Office Market Indicators - All Space TOTAL BLDGS SF AVAILABLE IMMEDIATELY INVENTORY $ Volume ($ Mil) $29.00 $ No. of Properties $27.

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1 MARKET WATCH HOUSTON OFFICE AUGUST 0 RECENT OFFICE LEASES Katy Freeway West :: Lloyd s Register,9 SF renewal at 0 Enclave Parkway CBD :: Orrick, Herrington and Sutcliffe,7 SF prelease at 09 Main at Texas CBD :: Hogan Lovells,000 SF prelease at 09 Main at Texas FM 90/Hwy 9 :: BB&T - AmRisc 7, SF renewal at Two Chasewood RECENT OFFICE SALES FM 90/Hwy 9 :: 970 Cypresswood,90 SF, Class A Buyer: Vista Equities Group, Inc. Seller: Torchlight Loan Services, LLC Office Market Indicators - All Space SUBMARKET TOTAL BLDGS INVENTORY SF AVAILABLE IMMEDIATELY DIRECT VACANCY RATE OVERALL VACANCY RATE SF UNDER CONSTRUCTION Q 0 NET ABSORPTION ASKING RENTAL RATES (FSG) CLASS A CLASS B Downtown (CBD & Midtown) 0,79,,97,.%.%,0, (0,000) $.7 $. FM 90 (FM 90/I- N, FM 90/ 7,9,,,0.9% 7.% -,000 $7. $.97 Champions & FM 90/Hwy 9) Greenspoint/North Belt (North Belt West/Greenspoint & Greenspoint/IAH) 97,,07,7,7.7%.% - (,000) $.99 $. Greenway Plaza 0,0,,7,9.9%.0% 9,9 (77,000) $.9 $. Gulf Freeway/Pasadena,99,0,.%.% -,000 - $.7 Katy,,9 9,0.%.% - 0,000 $.7 $. Katy Frwy/Energy Corridor (Katy Freeway East & Katy Freeway West) 07,7,9,7,00.9%.%,07 (77,000) $. $.0 Kingwood/Humble 9,0,07 79,9 7.% 7.% -,000 $.0 $.7 NASA/Clear Lake 7,0,99,9.9%.% - 7,000 $.97 $7.97 Northeast 7,7, 0,.%.% -,000 - $7. Northwest (North Loop West, Northwest Near & Northwest Far) 7,,,,.%.7% -,000 $. $7. South Main/Medical Center 9 0,9,07 9, 9.0% 9.% -,000 $9.9 $. Southwest Frwy/Sugar Land,,7,9,.%.% -,000 $.0 $.09 (SW/Hillcroft, SW Beltway & E Ft Bend Co/Sugar Land) West Belt 7,90,7 77,07.% 9.% -,000 $.9 $. West Loop (Bellaire, Post Oak Park, Galleria, 7,,,7,0.%.0%,0,000 (9,000) $.0 $. Riverway, Richmond/Fountainview & San Felipe/Voss) Westchase 9 7,7,9,7,7 0.0%.0%,000,0,000 $.7 $.0 The Woodlands 9,,9,,9 0.0%.% 7, 7,000 $0.7 $.09 Conroe 90, 7,9.7%.7% -,000 $9. $. Total - Houston,7 7,00,7,99,9.%.7%,7,7 7,000 $. $. Source: Transwestern analysis of CoStar data, includes buildings 0,000 SF RBA and greater, excluding government owned buildings OFFICE LEASE STATISTICS % % % % % 0% 9% Q Q Q Q Q Q Q Overall Vacancy Rates Asking Rental Rates (FSG) Source: Transwestern analysis of CoStar data, includes buildings 0,000 SF RBA and greater, excluding government owned buildings Q Q Q Q Q Q $0.00 $9.00 $.00 $7.00 $.00 $.00 $.00 Office Sales Statistics Volume ($ Mil) No. of Properties TO DATE HOUSTON MSA LAST (Q 0) TRAILING MONTHS UNITED STATES LAST (Q 0) TRAILING MONTHS $7.0 $97.0 $,9. $,9.0 $,9. 0,,0 Total SF 7,09 9,0,, 9,0,7,, Price/SF Cap Rate (Yield) N/A $9 $00 $ $ N/A.% 7.7%.%.7% Source: Real Capital Analytics

2 HOUSTON OFFICE MARKET WATCH AUGUST See Inner Loop Map INNER LOOP. CBD. South Main/Medical Center. Galleria. Riverway. Midtown. Greenway Plaza 7. Post Oak Park. Bellaire 9. North Loop West SOUTHEAST. Gulf Frwy/Pasadena. NASA/Clear Lake. Southeast Outlier NORTHWEST. Northwest Near. Northwest Far. FM 90/Hwy 9. FM 90/Champions. Northwest Outlier. West Belt NORTH. The Woodlands. FM 90/ I- North. North Belt West/Greenspoint WEST. San Felipe/Voss. Richmond/Fountainview. Westchase. Katy Freeway East. Katy Freeway West. Katy SOUTHWEST. Southwest/Hillcroft. Southwest Beltway. E Fort Bend Co/Sugar Land. Southwest Outlier NORTHEAST. Northeast Near. Greenspoint/IAH. Kingwood/Humble. Northeast Outlier MARKET WATCH HOUSTON OFFICE MARKET AUGUST 0

