T a ub ma n Ce nte rs T o o Che a p T o I g no re - Va lue I - - PowerPoint PPT Presentation

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Ple a se e ma il q ue stio ns o r c o mme nts to : Sa ve T a ub ma n@ L a nda ndBuilding s.c o m

T a ub ma n Ce nte rs T

• o Che a p T
• I

g no re - Va lue I nve sto rs Buying Hig h Qua lity Re ta il Re a l E sta te

De c e mb e r 2017

www.Sa ve T a ub ma n.c o m

Hig h Qua lity Re ta il Re a l E sta te Dra wing in Pro mine nt Buye rs

• Oppo rtunistic b uye rs a re ta king a dva nta g e of e xtre me disc ounts a t pub lic ly tra de d

re ta il re a l e sta te c o mpa nie s

• T

he re c e ntly a nno unc e d $25B sa le o f hig h q ua lity ma ll c o mpa ny We stfie ld Co rp. is the la te st tra nsa c tio n hig hlig hting de e p va lue in the se c to r

• T

a ub ma n’ s po rtfo lio , whic h we b e lie ve is e ve n hig he r q ua lity, a t a 4% c a p ra te implie s

~60% upside to ~$100 NAV

• Hudso n’ s Ba y Co mpa ny (HBC:CN) ha s be e n va lue d a t 3x the c urre nt sha re pric e

de spite a pplying a mo re c o nse rva tive 5% c a p ra te tha n the a nno unc e d We stfie ld sa le

• T

he 8-K file d b y T CO o n De c e mb e r 13th disc lo se d a se ve ra nc e pla n tha t prote c ts se nior

le ve l ma na g e me nt in the e ve nt o f a c ha ng e o f c o ntro l tra nsa c tio n

• Be tte r- tha n- e xpe c te d holida y shopping se a son is ta ilwind fo r re ta ile rs a nd la ndlo rds
• T

a ub ma n ma lls a re bustling with a c tivity, e vide nt in the la te st pho to to ur

2

S

• urc e : L

and & Building s’ analysis, Blo o mb e rg , T he Wall S tre e t Jo urnal, T ho mso n Re ute rs, F inanc ial T ime s, Co mpany S E C filing s

www.Sa ve T a ub ma n.c o m

Va lue I nve sto rs Buying Hig h Qua lity Re ta il Re a l E sta te

• Unib a il-Ro da mc o a g re e d to a $25B purc ha se
• f hig h q ua lity US/ E

uro pe ma ll la ndlo rd

We stfie ld

• E

llio tt Ma na g e me nt disc lo se d a 4% sta ke in

T a ubma n Ce nte r s

• Sta rb o a rd Va lue a nd T

hird Po int ha ve b o th disc lo se d sta ke s in Ma c e r

ic h

• Bro o kfie ld Asse t Ma na g e me nt ma de a pub lic
• ffe r fo r GGP
• We Wo rk/ Rhô ne ma de inve stme nt in Hudson’s

Ba y, whic h o wns a c o lle c tio n o f hig h q ua lity

re ta il re a l e sta te

3

S

• urc e : Wall S

tre e t re se arc h, L and & Building s' re se arc h, T ho mso n Re ute rs, Blo o mb e rg , Natio nal Re al E state I nve sto r, I nstitutio nal I nve sto r

Pro mine nt inve sto rs c o ntinue to ta ke a dva nta g e o f the o ppo rtunity to purc ha se the hig he st q ua lity re ta il re a l e sta te a t a n a ttra c tive c o st b a sis

www.Sa ve T a ub ma n.c o m

We stfie ld Sa le Hig hlig hts Se ve re Disc o unt fo r T a ub ma n Ce nte rs

• T

CO me rits a hig he r va lua tio n tha n We stfie ld, in o ur vie w, g ive n supe rio r q ua lity o n va rio us me tric s

