GICC Bldg. 2 BOV by Portfolio

GEORGIA INTERNATIONAL COMMERCE CENTRE

BLDG. 2

VALUE MAXIMIZATION PROPOSAL NOVEMBER 2025

Disclaimer

Pursuant to a request by GICC Building I LLC Jones Lang LaSalle Americas, Inc. or Jones Lang LaSalle Americas (Illinois), LP for property in Illinois (“JLL”) has prepared this Broker’s Opinion of Value (“BOV”) dated as of November 2025 for the estimated sale or transaction value for the fee simple, leasehold, partial interest, debt security or other interest addressed in this BOV for the property(ies) identified as Georgia International Commerce Center Building 2 in Savannah, Georgia (the “Property(ies)”).

This BOV was prepared pursuant to a potential engagement of JLL by Recipient to arrange a sale or capitalization of the interest in the Property identified in this BOV. This BOV was prepared under the direction of the following JLL capital markets advisors that are licensed in the state(s) where the Property(ies) is located – Britton Burdette, Jim Freeman, Dennis Mitchell, and Maggie Dominguez . The use of and reliance on this BOV is limited to the Recipient that requested this BOV.

This BOV is not a certified appraisal of the market value of the property, or an appraisal that conforms to the Uniform Standards of Professional Appraisal Practice (USPAP) which require valuers to act as unbiased, disinterested third parties with impartiality, objectivity and independence and without accommodation of personal interest, or any applicable appraisal regulations. This BOV may not be used in lieu of an appraisal. If an appraisal is desired, the services of a licensed appraiser must be obtained. This BOV was prepared by a licensed real estate broker. This BOV is not intended to be used for any legal purpose including approval of a mortgage loan, modification of a mortgage loan, ownership or partnership dispute resolution, divorce/property separation, estate settlement, bankruptcy proceedings or any other purpose where real estate value is needed. This BOV is to be used solely for purposes allowed by state and federal law. If the BOV is to be used for any purpose not specifically allowed by state and federal law, legal counsel should be consulted. This BOV was prepared pursuant to a potential engagement of JLL by Recipient to arrange a sale or capitalization of the interest in the Property identified in this BOV, and is not intended for subsequent use. The use of this BOV is limited to Recipient.

This BOV is based upon JLL’s preliminary review of the Property based on information provided by the Recipient that may have included the Property’s existing use, leases, current zoning and other restrictions in place, financing and ownership entity encumbrances and the structure of the interest in the Property that is the subject of this BOV. The data, documentation, and assumptions derived from information supplied by Recipient, published information, information prepared by JLL in the regular course of its business, and information from other industry sources will not be independently verified by JLL for purposes of this BOV. JLL will not be responsible for the accuracy of such data and information, and for any assumptions derived therefrom. JLL has incorporated in the preparation of the BOV, as applicable, the surrounding neighborhood of the Property, current economic and real estate market conditions, and sales of other comparable properties or interests in property.

This BOV is subject to change due to changes in the local and national real property markets, changes in the credit and money markets, changes in the laws and regulations impacting the property or interests in the Property and lawful uses

thereof, and changes in any other facts regarding the Property or interests in the Property. JLL has not made a survey or analysis of the property to determine whether it complies with any law, including the Americans with Disabilities Act, Stark law or any anti-kickback laws, or evaluation of minerals or subsurface rights and accordingly this BOV renders no opinion regarding any such compliance or rights. Recipient shall not use this BOV or any information provided by JLL pursuant to this BOV in connection with any public documents. Further, JLL shall not be referred to in any public documents without JLL’s prior written consent, which may be given in its sole discretion.

It is further noted that the outbreak of the COVID-19 virus (novel coronavirus) since the end of January 2020 has resulted in market uncertainty and volatility. While the economic impact of a contagion disease generally arises from the uncertainty and loss of consumer confidence, its impact on real estate values is unknown at this stage. Given the prevailing domestic and global uncertainty arising from the Coronavirus, we recommend that the intended users of this report regularly seek JLL’s guidance.

Any reference in the report to a specific marketing time period is for illustrative purposes only and does not obligate JLL to sell or capitalize the Property or within the stated timeframe or act as a representation or guarantee that the Property will be sold within such timeframe.

JLL expressly disclaims any liability to any party for any reliance on this BOV for any purpose unless otherwise provided in a separate written agreement between such party and JLL. Unless otherwise provided in a separate written agreement with Recipient regarding this BOV, JLL shall not be liable for any special, indirect, incidental, consequential, punitive or exemplary damages in connection with this BOV, including, but not limited to, lost revenue or profits, even if a party has knowledge of the possibility of such damages. Recipient shall reimburse JLL for any legal fees or costs incurred by JLL as a result of any legal actions or subpoenas that result from this BOV and to which JLL is not a party. JLL certifies that it is covered by E&O insurance, to the extent required by state law. In no event shall JLL’s liability to Recipient hereunder exceed the fee paid, if any, to JLL pursuant to this BOV.

