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CONFIDENTIAL AND PROPRIETARY

CBRE GLOBAL INVESTORS

COMPANY OVERVIEW

MARCH 2016

CONFIDENTIAL AND PROPRIETARY CBRE GLOBAL INVESTORS COMPANY OVERVIEW | 1

Agenda

� Company Overview

� North America Platform

� EMEA Platform

� CBRE Global Investors Belgium

� Asia Pacific Platform

� CBRE Global Investment Partners

� CBRE Clarion Securities

� Disclaimers

State Tower Namsan BuildingSeoul, Korea

Company Overview


CBRE Global Investors

� Global real estate investment manager founded in 1972

� $89.7B1 in assets under management for over 500 institutional investor clients worldwide

� Broad range of investment programs spanning the risk spectrum

� Regionally-focused investment teams

� Approximately 800 employees across 29 offices in 20 countries

� Part of the world’s premier real estate platform, CBRE Group

As of March 31, 2016

1. Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.

Assets Under Management1By Region or Program ($B)

$20,9

$31,8$2,1

$20,9

$14,0

North America

EMEA

Asia Pacific

Securities

GIP


CBRE Global Platform

CBRE Group 2015 Totals1

Sales

(20,975 Transactions)$176.9B

Leases

(60,000 Transactions)$108.0B

Property Management 5.0B sq. ft.

Valuation/Consulting Assignments 134,525

Mortgage Loan Origination $33.8B

Investment Management $89.7B2

1. As of December 31, 2015.

2. As of March 31, 2016. Assets under management (AUM) refers to the fair market value of real estate-

related assets with respect to which CBRE Global Investors provides, on a global basis, oversight,

investment management services and other advice, and which generally consist of investments in real

estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-

related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence

in the global real estate market, and its calculation of AUM may differ from the calculations of other

asset managers.

CBRE Locations: 400+Offices; 70,000+ Employees1

CBRE Global Investors Locations: 29 Offices; ~800 Employees

Americas: Los Angeles (HQ), Atlanta, Boston, Dallas, New York, Philadelphia, San Francisco/Silicon Valley, and Washington, DC

EMEA: Amsterdam (HQ), Brussels, Budapest, Dubai, Frankfurt, Helsinki, London, Luxembourg, Madrid, Milan, Paris, Prague, Stockholm and Warsaw

Asia Pacific: Hong Kong (HQ), Melbourne, Seoul, Shanghai, Singapore, Sydney and Tokyo


1773 Richard Ellis is founded in London.

1906 Coldwell Banker is founded in San Francisco.

1970s Coldwell Banker Asset Management Services is established in the U.S. Hillier Parker Fund Management Group is established in the UK.

1992 Campbell-Radnor Advisors, which will become CBRE Clarion Securities, is founded in Radnor, Pennsylvania.

1995 Coldwell Banker’s investment management capabilities are expanded in the U.S. through the acquisition of Westmark Realty Advisors.

1996 ING Real Estate Investment Management is founded.

1998 CB Commercial acquires Richard Ellis in 29 countries and is renamed CB Richard Ellis (CBRE). Westmark Realty Advisors is renamed CB Richard Ellis Investors (CBRE Investors). Hillier Parker Fund Management Group is acquired and incorporated into CBRE Investors.

2000 ING RE Select (fund of funds) is founded. CBRE Investors launches Strategic Partners I, L.P., a value-added fund with total capitalization of $800M.

2006 CBRE Global Multi Manager platform is formed through the acquisition of Oxford Property Consultants.

2011 CBRE acquires ING Real Estate Investment Management’s European, Asian and Select platforms, as well as ING Clarion Real Estate Securities. These entities are merged with CBRE Investors to become CBRE Global Investors.

2014 CBRE Global Multi Manager becomes CBRE Global Investment Partners and expands investment program offering.

CBRE Global Investors History


Global Executive Committee

Ritson FergusonChief Executive Officer and

CEO – CBRE Clarion Securities

Michael McMenomyHead of Investor Services

Jeremy PlummerHead of EMEA

CEO – CBRE Global Investment Partners

David MorrisonPresident,

U.S. Managed Accounts Group

Vance MaddocksPresident – Strategic Partners U.S.

