VALUATION REPORT

Kakuru Swiss AG c/o Argo Consilium AG Kronenstrasse 9 8712 Stäfa

Data Centre Aargauerstrasse 10 CH-8048 Zurich, Switzerland

Date of Valuation: 30 September 2013

TABLE OF CONTENTS

1 EXECUTIVE SUMMARY

2 VALUATION REPORT

3 PROPERTY REPORT PROPERTY DETAILS

LEGAL CONSIDERATIONS

SWISS ECONOMY

MARKET COMMENTARY

VALUATION CONSIDERATIONS

OPINION OF VALUE

A LOCATION MAP B PHOTOGRAPHS C LAND REGISTRY EXTRACT D VALUATION PRINT-OUT

EXECUTIVE SUMMARY

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EXECUTIVE SUMMARY

EXECUTIVE SUMMARY

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EXECUTIVE SUMMARY

The Property Address: Aargauerstrasse 10, 8048 Zurich, Switzerland

Main Use: Data Centre

The subject property comprises a data centre on single land plot of 18’999 sq m. Built in 1976 the property has five plus 4 (technical) above ground storeys and two underground storeys. The basement is predominantly used as storage space and parking garage. Above ground floors comprise data centre areas, office and partially technical areas. In the annex building there are 5 residential units which are let to individuals. There are furthermore external parking spaces as well as a technical building which is held leasehold by the main tenant Swisscom on the subject site. Total lettable area including land lease areas amounts to 31’029 sq m (28’979 sq m pure building area).

Tenure Freehold.

According to the land register excerpt dated 2 May 2008, the plot AL7562 sheet 2234 is solely owned by Kakuru Swiss AG, Staefa, Switzerland.

Tenancies and Covenant Strengths The property is rented to 11 tenants including residential and commercial tenants. The commercial tenants are both local and large scale national tenants with rolling leases except of the main tenant Swisscom which expires in 2026. Except of the tenant Otto Fischer AG and the residential units all leases are indexed between 80% and 100% annually. For all leases, except one commercial and the residential units, VAT is paid on the rental instalments.

Net Rental Income CHF 6’098’556 per annum

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Net Market Rent CHF 5’182’085 per annum

Fair Value CHF 105’000’000

(ONE HUNDRED AND FIVE MILLION SWISS FRANCS)

excluding acquisition costs, transfer tax, agency fees, notary fees and VAT.

We confirm that the "Fair Value" as reported above, for the purpose of financial reporting under International Financial Reporting Standards, is effectively the same as "Market Value".

Benchmarks The following benchmarks are based on the (gross) Fair Value:

Current Net Initial Yield 4.65%

Current Gross Initial Yield 5.54%

Gross Multiplier on Current Rent 18.0

Fair Value per sq m of lettable area (28’979 sq m) CHF 3’384

Cap Rate & Reversionary Yield Term Cap Rate 4.75%

Reversionary Yield 6.50%

Relevant Changes to last valuation as at 31/12/2012 Weighted Average Remaining Lease Term decreased by 9 months albeit it is very

likely that Swisscom will extend their lease to continued conditions (execution of first option for 25 years assumed)

Lower current rent (approx. CHF 100’000 p.a.) due Swisscom having reduced their parking spaces

Amendment of operating costs and capex allowance

Refurbishment costs of CHF 5’000’000 applied

Assumption that the recent listing of the property in the public register of building monuments will be revoked to a status where it won’t have any effect on the value of the property

Fair Value decreased from CHF 114m to CHF 105m

Valuation model changed from DCF to Term & Reversion

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VALUATION REPORT

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VALUATION REPORT

CBRE (Zürich) AG

Auf der Mauer 2 CHF-8001 Zürich

Switzerland

Switchboard +41 (0) 44 226 30 00 Fax + 44 (0) 44 226 30 10

Report Date 09 November 2013

Addressee Kakuru Swiss AG

c/o Argo Consilium AG Kronenstrasse 9 8712 Stäfa

The Property Data Centre, Aargauerstrasse 10, 8048 Zurich, Switzerland

Property Description The subject property comprises a data centre on single land plot of 18’999 sq m. Built in 1976 the property has five plus 4 (technical) above ground storeys and two underground storeys. The basement is predominantly used as storage space and parking garage. Above ground floors comprise data centre areas, office and partially technical areas. In the annex building there are 5 residential units which are let to individuals. There are furthermore external parking spaces as well as a technical building which is held leasehold by the main tenant Swisscom on the subject site. Total lettable area including land lease areas amounts to 31’029 sq m (28’979 sq m pure building area).

Ownership Purpose Investment

Instruction To value on the basis of Fair Value the [freehold interest in the Property as at the Valuation Date in accordance with your letter of instruction dated 28 October 2013.

Valuation Date 30 September 2013

Capacity of Valuer External.

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Purpose Financial Reporting.

Security We are of the opinion that the property interests provide suitable security for mortgage purposes although we have not been provided with the terms of any loan and cannot therefore comment on their suitability having regard to the nature of the property.

Fair Value CHF 105’000’000 (ONE HUNDRED AND FIVE MILLION SWISS FRANCS) exclusive of acquisition costs, transfer tax, agency fees, notary fees and VAT and under the assumptions as set out below.

We confirm that the "Fair Value" reported above, for the purpose of financial reporting under International Financial Reporting Standards, is effectively the same as "Market Value".

Our opinion of “Fair Value” is based upon the Scope of Work and Valuation Assumptions attached, and has been primarily derived using comparable recent market transactions on arm’s length terms.

Compliance with Valuation Standards

The valuation has been prepared in accordance with The RICS Valuation – Professional Standards (2012) (“the Red Book”).

We confirm that we have sufficient current local and national knowledge of the particular property market involved, and have the skills and understanding to undertake the valuation competently. Where the knowledge and skill requirements of The Red Book have been met in aggregate by more than one valuer within CBRE, we confirm that a list of those valuers has been retained within the working papers, together with confirmation that each named valuer complies with the requirements of The Red Book.

Special Assumptions None

Assumptions The property details on which each valuation is based are as set out in this report. 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.

As the process and discussions on the potential listing are still pending and the outcome and extent are

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unclear at the moment we valued the property under the assumption that the recent listing of the property in the public register of building monuments will be revoked to a status where it won’t have any effect on the value of the property.

If any of the information or assumptions on which the valuation is based are subsequently found to be incorrect, the valuation figures may also be incorrect and should be reconsidered.

Variation from Standard Assumptions

Since investigations on soil contamination are still pending we cannot comment on value effect. Therefore, we assumed in our valuation that there will not be any negative effect on the Fair Value in this context.

Lease agreements with Swisscom expire in 2026 with 3 prolongation options for 5 to 25 years. Although there is no correspondence available, it is very likely that Swisscom will prolong their lease due to their substantial investments in the technical infrastructure and fit-out in the recent past. In a conservative approach we assumed that Swisscom will exercise their first option to prolong for 25 further years to continued conditions. We have based our valuation on this assumption.

Market Conditions The values stated in this report represent our objective opinion of Fair Value in accordance with the definition set out above as of the date of valuation. Amongst other things, this assumes that the properties had been properly marketed and that exchange of contracts took place on this date.

Going forward, we would draw your attention to the fact that the current volatility in the global financial system has created a significant degree of turbulence in commercial real estate markets across the world. Furthermore, the lack of liquidity in the capital markets means that it may be very difficult to achieve a sale of property assets in the short-term. We would therefore recommend that the situation and the valuations are kept under regular review, and that specific marketing advice is obtained should you wish to effect a disposal.

Valuer The Property has been valued by Sönke THIEDEMANN, MRICS who is qualified for the purpose of the valuation

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in accordance with the RICS Valuation – Professional Standards (The Red Book).

Independence The total fees, including the fee for this assignment, earned by CBRE (Zürich) AG (or other companies forming part of the same group of companies within Switzerland) from the Addressee (or other companies forming part of the same group of companies) are less than 5.0% of the total Swiss revenues.

Disclosure CBRE (Zürich) AG has carried out Valuation services on behalf of the addressee for under 5 years.

Conflicts of Interest Please note that our capital markets team is also consulting a shareholder of the subject property SPV on the potential sale of the subject property. However, for the purpose of this valuation, separate information flows between the valuation and capital markets department were applied. We explicitly informed the instructing party about this state of facts, and they gave us their consent to continue with our work. As we follow strictly the separation of confidential and client information between the departments, we can confirm that our assessment of the fair value is objective and free from any conflict of interest.

Reliance This report is for the use only of the party to whom it is addressed for the specific purpose set out herein and no responsibility is accepted to any third party for the whole or any part of its contents.

Publication Neither the whole nor any part of our report nor any references thereto may be included in any published document, circular or statement nor published in any way without our prior written approval of the form and context in which it will appear.

Such publication of, or reference to this report will not be permitted unless it contains a sufficient contemporaneous reference to any departure from the Royal Institution of Chartered Surveyors Valuation – Professional Standards or the incorporation of the assumptions referred to herein.

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Yours faithfully

Jan Hendrik DEGNER

Consultant

For and on behalf of

CBRE (Zürich) AG

Yours faithfully

Sönke THIEDEMANN, MRICS

Director

For and on behalf of

CBRE (Zürich) AG

T: +41 44 226 30 18 T: +41 44 226 30 08

E: janhendrik.degner@cbre.com E: soenke.thiedemann@cbre.com

CBRE (Zürich) AG

Valuation & Advisory Services

T: +41 44 226 3000

F: +41 44 226 3010

W: www.cbre.ch

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SCOPE OF WORK & SOURCES OF INFORMATION

Sources of Information

We have carried out our work based upon information supplied to us during our initial valuation as at 31 December 2011. Furthermore, we have been provided with and relied upon the following documents for our update valuation as at 30 September 2013:

Updated Tenancy Schedule as at October 2013

Property Budget plan for 2013

New leases for parking spaces

Letter from the lawyer Walder Wyss on status of property listing dated 28 October 2013

We have assumed these documents and information to be correct and comprehensive.

The Property Our report contains a brief summary of the property details on which our valuation has been based.

Inspection We inspected the Property internally and externally on 20 December 2011 during the course of our initial valuation dated 31 January 2012.

