Sunshine City 47-Sp MHP

Sunshine City 47-Sp MHP 47-sp MHP w/36 POM's Recreation Building used for StorageLaundry Room (Currently not in use) 70% Occupancy - 9-spaces left & 5 MH's left to lease 10 Mobile Homes Newly Rehabbed - Rent Ready Current Rent Collected - $240K/an - NOI - $168K - 13.4% Cap Rate Presented by CRES Corp International, LLC 1228 E 7th Ave benny@crescorpllc.com Tampa, Fl 33605

CRES Corp International, LLC Sunshine City 47-Sp MHP Income, Expenses & Cash Flow Property Overview Potential Rental Income $ 240,168 Purchase/Asking Price $ 1,250,000 Property Type Mobile Home Parks Other Income 33,180 Improvements - No. of Units 47 Total Vacancy and Credits - Other - Price Per Unit $ 26,596 Operating Expenses $ (105,267) Closing Costs - Total Sq Ft - Annual Reserves: $ Finance Points - Price Per Sq Ft $ Net Operating Income (NOI) $ 168,081 Income per Unit $ 5,816 MIP Payments $ Total Acquisition Cost $ 1,250,000 Expenses per Unit $ (2,240) Annual Reserves: $ Debt Service: $ (61,382) Cash Flow Before Taxes $ 106,699 Mortgage (s) $ 875,000 Income Taxes: Benefit (Expense) @ 0% - Down Payment / Investment $ 375,000 Cash Flow After Taxes $ 106,699 Assumptions Loan Information % of Asking % of Cost Rental Growth Rate: 8.00% Down Payment: $ 375,000 30.00% 30.00% Expense Growth Rate: 3.00% Initial Loan Balance: $ 875,000 70.00% 70.00% Appreciation Rate 0.00% Marginal Tax Rate: 0.00% Loan Amount Interest Rate Term Payment Capital Gain Tax Rate: 0.00% $ 875,000 5.00% 25 $5,115 $ 8.00% 30 $0 $ 8.00% 30 $0 Financial Measurements Year 1 Year 3 Year 7 Notes / Discussion Debt Coverage Ratio (DCR) 2.74 2.89 5.02 Loan-to-Value Ratio (LVR) 63.5% 57.1% 45.1% Capitalization Rate Based on Cost 13.45% 14.17% 24.65% Capitalization Rate Based on Resale Price 12.45% 12.37% 19.11% Gross Rent Multiplier 5.20 5.11 4.23 Net Present Value (NPV) - B/ Taxes Net Present Value (NPV) - A/Taxes 13.50% 117,723 262,906 605,606 10.00% 133,401 316,975 780,060 Cash on Cash Return - Before Taxes 28.45% 30.87% 65.78% Cash on Cash Return - After Taxes 28.45% 30.87% 65.78% Internal Rate of Return - Before Taxes 40.04% 39.58% Internal Rate of Return - After Taxes 40.04% 39.58% Modified Internal Rate of Return - Before Taxes Modified Internal Rate of Return - After Taxes 33.34% 26.55% 33.34% 26.55% Disclaimer: All information presented is believed to be accurate. The information, calculations and data presented in this report are believed to be accurate but are not guaranteed. The information contained in this report shall not be considered as a substitution for legal, accounting or other professional advice. Please seek proper legal and tax advice as appropriate before making investments.

Property Description Sunshine City 47-Sp MHP The Sunshine City MHP is located in a great area of St Petersburg, near lots of commerce and directly across the street from the Lealman Innovation Acadamy. This park consists of: HIGHLIGHTS 47-space MHP - 10 POM City Water & Sewer 70% Occupied - Much Upside NOI@70% Occupancy = $168K 5 Rent Ready Units to Lease 8 Spaces Left to Lease 47-spaces 36-Park Owned Homes Storage Building & Laundry Mat (Currently not in use) Family Park City Water & Sewer (Submetered) 70% Occupied GR = $240K NOI = $168K (13.4% Cap Rate at Asking Price) Property also includes a Laundry Building (not currently used), Recreation Building (Currently used for storage. Rents collected average, $337 (Lot Rent), $615 (Single Wide Units), $800 (Double-wide Unit). Asking Price: $1,250,000 NOTE: The projections in this report include the purcashof 9 Mobile Homes over the course of 3 years (3 Units per year) at an average $10,000/unit, beginning in year 2 of ownership. NOTE: A revenue increase of 8% per year is factored into the projections as the new owner will be able to lease the remaining units and space and include annual rent escalations Feel free to contact me for further information. CRES Corp International, LLC benny@crescorpllc.com 1228 E 7th Ave 0 Tampa, Fl 33605

