PHASES 1 2 3 4 Pursuit & Site Control Preconstruction/Entitlement Construction Post Construction Total Estimated Building Cost COSTS 1 2 3 4 5 Land

and transfer cost Hard Cost and Contingency Soft Cost and Contingency FF&E Financing Costs Total % 15.00% 55.00% 20.00% 0.25% 9.75% 100.00% 100 Estimated 15 55 20 0.25 9.75 Comparables

Property Details 1 Land Area 2 Built up area 3 Building use 4 type 5 construction type

Land and transfer Costs Timing 1 2 3 4 5 6 7 Initial Deposit Additional Deposit Balance of Purchase Brokerage fee Transfer Fees Recordation Tax Recording Fees

15 % 3.00% 3.70% 90.00% 1.00% 1.00% 1.00% 0.30% Estimated 0.45 0.555 13.5 0.15 0.15 0.15 0.045 Period

Remarks

Comparables

Hard Costs Item Utilities Excavation Environment cleanup Foundation Underground Parking Tower Skins and Surface Public spaces Tenant Improvement contingency Estimate

55 Time Remarks

1 2 3 4 5 6 7 8 9 10

Should be modelled out as a bell curve and timings and related cost should be calculated based on the % from the

Comparables

Area

Rates

uld be calculated based on the % from the curve.

Soft costs estimates 1 2 3 4 5 6 7 Development Fees Equity Fees Consultant Fees Real Estate Taxes Legal Permit Fees Others

20 Period Comparables Remarks

FF&E

0.25 Estimates Comparables

Total FF&E

Financing Costs

9.75 Estimated Period Comparable

1 2 3 4 5 6 7

Broker Fees Loan Fees Loan Interest Mortgage Recording Tax Lender Expenses Cap. Interest through cert. of Occupancy Operating Deficit

Remarks

PHASE Month Land & Transfer Hard Costs Soft costs FF&E Financing Costs REVENUES Total Discount rate PV NPV

1 4 5 6 3 1 4 -15 11.00% -13.51

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

10

11

12

13

14

15

16

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00