49 PAGE MULTI-FAMILY DECK

BACKGROUND AND UNDERSTANDING We understand that PAN Capital (žPANžor žDeveloperž) is planning a major multi-use development which will incorporate a variety of multi-family residential, commercial and hotel uses on a 195-acre site in Verona, WI. Legends Edge lies immediately northeast of the 1,000-acre Epic corporate campus in Verona and about 13 miles southwest of downtown Madison. Accordingly, PAN retained Marquette (žMarquettež) to provide a preliminary assessment of rental apartment market conditions and to evaluate potential market demand and supportable rental rates for 272 luxury apartment units as proposed for the initial development phase in Legends Edge. This analysis includes a review of the planned 272 apartments in Phase I only, and does not evaluate the hotel and commercial development components. This report does not constitute a feasibility study. Rather, the deliverable is intended to be concise, summarizing our analysis, conclusions and key recommendations on behalf of PAN Capital related to the 272 rental housing units planned for Phase I in Legends Edge. Conclusions and recommendations were developed by Marquette Advisors based on our analysis of the proposed development site, local and regional market information, and interviews with local market participants.

To:

Ms. Melissa Wee &Mr. Ken Keryluk PAN Capital Land LLC Brent Wittenberg, Vice President Marquette Advisors

From:

Regarding:

Legends Edge žVerona, WI Apartment Market Assessment

Date:

June 27, 2017

L E G E N D’ S E D G E

Marquette Advisors Offices: Minneapolis Office: 50 South Sixth Street, Suite 1370, Minneapolis, MN 55402 Phone: 612-335-8888; Fax: 612-334-3022 Seattle Office : 2723 California Avenue SW, Seattle, WA 98116 Phone: 425-392-7482; Fax: 425-392-7330 New York Office: 1325 Avenue of the Americas, 28 th Floor, New York, NY 10019 Phone: 212-786-6360; Fax 612-334-3022

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