INDEX

1. CUSHMAN & WAKEFIELD: BRAND HISTORY SIZEBRAND, HISTORY, SIZE.

2. COMPANY REGISTRATION DETAILS

3. COMPANY FINANCIAL STATUS

4 CONFIDENTIALITY4. CONFIDENTIALITY AGREEMENT

5. RECENT & PAST PROJECTS

6. CLIENT SATISFACTION

7. OUR SYSTEM: VALUE FOR MONEY

8. OUR TEAM

1. CUSHMAN & WAKEFIELD

Cushman & WakefieldThe Brand. Size

'Cushman & Wakefield is the world's largest privately-heldcommercial real estate services firm. Founded in 1917, it has234 ffi i 61 i d h 13 000 l234 offices in 61 countries and more than 13,000 employees.

EXOR S.p.A is one of the major investmentcompanies in Europe, is listed on the Italian stock exchange and activeliy manages a diverse portfolio of assets

Cushman & Wakefield Inc. is a private corporation with operations in North and South America, EMEA and Asia Pacific.

Cushman & WakefieldGlobal leadership

The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. Itp g g poffers a complete range of services within five primary disciplines: Transaction Services, including tenantand landlord representation in office, industrial and retail real estate; Capital Markets, including propertysales, investment management, investment banking, debt and equity financing; Corporate Occupier &

P j MInvestor Services: Asset & Project Management, including integrated real estate strategies forlarge corporations and property owners; Consulting Services, including business and real estateconsulting; and Valuation & Advisory, including appraisals, highest and best use analysis, dispute resolutionand litigation support along with specialized expertise in various industry sectorsand litigation support, along with specialized expertise in various industry sectors.

A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.es

• The Project Management and Consultancy team consists of a team of experienced Project Managers, InteriorThe Project Management and Consultancy team consists of a team of experienced Project Managers, Interior Designers and Building Surveyors providing construction and portfolio oversight services for a diverse range of client requirements in commercial office development, corporate headquarters, financial centres, high technology, hospitality, industrial, retail, and government and educational facilities; managing new build, refurbishment, relocation and fit-out.C&W f l d l l h h d l• C&W project management professionals deliver value through rigorous cost management and value engineering, adherence to project schedules, assurance of quality, risk mitigation, and economies of scale through leveraged procurement.

• Our technical professionals cover all aspects of the construction related process and act on behalf of developers, investors end users and occupiers alike across all sectorsinvestors, end users and occupiers alike, across all sectors.

Cushman & WakefieldOn 1st January 2006, Paul Bacon took over from John Travers as the new CEO for the EMEA

Going Global

When Cushman & Wakefield and Healey & Baker merged

History region. On 13th March 2006, Cushman & Wakefield Healey & Baker became known simply as Cushman & Wakefield in EMEA

The Beginning

While Cushman & Wakefield's history stretches back to 1917 in New York, that of Healey & Baker started in 1820, when G H l

Expansion into Europe

In the 1970s, the Firm set its sights on the rest of Europe. In 1972 we opened an office in Paris and by the end of the decade were present in Brussels, Amsterdam, City of London and

in 1998, the firm became one of the world's leading real estate consultancies. On 25 March 2002, Healey & Baker changed its name to Cushman & Wakefield Healey & Baker to reflect the global nature of b h i i d i

aligning the brand with other global regions.

Cushman & Wakefield (C&W)George Healey set up business, taking building leases on Crown lands to the east and north of Regents Park at the time when Regent's Street was being built.

Over the subsequent years

Amsterdam, City of London and Glasgow. Expansion continued in the '80s & 90s by which time we had over 20 offices throughout EMEA.

both its services and its ownership.

Cushman & Wakefield (C&W) celebrated its 90th anniversary in 2007, and marked the milestone in EMEA with further expansion into emerging markets (following Russia in 2004) with new operations in Romania and also Ukraine. In April 2007, EXOR Over the subsequent years,

the firm greatly expanded its activities in London, with George's son, Alfred, becoming a partner in 1860 and remaining so until his death in 1915. In 1910, George Henry Baker joined

p ,(formerly IFIL Investments S.p.A.) –the investment group of the Agnellifamily, one of Europe's leading entrepreneurial families – acquired a 70 percent stake in C&W, thus becoming the firm’s majority George Henry Baker joined

the firm and by 1920 George had become a partner and the firm had become known as Healey & Baker, focusing on commercial property.

shareholder.