Richard PriceCEO – Asia Pacific

Danny QueenanChief Operating Officer


Business Units

CBRE Global Investors Executive Committee

Commingled Funds$26.3B

Separate Accounts$28.5B

Listed Securities$20.9B

Global Investment Partners$14.0B

As of March 31, 2016.

Shared CBRE Group Resources

Shared CBRE Global Investors Resources

Investor Services

Risk Management

Investment Research

Legal & Compliance

Services provided by CBRE Global Investment Administration

Investor Reporting

Finance & Administration

North America


Los Angeles Washington, DC

Philadelphia

New York Boston

Atlanta

Dallas

CBRE Global Investors North America

� Industry leading platform established in 1972

� 8 offices

� Approximately 125 professionals1

� 10 active direct funds

� 14 direct separate accounts

� $20.9B in assets under management

� Access to the resources of 169 CBRE brokerage offices in the Americas2

All data as of March 31, 2016, unless otherwise noted.

1. Excludes CBRE Clarion Securities and CBRE Global Investment Partners.

2. Excludes 31 CBRE Affiliate offices.

San Francisco/Silicon Valley


CBRE Global Investors EMEA1

CBRE Global Investors Offices

Dubai

London

Madrid

Milan

ParisLuxembourg

Amsterdam

Brussels

Frankfurt

Prague

Warsaw

Stockholm

Helsinki

Coverage

Budapest

� 14 offices in 14 countries

� Investments in 17 countries

� Approximately 511 professionals

� 21 nationalities employed

� Approximately 200 clients

� 18 direct funds

� 50 direct separate accounts and JVs

� €28.0B in assets under management

All data as of March 31, 2016.


50,9%

21,0%

17,5%

4,3%6,2%

European AUM By Sector

Retail

Office

Industrial/Logistics

Residential

Other*


Retail33%

Offices30%

Residential26%

Logistics / Industrial

3%

Other8%

Asset Expertise

The Netherlands €4.4B

Retail; 94%


6%

Retail43%

Offices6%


51%

Retail44%

Offices23%


24%

Other9%

As of March 31, 2016.

UK €14.4B

Spain & Portugal €2.0B

Retail85%

Offices11%


4%

CBRE Global Investors Offices

Coverage

Retail; 89%

Offices6%


5%

Retail59%

Offices7%


34%

Retail73%

Offices21%


6%

Retail; 23%

Offices48%


29%

Other0%

Belgium €0.3B

France €1.6B

Nordics € 0.6 B

CEE €2.3B

Germany €1.4 B

Italy €1.0 B

CBRE Global Investors Belgium: Experienced and Committed since 1973


CBRE Global Investors Belgium – AuM (M EUR) of Commercial Buildings

Source : Expertise Investors Top 100

875

1.1851.219 1.225 1.210

304 304

470

65

0

200

400

600

800

1.000

1.200

1.400

2010 2011 2012 2013 2014 2015 2016 (F)

1 1 1 1 1 6 2 Inv Mgr ranking

AuM (M EUR) of Commercial Buildings & Ranking Investment Manager

Budget

Under exclusivity

Asset under Management


CBRE Global Investors Belgium – AuM (sqm) of Commercial Buildings

590.418

630.418 630.418595.567

631.855

371.743 371.743

84.000

25.000

200.000

250.000

300.000

350.000

400.000

450.000

500.000

550.000

600.000

650.000

700.000

2010 2011 2012 2013 2014 2015 2016 (F)

AuM (sqm) of Commercial Buildings

Budget

Under exclusivity

Asset under Management


Dedicated team

PIET VAN POPPELCountry Manager

CAROLINE BRAMSManager Finance & Operations

FREDERIK MERTENSTransactions & Asset Manager

Years with CBRE Global Investors (industry) 11 (15) years 19 (25) years 10 (15) years

Responsibilities Country Manager BelgiumEuropean Board MemberAsset Management – Transactions

Finance & Operations for the Belgian office Asset Management – Logistics, Offices & Special ProjectsTransactions - Logistics, Offices

Asia Pacific


CBRE Global Investors Asia Pacific

� 7 offices in 5 countries

� 44 professionals1

� 1 direct investment fund

� 6 direct investment separate accounts

� $2.1B in assets under managementHong Kong

Singapore

Seoul Tokyo

Shanghai

Melbourne

Sydney

All data as of March 31, 2016, unless otherwise noted.


