Bryan Bentrott bryan@sumdevco.com(949) 655-8226

190 Newport Center Drive, Suite 220Newport Beach, CA 92660

sumdevco.com

EXPERIENCE | EXPERTISE | TRUST

CORPORATE PROFILE

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1995-2010: 7.0M S.F. / 179 Buildings / $700.0M Value

Bryan Bentrott co-founded Master Development Corporation (“MDC”) in 1995 with Bruce McDonald. During a 15 year period from 1995-2010, MDC constructed virtually every type of building within the industrial spectrum, from multi-tenant industrial parks to large warehouse/distribution buildings.

The primary capital sources for MDC investments were retirement joint ventures with institutional partners including: State Teachers System of Ohio, Cigna, Buchanan Street Partners, G.E. Capital, Lincoln Delaware Investments and Aetna.

June 2010 – January 2013: MDC Merges with DEXUS Property Group

In June 2010, MDC made a strategic decision to merge its operating business with a large Sydney-based office/industrial REIT named DEXUS Property Group (“DEXUS”). DEXUS selected MDC to assume control of its $1.5B U.S. industrial portfolio after interviewing over 20 real estate firms on the West Coast. The merger of MDC/DEXUS combined the entrepreneurial talent of MDC with the financial resources of a $14.0B real estate giant.

The first order of business for the U.S. team was to stabilize and sell the DEXUS Central Portfolio (17.6M S.F in assets from Phoenix to the east coast). The goal was to use the proceeds from this sale for investment on the west coast. The DEXUS U.S. team, led by key MDC employees, commenced a focused asset management and leasing effort which increased occupancy in the Central Portfolio from 73% to 88% in less than twelve (12) months.

The U.S. team successfully executed the sale of the Central Portfolio to Blackstone in June2012 for $770.0M. The result of this sale was loudly praised by DEXUS shareholders. The combination of this sale and a renewed focus on acquiring Australian office product led to the decision to sell the West Coast Portfolio.

In January 2013, the U.S. team completed the sale of the West Coast Portfolio (6.3M S.F. in 23 assets) to Heitman/NPS for $560.0M. This sale represented a significant premium to book value and lifted the value of the DEXUS REIT shares by $350.0M after the transaction was announced.

I. REAL ESTATE EXPERIENCE at MDC and DEXUS

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Summary of Major Accomplishments at DEXUS Approximately $1.5B of sales.

$80.0M of new acquisitions in the first eighteen (18) months of operation valued at over $100M in the West Coast Portfolio Sale.

Completed a $67.0M LEED certified freezer build-to-suit for Wal-Mart in Riverside, California. MDC/DEXUS completed the project in 10 months and delivered the building on time and on budget for the owner, USAA Real Estate Company. This building was subsequently sold for approximately $91M.

I. REAL ESTATE EXPERIENCE at MDC and DEXUS

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2013

In late 2013 Bruce and I elected to move in different directions. We remain friends and investment partners in six (6) industrial buildings. As a part of this amicable split Summit took over the entitlement efforts for a 97 acre property in the City of Eastvale. MDC placed this property under contract in January 2006 and the escrow spanned 10 years in total! “The Ranch at Eastvale” required a focused 28 month re-entitlement effort from October 2013 until February 2016.

In addition to The Ranch at Eastvale, Summit closed on a small industrial site in Rancho Cucamonga in October 2014. We took it through the entitlement process to a “permit ready” status and sold the site for a record price in May of 2016.

In August 2016 I took the lead on selling a small boutique office building at 4200 Von Karman Avenue in Newport Beach. MDC constructed this two-story, 3,400 square foot building in 2006-2007 and we moved into the “MDC World Headquarters” in September 2007. DEXUS replaced MDC as the tenant in June 2010 and subsequently outgrew the building. Our third tenant, Novo Construction, commenced their lease in August 2012. This building is scheduled to close in late December 2016.

All of these notable transactions are described in greater detail in the Transaction Profiles which follow this section.

II. SUMMIT DEVELOPMENT PERFORMANCE since 2013

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The Ranch at Eastvale Eastvale, CA

Business plan: complete master site plan approvals (Addendum to EIR, revised Specific Plan and specific site plan approvals for the Phase I buildings) over a 12 month period and prepare to close with the land seller in first quarter 2016. The projected development budget of $85M felt a bit large for our private partnership so we began marketing the site for sale in third quarter 2015.

We selected First Industrial as the Buyer for the entire 97 acres with the understanding that they would re-convey 26 acres of Residual Land (entitled for retail/commercial, business park and other ancillary uses) back to our partnership following recordation of a final parcel map. Our partnership recovered 70% of its invested capital at land closing and has a negligible land basis on the Residual Land.

