A Delaware Limited Partnership Formed Under the Federal Eb-5 Regional Center Pilot Program

CMB EXPORT INFRASTRUCTURE INVESTMENT GROUP 29, L.P.

A CALIFORNIA $500,000 EB-5 Project

A DELAWARE LIMITED PARTNERSHIP FORMED UNDER THE FEDERAL EB-5 REGIONAL CENTER PILOT PROGRAM

PROJECT OVERVIEW

Co-General Partners: CMB EXPORT, LLC (California) A Federally-Designated Regional Center

NK IMMIGRATION SERVICES, LLC (Illinois) An Illinois Limited Liability Company

Midwest Executive Offices www.cmbeb5visa.com 7819 42nd Street West, Rock Island, Illinois 61201, U.S.A. (309) 797-1550 phone (855) 852-5133 facsimile

President Patrick F. Hogan

Sr. VP Worldwide Operations Kraig A. Schwigen

VP of Company Operations Pam Ellis

VP of Project Development Ryan G. Butler

VP of Asia Market Ky W. Boyle Table of Contents

THIS DOCUMENT IS CONFIDENTIAL AND SHOULD NOT BE MADE AVAILABLE TO ANYONE OUTSIDE THE INTENDED PARTY

INTRODUCTION...... 1 OVERVIEW OF THE CMB REGIONAL CENTERS...... 3 THE GENERAL PLAN OF ALL CMB PARTNERSHIPS...... 4 CMB Partnerships Have a Consistent Structure...... 4 The Group 29 Project...... 4 Pillar #1—Attaining Lawful Permanent Residency ...... 5 PROJECT DESCRIPTION...... 5 FOLSOM...... 5 TEXAS...... 6 PINE...... 7 POTRERO...... 7 Summary of Total Project Expenditures...... 8 Economic Impact Job Creation Analysis ...... 8 Pillar #2 - Ultimate Repayment of Investor’s Capital...... 9 Market Area Analysis...... 9 Collaboration Partners...... 13 Pillar #3 – Projected Rate of Return...... 14 GROUP 29 PARTNERSHIP STRENGTHS...... 14 Safety and Security...... 15 CONCLUSION...... 15

DISCLAIMER: THIS IS NOT AN OFFER TO SELL SECURITIES OR THE SOLICITATION OF AN OFFER TO PURCHASE SECURITIES. ANY OFFER OF SECURITIES IN ANY SPONSORED INVESTMENT MAY ONLY BE MADE PURSUANT TO A WRITTEN OFFERING MEMORANDUM AND ANY SALE OF SECURITIES IN SUCH FUND SHALL BE EVIDENCED BY A SUBSCRIPTION AGREEMENT EXECUTED BY THE POTENTIAL INVESTOR. THE UNITS WILL BE OFFERED AND SOLD (i) OUTSIDE OF THE UNITED STATES IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT AND (ii) INSIDE THE UNITED STATES UNDER THE EXEMP- TION FROM REGISTRATION PROVIDED BY SECTION 4(2) OF THE SECURITIES ACT AND REGULATION D PROMULGATED THEREUNDER AND OTHER EXEMP- TIONS OF SIMILAR IMPORT PURSUANT TO THE LAWS OF THE STATES AND JURISDICTIONS WHERE THE OFFERING WILL BE MADE. NO OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY UNITS MAY BE MADE IN ANY JURISDICTION IN WHICH, OR TO ANY PERSON TO WHOM, IT IS UNLAWFUL TO MAKE SUCH AN OFFER OR SALE. INTRODUCTION The Regional Center Program for immigrant investors, commonly known as EB-5, is administered by the United States Citizenship and Immigration Services (USCIS). Today, there are over well 500 Federally-Designated Regional Centers across the United States. Up to 90% of these Regional Centers are relatively new, untested, and unproven. As an example, in 2007 there were only eleven Regional Centers and only about four or five were actually active, CMB was one of those active Regional Centers.

Federal laws require all Regional Centers to adhere to the same USCIS rules and regulations, but this does not mean that all Regional Centers are equal in quality. Actually, nothing could be further from the truth. One marketing ploy used by some Regional Centers is to claim that they are an “approved” Regional Center, insinuating that USCIS has endorsed their particular program or business model. In reality, all Regional Centers must be “approved” by USCIS to be considered a Regional Center. Approval of a Regional Center by the USCIS is by application and is not an indicator of future success.

CMB encourages all prospective investors to consider the operating experience of any Regional Center. CMB Regional Centers are one of only a select few (approximately a dozen) that have achieved permanent residence status (I-829 approvals) for their investors and CMB has accomplished this on multiple investment partnerships. In 2011, CMB was recognized as one of only six Regional Centers in the United States that has been able to achieve the success of both I-526 and I-829 petition approvals.

Patrick F. Hogan is the President, CEO, and Managing Member of CMB Regional Centers. Mr. Hogan is one of the most experienced practitioners in EB-5. Mr. Hogan has worked in the EB-5 industry since 1994. In fact, Mr. Hogan has been involved in EB-5 since the creation of the Regional Center Pilot Program. CMB Export, in California, has a legacy of nearly seventeen years of successful immigration stories and is one of the most highly respected Regional Centers in the industry today.

Currently, there are a total of six CMB affiliated regional centers including CMB Export. In addition to CMB Export is CMB Summit (Ohio), CMB Southeast (Florida and Georgia), CMB Texas (Texas), Patrick F. Hogan President/CEO CMB Pennsylvania (Pennsylvania), and CMB Illinois (Illinois) each of which with statewide geographic scope.

