DASH DESIGN AND ARCHITECTURE SCHOOL 4001 NE 2nd Ave, Miami, FL 33137

APPRAISAL Prepared By: Blazejack & Company

Owner: Miami-Dade County Public Schools 1450 NE 2nd Ave, Miami, FL 33132 (305) 995-1000 APPRAISAL OF REAL PROPERTY

DASH Redevelopment Scenarios - Excess Land 4005 NE 2nd Avenue Miami, FL 33137

201548

PREPARED FOR

Mr. Jose Murguido Zyscovich Architects 100 Biscayne Boulevard Miami, FL 33132 Phone: 305-372-5222 Email: [email protected]

PREPARED BY

BLAZEJACK & COMPANY 172 W Flagler Street, Suite 340 Miami, Florida 33130 Phone: (305) 372-0211 Fax: (305) 374-1948

BLAZEJACK & COMPANY REAL ESTATE COUNSELORS

November 24, 2015

Mr. Jose Murguido Zyscovich Architects 100 Biscayne Boulevard Miami, FL 33132 Phone: 305-372-5222 Email: Client_Email

Re: Appraisal of Real Property - 201548 DASH Redevelopment Scenarios - Excess Land 4005 NE 2nd Avenue Miami, FL 33137

Dear Mr. Murguido:

At your request, we have completed an appraisal in a summary report format of the Fee Simple Interest in the above referenced real property. The appraisal states our opinion of the property’s Market Value as is, subject to various Assumptions and Limiting Conditions set forth in the accompanying report. The physical inspection and analysis that form the basis of the report have been conducted by the undersigned.

Our analyses have been prepared in compliance with the standards and regulations of the Uniform Standards of Professional Practice (USPAP). The accompanying report includes pertinent data secured in our investigation, exhibits and the details of the processes used to arrive at our conclusion of value.

As a result of the examination and study made, it is our opinion that the Market Value of the Fee Simple in the subject property, subject to economic conditions prevailing at August 6, 2015, the date of appraisal is:

Under Option 2: FORTY MILLION SEVEN HUNDRED THOUSAND DOLLARS ($40,700,000) Under Option 3.1: THIRTY NINE MILLION NINE HUNDRED THOUSAND DOLLARS ($39,900,000).

Respectfully submitted,

BLAZEJACK & COMPANY

Thomas J. Blazejack, MAI, AI-GRS, CCIM President Cert Gen RZ-1015

______

172 West Flagler St., Ste. 340, Miami, FL 33130 Phone (305) 372-0211 Fax (305) 374-1948 www.BLAZEJACK.COM

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SUMMARY OF FACTS AND CONCLUSIONS

Option 2 Option 3.1

Property Name: DASH Redevelopment Scenarios - Excess Land

Property Type: Vacant Commercial Land

Location: 4005 NE 2nd Avenue Miami FL 33137

Census Tract: 12086002201

Interest Appraised: Fee simple

Date of Appraisal: August 6, 2015

Dates of Inspection: August 6, 2015

Date of Report: November 24, 2015

Zoning: CI, Civic and Institutional by Miami-Dade County

Property Size: 73,121 SF or 1.68 acres according to the Miami-Dade Property Appraiser

Highest and Best Use: As Vacant: Mixed use development

Real Estate Taxes (2015 – Parent Tract)

2015 Millage Rate: not yet finalized

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Summary of Important Facts and Conclusions (continued)

Land Assessment: $2,486,114 Building Assessment: $1,566,162

2015 Total Assessment: $4,052,276

2015 Taxes: None

Value Indications, as of August 6, 2015:

Final Value Estimates:

Option 2: $40,700,000

Option 3.1: $39,900,000

Estimated Marketing Time: 12 months

Extraordinary Assumption: The value opinions expressed herein are contingent on the extraordinary assumption that the existing school facility has been demolished and removed and the land has been successfully subdivided according to the Option scenarios analyzed (No. 2 and No. 3.1).

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TABLE OF CONTENTS CERTIFICATE OF VALUE i ASSUMPTIONS AND LIMITING CONDITIONS ii SECTION I INTRODUCTION 1 IDENTIFICATION OF THE PROPERTY ...... 2 INTEREST APPRAISED, AND DATE OF THE APPRAISAL ...... 2 INTENDED USE AND INTENDER USER OF THE APPRAISAL ...... 2 APPRAISAL PROBLEM ...... 2 SCOPE OF THE APPRAISAL ...... 4 CURRENT FINANCING ...... 5 HISTORY OF THE SUBJECT...... 5 DEFINITIONS OF VALUE AND INTEREST APPRAISED ...... 5 LEGAL DESCRIPTION ...... 6 EXPOSURE TIME AND MARKETING PERIOD ...... 6 REGIONAL ANALYSIS ...... 6 NEIGHBORHOOD ANALYSIS ...... 6 SITE DESCRIPTION ...... 21 REAL PROPERTY TAXES AND ASSESSMENTS...... 23 ZONING ...... 24 HIGHEST AND BEST USE ...... 26 SECTION III VALUATION PROCESS 29 VALUATION PROCESS ...... 30 LAND VALUATION ...... 31 ADDENDA a. Photographs b. Demographic Reports c. Land Sales Details d. Area Listings e. Qualifications of the Appraiser

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CERTIFICATE OF VALUE I certify that, to the best of my knowledge and belief,

 the statements of fact contained in this report are true and correct.  the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.  I have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved.  I have not performed other services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.  I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.  My engagement in this assignment was not contingent upon developing or reporting predetermined results.  My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of subsequent event directly related to the intended use of this appraisal.  My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.  Thomas J. Blazejack has made a personal inspection of the property that is the subject of this report.  No one provided significant real property appraisal assistance to the persons signing this certification.  The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.  The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representative.  As the date of this report Thomas J. Blazejack has completed the continuing education program of the Appraisal Institute.

BLAZEJACK & COMPANY

Thomas J. Blazejack, MAI, AI-GRS, CCIM President Cert Gen RZ-1015

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ASSUMPTIONS AND LIMITING CONDITIONS

The appraisal is subject to the following assumptions and limiting conditions:

1 No survey of the subject property was undertaken.

2 The subject property is free and clear of all liens except as herein described. No responsibility is assumed by the appraisers for matters, which are of a legal nature, nor is any opinion on the title rendered herewith. Good and marketable title is assumed.

3 The information contained herein has been gathered from sources deemed to be reliable. No responsibility can be taken by the appraisers for its accuracy. Correctness of estimates, opinions, dimensions, sketches and other exhibits which have been furnished and have been used in this report are not guaranteed. The value estimate rendered herein is considered reliable and valid only as of the date of the appraisal, due to rapid changes in the external factors that can significantly affect the property value.

4 This study is to be used in whole and not in part. No part of it shall be used in conjunction with any other appraisal. Publication of this report or any portion thereof without the written consent of the appraiser is not permitted.

5 The appraisers herein, by reason of this report, are not required to give testimony in court with reference to the property appraised unless notice and proper arrangements have been previously made therefore.

6 The value estimate assumes responsible ownership and competent management. The appraiser assumes no responsibility for any hidden or in apparent conditions of the property, subsoil, or structures, which would render it more or less valuable. No responsibility is assumed for engineering, which might be required to discover such factors.

7 Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media without the written consent and approval of the authors, particularly as to valuation conclusions, the identity of the appraisers or firm with which they are connected, or any reference to the Appraisal Institute.

8 Any exhibits in the report are intended to assist the reader in visualizing the property and its surroundings. The drawings are not intended as surveys and no responsibility is assumed for their cartographic accuracy. Any drawings are not intended to be exact in size, scale, or detail. Areas and dimensions of the property may or may not have been physically measured. If furnished by the principal or from plot plans or surveys furnished by the principal, or from public records, we assume them to be reasonably accurate. No responsibility is assumed for discrepancies, which may become evident from a licensed survey of the property.

9 The Americans with Disabilities Act (ADA) became effective January 26, 1992 sets strict and specific standards for handicapped access to and within most commercial and industrial buildings. Determination of compliance with these standards is beyond appraisal expertise and, therefore, has not been attempted by the appraisers. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one or more of the requirements of the act. If so, this fact could have a negative effect upon the value of the property. For purposes of this appraisal, we are assuming the building is in compliance; however, we recommend an architectural inspection of the building to determine compliance or requirements for compliance. We assume no responsibility for the cost of such determination and our appraisal is subject to revision if the building is not in compliance.

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10 The value opinions expressed herein are contingent on the extraordinary assumption that the existing school facility has been demolished and removed and the land has been successfully subdivided according to the Option scenarios analyzed (No. 2 and No. 3.1).

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SECTION I INTRODUCTION

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IDENTIFICATION OF THE PROPERTY The appraised property consists of excess land to be created as a result of the proposed redevelopment of the DASH School Site at 4005 NE 2nd Avenue. The parent tract is irregular and fronts both NE 2nd Avenue and NE 39th Street. It is identified by parcel id number 01-3129-014- 0011.

INTEREST APPRAISED, AND DATE OF THE APPRAISAL The purpose of this appraisal is to estimate the market value of the Fee simple interest in the subject property, under economic conditions prevailing on August 6, 2015, the date of the appraisal.

INTENDED USE AND INTENDER USER OF THE APPRAISAL It is understood that the function of this report is internal management by the client, Zyscovich Architects, or their assigns. Anticipated users of the report include the client, their consultants and the Miami-Dade County School Board, the owner of the property.

APPRAISAL PROBLEM The appraisal problem in this assignment was to estimate the market value of an excess parcel of land to be created by the redevelopment of the DASH high school property. The School Board would like to fund construction of a new DASH high school by selling an excess parcel created by developing the new facility in a multi-floor tower rather than a single story facility. Planners have identified two alternatives for the appraisers to consider. The parent tract configuration is shown in the following aerial.

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Option 2 is shown below. The excess portion to be appraised is shown in yellow. The new school tower will be developed in the area in green.

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Option 3.1 is presented below.

SCOPE OF THE APPRAISAL This is a complete appraisal presented in a narrative, summary format. USPAP define scope of the work as the type and extent of research and analysis in an assignment. As part of this appraisal, a number of independent investigations and analyses were required. The scope of this analysis was to inspect the property, consider market characteristics and trends, collect and analyze pertinent data, develop a conclusion and estimate the property's market value. The extent of verification consisted of assembling and analyzing raw data gathered from a variety of sources including public records data services, news periodicals and in-house files. Where possible, transactions were verified through discussions with buyers, sellers, brokers and knowledgeable third parties. Set forth all assumptions and limiting conditions that affects the analyses, opinions and conclusions.

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CURRENT FINANCING Maximum loan-to-value ratios are typically 70 to 80 percent, new projects must be 50 to 75 percent pre-leased. In general, lenders continue to be discriminating. Banks remain a source of relatively low leverage financing for acquisitions of multi-tenant properties, and will also underwrite deals for three- and five-year terms. Additionally, smaller, owner-user purchases are often funded using SBA 7A and 504 loans. Ten-year loans are available at rates in the mid-4 percent range, or roughly 250 basis points to 300 basis points above the U.S. Treasury. Debt Service Ratio start at 1.25 times net operation income, with repayment schedules of 25 years and LTVs of up to 70 percent available

HISTORY OF THE SUBJECT The property has been owned by the Miami-Dade School Board for more than five years.

DEFINITIONS OF VALUE AND INTEREST APPRAISED According to the Code of Federal Regulations, Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”), and according to the 12th Edition of The Appraisal of Real Estate, market value is defined as follows:

Market Value The most probable price, which a property should bring in competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

1 Buyer and seller are typically motivated. 2 Both parties are well informed or well advised, and acting in what they consider their own best interests; 3 A reasonable time is allowed for exposure on the open market. 4 Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5 The price represents a normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

The interest under appraisal is the fee simple interest. It is defined in The Dictionary of Real Estate Appraisal 5th edition (Chicago,2010)

Fee Simple Interest Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed governmental powers of taxation, eminent domain, police power, and escheat.

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Leased Fee Interest An ownership interest held by a landlord with the right to use and occupancy conveyed by a lease to others; usually consists of the right to receive rent and the right to possession at termination of the lease. Market Rent The rental income that a property would most probably command on the open market; indicated by current rents paid and asked for comparable space as of the date of the appraisal.

Source: American Institute of Real Estate Appraisers, The Dictionary of Real Estate Appraisal, 5th Edition, (Chicago, 2010)

LEGAL DESCRIPTION The lengthy legal descriptions taken from the acquisition deed are in the Addenda of this report.

EXPOSURE TIME AND MARKETING PERIOD Exposure time is that time the property is assumed to have been on the market before the sale assumed on the date of appraisal. It is our opinion that with a reasonable listing price and aggressive marketing, the subject exposure time would be approximately 12 months. Marketing time is that time, at any price, that the property would take to sell from the date of appraisal forward, i.e., after the date of appraisal. The relationship between price and marketing time is straightforward and normally, the lower the price, the less time to market.

REGIONAL ANALYSIS The subject property is located in Miami-Dade County. A complete area analysis is retained in our files. This analysis outlines the demographic trends, migration patterns, buying power, labor force estimates, ousing trends, and transportation networks of the County. In general, the economy of Miami-Dade County is stable and growing.

NEIGHBORHOOD ANALYSIS According to the Appraisal of Real Estate, 14th Edition, a neighborhood is a group of complimentary land uses. Social, economic, governmental and environmental forces influence property values in the vicinity of the subject property, which, in turn, directly affect the value of the subject property itself. The area of influence is the area within which the forces affect all

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surrounding properties in the same way. The boundaries of the neighborhood are drawn by observing the extent to which the four forces affect all properties in the same way. The subject is located in a neighborhood of commercial properties known as the Miami Design District. The primary boundaries of this neighborhood include the Interstate 195 overpass to the south, N.E. 42 Street to the north, North Miami Avenue to the west and Biscayne Boulevard (U.S. Highway 1) to the east, all within the city of Miami. Some peripheral commercial properties located between N.E. 36 Street and the I-195 overpass, and along N.E. 2nd Avenue for several blocks north of N.E. 42 Street, are also substantially affected by activity in the Design District whose location is approximately four miles north of the Miami Central Business District (CBD). The Design District is a unique pocket of commercial properties that house art galleries, home furnishing and design showrooms, retail stores, restaurants, and cultural attractions. This is a unique “community of design” that was rejuvenated since the late 1990s in response to its historic and urban context through the facilitation of master plan by renowned urban planners Andres Duany and Elizabeth Plater-Zyberk. The vast majority of commercial space within the Design District has traditionally catered to creative businesses including interior design firms, art galleries and studios, media production firms, and furniture retailers. The prime locations within this district include N.E. 39 Street and N.E. 40 Street between N.E. 1st and 2nd Avenues, and along N.E. 2nd Avenue between N.E. 38 and 42 Streets. Over the past 10 years, restaurants were opened in this district providing a night-time entertainment element to the neighborhood that has increased its popularity. These currently include Michael’s Genuine Food, Buena Vista Bistro, MC Kitchen, Mandolin, The Cypress Room and Oak Tavern. The Design District is also home to the Design and Architecture Senior High (DASH), a highly-regarded magnet high school that is part of the Miami-Dade County public school system. In 2014, the board of the Museum of Contemporary Art split with its landlord, the City of North Miami, which resulted in the relocation of some of that museum’s collection to the Design District. Housed in temporary quarters, this new entity, called the Institute of Contemporary Art Miami (ICA Miami), plans to build a permanent home with 37,500 square feet along N.E. 41 Street just east of the de la Cruz Collection. The de la Cruz Collection has been housed in its own 30,000- square foot building at 23 N.E. 41 Street since 2009.

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Although several luxury high-rise residential projects were planned for the Design District during the early years of the past decade, the most-recent downturn in the housing market deterred this residential development from moving forward. However, the adjacent Buena Vista residential district of classic, 1920s through 1940s housing experienced a revival from 2002 through 2006, with increasing gentrification and housing prices over that period. Buena Vista is generally located to the north of the Design District, with some spillover effects from this recent gentrification occurring across N.E. 2nd Avenue to the east. Development of a new 195-unit rental apartment project broke ground in June 2015 at N.E. 36 Street and N.E. 1st Avenue just across Interstate 195 from the core of the Design District. It will also include a 468-space parking garage and 66,741 square feet of retail and restaurant space. Other upscale residential neighborhoods are located across Biscayne Boulevard to the east. As a result, the Design District exhibits a mix of specialty retail and showroom properties whose primary tenants include interior design and home furnishing stores and showrooms, along with fashion apparel outlets, restaurants, cultural venues and some office space that caters to creative businesses such as architectural and media firms. In order to track demand trends from this potential base of tenants in the market, the appraisers consulted a mid-year 2013 presentation of trends in retail properties called “What’s in Store for Retail” that was paneled by Faith Hope Consolo of Prudential Douglas Elliman Real Estate, Richard Kinnard, CRE, of Walmart Stores, and Aaron Renn of Telestrian, LLC. This study noted that while shopping has traditionally been focused catering on local trends, more retail centers are re-marketing themselves as a shopping “experience”. To that end, retailers are focusing on everything from national retailing trends all the way down to local issues that will bring customers into their stores and buy their goods and services.

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The analysis of marketability of retail space, and hence its ability to generate rent for a landlord, is influenced by national and regional trends but also trickles down to micro-trends that focus on individual retail and store locations within their individual market. For this reason, the analysis of the subject’s retail, restaurant and showroom space, particularly within its targeted specialty market of fashion apparel, interior design and home décor tenancies, must also focus on its submarket as well as the position of the individual property and its retail spaces. These include an analysis of whom the target market of store customers are, how customer traffic that generates potential revenue to these tenants is driven to the property and its individual stores, and managing that customer traffic in order to optimize tenants’ visibility and potential spending from their target market.

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The attraction and management of customer traffic flow to a property and its tenant spaces is referred to as a property’s circulation. We have attempted in this market analysis to provide greater focus on the submarket and micro-market trends that immediately affect the subject and its potential circulation, since this also simulates the analysis that is increasingly undertaken by tenants when analyzing potential retail, showroom and restaurant locations, particularly for specialty retailers such as those found in the Miami Design District. Situated to the immediate southwest of the subject neighborhood is the Shops at Midtown Miami, a community retail center with approximately 600,000 square feet of retail space. Midtown Miami was completed in 2006 on a former rail yard, located between the F.E.C. railroad tracks and North Miami Avenue, and between N.E. 29 and 36 Streets. Anchors stores include Target, Ross Dress for Less, Marshall’s, West Elm, Payless Shoes, Sports Authority, Home Goods, and PetSmart. Approximately 3,000 residential units were also planned for the eastern and southern portions of this 56-acre site. To date, however, just three of six residential high-rises have been built. After condo demand plummeted after 2005 due to the downturn in the housing market, these

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developers concentrated on leasing the units in these three residential towers. With a rebound in the housing market that has occurred over the last three to four years, sales activity has returned to these properties, with rising prices and falling unsold inventories. As inventory sold out at the existing Midtown 2 and Midtown 4, Hyde Midtown was announced by the Related Group for the site between these existing towers. This property will feature 400 condo units, 40 hotel suites, ground floor retail space and a parking garage. Construction began on this property earlier in 2015. Chicago’s Magellan Group has also recently begun development of its 400-unit Midtown 5 project, which will also house 22,000 square feet of ground floor retail space in a 24-story apartment tower. The economic downswing also affected retail space at the Shops at Midtown, which lost anchor tenants Circuit City and Linens ‘N Things. However, these tenants were subsequently replaced by Home Goods and Sports Authority. West Elm eventually reduced its Midtown store space, which was subsequently filled by another furniture store (Antonini). Loehmann’s vacated its Midtown space in early 2014, but was replaced this year by Nordstrom Rack. A restaurant row has also formed in the Mid-Block area at the center of Midtown Miami, which includes Sugarcane Raw Bar & Grill, Lime Fresh Mexican Grill, Bar Louie, Novecento and 100 Montaditos. A 203,000- square foot Walmart was approved in November 2013 by the City of Miami for the south end of Midtown, but has not yet begun construction as neighborhood activists fought its development in the courts. Six acres of land along N.E. 29 Street and across the F.E.C. rail tracks to the east was purchased for the expansion of Midtown Miami. AMLI plans 700 rental units on this site in a 12- story building. The success of design showrooms, art galleries and retailers in the Design District and Midtown has had a spillover effect into neighboring Wynwood to the west and southwest. Wynwood has emerged from an enclave of small garment warehouses within a working-class neighborhood to one of the region’s biggest concentrations of art galleries and studios. Numerous bars and restaurants have opened in Wynwood in recent years, creating an eclectic mix of galleries, dining and entertainment venues, and making it arguably Miami’s “hippest” and most cutting-edge neighborhood. The success of art studios and galleries in these two districts has been enhanced by Art Basel in Miami Beach, a five-day event that is held each December. This is the winter event of Art Basel, the world’s most prestigious art show for the past 40 years, which attracts more than 50,000 visitors.

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Art Basel in Miami Beach combines an international selection of top galleries with a program of special exhibitions, parties and crossover events featuring music, film, architecture and design. This event, which was first held in 2001, has been a “game-changer” for the cultural community in Miami, which is increasingly centered in Wynwood and the Design District. This event attracts more than 260 leading art galleries from across the globe, with works by over 2,000 artists of the 20th and 21st Centuries. The exhibiting galleries are among the world's most respected art dealers, offering exceptional pieces by both renowned artists and cutting-edge newcomers. Although the main Art Basel exhibitions are held in Miami Beach, significant events are also held in the Design District, Wynwood and Midtown Miami, including street parties, special events and open houses at galleries throughout these districts. Art Basel in Miami Beach is now recognized as the most-prestigious art show in the Western Hemisphere, with an economic impact of $500 million. A 2006 article in Fortune magazine called Art Basel a “culture-driven Davos”. This art fair draws a sophisticated and highly- affluent international crowd of visitors who attend the various fairs and events, visit the galleries in the Design District and Wynwood, shop in the local stores and dine in the local restaurants. Although the fair lasts only five days, it has created something called the “Basel Effect” by jump- starting Miami’s art scene and helped transform the region’s image from a sun-&-fun capital to an important cultural center for the visual arts in the Americas, both during the fair and year-round. This has spawned more than 25 spin-off events and fairs in the region which are often centered in these three neighborhoods, whose effect has encouraged more art- and design-focused businesses to seek locations in these areas. Before Art Basel, there were less than 10 commercial art galleries in Miami; now, this number is nearing 130, of which nearly half are located in Wynwood or the Design District. These venues welcome visitors and local residents to these neighborhoods both during the various art fairs but also throughout the year. The most-recent trend in this neighborhood has been spearheaded by Dacra’s Craig Robins, who owns more than 70% of the properties in the Design District. Robins is undertaking a large- scale redevelopment of his properties in the Design District into an enclave of ultra-luxury shopping, augmented by cafes and tree-shaded plazas. The primary targeted area lies between N.E. 38 and 42 Streets, along N.E. 1st Avenue and continuing to the east toward N.E. 2nd Avenue. It includes more than 540,000 square feet of new construction and redevelopment in a 19-acre

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redevelopment area, at a cost of $312 million. A pedestrian retail district has been created along a north/south axis through these city blocks known as Paseo Ponti, with an open courtyard called Palm Court at its south end (www.miamidesigndistrict.net/future/). This redevelopment is part of a partnership with a Paris-based investment fund which is backed by luxury giant Louis Vuitton Moet Hennessy, and is nearing completion. A comparison of the progress of this redevelopment is shown in the following photographs. They show the same view facing east along N.E. 39 Street from N.E. 1st Avenue, at the center of the new redevelopment construction activity, at two different dates: View in early February 2014 View on June 21, 2015

Already, almost new 40 stores have opened in the Design District in Dacra’s redevelopment area of the Design District, including such luxury retailers as Louis Vuitton, Christian Louboutin, Prada, Celine, Hermes, Cartier, Giorgio Armani, Burberry, Bvlgari, Rolex and Valentino. The new Paseo Ponti has recently opened, anchored by its Palm Court at the south end, and additional retail spaces have been completed along N.E. 39 Street between N.E. 1st and 2nd Avenues. Some underground parking is also installed in new buildings just east of N.E. 1st Avenue, and the City View Garage opened in April 2015 with 559 space along N.E. 1st Avenue at N.E. 38 Street. These first two phases of redevelopment will eventually produce 70 new stores for the Design District. Phase Three will include an expansion of this redevelopment to the north of N.E. 40 Street and up to N.E. 42 Street. The Paseo Ponti will be continued northward through these existing blocks. Once completed, Dacra’s redevelopment will total 1.2 million square feet with more than 120 luxury-brand shops and 15 to 20 restaurants, plus a boutique hotel and residential building along N.E. 1st Avenue. Site work on this third phase of redevelopment began in 2015.

