Shaftesbury Asset Management (Switzerland) SA opened for business in 2012 with a Geneva office, in order to exploit the synergies available from combining the established European practice and reputation of the Shaftesbury Asset Management Group and its partners and principal executives (hereafter the SAM Group), with those of Yves de Kerdanet, who has worked in European Real Estate for the past 25 years.

Yves’ most recent activity, prior to joining the SAMGroup, was to establish, successfully develop and lead for the past 13 years a major Geneva-based real estate investment and asset management practice within UBS Wealth Management, serving Ultra High Net Worth Clients, and providing them with pan-European real estate investment as well as asset management solutions, an activity in which Yves developed an enviable track record.

The combination of the SAM Group and Yves creates a unique opportunity to ally locally esta-blished and respected investment and asset ma-nagement capabilities with a European platform providing the same services, all based on the tailor-made solutions required by Ultra High Net Worth Clients and large Institutions.

Yves Miorcec de Kerdanet

Real Estate markets offer few genuine opportuni-ties, and the combination of the SAM Group and Yves de Kerdanet brings together all the factors required to provide a rapid, flexible, tailor-made and innovative service to identify and exploit them.

The partners in Shaftesbury Asset Management (Switzerland) SA (hereafter SAM Switzerland) offer a wide range of experience and an enduring and successful track-record in all significant real estate markets, including non-performing loans, develop-ment / refurbishment, repositioning, change of use, financing, portfolio, asset and cash management, acquisition structuring, corporate management, accounting and reporting, etc. SAM Switzerland adds value through and following acquisition to and including disposition.

INTRODUCTION

The SAM Group currently has circa €3.0 billion of Core assets under management in Switzerland, France and Germany. The Group’s Luxemburg Corporate Management Services subsidiary is a licensed Trust Company regulated by the Luxemburg Financial Markets Regulator (The CSSF).

The SAM Group has created joint-ventures and acted as a co-investor and operating partner together with a wide range of major institutions over the past years, or as an external service provider.

I. BACKGROUND

The Shaftesbury Asset Management Group

60 Years European real estate experience

A team of 45

Luxemburg regulated

A fully independent real estate asset management company, owned by its Managing Partners, and founded and led by Miles d’Arcy-Irvine and Philippe Camus, who aggregate over 60 years European real estate experience. Together they have acquired and asset managed over €8.5 billion of real estate and real estate related assets for their own account or jointly with institutional investors, such as Rodamco, AXA, Whitehall, Goldman Sachs, General Electric, Nomura International and UBS Wealth Management.

The SAM Group specialises in real estate investment and asset management, with a team of 45 based in Switzerland, France, Germany, Luxemburg and The Netherlands.

The SAM Group therefore has very considerable direct experience in a wide range of real estate markets and products, including direct investment, investment in listed real estate, deve-lopment and refurbishment, real estate loans (performing, non-performing and sub-performing), securitisations, offices, retail, logistics, hotels and residential, etc.

“A fully integrated team with strong local presence”

ACQUISITION

ASSET MANAGEMENT

ACCOUNTING ACQUISITION

ASSET MANAGEMENT

ACCOUNTING ACQUISITION

ASSET MANAGEMENT

ACCOUNTING

LUXEMBURG

FRANCESWITZERLAND GERMANY CORPORATEMANAGEMENT

SERVICES

SENIOR MANAGEMENT SUPPORT (CHAIRMAN, VICE CHAIRMAN, CEO, HEAD OF AM)

FINANCING (HEAD OF FINANCING/REFINANCING)

SYSTEMS (HEAD OF IT)

CORPORATE MANAGEMENT SERVICES (JOINT MD’S, LUXEMBURG)

RESEARCH (HEAD OF RESEARCH)

ORGANISATIONAL CHART

“On the ground, you want someone who watches over all angles of your portfolio.”

II. PRINCIPAL SERVICES

SAM Switzerland is a client-dedicated service companywith a long term view benefitting from the SAM Group platform

SAM Switzerland delivers an operationally pre-emptive, Client-related, interactive service, with regular reporting and meetings (acquisition of single assets or portfolios, corporate acquisitions, portfolio establishment, mergers, etc).

