Commercial Mortgage Finance Montgomery Washington Tower

$65MM First Mortgage Loan

Citigroup (“Citi”) is offering a $65MM first mortgage loan. This mortgage loan provided refinancing on Montgomery
Washington Tower, a 263,515 SF Class A office property located at 65 Montgomery Street in San Francisco, CA.
Transaction Overview
• In June 2006, Citi provided fixed-rate refinancing in the amount of
$65MM ($247/SF), to be secured by Montgomery Washington
Tower (the “Loan”). Proceeds from the loan were used to retire
existing debt in the amount of $45.6MM (plus pre-payment charges
of approximately $4MM), to buy-out the limited partnership for an
amount of $14.7 and to cover closing costs.
• The borrower originally developed the subject property in 1984, and
the balance sheet for Washington Montgomery LP showed a
aggregate cost basis of approximately $43.8MM as of 12/31/07,
which included the following assets: building and improvements
($28.1MM), tenant improvements ($7.3MM), furniture, fixtures, &
equipment ($1.6MM), and land ($6.8MM). The sponsor, Warren
Spieker, also invested an additional $20MM of equity in the
property for a total cost basis of $63.8MM.
Loan Terms
• The loan exhibits a 1.19x DSCR and 58.9% LTV.
• 10-year term expiring June, 2016
• First 60 payments of interest only, followed by 30-year amortization
• Locked out through and including the earlier of (i) June 5, 2010, or
(ii) two years after the issue date of the REMIC trust established in
connection with the final securitization involving the loan, followed
by defeasance, then open for the last 3 payments.
• Tax, Insurance and Replacement reserves are springing upon an
event of default.
• The borrower deposited $3MM in a segregated account at closing to
be used only for the payment of leasing costs at the property.
Property Description
• The subject property consists of the first 18 floors of a 25 story
building located at 655 Montgomery Street in San Francisco, CA
(the “Property”).
• The Property includes 257,863 SF of Class A office space on the 4th
through 19th floors and retail space on the 1st floor and an
approximately 24,900 SF, 125-space parking garage portion on the
2nd and 3rd floors of the 403,063 SF building. The subject is a
condominium ownership. The property was developed by the
current sponsorship in 1984. Building amenities include exceptional
views, on site parking availability and a health club facility.
• The Property is subject to a ground lease on 19.1% of the land. The
ground lease was effective 8/1/1981 and expires 7/31/2080. There
are no renewal options. The current annual ground rent is $208,080
NNN (paid monthly). The rent increases every 5 years by CPI and
the next increase will be 8/1/2012.
• The building is a condominium ownership and is one of two
associations owning 655 Montgomery Street. The Property is the
commercial condominium. The second is a residential condominium
that consists of 33 residential units (approx. 100,000 SF) and a
health club and pool (shared with the commercial condominium) on
the 20th through 26th floors.
• The Property is 79.0% leased to 39 tenants. The largest tenant is
Bank of America Securities (“BofA”) occupying 19.6% of net
rentable area. The BofA lease expires in August 2010. The second
largest tenant is Expedia, Inc. (“Expedia”) occupying 16.8% of net
rentable area. The Expedia lease expires in June 2013. The third
largest tenant is SuccessFactors occupying 6.4% of net rentable
area. The SuccessFactors lease expires in August 2010.
Location / Market
• The Property is located within the downtown Financial District in
San Francisco, CA. The Property is located within the Financial
Disctrict office submarket.
• Per the Summer 2008 TWR Office Outlook, the Financial District
submarket consisted of 28,800,000 square feet, with a reported
vacancy of 7.8% and average asking rents at $41.10 psf gross.
• The Property was underwritten to a weighted average base rent of
$31.24 psf, with a 20.2% vacancy factor.
Performance
Time Period 2007 2008 T-12 3/09 UW
NOI 4,213,702 5,092,633 5,540,851 5,938,476
Sponsorship & Management
• The borrowing entity is Montgomery-Washington Tower, LLC, a
special purpose entity structured to be bankruptcy remote (the
“Borrower”). The sponsors of the borrower are Warren E. Spieker,
Jr. and Patrick J. Gilligan.
• Mr. Spieker formed Spieker Properties in 1993 with a $400+ million
IPO, with Goldman Sachs and Merrill Lynch as the lead
underwriters. From 1993-2001, the portfolio grew from 11 to 42
million SF, with respective values of $800 million to over $6 billion.
In July 2001, Equity Office Properties acquired Spieker Properties
in a transaction valued at over $7.2 billion. At the time, it was the
largest real estate company in the world. Mr. Spieker continues
today as Managing Partner of Spieker Partners, with a focus on
large scale projects and independent living, assisted living and
skilled nursing care centers.

Capital Structure
Approximate Face Amount Cumulative As-Is LTV % UW Cumulative DSCR

First Mortgage Loan $65,000,000 58.9% 1.19x

The information and data contained herein (this “Information”) is made available by Citigroup Global Markets Realty Corp. (“CGMRC”) and/or affiliates thereof solely for review and use by prospective investors or
purchasers in connection with their evaluation of potential investments in or purchases of potential mortgage loans or subordinate interests therein that are secured by commercial real properties, potential mezzanine
loans that are secured by direct or indirect ownership interests in the borrowers under such mortgage loans, potential participation interests in such mortgage loans, mezzanine loans or portions thereof and/or securities
that would evidence direct or indirect ownership interests in or that are directly or indirectly secured by such mortgage loans, mezzanine loans and participation interests. The review or use of this Information for any
other purpose is strictly prohibited. Neither CGMRC nor any of its affiliates has verified any of this Information. Neither CGMRC nor any of its affiliates will make any representation or warranty, express or implied,
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real properties that are the subject of this Information. If and when the words “expects”, “intends”, “anticipates”, “estimates” and analogous expressions are used in statements contained in this Information, such
statements are forward-looking statements the accuracy of which is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected (including, without
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MONTGOMERY WASHINGTON TOWER FIXED-RATE LOAN UNDERWRITING

Property Description: Underwriting Assumptions: Loan Request: Sustainable Valuation:

Property Name Montgomery Washington Tower Min. Econ. Vacancy/Credit Loss 20.2% <--Pro Forma Requested Loan $65,000,000 $247 PSF NCF Haircut 2.0%
City/State San Francisco CA Management Fee 3.0% Loan Purpose Refinance Adj. U/W NCF (Pro Forma) $5,613,089
Property Type Office Replacement Reserves PSF $0.20 Loan Type Fixed Cap Rate 9.00%
Total SF / Adjusted SF (A) 263,678 263,678 Sq. Ft. Override For RR 0 Loan Term (months) 120 Prelim. Value $62,367,655 $237 PSF
No. Parking Spaces 125 Ratio: 0.47 NCF Scenario Generated Pro Forma LTC 0.0% Value Adj. $0 PSF
Year Built 1984 LTV 59.1% Tot Sustainable Value $62,367,655 $237 PSF
Year Renovated NAP In-Place DSCR 1.19 LTV - Recommended Loan 104.2%
Tot Phys Occ / Adj. Phys Occ a/o 4/09 79.0% 79.0% Sizing Parameters: Pro Forma DSCR 1.22
0.0% Max LTV 65.0%
Max LTC 65.0% Recommended Loan:
Valuation: Min In-Place DSCR 1.20 Recommended Loan $65,000,000 $247 PSF
Acquisition Cost $0 $0 PSF Min pro forma DSCR 1.20 LTC 0.0%
Appraised Value $110,000,000 $417 PSF 10 Year Treasury Spread (bps) 105 LTV 59.1%
Gross Coupon 6.01% In-Place DSCR 1.19
U/W Sizing Constant 7.20% Pro Forma DSCR 1.22

CY Ended 12/05 CY Ended 12/06 CY Ended 12/07 CY Ended 12/08 Trailing-12 3/09 Appraisal 12 mo. 5/08 Budget 12 mo. 12/09 In-Place Underwritten Pro Forma U/W (Dec-10)
Average Annual OccupancyB NAP NAP NAP NAP NAP NAP NAP Economic: 79.8% Economic: 90.0%
$ Amount PSF / % $ Amount PSF / % $ Amount PSF / % $ Amount PSF / % $ Amount PSF / % $ Amount PSF / % $ Amount PSF / % $ Amount PSF / % $ Amount PSF / % Notes

