pine tree commercial realty, llc

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P I N E T R E EC o m m e r c i a l R e a l t y , L L CD e v e l o p m e n t • A c q u i s i t i o n s • L e a s i n g • M a n a g e m e n t40 Skok ie B ou le vard, Su ite 610 • Nor t hbro ok , IL 60062 • 847-735-0600 • w w w.pinet re e commerc ia l . com

Pine Tree Commercial Realty, LLC is a leader in the development, acquisition, leasing and management of retail properties throughout the United States. With retail partners ranging from superstores to specialty shops and local chains, Pine Tree representatives are experts in bringing to life both new and existing properties.

Pine Tree — headquartered in Northbrook, IL, a northern Chicago suburb — was founded in March 1995 by Peter Borzak and Barry Herring. Pine Tree has since developed and acquired 59 shopping centers totaling more than 5 million square feet, with an aggregate value of over $550 million.

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Pine Tree

Company Overview

Relationship Management

Property Portfolio

Recent Projects

Case Studies

Meet The Team

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T A B L E O F C O N T E N T ST A B L E O F C O N T E N T S

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P I N E T R E EP I N E T R E E01 // Pine Tree does not operate as a hierarchy, but rather

as a collaborative team.

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Tim RoeExecutive Vice President &Senior Director of Leasing

16 Years

Bruce BoruszakExecutive Vice President &

General Counsel16 Years Lee Pearson

Executive Vice President, Design & Construction

12 years

Todd ZinsmasterSenior Vice President,

Acquisitions & Development4 Years

Phil SpitzSenior Vice President, Property

Management & Accounting6 Years

Mark WaligoraVice President & Asset Manager

5 Years

Pine Tree Senior Management Team

Cohesive senior management team has worked together for an average of 11 years.

Peter BorzakCo-Founder & Principal

16 Years

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COMPANY OVERVIEW

02//It’s not just about experience but about how we use our experience.

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• Pine Tree Commercial Realty is a national, privately held retail real estate owner, operator and developer based near Chicago, IL. The company is vertically-integrated with leasing, property management, acquisitions, development, construction management, legal, and accounting / reporting functions.

• The Company has developed or acquired 59 properties totaling over 5.0 million sf since 1995.

• Senior management has worked together for an average of 11 years, and has extensive retail development, redevelopment and acquisitions experience.

• Pine Tree has a deep history of establishing partnerships with institutional investors to acquire and/or develop and operate shopping centers.

• The current owned portfolio consists of 21 shopping centers totaling 1.9 million sf in multiple markets throughout the US1 .

• Portfolio is owned in partnership with several institutional and private investors • 91% portfolio occupancy as of September 30, 2010 • Limited exposure to local tenants – over 90% of tenants are national and regional

1 Excludes 3 shopping center development parcels owned by Pine Tree affiliates and 7 centers that Pine Tree manages for third parties.

Institution Vehicle(s) Strategy No. Properties.Henderson/Utah Retirement Acquisitions 3Inland Real Estate (NYSE:IRC) Development 4Buchanan Street Partners Acquisitions 2GEM Realty Capital Development/Redevelopment 3Syndicated Equities Corporation Acquisitions 13Realty Income (NYSE:O) Development 2American Asset Management Development 3Pacolet - Milliken Acquisitions 1BIG USA Acquisitions 1Subtotal - Institutional Vehicles 32

Company Overview

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C O M P A N Y N E W S

C O M P A N Y N E W S

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• Pine Tree is proud to announce Pine Tree Silverpeak Retail Partners, LLC, a joint venture with Silverpeak Real Estate Partners. This venture will be Pine Tree’s investment platform for future acquisition activities.

• The Pine Tree Silverpeak venture is seeking retail assets and portfolios across the United States with values greater than $10 million and across the risk spectrum, ranging from raw land to stabilized core assets. Specifically we are seeking box and grocer anchored strip retail centers and select mixed use opportunities.

• Silverpeak Real Estate Partners (“Silverpeak”) is a newly formed investment advisory business with approximately $15.0 billion of real estate assets under management, formed as the successor to Lehman Brothers Real Estate Partners (“LBREP”). Between 2000 and 2007, LBREP closed three opportunistic real estate private equity funds totaling over $7.2 billion in equity commitments that invested in office, apartment, retail, hotel, and other property types located in the Americas, Europe and Asia. Silverpeak, together with its international sub‐advisor, Broadcliff Capital Partners (“Broadcliff ”), will continue to manage the three legacy LBREP funds (under the Silverpeak name) through an investment advisory agreement with the funds and the Lehman Brothers Estate.

