VALUATION REPORT

Investment Properties & Development

Valuation report as at 31 December 2011 On behalf of Cori Nederland B.V.

VALUATION REPORT

VALUATION REPORT
CBRE Limited Henrietta House Henrietta Place London W1G 0NB Switchboard +44 (0)20 7182 2000 Fax + 44 (0)20 7182 2001

Report Date Addressee

15 February 2012. Cori N.V. Hoog Catharijne Van Duvenborch Building Stationsplein 97 3511 ED Utrecht The Netherlands

The Properties Ownership Purpose Instruction

We refer to the Schedule of Market Values which is included in the enclosures. Investment and Development.

To value on the basis of Market Value the interest in the Properties as at the Valuation Date in accordance with our Service Agreement signed 20 April 2011. 31 December 2011. External. Accounting purposes. 2,439,893,091 (TWO BILLION FOUR HUNDRED AND THIRTY NINE MILLION EIGHT HUNDRED AND NINETY THREE THOUSAND AND NINETY ONE EUROS) exclusive of VAT. Our opinion of Market Value is based upon the Scope of Work and Valuation Assumptions attached, and has been primarily derived using comparable recent market transactions on arms length terms.

Valuation Date Capacity of Valuer Purpose Aggregate Market Value

VALUATION REPORT

We have valued the Properties individually and no account has been taken of any discount or premium that may be negotiated in the market if all or part of the portfolio was to be marketed simultaneously, either in lots or as a whole.

Compliance with Valuation Standards

The valuation has been prepared in accordance with The RICS Valuation Standards, Seventh Edition. The property details on which the valuations are based are set out in this report. We confirm that we have sufficient current local and national knowledge of the particular property markets involved and have the skills and understanding to undertake the valuations competently. Where the knowledge and skill requirements of The Red Book have been met in aggregate by more than one valuer within CBRE, we confirm that a list of those valuers has been retained within the working papers, together with confirmation that each named valuer complies with the requirements of The Red Book.

Assumptions Portfolio

We have made various assumptions as to tenure, letting, town planning, and the condition and repair of buildings and sites including ground and groundwater contamination as set out below. If any of the information or assumptions on which the valuations are based are subsequently found to be incorrect, the valuation figures may also be incorrect and should be reconsidered.

Assumptions German Properties

As requested, we have also prepared a market valuation of the German properties under the following assumption: That each property will be transferred in a company transaction and as such will not incur any property transfer tax. Transaction costs are assumed to be 2.5%, as supplied by Cori Nederland B.V. That the subject property is the companys sole asset.

VALUATION REPORT

That the sale of the property within the company structure will not trigger any latent capital gains tax liabilities. That the company being purchased has no extraordinary responsibilities and is free of any other liabilities. That the company has no employees. That no discount on the purchase price is agreed to reflect any latent capital gains tax liability in the event of a future real estate transaction.

Special Assumptions Variation from Standard Assumptions Valuer

None. None.

The Properties have been valued by a valuer who is qualified for the purpose of the valuation in accordance with the RICS Valuation Standards. The total fees, including the fee for this assignment, earned by CBRE Limited (or other companies forming part of the same group of companies within the United Kingdom) from the Addressee (or other companies forming part of the same group of companies) are less than 5.0% of the total United Kingdom revenues. Disclosure under Red Book April 2010 Amendment (PS 1.8). The principal signatory of this report has continuously been the signatory of valuations for the same addressee and valuation purpose as this report since June 2011. CBRE Limited has continuously been carrying out valuation instructions for the addressee of this report since June 2010. CBRE Limited has carried out Valuation, Agency and Professional Services on behalf of the addressee for under 5 years.

Independence

Disclosure

Conflict of Interest

We have no conflict of interest in carrying out this instruction.