CMB sees proof of job creation as the single most critical component of any EB-5 client. We see the EB-5 program not as an investment program rather an immigration program that has an investment requirement. The return on investment should be the fourth or fifth most important consideration an EB-5 participant should be interested in. If the jobs are not created the penalty is removal from the U.S. In this case no Green Card is obtained and it will cost far more than the original $500,000 or $1 million investment. This is why CMB believes jobs should be the EB-5 participant’s #1 concern.

The USCIS has often publically recognized the validity and strength of job creation methods that Kraig A. Schwigen Senior Vice President- utilize a capital spending multiplier. In other words, capital investment spending directly infused into Worldwide Operations investment projects will create jobs as the money is spent. Further, USCIS officials have expressed that the best EB-5 projects in the industry utilize non-EB-5 funding as a match within their investment projects. This has always been the foundation of CMB’s business model.

Economists measure job creation by applying economic modeling tools to capital infusion data. CMB values recognized modeling programs, such as RIMS II, for job creation calculation in each CMB investment partnership. In order to increase each investor’s likelihood for success, CMB relies primarily upon indirect jobs calculated using a RIMS II Capital Spending Multiplier against construction expenditures. CMB has employed Capital Spending Multipliers in every investment and this is one of many reasons we have been able to achieve success on behalf of our investors. Our numerous I-829 approvals in

1 multiple projects are proof of USCIS acceptance of CMB’s job creation methodology. CMB has never relied upon a tenant occupancy methodology or direct jobs for the job creation needs of our investors.

Today, few Regional Centers have any track record at all, let alone a track record that is successful at all stages of the immigration process. CMB Regional Centers is an EB-5 industry leader. As an industry leader, CMB Regional Centers utilize a client-first focus combined with the experience of our senior management team, our industry knowledge, our business expertise, and our program insight to enable us to achieve the goals of our investors. This achievement has been demonstrated by:

• Over 1,500 USCIS approvals for CMB investors’ I-526 petitions • Over 230 I-829 petitions; with petitions approved across multiple partnerships • Over $7.6 billion of combined job-creating project spending for CMB investment projects Repayment to investors in multiple EB-5 investment partnerships

The focus of CMB Regional Centers is upon investors first. Accordingly, CMB realizes that investors generally have three objectives: permanent residency, ultimate repayment of investment, and some rate of return on the investment. CMB’s success record leaves little doubt that CMB Regional Center’s business model has a successful, investor-centric approach.

CMB Regional Centers carefully consider the location of all projects to ensure that the project qualifies as aTEA if the investor capital contribution is going to take place at the reduced $500,000 investment threshold. CMB will not engage in TEA manipulation to make an area “look” to qualify as this is risky for the investors. Ask each regional center to prove qualified TEA status to insure they are not manipulating data.

All CMB investments, from our very first and including this Group 29 investment, maintain a consistent structure which we believe provides maximum allowable protection for our investors while still meeting the USCIS requirement that the investment be “at risk”.

CMB investments contain:

• A loan-based investment, including an identified party responsible for repaying the partnership and a defined exit strategy, via a specified loan maturity date. Unlike an equity investment, there is nothing to sell and investors are not dependent upon “fair market value” to sell and receive a return of their investment.

• A cooperative partnership involving multiple entities, including sources of repayment pledged to repay the investment. Many CMB partnerships are strengthened by a government entity’s involvement to back our investments.

• A conservative, transparent, and reliable job creation methodology with separate analyses at the client’s I-526 and I-829 petitions. CMB has never relied upon tenant occupancy to qualify a job creation methodology.

• Financial transparency-financial records of the Partnership are available to our investors.

• Management fees that are capped and easy to calculate, that day-to-day management expenses should not dilute the return-on- investment or affect the investor’s principal.

• A qualifiedTargeted Employment Area that is calculated based on the best practices of the industry.

• Relatively low-risks because of government involvement, partnering, and/or extensive collateral in private investments.

• A clearly-defined exit strategy. After a Partnership’s loans are repaid, partners may vote to liquidate the investment. Again, CMB’s successful model features an exit strategy that does not require the investor to sell or negotiate the fair market value of his/ her return of capital. CMB investment partnerships enjoy a specified date for investment maturity. CMB Regional Centers are comprised of a highly-experienced management team with a successful EB-5 history dating back to the 1990’s.

2 OVERVIEW OF THE CMB REGIONAL CENTERS CMB Export Infrastructure Investment Group 29, L.P. (the “Partnership”) has been established in the State of Delaware and CMB Export Regional Center, LLC, a federally-designated Regional Center (“CMB”), is a co-general partner with NK Immigration Services, LLC (NK).

The CMB Export Regional Center (CMB) was authorized on August 15, 1997 and subsequently reaffirmed April 2007, June 2010, May 2012 and July 2013. The formation of CMB (an acronym for “California Military Bases” or “Closed Military Bases”), as originally constituted, was intended to assist California communities which have experienced the devastating economic effects of military base closures due to the determinations of the Federal Base Realignment and Closure Commission (“BRAC”). The CMB Export geographic scope originally outlined in its authorization included the counties of San Bernardino and Riverside in Southern California and the county of Sacramento in Northern California. The business or operational focus of the original Regional Center designation was the closed or realigned military bases and the counties in which they reside. The military bases named in our original CMB Export Regional Center are George Air Force Base, Norton Air Force Base, Mather Air Force Base, Sacramento Army Depot, McClellan Air Force Base and the realigned March Air Force Base. The CMB plan was to focus on communities that contain closed or BRAC affected military bases and helping those same communities that have experienced the economic devastation of losing the jobs and commerce the military bases formerly provided to the communities for decades. CMB decided to apply the lessons learned in the initial military base revitalization to all California communities and public and private partnerships. CMB sought and obtained the geographic scope of the entire State of California on June 10, 2010 and received an expansion of its geographic scope to include Nye County in the State of Nevada through its July 22, 2013 Regional Center amendment.

