Exhibit 99.48

Calculation of Illustrative Exchange Values Using the Discounted Cash Flow Method to

Allocate Residual Value

The following is a calculation of illustrative exchange values using the discounted cash flow method to allocate residual value based on the projections that were used to calculate the preliminary exchange values shown in this prospectus/consent solicitation (except that the projections used for purposes of this calculation are for a longer time period).

The valuations based on the discounted cash flow method, as set forth below, were calculated by the independent valuer based on information provided by the management of the supervisor. The supervisor requested the independent valuer in June 2012 to calculate the exchange values using the discounted cash flow methodology on this basis solely for illustrative purposes to show participants the effect of the different methods.

The tables that follow also include a summary of projections that were utilized by the independent valuer in calculating the exchange values using the discounted cash flow method described above. The projections were prepared solely for the purpose of determining the relative values among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs or the private entities. The projections should not be relied upon in determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties may be materially different from these projections because of changes in market conditions and many other factors.

Neither the subject LLCs nor the supervisor as a matter of course make public projections as to future performance, earnings or other results beyond the current fiscal year, and the supervisor is especially reluctant to disclose projections for extended periods due to the unpredictability of the underlying assumptions and estimates. The projections with respect to the properties were presented by the independent valuer based on the information provided by management of the supervisor and analysis performed by the independent valuer and reviewed and approved by management of the supervisor.

These projections were not prepared in accordance with published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of financial projections. This information is not fact and should not be relied upon as being necessarily indicative of future results, and readers of this prospectus/consent solicitation are cautioned not to place undue reliance on the prospective financial information. Neither the company’s independent registered public accounting firm nor any other independent accountants have examined, compiled or otherwise applied procedures to the projections presented herein or express an opinion or any other form of assurance on them. The summary of the projection is being included in this prospectus/consent solicitation solely because the projections were used by the independent valuer in calculating the illustrative exchange values using the discounted cash flow method to allocate residual value.

The projections were based on numerous assumptions that may prove to be wrong. Important factors that may affect actual results and cause the projections to not be achieved include, but are not limited to, risks and uncertainties relating to the company and other factors described under “Risk Factors” and “Forward-Looking Statements.” The projections also reflect assumptions as to certain business decisions that are subject to change. As a result, actual results may differ materially from those contained in the projections. Accordingly, there can be no assurance that the projections will be realized.

Certain of the prospective financial information set forth herein may be considered non-U.S. GAAP financial measures. The independent valuer believed this information could be useful in valuing the properties. Non-U.S. GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with U.S. GAAP, and non-U.S. GAAP financial measures may not be comparable to similarly titled amounts used by other companies.

The inclusion of the summary of the projections in this prospectus/consent solicitation should not be regarded as an indication that any of the company, the subject LLCs or the supervisor or their respective affiliates, advisors or representatives considered the projections to be predictive of actual future events, and the projections should not be relied upon as such. None of the company, the subject LLCs or the supervisor or their respective affiliates, advisors, officers, directors, partners or representatives can give you any assurance that actual results will not differ from the projections, and none of them undertakes any obligation to update or otherwise revise or reconcile the projections to reflect circumstances existing after the date the projections were generated or to reflect the occurrence of future events even in the event that any or all of the assumptions underlying the projections are shown to be in error. None of the company, the supervisor and the subject LLCs intend to make publicly available any update or other revision to the projections. None of the company, the supervisor and the subject LLCs or their respective affiliates, advisors, officers, directors, partners or representatives has made or makes any representation to any participant or other person regarding the company’s or the subject LLCs ultimate performance compared to the information contained in the projections or that forecasted results will be achieved. None of the subject LLCs, the private entities, the management companies or any of their affiliates has made any representation to the company concerning the projections.

The projections were prepared solely to determine the relative value among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs, the private entities or the management companies. The projections should not be relied upon determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties and management companies may be materially different from these projections because of changes in market conditions and many other factors.

One Grand Central Place

Long-term DCF Method Estimate

For the Years Ending			Year 1 Jun-2012			Year 2 Jun-2013			Year 3 Jun-2014			Year 4 Jun-2015			Year 5 Jun-2016			Year 6 Jun-2017			Year 7 Jun-2018			Year 8 Jun-2019			Year 9 Jun-2020			Year 10 Jun-2021			Year 11 Jun-2022			Year 12 Jun-2023			Year 13 Jun-2024			Year 14 Jun-2025			Year 15 Jun-2026
Total Potential Gross Rev				59,387,090			65,038,112			70,346,400			73,237,430			77,617,476			80,138,941			84,777,160			86,803,214			88,580,309			91,539,962			93,727,063			97,357,017			102,428,576			105,423,227			108,803,445
General Vacancy													(107,624	)		(1,489,689	)		(804,930	)		(782,832	)		(996,177	)		(826,722	)		(967,317	)		(3,406	)					(898,113	)		(940,839	)		(1,351,218	)
Collection Loss				(593,871	)		(650,381	)		(703,464	)		(732,374	)		(776,175	)		(801,389	)		(847,772	)		(868,032	)		(885,803	)		(915,400	)		(937,271	)		(973,570	)		(1,024,286	)		(1,054,232	)		(1,088,034	)
Effective Gross Revenue				58,793,219			64,387,731			69,642,936			72,397,432			75,351,612			78,532,622			83,146,556			84,939,005			86,867,784			89,657,245			92,786,386			96,383,447			100,506,177			103,428,156			106,364,193
Operating Expenses
Payroll				1,974,908			2,034,155			2,095,180			2,158,035			2,222,776			2,289,460			2,358,143			2,428,888			2,501,754			2,576,807			2,654,111			2,733,735			2,815,747			2,900,219			2,987,226
Cleaning				4,030,425			4,151,338			4,275,878			4,404,154			4,536,279			4,672,367			4,812,538			4,956,914			5,105,622			5,258,790			5,416,554			5,579,051			5,746,422			5,918,815			6,096,379
Utilities				5,508,248			5,673,495			5,843,700			6,019,011			6,199,582			6,385,569			6,577,136			6,774,450			6,977,684			7,187,014			7,402,625			7,624,703			7,853,445			8,089,048			8,331,719
Security				1,025,000			1,055,750			1,087,423			1,120,045			1,153,647			1,188,256			1,223,904			1,260,621			1,298,439			1,337,393			1,377,514			1,418,840			1,461,405			1,505,247			1,550,404
Repairs & Maintenance				2,512,298			2,369,000			2,440,070			2,513,272			2,588,670			2,666,330			2,746,320			2,828,710			2,913,571			3,000,978			3,091,008			3,183,738			3,279,250			3,377,628			3,478,956
Management Fee				587,932			643,877			696,429			723,974			753,516			785,326			831,466			849,390			868,678			896,572			927,864			963,834			1,005,062			1,034,282			1,063,642
Professional Fees/Admin				1,571,866			1,260,000			1,297,800			1,336,734			1,376,836			1,418,141			1,460,685			1,504,506			1,549,641			1,596,130			1,644,014			1,693,335			1,744,135			1,796,459			1,850,352
Real Estate Taxes				11,245,488			11,454,662			11,665,652			11,878,470			12,192,599			12,614,408			13,051,043			13,503,026			13,970,896			14,455,212			14,922,075			15,369,737			15,830,829			16,305,754			16,794,927
Bid Tax				192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353
Insurance				470,216			484,322			498,852			513,818			529,232			545,109			561,462			578,306			595,656			613,525			631,931			650,889			670,416			690,528			711,244
Total Operating Expenses				29,118,734			29,318,952			30,093,337			30,859,866			31,745,490			32,757,319			33,815,050			34,877,164			35,974,294			37,114,774			38,260,049			39,410,215			40,599,064			41,810,333			43,057,202
Net Operating Income				29,674,485			35,068,779			39,549,599			41,537,566			43,606,122			45,775,303			49,331,506			50,061,841			50,893,490			52,542,471			54,526,337			56,973,232			59,907,113			61,617,823			63,306,991
Leasing & Capital Costs
Tenant Improvements				5,658,252			4,221,476			2,184,532			2,427,679			829,874			1,802,465			2,201,267			2,398,914			2,004,113			2,422,847			6,092,973			5,216,704			2,490,288			3,449,947			2,608,895
Leasing Commissions				2,551,851			2,632,529			2,238,673			1,712,171			1,029,474			2,487,327			1,741,413			1,858,651			1,874,236			2,085,560			4,791,464			3,699,467			3,221,129			2,477,491			2,257,908
PB Work				3,618,709			3,194,709			1,848,759
Capital Improvements				6,696,104			5,827,894			3,247,559			1,551,931			1,266,375			1,197,472			1,376,790			850,115			265,197			145,846
Base Building				1,150,000			1,390,500			1,135,163			1,245,709			1,012,958			799,899			1,635,852			1,709,525			1,456,786			1,774,492
Total Leasing & Capital Costs				19,674,916			17,267,108			10,654,686			6,937,490			4,138,681			6,287,163			6,955,322			6,817,205			5,600,332			6,428,745			10,884,437			8,916,171			5,711,417			5,927,438			4,866,803
Cash Flow Before Debt Service & Taxes			$	9,999,569		$	17,801,671		$	28,894,913		$	34,600,076		$	39,467,441		$	39,488,140		$	42,376,184		$	43,244,636		$	45,293,158		$	46,113,726		$	43,641,900		$	48,057,061		$	54,195,696		$	55,690,385		$	58,440,188
Fixed Rents
Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
Overage Rent
Total Income				58,793,219			64,387,731			69,642,936			72,397,432			75,351,612			78,532,622			83,146,556			84,939,005			86,867,784			89,657,245			92,786,386			96,383,447			100,506,177			103,428,156			106,364,193
Total Operating Expense				(29,118,734	)		(29,318,952	)		(30,093,337	)		(30,859,866	)		(31,745,490	)		(32,757,319	)		(33,815,050	)		(34,877,164	)		(35,974,294	)		(37,114,774	)		(38,260,049	)		(39,410,215	)		(40,599,064	)		(41,810,333	)		(43,057,202	)
Net Operating Income				29,674,485			35,068,779			39,549,599			41,537,566			43,606,122			45,775,303			49,331,506			50,061,841			50,893,490			52,542,471			54,526,337			56,973,232			59,907,113			61,617,823			63,306,991
Less: Total Capital Expenses				(19,674,916	)		(17,267,108	)		(10,654,686	)		(6,937,490	)		(4,138,681	)		(6,287,163	)		(6,955,322	)		(6,817,205	)		(5,600,332	)		(6,428,745	)		(10,884,437	)		(8,916,171	)		(5,711,417	)		(5,927,438	)		(4,866,803	)
Less: Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Income Subject to Overage Rent				8,921,769			16,723,871			27,817,113			33,522,276			38,389,641			38,410,340			41,298,384			42,166,836			44,215,358			45,035,926			42,564,100			46,979,261			53,117,896			54,612,585			57,362,388
Exclusion				—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Remainder for Overage				8,921,769			16,723,871			27,817,113			33,522,276			38,389,641			38,410,340			41,298,384			42,166,836			44,215,358			45,035,926			42,564,100			46,979,261			53,117,896			54,612,585			57,362,388
Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Overage Rent @ 50%				4,460,885			8,361,936			13,908,557			16,761,138			19,194,821			19,205,170			20,649,192			21,083,418			22,107,679			22,517,963			21,282,050			23,489,631			26,558,948			27,306,293			28,681,194
PV to Fee
Basic rent				24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
Overage Rent				4,460,885			8,361,936			13,908,557			16,761,138			19,194,821			19,205,170			20,649,192			21,083,418			22,107,679			22,517,963			21,282,050			23,489,631			26,558,948			27,306,293			28,681,194
Future Fee Simple Value (see below)
Total Cash Flow to Fee				5,538,685			9,439,736			14,986,357			17,838,938			20,272,621			20,282,970			21,726,992			22,161,218			23,185,479			23,595,763			22,359,850			24,567,431			27,636,748			28,384,093			29,758,994
Discount Rate	7.78	%
PV to Fee	379,000,000
PV to Operator
Cash Flow Before Debt Service				9,999,569			17,801,671			28,894,913			34,600,076			39,467,441			39,488,140			42,376,184			43,244,636			45,293,158			46,113,726			43,641,900			48,057,061			54,195,696			55,690,385			58,440,188
Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Overage Rent				(4,460,885	)		(8,361,936	)		(13,908,557	)		(16,761,138	)		(19,194,821	)		(19,205,170	)		(20,649,192	)		(21,083,418	)		(22,107,679	)		(22,517,963	)		(21,282,050	)		(23,489,631	)		(26,558,948	)		(27,306,293	)		(28,681,194	)
Total Cash Flow to Operator				4,460,885			8,361,936			13,908,557			16,761,138			19,194,821			19,205,170			20,649,192			21,083,418			22,107,679			22,517,963			21,282,050			23,489,631			26,558,948			27,306,293			28,681,194
Discount Rate	8.28	%
PV to Operator	308,000,000
Combined Value	687,000,000
Future Fee Simple Value
Cash Flow Before Debt Service				9,999,569			17,801,671			28,894,913			34,600,076			39,467,441			39,488,140			42,376,184			43,244,636			45,293,158			46,113,726
Reversion
Net Operating Income																																		54,526,337			56,973,232			59,907,113
Average NOI																															57,135,561
Cap Rate	6.00	%																													6.00	%
Value																															952,259,344
Selling Expense	2.50	%																													(23,806,484	)
Net Sale Proceeds																															928,452,861
Fee Simple Value Today
Cash Flow Before Debt Service				9,999,569			17,801,671			28,894,913			34,600,076			39,467,441			39,488,140			42,376,184			43,244,636			45,293,158			46,113,726
Net Sale Proceeds				—			—			—			—			—			—			—			—			—			928,452,861
Total				9,999,569			17,801,671			28,894,913			34,600,076			39,467,441			39,488,140			42,376,184			43,244,636			45,293,158			974,566,587
Discount Rate	7.25	%
Fee Simple Value Today	687,000,000
Future Fee Simple Value
Fee Simple Value Today	687,000,000
Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Future Fee Simple Value				707,610,000			728,838,300			750,703,449			773,224,552			796,421,289			820,313,928			844,923,346			870,271,046			896,379,177			923,270,553			950,968,669			979,497,729			1,008,882,661			1,039,149,141			1,070,323,615

Page 1 of 16

The projections were prepared solely to determine the relative value among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs, the private entities or the management companies. The projections should not be relied upon determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties and management companies may be materially different from these projections because of changes in market conditions and many other factors.

