/Vehicle Procurement/System Testing, 2016 - 2017 Ride The Wave – 2018

110 Tower

110 TOWER 43 CBD Office Market Overview OFFICE MARKET

Downtown Fort Lauderdale Office Market Trends Large vacant blocks have been secured Supply and Development Diminishing large blocks of spaced limited to: Downtown ended the year with a robust and historic • 5 buildings offering 20,000 SF performance. 8 buildings offering 15,000 SF 1 building able to accommodate 135,000 SF Reassuring market fundamentals have boosted investor • interest and landlord confidence with impressive sales and • In receivership, Corporate Center – below grade rental rate pricing – due to Fort Lauderdale’s business and building to 110 Tower – is marketing up to 160,000 SF amenity rich environment which is central to an urban core. The combination of a favorable local economic environment Reduced supply levels = Record high asking rates coupled with no new office construction since 2007 has • Landlords continue to display confidence in their resulted in reduced supply levels. heightened leveraged position with some of the highest quoted rental rates seen this decade, as quoted rates on Not only has current (direct) vacancy dropped by almost average have grown by 16.3% during the 10 years and 13% half over the last five years but it is among the decade’s since 2010. lowest posted. The bulk of vacancy is located in one asset which is the Corporate Center building, presently in • The five premier Las Olas assets (350, 450, New River receivership. Center, SunTrust and Bank of America) have a combined full service asking rate average of nearly $48.00 PSF with No new supply on the horizon an average operating expense of $14.46. As of this writing and looking ahead for the near term, no new office construction is underway while planned development (the 500,000 SF Two Financial Plaza) is still • Seven of the remaining Tier I Class A buildings have quotes waiting for a substantially large tenant commitment – at well above the $40.00 mark - with ranges from $40.25 PSF least 50% pre-leasing to achieve $35.00, NNN (Broward Financial Center) to One Financial Plaza’s $42.26 PSF. Average operating expenses among this competitive 110 Tower has the highest asking rates among the “off set is $13.40. las Olas” properties - $25.00-$30.00, PSF - NNN 110 TOWER 44 Ft. Lauderdale Office CBD Trends OFFICE MARKET

Office Market Statistical Trends

Direct Vacancy Trends, 2010 - 2015 Downtown Class A Buildings Inventory 30.0% 2015 2014 2013 2012 2011 2010 Decade low 25.0% supply Dow ntow n Class A 4,142,310 4,142,310 4,142,310 4,142,310 4,142,310 4,142,310 levels 20.0% Brow ard County Overall 16,561,588 16,378,053 16,378,053 16,346,303 16,346,303 16,346,303 15.0%

Absorption 10.0% 2015 2014 2013 2012 2011 2010 Class A 55,216 197,674 167,836 52,086 -40,777 -170,128 5.0% Brow ard County Overall 159,899 290,810 118,348 246,702 -38,269 -304,987 0.0% Direct Vacancy 2010 2011 2012 2013 2014 2015 2015 2014 2013 2012 2011 2010 Class A 13.20% 14.90% 19.00% 22.80% 24.30% 23.10% Direct Quoted Rental Rate Trends, 2010 - 2015 Brow ard County Overall 14.30% 14.80% 16.20% 16.90% 18.40% 18.40% Downtown Class A Buildings $38.00 Full Service Direct Asking Rental Rates Decade high 2015 2014 2013 2012 2011 2010 $37.00 asking rates Class A $36.65 $34.13 $32.48 $31.76 $31.78 $32.44 $36.00

Brow ard County Overall $28.62 $28.30 $26.95 $28.32 $28.73 $29.28 $35.00 $34.00 $33.00 Downtown Class A Leasing Activity Trends, 2010 - 2015 $32.00 800,000 Decade low vacancy $31.00 600,000 $30.00 400,000 $29.00 200,000 2010 2011 2012 2013 2014 2015 0 45 2010 2011 2012 2013 2014 2015 110 TOWER Peak Rents / Occupancy 10 Year Analysis OFFICE MARKET OVERVIEW

Message to Investors to push pricing: Rents are pushing through to new heights given positive changes and 24/7 transformation of the CBD..

Class A Direct Rental Rates - Office Buildings

Current Low Low Date Peak Peak Date Upside Downtown Fort Lauderdale $36.30 $31.04 Q2 2006 $36.43 Q4 2015 0.4% Broward County $30.32 $28.60 Q4 2012 $31.81 Q1 2008 4.9%

Class A Direct Vacancy - Office Buildings

Current Low Low Date Peak Peak Date Upside Downtown Fort Lauderdale 12.9% 12.7% Q4 2015 24.7% Q2 2011 1.6% Broward County 13.7% 9.8% Q2 2007 21.4% Q4 2011 28.5%

10% Vacancy: Last time the market achieved 10% vacancy, or lower, was 2001 Quarter 3.

110 TOWER 46 Competitive Set Map OFFICE MARKET

110 TOWER 47 Competitive Set Detail OFFICE MARKET

110 TOWER 48 Competitive Set Detail OFFICE MARKET

110 TOWER 49 Competitive Set OFFICE MARKET OVERVIEW

Rentable Broker Broker Parking Building Percent Costar- Net Max Building Building Name Building Address Building Research- Net Researched- 2015 Ratio Per Cla ss Leased Rental Rates Contiguous Space Area Rental Rates Operating Exps 1,000 SF

New River Center 200 E Las Olas Blvd A 281,713 85.76 $31.09 $29.00 $14.74 15,457 2.4

Broward Financial Centre 500 E Broward Blvd A 324,429 90.29 $25.64 $26.00 $14.25 25,907 3

200 East Broward 200 E Broward Blvd A 225,650 92.18 $27.00 $27.00 $14.31 15,704 2.4

SunTrust Center 515 E Las Olas Blvd A 218,635 79.88 $26.00 $24.00 - $28.00 $14.00 4,811 2.5

1 E Broward 1 E Broward Blvd A 350,743 88.86 $24.60 $23.50 $11.75 13,320 2.5

The AutoNation Building (200 Las 200 SW 1st Ave A 186,516 94.4 $26.00 $26.00 $15.76 14,596 2.5 Olas Circle)