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For many years, ultra-luxury apparel and fashion retailers were limited to locations at Bal Harbour Shops in Miami-Dade County, which has 450,000 square feet of retail space. This was accomplished through non-compete clauses that restricted these tenants from opening other stores within a 25-mile radius of Bal Harbour Shops. As a result, this ultra-luxury retail center has often reported the highest sales of any shopping center in the world, at more than $2,500 per square foot or more than six times the national average. Reductions in the number of these lease clauses over the past decade, however, have allowed some of its luxury retailers to open in other locations in Miami-Dade County, including the Village of Merrick Park in Coral Gables. Despite this new competition, sales per square foot at Bal Harbour Shops have continued to increase in most years since 2002, when the Village of Merrick Park opened. For the retail component at Brickell CityCentre, which is under construction in the Brickell market of downtown Miami, its developer has partnered with Sam Whitman, the owner of Bal Harbour Shops to incorporate up to 175,000 square feet of ultra-luxury fashion and boutique stores similar to those targeted by Craig Robins in the Design District. Also, Mr. Whitman is planning a 250,000-square foot addition to Bal Harbour Shops, with 40 new stores that would include a third anchor. It remains to be seen whether ultra-luxury fashion and apparel boutiques can absorb all of this additional space planned for the local market. A growing number of wealthy visitors are arriving in Miami, including those from Latin America, Europe and/or attracted by Art Basel. In its 2015 Wealth Report, London-based real estate consultants Knight Frank ranked Miami as one of top 10 cities worldwide in importance to Ultra-High Net-Worth Individuals; the only other city from North America on that list was New York. In addition, the monopoly held by the owner of Bal Harbour Shops may have created extensive pent-up demand for additional locations by these luxury retailers in Miami-Dade County. This is evident from the impressive retail sales performance (on a per-square-foot basis) that has historically occurred at Bal Harbour Shops. Nonetheless, there is some risk that the market for retail space catering to ultra-luxury fashion and apparel boutiques may become saturated in the near term. Surrounding areas of the Design District will continue to feature interior furnishing and design showrooms, which currently includes a roster of nearly 50 outlets including Adriana Hoyos, Ann Sacks, Armani/Casa, Baltus, Bisazza, Design Within Reach, Holly Hunt, Fendi Casa, Janus et Cie, Ligne Roset, Jonathan Adler, Luminaire, Monica James, Vitra, Pampanoli, Poliform USA,

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Waterworks, Michael Dawkins, and Bobby Berk. These are luxury home furnishing and design brands whose target market represents an upscale clientele. In the past, many of these interior design showrooms catered to wholesale and trade professionals, and were not generally open to the public. Recently, however, more and more of these design showrooms are open to the public during normal business hours, thus seek ground floor locations with direct frontage to the street to attract retail customers as well. Long-range plans will include residential uses and a continued mix of restaurants and cafes to create an entire lifestyle shopping destination (i.e., “experience”) within the Design District. With most of its properties under the ownership of Craig Robins, coordination of this effort over the long term is easier to accomplish. Altogether, this should enhance the circulation of visitors to the Design District, which will maximize the exposure of its tenants to customers and allow for stronger tenancy and higher rental rates. This favorable potential circulation can be seen through the maps of the Design District on the following pages, showing its original redevelopment area and Dacra’s most-recent map of the expansion of this redevelopment and its eventual result:

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Miami Design District

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Planned Post-Redevelopment Maps: Miami Design District

Sources: www.miamidesigndistrict.com

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Various primary uses such as ultra-luxury fashion are centered along N.E. 40 Street between N.E. 1st and 2nd Avenues, with expansion of these tenancies in the “Redevelopment Area”, particularly along the new Paseo Ponti. As shown in the second map above, future expansion will include areas on the blocks to the north between N.E. 40 and 42 Streets. Surrounding these areas are buildings suited for interior design and furniture showrooms (in medium blue), with restaurants (dark blue) and valet parking stands (black diamond locations) interspersed. Ten million dollars’ worth of public art is also being installed as part of this redevelopment. An aerial rendering of the proposed redevelopment of the Design District, generally looking toward the north/northwest, is shown below. N.E. 2nd Avenue is shown in blue in the right side of the photo:

Major news regarding Design District properties and investments since the start of 2014 is summarized below:

 Thor Equities acquired Sam Herzberg’s portfolio of 32,000 square feet of commercial space in the Design District in early 2014, adding to its other holdings in the neighborhood that included the Nest and Balthus store properties. Another $15 million was spent by Thor Equities in October 2014 to acquire two additional buildings at 75 and 81 N.E. 39 Street for $15 million, and the office building at 3925 North Miami Avenue. In

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March 2015, a small property at 56 N.E. 40 Street was acquired by Thor Equities to connect these properties on this city block.  RedSky Capital and JZ Capital have teamed up to acquire two adjacent properties along the north side of N.E. 40 Street east of North Miami Avenue for a total price of $57,250,000.  General Growth Properties and Ashkenazy Acquisition Corp. acquired a 20% stake in the Craig Robins’ redevelopment holdings in the Design District at a price reported at $280 million.  The planned Sweetbird hotel, with 50 rooms and 80 residential units planned for the corner of N.E. 40 Street and N.E. 1st Avenue, have been cancelled. However, a new plan for this site involving a mid- or high-rise residential element has been mentioned.  The former Power Studios space on N.E. 2nd Avenue just north of the I-195 overpass has been demolished in order to make way for a new retail and showroom property with approximately 20,000 square feet of space.  In July 2014, Helm Equities purchased a full city block with 1.9 acres at the northeastern boundary of the Design District for $12.5 million. This is a former Seventh Day Adventist Church property with a few residential structures located along N.E. 2nd Avenue between N.E. 42 and 43 Streets. Helm is seeking to re- zone this property to accommodate a mixed-use development including multi-level retail space, 80 residential units and a parking garage, effectively expanding the Design District an additional block to the northeast.  At N.E. 38 Street and N.E. 1st Avenue, the City View Garage opened in early 2015 providing 559 parking spaces in a market where parking availability has been an ongoing challenge for visitors to the Design District.  The Miami-Dade School Board has announced plans for a partial sale of its property housing the Design and Architecture Senior High (DASH) magnet school along N.E. 2nd Avenue. Redevelopment of this property would feature some ground level commercial space, taking advantage of its Design District location, along with a new vertical school structure for DASH.  Construction has begun on District 36, a 195-unit rental apartment tower with 66,741 square feet of retail space located along the north side of N.E. 36 Street at N.E. 1st Avenue.  Plans have been solidified for new boutique hotel development 297 guest rooms, a gallery and parking garage at N.E. 36 Street and North Miami Avenue. This development will also incorporate office and retail space.

To the south of N.E. 36 Street, Midtown Miami features a complementary mix of larger, big-box chain stores that are augmented by local and smaller chains, catering to everyday goods and services of the surrounding population that includes the three residential phases with more than 900 units that are present in Midtown. Wynwood remains the least-expensive and most “cutting edge” option for businesses among this trio of neighborhood markets, thus has become the primary location of art studios and galleries seeking affordable rents, and augmented by some live/work loft projects and an increasing restaurant and bar scene. Other furniture and décor sellers have moved into retail spaces along the Biscayne Boulevard corridor and Edgewater neighborhood to the east, particularly if their businesses are primarily focused on retail operations rather than designer services based on a particular luxury brand or designer. The trendy restaurant and nightlife scene for local residents in Miami has gradually shifted from Coconut Grove in the 1980s, to South Beach in the 1990s and 2000s, to Wynwood, Midtown and the Design District over the past several years. To a much-lesser extent, these markets offer

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office spaces in the interiors and upper floors of some multi-story buildings. However, with a neighborhood environment that caters to creative users, interior designers, cultural venues and other similar businesses, this space typically draws demand from related creative businesses such as architectural and media firms rather than traditional office users such as law, finance and accounting firms. Although some furniture and décor retailers have moved into spaces in Edgewater and along Biscayne Boulevard to the east, office buildings in that location continue to cater to more-traditional office space users such as accountants, law firms and finance professionals. Conclusions:

. During the past 15 years, Miami’s Design District has been substantially gentrified, with these efforts primarily led by its largest property owner (Craig Robins of Dacra Realty). This market has traditionally featured interior design and furniture showroom businesses, with some ancillary office and retail/restaurant space. Demand for space in this market was augmented by a spillover effect of gentrification of waterfront neighborhoods across Biscayne Boulevard to the east, and the development Midtown Miami to the south. The effects of Art Basel on this market poured fuel on this fire, attracting large numbers of art galleries and an increasing base of creative businesses include upscale interior design and retail stores and restaurants, with a spillover effect into the Wynwood neighborhood to the southwest. With more than 70% of the properties in the Design District under Mr. Robins’ control, a unified redevelopment and marketing effort of this neighborhood has been conducted. Over the past eight years, these three adjacent neighborhoods have become one of the hottest and trendiest locations in the regional market for shopping, dining, interior design, gallery-hopping, entertainment, and cultural venues. . In recent years, each of these three neighborhoods have developed a distinct niche of space users and businesses, creating three different “lifestyle” centers of shopping, art, design and fashion. The Design District is emerging as the most upscale of the three, attracting ultra-luxury shopping boutiques for its central blocks, whose first two phases are nearing the completion of a substantial redevelopment by its largest property owner in conjunction with a partnership with the Louis Vuitton luxury retail group of affiliated high-fashion brands. Upscale home furnishing and interior design showrooms and stores surround this area of luxury boutique stores, along with restaurants, cafes and some ancillary office space that caters to other creative businesses such as architectural and media firms. With most properties’ ownership by a single entity, singular coordination of this continuing redevelopment into its northern third phase can further enhance the mixture of these specialty fashion, design and restaurant tenants, increasing visitation by customers seeking a shopping “experience” and improving the circulation of these visitors between properties and throughout the Design District. . Altogether, this clearly indicates that the subject’s Design District is emerging as a regional lifestyle center specializing in ultra-luxury fashion, high-end interior design and home furnishing outlets. Thus, the Design District is considered to be the Class “A” location for these types of businesses in Miami-Dade County. This counters and complements Midtown Miami to the south, whose retailer stores and restaurants include national and regional chains selling goods and services to the surrounding residential population, and Wynwood, whose less-pricey commercial spaces are increasingly sought by artists, gallery owners and entertainment spaces. In recent years, furniture and décor retailers have sought space in Edgewater and along the Biscayne Boulevard corridor to the east in order to take advantage of the synergies generated by this congregation of creative businesses; however, these retailers typically offer products and pricing that attract greater masses of the general public, compared to the exclusive clientele sought by the high-end designer and decor businesses in the Design District.

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SITE DESCRIPTION

Location: The appraised property consists of excess land to be created as a result of the proposed redevelopment of the DASH School site. Two redevelopment options have been selected for analysis – Option 2.0 and Option 3.1. The parent property is situated at 4005 NE 2nd Avenue, Miami, FL 33137.

Census Tract Number: 12086002201

Areas: Parent Tract 73,121 SF or 1.68 acres Option 2 40,655 SF or 0.93 acres Option 3.1 37,102 SF or 0.85 acres

Topography: Level/Adequate

Soil Conditions: No soil report provided. Conditions appear adequate to support development

Utilities: Water: Miami-Dade WASA Sewer: Miami-Dade WASA Electric: FPL Phone: Various

Access: Good

Land Use Restrictions: None noted

Flood Insurance: Zone X 1286C0304L 11-Sep-09

Street Improvements: Sidewalks, curbs, gutters, street lights, bike lanes

Comments: The parent site is irregular in shape. It wraps around three parcels that occupy the corner of NE 2nd Avenue and NE 39th Street. Its eastern boundary extends northeast following the alignment of the adjacent rail road ROW.

Option 2 – This site would consist of two general areas. One is a rectangular, prime parcel fronting NE 2nd Avenue. This area measures 168.12’ X 110’ or 18,493 SF according to

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exhibits provided by the planners. The second area is in the northeast area of the parent. It is slightly irregular. Overall, the site is irregular in shape, and would have secondary access via a shared access easement across the portion of the property that would be retained for the school.

Option 3.1 – This site would consist of two general areas. One is a rectangular, prime parcel fronting NE 2nd Avenue. This area measures 168.12’ X 110’ or 18,493 SF according to exhibits provided by the planners. The second area is in the southern end of the parent. It is slightly irregular. Overall, the site is irregular in shape, and would have secondary access via 39th Street and via a shared access easement across the portion of the property that would be retained for the school.

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REAL PROPERTY TAXES AND ASSESSMENTS The subject property is assessed under the jurisdiction of Miami-Dade County, FL. The assessment for the property is established each year as of January 1st by the County Property Appraiser's Office at 100 percent of "Just Value". Just Value has been equated to Market Value less closing costs. While the State of Florida requires real estate to be assessed at 100 percent of Just Value, in reality, the ratio of the assessed value to sales price is generally below 100 percent. Tax due is computed according to annual millage rates established by the city, county and state. Millage rates are the amount paid per $1000 of assessed value. The 2015 calendar year is the most recent year for which assessed valuation information is available. The 2015 millage rate is not yet finalized. Taxes are payable in November with a 4% discount and become delinquent on the following April 1st. The total assessed value and taxes for the parent property are summarized as follows: Land Assessment: $2,486,114 Improvement Assessment: $1,566,162 Total Assessment: $4,052,276 The property has been exempt from taxation. In the event of a sale of a portion of the property, a buyer would expect the tax assessment to be adjusted and the taxes would amount to about 2% of the total value.

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ZONING The subject is zoned CI – Community Institution, but in the Future Land Use Map it is slated for commercial use.

Zoning Map

Adjacent zones include the Design District SAP as well as areas zoned T6-8-O and T6-12- O.

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Future Land Use Map Since the subject is slated for general commercial use in the future land use map, it is likely that the civic zoning could be changed to conform with the surrounding zoning districts. Given the nature of the existing and planned development in the neighborhood, investors would likely expect to develop the property with high end retail uses in the ground floor along NE 2nd Avenue and secondary office and showroom uses in the areas away from the main thoroughfares.

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HIGHEST AND BEST USE According to The Dictionary of Real Estate Appraisal, published by the Appraisal Institute, highest and best use may be defined as:

1 That reasonable and probable use that supports the highest present value of vacant land or improved property, as defined, as of the date of appraisal. 2 The reasonably probable and legal use of land or sites as though vacant, found to be physically possible, appropriately supported, financially feasible, and that results in the highest present land value. 3 The most profitable use. Implied in these definitions is that the determination of highest and best use takes into account the contribution of a specific use to the community and community development goals as well as the benefits of that use to individual property owners. Hence, in certain situations the highest and best use of land may be for parks, green belts, preservation, conservation, wildlife habitats, and the like."

Highest and best use (H&BU) is analyzed under two separate applications or scenarios: (1) highest and best use of the site as though vacant and (2) highest and best use of the property as improved. The highest and best use of the site as though vacant is based on the theory that land will be put to its maximally productive use and this use will determine the highest site value. It is the basis for valuing the site. Highest and best use of the property as improved determines what use or type of occupancy will create the highest value for the entire property, given the existing improvements. It is the basis for comparable selection in both the sales comparison and income capitalization approaches to value. We have evaluated the site's highest and best use – which is vacant. Highest and best use must meet four criteria. The use must be (1) legally permissible, (2) physically possible, (3) financially feasible, and (4) maximally productive.

Highest and Best Use as Though Vacant Currently, the property is zoned CI and it is designated for commercial development in the future land use map. The Design District Special Area Plan zoning is adjacent and its boundaries were recently expanded to the north to encompass the block northeast of the intersection of NE 2nd Avenue and NE 42nd Street. These factors and others support the conclusion that the zoning of the property would likely be changed to accommodate expansion of the type of development being undertaken in the immediate area. Thus, from a “legally permissible” standpoint, most investors in property like the subject would expect to obtain a new zoning designation for the property that would permit development compatible with surrounding uses. Using the Design District SAP as a

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guide, an FAR (not including parking) of approximately 2.0 and an FLR or about 3.5 (including parking) would be considered reasonable. In both configurations being considered, the key attraction is the 168’ of frontage along NE 2nd Avenue, just across from the intersection with 40th Street. This is a high visibility location that would benefit well designed ground floor retail space. Retail space in this location would bring substantial rents – the yeoman’s share of the net income that would be anticipated from development of the excess land under either option. The balance of the land area – which lacks the premier frontage, is more suitable to office and possibly other complementary uses (hotel, retail) in a multi-story configuration. Under Option 2, the space “behind” the principal retail parcel is situated in the northeast quadrant of the subject property. It is trapezoidal with its eastern boundary extending from southwest to northeast, following the adjacent rail. Access would be facilitated by a shared access easement extending along the east side of the retained property. Under Option 3.1, the space “behind” the principal retail parcel is situated in the south end of the parent site, extending north/south parallel to a 32’ with shared access easement area. At its south end, this portion of the site would have 60’ of frontage along the north side of NE 39th Street. Its width increases as it extends north to a maximum 112.8’ at its shared property line with the retained school property. Physically, under each of the two options, the site is suitable for any number of uses. Shape is a limiting factor, particularly in Option 3.1 and there may be challenges posed by setback regulations at its south end. From among the physically possible options, the financially feasible alternatives include high end retail development of the primary frontage. In most high streets retail areas around the country, high exposure locations provide the highest rents. Land sale price levels and net rent levels suggest that the “100% location” in the district is probably near Miami Avenue and 39th Street. Still, the subject’s primary frontage is among the next tier of locations because it provides visual exposure to all eastbound traffic (including motorists, cyclists and, importantly, pedestrians) on NE 40th Street. Uses for upper floors and for the back portions of the site are less clearly feasible without identified tenants. Likely though, a mixed use plan, supported by the retail rents on the frontage, would be feasible.

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The maximally productive highest and best use plan for the subject is more difficult to isolate and changes with changes in demand levels. To date, most new development in the Design District has not gone beyond mid-rise in execution. The high rates being paid in some of the recent property acquisitions almost certainly are based on some future income potential from upper floors, but so far most development is heavily geared toward the pedestrian populace attracted by the big art shows. With adequate residential, hotel and office product being added in the areas surrounding the Design District, this trend is likely to continue for the near to mid-term. In conclusion, it is our opinion that the highest and best use of the property under either option is for development of a mixed-use facility anchored by flagship retail space along the NE 2nd Avenue frontage.

Highest and Best Use Conclusions Use Mixed use development Timing Current User Retailers, creatives, office users Buyer Investor/Developer

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SECTION III VALUATION PROCESS

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VALUATION PROCESS There are three recognized approaches considered in the valuation of real property; Cost Approach, Income Approach, and the Market Data or Sales Comparison Approach. The type and age of the property, and the quantity of available data affect the applicability of each approach in a specific appraisal situation. In this instance, as we are only estimating the vacant land only the sales comparison approach was considered in the estimation of market value. The appraisal process is concluded by a review and re-examination of the approach to value that was employed. Consideration is given to the type and reliability of data used and the applicability of data to the approach. These factors are reconciled and a final value estimate is made.

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LAND VALUATION The Sales Comparison Approach is used to estimate land value. The methodology includes an analysis of what buyers in the area are paying for similar sites. The value of the subject is derived from sales of comparable sites. It is necessary to evaluate factors such as time of sale, location, size, density, frontage, access, plottage and other factors when making the comparison. Following is a summary of properties we compared with the property appraised, and a map showing their locations.

Methodology The subject site is valued at its highest and best use. This approach involves an analysis and comparison of vacant site sales (each having a similar development potential as the subject’s highest and best use) to the subject. In making comparisons, factors such as financing, market conditions (time), location, size, topography, density, frontage, access, physical attributes, including the water- orientation, and others were considered and evaluated. A search of the public records and a field investigation were undertaken to uncover recent transfers of land comparable to the subject. We have identified (5) primary land sales and numerous secondary land sales that we believe have relevance to the subject site in the current market. We have also considered current market offerings. The subject site was valued by comparison with sales of sites that have been developed with or planned for development of mixed-use projects. Some of the smaller sale sites include buildings that have continued use, particularly if they are extensively renovated. Recent commercial land sales activity has begun to increase after the recessionary slowing following year over year increases through 2004. While the supply of commercial land in the urbanized areas of Miami-Dade County is low relative to other cities in the Southeast, the lack of available credit and the uncertain market have affected both activity and price. Developers or users with imminent plans purchased all of the sales. Details of the five primary sales are presented in the Addenda. Adjustments were made to the land sales based on the highest and best use on each of the subject sites. A summary of these adjustments follows.

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PRIMARY COMPARABLE LAND SALES

Rec. Sale Sale Size(SF) Sale Price/ Comments No. No. Location Date Acres Zoning Price SF

1621 1 Power Design District, LLC Jun-15 11,336 T6-12 O $14,000,000 $1,235 This is the sale of a parcel at the southeast corner of the design district, just north of I-195 at the end of NE 38th Street. A flagship retail building has 3711 NE 2nd Ave 0.26 been designed for the Property, with proposed renderings featuring a two- Miami, FL 33137 story retail plan with a +/-5,800 sf. rooftop deck for private events. 01-3219-019-0370 Architectural plans for the property are close to 90% complete. The property could be ready for construction within 60 days from lease.

2076 2 3620 NE 2nd Ave May-15 6,195 T6-12 O $5,490,000 $886 Sale of a rectangular parcel that is situated on the west side of NE 2nd Avenue, just south of I-195. The site is improved with 5,186 SF of older Miami, FL 33137 0.14 improvements including the Cypress Room restaurant. 01-3219-019-0370

2077 3 Power Design District, LLC May-13 11,336 T6-12 O $8,000,000 $706 Initial acquisition of Sale 1. Buyer removed a building (Power Studios) and completed infrastructural and permitting work. 3711 NE 2nd Ave 0.26 Miami, FL 33137 01-3219-019-0370

1946 4 3704 NE 2nd Ave May-12 2,875 T6-12 O $3,500,000 $1,217 Small parcel improved with a 4 story building constructed in 1926 that contains about 10,000 SF. The property also gets income from a billboard Miami, FL 33137 0.07 that provides exposure to I-195 traffic. 01-3124-022-0100

1947 5 220 NE 43rd Street Jul-14 85,729 T3L $12,500,000 $146 Sale of a full block situated at the north end of the Design District. Reports 220 NE 43rd Street 1.97 indicate that the property (improved with a religious building that was Miami, FL 33137 recently demolished) will be developed with 82 residential units, 70,000 SF 01-3219-009-0070 of commercial space and 302 parking spaces.

Subject DASH - Options 2 and 3.1 37,102 CI SUBJECT - Under two development scenarios. Both have a primary Miami, FL 33137 to 40,655 rectangular portion along NE 2nd Ave that makes up about 18,400 SF. The 01-3219-014-0011 0.85 balance of each parcel is located in the rear of the property, away from the to 0.93 primary street frontage.

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Land Sales Map

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SUMMARY OF ADJUSTMENTS FOR PHYSICAL CHARACTERISTICS - PRICE/SF SALE PRICE LOCATION LAND SIZE SHAPE UTILITIES/TOPOGR DEMOLITION ZONING CUMULATIVE NO. /SQ. FT. Comparison Adjustment Comp Adj Comp Adj Comp Adj Comp Adj Comp Adj ADJUSTMENT SUBJECT Design District 22,500 SF Irregular Available Vacant CI 0.52 acres

1 $372 Superior ($18.59) 11,336 ($18.59) Slightly ($18.59) Available $0.00 Vacant $0.00 T6-12 O ($37.19) ($92.97) -5.0% 0.26 -5.0% Irregular -5.00% Level 0.0% 0.0% -10.0%

2 $414 Slightly $20.71 6,195 ($20.71) Rectangular ($20.71) Available $0.00 Demolition ($8.28) T6-12 O ($41.42) ($70.41) Inferior 5.0% 0.14 -5.0% -5.0% Level 0.0% -2.0% -10.0%

3 $394 Slightly $19.71 11,336 ($39.42) Rectangular ($19.71) Available $0.00 Building $0.00 T6-12 O ($39.42) ($78.83) Inferior 5.0% 0.26 -10.0% -5.00% Level 0.0% 0.0% -10.0%

4 $187 Slightly $9.33 2,875 ($28.00) Rectangular ($9.33) Available $0.00 Building $0.00 T6-12 O ($18.67) ($46.67) Inferior 5.0% 0.07 -15.0% -5.00% Level 0.0% 0.0% -10.0%

5 $597 Inferior $119.35 85,729 $119.35 Rectangular ($29.84) Available $0.00 Demolition $5.97 T3L $29.84 $244.66 20.0% 1.97 20.0% -5.00% Level 0.0% required 1.0% 5.0%

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SUMMARY OF ADJUSTMENTS TO LAND SALES - JUNE, 2015 ADJ. ADJ. INDICATED SALE PRICE/ TERMS OF SALE PRICE MARKET CONDITIONS PRICE Other VALUE NO. SF Comparison Adjustment /SF Comp Adj /SF Comp Adj PER SF SUBJECT Cash Current

1 $1,235 Cash $0.00 $1,235 Jun-15 $30.88 $1,266 From ($92.97) $1,173 0.0% 2.50% Other Grid

2 $886 Cash $0.00 $886 May-15 $33.23 $919 From ($70.41) $849 0.0% 3.75% Other Grid

3 $706 Cash $0.00 $706 May-13 $238.18 $944 From ($78.83) $865 0.0% 33.75% Other Grid

4 $1,217 Cash $0.00 $1,217 May-12 $593.48 $1,811 From ($46.67) $1,764 0.0% 48.75% Other Grid

5 $146 Cash $0.00 $146 Jul-14 $23.69 $170 From $244.66 $414 0.0% 16.25% Other Grid

$838 : Average unadjusted prices Average adjusted prices : $1,013

Unit Price Land SF $/SF Value Min $414 Max $1,764 Average Adjusted Prices $1,013 Chosen Value - Option 2 37,102 $900 $33,391,800 Chosen Value - Option 3.1 40,655 $900 $36,589,500

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Land Sales Analysis

The preceding sales were confirmed to offer the best indication of value of the subject site via the Sales Comparison Approach. A number of sales were examined, and in the final analysis they were narrowed to the five comparable transactions. The selected sales are transactions involving property on NE 2nd Avenue in the Design District. A broader summary of the land sale activity in the Design District since 2010 follows.

