Real value in a changing world

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Jones Lang LaSalle Germany

Table of contents

Introduction and Foreword. Germany is one of the world’s most interesting and promising real estate markets. This position is underpinned by the country’s good economic prospects, low government debt, large and liquid sub-markets, excellent refinancing resources by international comparison, long-running leases, legal certainty and political stability. Of course, the ongoing internationalisation and the general acceleration in the capital markets have created new challenges for market players in this country, too. This is what our range of services is geared to. Focusing on advisory, brokerage and property management, we offer solutions from a single source for all phases of the real estate life cycle.

Worldwide Locations........ 4 History and Acquisitions................ 6 Ethics & Compliance......... 9 Research.......................... 11 Asset classes................... 13

In keeping with our corporate motto, “Real value in a changing world”, we do not judge proposed projects by their size but by the added value which we can create for you. We deliver on this promise by offering a perfect mix of local expertise and international networking across all asset classes and consulting disciplines. You will find our offices in all of Germany’s metropolitan centres. In fact, the density of our network is unrivalled by any of our competitors. With a presence in Germany dating back almost 40 years, we can draw on a high market penetration as well as excellent industry contacts both at a local and at a national level. At the same time, we are proud to be part of a truly global company and continue to push ahead international cooperation for the benefit of our clients. We can put together cross-border teams to serve your business needs at any time. We attach great importance to the quality of our market research. The primary data generated by

us are not only fed into numerous free publications which contribute to transparency in the market. We can also supply you with customised reports to assist your real estate decisionmaking.

Leasing............................. 14

Jones Lang LaSalle being an economically independent and widely owned company with roots dating back to the year 1783, you can rest assured that our business activities are exclusively geared to the interests of our clients. Dependability and integrity have remained the pillars of our work throughout the history of our company. In shaping and conducting our activities, we aspire to the highest standards of business ethics, sustainability and corporate social responsibility. Through our work with our clients, we also aim to further professionalise the German real estate sector as a whole.

Valuation & Transaction Advisory........................... 20

This brochure gives a comprehensive overview of our services. We hope it will make interesting reading and look forward to your suggestions and questions.

Capital Markets................ 16 Corporate Finance........... 18

Property & Shopping Center Management........ 22 Real Estate Advisory Services........... 24 Corporate Solutions........ 26 Hotels................................ 29 Awards & Accomplishments............ 31

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Worldwide Locations Local real estate expertise delivered at 200 locations around the globe. Jones Lang LaSalle employs some 42,000 people at more than 200 locations in over 50 countries. Our international network serves all major business centres, offering exceptional coverage and a densely knit presence across all important real estate markets around the globe. In the EMEA region (Europe, Middle East and Africa), where Jones Lang LaSalle employs more than 5,000 people in over 30 countries, our leadership has been further consolidated by our merger with King Sturge. In Germany, too, Jones Lang LaSalle has the most densely knit network compared to our competitors. Working out of offices in Berlin, Cologne, Düsseldorf, Frankfurt, Hamburg, Hanover, Leipzig, Munich and Stuttgart, we offer clients regional and local expertise on site in all major metropolitan areas.

Americas (69 locations)

Asia Pacific (62 locations)

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All locations at a glance

Americas (7 countries, 67 cities) Argentina, Brazil, Canada, Chile, Mexico, Puerto Rico, United States of America. Asia Pacific (13 countries, 50 cities) Australia, China, India, Indonesia, Japan, Korea, Malaysia*, New Zealand, Philippines, Singapore, Taiwan, Thailand, Vietnam.

Europe, Middle East and Africa (78 locations)

Europe, Middle East and Africa (32 countries, 71 cities) Belgium, Bulgaria, Croatia, Czech Republic, Egypt, England, Finland, France, Germany, Hungary, Ireland, Israel, Italy, Kazakhstan, Luxembourg, Netherlands, Poland, Portugal, Romania, Russia, Saudi Arabia, Scotland, Serbia, Slovak Republic, Spain, South Africa, Sweden, Switzerland, Turkey, Ukraine, United Arab Emirates, Wales. Germany (9 cities) Berlin, Düsseldorf, Cologne, Frankfurt, Hamburg, Hanover, Leipzig, Munich, Stuttgart.

Germany (9 locations)

* Services in Malaysia are provided through a strategic alliance with Jones Lang Wootton Malaysia.

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History and Acquisitions More than two centuries of professional real estate advice.

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1939

1957

1973

Through partnerships and mergers too numerous to mention, the Winstanley firm evolves into Jones Lang Wootton & Sons.

Jones Lang Wootton begins its global expansion by opening offices in Australia and later also in New Zealand, Singapore, Malaysia, Hong Kong, Japan and Europe.

Jones Lang Wootton opens its first office in Germany.

1783

1945

1968

Richard Winstanley sets up shop as an auctioneer in London and is succeeded by his son in 1806.

In a London devastated by World War II bombings that destroyed property records, Jones Lang Wootton takes on the enormous job of documenting the boundaries and ownerships of thousands of land parcels. The firm secures licences for development and agency appointments, which places it in an enviable position as the city begins to rebuild in 1954.

In El Paso, Texas, a small group of professionals forms IDC Real Estate. IDC quickly outgrows its local market, moves to Chicago and eventually changes its name to LaSalle Partners and becomes one of America’s leading real estate service firms.

1997

2008

LaSalle Partners completes its initial public offering at the New York Stock Exchange.

Jones Lang LaSalle becomes the country’s leading retail property advisor through the acquisitions of Brune Consulting Management and Kemper’s, the market leader in the retail property segment. Jones Lang LaSalle continues to push into the global retail advisory market through acquisitions including Churston Heard in the UK and Turkish specialist Alkas.

1975

1999

Jones Lang Wootton opens its first US office in New York.

In the largest international real estate industry merger to date, Jones Lang Wootton and LaSalle Partners join forces and form Jones Lang LaSalle. The resulting company remains one of the leading global commercial real estate services and investment management firms.