In 2008, the firm continued its European expansion with a new operation in Turkey, new offices in Birmingham as well as several major G i i d i i

OFICINA EN BARCELONAPasseig de Gràcia, 567º Planta

OFICINA EN MADRID

German cities and a new operation in Dubai serving major regional markets of the Middle East including UAE, the Gulf States, Kuwait and Saudi Arabia.

Today, C&W has more than 13,000 professionals operating in 234 offices

* Established in Spain, 22 years ago* In 2011 we celebrate C&W Barcelona’s XX Aniversary

José Ortega & Gasset, 296º Planta

professionals operating in 234 offices in 61 countries around the world.

In 2011, we celebrate C&W Barcelona s XX Aniversary* 39 professionals in Barcelona including all service lines

2 C&W REGISTRATION DETAILS2. C&W REGISTRATION DETAILS

3 C&W FINANCIAL STATUS3. C&W FINANCIAL STATUS

Cushman & WakefieldFinancial status

The data presented and commented on below is taken from C&W Group’s consolidated accounting data as of and for the year ended December 31, 2010, prepared in accordance with IFRS, unless otherwise noted.

C&W Group’s 2010 performance resulted in year-over-year double-digit revenue growth driven by strong operating execution through its leadership position in major markets worldwide.

This revenue growth, combined with continued discipline on operating expenses, resulted in an improvement of $140.1 million in income attributable to Owners of the Parent to $13.1 million for the year ended December 31, 2010, as compared with a loss attributable to Owners of the Parent of $127.0 million for the prior year, as reported under International Financial Reporting Standards (“IFRS”).

As reported under accounting principles generally accepted in the United States of America (“U.S. GAAP”), the Company’s income attributable to Owners of the Parent increased $141.5 million to $25.7 million for the year ended December 31, 2010, as compared with a loss attributable to Owners of the Parent of $115.8 million for 2009.

Gross revenues increased $207.8 million, or 13.4%, to $1,759.3 million for the year ended December 31, 2010, as compared with $1,551.5 million for the year ended December 31, 2009. The impact from foreign exchange accounted for $6.7 million, or 0.4 percentage points, of the year-over-year increase. Net revenues increased $189.8 million, or 15.7%, to $1,399.6 million for the year ended December 31 2010 as compared with $1 209 8 million for the year ended December 31 2009 The impact from foreign exchange accounted for $6 7 million or 0 6 percentageyear ended December 31, 2010, as compared with $1,209.8 million for the year ended December 31, 2009. The impact from foreign exchange accounted for $6.7 million, or 0.6 percentage points, of the year-over-year increase.

4 CONFIDENTIALITY AGREEMENT4. CONFIDENTIALITY AGREEMENT

5. RECENT & PAST PROJECTS

SOFTONIC (12th, 13th, 16th, 17th floors) 5 800 sqm

Design, architecture and M&E project, tender and Construction ManagementPeriod of works’ execution: Different phases, average time for each floor was 8 to10 weeks

Edificio Meridian5,800 sqm

p g

THOMSON REUTERS 3,150 sqm

Project and Construction ManagementPeriod of works’ execution: 15 weeks

Provença, 3983,150 sqm

Period of works execution: 15 weeks

GESMADRID - Marketing Suite 200 sqm

Design, architecture and M&E project, tender and Construction ManagementPeriod of works’ execution: 8 weeks

D38200 sqm

Period of works execution: 8 weeks

KPMG 6,000 sqm

Design, architecture and M&E project, tender and Construction ManagementPeriod of works’ execution: 10 weeks

Torre Realia BCN 6,000 sqm

Period of works execution: 10 weeks

FERRARI STORE 300 sqm

Project ManagementPeriod of works’ execution: 12 weeks.

Passeig de Gràcia, 44300 sqm

Period of works execution: 12 weeks.

BARILLA 300 sqm

Design, architecture and M&E project, tender and Construction ManagementPeriod of works’ execution: 8 weeks.

Torre Mapfre300 sqm

Period of works execution: 8 weeks.

RECKITT BENCKISER 1 500 sqm

Design, architecture and M&E project, tender and Construction Management

W k d h RB k h ff

Passeig de Gràcia, 91,500 sqm

Works were carried out with RB working in their offices.Period of works’ execution: 18 weeks.