VALUATION REPORT

Reliance

This report is for the use only of the party to whom it is addressed for the specific purpose set out herein and no responsibility is accepted to any third party for the whole or any part of its contents. Neither the whole nor any part of our report nor any references thereto may be included in any published document, circular or statement nor published in any way without our prior written approval of the form and context in which it will appear. Such publication of, or reference to this report will not be permitted unless it contains a sufficient contemporaneous reference to any departure from the Royal Institution of Chartered Surveyors Valuation Standards or the incorporation of the special assumptions referred to herein.

Publication

Yours faithfully,

Yours faithfully,

Andrew Barber MRICS RICS Registered Valuer Senior Director For and on behalf of CBRE Limited E: Andrew.Barber@cbre.com CBRE Valuation Advisory T: +44 (0) 20 7182 2000 F: +44 (0) 20 7182 2273 W: www.cbre.com

Mark Fidler FRICS RT

Executive Director For and on behalf of CBRE Valuation Advisory B.V. E: Mark.Fidler @cbre.com

VALUATION REPORT

SCHEDULE OF MARKET VALUES

Properties Held for Investment & Development
Address Investment Development Investment & Development Totals 2,383,023,091 56,870,000 2,439,893,091 Freehold 1,921,503,091 12,425,000 1,933,928,091 Leasehold 461,520,000 44,445,000 505,965,000 Apportionment of Portfolio Value 97.67% 2.33% 100.00%

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SCHEDULE OF INSPECTIONS
Properties Held for Investment & Development
Country Netherlands Address Alkmaar, SC De Mare I,II,III Almere, Stationade A & B Almere, SC Stadhuisplein/Stationstraat Almere, Circus, Stadhuisstraat Almere, Stationade, Busplein, Metropolestraat Almere, Metropole (Primark), Busplein, Metropolestraat (Development) Amersfoort, SC Emiclaer, Emiclaerhof Amstelveen, SC Groenhof Amsterdam, Reigersbos Amsterdam, Arena Arcade, Arena Boulevard Amsterdam, Villa Arena, Arena Boulevard Arnhem, SC Presikhaaf, Hanzestraat Dordrecht, SC Sterrenburg, PA de Kokplein Emmen, De Weiert, Baander 165 Goirle, SC De Hovel Leiderdorp, Meubelplein Leiderdorp Rijswjk, In de Bogaard, Prins Willem Alexander Promenade Rotterdam, SC Nesselande, Maltaplein Spijkenisse, SC Maaswijk Utrecht, Hoog Catharijne HC Retail Singelborch IPUC, Utrecht development HC Retail Vredenburg IPUC , Utrecht development Velserbroek, SC Velserbroek, Galle Promenade Date of Inspection April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011 April 2011

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Zeist, Belcour, Emmaplein Italy Bologna, Shopville Gran Reno Cagliari, Millennium Cagliari, Le Vele Modena, Centro Commeriale GrandEmilia Turin, Shopville Le Gru Turin, ex-IKEA Spain Barcelona, Maremagnum SC Barcelona, Maremagnum Parking Cceres, Ruta de la Plata SC Irun, Txingudi SC Madrid, Sexta Avenida SC Palencia, Las Huertas SC Madrid, El Ferial SC Turkey Germany Bursa, Anatolium SC, Duisburg, Forum Duisburg Duisburg, Knigsgalerie April 2011 April 2011 May 2011 April 2011 April 2011 May 2011 May 2011 March 2011 March 2011 June 2011 May 2011 April 2011 June 2011 March 2011 March 2011 June 2011 March 2011

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SCOPE OF WORK & SOURCES OF INFORMATION

Sources of Information
We have carried out our work based upon information supplied to us by Cori Netherlands, Cori Spain, Cori Italy, Cori Germany, and Cori Turkey, which we have assumed to be correct and comprehensive. Our reports contain a brief summary of the property details on which our valuations are based. We have inspected all of the Properties internally. The dates of inspection are summarised in the attached schedule of inspections. We have not measured the Properties but have relied upon the floor areas provided. We have not undertaken, nor are we aware of the content of, any environmental audit or other environmental investigation or soil survey which may have been carried out on the Properties and which may draw attention to any contamination or the possibility of any such contamination. We have not carried out any investigation into the past or present uses of the Properties, nor of any neighbouring land, in order to establish whether there is any potential for contamination and have therefore assumed that none exists.