4

S

• urc e : L

and & Building s’ re se arc h, Wall S tre e t re se arc h, c o mpany filing s No te : Co nc e ntratio n o f Class A and sale s o ve r $800 psf are b ase d o n We stfie ld’ s asse ts in the Unite d S tate s, whic h c o mprise appro ximate ly 75% o f We stfie ld’ s po rtfo lio , with the b alanc e in the Unite d King do m/ E uro pe ; Ove rall sale s pro duc tivity b ase d o n e ntire po rtfo lio s o f e ac h c o mpany

90% 61%

50% 60% 70% 80% 90% 100%

T CO WF D

T CO has 30% gr e ate r c o nc e ntr atio n o f Class A

• r

be tte r as % o f NOI T CO has ne ar ly 30% mo r e e xpo sur e to malls with sale s o ve r $800 psf

62% 34%

0% 10% 20% 30% 40% 50% 60% 70%

T CO WF D

$802 $726

$680 $700 $720 $740 $760 $780 $800 $820

T CO WF D

T CO has 10% highe r sale s pr

• duc tivity

www.Sa ve T a ub ma n.c o m

T a ub ma n Offe rs a Supe rio r Ma ll Po rtfo lio with Sig nific a nt Ope ra tio na l Upside

5

S

• urc e : L

and & Building s’ re se arc h, Co mpany S E C filing s, Wall S tre e t Re se arc h No te : Class A Mall Pe e rs de fine d b y L and & Building s as T aub man’ s hig h q uality Class A Mall Pe e rs GGP, I nc ., T he Mac e ric h Co mpany and S imo n Pro pe rty Gro up I nc . (c o lle c tive ly, “Class A Mall Pe e rs”)

• T

a ub ma n’ s E BI T DA ma rg ins unde rpe rfo rme d Cla ss A Ma ll Pe e rs b y 770 b ps o n a ve ra g e

• ve r the pa st five ye a rs
• T

a ub ma n’ s NAV wo uld inc re a se b y $20 pe r sha re , o r 20%, if T a ub ma n c lo se s E BI T DA ma rg in g a p to Cla ss A Ma ll Pe e rs, in o ur vie w T a ub ma n’ s NAV is $100 pe r sha re a pplying the sa me ~4% c a p ra te pa id fo r We stfie ld, ye t T a ub ma n o wns a hig he r q ua lity po rtfo lio with mo re o pe ra tio na l upside

www.Sa ve T a ub ma n.c o m

T he Stre e t Unde rsc o re s Po sitive I mplic a tio ns fo r T a ub ma n

6

S

• urc e : Blo o mb e rg , Citi Re se arc h, Gre e n S

tre e t Adviso rs, Je ffe rie s Re se arc h

T he We stfie ld a c q uisitio n is a te sta me nt to inve sto r de ma nd fo r c la ss A ma lls a nd b o de s we ll fo r T a ub ma n Ce nte rs

“T

he prima ry be ne fic ia rie s on the ne ws [We stfie ld] a re T a ubma n Ce nte rs (T CO) a nd Ma c e ric h (MAC) – but T a ubma n to a la rg e r de g re e ….Bo th o pe ra te hig h q ua lity ma lls

a nd a re o f simila r q ua lity to We stfie ld’ s U.S. po rtfo lio , in a g g re g a te …T

a ubma n ha s c onside ra bly more upside g ive n the disc ount to NAV a t whic h it c urre ntly tra de s

re la tive to Ma c e ric h” Gre e n Stre e t Adviso rs (e mphasis adde d) “…with ~75% o f We stfie ld’ s po rtfo lio in the U.S., the pric ing a ppe a rs fa vora ble … a nd

sug g e sts a c ontinue d bid for hig h- qua lity Cla ss A U.S. ma lls.”

Citi Re se arc h (e mphasis adde d)

“We b e lie ve the va lua tio n ha s positive implic a tions for A- ma ll pla ye rs in the U.S. a nd

possibly puts more pre ssure on the m to c onside r stra te g ic a lte rna tive s to c lose the g a p be twe e n the ir c urre nt va lua tion a nd NAV.”