3 HOUSTON OFFICE MARKET WATCH AUGUST 0 ABOUT TRANSWESTERN Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. As a member of the Transwestern family of companies, the firm capitalizes on market insights and operational expertise of independent affiliates specializing in development, real estate investment management and research. Transwestern has U.S. offices and assists clients through more than 0 offices in 7 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. Transwestern was founded in Houston, Texas in 97, and Houston remains the corporate headquarters today. As one of the preeminent commercial real estate firms in Houston, we offer a comprehensive menu of real estate services designed to provide owners, tenants and investors with the optimum solutions for their unique requirements. Transwestern has seasoned veterans in every area of expertise with the integrity, experience and creativity to be the best partner for its clients. Transwestern s Houston office currently employs over 00 team members and has been an innovator in the Houston market for years. SEATTLE MINNEAPOLIS BOSTON SAN FRANCISCO SILICON VALLEY WALNUT CREEK SALT LAKE DENVER MILWAUKEE CHICAGO ST. LOUIS DETROIT BETHESDA WASHINGTON DC GREENWICH NEW YORK NEW JERSEY BALTIMORE NORTHERN VIRGINIA LOS ANGELES ORANGE COUNTY SAN DIEGO PHOENIX OKLAHOMA FORT WORTH DALLAS ATLANTA TRANSWESTERN LOCATIONS AUSTIN SAN ANTONIO HOUSTON NEW ORLEANS ORLANDO FORT LAUDERDALE MIAMI-DADE HOUSTON CONTACTS Eric Anderson eric.anderson@transwestern.com Doug Little Senior Managing Director - Office 7.7. doug.little@transwestern.com Michelle Wogan michelle.wogan@transwestern.com David Lee david.lee@transwestern.com Greg Tilton greg.tilton@transwestern.com Tyler Garrett tyler.garrett@transwestern.com Justin Leighton Executive Managing Director - TAS justin.leighton@transwestern.com Ken Page Managing Director - TAS ken.page@transwestern.com Margaret Ann Cook Vice President - TAS 7.7. margaretann.cook@transwestern.com Michael Snodgrass michael.snodgrass@transwestern.com David Baker david.baker@transwestern.com Monte Calvert 7.7. monte.calvert@transwestern.com Louann Pereira louann.pereira@transwestern.com Bobbie Bozarth Senior Vice President - TAS 7.7. bobbie.bozarth@transwestern.com Jan Sparks jan.sparks@transwestern.com CONTACT Rachel Andrae Research Analyst 7.7. Rachel.Andrae@transwestern.com Kevin Roberts President, Southwest Kevin.Roberts@transwestern.com METHODOLOGY The information in this report is the result of a compilation of publicly available data from a variety of commercial and government sources. 900 West Loop South, Suite 00 Houston, Texas 7707 T F Copyright 0 Transwestern. All rights reserved. No part of this work may be reproduced or distributed to third parties without written permission of the copyright owner. The information contained in this report was gathered by Transwestern from CoStar and other primary and secondary sources believed to be reliable. Transwestern, however, makes no representation concerning the accuracy or completeness of such information and expressly disclaims any responsibility for any inaccuracy contained herein.