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DESIGN DISTRICT ASSEMBLAGES SINCE LATE 2010 Sale Address Owner of Record Date of Sale SF of Price/SF of SF of Price/SF of No. Sale Price Land Land Improv. Building DACRA 1 100 NE 39 St. Electra Acquisitions Nov-10 27,704 28,856 $152.48 3801 NE 1st St. Electra Acquisitions 3,258 105 NE 38 St. Electra Acquisitions 2,533 $4,400,000 33,495 $131.36 2 140 NE 39 St. Dacra Design Miami Dec-10 $1,370,900 45,925 $29.85 3 119 NE 39 St Hale Daniel Design May-11 $1,350,000 4,982 $270.98 5,080 $265.75 4 94 NE 40 St Lovely Rita Acquisitions Oct-11 $8,250,000 10,000 $825.00 8,233 $1,002.06 5 92 NE 40 St. Norwegian Wood Acquisitions Oct-11 $7,000,000 7,500 $933.33 6,676 $1,048.53 6 3815 NE Miami Ct. Amir Lots LLC Nov-11 $2,052,500 5,037 $407.48 7 99 NE 39 St Lady Jane Acquisitions Nov-11 $10,000,000 9,409 $1,062.81 8,941 $1,118.44 8 50 NE 39 St. Lady Jane Acquisitions Dec-11 $2,715,000 6,230 $435.79 5,372 $505.40 9 90 NE 41 St. Sweet Virginia Acquisitions Jan-12 5,250 84 NE 41 St. Sweet Virginia Acquisitions 5,250 80 NE 41 St. Sweet Virginia Acquisitions 5,250 60 NE 41 St. Sweet Virginia Acquisitions 10,500 56 NE 41 St. Sweet Virginia Acquisitions 26,250 TOTAL $6,000,000 26,250 $228.57 57,786 $103.83 10 81 NE 40 St. Sweet Virginia Acquisitions Two Jan-12 $5,000,000 7,500 $666.67 TOTAL: $48,138,400 156,328 $307.93 120,944 $398.02 ROTH & SCHOLL 11 101 NE 39 St. Cumberland Acquisitions Jul-11 8,178 $524.58 9,003 $476.51 100 NE 40 St Cumberland Acquisitions 4,400 3,926 108 NE 40 St. Cumberland Acquisitions 4,500 3,209 TOTAL $4,290,000 17,078 $251.20 16,138 $265.83 12 108 NE 39th St. Golden Road Holdings Feb-11 $1,825,000 4,700 $388.30 4,590 $397.60 13 53 NE 39 St Dark Hollow Holdings Mar-11 $1,043,000 4,700 $221.91 1,702 $612.81 14 135 NE 41 St. Scarlet Begonia Holdings Apr-11 $850,000 6,300 $134.92 2,120 $400.94 TOTAL: $8,008,000 32,778 $244.31 24,550 $326.19 SAM HERZBERG 15 50 NE 40 St DH Design District Feb-12 7,500 7,517 40 NE 40 St DH Design District 5,000 4,541 TOTAL $8,100,000 12,500 $648.00 12,058 $671.75 16 28 NE 40 St D&R Design District Apr-12 $2,625,000 5,000 $525.00 723 $3,630.71 TOTAL: $10,725,000 17,500 $612.86 12,781 $839.14 THO R EQUITIES 17 53 NE 39 St. Thor Equities Mar-14 $5,650,000 4,700 $1,202.13 1,702 $3,319.62 18 40-50 NE 40 St. Thor Equities May-14 $20,000,000 12,500 $1,600.00 12,166 $1,643.93 19 10-28 NE 40 St. Thor Equities May-14 $20,000,000 10,500 $1,904.76 5,723 $3,494.67 20 2 NE 40 St. Thor Equities May-14 $5,400,000 9,066 $595.63 32,733 $164.97 21 3925 N. Miami Av. Thor Equities Oct-14 $15,800,000 9,400 $1,680.85 4,863 $3,249.02 22 56 NE 40 St. Thor Equities Mar-15 $16,000,000 9,700 $1,649.48 4,174 $3,833.25 TOTAL: $82,850,000 55,866 $1,483.01 61,361 $1,350.21 REDSKY CAPITAL/JZ CAPITAL 23 1 NE 40 St. RedSky Capital/JZ Capital Feb-15 $29,250,000 14,700 $1,989.80 19,436 $1,504.94 24 35 NE 40 St. RedSky Capital/JZ Capital Mar-15 $28,000,000 12,500 $2,240.00 17,391 $1,610.03 25 21 NE 39 St RedSky Capital Jun-15 $24,000,000 9,400 $2,553.19 8,310 $2,888.09 TOTAL: $81,250,000 36,600 $2,219.95 45,137 $1,800.08 O THERS 26 120 NE 39 St. SC Invstmt. (Ugo Columbo) May-11 $3,000,000 4,700 $638.30 3,720 $806.45 27 4025 NE 2nd Av. Boy Blue LLC Sep-11 $2,600,000 4,620 $562.77 5,500 $472.73 28 3995 N. Miami Av RD Design District Feb-12 $6,000,000 9,066 $661.81 32,733 $183.30 29 3620 NE 2nd Av. High St. Properties Apr-12 $1,782,000 6,970 $255.67 4,018 $443.50 30 3704 NE 2nd Av 3704 NE 2nd Av May-12 $3,500,000 4,735 $739.18 5,979 $585.38 31 21 NE 39 St MAC DD Jul-12 $4,257,000 9,400 $452.87 8,310 $512.27 32 3711 NE 2nd Av. Lyle Chariff Jun-13 $8,000,000 11,336 $705.72 13,102 $610.59 33 3635 NE 1st Ave. Mack RE/Wharton Equity Jun-13 $9,000,000 60,984 $147.58 34 3630 NE 1st Ct. Lombak May-15 $7,000,000 9,300 $752.69 5,875 $1,191.49 35 3711 NE 2nd Av. Lyle Chariff/Wharton Equity Jun-15 $14,000,000 11,336 $1,235.00 TOTAL: $45,139,000 121,111 $372.71 73,362 $615.29 TOTAL: $276,110,400 420,183 $657.12 338,135 $816.57

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The broader summary of sales provides important background. First, by summarizing the assemblages, the total weighted average land basis underlying each project can be estimated. For instance, DACRA, which has been assembling its site since even before 2010 has a land basis in this decade that amounts to just under $308 per square foot. Since the overall development provides just over 2 square feet of development for each square foot of land area, the land basis per saleable/leasable square foot amounts to about $140 to $160. More recent entrants into the market, such as Thor Equities and RedSky Capital have much higher land bases. We note that the highest prices per square foot indicated in the land sale data are for assemblages in the Miami Avenue and NE 40th Street location. There are several units of comparison generally employed in the analysis of urban commercial land. In this instance, the market dictates the most appropriate index is price per square foot. All of the transactions were financed at market terms by third party financial institutions; hence, no adjustments for financing were required. If atypical financing were involved in the transaction, the appraiser would determine if those terms had a quantifiable effect on the sale price necessitating an adjustment. Each transaction was confirmed to be arm's length between willing buyers and sellers; therefore, no adjustments for abnormal conditions of sale were necessary. However, if a listing is included in the analysis, a downward adjustment is considered to reflect a typical cushion for negotiations. Nonetheless, the amount of adjustment, if any, would depend on the asking price as it relates to the market at that time. Some transactions might include a bank sale sometimes referred to as "short sale". An adjustment will be made if warranted based on confirmation of that transaction. Adjustments for time and price trends attempt to quantify changes in market conditions between the date of each sale and the date of the appraisal, based on current market conditions and available properties. The transactions range back to 2012 and the older sales required substantial market conditions adjustments to account for the market increases – evidenced, to some degree by the paired sale described in Land Sales 1 and 3 (the same property). Not all of the increase is market based as the buyer in the first transaction completed infrastructural upgrades and development planning and permitting for the property between the two transactions. Adjustment

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for this category would be based on any quantifiable appreciation or depreciation, typically identified through paired sales analysis. Adjustments for location typically are associated with the general demographics of the area and property specific influences such as traffic counts, ingress/egress, proximity to linkages such as interstates and overall characteristics of an area. Site size is an adjustment in which comparable site size is compared to the subject. Depending on the market segment, variation in site size can have effect up to a point on the price per square foot index. Typically, if a comparable site is larger than the subject site, an upward adjustment is applied to reflect economies of scale. Conversely, if a comparable site is smaller than the subject site, a downward adjustment was applied. This category can also include adjustments for parcels that may have off-site retention and reflect a fully buildable lot. Zoning is an important consideration in land sales analysis as it specifies the development potential of a given parcel. In this category, the comparable zoning classification relative to allowable uses, building setbacks and other restrictions are compared to the subject. Generally speaking, zoning classifications that allow more uses and flexible development are superior. The availability of municipal services, specifically water and sewer, is an important attribute to a typical site. The adjustment would be applied if the comparable has a different availability of municipal services as the subject. This is especially true for parcels that may need to have municipal lines extended to the property at a cost.

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Conclusion – Option 2 The unadjusted sales prices of the primary sales ranged between $146 and $1,235 per square foot. After adjustments, as summarized, the adjusted price range was from $247 to $1,539 per square foot. The average adjusted price of these sales was $875/SF, but the best indicator provided an adjusted indication of $1,019/SF.

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Conclusion – Option 3.1 The unadjusted sales prices of the primary sales ranged between $146 and $1,235 per square foot. After adjustments, as summarized, the adjusted price range was from $414 to $1,764 per square foot. The average adjusted price of these sales was $1,013/SF.

Estimated Marketing Time: 12 Months

The concluded values per square foot - $1,000 for Option 2 and $1,074 for Option 3.1 were considered in relation to area listings. One key listing is the Design District Half Circle, a

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slightly irregular site that fronts on NE 39th Street and Biscayne Boulevard, just southeast of the subject property.

The 27,698 square foot property is listed by Lyle Chariff for $23,000,000 or $830.38 per square foot. This asking price seems logical relative to the conclusions for the subject because it is situated east of the rail road tracks, with less direct connection (particularly pedestrian connection) to the design district and Paseo Ponti.

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A D DE N D A

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A. – Photographs

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DASH Redevelopment Miami, FL

Pictometry Aerial – Directly above

Pictometry – Looking northerly

Looking easterly – I-195 at right

Looking westerly – I-195 at left

B. Demographic Reports

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Site Details Map

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

This site is located in: City: Miami city County: Miami-Dade County State: Florida ZIP Code: 33137 Census Tract: 12086002201 Census Block Group: 120860022012 CBSA: Miami-Fort Lauderdale-West Palm Beach, FL Metropolitan Statistical Area

September 01, 2015

©2015 Esri Page 1 of 1 Traffic Count Map - Close Up

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

Source: ©2015 Market Planning Solutions, Inc.

September 01, 2015

©2015 Esri Page 1 of 1 Demographic and Income Comparison Profile

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107 0.5 miles 1 mile 1.5 miles Census 2010 Summary Population 7,231 24,891 48,647 Households 3,436 9,939 19,466 Families 1,514 5,155 10,125 Average Household Size 2.07 2.41 2.42 Owner Occupied Housing Units 1,102 2,767 5,443 Renter Occupied Housing Units 2,334 7,172 14,023 Median Age 35.7 34.9 34.5

2015 Summary Population 8,004 27,474 54,051 Households 3,829 11,086 22,089 Families 1,683 5,708 11,188 Average Household Size 2.06 2.39 2.38 Owner Occupied Housing Units 980 2,603 5,269 Renter Occupied Housing Units 2,850 8,483 16,820 Median Age 35.3 35.2 35.0 Median Household Income $47,900 $34,826 $35,232 Average Household Income $69,289 $53,219 $54,291

2020 Summary Population 8,810 30,403 59,489 Households 4,232 12,379 24,648 Families 1,865 6,329 12,297 Average Household Size 2.05 2.38 2.35 Owner Occupied Housing Units 1,021 2,818 5,762 Renter Occupied Housing Units 3,211 9,561 18,885 Median Age 35.2 35.6 35.4 Median Household Income $54,400 $40,401 $41,278 Average Household Income $79,069 $61,679 $63,094

Trends: 2015-2020 Annual Rate Population 1.94% 2.05% 1.94% Households 2.02% 2.23% 2.22% Families 2.07% 2.09% 1.91% Owner Households 0.82% 1.60% 1.80% Median Household Income 2.58% 3.01% 3.22%

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2015 and 2020.

September 01, 2015

©2015 Esri Page 1 of 7 Demographic and Income Comparison Profile

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107 0.5 miles 1 mile 1.5 miles 2015 Households by Income Number Percent Number Percent Number Percent <$15,000 629 16.4% 2,612 23.6% 5,466 24.7% $15,000 - $24,999 443 11.6% 1,751 15.8% 3,214 14.6% $25,000 - $34,999 320 8.4% 1,194 10.8% 2,291 10.4% $35,000 - $49,999 583 15.2% 1,711 15.4% 3,253 14.7% $50,000 - $74,999 828 21.6% 1,700 15.3% 3,109 14.1% $75,000 - $99,999 343 9.0% 811 7.3% 1,817 8.2% $100,000 - $149,999 328 8.6% 623 5.6% 1,670 7.6% $150,000 - $199,999 111 2.9% 267 2.4% 467 2.1% $200,000+ 241 6.3% 413 3.7% 797 3.6%

Median Household Income $47,900 $34,826 $35,232 Average Household Income $69,289 $53,219 $54,291 Per Capita Income $31,311 $21,615 $22,328

2020 Households by Income Number Percent Number Percent Number Percent <$15,000 627 14.8% 2,753 22.2% 5,735 23.3% $15,000 - $24,999 344 8.1% 1,444 11.7% 2,647 10.7% $25,000 - $34,999 277 6.6% 1,175 9.5% 2,183 8.9% $35,000 - $49,999 595 14.1% 1,855 15.0% 3,524 14.3% $50,000 - $74,999 1,051 24.9% 2,247 18.2% 4,129 16.8% $75,000 - $99,999 505 11.9% 1,179 9.5% 2,558 10.4% $100,000 - $149,999 383 9.1% 797 6.4% 2,105 8.5% $150,000 - $199,999 160 3.8% 403 3.3% 701 2.8% $200,000+ 287 6.8% 522 4.2% 1,061 4.3%

Median Household Income $54,400 $40,401 $41,278 Average Household Income $79,069 $61,679 $63,094 Per Capita Income $35,677 $25,211 $26,246

Data Note: Income is expressed in current dollars.

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2015 and 2020.

September 01, 2015

©2015 Esri Page 2 of 7 Demographic and Income Comparison Profile

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107 0.5 miles 1 mile 1.5 miles 2010 Population by Age Number Percent Number Percent Number Percent Age 0 - 4 394 5.5% 1,563 6.3% 3,124 6.4% Age 5 - 9 266 3.7% 1,229 4.9% 2,552 5.2% Age 10 - 14 286 4.0% 1,175 4.7% 2,512 5.2% Age 15 - 19 351 4.9% 1,403 5.6% 2,906 6.0% Age 20 - 24 532 7.4% 1,978 7.9% 3,961 8.1% Age 25 - 34 1,686 23.3% 5,162 20.7% 9,753 20.0% Age 35 - 44 1,226 17.0% 3,811 15.3% 7,171 14.7% Age 45 - 54 1,014 14.0% 3,258 13.1% 6,605 13.6% Age 55 - 64 705 9.8% 2,455 9.9% 4,868 10.0% Age 65 - 74 425 5.9% 1,511 6.1% 2,937 6.0% Age 75 - 84 236 3.3% 898 3.6% 1,590 3.3% Age 85+ 110 1.5% 449 1.8% 668 1.4%

2015 Population by Age Number Percent Number Percent Number Percent Age 0 - 4 435 5.4% 1,743 6.3% 3,390 6.3% Age 5 - 9 319 4.0% 1,453 5.3% 2,963 5.5% Age 10 - 14 278 3.5% 1,303 4.7% 2,670 4.9% Age 15 - 19 354 4.4% 1,429 5.2% 2,795 5.2% Age 20 - 24 628 7.8% 2,122 7.7% 4,383 8.1% Age 25 - 34 1,948 24.3% 5,587 20.3% 10,825 20.0% Age 35 - 44 1,321 16.5% 4,255 15.5% 8,094 15.0% Age 45 - 54 1,026 12.8% 3,387 12.3% 6,882 12.7% Age 55 - 64 798 10.0% 2,870 10.4% 5,813 10.8% Age 65 - 74 498 6.2% 1,832 6.7% 3,667 6.8% Age 75 - 84 279 3.5% 999 3.6% 1,818 3.4% Age 85+ 120 1.5% 493 1.8% 754 1.4%

2020 Population by Age Number Percent Number Percent Number Percent Age 0 - 4 480 5.4% 1,977 6.5% 3,770 6.3% Age 5 - 9 340 3.9% 1,626 5.3% 3,172 5.3% Age 10 - 14 329 3.7% 1,525 5.0% 3,038 5.1% Age 15 - 19 346 3.9% 1,540 5.1% 2,949 5.0% Age 20 - 24 644 7.3% 2,153 7.1% 4,285 7.2% Age 25 - 34 2,229 25.3% 6,064 19.9% 12,147 20.4% Age 35 - 44 1,461 16.6% 4,771 15.7% 8,978 15.1% Age 45 - 54 1,029 11.7% 3,593 11.8% 7,136 12.0% Age 55 - 64 888 10.1% 3,181 10.5% 6,576 11.1% Age 65 - 74 575 6.5% 2,176 7.2% 4,357 7.3% Age 75 - 84 358 4.1% 1,247 4.1% 2,221 3.7% Age 85+ 132 1.5% 548 1.8% 861 1.4%

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2015 and 2020.

September 01, 2015

©2015 Esri Page 3 of 7 Demographic and Income Comparison Profile

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107 0.5 miles 1 mile 1.5 miles 2010 Race and Ethnicity Number Percent Number Percent Number Percent White Alone 4,619 63.9% 13,707 55.1% 22,598 46.5% Black Alone 1,831 25.3% 8,464 34.0% 21,173 43.5% American Indian Alone 19 0.3% 125 0.5% 228 0.5% Asian Alone 151 2.1% 376 1.5% 639 1.3% Pacific Islander Alone 4 0.1% 9 0.0% 16 0.0% Some Other Race Alone 373 5.2% 1,291 5.2% 2,285 4.7% Two or More Races 235 3.2% 921 3.7% 1,708 3.5% Hispanic Origin (Any Race) 3,492 48.3% 12,404 49.8% 20,714 42.6%

2015 Race and Ethnicity Number Percent Number Percent Number Percent White Alone 5,242 65.5% 15,763 57.4% 26,813 49.6% Black Alone 1,811 22.6% 8,489 30.9% 21,353 39.5% American Indian Alone 24 0.3% 166 0.6% 309 0.6% Asian Alone 168 2.1% 430 1.6% 802 1.5% Pacific Islander Alone 5 0.1% 11 0.0% 18 0.0% Some Other Race Alone 463 5.8% 1,516 5.5% 2,697 5.0% Two or More Races 291 3.6% 1,099 4.0% 2,059 3.8% Hispanic Origin (Any Race) 4,194 52.4% 14,643 53.3% 24,864 46.0%

2020 Race and Ethnicity Number Percent Number Percent Number Percent White Alone 5,892 66.9% 18,088 59.5% 30,982 52.1% Black Alone 1,838 20.9% 8,667 28.5% 21,830 36.7% American Indian Alone 29 0.3% 210 0.7% 393 0.7% Asian Alone 190 2.2% 502 1.7% 975 1.6% Pacific Islander Alone 7 0.1% 14 0.0% 22 0.0% Some Other Race Alone 528 6.0% 1,697 5.6% 2,990 5.0% Two or More Races 327 3.7% 1,226 4.0% 2,298 3.9% Hispanic Origin (Any Race) 4,940 56.1% 17,227 56.7% 29,292 49.2%

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2015 and 2020.

September 01, 2015

©2015 Esri Page 4 of 7 Demographic and Income Comparison Profile

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

0.5 miles Trends 2015-2020

2.5

2

1.5

1 Area 0.5 State Annual Rate (inAnnual Rate percent) USA 0 Population Households Families Owner HHs Median HH Income

Population by Age 25

20

15

Percent 10

5 2015 2020

0 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+

2015 Household Income 2015 Population by Race 65 60 $15K - $24K $25K - $34K 11.6% 55 8.4% 50 < $15K 45 $35K - $49K 16.4% 15.2% 40 35 $200K+ 30 6.3% Percent 25 $150K - $199K 2.9% 20 $100K - $149K 15 $50K - $74K 8.6% 21.6% 10 $75K - $99K 5 9.0% 0 White Black Am.Ind. Asian Pacific Other Two+ Hisp

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2015 and 2020.

September 01, 2015

©2015 Esri Page 5 of 7 Demographic and Income Comparison Profile

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

1 mile Trends 2015-2020 3

2.5

2

1.5

1 Area 0.5 State Annual Rate (inAnnual Rate percent) USA 0 Population Households Families Owner HHs Median HH Income

Population by Age 20 18 16 14 12 10

Percent 8 6 4 2015 2 2020 0 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+

2015 Household Income 2015 Population by Race

55

$15K - $24K 50 15.8% < $15K 45 23.6% 40 $25K - $34K 10.8% 35 30 25 $150K - $199K Percent 2.4% 20 $200K+ $100K - $149K $35K - $49K 3.7% 15 15.4% 5.6% $75K - $99K 10 $50K - $74K 7.3% 5 15.3% 0 White Black Am.Ind. Asian Pacific Other Two+ Hisp

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2015 and 2020.

September 01, 2015

©2015 Esri Page 6 of 7 Demographic and Income Comparison Profile

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

1.5 miles Trends 2015-2020

3

2.5

2

1.5

1 Area 0.5 State Annual Rate (inAnnual Rate percent) USA 0 Population Households Families Owner HHs Median HH Income

Population by Age 20 18 16 14 12 10

Percent 8 6 4 2015 2 2020 0 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+

2015 Household Income 2015 Population by Race

45 $15K - $24K 40 14.6% < $15K 24.7% 35 $25K - $34K 10.4% 30

25

$150K - $199K Percent 20 2.1% $35K - $49K 15 $100K$200K+ - $149K 14.7% 3.6%7.6% 10 $75K - $99K $50K - $74K 5 8.2% 14.1%

White Black Am.Ind. Asian Pacific Other Two+ Hisp

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2015 and 2020.

September 01, 2015

©2015 Esri Page 7 of 7 Graphic Profile

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 0.5 mile radius Latitude: 25.81377 Longitude: -80.19107

2015 Population by Race 2015 Population by Age

65.5% 6,000 7.8%

5,000 24.3% 11.9% <5 5-19 4,000 5.4% 20-24 25-34 3,000 22.6% 11.2% 35-44 2,000 16.5% 45-54 5.8% 3.6% 55-64 1,000 0.3% 2.2% 10.0% 12.8% 65+ 0 White Black Am.Ind. Asn/Pac Other Two+

2015 Percent Hispanic Origin:52.4%

Households 2015 Home Value

5,000 4,232 3,829 32.1% 3,436 4,000 10.2% <$100K 3,000 $100-199K $200-299K 2,000 22.9% $300-399K 17.7% $400-499K 1,000 $500K+ 11.4% 5.7% 0 Census 2010 2015 2020

2015-2020 Annual Growth Rate

2.58 3 2.02 2.5 1.94 2

1.5 0.82 Percent 1

0.5 0 Population Households Median Household Income Owner Occupied Housing Units

Household Income

20 2015 15 2020

Percent 10

5

0 <$15K $15K-$25K $25K-$35K $35K-$50K $50K-$75K $75K-$100K $100K-$150K $150K-$200K $200K+

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2015 and 2020.