The Properties Inspection

Areas Environmental Matters

Repair and Condition

We have not carried out building surveys, tested services, made independent site investigations, inspected woodwork, exposed parts of the structure which were covered, unexposed or inaccessible, nor arranged for any investigations to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used, or are present, in any part of the Properties. We are unable, therefore, to give any assurance that any of the Properties are free from defect. We have made verbal Planning enquiries only. Information supplied to us by planning officers is given without liability on their part and we cannot therefore accept responsibility for incorrect information or for material omissions in the information supplied to us.

Town Planning

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Where title documents (including land registry summaries) have been received, we have read these and reflected our understanding of the relevant documents in our valuations. We should emphasise, however, that the interpretation of the documents of title (including relevant deeds, leases and planning consents) is the responsibility of your legal adviser. Where we have not received copies of title documents, details of title/tenure under which the Properties are held are as supplied to us and we have assumed that the Properties possess a good and marketable title free from any onerous or hampering restrictions or conditions. With regard to leasehold Properties, we have assumed that permission to assign the interest being valued herein would not be withheld by the landlord where required. We have not conducted credit enquiries on the financial status of any tenants. We have, however, reflected our general understanding of purchasers likely perceptions of the financial status of tenants.

Titles, Tenures and Lettings

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VALUATION ASSUMPTIONS
Capital Values
The valuation has been prepared on the basis of Market Value which is defined as: The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion". No allowances have been made for any expenses of realization nor for taxation which might arise in the event of a disposal. Acquisition costs have not been included in our valuation. No account has been taken of any inter-company leases or arrangements, nor of any mortgages, debentures or other charges. No account has been taken of the availability or otherwise of capital based Government or European Community grants.

The Properties

Where appropriate we have regarded the shop fronts of the retail units as forming an integral part of the building. Landlords fixtures such as lifts, escalators, central heating and other normal service installations have been treated as an integral part of the building and are included within our valuations. Process plant and machinery, tenants fixtures and specialist trade fittings have been excluded from our valuations. All measurements, areas and ages quoted in our report are approximate.

Environmental Matters

In the absence of any information to the contrary, we have assumed that: (a) the Properties are not contaminated and are not adversely affected by any existing or proposed environmental law;

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(b) any processes which are carried out on the Properties which are regulated by environmental legislation are properly licensed by the appropriate authorities.

Repair and Condition

In the absence of any information to the contrary, we have assumed that: (a) there are no abnormal ground conditions, nor archaeological remains, present which might adversely affect the current or future occupation, development or value of the Properties; (b) the Properties are free from rot, infestation, structural or latent defect; (c) no currently known deleterious or hazardous materials or suspect techniques, including but not limited to Composite Panelling, have been used in the construction of, or subsequent alterations or additions to, the Properties; and (d) the services, and any associated controls or software, are in working order and free from defect. We have otherwise had regard to the age and apparent general condition of the Properties. Comments made in the property details do not purport to express an opinion about, or advise upon, the condition of uninspected parts and should not be taken as making an implied representation or statement about such parts.

Title, Tenure, Planning and Lettings

Unless stated otherwise within this report, and in the absence of any information to the contrary, we have assumed that: (a) the Properties possesses a good and marketable title free from any onerous or hampering restrictions or conditions; (b) all buildings have been erected planning control, or in accordance permissions, and have the benefit planning consents or existing use rights use; either prior to with planning of permanent for their current

(c) the Properties are not adversely affected by town planning or road proposals;

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(d) all buildings comply with all statutory and local authority requirements including building, fire and health and safety regulations; (e) there are no tenants improvements that will materially affect our opinion of the rent that would be obtained on review or renewal; (f) tenants will meet their obligations under their leases; (g) there are no user restrictions or other restrictive covenants in leases which would adversely affect value; (h) where appropriate, permission to assign the interest being valued herein would not be withheld by the landlord where required; and (i) vacant possession can be given of all accommodation which is unlet or is let on a service occupancy.

