Mission Statement. Introduction. Superior Investment Performance through a Platform of Knowledge, Experience and Execution.

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1 Introduction CREA INVESTMENTS (formerly CAPSTAR Real Estate Advisors) is a privately held real estate investment firm that leverages over 150 years of combined experience into transactions that exceed our partner s expectations. We hold firm to our entrepreneurial spirit: Our team is skilled, knows the market, moves quickly when opportunity arises, and takes creative approach to the real estate business. CREA works with DTZ to manage, market and lease our office properties for maximum profitability and to give seamless service to our partners. We focus on office properties. Creativity, expertise, experience, agility: The bottom line is, we create value. Mission Statement Superior Investment Performance through a Platform of Knowledge, Experience and Execution.

2 Expertise We buy smart: In over 30 years of operating buildings, we know what to look for and what to leave behind. We operate our buildings: We maximize an asset s appeal, efficiency and profitability. Our best practices are built-in: We ve honed our skills through working with a wide variety of owners and assets. We exceed expectations. We move fast: When opportunity knocks, we answer. Our organization is agile, and we understand the critical role timing plays in successful transactions. We know the market: Market intelligence for sourcing deals, due diligence, leasing, and timing transactions is close at hand, thanks to our 30-plus years in the market. EXPERIENCE SUPERIOR INVESTMENT PERFORMANCE EXPERTISE / SERVICES Sourcing acquisition opportunities Financial engineering Creating investment strategies Due diligence Leasing, marketing and management Asset management Strategic disposition

3 Management Team THE CREA TEAM has a combined experience of over 150 years, with each principal having more than 25 years experience. CREA PRINCIPLES (from left to right) UNPARALLELED Johnny Johnson, Christopher Taylor, Bret Bunnett, Brad Enloe and John Patterson market knowledge

4 MANAGEMENT TEAM MANAGEMENT TEAM Role Heads CREA Investments, directing all work of the Company, including strategic planning, acquisitions, dispositions, due diligence, financial engineering of all owned real estate, portfolio management and client relations BRAD ENLOE Principal Experience 27 years in commercial real estate Completed $5 billion in transactions, representing buyers, sellers and capital sources Emphasis on office sector, with experience in retail centers, shopping malls, multifamily, hotels, resorts, golf course and mixed-use properties as single assets and portfolios Structured acquisitions and dispositions of institutional real estate, property recapitalization, sale-leaseback, development and redevelopment Previous Positions Principal, Corporate Capital and Development Vice President, Eastdil Realty Director, Financial Services Group, Valuation Advisory Service Group, Cushman & Wakefield BRAD ENLOE Principal Education and Professional Designations B.B.A., Finance-Real Estate Emphasis, Texas Tech University Licensed Texas Real Estate Broker Former MAI member, the Appraisal Institute Affiliations The Real Estate Council; 2001 graduate of the Associate Leadership Council National Association of Industrial and Office Properties (NAIOP) North Texas Commercial Association of Realtors (NTCAR)

5 MANAGEMENT TEAM MANAGEMENT TEAM Role Leverages the strengths of DTZ to benefit CREA's partners Supports acquisitions: Sources deals, provides market intelligence for due diligence, and works with team to create and implement leasing and redevelopment plans Oversees leasing and management initiatives to fulfill strategic property plans BRET E. BUNNETT Principal Experience 32 years in commercial real estate; 30 in Dallas Led the repositioning of over 120 office properties Directed leasing and management services for a 35 million-square-foot thirdparty leasing and management portfolio Oversaw a 200-million-square-foot leasing portfolio Established new leasing and management offices in six cities Previous Position Divisional President and National Director of Leasing, Jones Lang LaSalle Education and Professional Designations B.B.A., Finance, Texas Tech University Licensed Texas Real Estate Broker BRET E. BUNNETT Principal Affiliations The Real Estate Council North Texas Commercial Association of Realtors (NTCAR) National Association of Industrial and Office Properties (NAIOP) Building Owners and Managers Association (BOMA)