4 MARKET WATCH HOUSTON OFFICE MAY 0 RECENT OFFICE LEASES Westchase :: Lockton Companies 0,000 SF prelease at Lockton Place Westchase :: Neighbors Health System 00,000 SF new lease at 000 Richmond Galleria :: Citigroup 9,70 SF new lease at Galleria Tower I RECENT OFFICE SALES Greenspoint/N Belt West :: Greenspoint Park, SF, three building portfolio, Class B Buyer: Lincoln Property Co Seller: NorthStar Realty Finance FM 90/Champions :: Northwoods Park 0,7 SF, Class B Buyer: Harry N. Shani Seller: BH Properties, LLC Office Market Indicators - All Space SUBMARKET TOTAL BLDGS INVENTORY SF AVAILABLE IMMEDIATELY DIRECT VACANCY RATE OVERALL VACANCY RATE SF UNDER CONSTRUCTION Q 0 NET ABSORPTION ASKING RENTAL RATES (FSG) CLASS A CLASS B Downtown (CBD & Midtown) 0,79,,77,0.%.%,0, 9,000 $. $.9 FM 90 (FM 90/I- N, FM 90/ 77,7,,7,.0%.%,7 (,000) $.9 $.9 Champions & FM 90/Hwy 9) Greenspoint/North Belt (North Belt West/Greenspoint & Greenspoint/IAH) 97,,07,,0 7.% 0.% - (,000) $7.0 $. Greenway Plaza 0,0,,9,.%.% 9,9,000 $.90 $. Gulf Freeway/Pasadena,97,0 00,0.%.% 0,000 (,000) - $.9 Katy,9,09,97.%.9%,07,000 $. $. Katy Frwy/Energy Corridor (Katy Freeway East & Katy Freeway West) 0,0,90,9,.0%.%,79,7 (9,000) $7.00 $.97 Kingwood/Humble 9,0,07,0.%.% -,000 $.00 $.7 NASA/Clear Lake 7,0,99 9,0.0%.% - 9,000 $.0 $.0 Northeast,, 0,0.%.% - 0,000 - $7. Northwest (North Loop West, Northwest Near & Northwest Far) 7,,,,0.%.7% - (,000) $.7 $7. South Main/Medical Center 9 0,9,07 97,7 9.% 9.% - (,000) $9. $. Southwest Frwy/Sugar Land,,7,0,9.%.7% -,000 $.0 $. (SW/Hillcroft, SW Beltway & E Ft Bend Co/Sugar Land) West Belt 7,90,7 0,9.% 7.% - - $.0 $.9 West Loop (Bellaire, Post Oak Park, Galleria, 7,0,,7, 0.%.%,,000 (,000) $. $.0 Riverway, Richmond/Fountainview & San Felipe/Voss) Westchase,7,9,7,99 0.%.0%,00,000 7,000 $. $. The Woodlands 9,,,,.7% 9.%,9 9,000 $0.0 $. Conroe 90, 79,9.%.% - - $9.0 $.77 Total - Houston,,0,07 0,0,9.%.%,9, 99,000 $.09 $.0 Source: Transwestern analysis of CoStar data, includes buildings 0,000 SF RBA and greater, excluding government owned buildings OFFICE LEASE STATISTICS % % Overall Vacancy Rates Asking Rental Rates (FSG) $9.00 $.00 Office Sales Statistics Volume ($ Mil) TO DATE HOUSTON MSA LAST (Q 0) TRAILING MONTHS UNITED STATES LAST (Q 0) TRAILING MONTHS $. $0. $,. $0,. $,09. % $7.00 No. of Properties 9,09,0 % $.00 Total SF,9,,90,9,,,,9,7 0% 9% Q Q Q Q Q Q Q Source: Transwestern analysis of CoStar data, includes buildings 0,000 SF RBA and greater, excluding government owned buildings Q Q Q Q Q Q $.00 $.00 Price/SF Cap Rate (Yield) N/A $ $0 $ $ N/A N/A 7.%.%.7% Source: Real Capital Analytics

5 HOUSTON OFFICE MARKET WATCH MAY See Inner Loop Map INNER LOOP. CBD. South Main/Medical Center. Galleria. Riverway. Midtown. Greenway Plaza 7. Post Oak Park. Bellaire 9. North Loop West SOUTHEAST. Gulf Frwy/Pasadena. NASA/Clear Lake. Southeast Outlier NORTHWEST. Northwest Near. Northwest Far. FM 90/Hwy 9. FM 90/Champions. Northwest Outlier. West Belt NORTH. The Woodlands. FM 90/ I- North. North Belt West/Greenspoint WEST. San Felipe/Voss. Richmond/Fountainview. Westchase. Katy Freeway East. Katy Freeway West. Katy SOUTHWEST. Southwest/Hillcroft. Southwest Beltway. E Fort Bend Co/Sugar Land. Southwest Outlier NORTHEAST. Northeast Near. Greenspoint/IAH. Kingwood/Humble. Northeast Outlier MARKET WATCH HOUSTON OFFICE MARKET MAY 0

