INTRODUCING PNC TOWER

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1 INTRODUCING INSTITUTIONAL QUALITY CLASS A CBD ASSET S O U T H 5 th S T R E E T LO U I S V I L L E, K E N T U C KY E XECUTIVE SUMMARY Holliday Fenoglio Fowler, L.P. ( HFF ) acting by and through Holliday GP Corp, a Kentucky licensed real estate broker FORM N A T I E R LY K N ONA L C I TO W N A S Y TO WE R

3 1 0 1 S O U T H 5 th S T R E E T LO U I S V I L L E, K E N T U C KY

INTRODUCING 4 101 South 5th Street or PNC Tower (the "Property"), formerly known as National City Tower, is a 39-story, iconic, trophy office asset located at the epicenter of Louisville s business

4 INTRODUCING South 5th Street or PNC Tower (the "Property"), formerly known as National City Tower, is a 39-story, iconic, trophy office asset located at the epicenter of Louisville s business district, a high-growth and central location for commerce in the Midwest. The Property, which was completed in 1972 and most recently renovated in 2007, contains 723,300 rentable square feet ( RSF ) and is comprised of a 689,355 RSF trophy office tower, a 24,945 RSF annex positioned on the corner of 4th and Main Street, a 516-car parking garage above the annex, and a beautifully landscaped 10,000 SF outdoor plaza that offers a fountain, trees, and congregation space. PNC Tower, which is 8% below its 5-year average occupancy level of 96.6% and has a 5.7 year weighted average lease term, offers tremendous upside potential for investors who simply need to lease the high-quality vacant space which recently became available in order to achieve outstanding returns. KEY PROPERTY STATISTICS LOCATION 101 South 5th Street, Louisville TOTAL RENTABLE AREA 723,300 SF OFFICE TOWER RENTABLE AREA 698,355 SF ANNEX RENTABLE AREA 24,945 SF ANNEX PARKING GARAGE AREA 190,080 SF PERCENT LEASED 88.6% AVERAGE PERCENT LEASED % OFFICE TOWER STORIES 39 ANNEX TOTAL STORIES 5 ANNEX PARKING STORIES 4 ANNEX RENTABLE STORIES 1 MECHANICAL STORIES 2 DATE COMPLETED/RENOVATED 1972/1986/2007 TYPICAL FLOOR PLATES Low Rise (Floor 2-15) 16,000 SF Mid Rise (Floor 16-29) 16,500 SF High Rise (Floor 30-38) 17,500 SF FINISHED CEILING HEIGHT 8'8" SLAB-TO-SLAB CEILING HEIGHT 12' BUILDING CORE / LOSS FACTOR 8% Single, 15% Multi-Tenant ARCHITECT Harrison & Abramovitz WALK SCORE 90 GROUND LEASE TERM

THE PNC Tower is ideally positioned between 4 th and 5 th Streets where they intersect with Main Street.

The property is the second tallest office building in downtown Louisville and has full height glass creating dramatic 360-degree views of the Louisville skyline and unimpaired views of the Ohio River

The Property was designed by world-renowned architect, Harrison & Abramovitz who combined form and function to expertly craft the pinnacle of Louisville's sweeping skyline.

5 THE PNC Tower is ideally positioned between 4 th and 5 th Streets where they intersect with Main Street. This intersection serves as the CBD s epicenter and will soon sit at the midpoint of Louisville's Urban Bourbon Trail. The property is the second tallest office building in downtown Louisville and has full height glass creating dramatic 360-degree views of the Louisville skyline and unimpaired views of the Ohio River less than 900 feet from the base of the building. The Property was designed by world-renowned architect, Harrison & Abramovitz who combined form and function to expertly craft the pinnacle of Louisville's sweeping skyline. PNC Tower s 100 oversized bay windows per floor and efficient 17,000 SF floor plans offer tenants the ultimate corporate setting. The tenant amenities are comprehensive and strategically integrated with the PERFORMING ARTS CENTER OHIO RIVER Louisville Riverwalk RIVERFRONT PARK GALT HOUSE HOTEL KFC YUM! CENTER character of the downtown. Amenities include a conference room overlooking the Ohio River, a 25 ceiling lobby complete with travertine walls and terrazzo floors, a Starbucks and a Wi-Fi lounge adjoining the lobby, a tenant café with catering capability, access to the adjacent Humana Health Club and Fitness S 5 th St S 4 th St 5 Center, an indoor garage, with 516 spaces, and a carwash station. The annex is conveniently located at the intersection of Main and 4th Street, creating a prime retail opportunity due to its frontage on the Urban Bourbon Trail, foot traffic generated by the KFC Yum! Center, 4 th street entertainment corridor. Additionally, PNC Tower has is one block to tourism destinations such as the Kentucky International Convention Center and the Galt House hotel. The Property is easily accessible by foot with north and west end entrances, and also by automobile with an east side, turn-style entrance to the parking garage. One traffic light separates the Property from I-64 and the Kennedy Interchange and its immediate interconnections to the entire Louisville US BANK THE ANNEX KENTUCKY INTERNATIONAL CONVENTION CENTER REBUILD COMPLETION PROJECTED FOR SUMMER 2018 interstate system. The annex parking garage entrance on 4th Street provides convenient access for tenants and visitors arriving by automobile. 5

6 6 INSTITUTIONAL QUALITY INTERIOR 6

A RARE OPPORTUNITY OPPORTUNITY: PNC Tower offers investors the exclusive

components have culminated in a market-leading average occupancy of 96.