• The US senior management team is comprised of professionals who worked together at LBREP including: Mark Walsh, Brett Bossung, Kevin Dinnie, Rodolpho Amboss, Quentin Reynolds & Chris Westfahl.

• Silverpeak, together with its international sub‐advisor, Broadcliff, employs approximately 85 people across seven offices globally, including New York, Atlanta, London, Hong Kong, Singapore, Tokyo and Mumbai.

The team’s expertise spans transactions and originations, asset management, finance, capital raising and investor relations.

Silverpeak Overview

Silverpeak US Management Team

Silverpeak Presence

Pine Tree Acquisition Criteria

Pine Tree Joint Venture

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M A N A G I N G R E L A T I O N S H I P SM A N A G I N G R E L A T I O N S H I P S

03//From investment partners to lenders to tenants to those within our company, man-aging relationships starts with communica-tion and trust.

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Institutional Investor Relationships 12-13

Tenant Relationships 13-14

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ps$175 M acquisition joint venture formed to acquire retail properties west of the Mississippi River. The venture sought primarily stabilized retail properties that provide preservation of capital and a suitable current return over a five-to-ten year holding period. The partnership currently owns properties in San Ramon, CA (San Francisco/Bay Area market) and Hazel Dell, WA (Portland market).

$400 M (total capitalization) development joint venture formed to develop retail properties within a 400-mile radius of Oak Brook, IL. The joint venture currently owns property in Boise, ID and Westfield, IN (Indianapolis market). In addition to the joint venture relationship with Inland Real Estate Corporation, Pine Tree has sold six shopping centers to Inland-related entities.

Individual property joint ventures formed for the acquisition of each property. Past projects include the acquisition of a vacant Super K-Mart building in Evansville, IN that was redeveloped into a multi-tenant shopping center, the acquisition of a former Wal-Mart in Florence, KY (Cincinnati market) that was redeveloped into a multi-tenant shopping center, and the acquisition of a property in Avon, IN (Indianapolis market), that is currently being developed by another party.

Individual property joint ventures formed for the development of three shopping centers. American Asset Management Services Corp. (“AAMS”) invested equity in each of the three transactions and acquired the assets upon completion. In addition, AAMS acquired a fourth shopping center which was developed by a Pine Tree affiliate.

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Individual property joint ventures formed for the acquisition of each property. The joint venture currently owns shopping centers in Alton, IL (St. Louis market) and Westminster, CO (Denver market).

Individual property joint ventures formed for the acquisition of each property. Projects include a 615,000 sq. ft. shopping center in Cleveland, OH and a 211,000 sf portfolio of shopping centers in Indiana and Kentucky. Additionally, Syndicated’s managing principal has made personal investments in other Pine Tree projects.

Individual property joint ventures formed for the development of a freestanding theater and a grocery-anchored shopping center.

Individual property joint ventures formed for the acquisition of each property. This relationship currently owns a shopping center in Mount Dora (Orlando market) FL.

Pine Tree acted in an advisory role performing property, financial and market due diligence as well as providing property management services for the acquisition of the 219,000 sf Vineyard Village Shopping Center near Dallas, TX.

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Existing Shopping Center Portfolio 18-19

Portfolio Overview 20-21

P R O P E R T Y P O R T F O L I OP R O P E R T Y P O R T F O L I O

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Existing Shopping Center PortfolioPine Tree currently owns, manages and leases a national portfolio of shopping centers.

• Pine Tree currently owns and operates 21 shopping centers totaling 1.8 Million sf

• The company also owns 3 shopping center development parcels and manages 7 centers for third parties.

• Portfolio consists of necessity- and value-oriented shopping centers in strong trade areas

• 91% Overall occupancy• Dominated by national and regional retailers totalling 90% of occupied space.

More than 200,000 70.30%100,000 to 200,000 25.60%Less than 100,000 4.10%

More than 200,000; 70%

100,000 to 200,000; 26%

Less than 100,000; 4%

Asset Size(by gross leasable area in sf )

Asset Geographic Concentration (by cost in dollars)

Midwest 19.2%Mountain 16.0%West 31.1%South/Southeast 33.7%

Midwest; 19%

Mountain; 16%

West; 31%

South/Southeast; 34%

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Pine Tree Operating Property PortfolioSince 1995, Pine Tree has developed and acquired 59 properties across the United States with a value of more than $550 Million.

