9:00AM – Morning Keynote with Kathryn Wylde

Effective Leadership Gives NYC Its Edge

Kathryn S. WyldePresident & CEO

All time high in population, jobs, economic activity

• 8.5 million residents• 4.4 million jobs• $82 billion city budget • $740 billion GCP • 48 Fortune 500 headquarters

New York City Has Come a Long Way Since 1970s

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

3,000,000

3,200,000

3,400,000

3,600,000

3,800,000

4,000,000

4,200,000

4,400,000

Jobs in NYC: 1960-2016

1975

1978

1981

1984

1987

1990

1993

1996

1999

2002

2005

2008

2011

2014

$-

$50

$100

$150

$200

$250

$300

$350

$400

Total Wages (in billions)

Crime down 80% from 1990-2014

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

0

100,000

200,000

300,000

400,000

500,000

600,000

Crimes

Tourism Increase

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

0

10

20

30

40

50

60

Chart Title

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

0

5

10

15

20

25

30

35

40

45

Visitor Spending ($ billion)

Strength Through Diversity

Total population

U.S. workforce

New York City workforce

0% 20%

40%

60%

80%

100%

Foreign-born workers U.S.-born workers

In New York City, immigrants represent 45% of the workforce and 48% of the small business owners, 39% of doctors and 55% of computer programmers.

Wall Street is New York City’s Economic Engine

21% ($153 bn)

5% ($36 bn)

10%

9%9%6%

6%

5%

30%

Percentage of City’s Economic Output

Financial Services

High-Tech

Professional Services

Government

Retail and Wholesale

Health Care

Information (excl. High-Tech)

Real Estate

Other

High-Tech is New York City’s Fastest-Growing Sector

2009 2010 2011 2012 2013 2014 2015 2016

-10

0

10

20

30

40

50

Job Growth

High-Tech Financial Services

Education

U.S.

Dallas

Los A

ngele

s

New Y

ork C

ity

31% 32% 33%37%

Approximately 37% of New York City residents over 25 have a college degree, which is well above the national average.

Approximately 35 percent of new jobs added to the economy will require post-secondary education from 2016 to 2026.

Master

's de

gree o

r high

er

Bache

lor's

degre

e

Assoc

iate d

egree

Some c

olleg

e/no d

egree

High sc

hool

diplom

a

Less

than

a hig

h sch

ool d

iplom

a

5%

21%

2%7%

31%34%

NYC FY 2017 Budget

28% $23.2 bn

12% $9.8 bn

4% $3.0 bn

6% $5.2 bn2%

$1.9 bn2%

$23.2 bn

11% $9.4 bn

46%$37.4 bn

Education

Social Services

Children's Services

Police

Fire

Sanitation

Pension Contributions

Other

Infrastructure

In the New York City metro region, nearly $60 billion is needed to bring public infrastructure assets to a state of good repair over the next five years.

Cost of State of Good Repair

City University $2.0 billion

Housing Authority $16.6 billion

MTA* $26.6 billion

NYC Transit $16.3 billion

Other MTA $10.4 billion

Port Authority* $6.8 billion

Department of Education $2.0 billion

Department of Transportation $2.9 billion

Other City Agencies $2.2 billion

Total $59.2 billion

* Includes all assets, not just those located in New York City

Infrastructure: Prototype Projects

Amtrak’s Gateway Tunnel Connecting New York and New Jersey250,000+ commuterscross the Hudson River each day using public transit.

100% increase in rail ridership is expected by 2040.

10 years of remaining useful economic life for existing Hudson River tunnels.

$5.9 millionCity employers incur $5.9 million in losses for each hour of delay on NJ Transit operations.

Upgrade Air Traffic Control to Increase Efficiency of New York Metro Airports52% of business travelers reported avoiding flying to meetings in New York due to local airports.

~75% of nationwide flight delays are attributable to problems in New York’s airspace.

66 minutesAverage delay for domestic flights from New York airports

$2.6 billionAnnual cost of delays to the regional economy due to air traffic congestion

GlobalCorporate Tax Competitiveness

United

Stat

es

German

yChin

a

United

King

dom

Singap

ore

Hong K

ong

Irelan

d0%

10%

20%

30%

40%

50%

60%

U.S. corporate taxes are the highest in the developed world

8.85% New York City

6.5% New York State

Global Personal Income Tax Competitiveness

International competitors have lower combined PIT rates than New York City.

City Top statutory PIT tax rateLos Angeles 52.9%

New York City >52%

London 45%

Paris 45%

Dublin 40%

Dallas 39.6%

Orlando 39.6%

Singapore 22%

Hong Kong 17%

States with no personal income tax are outperforming New York in economic growth and business climate.