INCOME 1
In-Place Base Rent a/o 4/09 $8,285,084 $6,602,341 $4,994,121 $5,810,669 $6,195,558 $8,049,772 $6,886,095 $6,503,531 $31.24 $6,503,531 $31.24 2
Contractual Rent StepsC 0 0 0 0 0 0 0 96,523 $0.46 177,675 $0.85 3
Potential Income from Vacant Space D 0 0 0 0 0 0 0 2,447,291 $44.11 2,447,291 $44.11 4
ReimbursementsD 3,422,559 2,927,717 2,654,331 2,748,543 $2,866,083 3,217,117 3,506,395 3,015,375 $14.48 3,022,338 $14.52 5
Mark-to-Market Adjustment 0 0 0 0 0 0 0 0 $0.00 (1,150,026) ($5.52) 6
Other Income (Schedule A)E 0 0 0 0 0 0 0 29,100 $0.14 29,100 $0.14 7
Total Gross Potential Income 11,707,643 9,530,058 7,648,452 8,559,212 9,061,641 11,266,889 10,392,491 12,091,819 $45.86 11,029,908 $41.83
Economic Vacancy & Credit Loss 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% (1,647,323) 14.6% 0 0.0% (2,447,291) 20.2% (1,102,991) 10.0% 8
Historical Total Rental Income (In lieu) F 0 0 0 0 0 0
EGI Before Other Income 11,707,643 9,530,058 7,648,452 8,559,212 9,061,641 9,619,566 10,392,491 9,644,529 $45.86 9,926,917 $41.83
Parking 293,504 195.67 273,840 182.58 276,922 184.58 272,392 181.58 $257,813 171.92 277,000 184.67 264,000 176.00 257,813 171.92 257,813 171.92 9
Other Income 2 102,441 67,000 75,304 71,060 $66,426 56,394 47,700 37,326 $0.18 37,326 $0.18 10
Percentage Rent (Schedule B) 0 0 0 0 0 0 0 $0.00 0 $0.00
Effective Gross Income 12,103,588 9,870,898 8,000,678 8,902,664 9,385,881 9,952,960 10,704,191 9,939,668 $47.26 10,222,057 $43.07

EXPENSES
Management Fee 397,157 3.3% 321,359 3.3% 260,238 3.3% 269,957 3.0% $284,874 3.0% 298,589 3.0% 276,430 2.6% 298,190 3.0% 306,662 3.0% 11
Payroll & Benefits 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
Cleaning 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
Contract Services 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
General Operating Expenses 352,863 $1.34 425,383 $1.61 426,485 $1.62 282,334 $1.07 $244,228 $0.93 0 $0.00 351,070 $1.33 351,070 $1.33 351,070 $1.33 12
CAM Expenses 220,355 $0.84 225,670 $0.86 233,731 $0.89 283,498 $1.08 $256,225 $0.97 188,539 $0.72 252,592 $0.96 256,225 $0.97 256,225 $0.97 13
Repairs & Maintenance 1,284,994 $4.87 1,428,050 $5.42 1,421,209 $5.39 1,503,784 $5.70 $1,515,578 $5.75 1,213,879 $4.60 1,494,076 $5.67 1,515,578 $5.75 1,515,578 $5.75 14
Utilities 557,671 $2.11 516,047 $1.96 459,772 $1.74 436,558 $1.66 $471,541 $1.79 490,717 $1.86 590,864 $2.24 471,541 $1.79 471,541 $1.79 15
Advertising & Marketing 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
General & Administrative 6,123 $0.02 6,133 $0.02 8,005 $0.03 23,480 $0.09 $16,592 $0.06 439,063 $1.67 3,000 $0.01 16,592 $0.06 16,592 $0.06 16
Legal & Professional 5,800 $0.02 6,805 $0.03 2,230 $0.01 31,216 $0.12 $67,627 $0.26 0 $0.00 0 $0.00 67,627 $0.26 67,627 $0.26 17
Insurance 128,191 $0.49 97,731 $0.37 114,544 $0.43 90,417 $0.34 $92,911 $0.35 108,474 $0.41 112,494 $0.43 114,910 $0.44 114,910 $0.44 18
Real Estate Taxes 648,937 $2.46 659,046 $2.50 665,892 $2.53 680,703 $2.58 $687,371 $2.61 1,259,383 $4.78 701,033 $2.66 694,038 $2.63 694,038 $2.63 19
Ground Rent 186,508 $0.71 185,048 $0.70 194,870 $0.74 208,083 $0.79 $208,083 $0.79 208,080 $0.79 208,080 $0.79 215,422 $0.82 215,422 $0.82 20
Other 1 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
Other 2 0 $0.00 0 $0.00 0 $0.00 0 $0.00 $0 $0.00 222,400 $0.84 0 $0.00 0 $0.00 0 $0.00
Total Operating Expenses 3,788,599 $14.37 3,871,272 $14.68 3,786,976 $14.36 3,810,031 $14.45 3,845,030 $14.58 4,429,124 $16.80 3,989,638 $15.13 4,001,193 $15.17 4,009,664 $15.21 21

NET OPERATING INCOME 8,314,989 $31.53 5,999,626 $22.75 4,213,702 $15.98 5,092,633 $19.31 5,540,851 $21.01 5,523,836 $20.95 6,714,553 $25.46 5,938,476 $22.52 6,212,393 $23.56

Replacement Reserves 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 51,654 $0.20 0 $0.00 52,736 $0.20 52,736 $0.20 22
Normalized TI/LC 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 1,010,220 $3.83 0 $0.00 293,745 $1.11 432,015 $1.64 23
TI/LC as a % of EGI (less excl rent and pkg) 3.0% 4.3%
Historical Capital Expenses 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00
Total Capital Items 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 1,061,874 $4.03 0 $0.00 346,481 $1.31 484,751 $1.84

NET CASH FLOW $8,314,989 $31.53 $5,999,626 $22.75 $4,213,702 $15.98 $5,092,633 $19.31 $5,540,851 $21.01 $4,461,962 $16.92 $6,714,553 $25.46 $5,591,995 $21.21 $5,727,642 $21.72

Net Cash Flow After DS $910,485 $1,046,132

DSCR on Recommended LoanG 1.78 1.28 0.90 1.09 1.18 0.95 1.43 1.19 1.22

GENERAL NOTES:
A Adj. SF is net of excl. space such as pad space. Loan PSF, Value PSF, and RR PSF are based on Adj. SF. Tot Physical Occup. % is based on Tot SF, while Adj. Phys. Occup. % is based on Adj. SF; both occupancy calcs are net of non-rentable vacant space. If toggled, re-measured SF overrides the Adj. SF.
B Underwritten income PSF is physical-occupancy-adjusted; historical income PSF is physical-occupancy-adjusted to the extent physical occupancies are available, otherwise historical income PSF calculations are not shown; Parking income is per space per month.
C Contractual Steps represent (1) for In-Place NCF: avg. steps for credit tenants over the loan term and/or ann'lzd steps occurring within 6 months from the date of underwriting, and (2) for Pro Forma NCF: ann'lzd steps occurring by the Pro Forma stabilization date.
D Potential income from vacant space includes reimbursements from vacant NNN lease space as well as marginal grossed-up "Other Income" subject to underwritten vacancy.
E Represents in-place other income items that are subject to underwritten vacancy (e.g., contractual antenna lease payments).
F To the extent historical statements do not provide sufficient details, "Historical Total Revenue" line item is used in lieu of individual income line items (including Percentage Rent, if necessary).
G Historical DSCR is based on Net Operating Income; Underwritten DSCR is based on U/W NCF.

