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<SEC-DOCUMENT>0000950123-09-070606.txt : 20091214
<SEC-HEADER>0000950123-09-070606.hdr.sgml : 20091214
<ACCEPTANCE-DATETIME>20091214172122
ACCESSION NUMBER:		0000950123-09-070606
CONFORMED SUBMISSION TYPE:	S-11/A
PUBLIC DOCUMENT COUNT:		16
FILED AS OF DATE:		20091214
DATE AS OF CHANGE:		20091214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Terreno Realty Corp
		CENTRAL INDEX KEY:			0001476150
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-11/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-163016
		FILM NUMBER:		091239740

	BUSINESS ADDRESS:	
		STREET 1:		16 MAIDEN LANE
		STREET 2:		FIFTH FLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94108
		BUSINESS PHONE:		(415) 655-4580

	MAIL ADDRESS:	
		STREET 1:		16 MAIDEN LANE
		STREET 2:		FIFTH FLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94108
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-11/A
<SEQUENCE>1
<FILENAME>f53964a1sv11za.htm
<DESCRIPTION>FORM S-11/A
<TEXT>
<HTML>
<HEAD>
<TITLE>sv11za</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B> As filed with the Securities and Exchange Commission on
    December&#160;14, 2009</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B> Registration
    No.&#160;333-163016&#160;&#160;&#160;&#160;&#160;&#160;</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>
    <CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER><!-- callerid=128 iwidth=540 length=0 --></B>
</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=0 -->

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=90 -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Amendment No.&#160;1</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B> to</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 17pt">
    <FONT style="white-space: nowrap">Form&#160;S-11</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 11pt">FOR REGISTRATION UNDER THE
    SECURITIES ACT OF 1933</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 11pt">OF SECURITIES OF CERTAIN REAL
    ESTATE COMPANIES</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 23pt">Terreno Realty
    Corporation</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Exact name of registrant as
    specified in its governing instruments)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=90 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>16 Maiden Lane, Fifth Floor</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>San&#160;Francisco, CA 94108</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>(415)&#160;655-4580</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Address, including zip code,
    and telephone number, including area code, of registrant&#146;s
    principal executive offices)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=90 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>W. Blake Baird</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Chairman and Chief Executive Officer</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>16 Maiden Lane, Fifth Floor</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>San&#160;Francisco, CA 94108</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>(415) 655-4580</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=90 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Copies to:</I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>&#160;&#160;Gilbert G. Menna<BR>
    Ettore A. Santucci<BR>
    Goodwin Procter LLP<BR>
    Exchange Place<BR>
    Boston, Massachusetts 02109<BR>
    <FONT style="white-space: nowrap">(617)&#160;570-1000</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Alison S. Ressler<BR>
    Patrick S. Brown<BR>
    Sullivan &#038; Cromwell LLP<BR>
    1888 Century Park East<BR>
    Los Angeles, California 90067<BR>
    (310) 712-6600 </B>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=90 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Approximate date of commencement of proposed sale to the
    public:</B>&#160;&#160;As soon as practicable after this
    registration statement becomes effective.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If any of the Securities being registered on this Form are to be
    offered on a delayed or continuous basis pursuant to
    Rule&#160;415 under the Securities Act, check the following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If this Form is filed to register additional securities for an
    offering pursuant to Rule&#160;462(b) under the Securities Act,
    check the following box and list the Securities Act registration
    statement number of the earlier effective registration statement
    for the same
    offering.&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(c) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(d) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If delivery of the prospectus is expected to be made pursuant to
    Rule&#160;434, check the following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    &#147;large accelerated filer&#148;, &#147;accelerated
    filer&#148; and &#147;smaller reporting company&#148; in
    <FONT style="white-space: nowrap">Rule&#160;12b-2</FONT>
    of the Exchange Act. (Check one):
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-size: 9pt; font-family: Arial, Helvetica">Large
    accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 9pt; font-family: Arial, Helvetica">
    Accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 9pt; font-family: Arial, Helvetica">
    <FONT style="white-space: nowrap">Non-accelerated</FONT>
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-size: 9pt; font-family: Arial, Helvetica">
    Smaller reporting
    company&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT></TD>
</TR>

</TABLE>



<DIV align="center" style="margin-left: 22%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">(Do not check if a smaller
    reporting company)
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">CALCULATION OF
    REGISTRATION FEE</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="74%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Amount of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">Title of Each Class of<BR>
    </FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">Aggregate<BR>
    </FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">Registration<BR>
    </FONT></B>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Securities to be Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Offering Price(1)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Fee(2)</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-top: 1px solid #000000">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Common Stock, $0.01&#160;par value per share
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    345,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    19,251
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
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&nbsp;
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<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;</TD>
    <TD align="left">
    Estimated solely for the purpose of calculating the registration
    fee pursuant to Rule&#160;457(o) under the Securities Act of
    1933, as amended.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;</TD>
    <TD align="left">
    Previously paid on November&#160;10, 2009.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>The Registrant hereby amends this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until the Registrant shall file a further amendment which
    specifically states that this Registration Statement shall
    thereafter become effective in accordance with Section&#160;8(a)
    of the Securities Act of 1933, as amended, or until the
    Registration Statement shall become effective on such date as
    the Securities and Exchange Commission, acting pursuant to
    Section&#160;8(a), may determine.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=0 -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=0 -->
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</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #E8112D">The
information in this preliminary prospectus is not complete and
may be changed. These securities may not be sold until the
registration statement filed with the Securities and Exchange
Commission is effective. This preliminary prospectus is not an
offer to sell these securities nor does it seek an offer to buy
these securities in any state where the offer or sale is not
permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <FONT style="color: #E8112D">Subject to Completion. Dated
    December&#160;14, 2009.
    </FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">15,000,000&#160;Shares</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <IMG src="f53964a1f5396407.gif" alt="(TERRENO REALTY CORPORATION LOGO)"><B><FONT style="font-size: 14pt">
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">Terreno Realty
    Corporation</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 14pt">Common Stock
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=504 length=90 -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Terreno Realty Corporation is an internally managed, newly
    organized Maryland corporation focused on acquiring industrial
    real estate located in six major coastal U.S. markets.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This is an initial public offering of shares of Terreno Realty
    Corporation. All of the 15,000,000&#160;shares of common stock
    are being sold by the company. It is currently anticipated that
    the initial public offering price per share will be $20.00. We
    intend to list the common stock on the New York Stock Exchange,
    or NYSE, under the symbol &#147;TRNO&#148;.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Concurrently with the completion of this offering, Blake Baird,
    our chairman and chief executive officer, and Mike Coke, our
    president and chief financial officer, will acquire an aggregate
    of 350,000&#160;shares of our common stock in a private
    placement at the same price per share as in this offering but
    without payment of any underwriting discount.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to elect and qualify to be taxed as a real estate
    investment trust, or REIT, for federal income tax purposes,
    commencing with our taxable year ending December&#160;31, 2010.
    To assist us in qualifying as a REIT, ownership of the
    outstanding shares of our common stock by any individual and,
    subject to certain exceptions, any other person is limited to
    9.8%. We designed our ownership limits solely to protect our
    status as a REIT and not for the purpose of serving as an
    anti-takeover device.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>Investing in our common stock involves risk. See &#147;Risk
    Factors&#148; beginning on page&#160;11 of this prospectus, for
    a discussion of the following and other risks:</I>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We have no operating history and may not be able to successfully
    operate our business or generate sufficient operating cash flows
    to make or sustain distributions to our stockholders.
</TD>
</TR>





<TR valign="top" style="font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We have not yet identified any specific industrial properties to
    acquire or committed any portion of the net proceeds of this
    offering and the concurrent private placement to specific
    investments. Investors will not be able to evaluate the economic
    merits of any investment we make with the net proceeds prior to
    purchasing common stock in this offering, and our failure to
    apply these proceeds effectively, or at all, could cause our
    operating results and the value of our common stock to decline.
</TD>
</TR>





<TR valign="top" style="font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We may change our business, investment, leverage and financing
    strategies without stockholder approval.
</TD>
</TR>





<TR valign="top" style="font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our success will depend upon the efforts and expertise of our
    chairman and chief executive officer and our president and chief
    financial officer to manage our
    <FONT style="white-space: nowrap">day-to-day</FONT>
    operations and direct our business strategy. The loss of their
    services, and our inability to find suitable replacements, would
    have an adverse impact on our business.
</TD>
</TR>





<TR valign="top" style="font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If we do not qualify as a REIT or fail to remain qualified as a
    REIT in any taxable year, we will be subject to
    U.S.&#160;federal income tax at regular corporate rates and
    potentially state and local taxes and could face substantial tax
    liability, which would reduce the amount of cash available for
    distribution to our stockholders and adversely affect the value
    of our common stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=504 length=90 -->

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any other
    regulatory body has approved or disapproved of these securities
    or passed upon the accuracy or adequacy of this prospectus. Any
    representation to the contrary is a criminal offense.</B>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=504 length=90 -->

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="86%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <FONT style="font-size: 9pt">Per Share
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <FONT style="font-size: 9pt">Total
    </FONT>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Initial public offering price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Underwriting discount
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Proceeds, before expenses, to Terreno Realty Corporation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    To the extent that the underwriter sells more than
    15,000,000&#160;shares of common stock, the underwriter has the
    option to purchase up to an additional 2,250,000&#160;shares
    from Terreno Realty Corporation at the initial public offering
    price less the underwriting discount.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=504 length=90 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriter expects to deliver the shares against payment in
    New York, New York
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Goldman,
    Sachs&#160;&#038; Co.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=504 length=90 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">Prospectus
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010.
    </FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Prospectus
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <FONT style="font-size: 10pt">Page
    </FONT>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>Prospectus Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>Forward-Looking Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    34
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    37
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>Distribution Policy</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    38
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>Management&#146;s Discussion and Analysis of
    Financial Condition and Results of Operations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    39
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>Our Business</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    43
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>Management</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    54
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>Compensation Discussion and Analysis</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    59
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>Principal Stockholders</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    65
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>Certain Relationships and Related Transactions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    67
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>Policies With Respect to Certain Activities</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    68
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>Structure and Formation of Our Company</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    71
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>Description of Capital Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    72
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'>Material Provisions of Maryland Law and of Our
    Charter and Bylaws</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    76
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#118'>Shares&#160;Eligible for Future Sale</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    83
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#119'>Material U.S. Federal Income Tax
    Considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    85
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#120'>ERISA Considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    101
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#121'>Underwriting</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    104
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#122'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    107
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#123'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    107
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#124'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    107
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#125'>Index to Financial Statement</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    F-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f53964a1exv23w1.htm">EX-23.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f53964a1exv23w4.htm">EX-23.4</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f53964a1exv23w5.htm">EX-23.5</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f53964a1exv23w6.htm">EX-23.6</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f53964a1exv23w7.htm">EX-23.7</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f53964a1exv23w8.htm">EX-23.8</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f53964a1exv23w9.htm">EX-23.09</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f53964a1exv23w10.htm">EX-23.10</A></FONT></TD></TR>
</TABLE>

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</DIV>

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</FONT></DIV>

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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    No dealer, salesperson or other person is authorized to give any
    information or to represent anything not contained in this
    prospectus. You must not rely on any unauthorized information or
    representations. This prospectus is an offer to sell only the
    shares offered hereby, but only under circumstances and in
    jurisdictions where it is lawful to do so. The information
    contained in this prospectus is current only as of its date.
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">PROSPECTUS
    SUMMARY</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>This summary highlights some of the information in this
    prospectus. It does not contain all of the information that you
    should consider before investing in our common stock. You should
    read carefully the more detailed information set forth under the
    heading &#147;Risk Factors&#148; and the other information
    included in this prospectus. Except where the context suggests
    otherwise, the terms &#147;our company&#148;, &#147;we&#148;,
    &#147;us&#148; and &#147;our&#148; refer to Terreno Realty
    Corporation, a Maryland corporation.</I>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Our
    Company</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We are an internally managed, newly organized Maryland
    corporation focused on acquiring industrial real estate located
    in six major coastal U.S.&#160;markets: Los Angeles Area;
    Northern New Jersey/New York City; San&#160;Francisco Bay Area;
    Seattle Area; Miami Area; and Washington,&#160;D.C./Baltimore.
    We intend to invest in several types of industrial real estate,
    including warehouse/distribution, flex (including light
    manufacturing and research and development, or R&#038;D) and
    trans-shipment. We will target functional buildings in infill
    locations that may be shared by multiple tenants and that cater
    to customer demand within the various submarkets in which we
    operate.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The founding members of our management team and our promoters
    are Blake Baird, our chairman and chief executive officer, and
    Mike Coke, our president and chief financial officer. In 2007,
    Mr. Baird and Mr.&#160;Coke jointly founded Terreno Capital
    Partners LLC and subsequently assembled a team of real estate
    professionals that began actively analyzing and seeking
    industrial investment opportunities in our targeted markets.
    These senior executive officers have deep industrial real estate
    expertise across markets and cycles, as well as extensive public
    REIT operating experience, from Mr.&#160;Baird&#146;s eight
    years of experience and Mr.&#160;Coke&#146;s nine&#160;years of
    experience at AMB Property Corporation, a NYSE-listed industrial
    REIT, or AMB. AMB is a leading global developer, owner and
    operator of industrial real estate. The management team&#146;s
    expertise encompasses all aspects of industrial real estate
    acquisition, development, redevelopment, operations and finance.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Upon completion of this offering and the concurrent private
    placement of an aggregate of 350,000&#160;shares to Mr. Baird
    and Mr. Coke, we expect to have approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;million in cash available
    to execute our business strategy.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Market
    Opportunities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Overview</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We believe that the economic recession and corresponding credit
    crisis present an attractive environment to acquire industrial
    properties in infill coastal U.S.&#160;locations. The
    U.S.&#160;industrial property sector is experiencing significant
    stress from declining operating fundamentals and difficult
    credit conditions. Declining operating fundamentals are the
    result of industrial tenants reacting to weak macro economic
    trends including reduced consumer spending and declining trade
    flows. In addition, many property owners took advantage of
    abundant capital availability and placed excessive leverage on
    properties. The current reduction in credit availability and
    weak operating conditions make refinancing near-term debt
    maturities more difficult. Furthermore, ownership of industrial
    properties is highly fragmented. According to CBRE Econometric
    Advisors, or CBRE, there are approximately 13&#160;billion
    industrial square feet in the United States, and the seven
    publicly traded industrial REITs in the FTSE NAREIT Equity
    Industrial Index currently account for less than 5% of that
    total based on public filings. The FTSE NAREIT Equity Industrial
    Index currently consists of ProLogis, AMB, EastGroup Properties,
    Inc., DCT Industrial Trust, Inc., First Potomac Realty Trust,
    First Industrial Realty Trust, Inc. and Monmouth Real Estate
    Investment Corporation. We believe that operators that have
    ready access to equity and debt capital, which we refer to as
    well-capitalized operators, with no legacy issues (such as
    over-leveraged properties, significant vacancy and currently
    underproductive land and recently developed buildings) will have
    a competitive advantage in acquiring high quality industrial
    assets at attractive current returns and at a discount relative
    to both replacement cost and valuations from recent years. As we
    do not currently own any assets and initially will be an
    all-cash
</DIV>
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    <BR>
    1
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
     buyer, we are not restricted by legacy operating or legacy
    leverage issues that some of our private and public peers are
    presently facing. Once we invest the net proceeds of this
    offering and the concurrent private placement, our capital
    structure will include indebtedness as described in &#147;Our
    Business&#160;&#151; Our Financing Strategy&#148;.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Projected
    Improvement in Operating Fundamentals</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Although operating fundamentals remain weak across the
    U.S.&#160;real estate markets, and may weaken further,
    industrial operating fundamentals are expected to improve in the
    future. Significant industrial development activity,
    particularly from
    <FONT style="white-space: nowrap">2006-2008,</FONT>
    followed by falling demand caused by the economic recession, has
    left large blocks of vacant space across many U.S.&#160;markets.
    Given the recent dramatic reduction in development activity in
    response to falling demand, we anticipate improvements in the
    availability rate and a rebound in rent growth when demand
    ultimately returns. According to CBRE, the industrial
    availability rate will peak at 15.5% in 2010, its highest level
    since at least 1990, with steady improvement thereafter through
    2014. CBRE projects that industrial warehouse rents will fall
    through 2011 with growth projected in
    <FONT style="white-space: nowrap">2012-2014.</FONT>
    In &#147;Our Business&#160;&#151; Market
    Opportunities&#160;&#151; Projected Improvement in Operating
    Fundamentals&#148;, Chart 2 illustrates historical and projected
    industrial availability rates, and Chart 3 illustrates the
    historical and projected industrial warehouse rent growth.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Historical
    Outperformance of Industrial Real Estate and Our Targeted
    Markets</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    According to the National Council of Real Estate Investment
    Fiduciaries, or NCREIF, industrial real estate has historically
    outperformed national real estate returns by over 30&#160;basis
    points per year on average with lower volatility. In addition,
    over time our targeted markets have demonstrated superior
    operating fundamentals relative to all other
    U.S.&#160;industrial markets, including lower availability and
    higher rent growth.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Transaction
    Landscape Advantageous to Well-Capitalized Investors with No
    Legacy Issues</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Low-cost and abundant debt led to a significant increase in
    transaction and development activity in industrial real estate
    between 2004 and 2007 with sales transactions more than doubling
    during the period and capitalization rates, or cap rates,
    reaching their lowest level in at least two decades. The credit
    crisis and declining operating fundamentals that followed have
    resulted in a significant increase in troubled loans. The
    Federal Deposit Insurance Corporation, or FDIC, reports that as
    of September&#160;30, 2009, the amount of loans and leases that
    were noncurrent (90&#160;days or more past due or in nonaccrual
    status) among all FDIC-insured institutions increased for a
    14<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;consecutive

    quarter and the average noncurrent rate on all loans reached a
    new <FONT style="white-space: nowrap">26-year</FONT>
    record. The percentage of nonfarm nonresidential real estate
    loans that are noncurrent reached 3.4%, or $37.1&#160;billion,
    while the percentage of construction and development real estate
    loans that are noncurrent reached 15.0%, or $73.8&#160;billion.
    According to Trepp, LLC, or Trepp, as of October&#160;31, 2009,
    the percentage of commercial mortgage-backed securities, or
    CMBS, loans included in Trepp&#146;s database that are
    delinquent by 30&#160;days or more is at 4.83%, the highest
    level recorded by Trepp since 1998, which represents
    $35.2&#160;billion in outstanding loan balances. As lenders
    react to this environment, obtaining new loans or extending
    existing ones for property owners has become significantly more
    difficult. We believe this will lead to increases in foreclosure
    activities and distressed sales.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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    According to Real Capital Analytics, as of November 2009, the
    total market for distressed U.S.&#160;commercial real estate
    totaled 7,518 properties valued at approximately
    $155&#160;billion with industrial properties representing
    $4.9&#160;billion of that total. According to the National
    Association of Real Estate Investment Trusts, or NAREIT, as of
    October 2009, the seven publicly traded industrial equity REITs
    in the U.S.&#160;have an average debt ratio of 59.0%, with a
    range of 42.6% to 87.7%. We believe this may cause these REITs
    to raise equity or sell assets.
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    <BR>
    2
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    While industrial cap rates (net operating income divided by
    sales price) troughed at 6.8% in 2007 according to Real Capital
    Analytics, recent transactions suggest a return to the long-term
    average of 8.0% to 9.0%. We believe well-capitalized investors
    without legacy issues will be able to take advantage of this
    environment.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Competitive
    Strengths</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We believe we distinguish ourselves from our competitors through
    the following competitive advantages:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B><I>Management Team with Deeply Specialized Industrial
    Expertise.</I></B>&#160;&#160;Our management team is led by
    Blake Baird, our chairman and chief executive officer, and Mike
    Coke, our president and chief financial officer. These senior
    executive officers have deep industrial real estate expertise
    across markets and cycles, as well as extensive public REIT
    operating experience, from Mr.&#160;Baird&#146;s
    eight&#160;years of experience and Mr. Coke&#146;s nine years of
    experience most recently as president and chief financial
    officer, respectively, at AMB. In 2007, Mr.&#160;Baird and
    Mr.&#160;Coke jointly founded Terreno Capital Partners LLC, and
    subsequently assembled a team of real estate professionals that
    began actively analyzing and seeking industrial investment
    opportunities in our targeted markets. Mr.&#160;Baird and
    Mr.&#160;Coke each have approximately 20&#160;years of
    commercial real estate industry experience.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B><I>Demonstrated Track Record.</I></B>&#160;&#160;During their
    tenure at AMB, Mr.&#160;Baird and Mr.&#160;Coke helped transform
    AMB from an owner of shopping centers and industrial buildings
    with 64&#160;million square feet of space in 30
    U.S.&#160;markets into a leading global developer, owner and
    operator of industrial real estate with interests in over 1,000
    buildings comprising 125&#160;million square feet located in 12
    countries across North America, Europe and Asia. During this
    period, AMB acquired approximately $4.6&#160;billion of real
    estate assets. From January&#160;20, 1999, the date that
    Mr.&#160;Baird joined AMB, to November&#160;20, 2006, the date
    that both Mr.&#160;Baird and Mr.&#160;Coke announced their
    departure from AMB, the total return (stock price appreciation
    and dividends paid) to AMB stockholders was 313%, outperforming
    the 285% total return for the MSCI U.S.&#160;REIT Index over the
    same period. The MSCI U.S.&#160;REIT Index is a market
    capitalization weighted index that is comprised of equity REITs
    that are included in the MSCI U.S. Investable Market 2500 Index,
    with the exception of specialty equity REITs that do not
    generate a majority of their revenue and income from real estate
    rental and leasing operations. The MSCI U.S.&#160;REIT Index
    represents approximately 85% of the U.S. REITs. AMB is a
    constituent company of the MSCI U.S.&#160;REIT Index.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B><I>Focused Investment Strategy with No Legacy
    Issues.</I></B>&#160;&#160;We selected our target markets based
    upon Mr.&#160;Baird&#146;s and Mr.&#160;Coke&#146;s experiences
    investing and operating in over 50&#160;global industrial
    markets located in North America, Europe and Asia and also in
    anticipation of trends in logistics patterns resulting from
    population changes, regulatory and physical constraints,
    potential long term increases in carbon prices and other
    factors. As we do not currently own any assets and initially
    will be an all-cash buyer, we are not restricted by the
    operational or liquidity issues that some of our private and
    public peers are presently facing. Upon completion of this
    offering and the concurrent private placement, we expect to have
    $&#160;&#160;&#160;&#160;&#160;&#160;million in cash to invest
    and our management can focus on new investment opportunities.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B><I>Conservative Targeted Leverage with Growth Oriented
    Capital Structure.</I></B>&#160;&#160;We expect to maintain
    financial flexibility and a conservative capital structure using
    retained cash flows, long-term debt and common and perpetual
    preferred stock to finance our growth. We intend to limit the
    sum of the outstanding principal amount of our consolidated
    indebtedness and the liquidation preference of any outstanding
    preferred stock to less than 40% of our total enterprise value,
    maintain a fixed charge coverage ratio in excess of 2.0x and
    once the net proceeds from this offering and the concurrent
    private placement are fully deployed, limit the principal amount
    of our outstanding floating rate debt to less than 20% of our
    total consolidated indebtedness.
</TD>
</TR>

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    <BR>
    3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B><I>Highly Aligned Compensation
    Structure.</I></B>&#160;&#160;We believe that executive
    compensation should be closely aligned with long term
    stockholder value creation. As a result, at the closing of this
    offering, all of Mr. Baird&#146;s and Mr.&#160;Coke&#146;s
    incentive compensation will be based solely on our total
    stockholder return exceeding certain rolling targets versus
    benchmarks. Mr. Baird and Mr.&#160;Coke will not be eligible to
    receive any payouts under our long-term incentive program until
    early 2012. In addition, Mr.&#160;Baird and Mr.&#160;Coke will
    each
    receive&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of restricted stock upon completion of this offering that will
    vest ratably in annual installments over a five-year period.
    Mr.&#160;Baird and Mr.&#160;Coke also will purchase in the
    aggregate 350,000&#160;shares of our common stock in a private
    placement concurrently with this offering at the same price per
    share as in this offering but without the payment of any
    underwriting discount.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B><I>Commitment to Strong Corporate
    Governance.</I></B>&#160;&#160;We are committed to strong
    corporate governance, as demonstrated by the following:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all members of our board of directors will serve annual terms;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have adopted a majority voting standard in non-contested
    director elections;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have opted out of two Maryland anti-takeover provisions and,
    in the future, we may not opt back in to these provisions
    without stockholder approval;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we designed our ownership limits solely to protect our status as
    a REIT and not for the purpose of serving as an anti-takeover
    device; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have no stockholder rights plan. In the future, we will not
    adopt a stockholder rights plan unless our stockholders approve
    in advance the adoption of a plan or, if adopted by our board of
    directors, we will submit the stockholder rights plan to our
    stockholders for a ratification vote within 12&#160;months of
    adoption or the plan will terminate.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Our Investment
    Strategy</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to invest in industrial properties located in six
    major coastal U.S.&#160;markets: Los&#160;Angeles Area; Northern
    New Jersey/New York City; San&#160;Francisco Bay Area; Seattle
    Area; Miami Area; and Washington,&#160;D.C./Baltimore. We intend
    to invest in several types of industrial real estate, including
    warehouse/distribution, flex (including light manufacturing and
    R&#038;D) and trans-shipment. We will target functional
    buildings in infill locations that may be shared by multiple
    tenants and that cater to customer demand within the various
    submarkets in which we operate. We do not expect to invest
    outside of the United States.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We selected our target markets by drawing upon
    Mr.&#160;Baird&#146;s and Mr.&#160;Coke&#146;s experiences in
    investing and operating in over 50 global industrial markets
    located in North America, Europe and Asia and in anticipation of
    trends in logistics patterns resulting from population changes,
    regulatory and physical constraints, potential long term
    increases in carbon prices and other factors. We believe that
    our target markets have attractive long term investment
    attributes. We will target assets with characteristics that
    include, but are not limited to, the following:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    located in high population coastal markets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    close proximity to transportation infrastructure (such as sea
    ports, airports, highways and railways);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    situated in supply-constrained
    <FONT style="white-space: nowrap">sub-markets</FONT>
    with barriers to new industrial development, as a result of
    physical
    <FONT style="white-space: nowrap">and/or</FONT>
    regulatory constraints;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    functional and flexible layout that can be modified to
    accommodate single and multiple tenants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    acquisition price at a significant discount to the replacement
    cost of the property;
</TD>
</TR>

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    <BR>
    4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential for enhanced return through re-tenanting or
    operational improvements;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    opportunity for higher and better use of the property over time.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will utilize local third party property managers for
    day-to-day property management. We believe outsourcing property
    management is cost effective and provides us with operational
    flexibility to scale our investments within any chosen market.
    In addition, property management firms can be an important
    source of investment opportunities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    While not prohibited from doing so, we have no current intention
    to acquire industrial land or to pursue ground up development.
    However, we may pursue redevelopment opportunities of properties
    that we own.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect the significant majority of our investments will be
    equity interests. We will opportunistically target investments
    in debt secured by industrial real estate which would otherwise
    meet our investment criteria with the intention of ultimately
    acquiring the underlying real estate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Our Financing
    Strategy</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The primary objective of our financing strategy is to maintain
    financial flexibility with a conservative capital structure
    using retained cash flows, long-term debt and common and
    perpetual preferred stock to finance our growth. We intend to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limit the sum of the outstanding principal amount of our
    consolidated indebtedness and the liquidation preference of any
    outstanding perpetual preferred stock to less than 40% of our
    total enterprise value;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    maintain a fixed charge coverage ratio in excess of 2.0x;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limit the principal amount of our outstanding floating rate debt
    to less than 20% of our total consolidated indebtedness once the
    net proceeds from this offering and the concurrent private
    placement are fully deployed;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    have staggered debt maturities that are aligned to our expected
    average lease term (5-10&#160;years), positioning us to re-price
    parts of our capital structure as our rental rates change with
    market conditions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to preserve a flexible capital structure with a
    long-term goal to obtain an investment grade rating and be in a
    position to issue unsecured debt and perpetual preferred stock.
    Prior to attaining an investment grade rating, we intend to
    primarily utilize non-recourse debt secured by individual
    properties or pools of properties with a targeted maximum
    <FONT style="white-space: nowrap">loan-to-value</FONT>
    of 60% at the time of financing.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    After completion of this offering and the concurrent private
    placement, we plan to seek a revolving credit facility to
    finance acquisitions and for working capital requirements. We
    have initiated non-binding discussions with lenders but there
    can be no assurance that we will be able to obtain such
    financing on favorable terms or at all.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Summary Risk
    Factors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    An investment in shares of our common stock involves various
    risks. You should consider carefully the risks discussed below
    and under the heading &#147;Risk Factors&#148; beginning on
    page&#160;11 of this prospectus before purchasing our common
    stock. If any of these risks occur, our business, financial
    condition, liquidity, results of operations and prospects could
    be materially and adversely affected. In that case, the trading
    price of our common stock could decline, and you may lose some
    or all of your investment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We have no operating history and may not be able to successfully
    operate our business or generate sufficient operating cash flows
    to make or sustain distributions to our stockholders.
</TD>
</TR>

</TABLE>
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    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We have not yet identified any specific industrial properties to
    acquire. Investors will be unable to evaluate the allocation of
    net proceeds of this offering and the concurrent private
    placement or the economic merits of our investments prior to
    making an investment decision. Our failure to apply the net
    proceeds of this offering and the concurrent private placement
    effectively or find suitable industrial properties to acquire in
    a timely manner or on acceptable terms could result in returns
    that are substantially below expectations or result in losses.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our success will depend upon the efforts and expertise of our
    chairman and chief executive officer and our president and chief
    financial officer to manage our
    <FONT style="white-space: nowrap">day-to-day</FONT>
    operations and direct our business strategy. The loss of their
    services, and our inability to find suitable replacements, would
    have an adverse impact on our business.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our long-term growth will depend upon future acquisitions of
    industrial properties, and we may be unable to consummate
    acquisitions on advantageous terms, the acquired properties may
    not perform as we expect, or we may be unable to quickly and
    efficiently integrate our new acquisitions into our existing
    operations.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Adverse economic and geopolitical conditions could negatively
    affect our returns and profitability. Among others, the
    following market and economic challenges may adversely affect
    our operating results: poor economic times may result in tenant
    defaults under our leases and reduced demand for industrial
    space; overbuilding may increase vacancies at any of the
    properties that we may acquire; and maintaining occupancy levels
    at the properties that we may acquire may require increased
    concessions, tenant improvement expenditures or reduced rental
    rates. Our operations could be negatively affected to the extent
    that an economic downturn is prolonged or becomes more severe.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We will be dependent on tenants for our revenues. Our operating
    results and distributable cash flows would be adversely affected
    if a significant number of our tenants were unable to meet their
    lease obligations or failed to renew their leases.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The failure to generate sufficient cash flows to cover future
    debt service obligations could adversely affect our overall
    operating results, may require us to sell industrial properties,
    may jeopardize our qualification as a REIT and could adversely
    affect our ability to make distributions to our stockholders and
    the market price of our common stock.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We may change our business, investment, leverage and financing
    strategies without stockholder approval.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Covenants in our future debt agreements could adversely affect
    our financial condition. We will rely on debt financing to
    finance our acquisition activities and for working capital. If
    we are unable to obtain debt financing from these or other
    sources, or to refinance existing indebtedness upon maturity,
    our financial condition and results of operations would likely
    be adversely affected. If we breach covenants in our debt
    agreements, the lenders can declare a default and, if the debt
    is secured, can take possession of the property securing the
    defaulted loan.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If we do not qualify as a REIT or fail to remain qualified as a
    REIT in any taxable year, we will be subject to
    U.S.&#160;federal income tax at regular corporate rates and
    potentially increased state and local taxes and could face
    substantial tax liability, which would reduce the amount of cash
    available for distributions to our stockholders and adversely
    affect the value of our common stock.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We have not established a minimum distribution payment and we
    may be unable to generate sufficient cash flows from our
    operations to make distributions to our stockholders at any time
    in the future.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Our Formation and
    Structure</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We were organized as a Maryland corporation on November&#160;6,
    2009. We are not structured as an umbrella partnership REIT, or
    UPREIT. Currently, we have no subsidiaries. In the future, we
    will
</DIV>
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    <BR>
    6
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    own our properties indirectly through subsidiaries and may
    utilize one or more taxable REIT subsidiaries as appropriate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Distribution
    Policy</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend over time to make regular quarterly distributions to
    our common stockholders. However, until we invest a substantial
    portion of the net proceeds of this offering and the concurrent
    private placement in industrial properties, we expect our
    quarterly distributions will be nominal. We currently do not
    intend to use the net proceeds from this offering and the
    concurrent private placement to make distributions to our
    stockholders.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our ability to make distributions to our stockholders also will
    depend on our levels of retained cash flows, which we intend to
    use as a source of investment capital. In order to qualify for
    taxation as a REIT, we intend to make annual distributions to
    our stockholders of at least 90% of our taxable income,
    determined without regard to the deduction for dividends paid
    and excluding any net capital gains. We cannot assure you as to
    when we will begin to generate sufficient cash flows to make
    distributions to our stockholders or our ability to sustain
    those distributions. Distributions will be authorized by our
    board of directors and declared by us based upon a variety of
    factors deemed relevant by our board of directors. Distributions
    to our stockholders generally will be taxable to our
    stockholders as ordinary income; however, because a significant
    portion of our investments will be equity ownership interests in
    industrial properties, which will generate depreciation and
    other non-cash charges against our income, a portion of our
    distributions may constitute a tax-free return of capital.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Our Tax
    Status</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to elect to be taxed as a REIT under Sections&#160;856
    through 860 of the Internal Revenue Code of 1986, as amended, or
    the Code, commencing with our taxable year ending
    December&#160;31, 2010. We believe that our organization and
    proposed method of operation will enable us to meet the
    requirements for qualification and taxation as a REIT for
    federal income tax purposes. To maintain REIT status we must
    meet a number of organizational and operational requirements,
    including a requirement that we annually distribute at least 90%
    of our net taxable income to our stockholders, excluding net
    capital gains. As a REIT, we generally will not be subject to
    federal income tax on REIT taxable income we currently
    distribute to our stockholders. If we fail to qualify as a REIT
    in any taxable year, we will be subject to federal income tax at
    regular corporate rates. Even if we qualify for taxation as a
    REIT, we may be subject to some federal, state and local taxes
    on our income or property and the income of our taxable REIT
    subsidiaries, if any, will be subject to taxation at regular
    corporate rates.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Material Benefits
    to Related Parties</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Purchase of
    Shares of Common Stock by Certain Executive
    Officers</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Concurrently with the completion of this offering,
    Mr.&#160;Baird will acquire 250,000&#160;shares of our common
    stock and Mr.&#160;Coke will acquire 100,000&#160;shares of our
    common stock in a private placement at the same price per share
    as in this offering but without payment of any underwriting
    discount. The aggregate of 350,000&#160;shares that
    Mr.&#160;Baird and Mr.&#160;Coke will acquire in the private
    placement represent&#160;&#160;&#160;&#160;&#160;% of the shares
    of our common stock to be outstanding following this offering
    and the concurrent private placement.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Severance
    Agreements</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to enter into severance agreements with each of
    Mr.&#160;Baird and Mr.&#160;Coke, which will become effective
    upon the completion of this offering, as described in
    &#147;Compensation Discussion and Analysis&#160;&#151; Severance
    Agreements&#148;. These agreements will provide benefits to each
    of Mr.&#160;Baird and Mr.&#160;Coke in the event his employment
    is terminated under certain circumstances. We may enter into
    similar agreements with certain executive officers that we hire
    in the future.
</DIV>
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    <BR>
    7
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 5%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">IPO Grants and
    Performance Shares</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    At the completion of this offering, we will
    grant&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of restricted stock to each of Mr.&#160;Baird and Mr.&#160;Coke,
    with such shares having an approximate value of
    $&#160;&#160;&#160;&#160;&#160;, based on the assumed initial
    public offering price of $20.00 per share. Also, we will grant
    performance share awards to each of Mr.&#160;Baird and
    Mr.&#160;Coke contingent on our achieving certain benchmarks as
    described in &#147;Compensation Discussion and
    Analysis&#160;&#151; IPO Grants of Plan-Based Awards&#148;. In
    addition, at the completion of this offering, we expect to
    grant&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of restricted stock to our employees, with such shares having an
    aggregate approximate value of $&#160;&#160;&#160;&#160;&#160;,
    based on the assumed initial offering price of $20.00 per share.
    The restricted stock granted at the completion of this offering
    will vest ratably in annual installments over a five-year period
    commencing on the first anniversary of the closing of this
    offering.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Contribution
    of Fixed Assets</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Concurrently with the completion of this offering, Terreno
    Capital Partners LLC, of which Mr.&#160;Baird and Mr.&#160;Coke
    are managing partners and co-founders, will contribute its fixed
    assets to us at their net book value of approximately $240,000.
    In exchange for the contribution of these fixed assets, we will
    issue to Terreno Capital Partners LLC approximately
    12,000&#160;shares of our common stock. These shares may be
    distributed to each of Mr.&#160;Baird and Mr.&#160;Coke.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Indemnification
    of Officers and Directors</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Effective upon the completion of this offering, we expect to
    enter into an indemnification agreement with each of our
    executive officers and directors as described in
    &#147;Management&#160;&#151; Indemnification Agreements&#148;.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Other Benefits
    to Related Parties and Related Party Transactions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to use approximately $&#160;&#160;&#160;&#160;&#160;
    of the net proceeds of this offering and the concurrent private
    placement to reimburse Terreno Capital Partners LLC for
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses it incurred in connection with the formation of our
    company and this offering. We will also use $1,000 of the net
    proceeds of this offering and the concurrent private placement
    to repurchase the shares of our common stock that Mr.&#160;Baird
    and Mr.&#160;Coke acquired in connection with the formation and
    initial capitalization of our company. See &#147;Use of
    Proceeds&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Corporation
    Information</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our offices are located at 16 Maiden Lane, Fifth Floor,
    San&#160;Francisco, California, 94108, and our telephone number
    is
    <FONT style="white-space: nowrap">(415)&#160;655-4580.</FONT>
    We maintain an internet site of www.terreno.com which contains
    information concerning us. The information included or
    referenced to on, or otherwise accessible through, our website
    is not intended to form a part of or be incorporated by
    reference into this prospectus.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
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    <BR>
    8
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The
    Offering</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Common stock offered by us</TD>
    <TD></TD>
    <TD valign="bottom">
    15,000,000&#160;shares</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
<DIV style="text-indent: -7%; margin-left: 7%">
    Common stock to be outstanding after this offering and the
    concurrent private placement</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Use of proceeds</TD>
    <TD></TD>
    <TD valign="bottom">
    We will invest the net proceeds of this offering and the
    concurrent private placement in industrial properties in
    accordance with our investment strategy described in this
    prospectus and for general business purposes. Prior to the full
    investment of the net offering proceeds in industrial
    properties, we intend to invest the net proceeds in
    interest-bearing short-term U.S. government and government
    agency securities, which are consistent with our intention to
    qualify as a REIT. These initial investments are expected to
    provide a lower net return than we will seek to achieve from
    investments in industrial properties. We will use approximately
    $&#160;&#160;&#160;&#160;&#160; of the net proceeds to reimburse
    Terreno Capital Partners LLC for
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses it incurred in connection with the formation of our
    company and this offering and $1,000 to repurchase the shares
    Mr.&#160;Baird and Mr.&#160;Coke acquired in connection with the
    formation and initial capitalization of our company. See
    &#147;Use of Proceeds&#148;.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Ownership and transfer restrictions</TD>
    <TD></TD>
    <TD valign="bottom">
    Due to limitations on the concentration of ownership of REIT
    stock imposed by the Code, our charter generally prohibits any
    individual (as defined in the Code to include certain entities)
    from actually or constructively owning more than 9.8% in value
    of the aggregate of our outstanding shares of stock or more than
    9.8% in value or number of shares, whichever is more
    restrictive, of the outstanding shares of our common stock.
    Subject to certain exceptions, our charter further prohibits any
    person or entity from owning shares of our stock in excess of
    these limits under &#147;related party tenant&#148; rules that
    apply to REITs. Upon request, our board of directors will waive
    this related party tenant limit with respect to a particular
    stockholder unless it determines in its sole judgment that such
    stockholder&#146;s increased ownership could result in any of
    our rental income to fail to qualify as such for REIT testing
    purposes as a result of the &#147;related party tenant&#148;
    provisions of the Code. </TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Risk factors</TD>
    <TD></TD>
    <TD valign="bottom">
    Investing in our common stock involves risks. You should
    carefully read and consider the information set forth under
    &#147;Risk Factors&#148; and all other information in this
    prospectus before investing in our common stock.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Proposed NYSE symbol</TD>
    <TD></TD>
    <TD valign="bottom">
    We intend to apply to have our common stock listed on the NYSE
    under the symbol &#147;TRNO&#148;.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless otherwise indicated, information in this prospectus:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    excludes up to 2,250,000&#160;shares of our common stock
    issuable upon exercise of the underwriter&#146;s option to
    purchase additional shares;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
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    <BR>
    9
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    excludes&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    issuable in the future under our 2010 Equity Incentive Plan, or
    the 2010 Equity Plan;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    excludes performance shares that may be earned in the future by
    our executive officers contingent on our achieving certain
    benchmarks (see &#147;Compensation Discussion and
    Analysis&#160;&#151; IPO Grants of Plan-Based Awards&#148;);
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    includes an aggregate of 350,000&#160;shares of common stock to
    be issued to Mr.&#160;Baird and Mr.&#160;Coke in the concurrent
    private placement;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    includes approximately 12,000&#160;shares of our common stock to
    be issued to Terreno Capital Partners LLC in exchange for the
    contribution of fixed assets;&#160;and
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    includes&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of restricted stock to be granted under the 2010 Equity Plan to
    our independent directors, executive officers and employees
    concurrently with the completion of this offering.
</TD>
</TR>