22 Hanover Square London W1S 1JA tel +44 (0) 20 7493 6040 www.joneslanglasalle.co.uk

Corio N.V. Stationsplein 97 Van Duvenborch 3511 ED Utrecht The Netherlands

15 February 2012 Dear Sirs, Valuation of freehold and long leasehold properties owned by Corio N.V.

Introduction In accordance with our engagement letter with Corio N.V., we, Jones Lang LaSalle Limited, have considered their properties, in order to advise you of our opinion of the Market Value (as defined below) as at the valuation date, of the freehold or leasehold interests (as appropriate) of Corio in each of these properties. The effective date of the valuation is 31 December 2011. Properties The properties are held by Corio in France, Spain, Portugal, Italy, Turkey and Bulgaria. Purpose of valuation We have undertaken the valuations for accounting purposes and is consistent with EPRA guidelines. We can confirm that we have prepared our Valuation as External valuers as defined in the Royal Institution of Chartered Surveyors Appraisal and Valuation Standards. Basis of valuation and assumptions We set out below the basis and assumptions we have used in preparing our valuation followed by a summary of the aggregate values of the freehold and leasehold interests in the properties located in Bulgaria, France, Italy, Portugal, Spain and Turkey. We confirm we have valued each property on a 100% ownership basis. No account has been taken of any premium or discount to reflect any corporate structure or tax implications which may arise from the ownership structure of any of the Properties. Our valuation does not take account of any liability to pay guarantees to any co-investors in respect of any of the Properties. We confirm that the value of the properties has been assessed on the basis of Market Value in accordance with the appropriate sections of both the current Practice Statements, and United

Jones Lang LaSalle Limited Registered in England and Wales Number 1188567 Registered Office 22 Hanover Square London W1S 1JA

Kingdom Practice Statements contained within the RICS Valuation Standards, 7th Edition. These are internationally accepted valuation standards. Market Value is defined as: The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. We can confirm that Market Value is entirely consistent with the normal valuation basis followed in each country. Valuation approach We have adopted the Discounted Cash Flow (DCF) method and checked this against the direct income capitalisation method. The DCF method is based upon an explicit forecast of the likely net income to be generated by the subject property over a defined forecast period. The Exit Value is then calculated applying an appropriate capitalisation rate to the forecasted net income for the year immediately following the end of the cash flow period. For example on a 10 year cash flow the exit value is calculated on the forecasted net income for Year 11. The cash flow is discounted at a target rate that is deemed to be appropriate for the investment to produce a present value; the discount rate is adjusted to reflect the risk entailed in the investment, and the cost of finance. The exit capitalisation rate is derived from comparable investment transaction evidence. For the DCF method we have adopted a 10 year cash flow period in which all future cash flows from the property have been estimated and discounted applying market-supported assumptions for variables such as the rental growth, the discount rate and the exit yield to arrive at a present value indication. The Capitalisation Method estimates the value of the property through the capitalisation of its income at a certain rate of return. This procedure assumes that there is an equivalence between the market value of a property and the sum of its ordinary incomes discounted to the present. In the direct income capitalization method the estimated income stream from the property has been capitalized using a market supported yield to arrive into a value indication for the property. In the case of Investment Properties under construction (IPUCs) / developments projects the Residual Value Method has been applied. In this method the Market Value of the property upon completion has been determined using either the DCF or the Capitalisation Method and subsequently the estimated remaining cost of the development at the valuation date have been subtracted to arrive at the Market Value of the development project.