Sunshine City 47-Sp MHP

Rental Activity Analysis Year 1 Year 2 Year 3 Year 4 Year 5 Potential Rental Income $ 240,168 $ 259,381 $ 280,132 $ 302,543 $ 326,746 Other Income 33,180 35,834 38,701 41,797 45,141 Less: Vacancy & Credit Losses - - - - - Effective Gross Income $ 273,348 $ 295,216 $ 318,833 $ 344,340 $ 371,887 Less: Funded Reserves and/or Improvements - (30,000) (30,000) (30,000) - Less: Operating Expenses (105,267) (108,425) (111,678) (115,028) (118,479) Net Operating Income (NOI) $ 168,081 $ 156,791 $ 177,155 $ 199,312 $ 253,408 Less: Annual Debt Service (61,382) (61,382) (61,382) (61,382) (61,382) CASH FLOW Before Taxes $ 106,699 $ 95,409 $ 115,773 $ 137,930 $ 192,026 Property Resale Analysis Projected Sales Price $ 1,350,000 $ 1,390,500 $ 1,432,215 $ 1,475,181 $ 1,519,437 Less: Selling Expenses (40,500) (41,715) (42,966) (44,255) (45,583) Adjusted Projected Sales Price $ 1,309,500 $ 1,348,785 $ 1,389,249 $ 1,430,926 $ 1,473,854 Less: Mortgage(s) Balance Payoff (856,958) (837,994) (818,059) (797,104) (775,077) SALE PROCEEDS Before Taxes $ 452,542 $ 510,791 $ 571,190 $ 633,822 $ 698,777 Cash Position Cash Generated in Current Year $ 106,699 $ 95,409 $ 115,773 $ 137,930 $ 192,026 Cash Generated in Previous Years n/a 106,699 202,108 317,881 455,811 Cash Generated from Property Sale 452,542 510,791 571,190 633,822 698,777 Original Initial Investment (375,000) (375,000) (375,000) (375,000) (375,000) Total Potential CASH Generated $ 184,241 $ 337,899 $ 514,071 $ 714,633 $ 971,614 Financial Measurements Debt Coverage Ratio (DCR) 2.74 2.55 2.89 3.25 4.13 Loan-to-Value Ratio (LVR) 63.5% 60.3% 57.1% 54.0% 51.0% Capitalization Rate Based on Cost 13.45% 12.54% 14.17% 15.94% 20.27% Capitalization Rate Based on Resale Price 12.45% 11.28% 12.37% 13.51% 16.68% Gross Rent Monthly Multiplier (GRM) 62.46 64.33 61.35 58.51 55.80 Gross Rent Yearly Multiplier (GRM) 5.20 5.36 5.11 4.88 4.65 Value of Property Using this GRM 6.50 1,561,092 1,685,979 1,820,858 1,966,526 2,123,848 Break-Even Ratio 60.97% 67.68% 63.69% 59.94% 48.36% Operating Expense Ratio 38.51% 36.73% 35.03% 33.41% 31.86% Cash-on-Cash Return with Equity 49.13% 33.95% 34.49% 35.11% 40.54% Cash-on-Cash Return - Before Taxes 28.45% 25.44% 30.87% 36.78% 51.21% 3/21/2018 5:12 PM 1993-2014 Cash Flow Analyzer http://rentalsoftware.com