</TABLE>
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    <BR>
    10
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>An investment in our common stock involves a high degree of
    risk. Before making an investment decision, you should carefully
    consider the following risk factors, which address the material
    risks concerning our business and an investment in our common
    stock, together with the other information contained in this
    prospectus. If any of the risks discussed in this prospectus
    occur, our business, prospects, financial condition, results of
    operation and our ability to make cash distributions to our
    stockholders could be materially and adversely affected, the
    trading price of our common stock could decline significantly
    and you could lose all or a part of your investment. Some
    statements in this prospectus, including statements in the
    following risk factors constitute forward-looking statements.
    Please refer to the section entitled &#147;Forward-Looking
    Statements&#148;.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Risks Related to
    Our Business and Our Properties</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">We have no
    operating history and may not be able to successfully operate
    our business or generate sufficient operating cash flows to make
    or sustain distributions to our stockholders.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We were organized in November 2009, have no operating history
    and have no agreements to acquire any properties. We will only
    commence operations upon completion of this offering and the
    concurrent private placement. Our ability to make or sustain
    distributions to our stockholders will depend on many factors,
    including our ability to identify attractive acquisition
    opportunities consistent with our investment strategy, our
    success in consummating acquisitions on favorable terms, the
    level and volatility of interest rates, readily accessible
    short-term and long-term financing on favorable terms and
    conditions in the financial markets, the real estate market and
    the economy. We will face competition in acquiring attractive
    industrial properties and on advantageous terms. The value of
    the industrial properties that we acquire may decline
    substantially after we purchase them. We may not be able to
    successfully operate our business or implement our operating
    policies and investment strategy. Furthermore, we may not be
    able to generate sufficient operating cash flows to pay our
    operating expenses, service any debt we may incur in the future
    and make distributions to our stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As a newly formed company, we are subject to the risks of any
    newly established business enterprise, including risks that we
    will be unable to attract and retain qualified personnel, create
    effective operating and financial controls and systems or
    effectively manage our anticipated growth, any of which could
    have a material adverse effect on our business and our operating
    results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">We have not
    yet identified any specific industrial properties to acquire,
    and you will be unable to evaluate the allocation of net
    proceeds of this offering and the concurrent private placement
    or the economic merits of our investments prior to making your
    investment decision.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We currently do not own any properties and have no agreements to
    acquire any properties. Because we have not yet identified any
    specific industrial properties to acquire or committed any
    portion of the net proceeds of this offering to any specific
    industrial property investment, you will be unable to evaluate
    the allocation of the net proceeds of this offering and the
    concurrent private placement or the economic merits of our
    investments before making an investment decision to purchase our
    common stock. We will have broad authority to invest the net
    proceeds of this offering and the concurrent private placement
    in any real estate investments that we may identify in the
    future, and we may use those proceeds to make investments with
    which you may not agree. In addition, our investment policies
    may be amended or revised from time to time at the discretion of
    our board of directors, without a vote of our stockholders.
    These factors will increase the uncertainty, and thus the risk,
    of investing in our common stock. Our failure to apply the net
    proceeds of this offering and the concurrent private placement
    effectively or find suitable industrial properties to acquire in
    a timely manner or on acceptable terms could result in returns
    that are substantially below expectations or result in losses.
</DIV>
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    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Prior to the full investment of the net offering proceeds in
    industrial properties, we intend to invest the net offering
    proceeds in interest-bearing short-term U.S.&#160;government and
    government agency securities, which are consistent with our
    intention to qualify as a REIT. These investments are expected
    to provide a lower net return than we will seek to achieve from
    our investments in industrial properties. We may not be able to
    identify industrial investments that meet our investment
    criteria, we may not be successful in completing any investment
    we identify and our investments may not produce acceptable, or
    any, returns. We may be unable to invest the net proceeds on
    acceptable terms, or at all.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Our senior
    management&#146;s past experience in operating a publicly traded
    REIT may not be sufficient to successfully operate our
    company.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We cannot assure you that the past experience of our chairman
    and chief executive officer and our president and chief
    financial officer in operating a publicly traded industrial REIT
    will be sufficient to successfully operate our company as a REIT
    or a publicly traded company, including the requirements to
    timely meet disclosure requirements and comply with the
    Sarbanes-Oxley Act of 2002. Failure to maintain REIT status
    would have an adverse effect on our financial condition, results
    of operations, cash flows, per share trading price of our common
    stock and ability to satisfy our debt service obligations and to
    pay distributions to you.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Our
    investments will be concentrated in the industrial real estate
    sector, and our business would be adversely affected by an
    economic downturn in that sector.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our investments in real estate assets will be concentrated in
    the industrial real estate sector. This concentration may expose
    us to the risk of economic downturns in this sector to a greater
    extent than if our business activities included a more
    significant portion of other sectors of the real estate industry.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Events or
    occurrences that affect areas in which our properties will be
    located may impact financial results.</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition to general, regional, national and international
    economic conditions, our operating performance will be impacted
    by the economic conditions of the specific markets in which we
    operate. We intend to acquire industrial properties primarily in
    the following markets: Los Angeles Area; Northern New Jersey/New
    York City; San&#160;Francisco Bay Area; Seattle Area; Miami
    Area; and Washington,&#160;D.C./Baltimore. Many of these markets
    experienced downturns in recent years. If the recent downturn in
    the economy in any of these markets persists and we fail to
    accurately predict the timing of economic improvement in these
    markets, our operations and our revenue and cash available for
    distribution, including cash available to pay distributions to
    our stockholders, could be materially adversely affected.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">We depend on
    key personnel.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our success depends to a significant degree upon the
    contributions of certain key personnel including, but not
    limited to, our chairman and chief executive officer and our
    president and our chief financial officer, each of whom would be
    difficult to replace. If any of our key personnel were to cease
    employment with us, our operating results could suffer. Our
    ability to retain our senior management group or to attract
    suitable replacements should any members of the senior
    management group leave is dependent on the competitive nature of
    the employment market. The loss of services from key members of
    the management group or a limitation in their availability could
    adversely impact our financial condition and cash flows.
    Further, such a loss could be negatively perceived in the
    capital markets. We have not obtained and do not expect to
    obtain key man life insurance on any of our key personnel.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We also believe that, as we expand, our future success depends,
    in large part, upon our ability to hire and retain highly
    skilled managerial, investment, financial and operational
    personnel. Competition for such personnel is intense, and we
    cannot assure our stockholders that we will be successful in
    attracting and retaining such skilled personnel.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Failure of the
    projected improvement in industrial operating fundamentals may
    adversely affect our ability to execute our business
    plan.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A substantial part of our business plan is based on our belief
    that industrial operating fundamentals are expected to improve
    significantly over the next several years. We cannot assure you
    as to whether or when, industrial operating fundamentals will in
    fact improve or to what extent they improve. In the event
    conditions in the industry do not improve when and as we expect,
    or deteriorate, our ability to execute our business plan may be
    adversely affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Our long-term
    growth will depend upon future acquisitions of properties, and
    we may be unable to consummate acquisitions on advantageous
    terms, the acquired properties may not perform as we expect, or
    we may be unable to quickly and efficiently integrate our new
    acquisitions into our existing operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to acquire high quality industrial properties
    primarily in six coastal markets in the United States. The
    acquisition of properties entails various risks, including the
    risks that our investments may not perform as we expect, that we
    may be unable to quickly and efficiently integrate our new
    acquisitions into our existing operations and that our cost
    estimates for bringing an acquired property up to market
    standards may prove inaccurate. Further, we face significant
    competition for attractive investment opportunities from other
    well-capitalized real estate investors, including pension funds
    and their advisors, bank and insurance company investment
    accounts, other public and private real estate investment
    companies and REITs, real estate limited partnerships,
    owner-users, individuals and other entities engaged in real
    estate investment activities, some of which have a history of
    operations, greater financial resources than we do and a greater
    ability to borrow funds to acquire properties. This competition
    increases as investments in real estate become increasingly
    attractive relative to other forms of investment. As a result of
    competition, we may be unable to acquire properties as we desire
    or the purchase price may be significantly elevated. In
    addition, we expect to finance future acquisitions through a
    combination of borrowings under an anticipated credit facility
    that we plan to seek after completion of this offering and the
    concurrent private placement and the use of retained cash flows,
    long-term debt and common and perpetual preferred stock, which
    may not be available at all or on advantageous terms and which
    could adversely affect our cash flows. Any of the above risks
    could adversely affect our financial condition, results of
    operations, cash flows and ability to pay distributions on, and
    the market price of, our common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">We may be
    unable to source off-market deal flow in the
    future.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The main component of our growth strategy is to acquire
    industrial real estate assets. Properties that are acquired
    off-market are typically more attractive to us as a purchaser
    because of the absence of a formal sales process, which could
    lead to higher prices. If we cannot obtain off-market deal flow
    in the future, our ability to locate and acquire industrial
    properties at attractive prices could be adversely affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Our real
    estate redevelopment strategies may not be
    successful.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In connection with our business strategy, we may pursue
    redevelopment opportunities of industrial properties that we own
    and construct improvements at a fixed contract price. We will be
    subject to risks associated with our redevelopment and
    renovation activities that could adversely affect
</DIV>
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    <BR>
    13
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    our financial condition, results of operations, cash flows and
    ability to pay distributions on, and the market price of, our
    common stock, including, but not limited to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk that redevelopment projects in which we have invested
    may be abandoned and the related investment will be impaired;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk that we may not be able to obtain, or may experience
    delays in obtaining, all necessary zoning, land-use, building,
    occupancy and other governmental permits and authorizations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk that we may not be able to obtain financing for
    redevelopment projects on favorable terms;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk that construction costs of a renovation project may
    exceed the original estimates or that construction may not be
    concluded on schedule, making the project less profitable than
    originally estimated or not profitable at all (including the
    possibility of contract default, the effects of local weather
    conditions, the possibility of local or national strikes and the
    possibility of shortages in materials, building supplies or
    energy and fuel for equipment);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk that delays in completion of construction could also
    give tenants the right to terminate preconstruction leases for
    space at a newly redeveloped project;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk that the contractor&#146;s failure to perform may
    result in legal action by us to rescind the purchase or
    construction contract or to enforce the contractor&#146;s
    obligations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk that, upon completion of a renovation, we may not be
    able to obtain, or obtain on advantageous terms, permanent
    financing for activities that we have financed through
    construction loans;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk that occupancy levels and the rents that can be charged
    for a completed project will not be met, making the project
    unprofitable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk that we may expend funds on and devote
    management&#146;s time to projects which we do not
    complete;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk that we may be unable to complete redevelopment
    <FONT style="white-space: nowrap">and/or</FONT>
    leasing of a property on schedule or on budget.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Actions of our
    joint venture partners could negatively impact our
    performance.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may acquire
    <FONT style="white-space: nowrap">and/or</FONT>
    redevelop properties through joint ventures, limited liability
    companies and partnerships with other persons or entities when
    warranted by the circumstances. Such partners may share certain
    approval rights over major decisions. Such investments may
    involve risks not otherwise present with other methods of
    investment in real estate, including, but not limited to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that our co-member, co-venturer or partner in an investment
    might become bankrupt, which would mean that we and any other
    remaining general partners, members or co-venturers would
    generally remain liable for the partnership&#146;s, limited
    liability company&#146;s or joint venture&#146;s liabilities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that such co-member, co-venturer or partner may at any time have
    economic or business interests or goals which are or which
    become inconsistent with our business interests or goals;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that such co-member, co-venturer or partner may be in a position
    to take action contrary to our instructions or requests or
    contrary to our policies or objectives, including our current
    policy with respect to maintaining our qualification as a REIT;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that, if our partners fail to fund their share of any required
    capital contributions, we may be required to contribute such
    capital;
</TD>
</TR>

</TABLE>
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    <BR>
    14
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that joint venture, limited liability company and partnership
    agreements often restrict the transfer of a co-venturer&#146;s,
    member&#146;s or partner&#146;s interest or may otherwise
    restrict our ability to sell the interest when we desire or on
    advantageous terms;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that our relationships with our partners, co-members or
    co-venturers are contractual in nature and may be terminated or
    dissolved under the terms of the agreements and, in such event,
    we may not continue to own or operate the interests or assets
    underlying such relationship or may need to purchase such
    interests or assets at an above-market price to continue
    ownership;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that disputes between us and our partners, co-members or
    co-venturers may result in litigation or arbitration that would
    increase our expenses and prevent our officers and directors
    from focusing their time and effort on our business and result
    in subjecting the properties owned by the applicable
    partnership, limited liability company or joint venture to
    additional risk;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that we may in certain circumstances be liable for the actions
    of our partners, co-members or co-venturers.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We generally will seek to maintain sufficient control of our
    partnerships, limited liability companies and joint ventures to
    permit us to achieve our business objectives; however, we may
    not be able to do so, and the occurrence of one or more of the
    events described above could adversely affect our financial
    condition, results of operations, cash flows and ability to pay
    distributions on, and the market price of, our common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">If we invest
    in a limited partnership as a general partner, we could be
    responsible for all liabilities of such
    partnership.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In some joint ventures or other investments we may make, if the
    entity in which we invest is a limited partnership, we may
    acquire all or a portion of our interest in such partnership as
    a general partner. As a general partner, we could be liable for
    all the liabilities of such partnership. Additionally, we may be
    required to take our interests in other investments as a
    non-managing general partner. Consequently, we would be
    potentially liable for all such liabilities without having the
    same rights of management or control over the operation of the
    partnership as the managing general partner or partners may
    have. Therefore, we may be held responsible for all of the
    liabilities of an entity in which we do not have full management
    rights or control, and our liability may far exceed the amount
    or value of the investment we initially made or then had in the
    partnership.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">We will
    utilize local third party managers for day-to-day property
    management.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will utilize local third party managers for day-to-day
    property management. Our cash flows from our industrial
    properties may be adversely affected if our managers fail to
    provide quality services. In addition, our managers or their
    affiliates may manage, and in some cases may own, invest in or
    provide credit support or operating guarantees to industrial
    properties that compete with industrial properties that we
    acquire, which may result in conflicts of interest and decisions
    regarding the operation of our industrial properties that are
    not in our best interests.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">We may not
    realize any investment opportunities from our use of third
    parties to manage our properties.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will utilize local third party property managers for
    <FONT style="white-space: nowrap">day-to-day</FONT>
    property management. While property management firms can be an
    important source of investment opportunities, we cannot assure
    you that we will realize any investment opportunities from these
    relationships.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">The
    availability and timing of cash distributions is
    uncertain.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend over time to make regular quarterly distributions to
    holders of our common stock. However, we bear all expenses
    incurred by our operations, and the funds generated by our
    operations, after deducting these expenses, may not be
    sufficient to cover desired levels of distributions to our
</DIV>
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    <BR>
    15
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    stockholders. In addition, our board of directors, in its
    discretion, may retain any portion of such cash for working
    capital. Our ability to make distributions to our stockholders
    also will depend on our levels of retained cash flows, which we
    intend to use as a source of investment capital. We cannot
    assure our stockholders that sufficient funds will be available
    to pay distributions. Our corporate strategy is to fund the
    payment of quarterly distributions to our stockholders entirely
    from distributable cash flows. However, we may fund our
    quarterly distributions to our stockholders from a combination
    of available cash flows, net of recurring capital expenditures,
    and proceeds from borrowings. In the event we are unable to
    consistently fund future quarterly distributions to our
    stockholders entirely from distributable cash flows the value of
    our shares may be negatively impacted.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">We will be
    dependent on tenants for our revenues.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    After we commence operations and acquire industrial properties,
    we will be dependent on tenants for our revenues. Our operating
    results and distributable cash flows would be adversely affected
    if a significant number of our tenants were unable to meet their
    lease obligations or failed to renew the leases we will enter
    into with such tenants. In addition, certain of our properties
    may be occupied by a single tenant. As a result, the success of
    those properties will depend on the financial stability of a
    single tenant. Lease payment defaults by tenants could cause us
    to reduce the amount of distributions to stockholders. A default
    by a tenant on its lease payments could force us to find an
    alternative source of revenues to pay any mortgage loan or
    operating expenses on the property. In the event of a tenant
    default, we may experience delays in enforcing our rights as
    landlord and may incur substantial costs, including litigation
    and related expenses, in protecting our investment and
    re-leasing our property. If a lease is terminated, we may be
    unable to lease the property for the rent previously received or
    sell the property without incurring a loss.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">We may not
    have funding for future tenant improvements.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    When a tenant at one of the properties we acquire after we
    commence operations does not renew the lease we will enter into
    with such tenant or otherwise vacates its space in one of our
    buildings, it is likely that, in order to attract one or more
    new tenants, we will be required to expend funds to construct
    new tenant improvements in the vacated space. Although we intend
    to manage our cash position or financing availability to pay for
    any improvements required for re-leasing, we cannot assure our
    stockholders that we will have adequate sources of funding
    available to us for such purposes in the future.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">We may be
    unable to renew leases, lease vacant space or re-lease space as
    leases expire.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We cannot assure you that after we commence operations, acquire
    industrial properties and enter into leases with respect to the
    properties, such leases will be renewed or that such properties
    will be re-leased at net effective rental rates equal to or
    above the then current average net effective rental rates. If
    the rental rates for our properties decrease, our tenants do not
    renew their leases or we do not re-lease a significant portion
    of our available space and space for which leases are scheduled
    to expire, our financial condition, results of operations, cash
    flow, cash available for distribution to you, per share trading
    price of our common stock and our ability to satisfy our debt
    service obligations could be materially adversely affected. In
    addition, if we are unable to renew leases or re-lease a
    property, the resale value of that property could be diminished
    because the market value of a particular property will depend
    principally upon the value of the leases of such property.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">We face
    potential adverse effects from the bankruptcies or insolvencies
    of tenants.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The bankruptcy or insolvency of the tenants of the properties we
    acquire may adversely affect the income produced by our
    properties. The tenants of the properties we acquire,
    particularly those that are highly leveraged, could file for
    bankruptcy protection or become insolvent in the future. Under
    bankruptcy law, a tenant cannot be evicted solely because of its
    bankruptcy. On the other hand, a bankrupt tenant may reject and
    terminate its lease with us. In such case, our claim against the
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    bankrupt tenant for unpaid and future rent would be subject to a
    statutory cap that might be substantially less than the
    remaining rent actually owed under the lease, and, even so, our
    claim for unpaid rent would likely not be paid in full. This
    shortfall could adversely affect our cash flows and results of
    operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Declining real
    estate valuations and impairment charges could adversely affect
    our earnings and financial condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to review the carrying value of our properties when
    circumstances, such as adverse market conditions (including
    conditions resulting from the current global economic
    recession), indicate potential impairment may exist. We intend
    to base our review on an estimate of the future cash flows
    (excluding interest charges) expected to result from the real
    estate investment&#146;s use and eventual disposition. We intend
    to consider factors such as future operating income, trends and
    prospects, as well as the effects of leasing demand, competition
    and other factors. If our evaluation indicates that we may be
    unable to recover the carrying value of a real estate
    investment, an impairment loss will be recorded to the extent
    that the carrying value exceeds the estimated fair value of the
    property. These losses would have a direct impact on our net
    income because recording an impairment loss results in an
    immediate negative adjustment to net income. The evaluation of
    anticipated cash flows is highly subjective and is based in part
    on assumptions regarding future occupancy, rental rates and
    capital requirements that could differ materially from actual
    results in future periods. A worsening real estate market may
    cause us to reevaluate the assumptions used in our impairment
    analysis. Impairment charges could adversely affect our
    financial condition, results of operations, cash available for
    distribution, including cash available for us to pay
    distributions to our stockholders and per share trading price of
    our common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">If we cannot
    obtain financing, our growth will be limited.</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    To qualify as a REIT, we will be required to distribute at least
    90% of our taxable income (determined before the deduction for
    dividends paid and excluding any net capital gains) each year to
    our stockholders, and we generally expect to make distributions
    in excess of such amount. As a result, our ability to retain
    earnings to fund acquisitions, redevelopment and development, if
    any, or other capital expenditures will be limited. After
    completion of this offering and the concurrent private
    placement, we plan to seek a revolving credit facility to
    finance acquisitions and for working capital requirements. We
    have initiated non-binding discussions with lenders but there
    can be no assurance that we will be able to obtain such
    financing on favorable terms or at all.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If adverse conditions in the credit markets&#160;&#151; in
    particular with respect to real estate&#160;&#151; materially
    deteriorate, our business could be materially and adversely
    affected. Our long-term ability to grow through investments in
    industrial properties will be limited if we cannot obtain
    additional financing on favorable terms. Market conditions may
    make it difficult to obtain financing, and we cannot assure you
    that we will be able to obtain additional debt or equity
    financing or that we will be able to obtain it on favorable
    terms.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Future debt
    service obligations could adversely affect our overall operating
    results, may require us to sell industrial properties and could
    adversely affect our ability to make distributions to our
    stockholders and the market price of our shares of common
    stock.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our business strategy contemplates the use of both non-recourse
    secured and unsecured debt to finance long-term growth. While we
    intend to limit the sum of the outstanding principal amount of
    our consolidated indebtedness and the liquidation preference of
    any outstanding shares of preferred stock to less than 40% of
    our total enterprise value, our governing documents contain no
    limitations on the amount of debt that we may incur, and our
    board of directors may change our financing policy at any time
    without stockholder approval. We also intend to maintain a fixed
    charge coverage ratio in excess of 2.0x and, once the net
    proceeds from this offering and the concurrent private placement
    are fully deployed, to limit the principal amount of our
    outstanding floating rate debt to less than 20% of
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    our total consolidated indebtedness. Our board of directors may
    modify or eliminate these limitations at any time without the
    approval of our stockholders. As a result, we may be able to
    incur substantial additional debt, including secured debt, in
    the future. Incurring debt could subject us to many risks,
    including the risks that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our cash flows from operations will be insufficient to make
    required payments of principal and interest;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our debt may increase our vulnerability to adverse economic and
    industry conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we may be required to dedicate a substantial portion of our cash
    flows from operations to payments on our debt, thereby reducing
    cash available for distribution to our stockholders, funds
    available for operations and capital expenditures, future
    business opportunities or other purposes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the terms of any refinancing will not be as favorable as the
    terms of the debt being refinanced;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the use of leverage could adversely affect our ability to make
    distributions to our stockholders and the market price of our
    shares of common stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If we violate covenants in future agreements relating to
    indebtedness that we may incur, we could be required to repay
    all or a portion of our indebtedness before maturity at a time
    when we might be unable to arrange financing for such repayment
    on attractive terms, if at all. In addition, future indebtedness
    agreements may require that we meet certain covenant tests in
    order to make distributions to our stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If we incur debt in the future and do not have sufficient funds
    to repay such debt at maturity, it may be necessary to refinance
    the debt through additional debt or additional equity
    financings. If, at the time of any refinancing, prevailing
    interest rates or other factors result in higher interest rates
    on refinancings, increases in interest expense could adversely
    affect our cash flows, and, consequently, cash available for
    distribution to our stockholders. If we are unable to refinance
    our debt on acceptable terms, we may be forced to dispose of
    industrial properties on disadvantageous terms, potentially
    resulting in losses. We may place mortgages on industrial
    properties that we acquire to secure a revolving credit facility
    or other debt. To the extent we cannot meet any future debt
    service obligations, we will risk losing some or all of our
    industrial properties that may be pledged to secure our
    obligations to foreclosure. Also, covenants applicable to any
    future debt could impair our planned investment strategy and, if
    violated, result in a default.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Higher interest rates could increase debt service requirements
    on any floating rate debt that we incur and could reduce the
    amounts available for distribution to our stockholders, as well
    as reduce funds available for our operations, future business
    opportunities, or other purposes. In addition, an increase in
    interest rates could decrease the amount third parties are
    willing to pay for our assets, thereby limiting our ability to
    change our portfolio promptly in response to changes in economic
    or other conditions. We may obtain in the future one or more
    forms of interest rate protection&#160;&#151; in the form of
    swap agreements, interest rate cap contracts or similar
    agreements&#160;&#151; to &#147;hedge&#148; against the possible
    negative effects of interest rate fluctuations. However, such
    hedging has costs and we cannot assure you that any hedging will
    adequately relieve the adverse effects of interest rate
    increases or that counterparties under these agreements will
    honor their obligations thereunder. Adverse economic conditions
    could also cause the terms on which we borrow to be unfavorable.
    We could be required to liquidate one or more of our industrial
    properties in order to meet our debt service obligations at
    times which may not permit us to receive an attractive return on
    our investments.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Failure to
    hedge effectively against interest rate changes may adversely
    affect results of operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may seek to manage our exposure to interest rate volatility
    by using interest rate hedging arrangements, such as cap
    agreements and swap agreements. These agreements involve the
    risks that these arrangements may not be effective in reducing
    our exposure to exchange or interest rate changes and that a
    court could rule that such agreements are not legally
    enforceable. Hedging may reduce overall returns on our
    investments. Failure to hedge effectively against interest rate
    changes may materially adversely affect our results of
    operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Covenants in
    our debt agreements could adversely affect our financial
    condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The mortgages on the properties we acquire will contain
    customary covenants such as those that limit our ability,
    without the prior consent of the lender, to further mortgage the
    applicable property or to discontinue insurance coverage. Any
    credit facility or secured loans that we enter into will contain
    customary restrictions, requirements and other limitations on
    our ability to incur indebtedness, including total debt to asset
    ratios, secured debt to total asset ratios, debt service
    coverage ratios and minimum ratios of unencumbered assets to
    unsecured debt, which we must maintain. Our continued ability to
    borrow under any credit facility that we may obtain is subject
    to compliance with our financial and other covenants. In
    addition, our failure to comply with such covenants could cause
    a default under the applicable debt agreement, and we may then
    be required to repay such debt with capital from other sources.
    Under those circumstances, other sources of capital may not be
    available to us or may be available only on unattractive terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In the future, we will rely on debt financing, including
    borrowings under an anticipated credit facility that we plan to
    seek after completion of this offering and the concurrent
    private placement, issuances of unsecured debt securities and
    debt secured by individual properties, to finance our
    acquisition activities and for working capital. If we are unable
    to obtain debt financing from these or other sources, or to
    refinance existing indebtedness upon maturity, our financial
    condition and results of operations would likely be adversely
    affected. If we breach covenants in our debt agreements, the
    lenders can declare a default and, if the debt is secured, can
    take possession of the property securing the defaulted loan. In
    addition, any unsecured debt agreements we enter into may
    contain specific cross-default provisions with respect to
    specified other indebtedness, giving the unsecured lenders the
    right to declare a default if we are in default under other
    loans in some circumstances. Defaults under our debt agreements
    could materially and adversely affect our financial condition
    and results of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">We may acquire
    outstanding debt secured by an industrial property, which may
    expose us to risks.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may consider acquiring outstanding debt secured by an
    industrial property from lenders and investors if we believe we
    can acquire ownership of the underlying property in the
    near-term through foreclosure,
    <FONT style="white-space: nowrap">deed-in-lieu</FONT>
    of foreclosure or other means. However, if we do acquire such
    debt, borrowers may seek to assert various defenses to our
    foreclosure or other actions and we may not be successful in
    acquiring the underlying property on a timely basis, or at all,
    in which event we could incur significant costs and experience
    significant delays in acquiring such properties, all of which
    could adversely affect our financial performance and reduce our
    expected returns from such investments. In addition, we may not
    earn a current return on such investments particularly if the
    loan that we acquire is in default.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Adverse
    changes in our credit ratings could negatively affect our
    financing activity.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The credit ratings of the senior unsecured long-term debt that
    we may incur in the future and preferred stock we may issue in
    the future are based on our operating performance, liquidity and
    leverage ratios, overall financial position and other factors
    employed by the credit rating agencies in
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    their rating analyses of us. Our credit ratings can affect the
    amount of capital we can access, as well as the terms and
    pricing of any debt we may incur. There can be no assurance that
    we will be able to obtain or maintain our credit ratings, and in
    the event our credit ratings are downgraded, we would likely
    incur higher borrowing costs and may encounter difficulty in
    obtaining additional financing. Also, a downgrade in our credit
    ratings may trigger additional payments or other negative
    consequences under our future credit facilities and debt
    instruments. For example, if our credit ratings of any future
    senior unsecured long-term debt are downgraded to below
    investment grade levels, we may not be able to obtain or
    maintain extensions on certain of our then existing debt.
    Adverse changes in our credit ratings could negatively impact
    our refinancing activities, our ability to manage our debt
    maturities, our future growth, our financial condition, the
    market price of our stock, and our acquisition activities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Our business
    could be adversely impacted if we have deficiencies in our
    disclosure controls and procedures or internal control over
    financial reporting.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We are a newly formed company with no existing operations. We
    intend to undertake substantial work to prepare and implement
    adequate disclosure controls and procedures and internal
    controls over financial reporting. However, the design and
    effectiveness of our disclosure controls and procedures and
    internal control over financial reporting may not prevent all
    errors, misstatements or misrepresentations. While management
    will review the effectiveness of our disclosure controls and
    procedures and internal control over financial reporting, there
    can be no guarantee that our internal control over financial
    reporting will be effective in accomplishing all control
    objectives all of the time. Deficiencies, including any material
    weakness, in our internal control over financial reporting which
    may occur in the future could result in misstatements of our
    results of operations, restatements of our financial statements,
    a decline in our stock price, or otherwise materially adversely
    affect our business, reputation, results of operations,
    financial condition or liquidity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">We may make
    acquisitions, which pose integration and other risks that could
    harm our business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Upon the completion of this offering and the concurrent private
    placement, we will commence operations. Although we have not yet
    identified any specific industrial properties to acquire, we
    intend to acquire industrial properties in the future. As a
    result of these acquisitions, we may be required to incur debt
    and expenditures and issue additional shares of our common stock
    to pay for the acquired industrial properties, which may dilute
    our stockholders&#146; ownership interest and may delay, or
    prevent, our profitability. These acquisitions may also expose
    us to risks such as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the possibility that we may not be able to successfully
    integrate acquired properties into our operations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the possibility that additional capital expenditures may be
    required;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the possibility that senior management may be required to spend
    considerable time negotiating agreements and integrating
    acquired properties;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the possible loss or reduction in value of acquired properties;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the possibility of pre-existing undisclosed liabilities
    regarding acquired properties, including but not limited to
    environmental or asbestos liability, of which our insurance may
    be insufficient or for which we may be unable to secure
    insurance coverage;&#160;and
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the possibility that a concentration of our industrial
    properties in the Los Angeles Area, the San&#160;Francisco Bay
    Area and the Seattle Area may increase our exposure to seismic
    activity, especially if these industrial properties are located
    on or near fault zones.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect acquisition costs, including capital expenditures
    required to render industrial properties operational, to
    increase in the future. If our revenue does not keep pace with
    these potential
</DIV>
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    <BR>
    20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    acquisition costs, we may not be able to maintain our current or
    expected earnings as we absorb these additional expenses. There
    is no assurance we would successfully overcome these risks or
    any other problems encountered with these acquisitions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Our property
    taxes could increase due to property tax rate changes or
    reassessment, which would impact our cash flows.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Even if we qualify as a REIT for federal income tax purposes, we
    will be required to pay some state and local taxes on properties
    that we may acquire in the future. The real property taxes on
    the properties we acquire may increase as property tax rates
    change or as our properties are assessed or reassessed by taxing
    authorities. Therefore, the amount of property taxes we pay in
    the future may increase substantially. If the property taxes we
    pay increase, our cash flows will be impacted, and our ability
    to pay expected distributions to our stockholders could be
    adversely affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">The conflict
    of interest policies we have adopted may not adequately address
    all of the conflicts of interest that may arise with respect to
    our activities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In order to avoid any actual or perceived conflicts of interest
    with our directors, officers or employees, we have adopted
    certain policies to specifically address some of the potential
    conflicts relating to our activities. In addition, our board of
    directors is subject to certain provisions of Maryland law,
    which are also designed to eliminate or minimize conflicts.
    Although under these policies the approval of a majority of our
    disinterested directors will be required to approve any
    transaction, agreement or relationship in which any of our
    directors, officers or employees has an interest, there is no
    assurance that these policies will be adequate to address all of
    the conflicts that may arise or will address such conflicts in a
    manner that is favorable to us. In addition, our current board
    of directors consists only of Messrs.&#160;Baird and Coke, and
    as a result, the transactions and agreements entered into in
    connection with our formation prior to this offering have not
    been approved by any independent or disinterested directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Risks Related to
    the Real Estate Industry</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Our
    performance and value are subject to general economic conditions
    and risks associated with our real estate assets.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The investment returns available from equity investments in real
    estate depend on the amount of income earned and capital
    appreciation generated by the properties, as well as the
    expenses incurred in connection with the properties. If the
    properties we acquire do not generate income sufficient to meet
    operating expenses, including debt service and capital
    expenditures, then our ability to pay distributions to our
    stockholders could be adversely affected. In addition, there are
    significant expenditures associated with an investment in real
    estate (such as mortgage payments, real estate taxes and
    maintenance costs) that generally do not decline when
    circumstances reduce the income from the property. Income from
    and the value of the properties we acquire may be adversely
    affected by:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    downturns in national, regional and local economic conditions
    (particularly increases in unemployment);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the attractiveness of the properties we acquire to potential
    tenants and competition from other industrial properties;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in supply of or demand for similar or competing
    properties in an area;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    bankruptcies, financial difficulties or lease defaults by the
    tenants of the properties we acquire;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in interest rates, availability and terms of debt
    financing;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in operating costs and expenses and our ability to
    control rents;
</TD>
</TR>

</TABLE>
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    <BR>
    21
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in, or increased costs of compliance with, governmental
    rules, regulations and fiscal policies, including changes in
    tax, real estate, environmental and zoning laws, and our
    potential liability thereunder;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to provide adequate maintenance and insurance;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in the cost or availability of insurance, including
    coverage for mold or asbestos;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unanticipated changes in costs associated with known adverse
    environmental conditions or retained liabilities for such
    conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    periods of high interest rates and tight money supply;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    tenant turnover;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general overbuilding or excess supply in the market
    area;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    disruptions in the global supply chain caused by political,
    regulatory or other factors including terrorism.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, periods of economic slowdown or recession, rising
    interest rates or declining demand for real estate, or public
    perception that any of these events may occur, would result in a
    general decrease in rents or an increased occurrence of defaults
    under existing leases, which would adversely affect our
    financial condition and results of operations. Future terrorist
    attacks may result in declining economic activity, which could
    reduce the demand for, and the value of, the properties we
    acquire. To the extent that future attacks impact the tenants of
    the properties we acquire, their businesses similarly could be
    adversely affected, including their ability to continue to honor
    their existing leases. For these and other reasons, we cannot
    assure our stockholders that we will be profitable or that we
    will realize growth in the value of our real estate properties.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Actions by our
    competitors may decrease or prevent increases in the occupancy
    and rental rates of the properties we acquire.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We compete with other developers, owners and operators of real
    estate, some of which own properties similar to the properties
    we may acquire in the same markets and submarkets in which the
    properties we acquire may be located. If our competitors offer
    space at rental rates below current market rates or below the
    rental rates we will charge the tenants of the properties we
    acquire, we may lose potential tenants, and we may be pressured
    to reduce our rental rates in order to retain tenants when such
    tenants&#146; leases expire. In addition, if our competitors
    sell assets similar to assets we intend to divest in the same
    markets
    <FONT style="white-space: nowrap">and/or</FONT> at
    valuations below our valuations for comparable assets, we may be
    unable to divest our assets at all or at favorable pricing or on
    favorable terms. As a result of these actions by our
    competitors, our financial condition, cash flows, cash available
    for distribution, trading price of our common stock and ability
    to satisfy our debt service obligations could be materially
    adversely affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Real estate
    investments are not as liquid as other types of assets, which
    may reduce economic returns to investors.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Real estate investments are not as liquid as other types of
    investments, and this lack of liquidity may limit our ability to
    react promptly to changes in economic, financial, investment or
    other conditions. In addition, significant expenditures
    associated with real estate investments, such as mortgage
    payments, real estate taxes and maintenance costs, are generally
    not reduced when circumstances cause a reduction in income from
    the investments. In addition, we intend to comply with the safe
    harbor rules relating to the number of properties that can be
    disposed of in a year, the tax bases and the costs of
    improvements made to these properties, and meet other tests
    which enable a REIT to avoid punitive taxation on the sale of
    assets. Thus, our ability at any time to sell assets or
    contribute assets to property funds or other entities in which
    we have an ownership interest may be restricted. This lack of
    liquidity may limit our ability to vary our portfolio promptly
    in response
</DIV>
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    <BR>
    22
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    to changes in economic financial, investment or other conditions
    and, as a result, could adversely affect our financial
    condition, results of operations, cash flows and our ability to
    pay distributions on, and the market price of, our common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Uninsured or
    underinsured losses relating to real property may adversely
    affect our returns.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will attempt to ensure that all of the properties we acquire
    are adequately insured to cover casualty losses. However, there
    are certain losses, including losses from floods, fires,
    earthquakes, acts of war, acts of terrorism or riots, that are
    not generally insured against or that are not generally fully
    insured against because it is not deemed economically feasible
    or prudent to do so. In addition, changes in the cost or
    availability of insurance could expose us to uninsured casualty
    losses. In the event that any of the properties we acquire
    incurs a casualty loss that is not fully covered by insurance,
    the value of our assets will be reduced by the amount of any
    such uninsured loss, and we could experience a significant loss
    of capital invested and potential revenues in these properties
    and could potentially remain obligated under any recourse debt
    associated with the property. Inflation, changes in building
    codes and ordinances, environmental considerations and other
    factors might also keep us from using insurance proceeds to
    replace or renovate a property after it has been damaged or
    destroyed. Under those circumstances, the insurance proceeds we
    receive might be inadequate to restore our economic position on
    the damaged or destroyed property. Any such losses could
    adversely affect our financial condition, results of operations,
    cash flows and ability to pay distributions on, and the market
    price of, our common stock. In addition, we may have no source
    of funding to repair or reconstruct the damaged property, and we
    cannot assure that any such sources of funding will be available
    to us for such purposes in the future.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to acquire properties in the Los Angeles Area, the
    San&#160;Francisco Bay Area and the Seattle Area, which are
    located in areas that are known to be subject to earthquake
    activity. Although we intend to carry replacement-cost
    earthquake insurance on all of the properties we acquire located
    in areas historically subject to seismic activity, subject to
    coverage limitations and deductibles that we believe are
    commercially reasonable, we may not be able to obtain coverage
    to cover all losses with respect to such properties on
    economically favorable terms, which could expose us to uninsured
    casualty losses. We intend to evaluate our earthquake insurance
    coverage annually in light of current industry practice.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to acquire properties in the Seattle Area, which is
    known to be subject to flood risk, and in the Miami Area, which
    is known to be subject to hurricane
    <FONT style="white-space: nowrap">and/or</FONT> flood
    risk. Although we intend to carry replacement-cost hurricane
    <FONT style="white-space: nowrap">and/or</FONT> flood
    hazard insurance on all of the properties we acquire located in
    areas historically subject to such activity, subject to coverage
    limitations and deductibles that we believe are commercially
    reasonable, we may not be able to obtain coverage to cover all
    losses with respect to such properties on economically favorable
    terms, which could expose us to uninsured casualty losses. We
    intend to evaluate our insurance coverage annually in light of
    current industry practice.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Contingent or
    unknown liabilities could adversely affect our financial
    condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may in the future acquire properties that are subject to
    liabilities and without any recourse, or with only limited
    recourse, with respect to unknown liabilities. As a result, if a
    liability were asserted against us based upon ownership of any
    of these entities or properties, then we might have to pay
    substantial sums to settle it, which could adversely affect our
    cash flows. Unknown liabilities with respect to entities or
    properties acquired might include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    liabilities for
    <FONT style="white-space: nowrap">clean-up</FONT> or
    remediation of adverse environmental conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    accrued but unpaid liabilities incurred in the ordinary course
    of business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    tax liabilities;&#160;and
</TD>
</TR>

</TABLE>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    claims for indemnification by the general partners, officers and
    directors and others indemnified by the former owners of the
    properties.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Environmentally
    hazardous conditions may adversely affect our operating
    results.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under various federal, state and local environmental laws, a
    current or previous owner or operator of real property may be
    liable for the cost of removing or remediating hazardous or
    toxic substances on such property. Such laws often impose
    liability whether or not the owner or operator knew of, or was
    responsible for, the presence of such hazardous or toxic
    substances. Even if more than one person may have been
    responsible for the contamination, each person covered by
    applicable environmental laws may be held responsible for all of
    the <FONT style="white-space: nowrap">clean-up</FONT>
    costs incurred. In addition, third parties may sue the owner or
    operator of a site for damages based on personal injury, natural
    resources or property damage or other costs, including
    investigation and
    <FONT style="white-space: nowrap">clean-up</FONT>
    costs, resulting from the environmental contamination. The
    presence of hazardous or toxic substances on one of our
    properties, or the failure to properly remediate a contaminated
    property, could give rise to a lien in favor of the government
    for costs it may incur to address the contamination, or
    otherwise adversely affect our ability to sell or lease the
    property or borrow using the property as collateral.
    Environmental laws also may impose restrictions on the manner in
    which property may be used or businesses may be operated. A
    property owner who violates environmental laws may be subject to
    sanctions which may be enforced by governmental agencies or, in
    certain circumstances, private parties. In connection with the
    acquisition and ownership of our properties, we may be exposed
    to such costs. The cost of defending against environmental
    claims, of compliance with environmental regulatory requirements
    or of remediating any contaminated property could materially
    adversely affect our business, assets or results of operations
    and, consequently, amounts available for distribution to our
    stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Environmental laws in the U.S.&#160;also require that owners or
    operators of buildings containing asbestos properly manage and
    maintain the asbestos, adequately inform or train those who may
    come into contact with asbestos and undertake special
    precautions, including removal or other abatement, in the event
    that asbestos is disturbed during building renovation or
    demolition. These laws may impose fines and penalties on
    building owners or operators who fail to comply with these
    requirements and may allow third parties to seek recovery from
    owners or operators for personal injury associated with exposure
    to asbestos. Some of the properties we acquire may contain
    asbestos-containing building materials.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to invest in properties historically used for
    industrial, manufacturing and commercial purposes. Some of these
    properties contain, or may have contained, underground storage
    tanks for the storage of petroleum products and other hazardous
    or toxic substances. All of these operations create a potential
    for the release of petroleum products or other hazardous or
    toxic substances. Some of the properties we acquire may be
    adjacent to or near other properties that have contained or
    currently contain underground storage tanks used to store
    petroleum products or other hazardous or toxic substances. In
    addition, certain of the properties we acquire may be on or are
    adjacent to or near other properties upon which others,
    including former owners or tenants of such properties, have
    engaged, or may in the future engage, in activities that may
    release petroleum products or other hazardous or toxic
    substances. As needed, we may obtain environmental insurance
    policies on commercially reasonable terms that provide coverage
    for potential environmental liabilities, subject to the
    policy&#146;s coverage conditions and limitations. From time to
    time, we may acquire properties, or interests in properties,
    with known adverse environmental conditions where we believe
    that the environmental liabilities associated with these
    conditions are quantifiable and that the acquisition will yield
    a superior risk-adjusted return. In such an instance, we
    underwrite the costs of environmental investigation,
    <FONT style="white-space: nowrap">clean-up</FONT> and
    monitoring into the cost. Further, in connection with property
    dispositions, we may agree to remain responsible for, and to
    bear the cost of, remediating or monitoring certain
    environmental conditions on the properties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We generally anticipate that our properties may be subject to a
    Phase I or similar environmental assessment by independent
    environmental consultants at the time of acquisition. Phase I
    assessments are intended to discover and evaluate information
    regarding the environmental condition of the
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    surveyed property and surrounding properties. Phase I
    assessments generally include a historical review, a public
    records review, an investigation of the surveyed site and
    surrounding properties, and preparation and issuance of a
    written report, but do not include soil sampling or subsurface
    investigations and typically do not include an asbestos survey.
    Even if none of our environmental assessments of our properties
    reveal an environmental liability that we believe would have a
    material adverse effect on our business, financial condition or
    results of operations taken as a whole, we cannot give any
    assurance that such conditions do not exist or may not arise in
    the future. Material environmental conditions, liabilities or
    compliance concerns may arise after the environmental assessment
    has been completed. Moreover, there can be no assurance that
    (i)&#160;future laws, ordinances or regulations will not impose
    any material environmental liability or (ii)&#160;the
    environmental condition of the properties we acquire will not be
    affected by tenants, by the condition of land or operations in
    the vicinity of such properties (such as releases from
    underground storage tanks), or by third parties unrelated to us.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Costs of
    complying with governmental laws and regulations with respect to
    properties we acquire may adversely affect our income and the
    cash available for any distributions.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    All real property and the operations conducted on real property
    are subject to federal, state and local laws and regulations
    relating to environmental protection and human health and
    safety. Tenants&#146; ability to operate and to generate income
    to pay their lease obligations may be affected by permitting and
    compliance obligations arising under such laws and regulations.
    Some of these laws and regulations may impose joint and several
    liability on tenants, owners or operators for the costs to
    investigate or remediate contaminated properties, regardless of
    fault or whether the acts causing the contamination were legal.
    Leasing properties we acquire to tenants that engage in
    industrial, manufacturing, and commercial activities will cause
    us to be subject to the risk of liabilities under environmental
    laws and regulations. In addition, the presence of hazardous or
    toxic substances, or the failure to properly remediate these
    substances, may adversely affect our ability to sell, rent or
    pledge such property as collateral for future borrowings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Some of these laws and regulations have been amended so as to
    require compliance with new or more stringent standards as of
    future dates. Compliance with new or more stringent laws or
    regulations or stricter interpretation of existing laws may
    require us to incur material expenditures. Future laws,
    ordinances or regulations may impose material environmental
    liability. Additionally, the operations of the tenants of the
    properties we acquire, the existing condition of land when we
    buy it, operations in the vicinity of such properties, such as
    the presence of underground storage tanks, or activities of
    unrelated third parties may affect such properties. In addition,
    there are various local, state and federal fire, health,
    life-safety and similar regulations with which we may be
    required to comply and which may subject us to liability in the
    form of fines or damages for noncompliance. Any material
    expenditures, fines or damages we must pay will reduce our
    ability to make distributions and may reduce the value of our
    common stock. In addition, changes in these laws and
    governmental regulations, or their interpretation by agencies or
    the courts, could occur.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Compliance or
    failure to comply with the Americans with Disabilities Act and
    other similar regulations could result in substantial
    costs.</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under the Americans with Disabilities Act, places of public
    accommodation must meet certain federal requirements related to
    access and use by disabled persons. Noncompliance could result
    in the imposition of fines by the federal government or the
    award of damages to private litigants. If we are required to
    make unanticipated expenditures to comply with the Americans
    with Disabilities Act, including removing access barriers, then
    our cash flows and the amounts available for distributions to
    our stockholders may be adversely affected. If we are required
    to make substantial modifications to the properties we acquire,
    whether to comply with the Americans with Disabilities Act or
    other changes in governmental rules and regulations, our
    financial condition, cash flows, results of operations, the
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    market price of our shares of common stock and our ability to
    make distributions to our stockholders could be adversely
    affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">We may be
    unable to sell a property if or when we decide to do so,
    including as a result of uncertain market conditions, which
    could adversely affect the return on an investment in our common
    stock.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect to hold the various real properties in which we invest
    until such time as we decide that a sale or other disposition is
    appropriate given our investment objectives. Our ability to
    dispose of properties on advantageous terms depends on factors
    beyond our control, including competition from other sellers and
    the availability of attractive financing for potential buyers of
    the properties we acquire. We cannot predict the various market
    conditions affecting real estate investments which will exist at
    any particular time in the future. Due to the uncertainty of
    market conditions which may affect the future disposition of the
    properties we acquire, we cannot assure our stockholders that we
    will be able to sell such properties at a profit in the future.
    Accordingly, the extent to which our stockholders will receive
    cash distributions and realize potential appreciation on our
    real estate investments will be dependent upon fluctuating
    market conditions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Furthermore, we may be required to expend funds to correct
    defects or to make improvements before a property can be sold.
    We cannot assure our stockholders that we will have funds
    available to correct such defects or to make such improvements.
    In acquiring a property, we may agree to restrictions that
    prohibit the sale of that property for a period of time or
    impose other restrictions, such as a limitation on the amount of
    debt that can be placed or repaid on that property. These
    provisions would restrict our ability to sell a property.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">If we sell
    properties and provide financing to purchasers, defaults by the
    purchasers would adversely affect our cash flows.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If we decide to sell any of the properties we acquire, we
    presently intend to sell them for cash. However, if we provide
    financing to purchasers, we will bear the risk that the
    purchaser may default, which could negatively impact our cash
    distributions to stockholders and result in litigation and
    related expenses. Even in the absence of a purchaser default,
    the distribution of the proceeds of sales to our stockholders,
    or their reinvestment in other assets, will be delayed until the
    promissory notes or other property we may accept upon a sale are
    actually paid, sold, refinanced or otherwise disposed of.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Risks Related to
    Our Organizational Structure</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Our board of
    directors may change significant corporate policies without
    stockholder approval.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our investment, financing, borrowing and distribution policies
    and our policies with respect to all other activities, including
    growth, debt, capitalization and operations, will be determined
    by our board of directors. These policies may be amended or
    revised at any time and from time to time at the discretion of
    the board of directors without a vote of our stockholders. In
    addition, the board of directors may change our policies with
    respect to conflicts of interest provided that such changes are
    consistent with applicable legal and regulatory requirements,
    including the listing standards of the NYSE. A change in these
    policies could have an adverse effect on our financial
    condition, results of operations, cash flows, per share trading
    price of our common stock and ability to satisfy our debt
    service obligations and to pay distributions to you.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">We could
    increase the number of authorized shares of stock and issue
    stock without stockholder approval.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Subject to applicable legal and regulatory requirements, our
    charter authorizes our board of directors, without stockholder
    approval, to increase the aggregate number of authorized shares
    of stock or the number of authorized shares of stock of any
    class or series, to issue authorized but
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    unissued shares of our common stock or preferred stock and to
    classify or reclassify any unissued shares of our common stock
    or preferred stock and to set the preferences, rights and other
    terms of such classified or unclassified shares. Although our
    board of directors has no such intention at the present time, it
    could establish a series of preferred stock that could,
    depending on the terms of such series, delay, defer or prevent a
    transaction or a change of control that might involve a premium
    price for our common stock or otherwise be in the best interest
    of our stockholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Certain
    provisions of Maryland law could inhibit changes in
    control.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Certain provisions of the Maryland General Corporation Law, or
    MGCL, may have the effect of inhibiting or deterring a third
    party from making a proposal to acquire us or of impeding a
    change of control under circumstances that otherwise could
    provide the holders of shares of our common stock with the
    opportunity to realize a premium over the then-prevailing market
    price of such shares, including:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>&#147;Business Combination&#148; </I>provisions that, subject
    to limitations, prohibit certain business combinations between
    us and an &#147;interested stockholder&#148; (defined generally
    as any person who beneficially owns 10% or more of the voting
    power of our shares or an affiliate or associate of ours who, at
    any time within the two-year period prior to the date in
    question, was the beneficial owner of 10% or more of our then
    outstanding voting shares) or an affiliate of an interested
    stockholder for five years after the most recent date on which
    the stockholder becomes an interested stockholder, and
    thereafter may impose special appraisal rights and special
    stockholder voting requirements on these combinations;&#160;and
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>&#147;Control Share&#148; </I>provisions that provide that
    &#147;control shares&#148; of our company (defined as shares
    which, when aggregated with other shares controlled by the
    stockholder, entitle the stockholder to exercise one of three
    increasing ranges of voting power in electing directors)
    acquired in a &#147;control share acquisition&#148; (defined as
    the direct or indirect acquisition of ownership or control of
    &#147;control shares&#148;) have no voting rights except to the
    extent approved by our stockholders by the affirmative vote of
    at least two-thirds of all the votes entitled to be cast on the
    matter, excluding all interested shares.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have opted out of these provisions of the MGCL, in the case
    of the business combination provisions of the MGCL by resolution
    of our board of directors, and in the case of the control share
    provisions of the MGCL pursuant to a provision in our bylaws.
    However, in the future, only upon the approval of our
    stockholders, our board of directors may by resolution elect to
    opt in to the business combination provisions of the MGCL and we
    may, only upon the approval of our stockholders, by amendment to
    our bylaws, opt in to the control share provisions of the MGCL.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, the provisions of our charter on removal of
    directors and the advance notice provisions of our bylaws could
    delay, defer or prevent a transaction or a change of control of
    our company that might involve a premium price for holders of
    our common stock or otherwise be in their best interest.
    Likewise, if our company&#146;s board of directors were to opt
    in to the business combination provisions of the MGCL or the
    provisions of Title&#160;3, Subtitle 8 of the MGCL, or if the
    provision in our bylaws opting out of the control share
    acquisition provisions of the MGCL were rescinded by our board
    of directors and our stockholders, these provisions of the MGCL
    could have similar anti-takeover effects. See &#147;Material
    Provisions of Maryland Law and of Our Charter and
    Bylaws&#160;&#151; Business Combinations&#148; and
    &#147;Material Provisions of Maryland Law and of Our Charter and
    Bylaws&#160;&#151; Control Share Acquisitions&#148; and
    &#147;Material Provisions of Maryland Law and of Our Charter and
    Bylaws&#160;&#151; Certain Elective Provisions of Maryland
    Law&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Our rights and
    the rights of our stockholders to take action against our
    directors and officers are limited.</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Maryland law provides that a director or officer has no
    liability in that capacity if he or she satisfies his or her
    duties to us and our stockholders. Upon completion of this
    offering, as permitted by
</DIV>
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<DIV align="left"><FONT size="1">

