Corio 311211 Consolidated Valuation Certificate - No Signatures

8/12/2019 Corio 311211 Consolidated Valuation Certificate - No Signatures

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V LU TIONREPORTInvestment & Development

Properties

Valuation report as at 31 December 2011

On behalf of Cori Nederland B.V.


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VALUATION REPORT 2

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VALUATION REPORT

CBRE LimitedHenrietta HouseHenrietta Place

LondonW1G 0NB

Switchboard +44 (0)20 7182 2000Fax + 44 (0)20 7182 2001

Report Date 15 February 2012.Addressee Cori N.V.

Hoog Catharijne

Van Duvenborch Building

Stationsplein 97

3511 ED Utrecht

The Netherlands

The Properties We refer to the Schedule of Market Values which isincluded in the enclosures.

Ownership Purpose Investment and Development.

Instruction To value on the basis of Market Value the interest in theProperties as at the Valuation Date in accordance with

our Service Agreement signed 20 April 2011.

Valuation Date 31 December 2011.Capacity of Valuer External.

Purpose Accounting purposes.

Aggregate MarketValue

2,439,893,091 (TWO BILLION FOUR HUNDREDAND THIRTY NINE MILLION EIGHT HUNDRED ANDNINETY THREE THOUSAND AND NINETY ONEEUROS) 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.


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VALUATION REPORT 3

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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 withValuation 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 havebeen 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 acompany transaction and as such will not

incur any property transfer tax.

Transaction costs are assumed to be 2.5%, assupplied by Cori Nederland B.V.

That the subject property is the companyssole asset.


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That the sale of the property within thecompany structure will not trigger any latent

capital gains tax liabilities.

That the company being purchased has noextraordinary 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 None.

Variation fromStandardAssumptions

None.

Valuer The Properties have been valued by a valuer who isqualified for the purpose of the valuation in accordance

with the RICS Valuation Standards.

Independence 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 Disclosure under Red Book April 2010 Amendment (PS1.8).

The principal signatory of this report has continuously

been the signatory of valuations for the same addresseeand 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.

Conflict of Interest We have no conflict of interest in carrying out thisinstruction.


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Reliance This report is for the use only of the party to whom it isaddressed for the specific purpose set out herein and no

responsibility is accepted to any third party for the wholeor any part of its contents.

Publication Neither the whole nor any part of our report nor anyreferences 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 theRoyal Institution of Chartered Surveyors Valuation

Standards or the incorporation of the special

assumptions referred to herein.

Yours faithfully, Yours faithfully,

Andrew Barber MRICS

RICS Registered Valuer

Senior Director

For and on behalf of

CBRE Limited

Mark Fidler FRICS RT

Executive Director


CBRE Valuation Advisory B.V.

E: [email protected] E: [email protected]

CBRE Valuation Advisory

T: +44 (0) 20 7182 2000

F: +44 (0) 20 7182 2273

W: www.cbre.com
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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VALUATION REPORT 6

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SCHEDULE OF MARKET VALUES

Properties Held for Investment & Development

Address Totals Freehold Leasehold Apportionment of Portfolio Value

Investment 2 383 23 91 1 921 5 3 91 461 52 97.67Development 56 87 12 425 44 445 2.33Investment & Development 2 439 893 91 1 933 928 91 5 5 965 100.00


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VALUATION REPORT 7

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SCHEDULE OF INSPECTIONS

Properties Held for Investment & Development

Country Address Date of Inspection

Netherlands Alkmaar, SC De Mare I,II,III April 2011

Almere, Stationade A & B April 2011

Almere, SC Stadhuisplein/Stationstraat April 2011Almere, Circus, Stadhuisstraat April 2011

Almere, Stationade, Busplein, Metropolestraat April 2011

Almere, Metropole (Primark), Busplein, Metropolestraat (Development) April 2011

Amersfoort, SC Emiclaer, Emiclaerhof April 2011

Amstelveen, SC Groenhof April 2011

Amsterdam, Reigersbos April 2011

Amsterdam, Arena Arcade, Arena Boulevard April 2011

Amsterdam, Villa Arena, Arena Boulevard April 2011

Arnhem, SC Presikhaaf, Hanzestraat April 2011

Dordrecht, SC Sterrenburg, PA de Kokplein April 2011

Emmen, De Weiert, Baander 165 April 2011

Goirle, SC De Hovel April 2011

Leiderdorp, Meubelplein Leiderdorp April 2011

Rijswjk, In de Bogaard, Prins Willem Alexander Promenade April 2011Rotterdam, SC Nesselande, Maltaplein April 2011

Spijkenisse, SC Maaswijk April 2011

Utrecht,Hoog Catharijne April 2011HC Retail Singelborch IPUC, Utrecht development April 2011

HC Retail Vredenburg IPUC , Utrecht development April 2011

Velserbroek,SC Velserbroek, Galle Promenade April 2011


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Zeist, Belcour, Emmaplein April 2011

Italy Bologna, Shopville Gran Reno April 2011

Cagliari,Millennium May 2011Cagliari, Le Vele April 2011

Modena, Centro Commeriale GrandEmilia April 2011

Turin, Shopville Le Gru May 2011

Turin, ex-IKEA May 2011

Spain Barcelona, Maremagnum SC March 2011

Barcelona, Maremagnum Parking March 2011

Cceres, Ruta de la Plata SC June 2011

Irun, Txingudi SC May 2011

Madrid, Sexta Avenida SC April 2011

Palencia, Las Huertas SC June 2011

Madrid, El Ferial SC March 2011

Turkey Bursa, Anatolium SC, March 2011

Germany Duisburg, Forum Duisburg June 2011

Duisburg, Knigsgalerie March 2011


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VALUATION REPORT 9

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SCOPE OF WORK & SOURCES OF

INFORMATION

Sources ofInformation

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.

