ed its huge export earnings, and purchased political influence, via aggressive project lending across Asia and Africa." China "has joined the G-20's Debt Service Suspension Initiative — a freeze on official debt service until mid-2021" due in part to the economic effects of the coronavirus pandemic — yet "th

3314005 375586 921,100 Leg l Errs • • IS= 25.000 Insurance • • • • Property Taxes including Assc.sments - 345,577 633.077 648.077 Debt Service 7.831 43.324 98.335 148333 Other Corporate expenses • . . - INFRASTRUCTURE PROJECTS 135.124 844.232 1.621.000 1.531.080 OTHER CASH RAW

Purchase Price $325,000,000 Assumable 151 Mortgage (expiring 11/13) $235,000,000 Equity Required $90,000,000 Net Operating Income $16,250,000 Debt Service 1.25% over LIBOR (curr: 1.51%) $3,548,500 Cash Flow After Debt Service $12,701,500 Current Cash-On-Cash Return 14.11% EFTA_R1_02010903 EFTA026

J. Cabinet Office. Data as of O4 2011. U.S. Households Deleveraging %GDP 130% 120% 110% 100% 90% 80% 70% 60% 1980 Household Debt (LHS) —Debt Service (RHS) 1985 1990 % Disposable Income 15% 14% 13% 12% 11% 10% 1995 2000 2005 2010 Source: Federal Reserve, Bureau of Economic Analysis,

6.530.000 Free Cash Flow 5 22.708.663 522.986.078 523.226110 523.488.781 5 23.754.109 5 24.022115 $ 24292.817 524,566237 $24,642,393 $ 16421.306 Debt Service Interest Payment $ 10.000.000 9.678.870 $ 9.249.661 8.790.408 8,299.406 7,773.207 7210.602 6.608.614 5.964.487 $ 5275.272 Principal Amyl:r

rued LTIP@ + Change in Accrued SAR“ + Change in Other Assets = Operating Cash Flow - Capital Expenditures - Capitalized Lease Payments = Cash for Debt Service CAPITALIZATION Total Debt Shareholders’ Equity@ Total Capitalization 2005PF $1,477.7 2.5% $244.4 $149.9 10.1% $367.4 24.9% $27.1 23.5 $1.6 $1