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APPLYING BEST INTERNATIONAL PRACTICES TO ENSURE OUR CLIENT’S COMPLETE SATISFACTION

EXCELLENCE IN INTERNATIONAL PROPERTY CONSULTANCY & INVESTMENT

PRIVATE & CONFIDENTIALwww.dtz.com

OUR TEAM HAS OVER ONE HUNDRED YEARS OF COMBINED EXECUTIVE LEVEL ASIAN & NORTH AMERICANPROPERTY INVESTMENT EXPERIENCE

DTZ—Where We Work—A Global Leader in Property Services

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Americas• 3 countries• 63 offices• 33,442 employees

EMEA• 33 countries• 93 offices• 3,441 employees

Asia Pacific• 16 countries• 52 offices• 9,835 employees

• DTZ Cities In-country coverage

DTZ Today—Our Capabilities—A Global Leader in Property ServicesA global leader in property services offering best in class, integrated solutions across investment agency, leasing agency, property and facilities management, project and building consultancy, valuation, and investment and asset management.

safety, integrity, outstanding client service, teamwork, honesty and openness in communication

People

FY13Revenue

Citieswith operations

Our values

Sectors Regions Clients Services

• Commercial and Corporate

• Education

• Financial Institutions

• Government

• Life Sciences

• Logistics and Industrial

• Public Venues

• Retail

• Technology

• Asia Pacific• Americas

• EMEA• North Asia

• Blue-chip companies

• Government• Private enterprise• Public institutions

• Energy and

Sustainability Services

• Global Corporate

Services

• Integrated Facilities

Management

• Investment, Fund and

Asset Management

• Leasing Agency and

Brokerage

• Market Research and

Forecasting

• Project Management

and Building

Consultancy

• Property Management

• Real Estate Consulting

• Tenant

Representation

• Valuation/Appraisal

24,200

US$1.9B

208

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DTZ—Who We Are—A Global Leader in Property Services

DTZ is a global leader in property services, one of the top three Property Transaction and ServicesCompanies in the world.

From our origins in 18th century England to a 21st century global operation, DTZ has enjoyed areputation for excellence providing leading-edge property insight and on-the-ground delivery toinvestors, developers, corporate and public sector occupiers and financial intermediaries.The DTZ global team is united by a single focus – to deliver our clients exceptional service, rootedin a deep understanding of their needs and a commitment to their long term success.

We serve our clients across the breadth of their real estate needs. We are always frank in ouradvice, taking a stand in our clients’ interests, and we are relentless in delivering value for ourclients as we move from advice to action.

DTZ has 24,200 employees operating across 208 offices in 52 countries.

We provide occupiers and investors around the world with industry leading, end-to-end propertysolutions comprised of leasing agency and brokerage, integrated asset management, capitalmarkets, investment management, valuation, building consultancy and project management. Inaddition, our award winning research and consulting services provide our clients with global andlocal market knowledge, forecasting and trend analysis to make the best long-term decisions fortheir continuous success far into the future.

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Proven Solutions For Asian and North American Property Investors

Our Team offers a comprehensive solution for Asian investors and developers wishing to prosper in North American markets as well asto receive North American investments in Asia. With our international, well established network of offices throughout Asia and NorthAmerica we have the professional reach, experience and knowledge of the investment conditions in the most desirable markets toadvise our clients exceptionally well. And as Westerners with Asian experience, we understand the cultural expectations of investors aswell as the nuances of the cultures into which investments are contemplated. In North America, Don Rogers, Phil Richardson and BillRoss comprise the Foreign Investment Team. Don, Senior VP Retail & Investments, was previously SVP with the Bay and has a wealth ofproperty experience; Phil, Senior Vice President, Retail & Investments, is an experienced international development professional andinvestment advisor; Bill, Senior Counsel, Weir & Foulds, brings his international experience and skill to ensure the legality andenforceability of all agreements and transactions within the local laws.

