Bov ontario airport tower

Broker Opinion of Value Prepared for:

ONTARIO AIRPORT TOWERS 2855 E. GUASTI ROAD ONTARIO, CA 91764 Ryan Madson RREEF AMERICA REIT III February 7, 2011 PREPARED BY: Fred Cordova Sr. Vice President Direct +1 213 532 3281 Fred.cordova@colliers.com

www.colliers.com

Dave Mudge Senior Vice President Direct +1 951 276 3677 dmudge@lee-associates.com

Colliers International Lee & Associates 865 S. Figueroa St. Ste 3500 3240 Mission Inn Avenue Los Angeles, CA 90017 Riverside, CA 92507

Ryan Eddy Associate Direct +1 213 532 3269 Ryan.eddy@colliers.com Colliers International 865 S. Figueroa St. Ste 3500 Los Angeles, CA 90017

BROKER OPINION OF VALUE Ontario Airport Tower, 2855 E. Guasti Road, Ontario, CA

PROPERTY OVERVIEW

EXECUTIVE SUMMARY The Ontario Airport Towers is a class “A” silver LEED certified suburban office property located in the Ontario submarket of the Inland Empire on the S.E. side of the I-10 Freeway and Archibald Ave intersection. Built in 2008, this 6 story steel frame building totals approximately 157,942 square feet (SF), with 7 office suites ranging from 1,931 SF to 62,596 SF in size and 2 retail suites totalling 10,210 SF. The building is a very attriactive featuring stone inlays and frontage on the Interstate 10 Freeway with a daily traffic count of 491,000 cars.

This asset caters to tenants who require class “A” office space with execellent access to Ontario International Airport, the greater Inland Empire and San Gabriel Valley fwy networks.

PROPERTY HIGHLIGHTS

Value Abstract: Target buyer would be an opportunistic yield buyer given the property’s 22% vacancy and weak submarket fundamentals.

Strengths • Class “A” office building •

Unparallel visibility on the I- 10 Freeway

•

Efficient floor plate sizes Parking Ratio 5.0 per 1,000 SF

•

Challenges • Current Ontario vacancy rate of 28.6%

Outlook for value appreciation 1: Strong 2: Positive 3: Neutral 4: Weak 5: Poor

3.2

Product Type

Office

RBA Office Land Area Excess Land Occupancy Year Built Stories FAR / Parking Construction

157,942 Gross SF 369,388 / 8.48 Ac 721,789 / 16.57 Ac 78.3% 2008 6 52% / 5:1 SF SP Specific Plan, land use Office Commercial 0210-192-13 to 24 7 – 21,104 SF average 2 – 5,105 SF average

•

Submarket unemployment rate of 14.3%

Zoning

• •

Secondary office submarket Weak business environment

APN Office Suites Retail Suites

Value Methods and Opinion VALUE OPINION

Colliers Investment Rating

Conservative

Probable

Optimistic

Direct CAP – Value Analysis $15,630,000 $16,890,000 $18,280,000 Replacement Cost – Value Analysis $49,820,000 $49,820,000 $49,820,000 Market Comparable Analysis $20,050,000 $17,380, 000 $20,340, 000 Land Value $2,740,000 $3,030,000 $3,245,000 Opinion of Value $18,370,000 $19,920,000 $21,525,000 Per Square Foot $116.31 $126.12 $136.28 Explanation of Opinion of Value: It is our opinion that the subject property would conservatively trade in the range of $18.4MM to $21.5MM based upon our CAP rate / return on cost analysis of 12.72% to 14.88% underwriting (not including the value of the land) stabilized at projected 2016 market rents of $2.26 per foot Gross.

Disclaimer: THIS IS NOT AN APPRAISAL This Real Estate Broker’s Opinion of Value is intended for the sole and exclusive use of RREEF AMERICA REIT III (“the Client”) and may not be relied upon any person or entity other than the Client for any purpose whatsoever. This Real Estate Broker’s Opinion of Value represents only the opinion of Colliers International as to the value of the Subject Property, subject to the assumptions and qualifications set forth herein. Colliers International is not licensed to perform real property appraisals. Accordingly, this Real Estate Broker’s Opinion of Value does not constitute an appraisal of the Subject Property and has not been prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The Real Estate Broker’s Opinion of Value set forth herein is specifically qualified by, and based solely upon, the relevant facts, circumstances, and market conditions that exist as of the date of this Real Estate Broker’s Opinion of Value, and we undertake no obligation to update, modify, or supplement this Real Estate Broker’s Opinion of Value to the extent that such facts, circumstances or market conditions subsequently change.