300 Las Olas Place 300 SE 2nd St A 102,246 100 Fully Leased Fully Leased Fully Leased Fully Leased 3

Plaza 100 100 NE 3rd Ave A 165,627 91.08 $21.00 $22.00 $12.90 5,639 3.5

Tower 101 101 NE 3rd Ave A 177,559 96.5 $23.50 $18.00 $10.38 2,000 2.6

One Financial Plaza 100 SE 3rd Ave A 298,046 88.27 $26.00 $25.00 - $28.00 $14.26 22,409 2.5

Courthouse Place 12 SE 7th St A 107,222 87.56 $29.64 29.64 FS FS QUOTE 4,910 3.3

Corporate Center 110 E Broward Blvd A 342,686 61.96 $19.50 $19.00 - $20.00 $11.86 150,000 4

301 Plaza @ Las Olas Blvd 301 E Las Olas Blvd A 87,741 86.2 $34.67 $25.00 $16.50 7,586 2.5

350 Las Olas Centre 350 E Las Olas Blvd A 264,214 94.38 $35.00 $35.00 $13.35 9,178 2.74

Bank of America Plaza at Las Olas 401 E Las Olas Blvd A 408,064 100 $45.00 $35.00 $15.68 5,000 3 City Centre

Las Olas Centre I 450 E Las Olas Blvd A 209,746 96.37 $35.00 $35.00 $14.53 20,885 3.01

110 Tower 110 SE 6th St A 394,830 78.25 -- $26.00 - $30.00 $11.98 27,120 2.3

110 TOWER 50 Valuation

110 TOWER 51 VALUATION

110 TOWER 52 Preliminary Valuation Introduction VALUATION

 Investor Demand: Demand has intensified over the last year for well located, and stabilized office towers. The greatest demand has been for centers located in primary, first tier, markets such as South Florida.

 In-Place Actual Income: Investors will scrutinize “in- place” income, but with a shift to a landlord’s market, the tendency is for investors to aggressively underwrite through vacancy.

 Vacant Space: A rapid lease up is a lynchpin of assumptions – recent history at 110 Tower and tightening market conditions support a one year absorption period to achieve stabilized occupancy. Recent leasing momentum – supporting aggressive vacancy absorption.

 Financing Underwriting: Lenders are almost exclusively sizing loans based on “in-place” income, with minimal value assigned to vacant space. However, the trophy nature of the 110 Tower will allow for aggressive financing terms – engineering enhanced returns for investors and driving premium pricing. Conceivable to procure 75% LTV of loan costs, but most investors seek 50% to 65% LTV.

Potential Retained Interest by Seller: Seller could stay in the deal with a 10% to 20% interest, depending on pricing and buyer, and share in further upside.

110 TOWER 53 Pricing Premium Strategies: Financing VALUATION

Financing Plan: Expedited Leverage – No Uncertainty for Investors

 Making New Financing Easy and Simple: A very powerful tool to further push pricing is the ability to demonstrate to investors pre-sourced financing opportunities. Provides investors the necessary comfort to support aggressive underwriting via levered returns.

 Identify a potential investor’s optimal capital structure.

 Recommend a capital structure.

 Create a Loan Proposal that is “user-friendly” to the capital (lending) markets. Secure competitive bids

 Proof that Financing is Readily Available: Market financing for CBD office such as 110 Tower is competitive, if properly positioned, and creates levered returns that justify aggressively low cash IRRs.

 Sample Financing Terms Transwestern Can Deliver:

 Trophy office tower investors underwrite debt proceeds two ways – Fixed 5 year pricing at 4%- 4.5%, could be lower for quality sponsor, interest only options also available.

 The maximum senior leverage is around 75% LTV – need a minimum 35% real equity in the deal. Many trophy office buyers are more conservative in their leverage approach, and apply around 50% to 65% LTV leverage.

 An A/B loan structure can be explored to provide interest only “good news” financing to cover TIs and Commissions to fund final lease up – if necessary.

The Bell Team will pre-quote the pricing for loans and have the financing piece of the equation figured out in advance for investors – so they can underwrite with convincing and aggressive enthusiasm. 110 TOWER 54 Cash Flow Assumptions FINANCIAL ANALYSIS

PROJECTION TIMING MARKET LEASING ASSUMPTIONS

Projection Period Febuary 1, 2016 - Febuary 1, 2026 (11 years) Renewal Probability 75.0%

Analysis Base Year Calendar Year Ending January 31, 2017 Lease Terms 7 Years

AREA MEASURES Market Rents See Market Rent Analysis

Space Type Total SF # of Bays % (S F) Rent Steps 3% annually Tenants + 10K Sqft 273,197 13 69.2% Tenants 9,999-5000 Sqft 51,031 8 12.9% Blended Assumptions New Renewal Blended Tenants 4,999-1001 Sqft 70,054 24 17.7% Downtime: Tenants below 1000 Sqft 548 1 0.1% All Space 6 months 0 months 2 Months

Free Rent Total RSF 394,830 46 100.0% All Spaces 0 months 0 months 0 months

Percent Leased Leased SF Vacant SF % Leased Tenants + 10K Sqft 248,587 24,610 91.0% Tenant Improvements: Tenants 9,999-5000 Sqft 18,689 32,342 36.6% Retail $30.00 PSF $10.00 PSF $15.00 PSF Tenants 4,999-1001 Sqft 36,483 33,571 52.1% Office $30.00 PSF $10.00 PSF $15.00 PSF Tenants below 1000 Sqft - 548 0.0%

Leasing Commissions: Total RSF 303,759 91,071 78.0% All Spaces 6.0% 6.0% 6.0%

INCOME ASSUMPTIONS EXPENSE ASSUMPTIONS Standard Income Growth Rate 3.0% Standard Expense Growth Rate 3.0%

Vacancy 10.0% Management Fee 2.0% EGR Stablized Occupancy 90.0% Capital Reserves $0.10 PSF (Based on total owned GLA of 394,830 SF)

110 TOWER 55 Argus Assumptions MLAs VALUATION

Market Leasing Assumptions MLA Categories Floor 1 Floors 7-8 Floors 9-19 Floors 20-2 Floors 24-2 Floor 29-30 Storage Ball Room

Renew al Probability 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00%

Market Rent $/SqFt/Yr $/SqFt/Yr $/SqFt/Yr $/SqFt/Yr $/SqFt/Yr $/SqFt/Yr $/SqFt/Yr $/SqFt/Yr

New : $26.00 $24.00 $25.00 $27.50 $30.00 $32.00 $10.00 $30.00 Renew al: $26.00 $24.00 $25.00 $27.50 $30.00 $32.00 $10.00 $30.00 Result: $26.00 $24.00 $25.00 $27.50 $30.00 $32.00 $10.00 $30.00

