Terranova Corporation Retail Real Estate Mindy Mc Ilroy

Terranova Corporation Retail Real Estate Mindy Mc. Ilroy Executive Vice President mindy@terranovacorp. com Main: 305. 695. 8700 Fax: 305. 672. 7800 801 Arthur Godfrey Road, Suite 600 Miami Beach, Florida 33140 1

South Florida Market Overview: • Occupancy • Rental Rates 2

Overall Vacancy 3

Overall Rental Rates 4

Major Projects Recently Completed, Underway or Proposed in South Florida 5

New Construction 2009 County Projects Completed Total Square Feet Palm Beach 4 622, 062 Broward 3 343, 126 Miami-Dade 2 475, 000 SOUTH FLORIDA 9 1, 440, 188 6

Square Feet Proposed/Under Construction 16 projects 9 projects 6 projects 13 projects 2 projects 7

Palm Beach County Delray Marketplace • 300, 000 SF of retail proposed • NW corner of Atlantic Ave. and Lyons Rd. Extension in Delray Beach • Anchors: Publix, Frank Theatres Frenchman’s Crossing • 62, 200 SF of retail proposed • NW corner of Hood Rd. and Alternate A 1 A in West Palm Beach • Anchor: Publix 8

Broward County Village at Gulfstream Park • 410, 000 SF of retail • SE corner of U. S. 1 and Hallandale Beach Blvd. in Hallandale • Under construction; Completion in Feb 2010 • Anchors: Crate & Barrel, Pottery Barn, Z Gallerie, Container Store Hallandale Square • Proposed 358, 000 SF of retail • SE corner of Hallandale Beach Blvd. and U. S. 1 in Hallandale • 749 -seat movie theatre on-site 9

Miami-Dade County The Palms at Kendall Town & Country • 700, 000 SF of retail and restaurant space under construction • NW corner of Kendall Dr. and SW 117 th Ave. in Kendall • Anchors: Kohl’s, Nordstrom Rack (opening Spring 2010) Bird 87 Village Shopping Center • 91, 300 SF of retail under construction • NE corner of SW 87 th Ave and Bird Rd. in Miami • Anchors: Sedano’s, Walgreens 10

Major Factors Affecting Retail Sector 11

Capital Markets: Lower Shopping Center Values Individual Transactions Sale Price per Square Foot Sale Date Property Name Location Square Feet Shoppes at Monarch Lakes Miramar 64, 020 $8. 3 million $129 July ’ 09 Coral Landings Coral Springs 106, 863 $18 million $168 May ’ 09 Sawgrass Landing Sunrise 64, 500 $22. 3 million $345 Dec ’ 08 Courtyard Shops at Wellington 127, 000 $38 million $298 Sept ’ 08 Carter Square Miami 67, 370 $40. 8 million $605 April ‘ 08 12

Capital Markets: Lower Shopping Center Values Bulk Transactions Property Name Location Square Feet Avg. Price PSF Sale Date KIMCO-DRA DEAL Cypress Creek Station Ft. Lauderdale 229, 034 $159 Oct ‘ 09 Hollywood 757, 539 $159 Oct ‘ 09 Kendall Lakes Plaza Miami 402, 801 $159 Oct ‘ 09 Cross County Plaza West Palm Beach 357, 537 $159 Oct ‘ 09 Oakwood Plaza • Kimco bought a remaining 85% interest in DRA Advisors 21 -property portfolio for $825 million, or an average of $159 psf, including South Florida properties WEINGARTEN-JAMESTOWN DEAL Northridge Shopping Center Ft. Lauderdale 234, 500 $133 Nov ‘ 09 Pembroke Commons Pembroke Pines 316, 000 $133 Nov ‘ 09 Flamingo Pines Plaza Pembroke Pines 126, 428 $133 Nov ‘ 09 Hollywood Hills Plaza Hollywood 364, 700 $133 Nov ‘ 09 Miami 110, 867 $133 Nov ‘ 09 Tamiami Trail • German investment fund Jamestown paid $160 million for an 80% interest in six shopping centers, or an average of $133 psf, including South Florida properties 13

Housing Cost Decreasing Property Value Median Sales Price Existing Single-Family Homes County November 2006 October 2009 Percent Decrease Miami. Dade $372, 400 $178, 500 -52. 1% Broward $362, 000 $211, 600 -41. 5% Palm Beach $370, 400 $243, 900 -34. 2% Source: Florida Association of Realtors 14

Other Factors The Operational Side Operating Issues • Lack of bank financing • Rent defaults Economic Climate • Recession • Decline in employment • Limited availability of credit • Housing collapse • Rise in foreclosures, bankruptcies, and loan defaults 15

Terranova Corporation Visit us at www. terranovacorp. com 16