As instructed, we have not re-inspected all the properties for the purpose of this valuation. With regard to those properties which have not been subject to re-inspection, you have confirmed that you are not aware of any material changes to the physical attributes of the properties, or the nature of their location, since the last inspection. We have assumed this advice to be correct.

Areas We have not measured the Property but have relied upon the floor areas provided to us in the tenancy schedule.

Environmental Matters

We have not carried out any investigation into the past or present uses of the Property, nor of any neighbouring land, in order to establish whether there is any potential for contamination. We were provided with documents from the local authorities addressing potential contamination on the subject property. Expert investigations are still pending. We have therefore assumed that no contamination exists on the subject property. Please refer to the existing environmental

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documentation for further information. Should at any later moment it become evident that there are costs associated with contamination on the property, we reserve the right to amend our valuation accordingly.

Repair and Condition We have not carried out building surveys, tested services, made independent site investigations, inspected woodwork, exposed parts of the structure which were covered, unexposed or inaccessible, nor arranged for any investigations to be carried out to determine whether or not any deleterious or hazardous materials or techniques have been used, or are present, in any part of the Property. We are unable, therefore, to give any assurance that the Property is free from defect. We had access to a draft report from Econsens from June 2012 on Asbestos in the property. We have reflected the findings of this report in our calculations. Please refer to this report for further details.

Town Planning We have not undertaken official planning enquiries but assume that all issues relating to planning policy and law are in place. We may have made internet-based investigations to the applicable online service.

Titles, Tenures and Lettings

Details of title/tenure under which the Property is held and of lettings to which it is subject are as supplied to us. We have not generally examined nor had access to all the deeds, leases or other documents relating thereto. Where information from deeds, leases or other documents is recorded in this report, it represents our understanding of the relevant documents. 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.

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 ASSUMPTIONS

Capital Values The valuation has been prepared on the basis of , which is defined as:

"The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date."

"Fair Value", for the purpose of financial reporting under International Financial Reporting Standards, is effectively the same as "Market Value", which is defined as:

"The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's-length transaction after proper marketing and where the parties had acted knowledgeably, prudently and without compulsion."

No allowances have been made for any expenses of realisation nor for taxation which might arise in the event of a disposal. Acquisition costs have not been included in our valuation.

No account has been taken of any inter-company leases or arrangements, nor of any mortgages, debentures or other charges.

No account has been taken of the availability or otherwise of capital based Government or European Community grants.

Rental Values Rental values indicated in our report are those which have been adopted by us as appropriate in assessing the capital value and are not necessarily appropriate for other purposes nor do they necessarily accord with the definition of Market Rent.

The Property Where appropriate we have regarded the shop fronts of retail and showroom accommodation as forming an integral part of the building.

Landlord’s 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.

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Process plant and machinery, tenants’ fixtures and specialist trade fittings have been excluded from our valuations.

All measurements, areas and ages quoted in our report are approximate.

Environmental Matters

In the absence of any information to the contrary, we have assumed that:

(a) the Property is not contaminated and is not adversely affected by any existing or proposed environmental law;

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

Repair and Condition In the absence of any information to the contrary, we have assumed that:

(a) there are no abnormal ground conditions, nor archaeological remains, present which might adversely affect the current or future occupation, development or value of the property;

(b) the Property is free from rot, infestation, structural or latent defect;

(c) apart from the possible Asbestos findings, 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 Property; 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 Property. 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.

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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 Property possesses a good and marketable title free 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 Property is not adversely affected by town planning or road proposals;

(d) all buildings comply with all statutory and local authority requirements including building, fire and health and safety regulations;

(e) only minor or inconsequential costs will be incurred if any modifications or alterations are necessary in order for occupiers of each Property to comply with the provisions of the relevant disability discrimination legislation;

(f) there are no tenant’s improvements that will materially affect our opinion of the rent that would be obtained on review or renewal;

(g) tenants will meet their obligations under their leases;

(h) there are no user restrictions or other restrictive covenants in leases which would adversely affect value;

(i) where appropriate, permission to assign the interest being valued herein would not be withheld by the landlord where required; and

(j) vacant possession can be given of all accommodation which is unlet or is let on a service occupancy.

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PROPERTY REPORT

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PROPERTY DETAILS

Location Zurich is Switzerland's largest city and capital of the Canton of Zurich. Surrounding it, an agglomeration with more than 1 million inhabitants (1’132’237) has arisen, which extends far beyond the cantonal borders. The metropolitan region, which covers the major parts of the eastern and central Swiss Plateau, has around 1.66 million inhabitants. In the last 10 years the population has increased by 8.3%, largely due to migration gain (5.6%). The city of Zurich is also the strongest economic region in the country. Currently, it has a population of over 385’000, representing a growth of 6.2% since 1999. The 372’000 employees in the city represent 9% of all working people in Switzerland, of these 90.2% work in the tertiary sector. This high proportion is not least due to the many head offices and branches of national and international financial institutions and insurance companies at the economic centre Zurich. Apart from the financial sector, the fastest growing economic support for Zurich is primarily the provision of business services, trade and transport and communications sectors. Despite the economic crisis and its impact on the local labour market, the unemployment rate of 3.3% (December 2012) is very low by international standards.

Location maps are attached at Appendix A.

Situation The property is located in the north-western part of Zurich between the district Zurich-West and Zurich Altstetten. Conveniently located along and well visible from a main road leading in and out of the city (Bernerstrasse), the subject property is accessible via the Aargauerstrasse along the southern border of the property. Pfingstweidstrasse and the motorway A3 are located less than 1 minute away. The surrounding area is of metropolitan industrial character. Other institutions in the vicinity of the property include an industrial company (Otto Fischer AG), a wholesaler and a temporary container camp for immigrants. OTTO Fischer AG will add another floor to their building to meet their increasing space requirements. In the direct surrounding, there are several new developments from SBB, Six Group, Swissme and others, which are underlining the location quality in this area.

Zurich airport is can be reached by car in approx. 15 minutes or 30 minutes by public transportation. S-Bahn and local train stations ‘Zurich Hardbruecke’ or ‘Zurich Altstetten’ are situated less than 1km from the building, with regular connections to Zurich’s main station (4min). Right next to the building is the bus station (line 4) ‘Tiefenbrunnen - Altstetten’ with connections to the main station and Zurich inner city. This tram line recently started the operation in December 2011 and is a valuable add-on for the location. Access to the motorway (A3) is located just 100m away from the property. Situated in the local and surrounding area are restaurants like ‘Markthalle’ for lunch breaks and snacks.

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Zurich West and Zurich Altstetten

The subject property is situated in Zurich-Altstetten at the intersection with Zurich West, and thus benefits from the proximity of both sub-markets. Together with a further data centre in the commercial area of Zurich Binz, it forms the central distribution hub for Swisscom – both for the city of Zurich and all surrounding areas.

Both sub-markets have recently undergone a dynamic development process and their landscapes have changed substantially. In the last 10 years, many large scale development projects have been built in Zurich-West, including com.West (2002), Westpark (2002), Bluewin tower (1974, renovated in 2003), Puls 5 (2005) and Josef (2006/2007). The “Prime Tower”, Switzerland’s tallest office block, and its neighbouring structures were completed in 2011 and are now leased to a number of well-known tenants. In the same year, the “Mobimo tower“, with its hotel and residential apartments, was constructed. Also in 2011, Swisscom has leased around 20,500 sq m in another new building known as the “51”, in which a number of departments with approximately 1,600 employees were consolidated.

In addition, there are a number of large-scale projects currently under completion such as the High School for the Arts (“Toni Areal“), the “Hardturm Park“, the ”Löwenbräu Areal“, the residential and business “Zölly”-tower and the Escher-Terrassen.

Moreover, various further infrastructure buildings are being planned as well. These include the Escher-Wyss Areal (industrial, commercial, residential), the Schütze-Areal (new primary school) and the EWZ-Areal (administrative building with sub-stations). All of the above examples are by no means exhaustive and should merely serve as illustration for the dynamic change of Zurich-West.

In the recent past, the accessibility by public transportation has also been further improved through the “Tram Zurich-West“ project which connects the main railway station with the Altstetten railway station via Zurich-West. The new section between Escher-Wyss-Platz and Zurich-Altstetten has been up and running since December 2011.

The region around Altstetten evolved as a back office location in the 1980s and 90s, but new projects are regularly being developed here, too. In 2006, IBM built its European and Swiss head office here, Helbling built a tower block and Julius Bär as well as Helvetia moved into administrative buildings.

In 2012, BASF has left their site at the railway station in Altstetten in order to consolidate several locations. The building which has a leasable surface area of 5,000 to 6,000 sq m has subsequently been sold and will now be converted to a mixed-use scheme of about 35,000 sq m office and residential space.

The multi-purpose West-Link construction project around the Altstetten railway station is currently being developed around the tram end loop (some 29,000 sq m distributed over two buildings). The construction is scheduled to be finished in November 2013 at which time SBB as the anchor tenant will move into their premises. The new tram 4 line is only a few stops away.

At Herostrasse, Allreal Vulkan is currently building an annex to one of their office buildings with an expected surface area of 11,000 sq m. Construction works started in

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October 2012 and should be completed in winter 2013/2014.

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Description The subject property comprises a data centre on a single land plot of 18’999 sq m. Built in 1976 the property has five plus 4 (technical) above ground storeys and two underground storeys. The basement is predominantly used as storage space and parking garage. Above ground floors comprise data centre areas, office and partially technical areas. In the annex building there are 5 residential units which are let to individuals. There are furthermore external parking spaces as well as a technical building which is held leasehold by the main tenant Swisscom on the subject site. A cooling plant required for the operation of the data centre has subsequently been installed next to the main building. Total lettable area including land lease areas amounts to 31’029 sq m (28’979 sq m pure building area).

Floors Main Building Annexe Cooler Building Building right/Emergency electricity generator

2nd Basement

Technical room

Basement garage

1st Basement

Basement garage

Ground floor

Reception, Technical rooms

Storage, Technical room

Cooling generators

Emergency generators

1st Floor Data-Center Storage, Training room, canteen

2nd Floor Data-Center Residential apartments

3rd Floor Data-Center Offices (FM-Manager)

4th Floor Data-Center

5th Floor Data-Center

6th Floor Technical room

7th Floor Technical room

8th Floor Technical room

Construction

Year of Construction 1976

Refurbishments None significant

Construction type Reinforced concrete construction with curtain panels

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Facade The facade consists of precast panel elements. Shading is provided by the extraordinary diagonal construction of the windows. The double glazed windows are framed predominantly with metal frames.