Rental Activity Analysis Potential Rental Income Other Income Less: Vacancy & Credit Losses Effective Gross Income Less: Funded Reserves and/or Improvements Less: Operating Expenses Net Operating Income (NOI) Year 6 Year 7 Year 8 Year 9 Year 10 $ 352,886 $ 381,116 $ 411,606 $ 444,534 $ 480,097 48,752 52,652 56,865 61,414 66,327 - - - - - $ 401,638 $ 433,769 $ 468,470 $ 505,948 $ 546,424 - - - - - (122,033) (125,694) (129,465) (133,349) (137,350) $ 279,605 $ 308,075 $ 339,005 $ 372,599 $ 409,074 Less: Annual Debt Service CASH FLOW Before Taxes (61,382) (61,382) (61,382) (61,382) (61,382) $ 218,223 $ 246,693 $ 277,623 $ 311,217 $ 347,692 Property Resale Analysis Projected Sales Price Less: Selling Expenses Adjusted Projected Sales Price $ 1,565,020 $ 1,611,971 $ 1,660,330 $ 1,710,140 $ 1,761,444 (46,951) (48,359) (49,810) (51,304) (52,843) $ 1,518,069 $ 1,563,611 $ 1,610,520 $ 1,658,835 $ 1,708,600 Less: Mortgage(s) Balance Payoff SALE PROCEEDS Before Taxes (751,923) (727,584) (702,001) (675,108) (646,840) $ 766,146 $ 836,027 $ 908,519 $ 983,727 $ 1,061,761 Cash Position Cash Generated in Current Year Cash Generated in Previous Years Cash Generated from Property Sale Original Initial Investment Total Potential CASH Generated $ 218,223 $ 246,693 $ 277,623 $ 311,217 $ 347,692 647,837 866,060 1,112,752 1,390,376 1,701,593 766,146 836,027 908,519 983,727 1,061,761 (375,000) (375,000) (375,000) (375,000) (375,000) $ 1,257,206 $ 1,573,779 $ 1,923,895 $ 2,310,320 $ 2,736,046 Financial Measurements Debt Coverage Ratio (DCR) Loan-to-Value Ratio (LVR) Capitalization Rate Based on Cost Capitalization Rate Based on Resale Price 4.56 5.02 5.52 6.07 6.66 48.0% 45.1% 42.3% 39.5% 36.7% 22.37% 24.65% 27.12% 29.81% 32.73% 17.87% 19.11% 20.42% 21.79% 23.22% Gross Rent Monthly Multiplier (GRM) Gross Rent Yearly Multiplier (GRM) Value of Property Using this GRM 6.50 Break-Even Ratio Operating Expense Ratio 53.22 50.76 48.41 46.16 44.03 4.43 4.23 4.03 3.85 3.67 2,293,756 2,477,257 2,675,437 2,889,472 3,120,630 45.67% 43.13% 40.74% 38.49% 36.37% 30.38% 28.98% 27.64% 26.36% 25.14% Cash-on-Cash Return with Equity Cash-on-Cash Return - Before Taxes 40.87% 41.32% 41.88% 42.53% 43.28% 58.19% 65.78% 74.03% 82.99% 92.72% 3/21/2018 5:12 PM 1993-2014 Cash Flow Analyzer http://rentalsoftware.com

Unit Description Number of Units Per unit Total Percent of Monthly Rent Monthly Annual Sq Ft Sq Ft Total Rev/ Sq Ft Per Unit Rent Rent Lots Rented 2 0 0 0.00% 0.000 $ 337 $ 674 $ 8,088 Singlewide Units Rented 30 0 0 0.00% 0.000 $ 618 $ 18,540 $ 222,480 Doublewide Units Rented 1 0 0 0.00% 0.000 $ 800 $ 800 $ 9,600 0 0 0 0 0.00% 0.000 $ $ $ Totals 47 0 0 0.0% 0.000 1,755 $ 20,014 $ 240,168 Unit Mix 3% 6% Lots Rented Singlewide Units Rented Doublewide Units Rented 91%

Description Monthly Amount Annual Amount Per Unit Per Unit Sq. Ft. Total Sq. Ft. Tenant Utility Payments $ 1,645 $ 19,740 $ 35 - - Late Payments, Pets, etc 1,120 13,440 $ 24 - - Totals $ 2,765 $ 33,180 $ 59 - -

Expense Description Annual Amount Annual Increase Per Unit Per Sq Ft % of % of Expenses Revenue Insurance Landscaping Maintenance Repairs Property Taxes Trash Removal Electricity Water 1,424 3.0% 30.30-1.4% 0.5% 3,250 3.0% 69.15-3.1% 1.2% 11,000 3.0% 234.04-10.4% 4.0% 11,000 3.0% 234.04-10.4% 4.0% 16,068 3.0% 341.87-15.3% 5.9% 3,480 3.0% 74.04-3.3% 1.3% 37,434 3.0% 796.47-35.6% 13.7% 21,611 3.0% 459.81-20.5% 7.9% Total Annual Operating Expenses $ 105,267 $ 2,240-100.0% 38.5%

