DUPUIS ASSET MANAGEMENT INTRODUCTION CLIENT PRESENTATION DUPUIS ASSET MANAGEMENT

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

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Risk-/ Return profile and investment philosophy

1. Real Estate Asset Management

2.

3.

4. Brief company overview

Company structure

Team

5. Introduction to our business areas

6.

Index

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

1. Brief company overview

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BRIEF COMPANY OVERVIEW

Dupuis Asset Management

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Dupuis Asset Management, founded in 1998, is a Berlin-based Real Estate Investment-/Asset Management Company focused on international private equity partners looking to expand their investment presence in the German real estate marketplace.

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Dupuis Asset Management is well positioned to meet the increasing demands of financially driven real estate investors amidst a rapidly changing real estate market environment. We follow a disciplined investment process that is focused on adding value the acquisition, ownership and disposition of an Asset.

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We pursue a disciplined and integrated investment process of top-down research and bottom-up market transaction intelligence. We highly value risk-management.

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Dupuis Asset Management can draw on a variety of specialized real estate teams, providing tailor-made solutions to its clients.

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

BRIEF COMPANY OVERVIEW

Dupuis Asset Management

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To cover all the services, which are necessary to ascertain the successful management of a property, and to supply the required in depth knowledge to our customers, we have a team composed by 60 specialists (of which 14 persons are working in Asset Management and 46 persons in Property Management) to cover several business areas: investment management, asset-management, financial services, controlling / reporting, technical and commercial project management, property-management and renting.

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Our partners and project managers have been employed by different real estate companies before starting at Dupuis Asset Management.

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On average the expertise of our 9 partners and project managers is 13 years.

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Since the foundation of Dupuis Asset Management, not only one of our partners and project managers has left the company.

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ASSET MANAGEMENT

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More than 51.0 bn € have been invested in the German real estate market in 2005. Foreign investors account for approximately 62% of the cake.

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

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REAL ESTATE ASSET MANAGEMENT

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

3. Risk- / Return profile and

investment philosophy

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RISK- / RETURN PROFILE AND INVESTMENT PHILOSOPHY

Dupuis Asset Management is looking for „value-added returns“ combined with

„core-plus“ products leveraging about 70%-75% of the investment

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

4. Company structure

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STRUTUR

DUPUIS GmbH General Partner

Dupuis GmbH

& Co. Asset Management KG

Dupuis GmbH

& Co. Project Management KG

Dupuis GmbH

& Co. Property Management KG

Dupuis GmbH & Co. Investment KG und Dupuis Beteiligungs GmbH

Sponsor Equity

Dupuis GmbH

& Co. Financial Services KG D&L Technical Services GmbH

Domizil Property Management GmbH

COMPANY STRUCTURE

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

5. Team

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TEAM STRUCTURE

Dupuis Asset Management

Property Management Carsten B- Loth Dana Buchholz Leasing Martin Koch Support / Research / Process Management Miriam Petersen Britta Menzel-König

Technical Project Management

Nikolai Kinder Justus Jansen

Financial Project Management / Asset Management / Support

Volker Müller-Simon Matthias Klipp Dirk Heger Controlling Administration / Accounting Jürgen Kötting Investment Management Asset Management Frank Dupuis Oliver Lenhardt Office Management / Reception Catharina Hoffmann

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

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Frank Dupuis Oliver Lenhardt

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

Frank Dupuis

Investment- / Asset Management

Responsible for Investment- and Asset Management.

He graduated with a Business Degree in „Real Estate“ in 1989. He founded an investment advisory boutique in 1991, sold his shares and founded Dupuis Asset Management in 1998.

Credentials

Frank Dupuis has more than 16 years experience in Real Estate Investments and Advisory, complex background in the development of urban quarters and a full dedication to Investment-/Asset Management in partnerships with international equity investors since 1998.

He is a member of the Advisory Board of Berliner Volksbank e.G., Germany’s leading regional co-operative bank.

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Dipl.-Kfm. Oliver Lenhardt

Investment- / Asset Management

Responsible for Asset Management, Project Management and Investment Management.

Prior to his assignment at Dupuis Asset Management, he was with Bavaria (Bankgesellschaft Berlin) as a project-manager and owner representative.