Meet The Team

JLL Industrial Capital Markets Team - Atlanta

$23.5B of

$3.1B

DENNIS MITCHELL

DOMINGUEZ

Individual Roles & Responsibilities

The JLL project execution team will collaborate and leverage our best individual resources to optimize results.

TEAM LEADER, SJP & MANULIFE EXECUTIVE TEAM POINT OF CONTACT

Drive overall project goals and objectives

Interaction with Client’s executive team

PROJECT TEAM POINTS OF CONTACT

Day-to-day interactions

Manage process, tracking, reporting, team calls

PROJECT KICK-OFF MEETING

Conduct in-person meeting with overall project team

Create project timeline, key critical dates, message to capital markets why selling

VALUATIONS

Finalize cash flows, financials for buyers

Ongoing updates to cash flows, financials for buyers, for consistency

Marketing leasing assumptions

Britton Burdette

Jim Freeman

PROJECT ORGANIZATION, OM PRODUCTION, DOCUMENT-CENTER PREPARATION

Collaborate with the Client, collect and organize individual building data

Produce Executive Summary, Offering Memorandum

MARKETING THE PROJECT

Britton Burdette

Jim Freeman

Ben Fuller

Britton Burdette

Jim Freeman

Ben Fuller

Paige Marlow

Organize and implement JLL calling efforts to buyers, road shows of face-to-face meetings

Negotiations with buyers

PROPERTY TOURS

Guide market and property tours with buyers

DUE DILIGENCE COORDINATION

Britton Burdette

Jim Freeman

Stephen Ezelle

Ben Fuller

Organize all due diligence material with awarded buyer

Communicate with awarded buyer’s due diligence coordinator

Ben Fuller

Paige Marlow

Britton Burdette

Jim Freeman

Britton Burdette

Jim Freeman

Stephen Ezelle

Paige Marlow

Ben Fuller

Jll Pricing Track Record

COMING SOON

Valuation & Recommendations

Deal Highlights

Proximity to Hyundai’s Metaplant

Strong Savannah market fundamentals

• Hyundai Motor Group’s $5.5B electric vehicle manufacturing plant

• New tenant driver separate from the Port

• Multiple suppliers and users needed to service the plant, driving tenant demand

• Leads the nation in net absorption as a % of inventory (4.4%)

• August TEU volume up 9% YoY, third-highest month for container volume in history

Low basis & high yield

• Competitive, low basis for multitenant product

• Positive leverage day one

Port of Savannah

Master planned industrial park

Attractive multi-tenant profile

• State-of-the-art construction

• One of Savannah’s newest industrial parks

• 7M SF of Class A distribution and warehouse space at build-out

• 491,875 SF average suite size – rising tenant demand for suite sizes ~500k or less

• YTD leasing activity reached

9.0 million SF, with new leases accounting for 96.3% of the total

• Garden City Terminal: single largest and fastest-growing container terminal in America

• Most westerly port on the Atlantic seaboard – direct access to 80% of U.S. population via two-day drive

• $2.5B expansion plan is nearing completion to accommodate the Port’s projection to double TEU throughput to 8M by 2030

Strategic location

• Direct access to Interstate 16 and highways 80 and 280

• Hyundai Micro Market is one of the fastest growing industrial hubs in Savannah

» 4.5M SF of net absorption over past 12 months

• Wave of recent leases signed nearby, with limited units for lease

Future Upside

• Ability to create additional upside by splitting an exiting unit

• Strong leasing momentum for suites sized between 100k – 250k with seven occupancies totaling 1.2M SF

Maximizing liquidity in the Marketplace

WHAT WORKS WHAT'S MORE CHALLENGING

VALUE-ADD/CORE - PLUS DEALS WITH A MARK-TOMARKET ANGLE

MULTI-TENANT PRODUCT

LARGER PORTFOLIO TRANSACTIONS

CONTRACTUAL RENT BUMPS UNDER 2.5%

ASSETS WITH EAST ASIAN TENANTS AND US GOVERNMENT TENANTS

MARKETS WITH LACK OF LEASING MOMENTUM

SMALLER ASSET SIZES (SUB 500K SF), ESPECIALLY ON SINGLE EXECUTIONS

HIGH - GROWTH MARKETS WITH RESILIENT DEMAND DRIVERS - ESPECIALLY SUNBELT MARKETS

FOCUS ON TERM AND CREDIT

IMMEDIATE VACANCY WITH SOFTENING LEASE - UP PROJECTIONS

PRICING VACANCY/ INTEREST CARRY “SOFT MARKETS” THAT ARE OVERSUPPLIED

WHAT WORKS WHAT'S MORE CHALLENGING

FOCUS ON TERM AND CREDIT

ASSETS WITH EAST ASIAN TENANTS AND US GOVERNMENT TENANTS

ü The building is 100% leased to two tenants who boast a strong WALT of 9+ years

ü CFS Brands, who attributes 50% of in-place rents, is a large U.S. based manufacturer of kitchenware and foodservice supplies