III. TRANSACTION PROFILES

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Recent Transaction The Ranch at Eastvale Eastvale, CA

• Description of real estate: 97 gross acres of vacant land• Date of land venture formation: January 2015• Venture entitlement/deposit budget: $4,300,000• Date sold: February 2016• Buyer: First Industrial • Sale price for 50 net acres: $22,750,000 ($10.44 psf)• Estimated improvement costs: $15,000,000• Estimated finished basis on 50 net acres ($17.33 psf)• Site plan: Six (6) buildings totaling 936,000 s.f.• Individual building sizes: 50,000 to 300,000 s.f.

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The Fortune Building 8705 9th Street, Rancho Cucamonga, CA

Business plan: entitle the site for a 24,000 s.f. industrial building with ample dock loading and high quality architecture. We received entitlements over a 12 month period and put the building in a “permit ready” by processing construction drawings. We were contemplating developing the building on spec when we received an outstanding offer for $1.3M from an adjacent land owner. The sale purchase price of was a record-breaking value for comparable small industrial sites in the market.

Recent Transaction

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The Fortune Building 8705 9th Street, Rancho Cucamonga, CA

• Description of real estate: 1.24 acres of vacant land• Date acquired: October 2014• Purchase price: $505,000 ($9.35 psf) • Date sold: May 2016• Sale price: $1,300,000 ($24 psf)

Recent Transaction

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Von Karman4200 Von Karman, Newport Beach, CA

The original structure at 4200 Von Karman was a single-story, 15 feet high, glass curtain wall building which was known at the “Leasing Pavilion” for the office buildings being developed in Koll Center Newport. This entire area was planned and developed by Don Koll, one of the legendary early office developers in Orange County.

MDC purchased the site in 2004 and began planning a very unique building which reflected the design vision of Bruce McDonald and Langdon and Wilson. The goal was to create a workplace which conveyed the feel of a “modern home” through thoughtful, precise architecture. The two-story building totals approximately 3,400 usable square feet with “Class-A” office construction qualities. Building architectural features include: approximately 20% poured in place natural finished concrete with precise detailing of “snap tie” accents and matching reveal lines, clear glass and white painted mullions which relate to the concrete reveal patterns and a 500 square foot “flow-through” patio which promotes the use of outdoor space behind the building.

Recent Transaction

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Von Karman4200 Von Karman, Newport Beach, CA

Recent Transaction

• Description of real estate: 3,400 square foot, two-story office building.

• Contractor: Master Development Corporation • Completion date: September 2007• Development cost: $1,900,000 including land• Sale date: December 2016• Sale price: $3,725,000

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IV. DEVELOPMENT EXPERIENCE: 1996 – 2010

From 1996 to 2010, MDC constructed 179 buildings in 27 projects totaling over 7M S.F. These projects represent approximately $422M in cost and approximately $700M in value.

REF.# PROJECT NAME & LOCATION S.F.

NO. OF BUILD-INGS

YEAR COMPLETED COST

1. Thoroughbred Business Park - Phase I, Ontario 668,000 3 1996 $21,000,000 2. Thoroughbred Business Park - Phase II, Ontario 682,000 4 1998 $22,400,000 3. Dynamic Cooking Systems Build-to-Suit, Huntington Beach 165,000 1 2001 $8,600,000 4. North County Corporate Center, Vista 493,000 5 1999 $21,500,000 5. White Oak Business Center, Rancho Cucamonga 133,740 8 2004 $6,000,000 6. County Line Business Center, Chino 154,400 8 1999 $7,055,000 7. Thoroughbred Business Park - Phase III, Ontario 653,000 4 2000 $23,000,000 8. Skylab Corporate Center, Huntington Beach 100,000 2 2001 $7,450,000 9. Mission Pointe Industrial, Ontario 43,000 2 2001 $2,000,000 10. The Crossroads Collection, Ontario 405,000 4 2001 $15,300,000 11. Master Distribution Center, Ontario 520,000 2 2002 $18,000,000 12. Britannia Corporate Center, San Diego 275,000 6 2002 $13,500,000 13. Vineyard Commerce Center, Ontario 72,000 3 2002 $3,700,000 14. Portico Distribution Center, Rancho Cucamonga 72,000 1 2003 $3,500,000 15. West Corona Business Park, Corona 234,000 9 2003 $13,425,000 16. The White Oak Buildings, Rancho Cucamonga 46,000 2 2003 $2,500,000 17. Norco Trails Business Park, Norco 82,000 10 2004 $6,500,000 18. The Eastlake Collection, Chula Vista 82,000 12 2005 $7,120,000 19. The Campus at Rancho Oaks, Rancho Cucamonga 130,000 17 2003 $13,850,000 20. One Piper Ranch, Otay Mesa (San Diego) 259,010 12 2004 $14,800,000 21. Corona Commons Business Park, Corona 233,000 19 2005 $23,500,000 22. Chino Ranch Business Park- Phase I, Chino 145,640 17 2005 $13,100,000 23. Chino Ranch Business Park - Phase ll, Chino (1) 150,256 16 2006 $15,000,000 24. Butterfield Business Park, Chino 113,000 8 2006 $15,500,00025. Three Piper Ranch, San Diego (2) 333,000 2 2007 $27,000,00026. West Corona Commerce Center, Corona 322,000 1 2008 $30,000,00027. Wal-Mart Freezer, Riverside 505,000 1 2011 $67,000,000

