Presentation to:

XXXXXX XX, 2007

CB Richard Ellis | Page 2

Bank of China

I. Current situation

II. Market Overview

Midtown Leasing

Property Sales

III. CBRE Overview

Agenda

CB Richard Ellis | Page 3

Current Situation

Own and occupy property at 410 Madison Avenue

Building information:• Market/Submarket: Midtown / Fifth / Madison• Year built: 1964• Total square footage: 58,395 SF

—Office: 51,555 sf—Retail: 6,840 sf

• Floors: 8 - 7,000 sf each• Unused air rights: 49,073 sf

Downtown Branch – 42 East Broadway

Bank of China - New York Offices

CB Richard Ellis | Page 4

Midtown

Park

5th / Madison

East Side

6th / Rock Ctr.

Times Square/ West Side

Times Square South

Grand Central

Plaza

April 2007

K E Y

CB Richard Ellis | Page 5

Midtown

217

59

42

43

110

75

22

87

472

53

168

113

878

236

174

52

Park

5th/Madison

East Side

6th/Rock

TS/West Side

TS South

Grand Central

Plaza

K E Y

Total Leased:

2007 655

2006 2,146

60 Month Average

1,231

April 2007

Leasing Activity March 1 – April 1

CB Richard Ellis | Page 6

Midtown

Leasing Activity Year-to-Date 2007

582

226

269

144

542

416

92

458

1,095

317

438

255

1,182

581

474

225

Park

5th/Madison

East Side

6th/Rock

TS/West Side

TS South

Grand Central

Plaza

Total Leased:

2007 2,729

2006 4,567

2005 3,902

2004 5,309

April 2007

K E Y

CB Richard Ellis | Page 7

Midtown

21

-47

-137

149

-19-50 -35

30

136

-4

-281

-61

-4

199

9456

Thousands of Square Feet

Park East Side TS/ West Side Grand Central 5th/Madison 6th/Rock TS South Plaza

K E Y

Total Absorption:

2007 -88

2006 135

April 2007

Net Absorption March 1 – April 1

CB Richard Ellis | Page 8

Midtown

Net Absorption Year-to-Date 2007

142

-140

-260

47 12

-245

28

-92

354

33

-193

-358

-20

262 239

-704

Thousands of Square Feet

Park East Side TS/ West Side Grand Central 5th/Madison 6th/Rock TS South Plaza

K E Y

Total Absorption:

