Investor Presentaiton

Investment Highlights Hypothetical Development $000s Cost of Development $50,000 $50,000 $50,000 Unlevered Yield 7.00% 8.00% 9.00% Cap Rate upon completion 6.00% 6.50% 7.00% Cost of Development $50,000 $50,000 $50,000 Long term debt @ 65% LTV ($37,917) ($40,000) ($41,786) Equity Investment $12,083 $10,000 $8,214 NOI upon completion $3,500 $4,000 $4,500 Debt Service @ 3.75% interest, 30-yr amort ($2,100) ($2,215) ($2314) Cash Flow $1,400 $1,785 $2,186 Levered Return 11.6% 17.8% 26.6% Value $58,333 $61,538 $64,286 NAV Created ($8,333) ($11,538) ($14,286) NAV Created - % of Cost 17% 23% 29% plaza.ca

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