2nd Q Market Report 2013 - NAI Mexico

GlobalNAI Latin America& The Caribbean2Q Market Report 2013The Second Quarter of 2013 saw a continuing general positive trend in Latin America commercial real estate,in spite of the slow recovery in the USA and the continuing problems in the Euro Zone. Overall, the real estatemarkets in most of the countries in Latin America continue to progress at a healthy rate.Despite the first tier industrialized countries persistent economic woes, there is rising demand and absorptionin Latin America,and with its latent upward pressure on office and industrial lease rates and sale prices.Depending on the particular market, there has in general been a stable or slight increases in rent rates andstable or lightly increased sale prices.There is stable demand in Brazil and although it has seen a slight complications recently the overall trendcontinues on a growth trend. More so, rates and prices there are still by far the highest in Latin America – morethan twice those of some other countries. Given the difficult economic prospects in North America andEurope, 2013 pricing in the rest of the region should not witness much, if any, increase through the end of theyear. Office and industrial development continues active - this has helped to alleviate some of the pressure onrent prices – but demand continues growing too. In the industrial sector there continues to be a lack of class-Aproduct that hinders an easy expansion of many companies.Retail continues to experience very strong demand, not only from local users, but especially from internationaland regional chains. This latter trend continues to grow, much to the chagrin of local retail stores that tend tobe family owned. Retail development continues verystrong in most countries. Not only are large shoppingmalls and regional shopping centers being built, but additionally small neighborhood shopping centers areproliferating. The locals like the ability to find a myriad of retail options in one easily accessible location.Demand for retail space is so strong that the malls and the regional shopping centers tend to be largelypre-leasedbefore construction is finished.The only sector in the region that has yet to fully recover is Hospitality; tourism is only slowly re-energizing inmost coutries. The business hotel market in primary and secondary markets is seeing strong developmentactivity (both new and retrofit) and landacquisition is on the upswing by the more, as well as the less, recognizable brands. Interest in resort development across theregion is patchy. Countries like Brazil, Panama, Colombiaand Uruguay are seeing renewed or new strong interest due to their active economies and strong economic base. Other countries such as Costa Rica, El Salvador and the Caribbean countries have yet to catchadequately this investment wave. Both second homes sales and tourism development in these latter countries,and Mexico, is yet to recover.Real Estate investment continued to increase and not just from domestic sources. The local markets are nowreceiving more attention as an asset category that is stable and capable of providing attractive returns. Financing in the region financing continues to be not easily available and very expensive. Therefore, real estateprojects continue to be developed on a cash basis.This means that a tremendous amount of capital is beinggenerated in-country to feed these numerous projects; a testament to the growing industries and economies.Most international investment funds tend to focus currently on Brazil, Chile, Mexico, Colombia and Peru.

GlobalNAI Latin America& The Caribbean2Q Market Report 2013Executive Managing Director,International BusinessMauro Keller SarmientoNAI Latin America & The Caribbean Offices:NAI GLOBAL4 Independence WaySuite 400, Princenton NJ 08540+1 609 945 4000www.naiglobal.comARGENTINANAI Castro Cranwell & WeissSan Martín 640, Capital FederalPiso 10 Buenos Aires, Argentina+ 54 11 43204320www.cyw.com.arBAHAMASNAI Bahamas Realty CommercialP.O. Box N-1132E. Bay Street & Shirley Street000 Nassau, The Bahamas+ 1 242 396 00 28www.naibahamas.comBRAZILNAI DworkingRua George Eastman, 160 - 8° AndarSão Paulo, SP 05690-000Brazil+ 55 11 3755-8888www.naidworking.com.brCHILENAI SarraAv. Presidente Riesco 3451Las Condes, Santiago,Chile755-0068+ 56 2 347 70 00www.naisarra.comCOLOMBIANAI ColombiaCalle 106 No. 18A-06Bogota, Colombia+ 571 6289000www.naicolombia.comCOSTA RICANAI Costa RicaPozos Sta. Ana de la Iglesia Católica400 mts. Norte, Edif. Madrid, Ofc. #13er. Piso, San José, Costa Rica+ 506 22035171www.naicostarica.comDOMINICAN REPUBLICNAI DominicanaPlaza Jardines de Gazcue,Calle Pasteur #158, Local 2-28Santo Domingo 10205Dominican Republic+1 809 476 7788www.naidominicana.comJAMAICANAI Jamaica Langford & Brown31 Upper Waterloo RoadKingston 10Jamaica+ 876 925 78 61www.naijamaica.comMEXICONAI MexicoBlvd. Agua Caliente No. 10611-PBTijuana, Baja California 22420Mexico+ 52 664 971 0333www.naimexico.comMIAMINAI Miami9655 South Dixie HighwaySuite 300, Miami FL 33156 USA+1 305 938 4000www.naimiami.comPANAMANAI PanamaCosta del Este, Green Plaza1st. FloorPanama City, Panama+1 507 300 5300www.naipanama.comPERUNAI Peru RosecorpCalle Pedro Denegri 191, Urb.Los Rosales, Santiago de SurcoLima, Peru+511 2719966www.naiperu.comPUERTO RICONAI Puerto RicoInternational Marketing Center II,Suite 401, 90 Road, Guaynabo, PR 00968+ 1 939 579 5629www.naipuertorico.comVENEZUELANAI VenezuelaCentro Plaza, Torre C-PHOficina C-22-CCaracas , 0 Venezuela+ 58 212 286 8124www.naivenezuela.comCORPORATE SUPPORTSERVICESNAI LAC701 Brickell Key Blvd., Ste CU-3Miami, Florida 33131 USA+1 954 249 4764www.nailac.com