He graduated from FU Berlin with a major in Economics and he has a degree in the post graduate study Real Estate Management at TU Berlin

Credentials

Oliver Lenhardt had direct project responsibilities for an aggregated investment volume of approximately 400m €.

At Dupuis Asset Management he was heading acquisitions for assets- under-management of about 300 m €.

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

Carsten B. Loth

Asset Management / Property Management

Responsible for administration of Property Management and support and integration of Asset Management.

He graduated with a Business Degree on „Real Estate“ in 1989. He has 15 years of real estate experience in Berlin and worked as a director for several SPV`s and investment companies.

Credentials

Carsten Loth was responsible and acted as a director for developments with a total investment volume of more than 500 m €. He is a member of the supervisory Board of BWV Köpenick e.G.

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Volker Müller-Simon

Asset Management / Project Management

Responsible for Asset Management, Project Management and support of Investment Management.

After his apprenticeship at Deutsche Bank, he graduated from the University with a master´s degree in macroeconomics and political science. Prior to his assignment at Dupuis Asset Management, he was at IVG Immobilien AG as project manager and owner representative.

Credentials

Volker Müller-Simon had direct project responsibilities for an aggregated investment volume of about 300 m €.

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

Dipl.-Ing. Matthias Klipp

Asset Management / Project Management

Since October 2007 Matthias Klipp is responsible for the

Asset Management, Project Management and support of Investment Management

Mr. Klipp graduated in 1989 with a master´s degree in civil-engineering at Humboldt-University in Berlin.

Credentials

Matthias Klipp has many years of experience as leader in project management and developments.

1990 – 1996 district council, responsible for housing and living in Berlin Prenzlauer Berg, followed by activities as leader of urban renewal at Landesbank Berlin Grundstücksentwicklungsgesellschaft mbH, executive director for S.T.E.R.N., head of akquisition and developments at Berner Group GmbH and DEUWA, authorised representative for Akelius GmbH in Berlin.

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Dipl.-Ing. Dirk Heger

Asset Management / Project Management

Responsible for Asset Management, Project Management and support of Investment Management.

Prior to his assignment at Dupuis Asset Management, he was at

DKB Immobilien AG as project-manager and owner

representative.

He graduated from the University with a major in architecture and made a post-graduated study of Real Estate Management at TU Berlin

Credentials

Dirk Heger had direct project responsibilities for an aggregated investment volume of about 250 m €.

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

Jürgen Kötting

Accounting / Controlling

Responsible for Controlling and Accounting. He graduated from FU Berlin with a major in Economics in 1995. Since 12 years he has been working in leading positions in Controlling, Accounting and in the commercial management of companies. 8 out of those 12 years, he has been working in the real estate industry.

Credentials

Head of Controlling at Capricornus Group of Companies. Responsible for around 350 m. € „Assets-under-Management“ and for the controlling of buildings projects with an aggregated amount of 100 m €.

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Dipl.-Inf. Anja Schantz

Controlling und Accounting

Responsible for Controlling and Accounting

Anja Schantz holds a Degree in business management and computer science by the European Business School (ebs). Furthermore she has a „Certificate in International Accounting“.

Credentials

Anja Schantz worked for Trizec Hahn Europe being responsible for monthly reporting on the European level including consolidation according to German and international accounting standards as well as implementing new IT-systems.

Before starting at Dupuis Asset Management she worked for Schitag Ernst & Young as an audit assistant.

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

Justus Jansen

Capex Management

Responsible for Capex Management, Technical Project Management, Project Steering, Construction Management and support of Technical Evaluation / Due Diligence and Reporting.

Credentials

He graduated from TFH Berlin with a major as construction engineer and as industrial engineer.

Prior to his assignment at Dupuis Asset Management in 2006 he worked with Specker Bauten and Bassmann Bau AG and he was responsible for the refurbishment of old buildings in Berlin. He worked for Heinle, Wischer and Partner, an architecture studio in Cologne and he was responsible for the refurbishment of the Clinicum Cologne, as well.

Justus Jansen had direct project responsibilities for an aggregated construction volume of more than 300 m € in several construction and refurbishment projects.

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Dipl.-Arch. Nikolai Kinder

Capex Management

Responsible for Capex Management, Technical Project Management, Project Steering, Construction Management and support of Technical Evaluation / Due Diligence and Reporting.

