CBRE Global Inv Company Overview Q2 2015 A4 Global Inv... · CONFIDENTIAL AND PROPRIETARY CBRE GLOBAL INVESTORS COMPANY OVERVIEW | 3 CBRE ... Dubai, Frankfurt, Helsinki ... and is

CONFIDENTIAL AND PROPRIETARY

CBRE GLOBAL INVESTORS

COMPANY OVERVIEW

MARCH 2016

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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 Building

Seoul, Korea

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Company Overview


CBRE Global Investors

Global real estate investment manager

founded in 1972

$89.0B1 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 December 31, 2015

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 Management1

By Region or Program ($B)

$21,3

$31,3 $2,0

$20,8

$13,6

North America

EMEA

Asia Pacific

Securities

GIP


CBRE Global Platform

CBRE Group

2014 Totals

2014 Ranking1

Sales

(20,975 Transactions)

$176.9B #1

Leases

(60,000 Transactions)

$108.0B #1

Property Management

5.0B sq. ft.

#1

Valuation/Consulting

Assignments

134,525 #1

Mortgage Loan

Origination

$33.8B #1

Investment Management $89.0B2

Largest3

1. Data for year ended December 31, 2014. Ranking sources: National Real Estate Investor (sales, leases,

property management); Mortgage Loan Origination estimate from Mortgage Bankers Association;

Valuation/Consulting ranking based upon CBRE estimates

2. As of December 31, 2015.

3. Investment Management ranking based upon the 2015 Financial Times/Towers Watson Global

Alternatives Survey, which ranks CBRE Global Investors as the largest manager in the Direct Real Estate

Funds asset class. The survey ranked real estate investment managers by total worldwide assets based

on net asset value plus undrawn committed capital in USD figures at year end 2014. This includes both

listed and unlisted securities and equity and debt investments in real estate. AUM does not necessarily

correspond to investment performance.

CBRE Locations: 400+Offices; 70,000+ Employees2

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

Responsibilities

Develops firm wide strategy Approves annual plans and budgets Approves mergers and acquisitions

Ritson Ferguson

Chief Executive Officer and

CEO – CBRE Clarion Securities

Michael McMenomy

Head of Investor Services

Pieter Hendrikse

CEO – EMEA

David Morrison

Head of Strategy

Vance Maddocks

President – Strategic Partners U.S.

Richard Price

CEO – Asia Pacific

Danny Queenan

Chief Operating Officer

Jeremy Plummer

CEO – Global Investment Partners


Business Units

CBRE Global Investors Executive Committee

Commingled Funds

$25.0B

Separate Accounts

$29.6B

Listed Securities

$20.8B

Global Investment Partners

$13.6B

As of December 31, 2015.

