Company Competency

Statement

BuildingInvestmentsReal Estate & Infrastructure Solutions

ContentsIntroduction 1 / Walras Real Estate and Infrastructure Solutions 2

/ What we do 3

Who we are 4 / Who we are 5

/ Managing Director: Paul Coelho 6

/ Operations Manager: Bianca Barrata 7

/ Commercial Manager: Shelley Wilson 8

Capabilities 9 / Construction Services 10

/ Development 11

/ Asset Performance Management 12

/ Construction Advisory 13

Experience 14 / Projects 15

/ Project 1: Coca Cola Canners 16

/ Project 2: Micros 17

/ Project 3: 12 Fredman Drive SALA House 18

/ Project 4: EMIRA Property Fund 19

/ Project 5: Multichoice Data Centre 20

/ Project 6: St Teresa School (Catholic Schools Office) 21

/ Project 7: Private Residential Investment 22

BBBEE 23 / BBBEE 24

Contact 25

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Buildinginvestments.

Introduction

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Introduction Walras Real Estate and Infrastructure Solutions

Walras is an African Real Estate development and construction company head quartered in Johannesburg, South Africa.

Walras was founded in 2010 and is managed by Paul Coelho. They are an experienced team of dynamic professionals with 30 years of built asset management and development experience between them spanning all property sectors, in both Africa and the international market.

Walras is one of the emerging leaders in the construction, development, operations and management of first class real estate in South Africa, having developed and constructed 30,000m2 of space since its inception.

In short space of time we have achieved this position by combining our hands on real estate expertise and disciplined management approach.

Walras works across a wide range of sectors and employs professional in house skills from varying disciplines, including quantity surveying, finance, project and programme management, management and sustainability consulting. Our capabilities our further enhanced through our strong supply chain and professional relationships with companies which have specific expertise.

As well as the construction and development management, we operate and manage real estate, provide distressed asset management solutions and offer advisory and consultancy services for owners, operators and users of built assets.

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Introduction What we do

Walras has an experienced and energetic management team focused on:1. Construction Services2. Development3. Asset Performance Management4. Advisory Service

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Buildinginvestments.

Who we are

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Who we are

Walras was founded in 2010 and is managed by Paul Coelho. They are an experienced team of dynamic professionals with 30 years of built asset management and development experience between them spanning all property sectors, in both Africa and the international market.

Managing Directors

/ Paul Coelho

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Who we are Managing Director

Paul Coelho

Paul Coelho is the managing director and founder of Walras. He is responsible for overseeing all business activities and the strategy of the firm. He is responsible for business development, advisory work and real estate development.

Prior to setting up Walras he ran an independent real estate advisory in London, working with major UK and European banks and real estate funds, where he was responsible for the management of restructuring and workout of underlying financial structures and projects where problems where encountered with debt servicing.

Paul also held the position of Development Manager with GMAC-RFC where he was responsible for overall operations of development portfolio.

Paul is a chartered surveyor. He holds a BSc Honours in Building Science (Wits) and has since completed a Masters Degree in Construction Economics and Management (Wits) as well as a Master of Science in Real Estate Finance (Reading). He attended the Executive Real Estate Programme at Harvard Business School in 2010.

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Who we are Operations Manager

Bianca Barrata

Bianca joined Walras in January 2013 and has been instrumental in positioning the company for renewed growth while still maintaining its lean and efficient profile. Bianca has spearheaded the development, communication and implementation of effective growth strategies while managing the working capital to ensure a return on Walras’ human and capital assets.

Prior to joining Walras Bianca spent some time with her new little family and her excellent parental skills and mirrored in her day-to-day management within the office. Before this she was an associate attorney with Goldman Judin Incorporated specialising in contract law. She has LLB from the University of Johannesburg and is an admitted attorney.

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Who we are Commercial Manager

Shelley Wilson

Shelley Wilson joined Walras on a part-time basis in 2012 and as the company has grown she has immersed herself in the business. Shelley has implemented and managed the commercial strategy of the firm and is responsible for the commercial and contractual arrangements associated with projects. Shelley is an expert in administering multi-disciplinary construction works packages and contracts.

Prior to joining Walras Shelley was based on-site as on the R1 billion Standard Bank Head office in Rosebank as a contracts Quantity Surveyor with WBHO. Shelley also spent 5 years in the UK with Turner Townsend as a cost manager working on a number of high profile university projects including the Maurice Wohl Neuroscience Building at the University College London.

Shelley has a BCom from UNISA as well as a PGdip in Quantity Surveying from the College of Estate Management in Reading. She is a member of the Royal Institute of Chartered Surveyors.

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Buildinginvestments.

Capabilities

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Capabilities / Construction Services

Construction is our core business. Walras is active in the building and construction of a range of projects in the property, infrastructure and resources markets in South Africa.Construction is our core business. Walras is active in the building and construction of a range of projects in the property, infrastructure and resources markets in South Africa.

