2000 CINCINNATI REGIONAL
                        RETAIL MARKET SURVEY

The GEM Real Estate Group, Inc.'s 2000 Regional Retail Market Survey is a comprehensive survey intended to capture the current conditions and developing trends regarding retail space within the Greater Cincinnati/Northern Kentucky region. The facilities included in this survey are those deemed to be most reflective of the region's retail market.

We reviewed the activity of 281 retail facilities within the regional market.  These facilities are located within thirteen distinct sub- markets.  The sub-markets are identified as:  Central Cincinnati, Eastern Cincinnati, Western Cincinnati, Kenwood, Montgomery/Blue Ash, Mason/Loveland/Deerfield, Lebanon/Middletown, Tri-County/Sharonville, West Chester, Hamilton/Fairfield, Colerain/Forest Park,  Northern Kentucky - East, and Northern Kentucky - West.  A total of 27,237,373 square feet of retail space was surveyed within these thirteen markets.  Approximately 10.68% of that total, or 2,908,701 square feet of space, was reported to be vacant.

This study breaks out vacancy rates, total square footage, and lease rate ranges, within each sub-market, and for the region as a whole. You may purchase a market study directly from The GEM Real Estate Group by faxing a completed Market Survey Application Form.

The GEM Real Estate Group, Inc. is a premier provider of commercial, investment, and industrial real estate services including Consulting, Information, Analyses (CIA), Appraisals, Corporate Services, Information Services, Property Management, and Leasing and Sales.