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WEEKLY MARKET RECAP

Week @ A Glance
MACRO ECONOMIC & REAL ESTATE NEWS 1 It did not take more than one week into the new year for both the weather and economic outlook to change. ECONOMIC SCOREBOARD 2-5 The Bulls and Bears tied with a 5:5 score. UPCOMING ECONOMIC CALENDAR 6-7 It is all about Q4 2011 earnings releases the next few weeks. KEY ECONOMIC FINANCE RATES & DISCUSSION ITEM

Macro Economic & Real Estate News

K.C. Conway, MAI, CRE, CIVAS Market Analytics

7-8

It did not take more than one week into the new year for both the weather and economic outlook to change. According to the National Weather Service, one week ago a mere 13% of the U.S. was covered in snow. However, as of Saturday night and onset of the David vs. Goliath Denver/ New England NFL playoff game, 33% of the U.S. was blanketed in snow and this time David didnt defeat Goliath. On the economic side of the coin, a week ago Weekly Jobless Claims were declining (if you believe in magical government math), most European nations had higher credit ratings, and Americans thought FED Chairman Bernanke had more of a clue about the housing and real estate crisis than his predecessor - Chairman Greenspan. What weve subsequently learned is: Weekly Jobless Claims have reversed course. Why? The Department of Labor has started making revisions for the state-level data; and retailers have commenced laying-off their

holiday workforce. This data reversal should not have come as a surprise to WMR readers. S&P appears to have named 2012 as the year of debt downgrades for nations with too much sovereign debt. Last Friday, Standard & Poors downgraded the credit ratings of France, Italy and seven other European countries. Following Fridays downgrades, the only Euro zone nations retaining their top AAA ratings are Germany, the Netherlands, Finland and Luxembourg. Can another U.S. debt downgrade be far behind? The FED Chairman and his Board of Governors did not have a clue as to the systemic risk of the housing bubble in 2006. According to 2006 FOMC minutes - released last week after passage of the 5-year delay in releasing such inside-the-FED information - Americans read first-hand:

The Federal Reserve, and its so called

pre-eminent economic minds did not fully understand the basic mechanics of the economy they were charged with managing. Under Dodd-Frank, Congress entrusts them with even broader Systemic Risk Supervision. Where are the Occupy the FED protestors? After all, it was the FED that enabled the banks to become CRE concentrated, overleveraged, undercapitalized and wrought with losses.

The problem at the FED was not a lack of

information; it was a lack of comprehension - due largely to a blind belief in academic forecasting models that lacked industry experience or examiner input. The field examiners told the Chairman and Board of Governors as early as 2005 that there was a CRE concentration problem, but the economists, Board of Governors and Chairman dismissed the examiner insights www.Colliers.com/ValuationAdvisory

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DATA GATHERED AND ANALYZED IN THE MUCH-LESSREGULATED CMBS ARENA FAR EXCEEDS THAT IN THE HIGHLY REGULATED BANK LENDING ARENA.

and industry warnings. These models ultimately turned out to be broken. Ironically, the architects of these flawed academic forecasting models are the same FED officials now involved in the bank stress testing models models that still dont know how to assess the risk of a construction loan, measure E.U. debt exposure, or subject Debt Service Coverage in a real estate loan to any kind of sensitivity analysis because of the absence of rent roll data. Furthermore, data gathered and analyzed in the much-lessregulated CMBS arena far exceeds that in the highly regulated bank lending arena (refer to Faulty Appraisals in American Banker January 3rd Edition, Bank Think section).

academic elitism that existed then. In fact, in 2006 and 2007 briefings that I provided to the Board of Governors and Chairman Bernanke in which I laid out the housing risks and how they would likely spill over to the larger economy, banks, and commercial real estate, I was told by the Chairman himself on June 11th 2007 following one such briefing that: KC, interesting presentation. However, as someone who has studied the Great Depression extensively, there is no way what you are presenting could occur today. We have too many safeguards, tools at our disposal, and understanding of modern economics for such a systemic crisis to develop.