One Grand Central Place

Long-term DCF Method Estimate

For the Years Ending			Year 16 Jun-2027			Year 17 Jun-2028			Year 18 Jun-2029			Year 19 Jun-2030			Year 20 Jun-2031			Year 21 Jun-2032			Year 22 Jun-2033			Year 23 Jun-2034			Year 24 Jun-2035			Year 25 Jun-2036			Year 26 Jun-2037			Year 27 Jun-2038			Year 28 Jun-2039			Year 29 Jun-2040			Year 30 Jun-2041
Total Potential Gross Rev				112,398,891			115,862,719			119,347,767			122,825,886			126,209,959			127,015,735			132,188,048			137,559,374			142,044,606			145,509,809			151,752,099			155,649,200			160,155,008			165,039,048			168,983,589
General Vacancy				(1,172,947	)		(1,242,488	)		(1,215,931	)		(1,428,993	)		(1,262,174	)					(249,529	)		(1,020,513	)		(1,391,010	)		(1,316,323	)		(2,286,350	)		(1,496,925	)		(1,403,794	)		(1,621,603	)		(1,480,760	)
Collection Loss				(1,123,989	)		(1,158,627	)		(1,193,478	)		(1,228,259	)		(1,262,100	)		(1,270,157	)		(1,321,880	)		(1,375,594	)		(1,420,446	)		(1,455,098	)		(1,517,521	)		(1,556,492	)		(1,601,550	)		(1,650,390	)		(1,689,836	)
Effective Gross Revenue				110,101,955			113,461,604			116,938,358			120,168,634			123,685,685			125,745,578			130,616,639			135,163,267			139,233,150			142,738,388			147,948,228			152,595,783			157,149,664			161,767,055			165,812,993
Operating Expenses
Payroll				3,076,842			3,169,148			3,264,222			3,362,149			3,463,013			3,566,904			3,673,911			3,784,128			3,897,652			4,014,581			4,135,019			4,259,069			4,386,841			4,518,447			4,654,000
Cleaning				6,279,271			6,467,649			6,661,678			6,861,529			7,067,375			7,279,396			7,497,778			7,722,711			7,954,392			8,193,024			8,438,815			8,691,979			8,952,739			9,221,321			9,497,961
Utilities				8,581,671			8,839,121			9,104,295			9,377,424			9,658,746			9,948,509			10,246,964			10,554,373			10,871,004			11,197,134			11,533,048			11,879,040			12,235,411			12,602,473			12,980,547
Security				1,596,917			1,644,824			1,694,169			1,744,994			1,797,344			1,851,264			1,906,802			1,964,006			2,022,926			2,083,614			2,146,122			2,210,506			2,276,821			2,345,126			2,415,480
Repairs & Maintenance				3,583,325			3,690,825			3,801,550			3,915,596			4,033,064			4,154,056			4,278,678			4,407,038			4,539,249			4,675,426			4,815,689			4,960,160			5,108,965			5,262,234			5,420,101
Management Fee				1,101,020			1,134,616			1,169,384			1,201,686			1,236,857			1,257,456			1,306,166			1,351,633			1,392,332			1,427,384			1,479,482			1,525,958			1,571,497			1,617,671			1,658,130
Professional Fees/Admin				1,905,863			1,963,039			2,021,930			2,082,588			2,145,066			2,209,418			2,275,700			2,343,971			2,414,290			2,486,719			2,561,321			2,638,160			2,717,305			2,798,824			2,882,789
Real Estate Taxes				17,298,775			17,817,738			18,352,270			18,902,838			19,469,923			20,054,021			20,655,642			21,275,311			21,913,570			22,570,977			23,248,107			23,945,550			24,663,916			25,403,834			26,165,949
Bid Tax				192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353
Insurance				732,581			754,559			777,195			800,511			824,527			849,262			874,740			900,982			928,012			955,852			984,528			1,014,064			1,044,486			1,075,820			1,108,095
Total Operating Expenses				44,348,618			45,673,872			47,039,046			48,441,668			49,888,268			51,362,639			52,908,734			54,496,506			56,125,780			57,797,064			59,534,484			61,316,839			63,150,334			65,038,103			66,975,405
Net Operating Income				65,753,337			67,787,732			69,899,312			71,726,966			73,797,417			74,382,939			77,707,905			80,666,761			83,107,370			84,941,324			88,413,744			91,278,944			93,999,330			96,728,952			98,837,588
Leasing & Capital Costs
Tenant Improvements				2,638,971			2,314,515			3,393,521			3,548,026			3,306,997			8,398,616			6,739,638			3,178,530			4,415,639			4,356,871			3,701,847			2,857,349			4,432,646			4,798,226			4,802,231
Leasing Commissions				2,071,844			3,500,469			2,717,905			2,711,344			3,059,063			6,207,212			4,657,423			4,594,270			3,048,807			3,781,540			2,746,531			4,538,321			3,687,096			3,241,549			4,116,548
PB Work
Capital Improvements
Base Building
Total Leasing & Capital Costs				4,710,815			5,814,984			6,111,426			6,259,370			6,366,060			14,605,828			11,397,061			7,772,800			7,464,446			8,138,411			6,448,378			7,395,670			8,119,742			8,039,775			8,918,779
Cash Flow Before Debt Service & Taxes			$	61,042,522		$	61,972,748		$	63,787,886		$	65,467,596		$	67,431,357		$	59,777,111		$	66,310,844		$	72,893,961		$	75,642,924		$	76,802,913		$	81,965,366		$	83,883,274		$	85,879,588		$	88,689,177		$	89,918,809
Fixed Rents
Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
Overage Rent
Total Income				110,101,955			113,461,604			116,938,358			120,168,634			123,685,685			125,745,578			130,616,639			135,163,267			139,233,150			142,738,388			147,948,228			152,595,783			157,149,664			161,767,055			165,812,993
Total Operating Expense				(44,348,618	)		(45,673,872	)		(47,039,046	)		(48,441,668	)		(49,888,268	)		(51,362,639	)		(52,908,734	)		(54,496,506	)		(56,125,780	)		(57,797,064	)		(59,534,484	)		(61,316,839	)		(63,150,334	)		(65,038,103	)		(66,975,405	)
Net Operating Income				65,753,337			67,787,732			69,899,312			71,726,966			73,797,417			74,382,939			77,707,905			80,666,761			83,107,370			84,941,324			88,413,744			91,278,944			93,999,330			96,728,952			98,837,588
Less: Total Capital Expenses				(4,710,815	)		(5,814,984	)		(6,111,426	)		(6,259,370	)		(6,366,060	)		(14,605,828	)		(11,397,061	)		(7,772,800	)		(7,464,446	)		(8,138,411	)		(6,448,378	)		(7,395,670	)		(8,119,742	)		(8,039,775	)		(8,918,779	)
Less: Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Income Subject to Overage Rent				59,964,722			60,894,948			62,710,086			64,389,796			66,353,557			58,699,311			65,233,044			71,816,161			74,565,124			75,725,113			80,887,566			82,805,474			84,801,788			87,611,377			88,841,009
Exclusion				—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Remainder for Overage				59,964,722			60,894,948			62,710,086			64,389,796			66,353,557			58,699,311			65,233,044			71,816,161			74,565,124			75,725,113			80,887,566			82,805,474			84,801,788			87,611,377			88,841,009
Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Overage Rent @ 50%				29,982,361			30,447,474			31,355,043			32,194,898			33,176,779			29,349,656			32,616,522			35,908,081			37,282,562			37,862,557			40,443,783			41,402,737			42,400,894			43,805,689			44,420,505
PV to Fee
Basic rent				24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
Overage Rent				29,982,361			30,447,474			31,355,043			32,194,898			33,176,779			29,349,656			32,616,522			35,908,081			37,282,562			37,862,557			40,443,783			41,402,737			42,400,894			43,805,689			44,420,505
Future Fee Simple Value (see below)
Total Cash Flow to Fee				31,060,161			31,525,274			32,432,843			33,272,698			34,254,579			30,427,456			33,694,322			36,985,881			38,360,362			38,940,357			41,521,583			42,480,537			43,478,694			44,883,489			45,498,305
Discount Rate	7.78	%
PV to Fee	379,000,000
PV to Operator
Cash Flow Before Debt Service				61,042,522			61,972,748			63,787,886			65,467,596			67,431,357			59,777,111			66,310,844			72,893,961			75,642,924			76,802,913			81,965,366			83,883,274			85,879,588			88,689,177			89,918,809
Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Overage Rent				(29,982,361	)		(30,447,474	)		(31,355,043	)		(32,194,898	)		(33,176,779	)		(29,349,656	)		(32,616,522	)		(35,908,081	)		(37,282,562	)		(37,862,557	)		(40,443,783	)		(41,402,737	)		(42,400,894	)		(43,805,689	)		(44,420,505	)
Total Cash Flow to Operator				29,982,361			30,447,474			31,355,043			32,194,898			33,176,779			29,349,656			32,616,522			35,908,081			37,282,562			37,862,557			40,443,783			41,402,737			42,400,894			43,805,689			44,420,505
Discount Rate	8.28	%
PV to Operator	308,000,000
Combined Value	687,000,000
Future Fee Simple Value
Cash Flow Before Debt Service
Reversion
Net Operating Income
Average NOI
Cap Rate	6.00	%
Value
Selling Expense	2.50	%
Net Sale Proceeds
Fee Simple Value Today
Cash Flow Before Debt Service
Net Sale Proceeds
Total
Discount Rate	7.25	%
Fee Simple Value Today	687,000,000
Future Fee Simple Value
Fee Simple Value Today	687,000,000
Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Future Fee Simple Value				1,102,433,324			1,135,506,323			1,169,571,513			1,204,658,658			1,240,798,418			1,278,022,371			1,316,363,042			1,355,853,933			1,396,529,551			1,438,425,438			1,481,578,201			1,526,025,547			1,571,806,313			1,618,960,503			1,667,529,318

Page 2 of 16

The projections were prepared solely to determine the relative value among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs, the private entities or the management companies. The projections should not be relied upon determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties and management companies may be materially different from these projections because of changes in market conditions and many other factors.

One Grand Central Place

Long-term DCF Method Estimate

For the Years Ending			Year 31 Jun-2042			Year 32 Jun-2043			Year 33 Jun-2044			Year 34 Jun-2045			Year 35 Jun-2046			Year 36 Jun-2047			Year 37 Jun-2048			Year 38 Jun-2049			Year 39 Jun-2050			Year 40 Jun-2051			Jun-2052			Jun-2053			Jun-2054			Jun-2055			Jun-2056
Total Potential Gross Rev				170,948,797			178,670,135			183,185,921			191,186,613			195,082,705			203,578,953			209,766,786			215,698,307			221,989,616			227,827,422
General Vacancy				(14,686	)		(687,567	)		(1,189,497	)		(2,201,929	)		(1,349,267	)		(2,761,061	)		(2,734,512	)		(1,946,455	)		(2,583,279	)		(1,885,838	)
Collection Loss				(1,709,488	)		(1,786,701	)		(1,831,859	)		(1,911,866	)		(1,950,827	)		(2,035,790	)		(2,097,668	)		(2,156,983	)		(2,219,896	)		(2,278,274	)
Assumed Growth Rate																																		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Effective Gross Revenue				169,224,623			176,195,867			180,164,565			187,072,818			191,782,611			198,782,102			204,934,606			211,594,869			217,186,441			223,663,310			230,373,209			237,284,406			244,402,938			251,735,026			259,287,077
Operating Expenses
Payroll				4,793,620			4,937,429			5,085,552			5,238,118			5,395,262			5,557,119			5,723,833			5,895,548			6,072,414			6,254,587
Cleaning				9,782,899			10,076,386			10,378,678			10,690,038			11,010,739			11,341,062			11,681,293			12,031,732			12,392,684			12,764,465
Utilities				13,369,964			13,771,063			14,184,194			14,609,720			15,048,012			15,499,452			15,964,436			16,443,369			16,936,670			17,444,770
Security				2,487,944			2,562,582			2,639,460			2,718,644			2,800,203			2,884,209			2,970,735			3,059,857			3,151,653			3,246,203
Repairs & Maintenance				5,582,704			5,750,185			5,922,690			6,100,371			6,283,382			6,471,884			6,666,040			6,866,021			7,072,002			7,284,162
Management Fee				1,692,246			1,761,959			1,801,646			1,870,728			1,917,826			1,987,821			2,049,346			2,115,949			2,171,864			2,236,633
Professional Fees/Admin				2,969,273			3,058,351			3,150,101			3,244,604			3,341,942			3,442,201			3,545,467			3,651,831			3,761,386			3,874,227
Real Estate Taxes				26,950,927			27,759,455			28,592,239			29,450,006			30,333,506			31,243,511			32,180,817			33,146,241			34,140,628			35,164,847
Bid Tax				192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353			192,353
Insurance				1,141,338			1,175,578			1,210,845			1,247,170			1,284,586			1,323,123			1,362,817			1,403,701			1,445,812			1,489,187
Assumed Growth Rate																																		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Operating Expenses				68,963,268			71,045,341			73,157,758			75,361,752			77,607,811			79,942,735			82,337,137			84,806,602			87,337,466			89,951,434			92,649,977			95,429,476			98,292,361			101,241,131			104,278,365
Net Operating Income				100,261,355			105,150,526			107,006,807			111,711,066			114,174,800			118,839,367			122,597,469			126,788,267			129,848,975			133,711,876			137,723,232			141,854,929			146,110,577			150,493,894			155,008,711
Leasing & Capital Costs
Tenant Improvements				10,757,600			8,723,978			4,584,868			5,487,018			6,579,807			5,473,984			3,403,495			5,626,047			5,305,187			5,977,298
Leasing Commissions				8,607,709			3,416,815			8,603,550			4,422,440			5,102,461			4,205,934			5,689,489			4,164,388			4,912,975			5,026,492
PB Work
Capital Improvements
Base Building
Assumed Growth Rate																																					3.00	%		3.00	%		3.00	%		3.00	%
Total Leasing & Capital Cost				19,365,309			12,140,793			13,188,418			9,909,458			11,682,268			9,679,918			9,092,984			9,790,435			10,218,162			11,003,790			9,017,575			9,288,102			9,566,745			9,853,748			10,149,360
Cash Flow Before Debt Serice & Taxes			$	80,896,046		$	93,009,733		$	93,818,389		$	101,801,608		$	102,492,532		$	109,159,449		$	113,504,485		$	116,997,832		$	119,630,813		$	122,708,086			128,705,657			132,566,827			136,543,832			140,640,147			144,859,351
Fixed Rents
Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
Overage Rent
Total Income				169,224,623			176,195,867			180,164,565			187,072,818			191,782,611			198,782,102			204,934,606			211,594,869			217,186,441			223,663,310			230,373,209			237,284,406			244,402,938			251,735,026			259,287,077
Total Operating Expense				(68,963,268	)		(71,045,341	)		(73,157,758	)		(75,361,752	)		(77,607,811	)		(79,942,735	)		(82,337,137	)		(84,806,602	)		(87,337,466	)		(89,951,434	)		(92,649,977	)		(95,429,476	)		(98,292,361	)		(101,241,131	)		(104,278,365	)
Net Operating Income				100,261,355			105,150,526			107,006,807			111,711,066			114,174,800			118,839,367			122,597,469			126,788,267			129,848,975			133,711,876			137,723,232			141,854,929			146,110,577			150,493,894			155,008,711
Less: Total Capital Expenses				(19,365,309	)		(12,140,793	)		(13,188,418	)		(9,909,458	)		(11,682,268	)		(9,679,918	)		(9,092,984	)		(9,790,435	)		(10,218,162	)		(11,003,790	)		(9,017,575	)		(9,288,102	)		(9,566,745	)		(9,853,748	)		(10,149,360	)
Less: Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Income Subject to Overage Rent				79,818,246			91,931,933			92,740,589			100,723,808			101,414,732			108,081,649			112,426,685			115,920,032			118,553,013			121,630,286			127,627,857			131,489,027			135,466,032			139,562,347			143,781,551
Exclusion				—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Remainder for Overage				79,818,246			91,931,933			92,740,589			100,723,808			101,414,732			108,081,649			112,426,685			115,920,032			118,553,013			121,630,286			127,627,857			131,489,027			135,466,032			139,562,347			143,781,551
Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Overage Rent @ 50%				39,909,123			45,965,967			46,370,295			50,361,904			50,707,366			54,040,825			56,213,343			57,960,016			59,276,507			60,815,143			63,813,929			65,744,514			67,733,016			69,781,173			71,890,776
PV to Fee
Basic rent				24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
Overage Rent				39,909,123			45,965,967			46,370,295			50,361,904			50,707,366			54,040,825			56,213,343			57,960,016			59,276,507			60,815,143			63,813,929			65,744,514			67,733,016			69,781,173			71,890,776
Future Fee Simple Value (see below)
Total Cash Flow to Fee				40,986,923			47,043,767			47,448,095			51,439,704			51,785,166			55,118,625			57,291,143			59,037,816			60,354,307			61,892,943			64,891,729			66,822,314			68,810,816			70,858,973			72,968,576
Discount Rate	7.78	%
PV to Fee	379,000,000
PV to Operator
Cash Flow Before Debt Service				80,896,046			93,009,733			93,818,389			101,801,608			102,492,532			109,159,449			113,504,485			116,997,832			119,630,813			122,708,086			128,705,657			132,566,827			136,543,832			140,640,147			144,859,351
Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Overage Rent				(39,909,123	)		(45,965,967	)		(46,370,295	)		(50,361,904	)		(50,707,366	)		(54,040,825	)		(56,213,343	)		(57,960,016	)		(59,276,507	)		(60,815,143	)		(63,813,929	)		(65,744,514	)		(67,733,016	)		(69,781,173	)		(71,890,776	)
Total Cash Flow to Operator				39,909,123			45,965,967			46,370,295			50,361,904			50,707,366			54,040,825			56,213,343			57,960,016			59,276,507			60,815,143			63,813,929			65,744,514			67,733,016			69,781,173			71,890,776
Discount Rate	8.28	%
PV to Operator	308,000,000
Combined Value	687,000,000
Future Fee Simple Value
Cash Flow Before Debt Service
Reversion
Net Operating Income
Average NOI
Cap Rate	6.00	%
Value
Selling Expense	2.50	%
Net Sale Proceeds
Fee Simple Value Today
Cash Flow Before Debt Service
Net Sale Proceeds
Total
Discount Rate	7.25	%
Fee Simple Value Today	687,000,000
Future Fee Simple Value
Fee Simple Value Today	687,000,000
Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Future Fee Simple Value				1,717,555,197			1,769,081,853			1,822,154,309			1,876,818,938			1,933,123,506			1,991,117,211			2,050,850,728			2,112,376,250			2,175,747,537			2,241,019,963			2,308,250,562			2,377,498,079			2,448,823,021			2,522,287,712			2,597,956,343

Page 3 of 16

The projections were prepared solely to determine the relative value among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs, the private entities or the management companies. The projections should not be relied upon determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties and management companies may be materially different from these projections because of changes in market conditions and many other factors.

