We Commit. We Deliver.

Statement of Qualifications 1

Table of Contents Company Overview Our Services Landlord Representation Tenant Representation EDGE BIOReal Estate Investment Sales Acquisitions Management Services Management Bios References

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THE COMPANY CORPORATE PROFILE Company(s)

EDGE Commercial, LLC (“EDGE”)

Headquarters

6931 Arlington Road Suite 450 Bethesda, Maryland 20814 (p) 301.222.0200 (f) 301.222.0218 www.edgecre.com

Principals

Joseph A. Sutton, Jr. – Managing Partner Melvin D. Booth – Chairman, EDGE BIOReal Estate Kenneth E. Fellows – Senior Partner Marc C. Balamaci – Principal Scott Mendelson - Principal Robert E. Pugh – Principal

Formation

EDGE was formed in 2007 as a merger of Sutton & Associates, Inc., Fellows Commercial Realty Advisors, and the addition of Marc Balamcai and Scott Menderson, formerly of Scheer Partners.

Business

EDGE is a real estate advisory and investment firm engaged in serving the needs of real estate consumers.

Services

EDGE offers a complete line of real estate services including: • • • • • • • • • •

Landlord Representation Tenant Representation EDGE BIOReal Estate Investment Sales Acquisitions Property & Asset Management Construction Management Consulting Syndication & Joint Ventures 1031 Exchange Fulfillment

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THE COMPANY EDGE COMMERCIAL is a locally owned and operated, fully integrated commercial real estate investment and advisory company. As owners of commercial real estate ourselves, our services have been developed from a Principle Perspective to maximize productivity, efficiency and most importantly…results! The company is comprised of three disciplines that include: MANAGEMENT SERVICES tailored for commercial real estate owners; ADVISORY SERVICES for commercial real estate consumers; and INVESTMENTS SERVICES for our partners and lenders. Our mission is to serve as a highly accessible, efficient, productive, and RESULTS ORIENTED local commercial real estate operating and advisory arm to our partners and clients. Our senior staff offers over 180 years of commercial real estate experience, having completed many of the regions most noteworthy transactions totaling over $6 billion. Specializing in large, highly complex real estate transactions, EDGE represents clients ranging from corporate and institutional companies down to local start-up professional firms. Our transactions have included Sale/Lease Backs, Structured Financings, Tax Structuring, Bondable Leases, Credit Lease Transactions, Build to Suits, TIC Structures, Syndications, 1031 Fulfillment, Joint Ventures, and more. Our MANAGEMENT SERVICES include: • Asset management • Property management • Construction management • Development Our ADVISORY SERVICES include: • Tenant Representation • Landlord Representation • Seller Representation • Buyer Representation • Non-Transactional Consulting • EDGE BIOReal Estate Our INVESTMENT SERVICES include: • Investment Identification & Acquisitions • Dispositions • Build To Suit Development • Joint Ventures • Syndication • Finance (Debt & Equity) • Underwriting • Market Research • Due Diligence

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THE COMPANY

Landlord Representation -5-

LANDLORD REPRESENTATION Edge Commercial understands the issues that are important to owners of real estate, and brings perspective and expertise to the challenging task of maximizing property value. We enjoy a reputation for superior performance in our ability to pre-lease and "spec" lease a property. By thinking and acting like an owner, we apply our insight, expertise and resources to enhance the value of every property we represent. As your advisor, our role is to analyze your particular requirements and property, identify a thorough plan of action, and implement that plan to assure that your objectives are met. The objective of EDGE’s marketing and leasing program is: 1. To understand, anticipate and manipulate the market forces in order to deliver creditworthy tenants in a timely manner with acceptable business terms; 2. To create a proactive, coordinated marketing program that results in securing leases with users that fit into the long range leasing strategy for the project; 3. To assist in competitive property research and analysis and provide up-to-date accurate market data to help you make the most advantagious business decisions. Our landlord representation services are generally divided into the following four phases. 1. Site Evaluation and Recommendations • Determine the strengths and weaknesses of a particular site • Perform a detailed market analysis to determine the competition • Make economic recommendations based upon market conditions 2. Development of a detailed 180 day marketing plan 3. Marketing Implementation • Development of high quality collateral materials • Executive level networking • Direct prospect mailings • Working with state & local economic development agencies • Relationships within the local brokerage community • Development of a site specific website, as needed • Physical canvassing 4. Transaction Management • Proposals • Lease review • Negotiation • Weekly / Bi-weekly status reports as needed

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LANDLORD REPRESENTATION LANDLORD REPRESENTATION - EXPERIENCE Patriot Business Park – Atlantic Realty / Washington Property 2 Office Buildings – 168,000 sq. ft. „ Pre-leased approximately 70% of Patriot West to the Bozzuto Company

in a submarket with a 20%+ vacancy rate. The initial rental rate was $6 to $7 above market rates. „ Pre-leased 50% of Patriot East to the University of Phoenix and the John Starulakis Company in the same high vacancy rate environment. „ Was awarded the NAIOP “Best New Suburban Office Development”

Metro East Office Park – Advance Realty Group 9 Office / Flex Buildings – 600,000 sq. ft. „ Increased rental rates from $19.95 to $23.73 (19%) over an 18 month

period „ Backfilled 8301 Professional Place. A 137,000 sq. ft. single tenant building converted to multi-tenant within 18 months. AAA Credit tenants include Giant/Stop & Shop, Mitre Corporation, Mirant and The Epilepsy Foundation „ Rehired in October 2007 to backfill 80,000 square feet being vacated by Merkle

Traville Research Campus – BioMed Realty Trust Life Science Development – ~450,000 sq. ft. „ Sold the site to BioMed Realty Trust as part of the Human Genome