6 HOUSTON OFFICE MARKET WATCH MAY 0 ABOUT TRANSWESTERN Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. As a member of the Transwestern family of companies, the firm capitalizes on market insights and operational expertise of independent affiliates specializing in development, real estate investment management and research. Transwestern has U.S. offices and assists clients through more than 0 offices in 7 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. Transwestern was founded in Houston, Texas in 97, and Houston remains the corporate headquarters today. As one of the preeminent commercial real estate firms in Houston, we offer a comprehensive menu of real estate services designed to provide owners, tenants and investors with the optimum solutions for their unique requirements. Transwestern has seasoned veterans in every area of expertise with the integrity, experience and creativity to be the best partner for its clients. Transwestern s Houston office currently employs over 00 team members and has been an innovator in the Houston market for years. SEATTLE MINNEAPOLIS BOSTON SAN FRANCISCO SILICON VALLEY WALNUT CREEK SALT LAKE DENVER MILWAUKEE CHICAGO ST. LOUIS DETROIT BETHESDA WASHINGTON DC GREENWICH NEW YORK NEW JERSEY BALTIMORE NORTHERN VIRGINIA LOS ANGELES ORANGE COUNTY SAN DIEGO PHOENIX OKLAHOMA FORT WORTH DALLAS ATLANTA TRANSWESTERN LOCATIONS AUSTIN SAN ANTONIO HOUSTON NEW ORLEANS ORLANDO FORT LAUDERDALE MIAMI-DADE HOUSTON CONTACTS Eric Anderson eric.anderson@transwestern.com Doug Little Senior Managing Director - Office 7.7. doug.little@transwestern.com Michelle Wogan michelle.wogan@transwestern.com David Lee david.lee@transwestern.com Monte Calvert 7.7. monte.calvert@transwestern.com Greg Tilton greg.tilton@transwestern.com Justin Leighton Managing Director - Tenant Advisory justin.leighton@transwestern.com Ken Page Managing Director - Tenant Advisory ken.page@transwestern.com Margaret Ann Cook Vice President - Tenant Advisory 7.7. margaretann.cook@transwestern.com Michael Snodgrass michael.snodgrass@transwestern.com David Baker david.baker@transwestern.com Paul Wittorf paul.wittorf@transwestern.com Louann Pereira louann.pereira@transwestern.com Bobbie Bozarth Senior Vice President - Tenant Advisory 7.7. bobbie.bozarth@transwestern.com Jan Sparks jan.sparks@transwestern.com CONTACT Rachel Alexander Director of Market Research Rachel.Alexander@transwestern.com Kevin Roberts President, Southwest Kevin.Roberts@transwestern.com METHODOLOGY The information in this report is the result of a compilation of publicly available data from a variety of commercial and government sources. 900 West Loop South, Suite 00 Houston, Texas 7707 T F Copyright 0 Transwestern. All rights reserved. No part of this work may be reproduced or distributed to third parties without written permission of the copyright owner. The information contained in this report was gathered by Transwestern from CoStar and other primary and secondary sources believed to be reliable. Transwestern, however, makes no representation concerning the accuracy or completeness of such information and expressly disclaims any responsibility for any inaccuracy contained herein.

