Development Pro Forma - RealData

1 Property:The RealData Building612 Old Post RoadSouthport, CT 06824 Prepared For:Second Bank of Connecticut555 River RoadBridgeport, CT 06490 Prepared By:Northwood Development , LLC16554 Maple StreetSouthport, CT 06890 Date:February 12, 2010 DevelopmentPro FormaProject Location:The RealData Building612 Old Post RoadSouthport, CT 06824 Type of Property:Office Park35,000 SF, Gross Building Area30,000 SF, Rentable AreaDate of this Report:February 12, 2010 Purpose:The following pro Forma summarizes the varioushard and soft Development costs, and the proposedfinancing for this the sake of the analysis, certain assumptionshave been made concerning Development costs,financing terms, revenue rates and operating assumptions and the potential economic benefitsof this project are presented in the following Loan000 Development Loan02222 Lease-up Period & Takeout Loan22286 Long-Term Financing (20-year term)284012 First-Year Operation284012 Project Timeline (in Months)051015202530354045 Development LoanLease-up Period &Takeout LoanLong-Term Financing(20-year term)First-Year OperationProject SummaryThe RealData Buildingpage 1 Project:The RealData Building612 Old Post RoadSouthport, CT 06824 Property type:Office WestLender.

2 Second Bank of ConnecticutContractor:Frank & AssociatesConstruction manager:Walter FieldingLeasing agent:Maggie McHughAttorney(s):C. DarrowBuyer:TBDD eveloper:Northwood Development , LLC16554 Maple StreetSouthport, CT 06890 Zoning:CommercialConstruction type:Steel FramingGross Building Area:35,000 SFUsable Area:25,000 SFLoss Ratio:Footprint:2,900 SFNumber of floors:Number of suites or units:Number of parking spaces:Total rentable square feet:30,000 SFFloor Area Ratio (FAR):Lot acresFrontage:412 fLot or block number:17 Lot or building RealData BuildingProject Overviewpage 2 TOTAL EQUITY, INCLUDING LANDD eveloper's cash equity, includingnet lease-up cost or income:$ 2,176,207 Land value as equity:980,000 Total Amount:$ 3,156,200 Development LOANA mount:$ 5,078,000 Interest :22 balance FINANCINGA mount:$ 5,078,000 Interest :20 Coverage Ratio (actual) amount per square foot.

3 $ to total project to final resale RealData BuildingFundingpage 3 LEASE-UP TIME AFTER DEVELOPMENT6 monthsLEASE-UP INCOME AND COSTSLEASE-UP PERIOD INCOME$ 392,625 LEASE COMMISSION commission for 3 years$ 212,520 MISCELLANEOUS LEASING COSTS$ 0 OTHER LEASE-UP-PERIOD COSTS Taxes for lease-up period36,000 Insurance for lease-up period18,000 Maintenance for lease-up period5,000 Loan payments for lease-up period240,812 TOTAL OTHER COSTS$ 299,812 TOTAL NET LEASE-UP PERIOD COSTS$ 119,707 The RealData BuildingLease-Uppage 4 ARCHITECTURAL AND ENGINEERINGG eneral architectural & engineering costs127,500 Blueprints8,000 TOTAL A & E$ 135,500 Development loan interest372,387 Appraisal fee3,500 Title recording & insurance10,500 Legal fees, loans5,000 Course-of-construction insurance10,000 TOTAL FINANCING COSTS$ 401,387 Environmental survey, Phase 12,300 Soil tests2,000 Engineering offsite costs60,000 Zoning costs7,000 Legal/consulting costs, land10,000 Land title work3,000 TOTAL LAND SOFT COSTS$ 84,300 Accounting3,350 Legal5,000 Feasibility12,000 Permits16,500 Marketing6,000 Signage3,500 Development fee110,000 Project management60,000 Soft cost contingency25,000 TOTAL Development COSTS$ 241,350 Project Soft CostsThe RealData Buildingpage 5 CONSTRUCTION COSTSG eneral Project ,500 Portable toilets3,000 Security8,800 Site preparation, excavation, fill141,900 Site improvements24,200 Site electrical utilities15, , superstructure687,500 Exterior walls, windows, doors367,400 Roofing100.

4 & doors770,000 Staircases165,000 Interior finishes426,800 Conveying , escalators440, fixtures92,400 Domestic water61,600 Waste35,000 Rain water drainage19,800 Other plumbing costs6, ,700 Air conditioning561,000 Fire systems440, service49,500 Branch wiring357,500 Telecom and security12,980 Special systems (smoke, fire, intrusion)33,000 TOTAL HARD COSTS$ 5,973,330$ per SFProject Hard CostsThe RealData Buildingpage 6 LAND cost part of developer's equitySOFT COSTS$ 862, per SFHARD COSTS$ 5,973, per SFCONSTRUCTION CONTINGENCY$ 298, per SFTOTAL PROJECT cost before lease-up period costs or income$ 7,134, per SFNet Lease-up Period Costs$ 119, per SFValue of Land as Equity$ 980,000466, per acreTOTAL cost OVERALL (rounded, including lease-up period cost and land value)$ 8,234, per SFLOANS REQUESTEDD evelopment Loan$ 5,078, per SFTotal Loans$ 5,078, per SFEQUITYD eveloper's cash equity excluding land and net lease-up income or cost $ 2,056,500 Plus net lease-up period costs$ 119,707 Plus value of land as equity$ 980,000 Total Development equity (rounded)

5 $ 3,156, per SF% of Total cost Rate (Expected First Year NOI / Total cost Overall) INFORMATION, PROJECTIONS, AND CALCULATIONS PRESENTED IN THIS DOCUMENT ARE BELIEVEDTO BE ACCURATE AND CORRECT BUT ARE NOT 1983-2010, RealData Inc., Southport, CT ALL RIGHTS RESERVEDT otal Project CostThe RealData Buildingpage 7