One Grand Central Place

Long-term DCF Method Estimate

For the Years Ending			Jun-2057			Jun-2058			Jun-2059			Jun-2060			Jun-2061			Jun-2062			Jun-2063			Jun-2064			Jun-2065			Jun-2066			Jun-2067			Jun-2068			Jun-2069			Jun-2070			Jun-2071
Total Potential Gross Rev
General Vacancy
Collection Loss
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Effective Gross Revenue				267,065,689			275,077,660			283,329,989			291,829,889			300,584,786			309,602,329			318,890,399			328,457,111			338,310,825			348,460,149			358,913,954			369,681,372			380,771,814			392,194,968			403,960,817
Operating Expenses
Payroll
Cleaning
Utilities
Security
Repairs & Maintenance
Management Fee
Professional Fees/Admin
Real Estate Taxes
Bid Tax
Insurance
				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Operating Expenses				107,406,716			110,628,918			113,947,785			117,366,219			120,887,205			124,513,822			128,249,236			132,096,713			136,059,615			140,141,403			144,345,645			148,676,015			153,136,295			157,730,384			162,462,296
Net Operating Income				159,658,973			164,448,742			169,382,204			174,463,670			179,697,580			185,088,508			190,641,163			196,360,398			202,251,210			208,318,746			214,568,308			221,005,358			227,635,518			234,464,584			241,498,521
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB Work
Capital Improvements
Base Building
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Leasing & Capital Costs				10,453,841			10,767,456			11,090,480			11,423,194			11,765,890			12,118,867			12,482,433			12,856,906			13,242,613			13,639,891			14,049,088			14,470,560			14,904,677			15,351,818			15,812,372
Cash Flow Before Debt Service & Taxes				149,205,132			153,681,286			158,291,724			163,040,476			167,931,690			172,969,641			178,158,730			183,503,492			189,008,597			194,678,855			200,519,221			206,534,797			212,730,841			219,112,766			225,686,149
Fixed Rents
Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
Overage Rent
Total Income				267,065,689			275,077,660			283,329,989			291,829,889			300,584,786			309,602,329			318,890,399			328,457,111			338,310,825			348,460,149			358,913,954			369,681,372			380,771,814			392,194,968			403,960,817
Total Operating Expense				(107,406,716	)		(110,628,918	)		(113,947,785	)		(117,366,219	)		(120,887,205	)		(124,513,822	)		(128,249,236	)		(132,096,713	)		(136,059,615	)		(140,141,403	)		(144,345,645	)		(148,676,015	)		(153,136,295	)		(157,730,384	)		(162,462,296	)
Net Operating Income				159,658,973			164,448,742			169,382,204			174,463,670			179,697,580			185,088,508			190,641,163			196,360,398			202,251,210			208,318,746			214,568,308			221,005,358			227,635,518			234,464,584			241,498,521
Less: Total Capital Expenses				(10,453,841	)		(10,767,456	)		(11,090,480	)		(11,423,194	)		(11,765,890	)		(12,118,867	)		(12,482,433	)		(12,856,906	)		(13,242,613	)		(13,639,891	)		(14,049,088	)		(14,470,560	)		(14,904,677	)		(15,351,818	)		(15,812,372	)
Less: Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Income Subject to Overage Rent				148,127,332			152,603,486			157,213,924			161,962,676			166,853,890			171,891,841			177,080,930			182,425,692			187,930,797			193,601,055			199,441,421			205,456,997			211,653,041			218,034,966			224,608,349
Exclusion				—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Remainder for Overage				148,127,332			152,603,486			157,213,924			161,962,676			166,853,890			171,891,841			177,080,930			182,425,692			187,930,797			193,601,055			199,441,421			205,456,997			211,653,041			218,034,966			224,608,349
Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Overage Rent @ 50%				74,063,666			76,301,743			78,606,962			80,981,338			83,426,945			85,945,921			88,540,465			91,212,846			93,965,399			96,800,527			99,720,710			102,728,499			105,826,521			109,017,483			112,304,175
PV to Fee
Basic rent				24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
Overage Rent				74,063,666			76,301,743			78,606,962			80,981,338			83,426,945			85,945,921			88,540,465			91,212,846			93,965,399			96,800,527			99,720,710			102,728,499			105,826,521			109,017,483			112,304,175
Future Fee Simple Value (see below)
Total Cash Flow to Fee				75,141,466			77,379,543			79,684,762			82,059,138			84,504,745			87,023,721			89,618,265			92,290,646			95,043,199			97,878,327			100,798,510			103,806,299			106,904,321			110,095,283			113,381,975
Discount Rate	7.78	%
PV to Fee	379,000,000
PV to Operator
Cash Flow Before Debt Service				149,205,132			153,681,286			158,291,724			163,040,476			167,931,690			172,969,641			178,158,730			183,503,492			189,008,597			194,678,855			200,519,221			206,534,797			212,730,841			219,112,766			225,686,149
Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Overage Rent				(74,063,666	)		(76,301,743	)		(78,606,962	)		(80,981,338	)		(83,426,945	)		(85,945,921	)		(88,540,465	)		(91,212,846	)		(93,965,399	)		(96,800,527	)		(99,720,710	)		(102,728,499	)		(105,826,521	)		(109,017,483	)		(112,304,175	)
Total Cash Flow to Operator				74,063,666			76,301,743			78,606,962			80,981,338			83,426,945			85,945,921			88,540,465			91,212,846			93,965,399			96,800,527			99,720,710			102,728,499			105,826,521			109,017,483			112,304,175
Discount Rate	8.28	%
PV to Operator	308,000,000
Combined Value	687,000,000
Future Fee Simple Value
Cash Flow Before Debt Service
Reversion
Net Operating Income
Average NOI
Cap Rate	6.00	%
Value
Selling Expense	2.50	%
Net Sale Proceeds
Fee Simple Value Today
Cash Flow Before Debt Service
Net Sale Proceeds
Total
Discount Rate	7.25	%
Fee Simple Value Today	687,000,000
Future Fee Simple Value
Fee Simple Value Today	687,000,000
Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Future Fee Simple Value				2,675,895,034			2,756,171,885			2,838,857,041			2,924,022,752			3,011,743,435			3,102,095,738			3,195,158,610			3,291,013,368			3,389,743,769			3,491,436,082			3,596,179,165			3,704,064,540			3,815,186,476			3,929,642,070			4,047,531,332

Page 4 of 16

The projections were prepared solely to determine the relative value among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs, the private entities or the management companies. The projections should not be relied upon determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties and management companies may be materially different from these projections because of changes in market conditions and many other factors.

One Grand Central Place

Long-term DCF Method Estimate

For the Years Ending			Jun-2072			Jun-2073			Jun-2074			Jun-2075			Jun-2076			Jun-2077			Jun-2078			Jun-2079			Jun-2080			Jun-2081			Jun-2082			Jun-2083			Sep-2083
Total Potential Gross Rev
General Vacancy
Collection Loss
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Effective Gross Revenue				416,079,641			428,562,031			441,418,892			454,661,458			468,301,302			482,350,341			496,820,851			511,725,477			527,077,241			542,889,559			559,176,245			575,951,533			593,230,079
Operating Expenses
Payroll
Cleaning
Utilities
Security
Repairs & Maintenance
Management Fee
Professional Fees/Admin
Real Estate Taxes
Bid Tax
Insurance
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Operating Expenses				167,336,164			172,356,249			177,526,937			182,852,745			188,338,327			193,988,477			199,808,131			205,802,375			211,976,447			218,335,740			224,885,812			231,632,387			238,581,358
Net Operating Income				248,743,477			256,205,781			263,891,955			271,808,713			279,962,975			288,361,864			297,012,720			305,923,102			315,100,795			324,553,819			334,290,433			344,319,146			354,648,721
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB Work
Capital Improvements
Base Building
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Leasing & Capital Costs				16,286,743			16,775,346			17,278,606			17,796,964			18,330,873			18,880,799			19,447,223			20,030,640			20,631,559			21,250,506			21,888,021			22,544,662			23,221,001
Cash Flow Before Debt Service & Taxes				232,456,734			239,430,436			246,613,349			254,011,749			261,632,102			269,481,065			277,565,497			285,892,462			294,469,236			303,303,313			312,402,412			321,774,484			331,427,719
Fixed Rents
Basic Rent				24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
Primary Additional Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
Total Fixed Rent				1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800			1,077,800
Overage Rent
Total Income				416,079,641			428,562,031			441,418,892			454,661,458			468,301,302			482,350,341			496,820,851			511,725,477			527,077,241			542,889,559			559,176,245			575,951,533			593,230,079
Total Operating Expense				(167,336,164	)		(172,356,249	)		(177,526,937	)		(182,852,745	)		(188,338,327	)		(193,988,477	)		(199,808,131	)		(205,802,375	)		(211,976,447	)		(218,335,740	)		(224,885,812	)		(231,632,387	)		(238,581,358	)
Net Operating Income				248,743,477			256,205,781			263,891,955			271,808,713			279,962,975			288,361,864			297,012,720			305,923,102			315,100,795			324,553,819			334,290,433			344,319,146			354,648,721
Less: Total Capital Expenses				(16,286,743	)		(16,775,346	)		(17,278,606	)		(17,796,964	)		(18,330,873	)		(18,880,799	)		(19,447,223	)		(20,030,640	)		(20,631,559	)		(21,250,506	)		(21,888,021	)		(22,544,662	)		(23,221,001	)
Less: Total Fixed Rent				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Income Subject to Overage Rent				231,378,934			238,352,636			245,535,549			252,933,949			260,554,302			268,403,265			276,487,697			284,814,662			293,391,436			302,225,513			311,324,612			320,696,684			330,349,919
Exclusion				—			—			—			—			—			—			—			—			—			—			—			—			—
Remainder for Overage				231,378,934			238,352,636			245,535,549			252,933,949			260,554,302			268,403,265			276,487,697			284,814,662			293,391,436			302,225,513			311,324,612			320,696,684			330,349,919
Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Overage Rent @ 50%				115,689,467			119,176,318			122,767,774			126,466,975			130,277,151			134,201,632			138,243,848			142,407,331			146,695,718			151,112,756			155,662,306			160,348,342			165,174,960
PV to Fee
Basic rent				24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
Additional/Primary Rent				1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800			1,053,800
Overage Rent				115,689,467			119,176,318			122,767,774			126,466,975			130,277,151			134,201,632			138,243,848			142,407,331			146,695,718			151,112,756			155,662,306			160,348,342			165,174,960
Future Fee Simple Value (see below)																																								5,813,614,388
Total Cash Flow to Fee				116,767,267			120,254,118			123,845,574			127,544,775			131,354,951			135,279,432			139,321,648			143,485,131			147,773,518			152,190,556			156,740,106			161,426,142			5,979,867,147
Discount Rate	7.78	%
PV to Fee	379,000,000
PV to Operator
Cash Flow Before Debt Service				232,456,734			239,430,436			246,613,349			254,011,749			261,632,102			269,481,065			277,565,497			285,892,462			294,469,236			303,303,313			312,402,412			321,774,484			331,427,719
Fixed Rents				(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)		(1,077,800	)
Overage Rent				(115,689,467	)		(119,176,318	)		(122,767,774	)		(126,466,975	)		(130,277,151	)		(134,201,632	)		(138,243,848	)		(142,407,331	)		(146,695,718	)		(151,112,756	)		(155,662,306	)		(160,348,342	)		(165,174,960	)
Total Cash Flow to Operator				115,689,467			119,176,318			122,767,774			126,466,975			130,277,151			134,201,632			138,243,848			142,407,331			146,695,718			151,112,756			155,662,306			160,348,342			165,174,960
Discount Rate	8.28	%
PV to Operator	308,000,000
Combined Value	687,000,000
Future Fee Simple Value
Cash Flow Before Debt Service
Reversion
Net Operating Income
Average NOI
Cap Rate	6.00	%
Value
Selling Expense	2.50	%
Net Sale Proceeds
Fee Simple Value Today
Cash Flow Before Debt Service
Net Sale Proceeds
Total
Discount Rate	7.25	%
Fee Simple Value Today	687,000,000
Future Fee Simple Value
Fee Simple Value Today	687,000,000
Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Future Fee Simple Value				4,168,957,272			4,294,025,991			4,422,846,770			4,555,532,173			4,692,198,139			4,832,964,083			4,977,953,005			5,127,291,595			5,281,110,343			5,439,543,654			5,602,729,963			5,770,811,862			5,813,614,388

Page 5 of 16

The projections were prepared solely to determine the relative value among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs, the private entities or the management companies. The projections should not be relied upon determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties and management companies may be materially different from these projections because of changes in market conditions and many other factors.

250 W57th Street

Long-term DCF Method Estimate

For the Years Ending			Year 1 Jun-2012			Year 2 Jun-2013			Year 3 Jun-2014			Year 4 Jun-2015			Year 5 Jun-2016			Year 6 Jun-2017			Year 7 Jun-2018			Year 8 Jun-2019			Year 9 Jun-2020			Year 10 Jun-2021			Year 11 Jun-2022			Year 12 Jun-2023			Year 13 Jun-2024			Year 14 Jun-2025			Year 15 Jun-2026
Total Potential Gross Rev				24,947,767			30,234,494			32,613,506			33,964,110			36,374,169			37,480,549			38,566,676			38,984,840			40,963,447			42,745,468			44,724,752			46,268,731			48,427,561			49,512,199			51,617,743
General Vacancy				0			0			(463,127	)		(347,632	)		(597,608	)		(446,003	)		(321,231	)		(85,640	)		(715,305	)		(146,289	)		(134,660	)		(316,375	)		(630,638	)		(582,420	)		(759,828	)
Collection Loss				(249,479	)		(302,344	)		(326,136	)		(339,640	)		(363,742	)		(374,806	)		(385,667	)		(389,848	)		(409,634	)		(427,455	)		(447,248	)		(462,686	)		(484,275	)		(495,122	)		(516,179	)
Effective Gross Revenue				24,698,288			29,932,150			31,824,243			33,276,838			35,412,819			36,659,740			37,859,778			38,509,352			39,838,508			42,171,724			44,142,844			45,489,670			47,312,648			48,434,657			50,341,736
Operating Expenses
Professional Fees				780,000			681,000			663,000			682,890			703,377			724,477			746,212			768,600			791,656			815,408			839,867			865,066			891,016			917,748			945,278
Cleaning				2,131,340			2,153,000			1,919,999			1,977,600			2,036,928			2,098,035			2,160,977			2,225,808			2,292,579			2,361,358			2,432,198			2,505,166			2,580,319			2,657,728			2,737,462
Insurance				225,000			231,750			238,703			245,863			253,239			260,837			268,661			276,722			285,024			293,573			302,382			311,453			320,796			330,420			340,332
Payroll/Labor Costs				990,000			1,019,700			1,050,291			1,081,800			1,114,253			1,147,682			1,182,112			1,217,576			1,254,103			1,291,725			1,330,476			1,370,391			1,411,503			1,453,849			1,497,464
Utilities				2,103,296			2,166,394			2,231,387			2,298,328			2,367,278			2,438,296			2,511,445			2,586,790			2,664,393			2,744,324			2,826,652			2,911,454			2,998,798			3,088,761			3,181,424
Repairs and Maintenance				970,000			999,100			1,029,072			1,059,946			1,091,743			1,124,496			1,158,230			1,192,978			1,228,766			1,265,630			1,303,598			1,342,707			1,382,989			1,424,477			1,467,214
Security				280,440			288,853			297,519			306,445			315,637			325,107			334,860			344,905			355,253			365,912			376,886			388,196			399,839			411,836			424,190
Real Estate Taxes				4,467,936			4,678,549			4,891,160			5,105,776			5,305,218			5,491,697			5,684,730			5,884,548			6,091,391			6,305,501			6,510,624			6,705,943			6,907,120			7,114,335			7,327,765
Management Fee				277,856			336,737			358,022			374,364			398,395			412,421			425,923			433,229			448,183			474,432			496,607			511,758			532,268			544,891			566,343
Licenses and Permits				129,780			133,673			137,685			141,815			146,067			150,452			154,964			159,612			164,401			169,333			174,413			179,646			185,037			190,586			196,304
Total Operating Expenses				12,355,648			12,688,756			12,816,838			13,274,827			13,732,135			14,173,500			14,628,114			15,090,768			15,575,749			16,087,196			16,593,703			17,091,780			17,609,685			18,134,631			18,683,776
Net Operating Income				12,342,640			17,243,394			19,007,405			20,002,011			21,680,684			22,486,240			23,231,664			23,418,584			24,262,759			26,084,528			27,549,141			28,397,890			29,702,963			30,300,026			31,657,960
Leasing & Capital Costs
Tenant Improvements				1,681,666			1,594,775			857,937			971,205			709,282			744,140			952,808			1,458,828			1,332,051			601,065			846,123			1,426,785			849,389			1,652,209			826,038
Leasing Commissions				1,624,954			894,448			664,773			657,130			687,406			674,966			871,670			1,092,081			935,110			2,257,927			1,992,586			1,225,337			827,889			1,150,591			864,434
PB PIO				1,983,783			0			0			0			0			0			0			0			0			0			0			0			0			0			0
Capital Improvements				8,525,616			5,466,278			1,496,000			408,164			809,333			971,895			443,024			807,786			2,546,280			1,856,518			0			0			0			0			0
Base Building Costs				250,001			484,100			360,707			524,507			506,480			602,822			847,777			750,224			772,728			848,103			0			0			0			0			0
Total Leasing & Capital Costs				14,066,020			8,439,601			3,379,417			2,561,006			2,712,501			2,993,823			3,115,279			4,108,919			5,586,169			5,563,613			2,838,709			2,652,122			1,677,278			2,802,800			1,690,472
Cash Flow Before Debt Service & Taxes			($	1,723,380	)	$	8,803,793		$	15,627,988		$	17,441,005		$	18,968,183		$	19,492,417		$	20,116,385		$	19,309,665		$	18,676,590		$	20,520,915		$	24,710,432		$	25,745,768		$	28,025,685		$	27,497,226		$	29,967,488
Fixed Rents
Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000
Overage Rent
Total Income				24,698,288			29,932,150			31,824,243			33,276,838			35,412,819			36,659,740			37,859,778			38,509,352			39,838,508			42,171,724			44,142,844			45,489,670			47,312,648			48,434,657			50,341,736
Total Operating Expense				(12,355,648	)		(12,688,756	)		(12,816,838	)		(13,274,827	)		(13,732,135	)		(14,173,500	)		(14,628,114	)		(15,090,768	)		(15,575,749	)		(16,087,196	)		(16,593,703	)		(17,091,780	)		(17,609,685	)		(18,134,631	)		(18,683,776	)
Net Operating Income				12,342,640			17,243,394			19,007,405			20,002,011			21,680,684			22,486,240			23,231,664			23,418,584			24,262,759			26,084,528			27,549,141			28,397,890			29,702,963			30,300,026			31,657,960
Less: Total Capital Expenses				(14,066,020	)		(8,439,601	)		(3,379,417	)		(2,561,006	)		(2,712,501	)		(2,993,823	)		(3,115,279	)		(4,108,919	)		(5,586,169	)		(5,563,613	)		(2,838,709	)		(2,652,122	)		(1,677,278	)		(2,802,800	)		(1,690,472	)
Less: Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Income Subject to Overage Rent				(2,503,380	)		8,023,793			14,847,988			16,661,005			18,188,183			18,712,417			19,336,385			18,529,665			17,896,590			19,740,915			23,930,432			24,965,768			27,245,685			26,717,226			29,187,488
Exclusion				—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Remainder for Overage				—			8,023,793			14,847,988			16,661,005			18,188,183			18,712,417			19,336,385			18,529,665			17,896,590			19,740,915			23,930,432			24,965,768			27,245,685			26,717,226			29,187,488
Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Overage Rent @ 50%				—			4,011,897			7,423,994			8,330,503			9,094,092			9,356,209			9,668,193			9,264,833			8,948,295			9,870,458			11,965,216			12,482,884			13,622,843			13,358,613			14,593,744
PV to Fee
Basic rent				28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
Overage Rent				—			4,011,897			7,423,994			8,330,503			9,094,092			9,356,209			9,668,193			9,264,833			8,948,295			9,870,458			11,965,216			12,482,884			13,622,843			13,358,613			14,593,744
Future Fee Simple Value (see below)
Total Cash Flow to Fee				780,000			4,791,897			8,203,994			9,110,503			9,874,092			10,136,209			10,448,193			10,044,833			9,728,295			10,650,458			12,745,216			13,262,884			14,402,843			14,138,613			15,373,744
Discount Rate	8.06	%
PV to Fee	174,000,000
PV to Operator
Cash Flow Before Debt Service				(1,723,380	)		8,803,793			15,627,988			17,441,005			18,968,183			19,492,417			20,116,385			19,309,665			18,676,590			20,520,915			24,710,432			25,745,768			28,025,685			27,497,226			29,967,488
Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Overage Rent				—			(4,011,897	)		(7,423,994	)		(8,330,503	)		(9,094,092	)		(9,356,209	)		(9,668,193	)		(9,264,833	)		(8,948,295	)		(9,870,458	)		(11,965,216	)		(12,482,884	)		(13,622,843	)		(13,358,613	)		(14,593,744	)
Total Cash Flow to Operator				(2,503,380	)		4,011,897			7,423,994			8,330,503			9,094,092			9,356,209			9,668,193			9,264,833			8,948,295			9,870,458			11,965,216			12,482,884			13,622,843			13,358,613			14,593,744
Discount Rate	8.56	%
PV to Operator	142,000,000
Combined Value	316,000,000
Future Fee Simple Value
Cash Flow Before Debt Service				(1,723,380	)		8,803,793			15,627,988			17,441,005			18,968,183			19,492,417			20,116,385			19,309,665			18,676,590			20,520,915
Reversion
Net Operating Income																																		27,549,141			28,397,890			29,702,963
Average NOI																															28,549,998
Cap Rate	6.25	%																													6.25	%
Value																															456,799,968
Selling Expense	2.50	%																													(11,419,999	)
Net Sale Proceeds																															445,379,969
Fee Simple Value Today
Cash Flow Before Debt Service				(1,723,380	)		8,803,793			15,627,988			17,441,005			18,968,183			19,492,417			20,116,385			19,309,665			18,676,590			20,520,915
Net Sale Proceeds				—			—			—			—			—			—			—			—			—			445,379,969
Total				(1,723,380	)		8,803,793			15,627,988			17,441,005			18,968,183			19,492,417			20,116,385			19,309,665			18,676,590			465,900,884
Discount Rate	7.50	%
Fee Simple Value Today	316,000,000
Future Fee Simple Value
Fee Simple Value Today	316,000,000
Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Future Fee Simple Value				325,480,000			335,244,400			345,301,732			355,660,784			366,330,607			377,320,526			388,640,141			400,299,346			412,308,326			424,677,576			437,417,903			450,540,440			464,056,653			477,978,353			492,317,704