2011

“The obvious strategic and cultural fit between Jones Lang LaSalle and King Sturge makes this a logical and very attractive proposition for both firms. It gives us a scale and depth of expertise that will make our client service delivery capabilities second to none in both the UK and continental Europe.” – Christian Ulbrich, CEO EMEA

“This is a coming together of two great companies that are culturally aligned, with fantastic business synergies, to create the best firm of property advisors in Europe. We truly believe that we will be better together. The ability to operate on a global platform, and the opportunities that this will provide, is great news for all our staff and clients.” – Richard Batten, Senior Partner King Sturge

Jones Lang LaSalle moves into Switzerland, where Sal. Oppenheim Real Estate becomes Jones Lang LaSalle AG in early February. April sees Jones Lang LaSalle’s takeover of Bradford McCormack & Associates (BMA), a leading South African provider of real estate services. This transaction allows Jones Lang LaSalle to realise its growth ambitions for South Africa and the neighbouring countries. Effective May 31st, 2011, Jones Lang LaSalle announces a merger with international real estate advisor King Sturge. Now the market leader in the UK and continental Europe, the merged company employs more than 5,000 people in over 30 countries and offers integrated property services for investors, owners and occupants.

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Ethics & Compliance Protecting our own and our clients’ reputations.

Our compliance with our Code of Business Ethics has repeatedly won us national and international awards:

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Our Legal & Compliance department sensitises our employees through seminars and ongoing training measures, empowering them to recognise and neutralise potential pitfalls. To ensure the sustainability of our business ethics over the long term, we have appointed a global ethics officer and a number of regional ethics officers. In addition, we operate an ethics hot line and an ethics website.

Ethisphere World’s Most Ethical Companies Jones Lang LaSalle is the only real estate services firm to regularly feature on the list of the “Ethisphere Institute’s World’s Most Ethical Companies”. The Ethisphere Institute singles out companies for their leadership in matters of business ethics. Its global list comprises 100 companies in almost 40 industries, chosen from several thousands of applications.

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Our Code of Business Ethics comprises a set of guidelines that have to be understood and complied with not only by all our employees but also by external parties acting on our behalf.

Initiative Corporate Governance der deutschen Immobilienwirtschaft e.V. This initiative by the German real estate sector aims to establish the principles of transparent and professional corporate governance in the industry. The initiative has developed a “Code of business ethics for the real estate sector” and a set of “Principles of orderly and proper management in the real estate sector”. Having committed to the Code and the Principles as a pilot user, Jones Lang LaSalle operates on the basis of a value management system certified by the initiative.

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Nothing is more difficult to attain – or more easily squandered – than a reputation of corporate integrity. Jones Lang LaSalle takes pride in its strong relationships with clients, shareholders, employees and local communities. Time and again we hear from our clients that our corporate culture sets us apart in the marketplace. We are equally aware of the importance of our corporate culture when it comes to winning the best employees. To keep these vital relationships intact, we conduct our day-to-day business to the highest ethical standards.

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Almost all major companies today have a code of business ethics against which all processes and objectives are measured. These codes include rules on conflicts between personal and company interests as well as guidelines for collaboration among employees and cooperation with customers and suppliers. We attach the greatest importance to integrity and our standing as a trustworthy business partner. Our own reputation and the reputations of our clients take top priority in everything we do. This is why we have created an Ethics & Compliance structure and implemented it in our company processes – a structure which has long proven its value.

Ethisphere Ethics Inside Jones Lang LaSalle regularly ranks among the distinguished companies with an excellent employment and management culture as well as a set of sophisticated ethical principles conducive to better business ethics.

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Research

Did you know that ...

Thought leadership starts with thorough research. As the real estate markets have become more international, fast-paced and complex in recent years, profound knowledge of the markets and their drivers is paramount for success in this environment. This is why Jones Lang LaSalle attaches great importance to research, which we consider one of the pillars of our work and, indeed, one of our core competencies.

By bringing to bear systematic analyses, innovative methodologies and our detailed knowledge of the market, we generate information that helps meet our clients’ current challenges while identifying and analysing tomorrow’s imponderables at the same time. Our market research is a key prerequisite for our striving for thought leadership and provides a solid basis for sound and sustainable decision-making.

Our market monitoring, i.e. the generation and analysis of data relevant to the markets we serve, plays an important role in this context. We go to considerable lengths to collect, process and analyse market data. Primary data generation, a particular strength of ours, is handled in close conjunction between our Leasing and Capital Markets teams. The resulting information gives our clients a decisive competitive edge.

Some 300 researchers based around the globe monitor national and regional developments in real estate markets on behalf of Jones Lang LaSalle. Our databases are arguably the best of their kind in Germany, Europe and worldwide. We prepare location analyses for the different segments of the real estate sector, market reports, time series, occupancy and vacancy ratios as well as custom analyses. Our internal operations, too, benefit from our research results; our business departments are constantly supplied with updated information on real estate markets, trends and forecasts.

Our ambition is to offer well-founded information both on general developments in the markets and on local market conditions in order to give our clients the best possible support in implementing their planning and investment strategies. Apart from advising clients individually, we therefore also publish a wide range of free market literature, which makes a meaningful contribution to transparency in the German commercial real estate sector.

... every year Jones Lang LaSalle in Germany publishes more than 6,000 pages of research which are made available to market participants free of charge? ... Jones Lang LaSalle publishes more than 350 research reports in the EMEA region each year? ... Jones Lang LaSalle’s Retail City Guides for Germany’s most important metropolitan centres offer exclusive square metre measurements of retail stores on a street by street basis? ... the majority of our publications are updated each quarter?

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Asset classes

Did you know that ...

Full service: From sustainable offices to showrooms and five-star luxury hotels. ... each asset class is covered by a dedicated series of our German research publications? ... more than 100 employees serve our clients in the German office segment alone?

Hotels, Specialised Properties

Residential

Industrial

Retail

Office

Jones Lang LaSalle offers a perfect blend of local expertise and international networking across all consulting disciplines. In addition, our consulting disciplines are comprehensively underpinned by our cross-disciplinary services.