Sciences world headquarters sale / leaseback „ Selected by BioMed to handle the leasing and marketing of this world class life science development site located in the heart of the I-270 Corridor „ Attracted a “high-end” hotel user to potentially kick off the site development

University Town Center – University Town Center, LLC Mixed Use Project – 1.2M sq. ft. Office „ Largest mixed use project in Prince George’s County „ Hired to lease over 250,000 square feet – largest block available in the

County „ Created and implemented marketing plan to bring awareness to the property

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LANDLORD REPRESENTATION LANDLORD REPRESENTATION - EXPERIENCE Alexandria Technology Park – Alexandria Real Estate Equities Three building flex project – 190,000 sq. ft. „ Landlord’s exclusive leasing agent for over 9 years „ Took property to 100% leased on three occasions „ Award winning project

Colewood Centre – Manor Care Medical Office Building – 73,000 sq. ft. „ 73,000 sq. ft. office building designed as expansion for Manor Care „ During construction, Manor Care decided not to occupy the property.

The property was marketed to third party tenants, and was delivered 60% pre-leased and 100% leased within 6 months of delivery „ Sold on behalf of Manor Care to Moore and Associates for $7.6M „ Continued leasing on behalf of Moore and Associates „ Sold on behalf of Moore & Associate to Zalco Realty for $10.5M

Maryland Corporate Center - Praedium Four Building office complex – 220,000 sq. ft. „ Repositioned project as low cost alternative to firms near the beltway „ Increased occupancy rates from 65% to 86% in 18 months in down

market „ Negotiated 50,000 square foot renewal with Lockheed Martin

Harkins Building – Realty Investment Four story office building – 34,000 sq. ft. „ Represented Realty Investment in purchase of Building „ Leased 30,000 s.f. in 12 months „ Sold fully leased building 12 months later to Rockville Fuel and Feed

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LANDLORD REPRESENTATION

Tenant Representation -9-

TENANT REPRESENTATION Reducing real estate costs. Mitigating risk. Providing flexibility. These principals are the cornerstone of all of EDGE’s tenant advisory projects, large and small, local or national. We understand that exploring space changes can create a number of uncertainties and challenges for organizations. Our integrated resources and local market expertise allow our tenant advisory team to develop complete workplace strategies for the changing business landscape. Helping you to align your real estate strategy with your business goals and operational objectives, we develop timeless solutions, generating value for the long term. Each client receives results-driven service. As ambassadors for our clients, we always place the needs of clients and their business above all other factors. Acting as trusted partners, we develop strong, lasting client relationships built on uncompromising values. From strategic planning to site selection to final negotiations; EDGE clients are up-and-running, on schedule and under budget. We drive increased profits by way of reduced costs both in occupancy and time-savings. Clients see savings in overhead costs, the value of world-class service remains unquantifiable. The following represent the services that EDGE’s tenant representatives provide their clients: • Strategic Planning and Needs Analysis • Employee Mapping, Demographic and Drive-time studies • Market Research and Analysis • Site Selection • Financial Analysis • Document Management and Negotiation • Project Management • Lease Administration • Multi-market Portfolio Management • Operating Expense Review • Disposition Services • State and Local Municipal Incentives Negotiations

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TENANT REPRESENTATION TENANT REPRESENTATION - EXPERIENCE PulseComm 140,000 sq. ft. – Herndon, Virginia „ Represented PulseComm in a sale lease-back of its 12.5 acre headquarters

facility at 2900 Towerview Road „ Negotiated a five year lease with multiple renewal and expansion/contraction options to maintain flexibility „ Increased efficiency of its entire manufacturing space by reducing it from 80,000 square feet to 35,000 square feet

MVLE 54,000 sq. ft. – Alexandria, Virginia „ Delivered a comprehensive market analysis evaluating both buy and lease

scenarios „ Negotiated two long term leases on behalf of this Alexandria based non profit including a 28,000sf expansion and extension of 26,000sf. „ Provided construction management services to ensure their tenant improvement allowance was used efficiently

Prince George’s County Police Training Center 62,500 sq. ft. – Lanham, Maryland „ Tenant was an extensive growth mode and required a building capable of

future expansion. „ Relocated Tenant from Upper Marlboro „ Secured a below market rate under a long term lease..

InvestorPlace Media (formerly Phillips Publishing) 45,000 sq. ft. – Rockville, Maryland „ Relocated InvestorPlace Media from 30,000 sq. ft. at 9420 Key West

Avenue to 45,000 sq. ft. at 9201 Corporate Boulevard „ Negotiated a buyout of the tenant’s remaining two-year lease liability in order to effect an immediate relocation „ Transitioned from a hard office to open space plan environment in order to achieve greater overall efficiency and synergy between business units

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TENANT REPRESENTATION TENANT REPRESENTATION - EXPERIENCE Medifacts International 29,000 sq. ft. – Rockville, Maryland „ Relocated and expanded tenant form 1401 Rockville Pike to 2101

Gaither Road „ Negotiated aggressive terms „ Relationship spans over 14 years

A&T Systems 20,000 sq. ft. – Silver Spring, Maryland „ Relocated and expanded tenant from 12510 Prosperity Drive to 12200

Tech Road „ Negotiated very favorable terms including strong tenant improvement package „ Client for over 10 years

Central Wholesalers 110,000 sq. ft. – Laurel, Maryland „ Assembled four parcels for build to suit „ Assembled team consisting of developer, land use attorney and architect „ Client for over 18 years

