SANDAG Inaccuracies November 2017 Proprietary & Confidential

SoccerCity is More Mixed Use… Trips Using SANDAG Data Only Using Civita to Estimate SoccerCity Traffic – SANDAG DATA ONLY SoccerCity is More Mixed Use… Trips Using SANDAG Data Only The SANDAG estimated 170% increase is provably incorrect 57% …and 40% bigger Can perfectly grow Civita to calculate SoccerCity trips – before transit and mixed use benefits. Proves inaccuracy of SANDAG model Proprietary & Confidential

How are politics allowed to outweigh analytical integrity at SANDAG – Why is the model so wrong? Almost every dial turned against us: 13% higher population of employed individuals than multi-family average and directly comparable property IMPACT: More daily trips 44% higher job density for our site per SQF than surrounding comparable land uses 2/3 less walking from our site than surrounding areas, despite next door retail center and walking trail connecting the river 1/5 of the trolley use predicted by surrounding sites (and 1/3 of sites with a 10 minute walk to transit) notwithstanding 3 trolley stop access from our site IMPACT: More daily trips 13% more single car usage at our site compared to SANDAG estimates at most comparable mixed use site – all coming out of 3 passenger car trips How are politics allowed to outweigh analytical integrity at SANDAG – particularly now? These changes amount to a substantial error in trip rates estimated by the model. Again – this is SANDAG data vs. SANDAG estimates. SoccerCity treated differently $200m stadium with premier viewing experience and flexible seating from 21,000 – 32,000 Proprietary & Confidential

Employment Density in Multi-Family Residents Populations Are Assumed to Be Different – With What Basis? Employment Density in Multi-Family Residents Only 1.5 miles 61% of Residents Employed 54% of Residents Employed Population unlikely to be so different over such a short distance in Mission Valley. Again – this is SANDAG estimates vs. SANDAG estimates. SoccerCity treated differently Proprietary & Confidential

Job Density Per SQF in SC Much Higher Than Surrounding Sites Job Density Buildup – SANDAG Data Job Density Comparison Land Use MGRA Metric Amount Jobs SC # Implied Jobs Office 6104 SQF 390,000 773 2,400,000 4,757 MF 6109 Units 190 4,800 Retail 6166 375,000 1191 740,000 2,350 Hotel 5856 Rooms 961 325 450 152 Park 2752 Acres 87 14 61.4 10 Total 7,269 SANDAG Assigned to SoccerCity 10,480 SANDAG output is 44% higher than expected from nearby sites Parks – 45x Higher than Other Parks MGRA Park MGRA Acres Jobs Jobs/Acre 2752 Morley Field 87 14 0.16 2756 101 0.00 2765 Balboa Park 84 1 0.01 22551 NTC Park 43 3576 Robb Field 63 3 0.05 3630 Mission Bay 99 41 0.41 3629 Mission Bay GC 71 7 0.10 Average   78 9 SoccerCity 61 290 4.72 vs. Average 45.1x SANDAG assigned 44% more job density overall. SANDAG assigned 45x the job density to SoccerCity Parks vs. their own data. SANDAG assigned SoccerCity 32% of the number of employees in the entire City of San Diego Parks & Rec Department. Proprietary & Confidential

SoccerCity has Trolley Station Onsite Trolley Use – SANDAG & MTS Data Trolley Usage Significantly Low For SoccerCity SoccerCity has Trolley Station Onsite Trolley Use – SANDAG & MTS Data SANDAG output is 78% lower than expected from nearby sites and MTS data 10 Min Walk 5 Min Walk MTS Ridership Survey Top 3 trolley use sites average a 9 minute walk from a station and 9% trolley usage. Despite 100% of SoccerCity being within a 10 min walk of a station and 45% within a 5 min walk of a station, SANDAG assigned 3.6% trolley usage to SoccerCity, lower than sites on the other side of Friars Road. Proprietary & Confidential

MV Office 9.9% MV Resi 8.2% SoccerCity 3.6% SANDAG Estimates Higher Usage at Other MV Sites Mission Valley Office Mission Valley Residential SoccerCity – Much Closer to Trolley SANDAG Assumed Trolley Use MV Office 9.9% 10 Min Walk MV Resi 8.2% 5 Min Walk SoccerCity 3.6% Proprietary & Confidential

Nearby Sites – Much Higher Walk Splits Walk Allocation for SoccerCity Well Below Mission Valley Sites Nearby Sites – Much Higher Walk Splits Walk % Comp Avg = 14.5% SC 1 2 3 4 MGRA Site Use Walk % 6168 River Run Resi 15.0% 6180 Rio San Diego Plaza Office 16.0% 6200 Rio Vista Retail 12.7% 6184 Hazard Center Mixed Use 14.5% Average   SoccerCity 4.6% SoccerCity was assigned a walk split of 4.6%, 69% lower than the average of a comparable set of sites in Mission Valley. Even the storage tanks just north of SoccerCity have a higher walk split. Proprietary & Confidential

Use Of Cars Assumed To Be Different – Again, With What Basis? Auto Trips by Passenger Load – SoccerCity vs. Mixed Use Comp 1 Passenger (SOV) 2 Passenger (HOV2) 3+ Passenger (HOV3) SANDAG output allocates 12% more trips to least efficient mode at the expense of most efficient mode Land Use SoccerCity Hazard Center Redevelopment Housing YES Office Retail Hotel Park NO When compared to a mixed-use development with similar land uses in the same area, SANDAG assigned 12% more trips to single passenger rides and 12% less trips to 3+ passenger rides, drastically increasing ADT. Proprietary & Confidential

How are politics allowed to outweigh analytical integrity at SANDAG – Why Not Just Fix The Model? – Apparently Politics… We have been trying. We have requested a significant amount of information to help inform SANDAG of errors in our model vs surrounding Politics is now getting in the way – PER SANDAG’S OWN MODELLER When asked why there will not be a separate technical meeting (to ensure accuracy), he responded “Politics have forced our hand” How are politics allowed to outweigh analytical integrity at SANDAG – particularly now? $200m stadium with premier viewing experience and flexible seating from 21,000 – 32,000 Proprietary & Confidential