In Asia, our Capital Markets Team is based in Singapore is led by Gary Hollis, who manages all DTZ offices and investment personnel inthe entire region An experienced property investment executive, he has developed relationships with numerous Asian propertydevelopers and owners such that he and his Team are privy to many of the best off-market opportunities available and can qualifyinvestment properties very astutely.

Together, we provide a pier to pier investor-side advisory that will ensure the best opportunities are brought to the attention of ourclients in a timely fashion. Should a decision to acquire be made, the property will be secured on the best terms possible, withmaximum legal protections, and supported subsequently by our top quality asset management in all regions.

WE PROVIDE THESE KEY SERVICES TO ASIAN & NORTH AMERICAN DEVELOPERS AND INVESTORS:

Strategic Advisory

Transaction Advisory

Development Management

Asset Management

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STRATEGIC ADVISORY

The portfolio analyses DTZ provides clients allows the optimalreal estate plan to be engineered for specific markets, goals orindustries.

DTZ will work with Investment Managers to provide detailedanalyses of market conditions, portfolio re-alignmentopportunities, and potential portfolio strategies. Usually thesestudies fall into one of the following categories: PortfolioOpportunity Analyses — assesses the untapped potential ofexisting locations, Master Plan development — generates aroadmap for future real estate strategies, Competitor Studies— benchmarks the performance and facilities of industrycompetition), or detailed Market Research (which portray thesituation in prospective site locations).

DTZ's Strategic Advisory is an invaluable resource that canhelp streamline any portfolio. By considering all real estaterequirements, analyzing current space utilization, andevaluating all potential reorganization and relocation options,DTZ is able to provide clients with a realistic plan for optimalportfolio structuring.

Proven Solutions for Asian and North American Property Investors

TRANSACTION ADVISORY

For each transaction, we work collaboratively with our client's teamto define business requirements, analyze opportunities, developstrategies and execute solutions. We balance long-range demandforecasts with current supply dynamics including business unitneeds, market trends and inventories. Through a combination ofmarket knowledge and skillful analysis, we execute strategy-driventransactions while exploring a spectrum of occupancy options andnegotiating the most favorable terms.

We evaluate how each potential transaction impacts everythingfrom our client's brand image to economics, location dynamics andoperating efficiencies. The result is uncompromised solutions thatprovide cost savings, operational efficiencies, and measurable proofthat each transaction meets or exceeds your goals.

Our Transaction Advisory team’s capabilities include:

Developing cost/benefit analyses Collaborating on the development of an occupancy strategy Assisting with business location strategies and relocation

services Negotiating leases or purchases Leading and negotiating asset dispositions Coordinating with local governments

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DEVELOPMENT MANAGEMENT

The professionals of the DTZ Development Team offer clients atotal package — integrating all elements of the developmentprocess from the ground up: land entitlement; conceptdevelopment; project team management; budget and scheduling;financing vehicles for build-to-suit projects; and design andconstruction management. Through a fully integrated process, theDevelopment Team provides:

Feasibility Analysis Site Selection Zoning & Permitting Financial and Deal Structuring Support Management of Ground-up New Builds and Expansions Construction Contract Bidding Build-to-Suit Development Projects Entitlements, Master Planning, Vendor Selection, Contract

Negotiation

Our lead development services resources are industry leaders inregards to providing the highest caliber of planning and feasibilityanalysis services to our clients. Our analysis and advice is offeredin clear, comprehensive, logical reporting formats that create afully documented record of each aspect of the projectassignment, including market data, infrastructure requirements,scenario planning, financial and fiscal analysis, recommendationsfor next steps and ongoing project scope, schedule, budget, andrelated supporting information.

Proven Solutions For Asian and North American Property Investors

ASSET MANAGEMENT

With one of the largest portfolios under management globally,DTZ has a proven track record in asset management for investorsand occupiers across all types of commercial property.

Managing complexity is our strength, as demonstrated by thescale and quality of our portfolio; our ability to manage largeportfolios across multiple countries is underpinned by ourinfrastructure, which provides constant monitoring and controlacross the entire portfolio with real-time reporting of keyindicators.