Dimensions International 45,000 sq. ft. – Alexandria, Virginia „ Delivered a comprehensive multiple market analysis that identified

relocation alternatives for a successful and rapidly growing government contractor „ Negotiated a short term sublease that automatically converted to a long term prime lease well below the current market rates „ Obtained exterior building signage, no security deposit, as well as an above market tenant improvement allowance „ Client for more than 5 years

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TENANT REPRESENTATION

EDGE BIOReal Estate 13

EDGE BIOR Combining Life Science and Real Estate Expertise EDGE BIOReal Estate is unlike any other real estate provider in the industry today. Our “Top Down” strategy for developing real estate solutions was designed to bridge the longstanding gap that has existed between life science companies and their real estate providers. Our advisory team offers an unprecedented combination of executive-level real estate and life science experience to deliver real estate solutions tailored to the unique, mission-critical facility needs of the life science industry. Our Mission is to provide our clients with executive level real estate professionals that have “stepped in your shoes”. With over 60 years of executive level life science experience, our advisors have navigated major life science companies through their life cycles just as you are today. The difference between EDGE BIOReal Estate and other real estate providers is that “we speak your language” and not only provide real estate expertise, but also the strategic and financial understanding of the life science industry necessary to derive the most advantageous solutions for your needs. Our advisors understand how real estate needs – and financing alternatives – can vary significantly for different types of companies within the life science industry (e.g. therapeutic, diagnostic, contract research, etc.) and/or their stage of development (e.g. preclinical, clinical, commercial). This first-hand knowledge gives EDGE the unique ability to more effectively understand and evaluate our client’s real estate requirements – not just from an operational standpoint, but from a strategic and financial perspective as well. The following sets forth a general outline of the services performed by EDGE BIOReal Estate: Our Primary Services: • Needs determination • Space programming • Cost modeling and budget development • Market analysis • Site selection • Physical building review/comparative analysis • Transaction management (proposals, lease/contract review and negotiation support) • Construction/design review and support • Financial guidance (financing, state & local incentives) Additional Services (may have additional cost): • Project/construction management (design oversight, permitting, construction / reconfiguration) • Furniture, fixture & equipment procurement & installation • IT/security procurement & installation • Move coordination & set-up management

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EAL ESTATE

EDGE BIOR

EAL ESTATE

LIFE SCIENCE TRANSACTIONS MedImmune – Gaithersburg, Maryland „ Spearheaded a national headquarters site selection process „ Negotiated the acquisition of a 22 acre site with development potential of

over 750,000 sq ft. from Quadrangle Development „ Negotiated state and county incentives in excess of $3M „ Was awarded Washington Business Journal’s “Best Office Lease – Suburban”

Human Genome Sciences – Rockville, Maryland „ Spearheaded a site selection process for a pilot plant facility „ Negotiated the acquisition of a 30 acre site from Johns Hopkins and

Montgomery County „ Was awarded Washington Business Journal’s “Best Industrial Transaction of the Year”

Large Scale Biology (LBSC) – Germantown, Maryland „ Lead the headquarters site selection process „ Negotiated the leasing, financing, and build-out of a 50,000 sq. ft. high-

throughput analytical facility „ Negotiated a “cash neutral” sublease with Advancis Pharmaceuticals (now Middlebrook Pharmaceuticals) after a corporate consolidation

Osiris Therapeutics – Baltimore, Maryland „ Lead an intrastate corporate relocation from Cleveland, Ohio to

Baltimore, MD „ Oversaw construction of the company’s new state-of-the-art stem cell research facility „ Secured full financing for over $4M build-out at below market rates through MIDFA financing. Secured over $300,000 in grants and equity investments from the State of Maryland.

American Type Culture Collection (ATCC)– Manassas, Virginia „ Lead a national site selection for a new corporate headquarters and

research facility „ Negotiated the acquisition of three properties to act as interim headquarters „ Negotiated an incentive package of over $20M with Prince William County and the Commonwealth of Virginia

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EDGE BIOR

EAL ESTATE

LIFE SCIENCE TRANSACTIONS National Institutes of Health (NIH) – Rockville, Maryland „ Represented Alexandria Real Estate Equities in a 50,000 sq. ft. lease with

National Institutes of Health „ Negotiated the lease between tenant, buyer and seller while the property was under contract „ Overcame a Solicitation for Offers (SFO) that was written for new space even though the space leased was second generation „ Worked with NIH to expedite the construction process due to the delivery time mission critical equipment

Scientific Laboratories – Columbia, Maryland „ Represented Scientific Laboratories in leasing 75,500 sq. ft. at 10150 Old

Columbia Road in Columbia, MD „ Negotiated a favorable purchase option for the tenant „ Scientific Laboratories later exercised their purchase option at a price well below market allowing the tenant to substantially decrease occupancy costs

Medifacts International – Rockville & Gaithersburg, Maryland „ Represented Medifacts International in a lease at 1401 Rockville Pike for

their corporate headquarters „ Relocated the corporate headquarters to 30,000 sq. ft. on Gaither Road in Gaithersburg, MD

Intronn – Gaithersburg, Maryland „ Represented Aetna Insurance in the leasing of 9,375 sq. ft. of laboratory

space „ Implemented a “shared services” concept that included shared RO/DI water, glasswasher, autoclave, and back-up generator „ Enabled Intronn to mitigate their start-up costs by not having to purchase equipment that was proportionally expensive due to minimal use