Annual Property Operating Data 1 2 Year 1 Sq Ft Per Unit Year 2 Sq Ft Per Unit Year 3 Sq Ft Per Unit Year 4 Sq Ft Per Unit Year 5 Sq Ft Per Unit Potential Rental Income $ 240,168 0.00 425.83 $ 259,381 0.00 459.90 $ 280,132 0.00 496.69 $ 302,543 0.00 536.42 $ 326,746 0.00 579.34 Other Income 33,180 0.00 58.83 35,834 0.00 63.54 38,701 0.00 68.62 41,797 0.00 74.11 45,141 0.00 80.04 Effective Gross Income $ 273,348 0.00 484.66 $ 295,216 0.00 523.43 $ 318,833 0.00 565.31 $ 344,340 0.00 610.53 $ 371,887 0.00 659.37 Operating Expenses Insurance 1,424 0.00 2.52 1,467 0.00 2.60 1,511 0.00 2.68 1,556 0.00 2.76 1,603 0.00 2.84 Landscaping 3,250 0.00 5.76 3,348 0.00 5.94 3,448 0.00 6.11 3,551 0.00 6.30 3,658 0.00 6.49 Maintenance 11,000 0.00 19.50 11,330 0.00 20.09 11,670 0.00 20.69 12,020 0.00 21.31 12,381 0.00 21.95 Repairs 11,000 0.00 19.50 11,330 0.00 20.09 11,670 0.00 20.69 12,020 0.00 21.31 12,381 0.00 21.95 Property Taxes 16,068 0.00 28.49 16,550 0.00 29.34 17,047 0.00 30.22 17,558 0.00 31.13 18,085 0.00 32.07 Trash Removal 3,480 0.00 6.17 3,584 0.00 6.36 3,692 0.00 6.55 3,803 0.00 6.74 3,917 0.00 6.94 Electricity 37,434 0.00 66.37 38,557 0.00 68.36 39,714 0.00 70.41 40,905 0.00 72.53 42,132 0.00 74.70 Water 21,611 0.00 38.32 22,259 0.00 39.47 22,927 0.00 40.65 23,615 0.00 41.87 24,323 0.00 43.13 Total Operating Expenses $ 105,267 0.00 186.64 $ 108,425 0.00 192.24 $ 111,678 0.00 198.01 $ 115,028 0.00 203.95 $ 118,479 0.00 210.07 Less: Funded Reserves and/or Improvements - 0.00 0.00 30,000 0.00 53.19 30,000 0.00 53.19 30,000 0.00 53.19-0.00 0.00 Net Operating Income (NOI) $ 168,081 0.00 298.02 $ 156,791 0.00 278.00 $ 177,155 0.00 314.11 $ 199,312 0.00 353.39 $ 253,408 0.00 449.30 Less: Annual Debt Service (61,382) 0.00-108.83 (61,382) 0.00-108.83 (61,382) 0.00-108.83 (61,382) 0.00-108.83 (61,382) 0.00-108.83 Cash Flow Before Taxes $ 106,699 0.00 189.18 $ 95,409 0.00 169.16 $ 115,773 0.00 205.27 $ 137,930 0.00 244.56 $ 192,026 0.00 340.47 1993-2014 Cash Flow Analyzer http://rentalsoftware.com

