Real Estate Investment Banking

July 2007

2

"We believe in simplicity, not complexity.

We think we need to own and control the primary technologies that lie behind the products we create, and that we should only participate in those markets where we can make a significant contribution.

We believe in the value of saying no to thousands of projects to focus on the few that are really important and valuable to us.

We believe in deep collaboration and cross-pollination of our groups, allowing us to innovate in ways that others are blocked.

And frankly, we are unwilling to accept anything less than excellence in each of the groups of the company, and we are honest enough to recognize when we are wrong, and the courage to change".

- Tim Cook, Apple COO

3The Company

4

Barracuda Finance Company

Established in 2006, BF Property Investment Bank is a finance advisory firm focused on providing objective advice and support throughout the entire life cycle of real estate projects and investment portfolios for property owners and investors.

As active partners, our approach is consultative, knowledgeable and collaborative, which we achieve through empathy and understanding of our clients and their plans. Our goal is to match our practical experience, global partnerships, and know-how, with our clients' immediate needs quickly, effectively, and with a very high level of confidentiality.

With advice provided to projects valued at over USD 8,500 million, BF Property Investment Bank prides itself on its strong compliance, service delivery, and creation of value for our clients.

5The Services

6

The Solution

BF Property Investment Bank has developed a Real Estate Advisory Program designed to provide our clients the means to prudently manage the risk/reward relationship of their property project and investment portfolios by offering innovative and comprehensive solutions at every stage of their life cycle:

7

Phases, Stages and Steps

Executing Monitoring

• Watching:

Settlement

Post Audit

Performance Monitoring

Performance Measurement

Portfolio Analysis

• Optimising:

Asset Management

Property & Facility Management

Transformation

Portfolio Rebalancing

Disposal

• Dealing:

Preliminary Negotiation

Preliminary Analysis

Structuring

Financial Analysis

Portfolio Impact Assessment

• Transacting:

Governance Decision

Transaction Closure

Documentation

Due Diligence

Independent Appraisal

• Envisioning:

Vision

Style

Goals

Strategic Plan

Objectives

• Planning:

Property Portfolio Strategy

Strategic Asset Allocation

Tactical Asset Allocation

Asset Identification

Preparing

8

Preparing Phase

In co-operation with our clients, we will articulate a clear destination, a high order route map by which to get to the destination, measurable outcomes to determine whether or not we have arrived at the destination, and a guideline of the risk-return profile to expect from the investment of their assets.

The Preparing Phase comprises:

– Envisioning Stage: Development of Vision, Goals, Style, Strategic Plan and Objectives for clients.

– Planning Stage: Development of the Property Portfolio Strategy, Strategic Asset Allocation, Tactical Asset Allocation, and Asset Identification.

9

Executing Phase

When the Preparing Phase is completed, we will begin the implementation of its outcomes in order to realize the full potential of the clients' plans.

The Executing Phase comprises:

– Dealing Stage: in which we convert the target list of specific assets for potential acquisition/development into an in-principle transaction for the acquisition/development of a nominated asset.

– Transacting Stage: in which we verify all information relied upon and assumptions made in the pricing process and reflect this in the documentation necessary to protect the interests of clients at settlement.

10

Monitoring Phase

We will measure the performance of the advancement in plan implementation and record actual outcomes of activities, ensuring that the clients will achieve their goals and so attain their vision.

The Monitoring Phase comprises:

– Watching Stage: in which we monitor the portfolio to determine whether or not the objectives, goals and hence the vision for the clients will be achieved.

– Optimising Stage: in which we take such action as may be necessary to ensure the objectives, goals and hence the vision for the clients will be achieved.

