Executive Summary. EXCELL ALTA, LLC The Historic Altamaha Building 1490 N. Lafayette Denver CO 80218

Executive Summary EXCELL ALTA, LLC The Historic Altamaha Building 1490 N. Lafayette Denver CO 80218 Located in-between the beautiful Cheesman Park and Capitol Hill neighborhoods of Denver, this magnificent 1902 three-story brick Italian Renaissance Revival represents the once standard elegance of architecture. With a beautiful courtyard, exposed brick walls, hardwood floors in many of the units, hand-carved woodwork and the attention to detail common at the turn of last century, this building is an exciting opportunity to own. Alta Court is conveniently located one mile to the east of the Central Downtown Business District, minutes away from Cherry Creek North and conveniently accessible to both Interstate Highways 25 and 70. Responsive, local management and ownership has kept this building in top condition. The Suites have individual HVAC systems. This office building is simply a taste of old world European charm with all the modern amenities desired by a modern office user. The building size is 41,609 square feet, considered a class B office space and is situated on 10,000 SF of land. It also comes with a 20,000 SF parking lot zoned C-MS-5, allowing a redevelopment of up to five stories. There is an in-place Net Operating Income (NOI) of $400,000 with the potential to increase this through increasing the rent on lease renewals, leasing the 3,000 square feet of vacancy, converting the front porch into retail, and leasing additional parking and more. We have until January 4, 2018 to close and prior to this there are scheduled increases of $25,000, so when we close there will be an NOI of $425,000. The Purchase Price is $6,500,000, which is a 6.53% capitalization rate on cost and the total acquisition costs are approximately $7,170,000, which is a 5.92% capitalization rate on the NOI of $425,000. This is a total acquisition cost of $169 PSF. We are raising $3,750,000 in 75 - $50,000 units with a maximum investment of $500,000.00 per individual. We will only be accepting accredited investors; please contact Kathy Ellman 303-513-2114 if you want this explained. We will be purchasing the property in two pieces to facilitate our financing and the ability to sell/ develop the parking lot in the very near future. We will be securing a loan of $3,500,000 that will be secured by only the building. We will use cash to purchase the parking lot. In the beginning, Excell Alta, LLC will own both properties and investors will be Members of the LLC. Altitude Development Company An Excell Partner

Executive Summary EXCELL ALTA, LLC The Historic Altamaha Building 1490 N. Lafayette Denver CO 80218 Our projections point to an immediate 5.05% cash on cash return. Investors will receive all available cash up and until they achieve a minimum of 8% cash on cash return and after this is achieved the profits will be split 62.5%/37.5% to the managers and investors respectively. Any sale or influx of capital above the normal day to day operations will be used to pay down the investor s capital accounts. The four following years are projected at 11.39%, 10.96%, 10.52% and 11.39% respectively. A sale after year five results in total cash to investors (including the cash from the land sale) of $5,160,564 or 119.89% of your investment over the five years. This results in an IRR of 16.82%. There is a dip in the NOI years three and four, as we will lose our parking rent. It is the intent of the company to sell the parking lot to a development partner for approximately $2,500,000 and form a new company to develop the property. The proceeds from this sale will be used to pay down the investor s capital accounts resulting in a cash on cash return of 11.39% on the building only. We plan to keep this asset and proceed to improve the income and value. The initial investors will have a first right of refusal to provide the capital for the new development. If we do in fact stay in the company, a part of the partnership interest will be reserved for this function. Your right of first refusal will expire on the 30 th day after notice has been provided to you. We will then find new investors to make up any short falls. The new development plans are very preliminary. Virgil Shouse is negotiating to purchase the retail on Colfax in front of our lot of 20,000 SF 1431-1451 Lafayette, and this could greatly increase our costs as well as our profits. For now we will not include that in our summary. The plan is to construct two stories below ground for a parking structure and five stories above of residential condominiums. We estimate approximately 80 units. The cost estimates are $26,000,000 or $260 per square foot to construct. The capital requirement will be a minimum of $8,000,000. The profits we predict will be a minimum of $10,000,000; however we believe it can be significantly more. In conclusion, this is an opportunity to get in on the ground floor with little risk, receive a return on investment day one, and have immediate upside in one year. Plus, later, investors will have the opportunity to invest in an exciting and very profitable Capitol Hill mixed used community. Altitude Development Company An Excell Partner

Alta Court -1490 Lafayette Street, Denver, Colorado 80218 Excell Alta, LLC Call Kathy Ellman (303) 513-2114 for investment information

PROPERTY SUMMARY The historic Alta Court is located in-between the beautiful Cheesman Park and Capitol Hill neighborhoods of Denver. This magnificent 1902 three-story brick Italian Renaissance Revival represents the once standard elegance of architecture, with a beautiful courtyard, exposed brick walls and hardwood floors in many of the units, hand-carved woodwork and the attention to detail common at the turn of last century. The property is situated along one of Denver s primary arterial ways on the prominent southwest corner of East Colfax Avenue and Lafayette Street. The property consists of an office building made up of 41,209 rentable square feet and includes four lots that are assembled for parking and combined are +/- 21,145 square feet. SITE INFORMATION: Location: Southwest Corner of E. Colfax Ave. & Lafayette St. City: City of Denver County: Denver County Building: +/- 41,209 RSF Building Lot Size: +/- 15,224 SF Parking Lot Size: +/- 21,145 SF Use : Office Building Zoning: C-MS-5 Price: TBD Alta Court -1490 Lafayette Street, Denver, Colorado 80218 EXCELL ALTA, LLC. CALL KATHY ELLMAN FOR INVESTMENT INFORMATION (303) 513-2114

AREA OVERVIEW The property is located on the northern edge of Denver s Capitol Hill neighborhood and the southern border of the Uptown neighborhood. Capital Hill is Denver's most diverse neighborhood, with an eclectic mix of Victorian homes and mid-rise apartments and condos. The Uptown neighborhood is a mix of Victorian and Queen Anne homes blended with modern high-rise apartments and lofts. Each area, although unique in itself, boast a vibrant community feel with lively restaurants and chic shops immersed throughout the neighborhoods. The location is in close proximity to expanding hospital developments, jobs, entertainment and education that lends to its popularity, density and progressive vibe. Primary Corridor: The property is located along East Colfax Avenue, one of Denver s busiest arterial routes and one of Downtown Denver s primary access corridors. Traffic Counts: The stretch of East Colfax Avenue that passes the property sees 60,000 vehicles per day, 30,000 in each direction. DRCOG Traffic Counts Demographics: The property is situated on the edge of two of Denver s great historic neighborhoods, the Capitol Hill neighborhood extends to the south and to the north is the Uptown neighborhood. Capitol Hill Demographics Uptown Demographics Alta Court -1490 Lafayette Street, Denver, Colorado 80218 EXCELL ALTA, LLC CALL KATHY ELLMAN (303) 513-2114 FOR INVESTMENT INFORMATION