He graduated from TFH Berlin with a major as Diplom-Ingenieur Architekt (FH). Prior to his assignment at Dupuis Asset Management in 2000, he worked with architectural and development companies specialising in complex refurbishments and re-utilisation of existing properties.

Credentials

Nikolai Kinder had direct project responsibilities for an aggregated construction volume of more than 50 m € in several construction and refurbishment projects.

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

6. Introduction to our business areas

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REAL ESTATE FINANCE

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Investment Management

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Asset Management

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Owners representation

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Advisory on Asset- and Portfolio deals

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Due-Diligence services

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Financing advisory (especially refinancing, equity and leverage instruments)

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Creation of investment- and financing structures as well as asset supply.

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

REAL ESTATE DEVELOPMENT – PROJECT MANAGEMENT

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Strategic advisory and management on property executions and conversions.

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Classic project management (Cost management, scheduling, quality and organisation).

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Senior construction management and general design for properties under refurbishment.

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Our strengths are: the integration of our know-how in investment-/asset-/portfolio management, institutional platforms (reporting and controlling); the necessary IT-equipment and the advantages of „Management-of-Scale“.

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The total amount of managed properties is of 7.000 commercial and residential units.

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

SPECIAL SERVICES

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Support in the refurbishment of distressed properties

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Investments into management properties such as hotels, conference centers/fairs, student residential, care homes

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Entertainment properties (i.e. Asset-Management for Admiralspalast GmbH & Co. KG – a listed building of mixed use in the prestigious Friedrichstraße in Berlin-Mitte; advisory mandate for Anschutz Entertainment Group).

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Public-Private-Partnership with a volume (sale-and-lease-back structures) of more than 475 m € with building societies from Berlin.

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CAPEX MANAGEMENT

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We have developed several platforms and applications for the preparation, the supervisory, the management and the execution primarily for refurbishment projects.

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This includes commercial and technical controlling of projects, budgeting and contract management.

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Furthermore our platforms enclose the calculation, planning and scheduling of re-/developments

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For each project we create a specific team that is supporting our partners, who are working on their particular platforms.

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For large scale developments Dupuis Asset Management has standing relationships with some of the top players in Germany (both their companies and teams), that provides for further in-depth expertise and know-how.

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

CONTROLLING - REPORTING

Software

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Development of our own integrated software “Dupuis / eforecast”, which has been designed with Microsoft Visual Basic as an add-in for Microsoft Excel.

With Dupuis / eforecast we have been able to design individual and dynamic planning models, which are linked to our MS-SQL server, which is daily updated with the latest accounting data (rental income etc.). It consists of profit-and-loss accounts, balance sheets and cash flow forecasts (integrative planning). Thus, we can extract estimated data from balance sheets, profit-and-loss accounts etc. on a daily basis. Our estimated numbers from our business plans, will be monthly overwritten with the latest data and our application compares real numbers automatically with budgeted numbers.

Our integrated add-ins for “project-management” and “fund-management” will be installed Q4 2007. So the company statements can be created automatically (excluding the executive summary) and we will be able to provide reports adapted to our clients needs.

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RELion is a well-known software created for the real estate industry. It is based on Microsoft Navision NAV, an international commercial software. RELion is fully integrated into the Microsoft- portfolio; hence we have access to a wide range of innovative and efficient solutions.

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The fully integration of our financial, rental, loan and investment accounting with a standardized desktop ascertains ensures the most efficient use and administration of information.

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CONTROLLING - REPORTING

Hardware

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Our work stations are equipped with the latest computer technology . We are working with Microsoft Windows XP desktops.

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Our server manages the whole DUPUIS network. To protect our information, our system is creating back-up copies daily.

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We are fully integrated into one domain with Domizil Property Management GmbH through a complex

network. This network connection ensures a high transparency so that we are able to interchange information rapidly.

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The whole computer system is permanently watched and supervised by internal and external system administrators.

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DUPUIS ASSET MANAGEMENT · INTRODUCTION

CONTACT

Dupuis Asset Management

Frank Dupuis and Oliver Lenhardt Dupuis Asset Management

Geschwister-Scholl-Str. 5 D-10117 Berlin T +49 (0) 30 2790 79-00 F +49 (0) 30 2790 79-79 f.dupuis@dupuisinvest.com www.dupuisinvest.com