Roof Conventional flat roof with membrane covering

Development Main building with 9 above ground storeys and two underground storeys; Annex building with two underground and four above ground storeys; Cooling station on ground floor only; Technical building constructed and held leasehold by Swisscom (out of scope).

Swisscom Leasehold

On the basis of the Leasehold Agreement dated 3rd June 2010, the owner of the land, Kakuru Swiss AG, granted Swisscom Immobilien AG a right to build over a surface area of 2,050 m² (former tennis courts) until 31.03.2026.

Extension:

The party holding the right to build has three rights of option. The building right may be extended on the same terms for a duration of the building right of no less than five years and no more than the original term of the lease of the three principal lease agreements for Aargauerstr. 10.

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Reversion:

Upon expiry of the term of the building right, the buildings erected on the basis of the building right will pass, free of charge, into the ownership of the owner of the land. The latter will be entitled to require, upon written notice and at the end of the term, the removal of the building at the expense of the party holding the building right.

The leasehold will be linked to the regional index of the Swiss Consumer Price Index.

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Ceiling heights Service Building: The ceiling height on the ground floor is 3.58m, from the first until fifth floor 4.58m. In the basement the coax cable centre has a ceiling height of 5.10m and in the cable and pipe area a height of 3.18m in the first basement and 2.05m in the second basement.

Annex: The ceiling height on the ground floor is 3.50m, the first floor 3.60m, the second floor 2.40m.

The first and second basement garage has a ceiling height of 2.62m.

Building Services

Heating The building is heated by means of two oil and gas-fired heating systems dating from 1997. The heating installations are located on the 6th floor. The four oil tanks are located in the 2nd basement and have a capacity of 192,800 litres per tank. The warm air is mixed with fresh air and distributed through the ventilation system which is installed in all the ceilings of the Data-Center. The other rooms are heated by means of ordinary radiators.

Ventilation The whole building is served by 30 inlet and outlet ventilation

units. In the main building, two technical rooms are located on

Main Building Annex

Cooling

Ground Lease area

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each floor in which the units are accommodated. These were installed in 1975 and 1978. A number of control units were renewed in 1999 and 2001. 10 yellow ventilation pipes are affixed to the outside of the building.

Air conditioning The building has the benefit of two central air conditioning

installations. These are located in the second basement and the main unit is located on the 6th floor. In total, there are 6 cooling units dating from 1988. The cooling unit serves all the technical rooms which serve telecommunications, offices, the five residential apartments and the canteen. They also serve the majority of the technical rooms.

Electricity The energy supply is guaranteed by EWZ (Zurich City Electricity).

The high voltage current (10kV) is converted via 9 transformers each with capacity of 1,100 kVA. All the transformers are owned by EWZ.

Five diesel-operated emergency electricity generators are located in the second basement. This also includes two diesel tanks with a capacity of 1,000 litres each.

The second basement and the fifth floor also contain ten uninterruptable energy supply units dating from 1996. The same rooms contain eight battery back-up systems dating from 1995 with a capacity of 8,000 Ah. As stated below, Swisscom is responsible for these emergency electricity installations.

Security Sprinkler units are in the basement garage only. Smoke detectors are fitted in the building, which were renewed in 2002. These are connected to the City of Zurich Fire Brigade. The installations are located in the first basement. In addition to this, some 90 fire extinguishers and located in the stairwells, corridors and technical rooms. More than 40 water hoses are mounted on the walls on each floor. There are smoke and heat extraction systems in all stairwells and are connected to the windows, which open automatically.

Four video cameras are installed around the building and in the basement garage. There are also some 40 electronically monitored access controls. The control unit for these is located in the second basement.

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Technical Installations

The lease agreement with Swisscom will regulate precisely which of the technical installations will, in the event of a sale, remain in its ownership and who will be responsible for the maintenance of those installations. It will also regulate who is responsible for the maintenance of the installations following the expiry of the lease relationship with Swisscom AG:

Implementation Manual Status after Sale Maintenance after

Sale Electrical Uninterrupted electricity supply installations Swisscom Property Swisscom, FM-Contract

Battery installations Swisscom Property Swisscom, FM-Contract

Battery rooms Tenant’s fitting out Swisscom Swisscom, FM-Contract

Communications installations Leaseholder’s fitting out

Swisscom

Swisscom

Telecommunications installations Swisscom Property Swisscom

Electronic time tracking Swisscom Property Swisscom

Ventilation, Air Conditioning, Sanitary, Process Control

Operational ventilation and air conditioning Tenant’s fitting out Swisscom Swisscom

Kitchen installations Tenant’s fitting out Swisscom Swisscom

Staff showers Building Owner Owner

Building process control Building Owner Owner

Security

Electronic access control

Tenant’s fitting out Swisscom Swisscom

Alarm system Tenant’s fitting out Swisscom Swisscom

Fire alarm system Building owner Building owner

Fire extinguisher posts Swisscom Property, Owner

Swisscom, Building owner

Lightning conductor installations Building owner Building owner

Other Building Installations

Lifting gear Building owner Building owner

Radio mast(s) Swisscom Property Swisscom

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Tenure The property is held freehold. The building is built over one plot of land: AL7562, currently owned by Kakuru Swiss AG, Staefa. The surface area of the site is 18’999 sq m. We were provided with a extract from the land register of Zurich of the plot AL7562, dated 3 May 2008. According to this document there are four rights/easements entered in favour of the subject property or other properties/parties. There are two rights specifying setbacks towards plot nos. 2227 and 2233, as well as two right of way for telecommunication purposes.

We are of the opinion that the entries of these easements and rights do not have a significant effect on the Fair Value of the subject property.

See Appendix C “Land Registry Extract”.

Floor Areas We have not measured the property, but as instructed, we have relied upon floor areas provided to us by [name of firm/source.

By regrouping the surface areas together, there is a total net surface available of 31’029 sq m including 2’050 sq m land lease and 315 parking units sub-divided according to the following table:

Use

Lettable Area Vacancy Rate

% Total Let Vacant

sq m sq m sq m

Office 928 928 0 0.0%

Residential 625 625 0 0.0%

Crafting Room 15 15 0 0.0%

Data Centre 19’570 19’570 0 0.0%

Storage 7’841 7’841 0 0.0%

Land 2’050 2’050 0 0.0%

TOTAL 31’029 31’029 0 0.0%

Source: Updated Tenancy Schedule as at October 2013

Use Total Unit(s)

Let Unit(s)

Vacant Unit(s)

%

Parking external 124 123 1 0.0%

Parking internal 191 135 56 1.4%

Advertisements 1 1 0 0.0%

TOTAL 316 259 57 0.0%

Source: Updated Tenancy Schedule as at October 2013

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State of Repair CBRE has not undertaken a structural survey or tested any of the services. We have undertaken only a limited inspection for valuation purposes.

Costs for major repairs are included in the sinking fund reserve within the ANRC. After our inspection it can be mentioned that premises appeared to be in general good state of repair and that maintenance work seems to be regularly carried out in order to keep the premises in good condition.

Environmental Considerations We have been provided with official statements of the local authority of the canton Zurich (AWEL Amt fuer Abfall, Wasser, Energie und Luft), dated 29 July 2010 and 22 November 2010. According to these documents, the current situation can be summarized as follows:

The subject site has formerly been part of the waste disposal site “Herdern”. The northern part of the area of this disposal site (in which the subject property is situated) was in 2007 registered in the cadaster of contaminated sites and categorized as a site which requires further investigations with priority. Properties in this category require a pre-examination concerning soil contamination within 3 years after their registration. This time limit has already expired in 2010.

The local authority suggested to examine the affected area of the former disposal site as a whole to reduce the costs for the respective owners and to have a clearer picture on the contamination situation in general.

A major part of the affected area is owned by the Swiss train company SBB AG. SBB AG agreed to complement the existing investigations for parts of the area with technical investigations until a final and concluding soil contamination assessment of the entire area has been obtained. SBB AG also indicated that they would like to have binding statement by the local authority concerning further requirements or potential decontamination measurements by the end of 2012. SBB AG therefore also agreed on a non-binding basis to bear the costs of the pre-examination on behalf of all affected land owners and reserves the right to distribute these costs at later stage.

On a meeting in September 2010 the local authority and the land owners agreed on the instruction of Ecosens AG to undertake a soil investigation. In their letter dated 22 November 2010 the local authority quotes the following results from Ecosens AG:

Measurements of the water level show that the area is almost levelled and that there is no clear water flow direction

The highest concentration of the relevant chlorinated hydrocarbons (CKW Chlorierte Kohlenwasserstoffe) were measured at the test point KB/P2 (ca. 16 μg/l)

In the other two test points KB/P1 and KB1-10 only low concentrations of CKW (<1 μg/l) were measured

Ecosens AG derives from their first assessment that the area requires monitoring

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which is supported by the local authority

Binding statements from the authority could only be made after the finalisation of the contamination assessment pre-examination.

Map showing subject property within a zone labelled as “requires further investigations”

We were also provided with a presentation of the company Jaeckli Geographie. This company presented the history of the area and current situation. The company quoted costs for further measurement, investigations and full due diligence with approx. CHF 170´000.

We were verbally informed by the client that potential soil contamination issues – if at all – have to be considered on the demolition, reconstruction of the building or other significant penetrations of the soil.

As at valuation date current situation is concerning soil contamination is not clear. It cannot be excluded that parts of the site are contaminated. Furthermore, it is also unclear what actions would have to be undertaken by the owner of the subject property given that there are contaminations on the site. We have therefore assumed in our valuation that there will not be any negative effect except some planning costs on the Fair Value in this context.

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It is important to mention that there is a possibility that further costs in this context might arise for the owner in the future. We reserve the right to amend our valuation in this case accordingly.

Map showing pending cantonal contamination procedures

Please refer to the existing documentation on soil contamination for further information.

Update as at 30 September 2013:

As at the report date, we were not provided with any documents or information which would lead to an assessment of the environmental situation different from our initial valuation and have therefore remained our valuation unchanged in this regard. In case that there will be any remediation costs allocated to the owner of the subject property we reserve the right to amend our valuation accordingly.