Months Vacant New : 6 6 6 6 6 6 0 6 Renew al: 0 0 0 0 0 0 0 0 Rounded: 2 2 2 2 2 2 0 2

Tenant Improvements $/SqFt $/SqFt $/SqFt $/SqFt $/SqFt $/SqFt $/SqFt $/SqFt

New : $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $0.00 $30.00 Renew al: $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $0.00 $10.00 Result: $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $0.00 $15.00

Leasing Commissions Percent Percent Percent Percent Percent Percent Percent Percent

New : 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% Renew al: 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% Result: 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%

Rent Abatements New : 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Renew al: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Result: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Non-Weighted Items Rent Changes Yes Yes Yes Yes Yes Yes No Yes Reimbursements Net Net Net Net Net Net None Net

Term Lengths 7 7 7 7 7 7 7 7 Years Years Years Years Years Years Years Years

110 TOWER 56 Tenant Mix by Size FINANCIAL ANALYSIS

110 Tower Tenants By Size % of Vacant % % Vacant Number of Tenant/ Size Cohort Total SF Total Leased SF SF Vacant Leased Spaces Tenants Tenants greater than 10,000 SF 273,197 69% 248,587 24,610 9% 91% 2 11 Tenants between 9,999 and 5,000 SF 51,031 13% 18,689 32,342 63% 37% 5 3 Tenants between 4,999 and 10,001 SF 70,054 18% 36,483 33,571 48% 52% 9 15 Tenants below 1,000 SF 548 0% 0 548 100% 0% 1 0 Total 394,830 100% 303,759 90,523 22% 78% 17 29

Key Takeaways: • Full Floor opportunities floors 30 & 29. • Best Space is available for lease. • History of attracting large users. • Expect continued strong market share of large tenants.

POSITION AS CORE ASSET

110 TOWER 57 Vacant Space Opportunity FINANCIAL ANALYSIS

Aggressive Lease Up Projection

110 Tower- Lease Up Schedule

Building Comm. Comm. Tenant Suite Status Begin Date Term Rent/SF TI/SF TI Total TI Comments Square Share % % Total Vacant 3,050 Speculative 6/1/2016 7 Years 4,660 1.20% $31.00 6% $93,230 $50 $233,000 Shell Space/ Bathrooms and Corridors Vacant 3,000 Speculative 6/1/2016 7 Years 4,643 1.20% $31.00 6% $92,889 $50 $232,150 Shell Space/ Bathrooms and Corridors Vacant 2,900 Speculative 7/1/2016 7 Years 14,122 3.60% $31.00 6% $123,158 $50 $706,100 Shell Space/ Bathrooms and Corridors Vacant 820 Speculative 8/1/2016 7 Years 6,768 1.70% $24.00 6% $115,867 $50 $338,400 Shell Space/ Bathrooms and Corridors Vacant 720 Speculative 8/1/2016 7 Years 4,576 1.20% $24.00 6% $78,867 $50 $228,800 Shell Space/ Bathrooms and Corridors Vacant 710 Speculative 8/1/2016 7 Years 10,488 2.66% $24.00 6% $179,552 $50 $524,400 Shell Space/ Bathrooms and Corridors Vacant 2,320 Speculative 9/1/2016 7 Years 8,468 2.10% $27.00 6% $155,031 $30 $254,040 Standard Build Out Vacant 1,970 Speculative 10/1/2016 7 Years 4,145 1.00% $24.00 6% $70,467 $30 $124,350 Standard Build Out Vacant 1,850 Speculative 11/1/2016 7 Years 5,575 1.40% $23.00 6% $94,927 $30 $167,250 Standard Build Out Vacant 1,404 Speculative 12/1/2016 7 Years 5,484 1.40% $23.00 6% $69,135 $30 $164,520 Standard Build Out Vacant 1,403 Speculative 1/1/2017 7 Years 3,768 1.00% $23.00 6% $64,260 $10 $37,680 Paint and Carpet Vacant- Ball Room 740 Speculative 1/1/2017 7 Years 6,029 1.50% $31.00 6% $119,070 $30 $180,870 Standard Build Out Vacant 170 Speculative 2/1/2017 7 Years 3,661 0.90% $27.00 6% $64,226 $10 $36,610 Paint and Carpet Vacant 199 Seeculative 2/1/2017 7 Years 548 0.14% $10.00 0% $0 $0 $0 Storage Vacant Storage FL 2-6 Speculative 2/1/2017 7 Years 1,143 0.29% $10.00 0% $0 $0 $0 Storage Vacant 160 Not Leased 2,222 0.56% $0.00 0% $0 $0 $0 Future Conference Room Vacant 150 Not Leased 3,200 0.81% $0.00 0% $0 $0 $0 Future Management Office Vacant XFAC Not Leased 1,571 0.40% $0.00 0% $0 $0 $0 X Factor for building Total 91,071 76.93% $1,320,679 $3,228,170

Argus Assumption: • February 1, 2017 reach stabilized occupancy - 12 Months. • Stabilized occupancy at 90%. • The chart demonstrates the full lease up of all vacancy for modeling purposes. A vacancy factor is applied when achieve 90%. • Also factors in peak of market strong investor demand – optimistic underwriting to place equity. • Management relocated to ground floor and conference room as well – not leased up. 110 TOWER 58 Tenant Rollover Analysis FINANCIAL ANALYSIS

Minimal near term expirations of leases in place.