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EDGE BIOR

Investment Sales - 17 -

EAL ESTATE

INVESTMENT SALES In today’s ever-fluctuating economy it is critical that investors place their trust in the hands of a company that is dedicated to providing the highest level of commercial real estate investment advisory and marketing services. EDGE Commercial has proven time and time again that we will exceed your expectations. We are committed to providing innovated investment opportunities and solutions within the commercial real estate marketplace. Our thorough understanding of this complex industry and specific market knowledge, acquired over the years of dedicated service to our clients, provides us with a unique ability to serve your investment needs. The size and complexity of the transactions we have completed are an example of the results we deliver. Above all, we place a premium on our ability to perform and achieve optimal results for our clients. Our demonstrated ability to evaluate a property’s worth, analyze specific market conditions, develop an appropriate strategy, and execute a plan in a timely and effective manner has earned our company several “Transaction of the Year” awards and multiple repeat-client transactions. Our investment sales services are generally divided into the following four phases. 1. Property Review 2. Due Diligence • Lease review & abstract • Financial review & audit • Operating expense review & audit • Loan document review – if assumption is considered • Collection and review of plans and property studies (if available) 3. Marketing Implementation • Development of high quality collateral materials • Direct mail & e mail campaign to database of over 1,500 qualified investors • Property tours 4. Transaction Management • Collection of proposals • Call for final offers • Contract negotiation • Oversight of due diligence • Closingh • Weekly / Bi-weekly status reports as needed

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INVESTMENT SALES INVESTMENT SALES - EXPERIENCE Human Genome Sciences – Rockville, Maryland „ Culmination

of a comprehensive real estate monetization and consolidation program implemented over a three year period „ Long term sale leaseback of HGSI’s 600,000 sf headquarters and 289,000 sf large scale manufacturing (LSM) facility „ Total lease and sale value of $1.385 Billion – one of the largest transactions ever in Maryland „ Awarded GWCAR’s “Sales and Finance Transaction of the Year – MD”

National Geographic Headquarters - Gaithersburg, Maryland „ Purchased from National Geographic by Manor Care for their new

headquarters for $22 million and was named GWCAR’s Sales Transaction of the Year „ Sold by Manor Care two years later to an offshore investor for $55 million (a $20 million dollar gain after renovation costs) after Manor Care’s merger with Health Care and Retirement Corporation of Toledo, Ohio „ Represented the new owner in a 342,000 sq. ft. bondable lease with General Electric Information Services (GEIS) „ Subdivided the property on behalf of the new owner. Sold the office and warehouse components to two separate investors for a total sales value of $76 million.

Choice Centre - Silver Spring, Maryland „ Represented Manor Care in leases with Choice Hotels International

(135,000 sf), Sunburst Hospitality (30,000 sf) and Prospect Associates (40,000 sf) – all negotiated while the property was for sale „ Negotiated over $4 million of improvements to the property (tenant construction and construction of a new parking garage) – all negotiated while the property was for sale. „ Sold to Moore & Associates / Allegis Realty for $24.6 million. The transaction was awarded GWCAR’s Sales Transaction of the Year

Triad Technology Center – Baltimore, Maryland „ Represented Johns Hopkins University in the sale of this 101,000-sq. ft.

laboratory facility „ Enabled Johns Hopkins to take this asset “off balance sheet” „ Sold to Wolverine Holding Company for $21,500,000 ($212psf) „ Highest psf price paid in Baltimore City to date

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INVESTMENT SALES INVESTMENT SALES - EXPERIENCE Human Genome Sciences – Rockville, Maryland „ Advised Human Genome Sciences (HGS) in the sale of this 318,000-sq.

ft. laboratory complex in the Shady Grove Life Science Center „ Negotiated “swap” of existing financing, lease with NIH, and leaseback with HGSI during the sale process. „ Sold for $92,500,000 and was awarded Washington Business Journal’s Best Office Sale – Suburban Washington

American Express / Balcor - Beltsville, Maryland „ Represented Chicago-based Balcor (the real estate arm of American

Express) in the leasing of 274,000 sq. ft. office & flex development in Beltsville, MD „ Balcor’s top producing leasing representative in the country „ Sold to Washington Real Estate Investment Trust (WRIT) for $13,500,000 and was awarded Washington Business Journal’s Best Existing Industrial Sale –Washington Metro Area

Tech Park 270 – Gaithersburg, Maryland „ 184,000-sq. ft. office/flex building purchased in June 2002 for $19,525,000 „ Repositioned a portion of the building to laboratory space and renewed

anchor tenant, Fusion UV Systems (78,000 sq. ft.), for 10 years at a market rate „ Sold to Alexandria Real Estate Equities in December 2004 for $33,000,000

BioReliance – Rockville, Maryland „ Represented The Buccini / Pollin Group in the sale of the leasehold

interest in this 58,733 sq. ft. biopharmaceutical manufacturing facility „ Complex transaction involving a ground lease, sub ground lease and building lease to a single tenant, BioReliance Corporation „ Sold for $8,500,000. Sales price was $3.5M higher (170%) than an unsolicited offer prior to our involvement

MeadWestVaco - Laurel, Maryland „ Represented MeadWestVaco in the sale of 75,000 square feet office/lab building on 34.88 acres „ Sold to Johns Hopkins Applied Physics Lab „ Able to achieve an above market price