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Portfolio Overview

Third Party ManagementProperty Location Leasable Area PartnerShopko Plaza Peoria, IL 128,955 Private OwnerCountry Village Shopping CenterMinnetonka, MN 110,060 Henderson Property FundVineyard Village Euless, TX 219,542 BIG USASouthridge Square Des Moines, IA 144,528 Private OwnerCreston Shopping Center Janesville, WI 138,615 Private OwnerAntioch Shopping Plaza Antioch, IL 87,762 Private OwnerElmwood Plaza Racine, WI 334,199 Private OwnerTotal 1,163,661

Income Producing Real EstateProperty Location Leasable Area Anchor Tenants PartnerSeverance Town Center Cleveland Heights, OH 615,573 Home Depot, Walmart, Daves Market Syndicated Equities CorporationHazel Dell Town Center Vancouver, WA 270,691 Best Buy, Bed Bath & Beyond, Kohl's Utah Retirement SystemWalnut Creek Westminster, CO 216,263 TJ Maxx, Petsmart, Office Max Buchanan Street PartnersINKY Portfolio 12 Properties in IN & KY 211,660 Blockbuster Syndicated Equities Corp, & High Net Worth InvestorsSouthridge Squiare Des Moines, IA 144,528 Hobby lobby, Gordmans High Net Worth InvestorsOrchard Crossing Fort Wayne, IN 118,252 Gordmans, Dress Barn, Rue 21 Inland Real Estate Corporation (NYSE:IRC)Gateway Center San Ramon, CA 110,440 Lucky Center (run by Save Mart), Walgreens Utah Retirement SystemTurfway Commons Florence, KY 105,471 Babies R Us, Michaels, Guitar Center GEM Realty CapitalAlton Corners Alton, IL (St. Louis, MO) 50,053 Petco, Applebee's, Dollar Tree Buchanan Street PartnersOnalaska Marketplace Onalaska, WI 25,961 Cold Stone Creamery, Sprint PCS, Dolar Tree High Net Worth InvestorsTotal 1,868,892

Development ProjectsProperty Location Acres PartnerSouthshore Marketplace West�eld, IN 63 Inland Real Estate Corporation (NYSE:IRC)Riverwalk Center Montrose, CO 28 High Net Worth InvestorsLantern Commons Boise, ID 7 Inland Real Estate Corporation (NYSE:IRC)Total 98

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Portfolio OverviewPast Pine Tree ProjectsProperty Location Size (gross sf) Size (net sf) Anchor TenantsPine Tree Plaza Janesville, WI 317,381 187,381 Home Depot, Staples, TJ Maxx, Michaels, Gander Mtn.Deer Trace Shopping Center Kohler, WI 275,047 150,047 Target, Home Depot, TJ Maxx, Michaels, Elder BeermanEast Lloyd Commons Evansville, IN 149,737 149,737 Best Buy, Gordman's Michaels, PaneraWater Tower Plaza Bradley, IL 261,834 136,834 Target, Marshall's, Michaels, Staples, Barnes & NobleUniversity Crossings Mishawaka, IN 286,458 136,458 Super Target, Babies R Us, Marshalls, Petco, Pier OnePine Tree Plaza Peoria, IL 128,955 128,955 Menard's, ShopkoPine Tree Plaza 2 Champaign, IL 241,771 111,771 Best Buy, Shoe Carnival, Dick's, MichaelsPlover Plaza Plover, WI 108,038 108,038 Copp's Shopko, Hallmark, Fashion Bug, Fantastic Sam'sCollege Park Plaza Buchanan, WI 78,451 78,451 Regal eater, Fleming Foods, Dollar Tree, Radio ShackRiverwalk Center Moore, OK 148,127 78,127 Kohls, Gordman's, Maurice's, Payless ShoesPine Tree Plaza Ames, IA 70,209 70,209 Kmart, Aldi, Cinemark eater, Staples, Radio ShackPlover Plaza 2 Plover, WI 65,900 65,900 Shopko, Copp's, Elder BeermanPine Tree Plaza Portage, WI 61,253 61,253 Piggly Wiggly, Staples, Stage, Radio Shack, Dollar TreeDekalb Market Square Dekalb, IL 57,835 57,835 Walmart, Office Max, Factory Card, BlockbusterPine Tree Plaza Delavan, WI 154,200 54,200 Shopko, Piggly Wiggly, Fashion Bug, BlockbusterMonarch Plaza Beaver Dam, WI 44,984 44,984 Nash Finch, National Cash AdvancePine Tree Plaza Spencer, IA 42,499 42,499 Walmart, StaplesValparaiso Marketplace Valparaiso, IN 289,628 39,628 Target, Kohl's, Home Depot, Fashion Bug, Bath and BodyGladstone Commons Chicago, IL 39,101 39,101 Blockbuster, Dollar Tree, Radio ShackPine Tree Plaza Altoona, IA 31,745 31,745 Walmart, Menards, Fashion Bug, Dollar Tree, HallmarkDanville Crossings Danville, IL 27,050 27,050 Walmart, Menards, Fashion Bug, Shoe Show, Sally BeautyDeer Trace Shopping Center 2 Kohler, WI 149,421 24,421 Target, Home Depot, Pier One, Payless Shoe, Maurice'sStaples Plaza Guntersville, AL 23,942 23,942 Staples,Champaign Towne Center Champaign, IL 23,840 23,840 Target, Circuit City, Party City, Radio Shack, DotsPine Tree Plaza 2 Clinton, IA 22,925 22,925 Target, Walmart, Fashion Bug, On Cue, Pizza HutClinton Towne Center Clinton, IA 16,540 16,540 Walmart, Target, Dollar Tree, Payless Shoes, GNC, US CellValparaiso Marketplace 2 Valparaiso, IN 15,815 15,815 Target, Kohl's, Home Depot, Panera BreadWestern/Addison Plaza Chicago, IL 11,700 11,700 Blockbuster, Dunkin Donuts, Insure OneTotal 3,144,386 1,939,386

