Meeting with Diane Cote

27 June 2012

Pre-eminent suppliers of Internal Audit and IT Audit services

REAL ESTATE PRACTICE

The  real  estate  sector  faces  significant  challenges  and  opportuni4es.  We  have  assembled  a  mul4disciplinary  team,  who  are  mo4vated  to  help  our  clients  address  their  business  issues  at  every  stage.    Our  commitment  to  you,  and  all  our  clients,  is  to  provide  honest  feedback  that  will  help  you  take  the  best  decisions  possible  to  achieve  your  goals.        My  role  is  to  lead  the  team  and  ensure  that  all  of  our  clients  receive  the  best  possible  service.    If  you  require  any  informa4on  or  would  like  to  discuss  your  needs,  please  do  not  hesitate  to  contact  me.    Kind  Regards,  

Leigh Wormald

Partner, and Head of Real Estate in the UK  

Deep knowledge and experience of the real estate sector

1  Key issues in the real estate sector 2  Our practice 3  Our team 4  Real estate credentials 5  About Mazars

Key issues in the real estate sector. 01

The international real estate market has experienced significant upheaval and uncertainty since the booming property estate market collapsed in 2008. Reduced liquidity and risk aversion characterise the market now. Signs of recovery are emerging in some jurisdictions (notably Brazil, Mexico, and in parts of Asia), but the on-going Euro crisis has created substantial uncertainty in Europe. London property remains a ‘safe’ investment by international investors seeking to diversify and ‘de-risk’ their portfolios. Although the London real estate market has not been unscathed by the recessionary economic conditions and the financial crisis, it nevertheless has performed relatively well. The Olympics, and associated development, has created a great sense of excitement in London. The on-going benefits of regeneration and the development of communities in less privileged parts of London present opportunity for urban regeneration, and positive social impact on communities in other depressed locations throughout the country. The picture for the remainder of the United Kingdom, however, is more mixed with recessionary conditions having a greater impact. Notwithstanding these conditions, opportunities remain for acquisitions, developments and investment, with strong income flows and good locations being key differentiators for sound, strategic investments. Changes to the REIT legislation have generated interest and we believe we are likely to see increased activity in the short to medium term as these changes may increase access to equity markets and alternative sources of funding. Other key considerations in the real estate sector include the impact of Basel III and Solvency II on investment in real estate by insurance companies, fund managers and banks. Planning and risk management are crucial in managing portfolios in the challenging environment we face.

Our practice. 02 Mazars’ real estate practice supports the businesses of a range of real estate companies, fund managers, special purpose vehicles and property investors. Mazars specialises in providing clients with audit, tax and advisory services, including: •  external audit; •  internal audit; •  risk reviews; •  due diligence reviews; •  project finance, financial modelling and transaction support; •  accounting advice; •  tax structuring, compliance and advisory services. Mazars’ Property Consultants Limited We employ a team of chartered surveyors through a wholly owned subsidiary, Mazars Property Consultancy Limited. They provide strategic ‘health check’ of clients’ property interests, identifying risks and opportunities, and helping to formulate effective property strategies. They also provide undertake property valuations, rent review negotiations and building surveys. International reach We work closely with colleagues in France, Germany, Ireland and the United States in particular and our international team is supported by our offices in Italy, Luxembourg and Spain as well as being represented in 69 countries, employing more than 13,000 professional staff globally. Integrated solutions Working together, our accountants, business advisers, financial experts and surveyors offer a truly multi-disciplinary and integrated team of professionals who understand clients’ needs and aspirations.

Our team. 03 LEIGH WORMALD PARTNER, HEAD OF REAL ESTATE, UK Leigh joined Mazars in 2010 from a Big 4 firm where she was head of Real Estate in South Africa. Leigh leads the Real Estate team in the United Kingdom and is a partner in the financial services practice in London. Leigh has extensive Real Estate experience, in auditing and advising listed and unlisted real estate funds, asset managers and development companies.

T: +44 (0)20 7063 4546 E: leigh.wormald@mazars.co.uk

ANDREW HOYLE MANAGER, REAL ESTATE Andrew is a manager in the real estate audit team in London, having joined Mazars as a graduate. He has eight years experience in sectors including banking, real estate and owner managed businesses.

T: +44 (0)20 7063 5004 E: andrew.hoyle@mazars.co.uk

Our team.

PAULA HIRST DIRECTOR, URBAN DEVELOPMENT Paula is responsible for the Urban Development and Regeneration Advisory services within the Project Finance division of Mazars LLP. Paula is an accomplished urban development and regeneration professional, having led the development of strategies and projects related to the economic and sustainable development of cities and urban environments for over ten years.

T: +44 (0)20 7063 4360 E: paula.hirst@mazars.co.uk

BOB GREEN PARTNER, HEAD OF PROJECT FINANCE Bob is the head of the Project Finance team at Mazars in the United Kingdom and is responsible for the co-ordination of the Mazars Global PPP advisory service. He has been involved in PPP since 1996 and has specialised in the support of the private sector and funders for the past 13 years. Since becoming a financial adviser in 2000 he has advised the public sector procurers, private sectors bidders and funders on more than 200 projects ranging in size from €7m to €1.8bn. He has advised public authorities on projects worth in excess of €1bn and closed projects with private sector clients worth in excess of €700m. T: +44 (0)20 7063 4492 E: bob.green@mazars.co.uk

Our team.