Valuation On the basis outlined in this valuation report, we are of the opinion that the aggregate of the individual Market Values as at 31 December 2011 of the freehold and long leasehold interests, subject to and with the benefit of various occupational leases is:

 2,528,685,000 (Two Billion, Five Hundred and Twenty Eight Million, Six Hundred and Eighty Five Thousand Euros)

Ownership Freehold Long Leasehold Total

Investments 2,273,200,000 198,432,000 2,471,632,000

Development and Land 57,053,000 57,053,000

There are no negative values to the valuation report. Realisation costs Our valuation is exclusive of VAT and no allowances have been made for any expenses of realisation or for taxation which might arise in the event of a disposal of any property. Our net valuation is, however, net of purchasers acquisition costs which vary between countries. Assumptions and sources of information An assumption is stated in the Glossary to the Red Book to be a supposition taken to be true ). Assumptions are facts, conditions or situations affecting the subject of, or approach to, a valuation that, by agreement, need not be verified by a valuer as part of the valuation process. In undertaking our valuations, we have made a number of assumptions and have relied on certain sources of information. We believe that the assumptions we have made are reasonable, taking into account our knowledge of the properties, and the contents of reports made available to us. However, in the event that any of these assumptions prove to be incorrect then our valuations should be reviewed. The assumptions we have made for the purposes of our valuations are referred to below. Inspections All properties have been inspected during the course of 2011 - 2012 and are subject to annual inspections unless sites are held for development when inspections will be undertaken on an ad hoc basis subject to progress of any development.

Information We have made an assumption that the information which Corio and its professional advisers have supplied to us in respect of the properties is both full and correct. It follows that we have made an assumption that details of all matters likely to affect value within their collective knowledge such as prospective lettings, rent reviews, outstanding requirements under legislation and planning decisions have been made available to us and that the information is up to date.

Title We have only had access to the title deeds of some of the properties. We have considered the available information during the valuation process. We have assumed that when title deed information was not made available that the title is marketable and that the properties are free from encumbrances, mortgages and charges. Floor areas We have not measured the properties and we have relied on the areas which have been supplied to us and on measured surveys which have been carried out on certain properties to verify floor areas. Plant and machinery Landlords fixtures such as lifts, escalators, air-conditioning and other normal service installations have been treated as an integral part of each property and are included within our valuations. Plant and machinery, tenants fixtures and specialist trade fittings have been excluded from our valuations. No specialist tests have been carried out on any of these service systems and for the purposes of our valuations we have assumed that all are in good working order and in compliance with any relevant statute bye-law or regulation. Environmental investigations and ground conditions We were not instructed to carry out site surveys or environmental assessments nor have we investigated any historical records, to establish whether any land or premises are or have been, contaminated. Unless we have been provided with information to the contrary, we have assumed that the properties are not, nor are likely to be, affected by land contamination and that there are no ground conditions which would affect the present or future use of the properties. We were not instructed to carry out structural surveys of the properties but we have reflected any apparent wants of repair in our opinion of the value as appropriate. Properties have been valued on the basis of Corios advice save where we have been specifically advised to the contrary, no deleterious materials have been used in the construction of any of the subject buildings. Planning We have made verbal planning enquiries only. In the course of our enquiries, we are advised by the Local Planning Authority that there are no adverse Town Planning, Highway or other schemes or proposals. Information supplied to us by Planning Officers is, however, given without liability on their part and we cannot therefore accept responsibility for incorrect information or material omissions in the information supplied. We have not seen planning consents and have assumed that the properties have been erected and are being occupied and used in accordance with all necessary consents and that there are no outstanding statutory notices. We have assumed that all buildings comply with all statutory and Local Authority requirements including building, fire and health and safety regulations.