Annual Property Operating Data 1 2 Year 6 Sq Ft Per Unit Year 7 Sq Ft Per Unit Year 8 Sq Ft Per Unit Year 9 Sq Ft Per Unit Year 10 Sq Ft Per Unit Potential Rental Income Other Income Effective Gross Income $ 352,886 0.00 625.68 $ 381,116 0.00 675.74 $ 411,606 0.00 729.80 $ 444,534 0.00 788.18 $ 480,097 0.00 851.24 48,752 0.00 86.44 52,652 0.00 93.36 56,865 0.00 100.82 61,414 0.00 108.89 66,327 0.00 117.60 $ 401,638 0.00 712.12 $ 433,769 0.00 769.09 $ 468,470 0.00 830.62 $ 505,948 0.00 897.07 $ 546,424 0.00 968.84 Operating Expenses Insurance Landscaping Maintenance Repairs Property Taxes Trash Removal Electricity Water Total Operating Expenses Less: Funded Reserves and/or Improvements Net Operating Income (NOI) 1,651 0.00 2.93 1,700 0.00 3.01 1,751 0.00 3.11 1,804 0.00 3.20 1,858 0.00 3.29 3,768 0.00 6.68 3,881 0.00 6.88 3,997 0.00 7.09 4,117 0.00 7.30 4,241 0.00 7.52 12,752 0.00 22.61 13,135 0.00 23.29 13,529 0.00 23.99 13,934 0.00 24.71 14,353 0.00 25.45 12,752 0.00 22.61 13,135 0.00 23.29 13,529 0.00 23.99 13,934 0.00 24.71 14,353 0.00 25.45 18,627 0.00 33.03 19,186 0.00 34.02 19,762 0.00 35.04 20,354 0.00 36.09 20,965 0.00 37.17 4,034 0.00 7.15 4,155 0.00 7.37 4,280 0.00 7.59 4,408 0.00 7.82 4,541 0.00 8.05 43,396 0.00 76.94 44,698 0.00 79.25 46,039 0.00 81.63 47,420 0.00 84.08 48,843 0.00 86.60 25,053 0.00 44.42 25,805 0.00 45.75 26,579 0.00 47.13 27,376 0.00 48.54 28,197 0.00 50.00 $ 122,033 0.00 216.37 $ 125,694 0.00 222.86 $ 129,465 0.00 229.55 $ 133,349 0.00 236.43 $ 137,350 0.00 243.53-0.00 0.00-0.00 0.00-0.00 0.00-0.00 0.00-0.00 0.00 $ 279,605 0.00 495.75 $ 308,075 0.00 546.23 $ 339,005 0.00 601.07 $ 372,599 0.00 660.64 $ 409,074 0.00 725.31 Less: Annual Debt Service Cash Flow Before Taxes (61,382) 0.00-108.83 (61,382) 0.00-108.83 (61,382) 0.00-108.83 (61,382) 0.00-108.83 (61,382) 0.00-108.83 $ 218,223 0.00 386.92 $ 246,693 0.00 437.40 $ 277,623 0.00 492.24 $ 311,217 0.00 551.80 $ 347,692 0.00 616.48 1993-2014 Cash Flow Analyzer http://rentalsoftware.com

Cash Flow After Taxes Cash Flow Before Taxes $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $ 1 2 3 4 5 6 7 8 9 10 Time Net Operating MIP Payments Debt Cash Flow Incomes Cash Flow Period Income Service Before Tax Taxes After Tax Int Investment $ (375,000) $ (375,000) Year 1 168,081 - (61,382) 106,699-106,699 Year 2 156,791 - (61,382) 95,409-95,409 Year 3 177,155 - (61,382) 115,773-115,773 Year 4 199,312 - (61,382) 137,930-137,930 Year 5 253,408 - (61,382) 192,026-192,026 Year 6 279,605 - (61,382) 218,223-218,223 Year 7 308,075 - (61,382) 246,693-246,693 Year 8 339,005 - (61,382) 277,623-277,623 Year 9 372,599 - (61,382) 311,217-311,217 Year 10 409,074 - (61,382) 347,692-347,692 1993-2014 Cash Flow Analyzer http://rentalsoftware.com

After Taxes Before Taxes 100.00% 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 1 2 3 4 5 6 7 8 9 10 Time Initial Investment Cash Flow Cash on Cash Income Cash Flow Cash on Cash Period Adj for Refinance Before Taxes Before Taxes Taxes After Taxes After Taxes Year 1 $ 375,000 $ 106,699 28.45% $ $ 106,699 28.45% Year 2 375,000 95,409 25.44% - 95,409 25.44% Year 3 375,000 115,773 30.87% - 115,773 30.87% Year 4 375,000 137,930 36.78% - 137,930 36.78% Year 5 375,000 192,026 51.21% - 192,026 51.21% Year 6 375,000 218,223 58.19% - 218,223 58.19% Year 7 375,000 246,693 65.78% - 246,693 65.78% Year 8 375,000 277,623 74.03% - 277,623 74.03% Year 9 375,000 311,217 82.99% - 311,217 82.99% Year 10 375,000 347,692 92.72% - 347,692 92.72% 1993-2014 Cash Flow Analyzer http://rentalsoftware.com