Page 6 of 16

The projections were prepared solely to determine the relative value among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs, the private entities or the management companies. The projections should not be relied upon determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties and management companies may be materially different from these projections because of changes in market conditions and many other factors.

250 W57th Street

Long-term DCF Method Estimate

For the Years Ending			Year 16 Jun-2027			Year 17 Jun-2028			Year 18 Jun-2029			Year 19 Jun-2030			Year 20 Jun-2031			Year 21 Jun-2032			Year 22 Jun-2033			Year 23 Jun-2034			Year 24 Jun-2035			Year 25 Jun-2036			Year 26 Jun-2037			Year 27 Jun-2038			Year 28 Jun-2039			Year 29 Jun-2040			Year 30 Jun-2041
Total Potential Gross Rev				53,135,660			54,189,159			55,094,895			57,380,163			58,604,568			61,202,638			61,833,374			65,139,759			66,807,785			69,747,761			72,162,560			73,645,278			74,737,068			77,811,084			79,538,656
General Vacancy				(876,236	)		(407,207	)		(376,615	)		(574,879	)		(224,663	)		(462,981	)		(467,785	)		(870,579	)		(581,101	)		(849,104	)		(1,199,707	)		(708,321	)		(504,784	)		(643,116	)		(404,844	)
Collection Loss				(531,357	)		(541,891	)		(550,948	)		(573,802	)		(586,045	)		(612,027	)		(618,334	)		(651,397	)		(668,078	)		(697,478	)		(721,626	)		(736,453	)		(747,372	)		(778,111	)		(795,386	)
Effective Gross Revenue				51,728,067			53,240,061			54,167,332			56,231,482			57,793,860			60,127,630			60,747,255			63,617,783			65,558,606			68,201,179			70,241,227			72,200,504			73,484,912			76,389,857			78,338,426
Operating Expenses
Professional Fees				973,638			1,002,848			1,032,933			1,063,919			1,095,838			1,128,713			1,162,575			1,197,452			1,233,375			1,270,378			1,308,487			1,347,743			1,388,174			1,429,821			1,472,713
Cleaning				2,819,584			2,904,173			2,991,298			3,081,036			3,173,468			3,268,670			3,366,733			3,467,734			3,571,765			3,678,920			3,789,286			3,902,963			4,020,053			4,140,656			4,264,874
Insurance				350,544			361,058			371,892			383,047			394,538			406,376			418,567			431,123			444,057			457,379			471,099			485,233			499,791			514,784			530,227
Payroll/Labor Costs				1,542,387			1,588,660			1,636,320			1,685,409			1,735,970			1,788,051			1,841,691			1,896,944			1,953,851			2,012,466			2,072,840			2,135,025			2,199,076			2,265,048			2,333,000
Utilities				3,276,866			3,375,173			3,476,427			3,580,721			3,688,143			3,798,787			3,912,750			4,030,131			4,151,038			4,275,566			4,403,835			4,535,950			4,672,029			4,812,189			4,956,554
Repairs and Maintenance				1,511,228			1,556,565			1,603,262			1,651,360			1,700,902			1,751,927			1,804,486			1,858,620			1,914,380			1,971,811			2,030,964			2,091,893			2,154,651			2,219,290			2,285,868
Security				436,918			450,023			463,524			477,431			491,752			506,507			521,700			537,353			553,473			570,076			587,180			604,795			622,938			641,626			660,875
Real Estate Taxes				7,547,597			7,774,026			8,007,248			8,247,463			8,494,887			8,749,736			9,012,226			9,282,592			9,561,072			9,847,903			10,143,340			10,447,641			10,761,069			11,083,901			11,416,419
Management Fee				581,942			598,949			609,384			632,604			650,180			676,436			683,407			715,700			737,534			767,264			790,213			812,256			826,705			859,385			881,307
Licenses and Permits				202,192			208,260			214,507			220,941			227,570			234,397			241,429			248,672			256,132			263,817			271,729			279,883			288,278			296,928			305,834
Total Operating Expenses				19,242,896			19,819,735			20,406,795			21,023,931			21,653,248			22,309,600			22,965,564			23,666,321			24,376,677			25,115,580			25,868,973			26,643,382			27,432,764			28,263,628			29,107,671
Net Operating Income				32,485,171			33,420,326			33,760,537			35,207,551			36,140,612			37,818,030			37,781,691			39,951,462			41,181,929			43,085,599			44,372,254			45,557,122			46,052,148			48,126,229			49,230,755
Leasing & Capital Costs
Tenant Improvements				1,104,080			1,071,766			2,213,797			1,933,343			889,536			804,045			2,048,092			1,278,690			2,189,484			1,151,186			1,280,479			1,552,343			3,025,569			2,671,361			1,019,218
Leasing Commissions				877,643			1,022,079			1,627,685			1,400,346			3,147,283			817,723			3,366,330			1,177,563			1,635,471			1,139,293			1,008,053			1,470,839			2,207,149			2,143,896			3,928,198
PB PIO				0			0			0			0			0			0			0			0			0			0			0			0			0			0			0
Capital Improvements				0			0			0			0			0			0			0			0			0			0			0			0			0			0			0
Base Building Costs				0			0			0			0			0			0			0			0			0			0			0			0			0			0			0
Total Leasing & Capital Costs				1,981,723			2,093,845			3,841,482			3,333,689			4,036,819			1,621,768			5,414,422			2,456,253			3,824,955			2,290,479			2,288,532			3,023,182			5,232,718			4,815,257			4,947,416
Cash Flow Before Debt Service & Taxes			$	30,503,448		$	31,326,481		$	29,919,055		$	31,873,862		$	32,103,793		$	36,196,262		$	32,367,269		$	37,495,209		$	37,356,974		$	40,795,120		$	42,083,722		$	42,533,940		$	40,819,430		$	43,310,972		$	44,283,339
Fixed Rents
Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000
Overage Rent
Total Income				51,728,067			53,240,061			54,167,332			56,231,482			57,793,860			60,127,630			60,747,255			63,617,783			65,558,606			68,201,179			70,241,227			72,200,504			73,484,912			76,389,857			78,338,426
Total Operating Expense				(19,242,896	)		(19,819,735	)		(20,406,795	)		(21,023,931	)		(21,653,248	)		(22,309,600	)		(22,965,564	)		(23,666,321	)		(24,376,677	)		(25,115,580	)		(25,868,973	)		(26,643,382	)		(27,432,764	)		(28,263,628	)		(29,107,671	)
Net Operating Income				32,485,171			33,420,326			33,760,537			35,207,551			36,140,612			37,818,030			37,781,691			39,951,462			41,181,929			43,085,599			44,372,254			45,557,122			46,052,148			48,126,229			49,230,755
Less: Total Capital Expenses				(1,981,723	)		(2,093,845	)		(3,841,482	)		(3,333,689	)		(4,036,819	)		(1,621,768	)		(5,414,422	)		(2,456,253	)		(3,824,955	)		(2,290,479	)		(2,288,532	)		(3,023,182	)		(5,232,718	)		(4,815,257	)		(4,947,416	)
Less: Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Income Subject to Overage Rent				29,723,448			30,546,481			29,139,055			31,093,862			31,323,793			35,416,262			31,587,269			36,715,209			36,576,974			40,015,120			41,303,722			41,753,940			40,039,430			42,530,972			43,503,339
Exclusion				—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Remainder for Overage				29,723,448			30,546,481			29,139,055			31,093,862			31,323,793			35,416,262			31,587,269			36,715,209			36,576,974			40,015,120			41,303,722			41,753,940			40,039,430			42,530,972			43,503,339
Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Overage Rent @ 50%				14,861,724			15,273,241			14,569,528			15,546,931			15,661,897			17,708,131			15,793,635			18,357,605			18,288,487			20,007,560			20,651,861			20,876,970			20,019,715			21,265,486			21,751,670
PV to Fee
Basic rent				28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
Overage Rent				14,861,724			15,273,241			14,569,528			15,546,931			15,661,897			17,708,131			15,793,635			18,357,605			18,288,487			20,007,560			20,651,861			20,876,970			20,019,715			21,265,486			21,751,670
Future Fee Simple Value (see below)
Total Cash Flow to Fee				15,641,724			16,053,241			15,349,528			16,326,931			16,441,897			18,488,131			16,573,635			19,137,605			19,068,487			20,787,560			21,431,861			21,656,970			20,799,715			22,045,486			22,531,670
Discount Rate	8.06	%
PV to Fee	174,000,000
PV to Operator
Cash Flow Before Debt Service				30,503,448			31,326,481			29,919,055			31,873,862			32,103,793			36,196,262			32,367,269			37,495,209			37,356,974			40,795,120			42,083,722			42,533,940			40,819,430			43,310,972			44,283,339
Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Overage Rent				(14,861,724	)		(15,273,241	)		(14,569,528	)		(15,546,931	)		(15,661,897	)		(17,708,131	)		(15,793,635	)		(18,357,605	)		(18,288,487	)		(20,007,560	)		(20,651,861	)		(20,876,970	)		(20,019,715	)		(21,265,486	)		(21,751,670	)
Total Cash Flow to Operator				14,861,724			15,273,241			14,569,528			15,546,931			15,661,897			17,708,131			15,793,635			18,357,605			18,288,487			20,007,560			20,651,861			20,876,970			20,019,715			21,265,486			21,751,670
Discount Rate	8.56	%
PV to Operator	142,000,000
Combined Value	316,000,000
Future Fee Simple Value
Cash Flow Before Debt Service
Reversion
Net Operating Income
Average NOI
Cap Rate	6.25	%
Value
Selling Expense	2.50	%
Net Sale Proceeds
Fee Simple Value Today
Cash Flow Before Debt Service
Net Sale Proceeds
Total
Discount Rate	7.50	%
Fee Simple Value Today	316,000,000
Future Fee Simple Value
Fee Simple Value Today	316,000,000
Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Future Fee Simple Value				507,087,235			522,299,852			537,968,847			554,107,913			570,731,150			587,853,085			605,488,677			623,653,338			642,362,938			661,633,826			681,482,841			701,927,326			722,985,146			744,674,700			767,014,941

Page 7 of 16

The projections were prepared solely to determine the relative value among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs, the private entities or the management companies. The projections should not be relied upon determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties and management companies may be materially different from these projections because of changes in market conditions and many other factors.