Tenure and tenancies We have not read copies of the leases and have relied on the tenancy summaries provided by Corio for the purposes of our valuation. We have not conducted credit enquires into the financial status of any of the tenants. However, in undertaking our valuations we have reflected our understanding of the market perception of the financial status of the tenants. We have also assumed that each tenant is capable of meeting its leasehold obligations and that there are no undisclosed breaches of covenant. Exchange rates For the purposes of this report we have converted any values reported in local currencies or US Dollars into Euros at the exchange rate adopted for the purposes of the accounts. Ada shopping centre in Turkey is reported in US$. We have adopted the fixed exchange rate of 1 Euro equals 1.2939 US Dollars. Responsibility This valuation is provided to the addressee as set out on the first page of this certificate for the specific purpose to which it refers. Neither the whole nor any part of this valuation report nor any reference thereto may be included in any other published document, circular or statement, nor published in any way without our written approval of the form and context in which it is to appear. For the avoidance of doubt, such approval is required whether or not Jones Lang LaSalle Limited are referred to by name and whether or not the contents of our Valuation Report are combined with other reports. Yours faithfully,

Dermot Charleson MRICS Director RICS Registered Valuer For and on behalf of Jones Lang LaSalle Limited

Christian Luft MRICS Director RICS Registered Valuer For and on behalf of Jones Lang LaSalle Limited

Valuation Summary Report

Prepared on behalf of

Valuation date: Report date:

31 December 2011 16 February 2012

PRIVATE & CONFIDENTIAL www.dtz.com

DTZ Valuation Summary Report | Corio Portfolio

1.

Valuation
Report Date Addressee 16 February 2012 The Directors Corio N.V. Stationsplein 97 3511 ED Utrecht The Netherlands Instruction: Valuation Date Capacity of Valuer Purpose of Valuation Market Value seven thousand Euros) : To value on the basis of Market Value the Properties as at the valuation date in accordance with your instructions. 31 December 2011 External Accounting 2,266,057,000 (Two billion two hundred and sixty six million and fifty

Freehold Held as Investment Held for Development (Special assumption valuations) Total Value 1,820,684,000 121,985,000 1,942,669,000

Leasehold 323,388,000

Total Value 2,144,072,000 121,985,000

323,388,000

2,266,057,000

We have valued the Properties individually and no account has been taken of any discount or premium that may be negotiated in the market if all or part of the portfolio was to be marketed simultaneously, either in lots or as a whole. Our opinion of Market Value is based upon the Scope of Work and Valuation Assumptions attached, and has been primarily derived using comparable recent market transactions on arms length terms. Our valuations are prepared on the basis of Market Value and are reported as net values (Market value after deduction made for typical purchaser costs). Market Value is defined as: The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.

Valuation Date: Report Date:

31 December 2011 16 February 2012

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DTZ Valuation Summary Report | Corio Portfolio

The valuations have been based upon the discounted cash-flow or yield methodologies that are regularly used for these types of properties.

Special Assumptions
We have assumed for the properties held for development that all building authorisations have been granted (planning permit and other specific authorisations). In preparing our valuations on these bases, it is necessary for us to prepare valuations on a "Special Assumption". A Special Assumption is referred to in the Glossary in the Red Book as an assumption that "assumes facts that differ from the actual facts existing at the valuation date". In the circumstances of this instruction, we consider the above Special Assumptions may be regarded as realistic, relevant and valid.

Compliance with Valuation Standards

We confirm that the valuation has been prepared in accordance with the appropriate sections of the Valuation Standards (VS) contained within the RICS Valuation Standards, 7th Edition (the Red Book) and in accordance with local market practice. This is an internationally accepted basis of valuation. Our valuations are fully compliant with IFRS accounting standards and IVSC valuation standards and guidance.

Assumption
We have made certain Assumptions in relation to facts, conditions or situations affecting the subject of, or approach to, our valuations that we have not verified as part of the valuation process but rather, as referred to in the Glossary to the RICS Valuation Standards (Red Book), have treated as a supposition taken to be true. In the event that any of these Assumptions prove to be incorrect then our valuation(s) will need to be reviewed.

Variation from Standard Assumptions

None.

Verification
We recommend that before any financial transaction is entered into based upon these valuations, you obtain verification of the information contained within our report and the validity of the assumptions you have adopted. We would advise you that whilst we have valued the Properties reflecting current market conditions, there are certain risks, which may be or may become uninsurable. Before undertaking any financial transaction based upon this valuation, you should satisfy yourselves as to the current insurance cover and the risks that may be involved should an uninsured loss occur.