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// This section will showcase Pine Tree’s most recent projects.

Loch Leven Landing

Vineyard Village

WIIL Portfolio

R E C E N T P R O J E C T SR E C E N T P R O J E C T S

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Loch Leven Landing, Mt. Dora, FL

Vineyard Village, Euless, TX

WIIL Portfolio, WI & IL

Property: Loch Leven Landing Location: Mt. Dora, FL Tenants: Publix, Five Guys, Great ClipsDevelopment Size: 71,590 sfPurchase Price: $14,445,000.00Date Purchased: 11/05/2010

In November of 2010, Pine Tree, in partnership with Pacolet Milliken Enterprises, Inc., acquired a Publix anchored shopping center at the intersection of the Hwy 441 & SR 44 in Mount Dora, Florida.

Property: Vineyard Village Location: Euless, TX (Dallas, TX area) Tenants: Staples, PetsMart, Bed Bath & Beyond, Marshalls, Ross Dress for LessDevelopment Size: 219,543 sfDate Acquired: 12/30/2010

Pine Tree acted in an advisory role performing property, financial and market due diligence as well as providing property management services for the acquisition of the 219,000 sf Vineyard Village Shopping Center near Dallas, TX for BIG USA.

Property: WIIL Portfolio Location: Racine, WI; Janesville, WI; Antioch, IL Tenants: Piggly Wiggly, Office Max, Jo-Ann Fabrics, Schnuck’sDevelopment Size: 560, 576 sfDate Acquired: 01/01/2011

Pine Tree was recently engaged by a high-net worth individual investor to manage and lease a portfolio of three properties within Wisconsin and Illinois.

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// Pine Tree’s experience includes projects across the risk spectrum. The following projects summarize various deals which Pine Tree has successfully completed. These sample projects show the breadth of our knowledge and capabilities.

C A S E S T U D I E SC A S E S T U D I E S

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// Shops at Walnut CreekWestminster, CO

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// Deer Trace PlazaKohler, WI

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Property: Deer Trace Plaza (Phases I & II)Location: Kohler, WI Tenants: Target, Home Depot, Michaels, TJ Maxx, Elder BeermanDevelopment Size: 430,000 sf

• Large scale power center totalling 430,000 square feet developed in two phases. Phase I included Home Depot, Elder Beerman, TJ Maxx, Michaels, & Dollar Tree. Phase II included Target, Pier 1 Imports, Maurices, and Payless.

• The Village of Kohler is a company town developed for the purpose of serving the needs of The Kohler Company. The Village of Kohler has strict quality standards and maintains an active role in decisions relating to layout, design, and tenancy. Pine Tree worked closely with the Village of Kohler to ensure that the finished product would enhance the community and be an amenity to its residents.