</FONT></DIV>

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    <BR>
    27
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    the MGCL, our charter will limit the liability of our directors
    and officers to us and our stockholders for money damages,
    except for liability resulting from:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    actual receipt of an improper benefit or profit in money,
    property or services;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a final judgment based upon a finding of active and deliberate
    dishonesty by the director or officer that was material to the
    cause of action adjudicated.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, our charter will authorize us to obligate our
    company, and our bylaws will require us, to indemnify our
    directors and officers for actions taken by them in those
    capacities to the maximum extent permitted by Maryland law. As a
    result, we and our stockholders may have more limited rights
    against our directors and officers than might otherwise exist.
    Accordingly, in the event that actions taken in good faith by
    any of our directors or officers impede the performance of our
    company, your ability to recover damages from such director or
    officer will be limited. In addition, we may be obligated to
    advance the defense costs incurred by our directors and
    executive officers, and may, in the discretion of our board of
    directors, advance the defense costs incurred by our employees
    and other agents in connection with legal proceedings.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Risks Related to
    Our Status as a REIT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Failure to
    qualify as a REIT would cause us to be taxed as a regular
    corporation, which would substantially reduce funds available
    for distributions to stockholders.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to operate in a manner so as to qualify as a REIT for
    federal income tax purposes. We believe that our organization
    and proposed method of operation will enable us to meet the
    requirements for qualification and taxation as a REIT. However,
    we cannot assure you that we will qualify as such. This is
    because qualification as a REIT involves the application of
    highly technical and complex provisions of the Code as to which
    there are only limited judicial and administrative
    interpretations and involves the determination of facts and
    circumstances not entirely within our control. Future
    legislation, new regulations, administrative interpretations or
    court decisions may significantly change the tax laws or the
    application of the tax laws with respect to qualification as a
    REIT for federal income tax purposes or the federal income tax
    consequences of such qualification.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If we fail to qualify as a REIT in any taxable year we will face
    serious tax consequences that will substantially reduce the
    funds available for distributions to our stockholders because:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we would not be allowed a deduction for distributions paid to
    stockholders in computing our taxable income and would be
    subject to federal income tax at regular corporate rates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we could be subject to the federal alternative minimum tax and
    possibly increased state and local taxes;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unless we are entitled to relief under statutory provisions, we
    could not elect to be taxed as a REIT for four taxable years
    following the year during which we were disqualified.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, if we fail to qualify as a REIT, we will no longer
    be required to pay distributions. As a result of all these
    factors, our failure to qualify as a REIT could impair our
    ability to expand our business and raise capital, and it would
    adversely affect the value of our common stock. See
    &#147;Material U.S.&#160;Federal Income Tax Considerations&#148;
    for a discussion of material federal income tax consequences
    relating to us and our common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Even if we
    qualify as a REIT, we may face other tax liabilities that reduce
    our cash flows.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Even if we qualify for taxation as a REIT, we may be subject to
    certain federal, state and local taxes on our income and assets,
    including taxes on any undistributed income, tax on income from
    some activities conducted as a result of a foreclosure, and
    state or local income, property and transfer taxes. Any of these
    taxes would decrease cash available for distributions to
    stockholders.
</DIV>
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    <BR>
    28
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<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">REIT
    distribution requirements could adversely affect our liquidity
    and may force us to borrow funds or sell assets during
    unfavorable market conditions.</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In order to maintain our REIT status and to meet the REIT
    distribution requirements, we may need to borrow funds on a
    short-term basis or sell assets, even if the then-prevailing
    market conditions are not favorable for these borrowings. To
    qualify as a REIT, we generally must distribute to our
    stockholders at least 90% of our net taxable income each year,
    excluding capital gains. In addition, we will be subject to
    corporate income tax to the extent we distribute less than 100%
    of our net taxable income including any net capital gain. We
    intend to make distributions to our stockholders to comply with
    the requirements of the Code for REITs and to minimize or
    eliminate our corporate income tax obligation to the extent
    consistent with our business objectives. Our cash flows from
    operations may be insufficient to fund required distributions as
    a result of differences in timing between the actual receipt of
    income and the recognition of income for federal income tax
    purposes, or the effect of non-deductible capital expenditures,
    the creation of reserves or required debt service or
    amortization payments. The insufficiency of our cash flows to
    cover our distribution requirements could have an adverse impact
    on our ability to raise short- and long-term debt or sell equity
    securities in order to fund distributions required to maintain
    our REIT status. In addition, we will be subject to a 4%
    nondeductible excise tax on the amount, if any, by which
    distributions paid by us in any calendar year are less than the
    sum of 85% of our ordinary income, 95% of our capital gain net
    income and 100% of our undistributed income from prior years.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">The opinion of
    our tax counsel regarding our status as a REIT does not
    guarantee our ability to remain a REIT.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our tax counsel, Goodwin Procter LLP, is expected to render an
    opinion to us that, commencing with our taxable year ending
    December&#160;31, 2010, we will be organized in conformity with
    the requirements for qualification as a REIT and our proposed
    method of operation will enable us to meet the requirements for
    qualification and taxation as a REIT. This opinion will be based
    upon our representations as to the manner in which we will be
    owned, invest in assets, and operate, among other things. The
    validity of Goodwin Procter&#146;s opinion and our qualification
    as a REIT will depend on our satisfaction of certain asset,
    income, organizational, distribution, stockholder ownership and
    other requirements on a continuing basis, the results of which
    will not be monitored by Goodwin Procter. Accordingly, no
    assurances can be given that we will satisfy the REIT
    requirements in any one taxable year. Also, the opinion of
    Goodwin Procter will represent counsel&#146;s legal judgment
    based on the law in effect as of the date of the commencement of
    this offering, is not binding on the Internal Revenue Service
    (the &#147;IRS&#148;) or any court and could be subject to
    modification or withdrawal based on future legislative, judicial
    or administrative changes to the federal income tax laws, any of
    which could be applied retroactively. Goodwin Procter will have
    no obligation to advise us or the holders of our common stock of
    any subsequent change in the matters stated, represented or
    assumed in its opinion or of any subsequent change in applicable
    law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Dividends
    payable by REITs generally do not qualify for reduced tax
    rates.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The maximum tax rate for dividends payable to individual
    U.S.&#160;stockholders (as defined in &#147;Material
    U.S.&#160;Federal Income Tax Considerations&#148; below) is
    currently 15% (through 2010). Dividends payable by REITs,
    however, are generally not eligible for the reduced rates.
    However, to the extent such dividends are attributable to
    certain dividends that we receive from a taxable REIT
    subsidiary, such dividends generally will be eligible for the
    reduced rates that apply to qualified dividend income. The more
    favorable rates applicable to regular corporate dividends could
    cause investors who are individuals to perceive investments in
    REITs to be relatively less attractive than investments in the
    stocks of non-REIT corporations that pay dividends, which could
    adversely affect the value of the stock of REITs, including our
    common stock.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Complying with
    REIT requirements may cause us to forego otherwise attractive
    opportunities or to liquidate otherwise attractive
    investments.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    To qualify as a REIT for federal income tax purposes, we must
    continually satisfy tests concerning, among other things, the
    sources of our income, the nature and diversification of our
    assets, the amounts we distribute to our stockholders and the
    ownership of our capital stock. In order to meet these tests, we
    may be required to forego investments we might otherwise make.
    Thus, compliance with the REIT requirements may hinder our
    performance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In particular, we must ensure that at the end of each calendar
    quarter, at least 75% of the value of our assets consists of
    cash, cash items, government securities and qualified real
    estate assets. The remainder of our investments in securities
    (other than government securities and qualified real estate
    assets) generally cannot include more than 10% of the total
    voting power of the outstanding securities of any one issuer or
    more than 10% of the total value of the outstanding securities
    of any one issuer. In addition, in general, no more than 5% of
    the value of our assets (other than government securities and
    qualified real estate assets) can consist of the securities of
    any one issuer, and no more than 25% of the value of our total
    assets can be represented by the securities of one or more
    taxable REIT subsidiaries, or TRSs. If we fail to comply with
    these requirements at the end of any calendar quarter, we must
    correct the failure within 30&#160;days after the end of the
    calendar quarter or qualify for certain statutory relief
    provisions to avoid losing our REIT qualification and suffering
    adverse tax consequences. As a result, we may be required to
    liquidate otherwise attractive investments. These actions could
    have the effect of reducing our income and amounts available for
    distribution to our stockholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">If we fail to
    invest a sufficient amount of the net offering proceeds of this
    offering and the concurrent private placement in real estate
    assets within one year from the receipt of the proceeds of this
    offering, we could jeopardize our REIT status.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Temporary investment of the net offering proceeds of this
    offering and the concurrent private placement in short-term
    securities and income from such investment generally will allow
    us to satisfy various REIT income and asset qualifications, but
    only during the one-year period beginning on the date we receive
    the net offering proceeds. If we are unable to invest a
    sufficient amount of the net proceeds of this offering and of
    the concurrent private placement in industrial properties and
    other qualifying real estate assets within such one-year period,
    we could fail to satisfy one of the gross income tests
    <FONT style="white-space: nowrap">and/or</FONT> we
    could be limited to investing all or a portion of any remaining
    funds in cash or cash equivalents. See &#147;Material
    U.S.&#160;Federal Income Tax Considerations&#160;&#151;
    Requirements for Qualification as a REIT&#160;&#151; Income
    Tests Applicable to REITs&#148;. If we fail to satisfy such
    income test, unless we are entitled to relief under certain
    provisions of the Code, we could fail to qualify as a REIT. See
    &#147;Material U.S.&#160;Federal Income Tax
    Considerations&#160;&#151; Requirements for Qualification as a
    REIT&#160;&#151; Failure to Qualify as a REIT&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Our
    relationship with any TRS will be limited, and a failure to
    comply with the limits would jeopardize our REIT qualification
    and may result in the application of a 100% excise
    tax.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A REIT may own up to 100% of the stock of one or more TRSs.
    While we have no current intention to own any interest in a TRS,
    we may own any such interest in the future. A TRS may earn
    income that would not be qualifying income if earned directly by
    the parent REIT. Overall, no more than 25% of the value of a
    REIT&#146;s assets may consist of stock or securities of one or
    more TRSs. A domestic TRS will pay federal, state and local
    income tax at regular corporate rates on any income that it
    earns. In addition, the TRS rules limit the deductibility of
    interest paid or accrued by a TRS to its parent REIT to assure
    that the TRS is subject to an appropriate level of corporate
    taxation. The rules also impose a 100% excise tax on certain
    transactions between a TRS and its parent REIT that are not
    conducted on an arm&#146;s-length basis.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Any TRS of ours will pay federal, state and local income tax on
    its taxable income, and its after-tax net income is available
    for distribution to us but is not required to be distributed to
    us. We anticipate that the aggregate value of any TRS stock and
    securities owned by us will be significantly less than 25% of
    the value of our total assets (including the TRS stock and
    securities). Furthermore, we will monitor the value of our
    investments in TRSs for the purpose of ensuring compliance with
    the rule that no more than 25% of the value of our assets may
    consist of TRS stock and securities (which is applied at the end
    of each calendar quarter). In addition, we will scrutinize all
    of our transactions with TRSs for the purpose of ensuring that
    they are entered into on arm&#146;s-length terms in order to
    avoid incurring the 100% excise tax described above. No
    assurance, however, can be given that we will be able to comply
    with the 25% limitation on ownership of TRS stock and securities
    on an ongoing basis so as to maintain our REIT qualification or
    avoid application of the 100% excise tax imposed on certain
    non-arm&#146;s-length transactions.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">The ability of
    our board of directors to revoke our REIT qualification without
    stockholder approval may subject us to federal income tax and
    reduce distributions to our stockholders.</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our charter provides that our board of directors may revoke or
    otherwise terminate our REIT election, without the approval of
    our stockholders, if it determines that it is no longer in our
    best interest to continue to be qualified as a REIT. If we cease
    to be a REIT, we would become subject to federal income tax on
    our taxable income and would no longer be required to distribute
    most of our taxable income to our stockholders, which may have
    adverse consequences on our total return to our stockholders and
    on the market price of our common stock.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">We may be
    subject to adverse legislative or regulatory tax changes that
    could reduce the market price of our common stock.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    At any time, the federal income tax laws governing REITs or the
    administrative interpretations of those laws may be amended. We
    cannot predict when or if any new federal income tax law,
    regulation, or administrative interpretation, or any amendment
    to any existing federal income tax law, regulation or
    administrative interpretation, will be adopted, promulgated or
    become effective and any such law, regulation, or interpretation
    may take effect retroactively. We and our stockholders could be
    adversely affected by any such change in, or any new, federal
    income tax law, regulation or administrative interpretation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Risks Related to
    This Offering</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Level of cash
    distributions, market interest rates and other factors may
    affect the value of our common stock.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The market value of the equity securities of a REIT is based
    upon the market&#146;s perception of the REIT&#146;s growth
    potential and its current and potential future cash
    distributions, whether from operations, sales or refinancings,
    and is based upon the real estate market value of the underlying
    assets. For that reason, our common stock may trade at prices
    that are higher or lower than our net asset value per share. To
    the extent we retain operating cash flows for investment
    purposes, working capital reserves or other purposes, these
    retained funds, while increasing the value of our underlying
    assets, may not correspondingly increase the market price of our
    common stock. Our failure to meet the market&#146;s expectations
    with regard to future earnings and cash distributions likely
    would adversely affect the market price of our common stock. In
    addition, the price of our common stock will be influenced by
    the dividend yield on the common stock relative to market
    interest rates. An increase in market interest rates, which are
    currently at low levels relative to historical rates, could
    cause the market price of our common stock to go down. The
    trading price of the shares of common stock will also depend on
    many other factors, which may change from time to time,
    including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the market for similar securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the attractiveness of REIT securities in comparison to the
    securities of other companies, taking into account, among other
    things, the higher tax rates imposed on dividends paid by REITs;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    31
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    government action or regulation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general economic conditions;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our financial condition, performance and prospects.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">The number of
    shares of our common stock available for future sale could
    adversely affect the market price of our common
    stock.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Sales of substantial amounts of shares of our common stock in
    the public market or the perception that such sales might occur
    could adversely affect the market price of the shares of our
    common stock. The vesting of any restricted stock granted to
    certain directors, executive officers and other employees under
    the 2010 Equity Plan, the issuance of our common stock in
    connection with property, portfolio or business acquisitions and
    other issuances of our common stock could have an adverse effect
    on the market price of our common stock. Future sales of shares
    of our common stock may be dilutive to existing stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">There has been
    no public market for our common stock prior to this
    offering.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Prior to this offering, there has been no public market for our
    common stock, and there can be no assurance that an active
    trading market will develop or be sustained or that shares of
    our common stock will be resold at or above the initial public
    offering price. In the absence of a public trading market, an
    investor may be unable to liquidate an investment in our common
    stock. The initial public offering price of our common stock has
    been determined by agreement between us and the underwriter, but
    there can be no assurance that our common stock will not trade
    below the initial public offering price following the completion
    of this offering. The market value of our common stock could be
    substantially affected by general market conditions, including
    the extent to which a secondary market develops for our common
    stock following the completion of this offering, the extent of
    institutional investor interest in us, the general reputation of
    REITs and the attractiveness of their equity securities in
    comparison to other equity securities (including securities
    issued by other real estate-based companies), our financial
    performance and general stock and bond market conditions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">The market
    price and trading volume of our common stock may be
    volatile.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The market price of our common stock may be volatile. In
    addition, the trading volume in our common stock may fluctuate
    and cause significant price variations to occur. If the market
    price of our common stock declines significantly, you may be
    unable to resell your shares at or above the initial public
    offering price. We cannot assure you that the market price of
    our common stock will not fluctuate or decline significantly in
    the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Some of the factors that could negatively affect our share price
    or result in fluctuations in the price or trading volume of our
    common stock include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    actual or anticipated variations in our quarterly operating
    results or distributions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in our funds from operations (as defined by NAREIT and
    discussed in &#147;Management&#146;s Discussion and Analysis of
    Financial Condition and Results of Operations&#148; elsewhere in
    this prospectus) or earnings;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    publication of research reports about us or the real estate
    industry;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increases in market interest rates that lead purchasers of our
    shares to demand a higher yield;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in market valuations of similar companies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    adverse market reaction to any additional debt we incur in the
    future;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    additions or departures of key management personnel;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    actions by institutional stockholders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    speculation in the press or investment community;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    32
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the realization of any of the other risk factors presented in
    this prospectus;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general market and economic conditions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Future
    offerings of debt, which would be senior to our common stock
    upon liquidation,
    <FONT style="white-space: nowrap">and/or</FONT>
    preferred stock which may be senior to our common stock for
    purposes of dividend distributions or upon liquidation, may
    adversely affect the market price of our common
    stock.</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    After completion of this offering and the concurrent private
    placement, we plan to seek a revolving credit facility to
    finance acquisitions and for working capital requirements. We
    have initiated non-binding discussions with lenders but there
    can be no assurance that we will be able to obtain such
    financing on favorable terms or at all. Upon liquidation,
    holders of our debt securities and shares of preferred stock and
    lenders with respect to other borrowings will receive
    distributions of our available assets prior to the holders of
    our common stock. Additional equity offerings may dilute the
    holdings of our existing stockholders or reduce the market price
    of our common stock, or both. Holders of our common stock are
    not entitled to preemptive rights or other protections against
    dilution. Our preferred stock, if issued, could have a
    preference on liquidating distributions and a preference on
    dividend payments that could limit our ability to pay a dividend
    or make another distribution to the holders of our common stock.
    Because our decision to issue securities in any future offering
    will depend on market conditions and other factors beyond our
    control, we cannot predict or estimate the amount, timing or
    nature of our future offerings. Thus, our stockholders bear the
    risk of our future offerings reducing the market price of our
    common stock and diluting their stock holdings in us.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">We have not
    established a minimum distribution payment level and we may be
    unable to generate sufficient cash flows from our operations to
    make distributions to our stockholders at any time in the
    future.</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
     We have not established a minimum distribution payment level,
    and our ability to make distributions to our stockholders may be
    adversely affected by the risk factors described in this
    prospectus. Because we currently have no industrial properties
    and will commence operations only upon completion of this
    offering, we may not generate sufficient income to make
    distributions to our stockholders and cannot predict when
    distributions consisting, in part, of cash flow from the
    industrial properties we expect to acquire will commence. We
    currently do not intend to use the net proceeds from this
    offering and the concurrent private placement to make
    distributions to our stockholders but are not prohibited from
    doing so. However, to the extent we do so, the amount of cash we
    have available to invest in industrial properties or for other
    purposes would be reduced. Our board of directors has the sole
    discretion to determine the timing, form and amount of any
    distributions to our stockholders. The amount of such
    distributions may be limited until we have a portfolio of
    income-generating industrial properties. Our board of directors
    will make determinations regarding distributions based upon,
    among other factors, our financial performance, any debt service
    obligations, any debt covenants, and capital expenditure
    requirements. Among the factors that could impair our ability to
    make distributions to our stockholders are:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our inability to invest the net proceeds of this offering and
    the concurrent private placement;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our inability to realize attractive risk-adjusted returns on our
    investments;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unanticipated expenses or reduced revenues that reduce our cash
    flow or non-cash earnings;&#160;and
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    decreases in the value of our industrial properties that we
    acquire.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As a result, no assurance can be given that we will be able to
    make distributions to our stockholders at any time in the future
    or that the level of any distributions we do make to our
    stockholders will increase or even be maintained over time, any
    of which could materially and adversely affect the market price
    of our shares of common stock.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
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    <BR>
    33
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This prospectus contains forward-looking statements within the
    meaning of the federal securities laws. We caution investors
    that forward-looking statements are based on management&#146;s
    beliefs and on assumptions made by, and information currently
    available to, management. When used, the words
    &#147;anticipate&#148;, &#147;believe&#148;,
    &#147;estimate&#148;, &#147;expect&#148;, &#147;intend&#148;,
    &#147;may&#148;, &#147;might&#148;, &#147;plan&#148;,
    &#147;project&#148;, &#147;result&#148;, &#147;should&#148;,
    &#147;will&#148;, and similar expressions which do not relate
    solely to historical matters are intended to identify
    forward-looking statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    These statements are subject to risks, uncertainties, and
    assumptions and are not guarantees of future performance, which
    may be affected by known and unknown risks, trends,
    uncertainties, and factors that are beyond our control. Should
    one or more of these risks or uncertainties materialize, or
    should underlying assumptions prove incorrect, actual results
    may vary materially from those anticipated, estimated, or
    projected. We expressly disclaim any responsibility to update
    our forward-looking statements, whether as a result of new
    information, future events, or otherwise. Accordingly, investors
    should use caution in relying on past forward-looking
    statements, which are based on results and trends at the time
    they are made, to anticipate future results or trends.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Some of the risks and uncertainties that may cause our actual
    results, performance, or achievements to differ materially from
    those expressed or implied by forward-looking statements
    include, among others, the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the factors included in this prospectus, including those set
    forth under headings &#147;Risk Factors&#148;,
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&#148; and &#147;Our
    Business&#148;;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our lack of operating history;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to identify and acquire industrial properties on
    terms favorable to us;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general volatility of the capital markets and the market price
    of our common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    adverse economic or real estate conditions or developments in
    the industrial real estate sector
    <FONT style="white-space: nowrap">and/or</FONT> in
    the markets in which we acquire properties;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our dependence on key personnel;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to source off-market deal flow in the future;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    availability of investment opportunities in the industrial real
    estate sector;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our reliance on third parties to property manage our industrial
    properties;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general economic conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our dependence upon tenants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our inability to comply with the laws, rules and regulations
    applicable to companies, and in particular, public companies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our inability to manage our growth effectively;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    defaults on or non-renewal of leases by tenants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    decreased rental rates or increased vacancy rates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    tenant bankruptcies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increased interest rates and operating costs;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    declining real estate valuations and impairment charges;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our expected leverage;
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    34
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    estimates related to our ability to make distributions to our
    stockholders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our failure to obtain necessary outside financing;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    future debt service obligations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our failure to successfully hedge against interest rate
    increases;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our failure to successfully operate acquired properties and
    operations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our failure to maintain our status as a REIT;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    possible adverse changes to tax laws;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    uninsured or underinsured losses relating to our properties;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    environmental uncertainties and risks related to natural
    disasters;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    financial market fluctuations;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in real estate and zoning laws and increases in real
    property tax rates.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Market
    Data</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Certain market and industry data used in this prospectus has
    been obtained from independent industry sources and publications
    and third party sources as well as from research reports
    prepared for other purposes. We have not independently verified
    the data obtained from these sources and we cannot assure you of
    the accuracy or completeness of the data. These industry sources
    have not reviewed this prospectus and disclaim any and all
    liability with respect to this prospectus in the event any
    information, commentary, analysis, opinions, advice,
    recommendations or forecasts in such material prove to be
    inaccurate, incomplete or unreliable, or result in any
    investment or other losses. Any forecasts prepared by such
    sources are based on data (including third party data), models,
    and experience of various professionals, and are based on
    various assumptions, all of which are subject to change without
    notice.
</DIV>
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    <BR>
    35
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We estimate that the net proceeds of this offering will be
    approximately $&#160;&#160;&#160;&#160;&#160;&#160;million after
    deducting the underwriting discount and other estimated offering
    expenses. If the underwriter&#146;s option to purchase
    additional shares in this offering is exercised in full, we
    estimate that our net proceeds will be approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;million.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Concurrently with the completion of this offering, we will sell
    an aggregate of 350,000&#160;shares of our common stock
    (representing&#160;&#160;&#160;&#160;&#160;% of the shares of
    common stock issued in this offering and the concurrent private
    placement) to Mr. Baird and Mr. Coke in a private placement at
    the same price per share as in this offering but without payment
    of any underwriting discount. We estimate that we will receive
    net proceeds of approximately $7.0&#160;million from the
    concurrent private placement.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will invest the net proceeds of this offering and the
    concurrent private placement in industrial properties in
    accordance with our investment strategy described in this
    prospectus and for general business purposes. Prior to the full
    investment of the net offering proceeds in industrial
    properties, we intend to invest the net proceeds in
    interest-bearing short-term U.S.&#160;government and government
    agency securities, which are consistent with our intention to
    qualify as a REIT. These initial investments are expected to
    provide a lower net return than we will seek to achieve from
    investments in industrial properties. We will use approximately
    $&#160;&#160;&#160;&#160;&#160; of the net proceeds to reimburse
    Terreno Capital Partners LLC for
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses it incurred in connection with the formation of our
    company and this offering and $1,000 to repurchase the shares
    Mr.&#160;Baird and Mr.&#160;Coke acquired in connection with the
    formation and initial capitalization of our company.
</DIV>
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    <BR>
    36
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">CAPITALIZATION</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following table sets forth (1)&#160;our actual
    capitalization as of November&#160;9, 2009, and (2)&#160;our pro
    forma capitalization as adjusted to give effect to (i)&#160;the
    sale of 15,000,000&#160;shares of our common stock in this
    offering at an assumed initial public offering price of $20.00
    per share after deducting the underwriting discount and
    estimated organizational and offering expenses payable by us,
    (ii)&#160;the concurrent private placement of an aggregate of
    350,000&#160;shares of our common stock to Mr. Baird and Mr.
    Coke at the same price per share as in this offering but without
    payment of any underwriting discount and (iii)&#160;the
    contribution of fixed assets by Terreno Capital Partners LLC.
    This table should be read in conjunction with the sections
    captioned &#147;Use of Proceeds&#148; and
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&#148;.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="74%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As of November&#160;9, 2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Actual</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">As Adjusted(1)</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(Unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stockholders&#146; equity:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Common stock, $0.01&#160;par value per share;
    100,000&#160;shares authorized, 1,000&#160;shares issued and
    outstanding, actual; 400,000,000&#160;shares
    authorized,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    issued and outstanding, as adjusted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Preferred stock, $0.01&#160;par value per share; none
    authorized, none issued or outstanding, actual;
    100,000,000&#160;shares authorized, none&#160;issued or
    outstanding, as adjusted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Additional paid in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    990
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Retained earnings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV align="left"><FONT size="1">

</FONT></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Excludes (1)&#160;1,000&#160;shares of common stock that we sold
    to Mr.&#160;Baird and Mr.&#160;Coke in connection with our
    formation because we will use $1,000 of the net proceeds of this
    offering to repurchase those shares at their issue price,
    (2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of restricted stock to be granted under the 2010 Equity Plan to
    our executive officers, independent directors and employees
    concurrently with the closing of this offering and
    (3)&#160;2,250,000 additional shares of common stock that the
    underwriter has the option to purchase.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    37
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='107'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">DISTRIBUTION
    POLICY</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</A>
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend over time to make regular quarterly distributions to
    holders of shares of our common stock when, as and if authorized
    by our board of directors and declared by us. However, until we
    invest a substantial portion of the net proceeds of this
    offering and the concurrent private placement in industrial
    properties, we expect our quarterly distributions will be
    nominal. Our ability to make distributions to our stockholders
    also will depend on our levels of retained cash flows, which we
    intend to use as a source of investment capital. In order to
    qualify for taxation as a REIT, we must distribute to our
    stockholders an amount at least equal to:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (i)&#160;90% of our REIT taxable income (determined before the
    deduction for dividends paid and excluding any net capital
    gain); plus
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (ii)&#160;90% of the excess of our after-tax net income, if any,
    from foreclosure property over the tax imposed on such income by
    the Code; less
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (iii)&#160;the sum of certain items of non-cash income.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Generally, we expect to distribute 100% of our REIT taxable
    income so as to avoid the excise tax on undistributed REIT
    taxable income. However, we cannot assure you as to when we will
    begin to generate sufficient cash flows to make distributions to
    our stockholders or our ability to sustain those distributions.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    See the section entitled &#147;Material U.S.&#160;Federal Income
    Tax Considerations&#148; below.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The timing and frequency of distributions will be authorized by
    our board of directors and declared by us based upon a variety
    of factors, including:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    actual results of operations;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our level of retained cash flows;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the timing of the investment of the net proceeds of this
    offering and the concurrent private placement;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any debt service requirements;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    capital expenditure requirements for our properties;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our taxable income;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the annual distribution requirement under the REIT provisions of
    the Code;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our operating expenses;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    restrictions on the availability of funds under Maryland law; and
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other factors that our board of directors may deem relevant.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    To the extent that, in respect of any calendar year, cash
    available for distribution is less than our REIT taxable income,
    we could be required to sell assets or borrow funds to make cash
    distributions or make a portion of the required distribution in
    the form of a taxable share distribution or distribution of debt
    securities. In addition, prior to the time we have fully
    invested the net proceeds of this offering and the concurrent
    private placement, we currently do not expect to, although we
    are not prohibited from, funding our quarterly distributions out
    of such net proceeds. The use of our net proceeds for
    distributions could be dilutive to our financial results. In
    addition, funding our distributions from our net proceeds may
    constitute a return of capital to our investors, which would
    have the effect of reducing each stockholder&#146;s basis in its
    shares of common stock. Income as computed for purposes of the
    tax rules described above will not necessarily correspond to our
    income as determined for financial reporting purposes.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Distributions to our stockholders generally will be taxable to
    our stockholders as ordinary income; however, because a
    significant portion of our investments will be equity ownership
    interests in industrial properties, which will generate
    depreciation and other non-cash charges against our income, a
    portion of our distributions may constitute a tax-free return of
    capital.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    38
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">MANAGEMENT&#146;S
    DISCUSSION AND ANALYSIS<BR>
    OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    You should read the following discussion in conjunction with the
    sections of this prospectus entitled &#147;Risk Factors&#148;,
    &#147;Forward-Looking Statements&#148;, &#147;Our Business&#148;
    and our audited balance sheet as of November&#160;9, 2009 and
    the related notes thereto included elsewhere in this prospectus.
    This discussion contains forward-looking statements reflecting
    current expectations that involve risks and uncertainties.
    Actual results and the timing of events may differ materially
    from those contained in these forward-looking statements due to
    a number of factors, including those discussed in the section
    entitled &#147;Risk Factors&#148; and elsewhere in this
    prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Overview</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We are an internally managed, newly organized Maryland
    corporation focused on acquiring industrial real estate located
    in six major coastal U.S.&#160;markets: Los Angeles Area;
    Northern New Jersey/New York City; San&#160;Francisco Bay Area;
    Seattle Area; Miami Area; and Washington,&#160;D.C./Baltimore.
    We intend to invest in several types of industrial real estate,
    including warehouse/distribution, flex (including light
    manufacturing and R&#038;D) and trans-shipment. We will target
    functional buildings in infill locations that may be shared by
    multiple tenants and that cater to customer demand within the
    various submarkets in which we operate.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The founding members of our management team and our promoters
    are Blake Baird, our chairman and chief executive officer, and
    Mike Coke, our president and chief financial officer. In 2007,
    Mr. Baird and Mr.&#160;Coke jointly founded Terreno Capital
    Partners LLC and subsequently assembled a team of real estate
    professionals that began actively analyzing and seeking
    industrial investment opportunities in our targeted markets.
    These senior executive officers have deep industrial real estate
    expertise across markets and cycles, as well as extensive public
    REIT operating experience, from Mr.&#160;Baird&#146;s
    eight&#160;years of experience and Mr.&#160;Coke&#146;s
    nine&#160;years of experience at AMB. AMB is a leading global
    developer, owner and operator of industrial real estate. The
    management team&#146;s expertise encompasses all aspects of
    industrial real estate acquisition, development, redevelopment,
    operations and finance. Mr.&#160;Baird and Mr.&#160;Coke each
    have approximately 20 years of commercial real estate industry
    experience.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Mr.&#160;Baird and Mr.&#160;Coke are currently our only
    executive officers. We currently have six employees and we
    currently expect to hire five additional experienced
    professionals over the next six months based on the anticipated
    pace of our investment activities and operations.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to elect to be taxed as a REIT under Sections&#160;856
    through 860 of the Code, commencing with our taxable year ending
    December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Liquidity and
    Capital Resources</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The primary objective of our financing strategy is to maintain
    financial flexibility with a conservative capital structure
    using retained cash flows, long-term debt and common and
    perpetual preferred stock to finance our growth. We intend to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limit the sum of the outstanding principal amount of our
    consolidated indebtedness and the liquidation preference of any
    outstanding perpetual preferred stock to less than 40% of our
    total enterprise value;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    maintain a fixed charge coverage ratio in excess of 2.0x;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limit the principal amount of our outstanding floating rate debt
    to less than 20% of our total consolidated indebtedness once the
    net proceeds from this offering and the concurrent private
    placement are fully deployed;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    have staggered debt maturities that are aligned to our expected
    average lease term
    <FONT style="white-space: nowrap">(5-10&#160;years),</FONT>
    positioning us to re-price parts of our capital structure as our
    rental rates change with market conditions.
</TD>
</TR>

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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to preserve a flexible capital structure with a
    long-term goal to obtain an investment grade rating and be in a
    position to issue unsecured debt and perpetual preferred stock.
    Prior to attaining an investment grade rating, we intend to
    primarily utilize non-recourse debt secured by individual
    properties or pools of properties with a targeted maximum
    loan-to-value of 60% at the time of financing.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    After completion of this offering and the concurrent private
    placement, we plan to seek a revolving credit facility to
    finance acquisitions and for working capital requirements. We
    have initiated non-binding discussions with lenders but there
    can be no assurance that we will be able to obtain such
    financing on favorable terms or at all.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Upon completion of this offering and the concurrent private
    placement of an aggregate of 350,000&#160;shares of common stock
    to Mr. Baird and Mr. Coke, we expect to have approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;million in cash available
    to acquire industrial properties in accordance with our
    investment strategy.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect to meet our short-term liquidity requirements
    generally through net cash provided by operations, existing cash
    balances and, if necessary, short-term borrowings under our
    anticipated credit facility. We believe that our net cash
    provided by operations will be adequate to fund operating
    requirements, pay interest on any borrowings and fund
    distributions in accordance with the REIT requirements of the
    federal income tax laws. In the near-term, we intend to fund
    future investments in properties with the net proceeds of this
    offering and the concurrent private placement. We expect to meet
    our long-term liquidity requirements, including with respect to
    other investments in industrial properties, property
    acquisitions and scheduled debt maturities, through the cash we
    will have available upon completion of this offering and the
    concurrent private placement and borrowings under our
    anticipated credit facility and periodic issuances of common
    stock, perpetual preferred stock, and long-term secured and
    unsecured debt. The success of our acquisition strategy may
    depend, in part, on our ability to obtain and borrow under our
    anticipated credit facility and to access additional capital
    through issuances of equity and debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Quantitative and
    Qualitative Disclosure About Market Risk</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Market risk includes risks that arise from changes in interest
    rates, foreign currency exchange rates, commodity prices, equity
    prices and other market changes that affect market sensitive
    instruments. In pursuing our business strategies, the primary
    market risk which we expect to be exposed to in the future is
    interest rate risk. We may be exposed to interest rate changes
    primarily as a result of debt used to maintain liquidity, fund
    capital expenditures and expand our investment portfolio and
    operations. We will seek to limit the impact of interest rate
    changes on earnings and cash flows and to lower our overall
    borrowing costs. We expect that some of our outstanding debt
    will have variable interest rates. We may use interest rate caps
    to manage our interest rate risks relating to our variable rate
    debt. We expect to replace variable rate debt on a regular basis
    with fixed rate, long-term debt to finance our assets and
    operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Critical
    Accounting Policies</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Below is a discussion of the accounting policies that we believe
    will be critical once we commence operations. We consider these
    policies critical because they require estimates about matters
    that are inherently uncertain, involve various assumptions and
    require significant management judgment, and because they are
    important for understanding and evaluating our reported
    financial results. These judgments will affect the reported
    amounts of assets and liabilities and our disclosure of
    contingent assets and liabilities at the dates of the financial
    statements and the reported amounts of revenue and expenses
    during the reporting periods. Applying different estimates or
    assumptions may result in materially different amounts reported
    in our financial statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Property Acquisitions.</I></B>&#160;&#160;Upon acquisition
    of a property, we will estimate the fair value of acquired
    tangible assets (consisting of land, buildings and improvements)
    and intangible assets and liabilities (consisting of the above
    and below market leases and the origination value of all
    in-place leases). We
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    will determine fair values using estimated cash flow projections
    and other valuation techniques and applying appropriate discount
    and capitalization rates based on available market information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The fair value of the tangible assets is based on the value of
    the property as if it were vacant. The fair value of the above
    and below market leases is based on the present value of the
    difference between the contractual amounts to be received
    pursuant to the acquired leases and our estimate of the market
    lease rates measured over a period equal to the remaining
    noncancelable term of the leases. The capitalized values of
    above market leases (acquired above market leases) and below
    market leases (acquired lease obligations) are amortized to rent
    revenue over the noncancelable term of the respective leases.
    The origination value of in-place leases (acquired in-place
    leases) is based on costs to execute similar leases including
    commissions and other related costs. The origination value of
    in-place leases also includes real estate taxes, insurance and
    an estimate of lost rent revenue at market rates during the
    estimated time required to lease up the property from vacant to
    the occupancy level at the date of acquisition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Carrying values for financial reporting purposes will be
    reviewed for impairment on a
    <FONT style="white-space: nowrap">property-by-property</FONT>
    basis whenever events or changes in circumstances indicate that
    the carrying value of a property may not be fully recoverable.
    When the carrying value of a property or land parcel is greater
    than its estimated fair value, based on the intended use and
    holding period, an impairment charge to earnings will be
    recognized for the excess over its estimated fair value less
    costs to sell. The intended use of an asset, either held for
    sale or held for the long term, can significantly impact how
    impairment is measured. If an asset is intended to be held for
    the long term, the impairment analysis will be based on a
    two-step test. The first test measures estimated expected future
    cash flows over the holding period, including a residual value
    (undiscounted and without interest charges), against the
    carrying value of the property. If the asset fails the test,
    then the asset carrying value will be measured against the lower
    of cost or the present value of expected cash flows over the
    expected hold period. An impairment charge to earnings will be
    recognized for the excess of the asset&#146;s carrying value
    over the lower of cost or the present values of expected cash
    flows over the expected hold period. If an asset is intended to
    be sold, impairment will be determined using the estimated fair
    value less costs to sell. The estimation of expected future net
    cash flows is inherently uncertain and relies on assumptions,
    among other things, regarding current and future economic and
    market conditions and the availability of capital. We will
    determine the estimated fair values based on our assumptions
    regarding rental rates, costs to complete,
    <FONT style="white-space: nowrap">lease-up</FONT> and
    holding periods, as well as sales prices or contribution values.
    When available, current market information will be used to
    determine capitalization and rental growth rates. When market
    information is not readily available, the inputs will be based
    on our understanding of market conditions and the experience of
    the management team. Actual results could differ significantly
    from our estimates. The discount rates used in the fair value
    estimates will represent a rate commensurate with the indicated
    holding period with a premium layered on for risk. In a few
    instances, current comparative sales values will be available
    and used to establish fair value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Revenue Recognition.</I></B>&#160;&#160;We will record
    rental revenue from operating leases on a straight-line basis
    over the term of the leases and maintain an allowance for
    estimated losses that may result from the inability of our
    customers to make required payments. If customers fail to make
    contractual lease payments that are greater than our allowance
    for doubtful accounts, security deposits and letters of credit,
    then we may have to recognize additional doubtful account
    charges in future periods. We will monitor the liquidity and
    creditworthiness of our customers on an on-going basis by
    reviewing their financial condition periodically as appropriate.
    Each period we will review our outstanding accounts receivable,
    including straight-line rents, for doubtful accounts and provide
    allowances as needed. We will also record lease termination fees
    when a customer has executed a definitive termination agreement
    with us and the payment of the termination fee is not subject to
    any conditions that must be met or waived before the fee is due
    to us. If a customer remains in the leased space following the
    execution of a definitive termination agreement, the applicable
    termination fees will be deferred and recognized over the term
    of such customer&#146;s occupancy.
</DIV>
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    <BR>
    41
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Income Taxes.</I></B>&#160;&#160;We intend to elect to be
    taxed as a REIT under the Code and intend to operate as such
    beginning with our taxable year ending December&#160;31, 2010.
    We expect to have little or no taxable income prior to electing
    REIT status. To qualify as a REIT, we must meet certain
    organizational and operational requirements, including a
    requirement to distribute at least 90% of our annual REIT
    taxable income to our stockholders (which is computed without
    regard to the dividends paid deduction or net capital gain and
    which does not necessarily equal net income as calculated in
    accordance with U.S. generally accepted accounting principles,
    or U.S.&#160;GAAP). As a REIT, we generally will not be subject
    to federal income tax to the extent we distribute qualifying
    dividends to our stockholders. If we fail to qualify as a REIT
    in any taxable year, we will be subject to federal income tax on
    our taxable income at regular corporate income tax rates and
    generally will not be permitted to qualify for treatment as a
    REIT for federal income tax purposes for the four taxable years
    following the year during which qualification is lost unless the
    IRS grants us relief under certain statutory provisions. Such an
    event could materially adversely affect our net income and net
    cash available for distribution to stockholders. However, we
    intend to organize and operate in such a manner as to qualify
    for treatment as a REIT.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Share-Based Compensation.</I></B>&#160;&#160;We have
    adopted the 2010 Equity Plan, which provides for the grant of
    restricted stock awards, performance share awards, unrestricted
    shares or any combination of the foregoing. Equity-based
    compensation will be recognized as an expense in the financial
    statements and measured at the fair value of the award on the
    date of grant. The amount of the expense may be subject to
    adjustment in future periods depending on the specific
    characteristics of the equity-based award and the application of
    the accounting guidance.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Recently Issued
    Accounting Standards</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In June 2009, the Financial Accounting Standards Board, or FASB,
    issued Statement of Financial Accounting Standards No.&#160;166,
    &#147;Accounting for Transfers of Financial Assets, an amendment
    of FASB&#160;Statement No.&#160;140&#148;, or SFAS&#160;166.
    SFAS&#160;166 amends various components of the guidance under
    SFAS&#160;140 governing sale accounting, including the
    recognition of assets obtained and liabilities assumed as a
    result of a transfer, and considerations of effective control by
    a transferor over transferred assets. In addition, SFAS&#160;166
    removes the exemption for qualifying special purpose entities
    from the guidance of FASB Interpretation No.&#160;46(R), as
    amended by SFAS&#160;167, Amendments to FASB Interpretation
    FIN&#160;46(R). SFAS&#160;166 is effective January&#160;1, 2010,
    with early adoption prohibited.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Results of
    Operations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As of the date of this prospectus, we have not commenced any
    operations and will not commence any operations until we have
    completed this offering and the concurrent private placement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Off-Balance Sheet
    Arrangements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As of the date of this prospectus, we have no off-balance sheet
    arrangements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Non-GAAP&#160;Financial
    Measures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to use the following non-GAAP financial measure that
    we believe is useful to investors as a key measure of our
    operating performance: funds from operations, or FFO. FFO should
    not be considered in isolation or as a substitute for measures
    of performance in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to compute FFO in accordance with standards
    established by NAREIT, which defines FFO as net income (loss)
    (determined in accordance with GAAP), excluding gains (losses)
    from sales of property, plus depreciation and amortization and
    after adjustments for unconsolidated partnerships and joint
    ventures (which are calculated to reflect FFO on the same
    basis). We believe that presenting FFO provides useful
    information to investors regarding our operating performance
    because it is a measure of our operations without regard to
    specified non-cash items, such as real estate depreciation and
    amortization and gain or loss on sale of assets.
</DIV>
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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">OUR
    BUSINESS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Our
    Company</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We are an internally managed, newly organized Maryland
    corporation focused on acquiring industrial real estate located
    in six major coastal U.S.&#160;markets: Los Angeles Area;
    Northern New&#160;Jersey/New&#160;York City; San Francisco Bay
    Area; Seattle Area; Miami Area; and
    Washington,&#160;D.C./Baltimore. We intend to invest in several
    types of industrial real estate, including
    warehouse/distribution, flex (including light manufacturing and
    R&#038;D) and trans-shipment. We will target functional
    buildings in infill locations that may be shared by multiple
    tenants and that cater to customer demand within the various
    submarkets in which we operate. Infill locations are geographic
    locations surrounded by high concentrations of already developed
    land and existing buildings.
</DIV>

