Cushman & Wakefield Driven Annual Report

2011/2012 Review

DRIVEN

“

We have a global commitment to excellence and we

are continuously improving our service offering to deliver meaningful value to our clients by providing the most creative and innovative services.”

Carlo Barel di Sant’Albano Chairman of the Board, CEO of EMEA

CLIENT #1

Cushman & Wakefield is the world’s largest privately held commercial real estate services firm

18.2 percent

Capital Markets revenue growth in 2011 over 2010

38.4 percent

Global Business Consulting growth in 2011 over 2010

18.5 Percent

Corporate Occupier & Investor Services revenue growth in 2011 over 2010

9.5 percent

Valuation & Advisory growth in 2011 over 2010

11.8

percent

Increase in Client-DRIVEn transactions in 2011 over 2010

DRIVEN

“

Our clients today are a direct result of Cushman &

Wakefield’s unwavering reputation for client service,

which was established as our core value 95 years ago.”

JOHN C. CUSHMAN III Co-Chairman of the Board

INNOVATION 300 plus

Number of Cushman & Wakefield professionals around the world who are trained LEED Green Associates

1.5 Billion

Square feet of shopping center space tracked in EMEA across 6,600 centers and 34 countries

180

PLUS

43.6

million

Number of global clients gaining portfolio control, cost savings, and transparency by using Cushman & Wakefield’s FUSION platform, a web-portal that provides each client with its own global enterprise homepage to centrally drive communications for all team members

Square feet of LEED-certified space developed globally and an additional 35 million square feet in process

DRIVEN

“Increasingly, firms are turning to our professionals across services and borders to help them evolve to highly efficient operating models that align real estate with business strategy.�

Glenn J. Rufrano President & CEO

TALENT 60 243 1,900

14,000

Countries in which Cushman & Wakefield has a market presence

Offices worldwide

New hires around the world in 2011, a 34.4 percent increase over 2010

employees worldwide

Plus

DRIVEN

“

Cushman & Wakefield experienced significant revenue growth in all service lines and world regions, and improved our operating performance for the total company – further evidence that our strategic plan is on track.”

MICHAEL J. BARTOLOTTA Executive Vice President & CFO

RESULTS $1.4 Billion

Americas gross revenue in 2011

$435 million

Europe, Middle East, and Africa gross revenue in 2011

$135 million

Asia Pacific gross revenue in 2011

29 PERCENT

$2.0 Billion

Capital Markets global investment sales volume in 2011 increased 14 percent, in part due to our extraordinary gains in Asia Pacific

Gross revenue in 2011, up 13.4 percent over 2010

DRIVEN

12

Leader Messages

Chairman Co-Chairman President & CEO CFO

12 14 16 18

20 44

44 48 52

Trophy Case Studies Regions Americas Asia Pacific EMEA

56

Services

Capital Markets Consulting Corporate Occupier & Investor Services Leasing Valuation & Advisory

56 60 64 68 72

76

Brand in Action

Driving Sustainability Giving Back

76 77

78 79

Governance Global Offices

DRIVEN

CHAIRMAN’S MESSAGE Commitment and Focus

“

...we have continued to invest in talent and also hired over 1,900 employees including an additional 400 in the first quarter of 2012.

These hires spanned the globe with an equal proportion in the Americas, Asia Pacific, and Europe.”

Carlo Barel di Sant’Albano Chairman of the Board, CEO of EMEA

12

Last year, I joined Cushman & Wakefield as Chairman of the

We have a global commitment to excellence and we are

Board after serving as CEO of EXOR, the investment company

continuously improving our service offering to deliver

of Italy’s Agnelli family and Cushman & Wakefield’s majority

meaningful value to our clients by providing the most creative

shareholder from 2007. Since that time, I have worked closely

and innovative solutions. Simply put, we are striving to

with Glenn Rufrano and our Management Committee to

distinguish ourselves as the best real estate services firm in

execute the strategic plan approved by the Board of Directors

the world. With 243 offices in 60 countries, our platform is a

in December 2010.

reflection of the global nature of commercial real estate and of our clients. In this new global world, success is based on

I have personally witnessed the commitment to excellence of

seamless coordination across regions and disciplines, backed

the senior leadership, a sentiment that has now permeated

by local expertise and execution. We continue to manage the

throughout the global organization and has led to Cushman &

most high-profile and prestigious assignments for the world’s

Wakefield posting some positive financial results and achieving

most recognized and respected firms.

some important milestones one year into the execution of our long-term strategic plan.

I look with appreciation to our clients for their ongoing trust in Cushman & Wakefield and to our professionals for their

EXOR recognized the global strength of the Cushman &

outstanding effort, perseverance, and service. The next few

Wakefield brand and appreciated our international platform

years will present continued global challenges, but with the hard

with great growth potential. EXOR has been a committed and

work of our Cushman & Wakefield team, we will achieve our

engaged partner in supporting our growth initiatives. These

ambitious objectives.

initiatives include the global alignment of management, building out the global platform to ensure consistent service mix across the world, greater internal discipline to increase the efficiency of operations, and client prioritization. In order to achieve our plan we have continued to invest in talent and also hired over 1,900 employees including an additional 400 in the first quarter of 2012. These hires spanned the globe with an equal proportion in the Americas, Asia Pacific, and Europe.

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CO-CHAIRMAN’S MESSAGE Driving Client Success for 95 Years – and Counting

“

By keeping our eye on what matters, Cushman & Wakefield has maintained a strong reputation for creativity, innovation, and pride that has connected our brand to the world’s highest-profile real estate transactions.”

JOHN C. CUSHMAN III

Co-Chairman of the Board

This year, Cushman & Wakefield marks its 95th year as a

Through 2011 and early 2012, our tradition for providing client-

leading brand in the global commercial real estate industry.

centric service resulted in the completion of landmark leases

Our firm’s longevity and steady growth has at its core a basic

worldwide, including the 1.2 million-square-foot lease for Shell

yet fundamental focus shared by all successful companies –

Oil in Houston, the world’s largest leasing transaction in 2011;

client service. By keeping our eye on what matters, Cushman

the 1.2 million-square-foot lease for Condé Nast at New York’s

& Wakefield has maintained a strong reputation for creativity,

One World Trade Center on behalf of the Port Authority

innovation, and pride that has connected our brand to the

of New York and New Jersey – the largest lease in lower

world’s highest-profile real estate transactions. In addition, in

Manhattan in more than two decades; the 900,000-square-

New York City alone, we ranked “number one” in transaction

foot lease for Nomura in Midtown Manhattan – the largest

volume, executing 38 percent of the 50 largest leases completed

relocation in Midtown since 2004; and the 500,000-square-foot

in 2011.

lease renewal for the BMO Financial Group in Toronto, which

14

triggered an extensive interior redesign and the re-cladding of

These are the types of transactions that have become

an entire office tower.

synonymous with the Cushman & Wakefield brand and many are profiled in our Annual Review. They showcase the talent of

Our Capital Markets group also advanced our reputation for

our professionals worldwide, the rich diversity of assignments,

leading many of the world’s top sales and acquisitions.

and the level of commitment and trust instilled in our firm by

Signature transactions included the acquisition by CPP

the world’s leading investors and corporations. Our clients

Investment Board of a 50-percent interest in CentrO, the

today are a direct result of Cushman & Wakefield’s unwavering

largest shopping center in Germany; the recapitalization of

focus on client service – a core value established 95 years ago.