• Construction commenced in early November. An inflatable dome was purchased to provide shelter from the elements and continue construction throughout the winter. In an effort to use local and recycled materials, waste material from a local casting plant was used as fill material.

• Both phases of the property were sold to Inland Real Estate Corporation.

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KOHLER, WI

Demographics 1 Mile 3 Miles 5 Miles

Population 1,950 25,664 70,426

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// Anchor TenantsEast Lloyd Commons CenterEvansville, IN

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Property: East Lloyd CommonsLocation: Evansville, IN Tenants: Best Buy, Michaels, Gordmans, Guitar CenterDevelopment Size: 159,639 sf

• In 2005, Pine Tree, in partnership with GEM Realty Capital, Inc., acquired a former Super K-Mart building at the intersection of the East Lloyd Expressway (Indiana State Highway 66) and Burkhardt Road in Evansville, IN.

• The property was subsequently redeveloped into East Lloyd Commons, a 159,000 sf shopping center anchored by Best Buy, Michaels, Gordmans, and Guitar Center.

• Pine Tree was alerted to the opportunity through its relationship with Michaels, who contacted Pine Tree and indicated their interest in relocating from their site in the market to the former Super K-Mart building.

• The seller of the former Super K-Mart required a short due diligence period and quick closing. Pine Tree’s construction team evaluated the property and provided an estimate of construction costs while Pine Tree’s leasing team engaged in discussions with the anchor tenants prior to closing.

• Leases were quickly executed following closing and construction started shortly thereafter. The

property was sold to an Inland-related entity a year after acquisition and generated strong returns to the investors.

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EVANSVILLE, IN


Population 6,572 51,036 112,756

D E V E L O P E R E A R L Y R E WA R D P R O G R A M ™D E V E L O P E R E A R L Y R E WA R D P R O G R A M ™

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// Hazel Dell Towne CentreVancouver, WA

D E V E L O P E R E A R L Y R E WA R D P R O G R A M ™D E V E L O P E R E A R L Y R E WA R D P R O G R A M ™

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Property: Hazel Dell Towne CenterLocation: Hazel Dell, WA (Suburban Portland, OR)Tenants: Target (NAP), Kohl’s, Bed Bath & Beyond, Party City, Petco, & Office DepotDevelopment Size: 394,691 sf

• In partnership with Utah Retirement Systems (being advised by Henderson Global Investors), Pine Tree acquired Hazel Dell Towne Center prior to completion on April 3, 2007 through the Developer Early Reward Program, Pine Tree’s marketed program of acquiring shopping centers prior to completion.

• Hazel Dell is a Target shadow-anchored shopping center located adjacent to Interstate 5 that draws from a regional trade area. The surrounding market has strong natural and zoning/regulatory barriers to entry.

• Hazel Dell was valued on a completed basis and the purchase price was reduced by the remaining costs required to complete the project.

• Remaining construction to be completed included the site work for a Kohl’s ground lease and the leasing and interior build-out of approximately 17,000 sf of small shops and 13,000 sf of junior anchor space. Kohl’s is now open and operating at the property and construction of the additional shop space has been completed.

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Population 10,830 107,408 214,918

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// Super TargetShops at Walnut CreekWestminster, CO

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WESTMINSTER, CO

Property: The Shops at Walnut Creek (Denver market)Location: Westminster, CO Tenants: Super Targer, TJ Maxx, Home Goods, PetsMart, Office Max, Golf GalaxyDevelopment Size: 207,032 sf

• Pine Tree and Buchanan Street Partners acquired The Shops at Walnut Creek in Westminster, Colorado in May 2007, weeks before the advent of the credit crisis.

• The purchase of the property was financed with a $43.1 million loan from LaSalle Bank with aggressive terms reflective of the period’s excessive credit availability. This loan was intended to be sold off of LaSalle’s balance sheet as a part of a securitized offering.

• Knowing that the CMBS markets were illiquid, Pine Tree and Buchanan Street Partners approached Bank of America (which purchased LaSalle Bank) to inquire about a discounted payoff of the loan’s principal.

• After a negotiation that lasted several months, the partnership was able to pay off the loan at $32 million, a discount of approximately 26% from the original balance of $43.1 million.