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INVESTMENT SALES

Acquisitions - 21 -

ACQUISITIONS

Given the competitive nature of investing in real estate in the Washington Metro Area, it is imperative that investors receive guidance from an investment advisor who is intimate with the nuances of this market. With over 160 years of commercial real estate experience in this market, the advisors at EDGE Commercial have assisted a variety of clients in investing in commercial real estate in the Washington Metro Area. In addition to advising our third party clients on acquisition opportunities, EDGE also participates in acquisitions on a principal level. This principal involvement provides an investment vehicle to our clients and further strengthens our commitment to providing the most comprehensive real estate advisory service in this market. By relying on advisors with intimate market knowledge, our clients and partners can assure themselves that no stone is left unturned when evaluating investment opportunities in this market. To date, the principals of EDGE have acquired over $125 million of real estate and syndicated equity totaling over $36 million. Following are among the services performed by EDGE’s acquisition professionals: Joint Ventures & Syndication As part of EDGE's acquisition discipline, we have extensive experience with equity syndication and joint venture structuring for real estate acquisitions. EDGE principals have syndicated equity through both private investors and institutional equity partners. Tax Structuring Realizing that an acquisition or disposition is often driven by factors beyond the physical real estate, EDGE has developed an expertise in developing transaction structures to meet the objectives of various buyers and sellers. This has been accomplished through multiple structures including: 1031 exchanges, partnership restructuring, sale/leasebacks, synthetic leases, joint ventures and more. Due Diligence By combining the expertise of our Acquisition, Disposition, Advisory and Management practices, EDGE Commercial has established protocols and implementation procedures for the financial underwriting, physical evaluation and lender due diligence of acquisition and investment sales opportunities. By working closely with the underwriting departments of many of Wall Street's leading financial institutions, EDGE principals have established underwriting criteria that ensure that "no stone is unturned" and all possible lender issues are addressed before the question is asked. In addition to financial and physical due diligence, EDGE can provide complete market analysis for acquisition opportunities in the Washington Metro Area. By combining our in-house market research and third party services, we can ensure that our clients and partners are fully informed as to the historical performance and future trends of any particular submarket.

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ACQUISITIONS

ACQUISITIONS - EXPERIENCE Tech Park 270 - Gaithersburg, Maryland „ Value-add acquisition „ Acquired through 20-year relationship with seller – not marketed „ 184,000-sq. ft. office/flex building purchased in June 2002 for

$19,525,000 „ Repositioned a portion of the building to laboratory space and renewed anchor tenant, Fusion UV Systems (78,000 sq. ft.), for 10 years at a market rate „ Sold to Alexandria Real Estate Equities in December 2004 for $33,000,000; 31% IRR to equity

Bradley Arlington Office Park- Bethesda, Maryland „ Core asset / tax driven acquisition „ Acquired through 20-year relationship with seller – not marketed „ 150,000-sq. ft., two-building office park purchased from The

Harvey Companies for $26,400,000 „ Major capital improvements completed during the first 18 months of ownership „ Aggressive leasing program increased rents to market rate „ Currently exceeding pro-forma by 20% and on track for a +22% IRR to equity

Deer Park Office Centre - Gaithersburg, Maryland „ Value-add / repositioning acquisition „ Acquired off market from a notoriously difficult seller „ 52,000-sq. ft., two-building office park acquired for $3,000,000 in

July 2004 „ $6,000,000 “gut” renovation and office condominium conversion „ Condominium sales are significantly exceeded pro-forma and yielded a +400% net cash on cash return

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ACQUISITIONS

ACQUISITIONS - EXPERIENCE 6245 Leesburg Pike - Falls Church, Virginia „ Core asset acquisition „ Acquired through 15-year relationship with seller – not marketed „ 96,501-sq. ft. office building acquired for $20,541,000 in

February 2005 „ Acquired under a Tenants in Common (TIC) structure „ The property is fully leased to Fairfax County Government through September 2011 „ Anticipated average net cash on cash return is 9.09% over a 10 year holding period

One Town Center - Bowie, Maryland „ Core asset acquisition „ Acquired through a competitive bid process „ 101,657-sq. ft. office building acquired for $23,500,000 in

September 2005 „ Acquired under a Tenants in Common (TIC) structure „ Class A multi-tenant office building „ Anticipated average net cash on cash return is 10.12% over a 10 year holding period

Fairview Building - Gaithersburg, Maryland „ Value-add / repositioning acquisition „ Acquired off market through 3rd party broker relationship „ 66,964-sq. ft. office building acquired for $11,000,000 in June

2006 „ $4,265,000 in building renovations „ A portion of the building will be converted to office condominiums and sold, while a portion of the building will be retained for lease

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ACQUISITIONS

Management Services - 25 -

MANAGEMENT SERVICES PROPERTY MANAGEMENT In today's increasingly competitive real estate world, low cost operations and operational excellence are essential. The goal of Edge Commercial's Property Management Group is to generate the highest yield for a property while providing an exceptional level of service. While our management portfolio has more than doubled in less than two years, we view the properties we manage as significant investments whose values must be protected and maximized. We analyze efficiency and maximize value, while reducing costs. Full Service We're equipped to handle all property related issues such as leasing, tenant management, maintenance, and construction. Our in-house maintenance staff handles many typical tenant calls and property needs within 24-48 hours which is why we consistently maintain high tenant satisfaction ratings occupancy levels for our clients year after year. Reduced Tenant Turnover The management team is focused on reducing tenant turnover by providing detailed tenant screening services and unmatched attention before and after move in which maximizes income and reduces turnover costs for our clients; our tenant surveys ensure tenant's needs are properly addressed on an ongoing basis to further reduce the likelihood that a tenant would want to relocate. Preventative Maintenance Our detailed preventative maintenance inspections help ensure properties are kept in top condition and keep owners up to date. For specialized needs, out maintenance team can custom engineer solutions for any tenant requirement. All of these steps result in higher rents and increased demand for our managed properties. We have seen many cases of buildings sitting vacant immediately next to our managed properties while tenants move into our buildings because of our comprehensive methods.