Montgomery Washington WIP 04-21-09 Cash Flow 4/24/2009 1:49 PM

 MONTGOMERY WASHINGTON TOWER

FOOTNOTES TO CASH FLOW STATEMENT

1 The subject property is a Class A, 25-story, mixed use development comprised of office, retail, residential, and storage space. The building totals 263,678 SF, including three retail suites
(8,291 SF), office space (249,614 SF), and 13 basement storage spaces (5,773 SF). In addition, the building includes a parking garage (125 spaces), a health club, and 33 residential
condominium units located on the top five floors. The residential condominiums are not part of the subject collateral. The subject operating statements are prepared net of the residential
contribution, which is 25% of the common operating expenses, such as insurance, security, window washing, engineering, etc.
2 In-Place Base Rent is underwritten based on the Rent Roll dated 4/1/09. Borrower's rent roll includes rent paid by Nextel for a rooftop antenna. Nextel executed a 10-year lease, which expires
on 4/25/10. The rent from Nextel is underwritten as Other Income.
3 The In-place Contractual Rent Steps are underwritten per the actual increases scheduled to occur through 12/1/09. The Pro-forma Contractual Rent Steps are underwritten per the actual
increases scheduled to occur through 12/1/10.
4 Potential Rent from Vacant Space is underwritten per the appraiser's concluded market base rent for each floor.
5 Reimbursements are underwritten based on the reimbursement schedules. All leases are written as triple net. The decline in underwritten reimbursements from 2005 is a result of an increase
in vacancy.
6 No Mark to Market adjustment has been taken in the In-Place underwriting scenario. The vast majority of the leases that are above market is the Bank of America space (19.6% of NRA). This
rent was underwritten as a tenant default is not likely (Moody's A2; S&P A; Fitch A+), the lease does not expire until 8/31/10 and 70% of this space has been subleased by Bank of America. In
the proforma analysis, all space was marked down to market, respresenting a $1,150,026 ($5.52/SF) haircut. According to Reis, the average asking rent for the submarket, as of Q4-08, was
$49.14/SF, a 2.4% increase from an asking rent of $47.99/SF as of Q4-07 and a 20.6% increase from an asking rent of $40.76 as of Q4-06. As such, the property's above average in-place
rent, which is currently 5.9% above market, was reduced to 5.8% below market. Since 1/08, the landlord has executed eleven leases representing 59,099 SF (22.4% of NRA) at an average
gross rent of $41.91/SF which is just below the appraiser's weighted average concluded market rent of $43.60/SF.
7 Other Income is underwritten based on the actual rent paid by Nextel for the aforementioned rooftop antenna.
8 Economic Vacancy & Credit Loss is underwritten at 20.2% based on the subject's current economic vacancy. In the proforma scenario, a 10% vacancy factor was utilized. According to Reis,
the average vacancy rate for the submarket was 7.8% in Q4-08.
9
Parking Income is underwritten based on the Trailing-12 actual income. The parking garage includes 125 spaces and is managed by the Borrower. A contract has been executed with AMPCO
Auto Parks, which operates the parking lot for the Borrower. This income is net of expenses, which includes a monthly payment to the operator and reimbursement for expenses.
10 Other Income2 is underwritten based upon the Trailing-12 actual income figure less Nextel antenna income, which is underwritten above in Schedule A Other Income. Other Income consists of
Health Club dues and miscellaneous income.
11 Management Fees are underwritten at 3.0% of EGI, based on the management contract between the Borrower and Spieker-Gilligan #100, LP, an affiliate of the Borrower. The appraiser
concluded that management fees in the market range from 3% to 4% and projected a 3% management fee.
12 General Operating Expenses are underwritten based on the greater of Trailing-12 actual expense or 2009 budget. General Operating Expenses are reimbursable expenses comprised of on-site
salaries, telephone, data processing, office supplies, postage, etc.
13 CAM expenses are underwritten based on the greater of Trailing-12 actual expense or 2009 budget. CAM expenses are non-reimbursable expenses comprised of health club expenses and
garage maintenance and garage real estate taxes.
14 Repairs & Maintenance is underwritten based on the greater of Trailing-12 actual expense or 2009 budget. Repairs & Maintenance are reimbursable expenses comprised of repairs &
maintenance, contract services, security, etc.
15 Utilities are underwritten based on the Trailing-12 actual expense. Utilities are reimbursable expenses comprised of electricity, natural gas, water & sewer, and garbage collection.
16 General & Administrative are underwritten based on Trailing-12 actual expense. General & Administrative is comprised primarily of tenant promotions and marketing.
17 Legal & Professional is underwritten based on Trailing-12 actual expense less a one time charge of $146,087.61. The charge was for a lawsuit to prevent City College of San Francisco from
building a 20 story building, which will block a corner of the view from the subject property. The partners decided to withdraw from the suit and the bill was paid in the final quarter of 2008.
Historical expenses for this category was nominal ($2,230-$6,805) over prior 3 years.
18 Insurance expense is underwritten per the actual insurance premium for the policy that expires on 10/01/09.
19 Real Estate Taxes are underwritten based on the actual invoices for 2008/2009. The appraiser's projected real estate taxes are based on the concluded market value of $110,000,000. The
subject property is currently assessed at $58,486,995 and per California Proposition 13, taxes cannot increase by more than 2% per year.
20 Ground Rent is underwritten based on the average expected ground rent expense during the loan term. Three of the four parcels that comprise the site are owned fee simple by the current
building ownership and the condominium owners as tenants in common. An undivided approximately 3,320.5 square feet (19.1 percent) of the central portion of the site is a leasehold, by virtue
of an unsubordinated ground lease with a remaining term of 75 years and 4 months. The ground lease grants the tenant a Right of First Refusal to purchase the ground lessor’s interest, as well
as a Purchase Option after August 1, 2024. There is also a “Put” option whereby the ground lessor can force the tenant to purchase the lease fee interest in the ground leased parcel any time
after August 1, 1990. The ground rent is currently $208,080 per year and adjusts every five years based on the CPI increase. The next increase occurs in August 2012. Historically, 25% of the
ground lease was paid by the management company and the operating statements only reflect 75% of the payment.
21 Total Operating Expenses are underwritten at $15.17/SF including parking garage expenses and health club expenses totaling $0.82/SF, which are above the median total costs of $13.09/SF
for office buildings located in downtown San Francisco and built after 1977, per the 2006 IREM Survey. The operating expenses do not include the portion (25%) of common operating expenses
paid by the home owners association. Please note that underwritten total expenses are just above the actual expenses the property has exhibited over the last four years, which have
consistantly ranged within a narrow band from $14.36/SF to $14.68/SF.
22 Replacement Reserves are underwritten at $0.20/SF, which is nearly twice the engineer's recommendation of $0.12/SF.

Montgomery Washington WIP 04-21-09 CF Notes 4/24/2009 1:49 PM

 MONTGOMERY WASHINGTON TOWER

FOOTNOTES TO CASH FLOW STATEMENT

23 TI/LCs are underwritten at $1.11/SF (3.0% of EGI) and $1.64 (4.3% of EGI) for in-place and pro-forma, respectively. Assumptions used were- Tenant Improvements are underwritten at $10/SF
new & $5 renewal for office and retail tenants. Leasing commissions are underwritten at 4% (new) and 2% (renewal). Lease terms are underwritten at ten years for all tenants. Leases that were
greater than 20% below market were excluded from TI/LC calculations. As of April 21st, 2008, the Borrower's TI/LC Reserve Fund had a balance of $1,585,000, which credit was given to in the
In-Place TI/LC calculation. This effectively lowered In-place TI/LC's from $1.49/SF (4.0% of EGI) to $1.11/SF (3.0% of EGI).
24

