Spatz Centers Inc.

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PROPERTY MANAGEMENT/SUPERVISION

We at Spatz pride ourselves on our management capabilities. Our property management staff consists of in-house Property Managers and on-site Mall Managers for enclosed centers. These capabilities are reflected in the fact that Spatz Centers, Inc. was ranked in the top 50 in the nation in Open Center Management by National Mall Monitor and Top Retail Management Companies by Shopping Center World. We presently manage over 30 shopping centers in 14 states from California to New York.

Our management utilizes reporting procedures and policies which are recapped in our operations manual. These procedures/policies are constantly monitored and updated as the need arise.

The Property Manager or Mall Manager assigned to a particular property takes pride in all of their assignments and looks at each property as if they have a personal investment in same. This ensures top-notch operational capabilities and close monitoring of expenses.

When the property is an enclosed mall, Spatz Centers places an on-site Mall Manager at the property. Not only does this insure efficient daily operation of the center but this individual would be able to coordinate activity necessary during renovation, if any, to ensure that a safe and secure shopping environment is maintained. The Manager would be supported by a full-time Marketing Director and Secretary or combination Secretary/Marketing Coordinator. The expense of these employees are passed to tenants and common area maintenance ("CAM").

Spatz Centers offers these capabilities:

Budget Preparation and monitoring of same -- each Manager is responsible for budget preparation and monitoring of same.

Expense Control -- all expenses are carefully monitored and competitive bids obtained in all cases.

Property inspections -- regular inspections are made of the center and prepared in written form. These inspection reports serve as follow-up for needed maintenance and/or repairs. The Corporate Office of Spatz Centers oversees each on-site Manager or Property Manager on a regular basis. in addition, each Manager is responsible for preventative maintenance recommendations as well as recommendations to Ownership to enhance the value of the asset through capital improvements, etc.

Tenant Relations -- the assigned Manager is the tenant's first impression and contact with any management company. Our Property Managers are professional individuals who are able to handle any situation diplomatically and to the satisfaction of all.

Systems Development -- the Corporate Office is able to recommend and make changes as needed as same relate to operational procedures, supervision, etc. The professionals at Spatz Centers keep themselves abreast of the latest trends on shopping center management and are able to foresee needed changes well ahead of time.

Bid Specification -- prior to bidding out work such as asphalt, landscaping, snow removal, etc., specifications are prepared in order to ensure that all bids will be comparable. This function is handled by the Property Manager or Mall Manager through the direction of the Corporate Office.

Rent Collection -- Spatz Centers ensures timely payment of rent. As an option to the procedure indicated in the manual, we implemented a computerized late notice system, as follows:

10th of month-1st reminder letter sent (indicating account is in arrears) by certified letter.

20th of month-2nd reminder letter sent indicating lease is in default and the eviction process will start immediately.

For those occasions when a special letter is needed due to extenuating circumstances, the Manager prepares same with the appropriate content.

Prior to the above, each tenant has received a monthly statement on approximately the 25th of the month for the upcoming rental period. Year end reconciliation’s for CAM, insurance, and real estate taxes are prepared annually by accounting and reviewed by each Property or Mall Manager prior to submission to the tenant to ensure accuracy.

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