P. 2

FRED CORDOVA | COLLIERS INTERNATIONAL | TEL +1 213 532 3281 | EMAIL FRED.CORDOVA@colliers.com

BROKER OPINION OF VALUE Ontario Airport Tower, 2855 E. Guasti Road, Ontario, CA

COLLIERS INVESTMENT RATING The Ontario Airport Towers is considered in the Ontario office submarket a new, class “A” surburban office building in a secondray office market with exceptional access to major freeway networks and visibility on the Interstate 10 Freeway. The average in place rents for the property are below market, the value of the vacant land has decreased significantly from the market height, the vacancy in the submarket is high at 28.6% and remaining vacant suites are in cold shell condition. Given these facts, our overall investment rating is “Neutral,” as over the next three to five years we don’t anticipate near term rent growth.

LOCATION SUMMARY Ontario Airport Towers is located in the center of the Ontario office submarket and has great accessibility to the 10 and 15 freeways. The subject property is located in one of the stronger areas of the Inland Empire with good livability, solid amenities for employees, good access to labor, transportation and housing for all employment classes. Visibility is excellent.

2

Livability (quality of life for tenants or users)

2

Transportation (easy access to freeways and public transit)

3

Amenities (dining, entertainment, cultural, sports)

1

Visibility (quality and identity)

2

Labor Pool (education, abundance)

2

Housing (availability for workers and executives)

2.0

Location Rating (average score) Location Analysis Rating: 1 (Outstanding) 2 (Good) 3 (Fair) 4 (Subpar) 5 (Poor)

SUBMARKET SUMMARY The position in the submarket is good, but the business environment is very weak. The small size of the submarket, the low barriers to entry, combined with the high submarket vacancy, and weak demand drivers, present high potential future NOI risk for the property. Office demand in the submarket is derived directly from the success of the single family home construction industry.

At the close of Q4 2010, the Ontario office submarket was experiencing an overall vacancy rate of 28.6%.

4

Size of Submarket (established vs. new or small)

4

Business Environment (supportive, cost effective)

3

Position in Submarket (quality of building vs. competition)

5

Absorption/Vacancy ( vacancy rate vs norm)

5

Barriers to Entry (high BTE’s support value)

5

Demand Drivers (strength and diversity)

4.3

Submarket Rating (average score) Submarket Dynamics Rating: 1 (Outstanding) 2 (Good) 3 (Fair) 4 (Subpar) 5 (Poor)

INVESTMENT SUMMARY The current in place rents are below market due to leases structured in the last eighteen months with low initial rents. Demand for office space in the submarket is directly correlated to the strength of the housing market. We don’t anticipate a significant recovery in rents for the next four to five years. The weak economic fundamentals in the Inland Empire will cause an investor’s yield profile to be higher than other newly constructed office buildings in core markets.

2

Current NOI (relative to Market, below is good)

3

Cap Ex Needs (little vs. substantial deferred maintenance)

4

Stabilized NOI (sustainable vs unstable)

2

Expenses (relative to benchmarks for similar properties)

4

Tenant Mix/Profile (minimal roll and strong tenants)

4

Yield Profile (sustainability of future income and returns)

3.2

Investment Rating (average score) Investment Profile Rating: 1 (Outstanding) 2 (Good) 3 (Fair) 4 (Subpar) 5 (Poor)

COLLIERS INVESTMENT RATING (Combined Average Score)

3.2

Methodology: The rating system uses the following criteria to evaluate each component of the property: 1 (Outstanding), 2 (Good), 3 (Fair), 4 (Subpar), 5 (Poor). The BOV ratings are based on the broker’s knowledge and understanding of that component as it relates to the competitive product in the market. These ratings are then translated into and average score for each section and an overall score to “grade” the property in terms of the outlook for its investment profile with minimal additional investment. The grading scale is based : 1 - “STRONG” (highly likely to increase), 2 -“POSITIVE” (likely to maintain / improve marginally), 3 – “NEUTRAL” (should maintain value if key components are not compromised, 4 – “WEAK” (likely to sustain value deterioration, 5 “POOR” (continued value deterioration is certain).