LOCATION/ ECONOMIC OVERVIEW Denver, CO Denver, Colorado, rated by Forbes as The Best Place for Business and Careers in 2015 and 2016, is a prospering city centrally located in the United States. The city is outpacing the nation in terms of economic growth, which can be largely attributed to its highly educated workforce and its attractive geographic location. As of December 2016, the unemployment rate in Metro Denver totaled 3.6%, which is in-line with Northern Colorado s rate of 3.5%. By comparison, the national average was 4.9%. Alta Court -1490 Lafayette Street, Denver, CO 80218 EXCELL ALTA, LLC CALL KATHY ELLMAN (303) 513-2114 FOR INVESTMENT INFORMATION

AERIAL MAP Park Avenue East Colfax Avenue Franklin Street Humboldt Street Lafayette Marion Street Downing Street Alta Court -1490 Lafayette Street, Denver, Colorado 80218 EXCELL ALTA, LLC

DENVER METRO LOCATION MAP Alta Court -1490 Lafayette Street, Denver, Colorado 80218 EXCELL ALTA, LLC KATHY ELLMAN, INVESTMENT INFORMATION (303) 513-2114

Alta Court -1490 Lafayette Street, Denver, Colorado 80218 EXCELL ALTA, LLC

Alta Court -1490 Lafayette Street, Denver, Colorado 80218 Kathy Ellman (303) 513-2114; kathy.ellman@gmail.com for investment information

Alta Court -1490 Lafayette Street, Denver, Colorado 80218 EXCELL ALTA, LLC KATHY ELLMAN, INVESTOR RELATIONS (303) 513-2114

Invester's Returns day 1 Investor's Returns 1 Year Day1 Value $8,583,333.33 Costs ($5,884,531.25) Equity $2,698,802.08 NOI $425,000.00 NOI $425,000.00 Reserve ($6,241.35) Price $7,083,333.33 6.00% Capital Account $3,671,197.92 Loan ($3,500,000.00) Loan Service ($233,449.64) Capital ($2,101,197.92) Cash Flow $185,309.01 Commission ($283,333.33) 4.00% Return 5.05% Proceeds $1,198,802.08 $2,470.79 $0.00 Investors 37.50% $293,695.83 Preferred 8.00% 0.00% Equity $449,550.78 Total 5.05% $185,309.01 Investors 37.50% 12.25% $0.00 Manager 62.50% $0.00 Manager 62.50% 74925130.20% 62.50% Size $3,750,000.00 Day 1 Units $50,000.00 0.50% Return 37.50% 75 Equity $2,470.79 4.94% Year 1 Year 1 We sell the land for $2,500,000 and keep the building Captal Account $1,375,000.00 Investors 38% Preferred 8.00% $110,000.00 9.39% $28,240.88 Total 10.05% $138,240.88 63% $47,068.13 Manager We sell the land for $2,500,000 and we sell the building at 6% CAP Value Costs $7,500,000.00 Equity ($5,901,197.92) $1,598,802.08 NOI $450,000.00 Price $7,500,000.00 6.00% NOI $450,000.00 Loan ($3,500,000.00) Capital Account $1,171,197.92 Capital ($2,101,197.92) Loan Service ($233,449.64) Commission ($300,000.00) 4.00% Cash Flow $683,449.64 $1,598,802.08 Return 58.35% Land Sale $2,500,000.00 Commission ($125,000.00) 5.00% $2,375,000.00 Total Proceeds $3,973,802.08 108.24% 38% Investors $1,490,175.78 28.44% 63% Manager's $2,483,626.30

Parking Lot 1495 Lafayette Denver, CO Building Size - N/A Land Size 21,146 $70.94 Cost Purchase Price $1,500,000 Acquisition Fee 3.0% $45,000 Maintenance $15,000 Roof Site Improvements Building Improvements N/A Planning, Permitting Phase 1 Phase II Development Fee 3.0% Appraisal Loan Points 1.0% Carrying Cost Real Estate Tax Insurance Comm, OHP, Contingency 7.0% Legal $5,000 Capital costs est. 4.0% $0 Closing Cost $5,000 Total $1,570,000 SF PSF monthly yearly Offices 41,609 $15.00 $0 $0 $0 Reserve $0.15 $0 $0 NOI $0.00 $0 $0 Invested Equity $1,570,000 Return on Equity 0.00% Combined Total Costs $7,171,198 Total Equity Requirement $3,671,198 Total Cash Flow $185,309.01 Return on Equity 5.05%

5 Year Projection 41,609 SF Year 1 Year 2 Year 3 Year 4 Year 5 2018 2019 2020 2021 2022 Capital Accounts $3,671,197.92 $1,296,197.92 $1,296,197.92 $1,296,197.92 $1,296,197.92 NOI $425,000 $462,059 $447,221.0 $431,641.00 $462,059.00 Debt Service $233,450 $233,450 $233,449.64 $233,449.64 $233,449.64 Reserves $ 0.15 $6,241 $6,241 $6,241.35 $6,241.35 $6,241.35 Cash Flow $185,309 $222,368 $207,529.96 $191,950.01 $222,368.01 Investors First Return 8.00% $293,696 $103,696 $103,695.83 $103,695.83 $103,695.83 Profit Interest 37.00% N/A $43,909 $38,418.63 $32,654.04 $43,908.71 Total 5.05% $185,309 11.39% $147,605 10.96% $142,114.46 10.52% $136,349.88 11.39% $147,604.54 Per Unit $50,000.00 $2,538.48 $17,756.14 $2,021.98 $17,756.14 $1,946.77 $17,756.14 $1,867.81 $17,756.14 $2,021.98