2007 -508

2006 -387

2005 -2,382

2004 1,386

April 2007

CB Richard Ellis | Page 9

Midtown

27.2

10.4

36.9

13.9

27.4

40.3

18.2

9.5

Park

5th/Madison

East Side

6th/Rock

TS/West Side

TS South

Grand Central

Plaza

Millions of Square Feet

Total Available SF: 16.8

Availability Rate: 8.4% 4/1/07

8.3% 3/1/07

Available

Committed

April 2007

K E Y

1.4/ 11.6%

4.1 / 10.0%

1.5 / 10.1%

2.0 / 6.9%

3.4 / 7.7%

1.6 / 8.0%

1.0 / 9.3%

1.8 / 6.2%

Available Space by Segment

CB Richard Ellis | Page 10

Midtown

6.2%

10.0%10.1%

6.9%7.7%8.0%

9.3%

11.6%

6.3%7.4%

8.1% 7.8% 7.7%

10.4%

11.7%11.8%

Park 5th/Madison East Side 6th/Rock TS/West Side TS South Grand Central Plaza

4/1/06 8.9% 6.3% 7.4% 8.1% 7.8% 7.7% 11.8% 11.7% 10.4%

3/1/07 8.3% 5.7% 8.9% 8.1% 8.1% 7.0% 9.9% 9.9% 11.3%

Park6th/RockCenter

Times Sq/ West Side

TS South

Grand Central Plaza

EastSide

5th/MadisonComposite

4/1/07 8.4% 6.2% 9.3% 8.0% 7.7% 6.9% 10.1% 10.0% 11.6%

Availability Rate by Segment

CB Richard Ellis | Page 11

Midtown

4/1/05 11.1% 7.8% 12.5% 15.1% 10.1% 6.9% 12.2% 14.5% 11.7%

4/1/06 8.9% 6.3% 7.4% 8.1% 7.8% 7.7% 11.8% 11.7% 10.4%

4/1/07 8.4% 6.2% 9.3% 8.0% 7.7% 6.9% 10.1% 10.0% 11.6%

Park6th/RockCenter

Times Sq/ West Side

TS South

Grand Central Plaza

EastSide

5th/MadisonComposite

4/1/03 11.9% 9.8% 12.9% 13.7% 9.0% 9.9% 12.7% 15.5% 14.3%

4/1/04 12.6% 9.8% 13.1% 16.0% 12.3% 8.7% 13.1% 14.6% 16.6%

4/1/02 9.3% 7.7% 11.2% 11.3% 5.9% 5.0% 13.5% 11.6% 16.4%

4/1/01 5.0% 4.3% 7.4% 5.2% 3.0% 4.0% 8.0% 6.0% 6.7%

4/1/00 4.9% 2.4% 6.7% 7.3% 2.8% 3.7% 6.4% 6.3% 8.8%

4/1/99 8.0% 7.9% 9.2% 6.6% 4.8% 5.5% 8.2% 13.0% 8.2%

4/1/98 8.6% 8.5% 8.8% 7.4% 3.7% 5.0% 10.2% 15.6% 9.1%

Availability Rate by Segment

CB Richard Ellis | Page 12

KEY

Direct

Sublet

0

2

4

6

8

10

12

14

16

18

20

22

24

26

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 4/1/07

Available Space - Direct and Sublet

Midtown

April 2007

7.5%8.0%

6.3%

3.9%

8.3%

11.0%

13.4%

10.1%

8.8%

8.2%8.4%

1.8%

5.7%

2.2%

5.8%

1.3%

5.0%.8%

3.1%

3.3%

5.0%

4.8%

6.2%

3.4%

8.5%

4.9%

6.7%

2.4%

6.4%

2.3%

5.9%

2.3%

6.1%

CB Richard Ellis | Page 13

Park

5th/Madison

East Side

6th/Rock

TS/West Side

TS South

Grand Central

Plaza

Available Space – Direct vs. Sublet

KEY

Total Avail. RSF (mm):16.8

Avg. Availability Rate:8.4%

Direct

6.1%

Sublet

2.3%

April 2007

9.7%

6.2%

9.3%

8.0%

7.7%

6.9%

10.1%

10.0%

11.6%

7.1% 2.2%

1.9%

6.1% 1.9%

4.8% 2.9%

5.7% 1.2%

8.8% 1.3%

7.9% 2.1%

Midtown

2.8% 3.4%

CB Richard Ellis | Page 14

1,747

2,663

2,597

3,559

3,869

2,322

Over 250,000

100,000-249,999

50,000-99,999

25,000-49,999

10,000-24,999

0-9,999

17

38

107

251

444

Thousands of Square Feet

Total Available SF:16,757

Total Blocks: 861

April 2007

K E Y

Midtown

Size Distribution of Available Space

4

229 West 43rd Street 622,935 sf380 Madison Avenue 449,172 sf1271 A/A 376,157 sf340 Madison Avenue 279,000 sf

April 2007

CB Richard Ellis | Page 15

Midtown

Average Asking Rent

$94.67

$65.04

$46.71

$72.66

$83.82

$67.91

$86.39$93.29

$67.99$62.08

$51.15

$60.53

$50.13

$78.70

$53.08

$38.21

Park 5th/Madison East Side 6th/Rock TS/West Side TS South Grand Central Plaza

Park6th/RockCenter

Times Sq/ West Side

TS South

Grand Central Plaza

EastSide

5th/Madiso

nComposite

4/1/06 $56.51 $67.99 $62.08 $51.15 $60.53 $50.13 $38.21 $53.08 $78.70

4/1/07 $74.14 $94.67 $86.39 $67.91 $83.82 $72.66 $46.71 $65.04 $93.29

3/1/07 $69.99 $90.80 $84.01 $65.81 $77.33 $68.58 $45.37 $60.88 $89.31

CB Richard Ellis | Page 16

Midtown

Park6th/RockCenter

Times Sq/ West Side

TS South

Grand Central Plaza

EastSide

5th/MadisonComposite

Average Asking Rent

4/1/05 $50.88 $66.30 $55.33 $44.92 $55.68 $45.68 $34.29 $47.88 $70.11

4/1/07 $74.14 $94.67 $86.39 $67.91 $83.82 $72.66 $46.71 $65.04 $93.29

4/1/06 $56.51 $67.99 $62.08 $51.15 $60.53 $50.13 $38.21 $53.08 $78.70