CMB Regional Centers further includes the CMB Summit, LLC, which was formed in the State of Ohio on December 12, 2008; designated by USCIS as a Regional Center covering Summit County Ohio on January 22, 2009; and amended to cover the entire state of Ohio on July 25, 2011. CMB Southeast Regional Center, LLC in Georgia and Florida. CMB Southeast Regional Center, LLC was formed in the State of Florida on September 24, 2012 and in the State of Georgia on October 12, 2012; designated by USCIS as a Regional Center covering the both the entire States of Florida and Georgia on September 16, 2013. CMB Pennsylvania Regional Center, LLC was formed on October 9, 2012 and designated as a Regional Center covering the entire State of Pennsylvania on March 20, 2014. CMB Illinois Regional Center, LLC was formed on October 30, 2012 and designated as a Regional Center in April 2014 covering the entire State of Illinois, and the CMB Texas Regional Center, LLC, which was formed on September 4, 2012 and received its USCIS designation as a regional center covering the entire state of Texas on June 4, 2014.

The State of Iowa Regional Center has contracted with CMB Regional Centers to serve as the exclusive operator of the State of Iowa Regional Center. It is the intent of both parties that CMB Regional Centers employ in Iowa its already successful business approach. The CMB Regional Centers and the State of Iowa are already vetting investments deemed critical to Iowa’s infrastructure needs and its economy. On June 21, 2013 State of Iowa Regional Center was granted an expansion of its geographic scope and industry sectors in order to allow EB-5 capital and CMB Regional Centers to achieve their maximum potential in the Iowa projects currently under consideration. In addition to this agreement with the State of Iowa, CMB has executed sponsorship agreements with regional centers allowing CMB to undertake projects in North Dakota, Tennessee, Mississippi, and Alabama.

Today, the focus of the CMB Regional Center partnerships is to assist communities and their related local government agencies throughout California, Nevada, Ohio, Florida, Georgia, Pennsylvania, Texas and Iowa, as well as other states where CMB has established sponsoring relationships, by channeling foreign national investment capital into larger infrastructure construction projects such as roads, sewers, water, electricity generation, transportation, communication upgrades, and public and private building structures. CMB combines its capital with that of the federal, regional, state and city economic development authorities and private entities. The objective is to pool a significant amount of capital for various infrastructure investments that ultimately will stimulate economic growth because infrastructure is the backbone of long-

3 term economic growth. This concept is the cornerstone of all CMB business plans and its subsequent partnerships. CMB has successfully employed this investment structure in California, Ohio, Texas, Nevada, North Dakota, Tennessee, Florida and Pennsylvania. CMB is excited to continue this successful business approach to further assist the State of California with infrastructure improvements to create American jobs.

THE GENERAL PLAN OF ALL CMB PARTNERSHIPS CMB PARTNERSHIPS HAVE A CONSISTENT STRUCTURE

Investing through a CMB Regional Center offers the potential investor an expeditious path to the EB-5 investor visa. This is because all CMB partnerships, past and future, will follow the same previously USCIS-approved structure. Since CMB’s business structure does not deviate, USCIS, when adjudicating a CMB investor’s petition, will know the project contains the same basic structure. CMB strives to have a government entity involved in the investment, as we believe the various government agencies provide for a more solid investment. We invest funds through a fixed-rate loan agreement with a government agency, private enterprise or public private partnership.

In previous partnerships CMB utilized a USCIS-approved IMPLAN capital expenditure model. In order to increase the transparency of our job creation methodology, we transitioned to a RIMS II capital expenditure model. All aspects of the analysis will remain the same except the multipliers will be provided by the Bureau of Economic Analysis.

Further, the daily expenses of the partnership are 1545 Pine Street capped so there is predictability in profit 923 Folsom Street projections and no surprise 346 Potrero Street or hidden costs. Removal of conditions for an 645 Texas Street investor’s visa depends upon proof of job creation. The RIMS II-based CMB job creation methodology provides a transparent and reliable methodology for I-526 and I-829 petition approvals. In all past and future CMB EB-5 projects an economist’s report on job creation is provided at the I-526 and I-829 condition removal stage of The four projects are located in the heart of the city of San Francisco offering immediate access to world-famous attractions such as the petition process. the Golden Gate Bridge, Fisherman’s Wharf, Alcatraz Island, museums, wineries, festivals, cultural entertainment, shopping and sightseeing. THE GROUP 29 PROJECT

The three pillars of EB-5 success are lawful permanent residency, ultimate repayment of capital investment, and rate of return on investment. CMB partnerships are structured to specifically support each pillar. Hillwood Development Company, LLC (“Hillwood”) has authorized CMB Export to raise up to $49.5 million to assist in the financing of four (4) San Francisco residential development projects. The purpose of the loan is to provide financing for project construction

4 and bridge financing if necessary. CMB has made the commitment to fund this request through its Group 29 Infrastructure Investment Partnership.

Pillar #1—Attaining Lawful Permanent Residency

In order to attain a US green card, an immigrant investor must create at least 10 qualifying jobs. CMB’s business model focuses on this requirement first while vetting each potential project. There are many potential projects that court CMB partnership funding, but not all of those projects will help the investor reach his/her goals. CMB has partnered with several very successful developers that regularly produce projects that blend well with the requirements of the EB-5 Investor Visa Program.

CMB once again has an opportunity to collaborate with top ten U.S. real estate developer, (a multibillion dollar company) Hillwood Development Company, LLC (“Hillwood”). CMB already has a track record of success working with Hillwood Development spanning twelve CMB EB-5 partnerships as well as six distinct CMB EB-5 partnerships to date where investors have already received approvals of their I-526 petitions. CMB Group VIII is the next CMB partnership to file I-829 petitions. Group VIII is built around several Hillwood projects.