Montgomery Washington WIP 04-21-09 CF Notes 4/24/2009 1:49 PM

MONTGOMERY WASHINGTON TOWER IN-PLACE RENT ROLL

Summary Statistics
General Info: Expense Recovery Assumptions:
Property Number 7018815 Recovery Method 2: Recovery Pool Over Base Year Stops Tenant Total Sq. Ft. Adj. Sq. Ft. Avg. In-Place Rent PSF Avg. Gross Avg. U/W Rent PSF Total U/W Rental Income
Date of Underwriting 4/21/08 Recover Mgmt. Fee? Yes Class Sq. Ft. % of Tot Sq. Ft. % of Total Base Gross Market Rent Base Gross $ Amount % of Total
Rent Roll As of 4/1/09
Underwriting Scenario In-Place Tenant Classes: Yes 1 7,732 2.9% 7,732 2.9% $40.17 $51.57 $42.18 $40.17 $51.57 $398,735 3.3%
No. Adj. NRA Vac / Occup. Description TST Code 2 199,030 75.5% 199,030 75.5% $31.45 $46.12 $43.79 $31.45 $46.12 $9,178,947 76.1%
Vacancy Assumptions: 1 Include Occupied Retail None 3 1,440 0.5% 1,440 0.5% $20.79 $26.21 $27.56 $20.79 $26.21 $37,747 0.3%
Total NRSF 263,678 2 Include Occupied Office None 4 50,584 19.2% 50,584 19.2% $45.99 $45.99 $45.99 $45.99 $45.99 $2,326,390 19.3%
Current Total Physical Vacancy 21.0% 3 Include Occupied Basement None 5 4,333 1.6% 4,333 1.6% $23.00 $23.00 $23.00 $23.00 $23.00 $99,659 0.8%
Current Economic Vacancy 20.2% 4 Include Vacant Vacant Space None 6 559 0.2% 559 0.2% $38.00 $38.00 $38.00 $38.00 $38.00 $21,242 0.2%
Minimum Underwritten Vacancy 20.2% 5 Include Vacant Vacant Basement None 7 0 0.0% 0 0.0% $0.00 $0.00 $0.00 $0.00 $0.00 $0 0.0%
Underwritten Vacancy* 20.2% 6 Include Vacant Vacant Retail None 8 0 0.0% 0 0.0% $0.00 $0.00 $0.00 $0.00 $0.00 $0 0.0%
7 Include Vacant NAP None 9 0 0.0% 0 0.0% $0.00 $0.00 $0.00 $0.00 $0.00 $0 0.0%
Mark-to-Market Assumptions: 8 Include Vacant NAP None 10 0 0.0% 0 0.0% $0.00 $0.00 $0.00 $0.00 $0.00 $0 0.0%
Mark-up Below-Market Rents? No 9 Include Vacant NAP None
Pro Forma Stabilization Date 12/31/2025 10 Include Vacant NAP None Tot/Avg. 263,678 100.0% 263,678 100.0% $34.31 $45.75 $43.72 $34.31 $45.75 $12,062,719 100.0%
Underwriter has Overriden any Mark-downs? Yes
Note: Averages in summary statistics include vacant space.

Tenant Lease Lease % of Adj. Base Rent a/o Apr-09 Rent Bumps Adjusted Base Rent U/W Recovery Gross Rent Market Rent Mark-to-Mkt Adj. U/W Gross Rent U/W Base U/W to Mkt. Excluded from TI/LC
Unit Tenant NRSF Class Start Expire SF $ PSF $ Date $ PSF $ PSF $ PSF PSF Convention $ PSF $ PSF Rent PSF Differential** SF Reason Notes

G-1 Harpo's Café 285 1 5/1/04 10/31/10 0.1% $17,109 $60.03 $599 11/1/09 $17,707 $62.13 $3,873 $13.59 $21,581 $75.72 $47.00 Gross $0 $0.00 $21,581 $75.72 $62.13 61.1% 0 1

* * 0.0% $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0.00 0.0% 0 2

G-3 Tommy Toy's 7,447 1 12/1/84 11/30/14 2.8% $292,922 $39.33 $292,922 $39.33 $84,233 $11.31 $377,155 $50.65 $42.00 Gross $0 $0.00 $377,155 $50.65 $39.33 20.6% 0 3

400 Bank of America Securities 4,556 2 1/1/02 8/31/10 1.7% $191,580 $42.05 $191,580 $42.05 $73,619 $16.16 $265,199 $58.21 $40.15 Gross $0 $0.00 $265,199 $58.21 $42.05 45.0% 0 4

410 Bank of America Securities 5,703 2 3/12/96 8/31/10 2.2% $218,916 $38.39 $218,916 $38.39 $92,210 $16.17 $311,126 $54.55 $40.15 Gross $0 $0.00 $311,126 $54.55 $38.39 35.9% 0 4

450 Bank of America Securities 5,333 2 9/1/96 8/31/10 2.0% $234,108 $43.90 $234,108 $43.90 $86,261 $16.17 $320,369 $60.07 $40.15 Gross $0 $0.00 $320,369 $60.07 $43.90 49.6% 0 4

500 Yates Advertising 3,965 2 8/1/05 7/31/09 1.5% $70,577 $17.80 $70,577 $17.80 $57,891 $14.60 $128,468 $32.40 $40.15 Gross $0 $0.00 $128,468 $32.40 $17.80 -19.3% 0 5

540 Raven Communications 13,199 2 9/1/07 8/31/09 5.0% $319,812 $24.23 $319,812 $24.23 $178,471 $13.52 $498,283 $37.75 $40.15 Gross $0 $0.00 $498,283 $37.75 $24.23 -6.0% 0 41

* * 0.0% $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0.00 0.0% 0

600 Expedia (Hotwire) 17,147 2 5/1/08 6/30/13 6.5% $454,396 $26.50 $15,947 5/1/09 $470,342 $27.43 $250,402 $14.60 $720,744 $42.03 $40.15 Gross $0 $0.00 $720,744 $42.03 $27.43 4.7% 0 44

700 Expedia (Hotwire) 17,147 2 5/1/08 6/30/13 6.5% $454,396 $26.50 $15,947 5/1/09 $470,342 $27.43 $250,402 $14.60 $720,744 $42.03 $40.15 Gross $0 $0.00 $720,744 $42.03 $27.43 4.7% 0 44

800 Expedia (Hotwire) 10,062 2 5/1/08 6/30/13 3.8% $266,643 $26.50 $9,358 5/1/09 $276,001 $27.43 $146,896 $14.60 $422,897 $42.03 $40.15 Gross $0 $0.00 $422,897 $42.03 $27.43 4.7% 0 44

830 Computershare Investor Serv. 2,107 2 12/1/04 11/30/10 0.8% $48,292 $22.92 $48,292 $22.92 $31,604 $15.00 $79,897 $37.92 $40.15 Gross $0 $0.00 $79,897 $37.92 $22.92 -5.6% 0 8

* * 0.0% $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0.00 0.0% 0 9

860 Integrent 1,727 2 12/1/07 12/30/10 0.7% $57,198 $33.12 $2,003 12/1/09 $59,202 $34.28 $26,027 $15.07 $85,229 $49.35 $40.15 Gross $0 $0.00 $85,229 $49.35 $34.28 22.9% 0 45

810 The Space Place, Inc. 1,123 2 10/1/03 9/30/10 0.4% $25,604 $22.80 $1,123 10/1/09 $26,727 $23.80 $16,397 $14.60 $43,124 $38.40 $40.15 Gross $0 $0.00 $43,124 $38.40 $23.80 -4.4% 0 7

940 Watchtower Capital Management 1,976 2 2/1/07 2/28/10 0.7% $49,420 $25.01 $49,420 $25.01 $27,864 $14.10 $77,283 $39.11 $43.15 Gross $0 $0.00 $77,283 $39.11 $25.01 -9.4% 0 46

950 Dartmouth College 1,509 2 10/1/07 9/30/10 0.6% $38,480 $25.50 $1,509 10/1/09 $39,989 $26.50 $21,279 $14.10 $61,267 $40.60 $43.15 Gross $0 $0.00 $61,267 $40.60 $26.50 -5.9% 0 47

* * 0.0% $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0.00 0.0% 0

* * 0.0% $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0.00 0.0% 0
1000 Wilderness Society 6,819 2 10/1/07 9/30/14 2.6% $195,842 $28.72 $6,887 10/1/09 $202,729 $29.73 $92,954 $13.63 $295,682 $43.36 $43.15 Gross $0 $0.00 $295,682 $43.36 $29.73 0.5% 0 42

1010 Shoreline Pacific Eq 2,137 2 9/1/06 8/31/10 0.8% $57,699 $27.00 $2,030 9/1/09 $59,729 $27.95 $33,091 $15.49 $92,821 $43.44 $43.15 Gross $0 $0.00 $92,821 $43.44 $27.95 0.7% 0 31