1633 Broadway, a prime office tower in Manhattan; and the sale of Capital Square, a trophy office tower in Singapore. In Asia Pacific, our Capital Markets professionals broke transaction volume records last year, resulting in number-one positions in Singapore, Shanghai, and Jakarta.

Our Corporate Occupier & Investor Services group also demonstrated our high level of trust and respect among the world’s biggest corporate names in 2011, with major wins that increased our investor services portfolio by 250 million square feet and our occupier client portfolio by 56 million square feet.

Among many high-profile assignments won in 2011, our leading Valuation & Advisory group completed a development study of New York’s Hudson Yards in support of an infrastructurerelated bond offering and was retained for valuation services on a three-year contract for a renowned investment firm in Switzerland, a 19-asset hospital portfolio valuation in India, and a major retail mall in Chengdu, China.

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President & Ceo’s message DrivEN

“

The confluence of technology, economic volatility, and the diverse desires of multinational firms continue to change priorities, and how owners and occupiers view real estate’s value.”

Glenn J. Rufrano President & CEO

16

Throughout 2011, with the full support of our majority

we deliver meaningful value to our clients by providing the most

shareholder, EXOR, Cushman & Wakefield moved aggressively

creative and innovative solutions available. Simply put, we are

to implement the initiatives of our long-term strategic

striving to distinguish ourselves as the best real estate services

plan, which positioned us to lead the way in a time of

firm in the world.

transformational change for real estate. As a result, and despite a challenging fourth quarter for our industry, we finished 2011

With 243 offices in 60 countries, our platform is a reflection

with a strong performance.

of the global nature of commercial real estate and of our clients.

In this new global world, success is based on the seamless

The confluence of technology, economic volatility, and the

coordination of services across regions and disciplines, backed

diverse desires of multinational firms continue to change

by local expertise and execution. Given such complexities,

priorities, and how owners and occupiers view real estate’s

we are privileged to manage the most high-profile and

value. As evidenced by the 18.5 percent revenue increase

prestigious assignments for the world’s most well-known and

realized by our Corporate Occupier & Investor Services group

respected firms.

in 2011, our intensified focus on delivering advanced solutions that reach beyond the traditional transaction was accurately

While there is caution regarding the global economy, our

targeted. Increasingly, firms are turning to our professionals

clients have decisions to make. Fundamentals and economic

across services and borders to help them evolve to highly

conditions will improve, and the global property markets – and

efficient operating models that align real estate with

our performance – will continue to strengthen.

business strategy.

I thank our clients and our worldwide professionals for Our five-year plan, implemented in 2011, set Cushman &

helping to place Cushman & Wakefield in a terrific position to

Wakefield on a course to achieve growth by strengthening our

achieve our vision – to be the world’s preferred real estate

ability to respond quickly to our clients’ shifting requirements,

firm, providing the most creative and innovative services on a

and our 2011 performance shows we are on the right track.

consistent basis, to drive meaningful value to our clients, and to

We are continuously improving our service offerings to ensure

be the best at what we do.

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CFO’s Message Strategic Plan Drives Continued Growth

It is my pleasure to be writing this annual message as Cushman & Wakefield’s new CFO appointed in March 2012. By way of introduction, I have had a long association with our parent company, EXOR, and was deeply involved in its acquisition of a majority stake in Cushman & Wakefield in 2007. For the last five years, I have been a member of Cushman & Wakefield’s Board of Directors and served as Chairman of the Audit Committee, and thus I have familiarity with our strategic growth plan, organizational structure, culture, operations, and priorities.

This has certainly eased the transition into my new role.

With that introduction, let me begin my 2011 overview by saying that Cushman & Wakefield experienced significant revenue growth in all service lines and world regions, and improved our operating performance for the total company – further evidence that our strategic plan is on track.

MICHAEL J. BARTOLOTTA

Executive Vice President & CFO

Revenue (billions GrossGross Revenue Gross (billions Revenue of (billions $)of $)of $) Americas Asia Pacific Americas Asia Pacific Americas EMEAEMEAEMEA Asia Pacific

Number of Transactions (thousands) Transactions: Square Feet (billions) Number of Number Transactions of Transactions (thousands) (thousands) Transactions: Transactions: TotalTotal Square Total Feet Square (billions) Feet (billions) Americas Asia Pacific Americas Americas EMEAEMEAEMEA Asia Pacific Asia Pacific

Americas Asia Pacific Americas Americas EMEAEMEAEMEA Asia Pacific Asia Pacific

$2.5 $2.5 $2.5

35.0 35.0 35.0

1.0 1.0 1.0

$2.0 $2.0 $2.0

28.0 28.0 28.0

0.8 0.8 0.8

$1.5 $1.5 $1.5

21.0 21.0 21.0

0.6 0.6 0.6

$1.0 $1.0 $1.0

14.0 14.0 14.0

0.4 0.4 0.4

$0.5 $0.5 $0.5

7.0 7.0 7.0

0.2 0.2 0.2

0.0 0.0 0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 2007 2008 2009 2010 2011 2011 2006 2007 2008 2009 2010 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2011 2006 2006 2007 2008 2009 2010 2011 2011 2006 2006 2006 2007 2008 2009 2010 2006 2006 2007 2008 2009 2010 2011 2007 2006 2008 2007 2009 2008 2010 2009 2011 2010

of Transactions (billions ValueValue of Transactions Value of Transactions (billions of (billions $)of $)of $) 18

Americas Asia Pacific Americas EMEAEMEAEMEA Asia Pacific Americas Asia Pacific

Square Feet Managed (billions) TotalTotal Square Total Feet Square Managed Feet Managed (billions) (billions) Americas Asia Pacific Americas Americas EMEAEMEAEMEA Asia Pacific Asia Pacific

For the full calendar year 2011, our gross revenue reached

With the year-over-year improvements in revenue, operating

$2.0 billion, an increase of 13.4 percent over 2010. As top-

expense management, EBITDA, and interest expense, our

line performance continued to improve, the bottom line was

earnings before income taxes increased 173 percent to reach

enhanced by the company’s continuing focus on maintaining

$50.5 million for 2011, as compared with $18.5 million in 2010.

strong financial discipline and operating efficiency.

Once again, every region and service line achieved yearThis combination of strong revenue growth and more efficient

over-year gross revenue growth. Looking at each service line

operations resulted in our EBITDA (earnings before interest,

individually, growth came from increases in Capital Markets of

taxes, depreciation, and amortization) results improving by

$33.9 million, or 18.2 percent; Corporate Occupier &

Investor Services Transactions: of $115.1 million, or 18.5 percent; Global $18.3 to(billions $111.1 million for 2011, as compared with Gross Revenue (billions Number of Transactions (thousands) Transactions: Square Feet (billions) Grossmillion, Revenue of $) of $) Number of Transactions (thousands) Total Total Square Feet (billions) Business ConsultingAmericas of $6.1 million, orEMEA 38.4Asia percent; Leasing of $92.8 million forEMEA 2010EMEA (on an EBITDA Americas Asiabasis), Pacific while our Americas EMEA EMEA Asia Asia Pacific Americas Asia Pacific Americas AsiaIFRS Pacific Americas Pacific EMEA Pacific margin increased from 6.6 percent in 2010 to 7.1 percent

$66.5 million, or 8.5 percent; and Valuation & Advisory of

in 2011.