11Benefits to Clients

12

Using our Real Estate Advisory Program, clients of BF Property Investment Bankwill realize untapped market potential and maximize value by:

Avoiding Conflicts of InterestFocusing on Core ActivitiesAssuring Confidentiality

Accessing ExpertiseGaining Flexibility

Reducing Cost

13Team

14

DirectorsMr. Edgar Garay: With degrees in Industrial Engineering and Master in Business Administration from the London Business School, Mister Edgar Garay has over sixteen years of professional experience. While managing multi-million investment portfolios for wealthy individuals since 1999, Mister Garay has been directly involved in the structuring of the financial architecture for real estate projects amounting +US $250 million of value and has successfully participated in the structuring of multi-billion dollar real estate funds in Saudi Arabia.

15Credentials

16

Feasibility StudiesYear Client Project Location Sector Transaction

Value (USD million)

Description

1999 Al Afandi Establishment Al Buhairat City Jeddah (Saudi Arabia) Real Estate - Residential 900.0 Self-contained leisure and residential sea front development 50 km north of Jeddah city centre. 2.3 million m2.

2005 Al Mutlaq Group & Alesayi Group Lulu Centre and Hypermarket Jeddah (Saudi Arabia) Real Estate - Commerce 50.0 Development of a 100,000 m2 shopping mall with Lulu Hypermarket as anchor tenant.

2005 Alesayi Group Corniche 52 Tower Jeddah (Saudi Arabia) Real Estate - Residential 57.0 High-end 45 stories apartment tower on Jeddah’s North Corniche with 92 apartments.

2006 The National Commercial Bank (NCB) & Alesayi Group

“Pearl of the Red Sea” Jeddah (Saudi Arabia) Real Estate - Hospitality 400.0 Beachside fully integrated family resort on a 1 million m2 site located in Jeddah’s South Corniche area.

2006 Alesayi Group Warehouse City Jeddah (Saudi Arabia) Real Estate - Logistics 53.0 Development of warehouses for public and commercial storage, transportation depots, trans-shipment areas and sale storage facilities.

2006 Alesayi Group “The Business Village” Jeddah (Saudi Arabia) Real Estate - Offices 133.0 A multi-function business park.2006 Alesayi Group Affordable Housing Jeddah (Saudi Arabia) Real Estate - Residential 133.0 Self-sustaining residential development for

middle-income Saudi families.2011 Terranum Desarrollo SAS Connecta Logistics (Funza) Bogotá (Colombia) Real Estate - Logistics 250.0 Structuring and sale of airport logistic

centre. Plot Area: 649,828 m2. Leasable Area: 266,520 m2.

2001 HRH Prince Sultan Bin Salman Obhur Beach Resort Jeddah (Saudi Arabia) Real Estate - Hospitality 32.0 Development and operation of facilities for the enjoyment of the beach and the surrounding waters.

17

Fund ServicesYear Client Project Location Sector Transaction

Value (USD million)

Description

2007 Caam Saudi Fransi Caam Saudi Fransi Real Estate Fund Saudi Arabia Real Estate - Funds 500.0 Real estate investment strategy for Sharia compliant real estate investment fund focused on Saudi Arabia

2007 Unicorn Investment Bank (UIB) Unicorn Investment Bank Real Estate Fund Bahrain Real Estate - Funds 53.0 Real estate investment strategy for Sharia compliant development real estate investment fund focused on the Arab Peninsula

2005 The National Commercial Bank (NCB) & Alesayi Group

NCB Real Estate Fund Jeddah (Saudi Arabia) Real Estate - Funds 267.0 Shariah-approved real estate fund for land development (first approved by Saudi Arabia SAMA)

2006 Samba Financial Group & Alesayi Group Al- Read Real Estate Fund Saudi Arabia Real Estate - Funds 1,000.0 Shariah-compliant real estate fund for property development (first approved by Saudi Arabia CMA)

2007 Gulf Investment Corporation Istimlak Real Estate Investments Holding Co. Kuwait Real Estate - Funds 400.0 Real estate investment strategy for real estate fund of income-producing properties

2006 Barracuda Finance Company Ltd Acacia Real Estate Fund Cayman Islands Real Estate - Funds 2.0 Structuring and managinf fund providing capital appreciation and current income by investing in a portfolio of listed securities of global real estate companies.