P. 3

FRED CORDOVA | COLLIERS INTERNATIONAL | TEL +1 213 532 3281 | EMAIL FRED.CORDOVA@colliers.com

BROKER OPINION OF VALUE Ontario Airport Tower, 2855 E. Guasti Road, Ontario, CA

INCOME APPROACH TO VALUE The Income Approach to Value is based on the present value of future benefits of ownership. Future benefits are the net operating income an informed investor can assume the property will produce over its remaining economic life. This approach converts anticipated benefits (dollar income or amenities) which will be derived from the ownership of the property into a value estimate. The income approach is typically applied in appraising income-producing properties. Anticipated future-cash inflow or outflows are discounted to a present work figure using capitalization rate based upon reliable market indicators and comparable properties.

GENERAL COMMENTS The Ontario Airport Towers is a new, class “A,� 157,942 SF 6 story multi-tenant office building, with a separate retail building that has a good position in the submarket. As a new property, it is efficient with expenses in line with market. The asset is currently 78% occupied.

STABILIZED PROFORMA Amount Gross Scheduled Income

%

$4,279,298

100%

2016

$/unit

$/SF

$4,279,298

$27.09

CURRENT / ACTUAL Amount

%

$2,550,417

100%

$/unit

$/SF

$2,550,417

$16.15

- Vacancy

$427,930

10%

$427,930

$2.71

$553,466

22%

$553,466

$3.50

Effective Rental Income

$3,851,369

90%

$3,851,369

$24.38

$1,996,951

78%

$1,996,951

$12.64

Other Income & Concessions

$45,310

1%

$45,310

$0.29

$45,310

1.8%

$45,310

$0.29

Gross Operating Income

$3,896,679

100.0%

$3,896,679

$24.67

$2,042,261

100.0%

$2,042,261

$12.93

Operating Expenses

$1,539,299

39.5%

$1,539,299

$9.75

$1,399,363

68.5%

$1,399,363

$8.86

Asset Mgmt & Reserves

$31,588

0.8%

$31,588

$0.20

$31,588

1.5%

$31,588

$0.20

Total Expenses + Reserves

$1,570,888

40.3%

$1,570,888

$9.95

$1,430,951

70.1%

$1,430,951

$9.06

Net Operating Income

$2,325,791

$2,325,791

$14.73

$611,310

$611,310

$3.87

Low Cap

$30,010,205

100% CAP RT 7.75%

$30,010,205

$190.01

$19,103,428

100% CAP RT 3.20%

$19,103,428

$120.95

Average CAP

$28,625,118

8.13%

$28,625,118

$181.24

$17,099,571

3.58%

$17,099,571

$108.26

Pricing Matrix

High CAP

$27,362,245

8.50%

$27,362,245

$173.24

$15,476,194

3.95%

$15,476,194

$97.99

Average Market Value

$28,625,118

8.13%

$28,625,118

$181.24

$17,099,571

3.58%

$17,099,571

$108.26

TI / Leasing / Hold Costs

$3,680,049

$3,680,049

$23.30

$0

$0.00

Entrepreneurial Profit (15% on equity)

$8,050,815

$8,050,815

$50.97

$0

$0.00

Total Repositioning Costs & Profit

$11,730,863

$11,730,863

$74.27

$0

$0.00

Low Cap

$18,280,000

12.72%

$18,280,000

$115.74

$19,100,000

3.20%

$19,100,000

$120.93

Average CAP

$16,890,000

13.77%

$16,890,000

$106.94

$17,100,000

3.57%

$17,100,000

$108.27

High CAP

$15,630,000

14.88%

$15,630,000

$98.96

$15,480,000

3.95%

$15,480,000

$98.01

Office / Retail Adjusted Market Value

$16,890,000

13.77%

$16,890,000

$106.94

$17,100,000

3.57%

$17,100,000

$108.27

Excess Land Value

$3,030,000

$3,030,000

$4.20

$3,030,000

$3,030,000

$4.20

Total Project Market Value

$19,920,000

$19,920,000

$126.12

$20,130,000

$20,130,000

$127.45

NOTES The property came to market in a very challenging period after the housing crash in the Inland Empire. Hence, contract rents were established at a time when the market was deteriorating rapidly. The submarket fundamentals have started to improve with the vacancy rate declining from 32.6% in Q3 to 28.6% in Q4 of 2010. However, we believe the current vacancy of 28.6% will decrease slowly over the next few years and rent growth will be minimal. We anticipate a strong recovery by 2016 with an increase of 30% above current rent levels to $2.22 PSF. From 2001 to 2008 the average sales price of land was $10 per foot.