PROJECT DESCRIPTION Hillwood, working in partnership with Trumark Urban will undertake the development and construction of four (4) multifamily residential buildings in high demand locations within the City of San Francisco, California.

FOLSOM STREET

Hillwood will utilize Group 29 Loan proceeds in the development and construction of a 115- unit residential complex to be located at 923 Folsom Street in the city of San Francisco, California. The project site is a .56-acre landsite situated mid-block on the south side of Folsom Street and the north side of Shipley Street, in between 5th and 6th Street within the SoMa (South of Market) District of the city.

Upon completion, the residential complex is planned to contain a unit mix of two studio apartments, seven junior one-bedroom units, 60 one-bedroom units, and 46 two-bedroom units. The average unit size is expected to be approximately 734 square feet, with a range of unit sizes from approximately 464 square feet for the studio units up to approximately 908 square feet for the two bedroom units.

Additionally, the Project is expected to contain approximately 1,800 square feet Located in the SoMa (South of Market) district of San Francisco, the Folsom project sits in one of the of retail space, a bike shop for residents, most walkable, bike-able and transit friendly locations in the city. and a level of subterranean parking with

5 approximately 87 spaces. Development and pre-construction activities for the Project have commenced. Cahill Construction has been selected as General Contractor for the project.

TEXAS STREET

Hillwood shall further utilize Loan proceeds for the development of the Texas Street Project. The Texas Street Project is located on the flats East of Potrero Hill, in the Dogpatch neighborhood of the City of San Francisco, California. Upon completion of development and construction activities, the Texas Street Project is planned to consist of a four-story structure containing 94 residences, with an average size of 880 square feet.

The planned unit mix is expected to be 32 one- bedroom units each approximately 679 square feet, 56, two bedroom units each approximately 967 square feet and 3 three-bedroom units each approximately 1,333 square feet. The Texas Street The Texas Street project will provide excellent access to public transportation. The project is only one block from Caltrain station, connecting it to all of Silicon Valley, and a few short blocks from Project is also expected to contain one level of municipal transit, connecting it to all that San Francisco has to offer. subterranean parking with 82 parking spaces.

POTRERO STREET*

Finally, Hillwood will utilize Group 29 funds for the development of the Potrero Project. The Potrero Project is to be located at 346 Potrero Avenue in the Mission District of San Francisco, California. The Potrero Project planned to feature access to a multitude of local amenities including nearby freeway access and multiple mass transit access points to the North Bay, East Bay and the peninsula. The Potrero Project is planned consist of a nine-story structure including seven-stories of residential units (featuring 76 condominium units in total) and 2 stories of residential and commercial parking.

Upon its completion, the Potrero Project is expected to feature 69,725 square feet of residential space, 2,356 square feet of commercial space, and 8,528 square The Potrero project will be located in the Potrero Hill section of San Francisco’s Mission District. feet of parking and surface space. The unit mix is Potrero Hill is known for its views of the San Francisco Bay and city skyline and its close proximity planned to consist of 42 one-bedroom residential to popular nightlife and restaurants. units and 30 two-bedroom units. Many of the units are expected to feature private balconies. There will also be several open public spaces, including a 3,623 square foot rooftop deck.

6 Top: Street level rendering of the Pine project at completion. The Pine project will combine the classic historical façade of the existing structure with new modern design elements. Bottom Right: Historic street level façade presently located at 1545 Pine Street San Francisco, California,

PINE STREET*

Hillwood is also expected to utilize Group 29 loan proceeds in the development of the Pine Project. The Pine Project is to be located on Pine Street between Van Ness Avenue and Polk Street in Nob Hill, within the City of San Francisco, California. The Pine Project site consists of five contiguous parcels totaling approximately 15,030 square feet.

As currently planned, the Pine Project is expected to consist of 13-stories of residential units consisting of 123 residential condominiums collectively totalizing approximately 146,959 square feet over subterranean parking which is planned to include 92 parking stalls. The average residential unit space is expected to total approximately 892 square feet. Furthermore, the Pine Project is expected to include approximately 3,651 square feet of retail space.

* POTRERO & PINE

It should be noted that both the Pine and Potrero projects were identified within the business plan of the CMB Infrastructure Investment Group XVIII partnership (“Group XVIII”). Under the Group XVIII business plan it was envisioned that Group XVIII loan proceeds could potentially be used in the development and construction activities of the Pine and Potrero projects, however all $65 million of the Group XVIII loan proceeds will be expended on the other projects outlined under the Group XVIII business plan. No Group XVIII loan proceeds will be utilized in the development and construction activities of the Pine and Potrero projects. Further, those remaning projects outlined within the Group XVIII business plan that have utilized the proceeds of the Group XVIII loan demonstrate the creation of more than the requisite number of jobs (at least 1,300) to support the $65 million Group XVIII loan. Group XVIII will not claim, nor be reliant upon job creation resulting from the Pine and Potrero projects.

7 Summary of Total Project Expenditures Group 29 Total Expenditures Cost Category Total Base Construction Costs $158,036,218 Lot Improvements $950,000 Office Furniture $250,000 Indirect Construction $395,000 Architectural & Engineering $4,927,047 Design / Field Consultants $7,681,095 Professional Services $600,000 Administrative $6,936,891 Marketing $5,658,250 Land & Related $31,562,293 Permits, Fees & Entitlements $11,879,696 Taxes & Insurance $4,709,086 Contingency & Inflation $8,351,482 Total Project Costs $236,937,058

Timeline:

• Development and pre-construction activities for the projects have commenced. • Construction activities are anticipated to commence 4th Quarter 2014. • Completion of construction activities is anticipated by 4th Quarter 2016.