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</FONT></DIV>

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</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The founding members of our management team and our promoters
    are Blake Baird, our chairman and chief executive officer, and
    Mike Coke, our president and chief financial officer. In 2007,
    Mr. Baird and Mr.&#160;Coke jointly founded Terreno Capital
    Partners LLC and subsequently assembled a team of real estate
    professionals that began actively analyzing and seeking
    industrial investment opportunities in our targeted markets.
    These senior executive officers have deep industrial real estate
    expertise across markets and cycles, as well as extensive public
    REIT operating experience, from Mr.&#160;Baird&#146;s eight
    years of experience and Mr.&#160;Coke&#146;s nine&#160;years of
    experience at AMB. AMB is a leading global developer, owner and
    operator of industrial real estate. The management team&#146;s
    expertise encompasses all aspects of industrial real estate
    acquisition, development, redevelopment, operations and finance.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Mr.&#160;Baird and Mr.&#160;Coke are currently our only
    executive officers. We currently have six employees and we
    currently expect to hire five additional experienced
    professionals over the next six&#160;months based on the
    anticipated pace of our investment activities and operations.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Upon completion of this offering and the concurrent private
    placement of an aggregate of 350,000&#160;shares to Mr. Baird
    and Mr.&#160;Coke, we expect to have approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;million in cash available
    to execute our business strategy.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Market
    Opportunities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Overview</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We believe that the economic recession and corresponding credit
    crisis present an attractive environment to acquire industrial
    properties in infill coastal U.S.&#160;locations. The
    U.S.&#160;industrial property sector is experiencing significant
    stress from declining operating fundamentals and difficult
    credit conditions. Declining operating fundamentals are the
    result of industrial tenants reacting to weak macro economic
    trends including reduced consumer spending and declining trade
    flows. In addition, many property owners took advantage of
    abundant capital availability and placed excessive leverage on
    properties. The current reduction in credit availability and
    weak operating conditions make refinancing near-term debt
    maturities more difficult. Furthermore, ownership of industrial
    properties is highly fragmented. According to CBRE, there are
    approximately 13&#160;billion industrial square feet in the
    United States, and the seven publicly traded industrial REITs in
    the FTSE NAREIT Equity Industrial Index currently account for
    less than 5% of that total based on public filings. The FTSE
    NAREIT Equity Industrial Index currently consists of ProLogis,
    AMB, EastGroup Properties, Inc., DCT Industrial Trust, Inc.,
    First Potomac Realty Trust, First Industrial Realty Trust, Inc.
    and Monmouth Real Estate Investment Corporation. We believe that
    well-capitalized operators with no legacy issues (such as
    over-leveraged properties, significant vacancy and currently
    underproductive land and recently developed buildings) will have
    a competitive advantage in acquiring high quality industrial
    assets at attractive current returns and at a discount relative
    to both replacement cost and valuations from recent years. As we
    do not currently own any assets and initially will be an
    all-cash buyer, we are not restricted by legacy operating or
    legacy leverage issues that some of our private and public peers
    are presently facing.  Once we invest the net proceeds of this
    offering and the concurrent private placement, our capital
    structure will include indebtedness as described in &#147;Our
    Business&#160;&#151; Our
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     Financing Strategy&#148;. As illustrated in Chart&#160;1, the
    Moody&#146;s&#160;/&#160;REAL Industrial Property Price Index
    has fallen 37.4% as of the third quarter of 2009 from its peak
    in the fourth quarter of 2007.
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</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <IMG src="f53964a1f5396401.gif" alt="(BAR CHART)">
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Projected
    Improvement in Operating Fundamentals</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Although operating fundamentals remain weak across
    U.S.&#160;real estate markets, and may weaken further,
    industrial operating fundamentals are expected to improve in the
    future. Significant industrial development activity,
    particularly from
    <FONT style="white-space: nowrap">2006-2008,</FONT>
    followed by falling demand caused by the economic recession, has
    left large blocks of vacant space across many U.S.&#160;markets.
    Given the recent dramatic reduction in development activity in
    response to falling demand, we anticipate improvements in the
    availability rate and a rebound in rent growth when demand
    ultimately returns. According to CBRE, the industrial
    availability rate will peak at 15.5% in 2010, its highest level
    since at least 1990, with steady improvement thereafter through
    2014. CBRE projects that industrial warehouse rents will fall
    through 2011 with growth projected in
    <FONT style="white-space: nowrap">2012-2014.</FONT>
    Chart 2 illustrates historical and projected industrial
    availability rates, and Chart 3 illustrates the historical and
    projected industrial warehouse rent growth.
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    <IMG src="f53964a1f5396403.gif" alt="(BAR CHART)">
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    <IMG src="f53964a1f5396402.gif" alt="(BAR CHART)">
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Historical
    Outperformance of Industrial Real Estate and Our Targeted
    Markets</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    According to NCREIF, industrial real estate has historically
    outperformed national real estate returns by over 30&#160;basis
    points per year on average with lower volatility. In addition,
    over time our targeted markets have demonstrated superior
    operating fundamentals relative to all other
    U.S.&#160;industrial markets, including lower availability and
    higher rent growth. Chart 4 illustrates U.S.&#160;annual
    property returns (income and appreciation, on an unleveraged
    basis) in the industrial sector compared to all real estate
    asset classes. Chart 5 illustrates a comparison of historical
    and projected availability rates between our targeted markets
    and all other U.S.&#160;industrial markets tracked by CBRE.
</DIV>

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    <IMG src="f53964a1f5396404.gif" alt="(BAR CHART)">
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <I>(1) </I></TD>
    <TD></TD>
    <TD valign="bottom">
    <I>All Property Types consist of Apartment, Hotel, Industrial,
    Office and Retail properties.</I></TD>
</TR>

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    <IMG src="f53964a1f5396405.gif" alt="(BAR CHART)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <TD width="1%"></TD>
    <TD width="97%"></TD>
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<TR>
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    <I>(1) </I></TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Targeted markets covered by CBRE Econometric Advisors consist
    of Baltimore, Edison, Fort&#160;Lauderdale, Los Angeles, Miami,
    New York, Newark, Oakland, Orange County, Riverside,
    San&#160;Francisco, San&#160;Jose, Seattle, and
    Washington&#160;D.C.</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <I>(2) </I></TD>
    <TD></TD>
    <TD valign="bottom">
    <I>All other U.S. markets covered by CBRE Econometric Advisors
    consist of Akron, Albuquerque, Ann&#160;Arbor, Atlanta, Austin,
    Boston, Charlotte, Chicago, Cincinnati, Cleveland, Columbus,
    Dallas, Denver, Fort&#160;Worth, Gary, Hartford, Houston,
    Indianapolis, Jacksonville, Kansas City, Las Vegas, Long Island,
    Memphis, Minneapolis, Nashville, Orlando, Philadelphia, Phoenix,
    Pittsburgh, Portland, Raleigh, Sacramento, Salt Lake City,
    San&#160;Diego, St.&#160;Louis, Stamford, Tampa, Trenton,
    Tucson, Vallejo, Ventura, West Palm Beach and Wilmington.</I></TD>
</TR>

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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Transaction
    Landscape Advantageous to Well-Capitalized Investors with No
    Legacy Issues</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Low-cost and abundant debt led to a significant increase in
    transaction and development activity in industrial real estate
    between 2004 and 2007 with sales transactions more than doubling
    during the period and cap rates reaching their lowest level in
    at least two decades. The credit crisis and declining operating
    fundamentals that followed have resulted in a significant
    increase in troubled loans. The FDIC reports that as of
    September&#160;30, 2009, the amount of loans and leases that
    were noncurrent (90&#160;days or more past due or in nonaccrual
    status) among all FDIC-insured institutions increased for a 14th
    consecutive quarter and the average noncurrent rate on all loans
    reached a new
    <FONT style="white-space: nowrap">26-year</FONT>
    record. The percentage of nonfarm nonresidential real estate
    loans that are noncurrent reached 3.4%, or $37.1&#160;billion,
    while the percentage of construction and development real estate
    loans that are noncurrent reached 15.0%, or $73.8&#160;billion.
    According to Trepp, as of October&#160;31, 2009, the percentage
    of CMBS loans included in Trepp&#146;s database that are
    delinquent by 30&#160;days or more is at 4.83%, the highest
    level recorded by Trepp since 1998, which represents
    $35.2&#160;billion in outstanding loan balances. As lenders
    react to this environment, obtaining new loans or extending
    existing ones for property owners has become significantly more
    difficult. We believe this will lead to increases in foreclosure
    activities and distressed sales.
</DIV>

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</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    According to Real Capital Analytics, as of November 2009, the
    total market for distressed U.S.&#160;commercial real estate
    totaled 7,518 properties valued at approximately
    $141&#160;billion with industrial properties representing
    $4.9&#160;billion of that total. According to NAREIT, as of
    October 2009, the seven publicly traded industrial equity REITs
    in the U.S.&#160;have an average debt ratio of 59.0%, with a
    range of 42.6% to 87.7%. We believe this may cause these REITs
    to raise equity or sell assets.
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    While industrial cap rates (net operating income divided by
    sales price) troughed at 6.8% in 2007 according to Real Capital
    Analytics, recent transactions suggest a return to the long-term
    average of 8.0% to 9.0%. We believe well-capitalized investors
    without legacy issues will be able to take advantage of this
    environment. Chart 6 illustrates historical industrial cap rates
    (net operating income divided by sales price).
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    <IMG src="f53964a1f5396406.gif" alt="(BAR CHART)">
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    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Represents the three month rolling average cap rate of all U.S.
    industrial property level sale transactions over $5 million in
    size from January 2001 to October 2009 in the markets tracked by
    Real Capital Analytics.</TD>
</TR>

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</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Competitive
    Strengths</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We believe we distinguish ourselves from our competitors through
    the following competitive advantages:
</DIV>

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</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <TD width="2%"></TD>
    <TD width="93%"></TD>
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<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B><I>Management Team with Deeply Specialized Industrial
    Expertise.</I></B>&#160;&#160;Our management team is led by
    Blake Baird, our chairman and chief executive officer, and Mike
    Coke, our president and chief financial officer. These senior
    executive officers have deep industrial real estate expertise
    across markets and cycles, as well as extensive public REIT
    operating experience, from Mr.&#160;Baird&#146;s eight years of
    experience and Mr.&#160;Coke&#146;s nine&#160;years of
    experience most recently as president and chief financial
    officer, respectively, at AMB. In 2007, Mr.&#160;Baird and
    Mr.&#160;Coke jointly founded Terreno Capital Partners LLC and
    subsequently assembled a team of real estate professionals that
    began actively analyzing and seeking industrial investment
    opportunities in our targeted markets. Mr. Baird and Mr. Coke
    each have approximately 20 years of commercial real estate
    industry experience.
</TD>
</TR>

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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B><I>Demonstrated Track
    Record</I></B><I>.</I>&#160;&#160;During their tenure at AMB,
    Mr.&#160;Baird and Mr.&#160;Coke helped transform AMB from an
    owner of shopping centers and industrial buildings with
    64&#160;million square feet of space in 30 U.S.&#160;markets
    into a leading global developer, owner and operator of
    industrial real estate with interests in over 1,000 buildings
    comprising 125&#160;million square feet located in 12 countries
    across North America, Europe and Asia. During this period, AMB
    acquired approximately $4.6&#160;billion of real estate assets.
    From January&#160;20, 1999, the date that Mr.&#160;Baird joined
    AMB, to November&#160;20, 2006, the date that both
    Mr.&#160;Baird and Mr.&#160;Coke announced their departure from
    AMB, the total return (stock price appreciation and dividends
</TD>
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    <TD width="93%"></TD>
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    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
     paid) to AMB stockholders was 313%, outperforming the 285%
    total return for the MSCI U.S.&#160;REIT Index over the same
    period. The MSCI U.S.&#160;REIT Index is a market capitalization
    weighted index that is comprised of equity REITs that are
    included in the MSCI U.S. Investable Market 2500 Index, with the
    exception of specialty equity REITs that do not generate a
    majority of their revenue and income from real estate rental and
    leasing operations. The MSCI U.S.&#160;REIT Index represents
    approximately 85% of the U.S.&#160;REITs. AMB is a constituent
    company of the MSCI U.S.&#160;REIT Index.
</TD>
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<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B><I>Focused Investment Strategy with No Legacy
    Issues.</I></B>&#160;&#160;We selected our target markets based
    upon Mr.&#160;Baird&#146;s and Mr.&#160;Coke&#146;s experiences
    investing and operating in over 50 global industrial markets
    located in North America, Europe and Asia and also in
    anticipation of trends in logistics patterns resulting from
    population changes, regulatory and physical constraints,
    potential long term increases in carbon prices and other
    factors. As we do not currently own any assets and initially
    will be an
    <FONT style="white-space: nowrap">all-cash</FONT>
    buyer, we are not restricted by the operational or liquidity
    issues that some of our private and public peers are presently
    facing. Upon completion of this offering and the concurrent
    private placement, we expect to have
    $&#160;&#160;&#160;&#160;&#160;&#160;million in cash to invest
    and our management can focus on new investment opportunities.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B><I>Conservative Targeted Leverage with Growth Oriented
    Capital Structure.</I></B>&#160;&#160;We expect to maintain
    financial flexibility and a conservative capital structure using
    retained cash flows, long-term debt and common and perpetual
    preferred stock to finance our growth. We intend to limit the
    sum of the outstanding principal amount of our consolidated
    indebtedness and the liquidation preference of any outstanding
    preferred stock to less than 40% of our total enterprise value,
    maintain a fixed charge coverage ratio in excess of 2.0x and
    once the net proceeds from this offering and the concurrent
    private placement are fully deployed, limit the principal amount
    of our outstanding floating rate debt to less than 20% of our
    total consolidated indebtedness.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B><I>Highly Aligned Compensation
    Structure.</I></B>&#160;&#160;We believe that executive
    compensation should be closely aligned with long term
    stockholder value creation. As a result, at the closing of this
    offering, all of Mr. Baird&#146;s and Mr. Coke&#146;s incentive
    compensation will be based solely on our total stockholder
    return exceeding certain rolling targets versus benchmarks.
    Mr.&#160;Baird and Mr.&#160;Coke will not be eligible to receive
    any payouts under our long-term incentive program until early
    2012. In addition, Mr. Baird and Mr. Coke will each
    receive&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of restricted stock upon completion of this offering that will
    vest ratably in annual installments over a five-year period.
    Mr.&#160;Baird and Mr. Coke also will purchase in the aggregate
    350,000 shares of our common stock in a private placement
    concurrently with this offering at the same price per share as
    in this offering but without the payment of any underwriting
    discount.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B><I>Commitment to Strong Corporate
    Governance.</I></B>&#160;&#160;We are committed to strong
    corporate governance, as demonstrated by the following:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all members of our board of directors will serve annual terms;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have adopted a majority voting standard in non-contested
    director elections;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have opted out of two Maryland anti-takeover provisions and,
    in the future, may not opt back in to these provisions without
    stockholder approval;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we designed our ownership limits solely to protect our status as
    a REIT and not for the purpose of serving as an anti-takeover
    device; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have no stockholder rights plan. In the future, we will not
    adopt a stockholder rights plan unless our stockholders approve
    in advance the adoption of a plan or, if adopted by our board of
    directors, we will submit the stockholder rights plan to our
    stockholders for a ratification vote within 12&#160;months of
    adoption or the plan will terminate.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    48
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Our Investment
    Strategy</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to invest in industrial properties located in six
    major coastal U.S.&#160;markets: Los&#160;Angeles Area; Northern
    New Jersey/New York City; San&#160;Francisco Bay Area; Seattle
    Area; Miami Area; and Washington,&#160;D.C./Baltimore.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As described in more detail in the table below, we intend to
    invest in several types of industrial real estate, including
    warehouse/distribution, flex (including light manufacturing and
    R&#038;D) and trans-shipment. We will target functional
    buildings in infill locations that may be shared by multiple
    tenants and that cater to customer demand within the various
    submarkets in which we operate. We do not expect to invest
    outside of the United States.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: Arial, Helvetica">Industrial
    Facility General Characteristics: </FONT></U></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Warehouse /
    distribution:</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Single and multiple tenant facilities that typically serve
    tenants greater than 30,000&#160;square feet of space
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Less than 10% office space
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Typical clear height from 18&#160;feet to 36&#160;feet
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    May include production/manufacturing areas
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Adequate interior access via dock high
    <FONT style="white-space: nowrap">and/or</FONT> grade
    level doors
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Adequate truck court for large and small truck distribution
    options, possibly including staging for a high volume of truck
    activity
    <FONT style="white-space: nowrap">and/or</FONT>
    trailer storage
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Flex (including
    light industrial and R&#038;D)</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Single and multiple tenant facilities that typically serve
    tenants less than 30,000&#160;square feet of space
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Facilities generally accommodate both office and
    warehouse/manufacturing activities
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Typically has a larger amount of office space and shallower bay
    depths than other classes of industrial facilities
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Adequate parking consistent with increased office use
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Adequate interior access via grade level
    <FONT style="white-space: nowrap">and/or</FONT> dock
    high doors
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Staging for moderate truck activity
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Sometimes has a showroom, service center, or assembly/light
    manufacturing component
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Enhanced landscaping
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Trans-shipment</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Includes truck terminals, cross docking and airport on-tarmac
    facilities, which serve both single and multiple tenants
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Typically has a high number of dock high doors, shallow bay
    depth and lower clear height
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Staging for a high volume of truck activity and trailer storage
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We selected our target markets by drawing upon
    Mr.&#160;Baird&#146;s and Mr.&#160;Coke&#146;s experiences in
    investing and operating in over 50 global industrial markets
    located in North America, Europe and Asia and in anticipation of
    trends in logistics patterns resulting from population changes,
    regulatory and physical constraints, potential long term
    increases in carbon prices and other factors. We believe that
    our target
</DIV>
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    <BR>
    49
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    markets have attractive long term investment attributes. We will
    target assets with characteristics that include, but are not
    limited to, the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    located in high population coastal markets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    close proximity to transportation infrastructure (such as sea
    ports, airports, highways and railways);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    situated in supply-constrained sub-markets with barriers to new
    industrial development, as a result of physical
    <FONT style="white-space: nowrap">and/or</FONT>
    regulatory constraints;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    functional and flexible layout that can be modified to
    accommodate single and multiple tenants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    acquisition price at a significant discount to the replacement
    cost of the property;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential for enhanced return through re-tenanting or
    operational improvements;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    opportunity for higher and better use of the property over time.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will utilize local third party property managers for
    day-to-day property management. We believe outsourcing property
    management is cost effective and provides us with operational
    flexibility to scale our investments within any chosen market.
    In addition, property management firms can be an important
    source of investment opportunities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    While not prohibited from doing so, we have no current intention
    to acquire industrial land or to pursue ground up development.
    However, we may pursue redevelopment opportunities of properties
    that we own.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect the significant majority of our investments will be
    equity interests in individual properties or portfolios of
    properties. We may also acquire industrial properties through
    the acquisition of other corporations or entities that own
    industrial real estate. We will opportunistically target
    investments in debt secured by industrial real estate which
    would otherwise meet our investment criteria with the intention
    of ultimately acquiring the underlying real estate.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We currently do not intend to target specific percentages of
    holdings of particular types of industrial properties, although
    we currently expect that our initial portfolio will include less
    than 10% of debt secured by industrial properties. This
    expectation is based upon prevailing market conditions and may
    change over time in response to different prevailing market
    conditions.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We currently expect to acquire target assets based on their
    anticipated total return, which consists of income and any
    capital appreciation. We currently expect to be a long-term
    owner in the properties we acquire, but we may sell properties
    at any time, subject to REIT provisions of the Code, including
    the prohibited transaction rules, if our management determines
    it is in our best interests to do so.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Our Investment
    Process</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Sourcing and
    Initial Screening</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Through their extensive industry experience, our management team
    has built a network of relationships from which to source
    investment opportunities in our targeted markets. All of these
    relationships are focused on the industrial asset class, and
    include owners, property managers, developers, leasing and
    investment sales brokers, financiers, lenders, institutional
    investors, lawyers and accountants. These broad connections are
    expected to help source not only marketed transactions, but also
    potential transactions outside of a competitive bid environment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Once an investment opportunity is identified, we intend to
    analyze the location, functionality and basic investment
    returns. In particular, we intend to grade a given asset&#146;s
    functionality by its specific access, bay depth, dock door
    locations and count, office percentage, clear height and site
    coverage ratio. The key criteria of this initial screening will
    be our prior experience within submarkets,
</DIV>
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    replacement cost and the competitive landscape. If an asset
    meets our criteria, including our current risk adjusted return
    hurdle, we intend to proceed further into our investment process.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Underwriting
    and Analysis</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Once identified as having potential, an opportunity will undergo
    both a bottom up and top down analysis. We intend to first focus
    on the property level, the submarket and finally the target
    market overall. The officer running the process will tour the
    asset, and meet with local market resources. The team will
    create a preliminary underwriting that analyzes the asset&#146;s
    price per square foot, replacement cost, actual cap rate, market
    cap rate, stabilized cap rate and internal rate of return. In
    particular, we intend to focus on tenancy, rollover, market
    rents, expenses and taxes. The team will review the expected
    capital expenditures and their impact on cash flows. If we
    expect to use
    <FONT style="white-space: nowrap">non-recourse</FONT>
    secured debt, we will analyze the appropriate loan to value,
    debt service coverage ratio and current market terms to
    determine the optimal capital structure, both for the asset
    itself and our corporate balance sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    On the submarket and target market levels, our investment team
    (acquisition and asset management professionals) will consult
    with our local outside market resources to test and confirm our
    assumptions and the current market conditions. We expect to
    focus on current vacancy rates, rental growth, tenant demand and
    recent market sale and lease comparables. We also expect to
    review submarket and market employment drivers and demographic
    drivers and intend to closely monitor other local economic
    drivers including trade flows. We will also determine the local
    property management and leasing teams that will be engaged to
    represent the property in the market. Once we have completed our
    analysis, we will present an investment memorandum for approval
    by our investment committee or our board of directors, as
    applicable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Approval by
    Our Investment Committee or Our Board of Directors</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The acquisition officer in charge of a given transaction will
    complete an investment memorandum, outlining the investment
    hypothesis, including the asset&#146;s return projections,
    compliance with our capital allocation targets, property
    comparable transactions, risks, market conditions and exit
    strategy. The acquisition officer will then submit the
    investment memorandum to our investment committee, which is
    currently composed of Mr.&#160;Baird and Mr.&#160;Coke, or to
    our board of directors, as applicable. Our board of directors
    has delegated to our investment committee the authority to
    approve any investment under $100&#160;million. Our board of
    directors must approve any investments of $100&#160;million or
    more. Approval by our investment committee requires a unanimous
    vote and may be given with conditions. After the investment team
    has given its initial approval, we will engage in due diligence
    and negotiate definitive documentation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Due Diligence
    and Closing</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We believe that we undertake a detailed approach to due
    diligence. We intend to engage legal counsel to review title,
    insurance and local regulatory compliance. As necessary, we will
    engage outside counsel to review complex leases. Third party
    consultants may be retained to provide a Phase I environmental
    report, physical/structural report, updated ALTA survey and any
    other applicable inspections as needed. As part of the physical
    report, our investment team will review its capital cost
    estimates versus the engineer&#146;s projected capital needs. In
    addition, we intend to typically perform additional property
    inspections and tenant interviews. Once due diligence is
    complete, our investment team again presents the findings and
    final underwriting to our investment committee or our board of
    directors, as applicable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Asset
    Management</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will make all operating and leasing decisions on our
    properties. We will utilize local third property managers for
    day-to-day property management. We believe outsourcing property
    management is cost effective and provides us with operational
    flexibility to scale our investments within any
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
     chosen market. We expect that our property management contracts
    typically will be for a one-year term cancellable upon
    30&#160;days notice or upon the sale of the property. In
    addition, we expect that our property management contracts
    typically will provide for compensation to our third party
    property managers of approximately 2% to 3% of rental revenues
    and expense reimbursements collected at the property. We do not
    believe that property management contracts that are cancellable
    on short notice involve increased costs or risks to us and
    instead will enable us to incentivize performance and provide us
    with flexibility to replace property managers to the extent that
    we determine to do so.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to review our property performance quarterly and make
    changes to the asset management plan approved by our investment
    committee as conditions warrant. This review will generally
    include operational statistics, collections, market trends,
    significant lease rollovers, marketing strategy and capital
    improvements. In particular, the asset&#146;s capital
    expenditures and insurance will be closely monitored in order to
    mitigate large risks across the portfolio. In rapidly changing
    leasing markets, these reviews may be more frequent. Property
    tours and walk-throughs will be regularly scheduled by the asset
    manager, including meetings with the local leasing team and
    other market resources.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Finally, on a regular basis we intend to review performance
    versus our underwriting in order to improve our overall
    performance and to assess the performance of our investment team.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Our Financing
    Strategy</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The primary objective of our financing strategy is to maintain
    financial flexibility with a conservative capital structure
    using retained cash flows, long-term debt and common and
    perpetual preferred stock to finance our growth. We intend to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limit the sum of the outstanding principal amount of our
    consolidated indebtedness and the liquidation preference of any
    outstanding perpetual preferred stock to less than 40% of our
    total enterprise value;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    maintain a fixed charge coverage ratio in excess of 2.0x;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limit the principal amount of our outstanding floating rate debt
    to less than 20% of our total consolidated indebtedness once the
    net proceeds from this offering and the concurrent private
    placement are fully deployed;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    have staggered debt maturities that are aligned to our expected
    average lease term (5-10&#160;years), positioning us to re-price
    parts of our capital structure as our rental rates change with
    market conditions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to preserve a flexible capital structure with a
    long-term goal to obtain an investment grade rating and be in a
    position to issue unsecured debt and perpetual preferred stock.
    Prior to attaining an investment grade rating, we intend to
    primarily utilize non-recourse debt secured by individual
    properties or pools of properties with a targeted maximum
    loan-to-value of 60% at the time of financing.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    After completion of this offering and the concurrent private
    placement, we plan to seek a revolving credit facility to
    finance acquisitions and for working capital requirements. We
    have initiated non-binding discussions with lenders but there
    can be no assurance that we will be able to obtain such
    financing on favorable terms or at all.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Competition</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We believe the current market for industrial real estate
    acquisitions to be competitive. We expect to compete for real
    property investments with pension funds and their advisors, bank
    and insurance company investment accounts, other public and
    private real estate investment companies, real estate limited
    partnerships, owner-users, individuals and other entities
    engaged in real estate investment activities, some of which have
    greater financial resources than we do. In addition, we believe
    the
</DIV>
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    leasing of real estate to be highly competitive. We experience
    competition for customers from owners and managers of competing
    properties. As a result, we may have to provide free rental
    periods, incur charges for tenant improvements or offer other
    inducements, all of which may have an adverse impact on our
    results of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Environmental
    Matters</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The industrial properties that we acquire will be subject to
    various federal, state and local environmental laws. Under these
    laws, courts and government agencies have the authority to
    require us, as owner of a contaminated property, to clean up the
    property, even if we did not know of or were not responsible for
    the contamination. These laws also apply to persons who owned a
    property at the time it became contaminated, and therefore it is
    possible we could incur these costs even after we sell some of
    the properties we acquire. In addition to the costs of cleanup,
    environmental contamination can affect the value of a property
    and, therefore, an owner&#146;s ability to borrow using the
    property as collateral or to sell the property. Under applicable
    environmental laws, courts and government agencies also have the
    authority to require that a person who sent waste to a waste
    disposal facility, such as a landfill or an incinerator, pay for
    the <FONT style="white-space: nowrap">clean-up</FONT>
    of that facility if it becomes contaminated and threatens human
    health or the environment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Furthermore, various court decisions have established that third
    parties may recover damages for injury caused by property
    contamination. For instance, a person exposed to asbestos at one
    of our properties may seek to recover damages if he or she
    suffers injury from the asbestos. Lastly, some of these
    environmental laws restrict the use of a property or place
    conditions on various activities. An example would be laws that
    require a business using chemicals to manage them carefully and
    to notify local officials that the chemicals are being used.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We could be responsible for any of the costs discussed above.
    The costs to clean up a contaminated property, to defend against
    a claim, or to comply with environmental laws could be material
    and could adversely affect the funds available for distribution
    to our stockholders. We generally expect to obtain &#147;Phase I
    environmental site assessments&#148;, or ESAs, on each property
    prior to acquiring it. However, these ESAs may not reveal all
    environmental costs that might have a material adverse effect on
    our business, assets, results of operations or liquidity and may
    not identify all potential environmental liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will utilize local third party property managers for
    day-to-day property management and will rely on these third
    parties to operate our industrial properties in compliance with
    applicable federal, state and local environmental laws in their
    daily operation of the respective properties and to promptly
    notify us of any environmental contaminations or similar issues.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As a result, we may become subject to material environmental
    liabilities of which we are unaware. We can make no assurances
    that (1)&#160;future laws or regulations will not impose
    material environmental liabilities on us, or (2)&#160;the
    environmental condition of our industrial properties will not be
    affected by the condition of the properties in the vicinity of
    our industrial properties (such as the presence of leaking
    underground storage tanks) or by third parties unrelated to us.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Legal
    Proceedings</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We are not involved in any material litigation nor, to our
    knowledge, is any material litigation threatened against us.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
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    <BR>
    53
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">MANAGEMENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Our Directors and
    Executive Officers</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Currently, our board of directors consists of two directors.
    Upon the completion of this offering, our board of directors
    will consist of six members, including our current two directors
    and four individuals each of whom will have consented to serve
    as a director upon completion of this offering. We expect our
    board of directors to determine that each of the four
    independent director nominees satisfies the listing standards
    for independence of the NYSE. Pursuant to our charter, our
    directors will be elected annually by our stockholders to serve
    until the next annual meeting or until their successors are duly
    elected and qualify. The first annual meeting of our
    stockholders after this offering will be held in 2011. Our
    officers serve at the discretion of our board of directors. Our
    bylaws provide that a majority of the entire board of directors
    may at any time increase or decrease the number of directors.
    However, unless our bylaws are amended, the number of directors
    may never be less than one, which is the minimum number required
    by the MGCL, nor more than 11.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Certain information regarding our directors, director nominees
    and executive officers is set forth below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="51%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Name</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Age</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Position</FONT></B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    W. Blake Baird
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    48
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Chairman, chief executive officer and director
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael A. Coke
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    41
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    President, chief financial officer and director Director
    nominee*<BR>
    Director nominee*<BR>
    Director nominee*<BR>
    Director nominee*
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Independent within the meaning of the NYSE listing standards. It
    is expected that this individual will become a director
    immediately after completion of this offering.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Biographical
    Information</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following are biographical summaries of the experience of
    our directors, director nominees and executive officers:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B><I>W.&#160;Blake Baird </I></B>will serve as chairman of our
    board of directors and our chief executive officer.
    Mr.&#160;Baird was managing partner and co-founder of Terreno
    Capital Partners LLC, a private real estate investment firm,
    from September 2007
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
    Mr.&#160;Baird served as president of AMB, a leading global
    developer, owner and operator of industrial real estate, from
    2000 to December 2006. Mr.&#160;Baird also served as a director
    of AMB from 2001 to 2006 and chairman of its investment
    committee. Mr.&#160;Baird joined AMB as its chief investment
    officer in 1999. Prior to that, Mr.&#160;Baird was a managing
    director of Morgan Stanley&#160;&#038; Co., most recently as
    head of Real Estate Investment Banking for the Western United
    States. Mr.&#160;Baird spent 15&#160;years at Morgan Stanley and
    Dean Witter, the last 11 focusing on real estate. Mr.&#160;Baird
    currently serves as a director of Alexander&#160;&#038; Baldwin,
    Inc. (NYSE: ALEX), a Honolulu-headquartered ocean
    transportation, real estate and agribusiness company.
    Mr.&#160;Baird is a member of the Young Presidents&#146;
    Organization and a former member of the Board of Governors of
    the National Association of Real Estate Investment Trusts.
    Mr.&#160;Baird holds a B.S. in Economics from the Wharton School
    (magna cum laude) and a B.A. in History from the College of Arts
    and Sciences (magna cum laude) at the University of
    Pennsylvania. He also holds an M.B.A. from New York University.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B><I>Michael A. Coke </I></B>will serve as our president and
    chief financial officer and as a director. Mr.&#160;Coke was
    managing partner and co-founder of Terreno Capital Partners LLC,
    a private real estate investment management firm, from September
    2007
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
    From January 1999 to March 2007, Mr. Coke served as chief
    financial officer of AMB, a leading global developer,
</TD>
</TR>
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    <BR>
    54
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    owner and operator of industrial real estate. While at AMB, Mr.
    Coke also served as executive vice president until May 2007, and
    was AMB&#146;s chief accounting officer from 1998 until
    January&#160;2007. Mr.&#160;Coke was a member of AMB&#146;s
    investment committee and was responsible for capital markets,
    accounting, tax, information systems, dispositions, valuations,
    risk management and financial planning groups totaling more than
    130 officers and associates in five countries. During his tenure
    at AMB, Mr.&#160;Coke was a three time recipient of Realty Stock
    Review&#146;s Annual Outstanding CFO Award. From October 2005 to
    May 2007, Mr.&#160;Coke served as president and chief executive
    officer of IAT Aviation Facilities, Inc., a listed Canadian
    Income Trust. Prior to AMB, Mr.&#160;Coke spent seven years with
    Arthur Andersen LLP, where he most recently served as an audit
    manager. At Arthur Andersen, he primarily served public and
    private real estate companies, including several public real
    estate investment trusts, and specialized in real estate
    auditing and accounting, mergers, initial public offerings and
    business acquisition due diligence. Mr.&#160;Coke is a director
    and chairman of the audit committee of DuPont Fabros Technology,
    Inc. (NYSE: DFT), a leading owner, developer, operator and
    manager of wholesale data centers headquartered in
    Washington,&#160;D.C. Mr.&#160;Coke received a bachelor&#146;s
    degree in business administration and accounting from California
    State University at Hayward. He is a former Certified Public
    Accountant.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Board of
    Directors and Committees</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Upon completion of this offering, our board of directors will
    form an audit committee, a compensation committee and a
    nominating and corporate governance committee and will adopt
    charters for each of these board committees. Under these
    charters, the composition of each of these committees will be
    required to comply with the listing standards and rules and
    regulations of the NYSE as amended or modified from time to
    time. Initially, each of these committees will have
    four&#160;directors and will be composed exclusively of
    independent directors, as defined by the listing standards of
    the NYSE. Moreover, the compensation committee will be composed
    exclusively of individuals intended to be, to the extent
    provided by
    <FONT style="white-space: nowrap">Rule&#160;16b-3</FONT>
    of the Securities Exchange Act of 1934, as amended, or the
    Exchange Act, non-employee directors and will, at such times as
    we are subject to Section&#160;162(m) of the Code, qualify as
    outside directors for purposes of Section&#160;162(m) of the
    Code. Our board of directors may from time to time establish
    certain other committees to facilitate the management of our
    company.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Audit
    Committee</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The audit committee will be composed
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    each of whom will be an independent director and
    &#147;financially literate&#148; under the rules of the NYSE. In
    addition, our audit committee is required to have a designated
    &#147;audit committee financial expert&#148; within the meaning
    of the rules of the Securities and Exchange
    Commission.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    will chair our audit committee and has been determined by our
    board of directors to be an audit committee financial expert.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The audit committee assists the board of directors in overseeing:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our financial reporting, auditing and internal control
    activities, including the integrity and audits of our financial
    statements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our compliance with legal and regulatory requirements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the qualifications and independence of our independent
    registered public accounting firm;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the performance of our independent registered public accounting
    firm and any internal auditors.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The audit committee is also responsible for engaging our
    independent registered public accounting firm, reviewing with
    the independent registered public accounting firm the plans and
    results of the audit engagement, approving professional services
    provided by the independent registered public
</DIV>
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    <BR>
    55
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    accounting firm, reviewing the independence of the independent
    registered public accounting firm, considering the range of
    audit and non-audit fees and reviewing the adequacy of our
    internal accounting controls.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Compensation
    Committee</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The compensation committee will be composed
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    each of whom will be an independent
    director.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    will chair our compensation committee.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The principal functions of the compensation committee will be to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    evaluate the performance of and compensation paid by us to our
    chief executive officer and president;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    administer our equity incentive plans;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    produce a report on executive compensation required to be
    included in our proxy statement for our annual meetings,
    including the &#147;Compensation Discussion and Analysis&#148;
    section.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Nominating and
    Corporate Governance Committee</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The nominating and corporate governance committee will be
    composed
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    each of whom will be an independent
    director.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    will chair our nominating and corporate governance committee.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The nominating and corporate governance committee will be
    responsible for the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    advising the board of directors with respect to the
    organization, function and composition of the board of directors
    and its committees;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    overseeing the annual self-evaluation of the board of directors
    and the board of director&#146;s annual evaluation of management;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    periodically reviewing and, if appropriate, recommending to the
    board of directors changes to, our corporate governance policies
    and procedures;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    identifying and recommending to the board of directors potential
    director candidates for nomination.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Upon the completion of this offering, the nominating and
    governance committee will select a lead director from our
    independent directors. The lead director&#146;s duties include
    chairing executive sessions of the independent directors,
    facilitating communications and resolving conflicts, if any,
    between the independent directors, other members of our board of
    directors and the management of our company, and consulting with
    and providing counsel to our chief executive officer as needed
    or requested. It is expected that the lead director will be
    rotated among our independent directors every two
    years.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    is expected to serve as our initial lead director.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Director
    Compensation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have approved and intend to implement a compensation program
    for our independent directors, including each of the independent
    director nominees, in the form of cash and equity awards.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We do not intend to pay our independent directors an annual
    retainer fee, except that we will pay the following fees,
    payable quarterly in cash:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our lead director will be paid an annual fee of
    $&#160;&#160;&#160;&#160;&#160;;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the chair of our audit committee will be paid an annual fee of
    $&#160;&#160;&#160;&#160;&#160;;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the chair of our compensation committee will be paid an annual
    fee of $&#160;&#160;&#160;&#160;&#160;;&#160;and
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    56
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the chair of our nominating and corporate governance committee
    will be paid an annual fee of $&#160;&#160;&#160;&#160;&#160;.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will pay independent directors cash fees of
    $&#160;&#160;&#160;&#160;&#160; for each board meeting attended,
    $&#160;&#160;&#160;&#160;&#160; for each committee meeting
    attended, and $&#160;&#160;&#160;&#160;&#160; for each
    telephonic meeting attended. In addition, we will reimburse our
    directors for reasonable out-of-pocket expenses incurred in
    connection with performance of their duties as directors,
    including, without limitation, travel expenses in connection
    with their attendance at board and committee meetings. We will
    also reimburse our directors for approved director education
    programs. Furthermore, directors will not receive any
    perquisites or above-market nonqualified deferred compensation
    plan earnings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Upon completion of this offering, each of our independent
    directors will receive $&#160;&#160;&#160;&#160;&#160; payable
    in the form of restricted common stock. Vesting for the grants
    made at the completion of this offering will occur on the first
    anniversary of this offering, with acceleration upon termination
    due to death, disability or involuntary termination of service
    as a result of a change in control.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Following completion of this offering, in connection with each
    annual meeting of stockholders commencing in 2011, each of our
    independent directors will receive
    $&#160;&#160;&#160;&#160;&#160; payable in the form of
    unrestricted common stock.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Dividends on unvested shares of restricted stock generally will
    be paid in cash.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Indemnification
    Agreements</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect to enter into customary indemnification agreements
    with each of our executive officers and directors. We expect the
    form of indemnification agreement will provide that if a
    director or executive officer is a party or is threatened to be
    made a party to any proceeding by reason of the director&#146;s
    or executive officer&#146;s status as a director, officer,
    employee or agent of our company or as a director, trustee,
    officer, partner, manager, managing member, fiduciary, employee
    or agent of any other foreign or domestic corporation,
    partnership, limited liability company, joint venture, trust,
    employee benefit plan or other enterprise that the director or
    executive officer is or was serving in such capacity at our
    request, we must indemnify such director or executive officer
    for all expenses and liabilities actually and reasonably
    incurred by him or her, or on his or her behalf, unless it has
    been established that:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the act or omission of the director or executive officer was
    material to the matter giving rise to the proceeding and was
    committed in bad faith or was the result of active and
    deliberate dishonesty;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the director or executive officer actually received an improper
    personal benefit in money, property or other services;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    with respect to any criminal action or proceeding, the director
    or executive officer had reasonable cause to believe that his or
    her conduct was unlawful.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Except as described below, our directors and executive officers
    will not be entitled to indemnification pursuant to the
    indemnification agreement:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if the proceeding was one brought by us or in our right and the
    director or executive officer is adjudged to be liable to us;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if the director or executive officer is adjudged to be liable on
    the basis that personal benefit was improperly received; or
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in any proceeding brought by the director or executive officer
    other than to enforce his or her rights under the
    indemnification agreement, and then only to the extent provided
    by the agreement, and except as may be expressly provided in our
    charter, our bylaws, a resolution of our board of directors or
    of our stockholders entitled to vote generally in the election
    of directors or an agreement approved by our board of directors.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    57
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Notwithstanding the limitations on indemnification described
    above, upon application of a director or executive officer of
    our company to a court of appropriate jurisdiction, the court
    may order indemnification of such director or executive officer
    if:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the court determines that the director or executive officer is
    entitled to mandatory indemnification under the MGCL, in which
    case the director or executive officer will be entitled to
    recover from us the expenses of securing indemnification;&#160;or
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the court determines that the director or executive officer is
    fairly and reasonably entitled to indemnification in view of all
    the relevant circumstances, whether or not the director or
    executive officer has met the standards of conduct described
    above or has been adjudged liable to us or for receipt of an
    improper personal benefit; however, our indemnification
    obligations to the director or executive officer will be limited
    to the expenses actually and reasonably incurred by him or her,
    or on his or her behalf, in connection with any proceeding by us
    or in our right or in which the officer or director was adjudged
    liable for receipt of an improper personal benefit.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Without limiting any other provisions of the indemnification
    agreements, if a director or executive officer is a party or is
    threatened to be made a party to any proceeding by reason of the
    director&#146;s or executive officer&#146;s status as a
    director, officer or employee of our company, and the director
    or executive officer is successful, on the merits or otherwise,
    as to one or more (even if fewer than all) claims, issues or
    matters in such proceeding, we must indemnify the director or
    executive officer for all expenses actually and reasonably
    incurred by him or her, or on his or her behalf, in connection
    with each successfully resolved claim, issue or matter,
    including any claim, issue or matter in such a proceeding that
    is terminated by dismissal, with or without prejudice.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We must pay all indemnifiable expenses in advance of the final
    disposition of any proceeding without requiring any preliminary
    determination of the director or executive officer&#146;s
    ultimate entitlement to indemnification if the director or
    executive officer furnishes us with a written affirmation of the
    director&#146;s or executive officer&#146;s good faith belief
    that the standard of conduct necessary for indemnification by
    our company has been met and a written undertaking to reimburse
    us if a court of competent jurisdiction determines that the
    director or executive officer is not entitled to
    indemnification. We will not be required to advance the expenses
    of any director or executive officer in any proceeding brought
    by the director or executive officer except for a proceeding
    brought by the director or executive officer to enforce his or
    her rights under the indemnification agreement, and then only to
    the extent provided by the agreement, and except as may be
    expressly provided in our charter, our bylaws, a resolution of
    our board of directors or of our stockholders entitled to vote
    generally in the election of directors or an agreement approved
    by our board of directors.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, our bylaws obligate us, to the fullest extent
    permitted by the MGCL, to indemnify our directors and officers
    and to advance expenses to our directors and officers as
    discussed in &#147;Material Provisions of Maryland Law and of
    Our Charter and Bylaws&#160;&#151; Indemnification and
    Limitation of Directors&#146; and Officers&#146; Liability&#148;
    included elsewhere in this prospectus.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    These agreements and provisions may discourage stockholders from
    bringing a lawsuit against our directors for breach of their
    duties under applicable law. These provisions may also have the
    effect of reducing the likelihood of derivative litigation
    against directors and officers, even though such an action, if
    successful, might otherwise benefit us and our stockholders.
    Furthermore, a stockholder&#146;s investment may be adversely
    affected to the extent we pay the costs of settlement and damage
    awards against directors and officers pursuant to these
    indemnification provisions. We believe that these provisions,
    the indemnification agreements and the insurance are necessary
    to attract and retain talented and experienced directors and
    officers.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Insofar as indemnification for liabilities arising under the
    Securities Act of 1933, as amended, which we refer to as the
    Act, may be permitted to directors, officers or persons
    controlling the registrant pursuant to the foregoing provisions,
    the registrant has been informed that in the opinion of the
    Securities and Exchange Commission such indemnification is
    against public policy as expressed in the Act and is therefore
    unenforceable.
</DIV>
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    <BR>
    58
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">COMPENSATION
    DISCUSSION AND ANALYSIS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will pay base salaries and long-term incentive compensation
    and expect to make grants of awards under the 2010 Equity Plan
    to certain of our executive officers, effective upon the
    completion of this offering. Effective upon the completion of
    this offering, awards will be granted under the 2010 Equity Plan
    to recognize such individuals&#146; efforts on our behalf in
    connection with our formation and this offering and to provide a
    retention element to their compensation. In addition, our
    compensation committee may determine to make awards to new
    executive officers in order to attract talented professionals to
    serve us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Neither our board of directors nor the compensation committee of
    our board of directors has yet adopted compensation policies
    with respect to, among other things, setting base salaries,
    awarding bonuses or making future grants of equity awards to our
    executive officers. We anticipate that such determinations will
    be made by our compensation committee in order to achieve the
    following objectives:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    align the interests of our executives and stockholders by
    motivating executives to increase stockholder value and
    rewarding executives when stockholder value increases;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    motivate our executives to manage our business to meet our
    near&#160;&#151;, medium&#160;&#151;, and long-term objectives;
    and reward them for meeting these objectives and for exceptional
    performance;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    assist in attracting and retaining talented and well-qualified
    executives;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    be competitive with other industrial real estate investment
    trusts;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    encourage executives to achieve meaningful levels of ownership
    of our stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may retain a compensation consultant to review our policies
    and procedures with respect to executive compensation and assist
    our compensation committee in implementing and maintaining
    compensation plans.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Summary of
    Executive Officer Compensation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following is a summary of the elements of and amounts
    expected to be paid under our compensation plans for fiscal year
    2010. Because we were formed only recently, individual
    compensation information is not available for prior periods.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Annual Base
    Salary</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will pay our executives a base salary, which our compensation
    committee intends to review and determine annually. We believe
    that a competitive base salary is a necessary element of any
    compensation program that is designed to attract and retain
    talented and experienced executives. We also believe that
    attractive base salaries can motivate and reward executives for
    their overall performance. Although base salaries are
    established in part based on the individual experience, skills
    and expected contributions during the coming year of our
    executive and our executive&#146;s performance during the prior
    year, we do not view base salaries as primarily serving our
    objective of paying for performance. We expect the initial
    annual base salaries of each of Mr.&#160;Baird and Mr.&#160;Coke
    to be $&#160;&#160;&#160;&#160;&#160;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Annual Cash
    Incentive Bonus</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We are not currently planning to adopt an annual cash incentive
    bonus plan for our executives, although we reserve our right to
    do so in the future.
</DIV>
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    <BR>
    59
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Long Term
    Incentive Compensation</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    To encourage our executives to work towards generating
    significant total stockholder returns, our executives will be
    eligible to participate in our long-term incentive compensation
    program, with rolling performance periods. The size of any
    long-term incentive compensation award earned will depend on the
    level of our total stockholder return over the performance
    period as compared to the returns of two different indices (the
    MSCI U.S. REIT Index and the FTSE NAREIT Equity Industrial
    Index). The target award is measured in dollars but will be
    payable in shares of our common stock after the end of each
    performance period. The first performance period will start on
    the closing of this offering and will end at the end of 2011.
    The second performance period will start on the closing of this
    offering and will end at the end of 2012. All other performance
    periods will run for three calendar years and will commence on
    January&#160;1, 2011 and each anniversary thereof. This
    long-term incentive compensation program is more fully described
    in &#147;&#151;&#160;Narrative Discussion of IPO Grants&#148;
    set forth below.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Equity-Based
    Incentive Compensation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    An important element of our total executive compensation is our
    equity award program. We believe that our equity award program
    serves a number of important corporate objectives, most
    importantly the alignment of our executives&#146; interests with
    our stockholders&#146; interests. Our equity award program helps
    to ensure that each of our executives has a significant portion
    of his net worth tied to the performance of our stock. We plan
    to grant restricted stock with time-based vesting under our
    long-term equity incentive program. Our long-term equity
    incentive compensation is more fully described in
    &#147;&#151;&#160;Narrative Discussion of IPO Grants&#148; set
    forth below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">2010 Equity
    Incentive Plan</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The 2010 Equity Incentive Plan, or the 2010 Equity Plan, will be
    adopted by our board of directors and approved by our
    stockholders prior to the completion of this offering. The 2010
    Equity Plan permits us to make grants of restricted stock
    awards, performance share awards, unrestricted shares, or any
    combination of the foregoing. The number of shares of common
    stock that may be issued under the 2010 Equity Plan (including
    those to be granted upon completion of this offering) is equal
    to 5% of the aggregate number of shares of our common stock
    outstanding upon completion of this offering (not including any
    shares issuable upon the underwriter&#146;s option to purchase
    additional shares) and the concurrent private placement. The
    2010 Equity Plan does not provide for stock options, stock
    appreciation rights or dividend equivalent rights.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The number of shares reserved under the 2010 Equity Plan is
    subject to adjustment in the event of a stock split, stock
    dividend or other change in our capitalization. Generally,
    shares that are forfeited or canceled from awards under the 2010
    Equity Plan also will be available for future awards.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    No awards will be outstanding prior to completion of this
    offering. The initial grants described below will become
    effective upon the completion of this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The 2010 Equity Plan is administered by our compensation
    committee. Our compensation committee may interpret the 2010
    Equity Plan and may make all determinations necessary or
    desirable for the administration of the plan and has full power
    and authority to select the participants to whom awards will be
    granted, to make any combination of awards to participants, to
    accelerate the exercisability or vesting of any award and to
    determine the specific terms and conditions of each award,
    subject to the provisions of the 2010 Equity Plan. All full-time
    and part-time officers, employees, directors and other key
    persons (including consultants and prospective employees) are
    eligible to participate in the 2010 Equity Plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Restricted stock may be granted under the 2010 Equity Plan.
    Restricted stock awards are shares of our common stock that vest
    in accordance with terms and conditions established by our
    compensation committee. Our compensation committee may impose
    whatever vesting conditions it determines
</DIV>
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    <BR>
    60
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    to be appropriate, including attainment of performance goals.
    Shares of restricted stock that do not satisfy the vesting
    conditions are subject to our right of repurchase or forfeiture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Performance share awards may also be granted under our equity
    incentive plan. Such an award entitles a participant to receive
    shares of our common stock at the end of a performance period,
    the number of which will be tied to attainment of
    pre-established performance goals. Dividends will not be paid on
    performance shares during the performance period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unrestricted shares may also be granted under the 2010 Equity
    Plan. These are shares of our common stock that have no vesting
    requirements and are not subject to any risk of forfeiture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless the compensation committee provides otherwise, the 2010
    Equity Plan does not generally allow for the transfer of awards,
    and only the participant may exercise an award during his or her
    lifetime.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The terms of the 2010 Equity Plan provide that we may amend,
    suspend or terminate the plan at any time, but stockholder
    approval of any such action will be obtained if required to
    comply with applicable law or NYSE listing standards. Further,
    no action may be taken that adversely affects any rights under
    outstanding awards without the holder&#146;s consent. The 2010
    Equity Plan will terminate on the tenth anniversary of the date
    on which stockholder approval is received.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If we experience a Corporate Transaction (as defined below), our
    compensation committee will have full authority to determine the
    effect, if any, on the vesting, exercisability, settlement,
    payment or lapse of restrictions applicable to an award. The
    effect of a Corporate Transaction may be specified in a
    participant&#146;s award agreement or determined at a subsequent
    time, including, without limitation, the substitution of new
    awards, the termination or the adjustment of outstanding awards,
    the acceleration of awards or the removal of restrictions on
    outstanding awards. A &#147;Corporate Transaction&#148; under
    our 2010 Equity Plan means (1)&#160;a sale of substantially all
    of our assets to another person or entity; or (2)&#160;any
    transaction (including without limitation a merger or
    reorganization in which we are the surviving entity) which
    results in any person or entity (other than already existing
    shareholders or affiliates) owning 50% or more of the combined
    voting power of all classes of our shares of capital stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to file with the SEC a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    covering the shares of our common stock issuable under the 2010
    Equity Plan.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Other
    Compensation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    All of our executive officers are eligible to participate in our
    employee benefit plans, including medical and dental insurance
    and health and wellness plans. We also expect to adopt a 401(k)
    plan. These plans are generally available to all employees and
    do not discriminate in favor of executive officers. We do not
    provide any perquisites to our executives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following table sets forth the annual base salary and other
    compensation payable to our executive officers as of the
    completion of this offering. We expect to enter into severance
    agreements, which will become effective in connection with this
    offering. See &#147;&#151;&#160;Severance Agreements&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="42%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">Name and<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">Non-Equity<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Incentive Plan<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>All Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Position</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Salary&#160;($)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Awards&#160;($)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Compensation&#160;($)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Compensation&#160;($)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Total&#160;($)</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    W. Blake Baird<BR>
    Chairman and Chief Executive Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="top">
    (1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="top">
    (2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Michael A. Coke<BR>
    President and Chief Financial Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="top">
    (3)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="top">
    (2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV align="left"><FONT size="1">