High Degree of Certainty of Existing In-Place Income

100.0%

90.0%

80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0% Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Annual % of SF Expiring Cumulative % of SF Expired

Annual Rollover Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 SF Expiring 5,511 - 41,529 8,052 82,771 32,539 45,854 117,363 32,246 17,366 % of Total Expiring 1.4% 0.0% 10.5% 2.0% 21.0% 8.2% 11.6% 29.7% 8.2% 4.4% Cumulative Rollover Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 SF Expired 5,511 5,511 47,040 55,092 137,863 170,402 216,256 333,619 365,865 383,231 % of Total Expired 1.4% 1.4% 11.9% 14.0% 34.9% 43.2% 54.8% 84.5% 92.7% 97.1%

110 TOWER 59 Rent Opportunity FINANCIAL ANALYSIS

First Term Lease Expirations Expiration Re nt Tenant Name Suite Lease Expiration SF Base Rent Market Rent Re nt/SF % Assumption Opportunity Shook Hardy & Bacon 1960 12-31-2016 5,511 Market $22.92 $24.00 $1.08 $5,952 4.7% Total for Year 1 5,511 $5,952 Trial Copy 190 5-31-2018 1,186 Market $21.92 $27.58 $5.66 $6,713 25.8% EVault 2160 5-31-2018 2,908 Market $21.88 $29.17 $7.29 $21,199 33.3% McCalla Raymer, LLC 2500 6-30-2018 15,298 Market $20.96 $31.83 $10.87 $166,289 51.9% McCalla Raymer, LLC 2400 6-30-2018 15,298 Market $20.96 $31.83 $10.87 $166,289 51.9% Freedland Harw in PL 2300 9-30-2018 3,339 Market $22.26 $29.17 $6.91 $23,072 31.0% Mcfann & Beavers, PA 1900 11-30-2018 3,500 Market $20.02 $25.46 $5.44 $19,040 27.2% Total for Year 3 41,529 $402,603 Brow ard Safety Counc 1402 2-28-2019 1,835 Market $23.21 $26.23 $3.02 $5,542 13.0% Tripp Scott, PA 1401 3-30-2019 4,211 Market $27.21 $26.23 -$0.98 ($4,127) -3.6% • Many Leases Below Scott F. Grady, PA 1910 6-30-2019 2,006 Market $22.32 $26.23 $3.91 $7,843 17.5% Total for Year 4 8,052 $9,258 Market. State of Florida, AG 900 9-30-2020 15,399 Market $25.13 $28.14 $3.01 $46,351 12.0% State of Florida, AG 800 9-30-2020 7,348 Market $23.61 $27.01 $3.40 $24,983 14.4% Shift Underwriting State of Florida, AG 1200 9-30-2020 15,183 Market $23.61 $27.01 $3.40 $51,622 14.4% • State of Florida, AG 1000 9-30-2020 15,111 Market $24.75 $27.01 $2.26 $34,151 9.1% Focus Away from Brow ard County 2800 10-31-2020 14,432 Market $31.25 $33.77 $2.52 $36,369 8.1% Brow ard County 2200 10-31-2020 15,298 Market $34.89 $30.95 -$3.94 ($60,274) -11.3% Current Yield. Total for Year 5 82,771 $133,202 Zebersky Payne, LLP 2150 2-28-2021 4,481 Market $25.77 $30.05 $4.28 $19,179 16.6% Sadadell United Bank 101 2-28-2021 4,372 Market $22.68 $28.41 $5.73 $25,052 25.3% High Degree of Sabadell United Bank 100 2-28-2021 6,054 Market $26.11 $28.41 $2.30 $13,924 8.8% • State Farm Mutual Ins 2100 4-30-2021 7,909 Market $25.55 $30.05 $4.50 $35,591 17.6% Certainty of Existing In- Essurance 1820 8-31-2021 4,454 Market $22.42 $26.23 $3.81 $16,970 17.0% Allstate Insurance Co 1800 8-31-2021 5,269 Market $22.42 $26.23 $3.81 $20,075 17.0% Place Income. Total for Year 6 32,539 $130,790 Tripp Scott, PA 1601 9-30-2022 3,596 Market $27.25 $27.82 $0.57 $2,050 2.1% Tripp Scott, PA 1600 9-30-2022 11,702 Market $27.25 $27.82 $0.57 $6,670 2.1% • Minimal Near Term Tripp Scott, PA 1500 9-30-2022 15,298 Market $27.25 $27.82 $0.57 $8,720 2.1% Roll. 110 Fitness 130 11-30-2022 15,258 Market $7.86 $30.14 $22.28 $339,948 283.5% Total for Year 7 45,854 $357,388 United Capital Financ 2350 4-30-2023 3,491 Market $26.49 $32.84 $6.35 $22,168 24.0% SATO Global Solutions 800 4-30-2023 3,357 Market $25.05 $28.66 $3.61 $12,119 14.4% SATO Global Solutions 700 4-30-2023 10,523 Market $26.49 $28.66 $2.17 $22,835 8.2% Luks & Santaniello. L 2002 1-31-2024 158 Market $3.80 $13.05 $9.25 $1,462 243.7% Luks & Santaniello, L 308 1-31-2024 308 Market $15.58 $13.05 -$2.53 ($781) -16.3% Luks & Santaniello. L 2001 1-31-2024 3,000 Market $27.34 $32.84 $5.50 $16,500 20.1% Luks & Santaniello. L 2000 1-31-2024 12,140 Market $27.34 $33.82 $6.48 $78,667 23.7% Cole, Scott & Kissane 400 1-31-2024 308 Market $11.69 $11.94 $0.25 $77 2.1% Total for Year 8 117,363 $153,047 Cole Scott & Kissane, 2700 5-31-2024 14,728 Market $25.00 $38.00 $13.00 $191,464 52.0% Subw ay 110 6-30-2024 1,418 Market $26.21 $32.94 $6.73 $9,543 25.7% Lew is Brisbois Bisgaa 2600 7-01-2024 14,873 Market $23.03 $38.00 $14.97 $222,649 65.0% Dunkin Donuts 115 12-31-2024 1,227 Market $28.70 $32.94 $4.24 $5,202 14.8% Total for Year 9 32,246 $428,858 That's A Wrap Sandw ic120 3-16-2025 2,068 Market $28.99 $33.29 $4.30 $8,892 14.8% Empire Executive Office1700 8-31-2025 15,298 Market $22.41 $32.64 $10.23 $156,499 45.6% Total for Year 10 17,366 $165,391 110 TOWER 60 Operating Expense Analysis FINANCIAL ANALYSIS

Operating Expense Comparison Proforma 2016 PSF Budget 2016 PSF 2015 PSF 2014 PSF Cleaning $363,306 $0.92 $375,084 $0.95 $332,985 $0.84 $316,534 $0.80 Repairs & Maintenance $617,272 $1.56 $617,272 $1.56 $617,758 $1.56 $605,702 $1.53 Utilities $609,460 $1.54 $604,203 $1.53 $553,449 $1.40 $621,620 $1.57 Roads & Grounds $28,900 $0.07 $28,900 $0.07 $13,399 $0.03 $13,174 $0.03 Parking Operations $0 $0.00 $0 $0.00 $2,025 $0.01 $2,245 $0.01 Security $221,400 $0.56 $221,400 $0.56 $229,529 $0.58 $276,419 $0.70 Administrative Expenses $735,069 $1.86 $735,069 $1.86 $713,225 $1.81 $662,776 $1.68 Real Estate Taxes $1,314,778 $3.33 $1,369,560 $3.47 $1,253,687 $3.18 $1,044,215 $2.64 Insurance $406,244 $1.03 $406,244 $1.03 $541,379 $1.37 $755,294 $1.91 Management Fee $206,511 $0.52 $264,631 $0.67 $221,134 $0.56 $204,852 $0.52 Operating Expenses $4,502,940 $11.40 $4,622,363 $11.71 $4,478,570 $11.34 $4,502,832 $11.40