Leasing Capital Markets Corporate Finance Valuation & Transaction Advisory Property & Shopping Center Management Real Estate Advisory Services

... Jones Lang LaSalle publishes Europe-wide special studies such as “Retail 2020” and “Offices 2020” as part of our ambition to provide holistic coverage of specific asset classes? ... Jones Lang LaSalle Hotels has almost 100 hotel experts working for clients in the Europe, Middle East and Africa (EMEA) region – frequently on a cross-border basis, which allows to assemble the best teams to meet any given challenge?

Corporate Solutions

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Leasing Giving companies space to succeed. In accordance with Anglo-Saxon practice, we use the term “Leasing” as a collective term for all our services related to leasing, letting and renting commercial real estate in Germany. Whether it is offices, retail stores or industrial real estate, whether the challenge is to market an awkward specialised property or to manage parking space, Jones Lang LaSalle offers access to a unique network of real estate users and landlords. By putting together bespoke solutions, we offer our clients a decisive edge when it comes to making decisions in non-transparent markets.

Office Leasing Even experienced office owners run the risk of leaving part of the potential of their properties unused. At the same time, many prospective tenants lacking local market expertise find it hard to secure optimum leases and audit-proof decision-making processes. We are familiar with our clients needs’ and make supply and demand transparent, even if this requires posing critical questions. This way we offer our clients valuable orientation when it comes to letting or leasing office space and land or renegotiating the terms of existing leases. Our separate teams for tenants and landlords rule out any conflicts of interest and ensure independent advice at all times. Private and institutional owners, project developers as well as tenants from all sectors and industries benefit from our expertise not only in Germany’s major metropolitan centres but throughout the country. All our clients appreciate our Leasing teams’ enthusiasm and uncompromising commitment to providing excellent service. Jones Lang LaSalle is the leading office broker in Germany’s major metropolitan centres. Our brokerage services cover anything from 200 square metre offices to even the most large-scale office developments. Tenants with special requirements can avail themselves of our Tenant Representation services, which are geared to delivering customised and comprehensive solutions all over Germany. Acting exclusively on behalf of tenants, our specialist teams are detached from our office letting business. Each client’s unique needs are laid down in a detailed requirement profile before the search for suitable office space is conducted according to a predefined process. Our services also include coordination with such external service providers as architects and lawyers during the entire duration of the project. Where a lease or a rental agreement is already in place, we can assist in renegotiating its terms and exercising renewal options. This starts with a thorough review of the existing agreements in order to get a clear view of all obligations, with competitive alternatives being explored at the same time. Where a client contemplates subletting redundant space, we can calculate the achievable rent and determine whether the prospective revenues justify any required refurbishment

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or conversion. If a lease has to be terminated prematurely despite continuing obligations to the landlord, we can devise viable solutions for our clients, too. Regular reports provide updated information on the progress. Each project is concluded with a transparent documentation of the negotiations and the results as well as our recommendation for action to be taken. Needless to say, we also offer exclusive services to the owner side. Our Landlord Representation specialists can be retained to review existing leases nationwide and to market both existing and newly built space. We are committed to providing strictly objective advice and devising solutions which are consistent with market reality. Our unrivalled local presence in Germany rules out the problems which typically arise where real estate services are provided across large distances. When it comes to drafting and implementing customised marketing strategies, our goal is to secure sustained tenancies for every vacant property. Our long-standing close liaison with owners and users of real estate is a particular strength of ours. We have a strong track record in extending the average duration of tenancies by managing existing tenants and keeping them satisfied. Retail Leasing Transferring sophisticated brand images to the world of real estate is a complex challenge. The market for retail property requires a great amount of specialist expertise and is the epitome of a people’s business. Drawing on our long-standing experience and our excellent contacts in this sector, we support national and international retail concepts and well as property owners when it comes to renting and letting, respectively. We draft expansion strategies and supply detailed market data as a basis for decision-making. Retailers who already have an established presence in Germany can count on our assistance for their network expansion and refinement efforts. We also chart customised expansion strategies for retailers who are new to the German market. Numerous international retailers rely on the expertise of Jones Lang LaSalle in rolling out their concepts throughout Europe or even throughout the world. The

Did you know that ...

... our office brokerage team arranges more than 300 leases with a total combined volume of more than 300,000 square metres in an average year? reasons are obvious: No other retail advisor offers a comparable staffing depth, market presence and comprehensiveness of service. Our balance of international stature and traditional standing is unrivalled in the German retail property market. Unlike our competitors, we cover not only retail space in prime downtown locations but also shopping centres, an important growth segment. Well-positioned retail concepts today operate on a cross-border basis. We support you with our perfectly balanced full-service offering, which combines several decades of experience in the German retail market with the international standing required to meet today’s challenges. Industrial Leasing Investors, project developers and tenants of all sizes and in all sectors of industry frequently retain our Industrial Leasing specialists as sole agents when it comes to letting industrial property, searching for new locations or renewing existing leases all over Germany. Being specialists in industrial and commercial real estate, we arrange sales and leases for built-up and vacant lots, warehouses and logistics installations, production sites and commercial space as well as trading estates. Our network of offices and the resulting local expertise help clients in making fast and reliable decisions on industrial leases anywhere in Germany.

Specialised Properties Not all properties are easily marketable. We have therefore formed a team of experts to assist in marketing particularly challenging properties. Retained as sole marketing agents, our specialists develop customised and not infrequently unconventional marketing concepts. This way we successfully identify and implement new uses for even the most challenging properties. Parking Consult Whether it is a newly built or a redeveloped property, the availability and quality of parking is often a decisive factor in the success of a project. Our Parking Consult unit offers owners, investors, project developers, hospitals and public sector entities independent advice in the market for professional parking management. We can analyse the parking needs for a given location and the achievable revenues in order to gauge the economic viability of an envisaged parking facility. In addition, we advise owners on the respective merits of operating such a facility themselves or subcontracting it to a third party. We can assist in drafting the tender package and steer the negotiations to a successful agreement. Many clients appreciate our expertise in this segment, which allows them to tap into an additional revenue segment.