</FONT></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    At the completion of this offering, Mr.&#160;Baird will receive
    shares of restricted stock with an initial value of
    $&#160;&#160;&#160;&#160;&#160;, vesting ratably in annual
    installments over a five-year period commencing on the </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    61
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    completion of this offering, with the first vesting to occur on
    the first anniversary of this offering.  See
    &#147;&#151;&#160;Narrative Discussion of IPO Grants&#148;.
    Amount represents the expected compensation expense associated
    with these awards that will be recorded in 2010. Dividends will
    be paid on the time-based shares of restricted stock when
    declared and paid on our common stock generally.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Baird and Mr.&#160;Coke will participate in the
    long-term incentive compensation program. The first payout, if
    earned, will be in early 2012. See &#147;&#151;&#160;Narrative
    Discussion of IPO Grants&#148;.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    At the completion of this offering, Mr.&#160;Coke will receive
    shares of restricted stock with an initial value of
    $&#160;&#160;&#160;&#160;&#160;, vesting ratably in annual
    installments over a five-year period commencing on the
    completion of this offering, with the first vesting to occur on
    the first anniversary of this offering. See
    &#147;&#151;&#160;Narrative Discussion of IPO Grants&#148;.
    Amount represents the expected compensation expense associated
    with these awards that will be recorded in 2010. Dividends will
    be paid in cash on the time-based shares of restricted stock
    when declared and paid on our common stock generally.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Introduction</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Initially, we do not expect Mr.&#160;Baird and Mr.&#160;Coke or
    any executive officer to participate in our non-equity annual
    incentive plan. Instead, in addition to receiving shares of
    restricted stock which will vest ratably in annual installments
    over a five-year period commencing with the completion of this
    offering, Mr.&#160;Baird and Mr.&#160;Coke will participate in
    our long-term incentive compensation program. Under this
    program, the size of the award for each performance period will
    depend on our achievement of specified performance metrics
    during the performance period. There will be rolling three-year
    performance periods, although the first two performance periods
    will be shorter, with the first performance period running from
    the closing of this offering until December&#160;31, 2011 and
    the second performance period running from the closing of this
    offering until December&#160;31, 2012. The awards, if earned,
    are measured in dollars, but will be payable in shares of our
    common stock after the end of each performance period. The
    target award for each performance period would generally be
    equal to the executive&#146;s annualized base salary at the
    beginning of the performance period.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">IPO Grants of
    Plan-Based Awards</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="29%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="16%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="16%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Estimated Future<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Payouts<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>All Other Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Under Non-Equity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Awards; Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Grant Date<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Incentive Plan Awards</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Shares or Stock or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Fair Value of Share<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 9pt">Name</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 9pt">Grant Date</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 9pt">Target&#160;($)</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 9pt">Maximum&#160;($)</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 9pt">Units (#)</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 9pt">Awards</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>W. Blake Baird</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Michael A. Coke</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
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</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Each of the awards is expected to be issued upon completion of
    this offering.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Represents shares of common stock that will be issued upon
    completion of this offering, which will vest ratably in equal
    installments over a five-year period commencing on the first
    anniversary of this offering. See &#147;&#151;&#160;Narrative
    Discussion of IPO Grants&#148;.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Represents the estimated grant date fair value of the common
    stock and the performance shares.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    This represents the payout under our long-term incentive program
    for the performance period beginning on the closing of this
    offering and ending on December&#160;31, 2011. The size of the
    actual award will depend on our achievement of specified
    performance metrics during the performance </TD>
</TR>
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</FONT></DIV>

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    <BR>
    62
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    period. Actual awards, if earned, are measured in dollars but
    will be paid out in shares of our common stock in early 2012.
    See &#147;&#151;&#160;Narrative Discussion of IPO Grants&#148;.
    No dividends will accrue or be paid on performance shares during
    the performance period.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    This represents the payout under our long-term incentive program
    for the performance period beginning on the closing of this
    offering and ending on December&#160;31, 2012. The size of the
    actual award will depend on our achievement of specified
    performance metrics during the performance period. Actual
    awards, if earned, are measured in dollars but will be paid out
    in shares of our common stock in early 2013. See
    &#147;&#151;&#160;Narrative Discussion of IPO Grants&#148;. No
    dividends will accrue or be paid on performance shares during
    the performance period.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Narrative
    Discussion of IPO Grants</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition to base salary, our named executive officers will be
    entitled to receive equity compensation. At the completion of
    this offering, each of Mr.&#160;Baird and Mr.&#160;Coke will
    receive a grant of restricted stock with an approximate value of
    $&#160;&#160;&#160;&#160;&#160;, based on the assumed initial
    public offering price of $20.00&#160;per share. In addition, at
    the completion of this offering, we expect to grant restricted
    stock with an aggregate initial value of
    $&#160;&#160;&#160;&#160;&#160; to other employees of our
    company. These grants will vest ratably in annual installments
    over a five-year period commencing on the completion of this
    offering, with the first vesting to occur on the first
    anniversary of this offering.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    All time-based restricted stock will vest upon the death or
    disability of the executive officer, if the executive
    officer&#146;s employment is terminated by us without cause, or
    if the executive officer resigns for a good reason.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Mr.&#160;Baird and Mr.&#160;Coke will also participate in our
    long-term incentive compensation program designed to provide
    additional motivation over a rolling performance period. The
    first performance measurement period will begin on the closing
    of this offering and end on December&#160;31, 2011. The second
    performance measurement period will begin on the closing of this
    offering and end on December&#160;31, 2012. All subsequent
    performance measurement periods will be for a three-year period
    beginning on January&#160;1, 2011 and each anniversary thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The amount that will be earned under our long-term incentive
    compensation program for any performance measurement period will
    be determined by our success in attaining or exceeding
    performance goals linked to each of two metrics during the
    performance measurement period:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    50% of the determination will be based on our total stockholder
    return for the performance measurement period, measured at the
    end of the period compared to the total stockholder return for
    the same period of the MSCI U.S. REIT Index;&#160;and
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    50% of the determination will be based on our total stockholder
    return for the performance measurement period, measured at the
    end of the period compared to the total stockholder return for
    the same period of the FTSE NAREIT Equity Industrial Index.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The two main performance goals were established to focus our
    named executive officers on generating significant total
    stockholder returns over time. Our management believes that
    achievement of the &#147;target&#148; level of performance of
    the two main performance goals, i.e., exceeding the applicable
    indices, will require significant effort and substantial
    progress toward the goals of our strategic plan. At the target
    level for each performance goal, each participating executive
    will receive an award equal to 50% of his target award.
    Accordingly, if we achieve the target level for both performance
    goals, each participating executive will receive an award equal
    to 100% of his target award for the performance period. If our
    performance is below the target level for either of the
    performance goals, then no payouts will be made with respect to
    such goal. To the extent that our performance exceeds the
    applicable index by at least 100&#160;basis points per year,
    each participating executive will receive an award equal to 150%
    of his target award. Accordingly, if our performance exceeds
    both indices by at least 100&#160;basis points per year, each
    participating executive will receive an award equal to 300% of
    his target award. In the event that our total stockholder return
    is negative for any performance period,
</DIV>
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</FONT></DIV>

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    <BR>
    63
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
     even if we have outperformed the applicable indices, any
    incentive compensation earned for that performance period will
    be reduced by 50%. Once we have determined the dollar value of
    the award earned for any performance period, such amount will be
    converted to shares of our common stock based on the average
    closing price of our common stock for the last ten business days
    immediately preceding the day the shares are issued. The target
    award for each performance period would generally be equal to
    the executive&#146;s annualized base salary at the beginning of
    the performance period. In the case of Mr.&#160;Baird and
    Mr.&#160;Coke, the target award is
    $&#160;&#160;&#160;&#160;&#160; for the first two performance
    periods.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Severance
    Agreements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to enter into severance agreements with Mr.&#160;Baird
    and Mr.&#160;Coke, which will become effective upon the
    consummation of this offering, and we may in the future enter
    into similar agreements with certain executive officers that we
    hire in the future, to provide benefits to each in the event his
    employment is terminated under certain circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Each of these executives will be entitled to receive benefits
    under the agreements if (1)&#160;we terminate the
    executive&#146;s employment without cause, or (2)&#160;the
    executive resigns with good reason. Under these scenarios, each
    of the executives is entitled to receive a severance payment
    equal to one times current salary plus the dollar value of the
    target award under the long-term incentive compensation program.
    In addition, all time-based restricted stock will fully vest but
    all long-term incentive awards will be forfeited. The executive
    will also receive health insurance coverage for a period of
    18&#160;months. If such termination of employment occurs after a
    change in control, the severance payment will be doubled. No
    payments will be made to compensate the executive for additional
    taxes, if any, imposed under Section&#160;4999 of the Code for
    receipt of excess parachute payments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In the event an executive&#146;s employment is terminated on
    account of death or disability, all his time-based restricted
    stock will fully vest. Additionally, to compensate the executive
    for the loss of opportunity to earn his long-term incentive
    awards, we will also provide him (or his estate in the case of
    death) with a cash payment equal to his target award under the
    long-term incentive compensation program.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Section&#160;162(m)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The SEC requires that we comment upon our policy with respect to
    Section&#160;162(m) of the Code, which limits the deductibility
    on our tax return of compensation over $1&#160;million to any of
    the named executive officers unless, in general, the
    compensation is paid pursuant to a plan which is
    performance-related, non-discretionary and has been approved by
    our stockholders. We believe that, because we intend to qualify
    as a REIT under the Code and pay distributions sufficient to
    minimize federal income taxes, the payment of compensation that
    does not satisfy the requirements of Section&#160;162(m) will
    generally not affect our net income. To the extent that
    compensation does not qualify for a deduction under
    Section&#160;162(m), a larger portion of stockholder
    distributions may be subject to federal income taxation as
    dividend income rather than return of capital. We do not believe
    that Section&#160;162(m) will materially affect the taxability
    of stockholder distributions, although no assurance can be given
    in this regard due to the variety of factors that affect the tax
    position of each stockholder. For these reasons, our
    compensation committee&#146;s compensation policy and practices
    are not directly guided by considerations relating to
    Section&#160;162(m).
</DIV>
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    <BR>
    64
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='112'>
<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">PRINCIPAL
    STOCKHOLDERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Immediately prior to the completion of this offering, there will
    be 1,000&#160;shares of common stock outstanding and two
    stockholders of record. At that time, we will have no other
    shares of capital stock outstanding. The following table sets
    forth certain information regarding the beneficial ownership of
    our common stock immediately prior to and immediately following
    the consummation of this offering and the concurrent private
    placement by:
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    each person who is expected to be the beneficial owner of 5% or
    more of the outstanding shares of common stock immediately
    following the consummation of this offering and the concurrent
    private placement;
</TD>
</TR>


<TR style="line-height: 8pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    each director, director nominee and named executive
    officer;&#160;and
</TD>
</TR>


<TR style="line-height: 8pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all directors, director nominees and executive officers as a
    group.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless otherwise indicated, all shares are owned directly, and
    the indicated person has sole voting and investment power.
    Further, unless otherwise indicated, the address of each named
    person is c/o Terreno Realty Corporation,&#160;16 Maiden Lane,
    Fifth Floor, San Francisco, California 94108.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="46%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Immediately Prior to this Offering<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Immediately After this Offering<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>and the Concurrent Private <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>and the Concurrent Private<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Placement</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Placement</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of Shares<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of Shares<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Percent of All<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Percent of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Beneficial Owner</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Owned(1)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Shares</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Owned(1)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>All Shares(2)</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    W. Blake Baird(3)(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500(6
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Michael A. Coke(3)(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500(6
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Director nominee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Director nominee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Director nominee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Director nominee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    All directors, director nominees and executive officers as a
    group (6&#160;persons)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Represents less than 1% of the shares of common stock
    outstanding upon the closing of this offering and the concurrent
    private placement.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Beneficial ownership is determined in accordance with
    <FONT style="white-space: nowrap">Rule&#160;13d-3</FONT>
    of the Exchange Act. A person is deemed to be the beneficial
    owner of any shares of common stock if that person has or shares
    voting power or investment power with respect to those shares,
    or has the right to acquire beneficial ownership at any time
    within 60&#160;days of the date of the table. As used herein,
    &#147;voting power&#148; is the power to vote or direct the
    voting of shares and &#147;investment power&#148; is the power
    to dispose or direct the disposition of shares.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Assumes a total
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of common stock are outstanding immediately after the closing of
    this offering and the concurrent private placement,
    including&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of restricted stock granted under the 2010 Equity Plan to our
    executive officers and independent directors concurrently with
    the closing of this offering. Does not include shares of common
    stock issuable upon exercise of the underwriter&#146;s option to
    purchase additional shares.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes approximately 12,000&#160;shares of common stock that
    will be issued to Terreno Capital Partners LLC in exchange for
    the contribution of fixed assets. Mr.&#160;Baird and
    Mr.&#160;Coke are the managing partners and co-founders of
    Terreno Capital Partners LLC and have shared voting and
    investment power of such shares. These shares may be distributed
    to each of Mr.&#160;Baird and Mr.&#160;Coke. See &#147;Certain
    Relationships and Related Transactions&#160;&#151; Contribution
    of Fixed Assets&#148;.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    65
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of restricted common stock to be granted to Mr.&#160;Baird at
    the completion of this offering, which vest ratably in annual
    installments over a five-year period commencing on the
    completion of this offering, with the first vesting to occur on
    the first anniversary of this offering.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of restricted common stock to be granted to Mr.&#160;Coke at the
    completion of this offering, which vest ratably in annual
    installments over a five-year period commencing on the
    completion of this offering, with the first vesting to occur on
    the first anniversary of this offering.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Represents 500&#160;shares of our common stock purchased by each
    of Mr.&#160;Baird and Mr.&#160;Coke in connection with the
    formation and initial capitalization of our company. We will use
    $1,000 of the net proceeds of this offering and the concurrent
    private placement to repurchase these shares.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    66
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">CERTAIN
    RELATIONSHIPS AND RELATED TRANSACTIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Purchase of
    Shares of Common Stock by Certain Executive Officers</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Concurrently with the completion of this offering,
    Mr.&#160;Baird will acquire 250,000&#160;shares of our common
    stock and Mr.&#160;Coke will acquire 100,000&#160;shares of our
    common stock in a private placement at the same price per share
    as in this offering but without payment of any underwriting
    discount. The aggregate of 350,000&#160;shares that
    Mr.&#160;Baird and Mr.&#160;Coke will acquire in the private
    placement represent&#160;&#160;&#160;&#160;&#160;% of the shares
    of our common stock to be outstanding following this offering
    and the concurrent private placement.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Severance
    Agreements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to enter into severance agreements with each of
    Mr.&#160;Baird and Mr.&#160;Coke, which will become effective
    upon the completion of this offering, as described in
    &#147;Compensation Discussion and Analysis&#160;&#151; Severance
    Agreements&#148;. These agreements will provide benefits to each
    of Mr.&#160;Baird and Mr.&#160;Coke in the event his employment
    is terminated under certain circumstances. We may enter into
    similar agreements with certain executive officers that we hire
    in the future.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">IPO Grants and
    Performance Shares</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    At the completion of this offering, we will
    grant&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of restricted stock to each of Mr.&#160;Baird and Mr.&#160;Coke,
    with such shares having an approximate value of
    $&#160;&#160;&#160;&#160;&#160;, based on the assumed initial
    public offering price of $20.00 per share. Also, we will grant
    performance share awards to each of Mr.&#160;Baird and
    Mr.&#160;Coke contingent on our achieving certain benchmarks as
    described in &#147;Compensation Discussion and
    Analysis&#160;&#151; IPO Grants of Plan-Based Awards&#148;. In
    addition, at the completion of this offering, we expect to
    grant&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of restricted stock to our employees, with such shares having an
    aggregate approximate value of $&#160;&#160;&#160;&#160;&#160;,
    based on the assumed initial offering price of $20.00 per share.
    The restricted stock granted at the completion of this offering
    will vest ratably in annual installments over a five-year period
    commencing on the first anniversary of the closing of this
    offering.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Contribution of
    Fixed Assets</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Concurrently with the completion of this offering, Terreno
    Capital Partners LLC, of which Mr.&#160;Baird and Mr.&#160;Coke
    are managing partners and co-founders, will contribute its fixed
    assets to us at their net book value of approximately $240,000.
    In exchange for the contribution of these fixed assets, we will
    issue to Terreno Capital Partners LLC approximately
    12,000&#160;shares of our common stock. These shares may be
    distributed to each of Mr.&#160;Baird and Mr.&#160;Coke.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Indemnification
    of Officers and Directors</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Effective upon the completion of this offering, we expect to
    enter into an indemnification agreement with each of our
    executive officers and directors as described in
    &#147;Management&#160;&#151; Indemnification Agreements&#148;.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Other Benefits to
    Related Parties and Related Party Transactions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to use approximately $&#160;&#160;&#160;&#160;&#160;
    of the net proceeds of this offering and the concurrent private
    placement to reimburse Terreno Capital Partners LLC for
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses it incurred in connection with the formation of our
    company and this offering. We will also use $1,000 of the net
    proceeds of this offering and the concurrent private placement
    to repurchase the shares of our common stock that Mr.&#160;Baird
    and Mr.&#160;Coke acquired in connection with the formation and
    initial capitalization of our company. See &#147;Use of
    Proceeds&#148;.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
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    <BR>
    67
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='114'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">POLICIES WITH
    RESPECT TO CERTAIN ACTIVITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following is a discussion of certain of our investment,
    financing and other policies. These policies have been
    determined by our board of directors and, in general, may be
    amended or revised from time to time by our board of directors
    without stockholder approval.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Investments in
    Real Estate or Interests in Real Estate</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to invest in industrial properties located in six
    major coastal U.S.&#160;markets: Los&#160;Angeles Area; Northern
    New Jersey/New York City; San Francisco Bay Area; Seattle Area;
    Miami Area; and Washington, D.C./Baltimore. We intend to invest
    in several types of industrial real estate, including
    warehouse/distribution, flex (including light manufacturing and
    R&#038;D) and trans-shipment. We will target functional
    buildings in infill locations that may be shared by multiple
    tenants and that cater to customer demand within the various
    submarkets in which we operate. We do not expect to invest
    outside of the United&#160;States.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We selected our target markets by drawing upon
    Mr.&#160;Baird&#146;s and Mr.&#160;Coke&#146;s experiences in
    investing and operating in over 50 global industrial markets
    located in North America, Europe and Asia and in anticipation of
    trends in logistics patterns resulting from population changes,
    regulatory and physical constraints, potential long term
    increases in carbon prices and other factors. We believe that
    our target markets have attractive long term investment
    attributes. We will target assets with characteristics that
    include, but are not limited to, the following:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    located in high population coastal markets;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    close proximity to transportation infrastructure (such as sea
    ports, airports, highways and railways);
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    situated in supply-constrained
    <FONT style="white-space: nowrap">sub-markets</FONT>
    with barriers to new industrial development, as a result of
    physical
    <FONT style="white-space: nowrap">and/or</FONT>
    regulatory constraints;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    functional and flexible layout that can be modified to
    accommodate single and multiple tenants;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    acquisition price at a significant discount to the replacement
    cost of the property;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential for enhanced return through re-tenanting or
    operational improvements;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    opportunity for higher and better use of the property over time.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will utilize local third party property managers for
    <FONT style="white-space: nowrap">day-to-day</FONT>
    property management. We believe outsourcing property management
    is cost effective and provides us with operational flexibility
    to scale our investments within any chosen market.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    While not prohibited from doing so, we have no current intention
    to acquire industrial land or to pursue ground up development.
    However, we may pursue redevelopment opportunities of properties
    that we own.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect the significant majority of our investments will be
    equity interests. We will opportunistically target investments
    in debt secured by industrial real estate which would otherwise
    meet our investment criteria with the intention of ultimately
    acquiring the underlying real estate.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    There are no limitations on the amount or percentage of our
    total assets that may be invested in any one property.
    Additionally, no limits have been set on the concentration of
    investments in any one location or property type.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Investments in
    Securities of or Interests in Persons Primarily Engaged in Real
    Estate Activities and Other Issuers</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Generally speaking, we do not expect to engage in any
    significant investment activities with other entities, although
    we may consider joint venture investments with other investors.
    We may also invest in the securities of other issuers in
    connection with acquisitions of indirect interests in properties
    (normally general or limited partnership interests in special
    purpose partnerships owning properties). We may in the future
    acquire some, all or substantially all of the securities or
    assets of other REITs or similar entities where that investment
    would be consistent with our investment policies and the REIT
</DIV>
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    <BR>
    68
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<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
     qualification requirements. There are no limitations on the
    amount or percentage of our total assets that may be invested in
    any one issuer, other than those imposed by the gross income and
    asset tests that we must satisfy to qualify as a REIT. However,
    we do not currently anticipate investing in other issuers of
    securities for the purpose of exercising control or acquiring
    any investments primarily for sale in the ordinary course of
    business or holding any investments with a view to making
    short-term profits from their sale, but we may engage in these
    activities in the future.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We do not intend that our investments in securities will require
    us to register as an &#147;investment company&#148; under the
    Investment Company Act of 1940, as amended, and we intend to
    divest securities before any registration would be required. We
    do not intend to engage in trading, underwriting, agency
    distribution or sales of securities of other issuers.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Investments in
    Mortgages, Structured Financings and Other Lending
    Policies</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may invest in loans secured by industrial properties or make
    loans to persons. We do not have a policy limiting our ability
    to invest in loans secured by other properties or to make loans
    to other persons. We may make loans to joint ventures in which
    we may participate in the future. However, we do not intend to
    engage in significant lending activities.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Disposition
    Policy</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will consider dispositions of properties that we may acquire
    in the future, subject to REIT qualification and prohibited
    transaction rules, if our management determines that a sale of a
    property would be in our best interests based on the price being
    offered for the property, the operating performance of the
    property, the tax consequences of the sale and other factors and
    circumstances surrounding the proposed sale.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Our Financing
    Policy</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The primary objective of our financing strategy is to maintain
    financial flexibility with a conservative capital structure
    using retained cash flows, long-term debt and common and
    perpetual preferred stock to finance our growth.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to limit the sum of the outstanding principal amount
    of our consolidated indebtedness and the liquidation preference
    of any outstanding preferred shares to less than 40% of our
    total enterprise value, maintain a fixed charge coverage ratio
    in excess of 2.0x and, once the net proceeds from this offering
    and the concurrent private placement are fully deployed, limit
    the principal amount of our outstanding floating rate debt to
    less than 20% of our total consolidated indebtedness. However,
    our governing documents contain no limitations on the amount of
    debt that we may incur, and our board of directors may change
    our financing policy at any time without stockholder approval.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to have staggered debt maturities that are aligned to
    our expected average lease term (5-10&#160;years), positioning
    us to re-price parts of our capital structure as our rental
    rates change with market conditions. We intend to preserve a
    flexible capital structure with a long-term goal to obtain an
    investment grade rating and be in a position to issue unsecured
    debt and perpetual preferred stock. Prior to attaining an
    investment grade rating, we intend to primarily utilize
    non-recourse debt secured by individual properties or pools of
    properties with a targeted maximum
    <FONT style="white-space: nowrap">loan-to-value</FONT>
    of 60% at the time of financing.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    After completion of this offering and the concurrent private
    placement, we plan to seek a revolving credit facility to
    finance acquisitions. We have initiated non-binding discussions
    with lenders but there can be no assurance that we will be able
    to obtain such financing on favorable terms or at all.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Equity Capital
    Policies</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Subject to applicable law and the requirements for listed
    companies on the NYSE, our board of directors has the authority,
    without further stockholder approval, to amend our charter to
    increase or decrease the aggregate number of shares of stock we
    are authorized to issue or the number of authorized shares of
    any class or series, to authorize us to issue additional
    authorized shares of
</DIV>
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    <BR>
    69
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    common and preferred stock or otherwise raise capital, including
    through the issuance of senior securities, in any manner and on
    the terms and for the consideration it deems appropriate,
    including in exchange for property. Existing stockholders will
    have no preemptive right to additional shares issued in any
    offering, and any offering might cause a dilution of investment.
    We may in the future issue shares of common stock in connection
    with acquisitions.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our board of directors may authorize the issuance of shares of
    preferred stock with terms and conditions that could have the
    effect of delaying, deterring or preventing a transaction or a
    change in control in us that might involve a premium price for
    holders of our shares of common stock or otherwise might be in
    their best interests. Additionally, shares of preferred stock
    could have distribution, voting, liquidation and other rights
    and preferences that are senior to those of our shares of common
    stock.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may, under certain circumstances, purchase shares of common
    stock in the open market or in private transactions with our
    stockholders, if those purchases are approved by our board of
    directors or a committee thereof. Our board of directors has no
    present intention of causing us to repurchase any shares, and
    any action would only be taken in conformity with applicable
    federal and state laws and the applicable requirements for
    qualifying as a REIT.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Conflict of
    Interest Policies</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have adopted certain policies that are designed to eliminate
    or minimize certain potential conflicts of interest. We have
    also adopted a code of business conduct and ethics that
    prohibits conflicts of interest between our employees, officers
    and directors and our company. However, there can be no
    assurance that these policies will always be successful in
    eliminating the influence of such conflicts, and if they are not
    successful, decisions could be made that might fail to reflect
    fully the interests of all stockholders. We do not currently
    intend to enter into agreements with third party property
    managers that are our affiliates or affiliates of our officers
    or directors, but we are not prohibited from entering into such
    agreements.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Interested
    Director and Officer Transactions</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Pursuant to the MGCL, a contract or other transaction between us
    and a director or between us and any other corporation or other
    entity in which any of our directors is a director or has a
    material financial interest is not void or voidable solely on
    the grounds of such common directorship or interest, the
    presence of such director at the meeting at which the contract
    or transaction is authorized, approved or ratified or the
    counting of the director&#146;s vote in favor thereof, provided
    that:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the fact of the common directorship or interest is disclosed or
    known to our board of directors or a committee of our board, and
    our board or committee authorizes, approves or ratifies the
    transaction or contract by the affirmative vote of a majority of
    disinterested directors, even if the disinterested directors
    constitute less than a quorum;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the fact of the common directorship or interest is disclosed or
    known to our stockholders entitled to vote thereon, and the
    transaction or contract is authorized, approved or ratified by a
    majority of the votes cast by the stockholders entitled to vote
    other than the votes of shares owned of record or beneficially
    by the interested director or corporation, firm or other
    entity;&#160;or
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the transaction or contract is fair and reasonable to us.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Reporting
    Policies</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to make available to our stockholders our annual
    reports, including our audited financial statements. After this
    offering, we will become subject to the information reporting
    requirements of the Exchange Act. Pursuant to those
    requirements, we will be required to file annual and periodic
    reports, proxy statements and other information, including
    audited financial statements, with the SEC.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
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    <BR>
    70
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<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">STRUCTURE AND
    FORMATION OF OUR COMPANY</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We were organized as a Maryland corporation on November&#160;6,
    2009. We are not structured as an UPREIT. Currently, we have no
    subsidiaries. In the future, we will own our properties
    indirectly through subsidiaries and may utilize one or more
    taxable REIT subsidiaries as appropriate.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
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    <BR>
    71
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">DESCRIPTION OF
    CAPITAL STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>The following summary of our capital stock does not purport
    to be complete and is subject to and qualified in its entirety
    by reference to Maryland law and to our charter and bylaws,
    copies of which are filed as exhibits to the registration
    statement of which this prospectus forms a part. See &#147;Where
    You Can Find More Information&#148;.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">General</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our charter provides that we may issue up to
    400,000,000&#160;shares of common stock and
    100,000,000&#160;shares of preferred stock, both having par
    value $0.01 per share. Upon completion of this offering and the
    concurrent private
    placement,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of common stock will be issued and outstanding and no shares of
    preferred stock will be issued and outstanding. Our board of
    directors, without any action on the part of our stockholders,
    may establish the terms of any stock to be issued and, with the
    approval of a majority of the entire board, may amend our
    charter from time to time to increase or decrease the aggregate
    number of authorized shares of stock or the number of shares of
    stock of any class or series. Under Maryland law, our
    stockholders generally are not personally liable for our debts
    and obligations solely as a result of their status as
    stockholders.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Common
    Stock</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    All shares of our common stock have equal rights as to earnings,
    assets, dividends and voting. Subject to our charter
    restrictions on the transfer and ownership of our stock and the
    preferential rights of holders of any other class or series of
    our stock, distributions may be paid to the holders of our
    common stock if, as and when authorized by our board of
    directors and declared by us out of funds legally available
    therefor. Shares of our common stock generally have no
    preemptive, appraisal, preferential exchange, conversion,
    sinking fund or redemption rights and are freely transferable,
    except where their transfer is restricted by federal and state
    securities laws, by contract or by the restrictions in our
    charter. In the event of our liquidation, dissolution or winding
    up, each share of our common stock would be entitled to share
    ratably in all of our assets that are legally available for
    distribution after payment of or adequate provision for all of
    our known debts and other liabilities and subject to any
    preferential rights of holders of our preferred stock, if any
    preferred stock is outstanding at such time, and our charter
    restrictions on the transfer and ownership of our stock. Subject
    to our charter restrictions on the transfer and ownership of our
    stock and except as may otherwise be specified in the terms of
    any class or series of common stock, each share of our common
    stock entitles the holder to one vote on all matters submitted
    to a vote of stockholders, including the election of directors.
    Except as may be provided with respect to any other class or
    series of stock, the holders of our common stock will possess
    exclusive voting power. In an uncontested election, a director
    is elected if he or she receives more &#147;for&#148; votes than
    &#147;against&#148; or &#147;withheld&#148; votes, and there is
    no cumulative voting in the election of directors, which means
    that holders of a majority of the outstanding shares of common
    stock can elect all of our directors.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Power to
    Reclassify Shares of Our Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our charter authorizes our board of directors to classify and
    reclassify any unissued shares of stock into other classes or
    series of stock, including preferred stock. Prior to the
    issuance of shares of each class or series, the board of
    directors is required by Maryland law and by our charter to set,
    subject to our charter restrictions on the transfer and
    ownership of our stock and the terms of any outstanding class or
    series of our stock, the preferences, conversion or other
    rights, voting powers, restrictions, limitations as to dividends
    or other distributions, qualifications and terms or conditions
    of redemption for each class or series. Thus, the board of
    directors could authorize the issuance of shares of common stock
    or preferred stock with terms and conditions which could have
    the effect of delaying, deferring or preventing a transaction or
    a change in control that might involve a premium price for
    holders of our common stock or that stockholders may believe is
    in their best interests. No
</DIV>
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    72
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    shares of our preferred stock are presently outstanding and we
    have no present plans to issue any preferred stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Power to Increase
    Authorized Stock and Issue Additional Shares of Our Common Stock
    and Preferred Stock</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We believe that the power of our board of directors to increase
    the number of authorized shares of stock, issue additional
    authorized but unissued shares of our common stock or preferred
    stock and to classify or reclassify unissued shares of our
    common stock or preferred stock and thereafter to cause us to
    issue such classified or reclassified shares of stock will
    provide us with increased flexibility in structuring possible
    future financings and acquisitions and in meeting other needs
    which might arise. Shares of additional classes or series of
    stock, as well as of common stock, will be available for
    issuance without further action by our stockholders, unless
    stockholder consent is required by the rules of any stock
    exchange or automated quotation system on which our securities
    may be listed or traded. Although our board of directors does
    not intend to do so, it could authorize us to issue a class or
    series that could, depending upon the terms of the particular
    class or series, delay, defer or prevent a transaction or a
    change of control of our company that might involve a premium
    price for our stockholders or otherwise be in their best
    interest.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Restrictions on
    Transfer</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In order for us to qualify as a REIT under the Code, our stock
    must be beneficially owned by 100 or more persons during at
    least 335&#160;days of a taxable year of 12&#160;months or
    during a proportionate part of a shorter taxable year (other
    than the first year for which an election to be a REIT has been
    made). Also, not more than 50% of the value of the outstanding
    shares of stock may be owned, directly or indirectly, by five or
    fewer &#147;individuals&#148; (as defined in the Code to include
    certain entities) during the last half of a taxable year (other
    than the first year for which an election to be a REIT has been
    made).
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our charter contains restrictions on the ownership and transfer
    of our stock. The relevant sections of our charter provide that,
    subject to the exceptions described below, no individual (as
    defined under the Code to include certain entities) may actually
    or constructively own more than 9.8% in value of the aggregate
    of our outstanding shares of stock or more than 9.8% in value or
    number of shares, whichever is more restrictive, of the
    outstanding shares of our common stock. Our charter further
    prohibits any person or entity from beneficially or
    constructively owning more than 9.8% of such stock under the
    &#147;related party tenant&#148; provisions of the Code that
    apply to REITs. We refer to these restrictions as the
    &#147;ownership limits&#148; and we sometimes refer to the
    related-party tenant restriction separately as the &#147;related
    party tenant limit&#148;. A person or entity that becomes
    subject to the ownership limit by virtue of a violative transfer
    that results in a transfer to a trust, as set forth below, is
    referred to as a &#147;purported beneficial transferee&#148; if,
    had the violative transfer been effective, the person or entity
    would have been a record owner and beneficial owner or solely a
    beneficial owner of our stock, or is referred to as a
    &#147;purported record transferee&#148; if, had the violative
    transfer been effective, the person or entity would have been
    solely a record owner of our stock.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The beneficial and constructive ownership rules under the Code
    are complex and may cause stock owned actually or constructively
    by a group of related individuals
    <FONT style="white-space: nowrap">and/or</FONT>
    entities to be owned constructively by one individual or entity.
    As a result, the acquisition of less than 9.8% in value of our
    outstanding stock or less than 9.8% in value or number of our
    common stock (or the acquisition of an interest in an entity
    that owns, actually or constructively, our stock) by an
    individual or entity could, nevertheless, cause that individual
    or entity, or another individual or entity, to own
    constructively in excess of 9.8% in value of our outstanding
    stock or 9.8% in value or number of our outstanding common stock
    and thereby violate the applicable ownership limit.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Upon request, our board of directors will, prospectively or
    retroactively, waive the related party tenant limit with respect
    to a particular stockholder, and establish a different
    limitation ownership for the stockholder, unless it determines
    in its sole judgment that such stockholder&#146;s increased
    ownership
</DIV>
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    <BR>
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<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
     could result in any of our rental income to fail to qualify as
    such for REIT testing purposes as a result of the &#147;related
    party tenant&#148; rules that apply to REITs. As a condition of
    such waiver, our board of directors may require certain
    representations and undertakings from the stockholder
    <FONT style="white-space: nowrap">and/or</FONT> an
    opinion of counsel or IRS ruling satisfactory to our board of
    directors with respect to preserving our REIT status.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our charter provisions further prohibit:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any person from transferring shares of our stock if such
    transfer would result in shares of our stock being beneficially
    owned by fewer than 100&#160;persons (determined without
    reference to any rules of attribution);&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any person from owning shares of our stock if such ownership
    would result in our failing to qualify as a REIT for federal
    income tax purposes.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Any person who acquires or attempts or intends to acquire
    beneficial or constructive ownership of shares of our stock that
    will or may violate the ownership limit or any of the other
    foregoing restrictions on transferability and ownership will be
    required to give notice immediately to us and provide us with
    such other information as we may request in order to determine
    the effect of such transfer on our status as a REIT. The
    foregoing provisions on transferability and ownership will not
    apply if our board of directors determines that it is no longer
    in our best interests to attempt to qualify, or to continue to
    qualify, as a REIT.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Pursuant to our charter, if any purported transfer of our stock
    or any other event would otherwise result in any person
    violating the ownership limit or such other limit as established
    by our board of directors or would result in our failing to
    qualify as a REIT, then that number of shares in excess of the
    ownership limit or causing us to fail to qualify as a REIT
    (rounded up to the nearest whole share) will be automatically
    transferred to, and held by, a trust for the exclusive benefit
    of one or more charitable organizations selected by us. The
    automatic transfer will be effective as of the close of business
    on the business day prior to the date of the violative transfer
    or other event that results in a transfer to the trust. Any
    dividend or other distribution paid to the purported record
    transferee, prior to our discovery that the shares had been
    automatically transferred to a trust as described above must be
    repaid to the trustee upon demand for distribution to the
    beneficiary of the trust. If the transfer to the trust as
    described above is not automatically effective, for any reason,
    to prevent violation of the applicable ownership limit or our
    failing to qualify as a REIT, then our charter provides that the
    transfer of the excess shares will be void. If any transfer
    would result in shares of our stock being beneficially owned by
    fewer than 100&#160;persons, then any such purported transfer
    will be void and of no force or effect.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Shares of our stock transferred to the trustee are deemed to be
    offered for sale to us or our designee at a price per share
    equal to the lesser of (i)&#160;the price per share in the
    transaction that resulted in such transfer to the trust (or, in
    the case of a devise or gift, the market price at the time of
    such devise or gift) and (ii)&#160;the market price on the date
    we accept, or our designee accepts, such offer. We have the
    right to accept such offer until the trustee has sold the shares
    of our stock held in the trust as discussed below. Upon a sale
    to us, the interest of the charitable beneficiary in the shares
    sold terminates and the trustee must distribute the net proceeds
    of the sale to the purported record transferee and any dividends
    or other distributions held by the trustee with respect to such
    stock will be paid to the charitable beneficiary.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If we do not buy the shares, the trustee must, within
    20&#160;days of receiving notice from us of the transfer of
    shares to the trust, sell the shares to a person or entity
    designated by the trustee who could own the shares without
    violating the ownership limits or other restrictions on
    ownership and transfer of our stock. After that, the trustee
    must distribute to the purported record transferee an amount
    equal to the lesser of (i)&#160;the price paid by the purported
    record transferee or owner for the shares or, if the purported
    record transferee or owner did not give value for the shares in
    connection with the event causing the shares to be held in trust
    (e.g., in the cause of a gift, devise or other such
</DIV>
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<DIV align="left"><FONT size="1">