Underwriting Notes: • The three expenses that are variable are Cleaning, Utilities, and Management Fee. • Management fee was adjusted to 2% from 2.75%. • Lease Up- Rapid lease up plan 12 months . • Aggressive leasing assumptions 3 months of rent abatement vs 5 months. • Leased from the top floors down to maximize leasing conditions and maximize value. • Adjusted parking income to model increase in occupancy in the building.

110 TOWER 61 Operating Expense Reimbursement Structure FINANCIAL ANALYSIS

Reimbursment Metholodgy Reimburment Gross Up Annual Tenant Name Suite Tenant Size Method % Opex Cap Sabadell United Bank 100 6,054 - 95% - Sadadell United Bank 101 4,372 Net 95% 5% Cap Subw ay 110 1,418 Retail OpEx 95% Dunkin Donuts 115 1,227 Retail OpEx 95% 5% Cap That's A Wrap Sandw ich 120 2,068 Retail OpEx 95% 110 Fitness 130 15,258 Retail OpEx 95% 3.5% Cap Trial Copy 190 1,186 Retail OpEx 95% Engineering Office 301 1,084 Net 95% Luks & Santaniello, LLC 308 308 Gross 95% Cole, Scott & Kissane P.C. 400 308 Gross 95% SATO Global Solutions 700 10,523 Net 95% State of Florida, AG 800 7,348 Gross 95% SATO Global Solutions 800 3,357 Net 95% State of Florida, AG 900 15,399 Gross 95% State of Florida, AG 1,000 15,111 Gross 95% State of Florida, AG 1,200 15,183 Gross 95% Tripp Scott, PA 1,401 4,211 Base Year 2010 95% Brow ard Safety Council 1,402 1,835 Net 95% Tripp Scott, PA 1,500 15,298 Base Year 2010 95% Tripp Scott, PA 1,600 11,702 Base Year 2010 95% Tripp Scott, PA 1,601 3,596 Base Year 2010 95% Empire Executive Offices 1,700 15,298 Net 95% Allstate Insurance Company 1,800 5,269 Net 95% Essurance 1,820 4,454 Net 95% Mcfann & Beavers, PA 1,900 3,500 Net 95% Scott F. Grady, PA 1,910 2,006 Net 95% Shook Hardy & Bacon, LLP 1,960 5,511 Net 95% Luks & Santaniello. LLC 2,000 12,140 Net 95% Luks & Santaniello. LLC 2,001 3,000 Net 95% Luks & Santaniello. LLC- Phone 2,002 158 Gross 95% State Farm Mutual Insurance 2,100 7,909 Net 95% Zebersky Payne, LLP 2,150 4,481 Net 95% EVault 2,160 2,908 Net 95% 5% Cap Brow ard County 2,200 15,298 Gross 95% Freedland Harw in PL 2,300 3,339 Net 95% 5% Cap United Capital Financail Adv 2,350 3,491 Net 95% McCalla Raymer, LLC 2,400 15,298 Net 95% 4% Cap McCalla Raymer, LLC 2,500 15,298 Net 95% 4% Cap Lew is Brisbois Bisgaard Smith 2,600 14,873 Net 95% 5% Cap Cole Scott & Kissane, P.A. 2,700 14,728 Net 95% 5% Cap 110 TOWER 62 Brow ard County 2,800 14,432 Gross 95% Real Estate Taxes FINANCIAL ANALYSIS

110 Tower Real Estate Taxes

Year Assessed Value Tax W/ 4% Discount 2017 $120,000,000 $2,882,485 $2,767,185 2016 $55,118,830 $1,369,560 $1,314,778 2015 $50,108,030 $1,265,629 $1,215,004 2014 $45,552,760 $1,046,723 $1,004,854 2013 $43,272,620 $995,234 $955,424

Notes: • 2016 Real Estate Taxes are based on the actual assessment • A reassessment of $120, 000,000 is projected for 2017, resulting in a with total taxes including the 4% discount totaling $292,320, and increasing by 3% annually thereafter. • Impact of Reassessment on cash flow is demonstrated below.

Cash Flow Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Net Operating Income - $120M Tax Assesment $5,734,358 $6,514,810 $7,124,995 $7,405,563 $8,254,513 $9,148,372 $9,748,838 $11,310,382 $11,987,565 $12,296,910 $12,663,821 Net Operating Income - 3% Grow th $5,734,358 $7,352,411 $7,847,776 $8,065,747 $8,846,166 $9,497,641 $10,085,644 $11,603,294 $12,225,161 $12,503,983 $12,845,132 Differential $0 -$837,601 -$722,781 -$660,184 -$591,653 -$349,269 -$336,806 -$292,912 -$237,596 -$207,073 -$181,311 Leasing & Capital Costs Tenant Improvements $3,400,140 $121,755 $605,174 $189,347 $1,397,393 $565,824 $547,998 $1,772,383 $1,363,458 $1,042,832 $300,183 Leasing Commissions $1,392,467 $174,741 $753,799 $241,222 $1,685,867 $548,812 $710,303 $2,119,640 $1,598,763 $1,180,085 $349,629 Building Improvements $2,307,383 Furniture, Fixture & Equipment $5,000 $5,150 $5,305 $5,464 $5,628 $5,796 $5,970 $6,149 $6,334 $6,524 $6,720 Capital Reserves $39,483 $40,667 $41,888 $43,144 $44,438 $45,772 $47,145 $48,559 $50,016 $51,516 $53,062 Total Leasing & Capital Costs $7,144,473 $342,313 $1,406,166 $479,177 $3,133,326 $1,166,204 $1,311,416 $3,946,731 $3,018,571 $2,280,957 $709,594