Economic Impact Job Creation Analysis

CMB’s Director of Economic Analysis has conducted a thorough job creation and economic impact assessment of the Group 29 project to demonstrate job creation related to the construction spending for EB-5 eligibility. It should be noted that CMB has presented its economic analyses to the USCIS for EB-5 projects numerous times within I-526, I-829, and I-924 submissions. In each case, when adjudicated, the analyses have been approved. Additionally of note is the fact that CMB has never used a tenant occupancy model or been reliant upon a single direct job.

This analysis utilizes a RIMS II model. The CMB jobs analysis methodology involves:

• The analyses are based upon a capital expenditure model—not direct jobs. • The capital expenditures are based on qualifying expenditures from all stakeholders—EB-5 funds, public, and private financing sources. • It is anticipated that all CMB Regional Center investors will rely only upon indirect/induced jobs created through the project. • The economic analysis reports all direct jobs, indirect, and induced for informational purposes. • This analysis does not attempt to qualify any direct jobs for I-526 purposes; however CMB reserves the right to claim any qualifying new direct job creation at the I-829 petition if it can provide credible proof of such new job creation.

CMB recognizes that the analysis contains many direct jobs; however, CMB believes relying upon direct employment for our investor’s immigration job creation requirements increases the risk to the investor. This approach also reduces the burdensome and sometimes impossible task of obtaining I-9’s and W-2’s from employers to prove qualified direct job creation. Once the full $49.5 million for Group 29 is invested into the partnership, the number of jobs required of

8 the partnership totals 990 jobs (99 investors at $500,000 each). The Group 29 project will result in the creation of up to approximately 1,500 indirect and induced jobs alone.

As in previous partnerships, at the I-829 stage, CMB will provide an additional job creation report based upon actual spending as empirical evidence of actual job creation resulting from the capital spending. In total, this portion of the CMB Group 29 investment of up to $49.5 million will be combined with additional developer equity and bank financing of approximately $187,437,058 in project-related capital, bringing the total construction investment to approximately $236,937,058.

Pillar #2 - Ultimate Repayment of Investor’s Capital

EB-5 regulations require that an immigrant investor’s capital contribution truly be at risk. This does not mean that an investment has to be risky. CMB seeks to structure partnerships such that an investor’s capital is as safe as possible, while still ultimately being at risk. There is no guarantee that any borrower will repay the loan made by any CMB partnership; however, CMB carefully screens each investment opportunity to determine the quality of the borrower.

CMB Group 29 will loan up to $49.5 million to a wholly-owned entity of Hillwood Development Company. Under the terms of the loan agreement with CMB Group 29, it is required that the Group 29 loan proceeds be deployed in the construction and undertaking of the projects either directly or as bridge financing for previously incurred project costs of the developer. CMB Group 29 will obtain one of several permissible forms of collateral as authorized under the loan agreement at the time of release of initial loan funds, to secure the obligations of the borrower to repay the loan. Repayment of the loan depends on several factors such as the financial performance of the project, the ability of CMB Group 29 to enforce the Loan provisions and the sale of any collateral pledged to CMB Group 29 under the loan agreement. Failure of the project to perform as expected may have a negative impact on the borrower’s ability to repay the loan to CMB Group 29.

Capital invested in the project will take the form of a low-interest investment loan (6.0%), as outlined in the loan documents in the I-526 exhibits. The investment loan has a term of 6 years and is interest only with quarterly payments. The 6-year structured term of the investment is to ensure the target investment entity will be able to utilize the funds long enough to complete the construction, complete the marketing and sales and or leasing of the projects, thereby realize a return on the investment in the project thus enabling them to pay back the original investment. The loan will bear simple interest at a rate per annum equal to 6.0% payable quarterly on each January 1, April 1, July 1 and October 1, commencing as of the calendar quarter following the initial funding of the loan.

In addition to these terms, Hillwood has pledged that in the very unlikely event that there is a denial of an I-526 petition, solely due to the denial of the project and not for any other deficiencies related to an individual investor thus a total project denial and all reasonable appeals within the parameters of the immigration service have been exhausted, Hillwood will repay the full amount of the loan plus interest within 12 months of the exhaustion of all reasonable administrative remedies and appeals of a USCIS denial decision.

Project Market Suitability Analysis

PROJECT MARKET ANALYSIS

CMB Export reviewed a certain appraisal of the project prepared for Trumark by Hamilton, Ricci & Associates, Inc., (“Hamilton”) on October 29, 2013 (the “Analysis”). The Analysis provides a general market summary of the project region and potential competition for facilities similar to those contained in the project. Any statements regarding present or future expectations are speculative and market conditions may have changed since the preparation of the Analysis. CMB Export

9 believes that the Analysis is a reliable source, but in no way warrants the accuracy or completeness of the Analysis. The Partnership shall include the full Analysis as an attachment to each Investor’s I-526 Petition template to be submitted to the USCIS.

Population

Hamilton provided that the Bay Area’s population is expected to increase to approximately 7.3 million by 2010, a compounded annual increase of 0.88% from 2005. According to the Analysis, San Francisco projected population of 810,000 by 2010, should continue to grow at a compounded annual rate of 0.67%, expected to reach 837,500 by 2015. Growth in San Francisco will occur primarily in the city’s Priority Development Areas (PDAs), located in the eastern and southern portions of the city. These PDAs are expected to have 80% of the city’s population growth, comprised of high- density residential developments and thousands of new homes, stores, offices, and supporting services. The development of the Transbay Transit Center and Rincon Hill will account for approximately 10,000 new housing units and will be the highest-density projects downtown. Growth is also expected in areas adjacent to downtown, including Market-Octavia and Yerba Buena Center.