Its embarrassing for the Fed, said

Justin Wolfers, an economics professor at the University of Pennsylvania, in a February 13th New York Times article on the 2006 FOMC meeting minutes titled Inside the Fed in 2006: A Coming Crisis, and Banter. You see an awareness that the housing market is starting to crumble, and you see a lack of awareness of the connection between the housing market and financial markets, concludes Justin Wolfers. As one who briefed senior board economists, the Board of Governors and Chairman Bernanke between 2005 and 2010, I can attest to Dr. Wolfers observations as well as the denial and Enough banter. What is the new score reflected in the Bulls, Bears & Bewildered Scoreboard, and what were the standout statistics for the prior week?

THE 2012 SCORE BOARD

WEEK ENDING January 13 Prior WMR Dec. 11 4-Wk Avg. CY 2012 YTD Avg. CY 2011 Avg. BULLS 5 7 5 7 3.9 BEARS 5 6 4 6 4.3 BEWILDERED 3 5 5 5 3.9

FOR THE WEEK ENDING JANUARY 13TH, THE BULLS AND BEARS TIED WITH A 5:5 SCORE. IN THE EVENT OF A TIE SCORE, THE WEEK IS SCORED AS BEWILDERED. THE CY 2012 YEAR-TO-DATE AVERAGE SCORE, THOUGH, REMAINS BULLISH BY A HAIR (BULLS 6.0 TO BEARS 5.5).

The Score Board

Standout Statistics The leading Bullish standout statistics were: Increase in Consumer Sentiment places the January reading at the surveys highest level in 8 months. The Thomson Reuters/University of Michigan January reading on its overall index of consumer sentiment rose to 74.0 from 69.9 in December for the fifth month of gains and the highest level since May 2011. Nationwide multifamily vacancy rate fell to a 10year low of 5.2% in Q4 2011, according to REIS. www.Colliers.com/ValuationAdvisory

Industrial real estate continues to show its strength. Recent transaction activity in suburban D.C. (Korth Construction acquisition of Scott Group industrial portfolio in Maryland) and Las Vegas (sale of 425,000 square feet of industrial buildings in the Hughes Airport Center near Las Vegas McCarran Airport for $85/sf), as well as a $177 million debt JV between MetLife and Prudential for Prologis to finance 28 industrial and warehouse distribution buildings with 5.7 million square feet of usable space in Mexico City, Guadalajara and Monterrey, Page | 2

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demonstrates the strongest interest in warehouse real estate in nearly five years. This increase in warehouse transaction activity is also supported by the most recent RCA transaction data. According to Real Capital Analytics (RCA), warehouse transactions through November 2011 have totaled $21.8 billion (excluding the AMB/ Prologis merger in Q1 2011), and already exceed the $20 billion recorded in all of 2010. Demand for Phase I environmental site assessments rises a good leading indicator for increased real estate transaction activity. According Dianne Crocker at Environmental Data Resources (EDR), demand for Phase I environmental site assessments (ESAs) on real estate projects involving 10 or more properties was up 13% in the third quarter of 2011 - the highest level in five quarters. California led the nation with 18% quarterly ESA growth, followed by New York (17%) and Texas (13%). Georgia and Florida rounded out the top-five list. According to EDR, These five states collectively accounted for 37% of Phase I ESAs conducted in the U.S. in Q3 2011. Just as areas of the country went into the market downturn at different rates, they are recovering at different rates, so its not surprising that trends in due diligence activity vary considerably from state to state, says Dianne Crocker, principal analyst at EDR. These five top-volume states share the perfect mix of drivers: They contain global gateway metros that are attracting investors interest and metros with the highest levels of distressed assets in the country. Together, these forces are driving demand for property environmental due diligence today. The strongest drivers for environmental due diligence work include distressed asset purchases by REITs and other private equity groups, foreclosures and sales of

distressed loan portfolios by national lenders, and borrower refinancing, according to Crocker, who says that multifamily and retail properties are attracting the most interest by buyers. NFIB Small Business Index rises: The Index of Small Business Optimism gained 1.8 points to 93.8. Decembers increase is the fourth monthly gain, totaling 5.7 points overall. The test in Q1 will be to see how small business confidence holds up to Q4 earnings results and any deterioration in the employment picture due to retailers laying off the holiday workforce, state and municipal governments cutting more jobs to balance the revenue shortfalls, and a new wave of retail store closings due to horrible margins from the 2011 holiday season.