September 01, 2015

©2015 Esri Page 1 of 3 Graphic Profile

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 1 mile radius Latitude: 25.81377 Longitude: -80.19107

2015 Population by Race 2015 Population by Age

57.4% 18,000 7.7% 16,000 15.2% 20.3% <5 14,000 5-19 6.3% 12,000 30.9% 20-24 10,000 25-34 8,000 35-44 12.1% 6,000 15.5% 45-54 4,000 5.5% 4.0% 1.6% 10.4% 55-64 0.6% 12.3% 2,000 65+

White Black Am.Ind. Asn/Pac Other Two+

2015 Percent Hispanic Origin:53.3%

Households 2015 Home Value

12,379 14,000 11,086 36.7% 12,000 9,939 16.8% 10,000 <$100K 8,000 $100-199K $200-299K 6,000 $300-399K 15.3% $400-499K 4,000 17.2% 6.1% $500K+ 2,000 7.9% 0 Census 2010 2015 2020

2015-2020 Annual Growth Rate

3.01 3.5 3 2.23 2.05 2.5 1.60 2

Percent 1.5 1 0.5 0 Population Households Median Household Income Owner Occupied Housing Units

Household Income

20

2015 15 2020

10 Percent

5

0 <$15K $15K-$25K $25K-$35K $35K-$50K $50K-$75K $75K-$100K $100K-$150K $150K-$200K $200K+

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2015 and 2020.

September 01, 2015

©2015 Esri Page 2 of 3 Graphic Profile

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 1.5 mile radius Latitude: 25.81377 Longitude: -80.19107

2015 Population by Race 2015 Population by Age

49.6% 30,000 8.1% 39.5% 15.6% 25,000 20.0% <5 5-19 6.3% 20,000 20-24

15,000 25-34 35-44 11.5% 10,000 15.0% 45-54 5.0% 3.8% 1.5% 10.8% 55-64 5,000 0.6% 12.7% 65+

White Black Am.Ind. Asn/Pac Other Two+

2015 Percent Hispanic Origin:46.0%

Households 2015 Home Value

30,000 24,648 22,089 25,000 19,466 22.8% 35.7% 20,000 <$100K $100-199K 15,000 $200-299K $300-399K 10,000 13.8% $400-499K 5,000 16.2% 4.6% $500K+ 6.8% 0 Census 2010 2015 2020

2015-2020 Annual Growth Rate

4 3.22 3.5 3 2.22 1.94 2.5 1.81 2

Percent 1.5 1 0.5 0 Population Households Median Household Income Owner Occupied Housing Units

Household Income

20 2015 15 2020

Percent 10

5

0 <$15K $15K-$25K $25K-$35K $35K-$50K $50K-$75K $75K-$100K $100K-$150K $150K-$200K $200K+

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2015 and 2020.

September 01, 2015

©2015 Esri Page 3 of 3 Retail Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 0.5 mile radius Latitude: 25.81377 Longitude: -80.19107

Demographic Summary 2015 2020 Population 8,004 8,810 Population 18+ 6,757 7,449 Households 3,829 4,232 Median Household Income $47,900 $54,400

Expected Number of Percent of Product/Consumer Behavior Adults/HHs Adults/HHs MPI Apparel (Adults) Bought any men's clothing in last 12 months 3,025 44.8% 93 Bought any women's clothing in last 12 months 2,881 42.6% 95 Bought clothing for child <13 years in last 6 months 1,610 23.8% 85 Bought any shoes in last 12 months 3,505 51.9% 95 Bought costume jewelry in last 12 months 1,296 19.2% 96 Bought any fine jewelry in last 12 months 1,342 19.9% 102 Bought a watch in last 12 months 733 10.8% 94

Automobiles (Households) HH owns/leases any vehicle 2,712 70.8% 83 HH bought/leased new vehicle last 12 mo 263 6.9% 80

Automotive Aftermarket (Adults) Bought gasoline in last 6 months 4,798 71.0% 83 Bought/changed motor oil in last 12 months 2,503 37.0% 75 Had tune-up in last 12 months 2,018 29.9% 98

Beverages (Adults) Drank bottled water/seltzer in last 6 months 4,686 69.4% 106 Drank regular cola in last 6 months 2,778 41.1% 90 Drank beer/ale in last 6 months 2,983 44.1% 104

Cameras (Adults) Own digital point & shoot camera 1,937 28.7% 89 Own digital single-lens reflex (SLR) camera 629 9.3% 108 Bought any camera in last 12 months 542 8.0% 111 Bought memory card for camera in last 12 months 357 5.3% 92 Printed digital photos in last 12 months 131 1.9% 57

Cell Phones (Adults/Households) Bought cell phone in last 12 months 2,266 33.5% 92 Have a smartphone 3,677 54.4% 112 Have an iPhone 1,674 24.8% 133 Number of cell phones in household: 1 1,471 38.4% 120 Number of cell phones in household: 2 1,427 37.3% 101 Number of cell phones in household: 3+ 738 19.3% 77 HH has cell phone only (no landline telephone) 1,866 48.7% 129

Computers (Households) HH owns a computer 2,934 76.6% 100 HH owns desktop computer 1,544 40.3% 83 HH owns laptop/notebook 2,018 52.7% 103 Spent <$500 on most recent home computer 416 10.9% 77 Spent $500-$999 on most recent home computer 589 15.4% 76 S" pent $1,000-$1,499 on most recent home computer 422 11.0% 110 Spent $1,500-$1,999 on most recent home computer 189 4.9% 107 Spent $2,000+ on most recent home computer 141 3.7% 95 Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults or households in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 1 of 12 Retail Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 0.5 mile radius Latitude: 25.81377 Longitude: -80.19107 Expected Number of Percent of Product/Consumer Behavior Adults/HHs Adults/HHs MPI Convenience Stores (Adults) Shopped at convenience store in last 6 mos 3,444 51.0% 84 Bought brewed coffee at convenience store in last 30 days 858 12.7% 83 Bought cigarettes at convenience store in last 30 days 619 9.2% 70 Bought gas at convenience store in last 30 days 1,351 20.0% 60 Spent at convenience store in last 30 days: <$20 613 9.1% 111 Spent at convenience store in last 30 days: $20-$39 517 7.7% 84 Spent at convenience store in last 30 days: $40-$50 474 7.0% 92 Spent at convenience store in last 30 days: $51-$99 223 3.3% 72 Spent at convenience store in last 30 days: $100+ 1,110 16.4% 71

Entertainment (Adults) Attended a movie in last 6 months 4,133 61.2% 101 Went to live theater in last 12 months 860 12.7% 101 Went to a bar/night club in last 12 months 1,220 18.1% 106 Dined out in last 12 months 2,782 41.2% 91 Gambled at a casino in last 12 months 908 13.4% 91 Visited a theme park in last 12 months 1,229 18.2% 101 Viewed movie (video-on-demand) in last 30 days 1,035 15.3% 98 Viewed TV show (video-on-demand) in last 30 days 1,040 15.4% 126 Watched any pay-per-view TV in last 12 months 789 11.7% 89 Downloaded a movie over the Internet in last 30 days 643 9.5% 144 Downloaded any individual song in last 6 months 1,535 22.7% 111 Watched a movie online in the last 30 days 1,292 19.1% 141 Watched a TV program online in last 30 days 1,248 18.5% 137 Played a video/electronic game (console) in last 12 months 715 10.6% 93 Played a video/electronic game (portable) in last 12 months 288 4.3% 95

Financial (Adults) Have home mortgage (1st) 1,382 20.5% 65 Used ATM/cash machine in last 12 months 3,266 48.3% 99 Own any stock 482 7.1% 91 Own U.S. savings bond 323 4.8% 83 Own shares in mutual fund (stock) 438 6.5% 86 Own shares in mutual fund (bonds) 234 3.5% 70 Have interest checking account 1,534 22.7% 79 Have non-interest checking account 1,512 22.4% 79 Have savings account 3,222 47.7% 89 Have 401K retirement savings plan 947 14.0% 95 Own/used any credit/debit card in last 12 months 4,807 71.1% 96 Avg monthly credit card expenditures: <$111 782 11.6% 98 Avg monthly credit card expenditures: $111-$225 374 5.5% 85 Avg monthly credit card expenditures: $226-$450 344 5.1% 80 Avg monthly credit card expenditures: $451-$700 408 6.0% 111 Avg monthly credit card expenditures: $701-$1,000 328 4.9% 112 Avg monthly credit card expenditures: $1,001+ 585 8.7% 94 Did banking online in last 12 months 2,308 34.2% 97 Did banking on mobile device in last 12 months 864 12.8% 123 Paid bills online in last 12 months 2,932 43.4% 104

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults or households in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 2 of 12 Retail Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 0.5 mile radius Latitude: 25.81377 Longitude: -80.19107 Expected Number of Percent of Product/Consumer Behavior Adults/HHs Adults/HHs MPI Grocery (Adults) Used beef (fresh/frozen) in last 6 months 4,164 61.6% 86 Used bread in last 6 months 6,083 90.0% 95 Used chicken (fresh or frozen) in last 6 mos 4,725 69.9% 98 Used turkey (fresh or frozen) in last 6 mos 1,096 16.2% 89 Used fish/seafood (fresh or frozen) in last 6 months 3,243 48.0% 86 Used fresh fruit/vegetables in last 6 months 5,675 84.0% 97 Used fresh milk in last 6 months 5,777 85.5% 95 Used organic food in last 6 months 1,671 24.7% 126

Health (Adults) Exercise at home 2+ times per week 1,697 25.1% 88 Exercise at club 2+ times per week 1,122 16.6% 128 Visited a doctor in last 12 months 4,815 71.3% 94 Used vitamin/dietary supplement in last 6 months 3,573 52.9% 99

Home (Households) Any home improvement in last 12 months 662 17.3% 63 Used housekeeper/maid/professional HH cleaning service in last 12 450 11.8% 90 monthsPurchased low ticket HH furnishings in last 12 months 510 13.3% 85 Purchased big ticket HH furnishings in last 12 months 748 19.5% 93 Purchased bedding/bath goods in last 12 months 1,905 49.8% 93 Purchased cooking/serving product in last 12 months 848 22.1% 91 Bought any small kitchen appliance in last 12 months 806 21.0% 94 Bought any large kitchen appliance in last 12 months 335 8.7% 68

Insurance (Adults/Households) Currently carry life insurance 2,003 29.6% 68 Carry medical/hospital/accident insurance 4,023 59.5% 92 Carry homeowner insurance 1,957 29.0% 61 Carry renter's insurance 750 11.1% 150 Have auto insurance: 1 vehicle in household covered 1,396 36.5% 116 Have auto insurance: 2 vehicles in household covered 813 21.2% 76 Have auto insurance: 3+ vehicles in household covered 320 8.4% 38

Pets (Households) Household owns any pet 1,543 40.3% 76 Household owns any cat 658 17.2% 76 Household owns any dog 889 23.2% 58

Psychographics (Adults) Buying American is important to me 2,313 34.2% 80 Usually buy items on credit rather than wait 952 14.1% 124 Usually buy based on quality - not price 1,355 20.1% 112 Price is usually more important than brand name 1,775 26.3% 96 Usually use coupons for brands I buy often 1,235 18.3% 97 Am interested in how to help the environment 1,424 21.1% 126 Usually pay more for environ safe product 1,003 14.8% 118 Usually value green products over convenience 936 13.9% 136 Likely to buy a brand that supports a charity 2,418 35.8% 105

Reading (Adults) Bought digital book in last 12 months 864 12.8% 115 Bought hardcover book in last 12 months 1,525 22.6% 100 Bought paperback book in last 12 month 2,395 35.4% 105 Read any daily newspaper (paper version) 1,605 23.8% 84 Read any digital newspaper in last 30 days 2,414 35.7% 114 Read any magazine (paper/electronic version) in last 6 months 6,187 91.6% 101

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults or households in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 3 of 12 Retail Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 0.5 mile radius Latitude: 25.81377 Longitude: -80.19107 Expected Number of Percent of Product/Consumer Behavior Adults/HHs Adults/HHs MPI Restaurants (Adults) Went to family restaurant/steak house in last 6 months 4,509 66.7% 88 Went to family restaurant/steak house: 4+ times a month 1,559 23.1% 80 Went to fast food/drive-in restaurant in last 6 months 5,725 84.7% 94 Went to fast food/drive-in restaurant 9+ times/mo 2,516 37.2% 92 Fast food/drive-in last 6 months: eat in 2,047 30.3% 83 Fast food/drive-in last 6 months: home delivery 534 7.9% 101 Fast food/drive-in last 6 months: take-out/drive-thru 2,369 35.1% 75 Fast food/drive-in last 6 months: take-out/walk-in 1,231 18.2% 93

Television & Electronics (Adults/Households) Own any e-reader/tablet 1,498 22.2% 105 Own any portable MP3 player 2,200 32.6% 97 HH owns 1 TV 1,307 34.1% 169 HH owns 2 TVs 1,077 28.1% 107 HH owns 3 TVs 576 15.0% 70 HH owns 4+ TVs 323 8.4% 43 HH subscribes to cable TV 2,039 53.3% 105 HH subscribes to fiber optic 237 6.2% 93 HH has satellite dish 547 14.3% 56 HH owns DVD/Blu-ray player 2,114 55.2% 89 HH owns camcorder 407 10.6% 68 HH owns portable GPS navigation device 760 19.8% 72 HH purchased video game system in last 12 mos 545 14.2% 154 HH owns Internet video device for TV 170 4.4% 102

Travel (Adults) Domestic travel in last 12 months 3,126 46.3% 92 Took 3+ domestic non-business trips in last 12 months 664 9.8% 79 Spent on domestic vacations in last 12 months: <$1,000 753 11.1% 99 Spent on domestic vacations in last 12 months: $1,000-$1,499 334 4.9% 82 Spent on domestic vacations in last 12 months: $1,500-$1,999 184 2.7% 77 Spent on domestic vacations in last 12 months: $2,000-$2,999 178 2.6% 69 Spent on domestic vacations in last 12 months: $3,000+ 331 4.9% 90 Domestic travel in the 12 months: used general travel website 513 7.6% 108 Foreign travel in last 3 years 2,061 30.5% 128 Took 3+ foreign trips by plane in last 3 years 499 7.4% 169 Spent on foreign vacations in last 12 months: <$1,000 338 5.0% 119 Spent on foreign vacations in last 12 months: $1,000-$2,999 306 4.5% 149 Spent on foreign vacations in last 12 months: $3,000+ 394 5.8% 118 Foreign travel in last 3 years: used general travel website 472 7.0% 128 Nights spent in hotel/motel in last 12 months: any 2,365 35.0% 85 Took cruise of more than one day in last 3 years 414 6.1% 70 Member of any frequent flyer program 1,305 19.3% 116 Member of any hotel rewards program 841 12.4% 88

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults or households in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 4 of 12 Retail Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 1 mile radius Latitude: 25.81377 Longitude: -80.19107

Demographic Summary 2015 2020 Population 27,474 30,403 Population 18+ 22,131 24,360 Households 11,086 12,379 Median Household Income $34,826 $40,401

Expected Number of Percent of Product/Consumer Behavior Adults/HHs Adults/HHs MPI Apparel (Adults) Bought any men's clothing in last 12 months 9,898 44.7% 93 Bought any women's clothing in last 12 months 8,928 40.3% 90 Bought clothing for child <13 years in last 6 months 6,729 30.4% 108 Bought any shoes in last 12 months 11,264 50.9% 93 Bought costume jewelry in last 12 months 3,851 17.4% 87 Bought any fine jewelry in last 12 months 4,028 18.2% 94 Bought a watch in last 12 months 2,285 10.3% 90

Automobiles (Households) HH owns/leases any vehicle 7,954 71.7% 84 HH bought/leased new vehicle last 12 mo 713 6.4% 74

Automotive Aftermarket (Adults) Bought gasoline in last 6 months 15,745 71.1% 84 Bought/changed motor oil in last 12 months 9,163 41.4% 83 Had tune-up in last 12 months 6,427 29.0% 96

Beverages (Adults) Drank bottled water/seltzer in last 6 months 15,082 68.1% 104 Drank regular cola in last 6 months 10,470 47.3% 103 Drank beer/ale in last 6 months 9,210 41.6% 98

Cameras (Adults) Own digital point & shoot camera 5,271 23.8% 74 Own digital single-lens reflex (SLR) camera 1,742 7.9% 91 Bought any camera in last 12 months 1,493 6.7% 93 Bought memory card for camera in last 12 months 1,036 4.7% 81 Printed digital photos in last 12 months 521 2.4% 70

Cell Phones (Adults/Households) Bought cell phone in last 12 months 7,535 34.0% 93 Have a smartphone 11,066 50.0% 103 Have an iPhone 3,798 17.2% 92 Number of cell phones in household: 1 4,204 37.9% 118 Number of cell phones in household: 2 4,022 36.3% 98 Number of cell phones in household: 3+ 2,196 19.8% 79 HH has cell phone only (no landline telephone) 6,000 54.1% 143

Computers (Households) HH owns a computer 7,214 65.1% 85 HH owns desktop computer 3,910 35.3% 73 HH owns laptop/notebook 4,946 44.6% 87 Spent <$500 on most recent home computer 1,303 11.8% 83 Spent $500-$999 on most recent home computer 1,574 14.2% 70 S" pent $1,000-$1,499 on most recent home computer 925 8.3% 83 Spent $1,500-$1,999 on most recent home computer 449 4.1% 88 Spent $2,000+ on most recent home computer 389 3.5% 91 Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults or households in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 5 of 12 Retail Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 1 mile radius Latitude: 25.81377 Longitude: -80.19107 Expected Number of Percent of Product/Consumer Behavior Adults/HHs Adults/HHs MPI Convenience Stores (Adults) Shopped at convenience store in last 6 mos 11,414 51.6% 85 Bought brewed coffee at convenience store in last 30 days 2,611 11.8% 77 Bought cigarettes at convenience store in last 30 days 2,398 10.8% 83 Bought gas at convenience store in last 30 days 5,242 23.7% 71 Spent at convenience store in last 30 days: <$20 1,937 8.8% 107 Spent at convenience store in last 30 days: $20-$39 1,717 7.8% 85 Spent at convenience store in last 30 days: $40-$50 1,482 6.7% 87 Spent at convenience store in last 30 days: $51-$99 806 3.6% 80 Spent at convenience store in last 30 days: $100+ 3,891 17.6% 76

Entertainment (Adults) Attended a movie in last 6 months 12,685 57.3% 95 Went to live theater in last 12 months 2,501 11.3% 90 Went to a bar/night club in last 12 months 3,366 15.2% 89 Dined out in last 12 months 7,493 33.9% 75 Gambled at a casino in last 12 months 2,529 11.4% 78 Visited a theme park in last 12 months 3,077 13.9% 77 Viewed movie (video-on-demand) in last 30 days 3,063 13.8% 89 Viewed TV show (video-on-demand) in last 30 days 2,867 13.0% 106 Watched any pay-per-view TV in last 12 months 2,348 10.6% 81 Downloaded a movie over the Internet in last 30 days 1,761 8.0% 120 Downloaded any individual song in last 6 months 4,014 18.1% 88 Watched a movie online in the last 30 days 3,413 15.4% 114 Watched a TV program online in last 30 days 3,185 14.4% 107 Played a video/electronic game (console) in last 12 months 2,186 9.9% 87 Played a video/electronic game (portable) in last 12 months 974 4.4% 98

Financial (Adults) Have home mortgage (1st) 4,018 18.2% 57 Used ATM/cash machine in last 12 months 9,253 41.8% 86 Own any stock 1,191 5.4% 69 Own U.S. savings bond 894 4.0% 70 Own shares in mutual fund (stock) 1,184 5.3% 71 Own shares in mutual fund (bonds) 706 3.2% 65 Have interest checking account 4,130 18.7% 65 Have non-interest checking account 4,474 20.2% 72 Have savings account 8,824 39.9% 74 Have 401K retirement savings plan 2,499 11.3% 77 Own/used any credit/debit card in last 12 months 13,783 62.3% 84 Avg monthly credit card expenditures: <$111 2,280 10.3% 87 Avg monthly credit card expenditures: $111-$225 1,121 5.1% 78 Avg monthly credit card expenditures: $226-$450 1,091 4.9% 78 Avg monthly credit card expenditures: $451-$700 998 4.5% 83 Avg monthly credit card expenditures: $701-$1,000 820 3.7% 85 Avg monthly credit card expenditures: $1,001+ 1,520 6.9% 75 Did banking online in last 12 months 6,011 27.2% 77 Did banking on mobile device in last 12 months 2,276 10.3% 99 Paid bills online in last 12 months 7,799 35.2% 84

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults or households in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 6 of 12 Retail Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 1 mile radius Latitude: 25.81377 Longitude: -80.19107 Expected Number of Percent of Product/Consumer Behavior Adults/HHs Adults/HHs MPI Grocery (Adults) Used beef (fresh/frozen) in last 6 months 14,280 64.5% 90 Used bread in last 6 months 20,264 91.6% 96 Used chicken (fresh or frozen) in last 6 mos 15,376 69.5% 97 Used turkey (fresh or frozen) in last 6 mos 3,485 15.7% 86 Used fish/seafood (fresh or frozen) in last 6 months 11,328 51.2% 91 Used fresh fruit/vegetables in last 6 months 18,493 83.6% 96 Used fresh milk in last 6 months 19,364 87.5% 97 Used organic food in last 6 months 4,693 21.2% 108

Health (Adults) Exercise at home 2+ times per week 4,955 22.4% 78 Exercise at club 2+ times per week 2,770 12.5% 97 Visited a doctor in last 12 months 14,589 65.9% 87 Used vitamin/dietary supplement in last 6 months 10,472 47.3% 88

Home (Households) Any home improvement in last 12 months 1,782 16.1% 58 Used housekeeper/maid/professional HH cleaning service in last 12 1,143 10.3% 79 monthsPurchased low ticket HH furnishings in last 12 months 1,436 13.0% 83 Purchased big ticket HH furnishings in last 12 months 2,107 19.0% 90 Purchased bedding/bath goods in last 12 months 5,344 48.2% 90 Purchased cooking/serving product in last 12 months 2,477 22.3% 92 Bought any small kitchen appliance in last 12 months 2,236 20.2% 91 Bought any large kitchen appliance in last 12 months 1,050 9.5% 74

Insurance (Adults/Households) Currently carry life insurance 6,131 27.7% 64 Carry medical/hospital/accident insurance 11,077 50.1% 78 Carry homeowner insurance 5,551 25.1% 53 Carry renter's insurance 2,029 9.2% 124 Have auto insurance: 1 vehicle in household covered 3,886 35.1% 112 Have auto insurance: 2 vehicles in household covered 2,209 19.9% 71 Have auto insurance: 3+ vehicles in household covered 978 8.8% 40

Pets (Households) Household owns any pet 4,389 39.6% 74 Household owns any cat 1,630 14.7% 65 Household owns any dog 2,954 26.6% 67

Psychographics (Adults) Buying American is important to me 7,750 35.0% 81 Usually buy items on credit rather than wait 2,572 11.6% 102 Usually buy based on quality - not price 4,081 18.4% 103 Price is usually more important than brand name 5,812 26.3% 96 Usually use coupons for brands I buy often 3,917 17.7% 94 Am interested in how to help the environment 4,840 21.9% 131 Usually pay more for environ safe product 3,096 14.0% 111 Usually value green products over convenience 2,724 12.3% 121 Likely to buy a brand that supports a charity 7,658 34.6% 101

Reading (Adults) Bought digital book in last 12 months 2,354 10.6% 95 Bought hardcover book in last 12 months 4,179 18.9% 84 Bought paperback book in last 12 month 6,516 29.4% 87 Read any daily newspaper (paper version) 4,631 20.9% 74 Read any digital newspaper in last 30 days 6,190 28.0% 89 Read any magazine (paper/electronic version) in last 6 months 19,498 88.1% 97

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults or households in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 7 of 12 Retail Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 1 mile radius Latitude: 25.81377 Longitude: -80.19107 Expected Number of Percent of Product/Consumer Behavior Adults/HHs Adults/HHs MPI Restaurants (Adults) Went to family restaurant/steak house in last 6 months 14,408 65.1% 86 Went to family restaurant/steak house: 4+ times a month 5,399 24.4% 85 Went to fast food/drive-in restaurant in last 6 months 18,857 85.2% 94 Went to fast food/drive-in restaurant 9+ times/mo 8,351 37.7% 93 Fast food/drive-in last 6 months: eat in 6,805 30.7% 85 Fast food/drive-in last 6 months: home delivery 1,911 8.6% 110 Fast food/drive-in last 6 months: take-out/drive-thru 8,078 36.5% 78 Fast food/drive-in last 6 months: take-out/walk-in 3,817 17.2% 88