PNC Tower has established itself as the clear market leader in attracting

the building and Humana s long-term occupancy in this property that sits

7 A RARE OPPORTUNITY OPPORTUNITY: PNC Tower offers investors the exclusive opportunity to acquire a 39-story, institutional quality office tower in the heart of downtown Louisville. The landmark location, irreplaceable view space, and upgraded building components have culminated in a market-leading average occupancy of 96.6% over the last five years. PNC Tower has established itself as the clear market leader in attracting high quality tenancy, as evidenced by PNC Bank's recent consolidation into the building and Humana s long-term occupancy in this property that sits adjacent to their headquarters. The anchor tenants are set, the heavy lifting is done, and the leasing momentum is established providing the investor with a clear path to success. 7 7

IRREPLACEABLE INVESTMENT WITH VALUE-ADD POTENTIAL PNC Tower offers investors a rare opportunity to acquire the leasehold interest in an irreplaceable investment with the potential for significant

With contiguous full floor vacancies and efficient floor plates, an investor will be able to capitalize on a Louisville CBD market with a shortage of large block, Class A space.

8 IRREPLACEABLE INVESTMENT WITH VALUE-ADD POTENTIAL PNC Tower offers investors a rare opportunity to acquire the leasehold interest in an irreplaceable investment with the potential for significant value enhancement. The Property presents an opportunity to increase its occupancy by at least 8% to return to its 5-year historical average occupancy of 96.6%. With contiguous full floor vacancies and efficient floor plates, an investor will be able to capitalize on a Louisville CBD market with a shortage of large block, Class A space. Since 2004, various institutional owners have invested over $10.8 million in 8 mechanical and aesthetic upgrades. Major renovations include passenger elevator modernization, cooling tower refurbishment, and parking garage signage and repairs. Given these substantial improvements, there is minimal base building capital remaining and an investor simply needs to allocate leasing capital to realize significant upside and create long-term value. 8

9 AFFORDS ITS PATRONS THE VERY BEST OF WHAT LOUISVILLE'S WATERFRONT HAS TO OFFER PICTURESQUE VISTAS TIMELESS ELEGANCE UNIQUE LOCATION SPECTACULAR VIEWS SENSIBLE DESIGN COMMUNITY FEEL 9 TOP FLOOR VIEW CONFERENCE ROOM GROUND FLOOR LOBBY UPPER FLOOR SUITE 9

TENANT BRIEF PNC Tower is the established market leader in attracting financial and health care related tenants, however, there is a clear opportunity to diversify the tenant base with both large

Recently signed leases include a renewal of financial-services tenant PNC (Fitch: A+) who vacated PNC Plaza and consolidated all employees into PNC Tower last May.

More recent leases include consulting firm Gresham Smith and venture capital Chrysalis Ventures.

An investor has the opportunity to capitalize on this trend and further diversify a tenant roster that generates a stable cash flow stream.

A long-term lease with UBS for 9,870 SF on 4 th and Main Street will soon be expiring creating an opportunity to improve the exterior façade and utilize the frontage along downtown s premiere

10 TENANT BRIEF PNC Tower is the established market leader in attracting financial and health care related tenants, however, there is a clear opportunity to diversify the tenant base with both large credit-quality institutional tenants and smaller innovative Louisville based firms. Recently signed leases include a renewal of financial-services tenant PNC (Fitch: A+) who vacated PNC Plaza and consolidated all employees into PNC Tower last May. As part of its consolidation, PNC made a long-term commitment to PNC Tower which included an estimated $20 million investment into their space. More recent leases include consulting firm Gresham Smith and venture capital Chrysalis Ventures. PNC Tower has also generated strong leasing interest from companies in the technology, utility, law, and accounting industries. An investor has the opportunity to capitalize on this trend and further diversify a tenant roster that generates a stable cash flow stream. 10 The Property also includes a 5-story annex containing 24,945 square feet of ground floor rentable area and a 516-space parking garage on the east side of the property. A long-term lease with UBS for 9,870 SF on 4 th and Main Street will soon be expiring creating an opportunity to improve the exterior façade and utilize the frontage along downtown s premiere intersection. This is a prime opportunity for a retail tenant to occupy a high visibility corner at the historical epicenter of Louisville s CBD. This location would benefit from its proximity to the 4th Street Live entertainment corridor, the Kentucky International Convention Center 2018 completion, the KFC Yum! Center foot traffic, and the flourishing Whiskey Row. The recently improved parking equipment and garage signage implemented in late 2016 and early 2017 have significantly increased its usage and demand with no corresponding increase in parking rates. With the potential to sign a NNN retail lease in place of UBS and the ability to push parking rates, the annex presents a substantial opportunity to capture value and further integrate the Property with downtown Louisville. 10

HUMANA S OPTIMAL LOCATION PNC Tower is the optimal strategic location for anchor tenant Humana Inc. (Fitch: BBB+). Humana, the 5th largest Health Insurance company in the U.S., is based in Louisville with headquarters located across 5 th street from the Property.

