From: Harry Beller Subject: IGY-AYH ST Thomas Holdings, LLC Date: February 11, 20131127:57 AM EST To: jennifer greeneill • 1 Attachment, Jennifer Attached are some questions that I have with respect to my review of the financials of IGY-AYH ST Thomas Holdings, LLC. Thank you Harry <KIWI! cis- ral (6111;ED EFTA_R1_02108270 EFTA02708028

February 11, 2013 Dear Jennifer, I have reviewed the financial information that you have provided for IGY-AYH St Thomas Holdings, LLC (IGY) and have the following questions and requests for additional information: 1. _pland Revenues and Accounts Receivable - Please provide a schedule of the following: a) Schedule of current vacancies - please include square footage of rental space and asking price per square footage. b) Schedule of rental income written off in 2012, 2011 and 2010. c) Aged accounts receivable report as of December 31,2012. d) Please provide a detailed schedule of bad debt expense/write offs for 2012, 2011 and 2010. e) 2012 provision for doubtful accounts. f) CAM i. Provide calculation of CAM charges for 2012, 2011, 2010. ii. Provided total square footage chargeable for CAM. 2. Management Fees - Please provide a detailed fee calculation of management fees for years ending December 31, 2012, 2011 and 2010. 3. Personnel - Please provide a detailed list of employees indicating; salary costs, benefits and job descriptions. 4. Capital improvements and repairs and maintenance - Please provide the following; detailed list of capital improvement to the property over the last 3 years, schedule of repairs and maintenance expenses over the last 3 years and detail any other capital improvements to be performed in the next year other than the budgeted painting of the facilities. In addition did ICY perform any cost segregation studies? S. Fuel - Please provide a copy of the fuel purchase contract and a detail of fuel purchases for 2012, 2011 and 2010. 6. CZM permit - Please provide a copy of CZM permits. EFTA_R1_02108271 EFTA02708029

7. Beneficial leasehold - Please provide an explanation as to the nature of the asset per Note 5 of the 2011 financial statements. 8. Deferred Financing Cost - Please provide a schedule of mortgage acquisition costs incurred during financing of 2007. 9. Rent Expense - Please provide a detailed schedule of components of rental expense. Please explain the nature of these expenses. 10. Other Expenses - Please provide the detail of other expenses in the audited financial statements. 11, Note Payable - Please provide a copy of the mortgage note. In addition, is the mortgage securitized, are there prepayment penalties and can the mortgage be modified? 12. EDC- Please provide a detail of the benefits IGY received under its EDC certificate. Please provide a copy of EDC certificate and it's conditions. 13. Professional Fees - Please provide a description of the fees and to whom they were paid to for the last 3 years. 14. Gross Receipts Tax - Please provide a computation of the gross receipts tax, indicating the revenues subject to this tax and the EDC exemption amount. 15. Partnership Tax Returns- Please provide a copy of the partnership tax returns for 2007, 2008, 2009, 2010 and 2011. When do you anticipate filing the 2012 return? 16. Partner Capital Accounts - Please provide a detailed schedule of capital accounts, showing increase and decreases, for each partner from inception through December 31, 2012. 17.Distribotions- In 2011 the Company made partnership distributions of 5500,000. What are the Company's plans for future distributions and if so will they be made annually, quarterly or monthly. Please advise. Your prompt response is greatly appreciated. Sin7rely, HArry Bile EFTA_R1_02108272 EFTA02708030