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November 30 2015 the Leser Group, Ltd. 1481 47 Street Brooklyn, NY 11219 Re: Appraisal File No. 8251 Norden Park 10 Norden Place

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November 30 2015 the Leser Group, Ltd. 1481 47 Street Brooklyn, NY 11219 Re: Appraisal File No. 8251 Norden Park 10 Norden Place November 30th 2015 The Leser Group, Ltd. 1481 47th Street Brooklyn, NY 11219 Re: Appraisal File No. 8251 Norden Park 10 Norden Place and 6 Norden Place Norwalk, CT 06855 Dear Mr. Leser, We confirm that we have given our full consent to the inclusion or reference of the appraisal of the above captioned properties (value date of 30th of September 2015) in its entirety within the Leser Group Ltd. financial statements to be published in the Tel Aviv stock Exchange in 2015. In addition, we confirm that we have given our full consent to the inclusion of this consent letter within the Leser Group Ltd. financial statements to be published in the Tel Aviv stock Exchange in 2015. Yours Sincerely, Joel Leitner, MAI, CRE, FRICS Managing Director State Certified General Appraiser #RCG000.1050 Melissa P. Sohn Senior Appraiser (212) 682-2869 [email protected] State Certified General Appraiser #RCG0001417 APPRAISAL REPORT Norden Park 10 Norden Place and 6 Norden Place Norwalk, CT 06855 REQUESTED BY The Leser Group, Ltd. 1481 47th Street Brooklyn, NY 11219 PREPARED BY Butler Burgher Group, Inc. Formerly Leitner Group, Inc. 79 Madison Avenue New York, NY 10016 DATE OF VALUE September 30, 2015 November 30, 2015 The Leser Group, Ltd. 1481 47th Street Brooklyn, NY 11219 Re: Appraisal File No. 8251 Norden Park 10 Norden Place and 6 Norden Place Norwalk, CT 06855 Dear Mr. Leser: In accordance with your request, we have completed an appraisal of the above captioned property for the purpose of estimating the "as is" fair value of the subject property's leased fee interest. The subject property consists of the main multi-tenanted building known as 10 Norden Place, and a newly constructed data center building, known as 6 Norden Place, that is fully occupied by a single tenant: CyrusOne LP, formerly known as Cervalis. The main two-story, plus basement, Class B+ office and industrial building was constructed in 1960 with an addition in 1968, and the entire complex was renovated in 2001/02 and is in very good condition. The main building contains approximately 615,357+/- square feet of leasable area and is situated on approximately 37.21+/- acres of land which provides for ample on-site parking. The property is currently 31.19% occupied with approximately 423,421 square feet of vacant space. Northorp Grumman previously occupied 320,230+/- square feet, and they vacated the space December 31, 2014. The subject property is located on the northeast corner of Norden Place and Woodside Avenue, in the City of Norwalk, Fairfield County, State of Connecticut. The site is zoned RI Restricted Industrial Neighborhood Business and is identified on the City of Norwalk, Fairfield County tax maps as District 3, Block 17, Lots 40A and 40B. The site area contains approximately 37.21 acres±. Mr. Abe Leser Page 2 November 30, 2015 In addition to the main building, the subject property includes a newly constructed data center which contains 167,691+/- square feet within two stories, plus basement, and occupies approximately 4.999 acres of the existing site. The building contains 77,000+/- square feet on each the first and second floors, plus 13,691+/- square feet of basement space. Construction commenced November 2012 and was completed December 18, 2013. The data center is 100% leased, on a triple net basis, to CyrusOne LP, f.k.a. Cervalis, LLC. The lease commencement date is March 31, 2014. We will value this portion of the subject property separately within this appraisal. The highest and best use of the subject property is as an office/industrial property. This conclusion is based upon the physical characteristics of the subject property, the nature of the subject's location, the current zoning and general trends affecting the property. The appraisal analyses, opinions, and conclusions were developed, and this appraisal has been prepared, in conformance with all regulations issued by the appropriate regulatory entities regarding the enactment of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA). In addition, the appraisal report has been prepared in conformity with the requirements of the Standards of Professional Appraisal Practice of the Appraisal Institute, the Uniform Standards of Professional Appraisal Practice (USPAP) as adopted by The Appraisal Foundation, and with the requirements of the State of Connecticut for State Certified Appraisers. Mr. Abe Leser Page 2 November 30, 2015 After carefully considering all available information concerning the subject property and all apparent factors affecting value, it is the opinion of the appraisers that the fair value of the leased fee interest