$14.8 million, or 9.5 percent.

$2.5 $2.5

35.0 35.0

$2.0 $2.0

28.0 28.0

1.0

1.0

0.8

0.8

This performance and operating efficiency, as well as the

On a regional basis, gross revenue in the Americas region

$1.5 $1.5 company’s

0.6 0.6 while totaled $1.4 billion, gross revenue in the Europe, Middle

debt refinancing at lower

interest 21.0 rates,21.0 led

to

strong cash flow and continued low debt levels, as reflected

East, and Africa, and Asia Pacific regions totaled $435 million

in the company’s year-end net debt, which took our net debt

and $135 million, respectively.

$1.0 $1.0

14.0 14.0

position from $58.9 million (principally debt in excess of cash $0.5 7.0 $0.5

7.0

0.4

0.4

0.2

0.2

to $4.2 million).

0.0 0.0 $0.0 $0.0 0.0 0.0 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011

of Transactions (billions ValueValue of Transactions (billions of $) of $)

Square Feet Managed (billions) Total Total Square Feet Managed (billions) Americas EMEA EMEA Asia Pacific Asia Pacific Americas

Americas EMEA EMEA Asia Pacific Asia Pacific Americas $150 $150

1.0

1.0

$120 $120

0.8

0.8

$90 $90

0.6

0.6

$60 $60

0.4

0.4

$30 $30

0.2

0.2

$0

$0 0.0 0.0 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011

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Trophy Case Study

Shell Oil Company Houston, Texas

World’s Largest Office Lease in 2011 “Tim Relyea, Joe Peddie, and the analytical team at C&W worked methodically over three years to ensure that the solution we landed met our business needs and maximized our flexibility. It was handled in an extremely professional manner, working almost around the clock from the beginning of the deal through final documentation.”

JERI A. BALLARD Vice President, Strategy & Portfolio Real Estate, Shell Oil Company

Property

services

One and Two Shell Plaza

Business Consulting Office Platform Solutions

Transaction

Leasing Tenant Representation Strategy Development Site Selection Strategies Cost of Occupancy Analysis Negotiations

1.2 million square feet 15-year office lease

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Trophy Case Study

MetLife & Gazeley UK Rugeley, Staffordshire, UK

C&W Drives Largest UK Speculative Letting in 2011 Our industrial brokerage team presented a market overview to MetLife’s UK investment team, which had invested with Gazeley UK in a number of speculative buildings, the largest being G Park, Rugeley, which had remained unlet for 18 months. Thanks to our team’s marketing focus on e-commerce retail occupiers, terms were agreed upon with Amazon UK within six months. This resulted in the UK’s largest speculative letting in 2011.

Property

services

G Park, Rugeley

Leasing Industrial Brokerage

Transaction Speculatively constructed building extended to 700,000 square feet

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Trophy Case Study

MEAG Pacific Star Asset Management Singapore

Largest Brokered Asset Sale in Asia in 2011 Capital Square, an iconic Grade A office building in Singapore’s Raffles Place, was the largest core asset listed for sale in Asia Pacific in the first quarter of 2011. Cushman & Wakefield’s Singapore Capital Markets team executed the transaction according to the agreed plan, and well within target timelines. At a value of $700 million, Capital Square was the largest single-asset brokered transaction in Asia during 2011, and was completed in a record time frame of 11 weeks. The sales price exceeded vendor’s internal estimates.

Property

services

Capital Square (office & mixed-use development)

Capital Markets Investment Sales & Acquisitions Single Asset & Portfolio Transactions Market Research & Financial Analysis

Transaction 386,525 square feet $700 million sale value

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Trophy Case Study

The Port Authority of NY & NJ/ The Durst Organization New York, New York One World Trade Center Landmark Deal Cushman & Wakefield acted as the agency broker for The Port Authority of New York & New Jersey and The Durst Organization to secure a 1.2 million-square-foot lease to Condé Nast at One World Trade Center. Our team cleared formidable obstacles to achieve what seemed improbable just three years earlier – bringing a first-class Midtown tenant to the famous property.

Property

services

One World Trade Center

Leasing Landlord Representation

Transaction

Capital Markets Corporate Finance & Investment Banking

Property: 3 million square feet 1.2 million-square-foot lease to Condé Nast

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Trophy Case Study

Canadian Pension Plan Investment Board Oberhausen, Germany Largest Retail Asset Transaction in Germany The transaction exceeded a total asset volume of $1.7 billion, with CPPIB injecting equity of $355 million to acquire a 50-percent interest in CentrO, making this the largest German single retail asset transaction in recent years.

Property

services

CentrO

Capital Markets Corporate Finance & Investment Banking

Transaction CPPIB acquired 50 percent of CentrO with $355 million equity investment Shopping center sales area approximately 1 million square feet

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Trophy Case Study

Pacific Esplanade, Mapletree Shanghai, China

C&W Leads Benchmark Sales Transaction in Shanghai Due to Cushman & Wakefield’s professional service, dedication, and innovative approach, a successful transaction was negotiated at a value of $360 million. The parties involved were able to meet the investment criteria and the property was sold in an efficient and timely manner.

Silver Court’s sale was a benchmark transaction in Shanghai’s real estate market in 2011.

Property

services

Silver Court (office & mixed-use development)

Capital Markets Investment Sales & Acquisitions Single Asset & Portfolio Transactions Market Research & Financial Analysis Advisory & Consulting Services

Transaction 719,727 square feet $360 million sale value

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Trophy Case Study

BMO Financial Group Toronto, Canada

Collaboration Leads to Major Renovation and Lease Renewal The renewal agreement, involving the comprehensive strategic occupancy reorganization of BMO’s 500,000 square feet, came together with a $180-million building renovation. This included the removal of 45,000 panels of Carrera marble on the exterior facade, which were replaced with energy-efficient glazed glass and brushed steel.

Property

services

First Canadian Place

Leasing Tenant Representation

Transaction 500,000-square-foot lease renewal

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Corporate Occupier & Investor Services

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Trophy Case Study

Nomura Securities New York, New York

Largest Midtown Manhattan Leasing Transaction Since 2004 “C&W provided our firm with an integrated team of real estate experts covering business consulting, financial analytics, brokerage, and project management. From engaging with our executives to lease analysis negotiation and build-out, we couldn’t have completed a transaction of this size and complexity without the sort of integrated decision support that C&W provides.”

ANTON APPEL Executive Director and Head of Corporate Services, Americas Nomura

Property

services

Worldwide Plaza

Capital Markets Corporate Finance & Investment Banking

Transaction 900,000-square-foot lease

Leasing Tenant Representation

Corporate Occupier & Investor Services Project Management Business Consulting Office Platform Solutions

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Trophy Case Study

Hals-Development Moscow, Russia

Largest Office Lease in Moscow in 2011 Cushman & Wakefield worked through many complexities to negotiate a successful lease for Mail.Ru Group, which will occupy the entire Tower A at the SkyLight Business Center, built by Hals-Development. The new Class A mixed-use complex is strategically located in Moscow’s Central Business District.