Status of Valuer
We confirm that we have undertaken the valuation acting as an External Valuer qualified for the purpose of the valuation. We also confirm that we have the appropriate knowledge, skills and understanding to undertake the valuation competently.

DTZ involvement in portfolio in the previous 12 months

We confirmed that DTZ has valued the portfolio on a bi-annual basis under the current contract since June 2011. We have had no other current, anticipated or previous recent involvement with the portfolio and/or parties to the portfolio in the previous 12 months and therefore do not consider that any conflict arises in preparing the advice requested.

Valuation Date: Report Date:

31 December 2011 16 February 2012

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DTZ Valuation Summary Report | Corio Portfolio

Fee Income from the Client

In the DTZ Group's financial year to 30th April 2011, the proportion of total fees payable by the Company to the total fee income of the Group was less than 5%.

2.

Scope of work & information received

We have carried out our work based upon information supplied to us by Corio N.V., as set out within this report, which we have assumed to be correct and comprehensive. We have assumed that all details likely to affect value have been made available to us and that the information is up to date in all material aspects. Individual valuation reports have been prepared in respect of each of the countries in which assets are held. We refer to the comments made in the valuation reports under the heading Information received.

3.

Valuation Assumptions
These are the conditions and Assumptions upon which our valuations and reports have been prepared.

Floor Areas
We have not measured the property and have relied on the areas which have been supplied to us.

Environmental Investigations and Ground Conditions

We were not instructed to carry out a site survey or environmental assessment nor have we investigated any historical records, to establish whether any land or premises are or have been, contaminated. Unless we have been provided with information to the contrary, we assume that properties are not, nor are likely to be, affected by land contamination and that there are no ground conditions which would affect their present or future use.

Planning
We have not seen planning consents and we assume that properties have been erected and are being occupied and used in accordance with all necessary consents and that there are no outstanding statutory notices. We assume that buildings comply with all statutory and Local Authority requirements including building, fire and health and safety regulations. We also assume that any extensions currently under construction satisfy all planning regulations and all necessary permits are in place.

Title and Tenancies

We have relied upon tenancy schedules, summaries of additional income, non recoverable costs and capital expenditure and business plans which have been supplied to us. Where a Certificate of Title has been made available, we have reflected its contents in our valuations. Save as disclosed either in any such Certificate of Title or as referred to in our Valuation Report, we have made the Assumption that there is good and marketable title and that the property is free from rights of way or easements, restrictive covenants, disputes or onerous or unusual outgoings. We have also made the Assumption that the property is free from mortgages, charges or other encumbrances.

Condition
We have reflected the general condition of the property as noted during our inspections. We were not instructed to carry out a structural survey but we have reflected any apparent wants of repair in our

Valuation Date: Report Date:

31 December 2011 16 February 2012

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DTZ Valuation Summary Report | Corio Portfolio

opinion of the value as appropriate. The property has been valued on the basis of the Companys advice except where we have been specifically advised to the contrary, that no harmful materials have been used in its construction.

4.

Confidentiality and Disclosure

The contents of our Valuation Reports and appendices are confidential to the party to whom they are addressed for the specific purpose to which they refer and are for their use only. Consequently, and in accordance with current practice, no responsibility is accepted to any other party in respect of the whole or any part of their contents. Before our Valuation Reports, or any part thereof, are reproduced or referred to, in any document, circular or statement, and before its contents, or any part thereof, are disclosed orally or otherwise to a third party, the valuer's written approval as to the form and context of such publication or disclosure must first be obtained. For the avoidance of doubt such approval is required whether or not DTZ is referred to by name and whether or not the contents of our reports are combined with others. In the case of dispute, any legal issues arising from this instruction should be referred to the Dutch Courts for resolution.

Yours faithfully,

Bryn Williams, MRICS

International Director Registered Valuer For and on behalf of DTZ Debenham Tie Leung Limited

Valuation Date: Report Date:

31 December 2011 16 February 2012

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