GlobalNAI Latin America& The Caribbean2Q Market Report 2013PRIME RENTS PRIME YIELDSMarket Office Retail Industrial/WarehouseLocal* US$/M 2 /Mo Trend Local* US$/M 2 /Mo Trend Local* US$/M 2 /Mo Trend Office (%) Trend Retail (%) Trend Industrial (%) TrendArgentina ,Buenos Aires 160 30 Down 220 40 Down 42 8 Stable 7 Stable 6 Stable 10 StableBahamas, NassauDowntown 29.89 29.89 Stable 37.22 37.22 Stable 13.45 13.45 Stable 9 Stable 10 Stable 10 StableSuburban 30.55 30.55 Stable 18.32 18.32 Stable 10.76 10.76 Stable 9 Stable 10 Stable 10 StableBrazil,Rio de Janeiro 102,00 44.99 Stable 150,00 74.26 Stable 28.54 14.13 Stable 8.5-11 Up 9-10.5 Up 9-11 UpSão Paulo 112,00 49.40 Stable 160,00 79.21 Stable 21.50 10.64 Stable 8.5-11 Up 9-10.5 Up 9-11 UpColombia,Bogota 77,354 38.61 Stable 208.612 108.31 Stable 14.900 7.74 Stable 7.5 Stable 8 Stable 7.5 StableCosta Rica,San Jose 8,830.8 17.84 Up 8,939.7 18.06 Down 3,177.9 6.42 Down 10 Stable 11 Stable 11 StableChile,Santiago 14,854 29.5 Stable 28,566 56.7 Stable 2,514 5.00 Stable 8 Stable 7 Stable 11 StableDominican Rep,Santo Domingo 1,158 38 Up 246,000 6 Up 195 5.75 Up 10-11 Up 10 Up 7 StableJamaica,Kingston 1,418 15.25 - 1,502 16.15 - 751 8.07 - 9 - 9.5 - 10.5 -Montego Bay 1,122 12.20 - 1,351 14.53 - 676 7.27 - 9 - 9.5 - 10.5 -Miami,Florida U.S 33.50 33.50 Down 23 23 Up 7.00 7 Up 6-7 Down 6-7 Down 6-7 DownMexico,Juarez City 206.89 17.00 Up 194.72 16.00 - 4.38 0.36 - 9-11 - 12-13 - 9 -Guadalajara 243.40 20.00 - 225.75 18.55 - 23.12 1.90 - 9-11 - 8-12 - 8-12 -Matamoros 120.77 9.92 Down 167.22 13.74 Down 40.89 3.36 Down 10-13 - 12-13 - 11-14 -Mexicali 121.70 10.00 - 182.55 15.00 - 45.62 3.65 - 12-15 - 12-15 - 10-13 -Mexico City 425.95 35.00 Up 693.69 57.00 - 85.19 7.00 Up 11 Down 13 - 9-11 DownMonterrey 243.40 20.00 - 304.25 25.00 - 48.68 4.00 - 9-11 - 12-13 - 9-12 -Queretaro 304.25 25.00 Up 365.10 30.00 Up 51.11 4.20 - 11-13 - 11-13 - 10-13 -Reynosa 286.00 23.50 - 243.40 20.00 - 47.10 3.87 Up 10-13 - 12-13 - 11-13 -San Luis Potosi 292.08 24.00 - 340.76 28.00 - 49.90 4.10 Down 11-13 - 11-13 - 11-13 -Tijuana 222.00 17.00 - 243.40 20.00 - 57.20 4.70 - 12-14 - 12-14 - 12-14 -Panama,Panama City 26.79 - Stable 32.50 - Up 8.67 - Stable 8 Stable 10 Up 8.1 StablePeruLima 56.55 21.75 Up 24.80 48 Up 10.6-18.6 4 -7 Stable 10 Stable - Stable 9 - 10 StablePuerto Rico,San Juan 18.50 - - 35-65 - - 6.5 - - 7 - 10 - 7 -Venezuela,Caracas 35 - Up 45 - Stable 25.00 - Up 25 Up 20 Stable 20 UpThis report has been produced by NAI GLOBAL strictly for informational purposes. The information contained in this report was obteined from sources we believe. While NAI Globalmakes efforts to ensure the accuracy and reliability of the information contained here in , we have not verified its currency and make no guarantee, warranty or representation of any kindregarding the quality, accurancy, timeliness or completion of the information. This report is offered “as-is”, and is subject to the possibility of errors and omissions, Market conditions,rental rates, yields or other conditions may change without notice. All expressions of opinion are subject to change. Reproduction of this report in whole or in part is prohibited withoutour prior written consent.

GlobalArgentina2Q Market Report 2013OVERVIEW:• Argentina’s economy Argentina economy is in a recession and macroeconomic tensions. Most real estatesectors are experiencing a stable but softening level of prices and the vacancy level has started to increase asdemand has retracted. The economy is expected to grow approximately 3% in 2013 The outlook overall isincreasingly cautious in terms of real estate activity levels, particularly given economic policy changes to addresshigh inflation (over 25% p.a.) and significant complications with the dollar exchange rate.• The office market in Buenos Aires is stable and has moderate to low activity. Vacancies are in the 11% range inthe Class-A market, and lease prices are stable in the US$ 30 per m2 range. The class B market vacancy continuesin the low teens and prices are soft in the US$ 18 per m2 range.• The industrial market has been stable as industrial activity has kept steady. Nevertheless, the lack of Class-Alogistics space still keeps vacancy in single digits, particularly in the northern sub-markets where trade to theMercosur market continues to grow.• Shopping centers have kept vacancy low but leasing demand is weakening due to the slow commercial activity.The main shopping streets of Buenos Aires have limited vacancy as retailers compete for local and touristconsumer demand but the outlook is for a softening market.PRIME RENTSOFFICE RETAIL INDUSTRIAL/WAREHOUSELocation Arg$/m 2 /mo US$/m 2 /mo Trend Location Arg$/m 2 /mo US$/m 2 /mo Trend Location Arg$/m 2 /mo US$/m 2 /mo TrendBuenos Aires 160 30 Down Buenos Aires 220 40 Down Buenos Aires 42 8 StablePRIME YIELDS(NET RENT/PURCHASE PRICE) %OfficeKEY TRANSACTIONSTrend7% StableRetailTrend6% StableIndustrial/Warehouse Trend10% StableCOUNTRY STATISTICSArea - (Km²)........................2,766.890Population..........................41Population Growth............../Capital................................Buenos AiresPopulation (Capital City)......1,668.500PRINCIPAL BUSINESS TAXESCorporate Tax Rate...........35%Withholding Tax................30%VAT (Value Added Tax)......21%Property Transfer Tax........2.5%Conversion US$1 ARG$5.15(As of April 2013)Informal exchange rate approx. USD 8.6pesos / 1USDPRINCIPAL LEASE TERMSLease Length (YRS)..........3-10 yearsRent Paid.........................MonthlyRent Reviews...................End of TermIndexation........................Annual/CPIRepairs & MaintenanceLandlord..........................StructuralTenant.............................MaintenanceECONOMYCurrency............................ARS PesosConversion Rate (vs USD)../GDP (USD).........................420GDP/Capita........................$7,309.00GDP Growth.......................2.5%Inflation...............................25%Interest Rate......................16%.Unemployment Rate...........7.6%