CBRE Global Investment Partners


� Offices in London, Amsterdam, Luxembourg, Boston, New York and Singapore

� 73 professionals with 15 nationalities employed

� $14.0B in assets under management1

� Information advantage through CBRE Global Platform

� Investments in partnership with specialist best-in-class local operators

� Investments in club deals, programmatic joint-ventures exclusive to our clients, secondaries and primary transactions

� Investments in 28 countries

CBRE Global Investment Partners

CBRE Global Investment Partners Locations – 6 Offices; 73 Employees

As of March 31, 2016, unless otherwise noted.1. CBRE Global Investments Partners’ AUM excludes investments in programs managed by the direct side of CBRE Global Investors.

CBRE Locations – 400+ Offices; 70,000+ Employees

CBRE Global Investors Locations – 29 Offices; ~800 Employees

CBRE Clarion Securities



� Firm Overview

– A fully-dedicated manager of listed real estate securities on behalf of institutional investors since 1984

– Offices in Philadelphia (headquarters), London, Hong Kong, Sydney and Tokyo

– Fully integrated global research platform, leveraging knowledge and resources of CBRE Global Investors and CBRE Group, Inc.

– Global client base including institutional pension funds, SWFs, and sub-advisory relationships

� Firm Statistics

– 90+ employees worldwide

– 39-member investment team

– $20.9B in assets under management

CBRE Locations – 400+ Offices; 70,000+ Employees1

CBRE Global Investors Locations – 29 Offices; ~800 Employees

CBRE Clarion Securities Locations – 5 Offices; 90+ Employees

1. As of March 31, 2016.



� Experience & Depth

– Deep regional expertise with a team of 90+ professionals including 39 investment professionals worldwide

– Average portfolio management team experience 23 years

– Disciplined time-tested investment philosophy and process

– Over 30-year investment track record

� Culture & Stability

– Team-oriented approach with individual accountability

– Same lead portfolio managers since inception

– Exceptionally low turnover of investment team personnel

� Alignment

– Management equity ownership

– Compensation linked to investment performance

– Long-term deferred compensation invested in CBRE Clarion-managed investment strategies

CBRE Clarion Securities is an industry leading global investment management firm specializing in real assets including listed real estate, infrastructure, and MLPs.

25

CBRE Clarion Securities’ Real Asset Investment Strategies

CBRE Clarion’s investment strategies offer clients an array of performance objectives and risk profiles.

Real Estate Securities Infrastructure Securities

Total Return Income Long/Short Total Return MLP

Performance Objective

Maximize relative total return; outperform benchmark over a 3-year investment cycle

Maximize current income; generate a portfolio yield competitive with other income-oriented investments

Maximize return per unit of risk; generate absolute return in-line with direct property over a long-term investment cycle

Generate returns in excess of the global infrastructure securities market with lower volatility of returns relative to the broader global equity market

Generate returns in excess of the Master Limited Partnership (MLP) securities market with lower volatility of returns relative to the broader equity market

Description Well-diversified portfolio with active relative positions at the regional, sector, and individual stock level

Well-diversified portfolio with emphasis on higher yielding countries, sectors, and individual securities

Diversified portfolio of real estate securities of long and short positions designed to deliver positive returns while controlling risk

Globally diversified portfolio with active relativepositions at the regional, sector, and individual stock level

Diversified portfolio with active relative positions at the sub-sector and individual stock level

AssetAllocation

Common equity and cash Common equity, preferred equity securities, and cash

Common equity, preferred equity, convertible bond securities, and cash

Common equity, Master Limited Partnerships (MLPs), and cash

MLPs, common equity, and cash

RiskManagement

Portfolio diversification; individual country, sector and single position limits; monitor tracking error

Portfolio diversification; individual country, sector and single position limits

Manage net market exposure via long and short positions; portfolio diversification; single position limits

Portfolio diversification; individual country, sector and single position limits

Portfolio diversification; individual sub-sector and single position limits

Track Record Inception

October 1984 (U.S. only)

November 2001 (Global)

November 2001 (Global ex U.S.)

