1. 2015 CCIM Forecast Presented By Kelly Bland, Senior Vice President Retail Properties Group

2. GROSS & NET ABSORPTION

3. VACANCY RATE

5. NEW ANCHOR RETAILERS IN 2014 TOTAL: 235,000 Sq. ft.

6. ANCHOR MOVE-OUTS DURING 2014 TOTAL: 161,190 Sq. ft.

7. TENANTS VACATING 561,000 SFHigh level of tenants vacating their space throughout the year: 561,000 SF 29% 400,000 SF 20,000 SF29% were from anchors vacating, but 400,000 SF vacated were from line-shop tenants less than 20,000 SF

8. 2.6%Number of homes sales in 2014 2.6% over previous year HOUSING MARKET NEW & EXISTING HOMES 8,3188,318 new and existing home sales from Jan.-Nov. 2014 $260,000 15.6%Median sales price for Nov. 2014 $260,000 15.6% from 2013 (1)Per Ticor Title (2)Per RSAR (1) (2)

9. 1.6%1.6% Job Growth in Nov. 2014 4.1%4.1% Job Growth in Nov. 2013 2.1%2.1% Job Growth in Nov. 2012 -.26%-.26% Job Growth in Nov. 2011 -1.6%-1.6% Job Growth in Nov. 2010 ANNUAL JOB GROWTH 6.4% Unemployment rate of 6.4% in Nov. 2014

10. WASHOE COUNTY SALES TAX 7.2%Sales tax increased 7.2% (July – August 2014)

11. SWC of S. Virginia St. and Neil Road $114.58 psf Significant Sale $3,700,000 Del Monte Center 32,293 sf Sold in July 2014

12. NEC of Los Altos and Sparks Blvd. Significant Sale $4,700,000 Retail Buildings & Land 35,120 sf on 9 Acres Land Sold in August 2014

13. VACANCY RATE Forecast

14. 2014 PREDICTION Vacancy will decrease 15.3% to 15.3% Gross Absorption will decrease and Net Absorption will increase slightly