One Chesterfield Offering Memorandum 2016

FINANCIAL ANALYSIS

Assumptions

Vacant Space Lease-Up

One Chesterfield Place Chesterfield, MO 143,473 SF

Date Leased

Square Feet

Rate (psf)

Steps (psf)

Term (Mos)

Free Rent (Mos)

T.I. (psf)

L.C. (%)

Projection Beginning

January 1, 2017

Suite

8/16/2016

General Parameters

Available Office Space Lease-up Assumptions

200A 3/1/17 5,944 $27.50 $0.50

61 61

1 1 1

T.I. (psf) $20.00 6.0% $20.00 6.0% $20.00 6.0%

Inflation

3.0%

January 1, 2017

Start Date: Inflation:

Date

Square

Rate (psf)

Steps Term Free

L.C.

$0.10 5.0% 3.0% 10 3.0%

Building 206 5/1/17 2,999 $27.50 $0.50 Feet

Suite 200A

Leased 03/01/17 05/01/17 07/01/17

(psf)

(Mos)

Rent (Mos.)

(%)

Years of Analysis: Market Rent Growth: General Vacancy Loss:

One Chesterfield Place One Chesterfield Place One Chesterfield Place

5,944 2,999 1,072

$27.50 $0.50 $27.50 $0.50 $27.50 $0.50 61

61 61 61

1 1 1

$20.00 6.00% $20.00 6.00% $20.00 6.00%

Years of Analysis

10

207 7/1/17 1,072 $27.50 $0.50

206 207

Capital Reserve:

Market Rent Growth

3.0%

0 Available Space Lease-Up Year 2016 0 2017 10,015 Total 10,015 10,015 10,015 Totals Available Space Lease-up

New 25%

Renewal

Weighted

0

2,000

4,000

6,000

8,000

10,000

12,000

Renewal Probability:

Year 2016 2017

75%

N/A

Downtime: General Vacancy

5.0%

6 months

0 months

1.50 months

2016

0

Debt:

Option 1

Capital Reserve

$0.10

Loan to Value: Interest Rate: Amortization:

65.0% 4.00%

DO NOT INCLUDE IN OM

30 Years

Loan Fee:

1.00%

2017

10,015

Market Rates New Renewal

Weighted

New

Renewal

Weighted

Base MLA Base Rent (per S.F.) Rate Changes (Annual)

Renewal Probability

$27.50 25%

75%

N/A

$27.50

$27.50

$0.50 61.00

$0.50 60.00

$0.50 60.25

Downtime

6 months 0 months 1.50 months

Totals

10,015

Term (Mos)

Free Rent (Mos)

1.00

0.00

0.25

Tenant Improvements Leasing Commissions

$20.00 6.00%

$7.00 3.00%

$10.25 3.75%

Base Stop

Reimbursements

Market Ra e

Notes to Assumptions

Notes to Assumptions - It is important to note that Midwest Employers Casualty Company has a 2017 Base Year for Real Estate Taxes and The Retirement Planning Company has a 2017 Base Year for all Operating Expenses. Our analysis does not incorporate an estimate of the 2017 Base Year Operating Expenses, which may impact cash flows in 2017 and beyond. New Renewal Weighted

Market rents are full service with a base year stop. It is important to note that our analysis does not include a 2016 or 2017 estimate of base year expenses, which may impact future cash flows. The following tenants have 2016 or 2017 base year stops:

Base Rent (per S.F.) Rate Changes (Annual)

$27.50

$27.50

$27.50

$0.50

$0.50

$0.50

Term (Mos)

61.00

60.00

60.25

Operating Expenses

Property Taxes

Tenant

Free Rent (Mos)

1.00

0.00

0.25

Principal Life Insurance

2016

2016

Tenant Improvements Leasing Commissions

$20.00

$7.00

$10.25

Novo Nordisk

2016

2016

6.00% 3.00%

3.75%

BBMC Mortgage

2016

2016

Reimbursements

Base Stop

Midwest Employers

2016

2017

Retirement Planning Group

2017

2017

25

One Chesterfield, St. Louis, MO •