Cash Flow After Debt Service- $120M Tax Assesment -$1,410,115 $6,172,497 $5,718,829 $6,926,386 $5,121,187 $7,982,168 $8,437,422 $7,363,651 $8,968,994 $10,015,953 $11,954,227 Cash Flow After Debt Service- 3% Grow th -$1,410,115 $7,025,275 $6,495,170 $7,607,198 $5,839,398 $8,350,171 $8,834,877 $7,795,148 $9,336,689 $10,318,734 $12,159,783 Differential $0 -$852,778 -$776,341 -$680,812 -$718,211 -$368,003 -$397,455 -$431,497 -$367,695 -$302,781 -$205,556

110 TOWER 63 In-Place NOI VALUATION

Proforma Cash Flow In- Place PSF Proforma PSF Potential Gross Revenue Base Rental Revenue $6,991,902 $17.71 $7,954,464 $20.15 Absorption & Turnover Vacancy -$10,563 -$0.03 -$11,022 -$0.03 IN-PLACE ANALYSIS Base Rent Abatements -$625,721 -$1.58 No Lease up of vacant space Scheduled Base Rental Revenue $6,981,339 $17.68 $7,317,721 $18.53 • In-place NOI includes the Expense Reimbursement Revenue • Cleaning $149,430 $0.38 $158,400 $0.40 contractual rents in-place for the Cleaning Other $5,723 $0.01 $6,343 $0.02 CY ending 1/2017, with no lease up Repair & Maintenance $249,900 $0.63 $263,538 $0.67 of vacant space. Current tenancy Utilities $246,737 $0.62 $260,206 $0.66 Roads/ Grounds/ Parking $11,699 $0.03 $12,341 $0.03 only. Security $89,635 $0.23 $94,526 $0.24 Management Fees $79,048 $0.20 $88,826 $0.22 • No vacancy factor Other Administrative $297,595 $0.75 $313,835 $0.79 Current occupancy is 77% as of Insurance $164,465 $0.42 $173,444 $0.44 • Property Taxes $540,155 $1.37 $597,241 $1.51 February 2016. Total Reimbursement Revenue $1,834,387 $4.65 $1,968,700 $4.99 • --- Tenants. Cogent Communications, Inc $1,800 $0.00 $1,800 $0.00 Pinnacle Tow ers $249,600 $0.63 $249,600 $0.63 • All tenants currently in-place are Parking $696,000 $1.76 $808,656 $2.05 assumed to stay throughout the Effective Gross Revenue $9,763,126 $24.73 $10,346,477 $26.20 year. Operating Expenses Investors will scrutinize this Cleaning $299,993 $0.76 $336,216 $0.85 • Cleaning Other $27,090 $0.07 $27,090 $0.07 current income as a starting point Repair & Maintenance $617,272 $1.56 $617,272 $1.56 in their analysis. Utilities $609,460 $1.54 $609,460 $1.54 Roads/ Grounds/ Parking $28,900 $0.07 $28,900 $0.07 • Investor underwrites substantial Security $221,400 $0.56 $221,400 $0.56 current income with material Management Fees $195,263 $0.49 $206,930 $0.52 upside potential – aggressive Other Administrative $735,069 $1.86 $735,069 $1.86 Insurance $406,244 $1.03 $406,244 $1.03 pricing anticipated. Property Taxes $1,314,778 $3.33 $1,314,778 $3.33 Ins. Claim Invoices- Non-Reim $1,000 $0.00 $1,000 $0.00 Other Leasing Costs- Non-Reim $83,760 $0.21 $107,760 $0.27 Total Operating Expenses $4,540,229 $11.50 $4,612,119 $11.68

Net Operating Income $5,222,897 $13.23 $5,734,358 $14.52 110 TOWER 64 Cash Flow Proforma FINANCIAL ANALYSIS

Proforma Cash Flow Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Potential Gross Revenue Base Rental Revenue $7,954,464 $9,495,683 $9,795,051 $10,180,366 $10,351,592 $10,512,338 $10,868,077 $11,826,087 $12,634,557 $13,005,562 $13,272,319 Absorption & Turnover Vacancy -$11,022 -$11,353 -$212,977 -$26,289 -$401,813 -$163,294 -$225,080 -$509,469 -$351,523 -$338,980 -$62,100 Base Rent Abatements -$625,721 -$75,490 -$4,079 Scheduled Base Rental Revenue $7,317,721 $9,408,840 $9,577,995 $10,154,077 $9,949,779 $10,349,044 $10,642,997 $11,316,618 $12,283,034 $12,666,582 $13,210,219

Expense Reimbursement Revenue Cleaning $158,400 $236,423 $244,693 $269,599 $291,023 $380,542 $402,348 $430,727 $458,494 $481,705 $508,354 Cleaning Other $6,343 $11,896 $13,564 $15,910 $17,412 $23,929 $25,585 $28,476 $31,602 $33,927 $35,641 Repair & Maintenance $263,538 $377,179 $392,959 $430,080 $468,303 $612,930 $647,732 $703,923 $744,543 $773,387 $812,102 Utilities $260,206 $372,404 $387,984 $424,641 $462,382 $605,169 $639,531 $695,013 $735,117 $763,599 $801,821 Roads/ Grounds/ Parking $12,341 $17,657 $18,401 $20,136 $21,926 $28,697 $30,324 $32,957 $34,862 $36,206 $38,021 Security $94,526 $135,283 $140,947 $154,259 $167,970 $219,839 $232,328 $252,481 $267,046 $277,397 $291,282 Management Fees $88,826 $152,300 $162,308 $179,949 $202,616 $278,850 $300,831 $347,978 $375,349 $390,277 $409,888 Other Administrative $313,835 $449,156 $467,944 $512,159 $557,679 $729,894 $771,341 $838,252 $886,629 $920,981 $967,081 Insurance $173,444 $248,233 $258,617 $283,050 $308,205 $403,383 $426,293 $463,271 $490,004 $508,988 $534,469 Property Taxes $597,241 $1,579,561 $1,710,283 $1,871,872 $2,038,242 $2,667,671 $2,819,162 $3,063,708 $3,240,514 $3,366,062 $3,534,561 Total Reimbursement Revenue $1,968,700 $3,580,092 $3,797,700 $4,161,655 $4,535,758 $5,950,904 $6,295,475 $6,856,786 $7,264,160 $7,552,529 $7,933,220