We provide our Clients with personalised access to our fully integrated IT systems (from property management through asset management to accoun-ting and reporting).

We offer “made to measure” and creative solutions for all types of context and product. Our services include both real estate and portfolio management in order to define and achieve an optimal strategy and return, in accordance with Client requirements and market potential :

- Tailor-made efficient investment structures,- Cash planning and management, - “In-house” corporate management,- Financing services,- “In-house” economic and real estate market research.

Private and Institutional Clients

Made to measure

PRINCIPAL SERVICES OFFERED TO OUR PRIVATE AND INSTITUTIONAL CLIENTS

SAM SWITZERLAND DELIVERS AN OPERATIONALLY PRE-EMPTIVE, CLIENT-RELATEDAND INTER-ACTIVE SERVICE, WITH REGULAR REPORTING MEETINGS

(acquisitions of single assets or portfolios, corporate acquisitions, portfolio establishment, acquisitions of individual properties, mergers...)

FULLY INTEGRATED ASSET MANAGEMENT SYSTEMS

ACQUISITION& DEVELOPMENT

FINANCINGASSET

MANAGEMENT

CORPORATE MANAGEMENT

SERVICESRESEARCH

- Deal sourcing - - Analysis -- Modeling -

- Due diligence -- Market review -- Negotiations -- Structuring -

- Closing -- Take-down -

- Bank selection -- Negotiation -

- Documentation -- Hedging -

- Loan & covenant monitoring -

- Waiver negotiation -

- Strategic/Value add asset management -

- Property management -- Accounting -- Reporting -

- Portfolio management & Strategy -

- Structure optimization - - Corporate management -

- CSSF licence in Luxemburg -

- Macro-economic - - Financial markets -

- Real estate market review -

- Covenant strength -

“We cover the entire real estate spectrum to add value

at each step of the process”

III.OUR APPROACH

Step by step process

The SAM Group's mantra is that the Client comes fi rst. Our business model is designed to serve the needs and achieve the goals and returns of our Clients. “Client First” means professio-nalism, dedication and trust in order to foster a long-term relationship that creates value for both parties.

To create value for our Clients on a risk-adjusted basis, we focus fi rst and foremost on acquiring high quality assets that are either distressed or under-managed, where value can be created. We then apply the expertise of our own team of asset management professionals to execute well defi ned strategies, agreed in advance with our Clients, including property upgrades, operating improvements or better per-forming marketing strategies, in order to create value.

The acquisition of potentially high quality assets is therefore one of the keys to our real estate investment strategy. Our investment experience has taught us that high quality assets in major markets, if possible with barriers to entry, have performed best in diffi cult markets and out-performed the market in times ofgrowth. Not surprisingly, and as a conse-quence, such assets have historically remained liquid.

We off er a pre-emptive and pro-active asset management service, targeting value creation for our Clients or co-investors, and operate in the core, value added and opportunistic market segments.

SAM Switzerland understands and prioritises the development and main-tenance of a high level of mutual trust with its Clients, and the importance of confi dentiality to them.

The SAM Group takes great pride in the calibre of its team and their collective track-record. Over the years the SAM Group has focused on attracting and retaining the best minds in the business, with broad ranging experience in real estate.

1 3 5

6

4

2Value Orientation

Th e client comes fi rst

High qualityassets Trust

Excellence

Pre-emptive & pro-active

IV. KEY BENEFITS

Advantages

Access to Institutional grade investment

Consolidated overall property wealth

Optimised asset allocation strategy

Analysis of a portfolio’s long term risk and return potential

“Tailor-made” implementation

“Tailor-made” stucturing

We can aggregate, at asset class level, all our Clients’assets managed by SAM Switzerland and/or the SAM Group (and via third parties), in order to offer an overall and product-neutral review.

Using the SAM Group’s “look-forward” market assumptions, we can recommend a portfolio alloca-tion to generate the best risk-adjusted return trade-off, given Client’s objectives.