CARINE BEIDAS DIRECTOR, TAX Carine Beidas has developed her extensive experience of the fund management, real estate, insurance (life and general) and banking sectors in the financial services industry with major international banking and insurance groups. She has a track record of over 20 years advising those sectors about their tax affairs and the tax efficiency of their products and investment strategies, involving all aspects of tax support, including negotiating with Her Majesty’s Revenue & Customs and lobbying the Treasury on their behalf.

T: +44 (0)20 7063 4311 E: carine.beidas@mazars.co.uk

DAVID SAYERS PARTNER, INTERNATIONAL TAX David has extensive experience in International Real Estate and acts for many inbound and outbound investors. He also has extensive experience in Real Estate Fund structuring, in Public Private Partnerships, infrastructure projects and construction. David is a specialist in Inbound French Real Estate projects. David has particular experience in English landed estates and agricultural land issues. T: +44 (0)1908 257200 E: david.sayers@mazars.co.uk

Our team.

CLARE BONNICK SENIOR CONSULTANT, REGULATORY COMPLIANCE Clare joined Mazars in 2007 and advises on the regulatory aspects of setting up and running Unregulated Collective Investment Schemes (“UCIS”) on behalf of Mazars Corporate Finance Limited (“MCFL”). The greatest proportion of the schemes MCFL operates invest in real estate. In addition, Clare advises clients on more general FSA compliance and regulatory matters. Clare has nearly 25 years of regulatory experience, including eight years working for the SFA, and has held a number of senior compliance and money laundering reporting officer roles.

T: +44 (0)20 7063 4354 E: clare.bonnick@mazars.co.uk

KATHERINE BISHOP ASSISTANT MANAGER, UNREGULATED COLLECTIVE INVESTMENT SCHEMES (UCIS) Katherine joined the UCIS team at Mazars in February 2011 after five years of experience in a similar role. She is responsible for the day to day functions of the launch and operation of UCIS, of which MCFL acts as FSA authorised and regulated operator. MCFL operates more than 60 schemes and of those approximately 65% invest in real estate, including retail, residential, student accommodation and leisure.

T: +44 (0)20 7063 4433 E: katherine.bishop@mazars.co.uk

Credentials. 04 Our external audit credentials include: •  Acting as Group auditors for BNP Real Estate as well as auditors to BNP Paribas Real Estate and BNP Paribas

REIM in London; •  Acting as Group auditors of AEW Europe, the leading European Real Estate investment manager, and part of the

Natixis Group; •  Acting as Group auditors for Bouygues, a global leader in the property and construction sectors; •  Auditing Aseana Properties Limited, a UK listed group of property developers in Malaysia and Vietnam; •  Providing audit services for Jones Lang LaSalle’s Hong Kong property management activities; •  Providing audit services to Kai Shing, the property management services arm of Sun Hung Kai, a major Hong Kong

real estate developer. Our London team currently provides audit services to more than 50 Special Purpose Vehicles (SPVs). Each of these vehicles has been set up to facilitate commercial objectives of diversifying enterprise risk. Many of these are property securitisation or specialised finance SPVs. We have extensive experience in assessing the relevant risks, appropriate measurement and disclosure within these vehicles. Our current clients include structures created by BNP Paribas Real Estate Investment Management, AXA Real Estate Investment Management, AEW Europe, Natixis, Morgan Stanley, Citigroup, Société Générale, Unicredito and DZ Bank. In addition, we provide tax, project finance, urban development and regeneration advice, financial modelling, fund structuring and transaction support to numerous clients in the real estate sector.

Our global real estate credentials.

About Mazars. 05

•  Unique business model – one global partnership and the only international player that is legally and operationally integrated worldwide;

•  Globally: over 850 partners and 13,000 professional staff in 69 countries; •  Joint ventures and representative offices in a further 21 countries; •  UK: 110 partners and 1,100 professional staff; •  Clients include listed and large international corporations, government bodies, successful entrepreneurial

businesses and individuals; •  Established as a credible alternative to the Big 4 with the ability to offer seamless and tailored solutions on a

global basis.

I.  Technical excellence and client service: We are committed to enduring relationships, cemented by close partner involvement

II.  Anticipating regulatory change: We help you anticipate and react strategically to impending regulatory changes

III.  An extension of your team: We aim to ensure our support is seamless IV.  Ensuring agility and adaptability: Our integrated partnership provides you with co-ordinated service

delivery and rapid deployment across borders V.   Providing excellent value for money: We have efficient cost structures and our charge out rates and

cost models are both highly competitive and transparent, offering high quality, value for money service.

Why Mazars?

About Mazars.

UK: 110 partners and 1,100 professional staff

Globally: over 850 partners and 13,000 professional staff in 69 countries Joint ventures and representative offices in a further 21 countries

Tower Bridge House St. Katharine’s Way London, E1W 1DD

Should you require any further information, please do not hesitate to contact:

Leigh Wormald Head of Real Estate in the UK T: +44 (0)20 7063 4546 E: leigh.wormald@mazars.co.uk

The contents of this presentation are confidential and not for onward distribution. Disclosure to third parties cannot be made without the prior written consent of Mazars LLP. Mazars LLP is the UK firm of Mazars, the international advisory and accountancy organisation. Mazars LLP is a limited liability partnership registered in England with registered number OC308299. © Mazars LLP 2012