THE STRONGEST DRIVERS FOR ENVIRONMENTAL DUE DILIGENCE WORK INCLUDE DISTRESSED ASSET PURCHASES BY REITS AND OTHER PRIVATE EQUITY GROUPS.

The leading Bearish standout statistics were: Weekly Jobless Claims reverse course and rise 24,000 to nearly the 400,000 mark again (399,000 claims). The market spin was that the rise was attributable to retail layoffs of holiday workers, but it was much more than that. The rise included upward revisions, and the state level claims highlighted noteworthy job cuts in services (other than retail), transportation and manufacturing. This claims report, coupled with early guidance on earnings, suggests the latest UNEMPLOYMENT INSURANCE DATA FOR REGULAR STATE PROGRAMS
WEEK ENDING Initial Claims (SA) Initial Claims (NSA) 4 WK Moving Avg. (SA) ADV. 1/7 12/31 375,000 540,067 374,000 CHANGE +24,000 +102,314 +7,750

STATES WITH AN INCREASE OF MORE THAN 1,000

STATE MI WI PA NJ NY GA NC AL VA MA CT OR AR SC CHANGE +10,364 +10,203 +8,135 +7,989 +7,746 +7,707 +6,849 +4,687 +2,999 +2,926 +2,261 +1,778 +1,702 +1,622 STATE SUPPLIED COMMENT
No comment. No comment. Layoffs in the transportation, construction, wood product & metal. Layoffs in service, trans., warehousing, manufacturing, retail, const. Layoffs in service, trans., & const. industries. Layoffs in service, manufacturing, trade & construction. Layoffs in construction, textile, service, apparel, lumber & furniture. Layoffs in the textile, service, and apparel industries. Layoffs in textile, service & apparel industries. Layoffs in transportation, warehousing, & manufacturing. No comment. No comment. Layoffs in manufacturing, and fitness and recreational industries. Layoffs in manufacturing and service industries.

STATES WITH AN INCREASE OF MORE THAN 1,000

399,000
642,381 381,750

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ISM report, like 2011s first ISM report, may have been prematurely Bullish. Q1 earnings are the metric to be monitoring over the next 4 weeks. S&P downgrade of the credit rating for 9 E.U. countries. Last Friday, Standard & Poors downgraded the credit ratings of France, Italy and seven other European countries. Following Fridays downgrades, the only Euro zone nations retaining their top AAA ratings are Germany, the Netherlands, Finland and Luxembourg. CMBS delinquency continues to rise and is viewed by TREPP as round 1 in maybe a 12-inning marathon CMBS loan refinance scrimmage. Decembers CMBS delinquency rate for U.S. commercial real estate loans in commercial mortgage-backed securities (CMBS) increased 7 basis points (bps) to 9.58%. According to Manus Clancy, senior managing director at TREPP, Decembers increase is viewed as the first of a six-to-12-month stretch where the rate could increase by 75 basis points in aggregate. This will come as a result of the first wave of 2007 originated loans reaching their balloon dates over the next few months. This concern over the looming maturity of CMBS loans in 2012 and 2013 was the focal point of discussion at the Commercial Real Estate Finance Councils (CREFC) winter meetings in south Florida last week. Earnings disappointed for some bell-weather companies like JP Morgan and Best Buy. What is behind the markets anxiety over bank, retailer, restaurant, and manufacturing