09/25/2017 11:09:32 AM Page 1 Alta - Preliminary DRAFT IRR DRAFT Rate Period... : Annual Nominal Annual Rate... : 16.818 % CASH FLOW DATA Event Date Amount Number Period End Date 1 Loan 01/01/2018 3,671,198.00 1 2 Payment 01/01/2019 2,375,000.00 1 Principal First Allocation 3 Payment 01/01/2019 185,309.00 1 4 Payment 01/01/2020 147,605.00 1 5 Payment 01/01/2021 142,114.00 1 6 Payment 01/01/2022 136,350.00 1 7 Payment 01/01/2023 147,605.00 1 8 Payment 01/01/2023 1,296,198.00 1 Principal First Allocation 9 Payment 01/01/2023 730,385.00 1 AMORTIZATION SCHEDULE - U.S. Rule (no compounding) Date Payment Interest Accrued Interest Paid Principal Paid Balance Due Interest Principal Total Loan 01/01/2018 0.00 0.00 0.00 0.00 3,671,198.00 3,671,198.00 2018 Totals 0.00 0.00 0.00 0.00 1 01/01/2019 2,375,000.00 617,408.64 0.00 2,375,000.00 617,408.64 1,296,198.00 1,913,606.64 2 01/01/2019 185,309.00 0.00 185,309.00 0.00 432,099.64 1,296,198.00 1,728,297.64 2019 Totals 2,560,309.00 617,408.64 185,309.00 2,375,000.00 3 01/01/2020 147,605.00 217,989.84 147,605.00 0.00 502,484.48 1,296,198.00 1,798,682.48 2020 Totals 147,605.00 217,989.84 147,605.00 0.00 4 01/01/2021 142,114.00 217,989.84 142,114.00 0.00 578,360.32 1,296,198.00 1,874,558.32 2021 Totals 142,114.00 217,989.84 142,114.00 0.00 5 01/01/2022 136,350.00 217,989.84 136,350.00 0.00 660,000.16 1,296,198.00 1,956,198.16 2022 Totals 136,350.00 217,989.84 136,350.00 0.00 6 01/01/2023 147,605.00 217,989.84 147,605.00 0.00 730,385.00 1,296,198.00 2,026,583.00 7 01/01/2023 1,296,198.00 0.00 0.00 1,296,198.00 730,385.00 0.00 730,385.00 8 01/01/2023 730,385.00 0.00 730,385.00 0.00 0.00 0.00 0.00 2023 Totals 2,174,188.00 217,989.84 877,990.00 1,296,198.00 Grand Totals 5,160,566.00 1,489,368.00 1,489,368.00 3,671,198.00 DRAFT Tentative & Preliminary

Alta Court 1435, 1441, 1443, 1459 & 1490 Lafayette Street Denver, Colorado 80218 Rent Roll as of: 9/10/2017 Occupany: 92% Scheduled Annual Gross Income: $695,318.14 Lease Unit Size Security Rate Annual Monthly Base Rent New Monthly New Base Number of Monthly Monthly Expiration TENANT Number Sq/ Ft. Deposit / Sq Ft Rent Rent Inc. Date Base Rent Rent/Sq.Ft. Parking Parking CAM Date Vacant 101 3,114 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 102 Lynne for Colorado 103 2,088 2,800.00 16.09 30,800.00 2,800.00 9/1/2017 2,800.00 16.09 2 200.00 0.00 08/31/18 104 Vacant (Landlord Storage) 104B 279 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 Mary Ann Watson, Phd. 105A 460 383.33 16.25 8,280.00 690.00 08/01/17 690.00 18.00 1 65.00 0.00 07/31/20 an individual 08/01/18 728.33 19.00 08/01/19 766.67 20.00 Colfax Business Improvement District 106A 603 550.00 16.50 10,251.00 854.25 02/01/12 728.63 14.50 1 65.00 22.79 01/31/18 a Business Improvement District 02/01/13 753.75 15.00 02/01/14 778.88 15.50 02/01/15 804.00 16.00 02/01/16 829.13 16.50 02/01/17 854.25 17.00 The Modern Salon 106B 585 0.00 0.00 9,000.00 750.00 06/01/16 750.00 0.00 0 0.00 0.00 MTM H. Peter Friedauer H. Peter Friedauer 107 963 0.00 0.00 0.00 0.00 06/01/16 1.00 0.00 0 0.00 0.00 MTM Derek Weingart 108A 419 350.00 13.60 6,704.00 558.67 08/01/17 558.67 16.00 0 0.00 55.03 07/31/20 an individual 08/01/18 576.13 16.50 08/01/19 593.58 17.00 Conference Room 108B 1,254 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00

Unit Size Security Rate Annual Monthly Base Rent New Monthly New Base Number of Monthly Monthly Expiration TENANT Number Sq/ Ft. Deposit / Sq Ft Rent Rent Inc. Date Base Rent Rent/Sq.Ft. Parking Parking CAM Date Gregory Canyon, LLC 201 1,454 2,423.33 21.00 30,534.00 2,544.50 01/01/14 2,423.33 20.00 1 85.00 0.00 MTM a Colorado limited liability company 01/01/15 2,483.92 20.50 Guarantor: Terry Minger 01/01/16 2,544.50 21.00 CID Entertainment dba CID Colorado 202 1,285 4,284.00 20.00 25,704.00 2,142.00 05/01/16 2,142.00 20.00 0 0.00 103.44 04/30/18 a Deleware corporation Labor Ready Central, Inc. 203 1,202 4,006.00 20.50 24,641.00 2,053.42 07/15/15 2,003.33 20.00 3 0.00 115.13 10/31/20 a Washington corporation 09/01/16 2,053.42 20.50 09/01/17 2,103.50 21.00 08/01/18 2,153.58 21.50 08/01/19 2,203.67 22.00 08/01/20 2,253.75 22.50 Mulinjer, LLC 204 982 1,200.00 14.66 17,676.00 1,473.00 10/01/13 1,200.00 14.66 1 65.00 0.00 09/30/19 a Colorado corporation 10/01/14 1,300.00 15.89 Guaranotors: Bradlee Marick 10/01/15 1,400.00 17.11 10/01/16 1,473.00 18.00 10/01/17 1,513.92 18.50 10/01/18 1,554.83 19.00 O'Connor & CO. CPAs, LLC 205 1,110 1,480.00 15.75 17,760.00 1,480.00 02/21/13 0.00 0.00 2 0.00 0.00 04/30/18 a Colorado limited liabiltiy corporation 03/22/13 447.58 15.00 Guaranotors: Patricia J. O'Connor 04/01/13 1,387.50 15.00 04/01/14 0.00 0.00 05/01/14 1,410.63 15.25 05/01/15 1,433.75 15.50 05/01/16 1,456.88 15.75 05/01/17 1,480.00 16.00 Exell Fund Development, LLC 206 1,006 1,635.00 19.50 19,620.00 1,635.00 09/01/17 1,635.00 19.50 1 65.00 0.00 08/31/20 a Colorado limited liability company 09/01/18 1,700.00 20.28 Guaranotor: Virgil Shouse 09/01/20 1,750.00 20.87 Hernandez & Associates, P.C. 207 9,750 15,000.00 18.00 180,375.00 15,031.25 7/1/2016 14,625.00 18.00 11 825.00 0.00 06/30/20 a Colorado corporation 307 7/1/2017 15,031.25 18.50 Guaranotors: Arnulfo D. Hernandez 308 7/1/2018 15,437.50 19.00 301 7/1/2019 15,843.75 19.50 302A 7/1/2020 16,250.00 20.00 400