For investors, DTZ manages the relationship between landlordand tenant. In essence, we strive to minimize vacancies andidentify new opportunities that will create value from yourportfolio.

We complement property management with facilitiesmanagement, helping our clients realize savings in the operationand maintenance of their property portfolio while meeting theirservice standards and sustainability goals. We provide the wholerange of Asset Management Services:

Property Management

Facilities Management

Investment Management

Leasing Management

Marketing/Public Relations.

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Phil Richardson is a well rounded and successful propertydevelopment & operations Senior Executive andConsultant.

With thirty five years of domestic and international experience,Phil Richardson has a proven track record of success measured inreal dollars, through delivering double-digit gains in revenue andincome. He provides strong strategic leadership and decisivetactical management.

His extensive career includes the successful development andoperation of small to very large-scale retail, hospitality, leisure andmixed-use projects, from concept to completion, in Asia, theMiddle East, and North America.

His comprehensive Canadian and International experienceincludes the following key areas critical for development andoperational success:

Master Planning and Financial Analysis Consumer Research and Retail Strategy Design and Delivery Leasing and Marketing Operations & Facility Management Corporate and Community Leadership Transaction Representation & Management

Phil Richardson, CD, BA, CSMSenior Vice President, Retail & Investments Practice Lead, Foreign Investment & Strategic Consultancy

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Some Successful Past Assignments—Phil Richardson

Led the development & expansion of Northgate ShoppingCenter, North Bay, Ontario, a regional shopping centre of500,000 sf, value $80 Million; managed capital budget of$50 Million. Negotiated major leases including Sears andWal-Mart; and oversaw asset management during andafter the expansion, including renovations to existingcommon area and shops while they continued to operate.Managed $10 Million annual operating budget; assistedsale and transition year to Morguard Investments onbehalf of Healthcare of Ontario Pension Plan.

Led the development and operation of two hotel-anchored hospitality centres in North Bay and SudburyOntario containing hotels, food and beverage shops andgasoline outlets, total of 60,000 sf each.

Led the delivery and operational planning on behalf ofSIEMCO, for Wongtee Plaza, a 1,500,000 sf regionallifestyle shopping centre in the CBD of Shenzhen, China.

Directed organizational set up and provided Jing DianDevelopment Co. of Kunming, China, with preliminaryMaster Planning, Retail Strategy and Financial Analysis,Leasing, Marketing and Operational Management set upfor the Twin Cities Mixed Use Project containing19,800,000 sf of retail, office, hospitality and residentialdevelopment.

Conducted a Retail & Leisure feasibility study on behalf ofSahara Star for Amby Valley, a new private city of 10,000Hectares in Maharashtra State, India.

Developed Online to Offline marketing strategy on behalfof Paragon Partners for Happy Valley regional Lifestyleshopping centre of 1,700,000 sm in Guangzhou, China.

Led the development of a major retail hospitality mixeduse project at Yas Island, Abu Dhabi, UAE comprised of:• Super-regional shopping centre of 3,300,000 sf with

500 stores (master plan, infrastructure & car parksdelivered, retail due to open in 2014)

• Ferrari World theme park, largest indoor park in theworld, of 2,000,000 sf (delivered and open)

• Warner Brothers theme park of 1,000,000 sf (masterplan completed & WB license agreed)

• 16 hectare water park. (master plan and final design,since opened)

Consulted for the development of a $1 Billion newhospital in North Bay, Ontario with the responsibility ofidentifying and planning all non-medical revenueproducing initiatives for the facility. Produced a completefeasibility study, which was accepted by the Board andimplemented by Hospital staff.

Consulted for Equus Development Corporation,Scottsdale, Arizona, feasibility evaluation for a 1,000,000sf mixed use commercial, hospitality and residentialdevelopment in Phoenix, Arizona. Project proceeded onthe basis of the recommendations provided.

Thirty Five Years of Achievements

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In North America, Phil developed, redeveloped andmanaged three regional shopping centres, three hotelanchored hospitality centres, and six high riseapartment buildings, over twenty nine years.