§ Sino Investments, who attributes 50% of in-place rents, is a Chinesebased 3PL that distributes major global brand products including Coca Cola, Pepsi, etc.

§ Given the current U.S. & China trade relations, Chinese-based 3PL’s have experienced a deterioration in market-perceived creditworthiness

ü Strong weighted average rent escalations of ~3.63%

Hyundai Micro Market – A Burgeoning Industrial Hub

“Asian 3PLs face declining volume production due to tariff impacts”

•

“What if Sino Investments were to leave”

• China’s exports have significantly increased to Southeast Asia, Africa, Latin

• ~55% to ~45%, putting China’s tariff rate closer to those of other trading

• transforming into one of Savannah’s premier logistical locations

• Strong performance from Savannah’s long

Valuation

Replacement cost analysis

Market Leasing Assumptions

Investment Advisory Case Studies

Commentary

• Class A rear-load distribution facility 79% leased to GFA, Ecoplastic, & Veyer with 4.8 years WALT and 4% bumps (9% below mkt. rents).

• 36’ clear height, 185’ truck court, 92 dock-high doors, 2 drive-in doors, built 2023.

• The building’s partial vacancy and its distance to the Port of Savannah provided some pause among Investors. The JLL team overcame these hesitations by selling the location in relation to Hyundai’s metaplant and the building’s ability to service the plant with its ideal suite sizes, resulting in JLL successfully sourcing an international buyer.

Commentary

• Class A distribution center 100% leased to NFI with 7.4 years of term remaining, an in-place rent of $5.73 (6.8% below mkt), and 3.50% annual escalations.

• 40’ clear height, 190’ truck court, 50’ x 54’ column spacing, cross-dock configuration, 224 auto spaces and 270 trailer spaces, built 2022.

• The building’s distance to the Port of Savannah and its large size were two challenges presented while marketing this deal. To combat these challenges, the JLL team educated buyers on the limited competing supply within proximity to the Port of Savannah, highlighted the tenant’s long-term lease, and emphasized the building’s strategic location and superior access.

Commentary

• Class A cross-dock distribution center 100% leased to 3 Tier 1 Hyundai suppliers with 8.9 years WALT.

• The distance to the Port of Savannah, in combination interior layout, raised some concerns among potential investors. Anticipating these concerns, JLL formulated a strong narrative around the neighboring Hyundai plant, and its formidable place as a market driver within the Savannah MSA.

Commentary

• Class A cross-dock distribution center fully leased with a 9.3-years of term remaining, backed by a lease guarantee from Clark Associates, Inc., a $3B company.

• Overcoming market concerns regarding tenancy credit, JLL educated buyers on the tenant’s strategic location, its leading position as the largest online wholesale restaurant supplier, and the strong backing of its parent company, Clark Associates.

I-16 Logistics Center

Interstate West - Bldg. A

Old Augusta Commerce Center - Bldg. 2

Interstate West - Bldg.C

Sale Comparables - Savannah (2024 - 2025 YTD)

Savannah Industrial Lease Comps

Financing Guidance For the Asset

Asset Risks and Mitigants

• $7.6 billion EV manufacturing facility in Bryan County & second largest economic development project in Georgia history

• The 3,000-acre “Metaplant America” is adjacent to I-16 with 17 million square feet contained within an electric vehicle assembly plant and an electric vehicle battery plant

» 30 GWh Assembly facility comes online in January 2025 & will be Hyundai’s first exclusively electric vehicle plant in the U.S. with the capacity to manufacture 300,000 vehicles per year

» The site will employ 8,500 people with an average salary of $58,105

• Multiple Tier One suppliers (see table below) have announced plans for production plants to support Metaplant operations

» Investment figures nearing $2B

» Over 5,000 new jobs

» New suppliers will further expand tenant demand in Savannah

• Approximately another $1 billion is anticipated to be invested by non-affiliated Hyundai Motor Group suppliers in connection with the Project in other locations

• All cars will be shipped out via the Port of Brunswick

KEY TAKEAWAY

Hyundai is emblematic of major global and national corporations now recognizing Savannah as a mission-critical operating location, propelling Savannah’s status as one of the major commercial hubs of the Southeast.