Property

services

SkyLight Business Center

Leasing Landlord Representation Tenant Representation

Transaction 322,185 square feet of office space in a new building under construction

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Trophy Case Study

Paramount Group, Inc. New York, New York

Largest Single-Asset Transaction by Value in Manhattan in 2011 1633 Broadway has had an enduring history as one of the most significant office properties in Midtown West. Our team employed intense senior-level focus in marketing the opportunity to the most significant domestic and international investors. A joint venture was arranged between an affiliate of Beacon Capital Partners and Paramount Group Real Estate Fund IV for the acquisition of the 49-percent interest, and an affiliate of SL Green Realty Corp. provided preferred equity to the venture.

Property

services

1633 Broadway

Capital Markets Equity, Debt & Structured Finance Investment Sales & Acquisitions

Transaction 2.5 million-square-foot property recapitalization

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Trophy Case Study

SEB Immoinvest Abruzzo, Italy

Largest Italian Shopping Mall Investment Transaction in 2011 Despite the challenging economic conditions, Cushman & Wakefield, working in partnership with our client’s dedicated team, succeeded in negotiating and completing the sale of this high-quality regional shopping center. We were pleased to represent SEB ImmoInvest and to welcome ECE Project Management to Italy.

Property

services

Megalò Shopping Center

Capital Markets Investment Sales & Acquisitions

Transaction Approximately 485,000 square feet Sales volume in excess of $184 million

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Trophy Case Study

Ericsson Inc. Plano and Richardson, Texas

Cross-Service Strategic Planning Supports Ericsson’s Dynamic Growth A two-year strategic planning project for Ericsson North America helped the firm address dynamic growth in its Dallas, Texas, portfolio.

By engaging a wide range of expertise from within the firm, Cushman & Wakefield developed a staged solution that met our client’s long-term goal of consolidating operations to an existing campus in Plano, while offering flexible options that supported growth projections.

Property

services

2201-2221 Lakeside Blvd.

Capital Markets Market Research and Financial Analysis

Transaction 487,115-square-foot lease consolidation Four locations: 35.4 total acres

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Corporate Occupier & Investor Services Account Management Transaction Management

Business Consulting Office Platform Solutions Leasing Tenant Representation Transaction Consulting Valuation & Advisory Single Asset Appraisal Land Appraisal

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Americas

“

Our momentum is building, as evidenced by the more than 400 professionals we added to the region last year who, along with our established teams, helped drive eight straight quarters of revenue growth.”

JAMES UNDERHILL CEO, Americas

Porsche Cars North America, Inc.

Atlanta, Fulton County, Georgia, U.S. C&W Multi-Disciplined Team Helps Porsche Secure Ideal HQ Facility, Backed by Incentives SERVICES

Business Consulting – Business Incentives Leasing – Transaction Consulting, Tenant Representation

Americas

Asia Pacific

EMEA

G&G Martco, LP (aka ADCO) San Francisco, california, U.S.

Market Knowledge Results in Successful Sale of Convention Plaza SERVICES

NYU Langone Medical Center New York, New York, U.S.

Capital Markets – Investment Sales & Acquisitions Corporate Occupier & Investor Services – Property/Asset Management Leasing – Landlord Representation

C&W Negotiates Long-Term Lease, Securing More Than $225 Million in Savings SERVICES

Capital Markets – Investment Sales & Acquisitions, Corporate Finance & Investment Banking Business Consulting – Office Platform Solutions Leasing – Tenant Representation

Sonae Sierra Brasil São Paulo, Brazil

C&W Assessment Process Establishes Global Standards and Significant Benefits

Freescale Semiconductor (seller) Wentworth Property Company (buyer) Tempe, Arizona, U.S.

C&W Leads Arizona’s Largest Industrial Investment Sale in Three Years SERVICES

Capital Markets – Investment Sales & Acquisitions Corporate Occupier & Investor Services – Account Management, Transaction Management

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SERVICES

Capital Markets – Investment Sales & Acquisitions Corporate Occupier & Investor Services – Property/Asset Management Consulting – Retail Consulting Valuation & Advisory – Real Estate Advisory, Valuation for Financial Reporting, Portfolio Valuation, Single Asset Appraisal

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Illumina, Inc.

San Diego, California, U.S. Complex HQ and Laboratory Relocation and Expansion Completed in Three Months SERVICES

Capital Markets – Corporate Finance & Investment Banking Corporate Occupier & Investor Services – Lease Administration, Project Management Leasing – Tenant Representation, Landlord Representation

Kruger Products L.P.

Vancouver, British Columbia, Canada Largest Build-to-Suit in Western Canada Delivered on Time and Budget SERVICES

Consulting – Industrial Location & Supply Chain Solutions Leasing – Transaction Consulting, Tenant Representation, Landlord Representation Americas

Asia Pacific

EMEA

ACCO Brands

Long Grove, ILlinois, U.S. HQ Relocation Results in Annual Savings Exceeding 40 Percent SERVICES

Corporate Occupier & Investor Services – Property/Asset Management, Agency/Landlord Leasing, Project Management

Seguros Monterrey New York Life Mexico City, Mexico

Strategic Analysis and HQ Relocation Increase Client Profitability SERVICES

Business Consulting – Office Platform Solutions Leasing – Tenant Representation

Columbia Gas of Ohio (A NiSource Inc. Company) Columbus, Ohio, U.S.

Relocation to LEED Building Delivers Over $37 Million in Negotiated Savings SERVICES

Primerica, Inc.

Duluth (Atlanta Metro Area), Georgia, U.S.

Capital Markets – Equity, Debt & Structured Finance, Investment Sales & Acquisitions Corporate Occupier & Investor Services – Project Management, Agency/Landlord Leasing Consulting – Business Incentives Leasing – Transaction Consulting, Tenant Representation Valuation & Advisory – Single Asset Appraisal

Integrated Services Drive Build-to-Suit and New Efficiencies SERVICES

Consulting – Business Incentives Leasing – Tenant Representation, Transaction Consulting

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ASIA PACIFIC

“

Our Capital Markets group had a tremendous year and was involved in landmark transactions resulting in number-one positions for Cushman & Wakefield by deal volume in Singapore, Shanghai, and Jakarta.”

SANJAY VERMA CEO, Asia Pacific

Yanlord Land (Chengdu) Co., Ltd Chengdu, Sichuan Province, China

Acting as Sole Leasing Agent, C&W Achieves 85 Percent Occupancy in Premium Office Tower SERVICES

Leasing – Landlord Representation

Americas

Asia Pacific EMEA

Yahoo!

