Presentation by Radius Commercial Real Estate at the Cherry Creek Steering Committee on February 17th, 2009.

1. Cherry Creek Commercial Real Estate Present and Future Radius Commercial 3033 E 1st Ave., Suite 515 Denver, Colorado 80206 www.radiuscre.com - Website www.theradiusinnercircle.com – Blog February 17, 2010 1

2. Firm Overview Radius Commercial Real Estate was founded in 2007 as a boutique commercial real estate firm to provide unbiased advisory services to its clients. The Firm specializes in tenant representation and development advisory services for mixed use, office and industrial projects. Radius’ principals have decades of experience and have completed assignments throughout the United States. The Firm’s professionals bring vision, expertise, creativity and guidance to every project and bring the best “real time” market data and decision support analytics to their clients in every commercial real estate transaction. 2

3. Firm CapabilitiesUser Perspective 3

4. Tim CallahanPrincipal Tim Callahan is an eighteen year veteran of the commercial real estate community in Denver, Colorado. His work has involved corporate transactions on the national, regional and local levels. His services to clients include tenant representation, acquisition/disposition assignments and development. He is an advocate of “intelligent teaming”, providing the supporting resources from the architectural, construction, voice & data and furniture vendors to meet the individual needs of each client. Mr. Callahan’s professional experience includes six years with Frederick Ross Company in office leasing followed by tenure with the Galbreath Company prior to the company’s acquisition by LaSalle Partners (JLL), working on site acquisition and lease up of three office buildings totaling 132,000 square feet in Interlocken Advanced Technology Park on behalf of Panattoni-Catlin Properties. From 1997 to 2007, Callahan was a principal and one of the original founders of Bitzer Real Estate Partners /CORFAC International. His past clients include: Appian Ventures, Tendril Networks, Kiewit, Boston Market, SAFECO Insurance, American Express, Thompson Healthcare, Western Paper Distributors, Inc., Copan Systems and Bombardier/Learjet. Mr. Callahan started Radius Commercial in 2007 to provide an environment for successful entrepreneurial commercial practitioners capable of delivering best practices, real estate knowledge and integrity to their clients’ at the highest level. Radius seeks to provide the best possible solutions to our clients from the entire platform of commercial real estate services and vendors. Mr. Callahan is a graduate of Clarkson University in Potsdam, New York. Prior to moving to Denver, he was involved in real estate development, outdoor advertising and a commercial sign company as family-related businesses. 4

5. David H. Johnson, CCIMPrincipal David H. Johnson has over 20 years of national commercial real estate experience; he is an industry veteran that brings proven expertise to strategic real estate planning and deal structuring involving the acquisition, disposition, investment and development of commercial real estate. Mr. Johnson’s professional experience includes three years as the founder and president of Johnson Real Estate Advisors, Inc. (“JREA”), a commercial real estate advisory firm, which had offices in Denver and Tampa. Prior to starting JREA, Mr. Johnson was with the Denver office of Ernst & Young LLP, where he spent seven years in their national real estate advisory practice working on behalf of owners and users of commercial real estate. Throughout his career, Mr. Johnson has advised many well-known private and public companies as well as state and federal agencies, and has managed and completed transactions in excess of $1.0 billion. Mr. Johnson is a real estate advisor to the Colorado State Land Board, where he has focused on monetizing selected Denver metropolitan area infill land holdings via ground leasing and redevelopment. Mr. Johnson is a graduate of Franklin & Marshall College in Lancaster, PA and earned an MBA from the University of Colorado. He is a licensed real estate Broker in Colorado, Florida, New Mexico, Louisiana and Utah, and is a member of the national and international organization Certified Commercial Investment Manager (CCIM). Mr. Johnson is Board Member of Resource for Area Teachers (RAFT) and the Colorado Chapter of CCIM. 5

6. Elizabeth OsborneAnalyst/Market Research Elizabeth S. Osborne is an Analyst at Radius Commercial. Ms. Osborne joined Radius in May of 2009 and provides financial analysis, market research, and strategic real estate planning involving the acquisition, disposition, investment and development of commercial real estate. In 2008, Ms. Osborne worked as an intern with Kiawah Development Partners/ Kiawah Capital in Charleston, SC evaluating acquisition opportunities for the company. Her responsibilities included conducting financial due diligence and market research on prospective investment opportunities. Elizabeth began her career in real estate in 2007 as an intern at Regency Centers in Denver, a national retail real estate investment trust (REIT) traded on the NYSE: REG. At Regency, she conducted market research for the retail sector of the commercial real estate industry as well as lease analysis for 26 owned and managed properties across the Front Range. Elizabeth graduated cum laude from the College of Charleston with a double major in Economics and Finance, and a minor in Spanish in May 2008. Ms. Osborne is a licensed real estate broker in Colorado. 6

8. 24/7 work environment

9. Employee parking

10. Occupancy costs

11. Safety

12. Access

13. Office Tenants drive sales revenues for

14. retail

15. lodging

16. restaurant s

17. related businesses

18. Live-Work-Play Mix

19. Office, retail, restaurants, business & personal services, residential

20. Walk Score for 3rd & St. Paul in Cherry Creek is 94 (Denver is 66, ranked 11)7

21. Radius Research 8

22. Cherry Creek Office Submarket – Radius Commercial Radius’ definition includes Existing Class A and B Buildings over 5,000 RSF 9

23. Competitive Office Markets - CoStar 10

24. Public Records Building Information Source: Real Property Records 11

25. Building Information (Continued) 12

26. Building Information (Continued) CoStar Building Profile Brochures Source: CoStar 13

27. Tenant Information 14

28. ComparisonAccording to CoStar Source: CoStar 15

29. Cherry Creek Office Market Source: Radius, CoStar Note: B Building market research not yet been confirmed by Radius 16

31. Traffic Congestion

32. Lack of Amenities

33. Limited high end office inventory

34. 1st Ave. is a barrier, employees don’t cross

35. Eclectic

36. Walk able without density of downtown

37. High end, boutique area

38. Branding as Financial services, medical office

40. Build it and they will come

41. Cherry Creek can have it all if they do it right

42. Similar Areas: Hyde Park, Chicago; Highland Park, Dallas; Buckhead, Atlanta; Georgetown17

44. Medical office is challenged due to lack of convenient parking

45. Quality office space is lacking in Cherry Creek North

46. Great Amenities; Fabulous Ambiance

47. Ripe for new office development

49. Competition for tenants is primarily from I-25/Colorado Blvd./Glendale submarkets, not Midtown or CBD

50. Small tenant market18

52. Making people pay to park ruined Cherry Creek North

53. There are 2 Cherry Creeks; one is north of 1st Ave and west of Steele; the other is south of 1st Ave and east of Steele Street

54. Limited higher end office inventory

55. People will pay a significant premium to be in Cherry Creek

56. Great amenities

58. Would “spec" a small floor plate office building; would pre-lease a large floor plate office building

59. Circulator shuttle would be great for employees and retailers

60. Commercial office space is best suited along 1st Ave – not residential19

62. Parking problems (cost and availability)

63. Lack of high quality, larger floor plate, office inventory

64. No universally recognized and consistently defined market area

65. Lack of quick casual lunch opportunities

66. There is a North Cherry Creek and South Cherry with hard line geographic boundaries (ie. E 1st Ave.) 20

67. Next 5 YearsPer CoStar Data Source: CoStar 21

69. Comments / Q & A Cherry Creek Commercial Real Estate Present and Future 23