Lee & Associates - National Offices2015 - Harrisburg, PA2015 - Columbus, OH2015 - Houston, TX2014 - Denver, CO2014 - Cleveland, OH2014 - Long Island - Queens, NY2013 - Chesapeake Region, MD2012 - Edison, NJ2012 - Orlando, FL2012 - Charleston, SC2011 - Fort Meyers, FL2011 - Kansas City, KS2011 - Manhattan, NY2011 - Greenville, SC2010 - Atlanta, GA2010 - Greenwood, IN2010 - Indianapolis, IN2009 - Long Beach, CA2009 - Elmwood Park, NJ2008 - Boise, ID2008 - Investment Svc Grp - LA,CA2008 - Palm Desert, CA2008 - Santa Barbara, CA2006 - Antelope Valley, CA2006 - Dallas, TX2006 - Madison, WI2006 - Oakland, CA2006 - Reno, NV2006 - San Diego (UTC), CA2006 - Ventura, CA2006 - San Luis Obispo, CA2005 - Southfield, MI2005 - Los Olivos, CA2004 - Calabasas, CA2004 - St. Louis, MO2002 - Chicago, IL2001 - Victorville, CA1999 - Temecula Valley, CA1996 - Central LA, CA1994 - Sherman Oaks, CA1994 - West LA, CA1993 - Pleasanton, CA1993 - Stockton, CA1992 - Las Vegas, NV1991 - Phoenix, AZ1990 - Carlsbad, CA1990 - Industry, CA1989 - Los Angeles, CA1989 - Riverside, CA1987 - Ontario, CA1984 - Newport Beach, CA1983 - Orange, CA1979 - Irvine, CAetarlebCeLee & Associates - CarlsbadLEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES- NORTH SAN DIEGO COUNTY1900 Wright Place, Suite 200 Carlsbad, CA 92008 760.929.9700 (M) - 760.929.9977 (F)

Lee & Associates Commercial Real Estate Services, Inc. was founded in 1979 by BillLee under the guiding philosophy that client interest is best served in a collectiveteam effort by experienced agents with vested ownership in a privately held,entrepreneurial driven organization. Ownership in the organization is earned throughexceptional performance and absolute ethical practice. Under this philosophy,Lee & Associates strives to create a sense of shared responsibility throughoutthe organization in collaboration to encourage long-term client relationships andbusiness solutions.Lee & Associates is a fully integrated commercial real estate services firm with over800 professionals and 225 staff operating in 54 offices nationwide. Last year, Lee& Associates consummated approximately 10 billion in total consideration, withmore than 11,200 transactions. We leased over 301 million square feet and soldover 620 million square feet of building space.President, David HowardLee & Associates is dedicated to continuing its leadership role in the commercialreal estate marketplace. We provide a proactive, comprehensive service platform to clients regionally, nationally, andinternationally integrating professionalism, service, innovation, and integrity. We maintain a reputation for exceedingthe expectations of our clients, meeting their business and real estate needs with mirrored objectives and interests. As amember of our firm, we anticipate that you will consistently strive for excellence, executing transactions with ingenuityand integrity and developing reputable relationships.Our core philosophy of creating a company independently owned by active commercial real estate agents, now translatesinto one of the largest privately owned commercial real estate organizations in the United States. Lee & Associates iscommitted to actively expanding into five new markets each year over the next 10 years, increasing our national footprintand continuing investment opportunity for our brokers.Lee & Associates - CarlsbadIn Carlsbad, Lee & Associates is pleased to announce our 25th anniversary of providing exemplary service to San DiegoCounty. Founded in 1990, our office is currently comprised of seven staff professionals and 32 experienced principals andassociates. Our group’s core values, ability to collaborate as a team, market knowledge, and diverse expertise in the saleand leasing of Office, Industrial, Retail, Land, and Investment properties, separates us from our competition.

Lee & Associates - CarlsbadService PlatformManagement Services Property management Tenant relations Asset management Portfolio management Performance benchmarking Property accounting &budgeting Lease administration Lease audits Facility auditsTenant Representation Strategic planning Market surveys and analysis Lease negotiations Site selection Site incentives Relocation management Lease analysis & occupancyadministration Subleasing Facilities acquisitions &dispositionInvestment Advisory In-depth market analysis Market projections Financial modeling Demographics Traffic counts Comparable propertydatabase ConsultingLandlordRepresentationAdvisory & Research In-depth market analysis Market projections Financial modeling Demographics Traffic counts Comparable propertydatabase ConsultingAdvisory estmentAdvisoryLand Acquisition& DispositionLand Acquisition &Disposition Client representation Market analysis Property valuation Identification of qualifiedbuyers & sellers Property marketing Due diligenceLandlord Representation Performance benchmarking Asset positioning &messaging Strategic property marketing Site tours Details proposals Financial analysis Lease negotiations Progress reportingLEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES- NORTH SAN DIEGO COUNTY1900 Wright Place, Suite 200 Carlsbad, CA 92008 760.929.9700 (M) - 760.929.9977 (F)

