Real Estate Asset Management March 2013

Keyhighlights Real Estate Asset Management Private and confidential 2 Local specialized teams. 27 professionals across Europe. Offices in Frankfurt, Hamburg, London, Luxembourg and Madrid Pan-European investment platform providing investors perfect access to the main European real estate markets Full range of real estate products, asset classes and strategies € 758m in Assets under Management, in funds, club deals and separate accounts Broad base of institutional and family investors 5

Value proposition for our clients Real Estate Asset Management Private and confidential 3 Client oriented Global capabilities with local focus Commitment, independence & partnership Transparency Taylor-made approach. Product structuring to best adapt client needs. Ability to source off-market opportunities. “In-house” management capabilities: letting, technical, commercial and property. 17 professionals in Germany, 6 in the UK and 3 in Luxembourg 7 partners with extensive real estate experience and interests totally aligned with the business to ensure independence and high quality client services The N+1 Group and its subsidiaries are supervised by the main regulators Clear, transparent and comprehensive relation and reporting with investors

Our offering Real Estate Asset Management Private and confidential 4 Full range of strategies Core Core + Value Added Opportunistic  Moderate risk/moderate return strategy  Investment in core properties (premium locations), some of which will require some form of enhancement or value- added element  Medium-to-high risk/medium-to-high return strategy  The higher risk is borne from assets that often require some refurbishment, active asset management and in some cases development  High risk/high return strategy  The properties will require a high degree of enhancement Main European real estate markets  Germany  UK  Spain Product offering  Funds  Separate accounts  Club deals Product / Strategy / Market Matrix

Our offering Real Estate Asset Management Private and confidential 5 Operational Real Estate Management Letting Management Commercial Management Asset Management Services An Integrated Pan-European Platform providing full Investment and Management Services and covering the full Real Estate Investment Cycle  Design tailor-made investment strategies suitable for each investor  Proprietary deal-flow generation  Financing structuring  Design and implementation of value creation strategies  Review and optimization of the property quality and use  Strategic positioning of assets and rent management  Risk monitoring (industry and tenant mix)  Clear, comprehensive and transparent Investor Reporting  Planning, coordination and implementation of letting activities  Lease negotiations and executions  Planning, organization and implementation of space deliveries and redemptions  Tenant care  Optimizing conditions  Reporting to banks  Cash planning and monitoring  Insurance management  Cost controlling Property Management  Owner’s representative towards tenants, authorities, suppliers  Contract management  Rent collection and monitoring (arrears)  Accounting Technical Management  CapEx monitoring  Tenant improvements  Development of appropiate maintenance concepts for building services  Active cost management  Quality management and technical property inspections

Strong track record Real Estate Asset Management Private and confidential 6 INVESTMENT TRACK RECORDAUM BY INVESTMENT STRATEGY AUM BY COUNTRY €758m AuM in real estate assets 24 €535m investments done in the last 4 years AuM Germany 1 As of Real estate assets managed in Germany €223m AuM UK 8Real estate assets managed in Central London

Experienced local teams sourcing and executing investment opportunities Real Estate Asset Management Private and confidential 7  €223Mn of Assets under Management  Team: 7 professionals  TRACK RECORD – Investments in 8 properties since June 2010 – 1 divestment in progress United Kingdom Level Moorgate London EC2 Germany Schaumainkai 69 D Frankfurt am Main Luxembourg 13, Rue Aldringen L-1118 Luxemburg Spain Padilla Madrid Germany  €535Mn of Assets under Management  Team: 20 professionals  TRACK RECORD – €550Mn invested in 18 properties – 1 divestment (achieved IRR: 18%) – 2 additional divestments in progress Germany Alstertor 17 D Hamburg

Experienced and integrated team Real Estate Asset Management Private and confidential 8 France Asset Management Germany Asset Management UK Property Management Linus Forsberg Partner Linus has previously worked for CBRE Investors as a Director and Principal, responsible for transacting and asset managing £300m of assets. Sam Resouly Sam 10 years of experience in the UK real estate industry, including fund management and investment agency in companies as CBRE Investors and Jones Lang LaSalle. Edmund Costello Partner Edmund was Head of UK Property at Bank of Ireland Private Banking, where he transacted more than £1.0 billion worth of property Geoff Roberts 24 years of relevant experience, the majority of which gained with Warner Estate Holdings Plc, a Real Estate Investor and Asset Manager of all types of commercial property. Alexander Rosinski is responsible for Lettings. Previously we worked for Colliers Simone Steiner is responsible for Property Management. She is Engineer and Arquitect Philipp Hübschmann is responsible for accounting within the Property Management department. He previously worked at Rödl & Partner. Christoph Mösbauer is responsible for Technical Asset Management. He is a technical engineer and was previously responsible for Asset Management at R+V Insurance Company and Deutsche Bank. Ralf Steinmetz is a Managing Director in Luxembourg. He is responsible for Operations and Reporting. He previously worked for more than 16 years in several real estate companies in Luxembourg as KPMG and FREO. Other Staff Dusica Ilic Martina Trinks Simone Steiner Ron Tesler Arne Genauer Silke Spallek Roman Klasen Partner is responsible for the areas of Financing and Structuring. He was previously with Credit Suisse Real Estate Finance in London. Matthias Schreier Partner is responsible for Portfolio Control and Valuations. He previously founded and co- headed the Real Estate Consulting Department at Credit Suisse. Wolfgang Schreier Partner is responsible for Market Analysis, as well as Acquisitions and Sales. He previously founded and co-headed the Real Estate Consulting Department at Credit Suisse. Fund Management Luxemburg Luis Iglesias Partner Luis is the N+1 partner in charge of the Real Estate Asset Management division. In addition he is a Managing Director in Luxembourg. He is responsible for investments and Asset Management. Fund & Asset Management

Disclaimer Real Estate Asset Management 9 “The content of this Presentation is of a strictly confidential nature. The content of the Presentation, with regard to the current situation, opinions and expectations of N+1 and of the business it carries out, is based on information considered correct and on its own estimates. N+1 has not performed nor obtained from an expert an independent verification of the accuracy and completeness of the information that has been used as basis for drawing up the Presentation, nor a confirmation of the reasonableness of the hypotheses used for it. Neither N+1 or any of its group companies, or their respective shareholders, directors and employees, guarantee the completeness or accuracy of the contents of the Presentation, which should not be construed as reflecting in full the past, present and future of N+1 or its businesses. Past profitability do not guarantee future profitability. Consequently, neither N+1, nor the other companies in its group, nor their shareholders, directors and employees accept any liability whatsoever for any damages that may arise directly or indirectly from decisions adopted on the basis of the Presentation or from the use that its recipient may make of it. The receipt of this document by its recipient implies full acceptance of the contents of this disclaimer notice.”