The Properties Our reports contain a brief summary of the propertydetails on which our valuations are based.

Inspection We have inspected all of the Properties internally. Thedates of inspection are summarised in the attached

schedule of inspections.

Areas We have not measured the Properties but have reliedupon the floor areas provided.

EnvironmentalMatters

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.

Repair andCondition

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 forany 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.

Town Planning 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.


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Titles, Tenures andLettings

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.


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VALUATION REPORT 11

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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 beenincluded 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 ofthe 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.

EnvironmentalMatters

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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VALUATION REPORT 12

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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, wehave 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 titlefree from any onerous or hampering restrictions or

conditions;

(b) all buildings have been erected either prior to

planning control, or in accordance with planning

permissions, and have the benefit of permanent

planning consents or existing use rights for their current

use;

(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 thelandlord where required; and

(i) vacant possession can be given of all

accommodation which is unlet or is let on a service

occupancy.


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22 Hanover Square London W1S 1JAtel +44 (0) 20 7493 6040

www.joneslanglasalle.co.uk

Jones Lang LaSalle Limited

Registered in England and Wales Number 1188567

Registered Office 22 Hanover Square London W1S 1JA

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


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Kingdom Practice Statements contained within the RICS Valuation Standards, 7th

Edition. These areinternationally 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 theResidual 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:


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2,528,685,000

(Two Billion, Five Hundred and Twenty Eight Million,

Six Hundred and Eighty Five Thousand Euros)

Ownership Investments Development and

Land

Freehold 2,273,200,000 57,053,000

Long Leasehold 198,432,000

Total 2,471,632,000 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 l ikely 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.


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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 installationshave 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 theirpart 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.


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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 shoppingcentre 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 Christian Luft MRICSDirector Director

RICS Registered Valuer RICS Registered Valuer

For and on behalf of For and on behalf of

Jones Lang LaSalle Limited Jones Lang LaSalle Limited


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PRIVATE & CONFIDENTIAL

www.dtz.com

Valuation SummaryReport

Prepared on behalf of

Valuation date:Report date:

31 December 201116 February 2012


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DTZ Valuation Summary Report | Corio Portfolio

Valuation Date: 31 December 2011Report Date: 16 February 2012

2

1. Valuation

Report Date 16 February 2012

Addressee The Directors

Corio N.V.

Stationsplein 97

3511 ED Utrecht

The Netherlands

Instruction: To value on the basis of Market Value the Properties as at the

valuation date in accordance with your instructions.

Valuation Date 31 December 2011

Capacity of Valuer External

Purpose of Valuation : Accounting

Market Value 2,266,057,000 (Two billion two hundred and sixty six million and fiftyseven thousand Euros)

Freehold Leasehold Total Value

Held as Investment 1,820,684,000 323,388,000 2,144,072,000

Held for Development(Special assumption valuations)

121,985,000 121,985,000

Total Value 1,942,669,000 323,388,000 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 valueafter deduction made for typical purchaser costs).

Market Value is defined as: The estimated amount for which a property should exchange on the date ofvaluation between a willing buyer and a willing seller in an arm's-length transaction after propermarketing wherein the parties had each acted knowledgeably, prudently and without compulsion.


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

Special Assumptions

We have assumed for the properties held for development that all building authorisations have beengranted (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 anassumption 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 beregarded 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. Ourvaluations are fully compliant with IFRS accounting standards and IVSC valuation standards andguidance.

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, asreferred to in the Glossary to the RICS Valuation Standards (Red Book), have treated as a suppositiontaken 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, youobtain verification of the information contained within our report and the validity of the assumptions youhave 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 financialtransaction 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 thepurpose of the valuation. We also confirm that we have the appropriate knowledge, skills andunderstanding 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 sinceJune 2011. We have had no other current, anticipated or previous recent involvement with the portfolioand/or parties to the portfolio in the previous 12 months and therefore do not consider that any conflictarises in preparing the advice requested.


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Fee Income from the Client

In the DTZ Group's financial year to 30th April 2011, the proportion of total fees payable by theCompany 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 withinthis report, which we have assumed to be correct and comprehensive. We have assumed that alldetails likely to affect value have been made available to us and that the information is up to date in allmaterial aspects.

Individual valuation reports have been prepared in respect of each of the countries in which assets areheld. 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 weinvestigated 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 thatproperties are not, nor are likely to be, affected by land contamination and that there are no groundconditions 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 beingoccupied and used in accordance with all necessary consents and that there are no outstandingstatutory notices. We assume that buildings comply with all statutory and Local Authority requirementsincluding building, fire and health and safety regulations. We also assume that any extensions currentlyunder 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 andcapital 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, wehave made the Assumption that there is good and marketable title and that the property is free fromrights of way or easements, restrictive covenants, disputes or onerous or unusual outgoings. We havealso 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


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

4. Confidentiality and Disclosure

The contents of our Valuation Reports and appendices are confidential to the party to whom theyare addressed for the specific purpose to which they refer and are for their use only. Consequently, andin accordance with current practice, no responsibility is accepted to any other party in respect of thewhole or any part of their contents. Before our Valuation Reports, or any part thereof, are reproduced orreferred to, in any document, circular or statement, and before its contents, or any part thereof, aredisclosed orally or otherwise to a third party, the valuer's written approval as to the form and context ofsuch publication or disclosure must first be obtained. For the avoidance of doubt such approval isrequired whether or not DTZ is referred to by name and whether or not the contents of our reportsare 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


DTZ Debenham Tie Leung Limited

Corio 311211 Consolidated Valuation Certificate - No Signatures

Documents

Transcript of Corio 311211 Consolidated Valuation Certificate - No Signatures