Statement From RACER Trust Regarding Buick City Property in Flint, Mich.

Action today by the Michigan Strategic Fund may create for some the impression that the former Buick City property in Flint, Mich., will be redeveloped as Buick City Industrial Park. While that may be one possible outcome, it is important to note that RACER Trust’s Buick City property is available for purchase and redevelopment and that there is other market interest in this property. It is not under contract. As noted in the memorandum seeking financial support from the Michigan Strategic Fund for the proposed Buick City Industrial Park, the initial funds are to be used by a designated special purpose entity for activities that include “assess the financial feasibility of acquiring and developing the site.” This prospect chose to publicize its interest in the property. The site has not been acquired and no party has exclusive negotiating rights to the property. In fact, RACER Trust continues to actively market and solicit offers for the property and is in discussions with several prospective buyers who envision significant investments in economic development and job creation at Buick City. RACER Trust is pleased any time a qualified prospect expresses interest in one of our properties or a portion thereof, and will continue to engage energetically with the special purpose entity that is designated to explore development of the proposed Buick City Industrial Park, as with other prospective purchasers. We will continue our efforts to induce private investment at Buick City, an approach that has resulted in new development and job creation by American Spiralweld Pipe Co. and Lear Corporation. We look forward to more successful economic development outcomes at Buick City.