MEXICO INDUSTRIAL INVESTMENT PROGRAMINVESTMENT SUMMARY

FAURECIA PORTFOLIO

IGS

SAN LUIS POTOSI

Page 1

Executive Summary - Summary of Requested Approval

Properties:

Authorization Requested:

Project Rationale:

The proposal is for up to a total of $13 million USD investment in a Joint Venture (the "Venture") with IGS Desarollo de Industrias, S de RL de CV, ("IGS-Industrial") to acquire 210,598 square feet of building on a total of 699,660 square feet of land. The lease agreement will be secured by a corporate guaranty from the parent Company. The total project cost (before VAT, including land acquisition, development costs and leasing fees) is $11,130,655 USD or $52.85 USD per square foot and the total project cost (with VAT, including land acquisition, development costs and leasing fees) is $12,497,028 USD or $59.34 USD per square foot. The Venture will request the reimbursement from the Mexican tax authority of $1,366,373 USD in VAT. A 3 month VAT reimbursement period is expected upon construction completion.

The deal has been generated by IGS-Industrial as part of their Mexican Pention Fund / Institutional Investor program.

•The project provides an unleveraged stabilized current yield of 8.0% (year one- excluding VAT) . •The Investor IRR after taxes, promotes and fees is 18.34% assuming a sale in year 3 or 4 (three or four). • The proposed investment provides a lease term of ten years with a base rent of $4.63 usd/sq ft NNN with annual escalations according to CPI. Faurecia will be granted two 5 year lease extensions.

The project consists of a Sale and Lease Back of one manufacturing facilitiy in San Luis Potosi, with a total leaseable area of 210,598 sq ftwithin 699,660 sq ft of Land.

Negotiation Status: •IGS-Industrial has signed the Letter of Intent (LOI) with Faurecia Corporate.•SER will prepare a building structural report.•IGS-Industrial is entitled up front to a leasing fee equal to 1% of the total purchise price.•Fidelity will provide a title insurance certificate on the property including updates accordingly to proposed additional investments in the properties.•Upon Investment Committee approval, the Venture will move forward to complete the Due Diligence and upon succesful completion sign the lease agreement with the seller/tenant and purchase the property.•The financing for this project and future projects will be provided through a Bancomext line of credit. The basic terms for this project include up to a 77% Loan to Value, Libor +3.60, 18 year amortization schedule, prepayment after year two with no prepaymernt penalty, 0.25% loan fee, 0.50% disposition fee, minimum 1.30 debt coverage ratio, (1.37 actual).

The tenant is the major supplier for automotive industry, they have been producing seats and their components for GM, VW, Chrysler, Honda and Ford.

Page 2

Site - Outdoor Photos

SAN LUIS POTOSI Location within Mexico:

Aerial Picture: Site Plan:

San Luis Potosi

Page 3

fin r

VI. Financial Information - Cash Flow Values in USD

2011 2012 2013 2014 2015 2016 2017 2018 TotalRevenuesRental Revenue - 731,616 991,828 1,013,978 1,035,859 1,058,478 1,080,965 - - 5,912,724

Miscelaneous Revenues - - - - - - - - - -

Total Revenues - 731,616 991,828 1,013,978 1,035,859 1,058,478 1,080,965 - - 5,912,724

Reimbursable Expenses (Net)CAM Expenses - - - - - - - - - -

Property Tax - - - - - - - - - -

Insurance - - - - - - - - - -

Total Reimbursable Expenses - - - - - - - - - - Non-Reimbursable ExpensesCredit Loss - - - - - - - - - -

Maintenance Reserve - (7,991) (11,008) (11,419) (11,824) (12,244) (12,698) - - (67,183)

Property Management - (14,632) (19,837) (20,280) (20,717) (21,170) (21,619) - - (118,254)

Accounting & Legal - - - - - - - - - -

Fund Managment Fee - (38,401) (51,201) (51,201) (51,201) (51,201) (51,201) - - (294,406)

Total Non-Reimbursable Expenses - (61,024) (82,045) (82,899) (83,742) (84,615) (85,518) - - (479,844)

NOI (BT) - 670,592 909,783 931,079 952,117 973,863 995,447 - - 5,432,880

Debt Service - (489,218) (663,921) (684,633) (698,003) (714,407) (730,850) - - (3,981,030)

NOI (AT) - 154,941 207,158 202,242 203,826 202,241 199,751 - -

Land Cost - (2,275,000) - - - - - - - (2,275,000)

H d / C t ti C t (7 528 903) (7 528 903)Hard / Construction Costs - (7,528,903) - - - - - - - (7,528,903)

Soft Costs - (1,326,752) - - - - - - - (1,326,752)