250 W57th Street

Long-term DCF Method Estimate

For the Years Ending			Year 31 Jun-2042			Year 32 Jun-2043			Year 33 Jun-2044			Year 34 Jun-2045			Year 35 Jun-2046			Year 36 Jun-2047			Year 37 Jun-2048			Year 38 Jun-2049			Year 39 Jun-2050			Year 40 Jun-2051			Year 41 Jun-2052			Year 42 Jun-2053			Year 43 Jun-2054			Year 44 Jun-2055			Year 45 Jun-2056
Total Potential Gross Rev				84,028,364			83,147,818			87,833,916			89,634,747			94,352,541			96,616,696
General Vacancy				(1,555,646	)		0			(1,087,176	)		(574,664	)		(1,527,024	)		(1,588,051	)
Collection Loss				(840,284	)		(831,479	)		(878,339	)		(896,347	)		(943,524	)		(966,168	)
Assumed Growth Rate																						3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Effective Gross Revenue				81,632,434			82,316,339			85,868,401			88,163,736			91,881,993			94,062,477			96,884,351			99,790,882			102,784,608			105,868,147			109,044,191			112,315,517			115,684,982			119,155,532			122,730,198
Operating Expenses
Professional Fees				1,516,896			1,562,402			1,609,275			1,657,553			1,707,280			1,758,500
Cleaning				4,392,821			4,524,605			4,660,345			4,800,155			4,944,158			5,092,484
Insurance				546,134			562,519			579,393			596,775			614,679			633,120
Payroll/Labor Costs				2,402,989			2,475,081			2,549,331			2,625,813			2,704,586			2,785,724
Utilities				5,105,252			5,258,409			5,416,161			5,578,646			5,746,006			5,918,386
Repairs and Maintenance				2,354,446			2,425,077			2,497,831			2,572,764			2,649,949			2,729,447
Security				680,700			701,124			722,156			743,820			766,136			789,120
Real Estate Taxes				11,758,911			12,111,680			12,475,029			12,849,278			13,234,760			13,631,799
Management Fee				918,366			926,058			966,020			991,842			1,033,674			1,058,202
Licenses and Permits				315,012			324,459			334,195			344,219			354,547			365,183
Assumed Growth Rate																						3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Operating Expenses				29,991,527			30,871,414			31,809,736			32,760,865			33,755,775			34,761,965			35,804,824			36,878,969			37,985,338			39,124,898			40,298,645			41,507,604			42,752,832			44,035,417			45,356,480
Net Operating Income				51,640,907			51,444,925			54,058,665			55,402,871			58,126,218			59,300,512			61,079,527			62,911,913			64,799,271			66,743,249			68,745,546			70,807,913			72,932,150			75,120,114			77,373,718
Leasing & Capital Costs
Tenant Improvements				1,052,900			2,415,104			2,058,070			2,826,306			1,371,735			2,238,763
Leasing Commissions				997,211			4,348,174			1,832,287			2,358,581			1,067,236			1,965,389
PB PIO				0			0			0			0			0			0
Capital Improvements				0			0			0			0			0			0
Base Building Costs				0			0			0			0			0			0
Assumed Growth Rate																									3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Leasing & Capital Costs				2,050,111			6,763,278			3,890,357			5,184,887			2,438,971			4,204,152			3,886,723			4,003,325			4,123,424			4,247,127			4,374,541			4,505,777			4,640,950			4,780,179			4,923,584
Cash Flow Before Debt Service & Taxes			$	49,590,796		$	44,681,647		$	50,168,308		$	50,217,984		$	55,687,247		$	55,096,360			57,192,804			58,908,589			60,675,846			62,496,122			64,371,005			66,302,135			68,291,199			70,339,935			72,450,134
Fixed Rents
Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000
Overage Rent
Total Income				81,632,434			82,316,339			85,868,401			88,163,736			91,881,993			94,062,477			96,884,351			99,790,882			102,784,608			105,868,147			109,044,191			112,315,517			115,684,982			119,155,532			122,730,198
Total Operating Expense				(29,991,527	)		(30,871,414	)		(31,809,736	)		(32,760,865	)		(33,755,775	)		(34,761,965	)		(35,804,824	)		(36,878,969	)		(37,985,338	)		(39,124,898	)		(40,298,645	)		(41,507,604	)		(42,752,832	)		(44,035,417	)		(45,356,480	)
Net Operating Income				51,640,907			51,444,925			54,058,665			55,402,871			58,126,218			59,300,512			61,079,527			62,911,913			64,799,271			66,743,249			68,745,546			70,807,913			72,932,150			75,120,114			77,373,718
Less: Total Capital Expenses				(2,050,111	)		(6,763,278	)		(3,890,357	)		(5,184,887	)		(2,438,971	)		(4,204,152	)		(3,886,723	)		(4,003,325	)		(4,123,424	)		(4,247,127	)		(4,374,541	)		(4,505,777	)		(4,640,950	)		(4,780,179	)		(4,923,584	)
Less: Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Income Subject to Overage Rent				48,810,796			43,901,647			49,388,308			49,437,984			54,907,247			54,316,360			56,412,804			58,128,589			59,895,846			61,716,122			63,591,005			65,522,135			67,511,199			69,559,935			71,670,134
Exclusion				—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Remainder for Overage				48,810,796			43,901,647			49,388,308			49,437,984			54,907,247			54,316,360			56,412,804			58,128,589			59,895,846			61,716,122			63,591,005			65,522,135			67,511,199			69,559,935			71,670,134
Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Overage Rent @ 50%				24,405,398			21,950,824			24,694,154			24,718,992			27,453,624			27,158,180			28,206,402			29,064,294			29,947,923			30,858,061			31,795,503			32,761,068			33,755,600			34,779,968			35,835,067
PV to Fee
Basic rent				28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
Overage Rent				24,405,398			21,950,824			24,694,154			24,718,992			27,453,624			27,158,180			28,206,402			29,064,294			29,947,923			30,858,061			31,795,503			32,761,068			33,755,600			34,779,968			35,835,067
Future Fee Simple Value (see below)
Total Cash Flow to Fee				25,185,398			22,730,824			25,474,154			25,498,992			28,233,624			27,938,180			28,986,402			29,844,294			30,727,923			31,638,061			32,575,503			33,541,068			34,535,600			35,559,968			36,615,067
Discount Rate	8.06	%
PV to Fee	174,000,000
PV to Operator
Cash Flow Before Debt Service				49,590,796			44,681,647			50,168,308			50,217,984			55,687,247			55,096,360			57,192,804			58,908,589			60,675,846			62,496,122			64,371,005			66,302,135			68,291,199			70,339,935			72,450,134
Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Overage Rent				(24,405,398	)		(21,950,824	)		(24,694,154	)		(24,718,992	)		(27,453,624	)		(27,158,180	)		(28,206,402	)		(29,064,294	)		(29,947,923	)		(30,858,061	)		(31,795,503	)		(32,761,068	)		(33,755,600	)		(34,779,968	)		(35,835,067	)
Total Cash Flow to Operator				24,405,398			21,950,824			24,694,154			24,718,992			27,453,624			27,158,180			28,206,402			29,064,294			29,947,923			30,858,061			31,795,503			32,761,068			33,755,600			34,779,968			35,835,067
Discount Rate	8.56	%
PV to Operator	142,000,000
Combined Value	316,000,000
Future Fee Simple Value
Cash Flow Before Debt Service
Reversion
Net Operating Income
Average NOI
Cap Rate	6.25	%
Value
Selling Expense	2.50	%
Net Sale Proceeds
Fee Simple Value Today
Cash Flow Before Debt Service
Net Sale Proceeds
Total
Discount Rate	7.50	%
Fee Simple Value Today	316,000,000
Future Fee Simple Value
Fee Simple Value Today	316,000,000
Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Future Fee Simple Value				790,025,389			813,726,151			838,137,935			863,282,073			889,180,536			915,855,952			943,331,630			971,631,579			1,000,780,526			1,030,803,942			1,061,728,061			1,093,579,902			1,126,387,299			1,160,178,918			1,194,984,286

Page 8 of 16

The projections were prepared solely to determine the relative value among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs, the private entities or the management companies. The projections should not be relied upon determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties and management companies may be materially different from these projections because of changes in market conditions and many other factors.

250 W57th Street

Long-term DCF Method Estimate

For the Years Ending			Year 46 Jun-2057			Year 47 Jun-2058			Year 48 Jun-2059			Year 49 Jun-2060			Year 50 Jun-2061			Year 51 Jun-2062			Year 52 Jun-2063			Year 53 Jun-2064			Year 54 Jun-2065			Year 55 Jun-2066			Year 56 Jun-2067			Year 57 Jun-2068			Year 58 Jun-2069			Year 59 Jun-2070			Year 60 Jun-2071
Total Potential Gross Rev
General Vacancy
Collection Loss
				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Effective Gross Revenue				126,412,104			130,204,467			134,110,601			138,133,919			142,277,936			146,546,274			150,942,663			155,470,942			160,135,071			164,939,123			169,887,296			174,983,915			180,233,433			185,640,436			191,209,649
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Operating Expenses				46,717,174			48,118,689			49,562,250			51,049,118			52,580,591			54,158,009			55,782,749			57,456,232			59,179,918			60,955,316			62,783,976			64,667,495			66,607,520			68,605,745			70,663,918
Net Operating Income				79,694,929			82,085,777			84,548,351			87,084,801			89,697,345			92,388,265			95,159,913			98,014,711			100,955,152			103,983,807			107,103,321			110,316,421			113,625,913			117,034,691			120,545,731
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Leasing & Capital Costs				5,071,292			5,223,431			5,380,134			5,541,538			5,707,784			5,879,017			6,055,388			6,237,049			6,424,161			6,616,886			6,815,392			7,019,854			7,230,450			7,447,363			7,670,784
Cash Flow Before Debt Service & Taxes				74,623,638			76,862,347			79,168,217			81,543,264			83,989,561			86,509,248			89,104,526			91,777,662			94,530,991			97,366,921			100,287,929			103,296,567			106,395,464			109,587,328			112,874,947
Fixed Rents
Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000
Overage Rent
Total Income				126,412,104			130,204,467			134,110,601			138,133,919			142,277,936			146,546,274			150,942,663			155,470,942			160,135,071			164,939,123			169,887,296			174,983,915			180,233,433			185,640,436			191,209,649
Total Operating Expense				(46,717,174	)		(48,118,689	)		(49,562,250	)		(51,049,118	)		(52,580,591	)		(54,158,009	)		(55,782,749	)		(57,456,232	)		(59,179,918	)		(60,955,316	)		(62,783,976	)		(64,667,495	)		(66,607,520	)		(68,605,745	)		(70,663,918	)
Net Operating Income				79,694,929			82,085,777			84,548,351			87,084,801			89,697,345			92,388,265			95,159,913			98,014,711			100,955,152			103,983,807			107,103,321			110,316,421			113,625,913			117,034,691			120,545,731
Less: Total Capital Expenses				(5,071,292	)		(5,223,431	)		(5,380,134	)		(5,541,538	)		(5,707,784	)		(5,879,017	)		(6,055,388	)		(6,237,049	)		(6,424,161	)		(6,616,886	)		(6,815,392	)		(7,019,854	)		(7,230,450	)		(7,447,363	)		(7,670,784	)
Less: Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Income Subject to Overage Rent				73,843,638			76,082,347			78,388,217			80,763,264			83,209,561			85,729,248			88,324,526			90,997,662			93,750,991			96,586,921			99,507,929			102,516,567			105,615,464			108,807,328			112,094,947
Exclusion				—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Remainder for Overage				73,843,638			76,082,347			78,388,217			80,763,264			83,209,561			85,729,248			88,324,526			90,997,662			93,750,991			96,586,921			99,507,929			102,516,567			105,615,464			108,807,328			112,094,947
Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Overage Rent @ 50%				36,921,819			38,041,173			39,194,109			40,381,632			41,604,781			42,864,624			44,162,263			45,498,831			46,875,496			48,293,461			49,753,964			51,258,283			52,807,732			54,403,664			56,047,474
PV to Fee
Basic rent				28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
Overage Rent				36,921,819			38,041,173			39,194,109			40,381,632			41,604,781			42,864,624			44,162,263			45,498,831			46,875,496			48,293,461			49,753,964			51,258,283			52,807,732			54,403,664			56,047,474
Future Fee Simple Value (see below)
Total Cash Flow to Fee				37,701,819			38,821,173			39,974,109			41,161,632			42,384,781			43,644,624			44,942,263			46,278,831			47,655,496			49,073,461			50,533,964			52,038,283			53,587,732			55,183,664			56,827,474
Discount Rate	8.06	%
PV to Fee	174,000,000
PV to Operator
Cash Flow Before Debt Service				74,623,638			76,862,347			79,168,217			81,543,264			83,989,561			86,509,248			89,104,526			91,777,662			94,530,991			97,366,921			100,287,929			103,296,567			106,395,464			109,587,328			112,874,947
Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Overage Rent				(36,921,819	)		(38,041,173	)		(39,194,109	)		(40,381,632	)		(41,604,781	)		(42,864,624	)		(44,162,263	)		(45,498,831	)		(46,875,496	)		(48,293,461	)		(49,753,964	)		(51,258,283	)		(52,807,732	)		(54,403,664	)		(56,047,474	)
Total Cash Flow to Operator				36,921,819			38,041,173			39,194,109			40,381,632			41,604,781			42,864,624			44,162,263			45,498,831			46,875,496			48,293,461			49,753,964			51,258,283			52,807,732			54,403,664			56,047,474
Discount Rate	8.56	%
PV to Operator	142,000,000
Combined Value	316,000,000
Future Fee Simple Value
Cash Flow Before Debt Service
Reversion
Net Operating Income
Average NOI
Cap Rate	6.25	%
Value
Selling Expense	2.50	%
Net Sale Proceeds
Fee Simple Value Today
Cash Flow Before Debt Service
Net Sale Proceeds
Total
Discount Rate	7.50	%
Fee Simple Value Today	316,000,000
Future Fee Simple Value
Fee Simple Value Today	316,000,000
Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Future Fee Simple Value				1,230,833,815			1,267,758,829			1,305,791,594			1,344,965,342			1,385,314,302			1,426,873,731			1,469,679,943			1,513,770,341			1,559,183,451			1,605,958,955			1,654,137,724			1,703,761,855			1,754,874,711			1,807,520,952			1,861,746,581

Page 9 of 16

The projections were prepared solely to determine the relative value among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs, the private entities or the management companies. The projections should not be relied upon determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties and management companies may be materially different from these projections because of changes in market conditions and many other factors.

250 W57th Street

Long-term DCF Method Estimate

For the Years Ending			Year 61 Jun-2072			Year 62 Jun-2073			Year 63 Jun-2074			Year 64 Jun-2075			Year 65 Jun-2076			Year 66 Jun-2077			Year 67 Jun-2078			Year 68 Jun-2079			Year 69 Jun-2080			Year 70 Jun-2081			Year 71 Jun-2082			Year 72 Jun-2083			Year 73 Jun-2084			Year 74 Jun-2085			Year 75 Jun-2086
Total Potential Gross Rev
General Vacancy
Collection Loss
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Effective Gross Revenue				196,945,938			202,854,317			208,939,946			215,208,144			221,664,389			228,314,320			235,163,750			242,218,662			249,485,222			256,969,779			264,678,872			272,619,239			280,797,816			289,221,750			297,898,403
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Operating Expenses				72,783,835			74,967,350			77,216,371			79,532,862			81,918,848			84,376,413			86,907,705			89,514,937			92,200,385			94,966,396			97,815,388			100,749,850			103,772,345			106,885,516			110,092,081
Net Operating Income				124,162,103			127,886,966			131,723,575			135,675,283			139,745,541			143,937,907			148,256,045			152,703,726			157,284,838			162,003,383			166,863,484			171,869,389			177,025,470			182,336,235			187,806,322
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Leasing & Capital Costs				7,900,907			8,137,935			8,382,073			8,633,535			8,892,541			9,159,317			9,434,097			9,717,120			10,008,633			10,308,892			10,618,159			10,936,704			11,264,805			11,602,749			11,950,831
Cash Flow Before Debt Service & Taxes				116,261,196			119,749,032			123,341,503			127,041,748			130,853,000			134,778,590			138,821,948			142,986,606			147,276,204			151,694,491			156,245,325			160,932,685			165,760,666			170,733,486			175,855,490
Fixed Rents
Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000
Overage Rent
Total Income				196,945,938			202,854,317			208,939,946			215,208,144			221,664,389			228,314,320			235,163,750			242,218,662			249,485,222			256,969,779			264,678,872			272,619,239			280,797,816			289,221,750			297,898,403
Total Operating Expense				(72,783,835	)		(74,967,350	)		(77,216,371	)		(79,532,862	)		(81,918,848	)		(84,376,413	)		(86,907,705	)		(89,514,937	)		(92,200,385	)		(94,966,396	)		(97,815,388	)		(100,749,850	)		(103,772,345	)		(106,885,516	)		(110,092,081	)
Net Operating Income				124,162,103			127,886,966			131,723,575			135,675,283			139,745,541			143,937,907			148,256,045			152,703,726			157,284,838			162,003,383			166,863,484			171,869,389			177,025,470			182,336,235			187,806,322
Less: Total Capital Expenses				(7,900,907	)		(8,137,935	)		(8,382,073	)		(8,633,535	)		(8,892,541	)		(9,159,317	)		(9,434,097	)		(9,717,120	)		(10,008,633	)		(10,308,892	)		(10,618,159	)		(10,936,704	)		(11,264,805	)		(11,602,749	)		(11,950,831	)
Less: Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Income Subject to Overage Rent				115,481,196			118,969,032			122,561,503			126,261,748			130,073,000			133,998,590			138,041,948			142,206,606			146,496,204			150,914,491			155,465,325			160,152,685			164,980,666			169,953,486			175,075,490
Exclusion				—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Remainder for Overage				115,481,196			118,969,032			122,561,503			126,261,748			130,073,000			133,998,590			138,041,948			142,206,606			146,496,204			150,914,491			155,465,325			160,152,685			164,980,666			169,953,486			175,075,490
Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Overage Rent @ 50%				57,740,598			59,484,516			61,280,751			63,130,874			65,036,500			66,999,295			69,020,974			71,103,303			73,248,102			75,457,245			77,732,663			80,076,343			82,490,333			84,976,743			87,537,745
PV to Fee
Basic rent				28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
Overage Rent				57,740,598			59,484,516			61,280,751			63,130,874			65,036,500			66,999,295			69,020,974			71,103,303			73,248,102			75,457,245			77,732,663			80,076,343			82,490,333			84,976,743			87,537,745
Future Fee Simple Value (see below)
Total Cash Flow to Fee				58,520,598			60,264,516			62,060,751			63,910,874			65,816,500			67,779,295			69,800,974			71,883,303			74,028,102			76,237,245			78,512,663			80,856,343			83,270,333			85,756,743			88,317,745
Discount Rate	8.06	%
PV to Fee	174,000,000
PV to Operator
Cash Flow Before Debt Service				116,261,196			119,749,032			123,341,503			127,041,748			130,853,000			134,778,590			138,821,948			142,986,606			147,276,204			151,694,491			156,245,325			160,932,685			165,760,666			170,733,486			175,855,490
Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Overage Rent				(57,740,598	)		(59,484,516	)		(61,280,751	)		(63,130,874	)		(65,036,500	)		(66,999,295	)		(69,020,974	)		(71,103,303	)		(73,248,102	)		(75,457,245	)		(77,732,663	)		(80,076,343	)		(82,490,333	)		(84,976,743	)		(87,537,745	)
Total Cash Flow to Operator				57,740,598			59,484,516			61,280,751			63,130,874			65,036,500			66,999,295			69,020,974			71,103,303			73,248,102			75,457,245			77,732,663			80,076,343			82,490,333			84,976,743			87,537,745
Discount Rate	8.56	%
PV to Operator	142,000,000
Combined Value	316,000,000
Future Fee Simple Value
Cash Flow Before Debt Service
Reversion
Net Operating Income
Average NOI
Cap Rate Value	6.25	%
Selling Expense	2.50	%
Net Sale Proceeds
Fee Simple Value Today
Cash Flow Before Debt Service
Net Sale Proceeds
Total
Discount Rate	7.50	%
Fee Simple Value Today	316,000,000
Future Fee Simple Value
Fee Simple Value Today	316,000,000
Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Future Fee Simple Value				1,917,598,978			1,975,126,948			2,034,380,756			2,095,412,179			2,158,274,544			2,223,022,780			2,289,713,464			2,358,404,868			2,429,157,014			2,502,031,724			2,577,092,676			2,654,405,456			2,734,037,620			2,816,058,749			2,900,540,511

Page 10 of 16

The projections were prepared solely to determine the relative value among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs, the private entities or the management companies. The projections should not be relied upon determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties and management companies may be materially different from these projections because of changes in market conditions and many other factors.