Je ffe rie s Re se arc h (e mphasis adde d)

www.Sa ve T a ub ma n.c o m

T a ub ma n’ s Ne w Se ve ra nc e Pla n Pro te c ts Se nio r Ma na g e me nt in the E ve nt o f a Cha ng e o f Co ntro l

• L

a st we e k, T a ub ma n Ce nte rs disc lo se d a ne w se ve ra nc e pla n fo r c e rta in me mb e rs o f se nio r ma na g e me nt, pro te c ting suc h e xe c utive s in the e ve nt o f te rmina tio n fo llo wing a c ha ng e in c o ntro l, with the fo llo wing fe a ture s:

1. Ca sh lump sum pa yme nt e q ua l to the sum o f:

• 250% o f the sum o f:

a ) 12 time s the hig he st mo nthly b a se sa la ry in the pre c e d ing 12 mo nths; a nd b ) Gre a te r o f the ta rg e t b o nus o f the te rmina tio n ye a r

• r the hig he st b o nus e a rne d in the la st 3 full ye a rs
• 18x the mo nthly COBRA pre mium

2. F ull a nd imme dia te ve sting o f unve ste d e q uity a wa rds unde r the L

• ng T

e rm I nc e ntive Pla n 3. Ve sting o f unve ste d pe rfo rma nc e e q uity a wa rds 4. Pa yme nt o f a c c rue d b ut unpa id sa la ry plus a c c rue d b ut unuse d pa id time o ff

7

S

• urc e : L

and & Building s’ re se arc h, Wall S tre e t re se arc h, Co mpany S E C filing s, T he De al Pipe line

T a ub ma n imple me nte d simila r a g re e me nts in 2003 whe n Simo n wa s se e king to purc ha se the Co mpa ny

www.Sa ve T a ub ma n.c o m

We stfie ld a nd We Wo rk Hig hlig ht De ma nd fo r Hig h Qua lity Re ta il Re a l E sta te

• Hig h qua lity re ta il re a l e sta te is in hig h de ma nd, mo st re c e ntly e vide nc e d b y:
• Unib a il-Ro da mc o ’ s purc ha se o f Cla ss A US/ E

uro pe ma ll la ndlo rd We stfie ld Co rpo ra tio n fo r $25 b illio n, o r a ~4% c a p ra te

• Hudso n’ s Ba y’ s re a l e sta te va lue disc lo se d b y ma na g e me nt, whic h is triple the

c urre nt sha re pric e , is b a se d o n a 5% b le nde d c a p ra te

• Hudso n’ s Ba y so ld its L
• rd & T

a ylo r fla g ship sto re to We Wo rk fo r $850 millio n, o r 30% mo re tha n its a ppra ise d va lue

• HBC ma na g e me nt’ s po te ntia l pla ns with re spe c t to a g o -priva te tra nsa c tio n, a s

re po rte d o ve r the summe r, we re like ly thwa rte d just mo nths a g o b y the tig hte ning o f the c re dit ma rke ts a fte r T

• ys “R” Us a nno unc e d its b a nkruptc y
• I

nve sto r de ma nd fo r hig h q ua lity re ta il re a l e sta te tha t HBC o wne d c o uld pro vide c a pita l fo r suc h a tra nsa c tio n

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S

• urc e : L

and & Building s’ re se arc h, Wall S tre e t re se arc h, Co mpany S E C filing s

www.Sa ve T a ub ma n.c o m

Ho lida y Sho pping Se a so n E xc e e ding E xpe c ta tio ns Ac c o rding to Stre e t Co mme nta ry

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S

• urc e : Blo o mb e rg , T

he Wall S tre e t Jo urnal, Wall S tre e t Re se arc h, F

• rb e s, Califo rnia Appare l Ne ws, Baltimo re Busine ss Jo urnal, Chain S

to re Ag e , Natio nal Re tail F e de ratio n

T

• p-tie r ma lls pro ve d to b e po pula r de stina tio ns o n b usie st sho pping da y o f the ye a r

“ We

a re

br

• adly

r aising e stimate s and pr ic e tar ge ts

a c ro ss

• ur c o ve ra g e …b a se d
• n

e nc our aging e ar ly r e ads on Holiday, inc luding str

• nge r tr

affic tr e nds…a nd upbe at manage me nt c omme ntar y”