Retainer - - - - - - - - - -

Leasing Commissions - - - - - - - - - -

Rent Deposit - 162,581 - - - - (162,581) - - -

Major Capital Expenditure - - - - - - - - - -

Total Investment - (10,968,074) - - - - (162,581) - - (11,130,655)

Property Sale - - - - - - 12,417,739 - - 12,417,739

Sale Comission - - - - - - (248,355) - - (248,355)

Sale Revenue - - - - - - 12,169,384 - - 12,169,384

Unleveraged Cash Flow - (10,297,482) 909,783 931,079 952,117 973,863 13,002,250 - - 6,471,609

Current YieldLeveraged AT Yield to Investor

IRR = 18.34%

end fin r

Page 4

exec sum

Assumpiots & Investment Summary Values in USD

Project Information Project BudgetProperty Type Single Tenant Acquisition / DevelopmentInvestment Type Assembly $ $/SF %

Investment Strategy Sale-Lease-Back Purchase Price 9,803,903 46.55 88.1%

Deal Structure Joint Venture Other Acquisition Expenses 934,596 4.44 8.4%

Location SLP Construction Budget - - 0.0%

Industrial Park Yes Development Expenses - - 0.0%

Number of Properties 1 Brokerage Fees 392,156 1.86 3.5%

Estimated Closing 04/01/12 Total Project Cost 11,130,655 52.85 100.0%

GLA 210,598 VAT 1,366,373

LAND 699,660 Total Project Cost (Incl.VAT) 12,497,028 59.34

Lease Term 10 years

Type NNN Limited Partner IRR on Sale (After Taxes Promotes and Fees)

Rent (sf/yr): 4.632 Speculative Rent > 0 -10.0% -5.0% 0.0% 5.0% 10.0%

Currency USD V Exit Cap-Rate V 0 4.17 4.40 4.63 4.86 5.10

Inflation Index US CPI -2.0% 6.75% 24.29% 29.60% 34.69% 39.58% 44.30%

Garanty French Corporate -1.0% 7.75% 15.36% 20.84% 26.05% 31.04% 35.84%

Cap Rates 0.0% 8.75% 7.03% 12.95% 18.34% 23.46% 28.37%

Cap (Pur Price): 9.95% 1.0% 9.75% -2.32% 2.40% 11.08% 16.56% 21.63%

Cap (Tot Cost): 8.76% 2.0% 10.75% -2.32% -0.19% 1.98% 7.35% 15.24%

C-O-C (excluding VAT) Yr:1 8.0%( g )

Exit Cap: 8.75%

Transaction Cost on Sale: 2.00%

:Vacancy 0.00%

Measurments of Return to Equity 2013 2014 2015 2016 2017 2018 2019 2020 2021Project Before Tax IRR on Sale in year: 23.6% 24.6% 24.3% 23.8% 23.1% 22.3% 21.4% 20.6%

Project After Tax IRR on Sale in year: 20.7% 21.3% 21.0% 20.5% 19.9% 19.2% 18.4% 17.7%

LP After Tax IRR on Sale in year: 17.72% 18.34% 18.19% 17.88% 17.47% 16.96% 16.41% 15.83%

BTCF 245,862 246,446 254,114 259,457 264,597 277,253 282,493 283,312 284,618

ATCF Available to LP 207,158 202,242 203,826 202,241 199,751 204,839 203,193 197,682 192,475

Percentage of Return toward debt payment 66.94% 67.52% 67.38% 67.49% 67.61% 66.96% 66.87% 67.03% 67.09%

(Total Equity In Project) or Cumulative Excess Cash Flow (2,208,378) (2,000,897) (1,799,735) (1,595,097) (1,393,348) (1,193,850) (987,681) (785,148) (588,312)

Return to Equity (NOI / Cost) 8.2% 8.4% 8.6% 8.7% 8.9% 9.1% 9.2% 9.3% 9.4%

* (Excludes VAT; recuperated in 3 mos)

Lenders Measurements of Risk 2013 2014 2015 2016 2017 2018 2019 2020 2021Debt Service Coverage (Revenue/DS) 1.49 1.48 1.48 1.48 1.48 1.49 1.50 1.49 1.49

Debt Service Coverage (NOI/DS) 1.37 1.36 1.36 1.36 1.36 1.38 1.38 1.38 1.37

Break Even Point Ratio 75.2% 75.7% 75.5% 75.5% 75.5% 74.8% 74.7% 74.8% 74.9%

Loan Ending Amount 8,251,778 7,922,667 7,572,986 7,213,021 6,832,486 6,431,382 6,019,993 5,588,034 5,135,506

Percent of Un-Amortized Loan 96.3% 92.4% 88.4% 84.2% 79.7% 75.0% 70.2% 65.2% 59.9%

Page 5