TOTALS: 7,071,046 179 $422,300,000

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V. RÉSUMÉ OF PRINCIPAL

Bryan Bentrott

Bryan Bentrott founded Summit Development Corporation after a combined 18 year experience at Master Development Corporation (“MDC”) and DEXUS Property Group (“DEXUS”). At MDC, Bryan focused on property acquisitions, forming joint ventures and overseeing the sales, leasing and property management of MDC’s completed inventory.

As Managing Director, Asset Management & Acquisitions at DEXUS, Bryan focused on acquisitions and leasing in the three (3) Core West Coast Markets of Seattle, Los Angeles and the Inland Empire. Under Mr. Bentrott’s direction, DEXUS acquired $80M of new acquisitions within 12 months following the establishment of the West Coast Office in June 2010. Bryan graduated with a B.A. degree in Political Science from Stanford University in 1983. He is a licensed California Real Estate Broker and a Certified Property Manager (“CPM”) as designated by the Institute of Real Estate Management (“IREM”).

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VI. REPRESENTATIVE DEVELOPMENTS

THOROUGHBRED BUSINESS PARK (3 PHASES), ONTARIO, CA

Phase II, Ontario, CA

682,000 S.F. in 4 Buildings Completed: 1998

Phase III, Ontario, CA

653,289 S.F. in 4 BuildingsCompleted: 2000

Phase I, Ontario, CA 668,000 S.F. in 3 BuildingsCompleted: 1996

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ONTARIO / RANCHO CUCAMONGA PROJECTS

Master Distribution Center

Ontario, California520,000 S.F. in 2 BuildingsCompleted: 2002

The Crossroads Collection

Ontario, CA405,000 S.F. in 4 BuildingsCompleted: 2001

Portico Distribution Center

Rancho Cucamonga, CA72,000 S.F. in 1 BuildingCompleted: 2003

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SAN DIEGO PROJECTS

North County Corporate Center Vista, CA493,000 S.F. in5 BuildingsCompleted: 1999

Britannia Corporate Center San Diego, CA275,000 S.F. in 6 BuildingsCompleted: 2002

Three Piper Ranch San Diego (Otay Mesa), CA333,000 S.F. in 2 BuildingsCompleted: 2007

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ORANGE COUNTY / CORONA PROJECTS

Dynamic Cooking Systems Huntington Beach, CA140,000 S.F. in 1 BuildingCompleted: 2001

West Corona Commerce Center Corona, CA322,000 S.F. in 1 BuildingCompleted: 2008

Skylab Corporate Center Huntington Beach, CA100,000 S.F. in 2 BuildingsCompleted: 2001

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BUILD-TO SUIT, RIVERSIDE, CA

Wal-Mart Build-to-Suit

1001 Columbia507,000 S.F. in 1 Building25 AcresLEED Certified100% FreezerCompleted: 2011

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Wal-Mart Build-to-Suit

1001 Columbia507,000 S.F. in 1 Building25 AcresLEED Certified100% FreezerCompleted: 2011

BUILD-TO SUIT, RIVERSIDE, CA

Accuracy of DataThe information provided in this site is given in good faith and is derived from sources believed to be accurate. SUMMIT DEVELOPMENT CORPORATION, (SDC) gives no warranty or guarantee or make any representation or warranty as to its accuracy, timeliness, completeness or suitability. SDC and its directors, employees and associates do not accept any responsibility arising in any way for errors in or omissions from the information in this brochure and do not accept any loss or damage as a result of any person relying on any information.

190 Newport Center Drive, Suite 220 | Newport Beach CA 92660 | sumdevco.com | 949.655.8226