1020 Vietnam Post 1,057 2 10/1/06 9/30/11 0.4% $25,157 $23.80 $1,057 10/1/09 $26,214 $24.80 $16,360 $15.48 $42,573 $40.28 $43.15 Gross $0 $0.00 $42,573 $40.28 $24.80 -6.7% 0 32

1075 The Basic Fund 1,826 2 2/1/09 5/31/12 0.7% $28,120 $15.40 $28,120 $15.40 $0 $0.00 $28,120 $15.40 $43.15 Gross $0 $0.00 $28,120 $15.40 $15.40 -64.3% 1,826 Below-Market 33

1060 Laidlaw & Co. (UK), Ltd. 1,869 2 9/1/08 8/31/11 0.7% $50,089 $26.80 $2,149 9/1/09 $52,239 $27.95 $27,299 $14.61 $79,537 $42.56 $43.15 Gross $0 $0.00 $79,537 $42.56 $27.95 -1.4% 0
1100 Bank of America Securities 5,108 2 10/11/99 8/31/10 1.9% $242,892 $47.55 $242,892 $47.55 $82,543 $16.16 $325,435 $63.71 $43.15 Gross $0 $0.00 $325,435 $63.71 $47.55 47.6% 0 4 &35

1101 Bank of America Securities 3,930 2 7/1/98 8/31/10 1.5% $182,940 $46.55 $182,940 $46.55 $63,952 $16.27 $246,892 $62.82 $43.15 Gross $0 $0.00 $246,892 $62.82 $46.55 45.6% 0 4 &34

1150 Bank of America Securities 3,415 2 7/5/98 8/31/10 1.3% $158,964 $46.55 $158,964 $46.55 $55,029 $16.11 $213,993 $62.66 $43.15 Gross $0 $0.00 $213,993 $62.66 $46.55 45.2% 0 4 &39

1190 Bank of America Securities 3,648 2 12/28/02 8/31/10 1.4% $173,472 $47.55 $173,472 $47.55 $59,118 $16.21 $232,590 $63.76 $43.15 Gross $0 $0.00 $232,590 $63.76 $47.55 47.8% 0 4 &36

1200 Mannion & Lowe 5,451 2 2/1/02 2/1/12 2.1% $135,677 $24.89 $135,677 $24.89 $88,120 $16.17 $223,797 $41.06 $43.15 Gross $0 $0.00 $223,797 $41.06 $24.89 -4.9% 0 10

1210 Dugstad & Associates 772 2 5/1/94 1/31/11 0.3% $18,374 $23.80 $18,374 $23.80 $11,266 $14.59 $29,640 $38.39 $43.15 Gross $0 $0.00 $29,640 $38.39 $23.80 -11.0% 0 11

1220 Guardian Life Insurance 5,237 2 4/1/07 3/31/12 2.0% $132,130 $25.23 $132,130 $25.23 $76,519 $14.61 $208,649 $39.84 $43.15 Gross $0 $0.00 $208,649 $39.84 $25.23 -7.7% 0 12

* * 0.0% $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0.00 0.0% 0 13

1400a Michael Parish (MTM) 274 2 12/1/06 4/30/09 0.1% $5,069 $18.50 $5,069 $18.50 $4,429 $16.17 $9,498 $34.67 $43.15 Gross $0 $0.00 $9,498 $34.67 $18.50 -19.7% 0
1440 RLI Insurance 2,020 2 1/1/08 12/31/13 0.8% $54,540 $27.00 $54,540 $27.00 $28,484 $14.10 $83,024 $41.10 $43.15 Gross $0 $0.00 $83,024 $41.10 $27.00 -4.7% 0 49

1400 Spieker Partners (MTM) 2,881 2 1/1/84 4/30/09 1.1% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $43.15 Gross $0 $0.00 $0 $0.00 $0.00 0.0% 0 14

* * 0.0% $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0.00 0.0% 0 21

1410 Krohn & Croak 4,736 2 9/1/06 6/30/09 1.8% $40,728 $8.60 $40,728 $8.60 $78,081 $16.49 $118,809 $25.09 $43.15 Gross $0 $0.00 $118,809 $25.09 $8.60 -41.9% 4,736 Below-Market 50

1430 Nan T. McEvoy 1,853 2 9/1/06 8/31/09 0.7% $41,400 $22.34 $41,400 $22.34 $26,027 $14.05 $67,427 $36.39 $43.15 Gross $0 $0.00 $67,427 $36.39 $22.34 -15.7% 0 15

1438 Monarch 2,716 2 10/1/06 9/30/11 1.0% $67,357 $24.80 $2,716 10/1/09 $70,073 $25.80 $37,181 $13.69 $107,254 $39.49 $43.15 Gross $0 $0.00 $107,254 $39.49 $25.80 -8.5% 0 51

1480 Krohn & Croak/Kennedy 2,001 2 10/1/06 6/30/12 0.8% $52,704 $26.34 $52,704 $26.34 $18,219 $9.10 $70,923 $35.44 $43.15 Gross $0 $0.00 $70,923 $35.44 $26.34 -17.9% 0 50

1500 Successfactors 16,974 2 9/1/07 8/31/10 6.4% $588,489 $34.67 $20,708 9/1/09 $609,197 $35.89 $249,116 $14.68 $858,312 $50.57 $50.15 Gross $0 $0.00 $858,312 $50.57 $35.89 0.8% 0 40

1600 Bank of America Securities 11,603 2 2/1/99 8/31/10 4.4% $574,964 $49.55 $574,964 $49.55 $187,394 $16.15 $762,358 $65.70 $50.15 Gross $0 $0.00 $762,358 $65.70 $49.55 31.0% 0 4 and 37

1600 Bank of America Securities 3,845 2 2/12/99 8/31/10 1.5% $190,535 $49.55 $190,535 $49.55 $62,093 $16.15 $252,628 $65.70 $50.15 Gross $0 $0.00 $252,628 $65.70 $49.55 31.0% 0 4 and 37

1910 Albourne America 5,759 2 9/8/08 12/31/15 2.2% $201,565 $35.00 $201,565 $35.00 $84,112 $14.61 $285,677 $49.61 $50.15 Gross $0 $0.00 $285,677 $49.61 $35.00 -1.1% 0 26

1710 Hanscomb Faithful & Gould, Inc 3,784 2 9/1/99 8/31/09 1.4% $45,792 $12.10 $45,792 $12.10 $61,349 $16.21 $107,141 $28.31 $50.15 Gross $0 $0.00 $107,141 $28.31 $12.10 -43.5% 3,784 Below-Market 17

1720 Bank of America Securities 4,421 2 2/12/99 8/31/10 1.7% $219,072 $49.55 $219,072 $49.55 $71,388 $16.15 $290,460 $65.70 $50.15 Gross $0 $0.00 $290,460 $65.70 $49.55 31.0% 0 4 &43

1740 BVR Company 1,103 2 12/1/04 11/30/09 0.4% $12,387 $11.23 $12,387 $11.23 $16,732 $15.17 $29,118 $26.40 $50.15 Gross $0 $0.00 $29,118 $26.40 $11.23 -47.4% 1,103 Below-Market 18

1900 Hodge Niederer & Cariani, LLC 5,755 2 11/1/04 8/31/10 2.2% $161,543 $28.07 $11,510 9/1/09 $173,053 $30.07 $93,028 $16.16 $266,081 $46.23 $50.15 Gross $0 $0.00 $266,081 $46.23 $30.07 -7.8% 0 19

A Meganews (BASEMENT, MTM) 242 3 9/1/89 4/30/09 0.1% $3,630 $15.00 $3,630 $15.00 $2,709 $11.20 $6,339 $26.20 $50.15 Gross $0 $0.00 $6,339 $26.20 $15.00 -47.8% 242 Below-Market 20

B Steven Gruel (BASEMENT,MTM) 99 3 12/1/06 4/30/09 0.0% $900 $9.09 $900 $9.09 $1,133 $11.45 $2,033 $20.54 $23.00 Gross $0 $0.00 $2,033 $20.54 $9.09 -10.7% 0 38

