1 1 Total 195,268 sf Acres Existing Use Site A 130,258 sf Acres One and two story Commercial / Industrial Site B 26,234 sf Acres One story Commercial / Industrial Site C 38,776 sf Acres One story Commercial Office

2 B A Building Plan Building ‘A’ Building ‘B’ Garage Point 1 Point 2 Point 3 Point 4 Commercial Point 1 Point 2 Residential Point 1 Point 2

Company BCompany C 3 Master Plan Team 24%29% 47% Company A

Counties of Arizona Comprised of 15 Counties Maricopa and Pima Counties Maricopa Pima Maricopa Pop: 3.9Mil Pima Pop 1M

Aerial Retail Retail Retail Office Hotel

Subject Neighborhood Page Mill Rd California Ave

660 Hansen Way Rent Comparable #1 New lease between K&L Gates LLP and EOP. T is expanding from neighboring space. Part of a larger four building complex. Space was on market for year however delay due to age of space. EOP demolished old improvements, created more open 'open' space and modernized the fixtures. 2-story product, campus enviromnt. Features a park-like setting & pond. Good comp but small. Adjust rent up for quality & down for size. DateAug 2011 SqFt7,500 Rent / NNN$4.80 Free RentNone TIN/A Term60

The Northwestern Mutual Life Insurance Company – Milwaukee, WI Vista Montana Modular Home Construction

Cost Summary TotalPer Unit Land$ 99,999,999$ 22,443 Direct Costs111,111,111432,665 Architectural & Engineering4,543,9866,321 Indirect Costs56,876,32154,098 Construction Interest45,654,20965,765 Development Fee9,435,6545,543 Total Costs$ 656,654,432$ 543,213 Less: Lease-Up Income43,543,87665,334 Net Development Costs$ 321,456,678$ 789,890 NM Equity $ 23,345,456 Partner Equity56,567,688 NM Loan45,789,908 Lease Up NOI4,123,456 Total Sources$ 123,456,789 $65m Modular Costs ~34% of Total Cost

Introduction to Sustainable Buildings: an Informational Overview. NM’s Corporate Commitment & Philosophy. Market Drivers. Green Building: Components Costs Measurement Performance Mandates Industry Response Foster City Redevelopment. Pursuing LEED Silver Certification. Agenda

2007 Investment Report Real Estate …Northwestern Mutual has committed a portion of its portfolio to real estate projects that support community and environmental development…. …Through such investments, our objective has been to earn a “double bottom line” — returns commensurate with risk, yet responsive to social needs. Environmentally Advanced Developments Featured left is Northwestern Mutual’s second green building venture, which recently received a LEED Platinum rating from the U.S. Green Building Council. The Verdesian, located in New York’s Battery Park, is the first residential high rise in the United States to receive the Platinum designation, which is the highest rating awarded by the council for sustainable built environmental buildings.

,345 + USGBC membership growth reflects the expansion of green buildings in the market

U.S. Building Impacts 12% Water Use 39% CO 2 Emissions 65% Waste Output 71% Electricity Consumption Source: USGBC

Currently 300 billion 52 billion will be demolished 150 billion will be remodeled 150 billion will be new demolished remodeled new Billion Square Feet (sf)

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CAST Lease Negotiation………………………………..…..……..Kelly Field Office Analysis………………….…………………....Jory Home Office Analysis……………………………...……...Jeff Legal—Purchase & Sale…………………..……………...Brenda Legal—Leases……..……………………………………..……Cathy Closing………………………………………………………….…Janet Title Review Assistance…………………….…………....Donna 1031 Exchange Execution………………………………..Elizabeth Management Agreement……………….…………….…Rich & Diane Architectural…………………………………………….…..…Mark Environmental………………………………………………...Brian 3 rd Party Due Diligence & Coordination……………MGT Physical Property Due Diligence………..…………....Pond Munchkins………………………………………………….……Tom & John Special Thanks to: the Lollipop Guild Horse of a Different Color Studios A Good Witch, Bad Witch, Sandwich Production