CEO Survey results - financing

Excluding an ongoing line of credit, how likely is your organization to seek or extend a bank loan or other form of financing during 2009?
	2008	2007	Change from 2007 (% pts.)
Very likely	25%	20%	+5
Somewhat likely	19	17	+2
Not very likely	53	61	-8
Don’t know/not sure	3	2	+1

Viewpoint Financing
Terry W. Stiles
Stiles Corporation
Chairman and CEO
Fort Lauderdale

We are seeing good projects today that cannot get financing. These are companies with proven track records. Two major projects that we were ready to go to work on have been put on the shelf until the financial market corrects itself. That’s $200 million that’s on hold. We laid off a substantial number of people a month ago, the biggest one-time lay-off in my 30-plus years with the company. We had expanded into Atlanta and Nashville some years ago, but when we analyzed our strengths, we recognized that our brand in Florida is one of our greatest assets, plus we know Florida very well. So our focus is going to be on reinforcing the five Florida markets we’re located in. South Florida is still the most dynamic market. It’s the gateway to international trade. Yes, we’re in a down cycle, but we will come out of it.

CEO Survey results - construction Plans

Do you plan any construction or building projects in Florida in 2009 related to expanding or relocating some or all of your operations?
	2008	2007	Change from 2007 (% pts.)
Yes	38%	47%	-9.4
No	59	45	+13.9
Don’t know/not sure	3	8	-4.5

Viewpoint Construction Plans
Jose M. Hevia
Flagler Development Group
President and CEO
Coral Gables

The Orlando market and niche markets, including Miami’s Airport West sector, continue to be active, with vacancy levels that are relatively stable. Due to the slowing of the economy, however, we have scaled back our plans for the development of new Class A suburban office buildings in 2009 from four to one, down from about 600,000 square feet to about 150,000. One of the things that separates us from many of our competitors is that we don’t rely on a single revenue source. We have approximately 12 million square feet of income-producing assets in Florida. We also have continued revenue from development, which grows assets, plus right-of-way income and services. Overall, Flagler is well-positioned for future growth. While we are taking a cautiously optimistic approach for 2009, we have already begun planning for development opportunities in 2010 and beyond.

CEO Survey results - New Markets

Are you planning to expand your business into new geographic markets in 2009?
	2008	2007	Change from 2007 (% pts.)
Yes	50%	51%	-0.6
No	50	49	+0.6

CEO Survey results - Geographic Expansion

Which geographic markets are you looking at to expand your business? (Asked of those with market expansion plans)
	2008	2007	Change from 2007 (% pts.)
U.S. outside of Florida	61%	65%	-4.1
Central Florida	22	19	+3.4
Latin America/Caribbean	20	23	-3.3
South Florida	19	14	+5.1
Florida in general	17	23	-6.3
North Florida	17	13	+4.2
Europe	16	19	-2.6
Asia	15	14	+1.1
India	9	8	+0.9
China	8	12	-3.6
Canada	7	7	0
Middle East	6	—	—
Other	11	5	+6.4

Viewpoint Geographic Expansion
Darrell C. Smith
Shumaker, Loop & Kendrick LLP
Managing Partner
Tampa

Despite the difficult U.S. economy, Shumaker, Loop & Kendrick LLP continues to thrive. We entered the Florida market in 1985; our Tampa office (130 employees; 60 attorneys) is now our fastest growing. Thus far, we haven’t missed a beat, even with the current economic challenges. As a full-service firm emphasizing business law — as well as commercial litigation and also providing bankruptcy representation — we expect to continue to expand our Tampa office in 2009. We also are contemplating expanding to a second Florida office. Florida is very important to us, and the Tampa office is very profitable for the firm. My best advice to others is, don’t expand just for the sake of expanding. Instead, let your clients’ needs be your guide.