Seoul, South Korea C&W Executes Consolidation of Two Offices, Including Interior Design Overhaul SERVICES

Corporate Occupier & Investor Services – Project Management

Ascendas Property Fund Trustee Pte. Ltd. (as Trustee Manager of Ascendas India Trust) Bangalore, Chennai, and Hyderabad, India C&W Successfully Values Property Portfolio Listed in Singapore Stock Exchange SERVICES

Valuation & Advisory – Valuation for Financial Reporting

Banyan Tree

Bluestone

Yangshuo, Guangxi Province, China

Sydney, Australia

C&W Innovative Solutions Ensure All Client Targets Are Met on Luxury Hotel Project

C&W Meets Client Expectations by Securing Sub-Tenant in Challenging Market

SERVICES

SERVICES

Corporate Occupier & Investor Services – Project Management

Leasing – Landlord Representation

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MediaTek (Beijing) Inc.

Beijing, Jiuxianqiao, China C&W Advises on 14-Story Office Purchase to Support Consolidation SERVICES

Capital Markets – Investment Sales & Acquisitions

MetLife

LCT PFV

Seoul, South Korea

Haeundae-gu, busan, south korea

C&W Assists Metlife in Achieving Consolidation Objectives

C&W Business Evaluation and Market Research Back Major Mixed-Use Development

SERVICES

SERVICES

Leasing – Tenant Representation

Consulting – Business Incentives, Retail Consulting Valuation & Advisory – Real Estate Advisory, Portfolio Valuation, Single Asset Appraisal

Americas

Asia Pacific EMEA

Royal Group Holdings Pte. Ltd. Singapore

C&W Advises on Record-Setting Sale Transaction for Prime CBD Office Space SERVICES

Capital Markets – Investment Sales & Acquisitions

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EMEA

“

In 2011, EMEA experienced strong growth in most service lines, with double-digit growth in Valuation at 11 percent, CIS at 27 percent, and Leasing by 6.7 percent.”

Carlo Barel di Sant’Albano

CEO, EMEA, AND CHAIRMAN OF THE BOARD

Gruppo Cualbu

Catania, Sicily, Italy C&W Transforms Centro Sicilia into Key Sicilian Shopping Center SERVICES

Corporate Occupier & Investor Services – Property/Asset Management, Agency/ Landlord Leasing Business Consulting – Retail Consulting

Americas

Asia Pacific

EMEA

ProWinko

Brussels, Belgium C&W Secures World-Class Retailers for Premium Toison d’Or Development SERVICES

Consulting – Retail Consulting Leasing – Transaction Consulting, Tenant Representation

Eurofund Investment Zaragoza, Spain

C&W Detailed Planning Meets Financial and Leasing Targets for Puerto Venecia Shopping Center SERVICES

Consulting – Retail Consulting Leasing – Landlord Representation

Vodafone Hungary

Snegiri Development

Budapest, Hungary

Moscow, Russia

C&W Leads Successful HQ Lease Renewal

C&W’s Innovative Solution Leads to Children’s Theme Park in Retail Gallery

SERVICES

Corporate Occupier & Investor Services – Project Management Leasing – Tenant Representation

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SERVICES

Leasing – Landlord Representation

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Sequana

BOULOGNE-BILLANCOURT, PARIS REGION, FRANCE C&W Completes Consolidation of Leading Paper Industry Player – The Market’s Only Transaction Greater than 53,000 Square Feet in 2011 SERVICES

Leasing – Tenant Representation, Landlord Representation

Tesco PLC UK

C&W Delivers 11 Food Store Portfolio Valuation in Tight Time Frame SERVICES

Valuation & Advisory – Portfolio Valuation

Americas

Asia Pacific

EMEA

Wilhelm & Co Liège, Belgium

C&W Leases Over 97 Percent of Médiacité, Belgium’s Third Largest Shopping Center SERVICES

Consulting – Retail Consulting Leasing – Transaction Consulting, Tenant Representation

Expedia

London, UK Innovative Solution Leads to Client Subleasing Existing HQ and Relocating to Support Growth SERVICES

Leasing – Tenant Representation Valuation & Advisory – Portfolio Valuation

Telefonica Germany GmbH & Co. OHG Munich, Germany

C&W Secures BMW AG as a Major Tenant for Munich’s Tallest Office Building SERVICES

Leasing – Tenant Representation, Landlord Representation

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Capital Markets

“

In 2011, our global investment sales volume increased by 29 percent versus 14 percent for the overall market, due to our extraordinary gains in Asia Pacific – up almost five times.”

GREGORY S. VORWALLER

Executive Vice President, Global Head, Capital Markets

Brookfield Brasil Shopping Centers

São Paulo, Minas Gerais, and Rio de Janeiro, Brazil C&W Cross-Border Team Executes Sale of Three Shopping Malls in Brazil SERVICES

Capital Markets – Investment Sales & Acquisitions Valuation & Advisory – Appraisal Review

Capital Markets

Consulting

Corporate Occupier & Investor Services

Leasing

Valuation & Advisory

Buchanan Street Partners & The KOR Group Los Angeles, california, U.S. Sale of Pegasus Apartment Building Among Largest Ever SERVICES

Capital Markets – Investment Sales & Acquisitions

Towne Real Estate/Interstate Partners

Chicago, Illinois, Minneapolis, Minnesota, and Milwaukee, wisconsin, U.S. Central U.S. Portfolio Sale Sets High-Water Mark SERVICES

Capital Markets – Equity, Debt & Structured Finance, Investment Sales & Acquisitions

Capital Markets: Success Driven Highlights

In 2011, our Capital Markets professionals around the world arranged over $43 billion in transactions for clients globally, up 34 percent over the prior year.

Examples of our prowess include the acquisition by CPPIB of a 50-percent interest in CentrO, the largest shopping center in Germany; the recapitalization of 1633 Broadway, a prime office tower in New York; and the sale of Capital Square, a trophy tower in Singapore.

Clients can be assured that our global Capital Markets leadership is focused on working with you to build and grow business, and in meeting your mission-critical priorities.

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Invesco

Jersey City, New Jersey, U.S. C&W Exceeds Expectations for Buyer and Seller Against All Odds SERVICES

Capital Markets – Investment Sales & Acquisitions Leasing – Landlord Representation

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Mitsubishi Estate Company London, UK

C&W Property Acquisition Solution Supports Long-Term Prospects SERVICES

Capital Markets – Investment Sales & Acquisitions Valuation & Advisory – Portfolio Valuation

Capital Markets

Consulting

Corporate Occupier & Investor Services

Leasing

Valuation & Advisory

Encinitas Associates – II Encinitas, California, U.S.

Encinitas Village Shopping Center Disposition Meets Client Goals SERVICES

Capital Markets – Investment Sales & Acquisitions Leasing – Landlord Representation Valuation & Advisory – Valuation for Financial Reporting

Public Utility Company Denver, Colorado, U.S.

C&W Drives $215-Million Sale of 1801 California – Denver’s Largest Office Transaction Since 2007 SERVICES

Capital Markets – Equity, Debt & Structured Finance, Investment Sales & Acquisitions Corporate Occupier & Investor Services – Facilities Management, Account Management, Project Management Leasing – Landlord Representation

Ashford Hospitality Trust

San Francisco, California, U.S. C&W Steers Sale of Landmark JW Marriott San Francisco Union Square SERVICES

Capital Markets – Equity, Debt & Structured Finance, Investment Sales & Acquisitions

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CONSULTING

Increasingly, our clients are seeking our expert direction as they explore their options, target strategies, and make decisions in preparation for continued economic recovery and changed market conditions.