F Jon Rubinstein (BASEMENT,MTM 209 3 10/15/04 4/30/09 0.1% $4,907 $23.48 $4,907 $23.48 $2,833 $13.55 $7,740 $37.03 $23.00 Gross $0 $0.00 $7,740 $37.03 $23.48 61.0% 0 22

Montgomery Washington WIP 04-21-09 In-Place Rent Roll 4/24/2009 1:50 PM

MONTGOMERY WASHINGTON TOWER IN-PLACE RENT ROLL

Summary Statistics
General Info: Expense Recovery Assumptions:
Property Number 7018815 Recovery Method 2: Recovery Pool Over Base Year Stops Tenant Total Sq. Ft. Adj. Sq. Ft. Avg. In-Place Rent PSF Avg. Gross Avg. U/W Rent PSF Total U/W Rental Income
Date of Underwriting 4/21/08 Recover Mgmt. Fee? Yes Class Sq. Ft. % of Tot Sq. Ft. % of Total Base Gross Market Rent Base Gross $ Amount % of Total
Rent Roll As of 4/1/09
Underwriting Scenario In-Place Tenant Classes: Yes 1 7,732 2.9% 7,732 2.9% $40.17 $51.57 $42.18 $40.17 $51.57 $398,735 3.3%
No. Adj. NRA Vac / Occup. Description TST Code 2 199,030 75.5% 199,030 75.5% $31.45 $46.12 $43.79 $31.45 $46.12 $9,178,947 76.1%
Vacancy Assumptions: 1 Include Occupied Retail None 3 1,440 0.5% 1,440 0.5% $20.79 $26.21 $27.56 $20.79 $26.21 $37,747 0.3%
Total NRSF 263,678 2 Include Occupied Office None 4 50,584 19.2% 50,584 19.2% $45.99 $45.99 $45.99 $45.99 $45.99 $2,326,390 19.3%
Current Total Physical Vacancy 21.0% 3 Include Occupied Basement None 5 4,333 1.6% 4,333 1.6% $23.00 $23.00 $23.00 $23.00 $23.00 $99,659 0.8%
Current Economic Vacancy 20.2% 4 Include Vacant Vacant Space None 6 559 0.2% 559 0.2% $38.00 $38.00 $38.00 $38.00 $38.00 $21,242 0.2%
Minimum Underwritten Vacancy 20.2% 5 Include Vacant Vacant Basement None 7 0 0.0% 0 0.0% $0.00 $0.00 $0.00 $0.00 $0.00 $0 0.0%
Underwritten Vacancy* 20.2% 6 Include Vacant Vacant Retail None 8 0 0.0% 0 0.0% $0.00 $0.00 $0.00 $0.00 $0.00 $0 0.0%
7 Include Vacant NAP None 9 0 0.0% 0 0.0% $0.00 $0.00 $0.00 $0.00 $0.00 $0 0.0%
Mark-to-Market Assumptions: 8 Include Vacant NAP None 10 0 0.0% 0 0.0% $0.00 $0.00 $0.00 $0.00 $0.00 $0 0.0%
Mark-up Below-Market Rents? No 9 Include Vacant NAP None
Pro Forma Stabilization Date 12/31/2025 10 Include Vacant NAP None Tot/Avg. 263,678 100.0% 263,678 100.0% $34.31 $45.75 $43.72 $34.31 $45.75 $12,062,719 100.0%
Underwriter has Overriden any Mark-downs? Yes
Note: Averages in summary statistics include vacant space.

Tenant Lease Lease % of Adj. Base Rent a/o Apr-09 Rent Bumps Adjusted Base Rent U/W Recovery Gross Rent Market Rent Mark-to-Mkt Adj. U/W Gross Rent U/W Base U/W to Mkt. Excluded from TI/LC
Unit Tenant NRSF Class Start Expire SF $ PSF $ Date $ PSF $ PSF $ PSF PSF Convention $ PSF $ PSF Rent PSF Differential** SF Reason Notes

H Andy Sills (BASEMENT, MTM) 103 3 9/18/03 4/30/09 0.0% $1,800 $17.48 $1,800 $17.48 $1,133 $11.00 $2,933 $28.48 $23.00 Gross $0 $0.00 $2,933 $28.48 $17.48 23.8% 0 23

C Ed Winger 197 3 6/1/08 5/31/10 0.1% $4,531 $23.00 $4,531 $23.00 $0 $0.00 $4,531 $23.00 $23.00 Gross $0 $0.00 $4,531 $23.00 $23.00 0.0% 0
1230 Itocho International 2,482 2 9/1/08 8/31/13 0.9% $76,942 $31.00 $2,681 9/1/09 $79,623 $32.08 $36,252 $14.61 $115,874 $46.69 $43.15 Gross $0 $0.00 $115,874 $46.69 $32.08 8.2% 0 25

K Hotwire 300 3 12/1/08 11/30/10 0.1% $7,200 $24.00 $300 12/1/09 $7,500 $25.00 $0 $0.00 $7,500 $25.00 $23.00 Gross $0 $0.00 $7,500 $25.00 $25.00 8.7% 0 27

E Sheridan Forbes 290 3 11/1/08 11/1/11 0.1% $6,670 $23.00 $6,670 $23.00 $0 $0.00 $6,670 $23.00 $23.00 Gross $0 $0.00 $6,670 $23.00 $23.00 0.0% 0 28

Total Occupied (50) 208,202 Wtd Avg Term: 7.8 yrs 79.0% $6,503,531 $31.24 $96,523 $0.46 $6,600,053 $31.70 $3,015,375 $14.48 $9,615,429 $46.18 $43.61 Gross $0 $0.00 $9,615,429 $46.18 $31.70 5.9% 11,691

850 Vacant 1,304 4 0.5% $52,356 $40.15 $52,356 $40.15 $0 $0.00 $52,356 $40.15 $40.15 Gross $52,356 $40.15 $40.15
1800 Vacant 16,678 4 6.3% $836,402 $50.15 $836,402 $50.15 $0 $0.00 $836,402 $50.15 $50.15 Gross $836,402 $50.15 $50.15
* * 0.0% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $50.15 Gross $0 $0.00 $0.00
1950 Vacant 4,408 4 1.7% $221,061 $50.15 $221,061 $50.15 $0 $0.00 $221,061 $50.15 $50.15 Gross $221,061 $50.15 $50.15
960 Vacant 2,935 4 1.1% $126,645 $43.15 $126,645 $43.15 $0 $0.00 $126,645 $43.15 $43.15 Gross $126,645 $43.15 $43.15
* * 0.0% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0.00
G Vacant (BASEMENT) 319 5 0.1% $7,337 $23.00 $7,337 $23.00 $0 $0.00 $7,337 $23.00 $23.00 Gross $7,337 $23.00 $23.00
L Vacant (BASEMENT) 987 5 0.4% $22,701 $23.00 $22,701 $23.00 $0 $0.00 $22,701 $23.00 $23.00 Gross $22,701 $23.00 $23.00
D Vacant (BASEMENT) 842 5 0.3% $19,366 $23.00 $19,366 $23.00 $0 $0.00 $19,366 $23.00 $23.00 Gross $19,366 $23.00 $23.00
I Vacant (BASEMENT) 431 5 0.2% $9,913 $23.00 $9,913 $23.00 $0 $0.00 $9,913 $23.00 $23.00 Gross $9,913 $23.00 $23.00
J Vacant (BASEMENT) 341 5 0.1% $7,843 $23.00 $7,843 $23.00 $0 $0.00 $7,843 $23.00 $23.00 Gross $7,843 $23.00 $23.00
840 Vacant (The Basic Fund) 801 4 0.3% $34,563 $43.15 $34,563 $43.15 $0 $0.00 $34,563 $43.15 $43.15 Gross $34,563 $43.15 $43.15
M Vacant (BASEMENT) 1,413 5 0.5% $32,499 $23.00 $32,499 $23.00 $0 $0.00 $32,499 $23.00 $23.00 Gross $32,499 $23.00 $23.00
* * 0.0% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0.00
* * 0.0% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $43.15 Gross $0 $0.00 $0.00
1240 Formerly Laidlaw 2,807 4 1.1% $121,122 $43.15 $121,122 $43.15 $0 $0.00 $121,122 $43.15 $43.15 Gross $121,122 $43.15 $43.15
G-2 Formerly- Under The Sun 559 6 0.2% $21,242 $38.00 $21,242 $38.00 $0 $0.00 $21,242 $38.00 $38.00 Gross $21,242 $38.00 $38.00
* * 0.0% $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0 $0.00 $0.00
900 Formerly-Urchin Partners, LLC 10,640 4 4.0% $459,116 $43.15 $459,116 $43.15 $0 $0.00 $459,116 $43.15 $43.15 Gross $459,116 $43.15 $43.15
1005 Formerly-CMT Corp 2,214 4 0.8% $95,534 $43.15 $95,534 $43.15 $0 $0.00 $95,534 $43.15 $43.15 Gross $95,534 $43.15 $43.15 30