We can apply the SAM Group’s state-of-the-art portfolio analysis and simulation techniques to provide the Client with sophisticated but readable output.

All Client individual requirements can be taken into account – we devise and implement tailor-made solutions for our Clients’ strategic asset allocation.

Based on individual Client requirements, we will define, establish and manage the optimal holding structure for our Clients’ real estate assets.

Together with our Clients, we establish a disciplined and risk-adjusted investment process for their real estate activity, with the benefit of the SAM Group’s portfolio analysis tools.

Paris

London

Frankfurt

Rotterdam

Geneva

Lyon

Luxemburg

“Let us help you develop your future wealth.”

V. GROUP KEY ACTORS

Our Managing Partners

Sir David Davies (England)

Nationality : BritishWith SIH/SAM since 2006Over 45 years experience managing companies, including real estate companies, as Chairman or Director

Non-Executive Chairman SAM Group

Philippe Camus (Luxemburg)

Nationality : FrenchWith SIH/SAM since 1989

Over 20 years of diversified European real estate experience.

CEO SIH CEO SAM Group

Laurel Polleys (Luxemburg)

Nationality : AmericanWith SIH/SAM since 1997

Over 20 years of diversified US, French and German real estate experience.

Director SAM GroupHead Asset Management

Bertrand Boucly (France)

Nationality : FrenchWith SIH/SAM since 2006

Over 10 years experience of diversified European real estate and corporate/real estate related principal finance

Director SAM Group - MD SAM FranceHead of financing, refinancing

Bernd Haggenmüller (Germany)

Nationality : GermanWith SIH/SAM since 2007

Over 20 years of diversified European real estate experience.

Director SAM GroupMD SAM Germany

Yves Miorcec de Kerdanet (Switzerland)

Nationality : FrenchFounder of SAM Switzerland in 2012

With SIH/SAM since 2012Over 20 years of diversified European real estate experience.

Director SAM Group MD SAM Switzerland

Nationality : BritishFounder of SIH in 1983

Over 40 years of diversified European real estate experience.

Miles d’Arcy-Irvine (Luxemburg)Chairman SIH / ExecutiveVice Chairman SAM Group

Shaftesbury Asset Management (Switzerland) SACours de Rive 4CH-1204 GenevaT : + 41 (0)22 316 03 10

F : + 41 (0)22 310 36 66

Shaftesbury Asset Management (France) SA14, rue Gorge de LoupF-69009 LyonT : + 33 (0)4 72 53 65 65

F : + 33 (0)4 72 53 65 53

Shaftesbury Asset Management (Germany) GmbhMainzer Landstrasse 46

D-60325 Frankfurt am MainT : + 49 (0)69 97 20 70 40

F : + 49 (0)69 97 20 70 49 00

Shaftesbury International Services (The Netherlands) BV Parklaan 3NL-3016BA RotterdamT : + 31 (0)10 225 12 25 F : + 31 (0)10 225 11 27

Shaftesbury Asset Luxemburg (Luxemburg) SA23, boulevard Grande-Duchesse-CharlotteL-1331 LuxemburgT : + 352 (0)26 38 78 1

F : + 352 (0)26 38 93 46

Shaftesbury Corporate Management Services (Luxemburg) SA23, boulevard Grande-Duchesse-CharlotteL-1331 LuxemburgT : + 352 (0)26 38 78 1

F : + 352 (0)26 38 93 46

Shaftesbury Asset Management (France) SA49-53 avenue des Champs-ElyséesF-75008 ParisT : + 33 (0)1 42 56 75 40

F : + 33 (0)1 42 56 75 88

Shaftesbury International Holding (Jersey - Channel Islands) SA15 Union StreetSaint-HelierJE1 1FG JerseyT : + 44 (0)15 34 71 45 00

F : + 44 (0)15 34 76 77 87

Main offices

www.shaftesbury.ch

Cours de Rive 4, CH-1204 Geneva, Switzerland - +41(0)22 316 0310 - www.shaftesbury.ch