Unit Size Security Rate Annual Monthly Base Rent New Monthly New Base Number of Monthly Monthly Expiration TENANT Number Sq/ Ft. Deposit / Sq Ft Rent Rent Inc. Date Base Rent Rent/Sq.Ft. Parking Parking CAM Date Recovering Spirit, LLC 208 1,330 1,706.83 16.00 21,945.00 1,828.75 9/1/11 1,540.58 13.90 0 0.00 0.00 08/31/19 a Colorado limited liabiltiy corporation 9/1/12 1,623.71 14.65 Guaranotors: Colleen McKernan, Donald McKernan 9/1/13 1,706.83 15.40 9/1/14 1,717.92 15.50 9/1/15 1,773.33 16.00 9/1/16 1,828.75 16.50 9/1/17 1,884.17 17.00 9/1/18 1,939.58 17.50 James E. Lundin Insurance Agency, Inc. 302B 754 1,052.46 19.50 14,703.00 1,225.25 08/01/16 1,225.25 19.50 0 0.00 20.84 10/31/22 a Colorado corporation 09/01/17 1,256.67 20.00 Guaranotors: James Lundin 09/01/18 1,350.92 21.50 09/01/20 1,382.33 22.00 10/01/20 0.00 0.00 10/01/21 1,413.75 22.50 10/01/21 0.00 0.00 11/01/21 1,445.17 23.00 One Colorado Education Fund 303 2,681 0.00 17.85 49,598.50 4,133.21 01/01/14 3,987.99 17.85 4 0.00 256.79 01/31/20 a Colorado non profit 304 1/16/2015 2,058.32 17.85 02/01/15 3,987.99 17.85 02/01/16 4,021.50 18.00 02/01/17 4,133.21 18.50 02/01/18 4,244.92 19.00 02/01/19 4,356.63 19.50 Engaged Public / Health Outcome, Inc. TAG 305 2,220 3,098.75 18.50 41,070.00 3,422.50 09/01/15 3,330.00 18.00 3 270.00 48.29 08/31/18 a Colorado corporation 306 09/01/16 3,422.50 18.50 Guaranotors: Christopher Adams 09/01/17 3,515.00 19.00 LiveWell Colorado 404 6,057 6,675.33 17.50 109,026.00 9,085.50 03/01/14 8,580.75 17.00 6 390.00 487.57 01/31/19 a Colorado non profit corporation 403 02/01/15 8,580.75 17.00 405 02/01/16 8,833.13 17.50 406 02/01/17 9,085.50 18.00 407 2/1/2018 9,337.88 18.50 Impact Production, Inc. 408 1,613 2,016.25 17.50 29,034.00 2,419.50 09/01/13 2,150.67 16.00 2 130.00 129.84 08/31/18 a Colorado corporation 09/01/14 2,285.08 17.00 09/01/15 2,352.29 17.50 09/01/16 2,419.50 18.00 09/01/17 2,486.71 18.50 41,209 $48,661.28 $646,721.50 $54,126.79 $2,160.00 $1,239.72

Unit Size Security Rate Annual Monthly Base Rent New Monthly New Base Number of Monthly Monthly Expiration TENANT Number Sq/ Ft. Deposit / Sq Ft Rent Rent Inc. Date Base Rent Rent/Sq.Ft. Parking Parking CAM Date First Unitarian Church P-2 0.00 7,560.00 0.00 06/01/13 MTM - 42 630.00 0.00 MTM Rosenstock Partners, LLC P5 0.00 240.00 03/01/17 20.00 1.00 20 20.00 11/01/17 1,500.00 75.00 11/01/23 2,000.00 100.00 Total Leased Total Security Total Total Annual Total Annual Sq/ Ft. Deposit Rent Parking CAM Total Income 41,209 $48,661.28 $646,721.50 $33,720.00 $14,876.64 $695,318.14 $650.00

INCOME JAN FEB MAR APRIL MAY JUNE JULY AUG SEPT OCT NOV DEC YTD PER SQ. FT. Base Rent Income 53,326.93 53,385.21 56,191.27 55,933.57 51,379.81 55,568.94 55,037.86 58,238.00 40,389.67 40,122.18 50,060.95 42,822.96 $612,457.35 $14.86 Percentage Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Common Area Maintenance 2,311.23 2,374.18 2,725.03 2,520.81 2,345.72 2,267.74 2,345.72 2,423.70 2,088.50 1,452.59 1,959.27 1,666.94 $26,481.43 $0.64 Property Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Prior Year NNN Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Utilities 1,080.41 473.33 766.96 771.03 342.37 142.90 352.13 593.05 501.99 748.48 828.50 433.44 $7,034.59 $0.17 Electricity & Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Late Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Interest - Lease Default 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Misc. Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Interest Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Administration Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Operating Expense Recoveries 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 PY OER Reconciliation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 2007 OER Reconciliation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Parking Income 3,269.41 3,520.59 3,070.00 2,940.00 2,875.00 2,745.00 2,712.06 2,875.00 2,550.00 2,482.94 3,035.00 3,255.10 $35,330.10 $0.86 Sign 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 75.00 125.00 100.00 $300.00 $0.01 Storage 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 TOTAL INCOME $59,987.98 $59,753.31 $62,753.26 $62,165.41 $56,942.90 $60,724.58 $60,447.77 $64,129.75 $45,530.16 $44,881.19 $56,008.72 $48,278.44 $681,603.47 $16.54