What Makes Lee & Associates - Carlsbad Unique? Secure, established, profitable,and debt-free company Largest privately ownedcommercial real estate companyin the United States. Opportunity for ownership andability to invest in new offices Annual company sponsored tripfor top producers Quarterly and annual brokerawards Monthly social and networkingevents Weekly industry trainingmeetings Relaxed environment which sets us apart from our corporate competitors Reputation for integrity and employing top commercial real estate brokers in the industry Market knowledge and data analysis Work/life balance and commitment to a fun and efficient atmosphere Opportunity to participate in contests with awards and prizes Opportunity to express ideas and make changes within the officeLee & Associates - Carlsbad Office StructureCarlsbad OfficeManagement /OperationsReal ionsMarketingTenant AnalysisMarketForecastingTechnology

Lee & Associates Carlsbad Resources Argus Investment Analysis - A sophisticated financial software tool available for cashflow analysis,collateral and property valuation, due diligence, asset management and budgeting.AIR Contracts - Agents have full access to over 40 contracts, forms, and addendas which are updatedregularly and considered the industry standard.San Diego Business Journal San Diego Daily Transcript - Lee & Associates has an activemembership and a PDF of the weekly paper is available for brokers to view.Costar - Agents have the full access to the Costar suite including property, tenant, and comps data. Thisservice is accessible from their computers, smart phones, iPads, etc.Costar Market Reports - Agents have full access to the Costar’s market analysis reporting. This serviceis available from their own computers, smartphones, iPads, etc.Proprietary Lease Comparable Database - combines deals done within San Diego County to createa comprehensive database of recent leasing activity. Over 3,500 records are available inclusive of rates,escalations, terms, concession, TI amounts, and property information.Proprietary Market Analysis and Reports - Each quarter we analyze the numbers and writeconcise, easy to read reports for our clients and associates on the latest trends in the major San Diegosubmarkets for the Office, Industrial, and Retail sectors.REA - A comprehensive property and contactCRM database.REApplications - An integrated back officedatabase to track and manipulate listingsand review comps from each agent’s owndesktop.Regis - GIS mapping system, covering allof the US, in-depth demographics and retailoutlets.Technology Resources Platform - We run Windows basedcomputer servers and run the latest versionsof Microsoft softwareVPN Access - We provide all of our agentswith Virtual Private Networking (VPN) access.Webmail - We run outlook 2013 and provide all users the ability to access their email through webmailfrom anywhere in the world.E-Mail Spam Blocker - We provide all of our users with a spam filter software that can be customizedby the user to block any unwanted email.Virus Software - We provide all of our users with anti-virus software that can be customized by the user.IT Support - All of our agents have reasonable access to our IT support group, which is available viaphone everyday.Mobile Access - Full seamless integration with iPhone and all smartphones.Constant Contact - This email system allows our marketing team to quickly send professional brochuresto their clients and prospects.LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES- NORTH SAN DIEGO COUNTY1900 Wright Place, Suite 200 Carlsbad, CA 92008 760.929.9700 (M) - 760.929.9977 (F)

Lee & Associates - CarlsbadStructureShareholderRequirements: Shareholder status can be achieved by producing 600,000 in gross income over a period of threeconsecutive years. Potential shareholders must be approved by existing shareholders based on ethics, fairness, and abilityto train and mentor younger members. This vote happens in February and August of each year. Once shareholder status is achieved, shareholders must maintain the ability to cover desk costs eachyear.Opportunities: Receive 60% commission splits for each transactionsas long as they have covered previous year’s deskcosts. Option to invest in all future Lee & Associates officesthat open throughout the country. Opportunity to invest in Purchases of CommercialReal Estate either personally or with othershareholders. Receive annual profit dividends after expenses arepaid. Dividends determined by income generated byshareholder in said yearAssociatesRequirements & Opportunities: All sales agents receive 50% commission splits foreach transaction Weekly in-house trainings Participation in contests with monetary prizes andawardsReferral ProgramIn 2014, Lee & Associates received 578 referralsnationwide totaling approximately 34.5 million SFin sales transactions and 140.5 million SF in leasetransactions. This number is expected to continueto grow as Lee & Associates expands their nationalfootprint and opens more offices around the country.Lee & Associates - Carlsbad works with agentsthroughout the Unites States. Referrals have come fromAtlanta, New York, Greenville, Phoenix, Chicago, SantaBarbara, Oakland, and others during 2014.