Capital Markets

Consulting

Corporate Occupier & Investor Services

Leasing

Valuation & Advisory

HCL

London, UK

Ford

Madrid, Spain C&W Restructures Lease to Achieve Reduced Costs, Longer Term, and New Concessions

C&W Helps HCL Win Strategic ICT Outsourcing Contract SERVICES

Consulting – Business Consulting

SERVICES

Consulting – Office Platform Solutions Corporate Occupier & Investor Services – Agency/Landlord Leasing Leasing – Tenant Representation

Coca Cola Enterprises Global

C&W Identifies Major Savings Across Global HQ Portfolio SERVICES

Business Consulting – Office Platform Solutions

Consulting: Success Driven Highlights

C&W’s Consulting service line is a significant differentiator for our firm – the critical connecting point for best-practice global solutions.

The demand for our services reflects the immense need for professional, strategic advice as businesses work to position themselves in our rapidly changing world.

Our experienced professionals track critical trends such as industrial supply chain strategies, land development, and project analysis, retail formats, and strategic occupancy solutions.

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VF Corporation

San Francisco, CALIFORNIA, U.S. C&W Manages Successful Green HQ Campus Development for World’s Largest Apparel Company SERVICES

Consulting; Capital Markets – Investment Sales & Acquisitions Corporate Occupier & Investor Services – Project Management Leasing – Tenant Representation

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MULTI Development Czech Republic a.s.

Ostrava, Czech Republic

C&W Teams Manage Successful Leasing of New Shopping and Entertainment Center SERVICES

Consulting – Retail Consulting Capital Markets – Investment Sales & Acquisitions Corporate Occupier & Investor Services – Agency/Landlord Leasing Leasing – Landlord Representation Valuation & Advisory – Real Estate Advisory

Mattel Italia Srl Milan, Italy

C&W Negotiates Early Lease Termination and Value-Added Relocation Terms SERVICES

Consulting – Business Consulting Corporate Occupier & Investor Services – Project Management Leasing – Tenant Representation

Capital Markets

Consulting

Corporate Occupier & Investor Services

Leasing

Valuation & Advisory

Ericsson Telecom

Mexico City, Mexico HQ Relocation and Fit-Out into Flexible Office Space Completed in Three Months SERVICES

Prologis, Inc.

new jersey and maryland, U.S. C&W Drives Fast Sale of Leased Industrial Portfolio SERVICES

Business Consulting – World Market Access Capital Markets – Investment Sales & Acquisitions

Consulting – Office Platform Solutions, World Market Access Corporate Occupier & Investor Services – Account Management, Project Management, Transaction Management Leasing – Tenant Representation Valuation & Advisory – Real Estate Advisory

Nokia

Rostelecom

Global

Russia

C&W Global Portfolio Analysis Improves Business and Property Performance

C&W Real Estate Strategy Supports 10,000 Properties in Russia

SERVICES

Business Consulting – World Market Access

SERVICES

Consulting

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CORPORATE OCCUPIER & INVESTOR SERVICES

“

We are now seeing significant gains from our five-year strategic plan implemented in 2011. The plan positioned us to lead the way in a time of transformational change for real estate.”

JOHN C. SANTORA

President & CEO, Corporate Occupier & Investor Services

Adobe Systems Incorporated San Jose, california, U.S.

C&W’s Innovative LEED Build-Out Plan Becomes Cost-Saving Template SERVICES

Corporate Occupier & Investor Services – Facilities Management

Capital Markets

Consulting

Corporate Occupier & Investor Services

Leasing

Valuation & Advisory

Confidential Banking Client New York, New York, U.S.

C&W Proactive Planning Minimizes Hurricane Irene Damage to Three Buildings SERVICES

Corporate Occupier & Investor Services – Facilities Management

Grontmij Europe

C&W Solutions Result in Cost Savings, New Efficiencies, and Tracking Across Global Portfolio SERVICES

Corporate Occupier & Investor Services – Lease Administration, Transaction Management, Account Management Leasing – Tenant Representation

Corporate Occupier & Investor services: SUCCESS DRIVEN HIGHLIGHTS

CIS is increasingly helping our clients evolve to highly efficient operating models that align real estate with business strategy.

The “new” CIS has contributed to an increase of 250 million square feet in our investor services portfolio and 56 million square feet for our occupier clients in 2011.

Avon Cosmetics Ltd Northampton, UK

Our solutions are customized, tailored to specific client needs, and respectful of client cultures. CIS-experienced professionals are the industry’s finest.

C&W Project Manages Consolidation From 11 Facilities into New Sustainable Building SERVICES

Corporate Occupier & Investor Services – Project Management

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Fulwood Empreendimentos Imobiliários Ltda.

São Paulo, Brazil

C&W Achieves New Property Management Efficiencies for Over 1.6 Million Square Feet SERVICES

Corporate Occupier & Investor Services

United States Pharmacopeia

Hyderabad, Andhra Pradesh, India C&W Meets Client Business Goals in Managing Development of Major Life Sciences Campus SERVICES

Corporate Occupier & Investor Services – Project Management

Capital Markets

Consulting

Corporate Occupier & Investor Services

Leasing

Valuation & Advisory

Foot Locker Poland

C&W Manages Retailer’s Entry into Poland, Including Fit-Out Services in New Locations SERVICES

Corporate Occupier & Investor Services – Project Management Business Consulting – Retail Consulting Leasing – Tenant Representation

International Fund UK

C&W Secures Tenant for Logistics Complex in Challenging Italian Location

NXP Semiconductors Global C&W Completes 10 Projects Around the World, Delivering Multiple Operational Efficiencies SERVICES

SERVICES

Corporate Occupier & Investor Services – Agency/Landlord Leasing Consulting – Industrial Location & Supply Chain Solutions Leasing – Landlord Representation

Corporate Occupier & Investor Services – Lease Administration, Project Management, Transaction Management, Account Management Consulting Leasing – Tenant Representation Valuation & Advisory – Real Estate Advisory, Single Asset Appraisal

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LEASING

We leverage our strengths locally and globally, putting the best team of professionals forward to ensure our clients receive the full support needed to make the most innovative real estate moves.

AREA Property Partners

Hollywood, California, U.S. C&W Sells Prime Location on World-Famous Sunset Strip to Buyer Known for Transforming Urban Properties SERVICES

Leasing – Landlord Representation Capital Markets – Equity, Debt & Structured Finance, Investment Sales & Acquisitions Valuation & Advisory

Capital Markets

Consulting

Corporate Occupier & Investor Services

Leasing

Valuation & Advisory

Confidential Office Client Ottawa, Ontario, Canada

C&W’s Green Practice Group Negotiates Renewal and Expansion Based on Sustainability Upgrades SERVICES

Trencin Retail Park, a.s.

Leasing – Tenant Representation

Trencin, Slovakia

New Anchor Tenant H&M Secured for Laugaricio Trencin SERVICES

Leasing – Landlord Representation Corporate Occupier & Investor Services – Agency/Landlord Leasing

Leasing: SUCCESS DRIVEN HIGHLIGHTS In 2011, our professionals completed nearly 30,000 leasing transactions globally, valued at $45.5 billion.