Flooding and Natural Disasters For operation of a data centre it is very important that the property is not located within an area which is likely to experience flooding or other natural disasters. According to the online documentation of the City of Zurich, the property is only partially located (building area is not affected) in such an area. The risk of flooding or other natural disasters appears to be low.

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Map showing the Property concerning existence of potentially hazardous areas

Map from the online GIS showing risk category of natural disasters

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Town Planning We have made an online enquiry at the electronic Geographical Information System of the City of Zurich and assumed that the available documentation is comprehensive and correct.

The subject property is located within the effective area of planning zone IHD (industrial zone with permitted use of retail and service operations). In this zone it is permitted to have 6 full storeys with a maximum building height of 23m. The limit distance must be min. 3.5m. The maximum floor area ratio is 250%. Maximum cubic density is 12.0; the amount of green areas must be min. 15%.

According to the available documentation the building is not listed as a protected monument.

As far as we are aware, no change in use or proposed development in the vicinity is to negatively affect the value of the subject property. We were not provided with building permits but have assumed that the property has been constructed and is subject to valid planning consent.

Building preservation – Property listing In course of the year 2013 the subject property appeared in the public register of protected buildings. This register indicates properties that for various reasons are worthy for preservation, e.g. architecture, age, etc. The protection can expand over the entire building or only certain building parts.

According to our information the subject property is not yet listed as such a property but listed as a "prospect" for preservation. We were informed that the current owner is in discussion with the authorities to clarify the extent and potential restriction of the preservation.

In a letter from the lawyers of the current owner – Walder Wyss – dated 28 October 2013 it is mentioned that the authority demonstrates strong interest in this issue and in finding a "soft " solution. The authority agreed on reviewing several redevelopment scenarios for the subject property with alternating uses to decide whether these are acceptable with regard to the building preservation.

As at the valuation date discussions are still pending. The existence or extent of the potential preservation cannot be specified yet. Therefore, we cannot comment on the effect on the value of the subject property which would result in speculations.

We therefore valued the subject property under the assumption that no building preservation exists and/or that there is no impact on the value in this regard.

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Landlord Costs, Maintenance and Management According to the latest account balances provided by the property management, maintenance costs, property management costs and non-recoverable costs developed over the last 5 years like follows (2012 was not available as at the report date but we were informed that 2012 maintenance costs were in line with previous figures):

in CHF Maintenance Non-Recoverable

Costs Property

Management TOTAL

2011 36’408 175’162 90’636 304’217

2010 73’183 190’886 90’605 356’684

2009 102’341 205’010 90’605 399’965

2008 28’592 182’653 90’605 303’858

2007 83’608 216’268 75’504 377’387

Average 65’000 194’000 88’000 347’000

Based on our experience and reflection of the building quality we think that these costs allowances are relatively low. We have integrated in the Annual Non Recoverable Costs (ANRC) the following amounts per year:

Maintenance: CHF 350’000 Insurance & Tax: CHF 140’000 Management & FM: CHF 147’000 Capex Reserve: CHF 350’000

Capital Expenditures We were provided with a draft report on potential asbestos occurrence in the subject buildings compiled by Ecosens dated June 2012. In this report, Ecosens describes the outcome of their investigation on asbestos materials. Ecosens identified several building components (emergency fire doors, sealings in door frames, coverings and isolation of risers/ducts, etc.) which appear to contain at least partially asbestos. All of the identified occurences do not require immediate actions as the asbestos is bound and only requires action in case of an alteration of the building and /or property parts. Ecosens estimates the removal and replacement costs of the identified building parts to be approx. CHF 350’000 to CHF 500’000. We therefore applied the amount of CHF 500’000 as capital expenditures at the end of 2014.

We were furthermore informed by the client that there is a considerable extent of deferred maintenance on the façade. In line with existing costs estimates and budgets communicated by the client we allowed for capital expenditures of CHF 5’000’000 in the year 2015 for refurbishments.

Gross Income & Net Passing Income As at 30 September 2013, the annual gross income generated by the existing tenants equates to a total of CHF 6’098’556 per annum. After deduction of all charges and allowances for repairs and maintenances work as developed above (please note that these also include non-cash relevant sinking funds), the annual net income equates to a total of CHF 5’111’556 per annum as at 30 September 2013. We have based our valuation on this figure.

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LEGAL CONSIDERATIONS

Occupancy Rate As at 30 September 2013, the subject property is except of 1 external and 56 internal parking spaces let which equates to an occupancy ratio of 99%.

Covenant Strength We have been provided with copies of the lease agreements. However, we only undertook plausibility checks and have based our valuation on a tenancy schedule provided to us. We have not investigated the tenants covenant strength. The property has 13 commercial and residential tenants including both local and large scale national tenants with lease lengths up to 14 years (including rolling leases). We assume that the main tenant Swisscom provides prime covenant strength above market standards.

Tenancies The largest tenant of the building is Swisscom Immobilien AG which, at 28’299 sq m, leases virtually the entire building. Of that surface area, 19’570 sq m is Data-Center space, 7’801 sq m is storage space and 928 sq m is office space. Further, 2’050 sq m has been built in leasehold until 31.3.2026. In addition to the mobile communications antenna on the top floor, Swisscom Immobilien AG also leases 76 internal parking spaces and 83 external parking spaces as well as the land for their technical installations.

The Swisscom Lease Agreements for the main areas in the building were concluded for a fixed period of 25 years and are due to expire on 31.03.2026. The Lease Agreements may be exercised [extended] by means of three options, each subject to a notice period of 18 months to be given prior to expiry of the lease period, for an additional period of 5-25 years on the same terms. In addition to these options, the Tenant will also be entitled to extend the lease agreements on expiry of the term for up to two years on the same terms, also subject to a notice period of 18 months. During this period, the rental amount will correspond to the rental amount due immediately prior to the extension of the lease, whereby adjustments of rental will also be made during the period of extension. The rental amount will be 80% index-linked (to the regional index of the Consumer Price Index) and will be deemed to be the minimum rental amount. It will be subject to Value Added Tax at the statutory rate.

In the event that the Landlord wishes to dispose the Property to a third party Swisscom Immobilien AG as tenant will have a right of pre-emption to purchase the property under the same conditions as the third party. In the event that Swisscom Immobilien AG as tenant waives its right to exercise the pre-emption where a case of pre-emption arises, the seller will be required to transfer the right of pre-emption to the purchaser. This right is mentioned in the lease contract, but is not registered at the land registry. Further, a transferable right to repurchase (purchase price will be the market value at the date of exercising the right) in favour of Swisscom Immobilien AG has been in place since 18.12.2001 and will endure until 1.4.2026. The repurchase option can only validly be

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exercised by Swisscom Immobilien AG if the landlord terminates the lease contract with Swisscom Immobilien AG without good reason.

The second largest tenant is the neighbouring Otto Fischer AG, which only leases external and internal parking spaces. 46 internal spaces and 30 external spaces are leased. The lease agreements are of unlimited duration with termination subject to a notice period of 6 months. In addition, there are five residential apartments in the building, all of which are occupied by tenants. The lease agreements are all index-linked and are subject to a notice period of 3 months.

A number of internal and external parking spaces are leased to various smaller tenants. Therefore, the overall number of parties in the building is 13.

Below is a summary of the tenancy schedule as provided by the client. Leases with no specified expiry date are rolling leases:

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No. Tenant Type SQM ParkingAnnual

Net RentDue

MonthlyNet Rent

DueNet Rent Due Monthly

VAT

MonthlyAncillary CostPrepayment

TotalMonthly

Gross Rent Due

Lease StartDate

EarlyBreak Option

Lease EndDate

Termination periodin months Option Information

1 Vacancy car parking space 5 7'920.00 660.002 Vacancy car parking space 21 32'868.00 2'739.003 Vacancy car parking space 30 43'200.00 3'600.004 Vacancy parking 1 900.00 75.005 Allgemeine Plakatgesellschaft neon sign 16'320.00 1'360.00 1'360.00 108.80 1'468.80 01.08.2006 6 months6 Apollo Technics GmbH parking 1 900.00 75.00 75.00 6.00 81.00 01.06.2013 3 months7 Bacchilega Adelheid apartment house 121 16'759.20 1'396.60 1'396.60 100.50 1'497.10 01.11.1998 3 months8 Bacchilega Adelheid car parking space 1 1'440.00 120.00 120.00 120.00 01.11.1998 1 month9 Binelli + Ehrsam AG car parking space 3 4'320.00 360.00 360.00 28.80 388.80 16.10.2013 3 months