Hamilton stated that San Francisco’s growth has been constrained by high construction costs, lack of developable land and zoning constrictions. Comparing household income with housing cost, San Francisco is the second least affordable city in the country, behind New York City, New York. Although construction costs remain high, zoning changes in density and allowable uses are expected to spur population growth steadily over the next 20 years in the PDAs and along the 3rd Street Corridor (as infill/redevelopment). Furthermore, as areas around San Francisco have more constrained capacity, there will likely be a stronger push for redevelopment projects.

San Francisco Residential Market

Bay Area home sales dropped more than usual in September of 2013, compared with August but climbed slightly above the level a year before, due to more robust sales above $500,000. For the second consecutive month, the median sale price declined month-to-month, though it remained nearly 24% higher than a year earlier, as reported by DataQuick (“DQ”). According to DQ, a total of 7,141 new and resale houses and condos sold in the nine-county Bay Area last month, down 17.1% from 8,616 in August but up 3.6% from 6,890 in September last year. Sale data by county are shown in the following exhibit showing the Bay Area counties sales data for September 2013.

10 According to the Analysis, San Francisco County had a 10.1% rise in median cost in September of 2013 compared to a year earlier. However, sales velocity declined about 1% over the same period. The market’s stability is buttressed by limited new construction in the counties bordering the Bay, as land availability is the Bay Area’s most significant barrier to new housing growth. Lack of development land is most acute in Marin, San Francisco and San Mateo counties. San Francisco County, the location of the Project, is fully developed, so new single- and multi-family construction is primarily on parcels that are redeveloped. Residential rents, on the other hand, have increased dramatically from 2009 to mid-2013 time period throughout the Bay Area, particularly in desirable locations close to tech jobs. In San Francisco, this tech-driven job growth has bolstered renter demand from young professionals, especially in the city’s popular central neighborhoods.

Apartment Market Trends

According to Marcus & Millichap’s (“M&M”) most recent San Francisco Metro Area 3rd Quarter 2013 Market Report, the San Francisco apartment market will remain one of the healthiest in the country, though some of the momentum will ease in the second half of 2013, as supply and demand pressures mount. After leading the nation in the pace of hiring last year, employment gains will retreat to a robust but sustainable level in 2013, paring the number of new renters entering the market. In addition, effective rents have climbed 35% since the recessionary trough, while household income remained essentially flat, which will price some renters out of the market or push households to combine. In addition, while demand drivers are retreating from the robust gains during the past two years, supply additions will apply pressure on operations. Developers will add more units this year than they have in decades. Due to the high cost of construction, new apartments will be near the upper echelon of the quality scale, putting pressure on occupancy at existing Class A complexes. South Beach, Mission Bay, Rincon Hill and Dogpatch have the most new construction, potentially reversing some of the large rent gains realized over the past few years.

Supply Considerations – Competitive Projects & New Construction Condominium Development

According to Hamilton, no new 100+-unit residential condominium development has occurred since 2008. In terms of future supply, the Mission Bay project will provide the largest source of new housing over the next decade, as there will be approximately 5,000 new residential units built. If the Hunters Point/ Candlestick Point redevelopment area reaches its proposed total, it will provide an additional 8,500 units during the next 12 years. Additionally, Lennar’s Hilltop Community in the former Hunter’s Point Naval Yard will provide about 1,200 units over the next few years, provided demand is sufficient. Major new construction of mid- and high- rise condominium development was completed in the last business cycle, particularly in the North of Channel Redevelopment Area and in the Rincon Hill submarket of the SOMA. Aside from Mission Bay and Hunters Point/ Candlestick Point, the primary source of new housing in San Francisco is redevelopment of older industrial or other unattractive commercial sites, where sometimes the shell is retained but the site is converted to residential uses.

11 Multi-Family Development

A renaissance has occurred in the multi-family development market. Demand for well-located apartment land materialized in late 2010 and accelerated in the interim. The exhibit below is a representative summary (not necessarily exhaustive) of planned or recently commenced construction of multi-family projects in the subject’s competitive market, including SOMA, the Van Ness Corridor and the Mid-Market neighborhood.

More than 5,350 apartment/condominium units are planned in the subject’s competitive market, with over 4,200 under construction. This trend is expected to persist for some time.

Market Influences – Multi-Family Land Market

During the last two cycles (the most recent ending in late 2007) the San Francisco multi-family residential land market was dominated by condominium developers, with demand driven by (a) the favorable pricing spread between single-family and condominium units, (b) seemingly insatiable demand for new homes aided by low interest rates and loose mortgage underwriting, and (c) zoning and entitlement incentives that encouraged construction of dense in-fill re-development on previously improved parcels. Low interest rates and municipal development rules that favor dense in-fill development remain, but condominium prices have had strong appreciation and underwriting rules are much stricter now. On balance, well-positioned dense multi-family apartment construction sites are now economically feasible. The majority of the apartment development in the past year has been constructed to condominium specifications giving developers the option to lease out or sell the units.

The subject’s competitive market is the preferred office location of technology companies that compete in the search, social media and game sectors, which provide the majority of employment growth in the technology sector. Employees at these firms have a preference for urban locations, as opposed to the traditional campus-style work environments of hardware and software companies in San Mateo County and Silicon Valley. This life-style preference has caused a migration of new tech companies from traditional technology areas to San Francisco, particularly the north central and northwestern portions of the SOMA adjacent to Market Street. The migration is recent, and market participants expect it to grow significantly over the next several years. These trends have increased demand for apartment development sites in the subject’s competitive area.