GALLINA BLANCA STAR 4 000 sqm

Design, architecture and M&E project, tender and Construction ManagementPeriod of works’ execution: 12 weeks

Torre Realia BCN 4,000 sqm

Period of works execution: 12 weeks

GRACE 1,500 sqm

Design, architecture and M&E project, tender and Construction Management

Viladecans Green Business Park 1,500 sqm

Period of works’ execution: 10 weeks

SWAROVSKI 1 500 sqm

Design, architecture and M&E project, tender and Construction ManagementPeriod of works’ execution: 15 weeks

Llacuna, 10-201,500 sqm

Period of works execution: 15 weeks

CONFIDENTIAL

We look forward to meet you and explain one of Cushman & Wakefield’s most relevant

CONFIDENTIAL

We look forward to meet you and explain one of Cushman & Wakefield s most relevantrecent deals in Barcelona.

6. CLIENT SATISFACTION

What our clients say about usy

“The work undertaken by Cushman & Wakefield with one of our tenants in Viladecans Business Park was done with great professionalism and thoroughness. From an owners point of view, the best word to summarize our relationship is Trust. They managed to perfectly combine the office fit out requirements for their client with the

“At every phase of the project Cushman & Wakefield’s team has exceeded the high expectations of quality and service that GBST had established as standard. Not only has an excellent quality been accomplished in terms of timing, costs and quality, but also during the whole process they

technical standards, work procedures and occupational rules of our building. They transmitted confidence to the landlord that they knew how to perform tasks professionally, finding technical solutions and showing great care in protecting and preserving the condition of the building. We value greatly the transparency and the communication

provided excellent guidance and service.”

Manel Pérez – Jordana – Organization Development & Talent Manager. HR Partner Holland

shown during the execution of the works which with no doubt comes down to the quality of the individuals at C&W.”

Guillermo Ravell – Country Manager Spain

“I would like to highlight the transparency during the whole tender process, the achievement of delivery dates during all project’s phases and the proactiveness giving solutions when Reckitt Benckiser asked for them.”“Cushman & Wakefield has not only carried out an excellent work

of advice and selection of our new offices but besides that they have been in charge of the management of the fit out works in a totally Vanessa Sánchez – Facility Manager been in charge of the management of the fit out works in a totally professional, rigorous and methodical way, defending at all times our interests in front of the subcontractors and the Landlord, and surpassing the expectations we gave them at the beginning. It is a pleasure to work with professionals that understand and encourage long term relationships ith clients and ndo btedl e ill co ntlong-term relationships with clients, and undoubtedly we will count on them again in our next operations.”

Emilio Moreno – Director General / CEO Softonic

What our clients say about us

“From the moment in which we started the search of our new offices “From the very beginning Cushman & Wakefield has identified

y

From the moment in which we started the search of our new offices, Cushman & Wakefield has been in charge of helping us in the search of the building that was most adjusted to our interests and needs. At the same time they have managed all issues relating to the architectural project and the subsequent execution of the works, always bearing in mind our needs in this fundamental operation for our company The

From the very beginning Cushman & Wakefield has identified our needs and understood our requirements. They gave us full-time dedication which helped to look for alternatives and solutions to any problem we would find.

Antonio Durán Finance Managermind our needs in this fundamental operation for our company. The business model of a transparent bidding process used by Cushman & Wakefield has allowed us the maximization of our economic resources assigned to this important step of changing our offices."

Luís Lázaro Head of Finance Department

Antonio Durán – Finance Manager

“I would like to thank Cushman & Wakefield for the very professionaland responsible work carried out for the fit out of our new offices Luís Lázaro – Head of Finance Department

“From the beginning of our relationship with Cushman &

p f f f fflocated on Llacuna 10-20 in Barcelona. From the beginning, you had the situation perfectly clear and under control, making sure the client did not need to worry about the management of the work at any time which enable us to dedicate ourselves to the internal procedures of the move. We value enormously the fact that the work were adjusted, practically to From the beginning of our relationship with Cushman &

Wakefield the professionalism of the team remained clear. It has been a pleasure to work with Cushman & Wakefield and we expect to be able to do it again on future occasions.”

y f j , p ythe cent, with the agreed budget. This gave us peace of mind that there was a real commitment and that the interests of Cushman & Wakefield and Swarovski were exactly the same.