Go ldman Sac hs Re se arc h (e mphasis adde d) “U.S. r

e tail sale s r

• se mor

e than for e c ast in No ve mb e r a nd the pr e vious month was r e vise d highe r,

indic a ting a br

• ad str

e ngthe ning of c onsume r de mand a s the ho lida y sho pping se a so n g o t unde r

wa y” Blo o mb e rg Ne ws (e mphasis adde d) “I t’ s re a lly po rte nding fo r a ve ry so lid a nd maybe one of the be st holiday se asons that we ’ve se e n

in ye ar s”

Natio nal Re tail F e de ratio n(e mphasis adde d)

www.Sa ve T a ub ma n.c o m

T a ub ma n’ s Ma lls Are No t the Pro b le m

• T

a ubma n’s proble ms a re se lf- inflic te d – T

a ub ma n ha s re pe a te dly b la me d po o r pe rfo rma nc e o n the industry whe n its pro b le ms lie with ma na g e me nt a nd po o r

• ve rsig ht b y the Bo a rd o f Dire c to rs
• Sig nific a nt sha re pric e upside – I

n the ne xt 14 mo nths we b e lie ve T CO c o uld re turn 50% o r mo re if ma na g e me nt fixe s the so rry sta te o f a ffa irs a t the Co mpa ny

• I

f a c tio ns a re no t ta ke n, the T a ub ma n F a mily c o uld lo se c o ntro l o f the Bo a rd a s a ma jo rity o f ne w inde pe nde nt Dire c to rs c o uld b e no mina te d in just 14 mo nths

• T

CO ha s sub sta ntia lly unde rpe rfo rme d its pe e rs sinc e the June 2017 Annua l Me e ting a s ho rrib le o pe ra ting pe rfo rma nc e , c a pita l a llo c a tio n a nd c o rpo ra te g o ve rna nc e ha ve pe rsiste d

• T

a ubma n’s NAV c ould be double c urre nt sha re pric e – T

a ub ma n tra de s a t a 5.4% implie d c a p ra te a nd is like ly wo rth a t le a st 60% mo re tha n the c urre nt sha re pric e due to the e xtra o rdina ry va lue o f T a ub ma n’ s nine do mina nt ma lls a nd the de a rth o f hig h-q ua lity ma lls a va ila b le fo r institutio ns to purc ha se , with c a p ra te s a ro und 4%

• Ma na g e me nt ha s c ontinue d to ove rpromise a nd unde r de live r – T

CO ha s re pe a te dly re vise d do wn g uida nc e , whic h is like ly to a g a in o c c ur o ve r the ne xt ye a r

10

S

• urc e : L

and & Building s’ re se arc h, Wall S tre e t re se arc h, Blo o mb e rg

www.Sa ve T a ub ma n.c o m

T a ub ma n Ma ll T ra ffic Ro b ust During Ho lida y Sho pping Se a so n

• Pho to s fro m the we e ke nd of Sa tur

da y De c e mbe r 16th a t T

a ub ma n’ s nine do mina nt ma lls hig hlig ht str

• ng c onsume r

de ma nd

• Pa c ke d pa r

king lots a nd long line s we re a c o mmo n the me a s sho ppe rs visite d

the ma lls to fulfill the ir ho lida y sho pping

• T

he fo llo wing pa g e s hig hlig ht bustling a c tivity a t T a ub ma n’ s ma lls o ve r this pa st we e ke nd

11

S

• urc e : Co mpany we b site , L

and & Building s' re se arc h

www.Sa ve T a ub ma n.c o m

Ma ll a t Sho rt Hills – Sho rt Hills, NJ

12

T he Mall at Shor t Hills ($1,230 Sale s PSF )

L iving ston Ma ll ($360 Sa le s PSF )