in 10 Norden Place, as of September 30, 2015, is: SIXTY NINE MILLION FIVE HUNDRED THOUSAND DOLLARS $69,500,000 After carefully considering all available information concerning the subject property and all apparent factors affecting value, it is the opinion of the appraisers that the fair value of the leased fee interest in 6 Norden Place, as of September 30, 2015, is: FIFTY SIX MILLION DOLLARS $56,000,000 The opinions of value expressed herein are subject to the certification, assumptions and limiting conditions, and all other information contained in the following written appraisal report. Thank you for the opportunity to serve you. Sincerely, Joel Leitner, MAI, CRE, FRICS Managing Director State Certified General Appraiser #RCG000.1050 Melissa P. Sohn Senior Appraiser (212) 682-2869 [email protected] State Certified General Appraiser #RCG0001417 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Subject Property: Norden Park 10 Norden Place and 6 Norden Place Norwalk, CT 06855 Building Description: The subject property consists of the main multi-tenanted building known as 10 Norden Place, and a newly constructed data center building, known as 6 Norden Place, that is fully occupied by a single tenant: CyrusOne LP, formerly known as Cervalis. The main two-story, plus basement, Class B+ office and industrial building was constructed in 1960 with an addition in 1968, and the entire complex was renovated in 2001/02 and is in very good condition. The main building contains approximately 615,357+/- square feet of leasable area and is situated on approximately 37.21+/- acres of land which provides for ample on-site parking. The property is currently 31.19% occupied with approximately 423,421 square feet of vacant space. Northorp Grumman previously occupied 320,230+/- square feet, and they vacated the space December 31, 2014. In addition to the main building, the subject property includes a newly constructed data center which contains 167,691+/- square feet within two stories, plus basement, and occupies approximately 4.999 acres of the existing site. The building contains 77,000+/- square feet on each the first and second floors, plus 13,691+/- square feet of basement space. Construction commenced November 2012 and was completed December 18, 2013. The data center is 100% leased, on a triple net basis, to CyrusOne LP, f.k.a. Cervalis, LLC. The lease commencement date is March 31, 2014. We will value this portion of the subject property separately within this appraisal. Location: The subject property is located on the northeast corner of Norden Place and Woodside Avenue, in the City of Norwalk, Fairfield County, State of Connecticut. Block/Lot: District 3, Block 17, Lots 40A and 40B Construction Date/Age: Main Building - 1960/1968, renovated 2001/02 Data Center – Construction Completed 12/18/13. Site Area: 37.21 acres± square feet Zoning: RI Restricted Industrial SUMMARY OF SALIENT FACTS AND CONCLUSIONS (CONT.) Occupancy: 10 Norden Place - 31.19% 6 Norden Place (Data Center) - 100% by CyrusOne LP on a triple net lease basis Flood Hazard Status: Zone X, area of minimal flooding, according to FIRM Community Panel #09001C0532F dated June 18, 2010. Marketing Time: Between six months and one year. Exposure Time: Between six months and one year. Property Rights Appraised: Leased fee Date of Valuation: September 30, 2015 Date of Inspection: March 10, 2015 Fair Value Conclusions: “AS IS” 10 NORDEN PLACE - $69,500,000 “AS IS” 6 NORDEN PLACE - $56,000,000 TABLE OF CONTENTS INTRODUCTION ........................................................................................................................ 1 IDENTIFICATION OF THE SUBJECT PROPERTY ........................................................ 1 LEGAL DESCRIPTION – ENTIRE SITE ......................................................................... 2 LEGAL DESCRIPTION – CYRUSONE LP DATA CENTER ........................................... 3 PURPOSE OF THE APPRAISAL ................................................................................... 3 INTENDED USER/FUNCTION OF THE APPRAISAL .................................................... 3 PROPERTY RIGHTS APPRAISED ................................................................................ 3 DATE OF VALUE ESTIMATE ........................................................................................ 4 HISTORY OF THE SUBJECT PROPERTY .................................................................... 4 EXPOSURE TIME .......................................................................................................... 6 ESTIMATE OF REASONABLE MARKETING TIME ....................................................... 6 COMPETENCY .............................................................................................................. 7 DEFINITION OF FAIR VALUE.......................................................................................
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