companies Q4 earnings? Its a combination of margin compression from discounting and higher raw material prices, and slowing consumption in Europe for U.S. goods. Its not just E.U. debt downgrades that have the market rattled; its the realization that the E.U. consumer is curtailing consumption. With Europe being our largest trading partner, the market is now connecting the dots between E.U. debt crisis, E.U. debt downgrades, E.U. austerity and U.S. corporate earnings. The Federal Reserves release of 2006 FOMC meeting minutes revealed its econometric models failed to see the systemic nature of housing in the U.S. economy. The problem was not a lack of information; it was a lack of comprehension - due largely to a blind belief in academic forecasting models that lacked industry experience or examiner input. The revelations in these 2006 FOMC meeting minutes is more than an embarrassing revelation for the FED, it is a blow to investor confidence in U.S. debt and FED monetary policy that could have profound implications for U.S. interest rates later in 2012 and 2013 if the U.S. cant get its fiscal house in order. Senator Orrin Hatchs letter to Chairman Bernanke this past week over its foray into fiscal policy via a whitepaper proposing housing policy reforms has even more merit in light of these 2006 FOMC minutes. Senator Hatchs suggestion that maybe the FED ought to try getting monetary policy and economic forecasting down pat before it tackles fiscal policy is probably pretty sound advice.

THE FED OUGHT TO TRY GETTING MONETARY POLICY AND ECONOMIC FORECASTING DOWN PAT BEFORE IT TACKLES FISCAL POLICY.

STATISTIC(S), QUOTE(S) & HEADLINE(S) FOR THE WEEK

The Statistic(s) of the Week: This weeks statistic is one-part jobs, one-part cars and one- part people. One-Part Jobs: The jobs part relates to the latest metro-level unemployment data released by the BLS for November 2011. It shows some encouraging trends in markets such as south and central Florida, Californias Inland Empire and Central Valley and even Las Vegas. What is common to the major MSA in all five of these markets? A 200 basis point or greater decline in the unemployment rate from a year ago is the answer. Among the 49 metro areas with more than a million people, the lowest jobless rate was the 5.1% recorded in Minneapolis. Other top employment leaders were Washington, D.C. (5.4%), Oklahoma City (5.5%) and Boston (5.7%). The attached heat map illustrates where the unemployment rate is at or below the national 8.2% average for metropolitan areas (yellow), and where it is above 8.2% (red). James Cook, U.S. www.Colliers.com/ValuationAdvisory Director of Research for Colliers, has an excellent analysis of the latest metro-level employment data just released by the BLS titled: How Can Metros Avoid Volatile Unemployment? The analysis can be obtained by contacting James directly at James.Cook@colliers.com.

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AMONG THE 49 METRO AREAS WITH MORE THAN A MILLION PEOPLE, THE LOWEST JOBLESS RATE WAS THE 5.1% RECORDED IN MINNEAPOLIS.

Unemployment Rates in Metros With Over 1 Million People Nov 2011 Source: BLS Rank Metropolitan Area Rate 1 Minneapolis-St. Paul-Bloomington, MN5.1 WI Metropolitan Statistical Area 2 3 4 5 6 6 6 6 10 10 Washington-Arlington-Alexandria, DCVA-MD-WV Metropolitan Statistical Area Oklahoma City, OK Metropolitan Statistical Area Boston-Cambridge-Quincy, MA-NH Metropolitan NECTA New Orleans-Metairie-Kenner, LA Metropolitan Statistical Area Austin-Round Rock-San Marcos, TX Metropolitan Statistical Area Columbus, OH Metropolitan Statistical Area Pittsburgh, PA Metropolitan Statistical Area Richmond, VA Metropolitan Statistical Area Baltimore-Towson, MD Metropolitan Statistical Area Virginia Beach-Norfolk-Newport News, VA-NC Metropolitan Statistical Area 5.4 5.5 5.7 6.5 6.6 6.6 6.6 6.6 6.7 6.7

