Transaction Summary The Norseman Group, LLC recently completed a $13,900,000 financing, on a property located at 2475 Hanover Street, Palo Alto, California for a special purpose entity created by Staubach Capital,

Inc. (the 'Borrower' or 'Staubach').  Norseman provided Staubach with flexible, low cost incremental capital to be used as acquisition financing.  The financing was structured as a proprietary form of mezzanine note (the 'Norseman Credit Tenant Note™' or 'CTN™'), which financed the excess cash flow generated by the lease payments from the office lease with Pillsbury Winthrop ('Lessee') after taking into account the senior mortgage loan’s debt service and having reserved through a cash management structure for all Borrower related obligations.

The underlying property is a newly constructed 2-story office building located in Palo Alto, California that is 100% occupied by Pillsbury Winthrop.  The property was developed by Stanford University.  The property was acquired by Staubach for a purchase price of $35.5 million and financed with a $23,000,000 senior mortgage provided by General Electric Credit Corporation.  Coincident to the placement of the first mortgage loan by General Electric Credit, Norseman successfully structured and placed with an institutional investor a $13,900,000 mezzanine loan on the property.

Transaction Highlights:   $13,900,000 mezzanine loan at 587 basis points over 6 year SWAP rate.   Structured first noninvestment grade Credit Tenant Note™.   Non-recourse to Staubach.   Collateralized by excess cash flow and pledge of membership interests.

Mezzanine Loan Structure The $13,900,000 CTN™ was structured as a fully amortizing 109 month loan.  The loan was priced at 587 basis points over the 6-year SWAP rate for an all-in fixed rate of 10.55% over the loan term. The CTN™ is repaid by rent payments from a 10 year space lease with Pillsbury Winthrop.  The rent payments are deposited into a lock box and associated cash management account which first pays Stanford University its ground rent,  General

Electric Credit Corp. its senior mortgage payment, escrows any tax and insurance paid by the tenant as additional rent, the CTN™ loan payment and finally remits the excess cash flow to the Borrower.  The Norseman debt service represents approximately 100% of the excess cash flows after payment of the senior loan and ground rent.  The CTN™ is secured by a pledge of the membership interests in the Borrower. Corporate Profiles The Staubach Company is a global, full-service real estate advisory firm that delivers solutions for the users of office, industrial and retail space.  Areas of expertise include site selection, acquisition and disposition, financing, design and construction consulting and other outsourced services.  Staubach Capital Partners, an affiliate of Staubach, has completed over $5 billion in transaction since 1995. Pillsbury Winthrop, LLP consists of over 800 attorneys in 17 countries with expertise in over 30 practice areas posting record profitability on a per partner basis and among the highest staff retention rates.