GlobalBahamas2Q Market Report 2013OVERVIEW:· During the 2nd quarter of 2013 there has been some improvement in the demand for office space although thedemand for retail space continues to remain weak.. New Providence (Nassau) and Paradise Island continue to be themost active areas. Although there are signs that the property market is improving in regions of the United States thisimprovement has not manifested itself as yet in increased interest and sales of development properties in theBahamas and in particular the outer islands. Prices have firmed and in certain sectors of the market there has been amarginal improvement. The residential leasing market has seen the greatest improvement as the inventory of homesand apartments has tightened and rental values have stabilized.· Tenant retention continues to be the primary focus of most commercial property owners and building managers.Existing leases are being renewed at current rent levels and in a few cases at reduced rates. There has been littleevidence of office expansion and a few cases of rental area consolidation.· There are no new office developments planned for 2013. The main projects that continue to fuel the local constructionindustry on New Providence: The Baha Mar Resort development on Cable Beach, a $2.6 billion developmentcomprising 4 hotels, casino, golf course scheduled for completion in the fall of 2014 and the expansion of the LyndenPindling International Airport that is now in its 3rd phase. Phases 1 & 2 were completed in October 2012. Phase 1 isa new US Terminal for flights to the United States with US Immigration and Customs preclearance and Phase 2 a newArrivals Terminal. Phase 3 scheduled for completion in October 2013 will provide a new International terminalservicing flights to all destinations other than the United States.· The Government of The Bahamas is in the final stages of completing an extensive $400 million road works projectwhich has included widening existing major roadways to four lane highways, the addition of new bypasses and theresurfacing of most of the major roadways. These works have gone a long way to reducing traffic congestion on theisland.· The relocation of the container port from the centre of the city to a more accessible location at the mouth of NassauHarbour has made available approximately 40 acres on the harbour front in the city centre for redevelopment. NAIBahamas Realty Commercial represents a prime development site in this area.PRIME RENTSOFFICE RETAIL INDUSTRIAL/WAREHOUSELocation B$/m 2 /mo US$/m 2 /mo Trend Location B$/m 2 /mo US$/m 2 /m Trend Location B$/m 2 /mo US$/m 2 /mo TrendDowntown 29.89 29.89 - Downtown 37.22 37.32 - Downtown 13.45 13.45 -Suburban 30.55 30.55 - Suburban 18.32 18.32 - Suburban 10.76 10.76 -PRIME YIELDS(NET RENT/PURCHASE PRICE) %Office9% -Retail10% -Industrial/Warehouse10% -KEY TRANSACTIONSTrendTrendTrend· The $2.6 billion Baha Mar Development is well under wayand on schedule for completion in the Fall of 2014.· During this quarter NAI Bahamas Realty Commercialnegotiated the following leases: 12,711 sq.ft. to theBahamas Gaming Board at a rate of $19.70 per sq.ft. perannum plus CAM charges of $7.94 per sq.ft. per annum.7,350 sq.ft. to the Bahamas Government Urban RenewalDepartment at a rate of $19.70 per sq.ft. per annum plusCAM charges of $7.94 per sq.ft. per annum and 3,933sq.ft. to The Bahamas Ministry of Tourism at a rate of$19.70 per sq.ft. per annum plus CAM charges of $7.94 persq.ft. per annum. Additionally, we leased 4,538 sq.ft in aClass B building in the CBD to a travel company at $12.00per sq,ft, per annum plus CAM charges of $13.00 per sq.ft.per annum; 1,096 sq.ft. in a building in a suburban locationto a local insurance company at a rate of $25.00 plus theCAM charges of $8.00 per sq.ft. per annum; and a loftspace of 2,200 sq.ft. in the same building to a localarchitectural firm at a rate of $10.00 per sq.ft. plus CAMcharges of $8.00 per sq.ft. per annum.· Also during this period we negotiated the lease renewalfor a major international bank of 29,544 sq.ft in a Class Abuilding within the CBD at a starting rate of $35.00 persq.ft. per annum plus CAM charges of $28.33 per sq.ft. perannum including utilities. Additionally, we negotiated thelease renewal for an international “Big Five” accountingfirm in a Class A building outside of the CBD at a rate of$30.00 per sq.ft. per annum plus CAM charges of $13.25per sq.ft. per annum.COUNTRY STATISTICSArea - (Km²)........13,940 (5,382 sq mi)Population..........................347,000Population Growth............../Capital................................NassauPopulation (Capital City)....../PRINCIPAL BUSINESS TAXESCorporate Tax Rate.........../Withholding Tax................/VAT (Value Added Tax)...../Property Transfer Tax.......Scaled FeesFrom 4-10%Conversion US$1=1 B$(As of July 2013)PRINCIPAL LEASE TERMSLease Length (YRS)..........3-10 yearsRent Paid.........................MonthlyRent Reviews...................End of TermIndexation........................Annual/CPIRepairs & MaintenanceLandlord..........................StructuralTenant.............................MaintenanceECONOMYCurrency..........Bahamian DollarsConversion Rate (vs USD)..GDP (USD)........$7.79 Billion (2012)GDP/Capita.........US$23,307 (2012)GDP Growth.......................2.5%Inflation...............................2.76%Interest Rate......................./Unemployment Rate...........14.7%

GlobalBrazil2Q Market Report 2013OVERVIEW:• Industrial – São Paulo currently have an inventory of over 6,012,786 sq. m. with slightly less than 1,923,910 sq. m underconstruction. 22% of the existent inventory is vacant. Asking rates are currently ranging from R$12 to R$33 per sq. m. Newconstruction is concentrated in the southeast region of Brazil. Demand for industrial space remains solid.• Retail – The segment in Brazil continues to expand as a consequence of the economic growth in recent years. Braziliangovernment is committed to keep consumption high and is currently creating mechanisms to benefit some industries, likeautomakers and electronics. Currently there are 460 malls in Brazil comprising a total GLA of 29 million sq.m. in 2013 and2014, 76 new malls are expected to open increasing the GLA to 35 million sq. m. Investors and retailers are aware of thepotential growth and continue to plan for new investments. Several international retailers started operations in Brazil andseveral others are arriving.• Office – Although corporate office market in São Paulo shows a stabilization trend in terms of cost, the 1st quarter presenteda net absorption of 61,836 sq. m. Our estimates for 2013 net absorption is above 150,000 sq. m. Due to the delivery of fivenew buildings amounting 120,000 sq. m of corporate areas, São Paulo's office market starts the year with a vacancy rate of11 .3%, representing an increase of 2.4 percentage points over the previous period. With an increase of 6.6% over the previousquarter, the average asking price for rent increased from R$ 119/sq. m to R$ 127/sq. m, due to the availability of buildings withasking prices above R$ 150/sq. m, located mainly in the Faria Lima region. In the next few months, prices are expected toremain stable, although some uptrends such as those observed this quarter should appear during the year. Due to manyventures that had their delivery postponed from 2012 to 2013, São Paulo received more than 120,000 sq. m of corporate areasin the quarter. Another 353,434 sq. m will be delivered until the end of the year. 417,484 sq. m of corporate areas are expectedto be delivered in 2014 and 2015.Even with stabilization tendencies developers will try to keep high prices and offer longergrace periods for the new occupants.Brazilian GDP is expected to grow 3% in 2013, coming from 0,9% in 2012. The biggest challenge is to keep inflation below5% (6.59% for the 12 months ending in March/2013). As a consequence, Central Bank rose basic interest rate in early April by0.25% to 7.75% annual. GDP recovery is likely to happen in 2013. Unemployment continues at a low level (5.8%). Theimprovement in the international economic scenario will be beneficial to the country and will contribute to raise commoditiesprices.PRIME YIELDS(NET RENT/PURCHASE PRICE) %OfficeTrend8.5-11% UpRetailOFFICELocation R$/m 2 /mo US$/m 2 /mo TrendRio de Janeiro 102.00 44.99 StableSão Paulo 112.00 49.40 StableIndustrial/WarehouseTrend9%-10.5% Up9%-11% UpKEY TRANSACTIONSTrendPRIME RENTSRETAILCOUNTRY STATISTICSPRINCIPAL BUSINESS TAXESINDUSTRIAL/WAREHOUSELocation R$/m 2 /mo US$/m 2 /mo Trend Location R$/m 2 /mo US$/m 2 /mo TrendRio de Janeiro 150,00 74.26 Stable Rio de Janeiro 28.54 14.13 StableSão Paulo 160.00 79.21 Stable São Paulo 21.50 10.64 StableArea - (Km²)......................8,511.965Population......................186.7 MillionPopulation Growth............../Capital................................BrasiliaPopulation (Capital City)Rio de Janeiro......11.32 MillionSão Paulo............6.32 MillionPRINCIPAL LEASE TERMSLease Length (YRS)..........3-5 yearsRent Paid.........................MonthlyRent Reviews...................Every 3 yearsIndexation........................Annual/IGP-MRepairs & MaintenanceLandlord..........................StructuralTenant.............................MaintenanceECONOMYCorporate Tax Rate.........../Withholding Tax................/VAT (Value Added Tax).....18%Property Transfer Tax.......5%Conversion US$1=R$2.09(As of July 2013)Currency...............Brazilian Real (BRL)Conversion Rate (vs USD)../GDP (USD).........................$2,106GDP/Capita........................$10, 720GDP Growth.......................3%Inflation...............................5%Interest Rate.......................7.75%Unemployment Rate.........../

GlobalColombia2Q Market Report 2013OVERVIEW:· INDUSTRY: In 2013Q2, manufacturing activity remains a low performance level in the first three months of theyear. In fact, the results of the Industrial Opinion Survey recorded a fall in production and low sales growth, lowerutilization of installed capacity, normal inventory, and a deteriorating business climate.The industrial sector exports fell by -1.6% until April while total exports were down -7.3%.Retained earnings as of April show that both production and sales may have bottomed in March, however, thesecond quarter of this year is facing the beginning of a recovery of industrial indicators.· RETAIL: to March 2013, real retail sales recorded a growth of 1.7% over the previous year. Excluding trade ofmotor vehicles and motorcycles, the increase was 3.2%.The markets that showed the highest growth in sales in this period were: computer equipment, home (18.4%) ofhardware, paints and glass (6.4%), footwear, leather goods and leather substitutes (6.2%), liquor and cigarettes(4.7%), and personal care products, cosmetics (4.7%).· OFFICE: office demand Increases in Bogotá. With rapid growth in the past two years, Bogotá has become oneof the largest markets in Latin America, due to the large pent-up demand and favorable investment climate.· GDP growth has strengthened in the Colombian capital and trade agreements. The United States will have apositive influence on foreign investment into the corporate market, as the firms entering the country will neednew and modern offices, especially high standards or Class A, and more than 1,000 square meters.· OVERVIEW: Colombian economy has improved in 2013Q2. Construction permits, and financial systems are themarket advantages at the moment. The infrastructure development grew 18 percent in the first quarter of theyear, reported DANE. At the same time there was an accelerated increase in household consumption in May.PRIME RENTSOFFICE RETAIL INDUSTRIAL/WAREHOUSELocation COP$/m 2 /mo US$/m 2 /mo Trend Location COP$/m 2 /mo US$/m 2 /mo Trend Location COP$/m 2 /mo US$/m 2 /mo TrendBogotá 74,354.84 38.61 Stable Bogotá 208,612.54 108.31 Stable Bogotá 14,900.32 7.74 StablePRIME YIELDS(NET RENT/PURCHASE PRICE) %OfficeTrend7.5% StableRetailTrend8% StableIndustrial/WarehouseTrend7.5% StableKEY TRANSACTIONSCOUNTRY STATISTICSArea - (Km²).....................1,141.748 km²Population..........................46.000.000Population Growth............../Capital................................Bogota D.C.Population (Capital City)......7,800.000PRINCIPAL BUSINESS TAXESCorporate Tax Rate.........../Withholding Tax................/VAT (Value Added Tax).....16%Property Transfer Tax.......NoConversion US$ 1 USD=COP$1,833.16971PRINCIPAL LEASE TERMSLease Length (YRS)..........2-10 yearsRent Paid.........................MonthlyRent Reviews...................End of TermIndexation........................Annual/CPIRepairs & MaintenanceLandlord..........................StructuralTenant.............................MaintenanceECONOMYCurrent Currency .......... Colombian PesoGDP USD$ Millions................... $362,000GDP/Capita..............................11,218.00GDP Growth (forecast 2009)............4.1%Inflation ..........................................3.36%Interest Rate ..................................4.25%

GlobalCosta Rica2Q Market Report 2013OVERVIEW:· In the Office market, vacancy rates continue to hover around the 11% to 13% availability rates, whichare considered as slight oversupply during the last quarters. The market continues to absorb inventoryconstantly and at good rate, but supply has been stronger than demand and this is the reason vacanciesare still being present in the market. Prices stopped going lower and are now consolidated at a levelwhere demand is flowing and “price competitions” among office centers are controlled.· In the commercial market can be noticed that it is still very good and positive, international franchisesdemand is still very strong as many of those are still trying to expand their operations through thecountry; franchises such as Mcdonalds, Wendys, Subway and others continue to allocated in differentparts of the country besides being close to each other as the market permits this. Malls occupancy andpricing have remained unchanged but positive and very stable, this is why some malls as MultiPlaza delEste is now constructing phase 3 expansion; other that can be highlighted for expansion is AvenidaEscazu, which is having very good success recently. And the incursion of the biggest mall in the countryis expected for year 2014 in the city of Alajuela.· In general, the construction sector expects to continue developing at a good pace but probably not asincredibly fast paced as year 2012.PRIME RENTSOFFICE RETAIL INDUSTRIAL/WAREHOUSELocation C$/m 2 /mo US$/m 2 /mo Trend Location C$/m 2 /mo US$/m 2 /mo Trend Location C$/m 2 /mo US$/m 2 /mo TrendSan Jose 8,830 17.84 Down San Jose 8,939.70 18.6 Down San Jose 3,177.90 6.42 DownPRIME YIELDS(NET RENT/PURCHASE PRICE) %OfficeTrend10% StableRetailTrend11% StableIndustrial/WarehouseNone to reportTrend11% StableKEY TRANSACTIONSCOUNTRY STATISTICSArea - (Km²)...................51,100km²Population......................4,615.500Population Growth............../Capital..............................San JosePopulation (Capital City)..1,700.000PRINCIPAL BUSINESS TAXESPRINCIPAL LEASE TERMSLease Length (YRS)..........3-10 yearsRent Paid.........................MonthlyRent Reviews...................End of TermIndexation........................Annual/CPIRepairs & MaintenanceLandlord..........................StructuralTenant.............................MaintenanceECONOMYCorporate Tax Rate...........30%Withholding Tax................/VAT (Value Added Tax).....13%Property Transfer Tax.......1.5%Conversion US$1= 1¢.492 per $(As of July 2013)Currency..........................¢492 per $Conversion Rate (vs USD)../GDP (USD).........................$49.295GDP/Capita........................$11,400GDP Growth.......................4.5%Inflation...............................5.6%Interest Rate.......................10%Unemployment Rate...........6.8%

GlobalDominicanRepublic2Q Market Report 2013OVERVIEW:• Dominican Republic continues maintaining its economic growth in 2012. According to government officials theeconomy grown 4.5% to be the highest growth in the Caribbean. In 2012, 4.5 million tourists visit Dominican Republic,Santo Domingo could became the Caribbean’s biggest solar power (PV) market according to the latest issue ofthe trade publications Photon.• In Agust a contract for solar power was awarded to the Dominican Renewable Energy Business Group (Geder) forthe purchase of 130 megawatts of electricity. wich could multiply the current solar farms by nore than 100 by 2013,the magazine says.• The Goverment launched on Monday a unified window platform to expedite the investments in the country, in theNational Palace ceremony headed by attended President Danilo Medino. The decree 626-12 was read and declaredthe promotion and increase of investment a national interest.• Industrial Market: at the present, the Domican Republic ha sone of the free zone programs more dynamic andsuccessful in the entire area Central America and the Caribbean. This program has proven to be an effective andprofitable for foreign companies, mainly by the country’s proximity to the United States. These production facilitiesallow foreign and local companies to establish operations and benefit from tax incentives and import facilities. todayoperating in the country a total of 57 free zone parks, scattered throughout the county, which are home to about 565companies and provides more then 160,000 jobs.• Retail Market: Sambil finally opened its doors, with over 350 shops, 2,400 parking spaces, the largest Food fair andwide in the county, with 24 options for enjoyment general Seaquarium shaped porch to enjoy Dominican families;Aquamundo Sambil a space to explore the great Sea World. plus security system 24 hours a day.• Hospitality: the Hilton worldwide hotel chain announced the opening of a Hilton Embassy Suites with 200 suitesabove the Silver Sun Gallery, a business center in the final stages of construction in the capital’s city center.PRIME YIELDS(NET RENT/PURCHASE PRICE) %Office10 -11% UpRetailOFFICE10% UpIndustrial/Warehouse7% UpKEY TRANSACTIONSTrendTrendTrendPRIME RENTSRETAILLocation US$/m 2 /mo Trend Location US$/m 2 /mo Trend Location US$/m 2 /mo TrendSanto -29 UpDomingoSanto 38 UpDomingoCOUNTRY STATISTICSArea - (Km²).....................48,442 km²Population..........................10.1Population Growth............../Capital........................Santo DomingoPopulation (Capital City)......2,907.1PRINCIPAL BUSINESS TAXESINDUSTRIAL/WAREHOUSESanto 6 UpDomingoPRINCIPAL LEASE TERMSLease Length (YRS)..........1-5 yearsRent Paid.........................MonthlyRent Reviews...................End of TermIndexation........................Annual/CPIRepairs & MaintenanceLandlord..........................StructuralTenant.............................MaintenanceECONOMYCorporate Tax Rate...........29%Withholding Tax................10%VAT (Value Added Tax).....18%Property Transfer Tax.......3%Conversion US$ =RD $41.92(As of July 2013)Currency............................Pesos (RD)Conversion Rate (vs USD)../GDP (USD).........................93.4GDP/Capita......................../GDP Growth.......................4.5%Inflation...............................8.5%Interest Rate.......................7%Unemployment Rate...........16.6%

GlobalJamaica2Q Market Report 2013OVERVIEW:• Kingston and Montego Bay are the main commercial centers, with other towns - Ocho Rios, May Pen and Mandeville beingsecondary, but these towns reflect the Montego Bay market levels.• A number of large industrial / warehouse buildings are being Built-to-Suit for owner-occupiers. Due to a fairly tight supply,rent rates are firm in areas deemed desirable for occupation in Kingston. In other areas values can be 50% lower. Hardwaremerchants report increased business, signifying construction activity.• The retail sector remains firm as landlords succeed at holding the current rental levels. Although there is pressure on retailprofitability, the sector has not yet seen any significant increase in vacancies. In Kingston, main rental levels are in theUS$15.00 - $25.00 level.* The Jamaican dollar has been falling against the benchmark US$. Lack of an agreement between the Governmant ofJamaica and the IMF has caused uncertainty in the markets. Many investors are holding off plans. For safety, many currencyholders are selling Jamaican dollars for the US$. Banks and businesses are having difficulty acquiring foreign exchange fortheir usual needs. IMF agreement expected by the end of Q1.OFFICEPRIME RENTSRETAILINDUSTRIAL/WAREHOUSELocation Ja$/m 2 /mo US$/m 2 /mo TrendKingston 1,418 15.25 -Montego Bay 1,122 12.20 -PRIME YIELDS(NET RENT/PURCHASE PRICE) %Office9% -Retail9.5% -Industrial/Warehouse10.5% -KEY TRANSACTIONSNone to reportTrendTrendTrendLocation Ja$/m 2 /mo US$/m 2 /mo Trend Location Ja$/m 2 /mo US$/m 2 /mo TrendKingston 1,502 16.15 - Kingston 751 8.07 -Montego Bay 1,351 14.53 - Montego Bay 676 7.27 -COUNTRY STATISTICSArea - (Km²)........................10,991Population..........................2,760.000Population Growth............../Capital................................KingstonPopulation (Capital City)......600,000PRINCIPAL BUSINESS TAXESPRINCIPAL LEASE TERMSLease Length (YRS)..........3-10 yearsRent Paid.........................MonthlyRent Reviews...................End of TermIndexation........................Annual/CPIRepairs & MaintenanceLandlord..........................StructuralTenant.............................MaintenanceECONOMYCorporate Tax Rate...........33.33%Withholding Tax................25%VAT (Value Added Tax).....16.5%Property Transfer Tax.......4%Conversion US$(As of April 2013)Currency............................Ja DllsConversion Rate (vs USD)../GDP (USD).........................US$12,3442GDP/Capita........................US$4,400GDP Growth.......................-3%Inflation...............................8%Interest Rate.......................6.5%Unemployment Rate...........13%*This information has not been updated since the last 1st Q Market Report of 2013.

GlobalPanama2Q Market Report 2013OVERVIEW:· Industrial – The development of the industrial sector continues its determined pace since it began its rise at the endof 2009, focusing mainly around the eastern part of the city and vicinity of the Tocumen Airport, areas with continuedstrong demand for rental product.The rental price per m² currently ranges between $ 8.02 and $ 8.90.· Retail – Demand for purchasing and leasing retail space has remained strong during the quarter. Prices continueincreasing steadily, given the rapid absorption of the spaces offered; maintaining a stable upward trend market.· Office – Panama City has a current inventory of over 1, 198.345 m² in active office space, increasing last quartersnumbers by 31,000 m² in Class A+ space, and expecting to incorporate more than 400,000 m² this year, which willresult in a significant increase in current inventory, taking the Panama City office market to more than one and halfmillion m².During this period, rental rates (for Premier Rental) remained close to the $ 26.62/m²/month reported in the quarterQ1_2013, reaching $26.79/m²/month this quarter.OFFICELocation US$/m 2 /mo TrendPanama City 26.79 StablePRIME RENTSRETAILINDUSTRIAL/WAREHOUSELocation US$/m 2 /mo Trend Location US$/m 2 /mo TrendPanama City 32.50 Up Panama City 8.67 StablePRIME YIELDS(NET RENT/PURCHASE PRICE) %OfficeTrend8% StableRetail10% UpIndustrial/WarehouseTrendTrend8.14% StableKEY TRANSACTIONSNone to reportCOUNTRY STATISTICSArea - (Km²)....................74,177.3km²Population..........................3,559.408Population Growth...................1.38%Capital............................Panama CityPopulation (Capital City)......1,779.704PRINCIPAL BUSINESS TAXESCorporate Tax Rate...........25%Withholding Tax................10%VAT (Value Added Tax).....7%Property Transfer Tax.......2%Conversion US$1.00=B./1.00(Always)PRINCIPAL LEASE TERMSLease Length (YRS)..........3 yearsRent Paid.........................MonthlyRent Reviews...................End of TermIndexation........................Annual/CPIRepairs & MaintenanceLandlord..........................StructuralTenant.............................MaintenanceECONOMYCurrency............................Balboa (B)Conversion Rate (vs USD)..1:1GDP (USD)...54.83 Billion (Dec. 2012 Est.)GDP/Capita..........15,300 (Dec. 2012 Est.)GDP Growth..........10.5%(Dec. 2012 Est.)Inflation...................6.1%(Dec. 2012 Est.)Interest Rate............6.9%(Dec. 2012 Est.)UnemploymentRate........................4.4%(Dec. 2012 Est.)

GlobalPeru2Q Market Report 2013OVERVIEW:The Peruvian Economy grew 6.3 % in 2012. We estimate that it continues doing near 6 % until 2015. The Inflation was kept lowin 2.8 %. Peru is one of the stablest economies of the region.•OFFICESWe observe a recovery in the availability of the Prime office market in the city of Lima. Specially in the east zone of the city (Surcoand La Molina). The development of Office projects is nowadays very attractive for all kinds of investors. In San Isidro's financialdistrict, 10 office buildings are in process of construction. 50 % of them are Prime. The biggest of these projects of offices willbe developed by the Brescia Group, with more than 40 floors. Other Districts like Miraflores and San Miguel present also anincrease of office construction. It is projected that the Offer of existing spaces, as well as the Vacancy increases, with the deliveryof new office buildings on the office market.•RETAIL2012 was a great year for the Peruvian retail. In this year we observed a great number of openings of commercial centers. Peruis considered to be the 2nd country in Latin America with major potential for the Retail project development. His economicperformance and his demographic structure, composed mostly by young people, which in Peru will be kept until 2050; havedone, that Peru experiences a significant retail development and is very attractive for international operators and Mega retailers.Peru’s Malls have increased already to 56 and their sales in 2012 will be US$ 5,200 million. In 2013 will be expect the openingof 7 new malls and the projections of their sales are estimated to growth in 18 %, that is to say, to US$ 6,100 millions.•INDUSTRIALThe Demand of industrial spaces is kept very high in Peru. These spaces are being located in the peripheries of the principalcities. In case of the periphery of Lima is observed a increase of more than 100 % in the last 4 years.The Government hasimplemented a politics for acquisition of State Spaces for industrial purposes nationswide, which is orientated to satisfying thisneed. We observe than the Industrial market trends to the rise in general al over the country.Location PS$/m 2 /mo US$/m 2 /mo TrendPRIME YIELDS(NET RENT/PURCHASE PRICE) %OfficeTrend10% DownRetail- -Industrial/WarehousePRIME RENTSOFFICE RETAIL INDUSTRIAL/WAREHOUSELima 56.55 21.75 Up Lima 124.80 48 Up Lima 10.6-18.6 4-7 StableTrendTrend9%-10% StableKEY TRANSACTIONSLocation PS$/m 2 /mo US$/m 2 /mo TrendCOUNTRY STATISTICSArea - (Km²)......................1,285.216Population......................29,546.963Population Growth............../Capital................................LimaPopulation (Capital City)......8,472.935Location PS$/m 2 /mo US$/m 2 /mo TrendPRINCIPAL LEASE TERMSLease Length (YRS)..........3-10 yearsRent Paid.........................MonthlyRent Reviews...................End of TermIndexation........................Annual/CPIRepairs & MaintenanceLandlord..........................StructuralTenant.............................MaintenanceNone to reportPRINCIPAL BUSINESS TAXESECONOMYCorporate Tax Rate.........../Withholding Tax.............../.VAT (Value Added Tax).....18%Property Transfer Tax.......3.0%Conversion US$1.00 PeruvianSoles $2.74(As of August 2012)Currency.................Preuvian Soles (PS)Conversion Rate (vs USD)../GDP (USD).........................$274,276GDP/Capita........................$9,200GDP Growth.......................6.3%Inflation...............................3.4%Interest Rate.......................21%Unemployment Rate...........6.7%*This information has not been updated since the last 4th Q Market Report of 2012.

GlobalPuerto Rico2Q Market Report 2013PRIME RENTSOFFICE RETAIL INDUSTRIAL/WAREHOUSELocation US$/sf/yr US$/m 2 /mo TrendSan Juan 19.50 17.50 DownMetro AreaPRIME YIELDS(NET RENT/PURCHASE PRICE) %OVERVIEW:The commercial property market continues soft; at present buyers and tenants are ideally placed for renegotiation to morefavorable terms.· Offices: Demand and prices remained relatively stable throughout the year. To entice new tenants, especially in Class-Bbuildings, owners are offering several months of free rent, which can range between three and six months, depending on thebuilding. Prices are expected to remain stable and low the rest of 2013. Current overall Class A and B vacancy rate is estimatedat 11%. For the most part, the vast majority of the buildings reflected vacancy rates that ranged in the 10%-12% range,reflecting the glut the local office and commercial space market has been experiencing over the past seven years as a result ofthe island’s recession and the subsequent downsizing and closing of numerous stateside and local corporations.· Retail: This sector reached saturation with nearly 34 million SF of shopping space, with plans to develop over 1.5 million SFduring the next three years. In shopping mall and regional shopping centers, continues soft, but shows signs of stabilizingfurther in both demand and development. The strip and neighborhood centers’ vacancy is 9% to 16%, depending uponsubmarket. The Big Box and Free-Standing categories continue with good activity. Best Buy, Wal-Mart, CVS Drugstores, Sam’sClub, TJ Maxx , Marshall’s and Burlington Coat Factory have all opened stores and announced that they look to expand further.· Industrial: It remains sluggish; absorption is slow, occurring sporadically. Leasing activity was primarily renewals. The overallvacancy rate is about 17% in the San Juan GMA, but is much higher in submarkets round the island. PRIDCO has a 35%vacancy rate and is experiencing difficulty leasing their buildings - they are largely scattered around the island distant from theSan Juan GMA, not located along logistics corridors. PRIDCO is a government agency that owns around 24,844,069 RSF ofindustrial space and administers the investment incentive programs for Puerto Rico.A new tax incentive program, the Puerto Rico Export Services and New Resident Tax Incentives Act enacted in 2012 providesto individual investors zero tax on passive income (dividends, interest, capital gains). The incentives for Export ServicesBusiness are a 4% max corporate tax rate, 100% tax exemption on dividends from export service businesses, 60% exemptionon municipal license taxes and no federal taxes. Puerto Rico offers the benefits of operating within a U.S. jurisdiction whileproviding the tax benefits of a foreign tax structure.Location US$/sf/yr US$/m 2 /mo TrendSan Juan 30 26.90 UpMetro AreaCOUNTRY STATISTICSLocation US$/sf/yr US$/m 2 /mo TrendSan Juan 7 6.27 SameMetro AreaPRINCIPAL LEASE TERMSOfficeTrend7% DownRetailTrend9% DownIndustrial/Warehouse Trend9% DownKEY TRANSACTIONSNone to reportArea - (Km²)........................9,104Population..........................3,726.000Population Growth............../Capital................................San JuanPopulation (Capital City)....../PRINCIPAL BUSINESS TAXES• Puerto Rico’s maximum corporate taxes have beenreduced to 30% with a further reduction to 25% in2014• Strategic industries in manufacturing activities andservices as well as in export services enjoy a 4% fixedincome tax rate; Pioneer activities receive a preferentialtax rate of 0%-1%• Distributions from earnings and profits derived fromthe export services income of eligible businesses are100% tax exempt for Puerto Rico residentsConversion US$1 = 1US$(As of July 2013)Lease Length (YRS)..........3-10 yearsRent Paid.........................MonthlyRent Reviews...................End of TermIndexation........................Annual/CPIRepairs & MaintenanceLandlord..........................StructuralTenant.............................MaintenanceECONOMYCurrency............................US DollarConversion Rate (vs USD)../GDP (USD).........................$96.3GDP/Capita........................$25,840GDP Growth.......................-2%Inflation............................11.5% (2009)Interest Rate.......................3.75%Unemployment Rate...........14.1%

GlobalVenezuela2Q Market Report 2013OFFICEOVERVIEW:Location Bs$/m 2 /mo US$/m 2 /mo* Trend20 StableIndustrial/Warehouse Trend20 Up• The office and industrial markets in Caracas and other important cities, offer very narrow availability; however, in the Caracas majorsubmarkets the overall vacancy rate stands at 10%. Of this amount, there are no large blocks of spaces and the majority are “bits andpieces” spread out over many buildings. Sales prices and rents have increased due to low inventories and continued demand, andthey are not expected to decrease over the foreseeable future. Class-A office rents average 500 Bs. per m². Landlords calculate theirrates with the real US$ to Bs. value – US$ 22 to Bs.1. Class-A sales values are on average Bs. 77,000 per/m². Although new constructionis underway, it will not be completed until late 2013 or later. Permitting in Caracas has now become problematical, but about83,000 m² of office space from Class-A to Class-C are under construction and its completion is uncertain. Demand for office spacehas also increased due to the entry of new players in the economic activity due to international diplomatic relations that Venezuelahas developed in recent years. (Chinese companies, Iranians, etc.).• In addition, Venezuela is member of Mercosur, a Latin American trading area that includes Argentina, Brazil, Uruguay, Paraguay andChile. This has already led to and will further stimulate trade between Venezuela and the country members in coming years.• From the standpoint of exchange rate, the local currency is the Bolivar that technically has now three values in dollar terms: 1) theofficial exchange rate is U.S. $ 1 = BS. 6, 30 (only for a very restricted list of imported products and services); 2) The SICAD (DollarOptions) Exchange rate is U.S. $ 1 = Bs 14, 00 approximately (this exchange rate is controlled by the Central Bank); and 3) “streetexchange rate” U.S. $ 1 = Bs 22,50 approximately (this is an illegal exchange rate but is commonly use by owners to calculate rentalfees and sale prices). In spite of the Venezuelan Government efforts to push down the parity, local consultants believe that theseefforts shall only provide temporary gains due to persistent macroeconomic imbalances in the Venezuelan economy.• Officially reported domestic inflation was 27.9% in 2011 and 20.1% in 2012. Standard rent increases are tied of course to inflationrates; this brings uncertainty to the real estate market since owners establish prices reflecting the exchange rate in the higher band(“street rate”) or alternately with the expected inflation rate.PRIME RENTSRETAILINDUSTRIAL/WAREHOUSELocation Bs$/m 2 /mo US$/m 2 /mo* Trend Location Bs$/m 2 /mo US$/m 2 /mo* TrendCaracas 35 - Up Caracas 45 - Stable Caracas 25.00 - Up* US$ amounts calculated using the Venezuelan Governments officially established exchange rate (US$1 = Bs 6.30)PRIME YIELDSCOUNTRY STATISTICSPRINCIPAL LEASE TERMS(NET RENT/PURCHASE PRICE) %Area - (Km²).....................916,445OfficeTrendPopulation.......................30,102.382Population Growth............../25 UpCapital................................CaracasRetailTrendPopulation (Capital City)......5.8MLease Length (YRS)..........1-5 yearsRent Paid.........................MonthlyRent Reviews...................End of TermIndexation........................Annual/INPCRepairs & MaintenanceLandlord..........................StructuralTenant.............................MaintenanceKEY TRANSACTIONSNone to reportPRINCIPAL BUSINESS TAXESCorporate Tax Rate...........34%Withholding Tax................5%VAT (Value Added Tax).....12%Property Transfer Tax.......0.5%Conversion US$1=6.30ECONOMYCurrency......................Bolivars (Bs)Conversion Rate (vs USD)..$373.7GDP (USD)......................../GDP/Capita........................$12,400GDP Growth.......................5.6%Inflation..............................2.8%.Interest Rate.......................16.43%Unemployment Rate...........7.8%

GlobalNAI Latin America& The Caribbean2Q Market Report 2013Global LocationsFor more information:Mauro Keller SarmientoExecutive Managing Director,International Business+ (54) 11-4320 4320Buenos Aires, Argentinamkellersarmiento@naiglobal.comNorth AmericaCanadaMexicoUnited StatesLatin America &The CaribbeanArgentinaBahamasBrazilChileColombiaCosta RicaDominican RepublicJamaicaMexicoMiamiPanamaPeruPuerto RicoVenezuelaAsia PacificAustraliaChinaHong KongIndiaIndonesiaJapanSouth KoreaMalaysiaNew ZealandTaiwanVietnamEurope &The Middle EastBulgariaCzech RepublicDenmarkFinlandFranceGeorgiaGermanyGreeceIsraelKazakhstanKuwaitLatviaLuxembourgNetherlandsNorwayPolandQatarRomaniaRussiaScotlandSerbiaSpainSwedenSwitzerlandTurkeyUkraineUnited Kingdom