We also value the follow-up after the completion of the works. This is Itziar Carreras - Facility Manager

f p f p fnot usual in the current market and it is of great value and proves the commitment previously mentioned.

We are delighted to have worked with you and the results prove it. We hope to be able to count on you again on other occasions.”p y g

David Julián – Infraestructure Manager

7 OUR SYSTEM: VALUE FOR MONEY7. OUR SYSTEM: VALUE FOR MONEY

Cushman & Wakefield

NO WORRIESNO WORRIES. Outsourcing those tasks that are not the Core Business of

Our system

3our Clients

342

TEAM EXPERIENCE, CAPACITY. TEAM EXPERIENCE, CAPACITY. Our team has been involved in some of themost important recent projects in Barcelona42COST OPTIMIZATION COST OPTIMIZATION .Our

work methodology guarantees the best tender process and costs

without jeopardizing neither the time schedule nor quality

Barcelona

51

time schedule nor quality

CLIENTCLIENT SATISFACTION. SATISFACTION. Our Clients’ testimonials prove our capacity and ability5

61

TAILORED SERVICE. TAILORED SERVICE. We can adapt to give services in a way that fullfils

testimonials prove our capacity and ability to avoid or solve problems that usually turn up in this kind of work.

6to give services in a way that fullfils the requirements and needs of our

Clients.

LOCAL MARKETLOCAL MARKET KNOWLEDGE.KNOWLEDGE. We know theLOCAL MARKETLOCAL MARKET KNOWLEDGE. KNOWLEDGE. We know the local market, the regulations, the City-Hall, subcontractors and can help whenever and wherever needed.

Traditional model in SpainMain contractor – Turn Key

Client appoints Project Management team to manage the

PROJECT MANAGEMENT

TEAMDESIGN TEAM

pp j g gentire process Client appoints Design team to develop architectural andM&E project Project Management team, once the project is completed,

GENERAL CONTRACTOR

TEAMTEAM j g , p j p ,starts the tender phase between several General contractors.Tender process with General contractors is completelytransparent and managed by the Project Management team onbehalf of the client interestsGENERAL CONTRACTOR

ELECTRICITYDATA &VOICE

CIVIL WORKS

Client appoints General contractor to carry out theconstruction works General contractor has its own subcontractors and applies amargin on the final price of each subcontractorDATA & VOICE

TEMPORARY PARTITIONS

FLOORING

HVAC

FIRE

margin on the final price of each subcontractorAll the savings that the General contractor have from itssubcontractors are kept for the General contractor so theClient does not see these savings. Possible conflict of interests

SCREENS

FIRE PROTECTION

PLUMBINGFURNITURE

Possible conflict of interests.

CONSTRUCTION WORKS

C&W’s Contracting Strategy

C&W provides Design (architectural and M&E) and M t i t th li t f h li h

Optimization of Client’s interests: Value for money

Management services to the client for the accomplishment of the project and the works C&W divides the works into different packages and makes a selection of at least 3 contractors, where necessary, with t k d d i f h f th diff t k

PROJECT MANAGEMENTtrack record and experience, for each of the different packages. Usual contractors of the client can be added to the process Tender process with contractors is completely transparent and managed by C&W on behalf of the client

C d l h l d C&W’ Contractors invoice directly to the client under C&W’s supervision and approval C&W does not apply a margin on the costs of the contractors, and this means economic savings for the clientELECTRICITY

O CCIVIL WORKS

C&W gets better prices from the contractors due to scale of economies and the volume of the operations managed by C&W Cost for Professional fees applied by Cushman & Wakefield is never higher than the margin of the General contractor, and all

DATA & VOICETEMPORARY PARTITIONS

FLOORING

HVAC

FIRE the savings go directly to the Client

C&W guarantees in the contract that no retribution of any kind (directly or

FLOORING

SCREENS

FIRE PROTECTION

PLUMBINGFURNITURE

indirectly) is received from the contractors involved in the works

CONSTRUCTION WORKS

less cost of works

AftermathValue for money

TRADITIONAL MODELOUR STRATEGYVS.