February 2004 November 2000 March 2012 August 2012

Product Offerings

Registered funds, collective trust and separate accounts

Registered funds and separate accounts

Registered funds, limitedpartnership, and separate accounts

Registered funds, limitedpartnership, and separate accounts

Limited partnership and separate accounts

There is no guarantee that investment objectives will be obtained. Results may vary. There is no guarantee that risk or volatility can be managed successfully.

Disclaimers


Disclaimer (Americas and Asia)

This presentation ( the “Presentation”) is being furnished on a confidential basis to a limited number of accredited investors on a “one-on-one” basis for information and discussion purposesonly and does not constitute an offer to sell or a solicitation of an offer to purchase any security. Any such offer or solicitation shall be made only pursuant to a confidential private placementmemorandum (as amended, restated, supplemented or otherwise modified from time to time, the “Memorandum”) of the corresponding fund or program, which describes risks related to aninvestment in such fund or program as well as other important information about the fund or program and its sponsor. Offers and sales of interests in any fund or program may not beregistered under the laws of any jurisdiction and will be made solely to qualified investors under all applicable laws. By accepting the Presentation, you agree to keep it confidential and to notdisclose it to anyone except to (i) your legal, tax and financial advisors who agree to maintain these materials in confidence, or (ii) a governmental official upon request, if entitled to suchinformation pursuant to a judicial or governmental order. The information set forth herein does not purport to be complete and is subject to change. This Presentation is qualified in its entiretyby all of the information set forth in a Memorandum, including, without limitation, all disclaimers, risk factors and conflicts of interest. A Memorandum and a partnership agreement andsubscription documents of a fund or program must be read carefully in their entirety prior to investing in a fund or program. This Presentation does not constitute a part of a Memorandum.

The information contained herein is given as of the date of this Presentation and must be treated in a confidential manner and may not be reproduced, used or disclosed, in whole or in part,without the prior written consent of CBRE Global Investors.

Past performance of the prior funds’ or programs’ investments is not necessarily indicative of the future returns of any current or future fund or program. There can be no assurance that anyfund or program will be able to make investments similar to those made in the prior funs or programs. The ultimate returns realized by any fund or program will depend on numerous factorsthat are subject to uncertainty. Accordingly, there can be no assurance that any return objectives will actually be realized.

Targeted and forecasted returns are derived from analysis based upon both quantitative and qualitative factors, including market experience and historical and expected averages related to therisk/return profile and criteria for investments (the “Investment Targets”) of the fund or program. The Investment Targets are based on the expected cumulative internal rates of return generatedby the expected investments across a multi-year period. After synthesizing this information, CBRE Global Investors has arrived at what it believes are realistic target returns for the fund orprogram. Any target data or other forecasts contained herein are based upon subjective estimates and assumptions about circumstances and events that may not yet have taken place and maynever do so. If any of the assumptions used do not prove to be true, results may vary substantially. Actual individual investment performance may not achieve the Investment Targets uponrealization/liquidation as initially expected, which may have a material effect on overall realized portfolio performance over the life of the fund or program and the ability to achieve targets. Theability to achieve a given Investment Target may be affected by numerous factors including, but not limited to, investment values, cash flow, environmental and structural factors, ratings andmarket conditions. Many factors affect performance including changes in market conditions and interest rates and changes in response to other economic, political or financial developments.The target returns are pre-tax and represent possible returns that may be achieved, but are in no way guaranteed. The target returns are subject to change at any time and are current as of thedate hereof only. In any given year, there may be significant variation from these targets, and there is no guarantee that the fund or program will be able to achieve the Investment Targets inthe long term.

Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investmentmanagement services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures andin private real estate funds under its fund of funds programs. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presences in the global real estate market, and itscalculation of AUM may differ from the calculations of other asset managers.

Statements contained in this Presentation that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of the fund or program’s sponsor. Suchstatements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this Presentation contains “forward lookingstatements.” Actual events or results or the actual performance of any fund or program may differ materially from those reflected or contemplated in such forward-looking statements.