250 W57th Street

Long-term DCF Method Estimate

For the Years Ending			Year 76 Jun-2087			Year 77 Jun-2088			Year 78 Jun-2089			Year 79 Jun-2090			Year 80 Jun-2091			Year 81 Jun-2092			Year 82 Jun-2093			Year 83 Jun-2094			Year 84 Jun-2095			Year 85 Jun-2096			Year 86 Jun-2097			Year 87 Jun-2098			Year 88 Jun-2099			Year 89 Jun-2100			Year 90 Jun-2101			Year 91 Jun-2102			Year 92 Jun-2103			Year 92 (three months) September-03
Total Potential Gross Rev
General Vacancy
Collection Loss
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Effective Gross Revenue				306,835,355			316,040,415			325,521,628			335,287,277			345,345,895			355,706,272			366,377,460			377,368,784			388,689,847			400,350,543			412,361,059			424,731,891			437,473,848			450,598,063			464,116,005			478,039,485			492,380,670			507,152,090
Operating Expenses
Professional Fees
Cleaning
Insurance
Payroll/Labor Costs
Utilities
Repairs and Maintenance
Security
Real Estate Taxes
Management Fee
Licenses and Permits
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Operating Expenses				113,394,844			116,796,689			120,300,590			123,909,607			127,626,895			131,455,702			135,399,373			139,461,355			143,645,195			147,954,551			152,393,188			156,964,983			161,673,933			166,524,151			171,519,875			176,665,471			181,965,436			187,424,399
Net Operating Income				193,440,511			199,243,727			205,221,038			211,377,670			217,719,000			224,250,570			230,978,087			237,907,429			245,044,652			252,395,992			259,967,871			267,766,908			275,799,915			284,073,912			292,596,130			301,374,014			310,415,234			319,727,691
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
PB PIO
Capital Improvements
Base Building Costs
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Leasing & Capital Costs				12,309,356			12,678,637			13,058,996			13,450,766			13,854,289			14,269,918			14,698,015			15,138,956			15,593,124			16,060,918			16,542,746			17,039,028			17,550,199			18,076,705			18,619,006			19,177,576			19,752,903			20,345,490
Cash Flow Before Debt Service & Taxes				181,131,155			186,565,090			192,162,042			197,926,903			203,864,711			209,980,652			216,280,071			222,768,474			229,451,528			236,335,074			243,425,126			250,727,880			258,249,716			265,997,207			273,977,124			282,196,437			290,662,331			299,382,200
Fixed Rents
Basic Rent				28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000
Primary Additional Rent				752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000
Total Fixed Rent				780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000			780,000
Overage Rent
Total Income				306,835,355			316,040,415			325,521,628			335,287,277			345,345,895			355,706,272			366,377,460			377,368,784			388,689,847			400,350,543			412,361,059			424,731,891			437,473,848			450,598,063			464,116,005			478,039,485			492,380,670			507,152,090
Total Operating Expense				(113,394,844	)		(116,796,689	)		(120,300,590	)		(123,909,607	)		(127,626,895	)		(131,455,702	)		(135,399,373	)		(139,461,355	)		(143,645,195	)		(147,954,551	)		(152,393,188	)		(156,964,983	)		(161,673,933	)		(166,524,151	)		(171,519,875	)		(176,665,471	)		(181,965,436	)		(187,424,399	)
Net Operating Income				193,440,511			199,243,727			205,221,038			211,377,670			217,719,000			224,250,570			230,978,087			237,907,429			245,044,652			252,395,992			259,967,871			267,766,908			275,799,915			284,073,912			292,596,130			301,374,014			310,415,234			319,727,691
Less: Total Capital Expenses				(12,309,356	)		(12,678,637	)		(13,058,996	)		(13,450,766	)		(13,854,289	)		(14,269,918	)		(14,698,015	)		(15,138,956	)		(15,593,124	)		(16,060,918	)		(16,542,746	)		(17,039,028	)		(17,550,199	)		(18,076,705	)		(18,619,006	)		(19,177,576	)		(19,752,903	)		(20,345,490	)
Less: Total Fixed Rent				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Income Subject to Overage Rent				180,351,155			185,785,090			191,382,042			197,146,903			203,084,711			209,200,652			215,500,071			221,988,474			228,671,528			235,555,074			242,645,126			249,947,880			257,469,716			265,217,207			273,197,124			281,416,437			289,882,331			298,602,200
Exclusion				—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Remainder for Overage				180,351,155			185,785,090			191,382,042			197,146,903			203,084,711			209,200,652			215,500,071			221,988,474			228,671,528			235,555,074			242,645,126			249,947,880			257,469,716			265,217,207			273,197,124			281,416,437			289,882,331			298,602,200
Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Overage Rent @ 50%				90,175,577			92,892,545			95,691,021			98,573,452			101,542,355			104,600,326			107,750,036			110,994,237			114,335,764			117,777,537			121,322,563			124,973,940			128,734,858			132,608,604			136,598,562			140,708,219			144,941,165			149,301,100
PV to Fee
Basic rent				28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			28,000			7,000
Additional/Primary Rent				752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			752,000			188,000
Overage Rent				90,175,577			92,892,545			95,691,021			98,573,452			101,542,355			104,600,326			107,750,036			110,994,237			114,335,764			117,777,537			121,322,563			124,973,940			128,734,858			132,608,604			136,598,562			140,708,219			144,941,165			37,325,275
Future Fee Simple Value (see below)																																																							4,829,710,082
Total Cash Flow to Fee				90,955,577			93,672,545			96,471,021			99,353,452			102,322,355			105,380,326			108,530,036			111,774,237			115,115,764			118,557,537			122,102,563			125,753,940			129,514,858			133,388,604			137,378,562			141,488,219			145,721,165			4,867,230,357
Discount Rate	8.06	%
PV to Fee	174,000,000
PV to Operator
Cash Flow Before Debt Service				181,131,155			186,565,090			192,162,042			197,926,903			203,864,711			209,980,652			216,280,071			222,768,474			229,451,528			236,335,074			243,425,126			250,727,880			258,249,716			265,997,207			273,977,124			282,196,437			290,662,331			299,382,200
Fixed Rents				(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)		(780,000	)
Overage Rent				(90,175,577	)		(92,892,545	)		(95,691,021	)		(98,573,452	)		(101,542,355	)		(104,600,326	)		(107,750,036	)		(110,994,237	)		(114,335,764	)		(117,777,537	)		(121,322,563	)		(124,973,940	)		(128,734,858	)		(132,608,604	)		(136,598,562	)		(140,708,219	)		(144,941,165	)		(149,301,100	)
Total Cash Flow to Operator				90,175,577			92,892,545			95,691,021			98,573,452			101,542,355			104,600,326			107,750,036			110,994,237			114,335,764			117,777,537			121,322,563			124,973,940			128,734,858			132,608,604			136,598,562			140,708,219			144,941,165			37,325,275
Discount Rate	8.56	%
PV to Operator	142,000,000
Combined Value	316,000,000
Future Fee Simple Value
Cash Flow Before Debt Service
Reversion
Net Operating Income
Average NOI
Cap Rate	6.25	%
Value
Selling Expense	2.50	%
Net Sale Proceeds
Fee Simple Value Today
Cash Flow Before Debt Service
Net Sale Proceeds
Total
Discount Rate	7.50	%
Fee Simple Value Today	316,000,000
Future Fee Simple Value
Fee Simple Value Today	316,000,000
Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Future Fee Simple Value				2,987,556,726			3,077,183,428			3,169,498,931			3,264,583,899			3,362,521,416			3,463,397,058			3,567,298,970			3,674,317,939			3,784,547,477			3,898,083,902			4,015,026,419			4,135,477,211			4,259,541,528			4,387,327,773			4,518,947,607			4,654,516,035			4,794,151,516			4,829,710,082

Page 11 of 16

The projections were prepared solely to determine the relative value among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs, the private entities or the management companies. The projections should not be relied upon determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties and management companies may be materially different from these projections because of changes in market conditions and many other factors.

Empire State Building

Long-term DCF Method Estimate

			Year 1 Jun-2012			Year 2 Jun-2013			Year 3 Jun-2014			Year 4 Jun-2015			Year 5 Jun-2016			Year 6 Jun-2017			Year 7 Jun-2018			Year 8 Jun-2019			Year 9 Jun-2020			Year 10 Jun-2021			Year 11 Jun-2022			Year 12 Jun-2023			Year 13 Jun-2024			Year 14 Jun-2025			Year 15 Jun-2026
Total Potential Gross Revenue				178,652,155			210,769,211			241,644,222			267,842,540			281,957,667			292,706,579			302,709,018			311,337,121			321,771,604			336,737,978			348,964,673			358,036,235			370,057,802			386,948,685			398,211,679
General Vacancy				0			0			(1,266,324	)		(2,714,725	)		(2,432,725	)		(1,884,588	)		(2,421,884	)		(2,649,386	)		(2,094,037	)		(3,298,687	)		(2,095,586	)		(1,831,303	)		(1,961,806	)		(3,893,350	)		(3,354,095	)
Collection Loss				(1,855,929	)		(2,178,951	)		(2,490,695	)		(2,750,636	)		(2,898,793	)		(3,009,102	)		(3,098,436	)		(3,172,749	)		(3,270,628	)		(3,414,790	)		(3,539,264	)		(3,649,272	)		(3,776,360	)		(3,945,165	)		(4,057,155	)
Effective Gross Revenue				176,796,226			208,590,260			237,887,203			262,377,179			276,626,149			287,812,889			297,188,698			305,514,986			316,406,939			330,024,501			343,329,823			352,555,660			364,319,636			379,110,171			390,800,429
Operating Expenses
Real Estate Taxes				32,429,994			33,865,031			35,313,628			36,775,884			38,155,615			39,468,641			40,827,821			42,234,777			43,691,185			45,198,789			46,643,083			48,018,356			49,434,886			50,893,915			52,396,712
Cleaning				7,569,999			7,797,101			8,031,012			8,271,944			8,520,101			8,775,706			9,038,975			9,310,145			9,589,450			9,877,132			10,173,447			10,478,652			10,793,009			11,116,800			11,450,304
Security				6,099,999			6,056,000			6,237,680			6,424,811			6,617,555			6,816,081			7,020,564			7,231,180			7,448,116			7,671,560			7,901,707			8,138,757			8,382,921			8,634,407			8,893,440
Professional Fees				9,315,000			6,984,000			6,303,000			6,169,000			6,297,999			6,486,941			6,681,549			6,881,994			7,088,455			7,301,108			7,520,140			7,745,746			7,978,117			8,217,462			8,463,985
Insurance				8,478,408			8,732,760			8,994,744			9,264,585			9,542,522			9,828,800			10,123,663			10,427,372			10,740,192			11,062,400			11,394,271			11,736,098			12,088,184			12,450,827			12,824,352
Repairs & Maintenance				9,950,002			9,794,999			6,311,001			6,500,000			6,695,999			6,896,880			7,103,786			7,316,900			7,536,407			7,762,499			7,995,374			8,235,236			8,482,293			8,736,760			8,998,865
Payroll				9,800,001			9,910,151			10,018,093			10,318,637			10,628,196			10,947,040			11,275,453			11,613,717			11,962,127			12,320,991			12,690,622			13,071,339			13,463,482			13,867,383			14,283,406
Utilities				15,618,120			16,086,663			16,569,265			17,066,340			17,578,333			18,105,682			18,648,852			19,208,317			19,784,568			20,378,104			20,989,448			21,619,130			22,267,705			22,935,735			23,623,809
Management Fee				660,921			766,302			847,671			924,865			979,402			1,011,266			1,048,554			1,082,485			1,120,361			1,169,017			1,218,149			1,261,004			1,304,483			1,356,873			1,400,057
Total Operating Expenses				99,922,444			99,993,007			98,626,094			101,716,066			105,015,722			108,337,037			111,769,217			115,306,887			118,960,861			122,741,600			126,526,241			130,304,318			134,195,080			138,210,162			142,334,930
Net Operating Income				76,873,782			108,597,253			139,261,109			160,661,113			171,610,427			179,475,852			185,419,481			190,208,099			197,446,078			207,282,901			216,803,582			222,251,342			230,124,556			240,900,009			248,465,499
Leasing & Capital Costs
Tenant Improvements				24,541,561			14,984,245			8,999,786			1,131,607			3,546,704			3,094,743			1,751,693			3,239,360			5,152,975			3,699,962			5,508,479			5,475,254			5,963,424			2,965,185			6,379,389
Leasing Commissions				14,790,276			12,661,434			5,892,154			3,182,396			3,125,094			3,176,818			2,624,049			4,597,219			7,038,269			5,371,249			5,986,482			5,351,605			6,168,851			4,058,763			7,268,157
Capital Expenditures				81,597,597			77,357,223			40,085,890			13,607,064			9,145,450			5,278,480			2,722,131			2,538,483			1,896,735			534,958			0			0			0			0			0
Base Building Costs				3,120,001			2,574,999			3,044,785			1,726,509			2,453,608			1,947,581			2,268,699			2,484,346			3,584,959			3,079,264			0			0			0			0			0
Li & Fung LC/BB/TI				18,360,716			9,952,896			5,442,181			0			0			0			0			0			0			0			0			0			0			0			0
Total Leasing & Capital Costs				142,410,151			117,530,797			63,464,796			19,647,576			18,270,856			13,497,622			9,366,572			12,859,408			17,672,938			12,685,433			11,494,961			10,826,859			12,132,275			7,023,948			13,647,546
Cash Flow Before Debt Service & Taxes			($	65,536,369	)	($	8,933,544	)	$	75,796,313		$	141,013,537		$	153,339,571		$	165,978,230		$	176,052,909		$	177,348,691		$	179,773,140		$	194,597,468		$	205,308,621		$	211,424,483		$	217,992,281		$	233,876,061		$	234,817,953
Fixed Rents
Basic Rent				6,018,750			5,957,188			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
Total Fixed Rent				6,018,750			5,957,188			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
Overage Rent
Total Income				176,796,226			208,590,260			237,887,203			262,377,179			276,626,149			287,812,889			297,188,698			305,514,986			316,406,939			330,024,501			343,329,823			352,555,660			364,319,636			379,110,171			390,800,429
Total Operating Expense				(99,922,444	)		(99,993,007	)		(98,626,094	)		(101,716,066	)		(105,015,722	)		(108,337,037	)		(111,769,217	)		(115,306,887	)		(118,960,861	)		(122,741,600	)		(126,526,241	)		(130,304,318	)		(134,195,080	)		(138,210,162	)		(142,334,930	)
Net Operating Income				76,873,782			108,597,253			139,261,109			160,661,113			171,610,427			179,475,852			185,419,481			190,208,099			197,446,078			207,282,901			216,803,582			222,251,342			230,124,556			240,900,009			248,465,499
Less: Total Capital Expenses				(142,410,151	)		(117,530,797	)		(63,464,796	)		(19,647,576	)		(18,270,856	)		(13,497,622	)		(9,366,572	)		(12,859,408	)		(17,672,938	)		(12,685,433	)		(11,494,961	)		(10,826,859	)		(12,132,275	)		(7,023,948	)		(13,647,546	)
Less: Total Fixed Rent				(6,018,750	)		(5,957,188	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
Income Subject to Overage Rent				(71,555,119	)		(14,890,732	)		69,900,688			135,117,912			147,443,946			160,082,605			170,157,284			171,453,066			173,877,515			188,701,843			199,412,996			205,528,858			212,096,656			227,980,436			228,922,328
Exclusion				(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
Remainder for Overage				—			—			68,900,688			134,117,912			146,443,946			159,082,605			169,157,284			170,453,066			172,877,515			187,701,843			198,412,996			204,528,858			211,096,656			226,980,436			227,922,328
Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Overage Rent @ 50%				—			—			34,450,344			67,058,956			73,221,973			79,541,303			84,578,642			85,226,533			86,438,758			93,850,922			99,206,498			102,264,429			105,548,328			113,490,218			113,961,164
PV to Fee
Basic rent				6,018,750			5,957,188			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
Additional/Primary Rent				—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Overage Rent				—			—			34,450,344			67,058,956			73,221,973			79,541,303			84,578,642			85,226,533			86,438,758			93,850,922			99,206,498			102,264,429			105,548,328			113,490,218			113,961,164
Future Fee Simple Value (see below)
Total Cash Flow to Fee				6,018,750			5,957,188			40,345,969			72,954,581			79,117,598			85,436,928			90,474,267			91,122,158			92,334,383			99,746,547			105,102,123			108,160,054			111,443,953			119,385,843			119,856,789
Discount Rate	8.03	%
PV to Fee	1,448,000,000
PV to Operator
Cash Flow Before Debt Service				(65,536,369	)		(8,933,544	)		75,796,313			141,013,537			153,339,571			165,978,230			176,052,909			177,348,691			179,773,140			194,597,468			205,308,621			211,424,483			217,992,281			233,876,061			234,817,953
Fixed Rents				(6,018,750	)		(5,957,188	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
Overage Rent				—			—			(34,450,344	)		(67,058,956	)		(73,221,973	)		(79,541,303	)		(84,578,642	)		(85,226,533	)		(86,438,758	)		(93,850,922	)		(99,206,498	)		(102,264,429	)		(105,548,328	)		(113,490,218	)		(113,961,164	)
Total Cash Flow to Operator				(71,555,119	)		(14,890,732	)		35,450,344			68,058,956			74,221,973			80,541,303			85,578,642			86,226,533			87,438,758			94,850,922			100,206,498			103,264,429			106,548,328			114,490,218			114,961,164
Discount Rate	8.53	%
PV to Operator	1,072,000,000
Combined Value	2,520,000,000
Future Fee Simple Value
Cash Flow Before Debt Service				(65,536,369	)		(8,933,544	)		75,796,313			141,013,537			153,339,571			165,978,230			176,052,909			177,348,691			179,773,140			194,597,468
Reversion
Net Operating Income																																		216,803,582			222,251,342			230,124,556
Average NOI																															223,059,827
Cap Rate	6.00	%																													6.00	%
Value																															3,717,663,781
Selling Expense	2.50	%																													(92,941,595	)
Net Sale Proceeds																															3,624,722,186
Fee Simple Value Today
Cash Flow Before Debt Service				(65,536,369	)		(8,933,544	)		75,796,313			141,013,537			153,339,571			165,978,230			176,052,909			177,348,691			179,773,140			194,597,468
Net Sale Proceeds				—			—			—			—			—			—			—			—			—			3,624,722,186
Total				(65,536,369	)		(8,933,544	)		75,796,313			141,013,537			153,339,571			165,978,230			176,052,909			177,348,691			179,773,140			3,819,319,654
Discount Rate	7.25	%
Fee Simple Value Today	2,520,000,000
Future Fee Simple Value
Fee Simple Value Today	2,520,000,000
Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Future Fee Simple Value				2,595,600,000			2,673,468,000			2,753,672,040			2,836,282,201			2,921,370,667			3,009,011,787			3,099,282,141			3,192,260,605			3,288,028,423			3,386,669,276			3,488,269,354			3,592,917,435			3,700,704,958			3,811,726,107			3,926,077,890

