1. Triad Retail Market Forecast Mark Lindsay, CCIM Lindsay Commercial Properties Counties: Alamance, Davie, Davidson, Forsyth, Guilford, Randolph, Rockingham, Stokes, Yadkin

2.  Shopping Centers  Power Centers  General Retail  Specialty Centers  Malls Retail Types

3.  End of 4 th Quarter 2015 100,433,289 SF 9608 Buildings 781 Centers INVENTORY

4. 2015- 431,721sf  1 st Quarter –  178,556 sf completed  2 nd Quarter –  76,563 sf completed  3 rd Quarter  146,964 sf completed  4 th Quarter alone 2015 29,638 sf completed 81,305 sf under construction Construction

5. Sales Activity 15,000 SF or Larger -First 9 months of 2015 – 31 sales - $123,770,800 -$90.15/sf -7.91% cap rate -First 9 months of 2014- 19 sales - $59,987,984 --$52.31/sf -10.41% cap rate

6. Historical Delivery Trends

7. Recent Deliveries

8. Regional / US Comparison

9. Rental Rate Trends

10. Vacancy Rates

11. Guilford County

12. Forsyth County

13. Davidson County

14. Alamance County

15. Davie County

16. Randolph County

17. Stokes County

18. Rockingham County

19. Yadkin County

20. Based on Trending Date Through 2015 Deliveries and Current Activity  Slight Decrease in Cap Rates  Slight Decrease in Vacancy  Slight Increase in Lease Rates Triad Forecast

21. Mark Lindsay, CCIM Lindsay Commercial Properties High Point, NC www.LindsayRealEstateHoldings.com 336-692-5612 Thank You