CAM EXPENSES - SCHEDULE A JAN FEB MAR APRIL MAY JUNE JULY AUG SEPT OCT NOV DEC YTD PER SQ. FT. Access Control & Monitoring 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Administration Fee 0.00 114.67 0.00 0.00 0.00 0.00 0.00 0.00 205.15 0.00 97.07 101.48 $518.37 $0.01 Amortized Capital Improvements 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00. 0.00 $0.00 $0.00 Bank Charges 0.00 0.00 0.00 0.00 10.00 10.00 0.00 10.00 10.00 10.00 20.00 0.00 $70.00 $0.00 Building Maintenance 0.00 0.00 0.00 60.00 0.00 0.00 150.00 240.34 220.41 3,000.00 0.00 $3,670.75 $0.09 Carpet Cleaning & Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 40.00 0.00 0.00 0.00 0.00 $40.00 $0.00 Cleaning & Janitorial 2,312.16 4,834.32 16.15 4,632.31 2,312.16 0.00 0.00 3,000.00 8,110.65 1,600.00 3,215.00 1,600.00 $31,632.75 $0.77 Cleaning Supplies 387.83 1,134.36 0.00 950.77 583.50 0.00 0.00 562.86 0.00 0.00 0.00 0.00 $3,619.32 $0.09 Day Porter 700.65 0.00 1,401.30 700.65 700.65 700.65 1,000.00 1,000.00 1,000.00 1,000.00 2,600.00 1,400.00 $12,203.90 $0.30 Drapery Cleaning & Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Electrical Repair/Lighting 0.00 0.00 170.00 842.00 0.00 0.00 210.00 0.00 445.00 15.76 0.00 0.00 $1,682.76 $0.04 Electricity & Gas 1,023.79 562.19 0.00 13.87 13.27 502.90 520.13 440.47 510.50 484.98 370.42 596.56 $5,039.08 $0.12 Elevator Maintenance 153.30 153.30 153.30 153.30 153.30 153.30 153.30 401.30 1,183.82 1,470.60 153.30 153.30 $4,435.42 $0.11 Equipment Rental 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 63.66 $63.66 $0.00 Fees/Inspections 0.00 300.00 0.00 150.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $450.00 $0.01 Fire Protection 0.00 0.00 0.00 0.00 0.00 0.00 1,500.00 543.87 0.00 0.00 0.00 990.00 $3,033.87 $0.07 Fountain Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 General Maintenance 180.00 0.00 80.00 75.63 27.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $363.01 $0.01 Grounds Maintenance 0.00 0.00 32.23 0.00 219.12 0.00 0.00 0.00 129.19 1,819.00 0.00 0.00 $2,199.54 $0.05 HVAC Contract 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 HVAC Repairs 0.00 866.20 0.00 0.00 909.93 0.00 0.00 2,701.35 0.00 0.00 1,752.65 0.00 $6,230.13 $0.15 Inspections and Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Labor-General 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Licenses & Permits 400.00 $400.00 $0.01 Locks & Keys 75.68 0.00 405.02 14.00 159.76 0.00 0.00 25.06 70.15 212.29 14.48 78.51 $1,054.95 $0.03 Management Fee 3,732.39 3,388.61 3,976.08 3,729.92 3,416.57 3,643.48 3,480.71 3,847.79 3,000.00 3,000.00 3,360.52 3,000.00 $41,576.07 $1.01 Material & Supplies 937.79 0.00 43.17 2.58 46.27 0.00 0.00 351.49 941.83 283.06 294.40 370.49 $3,271.08 $0.08 Miscellaneous 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Office Bulbs/Ballast 23.22 0.00 203.93 39.88 0.00 0.00 0.00 41.39 0.00 0.00 47.81 0.00 $356.23 $0.01 Painting 284.91 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $284.91 $0.01 Parking Lot 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 49.16 0.00 0.00 $49.16 $0.00 Parking Monitoring 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Payroll Taxes & Benefits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Pest Control 62.94 125.98 125.66 0.00 0.00 125.66 64.72 129.44 64.74 64.72 64.72 64.71 $893.29 $0.02 Plants 0.00 0.00 0.00 0.00 0.00 0.00 0.00 95.55 0.00 0.00 0.00 0.00 $95.55 $0.00 Plumbing 446.31 265.00 76.14 31.98 188.00 0.00 0.00 40.66 0.00 0.00 90.00 207.50 $1,345.59 $0.03 Roof 0.00 141.54 0.00 70.77 0.00 0.00 0.00 79.00 424.62 0.00 0.00 0.00 $715.93 $0.02 Salaries 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Security 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Signs 0.00 0.00 91.50 274.51 0.00 0.00 0.00 0.00 0.00 228.77 0.00 0.00 $594.78 $0.01 Snow Removal 575.44 377.50 606.20 0.00 115.00 0.00 0.00 0.00 0.00 0.00 108.59 539.31 $2,322.04 $0.06 Sprinkler Repair 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Sweeping 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Taxes 0.00 0.00 0.00 7.60 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $7.60 $0.00 Telephone 143.99 282.84 195.91 195.78 195.60 195.60 198.04 199.93 200.33 200.26 200.19 200.23 $2,408.70 $0.06 Trash 306.10 0.00 299.33 337.69 297.68 351.61 350.59 347.79 0.00 342.97 343.37 342.35 $3,319.48 $0.08 Water & Sewer 0.00 366.44 358.20 421.72 229.24 206.92 209.52 186.90 0.00 350.74 133.78 126.26 $2,589.72 $0.06 Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Wastewater 0.00 298.78 0.00 1,970.52 0.00 0.00 0.00 0.00 344.61 0.00 0.00 0.00 $2,613.91 $0.06 Window Cleaning 0.00 0.00 36.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $36.00 $0.00 Subtotal C.A.M. $11,346.50 $13,211.73 $8,270.12 $14,675.48 $9,577.43 $5,890.12 $7,837.01 $14,285.19 $16,861.00 $14,132.31 $12,866.30 $10,234.36 $139,187.55 $3.38 Taxes Building 0.00 35,760.25 0.00 0.00 0.00 35,760.23 0.00 0.00 0.00 0.00 0.00 0.00 $71,520.48 $1.74 Taxes Parking Lot 0.00 9,956.46 0.00 0.00 0.00 9,986.42 0.00 0.00 0.00 0.00 0.00 0.00 $19,942.88 $0.48 Insurance 1,721.00 3,841.00 3,841.00 7,491.00 806.00 $17,700.00 $0.43 Total C.A.M. $13,067.50 $58,928.44 $8,270.12 $18,516.48 $9,577.43 $55,477.77 $7,837.01 $14,285.19 $24,352.00 $14,938.31 $12,866.30 $10,234.36 $248,350.91 $6.03