Page 12 of 16

The projections were prepared solely to determine the relative value among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs, the private entities or the management companies. The projections should not be relied upon determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties and management companies may be materially different from these projections because of changes in market conditions and many other factors.

Empire State Building

Long-term DCF Method Estimate

			Year 16 Jun-2027			Year 17 Jun-2028			Year 18 Jun-2029			Year 19 Jun-2030			Year 20 Jun-2031			Year 21 Jun-2032			Year 22 Jun-2033			Year 23 Jun-2034			Year 24 Jun-2035			Year 25 Jun-2036			Year 26 Jun-2037			Year 27 Jun-2038			Year 28 Jun-2039			Year 29 Jun-2040			Year 30 Jun-2041
Total Potential Gross Revenue				411,876,939			420,721,644			423,655,051			457,408,080			478,758,424			492,760,309			506,007,413			515,532,858			538,507,556			552,563,398			575,155,305			596,345,243			612,886,515			637,379,224			657,067,342
General Vacancy				(3,028,945	)		(1,550,283	)		(407,509	)		(3,083,908	)		(5,315,335	)		(4,287,463	)		(3,366,972	)		(1,062,260	)		(3,433,653	)		(4,101,878	)		(5,459,026	)		(6,096,101	)		(4,104,074	)		(7,523,799	)		(6,813,827	)
Collection Loss				(4,195,938	)		(4,289,214	)		(4,323,029	)		(4,659,133	)		(4,872,658	)		(5,014,670	)		(5,152,029	)		(5,254,639	)		(5,487,099	)		(5,633,696	)		(5,862,042	)		(6,072,998	)		(6,238,622	)		(6,480,929	)		(6,675,656	)
Effective Gross Revenue				404,652,055			414,882,147			418,924,513			449,665,039			468,570,430			483,458,176			497,488,413			509,215,959			529,586,804			542,827,823			563,834,237			584,176,144			602,543,819			623,374,496			643,577,859
Operating Expenses
Real Estate Taxes				53,944,594			55,538,912			57,181,059			58,872,472			60,614,628			62,409,047			64,257,298			66,160,998			68,121,807			70,141,442			72,221,666			74,364,298			76,571,206			78,844,321			81,185,634
Cleaning				11,793,814			12,147,627			12,512,057			12,887,419			13,274,040			13,672,263			14,082,430			14,504,903			14,940,048			15,388,252			15,849,900			16,325,395			16,815,157			17,319,613			17,839,201
Security				9,160,244			9,435,050			9,718,103			10,009,644			10,309,935			10,619,233			10,937,809			11,265,945			11,603,923			11,952,038			12,310,601			12,679,920			13,060,317			13,452,126			13,855,689
Professional Fees				8,717,905			8,979,444			9,248,824			9,526,292			9,812,078			10,106,441			10,409,636			10,721,923			11,043,580			11,374,889			11,716,136			12,067,619			12,429,648			12,802,537			13,186,613
Insurance				13,209,084			13,605,356			14,013,516			14,433,923			14,866,939			15,312,948			15,772,336			16,245,506			16,732,872			17,234,857			17,751,904			18,284,461			18,832,995			19,397,985			19,979,923
Repairs & Maintenance				9,268,829			9,546,896			9,833,301			10,128,300			10,432,150			10,745,114			11,067,468			11,399,492			11,741,476			12,093,721			12,456,533			12,830,229			13,215,134			13,611,589			14,019,937
Payroll				14,711,908			15,153,265			15,607,863			16,076,100			16,558,382			17,055,133			17,566,789			18,093,792			18,636,604			19,195,704			19,771,574			20,364,721			20,975,664			21,604,932			22,253,081
Utilities				24,332,522			25,062,497			25,814,374			26,588,803			27,386,468			28,208,062			29,054,304			29,925,933			30,823,711			31,748,423			32,700,875			33,681,900			34,692,360			35,733,129			36,805,123
Management Fee				1,452,493			1,493,774			1,484,959			1,614,711			1,694,210			1,750,981			1,804,972			1,846,562			1,919,557			1,971,927			2,044,840			2,118,998			2,186,270			2,264,916			2,343,351
Total Operating Expenses				146,591,393			150,962,821			155,414,056			160,137,664			164,948,830			169,879,222			174,953,042			180,165,054			185,563,578			191,101,253			196,824,029			202,717,541			208,778,751			215,031,148			221,468,552
Net Operating Income				258,060,662			263,919,326			263,510,457			289,527,375			303,621,600			313,578,954			322,535,371			329,050,905			344,023,226			351,726,570			367,010,208			381,458,603			393,765,068			408,343,348			422,109,307
Leasing & Capital Costs
Tenant Improvements				6,164,962			10,663,746			25,828,868			11,280,284			3,315,770			4,797,012			7,185,098			13,519,731			11,548,511			8,486,993			6,633,646			3,772,195			5,345,667			3,253,985			3,955,965
Leasing Commissions				7,405,485			13,667,413			30,627,344			14,705,292			4,728,559			6,082,153			6,940,768			13,798,309			13,759,365			10,754,311			6,725,830			4,872,632			6,590,015			5,548,688			4,931,432
Capital Expenditures				0			0			0			0			0			0			0			0			0			0			0			0			0			0			0
Base Building Costs				0			0			0			0			0			0			0			0			0			0			0			0			0			0			0
Li & Fung LC/BB/TI				0			0			0			0			0			0			0			0			0			0			0			0			0			0			0
Total Leasing & Capital Costs				13,570,447			24,331,159			56,456,212			25,985,576			8,044,329			10,879,165			14,125,866			27,318,040			25,307,876			19,241,304			13,359,476			8,644,827			11,935,682			8,802,673			8,887,397
Cash Flow Before Debt Service & Taxes			$	244,490,215		$	239,588,167		$	207,054,245		$	263,541,799		$	295,577,271		$	302,699,789		$	308,409,505		$	301,732,865		$	318,715,350		$	332,485,266		$	353,650,732		$	372,813,776		$	381,829,386		$	399,540,675		$	413,221,910
Fixed Rents
Basic Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
Total Fixed Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
Overage Rent
Total Income				404,652,055			414,882,147			418,924,513			449,665,039			468,570,430			483,458,176			497,488,413			509,215,959			529,586,804			542,827,823			563,834,237			584,176,144			602,543,819			623,374,496			643,577,859
Total Operating Expense				(146,591,393	)		(150,962,821	)		(155,414,056	)		(160,137,664	)		(164,948,830	)		(169,879,222	)		(174,953,042	)		(180,165,054	)		(185,563,578	)		(191,101,253	)		(196,824,029	)		(202,717,541	)		(208,778,751	)		(215,031,148	)		(221,468,552	)
Net Operating Income				258,060,662			263,919,326			263,510,457			289,527,375			303,621,600			313,578,954			322,535,371			329,050,905			344,023,226			351,726,570			367,010,208			381,458,603			393,765,068			408,343,348			422,109,307
Less: Total Capital Expenses				(13,570,447	)		(24,331,159	)		(56,456,212	)		(25,985,576	)		(8,044,329	)		(10,879,165	)		(14,125,866	)		(27,318,040	)		(25,307,876	)		(19,241,304	)		(13,359,476	)		(8,644,827	)		(11,935,682	)		(8,802,673	)		(8,887,397	)
Less: Total Fixed Rent				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
Income Subject to Overage Rent				238,594,590			233,692,542			201,158,620			257,646,174			289,681,646			296,804,164			302,513,880			295,837,240			312,819,725			326,589,641			347,755,107			366,918,151			375,933,761			393,645,050			407,326,285
Exclusion				(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
Remainder for Overage				237,594,590			232,692,542			200,158,620			256,646,174			288,681,646			295,804,164			301,513,880			294,837,240			311,819,725			325,589,641			346,755,107			365,918,151			374,933,761			392,645,050			406,326,285
Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Overage Rent @ 50%				118,797,295			116,346,271			100,079,310			128,323,087			144,340,823			147,902,082			150,756,940			147,418,620			155,909,862			162,794,821			173,377,553			182,959,075			187,466,880			196,322,525			203,163,143
PV to Fee
Basic rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
Additional/Primary Rent				—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Overage Rent				118,797,295			116,346,271			100,079,310			128,323,087			144,340,823			147,902,082			150,756,940			147,418,620			155,909,862			162,794,821			173,377,553			182,959,075			187,466,880			196,322,525			203,163,143
Future Fee Simple Value (see below)
Total Cash Flow to Fee				124,692,920			122,241,896			105,974,935			134,218,712			150,236,448			153,797,707			156,652,565			153,314,245			161,805,487			168,690,446			179,273,178			188,854,700			193,362,505			202,218,150			209,058,768
Discount Rate	8.03	%
PV to Fee	1,448,000,000
PV to Operator
Cash Flow Before Debt Service				244,490,215			239,588,167			207,054,245			263,541,799			295,577,271			302,699,789			308,409,505			301,732,865			318,715,350			332,485,266			353,650,732			372,813,776			381,829,386			399,540,675			413,221,910
Fixed Rents				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
Overage Rent				(118,797,295	)		(116,346,271	)		(100,079,310	)		(128,323,087	)		(144,340,823	)		(147,902,082	)		(150,756,940	)		(147,418,620	)		(155,909,862	)		(162,794,821	)		(173,377,553	)		(182,959,075	)		(187,466,880	)		(196,322,525	)		(203,163,143	)
Total Cash Flow to Operator				119,797,295			117,346,271			101,079,310			129,323,087			145,340,823			148,902,082			151,756,940			148,418,620			156,909,862			163,794,821			174,377,553			183,959,075			188,466,880			197,322,525			204,163,143
Discount Rate	8.53	%
PV to Operator	1,072,000,000
Combined Value	2,520,000,000
Future Fee Simple Value
Cash Flow Before Debt Service
Reversion
Net Operating Income
Average NOI
Cap Rate	6.00	%
Value
Selling Expense	2.50	%
Net Sale Proceeds
Fee Simple Value Today
Cash Flow Before Debt Service
Net Sale Proceeds
Total
Discount Rate	7.25	%
Fee Simple Value Today	2,520,000,000
Future Fee Simple Value
Fee Simple Value Today	2,520,000,000
Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Future Fee Simple Value				4,043,860,227			4,165,176,033			4,290,131,314			4,418,835,254			4,551,400,311			4,687,942,321			4,828,580,590			4,973,438,008			5,122,641,148			5,276,320,383			5,434,609,994			5,597,648,294			5,765,577,743			5,938,545,075			6,116,701,427

Page 13 of 16

The projections were prepared solely to determine the relative value among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs, the private entities or the management companies. The projections should not be relied upon determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties and management companies may be materially different from these projections because of changes in market conditions and many other factors.