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


Key Investment Strategies

Americas Programs

Global Programs

EMEA Programs

Pan-European Core Fund

Core

Open-end

Target net IRR: 8-10%

Leverage: 40%

UK Property Fund

Core UK Assets

Open-end

Fund size: £447.9M GAV

Target IRR: Outperform IPD PPF

All Balance Fund Index


GIP Global Alpha

− Core+

− Open-end

− Target net IRR: 9-11%

GIP European Co-Investment Fund

− Value-add/Opportunistic

− Closed-end

Asia Value Partners IV Fund

− Value-add

− Closed-end

−Target net IRR: 13%


Access to global universe of public

real estate companies and REITs

Global Separate Accounts

Segregated accounts in

North America, Europe and Asia

U.S. Core Partners

Core

Open-end

Target IRR: exceed ODCE

Leverage: 20%-40%

Euro. Shopping Centre Fund II

Core+

Closed-end

Equity target: €500M

Target net IRR: 11-13%

Leverage: 50%

Wood Development 4

Opportunistic

Closed-end

Target net IRR: 16%

Leverage: 65%

European Industrial Fund

Core

Open-end

Equity target: €500M

Target net IRR: 8%

Leverage: 35%

Strategic Partners U.S. 8

Value-add

Closed-end

Target net IRR: 12%

Leverage: 60%


Investor Clients

Top 25 Investor Clients

Investor

Location

Alaska Permanent Fund US

APG Investments NL

Bayerische Versorgungskammer (BVK) DE

BBC UK

California State Teachers' Retirement System US

Electricity Supply Pension Scheme UK

Employees' Provident Fund (EPF) MY

Future Fund AU

Government Investment Corporation of Singapore (GIC) SG

International Institutional Investor #1 US

International Institutional Investor #2 NL

International Institutional Investor #3 UAE

International Institutional Investor #4 NL

International Institutional Investor #5 US

Korea Post KR

Lloyds UK

MetLife US

Nomura JP

OnePath AU

Pension Protection Fund UK

PGGM Vermogensbeheer BV NL

Shell UK

Teacher Retirement System of Texas (TRS) US

Unilever UK

West Midlands UK

As of December 31, 2015

This list includes the firm’s select list of investors and clients. This list is based upon total assets under management. It is not known whether the listed clients and investors approve or disapprove of CBRE

Global Investors or the investment advisory services provided.

30%

28%

19%

13%

7% 3%

Corporate Pension

Public Pension

Asset Manager

Insurance/Finance

Sovereign Wealth Fund

Other

Client Base

(Equity Under Management)

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

11 active direct funds

14 direct separate accounts

$21.3B in assets under management

Access to the resources of 169 CBRE brokerage

offices in the Americas2

All data as of December 31, 2015, unless otherwise noted.

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

2. Excludes 31 CBRE Affiliate offices.

San Francisco/

Silicon Valley

EMEA


CBRE Global Investors EMEA1

CBRE Global Investors Offices

Dubai

London

Madrid

Milan

Paris

Luxembourg

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

20 direct funds

51 direct separate accounts and JVs

€28.7B in assets under management

All data as of 31 December 2015, unless otherwise noted.


50,6%

21,9%

17,1%

4,1% 6,3%

European AUM By Sector

Retail

Office

Industrial/Logistics

Residential

Other*


Retail

34%

Offices

29%

Residential

26%

Logistics /

Industrial

3%

Other

8%

Asset Expertise

The Netherlands €4.2B

Retail

94%

Offices

0%

Logistics /

Industrial

6%

Retail

43%

Offices

7%

Logistics /

Industrial

50%

Retail

44%

Offices

24%

Logistics /

Industrial

23%

Other

9%

As of 31 December 2015.

UK € 14.5B

Spain & Portugal €2.0B

Retail

81%

Offices

14%

Logistics /

Industrial

5%

CBRE Global Investors Offices

Coverage

Retail

89%

Offices

6%

Logistics /

Industrial

5%

Retail

59%

Offices

7%

Logistics /

Industrial

34%

Retail

75%

Offices

20%

Logistics /

Industrial

5%

Retail

20%

Offices

51%

Residential

0%

Logistics /

Industrial

29%

Other

0%

Belgium € 0.3B

France € 1.5B

Nordics € 0.5 B

CEE €2.1B

Germany € 1.3 B

Italy € 1.1 B

CBRE Global Investors Belgium :Experienced and

Committed since 1973


CBRE Global Investors Belgium – AuM (M EUR)

Source : Expertise Investors Top 100

875

1.185 1.219 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) & Ranking

Investment Manager

Budget

Under exclusivity

Asset under Management


CBRE Global Investors Belgium – AuM (sqm)

590.418

630.418 630.418

595.567

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)

Budget

Under exclusivity

Asset under Management


Dedicated team

PIET VAN POPPEL

Country Manager

CAROLINE BRAMS

Manager Finance & Operations

FREDERIK MERTENS

Transactions & Asset Manager

Years with CBRE Global Investors

(industry)

11 (15) years

19 (25) years

10 (15) years

Responsibilities Country Manager Belgium

European Board Member

Asset Management – Transactions

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

Special Projects

Transactions - Logistics, Offices

Asia Pacific


CBRE Global Investors Asia Pacific

7 offices in 5 countries

Approximately 54 professionals1

1 direct investment fund

7 direct investment separate accounts

$2.0B in assets under management2

Hong Kong

Singapore

Seoul Tokyo

Shanghai

Melbourne

Sydney

All data as of December 31, 2015, unless otherwise noted.