7 Market WATCH HOUSTON Office December 0 Recent office leases Galleria :: Apache,000 SF lease extension through /09 at Post Oak Central CBD :: Bracewell & Giuliani 9,0 SF renewal at Pennzoil Place Katy Freeway West :: G&A Partners 0,0 SF new lease at Westgate I Recent office sales Katy Freeway West :: Energy Center Three 9,000 SF, Class A Buyer: ConocoPhillips Seller: Trammell Crow Co & Principal Real Estate Investors joint venture Galleria :: 00 Post Oak,00 SF, Class A Buyer: Corporación Masaveu Seller: Stream, TRC Capital Partners & L&B Realty Advisors joint venture Office Market Indicators - All Space Submarket TOTAL Bldgs INVENTORY sf available immediately Direct Vacancy Rate OVERALL Vacancy Rate SF Under Construction q 0 Net Absorption Asking rental Rates (fsg) CLASS A CLASS B Downtown (CBD & Midtown) 9,7,7,,7.7%.%,, (,000) $.97 $. FM 90 (FM 90/I- N, FM 90/ 7 7,,7,,7.%.0% -,000 $.9 $. Champions & FM 90/Hwy 9) Greenspoint/North Belt (North Belt West/Greenspoint & Greenspoint/IAH) 9,,7,,9.0%.%,90 (,000) $.07 $. Greenway Plaza 0,,0 9, 9.% 9.%,7 7,000 $.77 $.9 Gulf Freeway/Pasadena,97,0,.%.% -,000 - $.7 Katy,79,0,779.%.%,07,000 $.09 $.0 Katy Frwy/Energy Corridor (Katy Freeway East & Katy Freeway West) 07,7,090,, 0.%.%,,99 (70,000) $7.9 $. Kingwood/Humble 79,7 7,0 9.% 9.% - (,000) $. $.7 NASA/Clear Lake 7,0,99 9,9.%.9% - (7,000) $. $.7 Northeast,, 90,.%.%,000,000 (,000) - $7. Northwest 7,,,0,.0%.7% - (9,000) $.7 $. (North Loop West, Northwest Near & Northwest Far) South Main/Medical Center 9 0,9,07 9,09 9.% 9.% -,000 $9. $.9 Southwest Frwy/Sugar Land,,7,,7.%.% - 7,000 $. $. (SW/Hillcroft, SW Beltway & E Ft Bend Co/Sugar Land) West Belt,70,7,09.0%.% 00,000 7,000 $. $.9 West Loop (Bellaire, Post Oak Park, Galleria, Riverway, Richmond/Fountainview & San Felipe/Voss) 7,0,,9, 9.% 0.%,,000,000 $. $. Westchase 7,9,9,70,9.%.%,,000 (,000) $9. $.0 The Woodlands 7,077,7 709,7.0%.%,,79,000 $0. $.0 Conroe 90, 9, 9.9% 9.9% - - $9. $.7 Total - Houston,7,77, 7,,7.%.0% 0,0, 7,000 $. $.7 Source: Transwestern analysis of CoStar data, includes buildings 0,000 SF RBA and greater, excluding government owned buildings OFFICE LEASE STATISTICS % % % Overall Vacancy Rates Asking Rental Rates (FSG) $9.00 $.00 $7.00 Office Sales Statistics Volume ($ Mil) No. of Properties Quarter to date Houston MSA Last Quarter (q 0) Trailing Months United STATES Last Quarter (q 0) Trailing Months $. $. $,0. $,0.0 $,.,,90 Total SF,0,0,,,07,,,,7, 0% $.00 9% Q Q Q Q Q Q Q Q Q Q Q Q Q $.00 Source: Transwestern analysis of CoStar data, includes buildings 0,000 SF RBA and greater, excluding government owned buildings Price/SF Cap Rate (Yield) $7 $ $ $ $ N/A 7.% 7.0%.7%.% Source: Real Capital Analytics

8 HOUSTON Office Market December See Inner Loop Map INNER LOOP. CBD. South Main/Medical Center. Galleria. Riverway. Midtown. Greenway Plaza 7. Post Oak Park. Bellaire 9. North Loop West southeast. Gulf Frwy/Pasadena. NASA/Clear Lake. Southeast Outlier NORTHWest. Northwest Near. Northwest Far. FM 90/Hwy 9. FM 90/Champions. Northwest Outlier. West Belt NORTH. The Woodlands. FM 90/ I- North. North Belt West/Greenspoint WEST. San Felipe/Voss. Richmond/Fountainview. Westchase. Katy Freeway East. Katy Freeway West. Katy SOUTHWest. Southwest/Hillcroft. Southwest Beltway. E Fort Bend Co/Sugar Land. Southwest Outlier NORTHEAST. Northeast Near. Greenspoint/IAH. Kingwood/Humble. Northeast Outlier MARKET WATCH HOUSTON office MARKET December 0

