1. 0 Economic & Market Overview US and Fairfield County March 1, 2011

2. 1 1 Executive Summary ■The US recession ended in June 2009. –Employment-the key driver of real estate markets bottomed in February 2010. –The economy has added 1.0 million jobs since then. –1.3 Million private sector jobs. –Unemployment rate at 9.0% in January, down from 9.7% a year earlier. –Employment leading indicators suggest growth is accelerating ■CT/Fairfield Economic Performance –Waiting for Recovery ■Fairfield Real Estate Market –Modest improvement

3. 2 2 GDP Growth Percent Change From a Year Ago Source: US Bureau of Economic Analysis

4. 3 3 Consumer Spending Growth Source: US Bureau of Economic Analysis Percent Change From a Year Ago

5. 4 4 Business Investment Growth Source: US Bureau of Economic Analysis Percent Change From a Year Ago

6. 5 5 Real Disposable Income Growth Source: US Bureau of Economic Analysis Percent Change From a Year Ago

7. 6 University of Michigan Index of Consumer Sentiment Source: University of Michigan Survey Research Center

8. 7 University of Michigan Index of Consumer Sentiment Source: University of Michigan Survey Research Center

9. 8 US Unemployment Rate Source: US Bureau of Labor Statistics

10. 9 US Weekly Unemployment Claims

11. 10 Profits & Employment

12. 11 US Payroll Employment Source: US Bureau of Labor Statistics 12/07-2/10 -8.7 Mil. 2/10-1/11 +1.0 Mil.

13. 12 US Private Sector Payroll Employment Source: US Bureau of Labor Statistics 12/07-2/10 -8.8 Mil. 2/10-1/11 +1.3 Mil.

14. 13 Fairfield County Unemployment Rate Source: Cushman & Wakefield Research

15. 14 Fairfield County Payroll Employment Source: Cushman & Wakefield Research Thousands of Persons

16. 15 Connecticut Payroll Employment Source: Cushman & Wakefield Research Thousands of Persons

17. 16 Fairfield County Office Using Employment Source: Cushman & Wakefield Research Thousands of Persons

18. 17 NYC Employment Financial Services Source: US Bureau of Labor Statistics Thousands of Persons

19. 18 Fairfield County Financial Services Source: US Bureau of Labor Statistics Thousands of Persons

20. 19 Fairfield County Manufacturing Employment

21. 20 Personal Income Growth: Connecticut vs. US Source: US Bureau of Economic Analysis Percent Change From a Year Ago

22. 21 Fairfield County Market Inventory Dec 2010 Vacancy Rate Dec 2010 Asking Rent Dec 2010 Yr-Over-Yr Rent % Change Fairfield County40.9 msf19.1%$32.24-3.0 % Stamford CBD6.8 msf23.1%$41.07-0.4 % Stamford Suburbs8.4 msf22.7%$30.22-8.3 % Greenwich4.3 msf19.6%$58.06+4.3 %

23. 22 Fairfield County Office Market New Leasing Activity

24. 23 Fairfield Office Market: Vacancy Rate

25. 24 Fairfield County Office Market: Sublease as a % of total available space All Classes

26. 25 Overall Asking Rents Fairfield County Office Market $/sf

27. 26 FAIRFIELD COUNTY CLASS A MARKET FORECAST FORECAST

28. 27 107 Elm Street Four Stamford Plaza, 8th Floor Stamford, CT 06902-3851 (203) 326-5800 www.cushwake.com