11 HUMANA S OPTIMAL LOCATION PNC Tower is the optimal strategic location for anchor tenant Humana Inc. (Fitch: BBB+). Humana, the 5th largest Health Insurance company in the U.S., is based in Louisville with headquarters located across 5 th street from the Property. After right-sizing their portfolio in anticipation of the 2016 merger with health care giant Aetna, Humana has grown organically to become the second largest owner in downtown Louisville with 2.3 million square feet in the CBD. After vacating space in 400 West Market, Humana's primary leased space is in Waterfront Plaza and PNC Tower. In comparison to Waterfront Plaza, PNC Tower offers more available square feet, an efficient floorplan layout, Class A amenities and building profile, and a location that is right next to Humana s Headquarters, positioning the Property as the ideal location and potential benefactor of Humana's future expansion

OVERVIEW PNC Tower is an iconic, trophy office asset located at the epicenter of Louisville s business district, a highgrowth and central location for commerce in the Midwest.

trophy office tower + + 24,945 RSF annex positioned on the corner of 4 th & Main Street + + Renovated in 2007, the lobby features modern furniture, stone wall coverings, and exposed metallic columns

12 OVERVIEW PNC Tower is an iconic, trophy office asset located at the epicenter of Louisville s business district, a highgrowth and central location for commerce in the Midwest. Clad in bronze structural steel, the Property, completed in 1972 and most recently renovated in 2007, contains 723,300 rentable square feet ( RSF ) of space and is comprised of: ,355 RSF trophy office tower ,945 RSF annex positioned on the corner of 4 th & Main Street + + Renovated in 2007, the lobby features modern furniture, stone wall coverings, and exposed metallic columns car parking garage above the annex with access card passes + + Beautifully landscaped 10,000 SF outdoor plaza that offers a fountain, trees, and congregation space over-sized windows with solar film treated glass for temperature control + + Active tenant lobby with top-of-the-market amenities 12

THE ADVANTAGE RARE "VALUE ADD" OPPORTUNITY: Property Rebranding and Lease Up of High-Quality Contiguous Floor Vacancies Provide Clear Path to Success Landmark Location with Unabridged Views of

13 THE ADVANTAGE RARE "VALUE ADD" OPPORTUNITY: Property Rebranding and Lease Up of High-Quality Contiguous Floor Vacancies Provide Clear Path to Success Landmark Location with Unabridged Views of Downtown & the Ohio River PNC Tower is positioned along Louisville's new Urban Bourbon Trail Urban Work / Live / Play Setting KFC Yum! Center, 4th Street Live!, International Convention Center, Performing Arts Center Louisville's Multi-Housing & Hotel Markets Are Rapidly Expanding 3 blocks from PNC Tower 225 apartment units & 760 hotel rooms are under construction Diverse Rent Roll & Durable Cash Flow Includes strong credit tenants Humana and PNC Tremendous Recent Leasing Success Over 286,000 SF signed in the last 18 months Exceptional Access to Transportation ZeroBus Electric Buses, Highways I-64, I-65, and I-71 Availability of skilled labor workforce 23 universities in the Louisville Region with 12,000 degrees awarded annually Expanding Employment Base in the CBD Louisville MSA was the 21 st fastest growing in the U.S. at 2.28% Y/Y growth (3/16-3/17) Outstanding Supply / Demand Fundamentals for Class A Office Louisville has a well-balanced Office Leasing Market 13 Louisville is Rapidly Rebounding Louisville's ability to blend tradition & new ideas to achieve success 13

They collaborated on an array of works ranging from college campuses to the CIA headquarters in Langley, Virginia; Harrison & Abramovitz is best remembered for designing the Philharmonic Hall, later

14 TRUE ARCHITECTURAL SIGNIFICANCE 14 The Property was designed by the world-renowned architect Max Abramovitz. Partnering with Wallace Harrison, Abramovitz and Harrison redefined modernist architecture for 35 years. They collaborated on an array of works ranging from college campuses to the CIA headquarters in Langley, Virginia; Harrison & Abramovitz is best remembered for designing the Philharmonic Hall, later renamed the Avery Fisher Hall in New York City. His designs of Midtown buildings in New York have transformed the skyline and became iconic centerpieces in the city. PNC Tower is the only building in Louisville that Harrison & Abramovitz designed. The project was inspired by Ludwig Mies van der Rohe s skin and bones architectural style, an objective approach that strove for clarity and simplicity. The final product achieved the minimalist look while maintaining the status of the premier, high profile office building in the Louisville central business district. 14

BACK FORWARD LOCATION & SITE DESCRIPTION 31 ge Residential rid thoroughfares in downtown Louisville.