Disclaimer (Americas and Asia)

Certain economic and market information contained herein has been obtained from published sources prepared by third parties and in certain cases has not been updated through the datehereof. Neither CBRE Global Investors, any fund or program or its general partner, nor their respective affiliates nor any of their respective employees or agents assume any responsibility forthe accuracy or completeness of such information.

All target or projected gross internal rates of return (IRRs) do not reflect any management fees, acquisition fees, reserves, carried interest, taxes, transaction costs and other expenses to be borneby certain and/or all investors, which will reduce returns. Gross IRR or Gross Return shall mean an aggregate, compound, annual, gross internal rate of return on investments.

CBRE Global Investors has not made any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of theinformation contained herein (including but not limited to information obtained from third parties), and they expressly disclaim any responsibility or liability therefore. CBRE Global Investorsdoes not have any responsibility to update or correct any of the information provided in this Presentation.

Prior to investing in a fund or program, prospective investors should consult with their own investment, accounting, regulatory, tax and other advisors as to the consequences of an investment inthe fund or program.

For recipients in the Middle East: CBRE Global Investors Middle East Limited provides this material on behalf of CBRE Global Investors. CBRE Global Investors Middle East Limited is regulatedby the Dubai Financial Services Authority. This marketing material is intended only for Professional Clients (as defined by the DFSA) no other persons should act upon it. Past or projectedperformance is not necessarily a reliable indicator of future results.


Disclaimer (EMEA)

This presentation (the “Presentation”) is being furnished on a confidential basis to a limited number of accredited investors on a “one-on-one” basis for informational and discussion purposesonly and does not constitute an offer to sell or a solicitation of an offer to purchase any security. Any such offer or solicitation shall be made only pursuant to a confidential private placementmemorandum (as amended, restated, supplemented or otherwise modified from time to time, the “Memorandum”) of the corresponding fund or program, which describes risks related to aninvestment in the Fund as well as other important information about the Fund and its sponsor. Offers and sales of interests in any fund or program will not be registered under the laws of anyjurisdiction and will be made solely to qualified investors under all applicable laws. By accepting the Presentation, you agree to keep it confidential and to not disclose it to anyone except to (i)your legal, tax and financial advisors who agree to maintain these materials in confidence, or (ii) a governmental official upon request, if entitled to such information pursuant to a judicial orgovernmental order. The information set forth herein does not purport to be complete and is subject to change. This Presentation is qualified in its entirety by all of the information set forth in aMemorandum, including, without limitation, all cautionary statements set forth in the front of a Memorandum and the “Certain Risk Factors and Certain Potential Conflicts of Interest” section ofa Memorandum. A Memorandum and a partnership agreement and subscription documents of a fund or program must be read carefully in their entirety prior to investing in a fund orprogram. This Presentation does not constitute a part of a Memorandum.

The information contained herein is given as of the date of this Presentation and must be treated in a confidential manner and may not be reproduced, used or disclosed, in whole or in part,without the prior written consent of CBRE Global Investors.

Past performance of the prior funds’ or programs’ investments is not necessarily indicative of the future returns of any current or future fund or program. There can be no assurance that anyfund or program will be able to make investments similar to those made in the prior funs or programs. The ultimate returns realized by any fund or program will depend on numerous factorsthat are subject to uncertainty. Accordingly, there can be no assurance that any return objectives will actually be realized.

Forecasted and projected returns are derived from analysis based upon both quantitative and qualitative factors, including market experience and historical and expected averages related tothe risk/return profile for yet-to-be liquidated current investments of the prior funds and programs. The forecasted and projected returns are based on a weighted blend of the prior funds’ andprograms’ returns to date and the expected cumulative internal rates of return generated by the expected liquidation of investments across the remaining terms of the prior funds and programs.After synthesizing this information, CBRE Global Investors has arrived at what it believes are realistic forecasted and projected returns for the prior funds and programs. These forecasts andprojections are hypothetical in nature, do not reflect actual investment results and should not be construed as providing any assurance as to the results that will actually be realized by the priorfunds and programs or that may be realized by any future fund or program in the future.