PROPERTY MANAGEMENT While our property management team deals with the "ground level" day-to-day operations of our commercial real estate assets, our asset management team focuses on maximizing the potential of each of our assets. We tailor the strategy of each asset to perform to meet the needs and objectives of our clients and partners with specific emphasis on the debt and equity structure. We treat each asset as a separate business unit. A thorough knowledge of profits, yields, returns, leverage, working capital and lines of credit is only part of our expertise. Our asset management team develops cash flow projections for each asset and creates leverage models to project and continually update the total return on equity. We stay in close contact with the capital markets and institutional financing to develop creative solutions for maximizing equity returns. Our principle goal is to creatively leverage to increase internal rates of return while managing risk.

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MANAGEMENT SERVICES

CONSTRUCTION MANAGEMENT Facilities construction and renovation projects require specialized skills and knowledge to control costs and minimize impact to ongoing operations. EDGE’s Construction Management staff provides the expertise to plan and complete projects, minimizing disruptions and the need for supervision. The features and benefits of EDGE’s Construction Management Services are: Features

Benefits

Client's representative

Increases Client's productivity and ability to focus on core responsibilities.

Budgeting and RFP development

Controls overall project cost up-front by integrating professional facilities design and construction expertise.

Analyzes multiple site options and construction methods to Site/Facilities construction expertise secure the most efficient and appropriate building at the least cost in the least amount of time. Contractor/Sub and consultant selection and management

Maintains project quality and schedules, controls project budget and minimizes variances to overall plan.

Contract negotiation

Incorporates best of class practices reducing exposure and total project cost and delivery time frames.

Project schedules

Reduces project duration and manages project cost by defining and communicating the process for all involved parties.

Project reporting

Improves communication quality/consistency and provides project audit log.

Cost analysis and value engineering

Integrates cost and alternatives analysis into the overall project delivery system to identify cost savings.

Construction management

Provides professional, fully integrated, turnkey project delivery solution.

Project troubleshooting

Decreases exposure to delays, cost overruns, change orders and other unplanned or unbudgeted events.

Move coordination

Insures minimum disruption to ongoing business operations.

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MANAGEMENT SERVICES

MANAGEMENT SERVICES - EXPERIENCE One Town Center - Bowie, Maryland „ Class A multi-tenant office building „ 106,000 sq. ft. with 27 tenants „ EDGE provides property, construction and asset management

services

6245 Leesburg Pike - Falls Church, Virginia „ Class A single-tenant office building „ 96,501-sq. ft. leased to Fairfax County Government „ EDGE provides property, construction and asset management

services

Bradley Arlington Office Park - Bethesda, Maryland „ Class A, three-building office park with structured parking garage „ 151,000 sq. ft. with >50 tenants „ EDGE provides construction and asset management services

Deer Park Office Center - Gaithersburg, Maryland „ Class A, two-building office condominium „ 52,000 sq. ft. with 36 condominium units „ $5.7M “complete gut” renovation „ EDGE provides property & construction management services

Fairview Building - Gaithersburg, Maryland „ Class A Multi-tenant office condominium „ 70,000 sq. ft. with 12 tenants and 18 office condominium units „ Recent $5M renovation „ EDGE provides property, construction and asset management

services

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MANAGEMENT SERVICES

Management Bios - 29 -

MANAGEMENT BIOS JOSEPH A. SUTTON, JR., MANAGING PARTNER Joseph A. Sutton, Jr. began his 22 year commercial real estate career in 1985 as a leasing agent for the Maryland branch of Shannon and Luchs Commercial. In 1991, Mr. Sutton branched off with Robert Scheer to form Scheer Partners (SPI). As a leasing agent, Mr. Sutton focused on landlord and tenant representation and quickly aggregated the largest office and flex portfolio (4mm sf) within the organization. During the real estate downturn of the early 90's, investment sale activity slowed causing many of the top investment sales brokers in the region to leave the industry. Mr. Sutton recognized that the broker flight created opportunity and in 1994 launched the Investment Sales Group at SPI. Remarkably, during his first year as an investment sales advisor, Mr. Sutton completed more investment sale transactions in Maryland than any of his local and national competitors and since then has earned several industry “Top Broker” and “Transactions of the Year”. Mr. Sutton formed Sutton & Associates in 1997 to continue his real estate investment and advisory work. Again seeing opportunity in 2002 and having an interest to buy and own real estate for his own account, Mr. Sutton acquired in excess of $150 million of highly successful commercial real estate assets. Over the years, Mr. Sutton has completed over $3 billion of real estate transactions. The transactions have included highly complex Sale/Lease Backs, Structured Financings, Synthetic Leases, Tax Structuring, Bondable Leases, Credit Lease Transactions, Build to Suits, TIC Structures, Syndications, 1031 Fulfillment, and Joint Ventures. He has also written articles published in such journals such as Black’s Guide, Washington Business Journal, and Washington Office Magazine. Mr. Sutton (49) holds a Masters in Petroleum Geology from West Virginia University and resides in Potomac, Maryland with his wife Nazzie of 15 years and his two boys, Jake (13) and Hunter (11). As an avid outdoorsman and bicyclist, his greatest pleasure is his family.