10 Bräm + Partner AG car parking space 3 5'760.00 480.00 480.00 38.40 518.40 01.06.2011 1 month11 Bräm + Partner AG parking 7 6'300.00 525.00 525.00 42.00 567.00 01.06.2011 1 month12 Brechbühl Bruno storage 40 1'980.00 165.00 165.00 5.00 170.00 01.01.2003 6 months13 Brechbühl Bruno apartment house 125 14'400.00 1'200.00 1'200.00 150.00 1'350.00 01.10.2003 3 months14 Brechbühl Bruno car parking space 1 720.00 60.00 60.00 60.00 01.10.2003 3 months15 Brechbühl Bruno crafting room 15 780.00 65.00 65.00 65.00 16.12.2003 3 months16 Hirsch Jürg apartment house 125 14'400.00 1'200.00 1'200.00 150.00 1'350.00 01.10.2003 3 months17 Hirsch Jürg car parking space 2 1'440.00 120.00 120.00 120.00 01.10.2003 3 months18 Hirsch Jürg parking 1 900.00 75.00 75.00 75.00 01.10.2004 3 months19 Hirsch Jürg car parking space 1 1'800.00 150.00 150.00 150.00 01.01.2008 3 months20 Lamm Hürzeler Jolanta apartment house 125 16'053.60 1'337.80 1'337.80 100.50 1'438.30 01.10.2005 3 months21 Lutz Simeon parking 1 900.00 75.00 75.00 6.00 81.00 01.05.2013 3 months22 Münger Alex car parking space 1 1'440.00 120.00 01.11.2013 1 month23 Otto Fischer AG Elektrotechn. Artikel car parking space 10 14'400.00 1'200.00 1'200.00 96.00 1'296.00 01.08.2006 1 month24 Otto Fischer AG Elektrotechn. Artikel car parking space 4 5'760.00 480.00 480.00 38.40 518.40 01.08.2006 3 months25 Otto Fischer AG Elektrotechn. Artikel car parking space 28 40'320.00 3'360.00 3'360.00 268.80 3'628.80 01.08.2006 6 months26 Otto Fischer AG Elektrotechn. Artikel parking 5 4'500.00 375.00 375.00 30.00 405.00 01.08.2006 1 month27 Otto Fischer AG Elektrotechn. Artikel parking 22 19'800.00 1'650.00 1'650.00 132.00 1'782.00 01.08.2006 6 months28 Otto Fischer AG Elektrotechn. Artikel car parking space 2 2'880.00 240.00 240.00 19.20 259.20 01.12.2007 3 months29 Otto Fischer AG Elektrotechn. Artikel car parking space 1 1'440.00 120.00 120.00 9.60 129.60 01.05.2012 3 months30 Otto Fischer AG Elektrotechn. Artikel parking 3 2'700.00 225.00 225.00 18.00 243.00 01.05.2012 3 months31 Otto Fischer AG Elektrotechn. Artikel car parking space 1 1'440.00 120.00 120.00 9.60 129.60 01.08.2012 3 months32 Stalder Stephan apartment house 129 14'400.00 1'200.00 1'200.00 150.00 1'350.00 01.10.2003 3 months33 Stalder Stephan car parking space 1 780.00 65.00 65.00 65.00 01.10.2003 3 months34 Swisscom Immobilien AG land 2'050 100'366.20 8'363.85 8'363.85 8'363.85 01.11.2007 31.03.2026 31.03.2031 30.09.202435 Swisscom Immobilien AG Antenne 3'996.00 333.00 333.00 333.00 01.01.2008 12 months36 Swisscom Immobilien AG business premises 148 15'156.00 1'263.00 1'263.00 117.35 204.00 1'584.35 01.08.2006 31.10.2015 31.10.2020 31.10.201437 Swisscom Immobilien AG business premises 1'504 420'864.00 35'072.00 35'072.00 3'105.65 3'749.00 41'926.65 01.08.2006 31.03.2026 31.03.2031 30.09.202438 Swisscom Immobilien AG car parking space 15 21'261.60 1'771.80 1'771.80 141.75 1'913.55 01.08.2006 3 months39 Swisscom Immobilien AG parking 36 32'400.00 2'700.00 2'700.00 216.00 2'916.00 01.08.2006 3 months40 Swisscom Immobilien AG parking 2 2'592.00 216.00 216.00 17.30 233.30 01.08.2006 31.03.202641 Swisscom Immobilien AG parking 23 31'356.00 2'613.00 2'613.00 209.05 2'822.05 01.08.2006 31.03.2026 31.03.2031 30.09.202442 Swisscom Immobilien AG storage 1'935 257'760.00 21'480.00 21'480.00 2'158.40 5'500.00 29'138.40 01.08.2006 31.03.2026 31.03.2031 30.09.202443 Swisscom Immobilien AG business premises 17'918 4'022'112.00 335'176.00 335'176.00 31'918.10 63'800.00 430'894.10 01.01.2008 31.03.2026 31.03.2031 30.09.202444 Swisscom Immobilien AG car parking space 18 25'920.00 2'160.00 2'160.00 172.80 2'332.80 01.01.2008 3 months45 Swisscom Immobilien AG car parking space 13 17'736.00 1'478.00 1'478.00 118.25 1'596.25 01.01.2008 31.03.2026 31.03.2031 30.09.202446 Swisscom Immobilien AG parking 21 28'644.00 2'387.00 2'387.00 191.00 2'578.00 01.01.2008 31.03.2026 31.03.2031 30.09.202447 Swisscom Immobilien AG storage 5'854 656'568.00 54'714.00 54'714.00 5'549.15 14'650.00 74'913.15 01.01.2008 31.03.2026 31.03.2031 30.09.202448 Swisscom Immobilien AG office 928 199'188.00 16'599.00 16'599.00 1'544.50 2'707.25 20'850.75 01.06.2010 31.03.2026 31.03.2031 30.09.202449 Swisscom Immobilien AG car parking space 6 10'800.00 900.00 900.00 72.00 972.00 01.09.2010 3 months50 Swisscom Immobilien AG parking 1 900.00 75.00 75.00 6.00 81.00 01.09.2010 3 months51 Swisscom Immobilien AG storage 12 984.00 82.00 82.00 6.55 88.55 01.09.2010 6 months52 Swisscom Immobilien AG car parking space 24 34'920.00 2'910.00 2'910.00 232.80 3'142.80 01.10.2013 3 months

Total lettable area 31'029 315Total Vacancy -57Total Occupied area 31'029 258 6'098'556.60 508'213.05 508'093.05 46'628.25 91'266.25 645'987.55

Kakuru Swiss AG - ("Swisscom Portfolio")Aargauerstr. 108048 ZürichTenancy Schedule - Oktober 2013

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SWISS ECONOMY Swiss Economic Overview Switzerland, strategically located in central Europe, has a total population of approximately 7.95 million (2012), of which about a third live in the five largest cities of Bern, Geneva, Zurich, Basel and Lausanne. The country covers a total surface area of 41,285 square kilometres (10,201,746 acres) and is divided into three geographical areas: The Alps (accounting for 60% of the total surface area), the Middle Land (30%) and Jura (10%). It is bordered by Germany in the North East, France in the West, Italy in the South, Austria and Liechtenstein in the East, as shown below:

The economy in general is being served by all three sectors of the economy. The lack of natural resources however has led to a heavy reliance on the service sector, including industries such as banking, tourism and insurance.

Only 4% of the workforce is employed in agriculture; this sector is heavily reliant upon governmental subsidies. Approximately 23% of the workforce is employed in the industrial sector, which incorporates manufacturing, distribution and handicraft. The overwhelming majority of the output is exported for foreign consumption. Trades have been particularly successful in the past four years, contributing a fair share of the GDP growth which can be directly linked to the export of High-Tech goods. 73% of the workforce is employed in the service industry, which is the dominant sector and viewed as the future of the Swiss economy, as manufacturing grows in the developing economies of south-east Asia and the sub-continent.

Macro-Economic Performance Developments in the Swiss economy

At the end of 2012, Switzerland’s annual gross domestic product (GDP) increased by 1% in terms of constant prices and by 1.1% in current prices according to the total quarterly national accounts. Although these figures underperformed the previous two years, they again proved to be more resilient and are set apart from the recessionary trends prevailing in many Eurozone countries.

The fact that the Swiss economy managed to perform relatively well despite of difficult conditions is due to its robust domestic economy and solid performance of various industries such as pharmaceutics and watches. Moreover, domestically-focused sectors

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such as construction and public/private services benefit from the continuous immigration flow and low interest rates.

On the negative side, following the severe appreciation of the Swiss Franc, industries heavily relying on export such as engineering, electrical and metal industry have experienced more difficulties due to severe pressure on their operating margins.

The overall economic outlook for the upcoming quarters is currently marked by mixed signals. Yet, the measures taken by the European Central Bank (concerning the willingness to purchase unlimited amounts of government bonds of peripheral countries in the secondary market) have temporarily eased the financial markets and provided an opportunity to implement credible fiscal and structural reforms.

Monetary policy The Swiss National Bank’s (SNB) monetary policy strategy is based on its definition of price stability, medium-term inflation prediction and chosen reference interest rate, i.e. the three-month Libor. The SNB is still maintaining the exchange rate floor unchanged at CHF 1.20/€, and is likely to carry on defending it with tenacity. The strong Swiss Franc is dampening the nation’s economy and the SNB is therefore committed to prevent a further appreciation of the currency. The target range for the three-month Libor remains at 0.0–0.25%, with the SNB intending to keep it that low and being prepared to take any further measures needed.

Inflation expectations have virtually remained unchanged compared to past months. The short-term conditional inflation prognosis of the SNB is slightly higher than the medium-term prognosis due to the increase of the oil price in the last quarter and the overall more positive economic outlook. For 2013 and 2014, the SNB expects a slightly higher inflation of negative 0.2% and 0.3%. For the year 2015 the inflation prognosis remains at 0.7%. We do not see any larger inflation risks for Switzerland.

The slow recovery of the global economy has continued on the past months. In the second quarter of 2013, on the one hand, the GDP of industrial countries and particularly Germany and France have developed stronger than expected. On the other hand, the economies of emerging markets are struggling. Overall however, the global economy can be expected to gain broader traction.

The risks of less positive international economic activity have slightly reduced compared to the last quarter. The remaining structural problems remain existing

GDP growth in Switzerland exceeded expectations last quarter. However, while the majority of service sectors have developed sturdily, the second sector experienced declining growth. In the second semester of 2013, export trade should be a positive factor due to a stabilization of foreign demand. Thanks to an unexpectedly positive second quarter, the SNB expects a growth of 1.5%-2.0% versus 1.0%-1.5% so far for the year 2013.

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MARKET COMMENTARY

European Data Centre Market

Overview

An improvement to the economic outlook across the eurozone is serving to restore some business confidence in the second quarter. Data centre operators are beginning to see the result of a more optimistic corporate view with a rise in new enquiries. The opinion that an outsourced IT solution is able to deliver improved cost efficiency is proving attractive to cost-conscious companies. Consequently, renewed interest from corporate occupiers combined with enquiries from technology service providers is providing a promising outlook for data centre operators.

Colocation take-up in the first half of the year has yet to reflect the positive signals that are emerging. Across the markets, total take-up for Quarter 2 was 6,300 sq m (8.8MW) bringing the year-to-date total to 15,095 sq m (21.7MW), a third less than at the equivalent point in 2012. London accounted for 50% of newly contracted space in Quarter 2 with take-up at retail facilities now passing the total for last year. Activity slowed in Frankfurt during the second quarter although colocation take-up in the city is now 18% ahead of mid-year 2012. Amsterdam continues to receive strong market interest, however, a smaller number of large transactions this year has meant that total take-up has remained lower than expected. Take-up has shown improvement in Paris in Quarter 2 but demand has remained inconsistent in the French capital.