Assets under management (“AUM”) is calculated by CBRE Global Investors globally and generally refers to the properties and other assets with respect to which we and other CBRE GlobalInvestors entities globally provide (or participate in) oversight, investment management services or other advice. Our AUM is intended principally to reflect the extent of our presence in theglobal real estate market, and our calculation of AUM may differ from the calculations of other asset managers.


Disclaimer (EMEA)

Statements contained in this Presentation that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of the fund or program’s sponsor. Suchstatements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this Presentation contains “forward- lookingstatements.” Actual events or results or the actual performance of any fund or program may differ materially from those reflected or contemplated in such forward-looking statements.

Certain economic and market information contained herein has been obtained from published sources prepared by third parties and in certain cases has not been updated through the datehereof. Neither CBRE Global Investors, the fund or program, its General Partner nor their respective affiliates nor any of their respective employees or agents (collectively, “CBRE GlobalInvestors”) assume any responsibility for the accuracy or completeness of such information.

All target or projected gross internal rates of return ( IRRs ) do not reflect any management fees, acquisition fees, reserves, carried interest, taxes, transaction costs and other expenses to beborne by certain and/or all investors, which will reduce returns. Gross IRR or Gross Return shall mean an aggregate, compound, annual, gross internal rate of return on investments.

Target returns are derived from analysis based upon both quantitative and qualitative factors, including market experience and historical and expected averages related to the risk/return profileand criteria for investments (the “Investment Targets”) of the fund or program. The Investment Targets are based on the expected cumulative internal rates of return generated by the expectedinvestments across a multi-year period. After synthesizing this information, CBRE Global Investors has arrived at what it believes are realistic target returns for the fund or program. The fund orprogram’s target returns are presented to establish a benchmark for future evaluation of performance, to provide a measure to assist in assessing the anticipated risk and reward characteristicsof an investment in the Fund and to facilitate comparisons with other investments. Any target data or other forecasts contained herein are based upon subjective estimates and assumptionsabout circumstances and events that may not yet have taken place and may never do so. If any of the assumptions used do not prove to be true, results may vary substantially. Actual individualinvestment performance may not achieve the Investment Targets upon realization/liquidation as initially expected, which may have a material effect on overall realized portfolio performanceover the life of the fund or program and the ability to achieve targets. The ability to achieve a given Investment Target may be affected by numerous factors including, but not limited to,investment values, cash flow, environmental and structural factors, ratings and market conditions. Many factors affect performance including changes in market conditions and interest ratesand changes in response to other economic, political or financial developments. The target returns are pre-tax and represent possible returns that may be achieved, but are in no wayguaranteed. The target returns are subject to change at any time and are current as of the date hereof only. In any given year, there may be significant variation from these targets, and there isno guarantee that the fund or program will be able to achieve the Investment Targets in the long term. The Investment Targets are being shown for information purposes only and should not berelied upon to make predictions of actual future performance. Targets are objectives and should not be construed as providing any assurance as to the results that may be realized by the fundor program in the future.

CBRE Global Investors has not made any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of theinformation contained herein (including but not limited to information obtained from third parties), and they expressly disclaim any responsibility or liability therefore. CBRE Global Investorsdoes not have any responsibility to update or correct any of the information provided in this Presentation.

Prior to investing in a fund or program, prospective investors should consult with their own investment, accounting, regulatory, tax and other advisors as to the consequences of an investment inthe fund or program.

For recipients in the Middle East: CBRE Global Investors Middle East Limited provides this material on behalf of CB Richard Ellis Investors. CB Richard Ellis Investors Middle East Limited isregulated by the Dubai Financial Services Authority. This marketing material is intended only for Professional Clients (as defined by the DFSA) no other persons should act upon it. Past orprojected performance is not necessarily a reliable indicator of future results.

The information in this document is confidential and meant for use only by the intended recipient. This material is intended for informational purposes only, does not constituteinvestment advice, or a recommendation, or an offer or solicitation, and is not the basis for any contract to purchase or sell any security, property or other instrument, or for CBREGlobal Investors to enter into or arrange any type of transaction. This information is the sole property of CBRE Global Investors and its affiliates. Acceptance and/or use of any ofthe information contained in this document indicates the recipient’s agreement not to disclose any of the information contained herein.

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