Television & Electronics (Adults/Households) Own any e-reader/tablet 3,780 17.1% 81 Own any portable MP3 player 6,258 28.3% 84 HH owns 1 TV 3,135 28.3% 140 HH owns 2 TVs 3,088 27.9% 106 HH owns 3 TVs 1,840 16.6% 77 HH owns 4+ TVs 1,185 10.7% 54 HH subscribes to cable TV 5,412 48.8% 96 HH subscribes to fiber optic 624 5.6% 84 HH has satellite dish 1,702 15.4% 60 HH owns DVD/Blu-ray player 5,853 52.8% 85 HH owns camcorder 1,168 10.5% 68 HH owns portable GPS navigation device 1,891 17.1% 62 HH purchased video game system in last 12 mos 1,220 11.0% 119 HH owns Internet video device for TV 420 3.8% 87

Travel (Adults) Domestic travel in last 12 months 8,260 37.3% 74 Took 3+ domestic non-business trips in last 12 months 1,793 8.1% 65 Spent on domestic vacations in last 12 months: <$1,000 2,034 9.2% 82 Spent on domestic vacations in last 12 months: $1,000-$1,499 1,055 4.8% 79 Spent on domestic vacations in last 12 months: $1,500-$1,999 533 2.4% 68 Spent on domestic vacations in last 12 months: $2,000-$2,999 551 2.5% 65 Spent on domestic vacations in last 12 months: $3,000+ 800 3.6% 66 Domestic travel in the 12 months: used general travel website 1,345 6.1% 86 Foreign travel in last 3 years 4,982 22.5% 95 Took 3+ foreign trips by plane in last 3 years 1,095 4.9% 113 Spent on foreign vacations in last 12 months: <$1,000 880 4.0% 95 Spent on foreign vacations in last 12 months: $1,000-$2,999 704 3.2% 105 Spent on foreign vacations in last 12 months: $3,000+ 973 4.4% 89 Foreign travel in last 3 years: used general travel website 1,196 5.4% 99 Nights spent in hotel/motel in last 12 months: any 6,336 28.6% 69 Took cruise of more than one day in last 3 years 1,297 5.9% 67 Member of any frequent flyer program 2,990 13.5% 81 Member of any hotel rewards program 2,185 9.9% 70

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults or households in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 8 of 12 Retail Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 1.5 mile radius Latitude: 25.81377 Longitude: -80.19107

Demographic Summary 2015 2020 Population 54,051 59,489 Population 18+ 43,403 47,785 Households 22,089 24,648 Median Household Income $35,232 $41,278

Expected Number of Percent of Product/Consumer Behavior Adults/HHs Adults/HHs MPI Apparel (Adults) Bought any men's clothing in last 12 months 18,768 43.2% 90 Bought any women's clothing in last 12 months 17,651 40.7% 91 Bought clothing for child <13 years in last 6 months 12,204 28.1% 100 Bought any shoes in last 12 months 22,152 51.0% 93 Bought costume jewelry in last 12 months 7,975 18.4% 92 Bought any fine jewelry in last 12 months 8,231 19.0% 98 Bought a watch in last 12 months 4,791 11.0% 96

Automobiles (Households) HH owns/leases any vehicle 15,383 69.6% 82 HH bought/leased new vehicle last 12 mo 1,486 6.7% 78

Automotive Aftermarket (Adults) Bought gasoline in last 6 months 30,282 69.8% 82 Bought/changed motor oil in last 12 months 17,460 40.2% 81 Had tune-up in last 12 months 11,649 26.8% 89

Beverages (Adults) Drank bottled water/seltzer in last 6 months 29,674 68.4% 104 Drank regular cola in last 6 months 20,660 47.6% 104 Drank beer/ale in last 6 months 17,821 41.1% 97

Cameras (Adults) Own digital point & shoot camera 9,901 22.8% 71 Own digital single-lens reflex (SLR) camera 3,077 7.1% 82 Bought any camera in last 12 months 2,850 6.6% 91 Bought memory card for camera in last 12 months 1,896 4.4% 76 Printed digital photos in last 12 months 1,073 2.5% 73

Cell Phones (Adults/Households) Bought cell phone in last 12 months 15,095 34.8% 95 Have a smartphone 21,893 50.4% 104 Have an iPhone 7,487 17.2% 92 Number of cell phones in household: 1 9,192 41.6% 130 Number of cell phones in household: 2 7,353 33.3% 90 Number of cell phones in household: 3+ 4,118 18.6% 74 HH has cell phone only (no landline telephone) 11,797 53.4% 141

Computers (Households) HH owns a computer 14,611 66.1% 87 HH owns desktop computer 8,010 36.3% 75 HH owns laptop/notebook 10,100 45.7% 89 Spent <$500 on most recent home computer 2,723 12.3% 88 Spent $500-$999 on most recent home computer 3,320 15.0% 74 S" pent $1,000-$1,499 on most recent home computer 1,952 8.8% 88 Spent $1,500-$1,999 on most recent home computer 859 3.9% 84 Spent $2,000+ on most recent home computer 701 3.2% 82 Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults or households in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 9 of 12 Retail Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 1.5 mile radius Latitude: 25.81377 Longitude: -80.19107 Expected Number of Percent of Product/Consumer Behavior Adults/HHs Adults/HHs MPI Convenience Stores (Adults) Shopped at convenience store in last 6 mos 23,331 53.8% 89 Bought brewed coffee at convenience store in last 30 days 5,245 12.1% 79 Bought cigarettes at convenience store in last 30 days 5,296 12.2% 93 Bought gas at convenience store in last 30 days 10,780 24.8% 75 Spent at convenience store in last 30 days: <$20 3,860 8.9% 108 Spent at convenience store in last 30 days: $20-$39 3,761 8.7% 95 Spent at convenience store in last 30 days: $40-$50 2,997 6.9% 90 Spent at convenience store in last 30 days: $51-$99 1,805 4.2% 91 Spent at convenience store in last 30 days: $100+ 7,518 17.3% 75

Entertainment (Adults) Attended a movie in last 6 months 25,145 57.9% 96 Went to live theater in last 12 months 5,202 12.0% 96 Went to a bar/night club in last 12 months 7,096 16.3% 96 Dined out in last 12 months 14,779 34.1% 76 Gambled at a casino in last 12 months 5,019 11.6% 79 Visited a theme park in last 12 months 6,334 14.6% 81 Viewed movie (video-on-demand) in last 30 days 6,305 14.5% 93 Viewed TV show (video-on-demand) in last 30 days 5,679 13.1% 107 Watched any pay-per-view TV in last 12 months 4,348 10.0% 76 Downloaded a movie over the Internet in last 30 days 3,664 8.4% 128 Downloaded any individual song in last 6 months 7,449 17.2% 84 Watched a movie online in the last 30 days 6,901 15.9% 117 Watched a TV program online in last 30 days 6,512 15.0% 112 Played a video/electronic game (console) in last 12 months 4,193 9.7% 85 Played a video/electronic game (portable) in last 12 months 2,003 4.6% 103

Financial (Adults) Have home mortgage (1st) 7,728 17.8% 56 Used ATM/cash machine in last 12 months 18,493 42.6% 87 Own any stock 2,200 5.1% 65 Own U.S. savings bond 1,708 3.9% 68 Own shares in mutual fund (stock) 2,131 4.9% 65 Own shares in mutual fund (bonds) 1,295 3.0% 61 Have interest checking account 8,335 19.2% 67 Have non-interest checking account 8,988 20.7% 73 Have savings account 17,826 41.1% 77 Have 401K retirement savings plan 4,782 11.0% 75 Own/used any credit/debit card in last 12 months 27,188 62.6% 85 Avg monthly credit card expenditures: <$111 4,278 9.9% 83 Avg monthly credit card expenditures: $111-$225 2,260 5.2% 80 Avg monthly credit card expenditures: $226-$450 2,173 5.0% 79 Avg monthly credit card expenditures: $451-$700 1,786 4.1% 76 Avg monthly credit card expenditures: $701-$1,000 1,616 3.7% 86 Avg monthly credit card expenditures: $1,001+ 2,923 6.7% 73 Did banking online in last 12 months 11,981 27.6% 79 Did banking on mobile device in last 12 months 4,523 10.4% 100 Paid bills online in last 12 months 15,254 35.1% 84

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults or households in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 10 of 12 Retail Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 1.5 mile radius Latitude: 25.81377 Longitude: -80.19107 Expected Number of Percent of Product/Consumer Behavior Adults/HHs Adults/HHs MPI Grocery (Adults) Used beef (fresh/frozen) in last 6 months 27,311 62.9% 88 Used bread in last 6 months 40,065 92.3% 97 Used chicken (fresh or frozen) in last 6 mos 29,904 68.9% 97 Used turkey (fresh or frozen) in last 6 mos 6,762 15.6% 85 Used fish/seafood (fresh or frozen) in last 6 months 23,029 53.1% 95 Used fresh fruit/vegetables in last 6 months 36,287 83.6% 96 Used fresh milk in last 6 months 37,840 87.2% 97 Used organic food in last 6 months 9,519 21.9% 111

Health (Adults) Exercise at home 2+ times per week 10,161 23.4% 82 Exercise at club 2+ times per week 5,410 12.5% 96 Visited a doctor in last 12 months 29,443 67.8% 90 Used vitamin/dietary supplement in last 6 months 20,416 47.0% 88

Home (Households) Any home improvement in last 12 months 3,304 15.0% 54 Used housekeeper/maid/professional HH cleaning service in last 12 2,176 9.9% 75 monthsPurchased low ticket HH furnishings in last 12 months 3,046 13.8% 88 Purchased big ticket HH furnishings in last 12 months 4,216 19.1% 91 Purchased bedding/bath goods in last 12 months 10,659 48.3% 91 Purchased cooking/serving product in last 12 months 4,964 22.5% 92 Bought any small kitchen appliance in last 12 months 4,353 19.7% 88 Bought any large kitchen appliance in last 12 months 2,075 9.4% 73

Insurance (Adults/Households) Currently carry life insurance 13,543 31.2% 72 Carry medical/hospital/accident insurance 22,685 52.3% 81 Carry homeowner insurance 10,887 25.1% 53 Carry renter's insurance 4,196 9.7% 131 Have auto insurance: 1 vehicle in household covered 8,105 36.7% 117 Have auto insurance: 2 vehicles in household covered 3,951 17.9% 64 Have auto insurance: 3+ vehicles in household covered 1,908 8.6% 39

Pets (Households) Household owns any pet 8,074 36.6% 69 Household owns any cat 2,973 13.5% 59 Household owns any dog 5,518 25.0% 63

Psychographics (Adults) Buying American is important to me 14,749 34.0% 79 Usually buy items on credit rather than wait 4,804 11.1% 97 Usually buy based on quality - not price 7,802 18.0% 100 Price is usually more important than brand name 11,466 26.4% 96 Usually use coupons for brands I buy often 7,308 16.8% 89 Am interested in how to help the environment 9,080 20.9% 125 Usually pay more for environ safe product 6,713 15.5% 123 Usually value green products over convenience 5,338 12.3% 121 Likely to buy a brand that supports a charity 15,077 34.7% 101

Reading (Adults) Bought digital book in last 12 months 4,378 10.1% 91 Bought hardcover book in last 12 months 8,174 18.8% 84 Bought paperback book in last 12 month 12,554 28.9% 85 Read any daily newspaper (paper version) 10,358 23.9% 85 Read any digital newspaper in last 30 days 12,779 29.4% 94 Read any magazine (paper/electronic version) in last 6 months 38,752 89.3% 98

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults or households in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 11 of 12 Retail Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 1.5 mile radius Latitude: 25.81377 Longitude: -80.19107 Expected Number of Percent of Product/Consumer Behavior Adults/HHs Adults/HHs MPI Restaurants (Adults) Went to family restaurant/steak house in last 6 months 29,138 67.1% 89 Went to family restaurant/steak house: 4+ times a month 11,188 25.8% 90 Went to fast food/drive-in restaurant in last 6 months 37,689 86.8% 96 Went to fast food/drive-in restaurant 9+ times/mo 17,469 40.2% 99 Fast food/drive-in last 6 months: eat in 13,130 30.3% 83 Fast food/drive-in last 6 months: home delivery 3,910 9.0% 115 Fast food/drive-in last 6 months: take-out/drive-thru 16,616 38.3% 82 Fast food/drive-in last 6 months: take-out/walk-in 7,860 18.1% 93

Television & Electronics (Adults/Households) Own any e-reader/tablet 7,461 17.2% 81 Own any portable MP3 player 12,703 29.3% 87 HH owns 1 TV 6,247 28.3% 140 HH owns 2 TVs 5,868 26.6% 101 HH owns 3 TVs 3,660 16.6% 77 HH owns 4+ TVs 2,503 11.3% 57 HH subscribes to cable TV 11,249 50.9% 100 HH subscribes to fiber optic 1,195 5.4% 81 HH has satellite dish 3,155 14.3% 56 HH owns DVD/Blu-ray player 11,813 53.5% 86 HH owns camcorder 2,367 10.7% 69 HH owns portable GPS navigation device 3,613 16.4% 59 HH purchased video game system in last 12 mos 2,252 10.2% 111 HH owns Internet video device for TV 900 4.1% 93

Travel (Adults) Domestic travel in last 12 months 16,687 38.4% 77 Took 3+ domestic non-business trips in last 12 months 3,702 8.5% 68 Spent on domestic vacations in last 12 months: <$1,000 4,067 9.4% 83 Spent on domestic vacations in last 12 months: $1,000-$1,499 2,121 4.9% 81 Spent on domestic vacations in last 12 months: $1,500-$1,999 1,045 2.4% 68 Spent on domestic vacations in last 12 months: $2,000-$2,999 1,070 2.5% 64 Spent on domestic vacations in last 12 months: $3,000+ 1,408 3.2% 60 Domestic travel in the 12 months: used general travel website 2,597 6.0% 85 Foreign travel in last 3 years 9,434 21.7% 91 Took 3+ foreign trips by plane in last 3 years 1,896 4.4% 100 Spent on foreign vacations in last 12 months: <$1,000 1,686 3.9% 92 Spent on foreign vacations in last 12 months: $1,000-$2,999 1,219 2.8% 92 Spent on foreign vacations in last 12 months: $3,000+ 1,766 4.1% 83 Foreign travel in last 3 years: used general travel website 2,121 4.9% 89 Nights spent in hotel/motel in last 12 months: any 13,180 30.4% 74 Took cruise of more than one day in last 3 years 2,690 6.2% 71 Member of any frequent flyer program 5,857 13.5% 81 Member of any hotel rewards program 4,236 9.8% 69

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults or households in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 12 of 12 Restaurant Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 0.5 mile radius Latitude: 25.81377 Longitude: -80.19107

Demographic Summary 2015 2020 Population 8,004 8,810 Population 18+ 6,757 7,449 Households 3,829 4,232 Median Household Income $47,900 $54,400 Expected Number of Product/Consumer Behavior Adults Percent MPI Went to family restaurant/steak house in last 6 mo 4,509 66.7% 88 Went to family restaurant/steak house 4+ times/mo 1,559 23.1% 80 Spent at family rest/steak hse last 6 months: <$31 377 5.6% 77 Spent at family rest/steak hse last 6 months: $31-50 454 6.7% 79 Spent at family rest/steak hse last 6 months: $51-100 850 12.6% 84 Spent at family rest/steak hse last 6 months: $101-200 576 8.5% 70 Spent at family rest/steak hse last 6 months: $201-300 362 5.4% 91 Spent at family rest/steak hse last 6 months: $301+ 421 6.2% 84 Family restaurant/steak house last 6 months: breakfast 817 12.1% 96 Family restaurant/steak house last 6 months: lunch 1,243 18.4% 95 Family restaurant/steak house last 6 months: dinner 2,498 37.0% 77 Family restaurant/steak house last 6 months: snack 146 2.2% 123 Family restaurant/steak house last 6 months: weekday 1,607 23.8% 75 Family restaurant/steak house last 6 months: weekend 2,443 36.2% 85 Fam rest/steak hse/6 months: Applebee`s 1,064 15.7% 63 Fam rest/steak hse/6 months: Bob Evans Farms 89 1.3% 35 Fam rest/steak hse/6 months: Buffalo Wild Wings 337 5.0% 65 Fam rest/steak hse/6 months: California Pizza Kitchen 299 4.4% 136 Fam rest/steak hse/6 months: Carrabba`s Italian Grill 140 2.1% 68 Fam rest/steak hse/6 months: The Cheesecake Factory 501 7.4% 109 Fam rest/steak hse/6 months: Chili`s Grill & Bar 769 11.4% 93 Fam rest/steak hse/6 months: CiCi`s Pizza 224 3.3% 75 Fam rest/steak hse/6 months: Cracker Barrel 326 4.8% 50 Fam rest/steak hse/6 months: Denny`s 710 10.5% 111 Fam rest/steak hse/6 months: Golden Corral 353 5.2% 61 Fam rest/steak hse/6 months: IHOP 883 13.1% 112 Fam rest/steak hse/6 months: Logan`s Roadhouse 127 1.9% 53 Fam rest/steak hse/6 months: LongHorn Steakhouse 165 2.4% 57 Fam rest/steak hse/6 months: Old Country Buffet 115 1.7% 81 Fam rest/steak hse/6 months: Olive Garden 849 12.6% 72 Fam rest/steak hse/6 months: Outback Steakhouse 450 6.7% 67 Fam rest/steak hse/6 months: Red Lobster 617 9.1% 72 Fam rest/steak hse/6 months: Red Robin 345 5.1% 85 Fam rest/steak hse/6 months: Ruby Tuesday 366 5.4% 79 Fam rest/steak hse/6 months: Texas Roadhouse 274 4.1% 55 Fam rest/steak hse/6 months: T.G.I. Friday`s 534 7.9% 99 Fam rest/steak hse/6 months: Waffle House 214 3.2% 58 Went to fast food/drive-in restaurant in last 6 mo 5,725 84.7% 94 Went to fast food/drive-in restaurant 9+ times/mo 2,516 37.2% 92 Spent at fast food/drive-in last 6 months: <$11 260 3.8% 88 Spent at fast food/drive-in last 6 months: $11-$20 424 6.3% 82 Spent at fast food/drive-in last 6 months: $21-$40 700 10.4% 86 Spent at fast food/drive-in last 6 months: $41-$50 414 6.1% 81 Spent at fast food/drive-in last 6 months: $51-$100 855 12.7% 76 Spent at fast food/drive-in last 6 months: $101-$200 752 11.1% 93 Spent at fast food/drive-in last 6 months: $201+ 732 10.8% 89

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 1 of 9 Restaurant Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 0.5 mile radius Latitude: 25.81377 Longitude: -80.19107 Expected Number of Product/Consumer Behavior Adults Percent MPI Fast food/drive-in last 6 months: eat in 2,047 30.3% 83 Fast food/drive-in last 6 months: home delivery 534 7.9% 101 Fast food/drive-in last 6 months: take-out/drive-thru 2,369 35.1% 75 Fast food/drive-in last 6 months: take-out/walk-in 1,231 18.2% 93 Fast food/drive-in last 6 months: breakfast 1,781 26.4% 80 Fast food/drive-in last 6 months: lunch 2,583 38.2% 76 Fast food/drive-in last 6 months: dinner 2,395 35.4% 80 Fast food/drive-in last 6 months: snack 849 12.6% 100 Fast food/drive-in last 6 months: weekday 3,208 47.5% 80 Fast food/drive-in last 6 months: weekend 2,618 38.7% 85 Fast food/drive-in last 6 months: A & W 111 1.6% 50 Fast food/drive-in last 6 months: Arby`s 588 8.7% 52 Fast food/drive-in last 6 months: Baskin-Robbins 349 5.2% 148 Fast food/drive-in last 6 months: Boston Market 361 5.3% 156 Fast food/drive-in last 6 months: Burger King 1,700 25.2% 80 Fast food/drive-in last 6 months: Captain D`s 133 2.0% 57 Fast food/drive-in last 6 months: Carl`s Jr. 459 6.8% 116 Fast food/drive-in last 6 months: Checkers 132 2.0% 67 Fast food/drive-in last 6 months: Chick-fil-A 602 8.9% 54 Fast food/drive-in last 6 months: Chipotle Mex. Grill 814 12.0% 129 Fast food/drive-in last 6 months: Chuck E. Cheese`s 238 3.5% 98 Fast food/drive-in last 6 months: Church`s Fr. Chicken 188 2.8% 77 Fast food/drive-in last 6 months: Cold Stone Creamery 246 3.6% 108 Fast food/drive-in last 6 months: Dairy Queen 543 8.0% 58 Fast food/drive-in last 6 months: Del Taco 319 4.7% 135 Fast food/drive-in last 6 months: Domino`s Pizza 859 12.7% 108 Fast food/drive-in last 6 months: Dunkin` Donuts 1,078 16.0% 141 Fast food/drive-in last 6 months: Hardee`s 143 2.1% 35 Fast food/drive-in last 6 months: Jack in the Box 683 10.1% 118 Fast food/drive-in last 6 months: KFC 1,261 18.7% 80 Fast food/drive-in last 6 months: Krispy Kreme 194 2.9% 68 Fast food/drive-in last 6 months: Little Caesars 614 9.1% 83 Fast food/drive-in last 6 months: Long John Silver`s 193 2.9% 51 Fast food/drive-in last 6 months: McDonald`s 3,240 48.0% 86 Fast food/drive-in last 6 months: Panera Bread 637 9.4% 90 Fast food/drive-in last 6 months: Papa John`s 553 8.2% 87 Fast food/drive-in last 6 months: Papa Murphy`s 150 2.2% 53 Fast food/drive-in last 6 months: Pizza Hut 889 13.2% 65 Fast food/drive-in last 6 months: Popeyes Chicken 470 7.0% 90 Fast food/drive-in last 6 months: Quiznos 307 4.5% 110 Fast food/drive-in last 6 months: Sonic Drive-In 352 5.2% 50 Fast food/drive-in last 6 months: Starbucks 1,270 18.8% 128 Fast food/drive-in last 6 months: Steak `n Shake 207 3.1% 64 Fast food/drive-in last 6 months: Subway 2,119 31.4% 94 Fast food/drive-in last 6 months: Taco Bell 1,783 26.4% 83 Fast food/drive-in last 6 months: Wendy`s 1,426 21.1% 74 Fast food/drive-in last 6 months: Whataburger 239 3.5% 94 Fast food/drive-in last 6 months: White Castle 232 3.4% 103

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 2 of 9 Restaurant Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 0.5 mile radius Latitude: 25.81377 Longitude: -80.19107 Went to fine dining restaurant last month 703 10.4% 89 Went to fine dining restaurant 3+ times last month 238 3.5% 108 Spent at fine dining rest in last 6 months: <$51 129 1.9% 96 Spent at fine dining rest in last 6 months: $51-$100 242 3.6% 96 Spent at fine dining rest in last 6 months: $101-$200 237 3.5% 97 Spent at fine dining rest in last 6 months: $201+ 333 4.9% 118

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 3 of 9 Restaurant Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 1 mile radius Latitude: 25.81377 Longitude: -80.19107