This question was answered head-on in a January 12th CNBC feature interview with the CEO of the nations largest provider of classic car insurance from the Detroit Auto Show, McKeel Hagerty. According to Hagerty, The past few years for the classic car market has had its volatility. With very few exceptions, classic car values were on the rise until 2008. However, at that point the classic car market, like the rest of the economy, really put on the brakes. Hagerty says cars that saw the most appreciation up to 2008 have lost some value, especially American muscle cars and Corvettes. Now, however, prices are on the upswing again, with the upper edges of the classic car market equaling or exceeding records set in 2008. Hagertys Blue Chip Index, which averages the values of 25 of the most sought-after collectible automobiles of the post-war era, has substantially outperformed the Dow Jones Industrial Average and home prices over the past five years, with a nearly 100% return. For those looking for the next hot area, McKeel Hagerty expects classic pickups from the 1950s and 1960s to really pick up in value. No pun intended. In the interest of full disclosure, I am a classic car guy with a passion for the 1964 1970 vintage FORD Mustangs. I own two classic cars in my portfolio (a 1967 Colorado High Country Special Edition Mustang pictured below - and a 1958 convertible Lincoln Continental my beauty and the beast, respectively).

One-Part Cars: The cars part of the Statistic of the Week relates to the onset of the 2012 collector car auction season. Some of the major collector auction companies are setting up in Scottsdale, Arizona for their primary annual auctions: BarrettJackson (January 15-22), Gooding and Company (January 20-21), RM Auctions (January 19-20), and Russo and Steele (January 18-22). For those of you that tucked away some nice returns from the bond market in 2011, or for those of you discouraged from your equities performance that turned in a whopping $0.40 increase in the S&P Index for CY 2011, maybe you should consider an investment in classic cars. Is acquiring classic cars a good alternative investment - you might be thinking right about now?

HAGERTYS CAR INDEX

One-Part People: The people component of this weeks Statistic of the Week is a colleague and friend who tragically lost his life last week when his home in Austin, Texas exploded from a natural gas leak. His name was Renald Ferrovecchio. Many of you know him from his days working with me at legacy SouthTrust Bank. He was only 43 and a single-dad with a son (Nolan, age 8). Renald had a passion for real estate and real estate finance that was upstaged only by his passion for being a committed and involved father. He was a real standout in our industry at a time when we need more with his character. In memory of my friend, and for his son, I recognize Renald Ferrovecchio as a real standout statistic who will be missed by many, especially his young son Nolan. Page | 5

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The Quotes) of the Week I think we are unlikely to see growth being derailed by the housing market. -Federal Reserve Chairman Bernanke at his first FOMC meeting as Chairman in March 2006.

2012 FOMC Meeting Schedule: January 24-25 February no meeting March 13 April 24-25 May no meeting June 19-20 July 31 August no meeting September 12 October 23-24 November no meeting December 11
Note: FED releases results at 2:15pm EST following each meeting and then the Chairman holds a news conference which it commenced in 2011.

BANKS AND RETAILERS ARE THE INDUSTRY SEGMENTS CREATING THE MOST ANXIETY IN THE MARKET

The aforementioned quote is from the just released March 2006 FOMC meeting minutes as Chairman Bernankes closing remarks to a discussion regarding the burgeoning housing crisis. At other 2006 FOMC meetings, the general consensus among the voting members was that problems in the housing market had few broader ramifications. Then New York FED President Tim Geithner is on record affirming the Chairmans position with statements such as: We just dont see troubling signs yet of collateral damage, and we are not expecting much. September 2006 FOMC meeting.