4/1/04 $50.53 $56.83 $54.86 $47.02 $53.86 $49.21 $32.85 $45.91 $71.53

4/1/03 $51.62 $58.00 $58.81 $44.01 $53.41 $44.21 $35.04 $51.68 $67.81

4/1/02 $57.11 $69.77 $62.23 $50.46 $62.03 $49.12 $38.50 $51.78 $76.16

4/1/01 $60.84 $78.23 $64.94 $56.78 $66.03 $54.79 $40.25 $59.11 $88.96

4/1/00 $50.67 $62.21 $57.48 $50.53 $52.41 $49.65 $34.02 $48.17 $68.58

4/1/99 $46.71 $54.05 $50.76 $44.61 $52.11 $43.09 $29.36 $43.64 $60.69

4/1/98 $39.32 $45.46 $42.62 $39.45 $41.77 $31.31 $25.39 $38.06 $54.99

CB Richard Ellis | Page 17

Midtown

Average Asking Rents - Direct and Sublet

$30

$35

$40

$45

$50

$55

$60

$65

$70

$75

96 97 98 99 00 01 02 03 04 05 4/1/07

Figures are year-end unless otherwise noted

$ / RSFKEY

Direct

Sublet

April 2007

$75.49

$70.09

CB Richard Ellis | Page 18

Midtown

33.8% 894

K E Y

18.8%496

Thousands of Square Feet

32.1%850

15.3%489

Total Leased SF:2,729

Total Units:270

0-9,999 193

10-24,999 56

25-49,999 14

50-99,999 7

100-249,999 0

Over 250,000 0

April 2007

Size Distribution of Leased Space Year to Date 2007

CB Richard Ellis | Page 19

Tenant Address RSF\

Davis Polk & Wardwell 450 Lexington Avenue 650,088

Towers Perrin 335 Madison Avenue 98,974

TeleRep, Inc. 885 Second Avenue 80,640

Amerada Hess Corporation 1185 Avenue of the Americas 53,522

Premiere Radio Network, Inc. 1270 Avenue of the Americas 45,787

Blue Rock Editing Company 575 Lexington Avenue 39,620

ABP Investments, Inc. 666 Third Avenue 38,676

TOTAL 1,007,307

2007 Year to Date Renewals Greater Than 25,000 SF

* SF represents renewal portion of deal. Transaction has additional expansion SF

Renewal SF is not counted in statistical leasing activity.

Midtown

CB Richard Ellis | Page 20

Midtown

Initial Taking Rents as a Percentage of Asking Rents

60%

70%

80%

90%

100%

KEY

96% 4/1/07

95% 3/1/07

92% 1/1/0689% 1/1/0587% 1/1/04

April 200786%

96%

The graph represents a weighted 6-month rolling average.Based on transactions 10,000 SF and greater.

87% 88%86%

CB Richard Ellis | Page 21

Raw Space

$0

$10

$20

$30

$40

$50

$60

0 2 4 6 8 10 12 14

Average $36.07psf4.54 months free

Midtown

Concession Values for Leases of 10,000 sf or Greater

T.I.

Allowance

KEY

Raw Space

April 2007

Months of Rent

AbatementBased on 3 month rolling average

CB Richard Ellis | Page 22

CB Richard Ellis + Trammell Crow Company

In December 2006, CBRE merged with Trammell Crow Company to create a real estate services firm with unprecedented scale, scope and service offerings

The merger of these market-leading firms leverages the complementary strengths and skills of two world-class organizations

The combined entity enhances the depth, breadth and quality of services that CBRE offers to its clients

CBRE now possesses the most comprehensive service offering, broadest geographic reach, sharpest market intelligence and brightest talent in the industry

CBRE has the market-leading position in the following service areas:

• Investment Sales

• Leasing

• Corporate Services

• Property & Facilities Management

• Project Management

Combined Company Overview

• Appraisal and Advisory

• Debt and Equity Finance

• Development and Investment

• Investment Management

CB Richard Ellis | Page 23

CB Richard Ellis

Global Overview – Year End 2006

24,000+ employees (excluding approximately 5,000 partner and affiliate employees)

Operates 400+ offices (including partner and affiliate offices) in more than 50 countries

Completed 60,000+ sales and lease transactions valued at $224.6 billion (combined CBRE and Trammell Crow Company activity)

• 47,450 lease transactions valued at $65 billion

• 13,200 property sales transactions valued at $159.6 billion

1.7+ billion square feet of property and corporate facilities under management (combined CBRE and Trammell Crow Company as well as partner and affiliate company portfolios)