S

• urc e : Co mpany we b site , L

and & Building s' re se arc h, Wall S tre e t re se arc h, Go o g le Maps No te : Re taile rs liste d are re pre se ntative o f T aub man te nants at the pro pe rty; All pho to s o n sub se q ue nt slide s we re take n o n the we e ke nd o f S aturday, De c e mb e r 16, 2017

www.Sa ve T a ub ma n.c o m

www.Sa ve T a ub ma n.c o m

Do lphin Ma ll – Mia mi, F L

14

Dolphin Mall ($850 Sale s PSF )

Mia mi Inte r na tional Ma ll ($590 Sa le s PSF )

S

• urc e : Co mpany we b site , L

and & Building s' re se arc h, Wall S tre e t re se arc h, Go o g le Maps No te : Re taile rs liste d are re pre se ntative o f T aub man te nants at the pro pe rty

www.Sa ve T a ub ma n.c o m

www.Sa ve T a ub ma n.c o m

T he Ma ll a t Mille nia – Orla ndo , F L

16

Mall at Mille nia ($1,380 Sale s PSF )

Or la ndo Inte r na tiona l Pr e mium Outle ts ($1,100 Sa le s PSF ) T he F lor ida Ma ll ($1,050 Sa le s PSF )

S

• urc e : Co mpany we b site , L

and & Building s' re se arc h, Wall S tre e t re se arc h, Go o g le Maps No te : Re taile rs liste d are re pre se ntative o f T aub man te nants at the pro pe rty

www.Sa ve T a ub ma n.c o m

www.Sa ve T a ub ma n.c o m

Be ve rly Ce nte r – L

• s Ang e le s, CA
• Be ve r

ly Ce nte r is c urre ntly unde rg o ing a $500 millio n re no va tio n; it is uniq ue a mo ng a ll T

a ub ma n ma lls in tha t it is no t the do mina nt ma ll in its tra de a re a

18

Be ve r ly Ce nte r ($990 Sale s PSF )

Ce ntur y City ($3,160 Sa le s PSF ) Ba ldwin Hills Cr e nsha w Pla za ($230 Sa le s PSF ) We stside Pa vilion ($350 Sa le s PSF ) T he Gr

• ve

($2,200 Sa le s PSF )

S

• urc e : Co mpany we b site , L

and & Building s' re se arc h, Wall S tre e t re se arc h, Go o g le Maps No te : Re taile rs liste d are re pre se ntative o f T aub man te nants at the pro pe rty

www.Sa ve T a ub ma n.c o m

www.Sa ve T a ub ma n.c o m

I nte rna tio na l Pla za – T a mpa , F L

20

Inte r national Plaza ($940 Sale s PSF )

We stshor e Pla za ($430 Sa le s PSF ) Hyde Pa r k Villa g e

S

• urc e : Co mpany we b site , L

and & Building s' re se arc h, Wall S tre e t re se arc h, Go o g le Maps No te : Re taile rs liste d are re pre se ntative o f T aub man te nants at the pro pe rty

www.Sa ve T a ub ma n.c o m

www.Sa ve T a ub ma n.c o m

T he Ma ll a t Gre e n Hills – Na shville , T N

22

Mall at Gr e e n Hills ($870 Sale s PSF )

Opr y Mills ($490 Sa le s PSF ) CoolSpr ing s Ga lle r ia ($540 Sa le s PSF )

S

• urc e : Co mpany we b site , L

and & Building s' re se arc h, Wall S tre e t re se arc h, Go o g le Maps No te : Re taile rs liste d are re pre se ntative o f T aub man te nants at the pro pe rty

www.Sa ve T a ub ma n.c o m

www.Sa ve T a ub ma n.c o m

Che rry Cre e k Sho pping Ce nte r – De nve r, CO

24

Che r r y Cr e e k Shopping Ce nte r ($980 Sale s PSF )

De nve r Pa vilions

S

• urc e : Co mpany we b site , L

and & Building s' re se arc h, Wall S tre e t re se arc h, Go o g le Maps No te : Re taile rs liste d are re pre se ntative o f T aub man te nants at the pro pe rty

www.Sa ve T a ub ma n.c o m

www.Sa ve T a ub ma n.c o m

T we lve Oa ks Ma ll – No vi, MI

26

T we lve Oaks Mall ($600 Sale s PSF )