In 2009 and 2010 the average sales price of land was $3.80 per foot. We allocated a 10% increase above the 2009 to 2010 average price given the freeway frontage.

P. 4

FRED CORDOVA | COLLIERS INTERNATIONAL | TEL +1 213 532 3281 | EMAIL FRED.CORDOVA@colliers.com

BROKER OPINION OF VALUE Ontario Airport Tower, 2855 E. Guasti Road, Ontario, CA

REPLACEMENT COST APPROACH TO VALUE This approach is based on the proposition that an informed purchaser would pay no more than the cost of producing a substitute property with the same utility as the property. It is particularly applicable when the property being valued involves relatively new improvements which represent the highest and best use of the land or when relatively unique or specialized improvements are located on the site and there exist no comparable properties on the market. In calculating the appropriate replacement cost, we make a determination of the replacement cost of a new building. Adjustments are made to this figure to reflect loss in value resulting from physical deterioration (depreciation) was well as functional, external, and economic obsolescence.

CATEGORY Building Shell

PRICE PSF

SF

Value

$175.00

157,942

$27,639,850

Site

$10.00

306,227

$3,062,268

Tenant Improvements

$40.00

157,942

$6,317,680

$0.00

157,942

$0

Soft Costs (incl. financing)

$35.16

157,942

$5,552,970

Entrepreneurial Profit

$53.91

157,942

$8,514,554

$323.46

157,942

$51,087,321

$16.17

157,942

$2,554,366

$307.26

157,942

$48,530,000

Land (Market value for highest & best use)

$4.20

306,227

Land - Mkt Value based Building SF

$8.14

157,942

$315.43

157,942

Parking Structure

New Property Replacement Costs Depreciation (Consider Age) Depreciated Building RC

Adjusted Property RC

$ 1,286,152.56 $ 1,286,152.56 $49,820,000

NOTES / COMMENTS Construction cost estimates based on estimates obtained from broker knowledge. Land value based on current market values considering long term development and hold. Current distressed land values are zero due to the lack of financing for future development and poor investor interest in vacant land.

AERIALS

P. 5

FRED CORDOVA | COLLIERS INTERNATIONAL | TEL +1 213 532 3281 | EMAIL FRED.CORDOVA@colliers.com

BROKER OPINION OF VALUE Ontario Airport Tower, 2855 E. Guasti Road, Ontario, CA

SALE COMPARISONS The market value approach to value is determined by comparing the subject property to similar properties which have been sold or offered for sale.

Adjustments are made for differences in date of sale, age, condition, size, location, land/building ration, local tax policies, and other physical characteristics and circumstances influencing the sale. The adjusted baled of those sales considered most comparable (based on physical appearance and condition) establish a range of values for the property.

SALE COMPARABLES OFFICE ANALYSIS Comparable

Subject

1

2

3

4

Property name

Ontario Airport Towers

Turner Riverwalk

Regency Tower

Time Warner Cable

Property Address

2855 E. Guasti Rd. Ontario, CA

11801 & 11870 Pierce St. Riverside, CA

3960 Orange St.

1260 S Dupont Ave. Ontario, CA

Airport Corporate Center 3300 E. Guasti Rd. Ontario, CA

City, State

Riverside, CA

6

PROPERTY DATA Building Type Construction Class Construction Quality Condition Number of Stories Year Built/Renovated GBA RBA

SF A

CTU A

SF A

CTU A

Excellent Excellent 6 2008 157,942 157,942

Excellent Excellent 2 2006/2007 80,822 80,822

Excellent Excellent 10 2009 255,000 255,000

Excellent Good 2 1999 40,000 40,000

CTU Airport Corporate Center Excellent Excellent 3 2005 61,298 61,298

201,683 201,683 19.83%

230,868 230,868 26.55%

100% $539,280 7.49% Apr-09 $7,200,000 $180.00 HS -20.0% $144.00

5% N/A N/A Aug-09 $9,868,978 $161.00 HS -20.0% $128.80

SITE DATA Site Area Usable SF Site Area Usable AC Coverage (GBA / Land)

306,227 306,227 51.58%

233,917 233,917 34.55%

49,867 49,867 511.36%

FINANCIAL DATA Occupancy at Sale NOI Cap Rate Sale Date Sale Price Sale Price PSF Compare to Subject Adjustment to Value Value Indication PSF