Offices in London, Amsterdam,

Luxembourg, Boston, New York and

Singapore

70 professionals with 15 nationalities

employed

$13.6B 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 Locations – 400+ Offices; 70,000+ Employees2

CBRE Global Investors Locations – 29 Offices; ~800 Employees

CBRE Global Investment Partners Locations – 6 Offices; 70 Employees

As of December 31, 2015, unless otherwise noted.

1. CBRE Global Investments Partners’ AUM excludes investments in programs managed by the direct side of CBRE Global Investors.

2. As of December 31, 2015. Reflects integration of Global Workplace Solutions business. Excludes affiliates.




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

– 85+ employees worldwide

– 37-member investment team

– $20.8B 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; 85+ Employees

1. As of December 31, 2015, unless otherwise noted.



Experience & Depth

– Deep regional expertise with a team of 85+ professionals including 37 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.

26

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 relative

positions at the regional,

sector, and individual stock

level

Diversified portfolio with

active relative positions at

the sub-sector and

individual stock level

Asset

Allocation

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

Risk

Management

Portfolio diversification;

individual country, sector

and single position limits;

monitor tracking error


individual country, sector and

single position limits

Manage net market

exposure via long and short

positions; portfolio

diversification; single

position limits


individual country, sector

and single position limits


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, limited

partnership, and separate

accounts

Registered funds, limited

partnership, 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 purposes

only 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 placement

memorandum (as amended, restated, supplemented or otherwise modified from time to time, the “Memorandum”) of the corresponding fund or program, which describes risks related to an

investment 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 be

registered 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 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 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 entirety

by 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 and

subscription 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 any

fund 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 factors

that 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 the

risk/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 generated

by 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 or

program. 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 may

never 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 upon

realization/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. 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 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 the

date 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 in

the 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, investment

management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and

in 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 its

calculation 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. Such

statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this Presentation contains “forward looking

statements.” 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 date

hereof. 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 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 be borne

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.

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 the

information contained herein (including but not limited to information obtained from third parties), and they expressly disclaim any responsibility or liability therefore. CBRE Global Investors

does 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 in

the 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 regulated

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 or projected

performance 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 purposes

only 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 placement

memorandum (as amended, restated, supplemented or otherwise modified from time to time, the “Memorandum”) of the corresponding fund or program, which describes risks related to an

investment 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 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 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 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 entirety by all of the information set forth in a

Memorandum, 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 of

a 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 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 any

fund 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 factors

that 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 to

the 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’ and

programs’ 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 and

projections 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 prior

funds 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 Global

Investors 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 the

global 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. Such

statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this Presentation contains “forward- looking

statements.” 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 date

hereof. 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 Global

Investors”) 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 be

borne 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 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 generated by 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 or program. The fund or

program’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 characteristics

of 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 assumptions

about 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 individual

investment performance may not achieve the Investment Targets upon realization/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. 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 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 the date 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 in the long term. The Investment Targets are being shown for information purposes only and should not be

relied 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 fund

or 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 the

information contained herein (including but not limited to information obtained from third parties), and they expressly disclaim any responsibility or liability therefore. CBRE Global Investors

does 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 in

the 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 is

regulated 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 or

projected 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 constitute

investment 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 CBRE

Global 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 of

the information contained in this document indicates the recipient’s agreement not to disclose any of the information contained herein.

www.cbreglobalinvestors.com

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