9 ORCHARD HOTEL

Total Project Costs $190,000,000 EB-5 $78,500,000 (41% LTC) - Secured by First Deed of Trust Developer Equity $111,500,000 (59% TC) PROTECTIONS FOR EB-5 INVESTORS:

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• EB-5 Investors Secured with a First Deed of Trust

• Project already 100% funded with DLJ Fund Equity

• DLJ provides a Fund Guarantee for all I-526 applications

• 100% of all profits reserved to lower EB-5 loan balance

• Developer takes no profit until EB-5 paid back in full

• No EB-5 minimum, all EB-5 proceeds will be accepted into the project

• Developer anticipates $20MM Government Investment through Historic Tax Credits at completion