78% $1,996,951 NA NA NA NA NA NA NA

94% $1,018,900 8.67% OM $11,750,000 $145.38 S -10.0% $130.84

0% N/A N/A Nov-11 $129,500,000 $507.84 Very HS -75.0% $126.96

ADJUSTMENTS TO VALUE Pricing Matrix

$ Amount

$ PSF

Highly Superior (HS)

-20.0%

High Value

$20,340,000

$128.80

Superior (SU)

-10.0%

Weighted Average Value

$20,450,000

$129.50

Average (A)

Low Value

$20,050,000

$126.96

Inferior (I)

10.0%

Likely Market Value

$17,380,000

$110.07

Very Inferior (VI)

20.0%

0%

NOTES / COMMENTS Comp 1: Buildings are 94% leased to a few national credit tenants, minimal lease rollover through 2015.

Comp 2: Owner User sale to a government entity, many unique custom features.

Comp 3: 100% leased to Time Warner Cable.

Comp 4: Owner user sale to Prime Healthcare Services.

Likely Market Value: The sales comparables are from office buildings that are superior given their minimal vacancy and credit tenants or the sale to an owner / user buyer. Based on this activity, we reduced the likely market value by 15% from the weighted average to account for the vacancy, quality of tenants and location of the buildings.

P. 6

FRED CORDOVA | COLLIERS INTERNATIONAL | TEL +1 213 532 3281 | EMAIL FRED.CORDOVA@colliers.com

BROKER OPINION OF VALUE Ontario Airport Tower, 2855 E. Guasti Road, Ontario, CA

LEASE COMPARISONS LEASE COMPARABLES OFFICE ANALYSIS Comparable

Subject

Property Name

Ontario Airport Towers

Address

2855 E. Guasti Rd.

City / State

Building Type Construction Class Construction Quality Condition Number of Stories Year Built Gross Building Area Occupancy w lease

Ontario, CA

1

2

3

4

One Piemonte

Havengate Center

901 Via Piemonte

One Lakeshore Centre 3281 E. Guasti Rd.

Empire Lake Corporate Center 9500 Cleveland Ave

Ontario, CA

Ontario, CA

SF A Excellent Excellent 5 2008 123,401 58%

SF A Excellent Excellent 6 2008 157,942

Leased Premises Mo. Gross Lease Rate PSF Expenses PSF Monthly NNN Rent PSF Start Date End Date Options Terms TI Allowance Comments (see notes) Adjustment to Value Adjustment Adj. Monthly FSG Rent

10350 Commerce Center Dr. Rancho Cucamonga, CA

5

6

Rancho Cucamonga, CA

PROPERTY DATA SF SF A A Excellent Excellent Good Good 8 2 1990 1987 148,931 198,634 62% 79%

CTU B Good Good 3 1982 241,292 100%

14,481 $2.15

LEASE DATA 4,800 $2.00

4,500 $1.65

72,581 $1.62

$0.85 $1.30 Apr-10 Mar-13 None Gross None

$0.85 $1.15 Aug-10 Jul-11 None Gross None

$0.85 $0.80 Jul-10 Jun-14 None Gross Unknown

$0.75 $0.87 Sep-10 Jan-16 No Gross $20.00

S -20% $1.72

S -20% $1.60

I 10% $1.82

I 10% $1.78

LEASE VALUE ADJUSTMENT MATRIX Lease Matrix (FSG)

Highly Superior (HS)

-20%

High Rent

Annual Rent $0

AR / SF $20.64

MR / SF $1.72

Superior (S)

-10%

Weighted Average Rent

$0

$21.18

$1.77

Average (A)

Low Rent

$0

$21.78

$1.82

Inferior (I)

10%

Est. FSG Mkt Rent Est. FSG Stabilized Rent

$0

$21.18

$1.77

Very Inferior (VI)

20%

$0

$27.54

$2.29

2016

0%

Stabilized Market Rent

NOTES / COMMENTS Lease 1: Class “A” building, lease included six months of free rent, superior location in the submarket.

Lease 2: Older office building, no free rent, superior location in the submarket.

Lease 3: 2 Story office building, 5 months of free rent.

Lease 4: Old office building, 12 months of free rent.

We anticipate market rents increasing by approximately 30% by 2016.