“As our investment manager, your professional leadership in guidingthe development and growth of our regional shopping center meantwe were always assured you would make the best decisions on ourbehalf and that you would implement them smoothly. It is because ofyour vision and diligence that we were able to so profitably sell theCenter in 2006. Since we acquired it in 1984 for $16 million, younurtured it to a final selling price of $78 million, an average annualincrease in value of over 17 percent over the 22 years we owned it!”Howard Myer, Managing Partner, Northgate Shopping Centre, NorthBay, Ontario

“As one of Canada’s leading publicly traded commercial propertydevelopment and management companies, Morguard naturallyoperates under the highest public expectations of quality,consequently, the demand for excellence we place on ourselves inevery thing we do is very high. I am pleased to say that in myexperience you shared this commitment to quality.”Mark Robinson, former Senior Vice President, Morguard PropertiesLtd., purchaser of Northgate Shopping Centre.

A Seasoned Shopping Centre & Mixed Use Development & Operations Executive

CEO, Springbank Property Group, Executive Consultant, Investment, Development & Operations. Northgate Shopping Centre.

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Phil has an exemplary track record of thorough anddiligent planning and execution, with a wideassortment of successful commercial projects,ranging from small specialty developments to iconicmega projects.

“I have known Phil for over 3 decades. He came into my hometownof North Bay and took a small strip mall and created NorthgateSquare, a regional shopping centre. This was no smallaccomplishment and only someone of Phil's calibre could have madethat happen. He has always put his heart into his community and hasthe respect and admiration of all his colleagues”Victor Fedeli, MPP, Ontario, former Mayor, North Bay, Ontario

“Mr. Phil Richardson was Honorary Colonel for 22 Wing, CanadianForces Base North Bay, Ontario, Canada during my tenure asWing/Base Commander and Canadian Air Defence SectorCommander. He was an exceptional ambassador for military/civilianrelations advancing many important initiatives that have immenselybenefitted both communities. He is the civic-minded champion anyorganization would be blessed to have.”General Rick Pitre, Former Director General, Space, Canadian ArmedForces

“Phil is a man of high integrity and strong character. He has alwaysfaced the usual personal and professional challenges in his life withdignity, calm and equanimity. He is a father and a concerned friend,always there to support his colleagues.“David Marshall, Past President, Nipissing University, North Bay,Ontario

An Ethical, Community-Minded Developer and Effective Public Representative

CEO & Co-owner All Seasons Village—Hospitality Centre, 100 room hotel and F&B campus, North Bay, Ontario

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Skilled at on-time and on-budget delivery, and basedon his successes in North America, Phil was selectedto lead the $12 Billion USD Yas Retail and LeisureCommercial Collection Project in Abu Dhabi, UAE. Heand his team received exemplary performance ratingsfor the Ferrari World delivery, and overall CommercialCollection master planning. Argus InvestmentAnalysis and Primavera P6 Systems are a part of his

expertise.

“I had the pleasure of working with Phil Richardson while wewere delivering leisure projects at Yas Island. Phil is by farone of the best leaders I have worked with. His style ofcommunication and ability to step in to resolve difficult on-site situations, technical or administrative, are exceptional.He is a master in creating a ‘team’ spirit in the organizationwho works hand-in-hand with team members, internal orexternal to first define goals and then direct at all levels inaccomplishing those goals.”Vikram Chopra, Senior Project Manager, Ferrari World.

“You fulfilled your duties well in leading the substantial teamof industry specialists to plan and build these very complexbuildings. Your contribution in delivery of the Ferrari Worldstructure and associated infrastructure to the requiredNovember 2009 delivery date involved I know a high level ofpersonal commitment and many long days were critical toour success.”J.,Bullough, CEO, Aldar Properties PJSC.

An Experienced Development Executive

Director of Development—Retail & Leisure Projects, Yas Island, Abu Dhabi, UAE

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Well versed in the latest techniques of consumerpsychology and market analysis, he has trainedcorporate colleagues and masters level universityArchitectural and Urban Planning students in bestinternational practices for designing, leasing andmarketing retail and mixed use projects.

