BROKER OPINION OF VALUE - Voit Real Estate Services

AERIAL MAPReadlands0FwyCooley DrS. Mount Vernon AveE. Washington St E. Washington StRiverside Freeway1030 S. Mount Vernon | 6

SALE PRICE ANALYSIS

SALE PRICE ANALYSISThe building is 6,364 SF and has much of the furniture,fixtures and equipment (FF&E) leftover from the previoustenancy.The vast majority of the sales comparables on record arefrom the pre-2008 recession activity, and therefore notrelevant to this analysis.There are two comparable sales of retail properties withescrows closed in the market within the last four months,and a third site which closed eight months ago, all withinapproximately 2.5 miles of the subject. The buildingsales prices were $57.11/SF and $82.38/SF for theclosest sales and $71.79/SF for the property 2.5 miles tothe northeast of the subject. Given the subject’s cornerlocation and proximity to a major shopping center, itsvalue should exceed these comparable sales.Considering that the potential sale of the subject site willmost likely be to an owner-user, the area rental rates arealso influential for the review, as the economics involvedin the acquisition will greatly influence the ability of theoperator to profitably run the restaurant. The 109,000 SFCenterpointe Plaza in which the subject is located, hassimilar sized space currently being offered for lease at$.60/SF, NNN, on either a 5,700 SF or 7,300 SF space.Rental rates in the rest of the trade area are $0.60-$0.75/SF for larger spaces, and escalate to the $1.50-$1.75/SFrange for smaller spaces of 1,000-2,000 SF.The general rule-of-thumb for a restaurant operation isto have an occupancy cost of 8%-10% of the gross salesvolume. In the case of the subject, an $0.80/SF, NNN,rent, or corresponding mortgage payment factor, wouldequate to an annual occupancy cost of $61,094 (withouttaxes, insurance or a maintenance/cam fee). As a factorof occupancy expense, an 8% figure would equate to anannual sales volume of $763,680. This amount is equalto approximately $14,686 per week in sales, which at anaverage ticket of $10.00, would mean 1,469 meals perweek, or over 210 customers per day, 365 days a year.While the average meal ticket may have been $15-$20 acouple years ago, there are not many restaurant facilitiesin this neighborhood currently averaging over $10.00 permeal, other than perhaps the Japanese restaurant nextdoor to the subject. (These calculations are summarizedin the table on the following page).1030 S. Mount Vernon | 8

SALES / LEASE COMPARABLES

COMPARABLE PROPERTIES FOR LEASEWhen looking for comparable properties for lease, we examined otherbuildings, in like-type shopping centers where possible, within closeproximity to the subject site. In most cases, the comparable spacewas in a shell condition, rather than being presented as a built-outrestaurant facility. However, it cannot be assumed that a buyer for thesubject location would utilize the interior layout as it now exists.Weighted Average Lease Rate$0.84/SFAverage Building SF5,685 SFLease Rate Range$0.60 - $1.10/SFBuilding SF Range4,775 – 7,315AddressYearBuiltMonthly LeaseRate ($/SF)Comments1Centerpointe Shopping Center1040 S. Mount Vernon AvenueColton, CA 923245,723 -7,315$0.60Spaces are in the same retail center as subject. Rate isquoted on a NNN basis.2Mediterrania Plaza935 S. Mount Vernon AvenueColton, CA 923245,680 $1.00Property is .25 miles from subject site. Space located inmixed office/retail building. Rate is quoted on a modifiedgross basis.3Colton Courtyard1200-1350 W. Washington StreetColton, CA 923246,019 $1.10Property is .5 miles from subject site. Individual spacesare sold in shell condition with landlord contributing tobuild out costs. Specific space is designated for restaurantuse. Rate is quoted on a NNN basis.4Washington Plaza Shopping Center1740 E. Washington StreetColton, CA 923244,775 $1.00Property is .5 miles from subject site. New constructionwith parcels located on corner lots similar to subject.Rate is quoted on a NNN basis.1030 S. Mount Vernon | 13

COMPARABLE PROPERTIES FOR LEASE MAP2 Cooley DrE. San Antonio StS. Mount Vernon Ave1Riverside FreewayE Washington StE Washington St431030 S. Mount Vernon | 14

COMPETING SALESWhen looking at comparable properties for sale, we focused on sites in closeproximity to the subject, with all three locations being within 1.5 miles. It wasdifficult to identify a similar sit-down restaurant facility, however competing retailbusiness properties are offered for comparison purposes.Average Asking Price$946,666Average Building SF5,416 SFWeighted Average Asking Price ($/SF)$174.77/SFAsking Price Range$650,000 - $1,390,000Building SF Range3,750 – 7,500 SFAsking Price Range ($/SF)$106 - $370/SFAddressYearBuiltBuildingSizeAskingPriceAskingPrice($/SF)Comments11190 E. Washington StreetColton, CA 923241979 3,750 $1,390,000 $370.67Property is .25 miles from subject property.Sale includes business (coin operated carwash).2195 W. Vallet BoulevardColton, CA 92324- 5,000 $650,000 $130.00Property is 1 mile from subject property.Location of a turn-key restaurant that comeswith FFE and liquor license.3812 W. Citrus AvenueColton, CA 92324- 7,500 $800,000 $106.67Property is 1.5 miles from the subject site.Site of a three-bay coin self-service car wash.1030 S. Mount Vernon | 15

COMPETING SALES MAP3Citrus StHermosa AveRancho Ave2Valley BlvdS. Mount Vernon Ave1E Washington St1030 S. Mount Vernon | 16

MARKET ANALYSIS

BROKER OPINION OF VALUE1030 S. Mount Vernon AvenueColton, CA 92324Analysis Date: 07/26/11PRESENTED BY:Bob BradyVice PresidentLic #00627590858.458.3368bbrady@voitco.comTony O’NeillVice PresidentLic #01409213858.458.3321toneill@voitco.comKendrick AskewVice PresidentLic #01812782858.458.3310kaskew@voitco.com4370 La Jolla Village Dr., Suite 990, San Diego, CA 92122858.453.0505 • 858.453.1981 Fax • Lic #01333376 • www.voitco.com