Construction projects are resource intensive and involve intellectual, human and financial capital. Construction projects often employ hundreds of workers and numerous subcontract organisations as well as equipment and materials. Walras’ intense and hands-on management approach in orchestrating the construction operations ensures first class delivery of construction projects.

Unless every aspect of a construction project is perfectly integrated and managed it will fail to meet the required objectives. Walras strives to understand its client’s objectives in order to select the most appropriate construction manager and management process for each individual project. We work diligently, cost effectively and with enthusiasm from project inception to commissioning of the completed facility.

We undertake:• Civil and Ground Engineering• Refurbishment and Fit-Out• Mechanical & Electrical Services• Design and Build• Building and General Contracting

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Capabilities / Development

Walras is an emerging developer of real estate in South Africa.

We have an extensive professional and corporate network and have the ability to identify opportunities to improve operational efficiencies and asset repositioning to enhance the assets underlying value while continually reducing development risk. Walras’ growth in the real estate sector has been accompanied by a serious commitment to sustainable development and it is a member of the Green Building Council of South Africa.

Our approach recognizes the need to develop buildings considering the whole-life of the asset. Our key strengths lie in the acquisition, planning, financing and asset management. We aim to deliver real benefits to our investors and occupiers by leveraging our team’s hands-on real estate experience and property and business relations. To date Walras has been involved in the development of a number of successful private sector developments for reputable corporates.

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Capabilities Asset Performance Management

Understanding our client’s objectives is of paramount importance.

Understanding our client’s objectives is of paramount importance. These may be the objectives of either owners or occupiers, regardless we aim to ensure the built environment in which they work, own or carry out their business supports and makes a positive contribution to the defined business objectives.

Our asset management team micro manages every inch of the built asset to ensure higher financial returns for investors or more efficient business performance and operations while constantly bestowing positive effects on both the environment and society in which the building functions. The team has the expertise to manage all built assets at any point in the life cycle of that asset.

Our service includes but is not limited to:• Facilities Management• Upgrade and Maintenance• Business Process Outsourcing

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Capabilities Construction Advisory

Our advisory services offer specific expertise, in distressed projects and development and construction due diligence. We work together to create shared value for our clients.

Distressed Project SolutionsAs the economic downturn began to take shape both in South Africa, the US and Europe Walras was well positioned to assist in the recovery of distressed construction and real estate assets.

Our specialized distressed asset management team is suitably qualified to provide support to funders, administrators and Borrowers when construction projects become distressed. Walras are well placed to provide either pre-insolvency or post-insolvency support.

Project Due DiligenceThe aim of the asset investment and finance team is to mitigate lending risk. This is achieved by acting as an interface between the funding bank and the developer. The model used is innovative and developed to suit each funder’s requirements and customized to suit varying lending practices and underlying financial structures.

The complete funding due diligence process involves reviewing the suitability of the project and main reasons for undertaking it. It also looks at delivery team competencies, legal and procurement framework, suitability of design, 3rd party liability and insurances, statutory compliance as well as the development budget and program.

Capital projects involve risk and Walras has the expertise that is responsive to the Lender’s requirements and financing of capital-intensive projects.

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Experience

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Experience Projects

Projects undertaken by Walras traverse all sectors and building types and range in value from R500k – R30m.

Below are details of our most recent and significant projectsProject1 : Coca Cola CannersProject 2: MicrosProject 3: 12 Fredman Drive SALA HouseProject 4: EMIRA Property FundProject 5: Multichoice Data CentreProject 6: St Teresa School (Catholic Schools Office)Project 7: Private Investment

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Experience / Project: Coca Cola Canners

Design and Construction of Civil Infrastructure for New Hot Fill Line.

Overview Coca-Cola South Africa is a Business Unit within the Eurasia and Africa Group of The Coca-Cola Company. Representative of The Coca-Cola Company in South Africa, the history of Coca-Cola South Africa dates back to 1928 when the first bottling plant and distribution centre were opened in Johannesburg. Today South Africa is the largest Coca-Cola market on the continent. It is also consistently one of the top 10 performers in the world of Coca-Cola.

InitiativeWalras was appointed in April 2012 to design and construct the civil and structural infrastructure for the new bottling line at Coca Cola Canners in Wadeville, Johannesburg. The project was time critical and technically challenging. The completion of the work was to coincide with delivery of various manufactured components from Europe

ResultsThe last concrete slab was cast on the 23rd of December 2012 with sufficient time to cure before the bottling line arrived from Germany.

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Experience / Project: Micros

Development of New commercial Office space and Training Centre.

Overview MICROS is a global market leader in the hospitality, speciality retail, cruise and travel industry sectors. It has a customer base of more than 300,000 using its point of sale systems around the world.

