GROWTH

Growth

Capital Markets

Public Policy

Value Creation

Revenue Capture

Public

Services

Sustain

Un

de

rsta

nd

ing

Gro

wth

60

80

100

120

140

160

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

14.5

16%

-13 %

-12 %

9% 25%

Mar

ket

Val

ue

in B

illio

ns

• Capital Markets

• Public Policy at all levels

• Builder / Buyer Sentiment

• Improved Oversight

• Improved Technology

• Tough on fraud

New Construction

Commercial $562 Million

35%

New

Co

nst

ruct

ion

0

1

2

3

4

5

6

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Bill

ion

s

Normal Market

0 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000 350,000,000

Supermarkets

Vehicle related

Restaurants

Warehouses

Hotels

Religious…

Offices Multi-story

Retail Stores

Other

Tourist Attractions

Apartments

Commercial Construction by Property type

Single Family Home Sales

0.0 1.0 2.0 3.0Billion

0 50 100 150 200Millions

Foreclosures

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Uniquely Orlando

$624

$227

$122 $75

$25 0

100

200

300

400

500

600

700

CANADA UNITEDKINGDOM

BRAZIL VENEZUELA IRELAND

Taxable Value in Millions Foreign Owned Investments

Based on Mailing address

Tangible Personal Property

24

40

50

65

163

Population

Schools

Transportation

6.90%

4.00%

2.40%

Orange County Florida United States

140

150

160

170

180

190

200

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Tho

usa

nd

s Th

ou

san

ds

Tourism

49

47

51

55 57

59

2008 2009 2010 2011 2012 2013

2.8 2.7

2.5

2.3

2

2.5

2008 2009 2010 2011 2012 2013Based on Gross Receipts reported by the State

Property Taxes

2.6%

3.6%

3.6%

4.5%

4.7%

5.4%

6.2%

6.5%

6.6%

7.6%

7.6%

8.3%

8.7%

10.1%

EDGEWOOD

BELLE ISLE

MAITLAND

EATONVILLE

WINDERMERE

WINTER PARK

OAKLAND

ORLANDO

ORANGE COUNTY

STATE SCHOOL

LOCAL SCHOOL

OCOEE

APOPKA

WINTER GARDEN

LOCAL SCHOOL

ORANGE COUNTY

STATE SCHOOL

What next? Where next? • Residential Growth (Lake Nona, Horizon West) • New Rides (Universal, Disney, SeaWorld) • New Hotels & Timeshares • New Business Assets (TPP) • In-fill development (Downtown Apartments) • West of Disney (Flamingo Crossing), East Orange

Summary • Market is Rebounding

• New Construction is up – still more to grow

• Existing Homes Sales are seeing healthy growth

• Businesses are investing in new assets

• OC population growth is > FL > USA

• Jurisdictions are experiencing revenue growth

The State of Real Estate is UNBELIEVABLE !

Growth Resilience Prosperity