OWNER'S EXP - SCHEDULE B JAN FEB MAR APRIL MAY JUNE JULY AUG SEPT OCT NOV DEC YTD PER SQ. FT. Administrative Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Advertising & Promotion 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Architectural Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Appraisal Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Bank Charges 0.00 0.00 113.50 10.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.00 $133.50 $0.00 Building Renovations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Electrical Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Electricity Units 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Electricity & Gas 329.46 511.47 442.00 390.63 401.15 468.15 1,111.77 920.21 658.14 727.39 499.80 369.97 $6,830.14 $0.17 Exterior Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 HVAC Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Income Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Janitorial and Cleaning 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (5,275.00) 3,000.00 0.00 0.00 ($2,275.00) ($0.06) Leasing Commissions 0.00 0.00 0.00 0.00 9,990.00 0.00 4,507.50 0.00 12,043.50 0.00 0.00 0.00 $26,541.00 $0.64 Leasing Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Legal Fees 0.00 0.00 0.00 0.00 0.00 0.00 650.00 0.00 0.00 0.00 0.00 0.00 $650.00 $0.02 Licenses & Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Loan Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Locks & Keys 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Material & Supplies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Miscellaneous 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Officer's fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Painting 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Payroll Taxes & Benefits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Property Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Plumbing Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Repairs and Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Roof Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Misc. Admin. Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Misc. Rep./Maint. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Sales Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Sales Tax Collection 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Signs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Telephone 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Tenant Finish 5,761.22 5,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $10,761.22 $0.26 Tenant Signage 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Window Washing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Water & Sewer 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 TOTAL OWNER'S $6,090.68 $5,511.47 $555.50 $400.63 $10,391.15 $468.15 $6,269.27 $920.21 $7,426.64 $3,727.39 $499.80 $379.97 $42,640.86 $1.03 TOTAL EXPENSES $19,158.18 $64,439.91 $8,825.62 $18,917.11 $19,968.58 $55,945.92 $14,106.28 $15,205.40 $31,778.64 $18,665.70 $13,366.10 $10,614.33 $290,991.77 $7.06 NET CASH FLOW $40,829.80 ($4,686.60) $53,927.64 $43,248.30 $36,974.32 $4,778.66 $46,341.49 $48,924.35 $13,751.52 $26,215.49 $42,642.62 $37,664.11 $390,611.70 $9.48 This analysis is intended as aid only. No warranty or representation, expressed or implied is made as to the accuracy of the information in this analysis by Buell & Company or its agents or employees. No legal, tax, or financial advice is intended by this analysis. Buell & Company is not authorized to give legal, tax or financial advice. No representation or recommendation is made by Buell & Company or its agents or employees as to the legal sufficiency, legal effect, tax or financial consequences of this analysis or any transaction related hereto. This disclaimer applies to all pages of this analysis. This analysis has been developed for the exclusive use of our clients. We request that the not be reproduced, disclosed or distributed without the express written consent of Buell & Company.

Alta Court Annual Income and Expense Summary 2015 Actual Annual Income and Expenses 2015 Income: $ PSF Base Rent Income $ 612,457 $ 14.86 Common Area Maintenance 26,481 0.64 Utilities 7,035 0.17 Parking Income 35,330 0.86 Sign 300 0.01 Total Income $ 681,603 $ 16.54 Expenses: Common Area Maintenance 139,188 3.38 Taxes 91,463 2.22 Insurance 17,700 0.43 Owner Expenditures 42,641 1.03 Total Expenses $ 290,992 $ 7.06 Net Cash Flow $ 390,612 $ 9.48 This analysis is intended as aid only. No warranty or representation, expressed or implied is made as to the accuracy of the information in this analysis by Buell & Company or its agents or employees. No legal, tax, or financial advice is intended by this analysis. Buell & Company is not authorized to give legal, tax or financial advice. No representation or recommendation is made by Buell & Company or its agents or employees as to the legal sufficiency, legal effect, tax or financial consequences of this analysis or any transaction related hereto. This disclaimer applies to all pages of this analysis. This analysis has been developed for the exclusive use of our clients. We request that the not be reproduced, disclosed or distributed without the express written consent of Buell & Company.

INCOME JAN FEB MAR APRIL MAY JUNE JULY AUG SEPT OCT NOV DEC YTD PER SQ. FT. Base Rent Income 50,854.34 44,753.17 55,204.75 33,812.66 49,228.59 37,726.34 54,317.78 47,262.65 50,301.59 40,367.47 49,930.35 47,534.89 $561,294.58 $13.62 Percentage Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Common Area Maintenance 1,666.94 1,666.94 1,666.94 1,161.84 2,172.04 1,588.96 1,464.33 1,891.45 1,293.85 973.75 1,386.35 1,264.20 $18,197.59 $0.44 Property Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Prior Year NNN Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Utilities 324.16 317.61 316.03 316.37 0.00 0.00 131.22 46.26 1,416.15 642.54 1,235.54 1,419.06 $6,164.94 $0.15 Electricity & Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Late Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Interest - Lease Default 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Misc. Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Interest Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Administration Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Operating Expense Recoveries 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 PY OER Reconciliation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 NNN 2012 Reconciliation 1,279.76 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $1,279.76 $0.03 Parking Income 3,831.00 2,334.29 3,354.50 2,584.50 3,429.50 3,039.50 2,885.00 3,936.71 3,409.50 1,887.14 2,846.86 2,844.50 $36,383.00 $0.88 Sign 100.00 0.00 62.92 100.00 100.00 0.00 100.00 337.08 200.00 0.00 100.00 100.00 $1,200.00 $0.03 Storage 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 TOTAL INCOME $58,056.20 $49,072.01 $60,605.14 $37,975.37 $54,930.13 $42,354.80 $58,898.33 $53,474.15 $56,621.09 $43,870.90 $55,499.10 $53,162.65 $624,519.87 $15.15