The forecast slowdown in supply growth for this year is proving to be accurate with operators consolidating their position following last year's record increases. Vacancy rates remain at a stable 15.3% with a gradual decline expected in the short term. The supply pipeline beyond this year indicates that 35,000 sq m could come to market in 2014. This now includes new schemes announced recently by Digital Realty and Interxion that serve to exemplify operator confidence in the long-term growth of the sector.

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Supply & Availability

With new build programs slowing this year, data centre capacity across the main markets has remained stable at mid-year 2013. Many of the major operators completed new build and expansion projects last year, aggregating into record new supply. This program of construction has now provided sufficient levels of equipped data centre space to be able to service the current and immediate future level of demand. One significant new opening of the second quarter has been that of new entrant, Volta in central London. The initial phase

of 1.2MW is open and provides competition to the established London city operators. The product of these new additions and last year's expansion programs has been a rise in availability. Current availability in London stands at 18.6% against a European average of 15.3%. At this level, London at present has the highest level of vacancy of the major markets although given the consistent demand that the capital receives, the market remains well balanced. Outside London, operators have not sat idle with build and expansion plans into 2014/2015 already announced.

The fastest growing market of recent months has been Amsterdam and the city has again been the focus of much attention most recently. Digital Realty announced the acquisition of a 5.4 acre site at Hoofddorp with plans to construct a 15,900 sq m (11.5MW) data centre. Technology-led demand continues to drive new interest in this market, with this new investment outlining operator expectations on demand sustainability moving forward.

Interxion have also made public their intention to construct a new 6MW facility in Frankfurt. Data centre supply in the city has grown slowly in recent years principally because of market oversupply in the preceding 10 years. Market vacancy in the city is now one of the lowest of the major locations at 13.6% with strong demand this year likely to encourage further falls.

Moreover, this trend of falling availability accurately forecasts the European picture in the short term. Selective investment will continue by operators but a repeat of the supply growth of last year is not envisaged. The main focus for 2013 will be to consolidate existing positions and plan for longer term expansions into Tier 1 and peripheral markets.

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Market News – Supply

During the second quarter of the year, the technical real estate market across Europe continued to see additions to the supply of colocation space from retail providers. In mainland Europe, for example, Interxion announced the building of its eighth data centre in Frankfurt which will deliver four 900 sq m phases, whilst Equinix reported the opening of the first 1,060 sq m phase of its fifth data centre in Zürich. In southern France, Sigma Group opened its new 2,000 sq m facility in Nantes, whilst Euclyde Data Centers announced plans for its second data centre in Sophia Antipolis, which will provide up to 2,500 sq m of technical space. Further afield, NTT Communications Russia has taken space in IXcellerate's Moscow One data centre, to offer colocation services to the area.

In the UK, there were fewer reports of larger amounts of technical real estate space coming to the market, the most significant in the period being Portal Data Centres who announced the start of construction of a 2,800 sq m facility in Aston, near Birmingham. However, there continued to be activity on a smaller scale amongst data centre solutions companies, such as LDEX, who completed a 325 sq m expansion of its facility in North West London, Everest Data Centres, who completed a data hall at their new Reading facility and Node4, who finished a 200 rack expansion at its Northampton data centre.

From a wholesale development perspective, speculative build activity continues to be limited, although there are pockets of development underpinned by pre-letting activity. In Poland, SPV Grodzisk is building a data centre in the town of Grodzisk-Mazowiecki, just outside Warsaw, to deliver 1,500 sq m of space which has been leased by the mobile operator Polkomtel and pay-TV operator Cyfrowy Polsat. In the UK, SEGRO has announced that Paragon Internet Group – on behalf of its subsidiary Tsohost.com – has taken 1,300 sq m on the Slough Trading Estate on a 15-year lease, whilst Ark Data Centres announced the completion of the construction of its modular facility known as P1 at its Spring Park data centre campus in Wiltshire.

Activity amongst IT integrators, carriers and hosting companies continues to provide a dominant driver in the supply of data centre space across Europe. Bolstered by the continued growth in demand for third party infrastructure services from corporates, this group of data centre owners, occupiers and operators have a prominent role in the expansion of the European data centre footprint. For example, in Belgium, Interoute launched the 1,500 sq m expansion of its Flanders facility, whilst global IT services company, IBM, reported the opening of a new facility in Ehningen, Germany, and digital solutions provider, Bull, launched the first phase of its new data centre at its Paris campus.

A number of telecommunications companies have also reported activity over the last quarter. For example, in Spain, Telefónica has launched the first phase of its Alcalá Data Centre project, near Madrid, in which it has so far invested more than €120 million, with plans to increase this to €300 million over the coming years. Meanwhile, in Russia, Miran announced plans to open its second data centre in St Petersburg with the first phase set to launch in August, whilst in Latvia, Lattelecom has opened its Dattum Data Centre in Riga, to offer cloud computing and big data services.

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Take-up and Demand

Whilst evidence suggests that there is improvement with regard to the prospects for economic growth across Europe as whole – and accepting that these prospects vary wildly from country to country – the technical real estate market is continuing to benefit from relatively healthy levels of activity as companies plan for growth and execute IT strategies that require data centre space.

As has been noted in our reports for a number of years now, IT integration and outsourcing continues to play a leading role in the take-up of data centre infrastructure, as corporates are increasingly at ease seeking a third party solution for their IT requirements. The past three months has seen a number of notable examples of these types of transactions. One significant example saw Salesforce.com sign an agreement with NTT Europe to establish a European data centre in the UK. The facility is scheduled for completion in 2014, and will support the company's cloud computing services across its growing customer base in Europe, Middle East and Africa. In a similar vein, Oracle reported the opening of a new data centre in the Thames Valley specifically to support the company's work for the UK government, whilst SunGard Availability Services announced that it has signed a 5-year contract with Serco Group for their UK IT infrastructure needs.

In Germany, Bull reported that they are providing Tele Columbus with IT outsourcing services and Tieto has taken overall responsibility for the IT operations at DEKRA Industrials and DEKRA Automotives in Sweden. In Spain, HP Enterprise Services reported that they have won a 10-year contract with Generalitat de Catalunya for transformation of the government's computing environment.

Retail colocation providers throughout Europe have continued to report relatively buoyant activity amongst enterprises taking managed technical space. Some examples include Telecitygroup, who reported the addition of carrier IX Reach to one of its London facilities; Virtus announced that Queen Mary, University College London is hosting its core infrastructure at their LON1 facility, and Equinix reported that it is providing data centre services to online gaming company, War Gaming.

In the Netherlands, The Ministry of Infrastructure and the Environment and the Custodial Institutions Agency along with other Dutch government agencies have agreed to site IT infrastructure in two Equinix data centres in Amsterdam, AM2 and AM3 Science Park and in Dublin, Amazon Web Services has opened a new network facility in Eircom's Clonshaugh data centre to help improve the performance of its AWS Direct Connect cloud offering. One other announcement of note saw Google report that they will invest �300 million to expand its European data centre in Belgium in order to meet growing demand for its online services. The facility, which became fully operational

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42

Take-up & Demand

At the close of the second quarter, transaction levels have remained below average across the major European markets despite strong interest. Total take-up for Quarter 2 was 6,300 sq m (8.8MW), a relatively low total given the current market, although the second quarter of the year often marks a slowdown in activity. Again, the majority of sources for new requirements continue to come from the telecoms and technology sector where business growth and latency demands are dictating extra capacity requirements. Cloud-based interest also continues to factor highly in all

locations. This is driven not only by dedicated service provider expansion, but also from increases in corporate deployment of private cloud. The push toward maximising productivity through efficient use of IT is now outweighing fears over security. This is manifesting through companies deploying a mix of collocation and cloud services for their IT platforms. Corporate confidence overall is showing improvement this year and this is translating into new IT projects. It is too early to proclaim that there has been a discernible change

However, recent growth in interest would suggest that a shift in sentiment is occurring resulting in greater willingness to accept new investment projects. Operators in the major corporate centres such as London, Frankfurt and Paris will hope that momentum is maintained and converted into transactions in the second half of this year.

At the mid-year point London, Europe's largest data centre market, has recorded the highest take-up with 2,805 sq m (4.4MW) transacted in the second quarter. The London retail sector in particular continues to show improvement with take-up for the year now surpassing the total for last year. Total take-up in Frankfurt is just short of the London total for the first half of the year accounting for 32% of the Tier 1 total compared to London's 34%.

In Amsterdam, take-up totals are yet to reflect the strong market interest. Connectivity-led demand remains a dominant source of new business across all markets currently and this is where Amsterdam retains its strong position. The second half of the year should see take-up totals improve and several sizeable transactions finally complete. For Paris challenges remain with consistency of new demand although take-up improved in the second quarter.

Both Paris and the other major markets will gain encouragement from growth in business confidence. The rise in new enquiries has brought renewed optimism to the European markets. with budgetary control of potential data centre customers delicately balanced, it will be interesting if the second part of 2013 results in the expected rise of completed transactions.

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43

Market News – Investment

There have been a number of notable direct real estate investment transactions announced during the second quarter of the year, evidence that data centres are continuing to attract their share of interest from the investment world. Securus Data Property Fund, the world's first Shariah-compliant data centre fund, continued to be active and bought its sixth data centre, the Almere Data Centre located in Amsterdam during the second quarter. Also in Amsterdam, private equity and UK investment banking group, Evans Randall, paid a reported �18.25 million to the developer of the Telecitygroup data centre near Schiphol airport, a 13,750 sq m facility let on a 20-year lease.

The second quarter also provided evidence that the sector is seeing continued strategic merger and acquisition activity, as companies seek to bolster service offerings and enhance data centre solutions. For instance, it was announced that Dublin-headquartered Digiweb merged with Viatel, a London-based telecoms operator to create a data solutions company that now connects 34 western European cities over 8500km of fibre network to provide data centre and network services.

In France, IT integrator Neos Telecoms has reportedly bought a 35% stake in French regional operator, HITS Datacentre for an undisclosed sum; in Holland, IS Group completed the acquisition of NXS Internet whilst Veronis Suhler Stevenson and GMT Communications Partners provided growth capital to IT-Ernity in connection with the acquisition of a majority shareholding, and in Turkey, Telecitygroup acquired data centre company, SadeceHosting for a reported £25 million.