</FONT></DIV>

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    <BR>
    74
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
     transaction), the market price of the shares on the day of the
    event causing the shares to be held in the trust, and
    (ii)&#160;the sales proceeds (net of commissions and other
    expenses of sale) received by the trustee for the shares. Any
    net sales proceeds in excess of the amount payable to the
    purported record transferee will be immediately paid to the
    charitable beneficiary, together with any dividends or other
    distributions thereon. In addition, if prior to discovery by us
    that shares of our stock have been transferred to a trust, such
    shares of stock are sold by a purported record transferee, then
    such shares shall be deemed to have been sold on behalf of the
    trust and to the extent that the purported record transferee
    received an amount for or in respect of such shares that exceeds
    the amount that such purported record transferee was entitled to
    receive, such excess amount shall be paid to the trustee upon
    demand. The purported beneficial transferee or purported record
    transferee has no rights in the shares held by the trustee.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The trustee shall be designated by us and shall be unaffiliated
    with us and with any purported record transferee or purported
    beneficial transferee. Prior to the sale of any shares by the
    trust, the trustee will receive, in trust for the beneficiary,
    all dividends and other distributions paid by us with respect to
    the shares, and may also exercise all voting rights with respect
    to the shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Subject to Maryland law, effective as of the date that the
    shares have been transferred to the trust, the trustee shall
    have the authority, at the trustee&#146;s sole discretion:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to rescind as void any vote cast by a purported record
    transferee prior to our discovery that the shares have been
    transferred to the trust;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to recast the vote in accordance with the desires of the trustee
    acting for the benefit of the beneficiary of the trust.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    However, if we have already taken irreversible corporate action,
    then the trustee may not rescind and recast the vote.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, if our board of directors or other permitted
    designees determine in good faith that a proposed transfer or
    other event has occurred that would result in a violation of the
    restrictions on ownership and transfer of our stock set forth in
    our charter, our board of directors or other permitted designees
    will take such action as it deems or they deem advisable to
    refuse to give effect to or to prevent such transfer or other
    event, including, but not limited to, causing the company to
    redeem shares of common stock or preferred stock, refusing to
    give effect to the transfer on our books or instituting
    proceedings to enjoin the transfer.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Any beneficial owner or constructive owner of shares of our
    common stock and any person or entity (including the stockholder
    of record) who is holding shares of our common stock for a
    beneficial owner must, on request, provide us with a completed
    questionnaire containing the information regarding their
    ownership of such shares, as set forth in the applicable
    Treasury regulations. In addition, any person or entity that is
    a beneficial owner or constructive owner of shares of our common
    stock and any person or entity (including the stockholder of
    record) who is holding shares of our common stock for a
    beneficial owner or constructive owner shall, on request, be
    required to disclose to us in writing such information as we may
    request in order to determine the effect, if any, of such
    stockholder&#146;s actual and constructive ownership of shares
    of our common stock on our status as a REIT and to ensure
    compliance with the ownership limit, or as otherwise permitted
    by our board of directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    All certificates representing shares of our common stock bear a
    legend referring to the restrictions described above.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
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    <BR>
    75
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">MATERIAL
    PROVISIONS OF MARYLAND LAW AND OF OUR CHARTER AND
    BYLAWS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>The following summary of certain provisions of Maryland law
    and of our charter and bylaws does not purport to be complete
    and is subject to and qualified in its entirety by reference to
    Maryland law and to our charter and bylaws, copies of which are
    filed as exhibits to the registration statement of which this
    prospectus forms a part. See &#147;Where You Can Find More
    Information&#148;.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The MGCL and our charter and bylaws contain provisions that
    could make it more difficult for a potential acquirer to acquire
    us by means of a tender offer, proxy contest or otherwise. These
    provisions are expected to discourage certain coercive takeover
    practices and inadequate takeover bids and to encourage persons
    seeking to acquire control of us to negotiate first with our
    board of directors. We believe that the benefits of these
    provisions outweigh the potential disadvantages of discouraging
    any such acquisition proposals because, among other things, the
    negotiation of such proposals may improve their terms.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Board of
    Directors; Vacancies; Removals</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our charter provides that the number of directors will be set
    only by a majority of our entire board of directors within
    specified limits set forth in our bylaws. Our bylaws provide
    that a majority of our entire board of directors may at any time
    increase or decrease the number of directors. However, the
    number of directors may never be less than the minimum number
    required by the MGCL, which is one, nor, unless our bylaws are
    amended, more than 11. Because our board of directors and our
    stockholders have the power to amend our bylaws, either our
    board of directors or our stockholders, by a vote of a majority
    of the votes entitled to be cast by holders of outstanding
    shares of our common stock, could modify the bylaws to change
    that range. Our bylaws also provide that, in an uncontested
    election, a director is elected if he or she receives more
    &#147;for&#148; votes than &#147;against&#148; or
    &#147;withheld&#148; votes to serve until our next annual
    meeting of stockholders and until his or her successor is duly
    elected and qualifies. Under our corporate governance
    guidelines, any director who fails to be elected by a majority
    vote is required to tender his or her resignation to our board
    of directors, subject to acceptance. Our nominating and
    corporate governance committee will make a recommendation to our
    board of directors on whether to accept or reject the
    resignation, or whether other action should be taken. Our board
    of directors will then act on our nominating and corporate
    governance committee&#146;s recommendation and publicly disclose
    its decision and the rationale behind it within 90&#160;days
    from the date of the certification of election results. If the
    resignation is not accepted, the director will continue to serve
    until the next annual meeting and until the director&#146;s
    successor is duly elected and qualifies. The director who
    tenders his or her resignation will not participate in our
    board&#146;s decision.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our charter provides that, subject to the rights, if any, of
    holders of any class or series of preferred stock to elect or
    remove one or more directors, a director may be removed only for
    cause, as defined in our charter, and then only by the
    affirmative vote of at least a majority of the votes entitled to
    be cast generally in the election of directors. This provision
    precludes stockholders from removing incumbent directors without
    cause and filling the vacancies created by such removal with
    their own nominees.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our charter empowers our stockholders to fill vacancies on our
    board of directors that are caused by the removal of a director.
    Our board of directors may also fill vacancies that are caused
    by an increase in the number of directors, the death,
    resignation or removal of a director. Any director appointed by
    our board of directors to fill a vacancy on the board will hold
    office until the next annual meeting of our stockholders and
    until his or her successor is duly elected and qualifies.
    However, our corporate governance guidelines will require an
    individual elected by our board of directors to fill a vacancy
    created by the removal of a director by our stockholders to
    tender his or her resignation if a special meeting to approve
    such election is requested by our stockholders and held in
    accordance with the provisions of our bylaws prior to the next
    annual meeting of stockholders and the director&#146;s election
    is not approved by our stockholders at the special meeting.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
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    <BR>
    76
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Action by
    Stockholders</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under the MGCL, stockholder action can be taken only at an
    annual or special meeting of stockholders or by unanimous
    written consent in lieu of a meeting unless the charter provides
    for a lesser percentage (which our charter currently does not).
    These provisions, combined with the requirements of our bylaws
    regarding advance notice of nominations and other business to be
    considered at a meeting of stockholders and the calling of a
    stockholder-requested special meeting of stockholders discussed
    below, may have the effect of delaying consideration of a
    stockholder proposal.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Advance Notice
    Provisions for Stockholder Nominations and Stockholder
    Proposals</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our bylaws provide that, with respect to an annual meeting of
    stockholders, nominations of individuals for election to the
    board of directors and the proposal of business to be considered
    by stockholders may be made only (i)&#160;pursuant to our notice
    of the meeting, (ii)&#160;by or at the direction of the board of
    directors or (iii)&#160;by a stockholder who was a stockholder
    of record both at the time of giving of notice by such
    stockholder as provided for in our bylaws and at the time of the
    annual meeting and who is entitled to vote at the meeting in the
    election of each individual so nominated or on any such other
    business and who has complied with the advance notice procedures
    and provided the information required by our bylaws. With
    respect to special meetings of stockholders, only the business
    specified in the notice of the meeting may be brought before the
    meeting. Nominations of individuals for election to the board of
    directors at a special meeting may be made only (i)&#160;by or
    at the direction of the board of directors (ii) by the
    stockholder that has requested that the special meeting be
    called for the purpose of electing directors and has complied
    with the procedures and provided the information required by our
    bylaws in connection with such request or (iii)&#160;provided
    that the special meeting has been called for the purpose of
    electing directors, by a stockholder who was a stockholder of
    record both at the time of giving of notice by such stockholder
    as provided for in our bylaws and at the time of the special
    meeting, and who is entitled to vote at the meeting in the
    election of each individual so nominated and who has complied
    with the advance notice provisions and provided the information
    required by our bylaws.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The purpose of requiring stockholders to give us advance notice
    of nominations and other business is to afford our board of
    directors a meaningful opportunity to consider the
    qualifications of the proposed nominees and the advisability of
    any other proposed business and, to the extent deemed necessary
    or desirable by our board of directors, to inform stockholders
    and make recommendations about such qualifications or business,
    as well as to provide a more orderly procedure for conducting
    meetings of stockholders. Although our bylaws do not give our
    board of directors any power to disapprove stockholder
    nominations for the election of directors or proposals
    recommending certain action, they may have the effect of
    precluding a contest for the election of directors or the
    consideration of stockholder proposals if proper procedures are
    not followed and of discouraging or deterring a third party from
    conducting a solicitation of proxies to elect its own slate of
    directors or to approve its own proposal without regard to
    whether consideration of such nominees or proposals might be
    harmful or beneficial to us and our stockholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Calling of
    Special Meetings of Stockholders</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our bylaws provide that special meetings of stockholders may be
    called by our board of directors and certain of our officers.
    Additionally, our bylaws provide that, subject to the
    satisfaction of certain procedural and informational
    requirements by the stockholders requesting the meeting, a
    special meeting of stockholders to act on any matter that may
    properly be considered at a meeting of stockholders shall be
    called by the secretary of the corporation upon the written
    request of stockholders entitled to cast a majority of all the
    votes entitled to be cast on such matter at such meeting.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
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    <BR>
    77
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Approval of
    Extraordinary Corporate Action; Amendment of Charter and
    Bylaws</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under Maryland law, a Maryland corporation generally cannot
    dissolve, amend its charter, merge, consolidate, sell all or
    substantially all of its assets or engage in a share exchange,
    unless recommended by our board of directors and approved by the
    affirmative vote of stockholders entitled to cast at least
    two-thirds of the votes entitled to be cast on the matter.
    However, a Maryland corporation may provide in its charter for
    approval of these matters by a lesser percentage, but not less
    than a majority of all of the votes entitled to be cast on the
    matter. As permitted by Maryland law, any of these actions may
    be approved by the affirmative vote of the stockholders entitled
    to cast at least a majority of the votes entitled to be cast on
    the matter.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our bylaws may be amended by our board of directors or by a vote
    of a majority of the votes entitled to be cast by holders of
    outstanding shares of our common stock, except for the
    provisions of our bylaws regarding advance notice of nominations
    and other business to be considered at a meeting of stockholders
    or the calling of a stockholder-requested special meeting of
    stockholders, which may be amended only by our board of
    directors, and except the following bylaw provisions, each of
    which may be amended only with the affirmative vote of a
    majority of the votes cast on such an amendment by holders of
    outstanding shares of common stock:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    provisions opting out of the control share acquisition statute;
    and
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    provisions prohibiting our board or directors without the
    approval of a majority of the votes entitled to be the cast by
    holders of outstanding shares of our common stock, from revoking
    altering or amending any resolution, or adopting any resolution
    inconsistent with any previously-adopted resolution of our board
    of directors, that exempts any business combination between us
    and any other person or entity from the business combination
    provisions of the MGCL.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, any amendment to the provisions governing
    amendments of our bylaws requires the approval of a majority of
    the votes entitled to be cast by holders of outstanding shares
    of our common stock.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">No Stockholder
    Rights Plan</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have no stockholder rights plan. In the future, we do not
    intend to adopt a stockholder rights plan unless our
    stockholders approve in advance the adoption of a plan or, if
    adopted by our board of directors, we submit the stockholder
    rights plan to our stockholders for a ratification vote within
    12&#160;months of adoption or the plan will terminate.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">No Appraisal
    Rights</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As permitted by the MGCL, our charter provides that stockholders
    will not be entitled to exercise appraisal rights unless a
    majority of our entire board of directors determines that
    appraisal rights will apply, with respect to all or any classes
    and series of stock, to one or more transactions occurring after
    the date of such determination in connection with which holders
    of such shares would otherwise be entitled to exercise appraisal
    rights. This is in addition to Maryland law provisions that
    generally eliminate appraisal rights for exchange-listed
    securities.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Business
    Combinations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under the MGCL, certain &#147;business combinations&#148;
    (including a merger, consolidation, share exchange or, in
    certain circumstances, an asset transfer or issuance or
    reclassification of equity securities) between a Maryland
    corporation and an interested stockholder (defined as any person
    who beneficially owns 10% or more of the voting power of the
    corporation&#146;s shares or an affiliate of the corporation
    who, at any time within the two-year period prior to the date in
    question, was the beneficial owner of 10% or more of the voting
    power of the then-outstanding voting stock of the corporation),
    or an affiliate of an interested stockholder are prohibited for
    five years after the most recent date on which the interested
    stockholder becomes an interested stockholder. A person is not
    an interested
</DIV>
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    <BR>
    78
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    stockholder under the statute if the board of directors approved
    in advance the transaction by which the person otherwise would
    have become an interested stockholder. Our board of directors
    may provide that its approval is subject to compliance with any
    terms and conditions determined by&#160;it.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Any such business combination entered into after the five-year
    prohibition must be recommended by the board of directors of
    such corporation and approved by the affirmative vote of at
    least (a)&#160;80% of the votes entitled to be cast by holders
    of outstanding shares of voting stock of the corporation and
    (b)&#160;two-thirds of the votes entitled to be cast by holders
    of voting stock of the corporation other than shares held by the
    interested stockholder with whom (or with whose affiliate) the
    business combination is to be effected, unless, among other
    conditions, the corporation&#146;s common stockholders receive a
    minimum price (as defined in the MGCL) for their shares and the
    consideration is received in cash or in the same form as
    previously paid by the interested stockholder for its shares.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    These provisions of the MGCL do not apply, however, to business
    combinations that are approved or exempted by a board of
    directors prior to the time that the interested stockholder
    becomes an interested stockholder. Our board of directors has
    adopted a resolution exempting any business combination between
    us and any other person or entity from the business combination
    provisions of the MGCL. Our bylaws provide that this resolution
    or any other resolution of our board of directors exempting any
    business combination from the business combination provisions of
    the MGCL may only be revoked, altered or amended, and our board
    of directors may only adopt any resolution inconsistent with any
    such resolution, with the affirmative vote of a majority of the
    votes cast on the matter by holders of outstanding shares of
    common stock.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Control Share
    Acquisitions</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The MGCL provides that &#147;control shares&#148; of a Maryland
    corporation acquired in a &#147;control share acquisition&#148;
    have no voting rights except to the extent approved at a special
    meeting by the affirmative vote of two-thirds of the votes
    entitled to be cast on the matter, excluding shares of stock of
    a corporation in respect of which any of the following persons
    is entitled to exercise or direct the exercise of the voting
    power of shares of stock of the corporation in the election of
    directors: (i)&#160;a person who makes or proposes to make a
    control share acquisition, (ii)&#160;an officer of the
    corporation or (iii)&#160;an employee of the corporation who is
    also a director of the corporation. &#147;Control shares&#148;
    are voting shares of stock which, if aggregated with all other
    such shares of stock previously acquired by the acquiror or in
    respect of which the acquiror is able to exercise or direct the
    exercise of voting power (except solely by virtue of a revocable
    proxy), would entitle the acquiror to exercise voting power in
    electing directors within one of the following ranges of voting
    power: (i)&#160;one-tenth or more but less than one-third,
    (ii)&#160;one-third or more but less than a majority, or
    (iii)&#160;a majority or more of all voting power. Control
    shares do not include shares the acquiring person is then
    entitled to vote as a result of having previously obtained
    stockholder approval. A &#147;control share acquisition&#148;
    means the acquisition of control shares, subject to certain
    exceptions.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A person who has made or proposes to make a control share
    acquisition, upon satisfaction of certain conditions (including
    an undertaking to pay expenses), may compel our board of
    directors to call a special meeting of stockholders to be held
    within 50&#160;days of demand to consider the voting rights of
    the shares. If no request for a meeting is made, the corporation
    may itself present the question at any stockholders meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If voting rights are not approved at the meeting or if the
    acquiring person does not deliver an acquiring person statement
    as required by the statute, then, subject to certain conditions
    and limitations, the corporation may redeem any or all of the
    control shares (except those for which voting rights have
    previously been approved) for fair value determined, without
    regard to the absence of voting rights for the control shares,
    as of the date of the last control share acquisition by the
    acquiror or of any meeting of stockholders at which the voting
    rights of such shares are considered and not approved. If voting
    rights for control shares are approved at a stockholders meeting
    and the acquiror becomes entitled to vote a majority of the
    shares entitled to vote, all other stockholders may exercise
</DIV>
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    <BR>
    79
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    appraisal rights. The fair value of the shares as determined for
    purposes of such appraisal rights may not be less than the
    highest price per share paid by the acquiror in the control
    share acquisition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The control share acquisition statute does not apply (a)&#160;to
    shares acquired in a merger, consolidation or share exchange if
    the corporation is a party to the transaction or (b)&#160;to
    acquisitions approved or exempted by the charter or bylaws of
    the corporation.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our bylaws exempt any and all acquisitions of shares of our
    stock from the control share acquisition statute, and this
    provision of our bylaws may not be amended without the
    affirmative vote of a majority of the votes cast on the matter
    by holders of outstanding shares of our common stock.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Certain Elective
    Provisions of Maryland Law</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Title&#160;3, Subtitle 8 of the MGCL permits a Maryland
    corporation with a class of equity securities registered under
    the Exchange Act and at least three independent directors to
    elect to be subject, by provision in its charter or bylaws or a
    resolution of its board of directors and notwithstanding any
    contrary provision in the charter or bylaws, to any of
    (1)&#160;a classified board, (2)&#160;a two-thirds vote
    requirement for removing a director, (3)&#160;a requirement that
    the number of directors be fixed only by vote of the directors,
    (4)&#160;a requirement that a vacancy on the board be filled
    only by the remaining directors and for the remainder of the
    full term of the class of directors in which the vacancy
    occurred, or (5)&#160;a majority requirement for the calling of
    a special meeting of stockholders. We have not elected to be
    governed by these specific provisions. However, at the
    completion of this offering we expect to have four independent
    directors and a class of equity securities registered under the
    Exchange Act, so our board of directors could elect to provide
    for any of the following provisions.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Interested
    Director and Officer Transactions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Pursuant to the MGCL, a contract or other transaction between us
    and a director or between us and any other corporation or other
    entity in which any of our directors is a director or has a
    material financial interest is not void or voidable solely on
    the grounds of such common directorship or interest, the
    presence of such director at the meeting at which the contract
    or transaction is authorized, approved or ratified or the
    counting of the director&#146;s vote in favor thereof, if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the fact of the common directorship or interest is disclosed to
    our board of directors or a committee of our board, and our
    board or committee authorizes, approves or ratifies the
    transaction or contract by the affirmative vote of a majority of
    disinterested directors, even if the disinterested directors
    constitute less than a quorum;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the fact of the common directorship or interest is disclosed to
    our stockholders entitled to vote thereon, and the transaction
    or contract is authorized, approved or ratified by a majority of
    the votes cast by the stockholders entitled to vote other than
    the votes of shares owned of record or beneficially by the
    interested director or corporation or other entity;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the transaction or contract is fair and reasonable to us.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will adopt a policy which requires that all contracts and
    transactions between us or any of our subsidiaries, on the one
    hand, and any of our directors or executive officers or any
    entity in which such director or executive officer is a director
    or has a material financial interest, on the other hand, must be
    approved by the affirmative vote of a majority of the
    disinterested directors, even if less than a quorum. Where
    appropriate in the judgment of the disinterested directors, our
    board of directors may obtain a fairness opinion or engage
    independent counsel to represent the interests of non-affiliated
    security holders, although our board of directors will have no
    obligation to do so.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Indemnification
    and Limitation of Directors&#146; and Officers&#146;
    Liability</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The MGCL permits a Maryland corporation to include in its
    charter a provision limiting the liability of its directors and
    officers to the corporation and its stockholders for money
    damages except for
</DIV>
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    <BR>
    80
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
     liability resulting from actual receipt of an improper benefit
    or profit in money, property or services or active and
    deliberate dishonesty that is established by a final judgment
    and is material to the cause of action. Our charter contains a
    provision that eliminates such liability to the maximum extent
    permitted by Maryland law.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our charter authorizes us, to the maximum extent that Maryland
    law in effect from time to time permits, to indemnify any
    present or former director or officer or any individual who,
    while a director or officer of our company and at our request,
    serves or has served another corporation, real estate investment
    trust, partnership, limited liability company, joint venture,
    trust, employee benefit plan or other enterprise as a director,
    officer, partner, member, manager or trustee, from and against
    any claim or liability to which that individual may become
    subject or which that individual may incur by reason of his or
    her service in any such capacity and to pay or reimburse his or
    her reasonable expenses in advance of final disposition of a
    proceeding. Our bylaws obligate us, to the fullest extent
    permitted by Maryland law in effect from time to time, to
    indemnify and, without requiring a preliminary determination of
    the ultimate entitlement to indemnification, pay or reimburse
    reasonable expenses in advance of final disposition of a
    proceeding to:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any present or former director or officer who is made or
    threatened to be made a party to the proceeding by reason of his
    or her service in that capacity;&#160;or
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any individual who, while a director or officer of our company
    and at our request, serves or has served another corporation,
    real estate investment trust, partnership, limited liability
    company, joint venture, trust, employee benefit plan or any
    other enterprise as a director, officer, partner, member,
    manager or trustee of such corporation, real estate investment
    trust, partnership, limited liability company, joint venture,
    trust, employee benefit plan or other enterprise and who is made
    a party to the proceeding by reason of his or her service in
    that capacity.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our charter and bylaws also permit us to indemnify and advance
    expenses to any person who served a predecessor of ours in any
    of the capacities described above and to any employee or agent
    of our company or a predecessor of our company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The MGCL requires a corporation (unless its charter provides
    otherwise, which our charter does not) to indemnify a director
    or officer who has been successful, on the merits or otherwise,
    in the defense of any proceeding to which he or she is made or
    threatened to be made a party by reason of his or her service in
    that capacity. The MGCL permits a corporation to indemnify its
    present and former directors and officers, among others, against
    judgments, penalties, fines, settlements and reasonable expenses
    actually incurred by them in connection with any proceeding to
    which they may be made or are threatened to be made a party by
    reason of their service in those or other capacities unless it
    is established that:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the act or omission of the director or officer was material to
    the matter giving rise to the proceeding; and
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    was committed in bad faith;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    was the result of active and deliberate dishonesty;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the director or officer actually received an improper personal
    benefit in money, property or services;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of any criminal proceeding, the director or officer
    had reasonable cause to believe that the act or omission was
    unlawful.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    However, under the MGCL, a Maryland corporation may not
    indemnify for an adverse judgment in a suit by or in the right
    of the corporation or for a judgment of liability on the basis
    that personal benefit was improperly received. A court may order
    indemnification if it determines that the director or officer is
    fairly and reasonably entitled to indemnification, even though
    the director or officer did not meet the prescribed standard of
    conduct, was adjudged liable to the corporation or was adjudged
    liable on the basis that personal benefit was improperly
    received. However, indemnification for an
</DIV>
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<DIV align="left"><FONT size="1">