The company currently employs close to 200 installation technicians, trainers, point of sale hardware specialist, point of sale software specialists and account management personal.

InitiativeWalras was appointed in May 2011 to provide corporate real estate advise on the space requirements for the business while analyzing future growth, shape of the business and current leases.

ResultsAll existing regional leases were terminated and the current main office in Peter Place, Brynston was redeveloped to provide a consolidated head office and training facility and ample covered parking for the staff. The completion coincided with peppered lease terminations. The project was completed in August 2012.

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Experience / Project: 12 Fredman Drive SALA House

Development of high-end apartments and various fit-out projects within the building.

Overview The South African Local Authorities Pension Fund is the choice fund of all local authorities and municipalities. The fund has 19,000 members predominantly made of municipal workers and employees from the South African Police Service.

SALA purchased 12 Fredman Drive in Sandton for their corporate head office.

InitiativeThe brief was to review the existing roof space and determine if the space could be re-developed to provide short-term accommodation for visiting legal professionals to chambers housed in SALA house or surrounding corporates.

ResultsThe upper lift core and janitor’s rooms were refurbished to provide two 2-bedroom high-end apartments overlooking the Sandton skyline. Further opportunities are being explored with the remaining space to provide 8 penthouse apartments.

Walras has also been involved in various fit-out projects within the building as well as the installation of an energy efficient air-conditioning system to the 6th floor offices.

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Experience / Project: EMIRA Property Fund

Tenant Installation to Coincide with Portfolio Shuffle

Overview Emira is a portfolio created under the Emira Property Scheme in terms of the CISCA. It has been listed in the Real Estate Investment Trusts sector on the JSE Ltd since 28 November 2003. Emira’s property portfolio is spread across the office, retail and industrial sectors. The fund consists of149 properties with a total value of R8,8 billion and a market capitalisation of R6,4 billion at 30 June 2012.

InitiativeWalras was appointed to carry out the tenant installation of 3 existing spaces spread across two buildings in Centurion, Pretoria. Each installation was time critical for business operations and the portfolio re-shuffle.

ResultsOver 5000m2 of space was fitted out in a space of 8 weeks.

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Experience / Project: Multichoice Data Centre

Construction of a new data centre and back-up facility for Multichoice.

Overview MultiChoice started as the subscriber management arm of M-Net, the analogue Pay-TV channel. Today it is the leading multichannel digital satellite television operator across the African continent. Its a dynamic technology platform and varied bouquet of channels.

InitiativeWalras was appointed to deliver the construction of a R20 million data centre facility in Samrand north of Johannesburg.

ResultsThe project was completed on time and within budget.

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Experience / Project: St Teresa School (Catholic Schools Office)

Design and construction of classroom facilities at St Teresa School

Overview The Catholic Schools Office (CSO) of the Archdioceses of Pretoria and Johannesburg, South Africa, serves the 53 Catholic schools. These schools educate approximately 32 000 learners and employ over 1 700 teachers and around 820 non-teaching staff.

InitiativeSt Teresa School appointed Walras to design and construct a new classroom facility at the Foundation Phase in Craighall Park. The facility took into consideration the current and future space needs of the school.

ResultsWalras successfully completed the design and construction of the Grade 0 classrooms at the foundation phase well within the school’s budget.

Walras has since been appointed on a number of ancillary projects on the schools estate, spread across 3 different locations in the northern suburbs. The projects have involved maintenance, remediation works and new buildings. Walras is currently constructing the 2,100m2 Science Wing at the High School in Rosebank.

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Experience / Private Residential Investment

Reviving the ‘Old Parks’

Overview Walras was appointed by a private residential property investment company operating purely within ‘The Parks’ area including: Parkview; Parktown; Saxonwold; Forest Town; Parkhurst and the Westcliff. The investor redevelops existing residential properties and creates intrinsic value by transforming spaces to suit the modern family.

InitiativeWalras has an on-going appointment to provide development management expertise to the angel investor. This includes the acquisition, planning and construction.

ResultsWalras has completed 3 separate projects to date.

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BBBEE

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BBBEE

Walras is fully committed to embrace the principles of the Broad-Based Black Economic Empowerment Bill (BBBEE) No. 53 of 2003.

We have been independently evaluated and certified in terms of the Act for the Construction Sector Charter issued in terms of section 9(1) of the BBBEE Act 53 of 2003 gazetted on 4 May 2009 and the results are as follows:

Level: Level 4 contributor Procurement recognition level: 100%

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Contacts

Contact us

Telephone: +27 (0)11 442 5118

Fax: +27 (0)11 762 9361

Email: info@walras.co.za

Online: walras.co.za

Postal: P.O. Box 41574, Craighall, 2024, Johannesburg