Demographic Summary 2015 2020 Population 27,474 30,403 Population 18+ 22,131 24,360 Households 11,086 12,379 Median Household Income $34,826 $40,401 Expected Number of Product/Consumer Behavior Adults Percent MPI Went to family restaurant/steak house in last 6 mo 14,408 65.1% 86 Went to family restaurant/steak house 4+ times/mo 5,399 24.4% 85 Spent at family rest/steak hse last 6 months: <$31 1,532 6.9% 96 Spent at family rest/steak hse last 6 months: $31-50 1,490 6.7% 79 Spent at family rest/steak hse last 6 months: $51-100 2,706 12.2% 81 Spent at family rest/steak hse last 6 months: $101-200 1,962 8.9% 73 Spent at family rest/steak hse last 6 months: $201-300 1,136 5.1% 87 Spent at family rest/steak hse last 6 months: $301+ 1,261 5.7% 77 Family restaurant/steak house last 6 months: breakfast 2,388 10.8% 86 Family restaurant/steak house last 6 months: lunch 3,988 18.0% 93 Family restaurant/steak house last 6 months: dinner 7,797 35.2% 74 Family restaurant/steak house last 6 months: snack 503 2.3% 130 Family restaurant/steak house last 6 months: weekday 5,216 23.6% 74 Family restaurant/steak house last 6 months: weekend 7,677 34.7% 82 Fam rest/steak hse/6 months: Applebee`s 3,662 16.5% 67 Fam rest/steak hse/6 months: Bob Evans Farms 372 1.7% 45 Fam rest/steak hse/6 months: Buffalo Wild Wings 1,291 5.8% 76 Fam rest/steak hse/6 months: California Pizza Kitchen 839 3.8% 117 Fam rest/steak hse/6 months: Carrabba`s Italian Grill 416 1.9% 61 Fam rest/steak hse/6 months: The Cheesecake Factory 1,366 6.2% 90 Fam rest/steak hse/6 months: Chili`s Grill & Bar 2,488 11.2% 92 Fam rest/steak hse/6 months: CiCi`s Pizza 1,210 5.5% 124 Fam rest/steak hse/6 months: Cracker Barrel 1,234 5.6% 57 Fam rest/steak hse/6 months: Denny`s 2,441 11.0% 116 Fam rest/steak hse/6 months: Golden Corral 1,823 8.2% 96 Fam rest/steak hse/6 months: IHOP 2,551 11.5% 99 Fam rest/steak hse/6 months: Logan`s Roadhouse 507 2.3% 64 Fam rest/steak hse/6 months: LongHorn Steakhouse 536 2.4% 56 Fam rest/steak hse/6 months: Old Country Buffet 451 2.0% 97 Fam rest/steak hse/6 months: Olive Garden 2,825 12.8% 73 Fam rest/steak hse/6 months: Outback Steakhouse 1,340 6.1% 61 Fam rest/steak hse/6 months: Red Lobster 2,068 9.3% 74 Fam rest/steak hse/6 months: Red Robin 1,172 5.3% 89 Fam rest/steak hse/6 months: Ruby Tuesday 1,038 4.7% 68 Fam rest/steak hse/6 months: Texas Roadhouse 1,003 4.5% 61 Fam rest/steak hse/6 months: T.G.I. Friday`s 1,740 7.9% 98 Fam rest/steak hse/6 months: Waffle House 1,015 4.6% 84 Went to fast food/drive-in restaurant in last 6 mo 18,857 85.2% 94 Went to fast food/drive-in restaurant 9+ times/mo 8,351 37.7% 93 Spent at fast food/drive-in last 6 months: <$11 888 4.0% 92 Spent at fast food/drive-in last 6 months: $11-$20 1,593 7.2% 94 Spent at fast food/drive-in last 6 months: $21-$40 2,469 11.2% 92 Spent at fast food/drive-in last 6 months: $41-$50 1,316 5.9% 79 Spent at fast food/drive-in last 6 months: $51-$100 3,161 14.3% 86 Spent at fast food/drive-in last 6 months: $101-$200 2,209 10.0% 83 Spent at fast food/drive-in last 6 months: $201+ 2,211 10.0% 82

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 4 of 9 Restaurant Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 1 mile radius Latitude: 25.81377 Longitude: -80.19107 Expected Number of Product/Consumer Behavior Adults Percent MPI Fast food/drive-in last 6 months: eat in 6,805 30.7% 85 Fast food/drive-in last 6 months: home delivery 1,911 8.6% 110 Fast food/drive-in last 6 months: take-out/drive-thru 8,078 36.5% 78 Fast food/drive-in last 6 months: take-out/walk-in 3,817 17.2% 88 Fast food/drive-in last 6 months: breakfast 5,740 25.9% 78 Fast food/drive-in last 6 months: lunch 9,031 40.8% 81 Fast food/drive-in last 6 months: dinner 7,883 35.6% 80 Fast food/drive-in last 6 months: snack 2,421 10.9% 87 Fast food/drive-in last 6 months: weekday 10,553 47.7% 80 Fast food/drive-in last 6 months: weekend 8,730 39.4% 86 Fast food/drive-in last 6 months: A & W 418 1.9% 58 Fast food/drive-in last 6 months: Arby`s 2,268 10.2% 61 Fast food/drive-in last 6 months: Baskin-Robbins 1,034 4.7% 134 Fast food/drive-in last 6 months: Boston Market 1,014 4.6% 133 Fast food/drive-in last 6 months: Burger King 6,078 27.5% 87 Fast food/drive-in last 6 months: Captain D`s 628 2.8% 83 Fast food/drive-in last 6 months: Carl`s Jr. 1,455 6.6% 112 Fast food/drive-in last 6 months: Checkers 722 3.3% 111 Fast food/drive-in last 6 months: Chick-fil-A 2,483 11.2% 68 Fast food/drive-in last 6 months: Chipotle Mex. Grill 2,081 9.4% 101 Fast food/drive-in last 6 months: Chuck E. Cheese`s 1,060 4.8% 133 Fast food/drive-in last 6 months: Church`s Fr. Chicken 1,187 5.4% 149 Fast food/drive-in last 6 months: Cold Stone Creamery 803 3.6% 107 Fast food/drive-in last 6 months: Dairy Queen 1,876 8.5% 61 Fast food/drive-in last 6 months: Del Taco 1,183 5.3% 153 Fast food/drive-in last 6 months: Domino`s Pizza 2,809 12.7% 108 Fast food/drive-in last 6 months: Dunkin` Donuts 2,505 11.3% 100 Fast food/drive-in last 6 months: Hardee`s 568 2.6% 43 Fast food/drive-in last 6 months: Jack in the Box 2,704 12.2% 142 Fast food/drive-in last 6 months: KFC 4,580 20.7% 89 Fast food/drive-in last 6 months: Krispy Kreme 838 3.8% 90 Fast food/drive-in last 6 months: Little Caesars 2,640 11.9% 109 Fast food/drive-in last 6 months: Long John Silver`s 767 3.5% 62 Fast food/drive-in last 6 months: McDonald`s 10,939 49.4% 89 Fast food/drive-in last 6 months: Panera Bread 1,773 8.0% 76 Fast food/drive-in last 6 months: Papa John`s 1,803 8.1% 87 Fast food/drive-in last 6 months: Papa Murphy`s 523 2.4% 57 Fast food/drive-in last 6 months: Pizza Hut 3,944 17.8% 89 Fast food/drive-in last 6 months: Popeyes Chicken 1,988 9.0% 116 Fast food/drive-in last 6 months: Quiznos 986 4.5% 108 Fast food/drive-in last 6 months: Sonic Drive-In 1,488 6.7% 65 Fast food/drive-in last 6 months: Starbucks 3,337 15.1% 103 Fast food/drive-in last 6 months: Steak `n Shake 788 3.6% 74 Fast food/drive-in last 6 months: Subway 6,402 28.9% 87 Fast food/drive-in last 6 months: Taco Bell 6,381 28.8% 91 Fast food/drive-in last 6 months: Wendy`s 4,883 22.1% 77 Fast food/drive-in last 6 months: Whataburger 1,110 5.0% 133 Fast food/drive-in last 6 months: White Castle 806 3.6% 109

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 5 of 9 Restaurant Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 1 mile radius Latitude: 25.81377 Longitude: -80.19107 Went to fine dining restaurant last month 1,956 8.8% 76 Went to fine dining restaurant 3+ times last month 610 2.8% 85 Spent at fine dining rest in last 6 months: <$51 406 1.8% 92 Spent at fine dining rest in last 6 months: $51-$100 677 3.1% 82 Spent at fine dining rest in last 6 months: $101-$200 679 3.1% 84 Spent at fine dining rest in last 6 months: $201+ 846 3.8% 91

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 6 of 9 Restaurant Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 1.5 mile radius Latitude: 25.81377 Longitude: -80.19107

Demographic Summary 2015 2020 Population 54,051 59,489 Population 18+ 43,403 47,785 Households 22,089 24,648 Median Household Income $35,232 $41,278 Expected Number of Product/Consumer Behavior Adults Percent MPI Went to family restaurant/steak house in last 6 mo 29,138 67.1% 89 Went to family restaurant/steak house 4+ times/mo 11,188 25.8% 90 Spent at family rest/steak hse last 6 months: <$31 3,172 7.3% 101 Spent at family rest/steak hse last 6 months: $31-50 3,024 7.0% 82 Spent at family rest/steak hse last 6 months: $51-100 5,553 12.8% 85 Spent at family rest/steak hse last 6 months: $101-200 3,736 8.6% 71 Spent at family rest/steak hse last 6 months: $201-300 2,135 4.9% 83 Spent at family rest/steak hse last 6 months: $301+ 2,315 5.3% 72 Family restaurant/steak house last 6 months: breakfast 4,635 10.7% 85 Family restaurant/steak house last 6 months: lunch 7,580 17.5% 90 Family restaurant/steak house last 6 months: dinner 15,682 36.1% 76 Family restaurant/steak house last 6 months: snack 925 2.1% 121 Family restaurant/steak house last 6 months: weekday 10,474 24.1% 76 Family restaurant/steak house last 6 months: weekend 15,291 35.2% 83 Fam rest/steak hse/6 months: Applebee`s 8,105 18.7% 75 Fam rest/steak hse/6 months: Bob Evans Farms 807 1.9% 50 Fam rest/steak hse/6 months: Buffalo Wild Wings 2,780 6.4% 84 Fam rest/steak hse/6 months: California Pizza Kitchen 1,525 3.5% 108 Fam rest/steak hse/6 months: Carrabba`s Italian Grill 774 1.8% 58 Fam rest/steak hse/6 months: The Cheesecake Factory 2,629 6.1% 89 Fam rest/steak hse/6 months: Chili`s Grill & Bar 4,666 10.8% 88 Fam rest/steak hse/6 months: CiCi`s Pizza 2,397 5.5% 125 Fam rest/steak hse/6 months: Cracker Barrel 2,367 5.5% 56 Fam rest/steak hse/6 months: Denny`s 4,507 10.4% 109 Fam rest/steak hse/6 months: Golden Corral 3,865 8.9% 104 Fam rest/steak hse/6 months: IHOP 5,196 12.0% 103 Fam rest/steak hse/6 months: Logan`s Roadhouse 1,056 2.4% 68 Fam rest/steak hse/6 months: LongHorn Steakhouse 1,108 2.6% 59 Fam rest/steak hse/6 months: Old Country Buffet 976 2.2% 107 Fam rest/steak hse/6 months: Olive Garden 5,556 12.8% 73 Fam rest/steak hse/6 months: Outback Steakhouse 2,706 6.2% 63 Fam rest/steak hse/6 months: Red Lobster 4,782 11.0% 87 Fam rest/steak hse/6 months: Red Robin 2,175 5.0% 84 Fam rest/steak hse/6 months: Ruby Tuesday 2,119 4.9% 71 Fam rest/steak hse/6 months: Texas Roadhouse 2,001 4.6% 62 Fam rest/steak hse/6 months: T.G.I. Friday`s 3,596 8.3% 103 Fam rest/steak hse/6 months: Waffle House 2,407 5.5% 102 Went to fast food/drive-in restaurant in last 6 mo 37,689 86.8% 96 Went to fast food/drive-in restaurant 9+ times/mo 17,469 40.2% 99 Spent at fast food/drive-in last 6 months: <$11 1,752 4.0% 93 Spent at fast food/drive-in last 6 months: $11-$20 3,298 7.6% 99 Spent at fast food/drive-in last 6 months: $21-$40 5,214 12.0% 99 Spent at fast food/drive-in last 6 months: $41-$50 2,811 6.5% 86 Spent at fast food/drive-in last 6 months: $51-$100 6,425 14.8% 89 Spent at fast food/drive-in last 6 months: $101-$200 4,189 9.7% 80 Spent at fast food/drive-in last 6 months: $201+ 4,121 9.5% 78

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 7 of 9 Restaurant Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 1.5 mile radius Latitude: 25.81377 Longitude: -80.19107 Expected Number of Product/Consumer Behavior Adults Percent MPI Fast food/drive-in last 6 months: eat in 13,130 30.3% 83 Fast food/drive-in last 6 months: home delivery 3,910 9.0% 115 Fast food/drive-in last 6 months: take-out/drive-thru 16,616 38.3% 82 Fast food/drive-in last 6 months: take-out/walk-in 7,860 18.1% 93 Fast food/drive-in last 6 months: breakfast 11,923 27.5% 83 Fast food/drive-in last 6 months: lunch 18,142 41.8% 83 Fast food/drive-in last 6 months: dinner 16,150 37.2% 84 Fast food/drive-in last 6 months: snack 4,925 11.3% 90 Fast food/drive-in last 6 months: weekday 21,395 49.3% 83 Fast food/drive-in last 6 months: weekend 17,628 40.6% 89 Fast food/drive-in last 6 months: A & W 833 1.9% 59 Fast food/drive-in last 6 months: Arby`s 4,645 10.7% 64 Fast food/drive-in last 6 months: Baskin-Robbins 1,789 4.1% 118 Fast food/drive-in last 6 months: Boston Market 2,007 4.6% 135 Fast food/drive-in last 6 months: Burger King 12,683 29.2% 92 Fast food/drive-in last 6 months: Captain D`s 1,557 3.6% 105 Fast food/drive-in last 6 months: Carl`s Jr. 2,538 5.8% 100 Fast food/drive-in last 6 months: Checkers 1,818 4.2% 143 Fast food/drive-in last 6 months: Chick-fil-A 5,850 13.5% 82 Fast food/drive-in last 6 months: Chipotle Mex. Grill 4,360 10.0% 107 Fast food/drive-in last 6 months: Chuck E. Cheese`s 2,177 5.0% 140 Fast food/drive-in last 6 months: Church`s Fr. Chicken 3,245 7.5% 208 Fast food/drive-in last 6 months: Cold Stone Creamery 1,398 3.2% 95 Fast food/drive-in last 6 months: Dairy Queen 3,720 8.6% 62 Fast food/drive-in last 6 months: Del Taco 2,112 4.9% 139 Fast food/drive-in last 6 months: Domino`s Pizza 5,450 12.6% 106 Fast food/drive-in last 6 months: Dunkin` Donuts 4,756 11.0% 97 Fast food/drive-in last 6 months: Hardee`s 1,277 2.9% 49 Fast food/drive-in last 6 months: Jack in the Box 4,867 11.2% 131 Fast food/drive-in last 6 months: KFC 9,778 22.5% 97 Fast food/drive-in last 6 months: Krispy Kreme 1,896 4.4% 104 Fast food/drive-in last 6 months: Little Caesars 4,918 11.3% 103 Fast food/drive-in last 6 months: Long John Silver`s 1,593 3.7% 65 Fast food/drive-in last 6 months: McDonald`s 22,533 51.9% 93 Fast food/drive-in last 6 months: Panera Bread 3,217 7.4% 71 Fast food/drive-in last 6 months: Papa John`s 3,814 8.8% 94 Fast food/drive-in last 6 months: Papa Murphy`s 911 2.1% 50 Fast food/drive-in last 6 months: Pizza Hut 7,888 18.2% 90 Fast food/drive-in last 6 months: Popeyes Chicken 5,220 12.0% 155 Fast food/drive-in last 6 months: Quiznos 2,015 4.6% 112 Fast food/drive-in last 6 months: Sonic Drive-In 3,002 6.9% 67 Fast food/drive-in last 6 months: Starbucks 6,542 15.1% 103 Fast food/drive-in last 6 months: Steak `n Shake 1,590 3.7% 76 Fast food/drive-in last 6 months: Subway 12,989 29.9% 89 Fast food/drive-in last 6 months: Taco Bell 12,760 29.4% 93 Fast food/drive-in last 6 months: Wendy`s 10,821 24.9% 87 Fast food/drive-in last 6 months: Whataburger 1,813 4.2% 110 Fast food/drive-in last 6 months: White Castle 1,913 4.4% 132

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 8 of 9 Restaurant Market Potential

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Ring: 1.5 mile radius Latitude: 25.81377 Longitude: -80.19107 Went to fine dining restaurant last month 4,148 9.6% 82 Went to fine dining restaurant 3+ times last month 1,318 3.0% 93 Spent at fine dining rest in last 6 months: <$51 851 2.0% 98 Spent at fine dining rest in last 6 months: $51-$100 1,482 3.4% 92 Spent at fine dining rest in last 6 months: $101-$200 1,372 3.2% 87 Spent at fine dining rest in last 6 months: $201+ 1,577 3.6% 87

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2015 and 2020. September 01, 2015

©2015 Esri Page 9 of 9 Business Summary

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

Data for all businesses in area 0.5 miles 1 mile 1.5 miles Total Businesses: 973 1,909 3,205 Total Employees: 12,127 21,317 29,825 Total Residential Population: 8,004 27,474 54,051 Employee/Residential Population Ratio: 1.52:1 0.78:1 0.55:1

Employees Employees Employees by SIC Codes Number Percent Number Percent Number Percent Number Percent Number Percent Number Percent Agriculture & Mining 8 0.8% 34 0.3% 13 0.7% 51 0.2% 19 0.6% 78 0.3% Construction 45 4.6% 288 2.4% 84 4.4% 636 3.0% 135 4.2% 868 2.9% Manufacturing 26 2.7% 3,144 25.9% 52 2.7% 4,024 18.9% 95 3.0% 4,440 14.9% Transportation 21 2.2% 555 4.6% 37 1.9% 672 3.2% 67 2.1% 854 2.9% Communication 8 0.8% 40 0.3% 14 0.7% 69 0.3% 26 0.8% 146 0.5% Utility 1 0.1% 1 0.0% 1 0.1% 2 0.0% 4 0.1% 16 0.1% Wholesale Trade 43 4.4% 225 1.9% 88 4.6% 503 2.4% 182 5.7% 968 3.2%

Retail Trade Summary 292 30.0% 2,893 23.9% 555 29.1% 5,055 23.7% 929 29.0% 7,896 26.5% Home Improvement 5 0.5% 25 0.2% 16 0.8% 57 0.3% 29 0.9% 109 0.4% General Merchandise Stores 8 0.8% 254 2.1% 19 1.0% 345 1.6% 32 1.0% 436 1.5% Food Stores 14 1.4% 208 1.7% 34 1.8% 332 1.6% 83 2.6% 799 2.7% Auto Dealers, Gas Stations, Auto Aftermarket 12 1.2% 367 3.0% 33 1.7% 928 4.4% 64 2.0% 1,679 5.6% Apparel & Accessory Stores 27 2.8% 125 1.0% 45 2.4% 197 0.9% 106 3.3% 422 1.4% Furniture & Home Furnishings 69 7.1% 541 4.5% 101 5.3% 694 3.3% 136 4.2% 824 2.8% Eating & Drinking Places 84 8.6% 999 8.2% 158 8.3% 1,693 7.9% 236 7.4% 2,424 8.1% Miscellaneous Retail 73 7.5% 374 3.1% 150 7.9% 809 3.8% 244 7.6% 1,203 4.0%

Finance, Insurance, Real Estate Summary 97 10.0% 1,592 13.1% 197 10.3% 2,244 10.5% 315 9.8% 2,773 9.3% Banks, Savings & Lending Institutions 21 2.2% 66 0.5% 43 2.3% 111 0.5% 61 1.9% 167 0.6% Securities Brokers 19 2.0% 299 2.5% 34 1.8% 381 1.8% 45 1.4% 415 1.4% Insurance Carriers & Agents 3 0.3% 8 0.1% 9 0.5% 26 0.1% 18 0.6% 53 0.2% Real Estate, Holding, Other Investment Offices 54 5.5% 1,218 10.0% 111 5.8% 1,726 8.1% 191 6.0% 2,138 7.2%

Services Summary 355 36.5% 3,294 27.2% 715 37.5% 7,929 37.2% 1,179 36.8% 11,205 37.6% Hotels & Lodging 5 0.5% 66 0.5% 10 0.5% 124 0.6% 18 0.6% 154 0.5% Automotive Services 8 0.8% 44 0.4% 27 1.4% 151 0.7% 77 2.4% 330 1.1% Motion Pictures & Amusements 32 3.3% 239 2.0% 58 3.0% 332 1.6% 96 3.0% 502 1.7% Health Services 39 4.0% 619 5.1% 68 3.6% 1,830 8.6% 95 3.0% 2,059 6.9% Legal Services 35 3.6% 199 1.6% 53 2.8% 306 1.4% 70 2.2% 368 1.2% Education Institutions & Libraries 9 0.9% 258 2.1% 25 1.3% 667 3.1% 49 1.5% 1,478 5.0% Other Services 229 23.5% 1,870 15.4% 475 24.9% 4,518 21.2% 774 24.1% 6,314 21.2%

Government 3 0.3% 15 0.1% 7 0.4% 29 0.1% 19 0.6% 402 1.3%

Unclassified Establishments 74 7.6% 47 0.4% 145 7.6% 104 0.5% 236 7.4% 179 0.6%

Totals 973 100.0% 12,127 100.0% 1,909 100.0% 21,317 100.0% 3,205 100.0% 29,825 100.0% Source: Copyright 2015 Infogroup, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015. September 01, 2015

©2015 Esri Page 1 of 2 Business Summary

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

Businesses Employees Businesses Employees Businesses Employees by NAICS Codes Number Percent Number Percent Number Percent Number Percent Number Percent Number Percent Agriculture, Forestry, Fishing & Hunting 1 0.1% 2 0.0% 1 0.1% 3 0.0% 1 0.0% 5 0.0% Mining 1 0.1% 3 0.0% 2 0.1% 6 0.0% 3 0.1% 9 0.0% Utilities 1 0.1% 1 0.0% 1 0.1% 1 0.0% 2 0.1% 9 0.0% Construction 51 5.2% 316 2.6% 95 5.0% 683 3.2% 151 4.7% 986 3.3% Manufacturing 27 2.8% 3,039 25.1% 52 2.7% 3,902 18.3% 101 3.2% 4,342 14.6% Wholesale Trade 40 4.1% 203 1.7% 83 4.3% 440 2.1% 173 5.4% 884 3.0% Retail Trade 199 20.5% 1,852 15.3% 380 19.9% 3,306 15.5% 663 20.7% 5,384 18.1% Motor Vehicle & Parts Dealers 8 0.8% 338 2.8% 22 1.2% 872 4.1% 46 1.4% 1,596 5.4% Furniture & Home Furnishings Stores 57 5.9% 497 4.1% 79 4.1% 592 2.8% 97 3.0% 656 2.2% Electronics & Appliance Stores 8 0.8% 37 0.3% 16 0.8% 73 0.3% 25 0.8% 113 0.4% Bldg Material & Garden Equipment & Supplies Dealers 5 0.5% 25 0.2% 16 0.8% 86 0.4% 30 0.9% 149 0.5% Food & Beverage Stores 13 1.3% 198 1.6% 30 1.6% 310 1.5% 77 2.4% 757 2.5% Health & Personal Care Stores 9 0.9% 40 0.3% 20 1.0% 151 0.7% 36 1.1% 254 0.9% Gasoline Stations 4 0.4% 29 0.2% 11 0.6% 56 0.3% 18 0.6% 83 0.3% Clothing & Clothing Accessories Stores 34 3.5% 182 1.5% 54 2.8% 257 1.2% 116 3.6% 490 1.6% Sport Goods, Hobby, Book, & Music Stores 5 0.5% 76 0.6% 11 0.6% 112 0.5% 18 0.6% 124 0.4% General Merchandise Stores 8 0.8% 254 2.1% 19 1.0% 345 1.6% 32 1.0% 436 1.5% Miscellaneous Store Retailers 40 4.1% 149 1.2% 90 4.7% 412 1.9% 152 4.7% 675 2.3% Nonstore Retailers 7 0.7% 27 0.2% 12 0.6% 38 0.2% 15 0.5% 51 0.2% Transportation & Warehousing 17 1.7% 508 4.2% 29 1.5% 565 2.7% 54 1.7% 731 2.5% Information 25 2.6% 311 2.6% 50 2.6% 438 2.1% 84 2.6% 604 2.0% Finance & Insurance 47 4.8% 386 3.2% 94 4.9% 543 2.5% 139 4.3% 673 2.3% Central Bank/Credit Intermediation & Related Activities 21 2.2% 66 0.5% 45 2.4% 116 0.5% 68 2.1% 178 0.6% Securities, Commodity Contracts & Other Financial 23 2.4% 311 2.6% 40 2.1% 401 1.9% 53 1.7% 442 1.5% IInvensursatmencen Ctsa &rr iOersth e&r RReellaatteedd AActctiivviittiieess; Funds, Trusts & 3 0.3% 8 0.1% 9 0.5% 26 0.1% 18 0.6% 53 0.2% ReOtheal Estra Ftien,a Rnecniatla Vl e&h Licelasesing 53 5.4% 1,200 9.9% 110 5.8% 1,740 8.2% 193 6.0% 2,144 7.2% Professional, Scientific & Tech Services 147 15.1% 920 7.6% 256 13.4% 1,738 8.2% 388 12.1% 2,280 7.6% Legal Services 36 3.7% 202 1.7% 56 2.9% 315 1.5% 74 2.3% 381 1.3% Management of Companies & Enterprises 1 0.1% 10 0.1% 2 0.1% 12 0.1% 4 0.1% 17 0.1% Administrative & Support & Waste Management & Remediation 31 3.2% 182 1.5% 60 3.1% 367 1.7% 109 3.4% 744 2.5% EServduciacteiosnal Services 12 1.2% 270 2.2% 32 1.7% 688 3.2% 60 1.9% 1,516 5.1% Health Care & Social Assistance 54 5.5% 970 8.0% 110 5.8% 3,452 16.2% 162 5.1% 4,056 13.6% Arts, Entertainment & Recreation 25 2.6% 113 0.9% 44 2.3% 194 0.9% 77 2.4% 384 1.3% Accommodation & Food Services 90 9.2% 1,075 8.9% 169 8.9% 1,831 8.6% 255 8.0% 2,592 8.7% Accommodation 5 0.5% 66 0.5% 10 0.5% 124 0.6% 18 0.6% 154 0.5% Food Services & Drinking Places 85 8.7% 1,009 8.3% 160 8.4% 1,707 8.0% 238 7.4% 2,438 8.2% Other Services (except Public Administration) 74 7.6% 703 5.8% 186 9.7% 1,274 6.0% 327 10.2% 1,884 6.3% Automotive Repair & Maintenance 5 0.5% 32 0.3% 20 1.0% 100 0.5% 61 1.9% 243 0.8% Public Administration 3 0.3% 15 0.1% 7 0.4% 29 0.1% 19 0.6% 402 1.3%

Unclassified Establishments 75 7.7% 49 0.4% 145 7.6% 106 0.5% 237 7.4% 181 0.6%

Total 973 100.0% 12,127 100.0% 1,909 100.0% 21,317 100.0% 3,205 100.0% 29,825 100.0% Source: Copyright 2015 Infogroup, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015. September 01, 2015

©2015 Esri Page 2 of 2 Business Locations

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

2010 Residential Population: 48,647 2015 Residential Population: 54,051 2020 Residential Population: 59,489 Annual Population Growth 2015 - 2020 1.94%

SIC Distance From Code Business Name Franchise Site in Miles Employees Sales 50210000 UZCA WORLD CORP 0.01 NW 3 $290,000 4025 Ne 2nd Ave Miami, FL 33137 82990200 FLORIDA CTR FOR LITERARY ARTS 0.02 SE 15 $1,540,169 401 Ne 2nd Ave Rm 4102 Miami, FL 33132 82110305 DESIGN & ARCHITECTURE SCHOOL 0.02 SE 55 $4,331,253 4001 Ne 2nd Ave Miami, FL 33137 99992222 BILLIONAIRE MIAMI LLC 0.03 SW 0 $0 4000 Ne 2nd Ave Miami, FL 33137 99992222 LARRY'S AC INSTALL 0.03 SW 0 $0 4000 Ne 2nd Ave Miami, FL 33137 58120101 S R A MARTINEZ RESTAURANT 0.03 SW 0 $0 4000 Ne 2nd Ave Miami, FL 33137 57190101 JALAN JALAN COLLECTION, INC. 0.04 SW 10 $990,000 3921 Ne 2nd Ave Miami, FL 33137 56210000 CELINE 0.04 SW 5 $550,000 191 Ne 40th St Ste 101 Miami, FL 33137 65310000 DACRA DESIGN 0.04 SW 5 $370,000 191 Ne 40th St Miami, FL 33137 07810203 ENEA 0.04 SW 4 $140,000 191 Ne 40th St Miami, FL 33137 73891800 ORNARE 0.04 NW 4 $290,000 4040 Ne 2nd Ave Ste 103 Miami, FL 33137 87420000 THURSTON CONSULTING GROUP 0.04 NW 3 $270,000 4040 Ne 2nd Ave Ste 311 Miami, FL 33137 50210000 VIA MOTIF, INC. 0.04 NW 1 $170,000 4040 Ne 2nd Ave Ste 301 Miami, FL 33137 76991301 APONWAO DESIGN, INC. 0.04 NW 2 $130,000 4040 Ne 2nd Ave Loft312 Miami, FL 33137

Data Note: Businesses are listed based on their proximity to the study area location. A maximum of 250 records can be displayed on one report. Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015.