... our tenant representation specialists only recently completed mandates for Amazon (Munich), Vodafone (Düsseldorf) and Bank of New York Mellon (Frankfurt)? ... renowned retail concepts such as Hollister, Geox and Nespresso rely on Jones Lang LaSalle as their exclusive or preferred agent for their expansion plans in Germany? ... our retail brokerage experts arrange leases worth between € 150 and € 200 million in Germany’s prime shopping locations in an average year? ... in 2010 our Industrial Leasing team arranged leases for some 450,000 square metres of warehouse and office space nationwide?

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Capital Markets Your Transaction Advisor: Jones Lang LaSalle. Drawing on our firm’s global presence and expertise, our Capital Markets team is optimally placed to track developments in the world’s increasingly globalised real estate markets. Transaction advice on individual properties or entire property portfolios in Germany and abroad is one of our core disciplines. In Germany we advise clients on investment decisions in local office, retail, industrial and residential property markets. Nobody is more familiar with the supply and demand situation in the country’s important real estate and services centres than our Capital Markets professionals. We can supply clients with detailed information on all essential micro and macro markets. Clients venturing abroad can rely on our assistance in all interesting commercial real estate markets around the globe, where our local presence means that we can introduce them to all relevant market participants.

Office Investment The office investment market is subject to constant change while becoming ever more internationalised. Retained by investors and sellers, we steer structured processes and private placements for individual and portfolio transactions to a successful conclusion. With our expertise covering core, core+ and opportunistic products, our experts will identify the optimal buyer and a suitable property for any office investment. Our geographical coverage allows us to offer prospective buyers an exceptional variety of suitable products. Our clients include all renowned German and international property investors, in particular private and institutional investors, real estate users, project developers and the public sector. Where required, we complement our local expertise by bringing in German or international colleagues with specialist expertise or privileged access to specific investors.

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Retail Investment Our Retail experts support private and institutional investors from Germany and abroad in acquiring or selling retail property. We offer a uniquely wide range of advice on all retail property categories – from mixed-use buildings to shopping centres, from retail warehouses to supermarkets. In the market for shopping centres and mixed-use downtown buildings, Jones Lang LaSalle is one of the most successful brokers by far. Institutional investors appreciate our excellent expertise in structured sales processes as well as our extensive experience in due diligence advisory. Private investors can rely on our sound strategic advice when it comes to valuing, analysing and optimising their property portfolios. As in the Retail Leasing segment, our clients benefit from our long-standing relationships with private investors in prime locations as well as from our market expertise and our excellent international network.

Did you know that ...

... in 2010 our Capital Markets Team advised on some 50 office and retail transactions with a total volume in excess of € 2.8 billion in Germany?

Industrial Investment In recent years industrial and logistics properties have come to be appreciated as an attractive investment market offering stable value for German and international investors. We support private and institutional investors, real estate users and project developers in acquiring and selling leased industrial and logistics properties and well as trading estates in Germany’s 14 key regions in terms of logistics. Our unique expertise derives from our long-standing specialisation in this asset class and the high market penetration achieved by our local teams working nationwide. In addition, we offer clients a wide variety of detailed research data.

Residential Investment Investor interest in German residential property remains on the increase, resulting in a substantial demand overhang. In contrast, there are only a limited number of property advisors combining nationwide expertise with international resources. In recent years Jones Lang LaSalle has considerably expanded its advisory and research activities in the residential property area. We assist domestic and international investors, owners, project developers and pension funds in sales processes and structured transaction processes for residential property ranging from multi-family houses to residential estates, from building plots to residential development and refurbishment projects.

... more than 50 specialist investment advisors make our Capital Markets Team one of the largest of its kind in Germany? ... most recently we advised on landmark transactions such as Spherion (Düsseldorf), Ansgarhof (Hamburg), Kap am Südkai (Cologne) and Römischer Hof (Berlin)? ... 15 colleagues based in London exclusively focus on cross-border transactions and relations with major European investors? ... Jones Lang LaSalle is a market-leading advisor on international real estate transactions? ... Jones Lang LaSalle has advised on worldwide transactions worth more than US$ 260 billion since 2005?

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Corporate Finance Customised solutions for complex transactions. More than ever before, financing and ownership structures in the real estate sector are subject to ongoing change, confronting market participants with new challenges. Against this background, our Corporate Finance team offers solid solutions for real estate and capital market transactions of all kinds. Our advisory approach is geared directly to the financial implications of real estate decisions. With our excellent knowledge of the international capital markets, our specific real estate expertise and our high market penetration, we are uniquely placed to advise on complex transactions. Confidentiality and compliance are paramount in this sensitive business. This is why our Corporate Finance services are provided independently through Jones Lang LaSalle Corporate Finance GmbH, thereby ruling out any conflicts of interest for the benefit of our clients.

Mergers & Acquisitions Our activities focus on professional support for domestic and international corporate transactions (share deals) as well as portfolio transactions (asset deals) in the real estate and infrastructure sectors. We advise on the sale of companies and portfolios, mergers, sale-and-lease-back transactions as well as buyouts (MBO/MBI/ LBO). We provide effective support to our clients through professional process coordination and advice on negotiation strategies and tactics. When working on sell-side mandates, we identify and introduce suitable domestic and international prospective buyers, who are provided with a professionally produced memorandum. When working on buy-side mandates, we identify suitable investment targets, value the transaction asset using several valuation methods and support our clients through all phases of due diligence. Our M&A team members maintain long-standing relationships with domestic and international investors such as sovereign funds, international fund and asset managers, institutional investors, listed real estate companies and REITs in countries and regions including the USA, the UK, continental Europe, the Middle East and Asia. In addition, we can draw on comprehensive experience in investment banking, transaction structuring and auctions. Debt Advisory A large part of the capital invested in the German real estate market in recent years will come up for restructuring in the medium term. Rising interest rates and the scheduled maturity of many securitised commercial real estate loans will pose new challenges for market participants. High borrowing costs and problems in refinancing risky investments emphasise the need for sound advice. Our Debt Advisory unit is happy to demonstrate how the spectrum of available capital market instruments can be put to optimum use to address issues of this kind.