6 MANAGEMENT TEAM MANAGEMENT TEAM Role Supports acquisitions: Sources deals, provides market intelligence for due diligence, and works with team to create and implement leasing and redevelopment plans JOHNNY JOHNSON Principal Experience 27 years in commercial real estate, all in Dallas Closed more than 15 million-square-feet of lease transactions Managed 20 million-square-foot leasing portfolios in Dallas, Houston, and New Orleans Previous Position Senior Vice President and Regional Leasing Director, Jones Lang LaSalle Education and Professional Designations B.B.A., Louisiana State University Licensed Texas Real Estate Broker Affiliations The Real Estate Council: Board of Directors; graduate of the 2004 Associate Leadership Council National Association of Industrial and Office Properties (NAIOP): Board of Directors; Chairman of NOW Program Coppell Education Foundation: Board of Directors JOHNNY JOHNSON Principal

7 MANAGEMENT TEAM MANAGEMENT TEAM Role Supports acquisitions: Sources deals, provides market intelligence for due diligence, and works with team to create and implement leasing and redevelopment plans JOHN B. PATTERSON Principal Experience 29 years in commercial real estate; 16 in Dallas, 8 in Houston, 5 in Washington, D.C. Managed 8 million-square-foot property management portfolio in Houston and New Orleans Managed design and construction of Class A office developments and redevelopments in Washington, D.C. Area Managed $10 million lending portfolio as commercial loan officer Previous Positions Regional Manager, Jones Lang LaSalle Project Manager, Spaulding & Slye Education and Professional Designations B.S., Texas A&M University M.B.A., Southern Methodist University Affiliations JOHN B. PATTERSON Principal Affiliations Building Owners and Managers Association (BOMA) Institute of Real Estate Management (IREM)

8 MANAGEMENT TEAM MANAGEMENT TEAM Role Supports acquisitions: Sources deals, provides market intelligence for due diligence, and works with team to create and implement leasing and redevelopment plans CHRIS TAYLOR Principal Experience 26 years in commercial real estate; 24 in Dallas, 2 in Austin Closed more than 15 million square feet of lease transactions Created and implemented marketing and leasing strategies for over 100 commercial office properties, including top-tier office projects and data centers Co-managed 18 million-square-foot leasing portfolio in Dallas/Fort Worth Previous Positions Senior Vice President and Regional Leasing Director, Jones Lang LaSalle Leasing Agent, Leasing and Development Group, the Trammel Crow Company Senior Accountant, Audit Division, Arthur Young & Company Education and Professional Designations B.B.A., Accounting and Finance, Texas Tech University Licensed Texas Real Estate Salesperson CHRISTOPHER S. TAYLOR Principal Affiliations National Association of Industrial and Office Properties (NAIOP) North Texas Commercial Association of Realtors (NTCAR)

9 CASE STUDY OFFICE Bluffview BLUFFVIEW TOWERS Property Name Acquisition Date Disposition Date Year Built Class Size Building Height Location Projected IRR Actual IRR Bluffview Towers December 2006 March A 196,260 square feet 4 Stories and 7 Stories 3860 and 3890 Northwest Highway Dallas, TX Approximately 20% Approximately 22% WITH EVERY CHALLENGE comes creative solutions

10 Bluffview BLUFFVIEW TOWERS The Opportunity In December 2006, CREA acquired Bluffview Towers, a Class A asset on the western edge of the Preston Center submarket, one of Dallas most prestigious and tightest markets. CREA acquired the building at a price significantly below replacement cost. The property is adjacent to an Embassy Suites hotel and near some of Dallas most prestigious neighborhoods, as well as Dallas Love Field. It was 95 percent leased and 70 percent occupied at the time of acquisition, due to the recent relocation of the previous owner. Roughly 55 percent of the existing leases were due to expire within three years of the acquisition date. The Strategy CREA created a plan to reposition Bluffview Towers as a lower-priced but still upscale alternative to core Preston Center buildings, whose rents for comparable space are roughly $8.00 per square foot higher than Bluffview s pro forma rents. Drawing on the identity of an elite neighborhood nearby, CREA changed the property s name from the Plaza at Bachman Creek. The Company began a $3 million project to renovate select common areas, including the buildings lobbies, upgrade the parking garage, add new signage, update landscaping and remediate water infiltration issues. CREA also established on-site management, significantly improving building services. CREA undertook a marketing plan to attract an appropriate tenant mix, leveraging Preston Center s standing, along with the area s rich amenity base, to tenants who are locked out of Preston Center s core, either by lack of capital or lack of space. The Result CREA, despite buying the building near the peak of the market, executed the business plan as contemplated. CREA was able to sell the asset slightly above the original pro-forma within four years of acquisition. The partnership enjoyed an internal rate of return of over 22 percent.