$28.6 billion in investment assets under management

$5.4 billion of active development projects in process

$20.7 billion in loan originations and $95.4 billion in loan servicing (reflects loans serviced by GEMSA, a joint venture between CBRE│Melody and GE Capital Real Estate)

59,850 valuation and advisory assignments

CB Richard Ellis | Page 24

CB Richard Ellis

Americas Overview – Year End 2006

19,250+ employees operating in more than 200 offices (including partner and affiliate companies)

Completed 41,900 sales and lease transactions with a total value of $130.7 billion (combined CBRE and Trammell Crow Company activity)

• 34,200 lease transactions with a total value of $48.2 billion

• 7,700 property sales transactions with a total value of $82.5 billion

1.13 billion square feet of property and corporate facilities under management (combined CBRE and Trammell Crow Company as well as partner and affiliate company portfolios)

$13.7 billion in investment assets under management

$5.4 billion of active development projects in process

$20.7 billion in loan originations and $94 billion in loan servicing (reflects loans serviced by GEMSA, a joint venture between CBRE│Melody and GE Capital Real Estate)

25,000 valuation and advisory assignments

CB Richard Ellis | Page 25

International Office Locations

CB Richard Ellis

CB Richard Ellis | Page 26

CB Richard Ellis

South AfricaBloemfonteinCape TownDurbanJohannesburgKlerksdorpNelspruitPolokwanePort ElizabethPretoria

South KoreaSeoul

SpainBarcelonaMadridMalagaMarbellaPalma de MallorcaValencia

SwedenGothenburgStockholm

SwitzerlandZurich

TaiwanTaipei

ThailandBangkokPhuket

TurkeyIstanbul

ArgentinaBuenos Aires

AustraliaAdelaideBrisbaneCairnsCanberraChermsideGold CoastIpswichMelbourneMiltonMulgraveNorth SydneyParramattaPerthSouth SydneySunshine CoastSydneyTownsvilleTweed headsUnderwood

AustriaVienna

BelgiumBrussels

CroatiaZagreb

BotswanaGaborone

BrazilRio De JaneiroSao Paulo

BulgariaSophia

CanadaCalgaryEdmontonHalifax KitchenerLondonMontrealOakvilleOttawaSaint JohnTorontoVancouverWindsorWinnipeg

ChileSantiago

ChinaBeijingChengduGuangzhouHong KongShanghai

Czech RepublicPrague

DenmarkAarhusCopenhagenKolding

FinlandHelsinki

FranceAix-en-ProvenceAngersAnnecyAvignonBordeaux

CaenChamberyClermont FerrandGrenobleLe HavreLe MansLyonLilleMarseilleMetzMontluconMontpellierMontreuilMontrougeMulhouseNancyNantesNeuilly sur SeineNiceOrleansParisRennesRouenSaint DenisSaint NazaireSophia AntipolisStrasbourgToulouse

GermanyBerlinFrankfurtHamburgMunich

GreeceAthensThessaloniki

HungaryBudapest

IndiaBangaloreChennaiHyperabadMumbai (Bombay)New DelhiPune

IndonesiaJakarta

IrelandDublin

IsraelTel Aviv

ItalyMilanRome

JapanChibaFukuokaHiroshimaKanazawaKobeKyotoMatsuyamaNagoyaOkayamaOsakaSaitamaSapporoSendaiShinjukuShizuokaTachikawaTakamatsuTokyoYokohama

KenyaNairobi

MexicoGarza GarciaMexico CityMonterreyQueretaro

NetherlandsAmsterdamThe HagueHoofdorp

New ZealandAucklandChristchurchNorth AucklandWellington

NorwayOslo

PanamaPanama City

PeruLima

PhilippinesManila

PolandKrakowPoznanWarsaw

PortugalLisbonKoreaSeoul

RomaniaBucharestRussiaMoscow

SingaporeSingapore

UgandaKampala

United KingdomBelfastBirminghamBournemouthBristolEdinburghGlasgowJerseyLeedsLiverpoolLondonManchesterSouthhampton

United States(197 Offices)

VenezuelaCaracasPuerto la Cruz

VietnamHanoiHo Chi Minh City

ZimbabweBulawayoHarare

International Office Locations

CB Richard Ellis | Page 27

More than 1,000 employees and over 350 sales professionals in eight metropolitan area offices