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Our experts provide valuable assistance in divesting distressed loans or securitised loans. Following an in-depth analysis of the underlying agreements and creditor arrangements, they will approach suitable potential buyers and ensure a smooth divestment process. We also support our clients in talks with lenders and in the valuation of loans. Overleveraged capital structures can be adjusted through debt restructuring measures including covenant resets, debt buybacks and conversions or possibly the injection of fresh equity. In addition, we provide comprehensive restructuring advice. Our specialists develop and implement carefully customised debt finance solutions for existing properties and portfolios including the drafting of appropriate business plans. While we never act as lenders and act independently from financial institutions, we maintain an ongoing exchange with numerous German and international banks and lenders. Corporate Capital Markets Companies not infrequently underestimate the financial potential of the commercial real estate they own and occupy. This is why our Corporate Capital Markets team advises companies whose core business is not in real estate on unlocking liquidity, exit strategies, cost optimisation and balance sheet restructuring. Our experts analyse and improve existing leasing and financing structures. We assist clients in ranking their properties by strategic importance and in developing hold, exit or liquidity strategies. Companies with longterm rental agreements can draw on our expertise in securitising future rental revenues and selling these securities to institutional investors. In addition, we provide professional advice on sale-andlease-back transactions, REITs, IPOs, OpCo/PropCo transactions and fund solutions, ensuring that such complex projects can be completed successfully.

Did you know that ...

... our Corporate Finance team advised on the placement of indirect investments worth more than € 3 million over the past five years?

Indirect Real Estate Investments / Private Placements Our advisory service in the area of non-listed real estate investment vehicles is targeted both at investors and fund managers. The former can get exposure to the performance of the international real estate markets by investing in diversified funds and specific country and sector funds. We identify suitable funds and assist clients in making investments and performing ongoing analyses. In addition, we advise investors on secondary market transactions. Fund managers can avail themselves of our support in placing property fund shares. Our input ranges from the structuring of appropriate investment vehicles to the – typically – complete placement of the shares. Time and again we use our excellent contacts with market players to arrange joint ventures between local asset managers and international investors.

IPO Advisory An initial public offering provides an interesting way to raise capital particularly for companies with large real estate holdings. Our advice covers all phases of an IPO. We draft an issuing and placement concept, support the client in establishing appropriate REIT structures, assist in the preparation of investor relations materials and answer questions regarding the proposed listing. In addition, we will prepare a valuation of the real estate portfolio that meets the requirements of an IPO. Being wholly independent from banks and financial institutions, we are well placed to advise clients on the composition of the underwriting consortium. Moreover, we assist the client on the negotiation of the underwriting agreement and verify the issuing price determined by the bookrunner. During the entire process we exclusively represent the interests of our clients and support them in meeting the numerous challenges involved in taking a company public.

... our experts advised a major financial institution on the sale of a portfolio comprising 190 properties valued at € 1.7 million? ... a client has appointed our Corporate Finance unit as trustee for a real estate portfolio worth roughly € 10 billion? ... our Corporate Finance unit has advised a major listed German insurer on the sale of fund shares with a subscription value of approximately € 75 million in secondary market trading? ... Jones Lang LaSalle operates the largest secondary market platform for institutional investors, which supported numerous transactions worth in excess of € 275 million in 2010?

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Valuation & Transaction Advisory Highly valued expertise for better real estate decisions. The demands made on real estate valuations are constantly increasing, reflecting clearly greater risk awareness on the part of many market participants in response to the most recent economic crisis. They expect independent and timely advice, detailed analyses, greater transparency in dealing with processes and market risks as well as a high degree of specialisation in specific asset classes. Other criteria include high market penetration, flexibility and international networking. Our Valuation & Transaction Advisory service is geared to these very expectations. By offering our clients accurate analyses and valuations we empower them to make well-founded real estate decisions.

We make our expertise available to national and international capital investment companies, banks and financial institutions, companies as well as public and private investors and portfolio owners of all kinds. Being the market-leading provider of valuations for commercial and residential estate, we can draw on a high market penetration. More than 70 valuation experts determine the current market values of properties using both classical valuation techniques and the latest analytical methods and approaches. All our valuations are based on internationally acknowledged guidelines as well as local rules and regulations. In the area of valuations, in particular, we attach the greatest importance to exercising “thought leadership” and maintaining the highest standards of quality. Our employees are certified to HypZert and MRICS and have attained a high degree of specialisation. It is not without reason that numerous processes, ratings and indicators that are today widely acknowledged in the market – such as the Valuation Performance Indicator (Victor) – derive directly from initiatives by Jones Lang LaSalle.

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Bank Valuation & Debt Advisory As an asset class, real estate places particular demands on banks, financial service providers and lawyers working in the banking environment. Whether it is loan approvals, credit monitoring or the restructuring of existing exposures, questions regarding the current and sustainable value of a property need to be answered based on professional and impartial expertise. Our experts are uniquely placed to provide customised answers. Working independently, swiftly and around the globe, we determine the market values and collateral values of individual properties as well as of entire portfolios in accordance with national and international standards. Apart from detailed market studies, our analysts also develop alternative strategies for action, analyse portfolios and conduct critical reviews of business plans. Portfolio Valuation Advisory On behalf of domestic and international property owners we appraise portfolios for accounting purposes, e.g. to ensure compliance with the International Financial Reporting Standards. We also advise this client group on capital market transactions such as initial public offerings (IPOs), REIT conversions and capital increases. Our service is rounded off by performance analyses and advisory on existing portfolios.

Did you know that ...

... each year Jones Lang LaSalle values properties worth more than € 70 billion on behalf of domestic and international clients in Germany?

Residential Valuation Advisory Our valuation teams advise investors, owners and banks in respect of residential real estate portfolios. Our clients look to us for market and location analyses, portfolio analysis as well as due diligence advisory on purchase and sale decisions. In addition, we support our clients in financings, LTV appraisals, reporting and capital market transactions. Housing companies and local authorities can avail themselves of our professional expertise when it comes to determining the market values of their real estate holdings. Retail Valuation Advisory In the retail segment we advise investors, owners, banks and retail chains on the valuation of retail property for transaction, financing and accounting purposes. Our services range from the appraisal of market and collateral values to rental valuations and asset management strategies. Our expertise in due diligence is instrumental in many transactions. Other areas of our advisory services include portfolio strategies including risk assessments as well as location and market analyses.

