Introduction toMonarch Realty Advisors

Monarch Realty Advisors Overview

Investment Strategy Services

Transaction Services

Asset Management Services

Summary

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Monarch Realty AdvisorsOverview

Senior Executive of US’s largest advisory firm, Lend Lease Real Estate InvestmentManagement. Served on firms Management and Investment Committees.

Led Lend Lease’s Portfolio Management unit overseeing the activities of $10.9 billion of client investments.

Led Lend Lease’s Real Estate Operations unit overseeing all the firms assetmanagement, acquisitions, dispositions and financing activities.

Led Lend Lease’s International Advisors Group.

Extensive experience directly managing investment activities of Middle Eastern,European and Japanese client accounts. Client portfolio performance consistentlyabove benchmark returns.

Directly acquired, sold or financed over $2.7 billion of office, retail, industrial and multifamily residential assets.

Responsible for opening Lend Lease’s office in Bahrain.

Marshall S. Woodward

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Mission is to serve institutional and high net worth investors in US real estate by providing a cost effective solution to obtaining astute, independent, well executed and highly personalized investment advice in the following areas of expertise:

Asset level strategies

Transaction activities

Overall investment strategy and portfolio construction

Monarch Realty Advisors

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Vision is to continue to develop a limited client base of investors who entrust Monarch to advise them and execute their US real estate investment strategies.

To serve these clients with three to four “high value add” senior partners with broadtransaction, asset management and portfolio management skills. These partners willleverage their skills to the clients‘ benefit with a small staff of professionals whoshare the partner’s client-oriented vision.

The firm will remain small enough so that the partners can be intimately involved inworking with their client’s capital and providing a high level of personalized attention.

Monarch Realty Advisors

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Investment Strategy Development

INVESTMENT STRATEGY DEVELOPMENT

Investment Goal Development

Investment Strategy Development

Rebalancing Strategies

Financing Strategies

Manager Selection

Strategy Implementation and Monitoring

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INVESTMENT STRATEGY DEVELOPMENT

Firm-wide Investment Strategy: Head of Portfolio Management – Initiated researchdriven portfolio strategy throughout Portfolio Management area at Lend Lease.

Portfolio Rebalancing and Growth: Portfolio Manager for US Institutional InvestorAssumed leadership of a 20 property, $600 million portfolio. Rebalanced asset andlocation mix by selling 6 assets and investing an additional $500 million in nine assetsbuilding the portfolio to $1.1 billion while achieving returns substantially in excess of clients’ benchmarks.

Portfolio Rebalancing and Liquidation: Portfolio Manager for Offshore Client 12 property, $110 million portfolio liquidated & reinvested in funds over a 7 year period.

Portfolio Rebalancing and Growth: Portfolio Manager for Offshore Investor Assumed leadership of a 12 property, $200 million portfolio and rebalanced asset and location mix by selling eight assets and acquiring or developing six higherquality assets. Built portfolio to a value of $700 million while achieving returnssubstantially in excess of clients’ benchmarks.

Relevant Experience

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Transaction Services

TRANSACTION SERVICES

Detailed or “Desktop” Review

Investment Team: Qualifications, Resources and Alignment of Interestthrough Compensation

Past Performance Record

Investment Strategy

Fee Structure Analysis

Fund Governance and Investment Process

Return Projections Analysis

Suitability of Co-Investors / Partners

Fund Investments

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TRANSACTION SERVICES

Underwriting and Due Diligence

Market Assessment

Property Assessment (lease terms, physical condition etc.)

Cash Flow Projections, Assumption and Sensitivity Analysis

Investment Structure & Recommendation

Contract Negotiation / Owner’s Real Estate Counsel

Purchase and Sale Agreements

Partnership Agreements

Financing Agreements

Closing Documentation

Direct Investments

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TRANSACTION SERVICES

Arranged for a domestic pension fund to acquireMonarch Plaza and the land for Monarch Centre.

Oversaw the full development and lease up of the 523,000 square foot Monarch Towerbuilding. Project “on time and on budget”.Leasing ahead of schedule at above pro formarental rates.

Arranged for a offshore client to acquire a 50% interest in both buildings from our existing client and responsible for partnership formation.

Arranged favorable long-term financing of bothassets on behalf of both partners.

Investment returns exceeded both client’s expectations and met each portfolioinvestment strategy.

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Monarch Centre

TRANSACTION SERVICES

Acquisition: One Atlantic Center, Atlanta, GA 1.1 million sq. ft. office building on behalf of an offshore investor - $292 million.

Partnership Acquisition: 50% of U.S. Bank Center, Seattle, WA 863,000 sq. ft office building on behalf of an offshore investor - $126 million.

Partial Disposition, Partnership Formation: Eastridge Mall, San Jose CA. 1.15 million sq.ft Shopping Center on behalf of an offshore investor - $63 million.

Development and Partnership Formation, The St. James, Philadelphia, PA 307 unit high rise residential tower on behalf of an offshore investor - $96 million.

Relevant Transaction Experience

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Asset Management Services

ASSET MANAGEMENT SERVICES

Asset Management

Realistic Asset Valuations and Return Projections

Hold / Sell Analysis & Recommendations

Value Added Alternatives / Asset Enhancement Strategies

Ongoing Asset Management / Strategy Execution

Developmental Services

Project Feasibility & Underwriting / Developer Selection

Owner’s Representative / Project Oversight

Partnership Management & Resolution

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ASSET MANAGEMENT SERVICES

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Clients desired to sell asset with significant operating and capital issues.

Thoroughly evaluated each option and created“road map” recommendation delivering the highest expected return based upon certain outcomes.

Undertook a $7.5 million cosmetic renovationand a $3.2 operating system upgrade / asbestos removal program.

Early renewal of major tenant lease.

Stabilized building occupancy.

Result: Achieve a 17% return on new capitalinvested and clients were able to realize goal of selling asset.

Union Bank Plaza

Workout, Value Improvement and Disposition: The Grand, Atlanta GA 473,000 sq. ft. hotel, office and residential Tower on behalf of an offshore investor

“Gut” Renovation and Leasing: Hamilton Square, Washington D.C.282,000 office building on behalf of an offshore investor

Partnership Development: Metropolitan Tower, Seattle Washington 318 unit high rise project on behalf of an offshore investor

Workout and Partnership Restructuring: Texas Commerce Tower, Dallas Texas1,091,000 office building on behalf of a US institution and an offshore investor

Relevant Asset/Development Management Experience

ASSET MANAGEMENT SERVICES

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Summary

Experienced and Astute Advice of Senior Executives

Given In A Manner that Meets their Specific Needs

With a High Degree of Personalized Service

On a Cost Effective Basis

In the Areas of Investment Strategy, Transactions and Asset Management

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MONARCH REALTY ADVISORS

Bridging Investors To Their Goals by: