Asia Pacific Regional Overview - NAI Commercial Real Estate

Asia Pacific Regional Overview2008Build on the power of our network.1

NAI Global:Global Reach, Local TouchNAI Global OfficePreferred ProviderPeople who knowus, trust us.NAI Global ranks among the world’s largest commercial real estateproviders and is the only managed network.• Over 325 offices in 55 countries• 5,000 real estate professionals• $45 billion transactions completed annually• 200 million square feet managed globally• Award-winning REALTrac Online technology• Proprietary STARS (Strategic Transaction Administration and Reporting System)• Dedicated core staff around the world to manage and support our global network2

The NAI Global Difference:The Only Managed NetworkAround the world, corporations are under intense pressure to perform: tocreate or extract value from their real estate assets … to contain and reduceoccupancy costs … to select optimal site locations and operate facilities withmaximum efficiency … and to achieve significant results with limited capitaland human resources. That’s why clients from IKEA to Hertz to Pepsi trustNAI Global to deliver.NAI Global has the deepest roots in commercial real estate. We bringtogether people and resources in over 325 offices and 55 countries aroundthe world to deliver results for our clients. As the world’s only managednetwork of commercial real estate firms, we conclude over $45 billion inbusiness annually by working together to help our clients strategicallyoptimize their assets. Our clients come to us for our deep local knowledge.They build their businesses on the power of our global managed network.NAI Global’s l’ ApproachPeople• Single-point-of-contact accountability• Dedicated, collaborative client-service teams• Local offices in primary, secondary and tertiary markets worldwide• Global and regional management structure to ensure quality serviceconsistencyProcess• One simple agreement to start project or portfolio work• A single point of contact manages the account relationship, with clear lines of responsibility and accountability• Customized processes facilitate consistent service across assignments and geography• STARS (Strategic Transaction Administration and Reporting System) best practice platform, provides a completepackage of documents, templates, timelines, tasks, milestones and checklists• Six Sigma and other standards ensure consistent service delivery across assignments and geographies• Client-centric service delivery system ensures your objectives are assessed and understood Analyze and assess client needs / strategic planning Identify and assign qualified team members / communicate client standards to team Outline procedures establish workflow process and milestones Initiate assignments Track and monitor assignment and project progress Fulfill objectives Measure NAI’s performance on your behalf lf/ review portfolio performance Provide ancillary services to meet needs Achieve optimum resultsSystems• Focus on process efficiency and results delivery• Harness proprietary REALTrac Online technology to track progress and performance in real time• Benchmarking measurements of quantitative and qualitative results3

Client Testimonials“When we need to get something done halfway around the world, our NAI Account Executivecoordinates with the regional Managing Director to ensure that our objectives are met.Wherever our business takes us globally, NAI has that extra mile covered.”Bob Burgholzer, Gillette“NAI Brokers are local brokers who are all deeply knowledgeable about the markets theyserve. That combination of local expertise and global exposure is something we have come tocount on.”Susan Reber, Air Products and Chemicals“The NAI Global Corporate Services Group has been a valuable member of the Hertz realestate team for nearly two decades by streamlining the Company’s access to andcoordination of NAI Member firms.”Tom Sabella, The Hertz Corporation“IKEA is very particular about the locations of our stores and our assignments can be quitedemanding. The NAI brokers whom I have worked with have been up to the task, actingmore as partners than consultants. They bring all the necessary tools to the table, and, moreimportantly, commitment; no job is too small or too big, too simple or complex.”Doug Greenholz, Real Estate Manager, IKEA North America“REALTrac Online is truly an industry breakthrough, and something none of theircompetitors can match. The process management and reporting system assures consistencyand reduces cycle time, adding significant value.”Cindy Poggiogalle, The Pepsi Bottling Group“Whether we need to evaluate opportunities in new markets, enhance our distributionnetwork or dispose of surplus property, NAI is positioned to service all of ourcommercial real estate needs. The NAI brokers have an honest, professional approach, addconsiderable value to our organization and are able to execute every type of assignment wegive them. They really strive to go the extra mile for us.A reciprocal trust was established from the very beginning. The commitment and dedicationof the NAI team to understand our company, its culture and our real estate requirements areinvaluable to the successful completion of each assignment.”Gene E. Obrock, Vice President Operations, Henkel4

Representative Clients5

ServicesGlobal ServicesAcquisitionsCapital MarketsLeasing / AgencyCorporate ServicesGlobal AdvisoryInstitutional Investment ServicesInvestment SalesProject MarketingProperty ManagementTenant RepresentationValuation and AdvisoryPractice GroupsOfficeIndustrial/LogisticsLandRetailInvestment ServicesMulti FamilyRegional Site SelectionProcess IndustriesGovernment AgenciesValue-Added ServicesAuction / Sealed BidBuild to Suit / Development ServicesContact (Call) Center / Site Selection ServicesFacility Management / Property ManagementLife SciencesMarket Analytics / Geo-Demographic AnalysisProperty Valuation / Tax AppealResearch and Market ReportsSpace PlanningRisk Mitigation (Title / Escrow / Survey / Environmental)Technology Services• Transaction management - REALTrac Online is NAI Global's Web-basedbasedtransaction management software to help clients coordinate projects and facilitatethe transaction cycle• Portfolio management – Web-based lease administration, property and facilitymanagement software applications available in 21+ languages• Lease administration - CLAS Online is NAI Global's Web-based, corporatelease administration system• E-Offering - NAI Global's electronic marketing platform• Financial analysis - treeSoft is a sophisticated cash flow, location and leaseanalysis tool6

Recently CompletedAssignmentsHighlights: Assignments Completed in Asia PacificBPPepsicoSiemens VDOClient Representation City, Country Size TypeSiemens BuildingTechnologiesNAI Asia PacificPropertiesNAI Asia PacificPropertiesNAI Asia PacificPropertiesNAI Asia PacificPropertiesShenzhen, China 32,000 sf OfficepurchaseHong Kong, S.A.R. 31,268 sf Office leaseHong Kong, S.A.R. 88,232 sf Office leaseShanghai, China 43,040 sf Office leaseNike NAI SAMS Korea Busan, South Korea 27,996 sf Office leaseIntertek Labtest NAI Taiwan Taipei, Taiwan 128,100 sf Office / lableaseAlcatel NAI Taiwan Taipei, Taiwan 64,539 sf Office leaseRoche NAI Reapfield Kuala Lumpur,Malaysia38,000 sf Office /warehouselease18,000 sf Office leaseAdidas NAI Reapfield Kuala Lumpur, 18 000 f Offi lMalaysiaIndah Water NAI Reapfield Kuala Lumpur,Malaysia105,000 sf Office leaseDuracell NAI Collaborators Gurgaon, India 140,000 sf IndustrialsaleProgress Software NAI AE & R Hydrabad, India 54,000 sf Office leaseChurch of Latter-DaySaintsBuyer’s Rep Philippines 49,000 squaremetersLand7

New Delhi and Bangalore OfficesWork Cooperatively to Sell 200,000Sq Ft Siemens Facility in IndiaRequirements:Siemens VDO Automotive Limited is India's leading automotive supplierof electronics and electrical systems. As a developmental partner withthe automobile industry, they manufacture a comprehensive spectrum ofproducts relating to the engine management, chassis and car body,interior and infotainment, and service and special solutions. Thecorporate office is located in Bangalore, whereas their factory is inBangalore, (Gurgaon, New Delhi) and Pune. Following a wave ofacquisitions, the company was poised to dispose of assets that wereunnecessary, inefficient or which could be sold to add on value for theSiemens VDO business unit.Approach:One such excess facility was a 200,000 sq ft building on 12 acres of landin Gurgaon. After a comprehensive site survey, inclusive of financial andreal estate analyses, NAI Global members in New Delhi and Bangaloreprovided real-time market information, undertook valuation analysis,provided a relocation strategy as well as an open bid strategy withprominent developers.Results:The project was carried out to the client’s expectations and the propertysold quickly due to a focused marketing effort.8

Cairn Energy India Pty Ltd ExploresRelationship with NAI Global and StrikesWinning Results in the Gurgaon RegionRequirements:Cairn Energy PLC is an independent, public oil and gas exploration andproduction company based in Edinburgh, Scotland. Currently they areconcentrating on the geographic region of South Asia, where the groupholds material exploration and production positions in both west andeast India, and in Bangladesh. Cairn’s exploration efforts in western Indiaare almost exclusively focused on Rajasthan. Cairn Group struck gas inIndia's northwestern Rajasthan in 2004. Cairn engineers had drilled 14exploration wells in Rajasthan, of which 10 have encountered oil or gas.Due to this rapid growth and expansion, Cairn Energy India Pty Ltd.,requested NAI Global’s offices in India to assist with their real estateneeds.Approach:The New Delhi and Chennai offices succeeded in providing a single pointof contact for all their assignments, whether it was the right office spaceor right house for their expatriates. Cairn wanted to select a location fortheir office in one of three cities in India – Delhi and NCR Region,Chennai or Mumbai. NAI provided a detailed comparison report for thesecities followed by a comprehensive site survey and specific reports,allowing Cairn to choose the Gurgaon region. NAI further provided themall the details pertaining to the Gurgaon region and helped them finalize alease for 76,000 sq ft in a Class-A office building.Results:NAI understood the client’s goal and worked hard to meet theirexpectations. Cairn has moved into their office in the Gurgaon region.Based on Cairn’s experience with NAI, they further requested NAI handleresidential relocation requirements for approximately 250 employees ofCairn India Pty Ltd., from Chennai to New Delhi and Gurgaon. Theresidential relocation project is currently active with scheduledcompletion by mid 2006.9

Fast-track Marketing Plan = Resultsfor Sony in Dharuhera, IndiaRequirements:Sony is a name synonymous with technological revolutions. In the last 50years, the company had already established itself in the field of hi-techentertainment.Today, Sony has gone further by becoming a preferred choice forprofessional requirements as well, whether it is broadcast media or colormonitors. The company's leadership position in the world today, is areiteration of its ability to connect with the customer's mental space. SonyIndia Pvt. Ltd., is the company’s office for the electronic division in MohanCooperative, New Delhi. The company determined they would dispose oftheir 100,000 sq ft facility on 10 acres in Dharuhera.Approach:The NAI Global New Delhi office acted quickly to meet dual challengesrelative to this assignment. NAI contacted a database of prospective buyersby sending e-Brochures and giving presentations to the top prospectivepurchasers. Next, NAI helped Sony shortlist the prospects and organized anopen bid for the disposition of the facility.Results:NAI handled the disposition assignment using creative marketing solutionsthat resulted in a quick property sale and exceeded the client’s priceexpectation. The team assisted in all negotiations to finalize the sale price ofUS$3 million.10

NAI Global Continues Progress withProgress Software to Finalize Leasefor Office in Hi Tech CityRequirements:Progress Software Corporation (PSC), headquartered in the U.S., wasfounded in 1981. It supplies software to simplify and accelerate thedevelopment, deployment, integration, and management of businessapplications. Progress delivers products and services directly to userorganizations, through OEMs and distributors, and through applicationpartners. The Company has 2,000 application partners worldwide, 90offices and 1500 employees. Progress Software has unique real estateneeds throughout the world and has been an NAI client since 2002.Progress sought approximately 15,000 – 26,000 sq ft for an office build-tosuitin Hyderabad, India.Approach:NAI Global and its India offices worked closely with Progress Software’scorporate staff to provide a comprehensive survey of sites meetingprofile specifications, detailed market information, and a report on projecttiming, costs and other factors. Working pursuant to very specificrequirement specifications, four options were short listed in Hi Tech City,Hyderabad.Results:NAI worked with Progress to finalize a lease for 27, 000 sq ft of officespace in Hi Tech City where they operate today.11

Technology Triumph:Intertek Secures New LocationRequirements:Intertek had incredibly high standards for engineering requirementsincluding site location, building drainage system, etc. It seemed a nearlyimpossible assignment for any landlord of Class A building(s) to fulfill.Intertek’s needs included drilling seven huge holes on the roof. Theyneeded substantially more space but cost as well was a factor. IntertekTaiwan also required assistance to convince their headquarters office inthe UK to provide approval to move. NAI represented Intertek to lease3,600 Ping (8 floors).Approach:NAI’s office in Taipei completed an extensive site analysis. After sourcinga building which fulfilled Intertek’s requirements, NAI took on a toughnegotiation with Taipei’s i’ largest landlord d for the best deal. Months ofrelentless negotiation took place with the Taipei government to qualifyIntertek by providing relevant, compelling evidence. NAI also took allnecessary steps to get Intertek qualified for tenancy at the TaipeiTechnology Park.Results:NAI secured the best deal at the most prestigious Class A office building atthe Taipei Technology Park. Intertek achieved a space expansion of216.03% from 59,246 sq ft to 128,100 sq ft with 8.9% cost saving and a totalcost saving of NT$80 Million on a 5-year lease. All Intertek requirementswere successfully met.12

Alcatel Wins Big by ExceedingOriginal Savings GoalRequirements:• To consolidate all of Alcatel’s operations including sales, marketing,manufacturing and R&D which were scattered in various locationsthroughout Taiwan• Space Programming Analysis• Financing analysis and cost savings justification• Save Eur$1 Million each year as instructed by Alcatel headquarters inFrance• To get Alcatel qualified for tenancy at Taipei Technology ParkApproach:NAI’s Taiwan office leveraged negotiations with Taipei’s largest landlordaccording to favorable terms and conditions negotiated earlier at thesame Class A building for SIEMENS Taiwan. In addition, they workedthrough a long and hard negotiation with the government to securespecial qualification for Alcatel’s tenancy at Taipei Technology Park.Results:Alcatel was finally qualified for the Taipei Technology Park which is themost advanced, sophisticated and well-planned area for the IT industry.NAI saved Alcatel Eur$3,888,476 in three years which exceeded Alcatel’soriginal savings goal by 67.85%.13

BP – Shenzhen Finds thePerfect FitRequirements:A comprehensive assignment where NAI APP was appointed to assessBP’s Joint Venture Shenzhen corporate headquarters relocation,coordinating the initial space planning through to the propertyacquisition. Subsequently, NAI APP acted as BP’s representative for theoffice fit-out, involving a high degree of cross-cultural management ofexpectations and execution.Approach:• Designed & distributed questionnaire for each department head inorder to understand their needs• Performed comprehensive property research and financial analysis toaid in the Purchase vs. Sale decision• Built a team of consultants t from NAI APP HK & Shanghai h offices tobest support needs of the Joint VentureResults:• Successfully purchased and fit-out 2 floors of a new office building inthe heart of the new CBD in Shenzhen• Able to manage the cultural differences between the foreign and localpartners to the Joint Venture through effective NAI APP team selection14

NAI Helps TCC Capital LandRise in BangkokRequirements:In early 2005, TCC Capital Land was seeking property for a residentialdevelopment close to the CBD of Bangkok. It is TCC Capital Land'sintention to be the leading top-end residential property developer inBangkok.Approach:Through direct contacts with owners as well as through other propertybrokers, the NAI office in Bangkok was able to identify several sites whichwere offered to TCC Capital Land. One site in particular appealed tothem. NAI worked with the owner to consolidate the land and with thebuyer to carry out due diligence on the land. The property was purchasedin two tranches in the middle of 2005. The total value of the purchase wasapproximately US$ 17.5 million.Results:A high-rise residential condominium project for the site has already beenlaunched. NAI continues to offer properties to TCC Capital Land and weexpect the company will purchase more development land through NAIAndrew Park in Bangkok.15

NAI Asia Pacific Helps Office DepotEstablish Asia RegionalHeadquarters and Sourcing OfficeRequirements:Office Depot approached NAI Asia Pacific Properties to assist them inestablishing their Asia Regional Headquarters and a major sourcing officein Shenzhen – Office Depot’s first in China.To ensure Office Depot’s long-term strategic objectives were met, NAI AsiaPacific educated the company on the Hong Kong and Shenzhen markets. Inaddition, Office Depot wanted cost control and a high degree of optionalityfor growth in Shenzhen.Approach:NAI Asia Pacific methodically conducted city and site tours across HongKong and Shenzhen, taking into account all normal commercial officeconsiderations including new offices in the respective cities, residentialareas for executives and staff, travel logistics between the two offices,consistency in image and adherence to strict internal corporate policies.After determining the best potential areas for both offices, NAI Asia Pacificperformed comprehensive property research and financial analyses onshort-listed properties. NAI Asia Pacific then conducted extensive duediligenceon short-listed properties and discovered that the landlord of thelead property in Shenzhen was being held under sanctions by the USGovernment and posed a potential investor relations risk. After extensiveconsultation with Office Depot, NAI Asia Pacific eliminated this propertyfrom the list.Results:An in-depth market analysis ensured all requirements for the two officeswere met, both on a stand-alone basis and in relation to their futureinteraction. NAI Asia Pacific negotiated highly favorable lease terms for a4,700 SF regional headquarters in Hong Kong and 12,000 SF of prime officespace in Shenzhen.NAI Asia Pacific obtained first right of refusal in Shenzhen on an additional8,000 SF for future expansion needs. NAI also maintained the integrity ofOffice Depot’s reputation through in-depth due diligence and completetransparency throughout h t the process.16

Melbourne AustraliaMarket SummaryCountry PopulationArea (sq km)GDP (in US$)GDP Growth (%)GDP Per Capita (in US$)Inflation (%)Interest Rate (Federal Funds Rate) ¹ (%)Unemployment (%)CurrencyExchange Rate (US$ and date)Exchange Rate (Euro and date)Market NameMarket City Population20,434,176 (Dec 2007 est.)7,686,850 sq kmUS$942.3 billion (2008 est.)3.8% (20086 est.)US$44,514 (2008 est.)2.8% (2008 est.)5.50%4.3% (2008 est.)Australian dollar (AUD)1 AUD= .9217 USD (3/17/08)1 AUD= .5859 EUR (3/17/08)Melbourne3,744,373 (2007)About the MarketThe Australian real estate market hasbeen very strong from 2002 through to2008. Owner occupiers have takenadvantage of low interest rates andhave purchased property as opposedto renting. This has caused demand forproperty and supplies are very low.With the overhaul of new governmentlegislation relating to superannuationfunds, this has caused strong demandfor investment property, partially theretail sector. It's known that investorshave bought property on yields as lowas 3%.17

Melbourne AustraliaOffice ProfileNAI Melbourne262 Queen StreetMelbourne Victoria 3000AustraliaContact: Ross Mercorillo, NAI Business DirectorPhone: +613 9670 1255Fax: +613 9670 3373Mobile: +61 4418 227 354Email: rossm@naimelbourne.comAbout Our Business Director• Over 10 years commercial and industrialsales and leasing experience• Provides sound property advice• Specializes in buyer and tenantrepresentationMarkets Serviced: Statewide, however concentrating within 30 mile radius of andincluding Melbourne CBD.About Us:NAI Melbourne brings a fresh and innovative approach to the commercial property arena. Whilst employing the bestin proven traditional techniques and applying valuation, negotiation and marketing skills acquired over manyprofessional lifetimes, we always seek to "step outside the square." The result is not necessarily radical but it isalways well considered.From the day-to-day business of efficient commercial property, through to the more complex issues raised bypromoting development sites, negotiating large scale office tower occupations and providing sound calculations onwhich to base multi-million dollar decisions, we are known for our success and innovation.Staff (#): 10Key Clients:TabcorpKastoria Bus LinesCarbone Lorraine AustraliaHonda AustraliaMacquarie BankJMR Industries Pty. Ltd.Perpetual TrusteesCitizen WatchesAustralia Pty. Ltd.Flight Centre LimitedJace DevelopmentsRack & File CommercialPty. Ltd.AdairsCity Watch SecurityLockwood AuctionsFalafel Kitchen FranchiseAustralia PostVictorian ParliamentRestaurant BrandsAustralia (Pizza Hut)Circle Com LtdFrid Property Investment andManagementBlackstone Legal CostingDynal Biotech Pty. Ltd.Psaltis Ryobi GroupAustralasian Shopfittings18

Beijing ChinaMarket SummaryOVERVIEWCountry PopulationArea (sq km)GDP (in US$)GDP Growth (%)GDP Per Capita (in US$)Inflation (%)Interest Rate (Federal Funds Rate) ¹ (%)Unemployment (%)CurrencyExchange Rate (US$ and date)Exchange Rate (Euro and date)Market NameMarket City Population1,321,852,000 (Dec 2007 est.)9,596,960 sq kmUS$3,713 billion (2008 est.)10% (official data) (2008 est.)US$2,797 (2008 est.)3.9% (2008 est.)2.25%6.1% urban; 20% overallChinese yuan (CNY)1 CNY= .1411 USA (3/17/08)1 CNY= .0895 EUR (3/17/08)Beijing15,200,000 (2007)About the MarketThe commercial and residentialproperty markets in Beijing are growingin both square meters andsophistication. Industrial and R&Dprojects are becoming hot growthareas. Many companies are looking toreduce costs by exiting the CBD asprices rise and options become moreviable. Leasing activity and rental ratesat class A office continue to rise.China is one of the largest growthmarkets in the world. In 2007alone, China's foreign directinvestment was estimated at US$63billion. Today, many foreign companiesare entering China, not only foroutsourcing opportunities but also tobuild R&D centers, tap into China'ssignificant intellectual capital and tocapture the opportunities in thecountry's growing domestic consumermarket of 1.3 billion people.19

Beijing ChinaOffice ProfileNAI Imperial Real EstateRoom 802, Hua Yuan,The SPACES No. 8, Dong Daqiao Road,Chaoyang District, 100020, Beijing, ChinaContact: Sylvia Hu, NAI Business DirectorPhone: + 86 10 58700399Email: lxue@hy-agency.comMarkets Serviced: North ChinaAbout Us:NAI Imperial Real Estate, as the company will now be known, is a full-service commercial real estate firm with fouroffices serving the cities of Beijing and Tianjin and the provinces of Shandong and Shanxi. NAI Imperial’s 123professionals have expertise in all aspects of commercial real estate and have been involved with many of thepremium developments in their markets.Staff (#): 123Key Clients:Huayuan PropertyCRCBeijing CapitalMinmetalsDacheng GroupBUCGCOFCOGOMEBank of ChinaChina TelecomCLSALum Chang Holdings20

Hangzhou ChinaMarket SummaryOVERVIEWCountry PopulationArea (sq km)GDP (in US$)GDP Growth (%)GDP Per Capita (in US$)Inflation (%)Interest Rate (Federal Funds Rate) ¹ (%)Unemployment (%)CurrencyExchange Rate (US$ and date)Exchange Rate (Euro and date)Market NameMarket City Population1,321,852,000 (Dec 2007 est.)9,596,960 sq kmUS$3,713 billion (2008 est.)10% (official data) (2008 est.)US$2,797 (2008 est.)3.9% (2008 est.)2.25%6.1% urban; 20% overallChinese yuan (CNY)1 CNY= .1411 USA (3/17/08)1 CNY= .0895 EUR (3/17/08)Hangzhou6,604,500 (2005)About the MarketBeing the provincial capital city,Hangzhou enjoys the reputation of TheHeaven on the Earth due to itspicturesque West Lake. Hangzhou isone of the richest cities in China onGDP per capita basis and the leadingindustry turning from traditional to thecutting edge industries.China is one of the largest growthmarkets in the world. In 2007alone, China's foreign directinvestment was estimated at US$63billion. Today, many foreign companiesare entering China, not only foroutsourcing opportunities but also tobuild R&D centers, tap into China'ssignificant intellectual capital and tocapture the opportunities in thecountry's growing domestic consumermarket of 1.3 billion people.21

Hangzhou ChinaCompany ProfileNAI YuxingNo 138, Tian Mu Shan RoadHangzhou 310007 P.R. ChinaContact: Mr. Zhang YunfanPhone: +1 86 571 5636 5902Email: zhangyf@chinayx.cncnAbout Our Business Director• Over 10 years experience in real estate services• Associates of Zhejiang Business Association• Member of Zhejiang Brokerage Association• Member of China Brokerage AssociationMarkets Serviced: Hangzhou City and Zhejiang ProvinceAbout Us:NAI Yuxing was founded in 1998 by Mr. Zhang Yuxing.After 8 years in development, the company successfully established branch offices in Suzhou, Najing andKunming and become the market leader in the individual market. There are over 2,000 employees throughoutChina.NAI Yuxing is a member of China Brokerage Association, a member of Zhejiang Brokerage Association and isone of the top 100 real estate brokerage companies in China.NAI Yuxing’s services include: owner representation, leasing, sales, marketing, and master planning. Thecompany specializes in retail, hotel, office and industrial properties.Staff (#): 10Key Clients:Local manufacturers, local developers and local district and municipal government.22

Hong KongMarket SummaryCountry Population6,980,000 000 (Dec 2007 est.)Area (sq km)1,092 sq kmGDP (in US$)US$30,783 billion (2008 est.)GDP Growth (%)4.7% (2008 est.)GDP Per Capita (in US$)US$2,797 (2008 est.)Inflation (%)3.2% (2008 est.)Interest Rate (Federal Funds Rate) ¹ (%) 7.9%Unemployment (%)4%CurrencyHong Kong dollar (HKD)Exchange Rate (US$ and date)1 HKD= .1411 USA (3/17/08)Exchange Rate (Euro and date)1 HKD= .0817 EUR (3/17/08)Market NameHong KongMarket City Population8,480,000 (2007 est.)About the MarketHong Kong is the gateway to China andmost multinational corporations set upheadquarters here for their Chinabusinesses. Hong Kong offers a worldclass business environment with cuttingedgeinfrastructure, an educatedworkforce, close cultural and linguistic tiesto both Asia and the West, an extensiveand efficient port and surface links toSouthern China, secure judicial and legalframework, and a simple andadvantageous tax system.China is one of the largest growth marketsin the world. In 2007 alone, China'sforeign direct investment was estimatedat US$63 billion. Today, many foreigncompanies are entering China, not onlyfor outsourcing opportunities but also tobuild R&D centers, tap into China'ssignificant intellectual capital and tocapture the opportunities in thecountry's growing domestic consumermarket of 1.3 billion people.23

Hong KongOffice ProfileNAI Asia Pacific Properties, Ltd.14/F Wilson House19-27 Wyndham StreetCentral, Hong KongContact: Joshua Miller, NAI Business DirectorPhone: + 852 2281 7858Email: joshua.miller@asiapacificproperties.comMarkets Serviced: Hong Kong and South ChinaAbout Our Business Director• 8 years with global investment bank inHong Kong and New York, focused onstructuring capital markets transactionsfor clients• Over 20 years of exposure to real estateindustry through family's business• Attended Dartmouth College (undergraduate)and MIT (graduate)About Us:NAI Asia Pacific Properties (NAI APP) is a fully licensed commercial and residential real estate andrelocation company specializing in strategic planning, transactional services and mobility managementfor corporate clients and investors operating in and out of Asia.NAI APP assists its clients with a comprehensive program of property strategy, market research,proposal negotiations, financial and technical analysis, contract negotiations and project management.We act as independent and objective consultants to achieve the best terms and conditions for our clients.NAI APP services are client driven. With our highly trained bilingual staff positioned in strategic locationsin Hong Kong, Shanghai, Beijing and Shenzhen, the firm is committed to the highest standards ofcorporate governance and best business practices.Staff (#): 58Key Clients:AB ReginAdidasClariantComputer AssociatesPhilip MorrisPhilips ElectronicASMLAustrian ConsulateBootsBoschBPCaterpillarCiscoCitigroup SystemsErnst & YoungFlextronicsHoneywellHRD (Antwerp World Diamond Centre)IMS Messsysteme GmbHKPMGOM TechnologyPepsicoProcter & GambleReutersRobert BauschSony PicturesSwedish ConsulateVolvo BusWhirlpoolYum! Restaurant24

Shanghai ChinaMarket SummaryCountry Population1,321,852,000 (Dec 2007 est.)Area (sq km)9,596,960 sq kmGDP (in US$)US$3,713 billion (2008 est.)GDP Growth (%)10% (official data) (2008 est.)GDP Per Capita (in US$)US$2,797 (2008 est.)Inflation (%)3.9% (2008 est.)Interest Rate (Federal Funds Rate) ¹ (%) 2.25%Unemployment (%)6.1% urban; 20% overallCurrencyChinese yuan (CNY)Exchange Rate (US$ and date)1 CNY= .1411 USA (3/17/08)Exchange Rate (Euro and date)1 CNY= .0895 EUR (3/17/08)Market NameShanghaiMarket City Population18,670,000 (2007)About the MarketThe commercial market boom inShanghai continues unabated. Theshortage of available office space has ledto very short decision periods, and in theretail and industrial sectors the shortageis especially pronounced. Westerncompanies are entering the market acrossmany sectors and the competitionbetween retailers for space is extremelystrong. Rents continue to increase, and noslowdown is expected for at least the next18 months.China is one of the largest growth marketsin the world. In 2007 alone, China'sforeign direct investment was estimatedat US$63 billion. Today, many foreigncompanies are entering China, not onlyfor outsourcing opportunities but also tobuild R&D centers, tap into China'ssignificant intellectual capital and tocapture the opportunities in thecountry's growing domestic consumermarket of 1.3 billion people.25

Shanghai ChinaOffice ProfileNAI Asia Pacific Properties (Shanghai)Suite 410 Shanghai Center1376 Nanjing Xi LuShanghai 200040ChinaContact: t Pierre Michel, NAI Business DirectorPhone: + 86 21 6279 7111Email: pierre.michel@asiapacificproperties.comAbout Our Business Director• More than fifteen years of professional realestate experience in Germany and China• Manager of the commercial division of NAIAsia Pacific Properties (Shanghai)• Responsible for focusing on German andFrench multinational corporations andinstitutional investors in China as well asworking with Chinese investors investing inEuropeMarkets Serviced: Central ChinaAbout Us:NAI Asia Pacific Properties (NAI APP) is a fully licensed commercial and residential real estate andrelocation company specializing in strategic planning, transactional services and mobility managementfor corporate clients and investors operating in and out of Asia.NAI APP assists its clients with a comprehensive program of property strategy, market research,proposal negotiations, financial and technical analysis, contract negotiations and project management.We act as independent and objective consultants to achieve the best terms and conditions for our clients.NAI APP services are client driven. With our highly hl trained bilingual l staff positioned in strategic t locationsin Hong Kong, Shanghai, Beijing and Shenzhen, the firm is committed to the highest standards ofcorporate governance and best business practices.Staff (#): 35Key Clients:AB Regin ClariantPhilip MorrisAdidasASMLAustrian ConsulateBootsBoschBPCaterpillarComputer AssociatesErnst & YoungFlextronicsHoneywellHRD (Antwerp World Diamond Centre)IMS Messsysteme GmbHKPMGPhilips ElectronicProcter & GambleReutersRobert BauschSony PicturesSwedish ConsulateVolvo BusCiscoCitigroup SystemsOM TechnologyPepsicoWhirlpoolYum! Restaurant26

Xiamen ChinaMarket SummaryOVERVIEWCountry PopulationArea (sq km)GDP (in US$)GDP Growth (%)GDP Per Capita (in US$)Inflation (%)Interest Rate (Federal Funds Rate) ¹ (%)Unemployment (%)CurrencyExchange Rate (US$ and date)Exchange Rate (Euro and date)Market NameMarket City Population1,321,852,000 (Dec 2007 est.)9,596,960 sq kmUS$3,713 billion (2008 est.)10% (official data) (2008 est.)US$2,797 (2008 est.)3.9% (2008 est.)2.25%6.1% urban; 20% overallChinese yuan (CNY)1 CNY= .1411 USA (3/17/08)/08)1 CNY= .0895 EUR (3/17/08)Xiamen2,264,000 (2006)About the MarketXiamen is the one of the four SpecialEconomic Zones in China, whichattracts investment from companieslike Dell, Coca Cola and etc. Xiamen isthe gateway to Taiwan and is one ofthe two most important cities in FujianProvince and is the leading market forSouth Fujian Economic Delta.China is one of the largest growthmarkets in the world. In 2007alone, China's foreign directinvestment was estimated at US$63billion. Today, many foreign companiesare entering China, not only foroutsourcing opportunities but also tobuild R&D centers, tap into China'ssignificant intellectual capital and tocapture the opportunities in thecountry's growing domestic consumermarket of 1.3 billion people.27

Xiamen ChinaCompany ProfileNAI Derun11E, Baofu Building, No 819,Hubin South Road,Xiamen, 361004 P.R. China.Contact: Mr. Roger LIPhone: +86 592 5038028Email: derunhang2004@vip.163.comAbout Our Business Director• Over 10 years experience in commercialreal estate services• Award winner of Shopping mall andshopping Center in China• Keynote speaker and board participant p invarious retail business organizations inChinaMarkets Serviced: Xiamen City and Fujian ProvinceAbout Us:NAI Derun was founded in December 2003 and joined NAI in April 2007. Being the exclusive leasing agent for the400,000000 sqm Mingfa Shopping Mall in Xiamen and one of the biggest in China, NAI Derun had successfullyidentified and leased out to anchor tenants such as Carrefour, B&Q, Gome, Time Warner Brother Entertainer andNew World Department Store.Together with the shopping mall developer after Xiamen project, NAI Derun quickly expanded into the Zhejing andJiangsu Provinces.NAI Derun was ranked as one of the Top 20 Commercial Real Estate Companies in China in 2005 and 2006.Originally, NAI Derun was an office consultant assisting multinational companies in establishing their business inXiamen.Owner representation is NAI Derun’s business focus. NAI Derun’s services include leasing and sales, marketing,master planning, investment for retail, hotel, office and industrial properties.Staff (#): 40Key Clients:Dell, Coca Cola, Carrefour, B&Q, Time Warner Brothers, New World Group, local developers and local districtand municipal government.28

Ahmedabad IndiaMarket SummaryCountry Population1,129,866,154129 154 (July 2007 est.)Area (sq km)3,287,590GDP (in US$)US$1,249 billion (2008 est.)GDP Growth (%)8.4% (2008 est.)GDP Per Capita (in US$)US$1,089 (2008 est.)Inflation (%)4.4% (2006 est.)Interest Rate (Federal Funds Rate) ¹ (%) 5.25%Unemployment (%)7.2% (2008 est.)CurrencyIndian rupee (INR)Exchange Rate (US$ and date)1 INR = .02471 USD (3/17/08)Exchange Rate (Euro and date)1 INR = .01571 EUR (3/17/08)Market NameAhmedabadMarket City Population5,080,566 (2007)About the MarketAhmedabad is the largest city in the stateof Gujarat, a prime inland industrialcentre and one of the fastest growingretail destinations in western India.Factors like proximity to Mumbai,superior infrastructural facilities such asimproved roads, port facilities andavailability of power and the influx ofBPOs, corporate companies, retailchains and IT parks escalated the realestate expansion of the city. Ahmedabadfosters Textiles, Engineering, Dairy,Chemicals, Petrochemicals and the ITIndustry. Since 2007 retail, entertainmentand residential real estate market hasseen significant growth which is expectedto continue. The city real estatecomprises of corporate offices, malls andmultiplexes, while the outskirts of the cityhas industrial set up. The city boasts thepresence of companies such asMicrosoft, TCS, HSBC, Bharti Group,Nirma, Cadila, Torrent, Reliance, Adaniand the Future Group. With the seventhhighest Market Potential Value (MPV)among all the 784 cities in India,Ahmedabad has an encouragingbusiness atmosphere with scope forReal Estate development 29

Ahmedabad IndiaOffice ProfileNAI TFD Realty1 st Floor, 56, B.M.M. Soc.,Ellisbridge, Ahmedabad 380006Gujarat, IndiaContact: Damodaran Shanker, NAI Business DirectorPhone: + 91 79 2657 5619, +91 79 2658 0736Mobile: + 91 9377382290Email: tfdconsultants@yahoo.co.inAbout Our Business Director• Over 10 years of Market DevelopmentConsulting experience• Manages the corporate and landdivision in Ahmedabad• Develops new business networks, recruitsand trains new staff• Oversees all services of the CompanyMarkets Serviced: Ahmedabad, GujaratAbout Us:NAI TFD Realty, is the only real estate company in Gujarat to provide consulting services along with standardreal estate brokerage services. NAI TFD Realty has a proven expertise in Market Research, ProjectManagement and Market Development Consultation through which it delivers exceptional consultancyservices to its clients. NAI TFD Realty is supported by well trained, qualified, experienced professionalslocated at Ahmedabad, India. Our services extend beyond showcasing the best of the real estate opportunitiesand we ensure the success of every project undertaken. With its strong background in Market DevelopmentConsultation, Market Research and Project Management NAI TFD Realty is positioned to provide a completearray of standard and value added services to its clients.Staff (#): 9Key Clients:PrologisRatthaRPGMcDonald’sSpencer’sFood FactoryAditya BirlaCafé Coffee DayR 3 MallHimalaya MallIndextBGHCL (Gujarat Heavy chemicals Ltd.)Torrent PharmaceuticalsNeelkanth Plaza30

Bangalore IndiaMarket SummaryCountry Population1,129,866,154129 154 (July 2007 est.)Area (sq km)3,287,590GDP (in US$)US$1,249 billion (2008 est.)GDP Growth (%)8.4% (2008 est.)GDP Per Capita (in US$)US$1,089 (2008 est.)Inflation (%)4.4% (2006 est.)Interest Rate (Federal Funds Rate) ¹ (%) 5.25%Unemployment (%)7.2% (2008 est.)CurrencyIndian rupee (INR)Exchange Rate (US$ and date)1 INR = .02471 USD (3/17/08)Exchange Rate (Euro and date)1 INR = .01571 EUR (3/17/08)Market NameBangaloreMarket City Population6,532,577 (2005)About the MarketIndia's economy registered the highestgrowth rate ever achieved as it becameincreasingly popular as an investmentdestination. In 2007, 23 million squarefeet of new space will come on themarket, and by 2009 the number will riseto 50 million. An expected demand for 85million square feet of office space isanticipated from 2005–2008. India todayis the second most favored FDIdestination behind China.Bangalore witnessed large scaleacquisitions of commercial space in theOuter Ring Road and Whitefield regions.The prominent developers have investedin land and started construction of ClassA offices and retail facilities in theseareas. This will help in reducing thescarcity of commercial space in thecentral business district region. Rentalrates in these two upcoming commercialhubs will range between US$1 to US$1.1per square foot.31

Bangalore IndiaOffice ProfileNAI Sites N Services305 Richmond Towers12 Richmond RoadBangaloreKarnataka 560 025IndiaContact: Shahed Ahmed, NAI Business Director|Phone: +91-80-2222707/2222660Email: shahed@naisns.comMarkets Serviced: Bangalore-Mysore-MangaloreAbout Our Business Director• Provides full services from acquisition,design and concepts, client liaison andproject marketing• Business director responsible for salesand business development in BangaloreofficeAbout Us:Founded in 1981, NAI Sites N Services (“NAI SNS”) is a commercial and residential real estate companyspecializing in strategic planning and transactional services for corporate clients and investors operatingin and out of India.NAI SNS assists corporate clients and investors by creating and implementing strategies to maximize thebest possible lease or purchase terms with the greatest savings, and helps investors gain high levelaccess to acquisition and joint venture development targets.NAI SNS provides a comprehensive program of property strategy, t market research, proposalnegotiations, financial and technical analysis, contract negotiations and project management. NAI SNSprotects clients’ interests, acting as independent and objective consultants to achieve the best terms andconditions.Staff (#): 13Key Clients:MfarPharma MatchTetrapackSiemensCitibankDISANokiaIFFCO TokyoHCLLladroRoosterDella TecnicaBJN GroupSixtInvitrogenBigtec32

Chennai IndiaMarket SummaryCountry Population1,129,866,154129 154 (July 2007 est.)Area (sq km)3,287,590GDP (in US$)US$1,249 billion (2008 est.)GDP Growth (%)8.4% (2008 est.)GDP Per Capita (in US$)US$1,089 (2008 est.)Inflation (%)4.4% (2006 est.)Interest Rate (Federal Funds Rate) ¹ (%) 5.25%Unemployment (%)7.2% (2008 est.)CurrencyIndian rupee (INR)Exchange Rate (US$ and date)1 INR = .02471 USD (3/17/08)Exchange Rate (Euro and date)1 INR = .01571 EUR (3/17/08)Market NameChennaiMarket City Population7,500,000 (2007)About the MarketChennai is the fourth largest metroarea in India and is the capital of TamilNadu. Chennai real estate has seensignificant growth in the year 2007 andthe trend is expected to continue in2008. The city boasts strong IT,automotive and manufacturing sectorswith companies such as Accenture,Scope International, Ford, Hyundai,Nokia, Saint Gobain and Flextronics,all having a large presence. Chennai isfamous for having the second longestbeach in the world ‘The Marina.’33

Chennai IndiaOffice ProfileNAI Hemdev's International Realty Services2/17 Jagannathan Road, NungambakkamJamals Musfira Chambers, 2nd Floor,Chennai Tamil Nadu 600 034IndiaContact: t Dinesh Hemdev,Head - Business Development & Brokerage ServicesPhone: + 91 44 2822 9595Mobile: + 91 98400-44355Email: dinesh@hemdevs.comAbout Our Business Director• Over 14 years commercial real estateexperience• Manages the commercial, IT and retaildivision of NAI in Chennai• Develops new business, recruits and trainsnew staff• Oversees all services of the CompanyMarkets Serviced: Chennai and Tamil NaduAbout Us:Founded in 1967, the firm is managed by Jayant, Dinesh and Rajesh Hemdev under the guidance of itsfounder and President Mr. P. Hemdev.Driven by integrity, ethics and local knowledge gained over 39 years, we are known as one of the leaders inour markets. We are proud to have established strong relationships with our clients, who include corporateusers, high net worth individuals and leading local developers.The firm provides full service commercial and residential real estate services and specializes in the sale andacquisition of investment properties. We assist land owners to maximise the return on their property byentering into joint ventures with reputable builders for development of their property.Staff (#): 9Key Clients:Apollo HospitalsDelta AirlinesOlam InternationalMascon GlobalROHMFordGlobus StoresETG PLCIntegrated Softtech SolutionsMitsui OSK LinesBank of TokyoMitsubishi Ltd.TraneTelstra Internationalilabs GroupItochu CorporationInfosysCairn EnergyAmwayAxes TechnologiesFuller India Ltd.PhilipsSAPBahwan yberteknaukri.comSanmar GroupFreight LinksGodrej Global SolutionsHSBCirevnaScope International34

Hyderabad IndiaMarket SummaryCountry Population1,129,866,154129 154 (July 2007 est.)Area (sq km)3,287,590GDP (in US$)US$1,249 billion (2008 est.)GDP Growth (%)8.4% (2008 est.)GDP Per Capita (in US$)US$1,089 (2008 est.)Inflation (%)4.4% (2006 est.)Interest Rate (Federal Funds Rate) ¹ (%) 5.25%Unemployment (%)7.2% (2008 est.)CurrencyIndian rupee (INR)Exchange Rate (US$ and date)1 INR = .02471 USD (3/17/08)Exchange Rate (Euro and date)1 INR = .01571 EUR (3/17/08)Market NameHyderabadMarket City Population3,690,000 (2001)About the MarketAndhra Pradesh is known as thepreferred location for ITES andsoftware companies. Leading the ITboom has been Hyderabad followed byVisakhapatnam. Hyderabad,Visakhapatnam and Vijayawada haveall witnessed tremendous growth inreal estate and a number of companiesin the retail and entertainmentbusiness are now focusing on thesemarkets.35

Hyderabad IndiaOffice ProfileNAI AE&R Pvt. Ltd.B302, Satya ComplexHyderabad 530003IndiaContact: Avnash Anumulo, NAI Business DirectorPhone: +91 40 233105712Fax: +91 40 23304664Email: avnash@naihyderabad.comMarkets Serviced: HyderabadAbout Our Business Director• Over 5 years experience in commercialreal estate services• Develops relationships with local andmultinational corporate clients andinstitutional investors• Uses contacts in the local market and otherareas to prepare the most extensiveland bank• Heads the leasing, land acquisition anddisposition transaction teamsAbout Us:NAI AE&R is a family run company headed by Mr. Avnash Anumolu. AE&R is a part of the AER Group.AE&R has been involved in construction activities, resort developments and property development forover a decade. Using its vast background in the real estate business, AE&R has branched out into AE&Rand NAI AE&R.NAI AE&R provides real estate services throughout Andhra Pradesh state. NAI AE&R has grown tobecome and be known as one of the most reliable and efficient realtor offices in the state offeringresidential, commercial and investment real estate services.Staff (#): 24Key Clients:CinemaxProgress SoftwareComsysKFCPizza HutCoffee DayYash TechnologyMezzequity Software36

Kolkata IndiaMarket SummaryCountry Population1,129,866,154129 154 (July 2007 est.)Area (sq km)3,287,590GDP (in US$)US$1,249 billion (2008 est.)GDP Growth (%)8.4% (2008 est.)GDP Per Capita (in US$)US$1,089 (2008 est.)Inflation (%)4.4% (2006 est.)Interest Rate (Federal Funds Rate) ¹ (%) 5.25%Unemployment (%)7.2% (2008 est.)CurrencyIndian rupee (INR)Exchange Rate (US$ and date)1 INR = .02471 USD (3/17/08)Exchange Rate (Euro and date)1 INR = .01571 EUR (3/17/08)Market NameKolkattaMarket City Population4,600,000 (2001)About the MarketThe GDP growth rate of West Bengal isestimated to reach 8.07 percent in thecurrent year, the highest in India. Thegovernment’s proactive approach,political stability, investor-friendly policy,excellent infrastructure and highlytrained workforce makes Kolkata a hotdestination for both local and overseasdevelopers.Presently, the IT & IteS industry,operating from Salt Lake, Sector V, isdriving the market. In Rajarhat, nationaland international developers areplanning major commercialdevelopments over the next two to threeyears. Sector V and New Town shouldprovide 13.3 million square feet ofavailable space within the next two tothree years.The Kolkata retail real estate markethas witnessed reasonably strong ggrowthwith 20 new malls in the pipeline and anadditional 2 million square feet of newconstruction by 2008.37

Kolkata IndiaOffice ProfileNAI N.K. Realtors Pvt. Ltd.10/4B Elgin RoadKolkata 700 020IndiaContact: Pawan Agarwal, NAI Business DirectorPhone: +91 33 2280 2022Fax: +033 2281 6836Email: pawan@nkrealtors.comAbout Our Business Director• Over 15 years experience in residentialbusiness development• Exceptional relationship with builders andinvestors• Conceives the plans and strategies to majormarket projects; manages corporatebranding and marketing strategies;oversees sales force and recommends staffand resources to support sales forceMarkets Serviced: KolkataAbout Us:Since 1987, NAI N K Realtors has provided real estate services in Kolkata. We focus on our clients’overall business and real estate objectives, not just the single transaction. We are their strategic advisorsand we support all their needs through property sales and leasing, corporate services, appraisal/valuation,research and consulting services. Our business plan comprises – trust, transparency, quality,responsiveness, and professional approach.Staff (#): 120Key Clients:PantaloonsSpencersFun RepublicCinemax89 CinemasGlobusPiramydMc DonaldLevisPepeLee CooperRuby TuesdayBose CorporationHewlett PackardABN AMRONortelGE ConsumerFinanceMSA INDIALIMITEDWIPRO38

New Delhi IndiaMarket SummaryCountry Population1,129,866,154129 154 (July 2007 est.)Area (sq km)3,287,590GDP (in US$)US$1,249 billion (2008 est.)GDP Growth (%)8.4% (2008 est.)GDP Per Capita (in US$)US$1,089 (2008 est.)Inflation (%)4.4% (2006 est.)Interest Rate (Federal Funds Rate) ¹ (%) 5.25%Unemployment (%)7.2% (2008 est.)CurrencyIndian rupee (INR)Exchange Rate (US$ and date)1 INR = .02471 USD (3/17/08)Exchange Rate (Euro and date)1 INR = .01571 EUR (3/17/08)Market NameNew DelhiMarket City Population13,800,000 (2001)About the MarketIndia's economy registered the highestgrowth rate ever achieved as it becameincreasingly popular as an investmentdestination. In 2007, 23 million square feetof new space will come on the market,and by 2009 the number will rise to 50million. An expected demand for 85 millionsquare feet of office space is anticipatedfrom 2005–2008. India today is thesecond most favoured FDI destinationbehind China.New Delhi witnessed large scaleacquisitions of commercial space in theSaket and Jasola regions. The prominentdevelopers have invested in land andstarted construction of Class A officesand retail facilities in these areas. Thiswill help in reducing the scarcity ofcommercial space in the Delhi region.The new supply of office space would beavailable in the end of 2007. Rental ratesin these two upcoming commercial hubswill range between US$1.40 to US$1.90per square foot.39

New Delhi IndiaOffice ProfileNAI Collaborators India87, Nandi Vithi MargOpp N-115 Greater Kailash-1New Delhi 110048IndiaContact: Pankaj DayalPhone: + 91 11 5163 3088Email: pdayal@naicollaborators.comMarkets Serviced: New DelhiAbout Our Business Director• Over 20 years commercial real estateexperience• Develops relationship with corporateclients, individual investors• Main area of operation includes propertyp investment, land acquisition, dispositionand leasing• Spearheads and implements strategies withmultinational companies as they establishand restructure their presence and mobilityrequirementsAbout Us:NAI Collaborators India is an ISO 9001:2000 Certified Organization in New Delhi, which specializes in providingsolutions to property-related challenges on behalf of its corporate clients. No matter the property requirement, ourcomprehensive systems and processes are structured for identifying the best strategy, the "right" properties andnegotiating the best overall transaction while achieving the greatest amount of flexibility possible for current andfuture business needs.NAI Collaborators India helps its tenant clients by creating and implementing property strategies that maximize thebest possible lease terms with the greatest amount of cost savings. In addition to commercial propertyrequirements, a team of professionals specialize in expatriate residential relocation and orientation services.Staff (#): 10Key Clients:HyundaiCapital IQiHealthcareInductisG&DCairn EnergyModi ApolloSchlumbergerPetronasBP InternationalGilletteDuracellSiemensABBEuronetYes BankApollo InternationalAssociated Press + Dow JonesBASFBBCBoston Scientific CorporationIFCIInternational Metro Civil ContractorZTESony IndiaCGI, Max HealthcareMizuho BankMichellin ApolloEmerson NetworkCafé Coffee Day40

Pune IndiaMarket SummaryCountry Population1,129,866,154129 154 (July 2007 est.)Area (sq km)3,287,590GDP (in US$)US$1,249 billion (2008 est.)GDP Growth (%)8.4% (2008 est.)GDP Per Capita (in US$)US$1,089 (2008 est.)Inflation (%)4.4% (2006 est.)Interest Rate (Federal Funds Rate) ¹ (%) 5.25%Unemployment (%)7.2% (2008 est.)CurrencyIndian rupee (INR)Exchange Rate (US$ and date)1 INR = .02471 USD (3/17/08)Exchange Rate (Euro and date)1 INR = .01571 EUR (3/17/08)Market NamePuneMarket City Population4,500,000 (2005)About the MarketPune is the amongst the fastestgrowing IT and retail destinations inIndia and is the 2 nd best city in theState after Mumbai, capital ofMaharastra. Pune real estate has seensignificant growth from 2004 – 2006and the trend is expected to continuein 2007 - 2009. The city boasts strongIT, automotive and manufacturingsectors with companies such asInfosys, Wipro, TCS, HSBC, IBM,EDS, Accenture, Patni, WNS, TechMahindra, UGS, BMC Software, TataMotors, Daimler Chrysler, Bajaj Auto,GM Motors, Force Motors, KineticMotors, Tata Bluescope Steel, BharatForge, Whirlpool, Fiat, LG Electronics,Kirloskars, POSCO, Thermax allhaving/setting a large set up. Pune iscalled the twin city of Mumbai as theexpressway between the two cities hastravel time to under 2 hours.41

Pune IndiaOffice ProfileNAI Property Terminus3 rd floor, ATHARVA,55 Wakdewadi, ShivajinagarPune, Maharashtra 411 005IndiaContact: t RIM Mahtani, NAI Business DirectorPhone: + 91 20 2551 1900 / 11Mobile: + 91 9822014824Email: rim@propertyterminus.comAbout Our Business Director• Over 27 years commercial real estateexperience• Manages the commercial, IT and retaildivision in Pune• Develops new business, recruits and trainsnew staff• Oversees all services of the CompanyMarkets Serviced: Pune, MaharastraAbout Us:NAI Property Terminus, Corporate Space Consultancy firm, is a principal corporate space marketshareholder in Pune, India. It has proven expertise in delivering exceptional consultancy services to its clientsthrough its well trained, qualified, experienced professionals located at Pune, India. Our services are notlimited to showcasing the best of the existing and upcoming real estate development but also extends toensuring transparent and value for transactions, legal and architectural support, as well as continuous followup to ensure timely deliveries and post transaction facilities management. Because with more than 20 yearsexperience in this field, we offer commercial premises for the right price, right location and also with theright infrastructure.tStaff (#): 12Key Clients:HSBC VMoksha Tata HoneywellTCSUGSHoneywell AutomationMphasisICICI GroupSerwizsolNihilentUTI BankPiramydsS1 Corporation BNP ParibasTrue MartTata Teleservices HDFCSymphony ServicesMastekRenishawNeilsoftCummins Group Tata Bluescope Steel AXA Business ServicesBajaj j AutoHutchTimes Of IndiaCap GeminiTIBCOi-FlexSyntelDell ComputersTata Johnson ControlsEmerson DesignZensarEmerson EngineeringEndurance TechnologiesMagna StyerSAS Global42

Punjab IndiaMarket SummaryCountry Population1,129,866,154129 154 (July 2007 est.)Area (sq km)3,287,590GDP (in US$)US$1,249 billion (2008 est.)GDP Growth (%)8.4% (2008 est.)GDP Per Capita (in US$)US$1,089 (2008 est.)Inflation (%)4.4% (2006 est.)Interest Rate (Federal Funds Rate) ¹ (%) 5.25%Unemployment (%)7.2% (2008 est.)CurrencyIndian rupee (INR)Exchange Rate (US$ and date)1 INR = .02471 USD (3/17/08)Exchange Rate (Euro and date)1 INR = .01571 EUR (3/17/08)Market NamePunjabMarket Region Population24,289,296About the MarketWith the highest per capita income inthe country, that is nearly three-and-ahalftimes the all-India average, anexcellent infrastructure to promote newindustries and support the existingones, coupled with high rate ofemployment, Punjab is becoming afavored destination.Investment in properties in India isbecoming lucrative with an increasingdemand for plug and play offices,multi-tenant space and a burgeoningretail expansion. With the urbaneconomy growing at over 12% perannum and increasing demand fromMNCs and IT companies, commercialproperties across India provide someof the highest returns in the world.43

Punjab IndiaOffice ProfileNAI Space Alliance37H Sarabha NagarLudhianaPunjabIndiaContact: Ashish Dhamija, NAI Business DirectorPhone: +91-9811834000, +9417481222Email: naispacealliance@gmail.comMarkets Serviced: Punjab(Chandigarh-Ludhiana-Amritsar-Jalandhar-Patiala-Mohali)About Our Business Director• Develops relationship with corporate clients,individual investors.• Main area of operation includes propertyinvestment, land acquisition, dispositionand leasing.• Spearheads and implements strategies withmultinational companies as they establishand restructure their presence and mobilityrequirements.About Us:NAI Space Alliance is a commercial and residential real estate company specializing in strategic planning andtransactional services for corporate clients and investors operating in and out of India.NAI Space Alliance assists corporate clients and investors by creating and implementing strategies to maximizethe best possible lease or purchase terms with the greatest savings, and helps investors gain high level accessto acquisition and joint venture development targets.NAI Space Alliance provides a comprehensive program of property strategy, market research, proposalnegotiations, financial and technical analysis, contract negotiations and project management. NAI SpaceAlliance protects clients’ interests, acting as independent and objective consultants to achieve the best termsand conditions.Staff (#): 8Key Clients:CitibankStandard Chartered BankHDFC BankWorld SpaceIdea CellularNokiaHutchDHLEuronetCafe Coffee DayBaristaYes Bank44

Tokyo JapanMarket SummaryRENTSCountry Population127,433,494 494 (Dec 2007 est.)Area (sq km)377,835GDP (in US$)US$4.552 trillion (2008 est.)GDP Growth (%)1.7% (2008 est.)GDP Per Capita (in US$)US$35,100 (2008 est.)Inflation (%)0.5% (2008 est.)Interest Rate (Federal Funds Rate) ¹ (%) 0.5%Unemployment (%)4% (2008 est.)CurrencyJapanese yen (JPY)Exchange Rate (US$ and date)1 JPY= .0103 USD (3/17/08)Exchange Rate (Euro and date)1 JPY= .0065 EUR (3/17/08)Market NameTokyoMarket City Population12,790,000 (2007)About the MarketTokyo is the world’s largest officemarket. From 2003 to 2008, the markethas added an average of 7.5 millionsquare feet annually. With the Japaneseeconomy making a strong recovery,strong demand has caused class Avacancy rates to go as low as 4%. Sincemid- 2005, rents have significantlyincreased for the first time since the late1980 “bubble days.” Major regionalcities are also enjoying recoveries tovarying degrees.The bad debt problems of the bankingindustry took more than a decade to beworked out. The JREIT market kickedoff in September 2001 and now includes34 listed real estate investment trustcompanies. Bank lending to real estateinvestments has been increasingsteadily, leading some market observersto wonder whether the real estatemarket is in the midst of another bubble.There is far less of a chance of a crashin values, as happened in 1990, withfinancing and credit control methodsnow far more sophisticated.45

Tokyo JapanOffice ProfileNAI Japan4th Floor, Azabu-Juban Building2-9-9 Azabu-Juban,Minato-ku, Tokyo 106-0045JapanContact: t Buddy Ferrie, NAI Business DirectorPhone: +813 5418 8747Email: bferrie@naijapan.jpAbout Our Business Director• Over 20 years experience in brokerage,consultancy and investment in Japan• Started the AIG Real Estate InvestmentGroup in Japan which remains one of themost active international institutionalinvestors in Japan• Fluent in JapaneseMarkets Serviced: TokyoAbout Us:NAI Japan specializes in providing solutions to property-related p requirements on behalf of its corporateclients. No matter what category of property, our comprehensive systems and processes are structured foridentifying the best strategy, the "right" properties and negotiating the best overall transaction whileachieving the greatest amount of flexibility possible for current and future business needsNAI Japan has assisted many global companies in their property strategy and acquisition/dispositionassignments. Unlike most real estate agents, which help landlords achieve the best transaction for theirproperty, NAI Japan represents its tenant clients by creating and implementing property strategies thatmaximize i the best possible lease terms with the greatest t amount of cost savings.NAI Japan also has a team of professionals specializing in expatriate residential leasing.Staff (#): 22Key Clients:AIG Dresdner e Bank Hanil GroupVisteon CorporationAozora BankBritish PetroleumCabot CorporationDB GroupDeutsche BankSwiss Bank CorporationSBC GroupSiemonsPTS Consulting JapanThe Church of Jesus Christ Latter Day SaintsInformatica CorporationSystem ButsuryuDow CorningHusky CorporationLloyds RegisterKatolec CorporationPacific Architects & Engineers46

Kuala Lumpur MalaysiaMarket SummaryCountry Population24,822,000 (Dec 2007 est.)Area (sq km)329,750GDP (in US$)$176 billion (2008 est.)GDP Growth (%)5.6% (2008 est.)GDP Per Capita (in US$)$6,445 (2008 est.)Inflation (%)2.4% (2008 est.)Interest Rate (Federal Funds Rate) ¹ (%) 3.5%Unemployment (%)3.1% (2008 est.)CurrencyMalaysian ringgit (MYR)Exchange Rate (US$ and date)1 MYR = .3198 USD (3/179/08)Exchange Rate (Euro and date)1 MYR = .2032 EUR (3/17/08)Market NameKuala LumpurMarket City Population6,933,548 (2007 est.)About the MarketKuala Lumpur, the capital city ofMalaysia, is a dynamic metropoliswhere people from diverse cultures liveand work. The iconic Petronas TwinTowers and other Grade A officeshere are mostly occupied by financialinstitutions and global companies.Manufacturing and logistic facilities arepredominantly located in industrialparks within the neighboring State ofSelangor, mainly in the cities ofPetaling Jaya and Shah Alam.Other well planned industrial parks arenearer to Port Klang and within the 30kilometer radius of the Kuala Lumpurcity centre.47

Kuala Lumpur MalaysiaOffice ProfileNAI Reapfield Properties (W.P.) Sdn.BhdSuite 23.08, 23rd Floor,Plaza 138Kuala Lumpur 50450MalaysiaContact: David Wong Lai Kwong, NAI Business DirectorPhone: +603 2713 3399Email: davidwong@reapfield.comAbout Our Business Director• Six years in property valuation• Over 15 years in commercial real estatebrokerage• Head of Corporate Services managing ateam of eight specialist consultants,business development and researchMarkets Serviced: Kuala Lumpur and SelangorAbout Us:Established in 1984, NAI Reapfield is a well recognized real estate services company with ten offices and400 employees in Malaysia.NAI Reapfield specializes in commercial and industrial real estate throughout Malaysia. We help local andglobal companies achieve their real estate needs using our tenant representation services. As well, weprovide our local knowledge to institutional investors and investment groups sourcing commercial andindustrial assets to purchase.The NAI Reapfield team is highly specialized and trained in different sectors of the real estate market suchas office, industrial, retail, land development and investment. We also have a division for expatriatehomes.NAI Reapfield is affiliated with the Malaysian Institute of Estate Agents (MIEA) and the National Associationof Realtors (NAR).Staff (#): 10Key Clients:Aker KvaernerAcorn Marketing & ResearchGillette MalaysiaApple ComputerBaxter HealthcareAdidasRolls-RoyceNECNomura TradingRicohRohm ElectronicsBritish CouncilTimberland LifestyleRoche DiagnosticsFossil TimeAberdeen Asset ManagementNov NordiskInternational EnterpriseSingaporeVolt AsiaBoston ScientificSamart I-MobileSan Francisco CoffeeYves RocherING Real Estate,Axis REITGLM Tower REITHSBCHilton HotelDeloitte ConsultingDutch Lady Milk Industries48

Seoul South KoreaMarket SummaryCountry Population49,044,790 (Dec 2007 est.)Area (sq km)98,480GDP (in US$)US$1.006 trillion (2008 est.)GDP Growth (%)4.6% (2008 est.)GDP Per Capita (in US$)US$24,500 (2008 est.)Inflation (%)2.8% (2008 est.)Interest Rate (Federal Funds Rate) ¹ (%)Unemployment (%)3.3% (2008 est.)CurrencySouth Korean won (KRW)Exchange Rate (US$ and date)1 KRW = .0010 USD (3/17/08)Exchange Rate (Euro and date)1 KRW = .0006 EUR (3/17/08)Market NameSeoulMarket City Population10,356,000 (2007)About the MarketAt the heart of Northeast Asia, SouthKorea claims the geopoliticaladvantages of immediate access toChina and Japan. There are 44 majormetropolises of Northeast Asia, withpopulation of more than one millioneach, located within four hours flyingtime from South Korea.Seoul is the nation’s administrative,INVESTMENTcultural and economic capital with apopulation of 10 million. With a 3.8million workforce, the city enjoys itsworld-class urban infrastructure.49

Seoul South KoreaOffice ProfileNAI SAMS Korea16 th Fl. Samsung Life Insurance Building36-1 Yeouido-dong Yeongdeunpo-guSeoul 150-886, KoreaContact: Tomy Kim,NAI Business Coordinator & DirectorPhone: +82 2 3770 4564Email: cpmtomy.kim@sams.samsung.comAbout Our Business Director• Over 8 years of experience in architectural,construction and real estate industries• Fluent in Korean and English• Coordinates business transactions betweenNAI SAMS Korea and its business partnersaround the worldMarkets Serviced: South KoreaAbout Us:NAI SAMS Korea (NAI SAMS), formerly known as Samsung Life Service Group, refurbished itsstructure and embarked under a new name in January 2000. Since then, NAI SAMS continued tomanage properties for one of Korea’s major property owners, Samsung Life Insurance, and focused onstrengthening its structure and diversifying services to better serve the needs of the market.NAI SAMS provides investment advisory, brokerage, property management, leasing, and renovation/architectural construction. NAI SAMS continues to commit itself in maximizing customer satisfactionthrough its unparalleled local expertise and its successful solutions to real estate related problems.Currently, 254 real estate professionals work in seven different locations in Korea. No other real estateservice provider in Korea has first-hand, full market coverage like NAI SAMS, ensuring both the highestquality and seamless service in every market.Staff (#): 259Key Clients:Samsung Groupand affiliated companiesSK TelecomSK SecuritiesKorea TelecomGE CapitalDeutsche BankMacquarie BankAIGHyundai FuturesNikeAir ProductsToyota MotorsKyobo SecuritiesNational Pension FundLina Life InsuranceRealty Advisory KoreaMirae SecuritiesKTB Asset ManagementMAPS Asset ManagementSwatch KoreaSeoul National UniversityPPCWSeoul SecuritiesDongyang Investment TrustForeign Exchange FuturesKorea Land CorporationForeign Exchange BankIndustrial BankChohung BankWoori Bank50

Bangkok ThailandMarket SummaryCountry Population69,000,000 (Dec 2007 est.)Area (sq km)514,000GDP (in US$)US$239.9 billion (2008 est.)GDP Growth (%)4.5% (2008 est.)GDP Per Capita (in US$)US$3,575 (2008 est.)Inflation (%)2% (2008 est.)Interest Rate (Federal Funds Rate) ¹ (%) 3%Unemployment (%)1.7% (2008 est.)CurrencyThai baht (THB)Exchange Rate (US$ and date)1 THB= .0320 USD (3/17/08)Exchange Rate (Euro and date)1 THB= .0203 EUR (3/17/08)Market NameBangkokMarket City Population8,160,000 (2007)About the MarketBangkok is a thriving capital city withover 10 million people. The country nowhas office, manufacturing, hospitalityand multi-family unit requirements froma financial crisis that occurred in the late1990s. The market needs newinvestments in infrastructure, as well asin quality office buildings. The marketpresents many excellent opportunitiesacross the board for investors in offices,factories, logistics and retail.51

Bangkok ThailandOffice ProfileNAI Andrew ParkBB Building, Suite 1913, 19th floor54 Sukhumvit 21 Rd.Wattana Bangkok 10110ThailandContact: t Graeme Laird, MBA., FHCIMA, NAI Business DirectorPhone: +662-260-8002Email: glaird@andrewpark.comAbout Our Business Director• Over 20 years hotel management experienceand 10 years in real estate services• Chief executive of NAI Andrew Park with clientrelationship and management responsibilities• Hotel investment consulting as well asplanning consulting for hotels and resorts inThailand and elsewhere in AsiaMarkets Serviced: ThailandAbout Us:NAI Andrew Park is a smaller, full service provider in Bangkok with special focus as a niche provider ofquality services in investment, land acquisition, hotel brokerage, and valuation services in addition toresidential relocation services.In addition, CEO Graeme Laird brings a wealth of knowledge and experience in the hospitality industrythrough his previous 15 years with the Mandarin Oriental Hotel Group.Founded in 1996, NAI Andrew Park is a trusted and respected member of the Thai business communityand global l marketplace. The firm is affiliated with the British Chamber of Commerce and the Thai-Canadian Chamber of Commerce.Staff (#): 14Key Clients:TCC Capital LandMBK Property DevelopmentPlan EstateGlobal Fleet SalesSphinx PartnersPacific Star – AsiaCarrefour52

Asia Pacific Management TeamSteve AthertonLocation:Hong Kong ChinaContact Information: +852 2868 0966mobile: +856 6776 1976satherton@naiglobal.comSpecialties:Asia Pacific Region, Managing DirectorAccount Experience: Siemens VDO, Siemens Real Estate, Air Products, BP Amoco, Unocal, CarrefourScope & Experience: • Over 25 years experience in commercial real estate services• Develops relationships with local and multinational corporate clients and Institutionalinvestors• Recruits and oversees NAI Global offices in Asia Pacific, where he introduced standardizedcorporate real estate training programs, systems and processesZhou HongbinLocation:Shanghai ChinaContact Information: +86 21 6279 7111mobile: +86 139 1818 9516hzhou@naiglobal.comSpecialties:China Region, Business DevelopmentAccount Experience: Retail, Land Acquisition, JVScope & Experience:• Over seven years experience in retail real estate• Develops relationships with local and central government agencies in China• Develops relationships with local developers in over 20 major cities in ChinaDeepshikha SinhaLocation:New Dehli IndiaContact Information: +91 11 2923 7240 x105dsinha@naiglobal.comSpecialties:India Region, Business Development53

Where can NAI Global HelpYou Next?167 10298354NAI Global’s l’ Managed Network1. Richard B. KimballExecutive Vice President,The AmericasNAI Global4 Independence WaySuite 400Princeton, NJ 08540tel +1 609 945 4025rkimball@naiglobal.com2. David C. BlanchardExecutive Vice PresidentNAI Global574 West Grant StreetP.O. Box 549Carlton OR 97111tel +1 503 852 7037mobile +1 503 474 7246dblanchard@naiglobal.com3. Rhyne BrownSenior Vice President, Member ServicesNAI Global4650 Von Karman AvenueNewport Beach CA 92660tel +1 949 854 6600mobile +1 301 717 7084rbrown@naiglobal.com4. James R. Garrett, Jr., MCRSenior Vice President, Network ResourcesNAI Global605 Front StreetColumbus OH 43215tel +1 614 629 5262mobile +1 614 496 3700jgarrett@naiglobal.com5. David L. BergerManaging Director, Latin America andthe CaribbeanNAI GlobalBrickell Plaza, 1221 Brickell AvenueSuite 1100Miami, FL 33131tel +1 305 416 0117mobile +1 786 556 7758dberger@naiglobal.com6. David PerryVice President, EuropeNAI Global10 PiccadillyLondon W1J 0DDUnited Kingdomtel +1 44 870 701 6046mobile +1 44 788 185 5625dperry@naiglobal.com7. Patricia J. LeMarechalDirector, Client DevelopmentNAI Global10 PiccadillyLondon W1J 0DDUnited Kingdomtel +1 44 870 701 6047mobile +1 44 787 295 9718plemarchal@naiglobal.com8. Deepshikha SinhaManager, Client DevelopmentNAI GlobalB-189, 1st FloorGreater Kailash – INew Delhi, 110 048Indiatel +91 11 2923 7240 x105dsinha@naiglobal.com9. Hongbin ZhouRegional Director, ChinaNAI GlobalShanghai Center, Suite 422Shanghai 200040tel +86 21 6279 7111mobile +86 139 1818 9516hzhou@naiglobal.com10. Stephen E. AthertonManaging Director,Asia Pacific and the Middle EastNAI Global14/F Wilson House19-27 Wyndham Street,Central Hong Kong 000tel +852 2868 0966mobile +852 6776 1976satherton@naiglobal.com54

Build on the power of our network.NAI Commercial is an integral part of the world's leading managednetwork of commercial real estate firms. NAI manages a network with5,000 professionals and 325 offices in 55 countries worldwide. Webring together people and resources wherever needed to deliveroutstanding results of our clients, and complete over $45 billion intransactions annually. Our clients come to us for our deep localknowledge. They build their businesses on the power of our globalmanaged network.To learn more, visit www.naicommercial.ca.Formore information on NAI Global please visit www.naiglobal.com