Empire State Building

Long-term DCF Method Estimate

			Year 31 Jun-2042			Year 32 Jun-2043			Year 33 Jun-2044			Year 34 Jun-2045			Year 35 Jun-2046			Year 36 Jun-2047			Year 37 Jun-2048			Year 38 Jun-2049			Year 39 Jun-2050			Year 40 Jun-2051			Year 41 Jun-2052			Year 42 Jun-2053			Year 43 Jun-2054			Year 44 Jun-2055			Year 45 Jun-2056
Total Potential Gross Revenue				671,523,534			678,327,954			674,306,892			722,357,013			752,339,695			781,643,296			808,249,127			831,381,168
General Vacancy				(4,505,014	)		(1,660,343	)		0			(1,099,780	)		(7,508,711	)		(8,428,467	)		(8,104,993	)		(6,605,072	)
Collection Loss				(6,820,351	)		(6,904,045	)		(6,883,029	)		(7,372,020	)		(7,668,579	)		(7,967,985	)		(8,232,948	)		(8,463,627	)
Assumed Growth Rate																												3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Effective Gross Revenue				660,198,170			669,763,566			667,423,863			713,885,213			737,162,406			765,246,844			791,911,187			816,312,469			840,801,843			866,025,899			892,006,676			918,766,876			946,329,882			974,719,779			1,003,961,372
Operating Expenses
Real Estate Taxes				83,597,183			86,081,077			88,639,492			91,274,656			93,988,876			96,784,524			99,664,040			102,629,940
Cleaning				18,374,377			18,925,609			19,493,376			20,078,177			20,680,525			21,300,938			21,939,968			22,598,166
Security				14,271,360			14,699,501			15,140,487			15,594,701			16,062,543			16,544,419			17,040,751			17,551,972
Professional Fees				13,582,213			13,989,679			14,409,368			14,841,648			15,286,899			15,745,507			16,217,871			16,704,408
Insurance				20,579,321			21,196,702			21,832,603			22,487,579			23,162,208			23,857,073			24,572,787			25,309,969
Repairs & Maintenance				14,440,536			14,873,750			15,319,964			15,779,563			16,252,948			16,740,539			17,242,754			17,760,036
Payroll				22,920,673			23,608,295			24,316,543			25,046,039			25,797,419			26,571,343			27,368,483			28,189,536
Utilities				37,909,276			39,046,556			40,217,951			41,424,491			42,667,223			43,947,241			45,265,659			46,623,629
Management Fee				2,401,970			2,450,824			2,411,473			2,592,646			2,669,786			2,790,446			2,882,815			2,971,759
Assumed Growth Rate																												3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Operating Expenses				228,076,909			234,871,993			241,781,257			249,119,500			256,568,427			264,282,030			272,195,128			280,339,415			288,749,597			297,412,085			306,334,448			315,524,481			324,990,216			334,739,922			344,782,120
Net Operating Income				432,121,261			434,891,573			425,642,606			464,765,713			480,593,979			500,964,814			519,716,059			535,973,054			552,052,246			568,613,813			585,672,228			603,242,394			621,339,666			639,979,856			659,179,252
Leasing & Capital Costs
Tenant Improvements				11,413,782			20,881,563			46,365,745			26,795,291			5,662,371			8,389,135			6,393,193			9,358,189
Leasing Commissions				13,711,722			25,916,999			52,079,633			29,555,892			8,197,653			7,872,746			8,487,238			12,645,730
Capital Expenditures				0			0			0			0			0			0			0			0
Base Building Costs				0			0			0			0			0			0			0			0
Li & Fung LC/BB/TI				0			0			0			0			0			0			0			0
Assumed Growth Rate																															3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Leasing & Capital Costs				25,125,504			46,798,562			98,445,378			56,351,183			13,860,024			16,261,881			14,880,431			22,003,919			27,714,438			28,545,871			29,402,247			30,284,315			31,192,844			32,128,630			33,092,488
Cash Flow Before Debt Service & Taxes			$	406,995,757		$	388,093,011		$	327,197,228		$	408,414,530		$	466,733,955		$	484,702,933		$	504,835,628		$	513,969,135			524,337,808			540,067,942			556,269,980			572,958,080			590,146,822			607,851,227			626,086,763
Fixed Rents
Basic Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
Total Fixed Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
Overage Rent
Total Income				660,198,170			669,763,566			667,423,863			713,885,213			737,162,406			765,246,844			791,911,187			816,312,469			840,801,843			866,025,899			892,006,676			918,766,876			946,329,882			974,719,779			1,003,961,372
Total Operating Expense				(228,076,909	)		(234,871,993	)		(241,781,257	)		(249,119,500	)		(256,568,427	)		(264,282,030	)		(272,195,128	)		(280,339,415	)		(288,749,597	)		(297,412,085	)		(306,334,448	)		(315,524,481	)		(324,990,216	)		(334,739,922	)		(344,782,120	)
Net Operating Income				432,121,261			434,891,573			425,642,606			464,765,713			480,593,979			500,964,814			519,716,059			535,973,054			552,052,246			568,613,813			585,672,228			603,242,394			621,339,666			639,979,856			659,179,252
Less: Total Capital Expenses				(25,125,504	)		(46,798,562	)		(98,445,378	)		(56,351,183	)		(13,860,024	)		(16,261,881	)		(14,880,431	)		(22,003,919	)		(27,714,438	)		(28,545,871	)		(29,402,247	)		(30,284,315	)		(31,192,844	)		(32,128,630	)		(33,092,488	)
Less: Total Fixed Rent				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
Income Subject to Overage Rent				401,100,132			382,197,386			321,301,603			402,518,905			460,838,330			478,807,308			498,940,003			508,073,510			518,442,183			534,172,317			550,374,355			567,062,455			584,251,197			601,955,602			620,191,138
Exclusion				(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
Remainder for Overage				400,100,132			381,197,386			320,301,603			401,518,905			459,838,330			477,807,308			497,940,003			507,073,510			517,442,183			533,172,317			549,374,355			566,062,455			583,251,197			600,955,602			619,191,138
Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Overage Rent @ 50%				200,050,066			190,598,693			160,150,802			200,759,453			229,919,165			238,903,654			248,970,001			253,536,755			258,721,091			266,586,158			274,687,178			283,031,227			291,625,598			300,477,801			309,595,569
PV to Fee
Basic rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
Additional/Primary Rent				—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Overage Rent				200,050,066			190,598,693			160,150,802			200,759,453			229,919,165			238,903,654			248,970,001			253,536,755			258,721,091			266,586,158			274,687,178			283,031,227			291,625,598			300,477,801			309,595,569
Future Fee Simple Value (see below)
Total Cash Flow to Fee				205,945,691			196,494,318			166,046,427			206,655,078			235,814,790			244,799,279			254,865,626			259,432,380			264,616,716			272,481,783			280,582,803			288,926,852			297,521,223			306,373,426			315,491,194
Discount Rate	8.03	%
PV to Fee	1,448,000,000
PV to Operator
Cash Flow Before Debt Service				406,995,757			388,093,011			327,197,228			408,414,530			466,733,955			484,702,933			504,835,628			513,969,135			524,337,808			540,067,942			556,269,980			572,958,080			590,146,822			607,851,227			626,086,763
Fixed Rents				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
Overage Rent				(200,050,066	)		(190,598,693	)		(160,150,802	)		(200,759,453	)		(229,919,165	)		(238,903,654	)		(248,970,001	)		(253,536,755	)		(258,721,091	)		(266,586,158	)		(274,687,178	)		(283,031,227	)		(291,625,598	)		(300,477,801	)		(309,595,569	)
Total Cash Flow to Operator				201,050,066			191,598,693			161,150,802			201,759,453			230,919,165			239,903,654			249,970,001			254,536,755			259,721,091			267,586,158			275,687,178			284,031,227			292,625,598			301,477,801			310,595,569
Discount Rate	8.53	%
PV to Operator	1,072,000,000
Combined Value	2,520,000,000
Future Fee Simple Value
Cash Flow Before Debt Service
Reversion
Net Operating Income
Average NOI
Cap Rate	6.00	%
Value
Selling Expense	2.50	%
Net Sale Proceeds
Fee Simple Value Today
Cash Flow Before Debt Service
Net Sale Proceeds
Total
Discount Rate	7.25	%
Fee Simple Value Today	2,520,000,000
Future Fee Simple Value
Fee Simple Value Today	2,520,000,000
Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Future Fee Simple Value				6,300,202,470			6,489,208,544			6,683,884,801			6,884,401,345			7,090,933,385			7,303,661,387			7,522,771,228			7,748,454,365			7,980,907,996			8,220,335,236			8,466,945,293			8,720,953,652			8,982,582,261			9,252,059,729			9,529,621,521

Page 14 of 16

The projections were prepared solely to determine the relative value among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs, the private entities or the management companies. The projections should not be relied upon determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties and management companies may be materially different from these projections because of changes in market conditions and many other factors.

Empire State Building

Long-term DCF Method Estimate

			Year 46 Jun-2057			Year 47 Jun-2058			Year 48 Jun-2059			Year 49 Jun-2060			Year 50 Jun-2061			Year 51 Jun-2062			Year 52 Jun-2063			Year 53 Jun-2064			Year 54 Jun-2065			Year 55 Jun-2066			Year 56 Jun-2067			Year 57 Jun-2068			Year 58 Jun-2069			Year 59 Jun-2070			Year 60 Jun-2071
Total Potential Gross Revenue
General Vacancy
Collection Loss
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Effective Gross Revenue				1,034,080,213			1,065,102,619			1,097,055,698			1,129,967,369			1,163,866,390			1,198,782,382			1,234,745,853			1,271,788,229			1,309,941,876			1,349,240,132			1,389,717,336			1,431,408,856			1,474,351,122			1,518,581,655			1,564,139,105
Operating Expenses
Real Estate Taxes
Cleaning
Security
Professional Fees
Insurance
Repairs & Maintenance
Payroll
Utilities
Management Fee
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Operating Expenses				355,125,584			365,779,351			376,752,732			388,055,314			399,696,973			411,687,882			424,038,519			436,759,674			449,862,464			463,358,338			477,259,088			491,576,861			506,324,167			521,513,892			537,159,309
Net Operating Income				678,954,630			699,323,268			720,302,966			741,912,055			764,169,417			787,094,500			810,707,335			835,028,555			860,079,411			885,881,794			912,458,247			939,831,995			968,026,955			997,067,763			1,026,979,796
Leasing & Capital Costs
Tenant Improvements
Leasing Commissions
Capital Expenditures
Base Building Costs
Li & Fung LC/BB/TI
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Leasing & Capital Costs				34,085,263			35,107,821			36,161,056			37,245,887			38,363,264			39,514,162			40,699,587			41,920,574			43,178,192			44,473,537			45,807,743			47,181,976			48,597,435			50,055,358			51,557,019
Cash Flow Before Debt Service & Taxes				644,869,366			664,215,447			684,141,911			704,666,168			725,806,153			747,580,338			770,007,748			793,107,980			816,901,220			841,408,256			866,650,504			892,650,019			919,429,520			947,012,405			975,422,777
Fixed Rents
Basic Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
Total Fixed Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
Overage Rent
Total Income				1,034,080,213			1,065,102,619			1,097,055,698			1,129,967,369			1,163,866,390			1,198,782,382			1,234,745,853			1,271,788,229			1,309,941,876			1,349,240,132			1,389,717,336			1,431,408,856			1,474,351,122			1,518,581,655			1,564,139,105
Total Operating Expense				(355,125,584	)		(365,779,351	)		(376,752,732	)		(388,055,314	)		(399,696,973	)		(411,687,882	)		(424,038,519	)		(436,759,674	)		(449,862,464	)		(463,358,338	)		(477,259,088	)		(491,576,861	)		(506,324,167	)		(521,513,892	)		(537,159,309	)
Net Operating Income				678,954,630			699,323,268			720,302,966			741,912,055			764,169,417			787,094,500			810,707,335			835,028,555			860,079,411			885,881,794			912,458,247			939,831,995			968,026,955			997,067,763			1,026,979,796
Less: Total Capital Expenses				(34,085,263	)		(35,107,821	)		(36,161,056	)		(37,245,887	)		(38,363,264	)		(39,514,162	)		(40,699,587	)		(41,920,574	)		(43,178,192	)		(44,473,537	)		(45,807,743	)		(47,181,976	)		(48,597,435	)		(50,055,358	)		(51,557,019	)
Less: Total Fixed Rent				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
Income Subject to Overage Rent				638,973,741			658,319,822			678,246,286			698,770,543			719,910,528			741,684,713			764,112,123			787,212,355			811,005,595			835,512,631			860,754,879			886,754,394			913,533,895			941,116,780			969,527,152
Exclusion				(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
Remainder for Overage				637,973,741			657,319,822			677,246,286			697,770,543			718,910,528			740,684,713			763,112,123			786,212,355			810,005,595			834,512,631			859,754,879			885,754,394			912,533,895			940,116,780			968,527,152
Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Overage Rent @ 50%				318,986,871			328,659,911			338,623,143			348,885,272			359,455,264			370,342,356			381,556,061			393,106,178			405,002,797			417,256,316			429,877,439			442,877,197			456,266,947			470,058,390			484,263,576
PV to Fee
Basic rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
Additional/Primary Rent				—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Overage Rent				318,986,871			328,659,911			338,623,143			348,885,272			359,455,264			370,342,356			381,556,061			393,106,178			405,002,797			417,256,316			429,877,439			442,877,197			456,266,947			470,058,390			484,263,576
Future Fee Simple Value (see below)
Total Cash Flow to Fee				324,882,496			334,555,536			344,518,768			354,780,897			365,350,889			376,237,981			387,451,686			399,001,803			410,898,422			423,151,941			435,773,064			448,772,822			462,162,572			475,954,015			490,159,201
Discount Rate	8.03	%
PV to Fee	1,448,000,000
PV to Operator
Cash Flow Before Debt Service				644,869,366			664,215,447			684,141,911			704,666,168			725,806,153			747,580,338			770,007,748			793,107,980			816,901,220			841,408,256			866,650,504			892,650,019			919,429,520			947,012,405			975,422,777
Fixed Rents				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
Overage Rent				(318,986,871	)		(328,659,911	)		(338,623,143	)		(348,885,272	)		(359,455,264	)		(370,342,356	)		(381,556,061	)		(393,106,178	)		(405,002,797	)		(417,256,316	)		(429,877,439	)		(442,877,197	)		(456,266,947	)		(470,058,390	)		(484,263,576	)
Total Cash Flow to Operator				319,986,871			329,659,911			339,623,143			349,885,272			360,455,264			371,342,356			382,556,061			394,106,178			406,002,797			418,256,316			430,877,439			443,877,197			457,266,947			471,058,390			485,263,576
Discount Rate	8.53	%
PV to Operator	1,072,000,000
Combined Value	2,520,000,000
Future Fee Simple Value
Cash Flow Before Debt Service
Reversion
Net Operating Income
Average NOI
Cap Rate	6.00	%
Value
Selling Expense	2.50	%
Net Sale Proceeds
Fee Simple Value Today
Cash Flow Before Debt Service
Net Sale Proceeds
Total
Discount Rate	7.25	%
Fee Simple Value Today	2,520,000,000
Future Fee Simple Value
Fee Simple Value Today	2,520,000,000
Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Future Fee Simple Value				9,815,510,167			10,109,975,472			10,413,274,736			10,725,672,978			11,047,443,167			11,378,866,462			11,720,232,456			12,071,839,430			12,433,994,613			12,807,014,451			13,191,224,884			13,586,961,631			13,994,570,480			14,414,407,594			14,846,839,822

Page 15 of 16

The projections were prepared solely to determine the relative value among the subject LLCs, the private entities and the management companies and to establish exchange values to facilitate the consolidation and should not be relied upon for any other purpose, including without limitation, as an indicator of future performance of the company, the properties, the subject LLCs, the private entities or the management companies. The projections should not be relied upon determining the market value or the estimated value of the company after giving effect to the consolidation and the IPO. The actual performance of the properties and management companies may be materially different from these projections because of changes in market conditions and many other factors.

Empire State Building

Long-term DCF Method Estimate

			Year 61 Jun-2072			Year 62 Jun-2073			Year 63 Jun-2074			Year 64 Jun-2075			Year 64 (six  months) Dec-2075
Total Potential Gross Revenue
General Vacancy
Collection Loss
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Effective Gross Revenue				1,611,063,278			1,659,395,176			1,709,177,032			1,760,452,343			1,813,265,913
Operating Expenses
Real Estate Taxes
Cleaning
Security
Professional Fees
Insurance
Repairs & Maintenance
Payroll
Utilities
Management Fee
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Operating Expenses				553,274,088			569,872,311			586,968,480			604,577,534			622,714,860
Net Operating Income				1,057,789,190			1,089,522,866			1,122,208,552			1,155,874,808			1,190,551,053
Leasing & Capital Costs
Tenant Improvements Overage
Leasing Commissions
Capital Expenditures
Base Building Costs
Li & Fung LC/BB/TI
Assumed Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Leasing & Capital Costs				53,103,729			54,696,841			56,337,746			58,027,879			59,768,715
Cash Flow Before Debt Service & Taxes				1,004,685,461			1,034,826,025			1,065,870,805			1,097,846,929			1,130,782,337
Fixed Rents
Basic Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
Total Fixed Rent				5,895,625			5,895,625			5,895,625			5,895,625			5,895,625
Overage Rent
Total Income				1,611,063,278			1,659,395,176			1,709,177,032			1,760,452,343			1,813,265,913
Total Operating Expense				(553,274,088	)		(569,872,311	)		(586,968,480	)		(604,577,534	)		(622,714,860	)
Net Operating Income				1,057,789,190			1,089,522,866			1,122,208,552			1,155,874,808			1,190,551,053
Less: Total Capital Expenses				(53,103,729	)		(54,696,841	)		(56,337,746	)		(58,027,879	)		(59,768,715	)
Less: Total Fixed Rent				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)
Income Subject to Overage Rent				998,789,836			1,028,930,400			1,059,975,180			1,091,951,304			1,124,886,712
Exclusion				(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)		(1,000,000	)
Remainder for Overage				997,789,836			1,027,930,400			1,058,975,180			1,090,951,304			1,123,886,712
Overage Rent %				50.00	%		50.00	%		50.00	%		50.00	%		50.00	%
Overage Rent @ 50%				498,894,918			513,965,200			529,487,590			545,475,652			561,943,356
PV to Fee
Basic rent				5,895,625			5,895,625			5,895,625			5,895,625			2,947,813
Additional/Primary Rent				—			—			—			—			—
Overage Rent				498,894,918			513,965,200			529,487,590			545,475,652			280,971,678
Future Fee Simple Value (see below)																16,959,050,534
Total Cash Flow to Fee				504,790,543			519,860,825			535,383,215			551,371,277			17,242,970,024
Discount Rate	8.03	%
PV to Fee	1,448,000,000
PV to Operator
Cash Flow Before Debt Service				1,004,685,461			1,034,826,025			1,065,870,805			1,097,846,929			565,391,169
Fixed Rents				(5,895,625	)		(5,895,625	)		(5,895,625	)		(5,895,625	)		(2,947,813	)
Overage Rent				(498,894,918	)		(513,965,200	)		(529,487,590	)		(545,475,652	)		(280,971,678	)
Total Cash Flow to Operator				499,894,918			514,965,200			530,487,590			546,475,652			281,471,678
Discount Rate	8.53	%
PV to Operator	1,072,000,000
Combined Value	2,520,000,000
Future Fee Simple Value
Cash Flow Before Debt Service
Reversion
Net Operating Income
Average NOI
Cap Rate	6.00	%
Value
Selling Expense	2.50	%
Net Sale Proceeds
Fee Simple Value Today
Cash Flow Before Debt Service
Net Sale Proceeds
Total
Discount Rate	7.25	%
Fee Simple Value Today	2,520,000,000
Future Fee Simple Value
Fee Simple Value Today	2,520,000,000
Growth Rate				3.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Future Fee Simple Value				15,292,245,017			15,751,012,367			16,223,542,738			16,710,249,021			16,959,050,534

Page 16 of 16