Transaction Valuation Advisory Our analysts perform comprehensive due diligence services on behalf of buyers and sellers involved in transaction processes. Using sophisticated valuation models complemented by portfolio and sensitivity analyses, we provide a sound basis for investment decisions and draft appropriate business plans. Our proven benchmarking models empower our clients to assess properties amidst ongoing changes in the markets.

... this volume of valuations is equivalent to the volume of all open-ended property funds in Germany? ... in 2010 we advised on refinancings worth € 30 billion in Germany? ... every year Jones Lang LaSalle values approximately 10 million square metres of retail space including some 400 shopping centres all over Europe? ... not a single one of our valuations was delayed?

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Property & Shopping Center Management Unlocking value in property. Our Property & Shopping Center Management unit offers flexible and customised property management services which go far beyond the usual administration of data. Our commercial, technical and accounting expertise contributes to targeted, effective investment strategies. We stabilise and optimise the performance of commercial properties of all types and ages – from traditional office buildings to trading estates and mixed-use properties, from retail properties to shopping centres and hotels. Our services not only raise the value of properties but also allow our clients to concentrate on their core businesses and optimise their use of human resources.

Property Management Does a property deliver an appropriate return? Should a property remain in the portfolio or should it be sold to release cash for a new investment? What is the best way to recruit tenants for vacant space? Many property owners regularly faced with such questions rely on the professional advice provided by our Property Management teams as part of their comprehensive service. Working on behalf of our clients – mainly enterprises, as well as domestic and international capital investment firms, banks, insurance companies, funds and private investors – we perform all tasks in the area of property management. By availing themselves of our service, cross-border investors can compensate for their lack of local resources and benefit from a highly internationalised service at the same time. Taking into account the client’s real estate strategy, we realise appropriate solutions for the optimum management of properties. Our top priorities are pro-active tenant management, timely lease renewals, stringent letting and cost management as well as securing a property’s cash flow. The master agreements we have in place with insurers and energy providers allow to lower some of the essential cost drivers without compromising on the quality of the services received.

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Green property management and compliance with sustainable practices continue to gain in importance. The foreseeable changes in energy and commodity costs, tighter statutory regulations as well as the ongoing demographic change combine to highlight the opportunities for sustainable properties. We support our clients in leveraging this potential. With a view to promoting tenant loyalty, our property management experts operate nationwide and are based as close as possible to the managed properties in the local sub-markets. We attach the greatest importance to meaningful reporting and our reports are structured and shaped in line with our clients’ preferences. In addition, our clients benefit from transparent and reliable cost structures at all times.

Did you know that ...

... Jones Lang LaSalle manages some 600 predominantly commercial properties with some 6 million square metres of lettable space and 6,400 tenants in Germany? Shopping Center Management An inviting atmosphere and a relevant tenant mix are key to ensuring that shoppers enjoy lingering in malls and shopping centres. This is why our Shopping Center Management service is geared to raising the attractiveness for the benefit of owners, tenants and consumers alike. Our services range from commercial and technical management to property analyses and revitalisation concepts, from letting management to retail advisory. Our management activity always aims to optimise the overall concept in terms of the tenant mix. Even more importantly, we work to enhance the shopping experience, as it determines tenants’ potential sales and, ultimately, the owner’s rental income.

As a nationwide full service provider, we work on behalf of domestic and international project developers, capital investment companies, banks, insurers, pension funds and private investors. Our goal is to stabilise and optimise investments in retail property. As in our Property Management activities, we attach great importance to maintaining a local presence. Our shopping centre managers and letting specialists operate in the shopping centres which they manage. If and when required, they can draw on our nationwide expertise in the areas of project design and development. They also have access to retail experts based in our regional branches. Our shopping centre managers monitor and analyse the market environment of their centres. They develop letting concepts, recruit tenants for vacant space and ensure that a functioning letting management process is in place. Their tasks also include marketing and public relations as well as setting up and managing tenant advertising associations. We take care of parking management and ensure that the technical quality of the property is maintained. Where required, we develop space optimisation concepts and project manage any required revitalisation and conversion measures. We are committed to providing professional advice and support to tenants and owners even long before a centre opens its doors.

... the properties managed by us represent a building value of some € 11 billion and generate annual rents of approximately € 770 million? ... Jones Lang LaSalle is flexible enough to manage both major portfolios and stand-alone properties in accordance with each client’s unique requirements? ... Jones Lang LaSalle is one of Europe’s largest independent providers of comprehensive shopping centre management services? ... we manage more than 600,000 square metres of shopping centre space comprising a total of 725 tenant units in Germany and Austria? ... we already practice green property management while others are still merely talking about it?

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Real Estate Advisory Services Making real estate processes more efficient. Ongoing professionalisation in the real estate sector has led to a growing complexity of processes and products, facing many property owners and users with new challenges. Our Real Estate Advisory Services address these questions and respond to them with numerous non-transaction oriented services. We assist our clients in optimising their processes, provide active support for the realisation of construction projects and advise them with respect to propertyrelated ecology and sustainability. These areas of activity are a potential source of substantial revenues – our crossdisciplinary approach and our long-standing experience in the real estate sector help clients tap into this potential.

Investor Consulting Our Investor Consulting activities are geared to process optimisation and efficiency gains. We develop and implement real estate strategies on behalf of our clients and assist them in structuring the requisite processes. Working in conjunction with our clients we identify potential for efficiency gains and higher returns. Our experts perform location, usage and demand analyses as well as feasibility studies and profitability calculations. The overriding objective in all our activities is to unlock value for our clients. Apart from optimising our clients’ internal processes, we also provide them with an overview of the quality of services rendered by their subcontractors. We assess to what extent the latter actually meet their contractual obligations. Our performance measurements target the areas of asset, property and facility management, in particular. We also assist in the implementation of the resulting organisational and structural adjustments. In addition, we offer investors special projects designed to boost the efficiency of their real estate management and look for optimum solutions to capacity bottlenecks.