Cogent Communications, Inc $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 Pinnacle Tow ers $249,600 $249,600 $249,600 $249,600 $249,600 $249,600 $249,600 $249,600 $249,600 $249,600 $249,600 Parking $808,656 $923,156 $950,851 $979,376 $1,008,758 $1,039,020 $1,070,191 $1,102,297 $1,135,365 $1,169,426 $1,204,509 Total Potential Gross Revenue $10,346,477 $14,163,488 $14,577,946 $15,546,508 $15,745,695 $17,590,368 $18,260,063 $19,527,101 $20,933,959 $21,639,937 $22,599,348

General Vacancy -$1,389,490 -$1,004,405 -$1,491,085 -$643,493 -$1,365,945 -$1,218,898 -$689,444 -$1,179,361 -$1,343,053 -$1,685,715 Effective Gross Revenue $10,346,477 $12,773,998 $13,573,541 $14,055,423 $15,102,202 $16,224,423 $17,041,165 $18,837,657 $19,754,598 $20,296,884 $20,913,633

Operating Expenses Cleaning $336,216 $399,703 $404,948 $423,461 $421,996 $444,206 $454,925 $459,047 $479,720 $495,050 $519,583 Cleaning Other $27,090 $27,903 $28,740 $29,602 $30,490 $31,405 $32,347 $33,317 $34,317 $35,346 $36,407 Repair & Maintenance $617,272 $635,790 $654,864 $674,510 $694,745 $715,588 $737,055 $759,167 $781,942 $805,400 $829,562 Utilities $609,460 $627,743 $646,576 $665,973 $685,952 $706,531 $727,727 $749,558 $772,045 $795,207 $819,063 Roads/ Grounds/ Parking $28,900 $29,767 $30,660 $31,580 $32,527 $33,503 $34,508 $35,543 $36,610 $37,708 $38,839 Security $221,400 $228,042 $234,883 $241,930 $249,188 $256,663 $264,363 $272,294 $280,463 $288,877 $297,543 Management Fees $206,930 $255,480 $271,471 $281,108 $302,044 $324,488 $340,823 $376,753 $395,092 $405,938 $418,273 Other Administrative $735,069 $757,121 $779,835 $803,230 $827,327 $852,146 $877,711 $904,042 $931,163 $959,098 $987,871 Insurance $406,244 $418,431 $430,984 $443,914 $457,231 $470,948 $485,077 $499,629 $514,618 $530,056 $545,958 Property Taxes $1,314,778 $2,767,185 $2,850,201 $2,935,707 $3,023,778 $3,114,491 $3,207,926 $3,304,164 $3,403,289 $3,505,387 $3,610,549 Ins. Claim Invoices- Non-Reim $1,000 $1,030 $1,061 $1,093 $1,126 $1,159 $1,194 $1,230 $1,267 $1,305 $1,344 Other Leasing Costs- Non-Reim $107,760 $110,993 $114,323 $117,752 $121,285 $124,923 $128,671 $132,531 $136,507 $140,602 $144,820 Total Operating Expenses $4,612,119 $6,259,188 $6,448,546 $6,649,860 $6,847,689 $7,076,051 $7,292,327 $7,527,275 $7,767,033 $7,999,974 $8,249,812

Net Operating Income $5,734,358 $6,514,810 $7,124,995 $7,405,563 $8,254,513 $9,148,372 $9,748,838 $11,310,382 $11,987,565 $12,296,910 $12,663,821

Leasing & Capital Costs Tenant Improvements $3,400,140 $121,755 $605,174 $189,347 $1,397,393 $565,824 $547,998 $1,772,383 $1,363,458 $1,042,832 $300,183 Leasing Commissions $1,392,467 $174,741 $753,799 $241,222 $1,685,867 $548,812 $710,303 $2,119,640 $1,598,763 $1,180,085 $349,629 Building Improvements $2,307,383 Furniture, Fixture & Equipment $5,000 $5,150 $5,305 $5,464 $5,628 $5,796 $5,970 $6,149 $6,334 $6,524 $6,720 Capital Reserves $39,483 $40,667 $41,888 $43,144 $44,438 $45,772 $47,145 $48,559 $50,016 $51,516 $53,062 Total Leasing & Capital Costs $7,144,473 $342,313 $1,406,166 $479,177 $3,133,326 $1,166,204 $1,311,416 $3,946,731 $3,018,571 $2,280,957 $709,594

Cash Flow After Debt Service -$1,410,115 $6,172,497 $5,718,829 $6,926,386 $5,121,187 $7,982,168 $8,437,422 $7,363,651 $8,968,994 $10,015,953 $11,954,227

110 TOWER 65 As-Is Pricing FINANCIAL ANALYSIS

110 Tower Pricing CY Ending December Low Value Mid Value High Value

(1) In-Place Cap Rate utilizes the contractual rents in-place for the FY 2/2016-1/2017

AS-IS PRICING ANALYSIS • 25 month lease up. • 65% LTV with 4.25% interest rate bridge loan projection. • Almost all of the return is from the reversion sale, very low cash flow during hold. • 10 Year Analysis. • Major capital hit in year one of cash flow. Fully incorporated in our underwriting.

