Christopher V. Bonbright Expert Commercial Real Estate Broker Graduate of Stanford University with Honors & Distinction with a BA in Economics 1982 22.

Christopher V. BonbrightExpert Commercial Real Estate Broker

• Graduate of Stanford

University with Honors &

Distinction with a BA in

Economics 1982

• 22 years practicing commercial

broker and property owner in

the Hollywood area

• CEO and Principal of Market

Leading Firm Ramsey-Shilling

Commercial Real Estate

Services, Inc.

• Civic & Community Leader

including:

Christopher V. BonbrightExpert Commercial Real Estate Broker

• Graduate of Stanford

University with Honors &

Distinction with a BA in

Economics 1982

• 22 years practicing commercial

broker and property owner in

the Hollywood area

• CEO and Principal of Market

Leading FirmRamsey-Shiling

Commercial Real Estate

Services, Inc.

• Civic & Community Leader

including:

Chairman, Beverly Hills Architectural Commission President of the Board of Directors, Institute of Cinema & Television Production

Member, Board of Directors, Hollywood Entertainment District Property Owners Association

Christopher V. BonbrightExpert Commercial Real Estate Broker

Received Prestigious 2005 Los Angeles Business Journal Real Estate Award for

Civic and Business Contribution to Hollywood Renaissance.

Received Prestigious 2005 Los Angeles Business Journal Real Estate Award for

Civic and Business Contribution to Hollywood Renaissance.

Christopher V. BonbrightExpert Commercial Real Estate Broker

Christopher V. BonbrightExpert Commercial Real Estate Broker

Christopher V. BonbrightExpert Commercial Real Estate Broker

Christopher V. BonbrightExpert Commercial Real Estate Broker

Christopher V. BonbrightExpert Commercial Real Estate Broker

956 Seward St.Los Angeles, California

956 Seward St.Los Angeles, California

Opinion of MarketRental Value & Sale Value

Opinion of MarketRental Value & Sale Value

Christopher V. Bonbright

Property Information

Property Location: 956 Seward Street, Hollywood, CA

Property Type: Two Story Office Building

Purpose of Opinion of Value: Fair Market Value

Property Right Valued: Fee Simple

Date of Value: December 10, 2002

Land Area: 36,870 sf.

Zoning: CM-2

Improvements: Approximately 30,030 sq equally divided between two floors

Coverage: 41%

Floors: Two Elevator: Yes

Basic Construction: Wood Frame

Year Built: 1955, (remodeled in 1980’s)

Lease Term: Terminates July 31, 2004

Monthly Income: $28,000, NNN

Condition: Good

Parking: 60 cars (this take into consideration giving adjacentproperty the exclusive use of 7 cars along the front southern portion of the parking lot)

Property Information

The estimated Fair Market Rental Value for 956 Seward Street as of July 2004 is $2.00 per square foot, NNN

Comparable Lease Rates for 2004

Comparable Lease Rates for 2004

* Average Price per square foot is $2.16 not including Subject Property

Comparable Lease Rates for 2004

The estimated Fair Market Rental Value for 956 Seward Street as of July 2009 is $3.00 per square foot, NNN

Projected Lease Price per Square Foot

Projected Lease Price per Square Foot

* Average Price per square foot is $2.85 as of September 2007 not including Subject Property

**Although the average in 2007 is $2.85 projecting forward to 2009 at 2.5% growth per year brings the market rent to $3.00

Projected Lease Price per Square Foot

Fair Market Sale Value as of December 2002 is $4,350,000

Comparable Sales Analysis

Comparable Sales Analysis

* Average Price per square foot is $162.00 not including Subject Property

Comparable Sales Analysis

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use

Net Leased

6.85 Cap Rate

Corresponding value

for 956 based on Cap

Rate $4,941,176

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816 Seward St.

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