Designations & MembershipsAgents in our office are affiliated with various industry-related associates including: the Society of Industrialand Office Realtors (SIOR), Certified Commercial Investment Members (CCIM), San Diego Association ofRealtors (SDAR), National Association of Realtors (NAR), Urban Land Institute (ULI), International Councilof Shopping Centers (ICSC), NAIOP, San Diego North Economic Development Council (SDNEDC), and USGreen Building Council (USGBC).AchievementsLee & Associates - Carlsbad enjoys an excellent reputation in all areas of the San Diego County commercialreal estate and business community. Our reputation is an intangible asset that is extremely beneficial to ourclients. In addition to awards definitive of the commercial real estate sector, Lee & Associates - North SanDiego County has consistently been recognized by the San Diego Business Journal as one of San Diego“Best Places to Work”:Other accomplishments include, but are not limited to: Costar Power Broker “Top Leasing Firms” San Diego Business Journal “Top Real Estate Deal” Real Estate Forum “Southern California’s Leaders of Tomorrow” San Diego Daily Transcript “Top Influential” Nominee San Diego Business Journal “Top Producers Under 40”Additionally Lee & Associates - Carlsbad’s successes are consistently featured in local and nationalpublications.Community OutreachOur team understand the importance in contributing to the San Diego County Community. In addition toour senior care drive during Christmas, many of us support our local chamber of commerce, volunteer withno-profit organization, are in involved with local charities, and contribute toward numerous causes.Causes include, but are not limited to:LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES- NORTH SAN DIEGO COUNTY1900 Wright Place, Suite 200 Carlsbad, CA 92008 760.929.9700 (M) - 760.929.9977 (F)

What our team is saying about Lee & Associates - Carlsbad“Lee & Associates has innovative, intelligent and diversified talent. Through broker collaboration, amotivating business model, and multiple company networking events, Lee & Associates fosters anenvironment where successful people want to be. I have been in the business for 20 Years and Dave Howardis the best Broker Manager I’ve ever met or worked with. He truly knows how to motivate and inspire forsuccess.”Monique MedleySenior AssociateFormerly at DTZ“Lee & Associates gives brokers their independence and recognizes their associates as individuals. Theyhave created a work/ life balance, an environment which feels like home, and a team that feels like afamily.”Trent FranceSenior Vice PresidentFormerly at DTZ“I feel highly motivated and inspired to be able to be part of such a great team. It’s definitely the people thatmake working here so great.”Natalie KobleMarketing AssistantFormerly at Grubb & Ellis BRE Commercial“I chose to join Lee & Associates because of the freedom to operate autonomously, opportunity to becomean owner and principal, and the commission structure which is in place. Additionally, this is the most fraternaloffice I’ve ever worked for. Professionally and socially, the team efforts of this office separate it from otheroffices in the industry”Garrett SholerVice PresidentFormerly at Grubb & Ellis BRE Commercial &Marcus & Millichap

What our team is saying about Lee & Associates - Carlsbad“I chose Lee & Associates over other brokerage firms because of their business structure. While other firmstend to operate under a strong corporate hand, Lee & Associates implements a culture which encouragesentrepreneurially minded individuals and enables creativity.”Greg GershmanAssociateFormerly at DTZ“Lee & Associates allows me to work alongside professionals in my age bracket. The tight knit family cultureis an added bonus and by far the biggest difference. Everyone helps each other and is willing to offer theirtime. ”Mario MartinezAssociateFormerly at Jones Lang LaSalle &Colliers International“After realizing standard road blocks and barriers of the industry are not applicable at Lee & Associates,I chose to come on board. Once I did, I found an environment that provides a clear path for solutionsand opportunities. Lee has given me the liberty to team up with talented brokers and to nurture myentrepreneurial spirit.”Alex WeissAssociateFormerly at Cushman & Wakefield“I chose Lee & Associates because their business model puts greater emphasis on local investors and tenantsrather than the global giants. I wanted an organization that embraces and encourages the entrepreneurialtendencies of an agent. Lee & Associates understands these attributes and allows their agents to think outsideof the box which ultimately allows us to produce better results for our clients.”Jeff AbramsonSenior Vice PresidentFormerly at DTZLEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES- NORTH SAN DIEGO COUNTY1900 Wright Place, Suite 200 Carlsbad, CA 92008 760.929.9700 (M) - 760.929.9977 (F)

Trip QualifiersAustin, Texas - 2015Nashville, Tennessee- 2014Los Cabos San Lucas, Mexico - 2013New Orleans, Louisiana - 2012Vancouver, Canada - 2011

anniversaryLEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES- NORTH SAN DIEGO COUNTY1900 Wright Place, Suite 200 Carlsbad, CA 92008 760.929.9700 (M) - 760.929.9977 (F)

Atlanta, New York, Greenville, Phoenix, Chicago, Santa Barbara, Oakland, and others during 2014. Lee & Associates - Carlsbad Structure Requirements & Opportunities: All sales agents receive 50% commission splits for each transaction Weekly in-house trainings Participation in