35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 1 2 3 4 5 6 7 8 9 10 Time Net Operating Cap Rate on Cost Resale Period Income (NOI) $ 1,250,000 Value Year 1 $ 168,081 13.45% $ 1,350,000 Year 2 156,791 12.54% 1,390,500 Year 3 177,155 14.17% 1,432,215 Year 4 199,312 15.94% 1,475,181 Year 5 253,408 20.27% 1,519,437 Year 6 279,605 22.37% 1,565,020 Year 7 308,075 24.65% 1,611,971 Year 8 339,005 27.12% 1,660,330 Year 9 372,599 29.81% 1,710,140 Year 10 409,074 32.73% 1,761,444 1993-2014 Cash Flow Analyzer http://rentalsoftware.com

$1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $- 1 2 3 4 5 6 7 8 9 10 Time Projected Adj Projected Refi Proceeds Mortgage(s) Sale Proceeds Income Taxes Sale Proceeds Property Year / Year Period Resale Value Increase (if any) Balance Payoff Before Taxes From Sale After Taxes Equity Equity Increase Year 1 $ 1,309,500 4.76% $ $ (856,958) $ 452,542 $ $ 452,542 $ 452,542 $ 77,542 Year 2 1,348,785 3.00% - (837,994) 510,791-510,791 510,791 58,250 Year 3 1,389,249 3.00% - (818,059) 571,190-571,190 571,190 60,399 Year 4 1,430,926 3.00% - (797,104) 633,822-633,822 633,822 62,632 Year 5 1,473,854 3.00% - (775,077) 698,777-698,777 698,777 64,955 Year 6 1,518,069 3.00% - (751,923) 766,146-766,146 766,146 67,370 Year 7 1,563,611 3.00% - (727,584) 836,027-836,027 836,027 69,881 Year 8 1,610,520 3.00% - (702,001) 908,519-908,519 908,519 72,492 Year 9 1,658,835 3.00% - (675,108) 983,727-983,727 983,727 75,208 Year 10 1,708,600 3.00% - (646,840) 1,061,761-1,061,761 1,061,761 78,034 1993-2014 Cash Flow Analyzer http://rentalsoftware.com

Return on Equity (ROE) 50.00% 45.00% 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 1 2 3 4 5 6 7 8 9 10 Required Return on Equity Time Period Rental Annual Change Annual Change Trapped Return on Hold Cash Flow in Equity in Net Worth Equity Equity (ROE) Sell 6.00% A B (A + B) Year 1 106,699 77,542 184,241 375,000 49.13% Hold After Year Year 2 95,409 58,250 153,659 452,542 33.95% Hold 5 Year 3 115,773 60,399 176,172 510,791 34.49% Hold Year 4 137,930 62,632 200,562 571,190 35.11% Hold Year 5 192,026 64,955 256,981 633,822 40.54% Hold Year 6 218,223 67,370 285,592 698,777 40.87% Hold Year 7 246,693 69,881 316,573 766,146 41.32% Hold Year 8 277,623 72,492 350,115 836,027 41.88% Hold Year 9 311,217 75,208 386,425 908,519 42.53% Hold Year 10 347,692 78,034 425,726 983,727 43.28% Hold 1993-2014 Cash Flow Analyzer http://rentalsoftware.com

BreakEven Occupancy BreakEven Occupancy with Cash on Cash Requirment 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 1 2 3 4 5 6 7 8 9 10 Cash on Cash Time Period Potential Operating, Debt, Occupancy BreakEven Max Vacancy BreakEven Max Vacancy Requirement Rental Income Reserve Expenses Rate (Existing) Occupancy Rate BreakEven Rate Occupancy Rate BreakEven Rate 6.00% w/ Cash on Cash w/ Cash on Cash Year 1 273,348 (166,649) 100.00% 60.97% 39.03% 69.20% 30.80% Year 2 295,216 (199,807) 100.00% 67.68% 32.32% 75.30% 24.70% Year 3 318,833 (203,060) 100.00% 63.69% 36.31% 70.75% 29.25% Year 4 344,340 (206,410) 100.00% 59.94% 40.06% 66.48% 33.52% Year 5 371,887 (179,861) 100.00% 48.36% 51.64% 54.41% 45.59% Year 6 401,638 (183,415) 100.00% 45.67% 54.33% 51.27% 48.73% Year 7 433,769 (187,076) 100.00% 43.13% 56.87% 48.32% 51.68% Year 8 468,470 (190,847) 100.00% 40.74% 59.26% 45.54% 54.46% Year 9 505,948 (194,731) 100.00% 38.49% 61.51% 42.94% 57.06% Year 10 546,424 (198,732) 100.00% 36.37% 63.63% 40.49% 59.51% 1993-2014 Cash Flow Analyzer http://rentalsoftware.com