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WESTMINSTER, CO


Population 7,330 107,276 269,321

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VA L U E - A D D / C O R E P L U SVA L U E - A D D / C O R E P L U S

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// Severance Town CenterCleveland Heights, OH

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VA L U E - A D D / C O R E P L U SVA L U E - A D D / C O R E P L U S

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CLEVELAND HEIGHTS, OH

Property: Severance Town CenterLocation: Cleveland Heights, OH Tenants: Home Depot, Wal-Mart, Dave’s MarketDevelopment Size: 615,573 sf

• Originally constructed as the first enclosed mall in northeast Ohio, the redesigned Severance Town Center is situated in a densely populated regional retail district.

• The 615,573 square foot center is anchored by Wal-Mart and Home Depot. Other prominent retailers include Office Max, Dave’s Market, Marshalls, Conway Department Stores, Rainbow Apparel, and Shoe Carnival.

• The property was acquired in 2004 at an occupancy level of 89%. Pine Tree has since increased the oc-cupancy level to 97% and enhanced the center’s mix of retailers.

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CLEVELAND HEIGHTS, OH


Population 16,906 159,860 356,435

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// Gateway CentreSan Ramon, CA

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SAN RAMON, CA

Property: Gateway CenterLocation: San Ramon, CA (San Francisco Bay Area)Tenants: Lucky’s (Albertson’s at time of acquisition) & WalgreensDevelopment Size: 110,440 sf

• In Partnership with Utah Retirement Systems (being advised by Henderson Global Investors), Pine Tree acquired the Gateway Centre in San Ramon, CA. The property is located in a dense and affluent suburb in the San Francisco Bay area that maintains strong barriers to entry through the lack of available land suitable for competitive development.

• At time of acquisition, Albertson’s operated a grocery store in the space and was under contract to be

sold to an investment consortium that included Cerberus Capital Management and Kimco Realty. The northern California Albertson’s stores (which included the store at the Property) were widely reported to be under-performing, adding uncertainty to the viability of the lease to Albertson’s.

• Pine Tree recognized the strength of the location and used its in-house development expertise to

evaluate alternate scenarios, including a scenario where the grocery space became vacant and was subdivided and leased to multiple tenants. Pine Tree’s construction staff evaluated the cost to subdivide and retrofit the space and Pine Tree’s leasing staff projected rental rates for these tenants. Ultimately, it was determined that the alternate scenario would provide additional upside to the transaction as Albertson’s rental rate was well below market.

• After the acquisition of the property, the northern California Albertson locations (including the store at the Property) were sold to Save Mart, a northern-California-based grocery operator, who converted the store to the Lucky’s brand. The Lucky’s store is currently performing extremely well.

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SAN RAMON, CA


Population 15,021 66,272 151,030

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MEET OUR TEAM

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We have a well-rounded management team with decades of combined experience in the development, acquisition, leasing and property management of

commercial real estate properties.

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“We believe in balance: caution and risk, certainty and possibility, tradition and innovation. The ultimate balance for our company is holding firm to our

time-tested standards, while constantly evolving and adapting to a rapidly changing world.”

- Peter Borzak, Co-Founder, Principal

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Peter began his career at The Balcor Company in 1984 after graduating Phi Beta Kappa from George

Washington University.

In 1990, Peter formed Plymouth Court Properties, Inc., which owned and managed several office and

apartment buildings and a public golf club in the greater Chicago area. In addition, the principals of

Plymouth Court Properties were involved in the development of Michael Jordan’s Restaurant in

Chicago, Illinois.

In 1995, Peter was a co-founder of Pine Tree Commercial Realty with Barry Herring. To date, Pine Tree affiliates have developed and acquired 59 shopping centers nationwide totaling over five million square feet, with an aggregate value of over $550 million. Pine Tree Commercial Realty offers a full spectrum of real estate services for retail properties, including development, legal, accounting, acquisitions, construction management, leasing, general contracting and property management.

Peter has also been active with the University of Illinois Department of Finance, Notre Dame University Department of Finance and the George Washington University Alumni Association, Big Brothers/Big Sisters of Chicago (as a 24 year mentor), YPO, Deerfield AYSO, the Deerfield Youth Baseball Association, and has served as a member of the board of directors for the Deerfield Park Foundation, Harold Eisenberg Foundation, Big Brothers Big Sisters of Chicago, and the Standard Club of Chicago, where he served as president from 2004 to 2006. Peter also serves on the Illinois State Committee for the International Council of Shopping Centers.

Peter is married, has two children and lives in suburban Chicago, Illinois.