2012 Bank Stress Tests: According to the Federal Reserves Summary Instructions and Guidance for the Comprehensive Capital Analysis and Review (official reference to the bank stress tests) issued November 22, 2011, the FED responses are due back to the banks by March 15th 2012. Analysis of the results submitted to the FED are currently under review. Q4 2011 Corporate Earnings: The top five dates for earnings releases in Q1 2012 are: Friday January 13th thru Tuesday January 17th Bank bell-weathers, such as JP Morgan, Wells Fargo and Citi, report earnings. Monday February 6th: 257 companies release earnings Monday February 20th: 250 companies release earnings Monday February 27th: 209 companies release earnings Monday February 13th: 201 companies release earnings Monday January 30th: 189 Companies release earnings 2012 National Election Events: Republican National Convention: August 27-31 (Tampa, FL) Democratic National Convention: September 3-6 (Charlotte NC) The Week of January 16th to 20th: Monday: Federal Holiday Martin Luther King, Jr. Day

ECONOMIC CALENDAR
It is all about Q4 2011 earnings releases the next few weeks, and then attention will turn back to economic data in early February, such as the January employment report. The week of January 23rd will be one to monitor as there is a FED FOMC meeting (January 24-25), and the market will get its first peak at Q4 2011 GDP on Friday January 27th. Remember this GDP announcement will be an advance estimate for Q4 2011, and the BEAs advance estimates have been heavily revised downward all through 2011. Dont overreact to a great number, or be anxious about a disappointing number (below 2.0%) as it will likely be revised downward in the February 29th and March 29th revisions. Banks and retailers are the industry segments creating the most anxiety in the market with the disappointing revelations by JP Morgan, Best Buy and Sears. CIT has just announced (January 17th) that it halted loans that Sears suppliers use to finance the goods they sell to the chain. These retail earnings will have a material impact on how overleveraged maturing CMBS retail CRE loans get restructured or liquidated. Key Future Dates To Watch GDP/BEA Release of Advance & Revised Estimates:

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Tuesday: Wells Fargo and Citi report Q4 2011 earnings Empire State Manufacturing Index a good look at non-auto manufacturing and impact from E.U. as much of New York State manufacturing heads to Europe. Wednesday: Producer Price Index (PPI) and a look at inflation at the wholesale level. CPI follows on Thursday. Industrial Production Thursday: Consumer Price Index (CPI) and a look at inflation at the consumer level. Retailers have already been warning the market about margin compression and the inability to pass along higher costs. Correlate this data to retailer and manufacturing companies earnings. Housing Starts Weekly Jobless Claims look for them to continue trending back above 400,000 with retailers shedding holiday labor force and state and local government job cuts due to rebalancing budgets at mid-FY. Friday: Existing Home Sales

that there was an error and to change the value to reflect the mistake. The appraisal review process is broken and in need of reform. How competent are review appraisers? Do they need to be licensed and professionally designated with real-world appraisal experience? Appraisal regulation has failed. So what does your industry do now to re-establish credibility?

DISCUSSION ITEM
This weeks discussion item is the feedback from last weeks item regarding appraisals reliability. Last Weeks Discussion Item:

APPRAISALS ARENT FAULTY; ITS THE APPRAISER THAT IS FAULTY.

Feedback from last weeks discussion item regarding Faulty Appraisals was intense. A nerve was exposed. The top 3 responses from nearly 100 email responses fell into the following categories: While appraisal quality has eroded in recent years, the real issue is as you point out more definitional. Fair value and liquidation value are materially different than market value and appraisers dont understand the difference. When will the appraisal industry help clarify the confusion in a way that it did in the 1980s when there was confusion over fair market value, net realizable value and market value? Appraisals arent faulty; its the appraiser that is faulty. Why do banks and regulators not cull the herd? Borrowers, property owners and investors would rather the appraiser spend the time and money to do the job right rather than blow up a refinancing or transaction. Once a bad number has been reported, it is hard to dissuade the money source, lender or servicer

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KEY ECONOMIC FINANCE RATES

GROSS DOMESTIC PRODUCT

United States
Q3 2011 Prior Qtr. CY 2010 +1.8% (Revised 20bps) +1.3% (Updated 9/29) +2.9% +0.1% (Most Recent) 0.4% -3.6%

Hong Kong
Q3 2011 Prior Qtr Low (Past Decade) Historic Avg.