We arranged the most significant and high-profile leases signed last year, including the largest transaction in the world – Shell Oil’s 1.2 million-square-foot lease in Houston.

To help our retail clients looking to enter new markets, we globalized our Retail Services leadership structure, appointing a global head of retail and three regional heads.

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Siemens Mexico

Mexico City, Mexico C&W Manages Integrated Fit-Out and Relocation into new LEED Office Space – On Time and Budget SERVICES

Leasing – Tenant Representation Corporate Occupier & Investor Services – Project Management

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Unilever

Barcelona, Spain C&W Cross-Service Team Executes Spain’s Largest Leasing Transaction in 2011 SERVICES

Leasing – Tenant Representation Corporate Occupier & Investor Services – Agency/Landlord Leasing Consulting – Office Platform Solutions

EON Kharadi Infrastructure (Private) Limited (Panchshil Group Company) Pune, Maharashtra, India

C&W Drives Success of One of the “Most Talked About” Special Economic Zones in India SERVICES

Leasing – Landlord Representation Corporate Occupier & Investor Services – Property/Asset Management, Agency/Landlord Leasing

Capital Markets

Consulting

Corporate Occupier & Investor Services

Leasing

Valuation & Advisory

Spinnaker Real Estate Partners & Steven Wise & Associates, LLC Stamford, Connecticut, U.S.

C&W Creative Solutions Support Innovative Re-Use of Mixed-Use Property SERVICES

Leasing – Landlord Representation Valuation & Advisory – Real Estate Advisory

Lotus Originals London, UK

C&W Acquires Global Flagship Store for Luxury Brand on London’s Regent Street SERVICES

Leasing – Tenant Representation

Mead Johnson

Ho Chi Minh City, Vietnam C&W Lease Renewal Results in Savings and Improved Terms SERVICES

Leasing – Tenant Representation

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VALUATION & ADVISORY

“

In markets around the world, our V&A teams are involved in some of the largest portfolio sales, major asset recapitalizations, and new developments.”

BRIAN R. CORCORAN Executive Vice President, Valuation & Advisory

Hudson Yards Infrastructure Corporation New York, New York, U.S.

C&W Delivers Complex Hudson Yards Demand and Development Study SERVICES

Valuation & Advisory – Real Estate Advisory

Capital Markets

Consulting

Corporate Occupier & Investor Services

Leasing

Valuation & Advisory

VastNed Spain

C&W Delivers Expert Valuation of Premium Retail Property Portfolio SERVICES

Valuation & Advisory – Valuation for Financial Reporting, Portfolio Valuation

Zurich Insurance Company Ltd. Global

C&W Global Valuation & Advisory Supports Zurich’s Global Portfolio SERVICES

Valuation & Advisory – Valuation for Financial Reporting, Portfolio Valuation, Single Asset Appraisal

Valuation & Advisory: Success Driven Highlights

Our professionals around the world are driven to provide exceptional results that exceed the needs of our clients globally.

V&A, which plays a leading role in the valuation, appraisal, and analysis of world-class assets, completed over 60,000 appraisals in 2011 valued at over $950 billion.

Metrolinx GO Transit

Toronto, Ontario, Canada We are committed to driving change. It’s about achieving excellence in an area, such as asset-class specialization, and turning a vertical competency into a horizontal way of doing business.

C&W Delivers Framework for Real Estate Revenue Generation SERVICES

Valuation & Advisory – Real Estate Advisory

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Slate Properties and Blackstone LLP Toronto, Ontario, Canada

C&W Values Portfolio for Sale and IPO in Record Time SERVICES

Valuation & Advisory – Portfolio Valuation

Vegagest Immobiliare SGR S.p.A. Milan, Italy

C&W European Valuation Supported by Global Expertise SERVICES

Valuation & Advisory – Fund Valuation

Capital Markets

Consulting

Corporate Occupier & Investor Services

Leasing

Valuation & Advisory

The Northern Trust Company U.S.

C&W Consolidates Appraisal Process for National Lender SERVICES

Valuation & Advisory – Appraisal Review, Appraisal Management Capital Markets – Equity, Debt & Structured Finance Consulting – Office Platform Solutions

Prologis

Mexico City, Monterrey, and Guadalajara, Mexico C&W Advises on 30-Property Industrial Portfolio in Mexico SERVICES

Business Consulting – Industrial Location & Supply Chain Solutions Valuation & Advisory – Appraisal Review, Portfolio Valuation

Gazit-Globe Ltd.

North America and emea

Mirvac Industrial Trust

ILlinois, INdiana, and Wisconsin, U.S. C&W Successfully Completes Valuation Services for 8.2 Million-Square-Foot Industrial Portfolio

C&W Delivers Market Studies for Retail and Healthcare Industries SERVICES

Valuation & Advisory – Real Estate Advisory Consulting – Retail Consulting

SERVICES

Valuation & Advisory – Valuation for Financial Reporting, Portfolio Valuation Capital Markets – Investment Sales & Acquisitions

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Driving Sustainability As a world leader in real estate services, Cushman & Wakefield provides clients with the highest quality and most cost-effective energy and sustainability solutions. This is accomplished by combining best practices, technical expertise, and market knowledge to enhance the overall performance and value of our clients’ assets.

THROWING OUR WEIGHT BEHIND GREEN BUILDINGS Cushman & Wakefield is an active member in Green Building Councils around the world – including the United States, Canada, Mexico, India, and Brazil – leveraging knowledge and relationships to improve the industry and promote green building policies and practices. In 2011, we expanded our Green Building Opportunity Index. In addition to updating the national report, we also produced profile reports for top-ranked cities, providing in-depth analysis into the factors influencing successful green development, such as retrofitting, leasing, and the sale of investment-grade office buildings.

Our professionals partner with clients on a wide range of LEED projects for New Construction, Commercial Interiors, and Existing Buildings. Globally, such partnerships have resulted in over 30 million square feet of LEED-certified space. Since 2009, our activities resulted in 150 properties achieving the Energy Star label.

OUR GROWING RANKS OF LEED PROFESSIONALS Adding to Cushman & Wakefield’s roster of more than 100 LEED-Accredited Professionals (AP) on staff, over 250 employees around the world have become LEED Green Associates (GA) since 2011 and many are now pursuing the AP credential. This highlights our firm’s drive and commitment to serve clients with the best-available sustainability skills and knowledge across services.

LEED COMMERCIAL INTERIORS CONSULTING SERVICES In 2011, Cushman & Wakefield launched its LEED for Design & Construction Consulting Services Platform as a collaborative effort between Sustainability Strategies and Project Management. We offer full consulting services to our clients looking to pursue LEED certifications on their Commercial Interior fit-outs. Services include LEED Feasibility Analysis and Preliminary Scorecards, Sustainable Design Charrette, LEED Program Development, and Project Administration.

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Giving Back Giving back to support communities and those less fortunate is a priority at the heart of our brand, fueling the passion of our people around the world.