11 CASE STUDY OFFICE 8710 FREEPORT PARKWAY Property Name Acquisition Date Disposition Date Year Built Class Size Building Height Location IRR 8710 Freeport Parkway September 2004 June A 163,750 square feet 2 Stories 8710 Freeport Parkway Irving, TX Approximately 45% MAXIMIZING VALUE through creative solutions

12 8710 FREEPORT PARKWAY The Opportunity 8710 Freeport Parkway was 71 percent occupied at acquisition in September 2004, providing abundant opportunity in an improving market. The property s rent roll was weighted to large, credit-worthy tenants whose existing leases at abovemarket rates provided exceptional initial yields. Located in DFW Freeport, an international business park in the Las Colinas submarket, 8710 Freeport Parkway offers 82,000-square foot floorplates and a coveted parking ratio of over 5:1000. The Strategy Even though the building was 29 percent vacant, CREA s team envisioned a creative solution that would add value over and above leasing the project s vacant space: The Company undertook a complex process of restructuring a significant portion of the rent roll through lease buyouts and negotiating sub-to-direct lease conversions. The CREA team completed a cost-effective capital project that improved common areas, landscaping, and monument and building signage. The Company also created an aggressive marketing plan targeting medium and large corporations seeking value and efficiency. The Result Through a series of negotiations, the CREA team facilitated the buyout of one major tenant, allowing a subtenant to go direct and expand into 50 percent of the building. All other subtenants also signed direct leases. Twenty-one months after acquisition, 8710 Freeport Parkway was 100 percent occupied and sold for $134 per square foot, or approximately $39 per square foot over the acquisition price. The sale produced a market-leveraged internal rate of return of over 45 percent.

13 CASE STUDY OFFICE Granite GRANITE TOWER Property Name Acquisition Date Disposition Date Year Built Class Size Building Height Location IRR Granite Tower March 2007 Currently Owned 1999 A 240,153 square feet 10 Stories 4055 Valley View Lane Farmers Branch, TX Approximately 10% FINDING OPPORTUNITY through relationships

14 Granite GRANITE TOWER The Opportunity In Granite Tower, CREA recognized a well-located Class A office building that held tremendous potential and could be acquired at a very attractive price. CREA's relationship with the seller allowed the Company to purchase the property in an off-market transaction, and the property's acquisition price was significantly below replacement cost. Granite Tower was 90 percent occupied at acquisition in March 2007; however, several large leases were set to expire in two to three years during the upcoming LBJ Freeway expansion project. The Strategy CREA began creatively restructuring the leases of targeted tenants, thus stabilizing the rent roll and creating significant value. The Company aggressively marketed the remaining vacant space, and completed a modest capital improvement program on the multi-tenant floors. The Result Before closing on the acquisition, CREA identified a major new tenant and signed it for a 75,000-square-foot, 12-year lease, thus restructuring the rent roll on three floors. This brought the Company to the halfway mark of its goal. Within 12 months of closing, the balance of the space was released/restructured completing the execution of the business plan. Unfortunately, during this time the capital markets collapsed, changing the business plan from a quick sale to a longer-term hold. CREA has since weathered the economic storm and sold the asset in December 2014.