High (Past Decade) +6.3% Q3 2003

Q1 2009

+1.0% 1990-2011 +0.5% (Most Recent) +0.3% +2.1% Q2 2010 -3.7% Q1 2009 +0.3% 1991-2011

Germany
Q3 2011 Prior Qtr. Recent High Recent Low Historic Avg.

CHICAGO FED NATIONAL ACTIVITY INDEX (CFNAI) Current Period Year Ago Prior Month Sep 2011 Aug 2011 July 2011 June 2011 -0.37% Nov 2011 -0.18% Nov 2010 -0.11% Oct 2011 -0.24% -0.38% +0.20% -0.43%

NATIONAL RESTAURANT PERFORMANCE INDEX Current Period Prior Period Trend Key Note U-3 (Official) U-6 (Total) Initial (12/10) Initial (Prior) 4-Wk Average 2-yr (1/4) 10-yr (1/4) 100.6 Nov 2011 100.0 Oct 2011 Volatile < 100 = contraction 8.5% Dec 2011 15.2% Next On 2/3 399,000 (Advance) 375,000 381,250 +0.26% +1.99%

U.S. UNEMPLOYMENT

JOBLESS CLAIMS

TREASURY RATES

CMBS DELINQUENCY RATES

PROP. TYPES Industrial Lodging Multifamily Office Retail DEC 11 NOV 11 OCT 11 3 MO. 6 MO. 1 YR.

12.03
12.20 15.57 8.97 7.85

12.20 12.28 16.18 8.76 7.52

11.59 14.12 16.73 8.95 7.61

11.38 11.68 8.97

13.30 16.96 8.29 7.62 13.87 14.31 16.48 16.48 7.35 7.82 6.93 7.86

KC Conway, MAI, CRE

EMD, Market Analytics Colliers International 1349 West Peachtree St. Suite 1100 Atlanta, GA 30309 Dir 1 760.444.8041 KC.Conway@colliers.com

The opinions and/or views expressed herein are those of the individual author and do not necessarily reflect the opinions and/or views of Colliers International. www.Colliers.com/ValuationAdvisory

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SENIOR VALUATION MANAGEMENT

Ken R. Harrison President & CEO | Valuation 760.444.8023 Phone Ken.Harrison@Colliers.com Patrick T. Craig, MAI, MRICS Regional Managing Director Northeast Region (New York) 212.716.3821 Phone Patrick.Craig@Colliers.com E. Jason Lund, MAI, MRICS Regional Managing Director Southwest Region (Los Angeles) 949.751.2701 Phone Jason.Lund@Colliers.com Jerry P. Gisclair, MAI, MRICS Regional Managing Director Southern Region (Tampa) 813.871.8531 Phone Jerry.Gisclair@Colliers.com Jeff L. Grose, MAI, MRICS Regional Managing Director Northwest Region (Portland) 503.542.5411 Phone Jeff.Grose@Colliers.com

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ATLANTA 1349 W. Peachtree Street, Suite 1100 Atlanta, GA 30009 678.392.3674 Phone Jerry P. Gisclair, MAI, MRICS Regional Managing Director Jerry.Gisclair@colliers.com BOSTON 160 Federal Street Boston, MA 02110 617.330.8101 Phone Robert LaPorte, MAI, CRE Managing Director Robert.Laporte@colliers.com BUFFALO 49 Buffalo Street Hamburg, NY 14075 716.312.7790 Phone James Murrett, MAI, SRA Appraisal Standards & Audit Services Jim.Murrett@colliers.com CENTRAL FLORIDA (TAMPA) 4350 W. Cypress Street, Suite 300 Tampa, FL 33607 813.871.8531 Phone Jerry P. Gisclair, MAI, MRICS Regional Managing Director Jerry.Gisclair@colliers.com CHICAGO 2 N. LaSalle Street, Suite 800 Chicago, IL 60602 312.602.6157 Phone Jeremy R. Walling, MAI, MRICS Managing Director Jeremy.Walling@colliers.com COLUMBUS / CLEVELAND 870 High Street, Suite 11 Columbus, OH 43085 614.540.2950 Phone Bruce Nell, MAI, MRICS, MICP Executive Managing Director Bruce.Nell@colliers.com