In terms of capital-raising activity, the second quarter saw the UK private equity provider, LDC complete its investment to support the management buy-out and continued growth of data centre company, Node4. The deal reportedly provides further capital to help the growth and expansion of Node4, primarily through continued development of Market News –

PROPERTY REPORT

44

Data Centres Zurich In recent years the number of data centres in Switzerland has grown to more than 400 owner-occupier and third-party buildings. The greater Zurich area with the sub-markets of Zurich West and North takes over the leading position within the Swiss market. Due to the every two years doubling amount of data worldwide, the demand side for data centres is very dynamic and attractive.

In a pan European comparison, the United Kingdom, Germany and France host most of the data centre space. Regardless of the small overall size of the country, Switzerland is placed on a strong 6th rank. In relation to the number of inhabitants, Switzerland already has the second largest market in Europe. The attractiveness of Switzerland is based on a sustainably growing demand: On the one hand Switzerland as a particularly restrictive privacy policy in an international comparison, which is why Swiss companies rarely rely on foreign providers. A survey of MSM research indicates that more than half of all companies surveyed see the location Switzerland as a prerequisite for a data centre location.

On the other hand, Switzerland is recognised as a stable location with very reliable and safe power supply, also in connection with renewable energy. The future market growth on the demand-side can be assessed to be very good. Other locational advantages as excellent infrastructure and availability of well-trained specialists act as additional pull factors for operators.

Several new openings and developments have been recorded in the region of Zurich. In the course of their expansion, Equinix has opened their fifth location in Zurich in June 2013 with around 6,670 sq m. IX Swiss Datacentre has taken over the former Julius Bär building this spring and will open another 2,000 sq m this year. The city of Zurich has also completed a state of the art and energy-efficient data centre for a total investment of around CHF 139m in 2012.

Developments in Zurich’s data centre market

PROPERTY REPORT

45

Swiss Investment Market Investors’ interest in office and commercial buildings in Zurich is still high, as evidenced by various on-going and completed transactions in recent months.

Both national and foreign investors are active on the market, either on core properties or on developments in good locations. This is partly explained by the scarcity of available products in the prime end of the market. Main focus remains the prime segment.

Despite the relatively low investment yields in Switzerland real estate investors benefit from an attractive yield spread.

As a result, prime yields in Zurich have been around 3% for some time now which still leads to very decent yield spreads, particularly in the current low interest climate. Also in a European comparison, the yield spread observable in the Zurich market is attractive, especially when considering the economic and political stability in Switzerland.

However, facing the limited supply of prime investment products, more and more investors also eye higher yielding alternative investment properties in secondary locations with a very good letting situation and long-term secured cash flow providing a limited risk profile.

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46

VALUATION CONSIDERATIONS

Income Summary and Analysis of Passing Rent We consider that the rental income is relatively secure, guaranteed by the tenants’ strength and covenant.

When analysing lease terms, it can be noticed that the main tenant Swisscom Immobilien AG contributing 97% to the rental income, has a remaining lease term of approx. 13 years (assumed 38 years). The weighted average remaining lease term of the entire property is also 13 years (we applied reasonable lease lengths for rolling leases or leases without a defined lease expiry).

As earlier mentioned, we were provided with the tenancy schedule, summarizing the current rent paid, the start and expiry dates of the leases as well as the schedule of surface areas rented out.

Void Periods & Re-Lettability For the purpose of the valuation we have assumed the surface areas to be relet at market rent at the expiry of the lease contract with void periods between 0 to 6 months for currently let premises. We are of the opinion that the areas in the subject property can be re-let in relatively short time and provide characteristics of market standard for this kind of property. We have assumed no void periods after the expiry of the Swisscom lease due to our assumptions concerning their likely prolongation for further 25 years.

Rental Levels Given the market conditions, the property features and with regard to comparables evidences, we estimated the market rental values applying to the different areas to be:

Office: CHF 200/ sq m pa

Data Centre CHF 200 / sq m pa

Storage: CHF 60 / sq m pa

Residential CHF 200 / sq m pa

Antenna CHF 12’500 pa

Land CHF 0 / sq m pa

Advertisements CHF 18’000 pa

Int. car parks: CHF 1’800 / unit pa

Ext. car parks: CHF 900 / unit pa

We have based these Estimated Rental Values (ERVs), on recent market comparables as well as on recent lease agreements within the property.

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47

Opinion of ERV As at the valuation date, we believe the current Gross Estimated Rental Value of the property to be CHF 5’182’085.

Overall, we are of the opinion that the premises are over-rented (by 17% with actual current passing rent of CHF 6’098’556 per annum).

Risk Perception and Cap Rate We assume the long term risk free rate to be at 2%. The Swiss ten year bond rate was at 1.00% as of 30 September 2013. However, we are of the opinion that this rather a short term effect due to the current turbulences on the global financial markets. Thereto we added risk premiums for the risk of the real estate asset such as illiquidity, the type of use, the quality of the location and of the property but also the letting status, indexation and risk perception of market participants compared to other real estate investments.

We applied a terminal cap rate of 6.50% at Swisscom lease expiry in 2051, which reflects the age of the building by that time and the commercial character.

Real rental growth was estimated to be 0.0% per year (reflected within the growth of market rental value). We reflected an inflation rate of 0.0% for the first, 0.5% in the second and 1.0% per year afterwards within the cash flows (indexation clauses of current leases and costs) based on our research and national statistics. We have applied a cap rate over the term of 4.75%. The cap rate takes consistently into account the secured long term income from a tenant with prime covenant strength. The cap rate is also consistent with the decreasing yield gaps between long term national bonds and secure real estate investments.

Potential Purchasers In our opinion this property would qualify as a potential investment for a relatively small group of investors. Due to the lack of special knowledge which is required for investments in and managing of data centres the majority of the common institutional investors exclude this asset type from their portfolios. There are however some investors on the market which do have this knowledge and experience. Data centre investors are generally interested in long term secure cashflow. The majority of data centres which come on the market are let with a remaining lease term of more than 15 years. Also, occupiers have a higher tendency to prolong their leases compared to other asset types due to relatively high moving costs and lack of alternative premises. If the leases provide a sufficient hedge against inflation with CPI indexation clauses, which is most of the time the case, investors do find mentioned long term secure cash in data centres.

In the recent past we identified investors from pension funds as well as data centre operators or occupiers on the buyer side. We would expect that those investors would qualify for the subject property as well. Family offices from foreign countries can sometimes be observed taking advantage of long term secured income which comes with this asset class.

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48

Investor Rationale As described before we expect demand for this kind of property to come from owner occupiers, family offices or specialized institutional investors. In our valuation we reflected the rationale of a cash flow driven investor since a redevelopment or conversion of the property appears to be relatively unlikely.

The subject provides secure income from a tenant with prime covenant strength for approx. 13 years. A prolongation from Swisscom of the existing lease is very likely due to the extensive technical investments into the property from Swisscom, strategic importance for Swisscom and rare alternatives on the property market. The lease is indexed annually 80% of national CPI change. This provides a good hedge against inflation which is expected rise in the medium and long term. Since the risk over the (prolonged) lease period for an investor is low and comparable to a corporate bond we applied a relatively low cap rate (4.75%).

We estimate the impact of the (potential) soil contamination on the value to be relatively low. Although investors are generally relatively risk averse in this context, risk premiums are expected to be low since the current investigations are still pending and will have – if at all – to be considered in course of a redevelopment or reconstruction of the property.

Valuation Methodology In arriving at our opinion of Fair Value, we have used the standardised and internationally accepted valuation software ARGUS Valuation Capitalisation. We applied the Term & Reversion method, whereby the existing and future (net) income streams from the property are capitalized by an appropriate cap rate. The valuation result is benchmarked against observed yields from the local investment market.

Investment Evidence Investment transactions for data centres have been rare in the last years.

In the last quarter of 2011 there have been three transactions of comparable properties (except of total size) in the UK. While yields in the UK are generally higher than in Switzerland, we expect net initial yields for the subject property to be significantly lower.

Birmingham UK Q4 2011

Sale and Leaseback of a Fully Fitted data centre let to telecom/phone company and guaranteed by mother company

A converted industrial building

Sold to a UK Institution

Four ground floor data halls with a Net Technical Area totalling 883.7 sq m

New 25 year lease with annual fixed uplifts, assumed to be 2.5% per annum

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49

Initial Rent of £700,000 per annum, equating to £792.14 per sq m on the net technical space

Technical load of 550KVA to data rooms, understood to equate to 623 W per sq m

Sold at a NIY of 7.00%

Newark on Trent UK Q4 2011

Sale and Leaseback of a Fully Fitted data centre

Tier 3 facility Let to telecom/phone company and guaranteed by mother company

New 25 year FRI lease with 5 yearly rent reviews in line with the RPI index, but collared at 1.50% and capped at 4.00% per annum

Net Technical Area totalling 359.9 sq m on the ground floor, with 1,060.4 sq m of offices on the upper two floors

Initial Rent of £437,500 per annum, equating to £807.32 per sq m on the net technical space

Under Offer at a NIY of 8.00%

Hampshire UK Q4 2011

Fully Fitted data centre.

Let to IT service company until 2030

Rent increase annually at RPI between 2.5% and 5% from June 2018

Tier 3 facility with a minimum N+1 resilience on all parts of the data centre

Net Technical Area totalling 2,191.9 sq m

Initial Rent of £1,786,063 per annum £814.86 per sq m on the net technical space

NIY slightly better than 6.75%

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50

OPINION OF VALUE

Fair Value We are of the opinion that the Fair Value of the freehold interest in property Aargauer Str. 10, Zurich, as at 30 September 2013 is:

CHF 105’000’000

(ONE HUNDRED AND FIVE MILLION SWISS FRANCS)

excluding acquisition costs, transfer tax, agency fees, notary fees and VAT.

We confirm that the "Fair Value" reported above, for the purpose of financial reporting under International Financial Reporting Standards, is effectively the same as "Market Value".