CAM EXPENSES - SCHEDULE A JAN FEB MAR APRIL MAY JUNE JULY AUG SEPT OCT NOV DEC YTD PER SQ. FT. Access Control & Monitoring 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 Administration Fee 0.00 0.00 0.00 0.00 0.00 0.00 119.20 0.00 0.00 0.00 0.00 0.00 119.20 $0.00 Amortized Capital Improvements 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 Bank Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 Appliance Repair & Maintenance 0.00 0.00 0.00 0.00 297.54 77.96 0.00 0.00 0.00 0.00 0.00 134.42 509.92 $0.01 Building Maintenance 0.00 0.00 0.00 0.00 0.00 28,845.44 28,964.29 42,319.55 239.07 1,735.00 6,751.05 7,038.56 115,892.96 $2.81 Carpet Cleaning & Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 Cleaning & Janitorial 0.00 1,600.00 1,600.00 1,633.53 1,620.27 3,200.00 1,600.00 0.00 1,650.00 1,600.00 1,600.00 1,600.00 17,703.80 $0.43 Cleaning Supplies 0.00 0.00 0.00 237.31 270.58 239.83 349.71 0.00 477.04 313.43 291.95 170.07 2,349.92 $0.06 Day Porter 0.00 1,000.00 1,000.00 1,000.00 1,000.00 2,000.00 1,000.00 0.00 1,000.00 1,000.00 1,000.00 1,400.00 11,400.00 $0.28 Drapery Cleaning & Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 Electrical Repair/Lighting 0.00 0.00 0.00 120.00 205.00 200.00 0.00 0.00 100.00 221.48 0.00 168.34 1,014.82 $0.02 Electricity & Gas 844.10 709.21 644.41 619.76 41.30 36.00 547.92 567.82 464.35 530.19 550.53 639.64 6,195.23 $0.15 Elevator Maintenance 158.95 158.95 0.00 317.90 308.95 158.95 158.95 158.95 158.95 158.95 158.95 158.95 2,057.40 $0.05 Equipment Rental 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 Fees/Inspections 0.00 0.00 0.00 0.00 300.00 0.00 0.00 150.00 0.00 0.00 688.00 0.00 1,138.00 $0.03 Fire Protection 0.00 183.92 0.00 0.00 421.00 990.00 360.00 0.00 0.00 0.00 1,140.00 0.00 3,094.92 $0.08 Fountain Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 General Maintenance 0.00 0.00 22.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 22.28 $0.00 Grounds Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 HVAC Contract 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 HVAC Repairs 0.00 1,250.52 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,092.00 4,078.60 6,421.12 $0.16 Labor-General 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 Licenses & Permits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 Locks & Keys 0.00 43.45 23.17 23.17 2.13 21.00 60.87 0.00 0.00 0.00 17.37 13.88 205.04 $0.00 Management Fee 3,377.74 3,000.53 3,636.31 3,000.00 3,295.81 3,000.00 3,533.90 3,208.45 3,397.26 3,000.00 3,329.95 3,189.76 38,969.71 $0.95 Material & Supplies 0.00 210.30 312.72 72.44 16.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 611.63 $0.01 Miscellaneous 0.00 0.00 0.00 0.00 20.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20.49 $0.00 Office Bulbs/Ballast 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 Painting 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 37.03 0.00 0.00 37.03 $0.00 Parking Lot 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 Pest Control 64.72 0.00 0.00 194.16 64.72 66.66 66.66 66.66 66.66 84.37 0.00 133.32 807.93 $0.02 Plants 0.00 0.00 0.00 74.98 0.00 0.00 0.00 0.00 0.00 0.00 0.00 469.46 544.44 $0.01 Plumbing 222.50 612.50 145.00 541.47 0.00 313.36 0.00 0.00 177.50 10.94 0.00 12.90 2,036.17 $0.05 Roof 0.00 0.00 0.00 195.00 2,307.76 0.00 0.00 0.00 4,723.50 0.00 0.00 0.00 7,226.26 $0.18 Salaries 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 Security 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 Signs 250.30 287.98 0.00 0.00 0.00 0.00 0.00 0.00 0.00 933.93 0.00 0.00 1,472.21 $0.04 Snow Removal 460.00 230.00 0.00 405.00 0.00 230.00 0.00 0.00 0.00 0.00 0.00 287.50 1,612.50 $0.04 Sprinkler Repair 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 Sweeping 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 Telephone 205.23 200.65 201.74 201.67 204.31 203.89 303.89 206.08 204.79 204.70 204.85 204.87 2,546.67 $0.06 Trash 345.38 341.06 359.75 345.08 360.16 387.40 388.83 387.53 387.20 387.41 389.87 388.49 4,468.16 $0.11 Water & Sewer 133.78 0.00 133.78 306.85 233.31 188.13 208.13 192.69 192.69 184.97 208.13 200.41 2,182.87 $0.05 Wastewater 0.00 0.00 0.00 2,026.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,026.17 $0.05 Window Cleaning 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 Subtotal C.A.M. $6,062.70 $9,829.07 $8,079.16 $11,314.49 $10,969.50 $40,158.62 $37,662.35 $47,257.73 $13,239.01 $10,402.40 $17,422.65 $20,289.17 $232,686.85 $5.65 Taxes Building 0.00 61,791.93 0.00 0.00 0.00 61,791.91 0.00 0.00 0.00 0.00 0.00 0.00 $123,583.84 $3.00 Taxes Parking Lot 0.00 10,768.25 0.00 0.00 0.00 10,768.18 0.00 0.00 0.00 0.00 0.00 0.00 $21,536.43 $0.52 Tax Protest Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 101.25 0.00 0.00 0.00 $101.25 $0.00 Insurance 7,162.00 0.00 0.00 4,222.00 25.00 4,222.00 0.00 0.00 4,222.00 0.00 0.00 0.00 $19,853.00 $0.48 Total C.A.M. $13,224.70 $82,389.25 $8,079.16 $15,536.49 $10,994.50 $116,940.71 $37,662.35 $47,257.73 $17,562.26 $10,402.40 $17,422.65 $20,289.17 $397,761.37 $9.65

OWNER'S EXP - SCHEDULE B JAN FEB MAR APRIL MAY JUNE JULY AUG SEPT OCT NOV DEC YTD PER SQ. FT. Administrative Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Advertising & Promotion 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Architectural Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 109.69 $109.69 $0.00 Appraisal Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Bank Charges 0.00 40.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $40.00 $0.00 Building Renovations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Electrical Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Electricity Units 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Electricity & Gas 640.88 429.56 504.65 631.77 1,291.94 1,280.72 1,809.23 2,088.08 1,573.02 0.00 895.82 891.84 $12,037.51 $0.29 Exterior Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 HVAC Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Income Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Janitorial and Cleaning 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Leasing Commissions 0.00 0.00 4,024.00 0.00 0.00 0.00 0.00 7,879.00 4,419.00 1,324.96 0.00 0.00 $17,646.96 $0.43 Leasing Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Legal Fees 372.00 0.00 0.00 360.00 0.00 869.82 607.50 0.00 510.00 0.00 472.50 0.00 $3,191.82 $0.08 Licenses & Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Loan Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Locks & Keys 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Material & Supplies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Miscellaneous 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Officer's fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Painting 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Payroll Taxes & Benefits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Property Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Plumbing Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Repairs and Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Roof Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Misc. Admin. Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Misc. Rep./Maint. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Sales Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Sales Tax Collection 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Signs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Telephone 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Tenant Finish 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Tenant Signage 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Window Washing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 Water & Sewer 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 $0.00 TOTAL OWNER'S $1,012.88 $469.56 $4,528.65 $991.77 $1,291.94 $2,150.54 $2,416.73 $9,967.08 $6,502.02 $1,324.96 $1,368.32 $1,001.53 $33,025.98 $0.80 TOTAL EXPENSES $14,237.58 $82,858.81 $12,607.81 $16,528.26 $12,286.44 $119,091.25 $40,079.08 $57,224.81 $24,064.28 $11,727.36 $18,790.97 $21,290.70 $430,787.35 $10.45 NET CASH FLOW $43,818.62 ($33,786.80) $47,997.33 $21,447.11 $42,643.69 ($76,736.45) $18,819.25 ($3,750.66) $32,556.81 $32,143.54 $36,708.13 $31,871.95 $193,732.52 $4.70 This analysis is intended as aid only. No warranty or representation, expressed or implied is made as to the accuracy of the information in this analysis by Buell & Company or its agents or employees. No legal, tax, or financial advice is intended by this analysis. Buell & Company is not authorized to give legal, tax or financial advice. No representation or recommendation is made by Buell & Company or its agents or employees as to the legal sufficiency, legal effect, tax or financial consequences of this analysis or any transaction related hereto. This disclaimer applies to all pages of this analysis. This analysis has been developed for the exclusive use of our clients. We request that the not be reproduced, disclosed or distributed without the express written consent of Buell & Company.

