A,ELROMART.REALTY GROUP INC.

Suite 1000,121 Richmond Street'West,Toronto, Ontario, M5H 2K1

Tel: (476) 863-9858Fax: (476) 851-0i91Em: projects@euromart. ca

Real Estate Broker Seruices

April 27,2010

State of Californiac/o CB Richard Ellis lnc.Attention Randy Getz, Executive Vice Presidentrandy.getz @cbre.com

Gentleman:

Re: Sale-Leaseback Office Portfolio as per Schedule 't' A" (the "Property")

This Letter of Intent (the "Letter") sets fofth the basic business terms and conditions betweenState of California as vendor (the "Vendor") and Euromafi Realty Group lnc. in Trust on behalf ofSouth Korean Military Pension Fund and Mutual Aid Association Fund, as purchaser (the"Purchaser") to purchase the Office Portfolio as per Schedule "A" on the following basis:

1. Purchase Price: US $2,280,000,000 (Two Billion Two Hundred and Eighty Million US Dollars).

2. Deposit: Upon the Execution of the formal Agreement of Purchase and Sale,the Purchaser shall deposit (the "First Deposit") Twenty Million ($ZO,OOO,000)US Dollars. The deposit shall be held in trust by the Purchaser's solicitorsand shall be invested in an interest bearing trust account with all interest toaccrue to the benefit of the Purchaser.

Upon waiver of Purchaser's condition, a second Deposit(the "Second Deposit") of Thitty Million ($30,000,000) US Dollars shall bepaid. The deposit shall be held in trust by the Vendor's solicitors and shall beinvested in an interest bearing trust account with all interest to accrue to thebenefit of the Purchaser.

3. Condition: The Purchaser shall have a period of thirty (30) days following the fullexecution of the Agreement of Purchase and Sale (the "Condition") to enterinto a mutually agreed triple net lease with the State of California. lf theparties cannot agree on the Lease Agreement, then the Purchaser shall havethe right to elect to terminate the Agreement of Purchase and Sale and tohave the full return of the First Deposit in its sole and absolute discretion.

4. Closing: Closing shall occur thirty (30) days after the satisfactory completionof conditional period.

5. Representation: The Vendor shall make such representations and warranties in theAgreement of Purchase and Sale as are customary with this type oftransactions.

6. Exclusivity: Upon execution of this Letter of Intent, the Vendor agrees to negotiate

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Eu.romart Group fonnded 1 962

EUROMART'exclusively and in good faith, without exception, with the Purchaser tocomplete the transaction proposed herein. In that regard, the Vendor agreesnot to enter into, or continue, any negotiations or discussions with any thirdparty in respect of the sale of the Property, and not to give access to anythird party to the Property for the purpose of enabling that third party to makea determination as to whether to make an offer to acquire the Property.

7. Confidentiality: Neither the Purchaser nor the Vendor shall disclose the terms or theexistence of this letter of intent to any third party (except their agents,advisors, consultants or prospective lenders) without the prior writtenconsent of the other party, provided that each party shall be entitled to makesuch disclosure to the extent required by law and regulation, rules or policy ofany regulatory body, in which case the disclosing party shall notify the otherprior to making such disclosure.

8. Non Binding: While this Letter of Intent may contain certain essential parts of anagreement, each of us agrees and understands that, except for ourrespective obligations set out under the heading "Confidentiality" (which isintended to be legally binding), this letter is one of intent only and does notand is not intended to constitute a binding agreement with respect to ourproposed acquisition of the Property.

Upon acceptance of this Letter of lntent, the parties hereto agree to promptly negotiate in goodfaith to finalize and fully execute an Agreement of Purchase and Sale containing the within basicterms.

The Vendor agrees that after signing this Letter of Intent, not to have any further discussionsinvolving other parties while continuing final negotiations of a formal Agreement of Purchase andSale.

By signing and returning a duplicate of this Letter of lntent, the Vendor confirms that this Lettersets out the elements of the proposed transaction.

The terms of this Letter of Intent are open for negotiations by the Vendor until May 5,2010,and if not acted upon by this date, will be null and void.

Sincerely,

Euromart Realty Group Inc. in Trust for SKMP and MMAA Funds

Bruno J. ArnoldChairman

Agreed and accepted this _day of May 2010State of California

l/we have the authority to bind the Corporation

l/we have the authority to bind the Corporation

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