Texas Florida New York

Top marginal income tax rate, 2016 0.0% 0.0% 8.82%

Top marginal corporate income tax rate, 2016 0.0% 5.5% 6.5%

Absolute domestic migration cumulative, 2005–2015 +1,334,575 +841,292 -1,717,390

Number of Fortune 500 companies headquartered in the state, 2015 51 17 55

Gross State Product growth, 2005–2015 44% 3% 12%

Rank on the 2017 State Business Tax Climate Index 14th 4th 49th

Rank of the state’s economic performance, 2016 1st 18th 26th

Rank of the state’s economic outlook, 2016 12th 8th 50th

New York is a large net contributor to the federal budget

New York to Washington, D.C. Washington, D.C. to New York

$117.3 billion

$61.2 billion

Balance of payments deficit: $56.1 billion

440 Emerging Cities Will Account for Nearly Half of Growth

GDP growth through 2025

Emerging CitiesDeveloped CitiesSmall Cities and Rural Areas

Current GDP

Emerging CitiesDeveloped CitiesSmall Cities and Rural Areas

10:00AM – Cranes in the Clouds: Development & Construction State of the Market and Outlook

New | RenewFiscal Year 2013-Current

Audience Q&A: Slido.com | Code: 4853 Author: Rose Associates

$2.17B

$1.4B 1,856 250k+

88k

Asset Value Total Debt Luxury Rental Units

SF Retail Space

SF Amenities

space

40 $41.5M

988 $16.3M

140k

Renovation Buildings

Renovation Total

Units Renovated

Public Area Upgrades

SF Public Area

New Development

Renovation

LIHTC Equity Implications of Expected Corporate Tax Cuts118 Unit, 120,000 SF Mixed-Use Rental Development in East New York

Audience Q&A: Slido.com | Code: 4853 Author: Terri Belkas-Mitchell

Development Sources Pre-Election Post-Election

HDC First Mortgage (Tax Exempt Bonds) 3,675,000 3,675,000

HPD Subsidy Second Mortgage 8,850,000 8,850,000HDC Subsidy Third Mortgage 7,670,000 7,670,000HPD Subsidy Fourth Mortgage 5,040,000 5,040,000Low Income Housing Tax Credit Equity 16,408,000 14,984,000Deferred Developer Fee 400,000 490,000TOTAL SOURCES 42,043,000 40,709,000Funding Gap 1,334,000

11:30AM – Track A – Next! Emerging Neighborhoods & Markets on the Rise

• 85,000 SF mixed-use center with Class A medical office,

retail stores, banking and restaurants• Adaptive reuse of 1924 historic building• Parking ratio of 4.85/1,000 SF

SIMONE DEVELOPMENT COMPANIES

Before After

Audience Q&A: Slido.com | Code: 4853

BROOKLYN NAVY YARDCURRENT DEVELOPMENT PROJECTS

Real Estate Women's Form | February 16, 2017 Audience Q&A: Slido.com | Code: 4853

26

L+M Properties – Greater NYC Area

Audience Q&A: Slido.com | Code: 4853

12:15PM – Track A – Current Affairs: Financing and Investment in Today’s Market

Foreign acquisition still more than 10% of total volume

• Net foreign US investment fell in 2016, still third highest on record

For professional clients / qualified investors only

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-$20

-$10

$0

$10

$20

$30

$40

$50

$60

$70

$80

8%

4%

0%

4%

8%

12%

16%

20%

24%

28%

Foreign Annual Net Acqusition Foreign Acqusitions as % of Total

Net

vol

ume

(bill

ions

)%

of total Acquisition Volume

Source: Real Capital Analytics, BlackRock; as of 31 December 2016

Audience Q&A: Slido.com | Code: 4853

Ceruzzi Investment Portfolio

155 E 86th St. 138 E 50th St. Lipstick Building (Land)

Net Sellable SF 151,000 180,000 635,653 (Gross)

Retail SF 30,000 7,350 -

Condo Units 61 124 N/A

Total Costs $415,000,000 $492,000,000 $457,625,000

Loan Amount $290,000,000 $255,000,000 $267,000,000

Preferred Equity/Mezz - $60,000,000* $135,000,000

Total LTC 70% 64% 88%

Interest Rate L + 850 L + 425 6.25%

Senior Lender TCI FUND ICBC GOLDMAN SACHS/SLG**

Partner KUAFU PROPERTIES SMI USA N/A* In Process ** Subject to prepayment with no fee on 4/20/17 Other current projects: 520 Fifth Ave.

Audience Q&A: Slido.com | Code: 4853 Author: Ashley Rissolo

12:15PM – Track B – Rethinking Office Space: Beyond Open Layouts and Coworking

Long Island City Office Mkt.12.5 M1.9 M

Approximate Square Feet of Useable Office Space

Square Feet of New Ground Up & Conversion Office Space Delivered Since 2006

4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 15-Oct3

4

5

6

7

6.36.6 6.6

65.7

5.15.3

4.5

4

5.6

Office Vacancy Rate(%)

Source: Long Island City PartnershipAudience Q&A: Slido.com | Code: 4853

Audience Q&A: Slido.com | Code: 4853 Author: Maggie Burns

1:10PM – Track B - 555TEN: How to Successfully Bring a New

Development to Market