110 TOWER 66 Sales Comps FINANCIAL ANALYSIS

Sales Comps Property Bldg SF Sale Date Sale Price Price Per SF Actual Cap Rate Occupancy Buyer / Seller Phillips Point AEW Capital Management 777 S Flagler Dr (2 Properties) 443,498 5/27/2015 $245,500,000 $553.55 5.25% 90% Colonnade Properties, LLC Las Olas Centre Deutsche Asset & Wealth Management 450 E Las Olas Blvd (2 Properties) 468,815 3/19/2014 $204,000,000 $435.14 6.40% 97% USAA Real Estate Company Sabadell Financial Center The Prudential Insurance Company of America 1111 Brickell Ave 522,892 4/10/2013 $184,000,000 $351.89 N/A 85% Testa Inmuebles en Renta CityPlace Tower W.R. Berkley Corporation 525 Okeechobee Blvd 295,933 8/25/2014 $150,000,000 $506.87 6.70% 94% KBS REIT II, Inc. Courvoisier Centre Parkway Properties, Inc. 601 Brickell Key Dr (3 Properties) 350,104 4/10/2014 $145,800,000 $416.45 4.50% Tishman Speyer Brickell Arch Gaedeke Group LLC 1395 Brickell Ave 260,000 9/11/2015 $142,000,000 $546.15 3.52% 98% Estoril Incorporated Brickell Office Plaza Alliance RE Holdings, LLC 777 Brickell Ave 288,457 2/12/2015 $140,000,000 $485.34 3.56% 93% CBRE Global Investors LTD Broward Financial Centre AGS Properties Corp. 500 E Broward Blvd 324,429 11/6/2014 $112,000,000 $345.22 6.10% 90% DRA Advisors, LLC 800 Brickell Deutsche Asset & Wealth Mgmt 800 Brickell Ave 209,122 5/8/2015 $111,600,000 $533.66 Withheald 90% Guggenheim Investments New River Center Stiles Realty 200 E Las Olas Blvd 281,713 12/19/2014 $108,000,000 $383.37 5.00% 86% Invesco Advisors, Inc. Rivergate Plaza The Related Group of Florida 444 Brickell Ave (2 Properties) 302,270 12/9/2013 $104,000,000 $344.06 2.70% 73% CWCapital Asset Management LLC One Boca Place Crocker Partners, LLC 2255 Glades Rd 277,390 8/12/2014 $76,350,000 $275.24 6.00% 84% Invesco Advisors, Inc. Brickell City Tower Crocker Partners, LLC 80 SW 8th St 285,595 3/8/2013 $70,000,000 $245.10 5.75% 89% Colony Realty Partners 200 East Broward TA Realty 200 E Broward Blvd 225,650 7/24/2014 $66,400,000 $294.26 5.00% 88% Invesco Advisors, Inc. Tower 101 Ivy Equities 101 NE 3rd Ave (2 Properties) 227,764 1/12/2016 $56,300,000 $247.19 6.70% 99% Banyan Street Capital 550 Biltmore Prudential Real Estate Investors 550 Biltmore Way 162,293 12/4/2014 $50,200,000 $309.32 5.20% 89% AEW Capital Management

110 TOWER 67 Marketing Process

110 TOWER 68 Key to Success MARKETING PROCESS & STRATEGY Marketing & Disposition Strategy

The Bell Marketing Team is routinely complimented by Investors for the thoroughness and accuracy of our marketing materials, resulting in better informed offers & superior close ratio.

Prevents price retrades

110 TOWER 69 Vetting the Details MARKETING PROCESS & STRATEGY Step 1: Preparation Forensic Underwriting– Scrub all financials, identify reimbursement inconsistencies with leases, abstract all leases. Distill a myriad of financials into easy to follow and underwrite underwriting guides – MAKE THE COMPLEX SIMPLE.

Teaser and Offering Memorandum – A compelling, complete and accurate sales package that articulates the investment and appeal of the property. A true due diligence package, strengthens credibility of offers – Prevents price retrades – NO INVESTOR SURPRISES

Financing Guidelines – Identify potential debt and equity sources interested in acquiring the acquisition as a way to broaden the range of capital available to potential investors as well as lead to a smoother transition. PLUG & PLAY CAPITAL STACK.

Pre-Qualification of Investors – An “all hands on deck” approach by the team to reach out to an extensive list of local, regional, U.S. and off-shore potential investors to gauge their investment appetite and capability in acquiring the asset. All recent buyers, and existing owners, within the region will be contacted to alert them to the opportunity. DIG & DIG SOME MORE – FIND THE PRICING OUTLIER.

Due Diligence Materials – All materials will be reviewed for thoroughness and accuracy, updated where necessary and prepared for ready dissemination to qualified investors via an online war room.

Tenacity in the Details. 110 TOWER 70 Focus – Focus - Focus MARKETING PROCESS & STRATEGY

Step 2: Marketing

Direct Marketing – The Bell Transaction team Confidentiality Agreement/Pre Marketing – will distribute the Offering Memorandum to During the Offering Package approval process, approved prospects. Each prospect is met with the Bell Transaction Team will pre-market the in a face-to-face meeting where we then property to a proprietary prospect list. PRIME strongly encourage them to conduct site visits. THE MARKET. SELL THE OPPORTUNITY IN PERSON.

Tours & Support – The Bell Transaction Team will Marketing via Technology – Although our conduct all market tours, ensure follow up, and primary distribution method is through email, provide quick response to any questions from personal contacts and relationships we also potential investors. SELL THE OPPORTUNITY IN utilize social media through LinkedIn, ensure PERSON. the listing appears on the Transwestern website, and use of Multimedia Website. Intense Investor Canvassing No Stone Left Unturned Approach. 110 TOWER 71 Commitment to the Close MARKETING PROCESS & STRATEGY

Step 3: Bidding & Successful Closing

Asking Price – We recommend marketing without an asking price; however, the Bell Transaction Team will provide guidance and coaching to prospective bidders to maintain a fair process. In addition, the marketing team will guide investors as to the expectations of Ownership for pricing, terms and conditions, and closing schedule.

Date Certain Due Date – A specific date will be set for offers to be stated by investors.

Offers Received – The Bell Transaction Team will interview and qualify all bidders for their level of due diligence completed, source of capital and discretionary authority to act and track record in closing.

Best and Final Round – Select investors will be provided an opportunity to reevaluate their pricing and push underwriting. Any updates to leasing information will be shared at this time. Upon receipt of the Best and Final offers, the Bell Transaction team will advise ownership on a recommendation and final selection.

War Room – Once a buyer is selected they are given access the war room containing digital copies of due diligence items such as leases, surveys, operating statements, accounts receivable reports, general ledgers, etc. Immediate delivery of these items significantly expedites the due diligence process.

110 TOWER 72 Commitment to the Close MARKETING PROCESS & STRATEGY

The Transaction Team will assist in the closing process including contract negotiation, the coordination of buyer due diligence, & Property Management managing estoppels. WE STAY INVOLVED THROUGH CLOSING.

110 TOWER 73 Transwestern Advantage

110 TOWER 74 Transwestern Difference EXECUTIVE SUMMARY

TRANSWESTERN TEAM ADVANTAGES

• Enthusiasm & Market Support to Positing as Core Pricing Opportunity.

• New Generation & Tech Firms Appeal / Superior Market Share – Will Support & Promote.

• Management & Sales Team Synergies– Highly attractive competitive advantage.

• New Aggressive Capital – Experienced employing this Success Strategy.

• Believe in “New Era” for Courthouse CBD – Market Support.

• FOCUS - Senior Attention – Locally & Nationally. • Relationships with International Capital. • Experience with Sale & Management of the Asset – Uniquely Qualified to sell the dream to investors.

• Provide total capital stack, plug & play purchase. • Important Relationship: Gencap & Transwestern. 110 TOWER 75