KENNETH E. FELLOWS, SENIOR PARTNER Kenneth E. Fellows began his commercial real estate career with the Polinger Company in 1988. He then joined Scheer Partners in 1992 and has successfully completed commercial real estate transactions for over three million square feet of office, medical, R&D and warehouse space during his tenure. With a primary focus on suburban Maryland, Mr. Fellows has leased and/or sold over 300,000 square feet of office space each year. In early 2000, Mr. Fellows was involved in the opening of the Greenbelt, Maryland, branch office of Scheer Partners, overseeing a staff of seven. Under Mr. Fellows’ leadership, the Greenbelt office consistently performed beyond expectations in terms of growth and revenue, and was awarded “Small Business of the Year” by the Prince George’s Chamber of Commerce in 2003. In early 2004, Mr. Fellows was promoted to Executive Vice President. By 2006, Mr. Fellows increased the size of the office to 12 people. In January 2007, Mr. Fellows together with Robert Pugh and Brent Prossner opened up a new firm, Fellows Commercial Realty Advisors, which later merged with Sutton & Associates to form EDGE Commercial. Mr. Fellows and his team are currently responsible for a leasing portfolio of over 3 million square feet in Suburban Maryland. - 30 -

MANAGEMENT BIOS

MELVIN D. BOOTH, CHAIRMAN – EDGE BIOReal Estate Melvin D. Booth serves as Chairman of EDGE BIOReal Estate. During his career, Mr Booth has established unparalleled relationships within the biotechnology industry on local, national and international levels. Over the years, he was actively involved in expanding two of the most prominent Biotech companies in the Washington Metropolitan Area, Human Genome Sciences and MedImmune. Mr. Booth has extensive experience negotiating business incentives (local and state level) as well as creative financing and venture capital solutions. Mr. Booth was President and Chief Operating Officer of MedImmune, Inc. from 1998 to 2004 and a member of the Board of Directors for MedImmune, Inc. from November 1998 through March 2005. The company is one of the largest and most successful biotechnology companies in the world. Dedicated to advancing science and medicine to help people live better lives, MedImmune (acquired by AstraZeneca PLC on June 2007) is focused on pediatric infectious diseases, cancer and inflammatory diseases with approximately 3,000 employees worldwide and is headquartered in Maryland. Prior to joining MedImmune, Mr. Booth was President and Chief Operating Officer of Human Genome Sciences, Inc. where he was also a member of the Executive Committee and Board of Directors. From 1975 to 1995, he was employed at Syntex Corporation. He held a variety of positions, including President of Syntex Laboratories, Inc., President of Syntex, Inc., Canada and Vice President of Syntex Corporation. Mr. Booth has been active in U.S. pharmaceutical industry organizations and is a past Chairman of the Pharmaceutical Manufacturers Association of Canada. He currently serves on the Strategic Advisory Committee for Genstar Capital, as a Director on the board of Ventria BioScience, as Lead Director of Millipore Corporation and Chairman of the Boards of Prestwick Pharmaceuticals, Inc. and PRA International, Inc. Mr. Booth graduated with honors and holds an honorary Doctor of Science degree from Northwest Missouri State University. Mr. Booth is a Certified Public Accountant.

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MANAGEMENT BIOS

ROBERT J. WALDEN, MANAGING PARTNER – EDGE BIOReal Estate Robert J. Walden brings to EDGE BIOReal Estate over 25 years executive level experience in Maryland-based, life science companies. He has accumulated considerable strategic, financial and operating knowledge of rapidly growing life science companies, whose activities span basic and preclinical research, clinical development, manufacturing and international sales. Bob has experience raising both public and private capital, as well as negotiating and executing major facility development and relocation programs encompassing significant state and local incentives. Bob was Chief Financial Officer of the American Type Culture Collection (ATCC) from 1986 to 1995. Operating since 1925, the ATCC preserves and annually distributes tens of thousands of different biological specimens world-wide – and is widely regarded as a unique and irreplaceable national resource serving the international scientific community. Prior to leaving the ATCC, Bob led a multi-year facility development effort that entailed three site acquisitions followed by a nation-wide search for suitable relocation options – an effort successfully concluded by securing one of the largest relocation incentive packages for a life science company in the Washington metropolitan area. Subsequent to ATCC, Bob joined Osiris Therapeutics, Inc. as the Chief Financial Officer from 1995 through 1996. Upon joining Osiris, Bob led the facility development and relocation of the company from Cleveland, Ohio to its new, 30,000 square foot state-of-the-art stem cell research facility in Baltimore, Maryland. Leveraging the company’s new location in an economic development zone, Bob worked with various state and local agencies to secure full project financing and a two-tier lease structure tailored to mitigate key construction and occupancy risks. Bob next joined Large Scale Biology Corporation (LSBC), a “proteomics” company involved in protein discovery and expression. During Bob’s tenure with the company from 1996 through 2004, he held the position of Chief Financial Officer and, subsequent to a merger and IPO, Divisional President. Bob led the leasing and custom build-out of the company’s 50,000 square foot research and high-throughput analytical facility in Rockville, Maryland, and was successful in negotiating a cash-neutral sublease for the entire facility following consolidation to the company’s headquarters. After LSBC, Bob held the position of Executive Director of Finance at GenVec, Inc. from 2004 through 2007. While at GenVec, Bob gained additional experience regarding late stage clinical development programs and performed detailed analyses on various options for securing cGMP manufacturing facilities. Bob is a graduate of the University of Maryland where he obtained his Bachelor’s of Science degree in finance.

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MANAGEMENT BIOS

MARC C. BALAMACI, PRINCIPAL Marc C. Balamaci’s primary focus is tenant advisory services which include strategic guidance, site selection, financial analysis, and contract negotiation for companies in the Washington D.C. Metropolitan Area including Suburban Maryland and Northern Virginia. Prior to EDGE, Marc was a Top Producer at Scheer Partners for four years and at Insignia/ESG for three years where he was involved in developing a proprietary tenant database for the entire Washington D.C. region. Over the last three years Marc has completed over 1 million square feet of transactions with a cumulative value of over $150 Million Dollars. Marc is on the Board of Directors for the Alzheimer's Association and is involved in a number of other charities including Head Injury Rehabilitation and Referral Services. Prior to Insignia/ESG, Marc was with Booz-Allen & Hamilton where he held a Top Secret security clearance and worked on numerous classified contracts within their National Security Team. He currently resides in Potomac, Maryland with his wife and two sons.