The annex has frontage on 4th Street, the base of Louisville s Civic and Government Transportation entertainment district made famous by 4 Street Live!

The building is easily accessible via three 65 Clark Memorial Bridge Hotel E X E CU T I V E SU M M AR Y ed nn Ke Legend PNC Tower is located at the confluence of Main Street and 5th Street, two vital

15 BACK FORWARD LOCATION & SITE DESCRIPTION 31 ge Residential rid thoroughfares in downtown Louisville. The tower is centered on Main Street yb Office Retail/Entertainment which functions as the spine of the business district and the midpoint of the Ohio River Educational Urban Bourbon Trail. The annex has frontage on 4th Street, the base of Louisville s Civic and Government Transportation entertainment district made famous by 4 Street Live!, Louisville s premier $70 th Parking Other Buildings million retail and entertainment district. The building is easily accessible via three 65 Clark Memorial Bridge Hotel E X E CU T I V E SU M M AR Y ed nn Ke Legend PNC Tower is located at the confluence of Main Street and 5th Street, two vital Waterfront Park oa R er d v Ri Mixed Use Parks entrances between Main and 4 th Street with just one traffic light separating the Parking Lot 64 parking garage from the Kentucky Interchange. The Property is clearly visible from a great distance to automobile traffic due to its status of the 2 nd building downtown as well as up close by foot traffic generated by 4 th Belvedere highest 64 W. Washington Street Louisville Science Center Street Live!, KFC Yum! Center, and the tourist destinations adjoining Main Street. PNC Glassworks business and dining clubs which is highly attractive and convenient for tenants. Washington Street BB&T Building Louisville Preston Ballet Pointe Waterfront Plaza I&II Courtyard LG&E By Marriott Building Actors Theater Market Street Court Place AEGON Center Kentucky International Convention Center Police City Hall Jefferson Headquarters County Courthouse Jefferson Street Meidinger Tower United States Courthouse Courier Journal Theater Square Kentucky Theater Crescent Centre Norton Healthcare Pavilion Holiday Inn Downtown University Hospital Norton Hospital Camberley Brown Brown Hotel Theatre Louisville Free Public Library York Street Ronald McDonald House Rudd Heart & Lung Center Jewish Hospital Frazier Kosair Institute Childrens Hospital Jefferson Community College Palace Theatre Broadway map Convention & Visitors Bureau Preston Street Brennan House Historic Home Magazine Street Travelodge 1st Street 2nd Street Chestnut Street Federal Building 65 The Inn at Jewish Hospital OMNI Hotel (Under Construction) 3rd Street 4th Street 5th Street Armory Place Muhammad Ali Blvd. Seelbach Hilton Haymarket 4th Street Live! The Gardens 6th Street 7th Street 8th Street 10th Street Greyhound Bus Terminal Hyatt Marriott Hotel Regency Louisville Brown & Willamson Tower PNC Plaza Liberty Street State Office Building Club Hotel By Doubletree 15 Jackson Street Roy Wilkins Avenue Hall of Justice Judicial Center Louisville Slugger Field Hancock Street Tower is within walking distance of virtually all of the Louisville s downtown KFC Yum! Center Galt House East Main Street PNC Humana Tower Building Bunbury Theater Withe Floyd Street Louisville Slugger Museum Kentucky Center For The Arts et n Stre rspoo Riverfront Galt Plaza House Muhammad Ali Center 71 TO Gray Street 65 15

16 EFFICIENT FLOOR PLATES PNC Tower combines form and function with a high profile building design and extremely efficient floor plans. The building s rectangular shape and 16,500-17,500 RSF virtually column-free floors provide efficient space utilization for full floor and multi-tenant layouts. Each floor contains approximately 100 windows providing abundant natural light, and the solar-film treated glass helps maintain an even temperature. The spaces can accommodate creative office users as demonstrated 16 by PNC s collaborative, open floor layout with highend finishes and ample natural light. The Property is Louisville s 2nd tallest building and therefore offers unimpeded views of the entire Louisville skyline and the Ohio River. Tenants have the ability to choose their scale with both fully unimproved floors and smaller, contemporary suites currently available. Furthermore, the annex offers a sizable floor plate on the corner of Main and 4th Street, the main thoroughfares for business and entertainment districts, culminating in a premier retail opportunity in the heart of downtown. An investor will benefit from three full-floor vacancies on mid-rise floors 18, 22, and 23 that are primed for lease-up. 16

SIZABLE RETAIL SPACE COMING SOON The resurgence of bourbon is a significant driver of the city s rapidly growing tourism industry as well as the statewide economic engine.

open along downtown Main Street by 2018.