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Project & Development Services Project & Development Services highlights the interdisciplinary range of our advisory approach. Our teams advise investors, owners and users of all types of commercial real estate on new construction and conversion measures as well as on refurbishing projects. We assess the technical and economic implications of such projects and implement construction projects on a local, national and international level. Smooth project management ensures compliance with agreed levels of quality, costs and deadlines. Our offering also includes space analyses as well as space and occupancy planning.

Did you know that ...

... in the past three years alone we successfully completed over 250 projects with a total volume of more than 1.5 million square metres on behalf of more than 50 investors and major companies? Energy & Sustainability Services It took only a few years for the term “sustainability” to become widely accepted as a driver of real estate decisions. Today sustainability is an important investment criterion for institutional investors and a deal breaker for real estate users looking for space to rent or lease. When it comes to optimising the energy efficiency and sustainability of properties, Jones Lang LaSalle is one of the leading real estate advisors. Our advisory approach starts with professional support in all respects of BREEAM, DGNB and LEED certification. In addition, we offer our clients a holistic advisory concept which comprises all relevant ecological, economic and social factors and views sustainability as an integrative element of corporate and entrepreneurial activity. Drawing on this concept, we develop viable

sustainability strategies, point out benchmarks and analyse the current sustainability performance of properties. We identify ways of implementing a company’s commitment to sustainability in day-to-day management processes. Moreover, our services include staff training. We also support our clients in the implementation of construction measures and bring to bear our sophisticated energy monitoring techniques in order to tap into technical and economic sustainability potentials. Summed up as “Green Facility Management”, all our measures are designed to ensure that our clients’ properties remain viable also in the future. Our advice provides a clear overview of the sustainable qualities and risks inherent in individual properties or entire portfolios.

... Nokia has contracted us as their preferred partner for project management services in Germany? ... we have already been instrumental in Green Building certifications for properties with a total space of more than 200,000 square metres? ... we have already successfully secured a Platinum certification for a new office building? ... the “Green Quadrant® Sustainable Real Estate Advisors” report published in 2011 named us as the market leaders in sustainable real estate? ... with more than 2,000 project managers on staff, we are among the world’s leading providers of project management services?

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Corporate Solutions Helping companies concentrate on their core business. To conduct their core business smoothly and successfully, virtually all domestic and international companies require owned or rented properties. In contrast to real estate investors, however, their real estate decisions are not directly driven by the objective of generating rental income and earning capital returns. Even so, their economic success depends at least partly on the provision of efficient space at economically justified costs. This is where our Corporate Solutions unit comes in. Providing a global service from a single source, we assist our clients in shaping and optimising the financial and operational real estate parameters within the framework of their projects.

Our service philosophy starts with gaining an in-depth understanding of a client’s motives and priorities in taking real estate decisions. On this basis we ensure transparency of all ratios and financials. We define and realise cost reduction targets to unburden the client’s profit and loss account. We advise our clients on the integration of acquired companies. Our experts support consolidation initiatives in defined geographic conurbations and expansions within Germany or abroad, including in emerging markets. Other tasks include the generation of additional liquidity and ensuring smooth operational processes. Corporate governance and compliance have become important issues for an increasing number of companies. We devise mandatory internal processes for real estate decisions and ensure that all actions taken are properly recorded and stand up to audits. Our Corporate Solutions team offers customised solutions for corporate real estate across the entire property value chain – from the provision of space or properties, to their day-to-day management and their eventual disposal. Our Corporate Solutions experts are often called in ahead of M&A transactions to offer professional advice on proposed transactions, e.g. relating to opportunities within a real estate portfolio and improvements of the existing corporate real estate organisation.

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Our services can be used in integrated or modular form. They essentially cover the following activities, which are provided partly in conjunction with other specialised departments of Jones Lang LaSalle: • New lettings/leases and renewals • Sales of individual properties and portfolios • Sale & Lease/Rentback • Forward Sale & Lease/Rentback • Purchases and sales of land • Portfolio analyses (rented and owned portfolios) • Portfolio strategies • Reviews and management of rental agreements • Sublettings • Lease terminations • Advice on usage and development concepts for corporate locations • Project management for new construction, conversions, extensions and demolition projects • Implementation of space usage concepts down to the workplace level (working spheres) • Appraisals and price estimates for individual properties or portfolios • Advice on the introduction or optimisation of CREM organisations

Did you know Wussten Sie schon, that ... dass ...

Many real estate managers on the client side manage international property portfolios from a central location. Corporate Solutions provides each client with a defined contact who organises all worldwide tasks and mandates pertaining to the above listed services and ensures that they are fulfilled to the defined levels of quality. Our clients benefit from coordinated communication routines, report formats and processes. Available both for individual projects and under exclusive master agreements, our services save time and give corporate real estate managers additional room to manoeuvre.

At the bottom line, Corporate Solutions combines two areas of expertise that are key to success – expertise in real estate markets and process expertise. Both are derived from our global market presence, our employees’ interdisciplinary expertise, our competence in terms of advanced methodologies and our thorough understanding of client needs, no matter whether it is office, retail, warehouse, logistics or industrial properties. Our Corporate Solutions team is the first port of call for real estate related tasks faced by companies whose core business is not in real estate.

... our unsere Corporate CorporateSolutions Solutions-Sparte unit works for more fürthan mehr als zwei two thirds Drittel of theder compaDAX 30-Konzerne nies listed in tätig the DAX ist? 30 index? ... unsere Experten für zahlreiche ... numerous MDAX-, MDAX,SDAXSDAX und TECDAX-listed and TECDAX-Unternehmen comHandlungsoptionen panies have retained our bewerten, experts to Kosten evaluatesenken options undaction, for Konsolidierungslower costsbzw. and Expansionsvorhaben manage consolidation and managen? projects? expansion ... we wir work etliche forMittelstandsnumerous und Familienunternehmen medium-sized and familymit größeren managed companies Immobilienportfolios owning major betreuen? property portfolios? ... wir eines der größten Business-Development... we have one of the Teams der largest business Branche haben? development teams ... unser in the industry? deutsches Corporate-Solutions-Team in our ... 2009/2010 Germanmehr Corporate als 100 Projekte Solutions team in über managed/ 40 Ländern gemanagt coordinated more than bzw.100 koordiniert projects in over hat? 40 countries in 2009/2010?