After falling for several years, prices for residential development land in San Francisco have experienced remarkable appreciation since the 4th Quarter 2010. Market participants note that financing of apartment development has not changed. Only well-capitalized investors that can function with strict underwriting standards and construction loan-to-value (LTV) ratios in the 50% to 60% range can participate.

Conclusions

According to the Analysis, after falling for several years, prices for residential development land supporting multi-family construction have experienced remarkable appreciation since the 4th Quarter 2010. The dynamics controlling residential land prices changed dramatically The famous “Painted Ladies” located in the historic Alamo Square district of in late 2010. Rising demand for apartments and San Francisco, CA

12 condominiums makes well-located residential development economically feasible and provides attractive yields. The San Francisco residential land market has experience a dramatic renaissance in the interim. As discussed above, market participants do not expect these favorable trends to change in the near-term.1

Collaboration Partners

Hillwood Development, LLC

Ross Perot, Jr. serves as Chairman of The Perot Group, which manages the various Perot family interests which include real estate, oil and gas and financial investments. In addition, Mr. Perot is the Chairman of Hillwood, which he founded in 1988. Hillwood is ranked among the top ten real estate developers in the United States and is recognized for its high-profile projects and public-private ventures.

Hillwood has received awards from several prestigious real estate trade organizations. The company is best known for its large, signature projects that have made a significant impact on the community and become premier places for its residents and customers to live and conduct business. The best evidence of Hillwood’s ability to develop a tremendous business environment is that close to 90 companies from the Fortune 500, Global 500 or Forbes List of Top Private Companies have chosen to locate in Hillwood’s developments.

As a developer, owner, and property manager, Hillwood has introduced services that have added value and helped save costs for the companies and homeowners within its developments. These include Foreign Trade Zone expertise, employment and job training services, customs facilitation, advanced technology, customer group meetings to share human resources/facility management/security knowledge, livestock management, extensive landscaping and maintenance services, transportation initiatives, government relations, community Intranet, and Triple Freeport.

Hillwood’s public partners also have realized a significant return. At its founding project, AllianceTexas, Hillwood has attracted 220 companies that have created 28,000 jobs and built more than 31 million square feet since 1990. An initial public investment of approximately $100 million from the city of Fort Worth, the State of Texas, and the Federal Aviation Administration has already yielded $6.8 billion in private investment and more than $730 million in property tax revenue, including an annual total of $105 million in property taxes in 2008.

In 2000, Hillwood was named the master developer of the former Norton Air Force Base in San Bernardino, California. In less than a year, Hillwood was able to attract a 600,000 square-foot distribution center for Kohl’s Department Stores to the development, which is now known as AllianceCalifornia. This large Kohl’s development happened because CMB’s first infrastructure investment In 1988, Ross Perot, Jr. founded Hillwood based on the core values of character, involved new road construction and demolition of existing courage and integrity. Rooted in a strong entrepreneurial vision, Hillwood is dilapidated former military base warehouses. New major committed to bringing long-term value to our customers and partners through real facilities for global leading companies Mattel, Pep Boys, estate development, investments and public-private partnerships. Stater Bros., Kohler, Pactiv and Medline soon followed.

Hamilton, Ricci & Associates, Inc., Appraisal of 923 Folsom Street, San Francisco, California, A Residential Project. Page 7, October 29, 2013.

13 Pillar #3 – Projected Rate of Return

Each of the Group 29 partnership is projected to – but not guaranteed – to earn approximately 1% annual return on its investment. There is no redemption agreement that permits investors to withdraw their capital after their I-526 petition is approved. Additionally, the Borrower is strictly prohibited in the loan agreement from using any CMB Group 29 funding as reserves. All CMB Group 29 funds must be employed in the project. If the borrower fails or defaults on the loan, the investor could lose their entire investment. If the loan goes into default the collateral is subject to the terms of the loan agreement and as such the investor could lose their entire investment.

The anticipated investment return figure is only a preliminary estimate based on reasonable projected financial models and, as such, CMB makes no express or implied guarantees concerning any financial return to investors. The overall term of the Limited Partnership is for ten years or until all Partnership investments no longer remain outstanding (the investment loan carries a term of 6 years). If either of those benchmarks is achieved, then the partners can vote to liquidate the Partnership and all proceeds will be distributed according to the terms of the Limited Partnership Agreement. Furthermore, once an investor is admitted into the Partnership and obtains the I-526 approval, he or she has no right to redeem his or her interest in the Partnership nor is CMB obligated to buy them back at any time. Additionally, all funds are invested and there is no provision for any type of reserve account. The investor’s capital is fully at-risk, thus meeting EB-5 requirements. GROUP 29 PARTNERSHIP STRENGTHS

Our record of 100% success leaves little doubt that each CMB Regional Centers (CMB) investment focuses on investors first. CMB realizes that investors generally have three objectives: permanent residency, repayment of their investment, and some rate of return on the investment. Each one of our $500,000 investments have been seen as among the safest and most secure EB-5 investments being offered in a clearly identified Targeted Employment Area (TEA) and structured to meet the investor demand for a green card and repayment of the original capital above all else.

The strength of every CMB investment lies in its fundamental structure which is again utilized in our Group 29 investment. The entire concept is simple and straightforward.

• We invest in a government agency or a high quality private entity. These entities are responsible for repayment of the investment, which provides a superior level of investment safety and security while still meeting the risk requirements of the EB-5 law. Caution: Some Regional Centers may have names that make them seem like a government entity, like a state or city name (South Dakota, Alabama, Milwaukee, etc.) or the Regional Center may claim to have the “support” of government entities. We encourage you to look closely at these claims because we believe you will find that none of those government entities are responsible for paying back the investment.