17 SIZABLE RETAIL SPACE COMING SOON The resurgence of bourbon is a significant driver of the city s rapidly growing tourism industry as well as the statewide economic engine. Fueled by the popularity of the Urban Bourbon Trail tourist experience launched in 2008, statewide bourbon distilleries have almost tripled since 2009 from 19 to 52 locations with four planned to open along downtown Main Street by The distilling industry is the second largest job concentration in the state, as its current 17,500 statewide employees, earning an average of $95,000, is projected to grow to 20,000 by The Property stands at the geographic epicenter of this growth that is accompanied by 9 hotels in the pipeline, and an updated conference center to capture the growth of burgeoning bourbon industry

18 LOUISVILLE EMPLOYERS COMPANIES HEADQUARTERED IN LOUISVILLE COMPANY TOTAL REVENUE NOTABLE PRODUCTS & SERVICES $54.29 BILLION Health insurance and related services through plans for employer groups, government-sponsored programs and individuals $13.11 BILLION Parent company of quick-service restaurants: KFC, Pizza Hut, and Taco Bell Brands $7.05 BILLION Health care services company operating hospitals, nursing and rehabilitation centers and contract rehabilitation services $4.01 BILLION Produces and markets alcoholic beverages, including Jack Daniel's, Southern Comfort, Finlandia Vodka, Casa Herradura and others $2.3 BILLION Institutional pharmacy services provider for health care facilities and pharmacy management services 18 $1.81 BILLION Casual dining concept that operates more than 200 restaurants in 28 states $1.64 BILLION Operates and franchises pizza delivery and carry-out restaurants $1.21 BILLION Pari-mutual wagering on live race meetings for Thoroughbred horses; intrastate and interstate simulcast racetrack wagering $ MILLION Regional provider of home-health care nursing services, including visiting-nurse and personal-care services $ MILLION Manufactures and markets smokeless and smoke tobacco products $ MILLION Financial holding company $ MILLION Provider of technology-based outsourced services and specialty products $ MILLION Stock Yards Bank & Trust holding company $ MILLION E-commerce platform provider enabling customers to create, buy and sell customized and personalized products $71.2 MILLION Bank holding company 18

LOUISVILLE ECONOMIC OVERVIEW ECONOMIC OVERVIEW Louisville features strong shipping, health care, medical services, and insurance sectors with the five largest employers in Louisville being Fort Knox,

19 LOUISVILLE ECONOMIC OVERVIEW ECONOMIC OVERVIEW Louisville features strong shipping, health care, medical services, and insurance sectors with the five largest employers in Louisville being Fort Knox, UPS, Humana Inc., Norton Healthcare and Ford Motor Company. Not looking to slow any time soon, Louisville s employment rate has continued to increase year over year since 2010, and its GMP is currently $61.7 billion, a 3.4% increase from 2015 and is the highest annual increase since Louisville is home to three Fortune 500 Companies - Humana, Yum! Brands, and Kindred Healthcare. Other corporate citizens include Brown-Forman, Pharmerica, Res-Care, and Hillerich and Bradsby (makers of the Louisville Slugger). The city serves as UPS' main international air hub in the United States, making Louisville one of the world s major shipping points, and also houses the U.S. headquarters for LG&E and KU Energy, the world s largest investor-owned provider of energy services. The two top employers, Fort Knox and UPS, each employ nearly 23,000 people, the most people in the greater area by far. Fort Knox is a 109,000-acre United States Army base just 35 miles south of downtown Louisville, and it houses the Army human resources Center of Excellence including the Army HR Command, Cadet Command and Accessions Command as well as training both the Army and Marines M1 Abrams main battle tank crews. UPS provides package delivery services and supply chain management solutions and is the world s largest company in the courier industry specifically relating to package delivery services. UPS Air Cargo port in Louisville enhances the local economy and job market, especially considering that UPS delivers over 15 million packages to around 8 million customers in over 220 countries around the world every day. EMPLOYMENT GROWTH Louisville s unemployment rate of 3.9% (April 2017, Bureau of Labor Statistics) is the second lowest rate the area has experienced since January Louisville has had five years of increasing job growth, boosting the economy from the jobs lost during the downturn. Continuing its momentum, Louisville added more than 20,000 jobs since 2015, increasing 3% year over year. Moody s Analytics expects Louisville to gain 6.2% in job-growth over the next five years. TOP 10 LOUISVILLE EMPLOYERS 19 Fort Knox 23,000 United Parcel Service (UPS) 22,080 Ford Motor Co. (2 Plants) 12,990 Humana Inc. 12,900 Norton Healthcare 11,389 Amazon.com 6,000 GE Appliance & Lighting 6,000 KentuckyOne Healthcare Systems Inc. 6,000 Baptist Healthcare Systems Inc. 4,995 Kroger Co. 4,626 Source: Greater Louisville Chamber of Commerce, Aug