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Governance BOARD OF DIRECTORS

Carlo Barel di John C. Cushman III Sant’Albano Chairman of the Board, CEO, EMEA London

Co-Chairman of the Board Los Angeles

Glenn J. Rufrano

Alessandro Nasi

John C. Santora

Shahriar Tadjbakhsh

President & CEO New York

Managing Director, EXOR Italy

President & CEO, Corporate Occupier & Investor Services New York

COO, EXOR Italy

Corporate Departments

CELINE T. CLARKE

Michael J. Bartolotta

JOYCE M. PHILLIPS

GENE BOXER

Executive Managing Director, Corporate Communications, Global Head

Executive Vice President & CFO

Executive Vice President, Global Head of Human Resources

Executive Vice President, Global General Counsel and Secretary

Regions

Services

James Underhill

SANJAY VERMA

Carlo Barel di Sant’Albano

CEO, Americas

CEO, Asia Pacific

Chairman of the Board, CEO, EMEA

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GREGORY S. VORWALLER

JOHN C. SANTORA

BRIAN R. CORCORAN

Executive Vice President, Global Head, Capital Markets

President & CEO, Corporate Occupier & Investor Services

Executive Vice President, Valuation & Advisory

World Headquarters Cushman & Wakefield, Inc. 1290 Avenue of the Americas New York, NY 10104 1-212-841-7500 T CANADA Headquarters Cushman & Wakefield 33 Yonge Street, Suite 1000 Toronto, Ontario M5E 1S9 Canada 1-416-862-0611 T 1-416-359-2613 F MEXICO Headquarters Cushman & Wakefield Mexico Corporativo Arcos Norte B Paseo de los Tamarindos No. 60, 2o.piso Col Bosques de las Lomas Mexico, D.F. 05120 Mexico +5255-8525-8000 T +5255-8525-8091 F SOUTH AMERICA Headquarters Cushman & Wakefield South America Building Berrini 500 Praca Jose Lannes, 40 – 3 fl.

São Paulo 04571-100, Brazil +5511-5501-5464 T +5511-5501-5144 F Europe, Middle East, & Africa Headquarters Cushman & Wakefield LLC 43/45 Portman Square London W1A 3BG England +44-20-7935-5000 T +44-20-7152-5360 F

Americas United States Alabama Birmingham* Arizona Phoenix Tempe Tucson* California Carlsbad Inland Empire Los Angeles LA South Long Beach LA South Torrance LA West Marin/Sonoma County Oakland Orange County Sacramento San Diego Downtown San Diego Eastgate San Francisco Silicon Valley Walnut Creek Colorado Colorado Springs* Denver Connecticut Hartford Stamford Delaware Wilmington Dist. of Columbia Washington, DC

Florida Asia-Pacific Headquarters Ft. Lauderdale Ft. Myers* Cushman & Wakefield Jacksonville 26/F The Headquarters Building Miami 168 Xizang Zhong Lu Orlando Shanghai 200001, China Palm Beach +8621-2320-0808 T Gardens +8621-2320-0909 F Tampa Georgia Atlanta Savannah* Hawaii Honolulu Illinois Chicago Chicago Suburban Indiana Bloomington* Indianapolis* *Alliance/Associate Offices **Joint Venture Offices If you need assistance in one of these countries, please contact Alisa Zotimova Head of Alliance Program & New Markets, EMEA T +44.20.7152.5136 Alisa.zotimova@eur.cushwake.com

Kentucky Louisville* Maine Portland Maryland Baltimore Bethesda Massachusetts Boston Michigan Detroit* Grand Rapids* Holland* Kalamazoo* Lansing* Muskegon*

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Minnesota Minneapolis** Minneapolis-Sub** Missouri Kansas City* St. Louis* Nevada Las Vegas* Reno* New Hampshire Manchester New Jersey East Rutherford Edison Morristown New York Albany* Binghamton* Buffalo* Corning/Elmira* Hudson Valley* Islandia Ithaca* Melville NY – Downtown NY – Midtown Rochester* Syracuse Syracuse* Utica* Watertown* Westchester County North Carolina Charlotte Raleigh Raleigh/Durham* Ohio Cincinnati* Cleveland* Columbus* Toledo* Oklahoma Oklahoma City* Tulsa* Oregon Portland Pennsylvania Philadelphia Philadelphia-Sub Pittsburgh* Puerto Rico San Juan* Rhode Island Providence* South Carolina Charleston* Greenville/ Spartanburg* Tennessee Chattanooga* Knoxville* Memphis* Nashville* Texas Austin* Dallas Houston San Antonio* Utah Clearfield/Ogden* Park City* Provo/Orem* Salt Lake City* St. George* Virginia Fredericksburg* Lynchburg* McLean Newport News*

Norfolk/Virginia Beach* Richmond* Roanoke* Williamsburg

EMEA

Slovakia Bratislava

Austria Vienna*

Washington Bellevue* Seattle*

Bahrain Manama

South Africa Cape Town* Durban* Johannesburg* Pretoria*

Wisconsin Milwaukee* Canada Alberta Calgary Edmonton* British Columbia Vancouver Victoria Manitoba Winnipeg* New Brunswick Fredericton* Moncton* Saint John* Newfoundland St. John’s*

Belgium Brussels Bulgaria Sofia* Channel Islands Jersey* Czech Republic Prague Denmark Copenhagen* England Birmingham London – City London – West End Manchester Thames Valley Finland Helsinki*

Spain Barcelona Madrid Sweden Stockholm Switzerland Basel* Geneva* Zürich* Turkey Istanbul UAE Dubai

Asia Pacific Australia Melbourne* Sydney

Nova Scotia Halifax*

France Paris

Ontario London Newmarket Ottawa* Toronto – Central Toronto – Northeast Toronto – West

Germany Berlin Düsseldorf Frankfurt Hamburg Munich

China Beijing Chengdu Guangzhou Hong Kong Shanghai Shenzhen

Greece Athens*

Fiji*

Prince Edward Island Charlottetown*

Hungary Budapest

Quebec Montréal Central Montréal Suburban Mexico Ciudad Juárez Guadalajara* Mexico City Monterrey Central America Costa Rica San Jose*

Ireland Cork* Dublin* Israel Tel Aviv* Italy Milan Rome

Japan Tokyo

Kosovo Pristina*

Malaysia Kuala Lumpur*

Luxembourg

New Zealand Auckland* Wellington*

Macedonia Skopje*

Argentina Buenos Aires

Netherlands (The) Amsterdam Rotterdam

Chile Santiago* Colombia Bogotá* Peru Lima* Venezuela Caracas

Indonesia Jakarta

Kazakhstan Almaty*

South America

Brazil Manaus Porto Alegre Recife Rio de Janeiro São Paulo São Paulo-Barueri

India Bangalore Chennai Gurgaon Hyderabad Kolkata Mumbai Mumbai-Sub New Delhi Pune

Northern Ireland Belfast* Norway Drammen* Oslo* Stavanger* Poland Warsaw Portugal Lisbon Romania Bucharest Timisoara Russia Moscow Scotland Edinburgh Glasgow

Pakistan Karachi* Philippines Manila* Singapore South Korea Busan Seoul Taiwan Taipei* Thailand Bangkok* Vietnam Hanoi Ho Chi Minh City