18

Private Placement MemorandumYear Client Project Location Sector Transaction

Value (USD million)

Description

2006 Alesayi Group Express by Holiday Inn Saudi Arabia Real Estate - Hospitality 97.0 Investment fund for the construction and operation of 15 3-stars Express by Holiday Inn hotels in Saudi Arabia

2006 Alesayi Group Alesayi Tower Jeddah (Saudi Arabia) Real Estate - Offices 27.0 Financial feasibility and secure financing for a 21-story commercial tower located in Al-Balad, Jeddah's historic downtown district.

2007 Almulla Holding LLC Medrar Hotel International Middle East Real Estate - Hospitality 233.0 Real estate investment company investing in hotel properties Sharia-compliant

2009 Necno Ltd Necno Ltd Bogotá (Colombia) IT 1.0 Necno provides cloud computing for the operation of employee associations and cooperatives

2009 Bajrai Group International The Cove Yanbu (Saudi Arabia) Real Estate - Residential 10.7 Expatriate compound with 301 units with recreational and sport facilities on a 329,000 m2 plot.

19

Capital PlacementClient Project Location Sector Transaction

Value (USD million)

Description

Almacenes Corona Store Soacha Bogotá (Colombia) Real Estate - Commerce 1.0 Structuring and executing leaseback transaction of a retail-shop for a 10 year-period.

Alesayi Group Al Diafa Company Jeddah (Saudi Arabia) Real Estate - Residential 16.0 Loan by Saudi Al Fransi Bank for the renovation and upgrade of five residential buildings located off the Corniche Road (18,000 m2 built-up area).

20

ValuationYear Client Project Location Sector Transaction

Value (USD million)

Description

2004 HRH Prince Faisal Minhal Hotel – Holiday Inn Riyadh (Saudi Arabia) Real Estate - Hospitality 5.0 Hotel property with 245 rooms under the management of Holiday Inn Worldwide.

2005 King Khalid Charitable Foundation Khaldia Towers Riyadh (Saudi Arabia) Real Estate - Residential / 26.0 A commercial property complex with one 24-story office building, three residential towers (675 units), and covered parking for 870 cars.

2010 HRH Prince Faisal Bin Saud Scribe Hotel Paris (France) Real Estate - Hospitality 244.8 A 213-room hotel located between Opera Garnier and Place Vendome in the heart of Paris.

2010 HRH Prince Faisal Bin Saud Roosevelt Hotel New York (USA) Real Estate - Hospitality 550.0 A 1,015-room hotel located at Madison Avenue and 45th Street in midtown Manhattan.

2010 Empaques Industriales Colombianos S.A. Industrial Plant Bogotá (Colombia) Real Estate - Logistics 11.0 Valuation consultancy services for industrial plant located in Fontibon next to El Dorado International Airport. Plot Area: 28,000 m2. Built Area: 8,000 m2.

2011 Makro Supermayorista SA Plots in Villa del Río y Avenida Boyacá Bogotá (Colombia) Real Estate - Commerce 55.0 Project structuring for disposal of unused space of parking areas in several retail shops. Plot Area: 75,000 m2

2011 Servitrust GNB Sudameris Almacén Éxito CC Los Ejecutivos Cartagena (Colombia) Real Estate - Commerce 10.0 Valuation consultancy services for rental re-negotiation and sale of a 6,238 m2 store.

2001 Alesayi Group Croissette Beach Hotel Cannes (France) Real Estate - Hospitality 3.2 Four-star luxury hotel property completed in 1981 and operating since 1982, consisting of 94 rooms (out of which 14 are suits).

2010 Parque Arauco & Almacenes Éxito Centro Comercial Avenida Boyacá Bogotá (Colombia) Real Estate - Commerce 175.0 Valuation consultancy services for co-investment in a 135,000 m2 commercial centre.

21Contact Details

22

Barracuda Finance Company Limited

Walker House, PO Box 908GT, Mary Street

George Town, Grand Cayman

Cayman Islands

info@barracuda-finance.com

www.barracuda-finance.com