World (Humana, Kindred) 23 universities located in the

Iconic City with World Renowned Classics Churchill Downs &

drive away Highly Educated Workforce Within a Close Proximity

20 WHY LOUISVILLE? Largest concentration of Aging Care Company Headquarters in the World (Humana, Kindred) 23 universities located in the Louisville Region America s Breakout Cities for 2014 CNNMoney Iconic City with World Renowned Classics Churchill Downs & Louisville Slugger 20 One of the Best Entrepreneurial Cities - Entrepreneur.com Diverse Career Opportunities R ADVANCED MANUFACTURING R LOGISTICS R E-COMMERCE 2/3 of the U.S. population is only a one day drive away Highly Educated Workforce Within a Close Proximity $1 Billion Investment Made by GE in Appliance Park Top 10 Bike Friendly Cities USA Today R FOOD & BEVERAGE R MEDICAL PROFESSIONS & SENIOR CARE R BUSINESS TO BUSINESS SERVICES 12,000 Degrees Awarded Annually by Area Colleges & Universities 20

21 WHY THE MIDWEST? PERCEPTION of the Midwest Markets There are fewer opportunities than coastal & gateway markets Kentucky s economy is heavily dependent on manufacturing jobs Midwest cities are isolated from major cities THE FACTS 5 th largest economy in the world Automotive $5.5B Exports Midwest cities are a 1 day drive to 2/3 of the U.S. populations 21 REALITY of the Midwest Markets California is the 8 th largest economy in the world. The Midwest is the 5 th. It is also bigger than Brazil, Russia, and India *Kentucky s average income for auto workers is 40% higher than the overall state average income Kentucky offers the UPS World Port in Louisville, DHL Hub in Northern Kentucky, and several FedEx hubs statewide 21

RETAIL LEASING POTENTIAL THE ANNEX RE-IMAGINED Approximately 10,000 square feet of ground floor space in the Annex will become available for

This opportunity provides the ability for new ownership to create a new vision for the Annex and what it offers the patrons of PNC Tower.

22 RETAIL LEASING POTENTIAL THE ANNEX RE-IMAGINED Approximately 10,000 square feet of ground floor space in the Annex will become available for leasing in This opportunity provides the ability for new ownership to create a new vision for the Annex and what it offers the patrons of PNC Tower. The large amount of foot traffic and strong visibility from the surrounding businesses, 4 th Street Live, and the Convention Center ensure a constant flow of patrons to the Annex. Some possibilities for enhancements include incorporating similar metallic finishes to PNC Tower, enhancing the overhead lighting, and erecting prominent exterior signage. The Annex utilizes the sidewalk space to energize this corner and is primed for retail tenants. MODERN SIGNAGE 22 BRONZE METALLIC COLUMN COVERS MODERN GLASS INVITING ENTRIES SOFT AMBIENT LIGHTING 22

LEASING MOMENTUM TENANT CURRENT SF % RSF TENANT SINCE TENURE BUSINESS TYPE 30 YEAR CLUB Cravings Alacarte 11,247 1.6% 12/1/1972 44.60 Years Retail - Restaurant PNC Bank 178,262 24.6% 12/1/1972 44.60 Years Financial Services Todd Asset Management 16,755 2.

23 LEASING MOMENTUM TENANT CURRENT SF % RSF TENANT SINCE TENURE BUSINESS TYPE 30 YEAR CLUB Cravings Alacarte 11, % 12/1/ Years Retail - Restaurant PNC Bank 178, % 12/1/ Years Financial Services Todd Asset Management 16, % 12/1/ Years Financial Services Bingham Greenebaum Doll 52, % 3/1/ Years Law Firm Tower Shop 1, % 5/1/ Years Retail - Sundry Shop Dinsmore & Shohl 51, % 9/1/ Years Law Firm OVER 30 YEARS 311, % Due to the Property's strategic location within the Louisville CBD and superior amenity package, efficient floor plates, and unmatched views, 101 S 5th Street has exceptional tenant retention. 15 tenants have been at the Property for over 10 years and occupy over 84% of the Property's rentable area. This ensures stable cash flow from tenants in a wide range of diverse industries. 15 YEAR CLUB UBS 9, % 10/1/ Years Financial Services Susie's Salon % 12/1/ Years Retail - Restaurant Sheffer Law Firm 4, % 12/1/ Years Law Firm Chrysalis Ventures 3, % 8/1/ Years Venture Capital Fund Humana 232, % 2/1/ Years Health Insurance OVER 15 YEARS 251, % 10YEAR CLUB Fultz Maddox Dickens 17, % 3/1/ Years Law Firm The Federal Reserve Bank of St. Louis 12, % 11/1/ Years Government Gresham Smith Partners 6, % 1/1/ Years Law Firm Tachau Meek 9, % 6/25/ Years Law Firm OVER 10 YEARS 45, % 23 23

