GATEWAY GLOBAL LOGISTICS CENTER SPEC BUILDING III. Marshall County, MS

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1 GATEWAY GLOBAL LOGISTICS CENTER SPEC BUILDING III Marshall County, MS UNDER CONSTRUCTION AVAILABLE OCT 2016

2 554,040 SQ. FT. AVAILABLE (expandable 975,190 sq. ft.) We are seeing very positiveactivity in markets with strong logistics fundamentals, and Memphis is one of those. This location, coupled with Norfolk Southern s new interm odal facility, is very attractive to industrial and warehousing tenants. Whitfield Hamilton Panattoni Development Gateway Global Logistics Center is a 1,500 acre industrial site located in both Fayette County, TN and Marshall County, MS. GGLC is adjacent to the Norfolk Southern intermodal terminal that opened in July of Access is via Highway 72, Highway 302 and the new Wingo Rd. extension. The park is also approximately 2 miles from the I-269 interchange at Goodman Rd. which opened in October In the last two and a half years, Panattoni has completed a million square foot facility for Volvo, a 677,500 square foot facility for Post Consumer Brands and started construction on a 1.5 million square foot facility for Tire and Battery Corp. These projects total 3.2 million square feet, $162 million capital investment and 450 jobs. On the heels of these projects, construction has begun on a new speculative warehouse. Building III will be 554,040 square feet, expandable to 975,190 square feet. The site is soil cemented and pad ready. Vertical construction will begin June 1, 2016 and delivery is scheduled for October 2016.

3 SPEC BUILDING III AVAILABILITY 554,040 SF (972 x 570 ) Expandable to 975,190 SF (1,711 x 570 ) Cross-docked 32.1 acres, additional + 30 acres available for the expansion Light industrial zoning 36 clear height 54 x 50 column spacing 54 x 60 speed bay along dock area Concrete tilt wall construction 104 insulated dock doors with bumpers, seals & 30,000 lb. levelers, 166 docks with expansion 157 car parking spots 2 drive-in doors, 4 driveins with expansion 131 trailer parking spots, 224 with expansion 30 Foot Candle T-5 Lighting with Motion Sensors ESFR sprinkler Direct access to I-385 via Hwy 72 (4 miles) Direct access to I-269 via Wingo Rd. & Hwy 302 SPEC BUILDING III SITE PLAN NORTH

4 G AT E WAY G LO B A L LO G I S T I C S C E N T E R PHASE I Panattoni Speculative Building III 554,040SF - 975,190SF Completion Oct 2016 TBC Corporation 1,500,240 BTS (TN) Completion Dec 2016 Expansion to 975,190 SF Under Construction 554,040 SF Post Expansion 123,120 SF expansion (to 677,160 SF total) Completion June 2016 Additional expansion to 1,077,300 SF available Panattoni Speculative Building IV 615,600 SF HWY 302/Goodman Rd (See Master Plan) Available Jan 2017

5 WHY INTERMODAL When the Crescent Corridor initiative is fully implemented, it is anticipated that 1.3 million truckloads of freight will be absorbed from the highways to the rails annually, saving the U.S. 169 million gallons of fuel per year, reducing carbon emissions by 1.9 million tons, and generating a projected 73,000 jobs by Norfolk Southern constructed a new intermodal facility to serve the Memphis region near Rossville, TN in Fayette County. This new facility opened in July 2012 and feeds directly into Gateway Global Logistics Center. The $105 million terminal, where freight is transferred between trucks and trains, is attracting significant economic growth in the surrounding areas. This new intermodal facility is part of Norfolk Southern s Crescent Corridor initiative. The Crescent Corridor is an existing 2,500 mile railroad route from New Jersey to Memphis and beyond to New Orleans. It is one of the single biggest additions of new freight capacity in America since the creation of the Interstate Highway System. COMBINING THE FLEXIBILITY OF ROAD WITH THE DEPENDABILITY OF RAIL Located 2 miles north of Highway 72 and 1 mile south of State Route 57 Capacity to handle more than 200,000 truck trailers and shipping containers annually 1,000 paved trailer/container parking spaces Environmentally designed to minimize light and sound Automated gate and terminal technology that will reduce wait time entering and exiting the facility and help lower emissions

6 GREATER MEMPHIS MARKET Incentive Basics Operating Expense Comparison MARSHALL CiTY, MS DESOTO CiTY, MS SHELBY CiTY, TN FAYETTE CiTY, TN Taxes - Unabated $0.50/SF $0.55-$0.65/SF $0.80-$0.85/SF $0.37/SF TOTAL OpEx $0.78/SF $0.85-$0.90/SF $1.10-$1.20/SF $0.67-$0.72/SF Taxes Abated* $0.22/SF $0.33/SF-$0.45/SF $0.20-$0.25/SF $0.02/SF TOTAL OpEx $0.50/SF $0.58/SF-$0.75/SF $0.50-$0.60/SF $0.32-$0.37/SF (w/abatement) Abatement term 10 year exemption 10 year exemption 10 year abatement (with Fast Track Pilot) Max up to 15 year exemption 10 year exemption STATE INCOME TAX MARSHALL CiTY, MS Yes 3% of first $5,000; 4% of next $5,000; 5% over $10,000 DESOTO CiTY, MS Yes 3% of first $5,000; 4% of next $5,000; 5% over $10,000 SHELBY CiTY, TN No FAYETTE CiTY, TN No STATE INVENTORY TAX MARSHALL CiTY, MS None Freeport Warehouse Exemption for the life of the project. *Potentially willing to match Fayette Cty incentives on case by case basis. Tier III County DESOTO CiTY, MS None Freeport Warehouse Exemption for the life of the project. Tire I County SHELBY CiTY, TN Yes $0.25/$100 of finished goods capped at $75,000/year ($30M inventory) FAYETTE CiTY, TN Yes $0.25/$100 of finished goods capped at $75,000/year ($30M inventory). *Depending on project scope, years 1-7 taxes only on land value; approximately $0.02/SF.; Year 8-75% abatement on building, Year 9-50% and Year 10-25%.

7 For more information, please contact: JIM MERCER, SIOR Senior Vice President TONY ARGIRO Vice President WHITFIELD HAMILTON Partner SCOTT ABBOTT Senior Development Manager Visit our site: STAY CONNECTED: CBRE, Inc Thousand Oaks Blvd, Suite 4000, Memphis TN STAY CONNECTED: Panattoni Development 35 Music Square East, Suite 301 Nashville, TN CBRE, INC. LICENSED REAL ESTATE BROKER 2016 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. PMStudio_May2016 Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.