• The CMB Group 29 investment is structured as a 6-year investment loan. This bridge loan structure provides a simple exit strategy. When the loan is paid back, and no other public or private sector investments remain, the partners are able to vote to liquidate the partnership and capital is returned. There is nothing to sell. The investors do not have to worry about real estate market fluctuations. Prospective EB-5 investors need to ask:What happens in an equity investment in real estate if the property is not leased or costs, such as insurance, rise? Additionally, since CMB investments take the form of a loan, there is nothing to manage day-to-day such as leasing, renting, selling, or operations like in an equity real estate-based investment.

• The combination of CMB investor capital and private domestic capital creates a huge investment pool that creates many more jobs than USCIS requires. We utilize only indirect job creation based upon the massive capital infusion within the Regional Center development area, which makes our proof of jobs creation at the I-526 petition the same as that required at the I-829 petition (removal of conditions). This simple yet powerful approach towards job creation stands out among all of our competition.

14 • Transparency within any investment is a desirable attribute and this is found within all CMB investments. Investors in CMB have a right to access the partnership records. In the case of a government entity (borrower), all records are available to the public. Thus our investors can easily verify the financial records of all parties.

• Our investment is with a top company within the United States.

• The CMB Group 29 Partnership’s project development area is located within a region of high unemployment and thus qualifies asTargeted Employment Areas (TEA), as required by the USCIS for an investment at the $500,000 level. There is no need to manipulate numbers in order to qualify as a TEA. Each CMB project region is structured such that it is very simple for a prospective investor to verify the accuracy of the unemployment figures within theTEA. SAFETY AND SECURITY

In terms of the reliability for return of original capital, this CMB partnership could be considered one of the “safest” CMB partnerships to date. Many previous CMB partnerships have had the pledge of governmental agencies or the master developer for return of the original investment. The Group 29 Partnership investment will be secured by a pledge of the Borrowers interests in the projects as well as certain cash flows generated by the operations of the facilities. Hillwood, as the borrower, is among the top developers in the nation and they have already developed similar successful projects across the United States. CONCLUSION

The structure of this CMB EB-5 investment partnership is identical to previous CMB Partnerships. The foreign national funds are combined into an investment partnership which provides critical infrastructure investment capital as bridge financing. This funding is tied to additional matching funds, which multiplies the effect on investment and job creation. CMB Regional Centers are excited and proud to make this capital investment into the State of California to create American jobs for American workers, while assisting CMB EB-5 investors with their immigration goals.

USCIS has reviewed the structure for this type of CMB partnership many times. Most importantly, this partnership structure accomplishes exactly what the EB-5 law requires. From the EB-5 investor’s perspective:

• The capital investment is at risk, • The investment will result in the creation of at least ten new jobs for each EB-5 investor, • The jobs methodology is transparent, tested, and proven, • The projects will increase regional productivity, • The enterprise is a for-profit entity,

Finally, this is a worthwhile endeavor.

California infrastructure projects need funding assistance in order to come to fruition even in the most desirable and successful communities. This project will impact people from many areas beyond the immediate project region. The economic analysis shows that the project will employ people from a variety of communities in California that need help to revitalize job creation in the current economy. CMB is committed to investments that make a difference and create new jobs.

THIS IS NOT AN OFFER TO SELL SECURITIES OR THE SOLICITATION OF AN OFFER TO PURCHASE SECURITIES. ANY OFFER OF UNITS IN ANY SPONSORED INVESTMENT MAY ONLY BE MADE PURSUANT TO A WRITTEN OFFERING MEMORANDUM AND ANY SALE OF SECURITIES IN SUCH FUND SHALL BE EVIDENCED BY A SUBSCRIPTION AGREEMENT EXECUTED BY THE POTENTIAL INVESTOR. THE UNITS WILL BE OFFERED AND SOLD (i) OUTSIDE OF THE UNITED STATES IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT AND (ii) INSIDE THE UNITED STATES UNDER THE EXEMPTION FROM REGISTRATION PROVIDED BY SECTION 4(2) OF THE SECURITIES ACT AND REGULATION D PROMULGATED THEREUNDER AND OTHER EXEMPTIONS OF SIMILAR IMPORT PURSUANT TO THE LAWS OF THE STATES AND JURISDICTIONS WHERE THE OFFERING WILL BE MADE. NO OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY UNITS MAY BE MADE IN ANY JURISDICTION IN WHICH, OR TO ANY PERSON TO WHOM, IT IS UNLAWFUL TO MAKE SUCH AN OF- FER OR SALE.

15 SUCCESS DEFINED

The true measurement of success is clearly defined in the mind of nearly every prospective EB-5 investor and their family. Achieving permanent residency and a return of their investment is the benchmark by which an EB-5 investor judges a regional center and its EB-5 investment opportunities. CMB is among a very select group of regional centers that have achieved I-829 approvals and return of capital to investors in multiple partnerships.

Return of Capital Group A (2.25 years early) Group B (early) Group I (early) Partnership Approvals Group A Group B Group I Group II Group III Group IV Group V Group VI-A Group VI-B Group VI-C Group VII Group VIII I-829 Approvals Group IX Group A Group X Group B Group XI Group I Group XII Group II Group XIII Group III Group XIV Group IV Group XV Group V Group XVIII Group VI-A Group 20 Group VI-B Group 21 Group VI-C Group 22 Group 24 Group 25

CMB REGIONAL CENTERS CMB Export, LLC Summit, LLC Southeast Regional Center, LLC Pennsylvania Regional Center, LLC Illinois Regional Center, LLC Texas Regional Center, LLC Operator of the Iowa Regional Center, LLC www.cmbeb5visa.com