Total transaction value of $26.8 billion for leasing and sales in 2006

• 2,157 leasing transactions valued at $14.4 billion

• 219 property sales transactions valued at $12.4 billion

$2 billion in loan originations

44 million square feet of property and corporate facilities under management

CB Richard Ellis

Tri-State Overview – Year End 2006*

*Combined CBRE and Trammell Crow Company

CB Richard Ellis | Page 28

CB Richard Ellis

Number one commercial real estate firm in New York City

More than 200 brokers in two Manhattan offices - Midtown and Downtown

Completed 25 of the 50 largest leases, including six of the top ten, and eight of the top 25 sales transactions in New York City in 2006

Recipient of REBNY’s 2004 Henry Hart Rice Achievement Award for the representation of Rodale for its lease at 733 Third Avenue

Awarded REBNY’s inaugural Edward S. Gordon Award in 2005 for the representation of the Research Foundation in its purchase of 230 West 34th Street

Since 1994, recipient of the prestigious Henry Hart Rice Award six times and the Robert T. Lawrence Memorial Award five times – REBNY’s premier dealmaking awards

Number one commercial real estate firm in New York City

More than 200 brokers in two Manhattan offices - Midtown and Downtown

Completed 25 of the 50 largest leases, including six of the top ten, and eight of the top 25 sales transactions in New York City in 2006

Recipient of REBNY’s 2004 Henry Hart Rice Achievement Award for the representation of Rodale for its lease at 733 Third Avenue

Awarded REBNY’s inaugural Edward S. Gordon Award in 2005 for the representation of the Research Foundation in its purchase of 230 West 34th Street

Since 1994, recipient of the prestigious Henry Hart Rice Award six times and the Robert T. Lawrence Memorial Award five times – REBNY’s premier dealmaking awards

Manhattan Overview – Year End 2006

CB Richard Ellis | Page 29

Valuation and Advisory

CorporateServices

Debt & EquityFinance

ClientStrategies

InvestmentProperties

Asset Services

Project Management

Development& Investment

Client

CB Richard Ellis

Lines of Business

Brokerage

CB Richard Ellis | Page 30

Comprehensive and specialized services combined with local market expertise and global reach

Market knowledge complemented by proprietary, in-house research databases

Organizational structure harnesses firm’s collective expertise

Intellectual capital and technology resources deliver superior analytical, research and service tools

Proven track record of meeting diverse client needs

Advantages

CB Richard Ellis

CB Richard Ellis | Page 31

Research Services

Provides listings, transaction terms, lease comparables, property details and historical data and trends

Proprietary databases track:

• leasing, investment sales, valuation, taxes and operating expenses

• tenant lease and occupancy information

• current tenants in the market

Combines data collected from the firm’sproprietary databases with third-party sources to provide the most accurate and up-to-date market information

Tracks office, industrial and retail data for leasing and sales as well as hotel, multi-housing and other specialty sectors in selected markets

CB Richard Ellis | Page 32

Leasing Brokerage / Agency Services

41,600 leasing transactions valued at $46.2 billion globally in 2005*

Tenant representation services:• current situation analysis and planning • development of viable options• comparative analysis of market availabilities• implementation of selected alternative• project management services for

tenant fit-out Agency representation services:

• investment analysis • strategic planning• property positioning• marketing and leasing• project management

*Combined CBRE and Trammell Crow Company activity.

CB Richard Ellis | Page 33

Process Overview

Real Estate Market Overview

Establish Project

Committees

Agree on Company Objectives

Personnel Data, Space Stds., Adjacencies,Infrastructure

Financial Parameters

Real Estate Market

Overview

DEFINED

OPPORTUNITY

SCENARIO

PLANNING

NEEDS

PROFILE

Strategy

Selection

Market

Engagement

Lease

Transaction

Phase I Phases II and III

CB Richard Ellis | Page 34

Traditional Brokerage CB Richard Ellis Organization

COLLECTIVE / EXPERTISE

PROCESS / CULTURE

Tenant Representation

Owner Representation

ResearchServices

Investment Properties

Consulting

CorporateServices

AssetServices Senior

Management

Organization Comparison

Senior Broker

Franchise

Senior Broker Senior Broker

Junior Broker Junior Broker Junior BrokerJunior Broker Junior Broker

Salesperson

Analyst

Salesperson

AnalystSalesperson Salesperson Salesperson

Salesperson

Analyst

Salesperson

Analyst

CBRE Approach