P. 7

FRED CORDOVA | COLLIERS INTERNATIONAL | TEL +1 213 532 3281 | EMAIL FRED.CORDOVA@colliers.com

BROKER OPINION OF VALUE Ontario Airport Tower, 2855 E. Guasti Road, Ontario, CA

Fred B. Córdova III SENIOR VICE PRESIDENT

Fred.cordova@colliers.com

COMPANY EXPERIENCE A real estate entrepreneur with broad operational, transactional and developmental experience across multiple product lines including hospitality, office, industrial, residential, and retail, who has purchased, financed, developed, leased and sold more than $5.6 billion of real estate over his 25 year career. A creative “value-add” strategist specializing in turning complicated challenges into unique opportunities to maximize returns and build equity.

EDUCATION AND QUALIFICATIONS Masters of Business Administration Harvard Business School

RECENT PROFESSIONAL ACCOMPLISHMENTS

Bachelor of Arts in Economics Harvard College CPA – California inactive CA License # 01279582

AFFILIATIONS Colliers Asset Resolutions Team (CART) Colliers Investment Services Group (CISG)

•

Property

Location

Client

Genesis Plaza

San Diego. CA

Mililani Shopping Center C&S Cold Storage Facility 2401 El Segundo 5055 Wilshire Spring Street Plaza Cal West Portfolio Centra Pointe Vine Street

O’ahu, HI O’ahu, HI El Segundo, CA Los Angeles, CA Los Angeles, CA multiple Los Vegas, NV Hollywood, CA

The Muller Company & Rockwood Capital A&B Properties Tower Plaza Associates PSAI Realty Partners Sommerset Barry Shy Walton Street Capital Centra Realty Partners Hollywood Horizons

Value $10,000,000 $50,000,000 $19,200,000 $24,000,000 $45,100,000 $75,000,000 $2,800,000,000 $126,500,000 $44,000,000

PRIOR EXPERIENCE • Sr. Director Cushman Realty Corporation (1999-2002)

Jonathan Club

• Homestead Village: Vice President of Southern California Development

HBS Alumni Association

• Koo Koo Roo Enterprises: Executive Vice President of Real Estate • Santa Anita Realty: Vice President of Development • KB Homes: managed land acquisition and entitlement • CEO & Co-Founder of Córdova Chase

CONTACT DETAILS MOB DIR FAX

+1 818 679 7879 +1 213 532 3281 +1 213 327 3281

Colliers International 865 S Figueroa St Ste.3500 Los Angeles, CA 90017

SELECTED CLIENTS Arden Realty

Crown Realty

IDS

L&R

Nerwhall Land

State of CA

Bently Forbes

DRA Advisors

JH Snyder

LNR

PSAI Realty

TA Associates

Birtcher Anderson

GE Capital

Jade Enterprises

Lincoln

Secured Capital

Unilev

Blackrock

Hagar Pacific

Juniper Legacy

ING Clarion

Sommerset

Watson Land

www.fredcordova.com www.colliers.com

P. 8

FRED CORDOVA | COLLIERS INTERNATIONAL | TEL +1 213 532 3281 | EMAIL FRED.CORDOVA@colliers.com

Colliers International Colliers International is a global leader in real estate services with more than 15,000 professionals operating out of 480 offices in 61 countries. As a subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), Colliers offers the stability of a strong financial partner and significant local ownership providing clients with accountability and enterprising real estate solutions.

Colliers provides a full range of services to real estate users, owners and investors worldwide including corporate solutions, sales and lease brokerage, property and asset management, project management, investment sales and consulting, property valuation and appraisal, mortgage banking and market research. The Lipsey Company and National Real Estate Investor magazine ranked Colliers International as the world’s number two commercial real estate brand.

2009 COMPANY STATISTICS • Revenue: $1.9 billion • Locations: 480 offices in 61 countries • Employees: 15,000 • SF Under Management: 2.4 billion Transaction Volume: $154 billion over last three years

Colliers Recent Recognitions, Rankings and Credentials • • • • • •

Ranked #2in 2009 global transaction volume (National Real Estate Investor).

For the fifth year in a row, selected a member of the IAOP “Global Outsourcing 100”.

Most SIOR brokers in the industry.

The 2ndmost recognized brand in the world (2010 Lipsey Survey).

One of the top 2 in the industry in financial strength (based upon EBITDA as a % of debt service).

Fastest growing global firm, now 3rdlargest

DISCLAIMER The foregoing information was provided to us by sources we deem reliable, but no warranty or representation is made as to the accuracy thereof. We have no reason to doubt its accuracy, but we regret we cannot guarantee it. All properties subject to change or withdrawal without notice.