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Hotels

Did you know that ...

Five-star advice on hotel properties. Hotel properties are a real estate category with a very strong international orientation and a number of highly specific challenges. Reliable appraisals of the economic performance of a hotel and sustainable improvements of its return on investment hinge on a profound understanding of the hotel and hotel investment market, the operation of hotels and the structure of hotel operator agreements. In contrast to other forms of commercial real estate, hotel space is re-let on a daily basis, resulting in highly complex and volatile markets which defy easy analysis. This is why owners without a hotel background and even bankers frequently find it hard to gauge the underlying risks accurately and price their exposure appropriately.

Jones Lang LaSalle Hotels has offered full-service advisory on hotels in Germany for more than ten years. Our expertise covers the entire life cycle of hotel properties. Recognising the unique character of the hotel industry, our hotel division operates as an independent company. Our hotel expertise extends far beyond transaction advice, spanning the spectrum from letting and valuation to purchases and sales through to asset management. In addition, we support clients in the strategic and operational orientation of their hotel investments and consistently address sustainability issues as part of our mandates.

Our essential strengths include our direct access to decision-makers at all national and international investors, financiers, operators and project developers. In addition, our clients benefit from our solid industry background. Most of our specialists have worked in the hotel sector and have degrees in business administration and hospitality studies. This benefits all concerned. It is no coincidence that Jones Lang LaSalle Hotels is one of the few advisors who can be relied upon to close sales and lettings even in recessionary phases.

... Jones Lang LaSalle Hotels is the leading real estate team specialising in hotels in Germany and worldwide? ... in 2010 we advised on 19 hotel transactions worth approximately € 900 million in the EMEA region, which is equivalent to a 30 percent market share? ... Jones Lang LaSalle Hotels completed more than 400 advisory mandates in the EMEA regions in 2010, involving valuations, advice and asset management services for some 140,000 hotel rooms? … each year Jones Lang LaSalle Hotels publishes more than 80 research papers analysing the global hotel and hotel investment market?

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Awards & Accomplishments Award winning services. “Real value in a changing world” encapsulates our commitment to create and deliver value for our clients. We hold ourselves accountable for the social, economic and environmental implications of our activities. Our policies and practices live up to the highest standards of corporate governance, transparency and business ethics. All our divisions have been certified to DIN ISO 9001 since 1996. Our clients and partners can rely on uniformly defined standards and optimised processes.

Environment & Sustainability Jones Lang LaSalle has been a pioneer of energy efficient and sustainable real estate strategies. In our core business, in particular, we recognise our responsibility to minimise the not inconsiderable impact of commercial real estate on the environment. We are committed to being the real estate industry leader in environmental sustainability and energy management. Social Responsibility & Workplace Jones Lang LaSalle supports all aspects of corporate social responsibility. We strive to attract and retain the most talented individuals, encouraging and enabling them to succeed. We therefore continue to create welcoming and rewarding workplaces for our people around the world. Jones Lang LaSalle is regularly singled out as one of the most popular employers in numerous countries. Diversity & Society Being an international company, we continue to foster a tolerant working environment which values the richness of our differences and reflects the diverse cultures of the world we work in. By cultivating a dynamic mix of people and ideas, we enrich our service capabilities and the communities in which we operate. The following are some of the awards and prizes that illustrate our values and beliefs:

FORTUNE “World’s Most Admired Companies 2011®” In 2011 Jones Lang LaSalle once again figured in FORTUNE’s ranking of the “World’s Most Admired Companies®” in the real estate sector. This award, which recognises companies’ reputations, is one of the most coveted corporate awards in the world. Immobilien Zeitung “Top-Arbeitgeber Immobilienwirtschaft” For the second time in a row Jones Lang LaSalle made it into the top 3 of the most desirable employers in the real estate sector, with Jones Lang LaSalle being the only real estate advisor on the list. Trade magazine Immobilien Zeitung conducted this independent survey among students in real estate courses in Germany. “The Times” Top 50 Companies Where Women Want to Work Jones Lang LaSalle has repeatedly been included in the “Top 50 Places Where Women Want to Work” ranking by Britain’s “The Times”. This award acknowledges companies’ special efforts to create an equal opportunity environment. ENERGY STAR Jones Lang LaSalle has repeatedly been named as an ENERGY STAR® Partner of the Year by the U.S. Environmental Protection Agency (EPA). This award recognises significant energy savings achieved through successful energy management strategies.

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Our locations Berlin Berliner Freiheit 2 10785 Berlin tel: +49 (0) 30 203980 0 fax: +49 (0) 30 203980 140 [email protected]

Frankfurt Wilhelm-Leuschner-Straße 78 60329 Frankfurt tel: +49 (0) 69 2003 0 fax: +49 (0) 69 2003 1001 [email protected]

Leipzig Petersstraße 12-14 04109 Leipzig tel: +49 (0) 341 22633 0 fax: +49 (0) 341 22633 30 [email protected]

Cologne Schildergasse 120 50667 Cologne tel: +49 (0) 221 2775 0 fax: +49 (0) 221 2775 30 [email protected]

Hamburg Oberbaumbrücke 1 20457 Hamburg tel: +49 (0) 40 350011 0 fax: +49 (0) 40 34370 0 [email protected]

Munich Ludwigstraße 6 80539 Munich tel: +49 (0) 89 290088 0 fax: +49 (0) 89 290088 29 [email protected]

Düsseldorf Kaistraße 5 40221 Düsseldorf tel: +49 (0) 211 13006 0 fax: +49 (0) 211 13399 0 [email protected]

Hanover Georgstraße 56 30159 Hanover tel: +49 (0) 511 12370 0 fax: +49 (0) 511 12370 30 [email protected]

Stuttgart Kleiner Schlossplatz 13 70173 Stuttgart tel: +49 (0) 711 900370 0 fax: +49 (0) 711 900370 9 [email protected]

Please contact our Marketing department for any queries. Jones Lang LaSalle GmbH Wilhelm-Leuschner-Straße 78 60329 Frankfurt tel: +49 (0) 69 2003 1114 fax: +49 (0) 69 2003 1255 [email protected]

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