September 01, 2015

©2015 Esri Page 1 of 16 Business Locations

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

SIC Distance From Code Business Name Franchise Site in Miles Employees Sales 73890600 ATMOSPHERE CREATIONS INC 0.04 NW 2 $150,000 4040 Ne 2nd Ave Ste 306 Miami, FL 33137 73890000 PCH PARTNERS LLC 0.04 NW 3 $170,000 4040 Ne 2nd Ave Ste 414 Miami, FL 33137 87419902 SKYLINE MANAGEMENT GROUP INC 0.04 NW 3 $400,000 4040 Ne 2nd Ave Ste 305 Miami, FL 33137 99992222 CONDESA PRODUCTIONS INC. 0.04 NW 0 $0 4040 Ne 2nd Ave Ste 412 Miami, FL 33137 99992222 PRADA USA CORP 0.04 NW 0 $0 4040 Ne 2nd Ave Miami, FL 33137 99992222 THE FLOWER BUD LLC 0.04 NW 0 $0 4040 Ne 2nd Ave Miami, FL 33137 73890602 WINIVICH ASSOCIATES 0.04 NW 1 $49,000 4040 Ne 2nd Ave Miami, FL 33137 76410100 YOU & ME UPHOLSTERY INC 0.04 NW 1 $60,000 4040 Ne 2nd Ave Ste 306 Miami, FL 33137 87480000 O'REAR CONSULTING INC. 0.04 NW 1 $46,000 4040 Ne 2nd Ave Ste 313 Miami, FL 33137 99992222 HALLAND AND SHERRY 0.04 NW 0 $0 4040 Ne 2nd Ave Miami, FL 33137 99992222 810 W. SMUGGLER, LLC 0.04 NW 0 $0 4040 Ne 2nd Ave Miami, FL 33137 99992222 20 MAROON COURT LLC 0.04 NW 0 $0 4040 Ne 2nd Ave Ste 414 Miami, FL 33137 67990000 WCC INVESTMENTS LLC 0.04 NW 3 $200,000 4040 Ne 2nd Ave Ste 414 Miami, FL 33137 73890600 BARON & ST.LAURENT INTERIOR DESIGN 0.04 NW 3 $240,000 4040 Ne 2nd Ave Ste 405 Miami, FL 33137 99990000 FRANK DESIGN, INC. 0.04 NW 0 $0 4040 Ne 2nd Ave Miami, FL 33137 73890600 GARCIA- MATHIES INTERIORS INC 0.04 NW 4 $410,000 4040 Ne 2nd Ave Ste 309 Miami, FL 33137

Data Note: Businesses are listed based on their proximity to the study area location. A maximum of 250 records can be displayed on one report. Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015.

September 01, 2015

©2015 Esri Page 2 of 16 Business Locations

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

SIC Distance From Code Business Name Franchise Site in Miles Employees Sales 73790203 GAGE RESEARCH DEVELOPMENT INSTITUTE 0.04 NW 2 $130,000 4040 Ne 2nd Ave Ste 409 Miami, FL 33137 65520000 PUERTO LOSCABOS DEVELOPMENT 10 0.04 NW 2 $200,000 4040 Ne 2nd Ave Miami, FL 33137 87420000 SIINC, LLC 0.04 NW 2 $180,000 4040 Ne 2nd Ave Ste 413 Miami, FL 33137 87410000 QUTESSENTIALLY 0.04 NW 3 $140,000 4040 Ne 2nd Ave Miami, FL 33137 65310000 FILLING STATION LOFTS LLC 0.04 NW 3 $200,000 4040 Ne 2nd Ave Ste 414 Miami, FL 33137 73110000 FRANK WORLDWIDE, INC. 0.04 NW 10 $1,500,000 4040 Ne 2nd Ave Ste 401 Miami, FL 33137 27210102 QUANTORO PUBLISHING 0.05 NE 23 $300,000 4141 Ne 2nd Ave Ste 202 Miami, FL 33137 81110000 ALTERS LAW FIRM 0.05 NE 20 $1,800,000 4141 Ne 2nd Ave Ste 201 Miami, FL 33137 81119901 INGRAM & INGRAM 0.05 NE 15 $1,000,000 4141 Ne 2nd Ave Ste 203c Miami, FL 33137 73890602 SEITZ, L E ASSOCIATES 0.05 NE 15 $950,000 4141 Ne 2nd Ave Ste 103 Miami, FL 33137 65310100 CHARIFF REALTY GROUP 0.05 NE 6 $360,000 4141 Ne 2nd Ave Ste 200b Miami, FL 33137 87430000 ADVOKATZ PLUS 0.05 NE 7 $600,000 4141 Ne 2nd Ave Ste 101d Miami, FL 33137 57120000 TEAM 7 0.05 NE 3 $190,000 4141 Ne 2nd Ave Ste 114 Miami, FL 33137 56210000 SEBASTIEN JAMES 0.05 NE 8 $760,000 4141 Ne 2nd Ave Ste 203a Miami, FL 33137 79999901 ADAMAR FINE ARTS 0.05 NE 4 $150,000 4141 Ne 2nd Ave Ste 107 Miami, FL 33137 87420300 THE PEPSOM GROUP INC 0.05 NE 20 $1,500,000 4141 Ne 2nd Ave Ste 101 Miami, FL 33137

Data Note: Businesses are listed based on their proximity to the study area location. A maximum of 250 records can be displayed on one report. Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015.

September 01, 2015

©2015 Esri Page 3 of 16 Business Locations

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

SIC Distance From Code Business Name Franchise Site in Miles Employees Sales 67990000 FIRST CMG LLC 0.05 NE 3 $200,000 4141 Ne 2nd Ave Ste 204a Miami, FL 33137 67190000 CLEO HOLDINGS 0.05 NE 3 $200,000 4141 Ne 2nd Ave Ste 106b Miami, FL 33137 99992222 DEPADOVA 0.05 NE 0 $0 4141 Ne 2nd Ave Miami, FL 33137 73891800 3620 DESIGN DISTRICT CORP. 0.05 NE 3 $150,000 4141 Ne 2nd Ave Ste 200b Miami, FL 33137 56210000 APT 606 0.05 NE 2 $91,000 4141 Ne 2nd Ave Ste 106a Miami, FL 33137 73899938 ANRI DESIGNS INC 0.05 NE 6 $100,000 4141 Ne 2nd Ave Ste 114a Miami, FL 33137 87120000 K R ARCHITECT PC 0.05 NE 2 $120,000 4141 Ne 2nd Ave Miami, FL 33137 99992222 WYNWOOD PLAZA LLC 0.05 NE 0 $0 4141 Ne 2nd Ave Ste 204a Miami, FL 33137 48990000 MOBILE WORLDWIDE MEDIA, LLC 0.05 NE 1 $58,000 4141 Ne 2nd Ave Ste 105c Miami, FL 33137 99992222 GUSTAV INC. 0.05 NE 0 $0 4141 Ne 2nd Ave Ste 106b Miami, FL 33137 58120108 MC KITCHEN 0.05 NE 0 $0 4141 Ne 2nd Ave Miami, FL 33137 99992222 TUPI INC 0.05 NE 0 $0 4141 Ne 2nd Ave Miami, FL 33137 57120000 VITRA 0.05 NE 2 $130,000 4141 Ne 2nd Ave Miami, FL 33137 99992222 MIA TOWNERS LLC 0.05 NE 0 $0 4141 Ne 2nd Ave Ste 200a Miami, FL 33137 99992222 WOULD U DO IT LLC 0.05 NE 0 $0 4141 Ne 2nd Ave Ste 201 Miami, FL 33137 56210101 PANACHE BOUTIQUE, INC. 0.05 NE 2 $85,000 4141 Ne 2nd Ave Ste 203a Miami, FL 33137

Data Note: Businesses are listed based on their proximity to the study area location. A maximum of 250 records can be displayed on one report. Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015.

September 01, 2015

©2015 Esri Page 4 of 16 Business Locations

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

SIC Distance From Code Business Name Franchise Site in Miles Employees Sales 99992222 MENSING GROUP LLC 0.05 NE 0 $0 4141 Ne 2nd Ave Ste 105e Miami, FL 33137 99992222 PASCAL BABY, LLC 0.05 NE 0 $0 4141 Ne 2nd Ave Ste 106b Miami, FL 33137 15210000 NOVA TERRA CONSTRUCTION - GENERAL 0.05 NE 2 $110,000 CONT4141 RNAeC 2TndOR ASv, eLLC Miami, FL 33137 51220101 LUXURY BRAND PARTNERS, LLC 0.05 NE 0 $0 4141 Ne 2nd Ave Ste 205 Miami, FL 33137 99992222 MILLIONAIRE MINDS GLOBAL, LLC 0.05 NE 0 $0 4141 Ne 2nd Ave Ste 106a Miami, FL 33137 50210000 CLEAR CO 0.05 NE 2 $140,000 4141 Ne 2nd Ave Miami, FL 33137 99990000 ELCOM MEDIA & FILM INC (NOT INC) 0.05 NE 0 $0 4141 Ne 2nd Ave Miami, FL 33137 99992222 GETNET24X7 INC 0.05 NE 0 $0 4141 Ne 2nd Ave 203 Miami, FL 33137 89991000 MELTING POT STUDIO INC 0.05 NE 1 $66,000 4141 Ne 2nd Ave Miami, FL 33137 73891800 ELASTIC PEOPLE 0.05 NE 2 $170,000 4141 Ne 2nd Ave Ste 108 Miami, FL 33137 83220601 HAITIAN HERITAGE MUSEUM CORP. 0.05 NE 7 $149,989 4141 Ne 2nd Ave Ste 105c Miami, FL 33137 57120000 DESIGN WITHIN REACH, INC. 0.05 NE 3 $225,471 4141 Ne 2nd Ave Ste 102 Miami, FL 33137 56210000 L3 FASHION INC 0.05 NE 4 $300,000 4141 Ne 2nd Ave Ste 106c Miami, FL 33137 73110000 MADISON SOUTH 0.05 NE 2 $180,000 4141 Ne 2nd Ave Ste 105d Miami, FL 33137 59320000 R SUSANE INC 0.05 NE 1 $72,000 4141 Ne 2nd Ave Ste 106c Miami, FL 33137 57120000 MENDEZ INTERNATIONAL ASSOCIATES, INC. 0.05 NE 2 $240,000 4141 Ne 2nd Ave Ste 203c Miami, FL 33137

Data Note: Businesses are listed based on their proximity to the study area location. A maximum of 250 records can be displayed on one report. Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015.

September 01, 2015

©2015 Esri Page 5 of 16 Business Locations

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

SIC Distance From Code Business Name Franchise Site in Miles Employees Sales 56410000 BABY COTTONS 0.05 NE 2 $98,000 4141 Ne 2nd Ave Ste 106b Miami, FL 33137 58129902 DRIADE CAFE 0.05 NE 0 $0 4141 Ne 2nd Ave Ste 115 Miami, FL 33137 73891402 JIM GALL AUCTIONEERS INC 0.05 NE 3 $260,000 4141 Ne 2nd Ave Ste 105f Miami, FL 33137 57199905 LUMINAIRE, INC. 0.05 SW 0 $336,842 3901 Ne 2nd Ave Miami, FL 33137 59449901 CARTIER MIAMI BTQ 0.06 SW 10 $456,545 3930 Ne 2nd Ave Ste 204 Miami, FL 33137 58120000 MARTINEZ SRA CAFE 0.06 SW 0 $0 3930 Ne 2nd Ave Miami, FL 33137 99992222 FRIENDS & FRIENDS INC 0.06 SW 0 $0 3930 Ne 2nd Ave Ste 202 Miami, FL 33137 50210100 KNOLL, INC. 0.06 SW 12 $12,312,124 3930 Ne 2nd Ave Ste 101 Miami, FL 33137 73891800 CRUMB DESIGN DIST 0.06 SW 1 $69,000 3930 Ne 2nd Ave Miami, FL 33137 99992222 MAMAN FINE ART LLC 0.06 SW 0 $0 3930 Ne 2nd Ave Miami, FL 33137 73891800 FDC MIAMI DESIGN DISTRICT LLC 0.06 SW 3 $170,000 3930 Ne 2nd Ave Miami, FL 33137 48999901 CUMULUS MEDIA INC. 0.06 SW 0 $1,056,508 3930 Ne 2nd Ave Miami, FL 33137 99992222 270/286 NE 39 STREET INC 0.06 SW 0 $0 3930 Ne 2nd Ave Miami, FL 33137 50210000 NEW WAVE USA LLC 0.06 SW 2 $200,000 3930 Ne 2nd Ave Ste 202 Miami, FL 33137 58120108 PROSECCO RISTORANTE 0.06 SW 0 $0 3930 Ne 2nd Ave Miami, FL 33137 99992222 INTERNATIONAL INC 0.06 SW 0 $0 3930 Ne 2nd Ave Miami, FL 33137

Data Note: Businesses are listed based on their proximity to the study area location. A maximum of 250 records can be displayed on one report. Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015.

September 01, 2015

©2015 Esri Page 6 of 16 Business Locations

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

SIC Distance From Code Business Name Franchise Site in Miles Employees Sales 73899999 WRP FINE ART 0.07 SW 1 $57,000 201 Ne 39th St Miami, FL 33137 59480000 LOUIS VUITTON NORTH AMERICA, INC. 0.07 SW 9 $432,524 170 Ne 40th St Miami, FL 33137 67990000 CHINA CS ACQUISITION CORP 0.07 NW 2 $120,000 4100 Ne 2nd Ave Ste 318 Miami, FL 33137 99992222 MODUSMIAMI, LLC 0.07 NW 0 $0 4100 Ne 2nd Ave Ste 103 Miami, FL 33137 57129905 INSIDE OUT 2 0.07 NW 2 $140,000 4100 Ne 2nd Ave Ste 104 Miami, FL 33137 99992222 ACA/LGM, INC 0.07 NW 0 $0 4100 Ne 2nd Ave Miami, FL 33137 59210102 VINTAGE VALUES WINE CLUB 0.07 NW 3 $340,000 4100 Ne 2nd Ave Ste 320 Miami, FL 33137 73110000 IRIS LATIN AMERICA, INC. 0.07 NW 10 $1,200,000 4100 Ne 2nd Ave Ste 307 Miami, FL 33137 73890600 NUHOUSE DESIGN ASSOCIATES, INC. 0.07 NW 2 $94,000 4100 Ne 2nd Ave Ste 209 Miami, FL 33137 48990000 TURNER COMMUNICATIONS 0.07 NW 1 $59,000 4100 Ne 2nd Ave Ste 304 Miami, FL 33137 17969901 MID ONE LEE LLC 0.07 NW 5 $260,000 4100 Ne 2nd Ave Miami, FL 33137 81110000 GERSON LAW OFFICE, P.A. 0.07 NW 2 $150,000 4100 Ne 2nd Ave Ste 311 Miami, FL 33137 99992222 FSM 602 CORPORATION 0.07 NW 0 $0 4100 Ne 2nd Ave Ste 303 Miami, FL 33137 73890600 AH INTERIORS CORP 0.07 NW 3 $130,000 4100 Ne 2nd Ave Ste 105 Miami, FL 33137 73891800 TUI DESIGNS INC 0.07 NW 3 $170,000 4100 Ne 2nd Ave Miami, FL 33137 87110000 PHS ENGINEERING CORP 0.07 NW 1 $85,000 4100 Ne 2nd Ave Ste 320 Miami, FL 33137

Data Note: Businesses are listed based on their proximity to the study area location. A maximum of 250 records can be displayed on one report. Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015.

September 01, 2015

©2015 Esri Page 7 of 16 Business Locations

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

SIC Distance From Code Business Name Franchise Site in Miles Employees Sales 99990000 CYBER EXPRESS INTERNATIONAL CORP 0.07 NW 0 $0 4100 Ne 2nd Ave Ste 209 Miami, FL 33137 73110000 TURNER BACKUS INTERNATIONAL 0.07 NW 2 $190,000 4100 Ne 2nd Ave Miami, FL 33137 61620000 YALE MORTGAGE 0.07 NW 22 $1,800,000 4100 Ne 2nd Ave Ste 103 Miami, FL 33137 67990000 LAJIK CAPITAL GROUP 0.07 NW 2 $130,000 4100 Ne 2nd Ave Ste 303 Miami, FL 33137 61530100 COMMERCIAL FUNDING USA INC 0.07 NW 3 $230,000 4100 Ne 2nd Ave Ste 206 Miami, FL 33137 82990200 ASPIRA OF FLORIDA, INC. 0.07 NW 40 $12,429,906 4100 Ne 2nd Ave Ste 307 Miami, FL 33137 73890600 PRANICH & ASSOCIATES INTERIOR DESIGN, 0.07 NW 6 $590,000 INC4100 Ne 2nd Ave Ste 209 Miami, FL 33137 87120000 ALBAARI AND ASSOCIATES (PA) 0.07 NW 5 $550,000 4100 Ne 2nd Ave Ste 307 Miami, FL 33137 99992222 DANIEL LACHEEN PA 0.07 NW 0 $0 4100 Ne 2nd Ave Ste 202 Miami, FL 33137 87120000 ABA ARCHITETTURA E DISEGNO, INC 0.07 NW 5 $450,000 4100 Ne 2nd Ave Ste 210 Miami, FL 33137 67990000 CS CAPITAL USA 0.07 NW 2 $140,000 4100 Ne 2nd Ave Ste 318 Miami, FL 33137 86410501 VENETIAN VILLAS OF CORAL GABLES, INC. 0.07 NW 3 $81,000 4100 Ne 2nd Ave Ste 210 Miami, FL 33137 01910000 GRAND PRIX FARMS INC 0.07 NW 2 $180,000 158 Ne 41st St APT 1 Miami, FL 33137 56610000 CRISTIAN LOUBOUTIN 0.07 SW 2 $130,000 155 Ne 40th St Miami, FL 33137 56999903 EMILIO PUCCI 0.07 SW 2 $76,000 155 Ne 40th St Miami, FL 33137 17439902 MOSAIC LLC 0.07 SW 1 $54,000 155 Ne 40th St Miami, FL 33137

Data Note: Businesses are listed based on their proximity to the study area location. A maximum of 250 records can be displayed on one report. Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015.

September 01, 2015

©2015 Esri Page 8 of 16 Business Locations

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

SIC Distance From Code Business Name Franchise Site in Miles Employees Sales 86610127 JERUSALEM SDA FRENCH CHURCH 0.08 NW 1 $42,926 4201 Ne 2nd Ave Miami, FL 33137 86610000 JERUSALEM SEVEN DAY 0.08 NW 2 $100,000 4201 Ne 2nd Ave Miami, FL 33137 54619903 DU CAP REALTY, INC. 0.08 SE 4 $120,000 286 Ne 39th St Miami, FL 33137 87439902 M PROMOTIONS INC 0.08 SE 2 $140,000 286 Ne 39th St Miami, FL 33137 99992222 MAISON DELUXE 111, LLC 0.08 SE 0 $0 286 Ne 39th St Miami, FL 33137 99992222 KARPIO GROUP, LLC 0.08 SE 0 $0 286 Ne 39th St Miami, FL 33137 65120100 MIAMI DECORATING & DESIGN CTR 0.09 SE 4 $320,000 3841 Ne 2nd Ave Ste 400 Miami, FL 33137 99992222 OAK PLAZA ASSOCIATES, LTD. 0.09 SE 0 $0 3841 Ne 2nd Ave Ste 400 Miami, FL 33137 87480000 MANAGING CONSULTANTS INTERNATIONAL 0.09 SE 2 $95,000 3841INC Ne 2nd Ave Ste 400 Miami, FL 33137 50210100 EUROPEAN DESIGN INC 0.09 SE 2 $170,000 3841 Ne 2nd Ave Ste 101 Miami, FL 33137 99992222 DDG, LTD. 0.09 SE 0 $0 3841 Ne 2nd Ave Ste 400 Miami, FL 33137 82119903 JUNIOR BOSTON INC 0.09 SE 0 $0 3841 Ne 2nd Ave Ste 102 Miami, FL 33137 75380000 MODA GARAGE LLC 0.09 SE 2 $140,000 3841 Ne 2nd Ave Miami, FL 33137 73891800 INTERNUM 0.09 SE 2 $140,000 3841 Ne 2nd Ave Ste 400 Miami, FL 33137 99992222 BECEKA PRODUCTS LLC 0.09 SE 0 $0 3841 Ne 2nd Ave Ste 302a Miami, FL 33137 67990000 NORWEGIAN WOOD ACQUISITIONS LL 0.09 SE 2 $110,000 3841 Ne 2nd Ave Ste 400 Miami, FL 33137

Data Note: Businesses are listed based on their proximity to the study area location. A maximum of 250 records can be displayed on one report. Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015.