</FONT></DIV>

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    <BR>
    81
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
     adverse judgment in a suit by or in the right of the
    corporation, or for a judgment of liability on the basis that
    personal benefit was improperly received, is limited to expenses.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, the MGCL permits a corporation to advance
    reasonable expenses to a director or officer upon the
    corporation&#146;s receipt of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a written affirmation by the director or officer of his good
    faith belief that he has met the standard of conduct necessary
    for indemnification by the corporation;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a written undertaking by the director or officer or on the
    director&#146;s or officer&#146;s behalf to repay the amount
    paid or reimbursed by the corporation if it is ultimately
    determined that the director or officer did not meet the
    standard of conduct.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Insofar as the foregoing provisions permit indemnification of
    directors, officers or persons controlling us for liability
    arising under the Securities Act, we have been informed that in
    the opinion of the SEC, this indemnification is against public
    policy as expressed in the Securities Act and is therefore
    unenforceable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Indemnification
    Agreements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to enter into an indemnification agreement with each
    of our executive officers and directors as described in
    &#147;Management&#160;&#151; Indemnification Agreements&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">REIT
    Qualification</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our charter provides that our board of directors may revoke or
    otherwise terminate our REIT election, without approval of our
    stockholders, if it determines that it is no longer in our best
    interests to continue to qualify as a REIT.
</DIV>
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    <BR>
    82
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">SHARES&#160;ELIGIBLE
    FOR FUTURE SALE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Prior to this offering, there has been no public market for our
    common stock. Trading of our common stock on the NYSE is
    expected to commence immediately following the completion of
    this offering. No prediction can be made as to the effect, if
    any, that future sales of shares or the availability of shares
    for future sale will have on the market price of our common
    stock prevailing from time to time. Sales of substantial amounts
    of our common stock in the public market, or the perception that
    such sales could occur, could adversely affect the prevailing
    market price of our common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Upon completion of this offering and the concurrent private
    placement, we will have outstanding an aggregate of
    approximately&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our common stock. The shares of common stock sold in this
    offering will be freely tradable without restriction or further
    registration under the Securities Act unless the shares are held
    by any of our &#147;affiliates&#148;, as that term is defined in
    Rule&#160;144 under the Securities Act. As defined in
    Rule&#160;144, an &#147;affiliate&#148; of an issuer is a person
    that directly, or indirectly through one or more intermediaries,
    controls, is controlled by or is under common control with the
    issuer. The shares of common stock issued in the concurrent
    private placement and all shares of our common stock held by our
    affiliates, including our officers and directors, are restricted
    securities as that term is defined in Rule&#160;144 under the
    Securities Act. Restricted securities may be sold in the public
    market only if registered under the securities laws or if they
    qualify for an exemption from registration under Rule&#160;144,
    as described below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Rule&#160;144</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In general, Rule&#160;144 provides that if (i)&#160;one year has
    elapsed since the date of acquisition of common stock from us or
    any of our affiliates and (ii)&#160;the holder is not, and has
    not been, an affiliate of ours at any time during the three
    months preceding the proposed sale, such holder may sell such
    common stock in the public market under Rule&#160;144(b)(1)
    without regard to the volume limitations, manner of sale
    provisions, public information requirements or notice
    requirements under such rule. In general, Rule&#160;144 also
    provides that if (i)&#160;six months have elapsed since the date
    of acquisition of common stock from us or any of our affiliates,
    (ii)&#160;we have been a reporting company under the Exchange
    Act for at least 90&#160;days and (iii)&#160;the holder is not,
    and has not been, an affiliate of ours at any time during the
    three months preceding the proposed sale, such holder may sell
    such common stock in the public market under Rule&#160;144(b)(1)
    subject to satisfaction of Rule&#160;144&#146;s public
    information requirements, but without regard to the volume
    limitations, manner of sale provisions or notice requirements
    under such rule.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, under Rule&#160;144, if (i)&#160;one year (or,
    subject to us being a reporting company under the Exchange Act
    for at least the preceding 90&#160;days, six months) has elapsed
    since the date of acquisition of common stock from us or any of
    our affiliates and (ii)&#160;the holder is, or has been, an
    affiliate of ours at any time during the three months preceding
    the proposed sale, such holder may sell such common stock in the
    public market under Rule&#160;144(b)(1) subject to satisfaction
    of Rule&#160;144&#146;s volume limitations, manner of sale
    provisions, public information requirements and notice
    requirements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Grants under the
    2010 Equity Incentive Plan</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Following completion of this offering, we intend to file with
    the SEC a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    covering the shares of common stock issuable under the 2010
    Equity Plan. Shares of our common stock covered by this
    registration statement, including any shares of restricted
    stock, shares underlying performance awards or unrestricted
    shares, will be eligible for transfer or resale without
    restriction under the Securities Act unless held by affiliates.
</DIV>
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    <BR>
    83
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica"><FONT style="white-space: nowrap">Lock-up</FONT>
    Agreements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We and each of our officers, directors, and holders of
    substantially all of the our common stock have agreed with the
    underwriter, subject to certain exceptions, not to dispose of or
    hedge any of our common stock or securities convertible into or
    exchangeable for shares of common stock during the period from
    the date of this prospectus continuing through the date
    180&#160;days after the date of this prospectus, except with the
    prior written consent of the underwriter. This agreement does
    not apply to the 2010 Equity Plan. See
    &#147;Shares&#160;Eligible for Future Sale&#148; for a
    discussion of certain transfer restrictions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The <FONT style="white-space: nowrap">180-day</FONT>
    restricted period described in the preceding paragraph will be
    automatically extended if: (1)&#160;during the last 17&#160;days
    of the
    <FONT style="white-space: nowrap">180-day</FONT>
    restricted period we issue an earnings release or announce
    material news or a material event; or (2)&#160;prior to the
    expiration of the
    <FONT style="white-space: nowrap">180-day</FONT>
    restricted period, we announce that we will release earnings
    results during the
    <FONT style="white-space: nowrap">15-day</FONT>
    period following the last day of the
    <FONT style="white-space: nowrap">180-day</FONT>
    period, in which case the restrictions described in the
    preceding paragraph will continue to apply until the expiration
    of the
    <FONT style="white-space: nowrap">18-day</FONT>
    period beginning on the issuance of the earnings release of the
    announcement of the material news or material event.
</DIV>
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    <BR>
    84
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">MATERIAL U.S.
    FEDERAL INCOME TAX CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">General</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following is a summary of certain United States federal
    income tax considerations associated with an investment in our
    common shares that may be relevant to you as a stockholder. The
    statements made in this section of the prospectus are based upon
    current provisions of the Code and Treasury Regulations
    promulgated thereunder, published administrative positions of
    the Internal Revenue Service, or the IRS, and judicial
    decisions, all of which are subject to change, either
    prospectively or retroactively. We cannot assure you that any
    changes will not modify the conclusions expressed in
    counsel&#146;s opinions described herein. This summary does not
    address all possible tax considerations that may be material to
    an investor and does not constitute legal or tax advice.
    Moreover, this summary does not deal with all tax aspects that
    might be relevant to you, as a prospective holder of common
    stock in light of your personal circumstances, nor does it deal
    with particular types of stockholders that are subject to
    special treatment under the federal income tax laws, such as
    insurance companies, holders whose shares are acquired through
    the exercise of stock options or otherwise as compensation,
    tax-exempt organizations except as provided below, financial
    institutions or broker-dealers, regulated investment companies,
    traders in securities that elect to use a mark-to-market method
    of accounting for their security holdings, persons liable for
    the alternative minimum tax, persons that hold securities as
    part of a straddle or a hedging or conversion transaction, a
    U.S. stockholder (as defined below) whose functional currency is
    not the U.S. dollar, foreign corporations or persons who are not
    citizens or residents of the United States except as provided
    below, or others who are subject to special treatment under the
    Code. The Code provisions governing the federal income tax
    treatment of REITs and their stockholders are highly technical
    and complex, and this summary is qualified in its entirety by
    the express language of applicable Code provisions, Treasury
    Regulations promulgated thereunder and administrative and
    judicial interpretations thereof.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>This discussion is not intended to be, and should not be
    construed as, tax advice. We urge you, as a prospective
    stockholder, to consult your tax advisor regarding the specific
    tax consequences to you of a purchase of shares, ownership and
    sale of the shares and of our election to be taxed as a REIT,
    including the federal, state, local, foreign and other tax
    consequences of such purchase, ownership, sale and election and
    of potential changes in applicable tax laws.</I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">REIT
    Qualification</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to elect to be taxed as a REIT under the Code
    commencing with our taxable year ending December&#160;31, 2010.
    A REIT generally is not subject to United States federal income
    tax on the income that it distributes to stockholders if it
    meets the applicable REIT distribution requirements and other
    requirements for qualification.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We believe that our organization and proposed method of
    operation will enable us to meet the requirements for
    qualification and taxation as a REIT. In addition, Goodwin
    Procter LLP has acted as our tax counsel in connection with this
    offering and is expected to render to us an opinion to the
    effect that, commencing with our taxable year ending
    December&#160;31, 2010, we will be organized in conformity with
    the requirements for qualification and taxation as a REIT, and
    our proposed method of operation will enable us to meet the
    requirements for qualification and taxation as a REIT under the
    Code. It must be emphasized that this opinion will be based on
    various assumptions and representations as to factual matters,
    including representations made by us in a factual certificate
    provided by one of our officers and our factual representations
    set forth in this registration statement. Goodwin Procter LLP
    will have no obligation to update its opinion subsequent to its
    date. Moreover, our qualification and taxation as a REIT depend
    upon our ability to meet the various qualification tests imposed
    under the Code discussed below, including through actual annual
    (or in some cases quarterly) operating results, requirements
    relating to income, asset ownership, distribution levels and
    diversity of share ownership and the various other REIT
    qualification requirements imposed under the Code, the results
    of which
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    will not be monitored by Goodwin Procter LLP. Accordingly, no
    assurance can be given that our actual results of operation for
    any particular taxable year will satisfy those requirements.
    Given the complex nature of the REIT qualification requirements,
    the ongoing importance of factual determinations and the
    possibility of future changes in our circumstances, we cannot
    provide any assurance that our actual operating results will
    satisfy the requirements for taxation as a REIT under the Code
    for any particular taxable year.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Taxation as a
    REIT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If we qualify for taxation as a REIT, we generally will not be
    subject to federal corporate income tax on our net income that
    is distributed currently to our stockholders. This treatment
    substantially eliminates &#147;double taxation&#148; (that is,
    taxation at both the corporate and stockholder levels) that
    generally results from an investment in a corporation. However,
    we will be subject to federal income tax as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We will be taxed at regular corporate rates on any undistributed
    &#147;REIT taxable income&#148;. REIT taxable income is the
    taxable income of the REIT, subject to specified adjustments,
    including a deduction for dividends paid.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Under some circumstances, we may be subject to the
    &#147;alternative minimum tax&#148; on our items of tax
    preference.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If we have net income from the sale or other disposition of
    &#147;foreclosure property&#148; that is held primarily for sale
    to customers in the ordinary course of business, or other
    nonqualifying income from foreclosure property, we will be
    subject to tax at the highest corporate rate on this income.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our net income from &#147;prohibited transactions&#148; will be
    subject to a 100% tax. In general, prohibited transactions are
    sales or other dispositions of property held primarily for sale
    to customers in the ordinary course of business, other than
    foreclosure property.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If we fail to satisfy either the 75% gross income test or the
    95% gross income test discussed below, but nonetheless maintain
    our qualification as a REIT because other requirements are met,
    we will be subject to a tax equal to the greater of (1)&#160;the
    amount by which 75% of our gross income exceeds the amount of
    our income qualifying under the 75% test for the taxable year or
    (2)&#160;the amount by which 95% of our gross income exceeds the
    amount of our income qualifying for the 95% income test for the
    taxable year, multiplied by a fraction intended to reflect our
    profitability.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If we fail to satisfy any of the asset tests (other than a
    failure by a de minimis amount of the 5% or 10% asset tests) and
    we qualify for and satisfy certain cure provisions, then we will
    have to pay an excise tax equal to the greater of
    (1)&#160;$50,000 and (2)&#160;an amount determined by
    multiplying (x)&#160;the net income generated during a specified
    period by the assets that caused the failure by (y)&#160;the
    highest federal income tax rate applicable to corporations.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If we fail to satisfy any REIT requirements other than the
    income test or asset test requirements and we qualify for a
    reasonable cause exception, then we may retain our REIT
    qualification, but we will have to pay a penalty equal to
    $50,000 for each such failure.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We will be subject to a 4% excise tax on the excess of the
    required distribution over the sum of amounts actually
    distributed and amounts retained for which federal income tax
    was paid, if we fail to distribute during each calendar year at
    least the sum of:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;85% of our REIT ordinary income for the year;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;95% of our REIT capital gain net income for the
    year;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;any undistributed taxable income from prior taxable
    years.
</DIV>
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    <BR>
    86
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We will be subject to a 100% penalty tax on some payments we
    receive (or on certain expenses deducted by a taxable REIT
    subsidiary) if arrangements among us, our tenants and our
    taxable REIT subsidiaries are not comparable to similar
    arrangements among unrelated parties.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If we should acquire any asset from a &#147;C&#148; corporation
    in a carry-over basis transaction and we subsequently recognize
    gain on the disposition of such asset during the ten-year
    recognition period beginning on the date on which we acquired
    the asset, then, to the extent of any built-in gain, such gain
    will be subject to tax at the highest regular corporate rate.
    Built-in gain means the excess of (a)&#160;the fair market value
    of the asset as of the beginning of the applicable recognition
    period over (b)&#160;the adjusted basis in such asset as of the
    beginning of such recognition period.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Income earned by our taxable REIT subsidiaries will be subject
    to tax at regular corporate rates.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We may be required to pay penalties to the IRS in certain
    circumstances, including if we fail to meet recordkeeping
    requirements intended to monitor our compliance with rules
    relating to the composition of our stockholders.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Requirements for
    Qualification as a REIT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to elect to be taxable as a REIT for federal income
    tax purposes for our taxable year ending December&#160;31, 2010
    and do not intend to revoke such election for any subsequent
    taxable years. In order to qualify as a REIT, we must meet the
    requirements discussed below, relating to our organization,
    sources of income, nature of assets and distributions of income
    to stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Code defines a REIT as a corporation, trust or association:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;that is managed by one or more trustees or directors;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;the beneficial ownership of which is evidenced by
    transferable shares, or by transferable certificates of
    beneficial interest;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;that would be taxable as a domestic corporation, but
    for Sections&#160;856 through 859 of the Code;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;that is neither a financial institution nor an
    insurance company subject to applicable provisions of the Code;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (5)&#160;the beneficial ownership of which is held by 100 or
    more persons;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (6)&#160;during the last half of each taxable year, not more
    than 50% in value of the outstanding shares of which is owned
    directly or indirectly by five or fewer individuals, as defined
    in the Code to include specified entities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (7)&#160;that makes an election to be taxable as a REIT, or has
    made this election for a previous taxable year which has not
    been revoked or terminated, and satisfies all relevant filing
    and other administrative requirements established by the IRS
    that must be met to elect and maintain REIT status;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (8)&#160;that uses a calendar year for federal income tax
    purposes and complies with the recordkeeping requirements of the
    Code and regulations promulgated thereunder;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (9)&#160;that meets other applicable tests, described below,
    regarding the nature of its income and assets and the amount of
    its distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Conditions (1), (2), (3)&#160;and (4)&#160;above must be met
    during the entire taxable year and condition (5)&#160;above must
    be met during at least 335&#160;days of a taxable year of
    12&#160;months, or during a proportionate part of a taxable year
    of less than 12&#160;months. For purposes of determining stock
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    ownership under condition (6)&#160;above, a supplemental
    unemployment compensation benefits plan, a private foundation
    and a portion of a trust permanently set aside or used
    exclusively for charitable purposes generally are each
    considered an individual. A trust that is a qualified trust
    under Code Section&#160;401(a) generally is not considered an
    individual, and beneficiaries of a qualified trust are treated
    as holding shares of a REIT in proportion to their actuarial
    interests in the trust for purposes of condition (6)&#160;above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    To monitor its compliance with condition (6)&#160;above, a REIT
    is required to send annual letters to its stockholders
    requesting information regarding the actual ownership of its
    shares. If we comply with the annual letters requirement and we
    do not know or, exercising reasonable diligence, would not have
    known of our failure to meet condition (6)&#160;above, then we
    will be treated as having met condition (6)&#160;above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    To qualify as a REIT, we cannot have at the end of any taxable
    year any undistributed earnings and profits that are
    attributable to a non-REIT taxable year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Qualified REIT Subsidiaries and Disregarded
    Entities.</I></B>&#160;&#160;We intend to hold our assets
    through a limited liability company, which is a disregarded
    entity because we own 100% of the interests in it, directly or
    through other disregarded entities. If we own a corporate
    subsidiary that is a &#147;qualified REIT subsidiary&#148;, or
    if we own 100% of the membership interests in a limited
    liability company or other unincorporated entity that does not
    elect to be treated as a corporation for federal income tax
    purposes, the separate existence of that subsidiary, limited
    liability company or other unincorporated entity generally will
    be disregarded for federal income tax purposes. Generally, a
    qualified REIT subsidiary is a corporation, other than a taxable
    REIT subsidiary (discussed below), all of the stock of which is
    owned by the REIT. A limited liability company or other
    unincorporated entity 100% owned by a single member that does
    not elect to be treated as a corporation for federal income tax
    purposes generally is disregarded as an entity separate from its
    owner for federal income tax purposes. All assets, liabilities
    and items of income, deduction and credit of the qualified REIT
    subsidiary or disregarded entity will be treated as assets,
    liabilities and items of income, deduction and credit of its
    owner. Thus, in applying the requirements in this section, our
    qualified REIT subsidiaries and disregarded entities will be
    ignored and all assets, liabilities and items of income,
    deduction and credit of these subsidiaries will be treated as
    ours. Neither a qualified REIT subsidiary nor a disregarded
    entity will be subject to federal corporate income taxation,
    although such entities may be subject to state and local
    taxation in some states.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Ownership of Partnership Interests by a
    REIT.</I></B>&#160;&#160;A REIT that is a partner in a
    partnership (or a member in a limited liability company or other
    entity that is treated as a partnership for federal income tax
    purposes) will be deemed to own its proportionate share of the
    assets of the partnership and will be deemed to earn its
    proportionate share of the partnership&#146;s income. The assets
    and gross income of the partnership retain the same character in
    the hands of the REIT for purposes of the gross income and asset
    tests applicable to REITs as described below. Thus, our
    proportionate share of the assets and items of income of any
    entity taxable as a partnership for federal income tax purposes
    in which we hold an interest will be treated as our assets and
    liabilities and our items of income for purposes of applying the
    requirements described in this prospectus. The assets,
    liabilities and items of income of any partnership in which we
    own an interest include such entity&#146;s share of the assets
    and liabilities and items of income with respect to any
    partnership in which it holds an interest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Taxable REIT Subsidiaries.</I></B>&#160;&#160;A
    &#147;taxable REIT subsidiary&#148; of a REIT is a corporation
    in which the REIT directly or indirectly owns stock and that
    elects, together with the REIT, to be treated as a taxable REIT
    subsidiary under Section&#160;856(l) of the Code. The election
    can be revoked at any time as long as the REIT and the taxable
    REIT subsidiary revoke such election jointly. In addition, if a
    taxable REIT subsidiary owns, directly or indirectly, securities
    representing more than 35% of the vote or value of a subsidiary
    corporation (other than a REIT), that subsidiary will also be
    treated as a taxable REIT subsidiary. A taxable REIT subsidiary
    is a corporation subject to federal income tax, and state and
    local income tax where applicable, as a regular &#147;C&#148;
    corporation.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Generally, a taxable REIT subsidiary can perform some
    impermissible tenant services without causing us to receive
    impermissible tenant services income under the REIT income
    tests. Other than certain activities related to operating or
    managing a lodging or health care facility, a taxable REIT
    subsidiary also can recognize income that would be subject to
    the 100% prohibited transaction tax, or income that would be
    nonqualifying income under the gross income tests, if earned by
    a REIT. However, several provisions regarding the arrangements
    between a REIT and its taxable REIT subsidiaries ensure that a
    taxable REIT subsidiary will be subject to an appropriate level
    of federal income taxation. For example, a taxable REIT
    subsidiary is limited in its ability to deduct interest payments
    in excess of a certain amount made to us. In addition, we will
    be obligated to pay a 100% penalty tax on some payments that we
    receive or on certain expenses deducted by the taxable REIT
    subsidiary if the economic arrangements among us, our tenants
    and the taxable REIT subsidiary are not comparable to similar
    arrangements among unrelated parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Income Tests Applicable to REITs.</I></B>&#160;&#160;To
    qualify as a REIT, we must satisfy two gross income tests.
    First, at least 75% of our gross income, excluding gross income
    from prohibited transactions and certain other income and gains
    described below, for each taxable year must be derived directly
    or indirectly from investments relating to real property or
    mortgages on real property, including &#147;rents from real
    property&#148; (which includes certain of our expenses that are
    paid or reimbursed by tenants), gains on the disposition of real
    estate assets, dividends paid by another REIT and interest on
    obligations secured by mortgages on real property or on
    interests in real property, or from temporary investments of new
    capital in stock or debt securities during the one-year period
    following our receipt of new capital that we raise through
    equity offerings or issuance of debt obligations with at least a
    five-year term. Second, at least 95% of our gross income,
    excluding gross income from prohibited transactions and certain
    other income and gains described below, for each taxable year
    must be derived from any combination of income qualifying under
    the 75% test and dividends, interest, and gain from the sale or
    disposition of stock or securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Rents received by us will qualify as rents from real property in
    satisfying the gross income requirements for a REIT described
    above only if several conditions are met. First, the amount of
    rent must not be based in whole or in part on the income or
    profits of any person. However, an amount received or accrued
    generally will not be excluded from the term &#147;rents from
    real property&#148; solely by reason of being based on a fixed
    percentage or percentages of receipts or sales. Second, rents
    received from a &#147;related party tenant&#148; will not
    qualify as rents from real property in satisfying the gross
    income tests unless the tenant is a taxable REIT subsidiary and
    at least 90% of the property is leased to unrelated tenants and
    the rent paid by the taxable REIT subsidiary is substantially
    comparable to the rent paid by the unrelated tenants for
    comparable space. A tenant is a related party tenant if the
    REIT, or an actual or constructive owner of 10% or more of the
    REIT, actually or constructively owns 10% or more of the tenant.
    Third, if rent attributable to personal property, leased in
    connection with a lease of real property, is greater than 15% of
    the total rent received under the lease, then the portion of
    rent attributable to the personal property will not qualify as
    rents from real property.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Generally, for rents to qualify as rents from real property for
    the purpose of satisfying the gross income tests, we may provide
    directly only a de minimis amount of services, unless those
    services are &#147;customarily furnished or rendered&#148; in
    connection with the rental of real property and not otherwise
    considered &#147;rendered to the occupant&#148;. Accordingly, we
    may not provide &#147;impermissible services&#148; to tenants
    (except through an independent contractor from whom we derive no
    revenue and that meets other requirements or through a taxable
    REIT subsidiary) without giving rise to &#147;impermissible
    tenant service income&#148;. Impermissible tenant service income
    is deemed to be at least 150% of our direct cost of providing
    the service. If the impermissible tenant service income exceeds
    1% of our total income from a property, then all of the income
    from that property will fail to qualify as rents from real
    property. If the total amount of impermissible tenant service
    income from a property does not exceed 1% of our total income
    from the property, the services will not &#147;taint&#148; the
    other income from the property (that is, it will not cause the
    rent paid by tenants of that property to fail to qualify as
    rents from real property), but the impermissible tenant service
    income will not qualify as rents from real property.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Any gain we realize on the sale of any property held as
    inventory or other property held primarily for sale to customers
    in the ordinary course of business will be treated as income
    from a prohibited transaction that is subject to a 100% penalty
    tax, unless such property has been held by us for at least two
    years and certain other requirements are satisfied or the gain
    is realized in a taxable REIT subsidiary. Under existing law,
    whether property is held as inventory or primarily for sale to
    customers in the ordinary course of a trade or business is a
    question of fact that depends on all the facts and circumstances
    of a particular transaction. We generally intend to hold its
    properties for investment with a view to long-term appreciation,
    to engage in the business of acquiring, developing, owning and
    operating properties, and to make occasional sales of
    properties, consistent with our investment objectives. We cannot
    provide any assurance, however, that the IRS might not contend
    that one or more of these sales are subject to the 100% penalty
    tax.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    For purposes of the gross income tests, temporary investment
    income generally constitutes qualifying income if such income is
    earned as a result of investing new capital raised through the
    issuance of our common stock or certain long-term debt
    obligations in stock and debt obligations, but only during the
    one-year period beginning on the date we receive the new
    capital. If we are unable to invest sufficient amount of the net
    proceeds of this offering and of the concurrent private
    placement in real estate assets, as detailed below, within such
    one-year period, we could fail the 75% gross income test.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If we fail to satisfy one or both of the 75% or 95% gross income
    tests for any taxable year, we may nevertheless qualify as a
    REIT for that year if we are entitled to relief under the Code.
    These relief provisions generally will be available if our
    failure to meet the tests is due to reasonable cause and not due
    to willful neglect and, following our identification of such
    failure for any taxable year, we file a schedule describing each
    item of our gross income described in the gross income tests in
    accordance with the applicable Treasury Regulations. It is not
    possible, however, to state whether in all circumstances we
    would be entitled to the benefit of these relief provisions. For
    example, if we fail to satisfy the gross income tests because
    nonqualifying income that we intentionally incur exceeds the
    limits on nonqualifying income, the IRS could conclude that the
    failure to satisfy the tests was not due to reasonable cause. If
    these relief provisions are inapplicable to a particular set of
    circumstances involving us, we will fail to qualify as a REIT.
    As discussed under &#147;&#151;&#160;Taxation as a REIT&#148;,
    even if these relief provisions apply, a tax would be imposed
    based on the amount of nonqualifying income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Asset Tests Applicable to REITs.</I></B>&#160;&#160;At the
    close of each quarter of our taxable year, we must satisfy four
    tests relating to the nature of our assets:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;at least 75% of the value of our total assets must be
    represented by real estate assets, cash, cash items and
    government securities. Real estate assets include, for this
    purpose, stock or debt instruments held for less than one year
    purchased with the proceeds of an offering of our shares or
    publicly offered long-term debt;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;not more than 25% of our total assets may be
    represented by securities other than those in the 75% asset
    class;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;except for investments in qualified REIT subsidiaries,
    taxable REIT subsidiaries, equity interests in REITs or other
    securities that qualify as &#147;real estate assets&#148; for
    purposes of the test described in clause (1), the value of any
    one issuer&#146;s securities owned by us may not exceed 5% of
    the value of our total assets; we may not own more than 10% of
    the total voting power of any one issuer&#146;s outstanding
    securities; and we may not own more than 10% of the total value
    of the outstanding securities of any one issuer;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;not more than 25% of our total assets may be
    represented by securities of one or more taxable REIT
    subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Securities for purposes of the asset tests may include debt
    securities. However, the 10% value test does not apply to
    certain &#147;straight debt&#148; and other excluded securities,
    as described in the Code including, but not limited to, any loan
    to an individual or estate, any obligation to pay rents from
    real
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    property and any security issued by a REIT. In addition,
    (a)&#160;a REIT&#146;s interest as a partner in a partnership is
    not considered a security for purposes of applying the 10% value
    test to securities issued by the partnership; (b)&#160;any debt
    instrument issued by a partnership (other than straight debt or
    another excluded security) will not be considered a security
    issued by the partnership if at least 75% of the
    partnership&#146;s gross income is derived from sources that
    would qualify for the 75% gross income test; and (c)&#160;any
    debt instrument issued by a partnership (other than straight
    debt or another excluded security) will not be considered a
    security issued by the partnership to the extent of the
    REIT&#146;s interest as a partner in the partnership. In
    general, straight debt is defined as a written, unconditional
    promise to pay on demand or at a specific date a fixed principal
    amount, and the interest rate and payment dates on the debt must
    not be contingent on profits or the discretion of the debtor. In
    addition, straight debt may not contain a convertibility feature.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As provided above, stock or debt securities attributable to the
    temporary investment of new capital that we raise through the
    issuance of our common stock or certain long-term debt
    obligations constitute good assets for purposes of the 75% asset
    test, but only during the one-year period beginning on the date
    we receive the new capital. We intend to invest the net proceeds
    of this offering and the concurrent private placement in
    interest-bearing short-term U.S.&#160;government and government
    agency securities. If we are unable to invest sufficient amount
    of the net proceeds of this offering and of the concurrent
    private placement in real estate assets, we could be limited to
    investing all or a portion of any remaining funds in cash or
    cash equivalents.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    After initially meeting the asset tests at the close of any
    quarter, we will not lose our status as a REIT if we fail to
    satisfy any of the asset tests (other than the 10% voting
    limitation) at the end of a later quarter solely by reason of
    changes in the relative values of our assets. If the failure to
    satisfy any such asset tests results from an acquisition of
    securities or other property during a quarter, the failure can
    be cured by disposition of sufficient non-qualifying assets
    within 30&#160;days after the close of that quarter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Moreover, if we fail to satisfy any of the asset tests at the
    end of a calendar quarter during a taxable year and such failure
    is not cured within 30&#160;days as described above, we will not
    lose our REIT status if one of the following additional
    exceptions applies: (A)&#160;the failure is due to a violation
    of the 5% or 10% asset tests and is &#147;de minimis&#148; (for
    this purpose, a &#147;de minimis&#148; failure is one that
    arises from our ownership of assets the total value of which
    does not exceed the lesser of 1% of the total value of our
    assets at the end of the quarter in which the failure occurred
    and $10&#160;million) and we either dispose of the assets that
    caused the failure or otherwise satisfy the asset tests within
    six months after the last day of the quarter in which our
    identification of the failure occurred; or (B)&#160;the failure
    is due to a violation of any of the asset tests (other than a
    &#147;de minimis&#148; violations of the 5% or 10% asset tests)
    and all of the following requirements are satisfied:
    (i)&#160;the failure is due to reasonable cause and not willful
    neglect, (ii)&#160;we file a schedule in accordance with
    Treasury Regulations providing a description of each asset that
    caused the failure, (iii)&#160;we either dispose of the assets
    that caused the failure or otherwise satisfy the asset tests
    within six months after the last day of the quarter in which our
    identification of the failure occurred, and (iv)&#160;we pay an
    excise tax equal to the greater of (x)&#160;$50,000 and
    (y)&#160;an amount determined by multiplying the net income
    generated during a specified period by the assets that caused
    the failure by the highest federal income tax applicable to
    corporations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Foreclosure Property.</I></B>&#160;&#160;Foreclosure
    property is real property (including interests in real property)
    and any personal property incident to such real property
    (1)&#160;that is acquired by a REIT as a result of the REIT
    having bid in the property at foreclosure, or having otherwise
    reduced the property to ownership or possession by agreement or
    process of law, after there was a default (or default was
    imminent) on a lease of the property or a mortgage loan held by
    the REIT and secured by the property, (2)&#160;for which the
    related loan or lease was made, entered into or acquired by the
    REIT at a time when default was not imminent or anticipated and
    (3)&#160;for which such REIT makes an election to treat the
    property as foreclosure property. REITs generally are subject to
    tax at the maximum corporate rate (currently 35%) on any net
    income from foreclosure property, including any gain from
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    the disposition of the foreclosure property, other than income
    that would otherwise be qualifying income for purposes of the
    75% gross income test. Any gain from the sale of property for
    which a foreclosure property election has been made will not be
    subject to the 100% tax on gains from prohibited transactions
    described above, even if the property is held primarily for sale
    to customers in the ordinary course of a trade or business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Hedging Transactions.</I></B>&#160;&#160;We may enter into
    hedging transactions with respect to one or more of our assets
    or liabilities. Hedging transactions could take a variety of
    forms, including interest rate swaps or cap agreements, options,
    futures contracts, forward rate agreements or similar financial
    instruments. Except to the extent as may be provided by future
    Treasury Regulations, any income from a hedging transaction
    which is clearly identified as such before the close of the day
    on which it was acquired, originated or entered into, including
    gain from the disposition or termination of such a transaction,
    will not constitute gross income for purposes of the 95% and 75%
    income tests if such hedging transaction is entered into
    (i)&#160;in the normal course of our business primarily to
    manage risk of interest rate or price changes or currency
    fluctuations with respect to indebtedness incurred or to be
    incurred by us to acquire or carry real estate assets or
    (ii)&#160;primarily to manage the risk of currency fluctuations
    with respect to any item of income or gain that would be
    qualifying income under the 75% or 95% income tests (or any
    property which generates such income or gain). To the extent we
    enter into other types of hedging transactions, the income from
    those transactions is likely to be treated as nonqualifying
    income for purposes of both of the 75% and 95% gross income
    tests. We intend to structure any hedging transactions in a
    manner that does not jeopardize our ability to qualify as a REIT.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Annual Distribution Requirements Applicable to
    REITs.</I></B>&#160;&#160;To qualify as a REIT, we are required
    to distribute dividends, other than capital gain dividends, to
    our stockholders each year in an amount at least equal to
    (1)&#160;the sum of (a)&#160;90% of our REIT taxable income,
    computed without regard to the dividends paid deduction and our
    net capital gain, and (b)&#160;90% of the net income, after tax,
    from foreclosure property, minus (2)&#160;the sum of certain
    specified items of noncash income. In addition, if we recognize
    any built-in gain, we will be required, under Treasury
    Regulations, to distribute at least 90% of the built-in gain,
    after tax, recognized on the disposition of the applicable
    asset. See &#147;&#151;&#160;Taxation as a REIT&#148; for a
    discussion of the possible recognition of built-in gain. These
    distributions must be paid either in the taxable year to which
    they relate, or in the following taxable year if declared before
    we timely file our tax return for the prior year and if paid
    with or before the first regular dividend payment date after the
    declaration is made.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We intend to make timely distributions sufficient to satisfy the
    annual distribution requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    It is possible that we, from time to time, may choose to retain
    cash to fund capital projects or future operations or may not
    have sufficient cash or other liquid assets to meet this
    distribution requirement or to distribute such greater amount as
    may be necessary to avoid income and excise taxation, in part
    due to timing differences between (a)&#160;the actual receipt of
    income and the actual payment of deductible expenses and
    (b)&#160;the inclusion of such income and the deduction of such
    expenses in arriving at our taxable income, or as a result of
    nondeductible expenses such as principal amortization or capital
    expenditures in excess of noncash deductions. In such event, we
    may find it necessary to arrange for borrowings or pay taxable
    stock dividends in order to meet the dividend requirement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under some circumstances, we may be able to rectify a failure to
    meet the distribution requirement for a year by paying dividends
    to stockholders in a later year, which may be included in our
    deduction for dividends paid for the earlier year. We will refer
    to such dividends as &#147;deficiency dividends&#148;. Thus, we
    may be able to avoid being taxed on amounts distributed as
    deficiency dividends. We will, however, be required to pay
    interest based upon the amount of any deduction taken for
    deficiency dividends.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    To the extent that we do not distribute (and are not deemed to
    have distributed, as described below) all of our net capital
    gain or distribute at least 90%, but less than 100%, of our REIT
    taxable income, as adjusted, we are subject to tax on these
    retained amounts at regular corporate tax rates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, we will be subject to a 4% excise tax on the excess
    of the required distribution over the sum of amounts actually
    distributed and amounts retained for which federal income tax
    was paid, if we fail to distribute during each calendar year at
    least the sum of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;85% of our REIT ordinary income for the year;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;95% of our REIT capital gain net income for the
    year;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;any undistributed taxable income from prior taxable
    years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A REIT may elect to retain rather than distribute all or a
    portion of its net capital gains and pay the tax on the gains.
    In that case, a REIT may elect to have its stockholders include
    their proportionate share of the undistributed net capital gains
    in income as long-term capital gains and receive a credit for
    their share of the tax paid by the REIT. For purposes of the 4%
    excise tax described above, any such retained amounts would be
    treated as having been distributed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Record-Keeping Requirements.</I></B>&#160;&#160;We are
    required to comply with applicable record-keeping requirements.
    Failure to comply could result in monetary fines.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Failure to Qualify as a REIT.</I></B>&#160;&#160;If we
    fail to satisfy any REIT requirements (other than the income
    test or asset test requirements, with respect to which specific
    cure provisions apply), we generally will be eligible for relief
    from REIT disqualification if the failure is due to reasonable
    cause and not willful neglect and we pay a penalty of $50,000
    with respect to such failure. It is not possible to state
    whether in all circumstances we would be entitled to such
    statutory relief.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If we fail to qualify for taxation as a REIT in any taxable year
    and a relief provision does not apply, we will be subject to tax
    on our taxable income at regular corporate rates, including any
    applicable alternative minimum tax. Distributions to
    stockholders in any year in which we fail to qualify will not be
    deductible by us nor will they be required to be made. In such
    event, to the extent of current or accumulated earnings and
    profits, all distributions to stockholders will be taxable as
    dividend income. Subject to limitations of the Code, corporate
    stockholders may be eligible for the dividends-received
    deduction and non-corporate stockholders may be eligible to
    treat the dividends received from us as qualified dividend
    income taxable as net capital gains under the provisions of
    Section&#160;1(h)(11) of the Code, for taxable years beginning
    before January&#160;1, 2011. Unless we are entitled to relief
    under specific statutory provisions, we also will be
    disqualified from electing to be taxed as a REIT for the four
    taxable years following the year during which qualification was
    lost.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Taxation of U.S.
    Stockholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    When we refer to a U.S.&#160;stockholder, we mean a beneficial
    owner of a share of our common stock that is, for United States
    federal income tax purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;a citizen or resident, as defined in Code
    Section&#160;7701(b), of the United States;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;a corporation, or other entity treated as a corporation
    for federal income tax purposes, created or organized under the
    laws of the United States, any state or the District of Columbia;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;an estate the income of which is subject to federal
    income taxation regardless of its source;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;a trust that is subject to the primary supervision of a
    United States court and the control of one or more United States
    persons or that has a valid election in effect under the
    applicable Treasury Regulations to be treated as a United States
    person under the Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Generally, in the case of a partnership (or other entity treated
    as such for federal income tax purposes) that holds our common
    stock, any partner that would be a U.S.&#160;stockholder if it
    held the
</DIV>
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    93
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    common stock directly is also a U.S.&#160;stockholder. A
    <FONT style="white-space: nowrap">&#147;non-U.S.&#160;stockholder&#148;</FONT>
    is a holder, including any partner in a partnership that holds
    our common stock, that is not a U.S.&#160;stockholder.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Distributions by Us.</I></B>&#160;&#160;So long as we
    qualify as a REIT, distributions to U.S.&#160;stockholders out
    of our current or accumulated earnings and profits that are not
    designated as capital gain dividends will be taxable as dividend
    income and will not be eligible for the dividends received
    deduction generally available for corporations and generally
    will not be eligible for treatment as qualified dividend income
    by non-corporate stockholders except with respect to the portion
    of any distribution (a)&#160;that represents income from
    dividends we receive from a TRS or a corporation in which we own
    shares (but only if such dividends would be eligible for the
    lower rate on dividends if paid by the corporation to its
    individual stockholders), or (b)&#160;that is equal to the sum
    of our real estate investment trust taxable income (taking into
    account the dividends paid deduction available to us) for our
    previous taxable year and certain net built-in gain with respect
    to property acquired from a C corporation in certain
    transactions in which we must adopt the basis of the asset in
    the hands of the C corporation for such previous taxable year
    and less any taxes imposed on us for such previous taxable year.
    Distributions in excess of our current and accumulated earnings
    and profits will not be taxable to a U.S.&#160;stockholder to
    the extent that the distributions do not exceed the adjusted tax
    basis of the stockholder&#146;s shares. Rather, such
    distributions will reduce the adjusted basis of such shares, but
    not below zero. Distributions in excess of current and
    accumulated earnings and profits that exceed the
    U.S.&#160;stockholder&#146;s adjusted basis in its shares will
    be treated as gain from the sale or exchange of such shares
    taxable as capital gains in the amount of such excess if the
    shares are held as a capital asset. If we declare a dividend in
    October, November or December of any year with a record date in
    one of these months and pay the dividend on or before January 31
    of the following year, we will be treated as having paid the
    dividend, and the stockholder will be treated as having received
    the dividend, on December 31 of the year in which the dividend
    was declared. This discussion applies equally to distributions
    payable in cash and taxable stock distributions.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may elect to designate distributions of our net capital gain
    as &#147;capital gain dividends&#148;. Capital gain dividends
    are taxed to stockholders as gain from the sale or exchange of a
    capital asset held for more than one year, to the extent that
    they do not exceed our actual net capital gain for the taxable
    year, without regard to how long the U.S.&#160;stockholder has
    held its shares. If we designate any portion of a dividend as a
    capital gain dividend, a U.S.&#160;stockholder will receive an
    IRS
    <FONT style="white-space: nowrap">Form&#160;1099-DIV</FONT>
    indicating the amount that will be taxable to the stockholder as
    capital gain. Corporate stockholders, however, may be required
    to treat up to 20% of capital gain dividends as ordinary income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Instead of paying capital gain dividends, we may choose to
    retain all or part of our net capital gain and designate such
    amount as &#147;undistributed capital gain&#148;. We will be
    subject to tax at regular corporate rates on any undistributed
    capital gains.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A U.S.&#160;stockholder:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;will include in its income as long-term capital gains
    its proportionate share of such undistributed capital
    gains;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;will be deemed to have paid its proportionate share of
    the tax paid by us on such undistributed capital gains and
    receive a credit or a refund to the extent that the tax paid by
    us exceeds the U.S.&#160;stockholder&#146;s tax liability on the
    undistributed capital gains.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A U.S.&#160;stockholder will increase the basis in its common
    stock by the difference between the amount of capital gain
    included in its income and the amount of tax it is deemed to
    have paid. Our earnings and profits will be adjusted
    appropriately.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will classify portions of any designated capital gain
    dividend or undistributed capital gains as either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;a 15% rate gain distribution, which would be taxable to
    non-corporate U.S.&#160;stockholders at a maximum rate of 15%
    (for taxable years beginning before January&#160;1,
    2011);&#160;or
</DIV>
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    <BR>
    94
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;an &#147;unrecaptured Section&#160;1250 gain&#148;
    distribution, which would be taxable to non-corporate
    U.S.&#160;stockholders at a maximum rate of 25%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We must determine the maximum amounts that we may designate as
    15% and 25% rate capital gain dividends by performing the
    computation required by the Code as if the REIT were an
    individual whose ordinary income were subject to a marginal tax
    rate in excess of 25%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Distributions made by us and gain arising from the sale or
    exchange by a U.S.&#160;stockholder of shares of our common
    stock will not be treated as passive activity income, and as a
    result, U.S.&#160;stockholders generally will not be able to
    apply any &#147;passive losses&#148; against this income or
    gain. In addition, taxable distributions from our company
    generally will be treated as investment income for purposes of
    the investment interest limitations. A U.S.&#160;stockholder may
    elect to treat capital gain dividends and capital gains from the
    disposition of shares of our common stock as investment income
    for purposes of the investment interest limitation, in which
    case the applicable capital gains will be taxed at ordinary
    income rates. We will notify stockholders regarding the portions
    of distributions for each year that constitute ordinary income,
    return of capital and capital gain. U.S.&#160;stockholders may
    not include in their own income tax returns any net operating
    losses or capital losses of our company. Our operating or
    capital losses would be carried over for potential offset
    against our future income, subject to applicable limitations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Sales of Shares.</I></B>&#160;&#160;Upon any taxable sale
    or other disposition of shares, a U.S.&#160;stockholder will
    recognize gain or loss for federal income tax purposes in an
    amount equal to the difference between:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;the amount of cash and the fair market value of any
    property received on the sale or other disposition;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;the holder&#146;s adjusted basis in the shares for tax
    purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This gain or loss will be a capital gain or loss if the shares
    have been held by the U.S.&#160;stockholder as a capital asset.
    The applicable tax rate will depend on the stockholder&#146;s
    holding period in the shares (generally, if an asset has been
    held for more than one year it will produce long-term capital
    gain) and the stockholder&#146;s tax bracket. The IRS has the
    authority to prescribe, but has not yet prescribed, regulations
    that would apply a capital gain tax rate of 25% (which is
    generally higher than the long-term capital gain tax rates for
    non-corporate stockholders) to a portion of capital gain
    realized by a non-corporate stockholder on the sale of REIT
    shares that would correspond to the REIT&#146;s
    &#147;unrecaptured Section&#160;1250 gain&#148;. Stockholders
    are urged to consult with their own tax advisors with respect to
    their capital gain tax liability. A corporate
    U.S.&#160;stockholder will be subject to tax at a maximum rate
    of 35% on capital gain from the sale of our common stock. In
    general, any loss recognized by a U.S.&#160;stockholder upon the
    sale or other disposition of shares that have been held for six
    months or less, after applying the holding period rules, will be
    treated as a long-term capital loss, to the extent of
    distributions received by the U.S.&#160;stockholder from us that
    were required to be treated as long-term capital gains. All or a
    portion of any loss realized upon a taxable disposition of
    shares may be disallowed if other shares are purchased within
    30&#160;days before or after the date of disposition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Taxation of
    Tax-Exempt Stockholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Except as provided below, if a tax-exempt stockholder has not
    held its common stock as &#147;debt financed property&#148;
    within the meaning of the Code, the dividend income from our
    company will not be unrelated business taxable income, referred
    to as UBTI, to a tax-exempt stockholder. Similarly, gain from
    the sale of shares will not constitute UBTI unless the
    tax-exempt stockholder has held its shares as debt financed
    property within the meaning of the Code or is a dealer with
    respect to our shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    However, for tax-exempt stockholders that are social clubs,
    voluntary employee benefit associations, supplemental
    unemployment benefit trusts or qualified group legal services
    plans exempt from federal income taxation under
    Section&#160;501(c)(7), (c)(9), (c)(17) or (c)(20) of the Code,
    respectively, income from an investment in our shares will
    constitute UBTI; however, an organization exempt under
    Section&#160;501(c)(9), (c)(17) or (c)(20) of the Code may
    reduce UBTI if it properly sets aside or reserves
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    such amounts for certain purposes specified in the Code. These
    tax-exempt stockholders should consult their own tax advisors
    concerning these &#147;set aside&#148; and reserve requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, a portion of the dividends paid by a
    &#147;pension-held REIT&#148; are treated as UBTI if received by
    any trust which is described in Section&#160;401(a) of the Code,
    is tax-exempt under Section&#160;501(a) of the Code and holds
    more than 10%, by value, of the interests in the pension-held
    REIT. Tax-exempt pension funds that are described in
    Section&#160;401(a) of the Code are referred to below as
    &#147;pension trusts&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A REIT is a pension-held REIT if the following conditions apply:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;it qualified as a REIT only by reason of
    Section&#160;856(h)(3) of the Code, which provides that stock
    owned by a pension trust will be treated, for purposes of
    determining if the REIT is closely held, as owned by the
    beneficiaries of the trust rather than by the trust
    itself;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;either (a)&#160;at least one pension trust holds more
    than 25% of the value of the REIT&#146;s stock, or (b)&#160;a
    group of pension trusts each individually holding more than 10%
    of the value of the REIT&#146;s stock, collectively owns more
    than 50% of the value of the REIT&#146;s stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The percentage of any pension-held REIT dividend treated as UBTI
    is equal to the ratio of the UBTI earned by the REIT, treating
    the REIT as if it were a pension trust and therefore subject to
    tax on UBTI, to the total gross income of the REIT. An exception
    applies where such percentage is less than 5% for any taxable
    year.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The rules described above under the heading &#147;&#160;&#151;
    Taxation of U.S.&#160;Stockholders&#160;&#151; Distributions by
    Us&#148; concerning the inclusion of our designated
    undistributed capital gain in the income of our stockholders
    will apply to tax-exempt stockholders. Thus, tax-exempt
    stockholders will be allowed a credit or refund of the tax
    deemed paid by them in respect of the includible gain.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">U.S. Taxation of
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Stockholders</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Distributions by Us.</I></B>&#160;&#160;Distributions by
    us to a
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    that are neither attributable to gain from sales or exchanges by
    us of &#147;U.S.&#160;real property interests&#148; nor
    designated by us as capital gains dividends will be treated as
    dividends of ordinary income to the extent that they are made
    out of our current or accumulated earnings and profits. These
    distributions ordinarily will be subject to withholding of
    federal income tax on a gross basis at a rate of 30%, or a lower
    rate as permitted under an applicable income tax treaty, unless
    the dividends are treated as effectively connected with the
    conduct by the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    of a U.S.&#160;trade or business or are attributable to a
    permanent establishment that the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    maintains in the United States if that is required by an
    applicable income tax treaty as a condition for subjecting the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    to U.S.&#160;taxation on a net income basis. Under some
    treaties, however, lower withholding rates generally applicable
    to dividends do not apply to dividends from REITs. Dividends
    that are effectively connected with a U.S.&#160;trade or
    business or are attributable to a permanent establishment that
    the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    maintains in the United States if that is required by an
    applicable income tax treaty, will be subject to tax on a net
    basis, that is, after allowance for deductions, at graduated
    rates, in the same manner as such dividends are taxable to
    U.S.&#160;stockholders, and are generally not subject to
    withholding. Applicable certification and disclosure
    requirements must be satisfied to obtain a reduced rate of
    withholding under an applicable income tax treaty or to be
    exempt from withholding under the effectively connected income
    exemption. Any dividends received by a corporate
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    that is engaged in a U.S.&#160;trade or business also may be
    subject to an additional branch profits tax at a 30% rate, or
    lower applicable treaty rate.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Distributions in excess of our current and accumulated earnings
    and profits that exceed the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder&#146;s</FONT>
    basis in its common stock will be taxable to a
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    as gain from the sale of common stock, which is discussed below.
    Distributions in excess of our current or accumulated earnings
    and profits that do not exceed the adjusted basis of the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    in its common stock will reduce the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder&#146;s</FONT>
    adjusted basis in its common stock, but not
</DIV>
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    96
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    below zero, and will not be subject to federal income tax, but
    will be subject to U.S.&#160;withholding tax as described below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect to withhold U.S.&#160;income tax at the rate of 30% on
    any dividend distributions (including distributions that later
    may be determined to have been in excess of current and
    accumulated earnings and profits) made to a
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;a lower treaty rate applies and the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    files with us an IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    evidencing eligibility for that reduced treaty rate;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    files with us an IRS
    <FONT style="white-space: nowrap">Form&#160;W-8ECI</FONT>
    claiming that the distribution is income effectively connected
    with such
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder&#146;s</FONT>
    trade or business within the U.S.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may be required to withhold at least 10% of any distribution
    in excess of our current and accumulated earnings and profits,
    even if a lower treaty rate applies and the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    is not liable for tax on the receipt of that distribution.
    However, a
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    may seek a refund of these amounts from the IRS if the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder&#146;s</FONT>
    U.S.&#160;tax liability with respect to the distribution is less
    than the amount withheld.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Distributions to a
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    that are designated by us at the time of the distribution as
    capital gain dividends, other than those arising from the
    disposition of a U.S.&#160;real property interest, generally
    should not be subject to federal income taxation unless:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;the investment in our common stock is effectively
    connected with the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder&#146;s</FONT>
    U.S.&#160;trade or business or are attributable to a permanent
    establishment that the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    maintains in the United States if that is required by an
    applicable income tax treaty, in which case the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    will be subject to the same treatment as U.S.&#160;stockholders
    with respect to any gain, except that a stockholder that is a
    foreign corporation also may be subject to the 30% branch
    profits tax, as discussed above;&#160;or
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    is a nonresident alien individual who is present in the
    U.S.&#160;for 183&#160;days or more during the taxable year and
    has a &#147;tax home&#148; in the U.S., in which case the
    nonresident alien individual will be subject to a 30% tax on the
    individual&#146;s capital gains.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under the Foreign Investment in Real Property Tax Act, which is
    referred to as &#147;FIRPTA&#148;, subject to the exception
    discussed below for 5% or smaller holders of regularly traded
    classes of stock, distributions to a
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    that are attributable to gain from sales or exchanges by us of
    U.S.&#160;real property interests, whether or not designated as
    a capital gain dividend, will cause the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    to be treated as recognizing gain that is income effectively
    connected with a U.S.&#160;trade or business.
    <FONT style="white-space: nowrap">Non-U.S.&#160;stockholders</FONT>
    will be taxed on this gain at the same rates applicable to
    U.S.&#160;stockholders, subject to a special alternative minimum
    tax in the case of nonresident alien individuals. Also, this
    gain may be subject to the 30% branch profits tax in the hands
    of a
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    that is a corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will be required to withhold and remit to the IRS 35% of any
    distributions to
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholders</FONT>
    that are designated as capital gain dividends, including any
    distributions that could have been designated as capital gain
    dividends. Distributions can be designated as capital gains to
    the extent of our net capital gain for the taxable year of the
    distribution. The amount withheld is creditable against the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder&#146;s</FONT>
    federal income tax liability. A
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    who receives distributions attributable to gain from a sale or
    exchange by us of U.S.&#160;real property interests will be
    required to file a federal income tax return for the taxable
    year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    that owns, actually or constructively, no more than 5% of our
    common stock at all times during the one-year period ending on
    the date of the distribution will not be subject to the 35%
    FIRPTA withholding tax with respect to distributions that are
    attributable to gain from our sale or exchange of U.S.&#160;real
    property interests, if our common stock is regularly traded on
    an established securities market. Instead, any distributions
    made to such
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    will be
</DIV>
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    97
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    subject to the general withholding rules discussed above which
    generally impose a withholding tax equal to 30% of the gross
    amount of each dividend distribution (unless reduced by treaty).
    We anticipate that our common stock will be regularly traded on
    an established securities market in the United States following
    this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Although the law is not clear on the matter, it appears that
    amounts designated by us as undistributed capital gains
    generally should be treated with respect to
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholders</FONT>
    in the same manner as actual distributions by us of capital gain
    dividends. Under that approach,
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholders</FONT>
    would be able to offset as a credit against their federal income
    tax liability resulting therefrom an amount equal to their
    proportionate share of the tax paid by us on the undistributed
    capital gains, and to receive from the IRS a refund to the
    extent their proportionate share of this tax paid by us exceeds
    their actual federal income tax liability.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Sale of Common Stock.</I></B>&#160;&#160;Gain recognized
    by a
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    upon the sale or exchange of our common stock generally would
    not be subject to U.S.&#160;taxation unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;the investment in our common stock is effectively
    connected with the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder&#146;s</FONT>
    U.S.&#160;trade or business, in which case the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    will be subject to the same treatment as U.S.&#160;stockholders
    with respect to any gain;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    is a nonresident alien individual who is present in the
    U.S.&#160;for 183&#160;days or more during the taxable year and
    has a tax home in the U.S., in which case the nonresident alien
    individual will be subject to a 30% tax on the individual&#146;s
    net capital gains for the taxable year;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;our common stock constitutes a U.S.&#160;real property
    interest within the meaning of FIRPTA, as described below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our common stock will not constitute a U.S.&#160;real property
    interest if we are a domestically controlled qualified
    investment entity. We will be a domestically controlled
    qualified investment entity if, at all times during a specified
    testing period, we are a REIT and less than 50% in value of our
    stock is held directly or indirectly by
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholders.</FONT>
    We cannot guarantee that we will be a domestically controlled
    qualified investment entity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Even if we are a domestically controlled qualified investment
    entity, upon disposition of our stock, a
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    may be treated as having gain from the sale or exchange of a
    U.S.&#160;real property interest if the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    (1)&#160;disposes of an interest in our stock during the
    <FONT style="white-space: nowrap">30-day</FONT>
    period preceding the ex-dividend date of a distribution, any
    portion of which, but for the disposition, would have been
    treated as gain from sale or exchange of a U.S.&#160;real
    property interest and (2)&#160;directly or indirectly acquires,
    enters into a contract or option to acquire, or is deemed to
    acquire, other shares of our stock within 30&#160;days before or
    after such ex-dividend date. This rule does not apply if the
    exception for distributions to 5% or smaller holders of
    regularly traded classes of stock is satisfied.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Even if we do not qualify as a domestically controlled qualified
    investment entity at the time a
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    sells its common stock, our stock sold by such stockholder would
    not be considered a U.S.&#160;real property interest if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;the class or series of stock sold is considered
    regularly traded under applicable Treasury Regulations on an
    established securities market;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;the selling
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    owned, actually or constructively, 5% or less in value of the
    outstanding class or series of stock being sold throughout the
    shorter of the five-year period ending on the date of the sale
    or exchange or the taxpayer&#146;s holding period with respect
    to such stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We anticipate that our common stock will be regularly traded on
    an established securities market in the United States following
    this offering.
</DIV>
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    <BR>
    98
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If gain on the sale or exchange of our common stock were subject
    to taxation under FIRPTA, a
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    would be subject to regular U.S.&#160;income tax with respect to
    any gain in the same manner as a taxable U.S.&#160;stockholder,
    subject to any applicable alternative minimum tax and special
    alternative minimum tax in the case of nonresident alien
    individuals.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Information
    Reporting and Backup Withholding Tax Applicable to
    Stockholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>U.S.&#160;Stockholders.</I></B>&#160;&#160;In general,
    information reporting requirements will apply to distributions
    on our common stock and payments of the proceeds of the sale of
    our common stock to some stockholders, unless an exception
    applies. Further, the payee will be subject to backup
    withholding on any payments if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;the payee fails to furnish a taxpayer identification
    number, or TIN, to the payor or to establish an exemption from
    backup withholding;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;the IRS notifies the payor that the TIN furnished by
    the payee is incorrect;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;There has been a notified payee under-reporting with
    respect to interest, dividends, or original issue discount
    described in Section&#160;3406(c) of the Code;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (4)&#160;the payee fails to certify under the penalty of perjury
    that the payee is not subject to backup withholding under the
    Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Some stockholders, including corporations and tax exempt
    organizations, will be exempt from backup withholding. Any
    amounts withheld under the backup withholding rules from a
    payment to a stockholder will be allowed as a credit against the
    stockholder&#146;s federal income tax and may entitle the
    stockholder to a refund, provided that the required information
    is furnished to the IRS.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I><FONT style="white-space: nowrap">Non-U.S.&#160;Stockholders.</FONT></I></B>&#160;&#160;Generally,
    information reporting will apply to payments of distributions on
    our common stock, and backup withholding may apply, unless the
    payee certifies that it is not a U.S.&#160;person or otherwise
    establishes an exemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The payment of the proceeds from the disposition of our common
    stock to or through the U.S.&#160;office of a U.S.&#160;or
    foreign broker will be subject to information reporting and,
    possibly, backup withholding unless the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    certifies as to its
    <FONT style="white-space: nowrap">non-U.S.&#160;status</FONT>
    or otherwise establishes an exemption, provided that the broker
    does not have actual knowledge that the stockholder is a
    U.S.&#160;person or that the conditions of any other exemption
    are not, in fact, satisfied. The proceeds of the disposition by
    a
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder</FONT>
    of our common stock to or through a foreign office of a broker
    generally will not be subject to information reporting or backup
    withholding. However, if the broker is a U.S.&#160;person, a
    controlled foreign corporation for U.S.&#160;tax purposes or a
    foreign person 50% or more of whose gross income from all
    sources for specified periods is from activities that are
    effectively connected with a U.S.&#160;trade or business,
    information reporting generally will apply unless the broker has
    documentary evidence as to the
    <FONT style="white-space: nowrap">non-U.S.&#160;stockholder&#146;s</FONT>
    foreign status and has no actual knowledge to the contrary. Any
    amount withheld under the backup withholding rules from a
    payment to a stockholder will be allowed as a credit against
    such stockholder&#146;s U.S.&#160;federal income tax liability
    (which might entitle such stockholder to a refund), provided
    that the required information is furnished to the IRS.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Applicable Treasury Regulations provide presumptions regarding
    the status of stockholders when payments to the stockholders
    cannot be reliably associated with appropriate documentation
    provided to the payer. Because the application of the these
    Treasury Regulations varies depending on the stockholder&#146;s
    particular circumstances, you are urged to consult your tax
    advisor regarding the information reporting requirements
    applicable to you.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Other Tax
    Consequences</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our company and its stockholders may be subject to state and
    local taxation in various state or local jurisdictions,
    including those in which it or they transact business or reside.
    The state and local
</DIV>
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    <BR>
    99
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    tax treatment of our company and its stockholders may not
    conform to the federal income tax consequences discussed above.
    Consequently, prospective investors should consult their own tax
    advisors regarding the effect of state and local tax laws on an
    investment in our securities. To the extent that we and any of
    our subsidiaries are required to pay federal, state or local
    taxes, we will have less cash available for distribution to
    stockholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Legislative or
    Other Actions Affecting REITs</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The rules dealing with federal income taxation are constantly
    under review by persons involved in the legislative process and
    by the IRS and the U.S.&#160;Treasury Department. No assurance
    can be given as to whether, when, or in what form, the federal
    income tax laws applicable to us and our stockholders may be
    enacted. Changes to the federal tax laws and interpretations of
    federal tax laws could adversely affect an investment our common
    stock.
</DIV>
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    <BR>
    100
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<A name='120'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">ERISA
    CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>The advice set forth below was not intended or written to
    be used, and it cannot be used, by any taxpayer for the purpose
    of avoiding United States federal tax penalties that may be
    imposed on the taxpayer. The advice was written to support the
    promotion or marketing of the transaction(s) or matter(s)
    addressed herein. Each taxpayer should seek advice based upon
    the taxpayer&#146;s particular circumstances from an independent
    tax advisor. The foregoing language is intended to satisfy the
    requirements under the regulations in Section&#160;10.35 of
    Circular 230.</I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Employee Retirement Income Security Act of 1974, as amended
    (&#147;ERISA&#148;), imposes certain requirements on employee
    benefit plans (as defined in Section&#160;3(3) of ERISA) subject
    to the provisions of Title&#160;I of ERISA, including entities
    such as collective investment funds and separate accounts whose
    underlying assets include the assets of such plans
    (collectively, &#147;ERISA Plans&#148;), and on those persons
    who are fiduciaries with respect to ERISA Plans. Investments by
    ERISA Plans are subject to ERISA&#146;s general fiduciary
    requirements, including the requirement of investment prudence
    and diversification. In addition, ERISA requires the fiduciary
    of an ERISA Plan to maintain the indicia of ownership of the
    ERISA Plan&#146;s assets within the jurisdiction of the United
    States district courts. The prudence of a particular investment
    must be determined by the responsible fiduciary of an ERISA Plan
    by taking into account the ERISA Plan&#146;s particular
    circumstances and all of the facts and circumstances of the
    investment including, but not limited to, the matters discussed
    above under &#147;Risk Factors&#148;, the nature of our
    business, the length of our operating history and the fact that
    in the future there may be no market in which such fiduciary
    will be able to sell or otherwise dispose of our common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Section&#160;406 of ERISA and Section&#160;4975 of the Code
    prohibit certain transactions involving the assets of an ERISA
    Plan (as well as those plans that are not subject to ERISA but
    which are subject to Section&#160;4975 of the Code, such as
    individual retirement accounts (together with ERISA Plans,
    &#147;Plans&#148;)) and certain persons (referred to as
    &#147;parties in interest&#148; or &#147;disqualified
    persons&#148;) having certain relationships to such Plans,
    unless a statutory or administrative exemption is applicable to
    the transaction. A party in interest or disqualified person who
    engages in a non-exempt prohibited transaction may be subject to
    non-deductible excise taxes and other penalties and liabilities
    under ERISA and the Code, and the transaction might have to be
    rescinded.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Governmental plans and certain church plans, while not subject
    to the fiduciary responsibility provisions of ERISA or the
    provisions of Section&#160;4975 of the Code, may nevertheless be
    subject to local, state or other federal laws that are
    substantially similar to the foregoing provisions of ERISA and
    the Code. Fiduciaries of any such plans should consult with
    their counsel before purchasing our common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The Plan Assets
    Regulation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The United States Department of Labor has issued a regulation,
    29&#160;CFR
    <FONT style="white-space: nowrap">Section&#160;2510.3-101</FONT>
    (as modified by Section&#160;3(42) of ERISA, the &#147;Plan
    Assets Regulation&#148;), describing what constitutes the assets
    of a Plan with respect to the Plan&#146;s investment in an
    entity for purposes of certain provisions of ERISA, including
    the fiduciary responsibility provisions of Title&#160;I of
    ERISA, and Section&#160;4975 of the Code. Under the Plan Assets
    Regulation, if a Plan invests in an &#147;equity interest&#148;
    of an entity (which is defined as an interest in an entity other
    than an instrument that is treated as indebtedness under
    applicable local law and which has no substantial equity
    features) that is neither a &#147;publicly offered
    security&#148; nor a security issued by an investment company
    registered under the Investment Company Act, the Plan&#146;s
    assets include both the equity interest and an undivided
    interest in each of the entity&#146;s underlying assets, unless
    it is established that the entity is an &#147;operating
    company&#148; or that &#147;benefit plan investors&#148; hold
    less than 25% of the equity interests in the entity. Our common
    stock would constitute an &#147;equity interest&#148; for
    purposes of the Plan Assets Regulation.
</DIV>
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    <BR>
    101
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Publicly Offered
    Security</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under the Plan Assets Regulation, a &#147;publicly offered
    security&#148; is a security that is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    freely transferable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    part of a class of securities that is widely held;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    either part of a class of securities that is registered under
    section&#160;12(b) or 12(g) of the Exchange Act or sold to an
    ERISA Plan as part of an offering of securities to the public
    pursuant to an effective registration statement under the
    Securities Act, and the class of securities of which this
    security is a part is registered under the Exchange Act within
    120&#160;days, or longer if allowed by the SEC, after the end of
    the fiscal year of the issuer during which this offering of
    these securities to the public occurred.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Whether a security is considered &#147;freely transferable&#148;
    depends on the facts and circumstances of each case. Under the
    Plan Assets Regulation, if the security is part of an offering
    in which the minimum investment is $10,000 or less, then any
    restriction on or prohibition against any transfer or assignment
    of the security for the purposes of preventing a termination or
    reclassification of the entity for federal or state tax purposes
    will not ordinarily prevent the security from being considered
    freely transferable. Additionally, limitations or restrictions
    on the transfer or assignment of a security which are created or
    imposed by persons other than the issuer of the security or
    persons acting for or on behalf of the issuer will ordinarily
    not prevent the security from being considered freely
    transferable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A class of securities is considered &#147;widely held&#148; if
    it is a class of securities that is owned by 100 or more
    investors independent of the issuer and of one another. A
    security will not fail to be &#147;widely held&#148; because the
    number of independent investors falls below 100 subsequent to
    the initial public offering as a result of events beyond the
    issuer&#146;s control.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The shares of our common stock offered in this prospectus may
    meet the criteria of the publicly offered securities exception
    to the look-through rule.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    First, the common stock could be considered to be freely
    transferable, as the minimum investment will be less than
    $10,000 and the only restrictions upon its transfer are those
    generally permitted under the Plan Assets Regulation, those
    required under federal tax laws to maintain our status as a
    REIT, resale restrictions under applicable federal securities
    laws with respect to securities not purchased pursuant to this
    prospectus and those owned by our officers, directors and other
    affiliates, and voluntary restrictions agreed to by the selling
    stockholder regarding volume limitations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Second, we expect (although we cannot confirm) that our common
    stock will be held by 100 or more investors, and we expect that
    at least 100 or more of these investors will be independent of
    us and of one another.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Third, the shares of our common stock will be part of an
    offering of securities to the public pursuant to an effective
    registration statement under the Securities Act and the common
    stock is registered under the Exchange Act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The 25%
    Limit</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under the Plan Assets Regulation, and assuming no other
    exemption applies, an entity&#146;s assets would be deemed to
    include &#147;plan assets&#148; subject to ERISA on any date if,
    immediately after the most recent acquisition of any equity
    interest in the entity, 25% or more of the value of any class of
    equity interests in the entity is held by &#147;benefit plan
    investors&#148; (the &#147;25% Limit&#148;). For purposes of
    this determination, the value of equity interests held by a
    person (other than a benefit plan investor) that has
    discretionary authority or control with respect to the assets of
    the entity or that provides investment advice for a fee with
    respect to such assets (or any affiliate of such a person) is
    disregarded. The term &#147;benefit plan investor&#148; is
    defined in the Plan Assets Regulation as (a)&#160;any employee
    benefit plan (as defined in Section&#160;3(3) of ERISA) that is
    subject to the provisions of Title&#160;I of ERISA, (b)&#160;any
    plan that is subject to
</DIV>
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    <BR>
    102
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Section&#160;4975 of the Code and (c)&#160;any entity whose
    underlying assets include plan assets by reason of a plan&#146;s
    investment in the entity (to the extent of such plan&#146;s
    investment in the entity). Thus, while our assets would not be
    considered to be &#147;plan assets&#148; for purposes of ERISA
    so long as the 25% Limit is not exceeded, no assurance can be
    given that the 25% Limit will not be exceeded at all times.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Operating
    Companies</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under the Plan Assets Regulation, an entity is an
    &#147;operating company&#148; if it is primarily engaged,
    directly or through a majority-owned subsidiary or subsidiaries,
    in the production or sale of a product or service other than the
    investment of capital. In addition, the Plan Assets Regulation
    provides that the term operating company includes an entity
    qualifying as a real estate operating company (&#147;REOC&#148;)
    or a venture capital operating company (&#147;VCOC&#148;). An
    entity is a REOC if: (i)&#160;on its &#147;initial valuation
    date and on at least one day within each annual valuation
    period,&#148; at least 50% of the entity&#146;s assets, valued
    at cost (other than short-term investments pending long-term
    commitment or distribution to investors) are invested in real
    estate that is managed or developed and with respect to which
    such entity has the right to substantially participate directly
    in management or development activities; and (ii)&#160;such
    entity in the ordinary course of its business is engaged
    directly in the management and development of real estate during
    the <FONT style="white-space: nowrap">12-month</FONT>
    period. The &#147;initial valuation date&#148; is the date on
    which an entity first makes an investment that is not a
    short-term investment of funds pending long-term commitment. An
    entity&#146;s &#147;annual valuation period&#148; is a
    pre-established period not exceeding 90&#160;days in duration,
    which begins no later than the anniversary of the entity&#146;s
    initial valuation date. Certain examples in the Plan Assets
    Regulation clarify that the management and development
    activities of an entity looking to qualify as a REOC may be
    carried out by independent contractors (including, in the case
    of a partnership, affiliates of the general partners) under the
    supervision of the entity. An entity will qualify as a VCOC if
    (i)&#160;on its initial valuation date and on at least one day
    during each annual valuation period, at least 50% of the
    entity&#146;s assets, valued at cost, consist of &#147;venture
    capital investments&#148;, and (ii)&#160;the entity, in the
    ordinary course of business, actually exercises management
    rights with respect to one or more of its venture capital
    investments. The Plan Assets Regulation defines the term
    &#147;venture capital investments&#148; as investments in an
    operating company (other than a VCOC) with respect to which the
    investor obtains management rights. We have not endeavored to
    determine whether we will satisfy the REOC or VCOC exceptions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Our Status Under
    ERISA</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We believe, on the basis of the Plan Assets Regulation, that our
    assets should not constitute &#147;plan assets&#148; for
    purposes of ERISA. However, no assurance can be given that this
    will be the case.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If for any reason our assets are deemed to constitute &#147;plan
    assets&#148; under ERISA, certain of the transactions in which
    we might normally engage could constitute a non-exempt
    &#147;prohibited transaction&#148; under ERISA or
    Section&#160;4975 of the Code. In such circumstances, we, in our
    sole discretion, may void or undo any such prohibited
    transaction. In addition, if our assets are deemed to be
    &#147;plan assets,&#148; our management may be considered to be
    fiduciaries under ERISA.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A fiduciary of an ERISA Plan or other plan that proposes to
    cause such entity to purchase our common stock should consult
    with its counsel regarding the applicability of the fiduciary
    responsibility and prohibited transaction provisions of ERISA
    and Section&#160;4975 of the Code to such an investment, and to
    confirm that such investment will not constitute or result in a
    non-exempt prohibited transaction or any other violation of
    ERISA.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The sale of our common stock to a Plan is in no respect a
    representation by us or any other person associated with the
    offering of our common stock that such an investment meets all
    relevant legal requirements with respect to investments by Plans
    generally or any particular Plan, or that such an investment is
    appropriate for Plans generally or any particular Plan.
</DIV>
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    <BR>
    103
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='121'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">UNDERWRITING</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The company and Goldman, Sachs&#160;&#038; Co., or the
    underwriter, have entered into an underwriting agreement with
    respect to the shares being offered. Subject to certain
    conditions, the underwriter has agreed to purchase all of the
    15,000,000 shares offered hereby.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriter is committed to take and pay for all of the
    shares being offered, if any are taken, other than the shares
    covered by the option described below unless and until this
    option is exercised.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If the underwriter sells more shares than the total number set
    forth above, the underwriter has an option to buy up to an
    additional 2,250,000 shares from the company. The underwriter
    may exercise that option for 30&#160;days.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following table shows the per share and total underwriting
    discounts and commissions to be paid to the underwriter by the
    company. Such amounts are shown assuming both no exercise and
    full exercise of the underwriter&#146;s option to purchase
    2,250,000 additional shares.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <U><FONT style="font-family: Arial, Helvetica">Paid by the
    Company</FONT></U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <FONT style="font-size: 10pt">No Exercise
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <FONT style="font-size: 10pt">Full Exercise
    </FONT>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Per Share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Shares sold by the underwriter to the public will initially be
    offered at the initial public offering price set forth on the
    cover of this prospectus. Any shares sold by the underwriter to
    securities dealers may be sold at a discount of up to
    $&#160;&#160;&#160;&#160;&#160; per share from the initial
    public offering price. If all the shares are not sold at the
    initial public offering price, the underwriter may change the
    offering price and the other selling terms. The offering of the
    shares by the underwriter is subject to receipt and acceptance
    and subject to the underwriter&#146;s right to reject any order
    in whole or in part.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The company and its officers, directors, and holders of
    substantially all of the company&#146;s common stock have agreed
    with the underwriter, subject to certain exceptions, not to
    dispose of or hedge any of its common stock or securities
    convertible into or exchangeable for shares of common stock
    during the period from the date of this prospectus continuing
    through the date 180&#160;days after the date of this
    prospectus, except with the prior written consent of the
    underwriter. This agreement does not apply to any existing
    employee benefit plans. See &#147;Shares&#160;Eligible for
    Future Sale&#148; for a discussion of certain transfer
    restrictions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The <FONT style="white-space: nowrap">180-day</FONT>
    restricted period described in the preceding paragraph will be
    automatically extended if: (1)&#160;during the last 17&#160;days
    of the
    <FONT style="white-space: nowrap">180-day</FONT>
    restricted period the company issues an earnings release or
    announces material news or a material event; or (2)&#160;prior
    to the expiration of the
    <FONT style="white-space: nowrap">180-day</FONT>
    restricted period, the company announces that it will release
    earnings results during the
    <FONT style="white-space: nowrap">15-day</FONT>
    period following the last day of the
    <FONT style="white-space: nowrap">180-day</FONT>
    period, in which case the restrictions described in the
    preceding paragraph will continue to apply until the expiration
    of the
    <FONT style="white-space: nowrap">18-day</FONT>
    period beginning on the issuance of the earnings release of the
    announcement of the material news or material event.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Prior to the offering, there has been no public market for the
    shares. The initial public offering price has been negotiated
    among the company and the underwriter. Among the factors to be
    considered in determining the initial public offering price of
    the shares, in addition to prevailing market conditions, will be
    estimates of the business potential and earnings prospects of
    the company, an assessment of the company&#146;s management and
    the consideration of the above factors in relation to market
    valuation of companies in related businesses.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    An application will be made to list the common stock on the NYSE
    under the symbol &#147;TRNO&#148;. In order to meet one of the
    requirements for listing the common stock on the NYSE, the
    underwriter has undertaken to sell lots of 100 or more shares to
    a minimum of 2,000 beneficial holders.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
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    <BR>
    104
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In connection with the offering, the underwriter may purchase
    and sell shares of common stock in the open market. These
    transactions may include short sales, stabilizing transactions
    and purchases to cover positions created by short sales. Short
    sales involve the sale by the underwriter of a greater number of
    shares than it is required to purchase in the offering.
    &#147;Covered&#148; short sales are sales made in an amount not
    greater than the underwriter&#146;s option to purchase
    additional shares from the company in the offering. The
    underwriter may close out any covered short position by either
    exercising its option to purchase additional shares or
    purchasing shares in the open market. In determining the source
    of shares to close out the covered short position, the
    underwriter will consider, among other things, the price of
    shares available for purchase in the open market as compared to
    the price at which they may purchase additional shares pursuant
    to the option granted to them. &#147;Naked&#148; short sales are
    any sales in excess of such option. The underwriter must close
    out any naked short position by purchasing shares in the open
    market. A naked short position is more likely to be created if
    the underwriter is concerned that there may be downward pressure
    on the price of the common stock in the open market after
    pricing that could adversely affect investors who purchase in
    the offering. Stabilizing transactions consist of various bids
    for or purchases of common stock made by the underwriter in the
    open market prior to the completion of the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Purchases to cover a short position and stabilizing
    transactions, as well as other purchases by the underwriter for
    its own account, may have the effect of preventing or retarding
    a decline in the market price of the company&#146;s stock, and
    together with the imposition of the penalty bid, may stabilize,
    maintain or otherwise affect the market price of the common
    stock. As a result, the price of the common stock may be higher
    than the price that otherwise might exist in the open market. If
    these activities are commenced, they may be discontinued at any
    time. These transactions may be effected on the NYSE, in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market or otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In relation to each Member State of the European Economic Area
    which has implemented the Prospectus Directive (each, a Relevant
    Member State), the underwriter has represented and agreed that
    with effect from and including the date on which the Prospectus
    Directive is implemented in that Relevant Member State (the
    Relevant Implementation Date) it has not made and will not make
    an offer of shares to the public in that Relevant Member State
    prior to the publication of a prospectus in relation to the
    shares which has been approved by the competent authority in
    that Relevant Member State or, where appropriate, approved in
    another Relevant Member State and notified to the competent
    authority in that Relevant Member State, all in accordance with
    the Prospectus Directive, except that it may, with effect from
    and including the Relevant Implementation Date, make an offer of
    shares to the public in that Relevant Member State at any time:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (a)&#160;to legal entities which are authorized or regulated to
    operate in the financial markets or, if not so authorized or
    regulated, whose corporate purpose is solely to invest in
    securities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (b)&#160;to any legal entity which has two or more of
    (1)&#160;an average of at least 250&#160;employees during the
    last financial year; (2)&#160;a total balance sheet of more than
    &#128;43,000,000 and (3)&#160;an annual net turnover of more
    than &#128;50,000,000, as shown in its last annual or
    consolidated accounts;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (c)&#160;to fewer than 100 natural or legal persons (other than
    qualified investors as defined in the Prospectus Directive)
    subject to obtaining the prior consent of the underwriter for
    any such offer;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (d)&#160;in any other circumstances which do not require the
    publication by the Issuer of a prospectus pursuant to
    Article&#160;3 of the Prospectus Directive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    For the purposes of this provision, the expression an
    &#147;offer of shares to the public&#148; in relation to any
    shares in any Relevant Member State means the communication in
    any form and by any means of sufficient information on the terms
    of the offer and the shares to be offered so as to enable an
    investor to decide to purchase or subscribe the shares, as the
    same may be varied in that Relevant Member State by any measure
    implementing the Prospectus Directive in that Relevant Member
    State
</DIV>
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    <BR>
    105
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    and the expression Prospectus Directive means Directive
    2003/71/EC and includes any relevant implementing measure in
    each Relevant Member State.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriter has represented and agreed that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (a)&#160;it has only communicated or caused to be communicated
    and will only communicate or cause to be communicated an
    invitation or inducement to engage in investment activity
    (within the meaning of Section&#160;21 of the FSMA) received by
    it in connection with the issue or sale of the shares in
    circumstances in which Section&#160;21(1) of the FSMA would not,
    if the Issuer was not an authorized person, apply to the
    Issuer;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (b)&#160;it has complied and will comply with all applicable
    provisions of the FSMA with respect to anything done by it in
    relation to the shares in, from or otherwise involving the
    United Kingdom.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The shares may not be offered or sold by means of any document
    other than (i)&#160;in circumstances which do not constitute an
    offer to the public within the meaning of the Companies
    Ordinance (Cap.32, Laws of Hong Kong), or (ii)&#160;to
    &#147;professional investors&#148; within the meaning of the
    Securities and Futures Ordinance (Cap.571, Laws of Hong Kong)
    and any rules made thereunder, or (iii)&#160;in other
    circumstances which do not result in the document being a
    &#147;prospectus&#148; within the meaning of the Companies
    Ordinance (Cap.32, Laws of Hong Kong), and no advertisement,
    invitation or document relating to the shares may be issued or
    may be in the possession of any person for the purpose of issue
    (in each case whether in Hong Kong or elsewhere), which is
    directed at, or the contents of which are likely to be accessed
    or read by, the public in Hong Kong (except if permitted to do
    so under the laws of Hong Kong) other than with respect to
    shares which are or are intended to be disposed of only to
    persons outside Hong Kong or only to &#147;professional
    investors&#148; within the meaning of the Securities and Futures
    Ordinance (Cap. 571, Laws of Hong Kong) and any rules made
    thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This prospectus has not been registered as a prospectus with the
    Monetary Authority of Singapore. Accordingly, this prospectus
    and any other document or material in connection with the offer
    or sale, or invitation for subscription or purchase, of the
    shares may not be circulated or distributed, nor may the shares
    be offered or sold, or be made the subject of an invitation for
    subscription or purchase, whether directly or indirectly, to
    persons in Singapore other than (i)&#160;to an institutional
    investor under Section&#160;274 of the Securities and Futures
    Act, Chapter&#160;289 of Singapore (the &#147;SFA&#148;),
    (ii)&#160;to a relevant person, or any person pursuant to
    Section&#160;275(1A), and in accordance with the conditions,
    specified in Section&#160;275 of the SFA or (iii)&#160;otherwise
    pursuant to, and in accordance with the conditions of, any other
    applicable provision of the SFA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Where the shares are subscribed or purchased under
    Section&#160;275 by a relevant person which is: (a)&#160;a
    corporation (which is not an accredited investor) the sole
    business of which is to hold investments and the entire share
    capital of which is owned by one or more individuals, each of
    whom is an accredited investor; or (b)&#160;a trust (where the
    trustee is not an accredited investor) whose sole purpose is to
    hold investments and each beneficiary is an accredited investor,
    shares, debentures and units of shares and debentures of that
    corporation or the beneficiaries&#146; rights and interest in
    that trust shall not be transferable for 6&#160;months after
    that corporation or that trust has acquired the shares under
    Section&#160;275 except: (1)&#160;to an institutional investor
    under Section&#160;274 of the SFA or to a relevant person, or
    any person pursuant to Section&#160;275(1A), and in accordance
    with the conditions, specified in Section&#160;275 of the SFA;
    (2)&#160;where no consideration is given for the transfer; or
    (3)&#160;by operation of law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The securities have not been and will not be registered under
    the Financial Instruments and Exchange Law of Japan (the
    Financial Instruments and Exchange Law) and the underwriter has
    agreed that it will not offer or sell any securities, directly
    or indirectly, in Japan or to, or for the benefit of, any
    resident of Japan (which term as used herein means any person
    resident in Japan, including any corporation or other entity
    organized under the laws of Japan), or to others for re-offering
    or
</DIV>
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    <BR>
    106
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    resale, directly or indirectly, in Japan or to a resident of
    Japan, except pursuant to an exemption from the registration
    requirements of, and otherwise in compliance with, the Financial
    Instruments and Exchange Law and any other applicable laws,
    regulations and ministerial guidelines of Japan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriter does not expect sales to discretionary accounts
    to exceed five percent of the total number of shares offered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The company estimates that its share of the total expenses of
    the offering, excluding underwriting discounts and commissions,
    will be approximately $&#160;&#160;&#160;&#160;&#160;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The company has agreed to indemnify the underwriter against
    certain liabilities, including liabilities under the Securities
    Act of 1933.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriter and its respective affiliates may, from time to
    time, perform various financial advisory and investment banking
    services for the company, for which they will receive customary
    fees and expenses.
</DIV>