L a ur e l Pa r k Pla c e ($350 Sa le s PSF )

S

• urc e : Co mpany we b site , L

and & Building s' re se arc h, Wall S tre e t re se arc h, Go o g le Maps No te : Re taile rs liste d are re pre se ntative o f T aub man te nants at the pro pe rty

www.Sa ve T a ub ma n.c o m

www.Sa ve T a ub ma n.c o m

We stfa rms – We st Ha rtfo rd, CT

28

We stfar ms ($610 Sale s PSF )

Blue Bla c k Squa r e

S

• urc e : Co mpany we b site , L

and & Building s' re se arc h, Wall S tre e t re se arc h, Go o g le Maps No te : Re taile rs liste d are re pre se ntative o f T aub man te nants at the pro pe rty

www.Sa ve T a ub ma n.c o m

www.Sa ve T a ub ma n.c o m

Disc la ime r

T his pre se nta tio n is fo r disc ussio n a nd g e ne ra l info rma tio na l purpo se s o nly. It do e s no t ha ve re g a rd to the spe c ific inve stme nt o b je c tive , fina nc ia l situa tio n, suita b ility, o r the pa rtic ula r ne e d o f a ny spe c ific pe rso n who ma y re c e ive this pre se nta tio n, a nd sho uld no t b e ta ke n a s a dvic e o n the me rits o f a ny inve stme nt de c isio n. T his pre se nta tio n is no t a n o ffe r to se ll o r the so lic ita tio n o f a n o ffe r to b uy inte re sts in a fund o r inve stme nt ve hic le ma na g e d b y L a nd & Building s Inve stme nt Ma na g e me nt, L L C (“L a nd & Building s”) a nd is b e ing pro vide d to yo u fo r info rma tio na l purpo se s o nly. T he vie ws e xpre sse d he re in re pre se nt the o pinio ns o f L a nd & Building s, a nd a re b a se d o n pub lic ly a va ila b le info rma tio n with re spe c t to T a ub ma n Ce nte rs, Inc . (“T a ub ma n” o r the “Co mpa ny”) a nd c e rta in o the r c o mpa nie s re fe re nc e d he re in. Ce rta in fina nc ia l info rma tio n a nd da ta use d he re in ha ve b e e n de rive d o r o b ta ine d fro m pub lic filing s, inc luding filing s ma de b y T a ub ma n with the Se c uritie s a nd E xc ha ng e Co mmissio n (“SE C”), a nd o the r so urc e s. L a nd & Building s re c o g nize s tha t the re ma y b e no npub lic o r o the r info rma tio n in the po sse ssio n o f the c o mpa nie s disc usse d he re in tha t c o uld le a d the se c o mpa nie s a nd o the rs to disa g re e with L a nd & Building s’ c o nc lusio ns. L a nd & Building s ha s no t so ug ht o r o b ta ine d c o nse nt fro m a ny third pa rty to use a ny sta te me nts o r info rma tio n indic a te d he re in a s ha ving b e e n o b ta ine d o r de rive d fro m sta te me nts ma de o r pub lishe d b y third pa rtie s. Any suc h sta te me nts o r info rma tio n sho uld no t b e vie we d a s indic a ting the suppo rt o f suc h third pa rty fo r the vie ws e xpre sse d he re in. No wa rra nty is ma de tha t da ta o r info rma tio n, whe the r de rive d o r o b ta ine d fro m filing s ma de with the SE C o r fro m a ny third pa rty, a re a c c ura te . L a nd & Building s sha ll no t b e re spo nsib le o r ha ve a ny lia b ility fo r a ny misinfo rma tio n c o nta ine d in a ny suc h SE C filing o r third pa rty re po rt re lie d upo n in g o o d fa ith b y L a nd & Building s tha t is inc o rpo ra te d into this pre se nta tio n. No a g re e me nt, a rra ng e me nt, c o mmitme nt o r unde rsta nding e xists o r sha ll b e de e me d to e xist b e twe e n o r a mo ng L a nd & Building s a nd a ny third pa rty o r pa rtie s b y virtue o f furnishing this pre se nta tio n. T he a na lyse s pro vide d ma y inc lude c e rta in fo rwa rd-lo o king sta te me nts, e stima te s a nd pro je c tio ns pre pa re d with re spe c t to , a mo ng o the r thing s, the histo ric a l a nd a ntic ipa te d