Recently Announced Production Plant Suppliers

From 2021-Q1 2025, JLL Sourced Global Capital Representing ~$18 Billion of investment to the US.

JLL BROKERED 2021 - Q1 2025 CROSS-BORDER VOLUME (map to the right)

~$17.0 Billion awarded

• AM: ~$3.5 billion

• EMEA: ~$3.4 Billion

• APAC: ~$2.2 Billion

• Global: ~$8.9 Billion

Jll BROKERED Q1 2025 PAST 12 MONTHS CROSS-BORDER VOLUME

~$2.0 Billion awarded

• AM: ~$376 Million

• EMEA: ~$570 Million

• APAC: ~$294 Million

• Global: ~$806 Million

Source: Jll Research

Savannah

• Savannah reaffirmed its position as a national absorption leader for the second consecutive quarter, with robust demand drive n by new deals (which account for 96.3% of YTD leasing volumes) and an increase in bulk leasing activity from large -scale users.

• A significant slowdown in speculative deliveries drove vacancy down 110 basis points from last quarter. Looking ahead, the construction pipeline is constrained, with only 3.8 million s.f. of available speculative space and very few options for user s seeking over 500,000 s.f.

• The market’s long-term trajectory is anchored by the Port of Savannah, which recorded its third-highest month for container volume in history in August. A healthy tenant pipeline with 16.5 million s.f. of active requirements provides a clear path to absorb ing existing vacancy and ensuring future stability.

Savannah’s industrial market continued its momentum, leading the nation in year-to-date absorption as a percentage of inventory for the second consecutive quarter. The market posted 2.6 million s.f. of quarterly net absorption, driven by four large -block occupancies and a surge in mid-sized deals. Strong leasing continued with 9.0 million s.f. signed so far this year, with an impressive 96.3% of that act ivity being new deals. Notably, leasing activity for bulk facilities over 500,000 s.f. is up compared to last year, signaling healthy demand from large-scale users.

This robust activity, combined with a significant slowdown in quarterly speculative completions, drove the vacancy rate down 110 basis points quarter-over-quarter. However, vacancy remains elevated compared to historical averages, a direct consequence of the 7.0 million s.f. of new speculative space delivered year-to-date. Critically, future supply is limited, and only 3.8 million s.f. of Savannah's under-construction pipeline is speculative space available for lease, with few options for large users. Only three of these available buildings are bulk fac ilities (ranging from 500,000 to 800,000 s.f.), while the remaining spaces are all under 282,000 s.f.

O Outlook

Savannah’s momentum is poised to continue, underpinned by powerful fundamental drivers. A strong tenant pipeline with 16.5 mi llion s.f. of active requirements, including four deals over 1.0 million s.f., is poised to absorb existing vacancy. Long -term demand is anchored by the Port of Savannah, which recorded its third-highest month for container volume in history in August and is undergoing a $4.5 billion expa nsion. New efficiencies, like a "lay berth" process saving vessels up to 15 hours, will further enhance the port's competitiveness. The combination of moderating supply and powerful, port-driven demand positions the market for both near-term stabilization and sustained long-term growth.

Historical supply and demand trends

Marketing Your Asset

Strategy And Process

Monitor Capital Marks, Port of Savannah updates, and FED Meetings

JLL will continue open communications with Port of Savannah officials, monitor banking and financial economic readings and announcements, and track active buyers across the country

• Monitor market reactions from latest FOMC meeting through investor conversations and bidding activity

• Track investor sentiment and expectations leading into the next FOMC meetings on May 6th & 7th

• Leverage JLL’s relationships with Port officials and our market leading data points

Begin marketing preparation right away, while monitoring tariffs and market conditions

• Prepare Teaser and marketing documents

• Fine-tune underwriting with ownership, including lease review and operating expense audit

• Take professional ground photos and aerial photos of the site and market

• Provide select, active buyers with an overview of the deal to start building awareness

Utilize JLL financing team and live data points

JLL will utilize its internal financing team to ensure investors have all the resources and information to pursue the transaction aggressively

• Financing team will preview the opportunity with the most aggressive lenders, produce soft quotes, and nail down financing options prior to launching

• JLL will keep investors informed about current, relevant data points to ensure pricing comfortability

Leverage our national platform

Harness the power of JLL’s national industrial team and debt platforms that identify the most aggressive capital on a daily basis

• Include national leadership team in marketing efforts

• Work in conjunction with regional teams to identify aggressive capital playing in the space, and utilize JLL’s real-time 1031 tracking database