DALLAS 4144 N. Central Expw., Suite 760 Dallas, TX 75204 214.217.9333 Phone Jerry Gisclair, MAI, MRICS Regional Managing Director Jerry.Gisclair@colliers.com DENVER 7355 E. Orchard Avenue, Suite 350 Greenwood Village, CO 80111 303.779.5500 Phone Jonathan Fletcher, MAI Managing Director Jon.Fletcher@colliers.com HAWAIIAN ISLANDS 140 Liliuokalani Avenue, Suite 106 Honolulu, HI 96815 808.926.9595 Phone Bobby Hastings, MAI, MRICS Managing Director Bobby.Hastings@colliers.com HOUSTON 1300 Post Oak Blvd, Suite 200 Houston, TX 77056 713.222.2111 Phone Michael Miggins Valuation Services Director Michael.Miggins@colliers.com KANSAS CITY 4520 Main Street, Suite 1000 Kansas City, MO 64111 816.531.5303 Phone Ken Wilson MAI, MRICS Managing Director Ken.Wilson@colliers.com LOS ANGELES / ORANGE COUNTY 20411 SW Birch Street, Suite 310 Newport Beach, CA 92660 949.474.0707 Phone E. Jason Lund, MAI, MRICS Regional Managing Director Jason.Lund@colliers.com

MIAMI 95 Merrick Way, Suite 380 Coral Gables, FL 33134 305.447.7828 Phone Sandy Londono, MAI Managing Director Sandy.Londono@colliers.com NEW YORK 136 Madison Avenue, 5th Floor New York, NY 10016 212.716.3821 Phone Patrick T. Craig, MAI, MRICS Regional Managing Director Patrick.Craig@colliers.com PHOENIX 2390 E. Camelback Road, Suite 100 Phoenix, AZ 85016 602.222.5165 Phone Philip Steffen, MAI Managing Director Philip.Steffen@colliers.com PITTSBURGH 603 Stanwix Street, Suite 125 Pittsburgh, PA 15222 412.439.0709 Phone Timothy Holzhauer, JD, MAI, SR/WA Managing Director Timothy.Holzhauer@colliers.com PORTLAND / VANCOUVER 110 SW Yamhill Street, Suite 200 Portland, OR 97204 503.226.0983 Phone Jeff L. Grose, MAI, MRICS Regional Managing Director Jeff.Grose@colliers.com SACRAMENTO 1508 Eureka Road, Suite 250 Roseville, CA 95661 916.724.5500 Phone Jeffrey Shouse Executive Managing Director Jeffery.Shouse@colliers.com

SALT LAKE CITY 920 W. Heritage Park Suite 200-C Layton, UT 84041 916.765.7992 Phone R. Todd Larsen, MAI Managing Director Todd.Larsen@colliers.com SAN DIEGO 750 B Street, Suite 3250 San Diego, CA 92101 619.814.4700 Phone Rob Detling, MAI Managing Director Rob.Detling@colliers.com SAN FRANCISCO 50 California, 19th Floor San Francisco, California 94111 415.788.3100 Phone E. Jason Lund, MAI, MRICS Regional Managing Director Jason.Lund@colliers.com SEATTLE 1325 4th Avenue, Suite 1900 Seattle, WA 98101 206.343.7477 Phone Reid Erickson, MAI Executive Managing Director Reid.Erickson@colliers.com SOUTH FLORIDA (BOCA RATON) 1489 W. Palmetto Park Road, Suite 305 Boca Raton, FL 33486 561.922.5380 Phone Ed Carlson, MAI, MRICS Managing Director Ed.Carlson@colliers.com WASHINGTON D.C. 1700 K Street, NW, Suite 200 Washington, DC 20006 202.534.3000 Phone Steven M. Halbert, JD, MAI, MRICS Valuation Services Director Steve.Halbert@colliers.com

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