15 CASE STUDY OFFICE NORTH CENTRAL EXPRESSWAY Property Name Acquisition Date Disposition Date Year Built Class Size Building Height Location Projected IRR North Central May 2011 Currently Owned Redeveloped in 2012 A 296,358 square feet 10 Stories North Central Expressway Dallas, TX Approximately 21% PERFORMING IN A HIHGLY COMPETITIVE MARKET on targeted opportunities

16 10000 N. CENTRAL EXPRESSWAY The Opportunity NCX was an asset CREA had tracked for a number of years. When the note was marketed CREA saw an opportunity to purchase the asset at a basis well below replacement cost and at or near the bottom of the market. Upon acquisition of the note CREA envisioned acquiring fee simple title to the asset from the current borrower through foreclosure or a "deed in lieu". The Strategy CREA worked with the borrower for a quick acquisition of the fee simple title to the building. CREA then designed and implemented the capital improvement program. While under contract, CREA also identified an opportunity to extend the lead tenant for a new 12 year lease term. The Result Since acquisition, the capital improvement program has been completed and occupancy has increased from 62% to 90%. The asset required significant capital improvements to reposition the asset and facilitate effective leasing from an occupancy at 62%. The capital improvements involved new HVAC systems, an extensive lobby renovation, as well as common area upgrades including a state of the art fitness center.

17 CASE STUDY OFFICE Westchase WESTCHASE PLACE Property Name Acquisition Date Disposition Date Year Built Class Size Building Height Location Projected IRR Westchase Place October 2013 Currently Owned 1999; Redeveloped in 2009 A-/B+ 151,711 square feet 6 Stories Richmond Avenue Houston, TX Approximately 21% IDENTIFIYING OPPORTUNITIES through relationships and experiences in targeted markets

18 Westchase WESTCHASE PLACE The Opportunity CREA had been pursuing opportunities in Houston for several years when Westchase Place was identified. Though marketed by a national brokerage company, CREA identified Westchase Place as an exceptional opportunity working alongside the Houston office of DTZ. The Seller had owned the asset for over 10 years and had lived through the damages caused by Hurricane Ike. CREA believed the seller was under-marketing the asset. Occupancy was projected to be decreasing to 70% after closing. CREA viewed this as an opportunity in the very tight Westchase submarket. The Strategy CREA created a plan to reposition Westchase Place as a lower-priced alternative to Class A buildings in Westchase whose rents' for comparable space are $10 - $12 per square foot higher than Westchase Place's pro-forma. The repositioning included modest cosmetic upgrades including lobby renovations, restroom and corridor upgrades, tenant lounge and on-site management office. The Result Almost immediately after closing, CREA expanded an existing tenant by approximately 7,000 square feet and was able to retain one of the largest tenants expected to vacate the building on a long term basis. Instead of occupancy dropping to 70%, it stabilized at 85% prior to any capital improvements.

19 CASE STUDY OFFICE 4100 SPRING VALLEY Property Name Acquisition Date Disposition Date Year Built Class Size Building Height Location 4100 Spring Valley (Formerly Comerica Bank) October 2006 October B 153, 387 square feet 10 Stories 4100 Spring Valley Dallas, TX ADDING VALUE through precise execution

20 4100 SPRING VALLEY The Opportunity When CREA acquired 4100 Spring Valley in October 2006, the Company netted two opportunities: First, a Class B office property with great potential that was 70 percent occupied with several near-term expirations, all at below-market rates. Second, a 33,000-square-foot land parcel with a ground lease set to expire approximately one year later. And CREA acquired the property for less than 50 percent of the replacement cost of the office building. Situated at Spring Valley and Midway Roads, one mile from both the Dallas North Tollway and LBJ Freeway, 4100 Spring Valley is well positioned in the heart of Far North Dallas, the Metroplex s hottest submarket. The Strategy CREA s goal for the office tower was to significantly increase rents and lease up the building s vacant space. To this end, the Company executed a $1.4 million capital project that replaced and expanded the covered parking, resurfaced the parking lot; implemented a spec suite program, and updated the lobby, landscaping and monument signage. At acquisition, the land parcel was leased to McDonalds Corporation and improved with a McDonald s restaurant. CREA completed a long-term ground lease with McDonalds, creating significant value by extending the term. In 2008 the ground lease was sold, reducing the overall basis in the building. The Result CREA positioned the asset for sale within the projected 36 month window. However, the economic collapse forced the CREA partnership to adopt a longer-term strategy. As part of that strategy, a renewal of the lead tenant was required to achieve maximum pricing for the asset. The asset was sold in October 2012 with investors' equity returned.

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