Alta Court Annual Income and Expense Summary YE 2016 YE Actual Annual Income and Expenses 2016 Income: $ PSF Base Rent Income $ 561,295 $ 13.62 Common Area Maintenance 18,198 0.44 Utilities 6,165 0.15 Parking Income 36,383 0.88 Sign 1,200 0.03 PY NNN Reconciliation 1,280 0.03 Total Income $ 624,520 $ 15.15 Expenses: Common Area Maintenance 232,687 5.65 Taxes 145,222 3.52 Insurance 19,853 0.48 Owner Expenditures 33,026 0.80 Total Expenses $ 430,787 $ 10.45 Net Cash Flow $ 193,733 $ 4.70 Please note that the 2016 financials show less income than 2015 and the owners spent a lot of money to improve the property that shows under Common Area Maintenance. The 2015 financials are more in line with the NOI that should occur in 2017. We have also already increased the leasing income. See September's rent roll above. This analysis is intended as aid only. No warranty or representation, expressed or implied is made as to the accuracy of the information in this analysis by Buell & Company or its agents or employees. No legal, tax, or financial advice is intended by this analysis. Buell & Company is not authorized to give legal, tax or financial advice. No representation or recommendation is made by Buell & Company or its agents or employees as to the legal sufficiency, legal effect, tax or financial consequences of this analysis or any transaction related hereto. This disclaimer applies to all pages of this analysis. This analysis has been developed for the exclusive use of our clients. We request that the not be reproduced, disclosed or distributed without the express written consent of Buell & Company.

2 720 Grant St, Denver, CO 80203 Property Details Price $3,500,000 Lot Size 15,620 SF Price/SF $224.07 /SF Property Type Land Property Sub-type Multifamily (land) Additional Sub-types Office (land) Retail (land) Zoning Description C-MX-8 Status Active Property Notes Good Comp. Has a partial above ground garage. Lafayette will have the below ground garage Lots # Price Size Price/Size Description 1 $3,500,000 15,620 SF $224.07 /SF 125' x 125' Property Description Incredible development opportunity, "covered land play" with a 2-story garage with 126 spaces & $14k/month master lease. Leased to Anthem Blue Cross Blue shield through December 2018. Lease can be terminated with 180 day notice - Anthem has annual options to extend lease for 2019 and 2020 with 3% rate increases each year. Property is currently zoned C-MX-8 Location Description Prime location in Governors Park, between Downtown Denver and Cherry Creek. Surrounded by restaurants and taverns - one block from Trader Joe's Market. Walk Score: 96 Bike Score: 96

3 849 Clarkson Street, Denver, CO 80218 Property Details Price $949,900 Lot Size 0.19 AC Price/AC $4,999,473.75 /AC Property Type Land Property Sub-type Multifamily (land) Status Active Property Notes Lots # Price Size Price/Size Description 1 $949,900 0.19 AC $4,999,473.75 /AC Property Description Urban infill development opportunity with high traffic andgreat visibility on Clarkson.. Currently zoned PUD, Seller willallow Buyer time to get parcel re-zoned. Location Description Capitol Hill location is very desirable for a multi-familydevelopment or other project.

4 1745 Race St, Denver, CO 80206 Property Details Price $1,600,000 Lot Size 14,005 SF Price/SF $114.24 /SF Property Type Land Property Sub-type Residential (land) Zoning Description G-RO-3 Features Electricity/Power Water Telephone Cable Status Active Property Notes Lots # Price Size Price/Size Description 1 $1,600,000 14,005 SF $114.24 /SF Property Description Property provides excellent redevelopment potential due to it's centralized location and G-RO-3 zoning. Property is currently occupied by a successful and growing daycare. Current tenant's lease expires 9/2022 providing an NOI of $44,140. Location Description Desirable and centralized location near the St Joseph and St. Luke's medical campuses. Walking distance to East High School, the East Colfax corridor, and just blocks from City Park.

5 1160 E 18th Ave, Denver, CO 80218 Property Details Price $3,300,000 Lot Size 20,230 SF Price/SF $163.12 /SF Property Type Land Property Sub-type Commercial/Other (land) Zoning Description C-MX-8, UO-1, UO-2 Denver Status Active Property Notes Good Comp for Lafayette land. Mixed Use as development of Lafayette property Lots # Price Size Price/Size Description 1 $3,300,000 20,230 SF $163.12 /SF North Capital Hill/Hospital District Property Description The C-MX-8 zoning is an urban center mixed-use zoningdesignation allowing for an eight (8) story development. Location Description Outstanding site located on 18th Avenue across from the new Exempla Saint Joseph Hospital. Within minutes of downtown Denver.

6 1780 N Marion St, Denver, CO 80218 Property Details Price $4,500,000 Lot Size 25,000 SF Price/SF $180 /SF Property Type Land Property Sub-type Commercial/Other (land) Status Active Property Notes: This is the best For Sale comp for our land. Lots # Price Size Price/Size Description 1 $4,500,000 25,000 SF $180 /SF Property Description " 25,000 SF land opportunity well-located in Uptown" Existing 5,821 SF bow truss building on-site" Within walking distance to many restaurants andneighborhood amenities" Easy access to CBD, strong regional access to I-25, I-70and Colfax Location Description " Neighborhood attractive to specialty food and beverage users" Apartment rents fetching approximately $2.50 per foot" Across the street from St. Joseph Hospital, workforce of 1,100" Considered very walkable and biker' s paradise by WalkScore