SCOTT A. MENDELSON, PRINCIPAL Scott A. Mendelson helped form EDGE Commercial in September of 2007 as one of the Principals of the newly formed company. Scott's primary focus is on developing corporate advisory services for companies in the Washington DC Region. He was most recently with Scheer Partners in which he helped open their Northern Virginia office almost 5 years ago and in addition was one of their top producers. Prior to Scheer Partners, Scott was with USI Real Estate Advisors, now Johnson Controls, for almost 4 years where he was integrally involved in developing the Tenant Services Practice Group and was also at Insignia/ESG now CBRE for almost 6 years prior to USI. In addition to providing strategic guidance, his expertise includes site selection, financial analysis, market knowledge, and contract negotiation. Scott has been involved in helping his clients across the country including such cities as Boston, Orlando, Chicago, El Segundo, Hanahan SC, and New York. Scott has been successful establishing and maintaining effective and long-term relationships with clients. His commitment and willingness to provide quality customer service, in this service industry, is one of the true strengths Scott brings to EDGE Commercial and his clients.

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MANAGEMENT BIOS

ROBERT E. PUGH, PRINCIPAL During his career as a commercial real estate broker he has successfully leased over 2 million square feet of commercial space. Robert’s range of expertise includes landlord and tenant representation, build-to-suits, investment sales, acquisitions, condo conversions, 1031 fulfillment, sale/leasebacks, and office, flex, retail, and industrial leasing. In September 2007 he helped launch EDGE Commercial through the merger of Fellows Commercial Realty Advisors, where he was a principal, and Sutton & Associates. Prior to forming FCRA Robert was Vice President at Scheer Partners, Inc., where he earned several, “top producer” awards and was involved in some of the company’s largest transactions. He has also been selected as an expert in his field by various national commercial real estate organizations such as NAIOP and GWCAR. He currently represents more than 3.2 million square feet in suburban Maryland.

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REFERENCES

References - 35 -

REFERENCES

LANDLORD REPRESENTATION Mr. William Carbaugh Senior Vice President Guardian Realty Investments (301) 770-5930

Mr. Lawrence J. Diamond Vice President – Asset Services Alexandria Real Estate Equities (301) 947-1770

Mr. David Fisher Regional Managing Director Advance Realty Group (301) 429-1170

Mr. Chris Hanessian Sr. Vice President Prince George’s Metro Center (301) 779-4800

Mr. Charles K. Nulsen President Washington Property Company (240) 482-8110

Mr. William Singer Partner Kenwood Management (301) 656-7790

Mr. David L. Bishop Chief Financial Officer Investorplace Media (301) 279-4201

Ms. April Pinch Keeler President MVLE (703) 569-3900

Mr. Chris Neubauer Senior Vice President MCR (703) 506-4600

Mr. Anthony Sudler Chief Executive Officer Alzheimer’s Association (703) 359-4440

John Dietel Vice President Eastern Research Group (781)674-7222

Gary Pearson President BSI Management Systems (703) 437-9000

Mr. John D. Fowler, Jr. Vice Chairman, Healthcare Deutsche Bank Securities, Inc. 011 44 (0) 207 545 2995

Mr. David W. Edgerley Secretary Maryland Business & Economic Development (410) 767-6300

Mr. Michael Lincoln Partner Cooley, Godward, Kronish, LLP (703) 456-8022

Mr. Arthur M. Mandel Director Prestwick Pharmaceuticals (202) 296-1400

Mr. Tim Regan Senior Vice President Whiting-Turner (443) 463-2484

Mr. Randall Turner Vice President MedImmune, Inc. (301) 389-458

TENANT REPRESENTATION

EDGE BIOREAL ESTATE

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REFERENCES

INVESTMENT SALES Mr. David H. Bralove, Esq. Trustee REII Gaithersburg (301) 469-3901

Mr. Robert Buccini President The Buccini Pollin Group (302) 691-2100

Ms. Linda Chang Vice President Human Genome Sciences (301) 309-8504

Mr. Brian B. Dembeck Executive Director Johns Hopkins Real Estate (410) 997-3737

Mr. Weldon Humphries Sr. Vice President (Retired) Choice Hotels International (865) 458-3924

Mr. Steven C. Mayer (Former) Chief Executive Officer Human Genome Sciences (240) 821-9020

Mr. Peter S. Atwood Managing Director Aetna Life Insurance Company (860) 273-1781

Mr. Tal Bar-Or Vice President CitiGroup Global Markets (212) 816-7894

Mr. Kenneth Gentzel Managing Director Nortmarq Capital (301) 654-6949

Mr. Kevin Kane Senior Vice President Column Financial/Credit Suisse (301) 564-3280

Mr. Paul K. Talbot Principal Newmark Capital Group (212) 372-2356

Mr. Richard Van Steenbergen Senior Vice President Hartford Investment Mgmt. (860) 297-6478

Mr. Rowland Dutcher Board Member Deer Park Condominium Assoc. (301) 590-0387

Dr. Alfred Greenberg Principal Monteverde, LLC (301) 983-3131

Mr. Rick Heger Manager Harvey Property Management (301) 656-0465

Mr. Robert L. Morgan Leasing Manager Fairfax County Government (703) 324-2820

Mr. Herb Palm President Palm Facility Services (301) 656-4990

Mr. Ronald D. Paul Chairman & CEO Eaglebank. (301) 951-7222

ACQUISITIONS

MANAGEMENT SERVICES

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EDGE Commercial, LLC 6931 Arlington Road, Suite 450 Bethesda, Maryland 20814 (p) 301.222.0200 (f) 301.222.0218 www.edgecre.com