Benchmarks Allowing for purchaser’s costs of 0.00%, our opinion of Fair Value reflects the following yield profile:

Current Net Initial Yield 4.65%

Current Gross Initial Yield 5.54%

Gross Multiplier on Current Rent 18.0

Fair Value per sq m of lettable area (28’979 sq m) CHF 3’384

Cap Rate & Reversionary Yield Term Cap Rate 4.75%

Reversionary Yield 6.50%

LOCATION MAP

51

LOCATION MAP

LOCATION MAP

52

LOCATION MAP

LOCATION MAP

53

PHOTOGRAPHS

54

PHOTOGRAPHS

PHOTOGRAPHS

55

PHOTOGRAPHS

Data Centre Areas

Cooling Station / Office Areas

Cantine / Parking Garage

LAND REGISTRY EXTRACT

56

LAND REGISTRY EXTRACT

LAND REGISTRY EXTRACT

57

LAND REGISTRY MAP

LAND REGISTRY EXTRACT

58

LAND REGISTRY EXTRACT

LAND REGISTRY EXTRACT

59

LAND REGISTRY EXTRACT

60

LAND REGISTRY EXTRACT

61

VALUATION PRINT-OUT

62

VALUATION PRINT-OUT

VALUATION PRINT-OUT

63

VALUATION PRINT-OUT

REPORT Summary Valuation CBRE Ltd.

Report Date 05 November 2013Valuation Date 30 September 2013

Property

Address Data centre,10,Aargauerstrasse,Zurich,8048File/Ref No

Gross Valuation CHF110,021,178Capital Costs -CHF5,069,753Net Value Before Fees CHF104,951,426

Net Valuation CHF104,951,426Say CHF105,000,000

Equivalent Yield 5.1007% True Equivalent Yield 5.2751%Initial Yield (Deemed) 4.6460% Initial Yield (Contracted) 4.6460%Reversion Yield 3.8130%

Total Contracted Rent CHF6,098,556 Total Current Rent CHF6,098,556Total Rental Value CHF5,182,085 No. Tenants 14Capital value per m² CHF3,383.93

Running Yields

Date Gross Rent Net Rent Annual Quarterly30-Sep-2013 CHF6,098,556 CHF5,111,556 4.6460 % 4.7841 %01-Aug-2014 CHF6,098,584 CHF5,111,584 4.6460 % 4.7841 %01-Jan-2015 CHF6,122,931 CHF5,135,931 4.6681 % 4.8076 %30-Mar-2015 CHF6,224,631 CHF5,237,631 4.7606 % 4.9057 %01-Aug-2015 CHF6,224,708 CHF5,237,708 4.7606 % 4.9057 %01-Jan-2016 CHF6,273,595 CHF5,286,595 4.8051 % 4.9529 %01-Aug-2016 CHF6,273,769 CHF5,286,769 4.8052 % 4.9531 %01-Jan-2017 CHF6,322,970 CHF5,335,970 4.8499 % 5.0006 %01-Aug-2017 CHF6,323,068 CHF5,336,068 4.8500 % 5.0007 %01-Jan-2018 CHF6,372,740 CHF5,385,740 4.8952 % 5.0487 %01-Aug-2018 CHF6,372,839 CHF5,385,839 4.8953 % 5.0488 %01-Oct-2018 CHF6,416,164 CHF5,429,164 4.9347 % 5.0907 %01-Jan-2019 CHF6,464,842 CHF5,477,842 4.9789 % 5.1378 %01-Jul-2019 CHF6,488,790 CHF5,501,790 5.0007 % 5.1610 %01-Jan-2020 CHF6,537,577 CHF5,550,577 5.0450 % 5.2082 %01-Jan-2021 CHF6,586,754 CHF5,599,754 5.0897 % 5.2558 %01-Jan-2022 CHF6,636,325 CHF5,649,325 5.1348 % 5.3039 %01-Jan-2023 CHF6,686,292 CHF5,699,292 5.1802 % 5.3523 %01-Jan-2024 CHF6,736,659 CHF5,749,659 5.2260 % 5.4012 %01-Jan-2025 CHF6,787,429 CHF5,800,429 5.2721 % 5.4505 %01-Jan-2026 CHF6,838,605 CHF5,851,605 5.3186 % 5.5002 %01-Jan-2027 CHF6,890,190 CHF5,903,190 5.3655 % 5.5504 %01-Jan-2028 CHF6,942,188 CHF5,955,188 5.4128 % 5.6010 %01-Jan-2029 CHF6,994,602 CHF6,007,602 5.4604 % 5.6520 %01-Jan-2030 CHF7,047,435 CHF6,060,435 5.5084 % 5.7034 %01-Jan-2031 CHF7,100,691 CHF6,113,691 5.5568 % 5.7553 %01-Jan-2032 CHF7,154,373 CHF6,167,373 5.6056 % 5.8077 %01-Jan-2033 CHF7,208,485 CHF6,221,485 5.6548 % 5.8605 %01-Jan-2034 CHF7,263,029 CHF6,276,029 5.7044 % 5.9137 %01-Jan-2035 CHF7,318,010 CHF6,331,010 5.7544 % 5.9674 %01-Jan-2036 CHF7,373,431 CHF6,386,431 5.8047 % 6.0216 %01-Jan-2037 CHF7,429,295 CHF6,442,295 5.8555 % 6.0762 %01-Jan-2038 CHF7,485,606 CHF6,498,606 5.9067 % 6.1314 %01-Jan-2039 CHF7,542,367 CHF6,555,367 5.9583 % 6.1869 %01-Jan-2040 CHF7,599,583 CHF6,612,583 6.0103 % 6.2430 %01-Jan-2041 CHF7,657,256 CHF6,670,256 6.0627 % 6.2996 %01-Jan-2042 CHF7,715,391 CHF6,728,391 6.1155 % 6.3566 %01-Jan-2043 CHF7,773,991 CHF6,786,991 6.1688 % 6.4142 %01-Jan-2044 CHF7,833,060 CHF6,846,060 6.2225 % 6.4722 %01-Jan-2045 CHF7,892,601 CHF6,905,601 6.2766 % 6.5308 %

Portfolio: Kakuru Data CentreARGUS Valuation - Capitalisation 2.50.039Portfolio: Kakuru Data CentreARGUS Valuation - Capitalisation 2.50.039

REPORT Summary Valuation CBRE Ltd.

Report Date 05 November 2013Valuation Date 30 September 2013

REPORT Summary Valuation CBRE Ltd.

Report Date 05 November 2013Valuation Date 30 September 2013

01-Jan-2046 CHF7,952,618 CHF6,965,618 6.3312 % 6.5898 %01-Jan-2047 CHF8,013,116 CHF7,026,116 6.3861 % 6.6494 %01-Jan-2048 CHF8,074,098 CHF7,087,098 6.4416 % 6.7095 %01-Jan-2049 CHF8,135,567 CHF7,148,567 6.4974 % 6.7701 %01-Jan-2050 CHF8,197,528 CHF7,210,528 6.5538 % 6.8313 %01-Jan-2051 CHF8,259,985 CHF7,272,985 6.6105 % 6.8929 %01-Apr-2051 CHF5,182,085 CHF4,195,085 3.8130 % 3.9056 %

Yields based on CHF110,021,178

Portfolio: Kakuru Data CentreARGUS Valuation - Capitalisation 2.50.039 Page 2Portfolio: Kakuru Data CentreARGUS Valuation - Capitalisation 2.50.039 Page 2

REPORT Summary Valuation CBRE Ltd.

Report Date 05 November 2013Valuation Date 30 September 2013

REPORT Summary Valuation CBRE Ltd.

Report Date 05 November 2013Valuation Date 30 September 2013

Tenants

Tenant name File/Ref Next Review Earliest Term Cap.Group Method Yield 1 Yield 2 Contracted Rent Current Rent ERV Gross ValueFreeholdAllgemeine Plakatgesellschaf NA 30-Sep-2018 Group 1 Term & Reversion 4.750% 6.500% CHF16,320 CHF16,320 CHF18,000 -CHF825,052Apollo Technics GmbH NA 30-Sep-2018 Group 1 Term & Reversion 4.750% 6.500% CHF900 CHF900 CHF900 -CHF1,085,077Bacchilega Adelheid NA 30-Sep-2018 Group 1 Term & Reversion 4.750% 6.500% CHF18,199 CHF18,199 CHF26,000 -CHF726,974Binelli & Ehrsam AG NA 30-Sep-2018 Group 1 Term & Reversion 4.750% 6.500% CHF4,320 CHF4,320 CHF5,400 -CHF1,019,471Braem + Partner AG NA 30-Sep-2018 Group 1 Term & Reversion 4.750% 6.500% CHF12,060 CHF12,060 CHF11,700 -CHF914,590Brechbühl Bruno NA 30-Sep-2018 Group 1 Term & Reversion 4.750% 6.500% CHF17,880 CHF17,880 CHF30,325 -CHF679,822Hirsch Juerg NA 30-Jun-2019 Group 1 Term & Reversion 4.750% 6.500% CHF18,540 CHF18,540 CHF31,300 -CHF674,969Lamm Huerzeler Jolanta NA 30-Sep-2018 Group 1 Term & Reversion 4.750% 6.500% CHF16,053 CHF16,053 CHF25,000 -CHF747,667Lutz Simeon NA 30-Sep-2018 Group 1 Term & Reversion 4.750% 6.500% CHF900 CHF900 CHF900 -CHF1,085,077Münger Alex NA 30-Sep-2018 Group 1 Term & Reversion 4.750% 6.500% CHF1,440 CHF1,440 CHF1,800 -CHF1,072,589Otto Fischer AG NA 30-Sep-2018 Group 1 Term & Reversion 4.750% 6.500% CHF93,240 CHF93,240 CHF109,800 CHF544,854Stephan Stalder NA 30-Jun-2019 Group 1 Term & Reversion 4.750% 6.500% CHF15,180 CHF15,180 CHF27,600 -CHF731,394Swisscom Immobilien AG NA 31-Mar-2051 Group 1 Term & Reversion 4.750% 6.500% CHF5,883,524 CHF5,883,524 CHF4,791,660 CHF118,693,173Vacancy NA 29-Mar-2020 Group 1 Term & Reversion 4.750% 6.500% CHF0 CHF0 CHF101,700 CHF345,834Total CHF6,098,556 CHF6,098,556 CHF5,182,085 CHF110,021,178

Portfolio: Kakuru Data CentreARGUS Valuation - Capitalisation 2.50.039 Page 3