1700 Formerly-GCA Strategies 7,211 4 2.7% $311,155 $43.15 $311,155 $43.15 $0 $0.00 $311,155 $43.15 $43.15 Gross $311,155 $43.15 $43.15 16

1050 Formerly-George Wolff 1,203 4 0.5% $51,909 $43.15 $51,909 $43.15 $0 $0.00 $51,909 $43.15 $43.15 Gross $51,909 $43.15 $43.15
1400b Formerly-Hogland Bogart (MTM) 383 4 0.1% $16,526 $43.15 $16,526 $43.15 $0 $0.00 $16,526 $43.15 $43.15 Gross $16,526 $43.15 $43.15

Total Vacant (18) 55,476 18 21.0% $2,447,291 $44.11 $2,447,291 $44.11 $0 $0.00 $2,447,291 $44.11 $44.11 Gross $2,447,291 $44.11 $44.11

GROSS POTENTIAL INCOME 263,678 68 100.0% $8,950,821 $33.95 $96,523 $0.37 $9,047,344 $34.31 $3,015,375 $11.44 $12,062,719 $45.75 $43.72 Gross $0 $0.00 $12,062,719 $45.75 $34.31 11,691

* Represents the default u/w vacancy factor applied to non-excluded income (i.e., income not excluded from u/w vacancy).
**U/W-to-market differential is calculated as follows: (1) for gross leases, [(Tot. u/w rent - market rent)/(market rent)]; for net leases, [(Base u/w rent - market rent)/(market rent)].

Montgomery Washington WIP 04-21-09 In-Place Rent Roll 4/24/2009 1:50 PM

 MONTGOMERY WASHINGTON TOWER

FOOTNOTES TO RENT ROLL

1 Harpo's Cafe - Lease expired 10/31/2007. Tenant renewed for three years at $58/SF and 3.5% annual increase. There are no TI/LC.
2
3 Tommy Toy's - Lease was assigned to Tai Ming Co. Inc. on 5/11/1984. Lease ends 11/30/2014. Rent increases 5%/year per original lease. Percentage rent is excess of 6% sales over AMR.
There are no remaining options to extend the term. Tenant pays pro-rata share (grossed to 100% occupancy) of operating expenses (includes RET, insurance, and 3% of building rent mgmt
fee). TERMINATION: None. CO-TENANCY: None. Tenant must continuously operate and has no go-dark rights. There is no remaining free rent. Premises are leased in "As-is" condition.
Lease is guaranteed by Tommy Toy per Amendment.
4 Bank of America Securities - Tenant is NationsBanc Montgomery Securities LLC. NOTE: All Bank of America Units were added to the original lease dated 4/5/1995 by 28 amendments and are
all subject to the same lease terms. There are no rent increases for the remainder of the terms. As of 1/24/08 the tenant uses suites 400, 410, and 450 as a fitness center. Tenant has four
three-year options to extend all of the terms with 270 days notice. Tenant pays pro-rata share (grossed to 100% occupancy) of operating expenses (includes RET, insurance, and 3% of
building rent mgmt fee). TERMINATION: None. CO-TENANCY: None. There is no continuous operation clause and Tenant has no go-dark rights. There is no percentage rent/reporting
clauses or remaining free rent. Premises are leased in "As-is" condition.
5 Yates Advertising - Original Lease ended 7/31/2008. Tenant renewed for 1 year at $17.80 NNN. There are no remaining options to extend the term. Tenant pays pro-rata share (grossed to
100% occupancy) of operating expenses (includes RET, insurance, and 3% of building rent mgmt fee). TERMINATION: None. CO-TENANCY: None. There is no continuous operation clause
and Tenant has no go-dark rights. There is no percentage rent/reporting clauses or remaining free rent. Premsies are leased in "As-is" condition.
6
7 The Space Place, Inc. - Lease originally ended 9/30/2007. Signed 2 yr extension at $22.80 and $23.80.
8 Computershare Investor Serv. - Lease expired 11/30/2007. Tenant exercised its one, three-year option through 11/20/2010 at $22.25/SF, up from an original rent of $10.10/SF. Annual
increases to $22.92 and $23.61. Tenant pays pro-rata share (grossed to 100% occupancy) of operating expenses (includes RET, insurance, and 3% of building rent mgmt fee). TERMINATION:
None. CO-TENANCY: None. There is no continuous operation clause and Tenant has no go-dark rights. There is no percentage rent/reporting clauses or remaining free rent. Premises are
leased in "As-is" condition.
9
The Basic Fund - Lease originally ended 5/31/2007. The tenant renewed for one year. The tenant renewed for another year through 5/09. There are no remaining options to extend the term.
Tenant pays pro-rata share (grossed to 100% occupancy) of operating expenses (includes RET, insurance, and 3% of building rent mgmt fee). TERMINATION: None. CO-TENANCY: None.
There is no continuous operation clause and Tenant has no go-dark rights. There is no percentage rent/reporting clauses or remaining free rent. Premises are leased in "As-is" condition.
10 Mannion & Lowe - Lease originally ended 2/1/2007 and extended five years to 2/1/12. There are no rent increases for the remainder of the term. There are no remaining options to extend the
term. Tenant pays pro-rata share (grossed to 100% occupancy) of operating expenses (includes RET, insurance, and 3% of building rent mgmt fee). TERMINATION: None. CO-TENANCY:
None. There is no continuous operation clause and Tenant has no go-dark rights. There is no percentage rent/reporting clauses or remaining free rent. Premises are leased in "As-is"
condition.
11 Dugstad & Associates - Lease originally ended 1/31/08 and was extended three years to 1/31/2011 atv $22.80, $23.80 and $24.80 There are no remaining options to extend the term. Tenant
pays pro-rata share (increased to .303%) (grossed to 100% occupancy) of operating expenses (includes RET, insurance, and 3% of building rent mgmt fee). TERMINATION: Tenant may
terminate at-will with 180 days notice. CO-TENANCY: None. There is no continuous operation clause and Tenant has no go-dark rights. There is no percentage rent/reporting clauses or
remaining free rent. Premises are leased in "As-is" condition.
12 Ste 1220, Guardian Life Insurance. Suite 1220 (5,237sf). Tenant is Guardian Life Insurance from 4/1/07-3/31/2012 at $23.23psf and $1 annual increases. Tenant has one five-year option to
extend term. TI/$25psf - LC/$11.25psf
13 Laidlaw & Co. (UK), Ltd. - Lease ends 7/31/2008. Tenant has one two-year option to extend the term at $32,040/year and one three-year option at FMV with 180 days notice. Tenant pays pro-
rata share (grossed to 100% occupancy) of operating expenses (includes RET, insurance, and 3% of building rent mgmt fee). TERMINATION: None. CO-TENANCY: None. There is no
continuous operation clause and Tenant has no go-dark rights. There is no percentage rent/reporting clauses or remaining free rent. LANDLORD HAS INDICATED TENANT WILL EITHER
EXTEND 3 YRS OR MOVE TO STE 1075.
14
Suite 1400 is currently occupied by the management company, which is either the Borrower or an affiliate of the Borrower. The management company does not pay rent or reimbursables.
15 Nan Tucker McEnvoy. Lease extended 25 months to 8/31/2009. There are no rent increases for the remainder of the term. There are no remaining options to extend the term. Tenant pays
pro-rata share (grossed to 100% occupancy) of operating expenses (includes RET, insurance, and 3% of building rent mgmt fee). TERMINATION: Tenant may terminate if physically unable to
operate business (6/15/04 extension). CO-TENANCY: None. There is no continuous operation clause and Tenant has no go-dark rights. There is no percentage rent/reporting clauses or
remaining free rent. Premises are leased in "As-is" condition.
16 GCA Strategies Inc. Original 5-year lease extended five years to 2/28/2007. Lease was extended again by six months to 8/31/08. Tenant has moved out.