Working directly with top international brands inprojects of various sizes and formats, has helped him tolearn how to optimize retail mixes for their best tradingeffect.

“You formulated, organized and oversaw the delivery of the marketing strategy for the re-launch of the Wongtee Plaza, with a new international brand, supported by a world class website…You supervised, the preparation and delivery of the Soft Opening, Grand Opening and follow up marketing program…to produce the best trading results possible.” B. Cheng, VP, Shenzhen International Enterprise Limited, owner of the 160,000 sm, Wongtee Plaza, CBD regional shopping centre, Shenzhen, China

An Accomplished international Market Analyst and Retail Strategist

General Manager, Shenzhen EnterpriseDevelopment Company Limited, Shenzhen,China

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Knowledgeable about international retail customersand well connected with global clients, he led a teamof seasoned international property consultants forMiddle Eastern, Indian, Chinese and offshoredevelopers and retailers.

He is intrigued by the variety of motivationalcharacteristics of different cultures and seek to learn,respect and apply them commercially. At home with amulti-ethnic team, he believes a mixture of diversetalents and capabilities cross culturally can add extrapower to the creativity of any group.

“Phil is a learner. He seems to always search out new experiencesand new sources of knowledge and information that will simplymake him a better person. He is also a very imaginative and creativethinker, never simply being content with the usual ways of doingthings, always seeking out and sharing visions of ideas and alternatepossibilities”David Marshall, Past President, Nipissing University, North Bay,Ontario

A Culturally Sensitive Business Ambassador

Executive Managing Director, Chartwell PropertyAdvisors, Annual Meeting of 1,000 DGVIemployees, Shenzhen, China

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He was engaged to create a comprehensive strategic plan, including a detailed organizational and training components, needed to deliver the $30 Billion, 18,000,000 sf mixed use project in Kunming, China for the owners. He also provided the detailed plan of action that has since served as its road map.

The project consists of a 6,000,000 sf super regional mall, a 4,000,000 sf office complex, a 2,000,000 sf indoor theme park, and 6,000,000 sf of residential condominiums.

“Phil is a very determined person who seeks to deliver results to the very best of his ability by being professional in his approach and applying self-imposed high standards. I was impressed with his passion to work with the design team, with joined effort to deliver a world class project with his dedicated professionalism and leadership.”Pohkit Goh, Vice President, Jing Dian Development Company, Twin Cities owner

“You provided excellent master planning and organizational set up for our project”Guang Dong, CEO, Jing Dian Development Company, Kunming, PRC

An Organizational Specialist

Executive Consultant and General Manager, Jing Dian Development Company, Kunming, PRC

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He conducted advanced market research and preparedthe sophisticated design for a highly innovativecustomer satisfaction interface centre to aggressivelypromote the transfer of online to offline trading forHappy Valley 1,500,000 sf regional shopping centre inGuangzhou, China. The first of its type in Asia, theCentre will be the “office” of the shopping centre’smarketing staff from which they will reach out to onlinecustomers to attract them to shop in person and onsitecustomers to enrich their experience. Through suchmethods, it is possible to conserve and enhance thetrading and investment of retailers and shopping centreowners in traditional format projects.

“Phil has a number of skills and qualities-vision, focus, planning,determination and energy which he combines to make a veryeffective retail professional”Stefan Breg, Chief Worrier, Tribe F&B Marketing Consultants—YasSuperregional Mall, Abu Dhabi, UAE

An Innovative Marketer

Online to Offline Marketing Executive Consultant, Paragon Partners, Happy Valley Shopping Centre, Guangzhou, China

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CONTACT INFORMATIONPhil RichardsonSenior Vice President Investment & Retail;Practice Lead, Foreign Investment Consultancy

DTZ161 Bay Street, Suite 4040Toronto, ON M5J 2S1Telephone: +1 416 863 1215Direct: +1 416 865 5112Mobile: +1 416 278 8732Email: phil.richardson@dtz.com

Skype: phillrr