1. 2013 Real Estate Forecasts - Retail R1

2. Retail Market Areas R2

3. Regional Retail Performance R3

4. Louisville MSA Retail Performance – Stabilized and Non-Stabilized Occupancy R4

5. Louisville MSA Retail Overall Performance R5

6. Market Participants Expectations on Current Inventory R6

7. Area Participants Expectations on Current Activity R7

8. Louisville MSA Retail Rental Rates Compared to CPI R8

9. Space Absorption in MSA and Jefferson County R9

10. Jefferson County Neighborhood Centers Rents, Rent Growth Rates and Vacancy R10 2012 Neighborhood Strip Centers Vacancy, Rent and Rent Increases

11. Jefferson County Community Centers Rents, Rent Growth Rates and Vacancy R11 2012 Community Centers Vacancy, Rent and Rent Increases

12. Retail Vacancy for Space Above and Below the Market Average R12

13. Retail Properties R13

14. Area Recent Retail Sales R14

15. A Look Into 2013 and Beyond 1.Slightly higher sales transaction volumes 2.Stable interest rate environment 3.Stable cap rate environment 4.Multifamily construction activity increases overbuilding risk 5.Continued changing dynamics influenced by E-commerce 6.Improved industrial demand along with the economy 7.Concern about office absorption Local expertise nationally Slightly higher sales transaction volumes Improvement of retail sector fundamentals as American consumer sentiment returns R15