“I have worked with members of the Baker Storey McDonald Properties retail leasing team on several different projects including the redevelopment of properties in our portfolio. Their market knowledge, retail expertise, and creativity added value to those transactions.

- James W. Granbery CEO, H.G. Hill Realty Co.

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“Carl Storey and Baker Storey McDonald Properties assisted us with the disposition of approximately 110 acres of surplus land in Nashville, TN. The land had some challenging natural features and was encumbered by a number of easements which severely limited our disposition and development options. Their local market knowledge and contacts were useful in helping us evaluate our options, navigate the local entitlement process, and consummate the sale of the land.”

- Alex Iskenderian Vice President and General Counsel Vail Resorts Development Company

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Dear David:

I want to thank you for all of your efforts during the disposition of our Nashville and Chattanooga, TN stores. Your professionalism and dedication to getting a deal done is clearly demonstrated by the tenacity with which you seek out a replacement tenant and your attention to detail and follow through during documentation and closing on the deal.

I look forward to working with you as we continue the disposition process in Chattanooga, Murfreesboro and Memphis.

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“David Baker and his firm are excellent brokers. Being able to facilitate making good deals on top-notch sites is only part of what they do. Their responsiveness and candid opinions allow retailers to be well represented in the markets they serve. It’s a pleasure working with BSMP.”

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“To Whom It May Concern:

The purpose of this letter is to give a personal reference regarding my experience with the Baker Storey McDonald Management Company.

I have been associated with many of the principals and staff in various endeavors for over 14 years as a vendor of construction services on the properties they manage. In that time, their commitment to excellence not only in their work, but in the people and companies they employ to handle the tasks of managing properties has been exemplary. They know the process, the needed result, and are always personally involved in seeing that the end results are in the best interest of the clients they represent. They are very cost conscience and are diligent in understanding what they are getting before they enter into agreements that involve expenditures or capital improvements.

The staff has always dealt with our company with the highest level of integrity. They understand the need for teamwork with everyone involved in protecting their client’s interests. That sense of duty is contagious to those of us who seek to offer services to them. They always pay in a timely manner for services rendered, which only encourages vendors to seek the best results without trying to cut corners.

Our company has dealt with many management companies from the largest in the country to local firms. Some of our clients include Grubb/Ellis, Colliers Turley Martin Tucker, Shorenstein Realty, Crescent Resources, Gaedke Landers, Duke Weeks, Trammell Crow, The Matthews Company, and Eakin Properties to name a few. Baker Storey McDonald Management has always proven equal to or superior to any of the firms in their level of professionalism and knowledge of their industry peers.

It is with great pride that we have been chosen to be a preferred vendor with such an outstanding firm such as Baker Storey McDonald Management. I would suggest anyone needing the services their company offers, seriously consider the level of excellence this firm is committed to within its staff and those they surround themselves with when deciding on who will work up to the standard they require to meet a clients needs.”

- Pat Whelan President The Conseco Group, Inc.

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June 5, 2005

Allen,
Just a quick note of thanks for spending some time with us last week. You and your partners have a very well thought out business plan and put together a very professional organization.

I realize I am very lucky to have stumbled upon such a great resource and I hope in the future you will please contact us when opportunity arises.

Have a wonderful summer and we would welcome a visit to San Diego anytime.

- Bob Scarano President Tecate Industries Property

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Baker Storey McDonald Properties is considered a “key account” for AmSouth Bank. They exhibit expertise in all phases of real estate development. Every project in which we were involved was completed on time and within budget. We value our relationship with BSM and hope to be involved in many of their developments in the future.

- David A. Johnston Commercial Real Estate AmSouth Bank