Write up how you would approach valuation of each project.

Try a back-of-envelop valuation for all projects.

Complete one DCF valuation for either NW Business Park or Lincoln Heights?Recommend sell or hold for each property - qualify risks and what opportunities your analysis has based on your limited RE exposure.

(Please in excel and also include why and how you made the calculations)

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Exhibit 4 Galactic's Report on Property Detail to IBET Property 4.1: Bonhomme Place Clayton, Missouri 101,313 sf first class office Year of Construction: 1990 Cost: $12,847,000 Acquisition Year: 1995 Performance (in $000s) 1998 Operating Revenues $2,445 Operating Expenses 1,012 Cash Flow from Operations $1,433 Tenant Improvements 241 Leasing Commissions 177 Cash Flow after Capital $1,015 Leasing Activity: Occupancy: Vacant Space for 12 or more months: 96% None Only one new tenant for 8,300 sf was put in the building in 1998 with tenant improvements of $10/sf and a leasing commission of 5% of the value of the lease over the lease term. These costs are shown in the above numbers. The cost of renewing an existing tenant would require tenant improvements at 25% and leasing commissions at 50% of the rate for a new lease. Market Summary Comments: Current vacancy rate in submarket is 5% Net absorption for the quarter was 30,000 sf Rental rate is $25/sf gross including operating costs and real estate taxes of approximately $10/sf Largest leasing transactions previous 12 month period - Digital Teleport - CB Commercial - Collins & Collins PC Comments: 12,000 sf 6,320 sf 4,000 sf 500,000 sf is under construction in 3 buildings in this prestigious 5 million sf submarket market due west of Downtown St. Louis. 25% of the tenants' leases in Bonhomme Place come due over the next 2 years. The property's roof will need replaced after five years and will cost $225,000. Exhibit 4 Galactic's Report on Property Detail to IBET Property 4.1: Bonhomme Place Clayton, Missouri 101,313 sf first class office Year of Construction: 1990 Cost: $12,847,000 Acquisition Year: 1995 Performance (in $000s) 1998 Operating Revenues $2,445 Operating Expenses 1,012 Cash Flow from Operations $1,433 Tenant Improvements 241 Leasing Commissions 177 Cash Flow after Capital $1,015 Leasing Activity: Occupancy: Vacant Space for 12 or more months: 96% None Only one new tenant for 8,300 sf was put in the building in 1998 with tenant improvements of $10/sf and a leasing commission of 5% of the value of the lease over the lease term. These costs are shown in the above numbers. The cost of renewing an existing tenant would require tenant improvements at 25% and leasing commissions at 50% of the rate for a new lease. Market Summary Comments: Current vacancy rate in submarket is 5% Net absorption for the quarter was 30,000 sf Rental rate is $25/sf gross including operating costs and real estate taxes of approximately $10/sf Largest leasing transactions previous 12 month period - Digital Teleport - CB Commercial - Collins & Collins PC Comments: 12,000 sf 6,320 sf 4,000 sf 500,000 sf is under construction in 3 buildings in this prestigious 5 million sf submarket market due west of Downtown St. Louis. 25% of the tenants' leases in Bonhomme Place come due over the next 2 years. The property's roof will need replaced after five years and will cost $225,000.