9 HOUSTON Office Market December 0 ABOUT TRansWesteRN Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. As a member of the Transwestern family of companies, the firm capitalizes on market insights and operational expertise of independent affiliates specializing in development, real estate investment management and research. Transwestern has U.S. offices and assists clients through more than 0 offices in countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. Transwestern was founded in Houston, Texas in 97, and Houston remains the corporate headquarters today. As one of the preeminent commercial real estate firms in Houston, we offer a comprehensive menu of real estate services designed to provide owners, tenants and investors with the optimum solutions for their unique requirements. Transwestern has seasoned veterans in every area of expertise with the integrity, experience and creativity to be the best partner for its clients. Transwestern s Houston office currently employs over 00 team members and has been an innovator in the Houston market for 7 years. SEATTLE MINNEAPOLIS BOSTON SAN FRANCISCO SILICON VALLEY WALNUT CREEK SALT LAKE DENVER MILWAUKEE CHICAGO ST. LOUIS DETROIT BETHESDA WASHINGTON DC GREENWICH NEW YORK NEW JERSEY BALTIMORE NORTHERN VIRGINIA LOS ANGELES ORANGE COUNTY SAN DIEGO PHOENIX OKLAHOMA FORT WORTH DALLAS ATLANTA TRANSWESTERN LOCATIONS AUSTIN SAN ANTONIO HOUSTON NEW ORLEANS ORLANDO FORT LAUDERDALE MIAMI-DADE HOUSTON contacts Eric Anderson eric.anderson@transwestern.com Doug Little Senior Managing Director - Office 7.7. doug.little@transwestern.com Michelle Wogan michelle.wogan@transwestern.com David Lee david.lee@transwestern.com Monte Calvert 7.7. monte.calvert@transwestern.com Greg Tilton greg.tilton@transwestern.com Justin Leighton Managing Director - Tenant Advisory justin.leighton@transwestern.com Ken Page Managing Director - Tenant Advisory ken.page@transwestern.com Margaret Ann Cook Vice President - Tenant Advisory 7.7. margaretann.cook@transwestern.com Michael Snodgrass michael.snodgrass@transwestern.com David Baker david.baker@transwestern.com Paul Wittorf paul.wittorf@transwestern.com Louann Pereira louann.pereira@transwestern.com Bobbie Bozarth Senior Vice President - Tenant Advisory 7.7. bobbie.bozarth@transwestern.com Jan Sparks jan.sparks@transwestern.com Contact Rachel Alexander Director of Market Research Rachel.Alexander@transwestern.com Kevin Roberts President, Southwest Kevin.Roberts@transwestern.com Methodology The information in this report is the result of a compilation of publicly available data from a variety of commercial and government sources. 900 West Loop South, Suite 00 Houston, Texas 7707 T F Copyright 0 Transwestern. All rights reserved. No part of this work may be reproduced or distributed to third parties without written permission of the copyright owner. The information contained in this report was gathered by Transwestern from CoStar and other primary and secondary sources believed to be reliable. Transwestern, however, makes no representation concerning the accuracy or completeness of such information and expressly disclaims any responsibility for any inaccuracy contained herein.