<A name='122'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Certain legal matters, including the validity of common stock
    offered hereby and our qualification as a real estate investment
    trust, will be passed upon for us by Goodwin Procter LLP. The
    validity of the common stock offered hereby will be passed upon
    for the underwriter by Sullivan&#160;&#038; Cromwell LLP, Los
    Angeles, California. Sullivan &#038; Cromwell LLP will rely on
    Goodwin Procter LLP as to matters of Maryland law.
</DIV>

<A name='123'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The balance sheet included in this prospectus has been audited
    by Deloitte&#160;&#038; Touche LLP, an independent registered
    public accounting firm, as stated in their report appearing
    herein. Such balance sheet is included in reliance upon the
    report of such firm given upon their authority as experts in
    accounting and auditing.
</DIV>

<A name='124'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">WHERE YOU CAN
    FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have filed with the SEC a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-11,</FONT>
    including exhibits and schedules filed with the registration
    statement of which this prospectus is a part, under the
    Securities Act of 1933, as amended, with respect to the common
    stock to be sold in this offering. This prospectus does not
    contain all of the information set forth in the registration
    statement and exhibits and schedules to the registration
    statement. For further information with respect to our company
    and the shares of common stock to be sold in this offering,
    reference is made to the registration statement, including the
    exhibits and schedules to the registration statement. Copies of
    the registration statement, including the exhibits and schedules
    to the registration statement, may be examined without charge at
    the public reference room of the SEC, 100&#160;F&#160;Street,
    N.E. Room&#160;1580, Washington, DC 20549. Information about the
    operation of the public reference room may be obtained by
    calling the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0300.</FONT>
    Copies of all or a portion of the registration statement can be
    obtained from the public reference room of the SEC upon payment
    of prescribed fees. Our SEC filings, including our registration
    statement, are also available to you on the SEC&#146;s website
    at www.sec.gov.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As a result of this offering, we will become subject to the
    information and periodic reporting requirements of the Exchange
    Act, and will file periodic reports and other information with
    the SEC. These periodic reports and other information will be
    available for inspection and copying at the SEC&#146;s public
    reference facilities and the website of the SEC referred to
    above.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    107
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='125'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">INDEX TO
    FINANCIAL STATEMENT</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="93%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Page</FONT></B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#300'>Report of Independent Registered Public
    Accounting Firm</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#301'>Balance Sheet</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#302'>Notes to Balance Sheet</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-4
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    F-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='300'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: Arial, Helvetica">To the Board of
    Directors of
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Terreno Realty Corporation
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    San&#160;Francisco, California
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have audited the accompanying balance sheet of Terreno Realty
    Corporation (the &#147;Company&#148;) as of November&#160;9,
    2009. This balance sheet is the responsibility of the
    Company&#146;s management. Our responsibility is to express an
    opinion on this balance sheet based on our audit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We conducted our audit in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether the balance sheet is free of
    material misstatement. The Company is not required to have, nor
    were we engaged to perform, an audit of its internal control
    over financial reporting. Our audit included consideration of
    internal control over financial reporting as a basis for
    designing audit procedures that are appropriate in the
    circumstances, but not for the purpose of expressing an opinion
    on the effectiveness of the Company&#146;s internal control over
    financial reporting. Accordingly, we express no such opinion. An
    audit also includes examining, on a test basis, evidence
    supporting the amounts and disclosures in the balance sheet,
    assessing the accounting principles used and significant
    estimates made by management, as well as evaluating the overall
    balance sheet presentation. We believe that our audit provides a
    reasonable basis for our opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In our opinion, such balance sheet presents fairly, in all
    material respects, the financial position of Terreno Realty
    Corporation as of November&#160;9, 2009, in conformity with
    accounting principles generally accepted in the United States of
    America.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Deloitte&#160;&#038;
    Touche LLP</DIV>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    San&#160;Francisco, California
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
     December&#160;10, 2009
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    F-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Terreno Realty
    Corporation<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <A name='301'><B><FONT style="font-family: Arial, Helvetica">Balance
    Sheet</FONT></B></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="80%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="16%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 1pt" valign="bottom" align="center">
<TD colspan="4" align="center" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">November&#160;9, 2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom" align="center">
<TD colspan="4" align="center" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Liabilities&#160;&#038; Stockholders&#146; Equity</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stockholders&#146; Equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Common shares ($0.01&#160;par value, 100,000&#160;shares
    authorized, 1,000&#160;shares issued&#160;and outstanding)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Additional Paid in Capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    990
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Retained Earnings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total Stockholders&#146; Equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total Liabilities&#160;&#038; Stockholders&#146; Equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    See accompanying notes to financial statement.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    F-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Terreno Realty
    Corporation<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <A name='302'><B><FONT style="font-family: Arial, Helvetica">Notes
    to Financial Statement<BR>
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">November&#160;9,
    2009</FONT></B></A>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Note&#160;1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Organization</FONT></B>
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Terreno Realty Corporation (&#147;Terreno&#148;) is a newly
    organized Maryland corporation focused on acquiring industrial
    real estate located in six major coastal U.S.&#160;markets: Los
    Angeles Area; Northern New Jersey/New York City;
    San&#160;Francisco Bay Area; Seattle Area; Miami Area; and
    Washington,&#160;D.C./Baltimore.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Terreno has no assets other than cash and has not commenced
    operations.  Terreno has not entered into any contracts to
    acquire industrial properties or other assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Terreno plans to conduct an initial public offering of shares of
    its common stock, which it expects to complete during the first
    quarter of 2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Note&#160;2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Significant
    Accounting Policies</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Basis of Presentation.</I></B>&#160;&#160;The balance
    sheet includes all of the accounts of Terreno as of
    November&#160;9, 2009, presented in accordance with
    U.S.&#160;generally accepted accounting principles
    (U.S.&#160;GAAP).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Use of Estimates.</I></B>&#160;&#160;The preparation of
    the balance sheet in conformity with U.S.&#160;GAAP requires
    management to make estimates and assumptions that affect the
    reported amounts of assets and liabilities and disclosure of
    contingent assets and liabilities at the date of the balance
    sheet. Actual results could differ from those estimates.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Underwriting Commissions and Offering
    Costs.</I></B>&#160;&#160;Underwriting commissions and offering
    costs to be incurred in connection with Terreno&#146;s common
    stock offering will be reflected as a reduction of additional
    paid in capital. Such costs are contingent on the offering being
    completed. Costs incurred as of November&#160;30, 2009 are
    estimated to be $500,000.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Organization Costs.</I></B>&#160;&#160;Costs incurred to
    organize Terreno will be expensed as incurred.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Cash.</I></B>&#160;&#160;Cash is comprised of cash held in
    a major banking institution.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Subsequent Events.</I></B>&#160;&#160;Terreno has
    evaluated subsequent events through December&#160;10, 2009, the
    date the balance sheet was issued.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
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    <BR>
    F-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 14pt">15,000,000&#160;Shares
    </FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <IMG src="f53964a1f5396407.gif" alt="TERRENO REALTY CORPORATION LOGO"><FONT style="font-size: 14pt">
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">Terreno Realty
    Corporation</FONT></B>
</DIV>

<DIV style="margin-top: 68pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 60pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 14%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=68 -->

<DIV style="margin-top: 54pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 54pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 14%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=68 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Goldman, Sachs&#160;&#038;
    Co.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 14%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=68 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 13pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Through and
    including&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010 (25&#160;days after the date of this prospectus), all
    dealers that effect transactions in these securities, whether or
    not participating in this offering, may be required to deliver a
    prospectus. This is in addition to the dealer&#146;s obligation
    to deliver a prospectus when acting as an underwriter and with
    respect to unsold allotments or subscriptions.</B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=0 -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=0 -->
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">PART&#160;II<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">INFORMATION NOT
    REQUIRED IN PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Item&#160;31.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: Arial, Helvetica">Other Expenses
    of Issuance and Distribution.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following table itemizes the expenses incurred by us in
    connection with the issuance and distribution of the securities
    being registered hereunder. All amounts shown are estimates
    except for the SEC registration fee, the Financial Industry
    Regulatory Authority, Inc., or FINRA, filing fee and the NYSE
    listing fee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="90%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    SEC Registration Fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,251
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    NYSE Listing Fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    FINRA Fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Printing and Engraving Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legal Fees (other than Blue Sky Expenses)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Blue Sky Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accounting Fees and Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Transfer Tax and Title&#160;Insurances
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Consulting Fees and Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other Fees and Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    *
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    To be completed by amendment.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Item&#160;32.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: Arial, Helvetica">Sales to
    Special Parties.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    See Item 33.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Item&#160;33.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: Arial, Helvetica">Recent Sales
    of Unregistered Securities.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have issued the following securities that were not registered
    under the Securities Act of 1933, as amended (the
    &#147;Securities Act&#148;):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    On November&#160;6, 2009, we issued 500&#160;shares of common
    stock to each of Mr.&#160;Baird and Mr.&#160;Coke in connection
    with the formation and initial capitalization of our company for
    an aggregate purchase price of $1,000. The shares were issued in
    reliance on the exemption set forth in Section&#160;4(2) of the
    Securities Act. We will use $1,000 of the net proceeds of this
    offering to repurchase the shares from Mr. Baird and Mr. Coke.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Item&#160;34.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: Arial, Helvetica">Indemnification
    of Directors and Officers.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our charter contains a provision permitted under the Maryland
    General Corporation Law that eliminates each director&#146;s and
    officer&#146;s personal liability to us or our stockholders for
    monetary damages except for liability resulting from
    (a)&#160;actual receipt of an improper benefit or profit in
    money, property or services or (b)&#160;active and deliberate
    dishonesty that is established by a final judgment and is
    material to the cause of action. In addition, to the maximum
    extent permitted under the Maryland General Corporation Law, our
    charter authorizes us to obligate our company and our bylaws
    require us to indemnify any present or former director or
    officer or any individual who, while a director or officer and
    at our request, serves or has served another corporation, real
    estate investment trust, partnership, limited liability company,
    joint venture, trust, employee benefit plan or other enterprise
    as a director, officer, partner, member, manager or trustee,
    from and against any claim or liability to which that individual
    may become subject or which that individual may incur by reason
    of his or her service in any of the foregoing capacities, and to
    pay or reimburse his or her reasonable expenses in
</DIV>
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<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    II-1
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
     advance of final disposition of a proceeding, without requiring
    a preliminary determination of the ultimate entitlement to
    indemnification. Our charter and bylaws also permit us to
    indemnify and advance expenses to any individual who served any
    predecessor of us in any of the capacities described above and
    any employee or agent of us or any predecessor of us.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Maryland law requires a Maryland corporation (unless its charter
    provides otherwise, which our charter does not) to indemnify a
    director or officer who has been successful in the defense of
    any proceeding to which he or she is made or threatened to be
    made a party by reason of his or her service in that capacity.
    Maryland law permits a Maryland corporation to indemnify its
    present and former directors and officers, among others, against
    judgments, penalties, fines, settlements and reasonable expenses
    actually incurred by them in connection with any proceeding to
    which they may be made or threatened to be made a party by
    reason of their service in those or other capacities unless it
    is established that (a)&#160;the act or omission of the director
    or officer was material to the matter giving rise to the
    proceeding and (i)&#160;was committed in bad faith or
    (ii)&#160;was the result of active and deliberate dishonesty,
    (b)&#160;the director or officer actually received an improper
    personal benefit in money, property or services or (c)&#160;in
    the case of any criminal proceeding, the director or officer had
    reasonable cause to believe that the act or omission was
    unlawful. A Maryland corporation may not indemnify a director or
    officer who has been adjudged liable in a suit by or in the
    right of the corporation or in which the director or officer was
    adjudged liable to the corporation or on the basis that a
    personal benefit was improperly received. A court may order
    indemnification if it determines that the director is fairly and
    reasonably entitled to indemnification, even though the director
    did not meet the prescribed standard of conduct, was adjudged
    liable to the corporation or was adjudged liable on the basis
    that personal benefit was improperly received; however,
    indemnification for an adverse judgment in a suit by or in the
    right of the corporation, or for a judgment of liability on the
    basis that personal benefit was improperly received, is limited
    to expenses.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, Maryland law permits a corporation to advance
    reasonable expenses to a director or officer upon the
    corporation&#146;s receipt of (a)&#160;a written affirmation by
    the director or officer of his or her good faith belief that he
    or she has met the standard of conduct necessary for
    indemnification by the corporation and (b)&#160;a written
    undertaking by him or her or on his or her behalf to repay the
    amount paid or reimbursed by the corporation if it is ultimately
    determined that the standard of conduct was not met.
    Furthermore, our officers and directors are indemnified against
    specified liabilities by the underwriter, and the underwriter is
    indemnified against certain liabilities by us, under the
    underwriting agreement relating to this offering. See
    &#147;Underwriting&#148;.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have entered into indemnification agreements with each of our
    executive officers and directors whereby we indemnify such
    executive officers and directors to the fullest extent permitted
    by Maryland law against all expenses and liabilities, subject to
    limited exceptions. These indemnification agreements also
    provide that upon an application for indemnity by an executive
    officer or director to a court of appropriate jurisdiction, such
    court may order us to indemnify such executive officer or
    director.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Item&#160;35.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: Arial, Helvetica">Treatment of
    Proceeds from Stock Being Registered.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    None of the net proceeds will be credited to an account other
    than the appropriate capital share account.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Item&#160;36.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: Arial, Helvetica">Financial
    Statements and Exhibits.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (a)&#160;<B><I>Financial Statements.</I></B>&#160;&#160;See
    <FONT style="white-space: nowrap">page&#160;F-1</FONT>
    for an index of the financial statement that are being filed as
    part of this registration statement.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    II-2
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (b)&#160;<B><I>Exhibits.</I></B>&#160;&#160;The following
    exhibits are filed as part of, or incorporated by reference
    into, this registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-11:</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="89%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Exhibit<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Articles of Amendment and Restatement of Registrant
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amended and Restated Bylaws of Registrant
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Goodwin Procter LLP regarding the validity of the
    securities being registered
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    8
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Goodwin Procter LLP regarding certain tax matters
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Severance Agreement between Registrant and W. Blake Baird
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Severance Agreement between Registrant and Michael A. Coke
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2010 Equity Incentive Plan of Registrant
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Restricted Share Award Agreement for Executive Officers
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Restricted Share Award Agreement for Directors
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Indemnification Agreement between Registrant and its
    Directors and Executive Officers
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Independent Registered Public Accounting Firm
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Goodwin Procter LLP (included in Exhibit&#160;5.1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Goodwin Procter LLP (included in Exhibit&#160;8.1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .4**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Real Estate Analytics, LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .5**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of National Council of Real Estate Investment Fiduciaries
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .6**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of CB Richard Ellis Group, Inc.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .7**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Real Capital Analytics
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .8**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of SNL Financial LC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .9**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Trepp, LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .10**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of National Association of Real Estate Investment Trusts
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Power of Attorney (included on the signature page to the
    Registration Statement filed with the Securities and Exchange
    Commission on November&#160;10, 2009)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Item&#160;37.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: Arial, Helvetica">Undertakings.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (a)&#160;Insofar as indemnification for liabilities arising
    under the Securities Act of 1933, as amended, may be permitted
    to directors, officers and controlling persons of the registrant
    pursuant to the foregoing provisions, or otherwise, the
    registrant has been advised that in the opinion of the
    Securities and Exchange Commission such indemnification is
    against public policy as expressed in the Act and is, therefore,
    unenforceable. In the event that a claim for indemnification
    against such liabilities (other than the payment by the
    registrant of expenses incurred or paid by a director, officer
    or controlling person of the registrant in the successful
    defense of any action, suit or proceeding) is asserted by such
    director, officer or controlling person in connection with the
    securities being registered, the registrant will, unless in the
    opinion of its counsel the matter has been settled by
    controlling precedent, submit to a court of appropriate
    jurisdiction the question whether such indemnification by it is
    against public policy as expressed in the Act and will be
    governed by the final adjudication of such issue.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (b)&#160;The undersigned registrant hereby undertakes to provide
    to the underwriter at the closing, specified in the underwriting
    agreement certificates in such denominations and registered in
    such names as required by the underwriter to permit prompt
    delivery to each purchaser.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    II-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (c)&#160;The undersigned registrant hereby undertakes that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (i)&#160;For purposes of determining any liability under the
    Securities Act of 1933, as amended, the information omitted from
    the form of prospectus filed as part of this registration
    statement in reliance upon Rule&#160;430A and contained in a
    form of prospectus filed by the registrant pursuant to
    Rule&#160;424(b)(1) or (4)&#160;or 497(h) under the Securities
    Act shall be deemed to be part of this registration statement as
    of the time it was declared effective.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (ii)&#160;For the purpose of determining any liability under the
    Securities Act of 1933, as amended, each post-effective
    amendment that contains a form of prospectus shall be deemed to
    be a new registration statement relating to the securities
    offered herein, and the offering of such securities at that time
    shall be deemed to be the initial bona fide offering thereof.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    II-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant certifies that it has reasonable grounds
    to believe that it meets all of the requirements for filing on
    <FONT style="white-space: nowrap">Form&#160;S-11</FONT>
    and has duly caused this Amendment No.&#160;1 to be signed on
    its behalf by the undersigned, thereunto duly authorized, in the
    City of San&#160;Francisco, State of California, on this
    14th&#160;day of December, 2009.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Terreno Realty Corporation</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;W.
    Blake Baird</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    W. Blake Baird
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Chairman and Chief Executive Officer
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Amendment No.&#160;1 has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Signature</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Title</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Date</FONT></B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;W.
    Blake Baird</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=176 length=0 -->W.
    Blake Baird
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman, Chief Executive Officer and Director (principal
    executive officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    December&#160;14, 2009
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Michael
    A. Coke</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=176 length=0 -->Michael
    A. Coke
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President, Chief Financial Officer and Director (principal
    financial and accounting officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    December&#160;14, 2009
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    II-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">EXHIBIT&#160;INDEX</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="89%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Exhibit<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Articles of Amendment and Restatement of Registrant
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amended and Restated Bylaws of Registrant
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Goodwin Procter LLP regarding the validity of the
    securities being registered
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    8
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Goodwin Procter LLP regarding certain tax matters
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Severance Agreement between Registrant and W. Blake Baird
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Severance Agreement between Registrant and Michael A. Coke
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2010 Equity Incentive Plan of Registrant
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Restricted Share Award Agreement for Executive Officers
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Restricted Share Award Agreement for Directors
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Indemnification Agreement between Registrant and its
    Directors and Executive Officers
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Independent Registered Public Accounting Firm
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Goodwin Procter LLP (included in Exhibit&#160;5.1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Goodwin Procter LLP (included in Exhibit&#160;8.1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .4**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Real Estate Analytics, LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .5**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of National Council of Real Estate Investment Fiduciaries
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .6**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of CB Richard Ellis Group, Inc.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .7**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Real Capital Analytics
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .8**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of SNL Financial LC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .9**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Trepp, LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .10**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of National Association of Real Estate Investment Trusts
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Power of Attorney (included on the signature page to the
    Registration Statement filed with the Securities and Exchange
    Commission on November&#160;10, 2009)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>

</TABLE>
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<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>f53964a1exv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit 23.1 </b></div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><b>CONSENT OF INDEPENDENT
 REGISTERED PUBLIC ACCOUNTING FIRM</b></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent
to the use in this Amendment No.1 to Registration Statement
 No.&nbsp;333-163016 of our
 report dated December 10, 2009 relating to the balance sheet of Terreno Realty Corporation, appearing in
the Prospectus, which is part of this Registration Statement, and to the reference to us under the
 heading &#147;Experts&#148; in such Prospectus.</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/
Deloitte &#038; Touche LLP<br>
San Francisco, California<br> December 14, 2009</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --></DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>3
<FILENAME>f53964a1exv23w4.htm
<DESCRIPTION>EX-23.4
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;23.4</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">December&nbsp;10, 2009

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terreno Realty Corporation<BR>
16 Maiden Lane, Fifth Floor<BR>
San Francisco, CA 94108

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Re: </B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Consent of Real Estate Analytics, LLC</B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that Terreno Realty Corporation (&#147;the Company&#148;) is intending to file a
Registration Statement on Form S-11 (the &#147;Registration Statement&#148;) pursuant to the Securities Act
of 1933, as amended (the &#147;Securities Act&#148;), to register the sale of certain shares of common stock.
Real Estate Analytics, LLC (&#147;REAL&#148;) hereby consents to the use by the Company of the following
information in the Registration Statement and related prospectus, and any amendments or supplements
thereto, to be filed with the Securities and Exchange Commission:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The chart entitled Moody&#146;s / REAL Industrial Property Price Index Performance and
the information contained in such chart.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In giving such consent, REAL does not hereby admit that it is in the category of persons whose
consent is required under Section&nbsp;7 of the Securities Act. REAL hereby consents to the filing of
this consent as an exhibit to the Registration Statement and related prospectus, and any amendments
of supplements thereto, to be filed with the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REAL has no connection with the Company and has not reviewed the securities being offered in
connection with the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that the Company&#146;s intent to file the Registration Statement is highly
confidential. We will not disclose any information about the Company&#146;s intent to file the
Registration Statement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page Follows&#093;</I>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">REAL ESTATE ANALYTICS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Neal Elkin
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Neal Elkin&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.5
<SEQUENCE>4
<FILENAME>f53964a1exv23w5.htm
<DESCRIPTION>EX-23.5
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;23.5</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">December&nbsp;10, 2009

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terreno Realty Corporation<BR>
16 Maiden Lane, Fifth Floor<BR>
San Francisco, CA 94108

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Re: </B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Consent of NCREIF </B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that Terreno Realty Corporation (&#147;the Company&#148;) is intending to file a
Registration Statement on Form S-11 (the &#147;Registration Statement&#148;) pursuant to the Securities Act
of 1933, as amended (the &#147;Securities Act&#148;), to register the sale of certain shares of common stock.
The National Council of Real Estate Investment Fiduciaries (&#147;NCREIF&#148;) hereby consents to the use
by the Company of the following information in the Registration Statement and related prospectus,
and any amendments or supplements thereto, to be filed with the Securities and Exchange Commission:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>NCREIF&#146;s chart, &#147;U.S. Annual Returns of All Property Types (1)&nbsp;vs. Industrial
Properties&#148; and the information contained in such chart.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In giving such consent, NCREIF does not hereby admit that it is in the category of persons
whose consent is required under Section&nbsp;7 of the Securities Act. NCREIF hereby consents to the
filing of this consent as an exhibit to the Registration Statement and related prospectus, and any
amendments of supplements thereto, to be filed with the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that the Company&#146;s intent to file the Registration Statement is highly
confidential. We will not disclose any information about the Company&#146;s intent to file the
Registration Statement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page Follows&#093;</I>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">NATIONAL COUNCIL OF REAL <BR>
ESTATE INVESTMENT FIDUCIARIES<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Tamara Pendley
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Tamara Pendley&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Manager&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Signature Page to Consent
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.6
<SEQUENCE>5
<FILENAME>f53964a1exv23w6.htm
<DESCRIPTION>EX-23.6
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w6</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;23.6</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">November&nbsp;9, 2009

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terreno Realty Corporation<BR>
16 Maiden Lane, Fifth Floor<BR>
San Francisco, CA 94108

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Re: </B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Consent of CB Richard Ellis Group, Inc.</B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that Terreno Realty Corporation (&#147;the Company&#148;) is intending to file a
Registration Statement on Form S-11 (the &#147;Registration Statement&#148;) pursuant to the Securities Act
of 1933, as amended (the &#147;Securities Act&#148;), to register the sale of certain shares of common stock.
CB Richard Ellis Group, Inc. (&#147;CBRE&#148;) hereby consents to the use by the Company of the following
information in the Registration Statement and related prospectus, and any amendments or supplements
thereto, to be filed with the Securities and Exchange Commission:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The chart entitled Historical and Projected U.S. Industrial Warehouse Rent Growth
and the information contained in such chart.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The chart entitled Historical and Projected Industrial Availability Rates and the
information contained in such chart.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The chart entitled 1990 to 2014E Availability Rates of Targeted Markets vs. All
Other US Markets and the information contained in such chart.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The chart entitled 1990 to 2014E Warehouse Rent Growth of Targeted Markets vs. All
Other US Markets and the information contained in such chart.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In giving such consent, CBRE does not hereby admit that it is in the category of persons whose
consent is required under Section&nbsp;7 of the Securities Act of 1933, as amended. CBRE hereby
consents to the filing of this consent as an exhibit to the Registration Statement and related
prospectus, and any amendments of supplements thereto, to be filed with the Securities and Exchange
Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that the Company&#146;s intent to file the Registration Statement is highly
confidential. We will not disclose any information about the Company&#146;s intent to file the
Registration Statement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page Follows&#093;</I>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CB RICHARD ELLIS GROUP, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Ken O&#146;Brien
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Ken O&#146;Brien&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director of Client Services&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.7
<SEQUENCE>6
<FILENAME>f53964a1exv23w7.htm
<DESCRIPTION>EX-23.7
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w7</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;23.7</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">December&nbsp;11, 2009

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terreno Realty Corporation<BR>
16 Maiden Lane, Fifth Floor<BR>
San Francisco, CA 94108

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Re: </B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Consent of Real Capital Analytics</B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that Terreno Realty Corporation (&#147;the Company&#148;) is intending to file a
Registration Statement on Form S-11 (the &#147;Registration Statement&#148;) pursuant to the Securities Act
of 1933, as amended (the &#147;Securities Act&#148;), to register the sale of certain shares of common stock.
Real Capital Analytics hereby consents to the use by the Company of the following information in
the Registration Statement and related prospectus, and any amendments or supplements thereto, to be
filed with the Securities and Exchange Commission:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The chart entitled Historical Industrial Cap Rates and the information contained in
such chart.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Information regarding the total market for distressed U.S. commercial real estate.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In giving such consent, Real Capital Analytics does not hereby admit that it is in the
category of persons whose consent is required under Section&nbsp;7 of the Securities Act of 1933, as
amended. Real Capital Analytics hereby consents to the filing of this consent as an exhibit to the
Registration Statement and related prospectus, and any amendments of supplements thereto, to be
filed with the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that the Company&#146;s intent to file the Registration Statement is highly
confidential. We will not disclose any information about the Company&#146;s intent to file the
Registration Statement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page Follows&#093;</I>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">REAL CAPITAL ANALYTICS<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jeanne B. Jambor
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Jeanne B. Jambor&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.8
<SEQUENCE>7
<FILENAME>f53964a1exv23w8.htm
<DESCRIPTION>EX-23.8
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;23.8</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">November&nbsp;9, 2009

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terreno Realty Corporation<BR>
16 Maiden Lane, Fifth Floor<BR>
San Francisco, CA 94108

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Re: </B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Consent of SNL Financial LC</B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that Terreno Realty Corporation (&#147;the Company&#148;) is intending to file a
Registration Statement on Form S-11 (the &#147;Registration Statement&#148;) pursuant to the Securities Act
of 1933, as amended (the &#147;Securities Act&#148;), to register the sale of certain shares of common stock.
SNL Financial LC (&#147;SNL Financial&#148;) hereby consents to the use by the Company of the following
information in the Registration Statement and related prospectus, and any amendments or supplements
thereto, to be filed with the Securities and Exchange Commission:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Information on the Total Return of AMB vs. MSCI US REIT Index (RMS)&nbsp;vs. FTSE NAREIT
Equity Industrial Index (FTSE Code: FN14 and Bloomberg Ticker: FNIND).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In giving such consent, SNL Financial does not hereby admit that it is in the category of
persons whose consent is required under Section&nbsp;7 of the Securities Act. SNL Financial hereby
consents to the filing of this consent as an exhibit to the Registration Statement and related
prospectus, and any amendments of supplements thereto, to be filed with the Securities and Exchange
Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that the Company&#146;s intent to file the Registration Statement is highly
confidential. We will not disclose any information about the Company&#146;s intent to file the
Registration Statement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page Follows&#093;</I>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">SNL FINANCIAL LC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Daniel Oakley
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Daniel Oakley&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Contracts Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.9
<SEQUENCE>8
<FILENAME>f53964a1exv23w9.htm
<DESCRIPTION>EX-23.09
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w9</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;23.9</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">December&nbsp;11, 2009

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terreno Realty Corporation<BR>
16 Maiden Lane, Fifth Floor<BR>
San Francisco, CA 94108

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Re: </B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Consent of Trepp LLC</B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that Terreno Realty Corporation (&#147;the Company&#148;) is intending to file a
Registration Statement on Form S-11 (the &#147;Registration Statement&#148;) pursuant to the Securities Act
of 1933, as amended (the &#147;Securities Act&#148;), to register the sale of certain shares of common stock.
Trepp LLC (&#147;Trepp&#148;) hereby consents to the use by the Company of the following information in the
Registration Statement and related prospectus, and any amendments or supplements thereto, to be
filed with the Securities and Exchange Commission:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;According to Trepp, LLC, or Trepp, as of October&nbsp;31, 2009, the percentage of commercial
mortgage-backed securities, or CMBS, loans included in Trepp&#146;s database that are delinquent
by 30&nbsp;days or more is at 4.83%, the highest level recorded by Trepp since 1998, which
represents $35.2&nbsp;billion in outstanding loan balances&#148;.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The statement above does not constitute a report, valuation or opinion of a third party expert, and
notwithstanding granting this consent, Trepp disclaims being in the category of persons whose
consent is required under Section&nbsp;7 of the Securities Act. Trepp hereby consents to the filing of
this consent as an exhibit to the Registration Statement and related prospectus, and any amendments
of supplements thereto, to be filed with the Securities and Exchange Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that the Company&#146;s intent to file the Registration Statement is highly
confidential. We will not disclose any information about the Company&#146;s intent to file the
Registration Statement.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">TREPP LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Paul M. Vogt
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Paul M. Vogt&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Company Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.10
<SEQUENCE>9
<FILENAME>f53964a1exv23w10.htm
<DESCRIPTION>EX-23.10
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w10</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;23.10</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">December&nbsp;14, 2009

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terreno Realty Corporation<BR>
16 Maiden Lane, Fifth Floor<BR>
San Francisco, CA 94108

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Re: </B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Consent of National Association of Real Estate Investment Trusts (NAREIT)</B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that Terreno Realty Corporation (&#147;the Company&#148;) is intending to file a
Registration Statement on Form S-11 (the &#147;Registration Statement&#148;) pursuant to the Securities Act
of 1933, as amended (the &#147;Securities Act&#148;), to register the sale of certain shares of common stock.
National Association of Real Estate Investment Trusts (&#147;NAREIT&#148;) hereby consents to the use by the
Company of the following information in the Registration Statement and related prospectus, and any
amendments or supplements thereto, to be filed with the Securities and Exchange Commission:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;According to the National Association of Real Estate Investment Trusts, or NAREIT<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>,
as of October&nbsp;2009, the seven publicly traded industrial equity REITs in the U.S. have
an average debt ratio of 59.0%, with a range of 42.6% to 87.7%.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any updates to the data above.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In giving such consent, NAREIT does not hereby admit that it is in the category of persons
whose consent is required under Section&nbsp;7 of the Securities Act. NAREIT hereby consents to the
filing of this consent as an exhibit to the Registration Statement and related prospectus, and any
amendments of supplements thereto, to be filed with the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that the Company&#146;s intent to file the Registration Statement is highly
confidential. We will not disclose any information about the Company&#146;s intent to file the
Registration Statement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page Follows&#093;</I>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">NATIONAL ASSOCIATION OF REAL <BR>
ESTATE INVESTMENT TRUSTS <BR>
(NAREIT)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Tony M. Edwards
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Tony M. Edwards&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<BR>
General Counsel&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Signature Page to Consent
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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