1. CONNECTICUT COMMERCIAL REAL ESTATE CONFERENCE Timothy Mitchell, Vice President November 10 th, 2005 INDUSTRIAL OVERVIEW

3. CONNECTICUT COMMERCIAL REAL ESTATE CONFERENCE Timothy Mitchell, Vice President November 10 th, 2005 INDUSTRIAL OVERVIEW

4. Makes…. 70% 70% of the worlds toys 60% 60% of its bicycles 50% 50% of its shoes 33% 33% of its luggage 50% 50% of its microwave ovens 25% 25% of its washers 20% 20% of its refrigerators In 2005….Now garments *10% *10% of all of China’s exports are distributed to Wal-Mart…. CHINA – THE “FACTORY OF THE WORLD”

5. CONNECTICUT INDUSTRIAL MARKETS 68,223,047 SF Hartford County: 68,223,047 SF 48,140,459 SF New Haven County: 48,140,459 SF 51,138,096 SF Fairfield County: 51,138,096 SF 3,000 Buildings 168,000,000 SF

6. COMPARABLE MARKETS 168,000,000 SF Connecticut: 168,000,000 SF 182,292,157 SF Portland, Oregon: 182,292,157 SF 160,776,574 Sacramento, California: 160,776,574 153,339,668 Baltimore, Maryland: 153,339,668 150,276,186 Nashville, Tennessee: 150,276,186

7. NATIONAL VACANCY RATES Vacancy Rates

8. CEILING HEIGHT VS. AVAILABILITY

9. AGE VS. AVAILABILITY

10. 39 MAPLE TREE AVENUE, STAMFORD CT $9,500,000

11. 383 MIDDLE STREET, BRISTOL Total Square Feet:401,645 SF Ceiling Height:14' Sale Date:October 2002 Sale Price:$6,740,000 or $16.80 per square foot – 14% Occupied 94% Leased:World Fullfillment, Danaher Corporation, and Select Energy * Former manufacturing facility

12. NEW CONSTRUCTION TOTAL SF BUILT

13. IN STATE VS. OUT OF STATE Total In-State Transactions Total Out-of-State Transactions 23% 77%

14. KEY CORRIDOR MARKET

15. BRADLEY INTERNATIONAL AIRPORT CARGO PROJECTIONS

16. NEW ENGLAND TRADEPORT Building Size:100,000-150,000 SF Ceiling Height:30' clear Loading Doors:24 or 1/5,000 Parking:3.24:1 Tenant Size:25,000-35,000 SF * Distribution or Service 70% LEASE D $6.00 -$6.75 NNN

17. Overall Average Asking Rate New Construction AVERAGE ASKING LEASE RATES

18. Investment Grade January 2002 $38 per SF 8.9% Cap Rate 449,000 SF Distribution Center

19. Local Rate National Rate CAP RATES

20. CAP RATE TRENDS 154,000 SFCap Rate: 6.9% FedEx-15 year term

21. CONCLUSION AVAILABILITY RATE IS MISLEADINGAVAILABILITY RATE IS MISLEADING CONNECTICUT HAS STRONG DEMANDCONNECTICUT HAS STRONG DEMAND OLD SUPPLY AFFECTS OVERALL RATESOLD SUPPLY AFFECTS OVERALL RATES OPPORTUNITIES CREATED OUT OF CHANGING MARKET CONDITIONSOPPORTUNITIES CREATED OUT OF CHANGING MARKET CONDITIONS MORE FLEXMORE FLEX MORE DISTRIBUTIONMORE DISTRIBUTION LESS MANUFACTURINGLESS MANUFACTURING

22. CONCLUSION “ITS MILLER TIME!”

23. NEW CONSTRUCTION Built for Specific Owners Built on Spec 57% 43% Leased Total Available Built in 2005 83% 9% 3% TYPE OF NEW CONSTRUCTION NEW CONSTRUCTION LEASED

24. 2005 INDUSTRIAL DEMAND INDICATORSManufacturing Expansions Relocations Start-Ups Acquisitions 8% 8% 38% 46% 35% 4%4%4%4% 61% Warehousing

25. Hartford18.1 Las Vegas16.4 St. Louis13.4 Riverside12.9 San Diego10.7 Albuquerque7.0 Portland6.6 Chicago5.4 Fort Lauderdale5.0 Columbus4.5 Denver3.5 Orange County3.5 Orlando3.2 Nashville3.2 US Average ( 2004) 2.2% Ventura3.1 US Average ( 2004) 2.2% INDUSTRIAL PERFORMERS