24 BACK FORWARD CENTER FIELD & AHEAD OF THE PACK E X E C U T I V E SU M MAR Y K EN T U C K Y I N T ER N AT I O N AL C O N V EN T I O N C EN T ER REOPENS SUMMER 2018 OPENS APRIL 2018 Rooms: 600 MEIDINGER TOWER BROWN & WILLIAMSON CON 4th & JEFFERSON STREET RENDERING LG&E CENTER WATERFRONT PLAZA W MARKET UN STR DER UCT ION UN DER CON STR UC TIO E XP WEST N AN SIO N HOTEL UNDER CONSTRUCTION 429 W. Muhammad Ali Blvd. OPENS Q Rooms: 110 HUMANA TOWER PNC PLAZA PNC Tower HOTEL UNDER CONSTRUCTION 601 W MAIN STREET OPENS Q Rooms: 50 24

MAIN STREET S CAST-IRON HISTORIC DISTRICT Louisville s Cast Iron Historical District on West Main Street is named after its beautifully preserved castiron facades.

The relatively cheaper building fronts imitated classical architectural styles inspired by the French Renaissance, Greek revival, or Italian baroque era and the iron s strength allowed for even

25 MAIN STREET S CAST-IRON HISTORIC DISTRICT Louisville s Cast Iron Historical District on West Main Street is named after its beautifully preserved castiron facades. The ability to mass produce the pre-fabricated units catalyzed their prominence in the late 19th century as they comprised entire streets at the time. The relatively cheaper building fronts imitated classical architectural styles inspired by the French Renaissance, Greek revival, or Italian baroque era and the iron s strength allowed for even greater window spans. This cast-iron construction method invented by James Bogardus put the building load on the columns as opposed to the walls, which was an important step towards the skeleton framing construction in skyscrapers. The buildings inspired a modern day renaissance in Louisville creating a vibrant commercial, residential, and entertainment hub today. Downtown s Main Street between 2 nd and 9 th Streets contains the second greatest number of cast-iron façade buildings in the nation second only to New York City s South of Houston Street (SoHo) Cast Iron district. The historical district coalesces with the Cultural Arts District which contains three blocks of significant attractions including the Kentucky Center for the Arts, Louisville Science Center, Muhammad Ali Center, and Images Friedman Gallery to name a few. The redevelopment and preservation investments that have accompanied the cast iron restoration has totaled $1.8 billion since LOUISVILLE'S HISTORIC ARCHITECTURE Louisville has the 2 nd largest number of cast-iron facades in the United States to New York City s Soho District 25 25

LOCATION SUMMARY 26 PNC Tower is located in the heart of Downtown Louisville, providing impeccable access throughout Louisville CBD as well as I-64, I-65 and I-71.

26 LOCATION SUMMARY 26 PNC Tower is located in the heart of Downtown Louisville, providing impeccable access throughout Louisville CBD as well as I-64, I-65 and I-71. The Louisville CBD is a densely populated urban area home to a diverse mix of office, residential, retail and entertainment uses. The Downtown office center of gravity is located inside Interstates 64 and 65 allowing excellent access to Indianapolis (114 miles away) and Nashville (180 miles away) on I-65 and Cincinnati (113 miles away) and St. Louis (264 miles away) on I-64. The CBD is home to 16.1 million square feet of office space including 4.5M SF of Class A product. Named as America s top city for small business growth by Entrepreneur Magazine, Louisville is one of Kentucky s most distinctive communities. Today the city is the home of the Kentucky Derby, Kentucky Fried Chicken, the University of Louisville, the Louisville Cardinals, Louisville Slugger baseball bats, three of Kentucky s six Fortune 500 companies and a thriving Bourbon industry. The Kentucky Derby vastly impacts the local economy by creating more than 55,000 jobs and generating revenue of more than $217 million in Louisville and over $3 billion across Kentucky. Yum!, one of the three Fortune 500 Companies in Louisville, is a major sponsor for the Kentucky Derby. Headquartered in Louisville just southeast of Downtown, it operates three major Restaurant brands - KFC, Taco Bell, and Pizza Hut. In 1997, Tricon Global Restaurants Inc. branched out from PepsiCo creating Yum! and chose Louisville as its headquarters. Since then it has created one of the most profitable and largest restaurant companies in the world bringing in $13.1 billion of revenue in Helping build the Louisville s tourism and local economy, in 2010 Yum! built the KFC Yum! Center downtown less than a mile from the Property, a multi-purpose sports arena that has a capacity for over 22,000 people and hosts an array of sporting events and concerts per year. Headed by the Kentucky Distillers Association, Kentucky s $3 billion Bourbon Industry produces 95% of the world s supply of bourbon. 33% of all bourbon production happens in Louisville. The high demand for bourbon has resulted in an 170% increase in production since 2000 and created more than 15,400 jobs in Kentucky. With the increase in demand and popularity, tourism has increased in Louisville with the creation of local bourbon tasting venues, distiller tours and bourbon sponsored festivals throughout the city including the Forecastle Festival, held annually in the Louisville Waterfront Park. Waterfront Park is an 85-acre green space and park located downtown along the Ohio River less than one mile from the Property providing walkways, green space, playgrounds, fountains, docks for boats, free wireless access and festivals on the grounds year around. The Property is surrounded by many luxurious, high-end hotels such as the Seelbach Hilton, Hyatt Regency, the Marriott Downtown, and the OMNI hotel (currently under construction, opening Spring of 2018) are located within a block of the Property along with the Convention Center. Adjacent to the Property is 4th Street Live!, Louisville s premier retail and entertainment district comprised of 350,000 square feet. Another nearby tourist attraction is the Louisville Slugger Museum, home of the Louisville Slugger baseball bats, a celebration of current bat producers Hillerich & Bradsby s long standing history in the city of Louisville. Louisville is seeing growth in tech companies relocating and starting offices downtown, especially with all of data centers located in and around Louisville. The Property is located in a Data Redundancy, intersecting two data loops electrical and fiber, which significantly reduces the risk of any loss in data or other errors. This attracts all business especially tech companies for data storage and communication, reconstruction of data or recovering lost or damaged data. 26