Design costs

Project management costs

Cost of the works

Design costs

Project management costs

Cost of the works

Less total costs

E l hi h li Equal or higher quality

Better timescale

Some of the Clients who trusted in us

8. OUR TEAM

Our TEAM in Barcelona

FERNANDA PERINAProject Manager

GERARD GARCÍA-MOYAProject Manager

CARLOS PUEYOAssociate Head of Project Project Manager

BarcelonaProject ManagerBarcelona

Associate, Head of Project Management Barcelona

ResponsibilitiesCarlos is an Associate of the firm and Head of the Project Department in Barcelona. He has 15 years of experience in different types of projects, from the perspective of M&E

ResponsibilitiesFernanda is a senior Project Manager. She has 11 years of experience in different types of projects. She is responsible for the execution of the projects, carrying out the

ResponsibilitiesGerard is a senior Project Manager with more of 12 years of experience. He is responsible for the execution of the projects, carrying out the management of

design and Project Management services.He has taken part in some of the most important projects, of every type, in Barcelona: offices, hotels, residential, logistics and shopping centers.He provides support to clients in developing

management of the whole process, from the selection of the contractors, tender phase, negotiating, contracting, cost control, planning control and execution of the works.

Key Clients

the whole process, from the selection of the contractors, tender phase, negotiating, contracting, cost control, planning control and execution of the works.

He provides support to clients in developing their projects, mainly in Project and Construction Management services but also in Project Monitoring Services, Technical Due Diligences, Pilotage, Consultancy and Interior fit out works for office space.

Key Clients

Novartis, KPMG, Ferrari, Gallina Blanca Star, Softonic, The Swatch Group, Swarovski, Grace, Grupo Progedsa, Colt, Sogeti and Realia among others.

Memberships and qualifications

Key Clients

UBS, Ipsen Pharma, Basf, Novartis and Media Planning among others.

Memberships and qualificationsKey Clients

UBS, Testa, Realia, Goodman, Gallina Blanca Star, The Swatch Group, Softonic, Reckitt Benckiser, Swarovski, KPMG, Louis Vuitton, Adidas, Nike, Ferrari and Colt among others.

Memberships and qualificationsDegree in ArchitectureMaster in Buildings control and sustainable architecture

Memberships and qualificationsM&E Engineer Graduate in Calculation of Structures and Materials of Construction

Memberships and qualificationsDegree in Architecture. M&E branchMaster in Business Administration (MBA)Member of the Register of Architects

Our TEAM in Barcelona

GAËLLE LAUXERROISProject Manager

OSCAR PEREÑAProject Manager

DIEGO CALVOProject Manager Project Manager

BarcelonaProject ManagerBarcelona

Project ManagerBarcelona

ResponsibilitiesGaëlle takes part in the development of the projects in all its stages. She has 12 years of experience. As a designer she takes part, jointly with the client, in the definition of all

ResponsibilitiesOscar is an expert in service installations in different type of buildings like offices, shopping centers and logistic platforms.He has 5 years of experience.

ResponsibilitiesAs architect he mainly takes part in the development of temptative layouts for potential clients. He also works in the development of Proyectos Básicos and

the corporate image in their new offices. As Project Manager she is responsible for the execution of these projects, carrying out the management of the whole process, from the selection of the contractors, tender phase, negotiating, contracting, cost

As engineer he provides support in calculation, design and specifications for the installations for the projects developed by the Project Management DepartmentKey Clients

UBS GE R l E G d id B i i h

construction projects, especially in the part of adequacy of the installations of the buildings to the client’s project. As Project Manager he is responsible for the execution of these projects, carrying out the management of the whole process, from the tender phase, negotiating, contracting, cost

control, planning control and execution of the works. Key Clients

Layetana, Pioneer, KPMG, UBS, Softonic, Ferrari and Realia Patrimonio among others.

UBS, GE Real Estate, Gesmadrid, British Land, Adidas,, Puerto Venecia,, Thomson Reuters and Softonic among others.

Memberships and qualificationsM&E Engineer

management of the whole process, from the selection of the contractors, tender phase, negotiating, contracting, cost control, planning control and execution of the works. Key Clients

KPMG, Ferrari, Softonic, Pioneer, Weight g

Memberships and qualificationsInterior designer

Watchers, Realia Patrimonio, Gallina Blanca Star and Battery Megastore among others.

Memberships and qualificationsDegree in ArchitectureMaster in architecture technology