Peter Borzak, Co-Founder, Principal

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“Every day brings change in our industry. We are proud of our abilities as professionals to adjust and adapt on a daily basis in order to remain

relevant in what we do and how we perform.”

- Tim Roe, Exec. V.P. - Senior Director of Leasing

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Timothy Roe is a Senior Executive of Pine Tree Commercial Realty, LLC. A 22 year commercial real estate veteran, Roe has successfully negotiated and executed in excess of 4.6 million square feet of real estate transactions in his career (3.97 million square feet since his tenure at Pine Tree began in December 1995).

At Pine Tree, his role is to approve and negotiate all leases/renewals, analyze and structure shopping center development transactions and acquisitions as well as overseeing the entire Pine Tree portfolio

and its communication with its relevant partners. Roe has been directly responsible for the successful consummation of well over five hundred lease transactions in his position at Pine Tree.

Prior to joining Pine Tree, Roe worked for Charming Shoppes, Inc., the parent company of Fashion Bug, Lane Bryant and Catherine’s Plus Sizes, as well as Melville Corporation, the parent company of Linens n’ Things, Kay Bee Toys, Toyworks, Wilson’s Leather, Foot Action and other retail stores. Roe graduated from the University of Kansas in 1990 and is actively involved in the KU Alumni Association and the International Council of Shopping Centers.

Tim is married and is the father of four boys.

Tim Roe, Exec. V.P. - Senior Director of Leasing

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“Our experience on both the business and legal side of deals allows us to craft effective and efficient solutions to problems as, or even before, they arise.”

- Bruce Boruszak, Executive Vice-President and General Counsel

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Bruce is currently Executive Vice President – General Counsel at Pine Tree Commercial Realty, LLC. At Pine Tree Bruce’s responsibilities include overseeing all legal needs of the Company, including negotiation of contracts, joint ventures and leases. Bruce is also actively involved with Pine Tree in the development of retail properties, including dealing with permitting, governmental approvals and coordination of the development process.

Prior to joining Pine Tree, Bruce was a partner in, and co-chair of the Real Estate Practice Group at, the Chicago law firm of Wildman, Harrold, Allen & Dixon

LLP. Bruce has over 25 years experience in commercial real estate and retail acquisition, development, leasing, financing and disposition.

Bruce received his B.S. with highest honors, from the University of Illinois and his J.D., cum laude, from the University of Michigan where he was an Associate Editor of the University of Michigan Journal of Law Reform and a member of the Order of the Coif. He is also a Certified Public Accountant. Bruce is an active member of the bar in the States of Illinois (1982) and California (2003). Bruce has received the highest peer rating AV® Preeminent™ 5.0 out of 5 by Martindale Hubbell.

Bruce serves on the Dean’s Business Advisory Council for the University of Illinois College of Business and on the Board of Directors of Chicago Youth Programs and is Treasurer and a Board Member of the 175 East Delaware Place Homeowner’s Association. Bruce is a member of the International Council of Shopping Centers, and the Illinois and California Bar Associations. Bruce has been a guest lecturer at the Kellogg Graduate School of Business, Northwestern University, and the University of Illinois College of Business.

Bruce is married and has two children.

Bruce Boruszak, Ex. Vice-President & General Counsel

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“I’ve read that there are two kinds of people in the world, those who work and those who take credit. The advice provided is to be the former, because

there is less competition there.”

- Lee Pearson, Exec. V.P. - Design & Construction

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Lee joined the Pine Tree Team in the fall of 1999 and has over 27 years experience in retail development. Previous to Pine Tree he worked for Supervalu Stores, the nation’s largest wholesale grocer and an industry leader in supermarket retailing. For more than 16 years he progressed from the drafting board, on through several supermarket development positions related to design, project management, and real estate. At the time he joined Pine Tree, Lee was the Manager of Supervalu’s Midwest Region Project Management Team. Additionally, Lee worked for Whole Foods Market, the nation’s largest organic grocer, at their Midwest Region.

As part of their store development team, he was responsible for the development of the Midwest Region Construction Team, and charged with the development of several new Whole Foods supermarkets in the Midwest.