LOUISVILLE MARKET SUMMARY LOUISVILLE MARKET OVERVIEW Founded in 1778, Louisville is the largest city in the Commonwealth of Kentucky and the 28 th most populous city and the 42 nd largest MSA in the

Louisville is the historical seat of Jefferson County, and in 2003, the city and county merged into the Louisville/Jefferson County Metro Government making Louisville the nominal seat of Jefferson

27 LOUISVILLE MARKET SUMMARY LOUISVILLE MARKET OVERVIEW Founded in 1778, Louisville is the largest city in the Commonwealth of Kentucky and the 28 th most populous city and the 42 nd largest MSA in the United States with a population of 1,283,566 residents. It is one of the oldest cities west of the Appalachian Mountains, and now the metro area is comprised of over 1.4 million people. Louisville is the historical seat of Jefferson County, and in 2003, the city and county merged into the Louisville/Jefferson County Metro Government making Louisville the nominal seat of Jefferson County. HEALTH CARE Louisville s extensive history, innovation and reputation with health care has helped expand the economy and the Health Care industry across the country. It has always been one of the metro areas top employers and reasons for employment growth. Louisville is home to over 4,571 hospital beds spread across multiple facilities including Baptist Health Louisville (519-beds), Kosair Children s Hospital (263-beds), Clark Memorial Hospital (241-beds) and the Floyd Memorial Hospital and Health Services (199-beds, over 600 physicians and 2,000 associates). Louisville is home to major health care system Kentucky One Health, which has over 200 locations across Kentucky and southern Indiana and includes the University of Louisville Hospital (301-beds), Jewish Hospital (462-beds), St. Mary s Health Care (331-beds), Saint Joseph Health System (254-beds) and the James Graham Brown Cancer Center. One of the three Fortune 500 Companies headquartered in Louisville, Kindred Healthcare is the largest healthcare system providing post-acute healthcare across the country. It employs over 65,000 people and has divisions consisting of Transitional Care Hospitals, Nursing and Rehabilitation Centers, Rehab Care and Care Management. Two leading employers in Louisville, Humana Inc. and Norton Healthcare play major roles within the Healthcare Industry. Humana Inc. provides services to more than 13 million people across the nation and is the third largest health insurance company in the U.S. Norton Healthcare provides care across Louisville and southern Indiana and has 12 Norton Immediate Care Centers, seven outpatient centers, five hospitals in Louisville with a combined 1,837-beds and has over 2,000 physicians and more than 650 employed medical providers. In addition, Cotiviti, a major tenant in the Property, provides payment accuracy solutions for healthcare companies across the US. The demand for healthcare across the country has increased the growth in the financial services sector supporting the healthcare industry, resulting in a boom for the local economy. CAPTIVATING PANORAMIC VISTAS FROM THE ICONIC 27 27

INDIANAPOLIS 135 N. Pennsylvania Street Suite 1650 Indianapolis, Indiana 46204 p: 317.630.3191 CHICAGO 181 W.

7503 jmerrill@hfflp.com JAIME FINK Sr. Managing Director 312.528.3683 jfink@hfflp.com JEFF BRAMSON Sr. Managing Director 312.528.3687 jbramson@hfflp.

28 INDIANAPOLIS 135 N. Pennsylvania Street Suite 1650 Indianapolis, Indiana p: CHICAGO 181 W. Madison Street Suite 3900 Chicago, Illinois p: INVESTMENT CONTACTS JOHN MERRILL Sr. Managing Director JAIME FINK Sr. Managing Director JEFF BRAMSON Sr. Managing Director MARTY O'CONNELL Sr. Managing Director License # FINANCING CONTACT KEN MARTIN Director kmartin@hfflp.com

LOU I SVILLE KE NTUCK Y

LOU I SVILLE KE NTUCK Y CONTENTS 4 Overview 6 Fourth Street Live! 8 The Heart of Louisville 12 Anchor Tenants 14 Site Plan 18 Louisville 22 The Cordish Companies 4 CONTENTS WELCOME TO FOURTH STREET LIVE!