• pe ra ting pe rfo rma nc e o f the c o mpa nie s disc usse d in this pre se nta tio n, a c c e ss to c a pita l ma rke ts, ma rke t c o nditio ns a nd the va lue s o f a sse ts a nd lia b ilitie s. Suc h sta te me nts,

e stima te s, a nd pro je c tio ns re fle c t L a nd & Building s’ va rio us a ssumptio ns c o nc e rning a ntic ipa te d re sults tha t a re inhe re ntly sub je c t to sig nific a nt e c o no mic , c o mpe titive , a nd

• the r unc e rta intie s a nd c o nting e nc ie s a nd ha ve b e e n inc lude d so le ly fo r illustra tive purpo se s. No re pre se nta tio ns, e xpre ss o rimplie d, a re ma de a s to the a c c ura c y o r

c o mple te ne ss o f suc h sta te me nts, e stima te s o r pro je c tio ns o r with re spe c t to a ny o the r ma te ria ls he re in a nd L a nd & Building s disc la ims a ny lia b ility with re spe c t the re to . Ac tua l re sults ma y diffe r ma te ria lly fro m tho se c o nta ine d in the fo rwa rd-lo o king sta te me nts. No ne o f L a nd & Building s, its a ffilia te s, o r the ir re pre se nta tive s, a g e nts o r a sso c ia te d c o mpa nie s o r a ny o the r pe rso n ma ke s a ny e xpre ss o r implie d re pre se nta tio n o r wa rra nty a s to the re lia b ility, a c c ura c y o r c o mple te ne ss o f the info rma tio n c o nta ine d in this pre se nta tio n, o r in a ny o the r writte n o r o ra l c o mmunic a tio n tra nsmitte d o r ma de a va ila b le to the re c ipie nt. L a nd & Building s, its a ffilia te s a nd the ir re pre se nta tive s, a g e nts a nd a sso c ia te d c o mpa nie s e xpre ssly disc la im a ny a nd a ll lia b ility b a se d, in who le o r in pa rt, o n suc h info rma tio n, e rro rs the re in o r o missio ns the re fro m. T he re is no a ssura nc e o r g ua ra nte e with re spe c t to the pric e s a t whic h a ny se c uritie s o f the Co mpa ny will tra de , a nd suc h se c uritie s ma y no t tra de a t pric e s tha t ma y b e implie d he re in. T he e stima te s, pro je c tio ns a nd pro fo rma info rma tio n se t fo rth he re in a re b a se d o n a ssumptio ns whic h L a nd & Building s b e lie ve s to b e re a so na b le , b ut the re c a n b e no a ssura nc e o r g ua ra nte e tha t a c tua l re sults o r pe rfo rma nc e o f the Co mpa ny will no t diffe r, a nd suc h diffe re nc e s ma y b e ma te ria l. T his pre se nta tio n do e s no t re c o mme nd the purc ha se o r sa le o f a ny se c urity. L a nd & Building s re se rve s the rig ht to c ha ng e a ny o f its o pinio ns e xpre sse d he re in a t a ny time a s it de e ms a ppro pria te . L a nd & Building s disc la ims a ny o b lig a tio n to upda te the info rma tio n c o nta ine d he re in. All re g iste re d o r unre g iste re d se rvic e ma rks, tra de ma rks a nd tra de na me s re fe rre d to in this pre se nta tio n a re the pro pe rty o f the ir re spe c tive o wne rs, a nd L a nd & Building s’ use he re in do e s no t imply a n a ffilia tio n with, o r e ndo rse me nt b y, the o wne rs o f the se se rvic e ma rks, tra de ma rks a nd tra de na me s.

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