On the Pine Tree Team, Lee is actively engaged in and has oversight responsibility for several aspects of the company’s due diligence and entitlement processes for all new retail development projects, and for the acquisition of existing retail shopping centers. He directs all aspects of the company’s design and construction processes, and is the point person for those related third party consultants. He also works closely with leasing, legal, and property management on those lease and landlord matters related to design, construction, and landlord deliverables. In 2001 Lee also started up and has managed Pine Tree Construction Services, LLC, which has been the General Contractor for nearly all of Pine Tree’s new development projects since. To date Pine Tree Construction Services has successfully constructed more than 600,000 square feet of retail space on 8 different projects.

Lee is married, has two sons, one grandchild and another on the way. He enjoys the outdoors, hunting and gardening.

Lee Pearson, Ex. V. P. - Design & Construction

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“We’re encouraged by the increase in volume that we continue to see in the market. We’re proud of our ability in this environment to quickly and

reasonably evaluate opportunities so that we can give our brokerage relationships and sellers a quick answer.”

- Todd Zinsmaster, Sr. V. P. - Acquisitions & Development

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Todd Zinsmaster joined Pine Tree in 2007, and is responsible for sourcing, negotiating, underwriting and conducting due diligence on shopping center acquisition and development opportunities.

Todd has over 20 years of retail development and acquisitions experience, including involvement with over 120 development projects, and has extensive experience in acquiring and disposing of both land and existing shopping centers. Todd’s relationships in the brokerage and ownership community have created numerous investment opportunities for Pine Tree.

Prior to joining Pine Tree, Todd was Senior Director of Development for Kimco Developers Inc, where he oversaw more than 30 projects totaling in excess of $1 billion of total cost in multiple markets across the country, and was intimately involved in entitlement, construction and leasing. Prior to Kimco, Todd spent 10 years with Home Depot, where he oversaw new store construction and remodeling projects.

Todd Zinsmaster, Sr. V. P. - Acquisitions & Development

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“One of the many qualities I have found across the board at Pine Tree is consistently being fair to all parties. We take the honorable and reasonable approach, which we hope leads our partners, tenants, lenders, and service

providers to be our best source of referrals.”

- Phil Spitz, Sr. V.P. - Property Management & Accounting

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Phil Spitz joined the Pine Tree team in 2005. After beginning his career with the Chicago-based accounting firm Altschuler Melvoin and Glasser, Phil served as Manager of Real Estate at Hollister Incorporated, a global manufacturer of health care products. He then served as Vice President of Property Management at Klaff Realty, a national investor in retail and office building assets. At Klaff, Phil was responsible for the management of over 5,000,000 square feet of property.

At Pine Tree, Phil leads the Property Management andAccounting groups. These groups attend to property operations, tenant relations, lease administration, budgeting and cash and GAAP financial reporting.

Phil has an accounting degree from the University of Illinois and an MBA from the Kellogg Graduate School of Business at Northwestern University. Phil is a Certified Public Accountant.

Phil is married, has 3 children and lives in Buffalo Grove. Phil enjoys time at the golf course and on the tennis courts.

Phil Spitz, Sr. V. P. - Property Management & Accounting

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“A key differentiator at Pine Tree is our team approach in responding to challenges: holistically, promptly, and most important reasonably. Every opinion

matters, and considering them collectively provides for the most optimal solution.”

- Mark Waligora, Vice President & Asset Manager

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Mark Waligora joined Pine Tree in November of 2006, where he sources, underwrites, negotiates, executes and conducts due diligence related to shopping center investment opportunities. Throughout his career at Pine Tree, Mark has been involved in retail property acquisitions with a combined gross value of over $130 million. Mark is also actively involved with equity and debt financing, asset management, investor relations, and marketing initiatives at Pine Tree.

Mark began his career as an analyst at Hovde Financial, an investment bank located in Inverness, Illinois exclusively focused on the financial sector. He then went on to work as a real estate valuation consultant at Duff & Phelps in Chicago, working in the valuation of a number of property types, including retail, residential, office, and industrial.

Mark is actively involved with the International Council of Shopping Centers, The Harold E. Eisenberg Foundation and the Retail Real Estate Canned Food Drive, an industry initiative affiliated with the Greater Chicago Food Depository.

Mark is a graduate of Indiana University’s Kelley School of Business, with a Bachelor’s Degree in Finance, and a minor in English.

Mark Waligora, Vice President & Asset Manager

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D e v e l o p m e n t • A c q u i s i t i o n s • L e a s i n g • M a n a g e m e n t40 Skok ie B ou le vard, Su ite 610 • Nor t hbro ok , IL 60062 • 847-735-0600 • w w w.pinet re e commerc ia l . com

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