September 01, 2015

©2015 Esri Page 9 of 16 Business Locations

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

SIC Distance From Code Business Name Franchise Site in Miles Employees Sales 99992222 LIFE INTERACTIVE LLC 0.09 SE 0 $0 3841 Ne 2nd Ave Ste 309 Miami, FL 33137 73890000 SPANIER WILLIAMS ENTERPRISES INC 0.09 SE 1 $51,000 3841 Ne 2nd Ave Ste 201 Miami, FL 33137 65310100 PROYECTA REAL ESTATE LLC 0.09 SE 2 $120,000 3841 Ne 2nd Ave Ste 203a Miami, FL 33137 99992222 EXPO IMPO 0.09 SE 0 $0 3841 Ne 2nd Ave Miami, FL 33137 17990606 BULTHAUP CORP 0.09 SE 3 $210,000 3841 Ne 2nd Ave Ste 201 Miami, FL 33137 07810200 EVERGREEN INTERIOR LANDSCAPING 0.09 SE 2 $88,000 3841 Ne 2nd Ave Ste 305 Miami, FL 33137 99992222 CAREDI USA LLC 0.09 SE 0 $0 3841 Ne 2nd Ave Ste 301a Miami, FL 33137 65310000 DACRA DEVELOPMENT CORPORATION 0.09 SE 20 $1,500,000 3841 Ne 2nd Ave Ste 400 Miami, FL 33137 67990000 RITA LOVELY ACQUISITIONS LLC 0.09 SE 2 $120,000 3841 Ne 2nd Ave Ste 400 Miami, FL 33137 15210000 MOBIUS CONSTRUCTION INC 0.09 SE 2 $200,000 3841 Ne 2nd Ave Ste 400 Miami, FL 33137 99992222 PENNY LANE ACQUISITIONS, LLC 0.09 SE 0 $0 3841 Ne 2nd Ave Miami, FL 33137 72310201 COMMERCE & CULTURE LLC 0.09 SE 2 $72,000 3841 Ne 2nd Ave Ste 400 Miami, FL 33137 73890600 H O M DESIGN 0.09 SE 2 $93,000 3841 Ne 2nd Ave Ste 308 Miami, FL 33137 99992222 SWEET BIRD ASSOCIATES, LLC 0.09 SE 0 $0 3841 Ne 2nd Ave Ste 400 Miami, FL 33137 99992222 MDA 1 MEMBER LLC 0.09 SE 0 $0 3841 Ne 2nd Ave Ste 400 Miami, FL 33137 73891800 DESIGN 05 MIAMI 0.09 SE 2 $98,000 3841 Ne 2nd Ave Ste 400 Miami, FL 33137

Data Note: Businesses are listed based on their proximity to the study area location. A maximum of 250 records can be displayed on one report. Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015.

September 01, 2015

©2015 Esri Page 10 of 16 Business Locations

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

SIC Distance From Code Business Name Franchise Site in Miles Employees Sales 86110000 LG LICENSING, LLC 0.09 SE 1 $77,000 3841 Ne 2nd Ave Ste 203a Miami, FL 33137 87120000 BAKER ANTHONY C ARCHITECTS & PLANNERS 0.09 SE 1 $69,000 3PC84 I1N CNe 2nd Ave Ste 302a Miami, FL 33137 73891801 BRIDGE HOUSE INC 0.09 SE 3 $210,000 3841 Ne 2nd Ave Ste 400 Miami, FL 33137 76410000 MITCHELL GOLD BOB WILLIAMS 0.09 SE 1 $54,000 3841 Ne 2nd Ave Ste 101 Miami, FL 33137 73891106 THE LATIN ACADEMY OF RECORDING ARTS & 0.09 SE 1 $7,269,733 SCIENCE3841 Ne S2 ndIN CAve Ste 301 Miami, FL 33137 73891800 DANIEL HALE DESIGN LLC 0.09 SE 1 $73,000 3841 Ne 2nd Ave Ste 102 Miami, FL 33137 73890000 81 WASHINGTON ASSOCIATES, INC. 0.09 SE 3 $230,000 3841 Ne 2nd Ave Ste 400 Miami, FL 33137 70110000 PHONECARD SERVICES INC 0.09 SE 2 $91,000 3841 Ne 2nd Ave Ste 301a Miami, FL 33137 99992222 MAI TARDI 0.09 SW 0 $0 163 Ne 39th St Miami, FL 33137 58120500 BROSIA 0.09 SW 0 $0 163 Ne 39th St Miami, FL 33137 57120000 MODERN HOME 2 GO 0.09 SE 12 $1,100,000 270 Ne 39th St Miami, FL 33137 99992222 SPONDER GALLERY INC. 0.09 SW 0 $0 151 Ne 40th St Miami, FL 33137 84120100 AREVALO GALLERY 0.09 SW 3 $110,000 151 Ne 40th St Miami, FL 33137 55410000 POST NEWSWEEK STATIONS 0.09 NE 4 $330,000 3900 Biscayne Blvd Miami, FL 33137 82110000 MIAMI ARTS CHARTER SCHOOLS 0.09 NE 0 $0 3900 Biscayne Blvd Miami, FL 33137 83519901 FAMILY CHRISTIAN ASSN AMER INC 0.10 NW 21 $4,354,022 150 Ne 42nd St Miami, FL 33137

Data Note: Businesses are listed based on their proximity to the study area location. A maximum of 250 records can be displayed on one report. Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015.

September 01, 2015

©2015 Esri Page 11 of 16 Business Locations

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

SIC Distance From Code Business Name Franchise Site in Miles Employees Sales 50210200 MONICA JAMES COMPANY 0.10 SW 4 $610,000 140 Ne 40th St Miami, FL 33137 99992222 GATOR ENGLISH, L.C. 0.10 SW 0 $0 140 Ne 40th St Miami, FL 33137 51310118 INTAIR INTL TEX DESIGN 0.10 SW 4 $1,000,000 180 Ne 39th St Miami, FL 33137 87120000 HOK NEW URBAN STUDIO 0.10 SW 4 $290,000 180 Ne 39th St Ste 218 Miami, FL 33137 99992222 BODEMA, INC. 0.10 SW 0 $0 180 Ne 39th St Ste 112 Miami, FL 33137 99992222 STEVEN R CANTOR DC 0.10 SW 0 $0 180 Ne 39th St Miami, FL 33137 67190000 JE GOLDEN HOLDINGS, INC. 0.10 SW 3 $150,000 180 Ne 39th St Ste 107 Miami, FL 33137 42260202 JONATHAN ADLER 0.10 SW 2 $81,000 180 Ne 39th St Miami, FL 33137 99992222 CHICDOM.COM, LLC 0.10 SW 0 $0 180 Ne 39th St Miami, FL 33137 84120000 BAS FISHER INVITATIONAL 0.10 SW 2 $91,000 180 Ne 39th St Ste 210 Miami, FL 33137 99992222 VENSTYLE LLC 0.10 SW 0 $0 3840 Ne 2nd Ave Miami, FL 33137 32990400 ROBBA, EMILIO 0.10 NW 13 $1,300,000 4242 Ne 2nd Ave Miami, FL 33137 50210200 HOLLY HUNT MIAMI 0.11 SW 10 $3,306,666 3833 Ne 2nd Ave Miami, FL 33137 57139901 ORIENTAL RUG INTERNATIONAL INC 0.11 SW 3 $390,000 131 Ne 40th St Miami, FL 33137 58120101 MICHAEL'S GENUINE FOOD & DRINK 0.11 SW 80 $2,200,000 130 Ne 40th St Ste 8 Miami, FL 33137 99992222 TURCHING LOVE AND LIGHT JEWERL 0.11 SW 0 $0 130 Ne 40th St Miami, FL 33137

Data Note: Businesses are listed based on their proximity to the study area location. A maximum of 250 records can be displayed on one report. Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015.

September 01, 2015

©2015 Esri Page 12 of 16 Business Locations

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

SIC Distance From Code Business Name Franchise Site in Miles Employees Sales 99992222 IN THE SEAM, CORP. 0.11 SW 0 $0 130 Ne 40th St Ste 4 Miami, FL 33137 17210400 CONTEPORA WALL COVERING INC 0.11 SW 1 $44,000 130 Ne 40th St Miami, FL 33137 56510000 SCOTCH AND SODA 0.11 SW 4 $200,000 130 Ne 40th St Miami, FL 33137 17110103 TCYOB AIR CONDITIONING 0.11 SW 1 $56,000 130 Ne 40th St Miami, FL 33137 73890000 W & W VENTURES, LLC 0.11 SW 3 $200,000 130 Ne 40th St Ste 11 Miami, FL 33137 72310000 HAIRDRAGON SALON INC 0.11 SW 3 $140,000 130 Ne 40th St Ste 9 Miami, FL 33137 58129902 FOOD CAFE 0.11 SW 0 $0 130 Ne 40th St Ste 12 Miami, FL 33137 61620000 MUTINY MORTGAGE, LLC 0.11 NW 3 $220,000 4218 Ne 2nd Ave FL 2 Miami, FL 33137 99992222 ELGAG US LLC 0.11 NW 0 $0 4218 Ne 2nd Ave Miami, FL 33137 67999905 2700 NORTH OCEAN LLC 0.11 NW 5 $410,000 4218 Ne 2nd Ave Miami, FL 33137 73891800 SIPURE DESIGN INC. 0.11 SW 1 $57,000 135 Ne 40th St Miami, FL 33137 37950000 THE LOUIS XXI COLLECTION 0.11 SW 4 $230,000 135 Ne 40th St Miami, FL 33137 57139902 CASA CIELO INC 0.11 SW 2 $350,000 135 Ne 40th St Miami, FL 33137 73890602 CONNECT FOUR LLC 0.11 SE 2 $91,000 3886 Biscayne Blvd Miami, FL 33137 23920301 LUXURY LINENS 0.11 SW 1 $150,000 125 Ne 40th St Miami, FL 33137 30890611 CRESCENT GARDEN 0.12 NW 11 $1,300,000 10 Ne 41st St Miami, FL 33137

Data Note: Businesses are listed based on their proximity to the study area location. A maximum of 250 records can be displayed on one report. Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015.

September 01, 2015

©2015 Esri Page 13 of 16 Business Locations

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

SIC Distance From Code Business Name Franchise Site in Miles Employees Sales 73899999 DIECI DEVELOPMENT, LLC 0.12 NW 2 $85,000 10 Ne 41st St Miami, FL 33137 50230504 VARNEL INC CRESCENT TRADING GROUP LLC 0.12 NW 2 $190,000 10 Ne 41st St Miami, FL 33137 58130000 TWENTY TWO GROUP 0.12 SW 47 $960,000 3814 Ne 2nd Ave Miami, FL 33137 59440102 ROLEX BOUTIQUE 0.12 SW 7 $560,000 135 Ne 39th St Miami, FL 33137 50490104 I ON THE DISTRICT OPTICAL BOUTIQUE 0.12 SW 2 $150,000 120 Ne 40th St Miami, FL 33137 67990000 ALL CREATIVE INVESTMENTS, INC. 0.12 SE 2 $130,000 2195 University Park Blvd Miami, FL 33137 73891005 BUENO INCORPORATED 0.12 SE 90 $4,300,000 2930 Distayne Blvd Miami, FL 33137 99992222 RUSSELL KING PL 0.12 SE 0 $0 4 Seasons Twr FL 15 Miami, FL 33137 99992222 NORTH MIAMI ASSETS INC 0.12 SE 0 $0 11790 Haynes Bridge Rd Miami, FL 33137 42150000 PAULRY COURIER SERVICES, INC. 0.12 SE 1 $49,000 5600 Ne Fort Avnueapt 102 Miami, FL 33137 23319903 JAMES ROSS 0.12 SE 5 $430,000 Golden Apparel LLC Miami, FL 33137 65529901 CRESCENT HEIGHTS INC 0.12 SE 2 $250,000 2200 Des Caines Blvd Miami, FL 33137 63110000 FIRST CAPITOL PROPERTY AND CASUALTY INC 0.12 SE 10 $690,000 3510 15th Blvd Ste 200 Miami, FL 33137 99992222 ASL GOGO LLC 0.12 SE 0 $0 5140 E Camp Blvd Miami, FL 33137 65310000 MOSTELAC ENTERPRISES INC 0.12 SE 2 $140,000 407 Lincoln Rd Ste 9-A Miami, FL 33137 72310000 FACTORIA CLIP U.S.A., INC. 0.12 SE 2 $68,000 5701 Discagne Blvd Miami, FL 33137

Data Note: Businesses are listed based on their proximity to the study area location. A maximum of 250 records can be displayed on one report. Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015.

September 01, 2015

©2015 Esri Page 14 of 16 Business Locations

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

SIC Distance From Code Business Name Franchise Site in Miles Employees Sales 67190000 PEBRO HOLDING, INC. 0.12 SE 2 $88,000 3898 Biscayne Blvd Miami, FL 33137 87480000 KREON USA LLC 0.12 SE 12 $740,000 3898 Biscayne Blvd Miami, FL 33137 99992222 SOLESDI US LLC 0.12 SW 0 $0 3800 Ne 2nd Ave Miami, FL 33137 57120000 KILI WATCH INC 0.12 SW 0 $479,999 3818 Ne 2nd Ave Miami, FL 33137 89990101 ADRIANA DE MOURA GALLERY, INC. 0.12 SW 1 $56,000 114 Ne 40th St Miami, FL 33137 83220307 ORCHIDMANIA SOUTH FLORIDA INC 0.12 SE 2 $93,000 3892 Biscayne Blvd Miami, FL 33137 62110000 NORTH BAY US CAPITAL MANAGEMENT, LLC 0.12 NW 2 $110,000 176 Ne 43rd St Miami, FL 33137 67190000 SC PARENT HOLDING COMPANY LLC 0.12 NW 2 $88,000 176 Ne 43rd St Miami, FL 33137 67990000 PELICAN INVESTMENT HOLDINGS, LLC 0.12 NW 2 $110,000 176 Ne 43rd St Miami, FL 33137 99992222 BARRIO 1060 LLC 0.12 NW 0 $0 176 Ne 43rd St Miami, FL 33137 65310000 FORT CAPITAL MANAGEMENT, L.L.C. 0.12 NW 2 $150,000 176 Ne 43rd St Miami, FL 33137 99992222 COOPER AVENUE 0.13 NW 0 $0 112 Ne 41st St Miami, FL 33137 83220000 MBJCC 0.13 NE 30 $2,888,895 3950 Biscayne Blvd Miami, FL 33137 83220205 B'NAI B'RITH YOUTH ORGANIZATION 0.13 NE 2 $93,000 3950 Biscayne Blvd Miami, FL 33137 99992222 RAFAEL A HERNANDEZ 0.13 NW 0 $0 145 Ne 42nd St Miami, FL 33137 87480000 TM RILEY & COMPANY CONSULTING LLC 0.13 NW 4 $260,000 168 Ne 43rd St Miami, FL 33137

Data Note: Businesses are listed based on their proximity to the study area location. A maximum of 250 records can be displayed on one report. Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015.

September 01, 2015

©2015 Esri Page 15 of 16 Business Locations

4005 NE 2nd Ave, Miami, Florida, 33137 Prepared by Esri Rings: 0.5, 1, 1.5 mile radii Latitude: 25.81377 Longitude: -80.19107

SIC Distance From Code Business Name Franchise Site in Miles Employees Sales 57120000 PALACE FURNITURE & UPHOLSTERY INC 0.13 SW 5 $150,000 3821 Ne 1st CT Miami, FL 33137 47890100 FLAT-RATE MOVERS LLC 0.13 NW 2 $92,000 120 Ne 42nd St Miami, FL 33137 86999904 HADASSAH 0.13 NE 2 $331,573 4200 Biscayne Blvd Miami, FL 33137 86410000 HELENE & ADOLPH BERGER FAMILY 0.13 NE 3 $136,589 4FOUN200 DBiAsTcaIOynNe, IBNlvCd. Miami, FL 33137 86410000 CAROLYN ROSEN MILLER FAMILY SUPPORTING 0.13 NE 3 $14,921 4200FOUN DBiAsTcaIOyne Blvd Miami, FL 33137 86410000 THE GANZ FAMILY FOUNDATION INC 0.13 NE 3 $130,000 4200 Biscayne Blvd Miami, FL 33137 86410000 ELAINE AND PHILIP BLOOM FAMILY 0.13 NE 3 $130,000 SUPP4200 OBRTiscIaNyGn eF OBlvUNDAd TION, INC. Miami, FL 33137 82990200 CENTER FOR ADVANCEMENT OF JEWISH 0.13 NE 30 $3,090,030 4EDUCAT200 BisIOcaNyne Blvd FL 1 Miami, FL 33137 67320000 KALISH FAMILY FOUNDATION INC 0.13 NE 1 $43,772 4200 Biscayne Blvd Miami, FL 33137 89991000 ISRAEL ALIYAH CENTER 0.13 NE 3 $130,000 4200 Biscayne Blvd FL 1 Miami, FL 33137 86410000 HELENE D. ZIFF MEMORIAL FOUNDATION, INC. 0.13 NE 3 $57,529 4200 Biscayne Blvd Miami, FL 33137 86410000 THE BUDD AND NANETTE MAYER SUPPORT 0.13 NE 3 $120,000 4FOUN200 DBiAsTcaIOynNe INC Blvd Miami, FL 33137

Data Note: Businesses are listed based on their proximity to the study area location. A maximum of 250 records can be displayed on one report. Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2015.

September 01, 2015

©2015 Esri Page 16 of 16

C. Land Sales Details

BLAZEJACK & COMPANY 46

Land Sale No. 1 and 3

Property Identification Record ID 2102 Property Type Commercial Property Name Former Power Studio Address 3711 NE 2nd Ave., Miami, Miami Dade County, Florida 33137 Location Design District Tax ID 01-3219-019-0370 MSA Miami-Ft. Lauderdale Market Type Retail Land

Sale Data Grantor 3711 Design District, LLC (Lyle Chariff Group) Grantee Wharton Equities Sale Date June 10, 2015 Deed Book/Page 29651-2925 Property Rights Fee Simple Conditions of Sale Arm's Length Sale History prior sale in May, 2013 for $8MM Verification Public Record; Daily Bus. Report, Other sources: Loop Net

Sale Price $14,000,000

Land Data Zoning T6-12-O Topography Level to Street Utilities All available to site Shape rectangular Flood Info X

Land Size Information Gross Land Size 0.260 Acres or 11,336 SF Front Footage 119 ft NE 2nd Ave Actual/Planned Building SF 20,076

Indicators Sale Price/Gross Acre $53,796,754 Sale Price/Gross SF $1,235.00 Sale Price/Planned Bldg. SF $697.35

Remarks This is the June 2015 sale of the former Power Studio site. There was a prior sale in May, 2013 for $8MM or $706/SFL (Sale #3). Lyle Chariff purchased the recording studio/nightclub/gallery building and demolished the improvements. He completed the demolition and infrastructure work before the 2015 sale of the site for $14MM or $1235/SFL (Sale #1) to Wharton Equities. The site has plans for a 20,076 retail building on three levels including a rooftop space that is very visible from I-195. Rents are currently advertised at $120/SF for the ground and mezzanine spaces, $85 for the 2nd floor space. The rooftop will available for events with rates dependent on day of week, time of day etc. The area has exposure to the 100,000 cars that pass daily on I- 195 east/west bound from Miami Beach, as well as a good location on NE 2nd Ave. in the heart of the Design District. Architectural plans for the site are 90% complete and construction could begin within 60 days of lease execution, completion within 13 months.

Land Sale No. 2

Property Identification Record ID 2103 Property Type Commercial, Retail Property Name 3620 NE 2nd Ave Address 3620 NE 2nd Ave, Miami, Miami Dade County, Florida 33137 Location Design District Tax ID 01-3124-022-0030 MSA Miami-Ft. Lauderdale Market Type Business/Commercial

Sale Data Grantor 3620 Design District,LLC (Lyle Chariff & Mauricio Zapata) Grantee Harry Benitah Sale Date May 26, 2015 Deed Book/Page 29630-3798 Property Rights Leased Fee/Fee Simple Conditions of Sale non-open market Financing Cash Sale History $1.782 MM in April, 2012 Verification Public Record; Real Deal

Land Sale No. 2 (Cont.)

Sale Price $5,490,000

Land Data Zoning T6-12-O Topography Level to street Utilities All available to site Shape Rectangular Flood Info X Depth 107

Land Size Information Gross Land Size 0.142 Acres or 6,195 SF Front Footage 51 ft NE 2nd St. Actual/Planned Building SF 5,186

Indicators Sale Price/Gross Acre $38,602,809 Sale Price/Gross SF $886.20 Sale Price/Planned Bldg. SF $1,058.62

Remarks Spring 2015 sale of a site currently leased to three long time businesses of the Design District (Cypress Room Res., Bloom Miami, Shades and Sound). The Lyle Chariff Group sold the site to Harry Benitah after personally offering him the sale (non-open market). Sold for $5.49 MM or $886/SFL; triple the 2012 price of $1.782MM or $287.65/SFL. The site has good exposure to NE 2nd Ave. in the heart of the Design District as well as visibility from I-195 overpass. Mr. Benitah has no current plans for further redevelopment.

Land Sale No. 4

Property Identification Record ID 2104 Property Type Commercial, Retail Property Name Former ABC Costume Shop Address 3700-3704 NE 2nd Ave., Miami, Miami Dade County, Florida 33137 Location Design District Tax ID 01-3124-022-0100 MSA Miami-Ft. Lauderdale Market Type Retail Land

Sale Data Grantor Bisazza US Prop. Inc. Grantee 3704 NE 2nd Ave Design District LLC (Lyle Chariff Group) Sale Date May 04, 2012 Deed Book/Page 28105-981 Property Rights Leased Fee/Fee Simple Conditions of Sale Open Market Verification Public Record; Real Deal, Other sources: Loopnet

Sale Price $3,500,000

Land Data Zoning T6-12-0 Topography Level to street Utilities All available to site Shape Rectangular Flood Info X Depth 103

Land Size Information Gross Land Size 0.066 Acres or 2,875 SF Front Footage 25 ft NE 2nd Ave Actual/Planned Building SF 10,000

Indicators Sale Price/Gross Acre $53,029,565 Sale Price/Gross SF $1,217.39 Sale Price/Planned Bldg. SF $350.00

Remarks 2012 sale of the former ABC Costume Shop, an architecturally interesting building on the south edge of the Design District. Purchased and redeveloped by the Lyle Chariff Group, the building has reportedly been re- sold although the sales price is not available at this writing (9/15). The four story building was built in 1926 and sits directly under the north side of I-195, the east/west access to Miami Beach, giving visibility of the building. The site has a full renovation plan.

Land Sale No. 5

Property Identification Record ID 2101 Property Type Commercial / Residential Property Name 2nd Ave and NE 43 St. Address 220 NE 43rd Street, Miami, Miami Dade County, Florida Location Design District Tax ID 01-3219-009-0070 MSA Miami-Ft. Lauderdale Market Type Land

Sale Data Grantor SE Con.of the 7th Day Adventist Inc. Grantee 4201 NE 2nd Ave. LLC Sale Date July 18, 2014 Deed Book/Page 29245-2533 Property Rights Fee Simple Conditions of Sale Arm's Length Verification Public Record

Sale Price $12,500,000

Land Data Zoning T3-L Topography Level to Street Utilities All available to site Shape almost square Fencing yes Flood Info X

Land Size Information Gross Land Size 1.968 Acres or 85,729 SF Planned Units 82 Front Footage 181 ft NE 2nd Ave;160 ft NE 4nd Ave.;332 ft NE 43rd St.

Indicators Sale Price/Gross Acre $6,351,410 Sale Price/Gross SF $145.81 Sale Price/Planned Unit $152,439

Remarks Mid-2014 sale of 1.97 acre site formerly owned by the 7th Day Adventist Church. The 23,543 SF of improvements on the site were built in 1956 and recently demolished. This site covers an entire block and has 4 street frontages. A single tower project with 82 residential units, 70,000 SF of commercial space and 302 parking spaces is planned for the site. T-3 zoning allows mid density projects.

D. Qualifications of the Appraiser

BLAZEJACK & COMPANY 47

QUALIFICATIONS

THOMAS J. BLAZEJACK, MAI, AI-GRS, CCIM President Blazejack & Company

Academic Northwestern University, B.A., 1978

Experience Mr. Blazejack has been active as a real estate appraiser/analyst on a full time basis since 1979. During this period, his real estate experience included highest and best use analyses, market studies and evaluation of offices, hotels/motels, apartments, condominiums, warehouses, vacant land, single-family homes, shopping center, mobile home parks, recreational property and special purpose property. These assignments were conducted in eight states and Puerto Rico with extensive work throughout Florida.

Prior to joining Blazejack & Company (formerly affiliated with Slack, Slack, Roe & Blazejack), Mr. Blazejack was a Senior Appraiser with Cushman & Wakefield of Florida, a Senior Appraiser with Southeast Mortgage Company and an Appraiser with Real Estate Research Corporation. He was also a Staff Appraiser with E. Roger Budny and Associates.

Mr. Blazejack has extensive experience using a variety of software programs from Office Suites, to mapping programs to financial analysis programs including Pro- Ject plus+ and Argus.

Designations and Licenses MAI Member, Appraisal Institute, Certificate No. 7115, currently certified AI-GRS General Review Specialty CCIM Member, CCIM Institute No. 8766 Florida - Registered Florida Real Estate Broker Associate Florida - State-Certified General Real Estate Appraiser, License Number 0001015 North Carolina - Certified General Real Estate Appraiser, Certificate No. A7629