1. Economic Summit & Outlook ’03 January 3, 2003 Connecticut Real Estate Market Overview Jeffrey M. Livingston Managing Director/Partner

2. Economic Summit & Outlook ’03 January 3, 2003 Where are we? Where are we going? What happened? Connecticut Real Estate Market

3. Economic Summit & Outlook ’03 January 3, 2003 *2002 numbers are estimated National Office Market

4. Economic Summit & Outlook ’03 January 3, 2003 *2002 numbers are estimated National Office Market (X 1,000 SF)

5. Economic Summit & Outlook ’03 January 3, 2003 *2002 numbers are estimated National Office Market

6. Economic Summit & Outlook ’03 January 3, 2003 Regional Office Market CBREL Economic Summit & Outlook ’03 January 3, 2003

7. Economic Summit & Outlook ’03 January 3, 2003 Hartford Fairfield New Haven Boston New York City Regional Office Market

8. Economic Summit & Outlook ’03 January 3, 2003 Hartford Fairfield New Haven Boston New York City Regional Office Market

9. Economic Summit & Outlook ’03 January 3, 2003 Connecticut Office Market Hartford Fairfield New Haven

10. Economic Summit & Outlook ’03 January 3, 2003 Connecticut Office Market

11. Economic Summit & Outlook ’03 January 3, 2003 Lease Transactions Fairfield UDV Guiness 9 West Broad Street Stamford Marsh Mercer 601 Merritt 7 Norwalk Andor Capital One American Lane Greenwich

12. Economic Summit & Outlook ’03 January 3, 2003 Connecticut Office Market

13. Economic Summit & Outlook ’03 January 3, 2003 Lease Transactions New Haven Drug Enforcement Agency 55 Church Street New Haven Rib-X 300 George Street New Haven Carmody Torrence 195 Church Street New Haven Verizon 699 Research Parkway Meriden

14. Economic Summit & Outlook ’03 January 3, 2003 Connecticut Office Market

15. Economic Summit & Outlook ’03 January 3, 2003 Lease Transactions Hartford ConnectiCare 175 Scott Swamp Road Farmington The Hartford 400 Executive Drive Southington City of Hartford 250 & 260 Constitution Plaza Hartford Zurich North America 500 Enterprise Drive Rocky Hill Advest Group 90 State House Square Hartford

16. Economic Summit & Outlook ’03 January 3, 2003 5 Batterson Park Road Farmington 125,000 S/F Construction 180 Glastonbury Boulevard Glastonbury 105,000 S/F 455 Winding Brook Drive Glastonbury 86,000 S/F 400 Capital Boulevard Rocky Hill 103,000 S/F 175 Scott Swamp Farmington 103,000 S/F 500 Enterprise Drive Rocky Hill 56,000 S/F

17. Economic Summit & Outlook ’03 January 3, 2003 Election of 2000 Capital Market Conditions VC Funded Revenue Streams The Tech Wreck September 11 th War in Afghanistan Financial Accounting Scandal What Happened?

18. Economic Summit & Outlook ’03 January 3, 2003 Where are we going? Jobless Recovery (Initially) Vacancy Rates Increase Rates decrease then stabilize by year end Watch Two Things -Capital Markets -Employment The Commercial Real Estate market should stabilize by the end of 2003. The key is employment.

19. Economic Summit & Outlook ’03 January 3, 2003 Where are we going? Expert Commentary Ronald Uretta, President, COO Insignia/ESG “I don’t think we’re going to see a material movement on the horizon. I don’t want to be a doomsayer, but the next 24 months are going to be quite challenging.” Bruce Mosler, President, US Operations, Cushman & Wakefield “The first half of 2003 is going to be difficult… Nevertheless, I’m optimistic for the second half of 2003.” Earl Webb, CEO, Americas, Jones Lang LaSalle “For 2003, you’re probably talking about a duplication of 2002… it will be 2004 before we see any positive impact on real estate.” Extracted from Real Estate Forum, December 2002

20. Economic Summit & Outlook ’03 January 3, 2003 Where are we going? It’s a Tenant Market Sublease Issues Retention of Tenancy Transaction Expenses -TI/Refurbishment -Fees -Lost Rent Credit Landlord Issues

21. Economic Summit & Outlook ’03 January 3, 2003 Where are we going? It’s a Tenant Market Credit deals have great opportunity Direct space vs. Sublease space Flight to Quality Move Inertia Tenant Issues

22. Economic Summit & Outlook ’03 January 3, 2003

23. Economic Summit & Outlook ’03 January 3, 2003 THANK YOU For copies of this presentation, please contact CB Richard Ellis, Hartford