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17 Faithful & Gould Inc. Lease ends 8/31/2009. Tenant has one five-year option to extend the term with 120 days notice. Extension rent is at FMV. Tenant pays pro-rata share (grossed to 100%
occupancy) of operating expenses (includes RET, insurance, and 3% of building rent mgmt fee). TERMINATION: Tenant may terminate after 8/31/07 with nine months notice. CO-TENANCY:
None. There is no continuous operation clause and Tenant has no go-dark rights. There is no percentage rent/reporting clauses or remaining free rent. Premises are leased in "As-is"
condition.
18 BVR Company - Lease originally ended 11/30/2007. There are no rent increases for the remainder of the term. Tenant exercised its one two-year option to extend the term with 180 days
notice. Tenant pays pro-rata share (grossed to 100% occupancy) of operating expenses (includes RET, insurance, and 3% of building rent mgmt fee). TERMINATION: Lease may terminate
upon Tenant's death with payment of three months rent (Addendum Sec. 3). CO-TENANCY: None. There is no continuous operation clause and Tenant has no go-dark rights. There is no
percentage rent/reporting clauses or remaining free rent. Premises are leased in "As-is" condition.
19 Hodge Niederer & Cariani, LLC - Lease ends 8/31/2010. Rent increases by CPI on 9/1/08 ($161,544 cap) and on 9/1/09 ($173,052 cap). Tenant has one five-year option to extend the term
with 120 days notice. Extension rnt is at FMV. Tenant pays pro-rata share (grossed to 100% occupancy) of operating expenses (includes RET, insurance, and 3% of building rent mgmt fee).
TERMINATION: None. CO-TENANCY: None. There is no continuous operation clause and Tenant has no go-dark rights. There is no percentage rent/reporting clauses or remaining free rent.
Premises are leased in "As-is" condition. Security deposit is $25,000 letter of credit.
20 Meganews - Month-to-month tenant. There were no rent increases for the remainder of the term. There are no remaining options to extend the term. Tenant pays pro-rata share (grossed to
100% occupancy) of operating expenses (includes RET, insurance, and 3% of building rent mgmt fee). TERMINATION: None. CO-TENANCY: None. There is no continuous operation clause
and Tenant has no go-dark rights. There is no percentage rent/reporting clauses or remaining free rent.
21
Hogland Bogart + Bertero - Tenant is HBB Management Co. Lease has been month-to-month since 4/1/2006. There are no rent increases. There are no remaining options to extend the term.
Tenant pays pro-rata share (grossed to 100% occupancy) of operating expenses (includes RET, insurance, and 3% of building rent mgmt fee). TERMINATION: Tenant may terminate at-will
with 30 days notice. CO-TENANCY: None. There is no continuous operation clause and Tenant has no go-dark rights. There is no percentage rent/reporting clauses or remaining free rent.
22 Jon Rubinstein - Lease ends 10/14/2007. Rent increases by CPI on 10/15/06. Tenant has exercised one two-year option to extend the term with 90 days notice. Extension rent is at FMV.
Tenant pays pro-rata share (grossed to 100% occupancy) of operating expenses (includes RET, insurance, and 3% of building rent mgmt fee). TERMINATION: Tenant may terminate at-will
with six months notice (Addendum Sec. 3). CO-TENANCY: None. There is no continuous operation clause and Tenant has no go-dark rights. There is no percentage rent/reporting clauses or
remaining free rent. Premises are leased in "As-is" condition.
23
Andy Sills - Month-to-month tenant. There were no rent increases for the remainder of the term. There are no remaining options to extend the term. Tenant pays pro-rata share (grossed to
100% occupancy) of operating expenses (includes RET, insurance, and 3% of building rent mgmt fee). TERMINATION: Tenant may terminate at-will with 30 days notice (Addendum Sec. II).
CO-TENANCY: None. There is no continuous operation clause and Tenant has no go-dark rights. There is no percentage rent/reporting clauses or remaining free rent.
24 Suites 900 and 920 and a portion of ste 970 are leased by Urchin Partners, LLC as tenant (they were a subtenant in ste 900 at $25/SF and in suite 920 at $22.50/SF). The lease
commencement date is 9/1/06 and expiration date is 8/31/2011. For years 1 through 3 rent is $29.89 psf NNN. For years 4 and 5 rent is $32.89 psf NNN. T will have 1 - 5 yr renewal option at
FMV with 120 day notice to exercise. Space will be as is with no TI and no commission
25 Itocho Int. lease effective 9/1/08. 5 yrear term. Base rent 0 mths 1-2, $31PSF mths 3-12, $32.08 PSF mth 13-24, $33.20PSF mths 25-36, $34.36PSF mths 37-48, $35.57 PSF mths 49-60. NNN
tenant pro-rata .975%. Minor TI work ($ not specified). No extension options.
26 Abourne America. 7 yr term. Lease signed 9/8/08. commencement 1/1/09. $35 NNN, escalating at approx 3.5% per yr ($36.23, $37.50, $38.81, $40.17, $41.58 and $43.04). 1 five year renewal
option at market. $20 TI work letter.
27
28
29
30 Ste 1005, CMT Corp -vacant
31 Ste 1010 Shoreline Pacific. Original lease 9/1/06-8/31/08. Renewed 2 yrs. $27NNN and $27.95
32 Ste 1020 , Vietnam Post Original lease 10/1/06-9/30/08. renewed 3yrs $ 23.80 NNN, $24.80, $25.80
33 Ste 1050 , George Wolff Original lease 10/1/06-9/30/08. Renewed through 12/08, will be moving out.
34 Ste. 1101 leased to BofA is DARK
35 Ste 1100 (5,108 SF) is sublet to IBM from 10/1/01-8/31/10 at$38psf, 2001 base yr, rent increase 10/06 to $42psf
36 Ste 1190 leased to BofA is DARK
37 Ste 1600 and 1650 (1,548 SF) is sublet to Xythos Software, Inc from 9/1/05-8/31/2010 at $25psf, 2006 base yr
38 Basement Ste B, Steven Gruel
39 Ste 1150 is leased to BofA and subleased to Jones Lang LaSalle (the facility manager for the bank).
40 Ste 1500. Tenant is SuccessFactors at 3.5% annual increases. Lease terms are three years. TI/$18psf - LC/$6.25psf.
41 Ste 540 (13,199 SF) tenant is Raven Communications with $1 annual increase. Lease terms are two years. TI/$1.75psf - LC/$3.00psf.
42 Ste. 1000 (6,819 SF) Wilderness Society has 3.0% annual rental increases. First month's rent free. Lease terms are 7 years. TI/$33PSF - LC/$15psf.
43 Ste 1720 is leased to BofA and subleased gto Catalyst/Black Bag Advertising thru 8/31/10
44 St 600, 700 and 800 are leased to Hotwire (Expedia) 5/08-6/13. First yr $26.50 PSF, annual increases to $27.43,$28.39,$29.38,$30.41,$31.47.
45 St 860 leased to Integrent. 3 yrs 12/1/07-12/31/2010.
46 St 940, leased to Watchtower Capital Mgmt 2/07-2/28/2010. $24.01 increasing on 3/1/09 to $25.01
47 Ste 950 leased to Dartmouth College 10/1/07-9/30/2010. $24.50 increasing 10/1/08 to $25.50 and 10/1/09 to $26.50
48
49 Ste 1440, RLI Insurance
50 Ste 1410 and 1480, Krohn & Croak
51 Ste 1438, Monarch

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52 Ste. 1400a, Michael Parish

Montgomery Washington WIP 04-21-09 IP RR Notes 4/24/2009 1:50 PM