CRES Corp International, LLC CRES Corp International, LLC 1228 E 7th Ave 0 Tampa, Fl 33605 benny@crescorpllc.com Commercial Real Estate Services - Development - Management - Financial Services CRES Corp International, LLC (CCI) is a Commercial Real Estate company offering development, finance and brokerage services. Our Development Teamspecializes in health care construction and offers the latest and most cost effective construction technology. Our Development specializes in health care, medical, Multi-Family & Hospitality operations and development: Construction & Development Project Planning Property Acquisitions Investment Structuring Property Conversion and Repositioning Joint Venture Structuring Medical/Health Care Property Management Financial Arrangement & Consulting To assist our Clients with their development projects and acquisitions we offer affordable financing alternatives to conventional financing methods: Variable Rate Demand Bonds Industrial Revenue & Municipal Bonds Build-to Lease Program Foreign Investment Funds Joint Venture/Equity Partnership Arrangements Our goal is to bring our Clients the lowest interest rates and best leverage on their purchases and projects. We will consider the following properties and projects: Health Care/Medical Offices Multi-Family Schools/Universities Hospitality For further information contact or benny@crescorpllc.com

Terms & Definitions Net Operating Income (NOI) is a property s gross rental income reduced by all expenses except for loan payments, income taxes, mortgage insurance premium (MIP) payments and sometimes funded reserves. Debt Coverage Ratio (DCR) is a property s net operating income divided by the amount of debt payments. Lenders use this calculation to determine the remaining operating cash flow after the debt payments. Loan-to-Value Ratio (LTV) is the outstanding debt divided by the value of the property. This ratio is used to determine the amount of leverage and property equity. The debt balance can be the beginning or end-of-year balance. The property value used can be the contract price or the fair market value at the end of the year. Capitalization Rate (Cap Rate) is the net operating income (NOI) divided by either the property s contract purchase price or its fair market value. Cash-on-Cash Return is the net cash flow divided it by the initial investment (down payment). The calculation does not take into account the time value of money or change in the property s equity. Cash-on-Cash Return with Equity Build-up modifies the cash-on-cash return calculation by adding the property s net change in equity for that year to the numerator and adding all previously generated equity to the denominator of the cash-on-cash return ratio. The calculation calculates the return on the property equity, i.e. the return on the cash that is tied up in the property. Net Present Value (NPV) converts future dollars into present-day dollars by discounting (reducing) the future cash flow of a property by a given rate or percentage. The initial investment (down payment) is subtracted from the discounted dollars to derive the NPV. A positive NPV means that the property will generate a higher return than the given rate or percentage used to calculate the NPV amount. Gross Rent Multiplier (GRM) is a property s fair market value divided by its gross rental income. Mortgage Insurance Premium (MIP) Payments are insurance premiums charged by a lender to protect that lender against loss from a mortgager's default. The rates are charged on the balance of the loan and may be paid annually, monthly, or in some combination of the two (split premiums). Internal Rate-of-Return (IRR) is the most widely used method of valuing a property s annual cash flow stream. Since a property s cash flow is earned in the future, those future dollars must be converted to present-day dollars. The IRR calculation discounts (reduces) the property s future cash flow at a rate (i.e. percentage) so that the sum of all cash flow for a specified time period is equal to the initial investment. The rate or percentage needed to do that is the IRR. In other words, IRR is the discount rate at which Net Present Value (NPV) is zero. Modified Internal Rate-of-Return (MIRR) modifies the IRR to avoid the drawbacks of the traditional IRR. The IRR implicitly assumes that all cash flow is either reinvested or discounted at the computed IRR rate. In reality, a property s cash flow probably will not be reinvested at the computed IRR rate, but rather earn zero or a small amount of interest. The MIRR eliminates the reinvestment assumption by utilizing user stipulated reinvestment and borrowing rates. benny@crescorpllc.com CRES Corp International, LLC 1228 E 7th Ave 0 Tampa, Fl 33605