MovementMortgage_OM_Sept 5

ESTIMATED FILOT CALCULATION

8024 CALVIN HALL ROAD (MOVEMENT MORTGAGE 1)

9726 OLD BAILES ROAD (MOVEMENT MORTGAGE 2)

As part of an incentive fee agreement between Lancaster County, South Carolina, and the owner, the owner pays an annual fee in lieu of property taxes. The fee in lieu agreement for Movement Mortgage runs for 30 years. The properties also qualify for Special Source Revenue Credit which should reduce the tax bill by 50% for ten (10) consecutive years, beginning not later than the fifth (5th) year. Analysis assumes the FILOT begins in 2019.

As part of an incentive fee agreement between Lancaster County, South Carolina, and the owner, the owner pays an annual fee in lieu of property taxes. The fee in lieu agreement for Movement Mortgage runs for 30 years. The properties also qualify for Special Source Revenue Credit which should reduce the tax bill by 50% for years 1 - 5 and 25% for years 6 - 10. Analysis assumes the FILOT begins in 2016.

Total Fee Value (Estimated) Assessment Ratio (Fixed) Assessed Value (Estimated)

Total Fee Value (Estimated) Assessment Ratio (Fixed) Assessed Value (Estimated)

$21,200,000

$18,500,000

6%

6%

$1,272,000

$1,110,000

Millage Rate (Fixed)

Millage Rate (Fixed)

282.4

301.1

Fee in Lieu of Taxes (Estimated)

Fee in Lieu of (Estimated) Special Source Revenue Credit

$359,213

$334,221

Yrs 1-5 Estimated 50% Yrs 6-10 Estimated 25% Yrs 1-5 Estimated $179,606 Yrs 6-10 Estimated $269,410

Yrs 1-10 Estimated 50%

Special Source Revenue Credit

Fee in Lieu of Taxes

Yrs 1-10 Estimated $167,111

Fee in Lieu of Taxes

NOTES

- Methodology: This cash flow projection has been developed on a tenant-by-tenant basis using the ARGUS Enterprise software 11.7 program - Market Rate and Operating Expense Growth: Market leasing assumptions escalate on a calendar year basis and operating expense reimbursements and inflation are calculated on a calendar year basis - Operating Expenses: Operating expenses utilized in the cash flow projection are based upon estimates provided by the seller

MOVEMENT MORTGAGE HEADQUARTERS / CHARLOTTE MSA

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