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OVER

38 YEARS

IN REAL ESTATE

洞悉土地潜力 成就非凡业绩

MISSION & VISION

Walton will employ an asset management model to earn revenues and generate profits. This business strategy will focus on structuring deals with best in class local and regional developers and home builders, including joint venture, project management, debt management and other types of innovative approaches, to monetize assets across North America.

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企业理念 及愿景

和顿将采用能够赚取收益、创造利润的资产管理模式。此业务战略将重点 放在与地方和地区最佳开发商及住宅建筑商促成交易,包括以合资、项目 管理、债务管理和其他创新的合作形式,从而实现和顿北美地区资产的价值。

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TABLE OF CONTENTS | 目录

ABOUT WALTON 扎根北美 行业鳌头 成就于地.. ................................................................................................... 6 ˙ ˙ A GROWTH COMPANY 与时并进 永不止步.................................................................................................................... 8 ˙ OUR NUMBERS 与日俱长 飞速发展.................................................................................................................. 10 ˙ THE EVOLUTION OF REAL ESTATE 洞悉房地产发展周期 缔造优良房地产投资机遇 . . ......................................................................... 12 ˙ OUR “PATH OF GROWTH” RESEARCH & ACQUISITION STRATEGY 和顿调研及收购策略 -「城市未来发展路线」......................................................................... 16

Disclaimer Walton International Group Limited makes no representations or warranties about accuracy or completeness of this document or any of its contents, including, without limitation, the accuracy or timeliness of its contents. Any implied warranties, whether statutory or otherwise, on any such matters are hereby expressly excluded to the full extent permitted by applicable law. Walton assumes no obligation to update or revise this document or any forward-looking information to reflect new events or circumstances. This document may contain forward-looking information with respect to future results. Forward-looking statements are often, but not always, identified by words such as “anticipate”, “believe”, “expects”, “intend”, “should”, “should be” and similar expressions have been used herein to identify forward-looking information. Actual results may differ from expected results for a variety of reasons including, but not limited to, economic and financial conditions in Canada, USA and globally, regulatory developments in Canada, USA and elsewhere, technological developments, competition and other factors beyond Walton’s control. Walton obtained statistical and other market data used throughout this document from third party sources. Although Walton believes that these sources are reliable, Walton has not independently verified such data and does not make any representations as to the accuracy of such information. The opinions, and forecasts contained in any third party publication are those of the authors of such publications at the date indicated and may be subject to change. Walton makes no representation or guarantee, express or implied, and takes no responsibility for any inaccuracies or omissions which may be contained within the news articles and does not accept any liability for losses arising from their use. This information contained in this document is not intended to provide you with any financial, accounting, tax or legal advice. Prior to investing in undivided interests in land (“UDIs”), purchasers are encouraged to seek professional financial, accounting, tax or legal advice in association with UDI ownerships and upon future disposition of land units purchased from Walton. This document does not discuss the risks associated with real estate investments. The past performance examples provided in this document are not indicative of future returns. In no event shall Walton or any of its directors, officers, employees, agents, affiliates or subsidiaries (the “Walton Group”) be liable to you or any other person or entity for any damages (whether general, direct, indirect, special, punitive, exemplary or incidental) arising directly or indirectly out of the use or content of this document, even if any of the Walton Group have been advised of the possibility of such damages. Any unauthorized reproduction of this information is strictly prohibited. Walton and its representatives are not licensed to transact in or with any real property located in Mainland China, Hong Kong, Macau, Taiwan, Japan, UAE, Singapore, Malaysia, Thailand, Vietnam, India and Indonesia.

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OUR COMPETITIVE ADVANTAGE 全方位竞争优势. . ............................................................................................................... 18 OUR ASSETS 目标地区 规范严选.................................................................................................................. 20 ˙ THE INVESTMENT JOURNEY 投资历程‧多重保障‧安全护航........................................................................................... 22 OUR LEADERSHIP 资深团队‧各尽其才.. ......................................................................................................... 26 CONTACT INFORMATION 联络我们................................................................................................................................. 30

免责声明 和顿国际集团不就本文件的内容的准确性或完整性作出任何陈述或保证,包括但不限于其内容的准确性或及时性。在适用法律允许的最大范围内,我们在此明确排除对任何此等事项的法定或 其他形式的默示保证。和顿不承担任何义务更新或修改本文件或任何前瞻性资讯,以反映新事件或情况。 本文件可能包含与和顿的项目和未来表现相关的前瞻性陈述。前瞻性的陈述通常,但并不总是,包含「预计」、「相信」、「预期」、「有意」、「应」、「应该是」等可识别的词语以及本 文所使用的、用以识别前瞻性陈述的类似表达方式。实际结果可能会因多种原因而有别于预期结果,该等原因包括但不限于,加拿大、美国和全球经济金融状况、加拿大、美国及其它地区的 监管机制的发展、技术发展、竞争以及在和顿控制范围以外的其他因素。 和顿自第三方来源获得整个文件的统计数据和其他市场数据。尽管和顿认为这些数据来源是可靠的,但和顿并没有独立核实有关数据,亦不为这些数据的准确性作任何陈述。任何第三方出版 物中包含的意见和预测皆为此类出版物作者在指定日期的意见和预测,可能会有变更。和顿国际集团有限公司对此类出版物中可能包含的错误或遗漏未作任何明确或暗示的声明或保证,对此 概不负责,亦不对使用此出版物所造成的损失承担任何责任。 本文件提供的档案和资料并非旨在向您提供任何财务、会计、税务或法律建议。在投资于土地的不可分割权益(UDI)前,买家应寻求与UDI相关及日后从和顿购买土地单位的专业财务、会计、 税务或法律意见。 任何该项目之不可分割权益收购均以持有项目作日后转售为目的。无论和顿丶其附属公司或各自之代理人及代表均无权作出任何关于该项目出售之时间或可实现收益的申明。此外,无论和顿丶 其附属公司或各自之代理人及代表均无权作出关于该项目之发展活动的申明,且和顿及其附属公司均无任何意图于购买者持有项目期间对该项目进行发展活动。该项目购买合约中所授予项目 执行方关于对项目执行活动的权利和权限,旨在支持该项目的执行及未来的出售,且该权利和权限可延伸至对该项目进行土地发展流程审批活动,但仅限于针对:(i) 市政府之要求; (ii) 第三方 企图侵占或以其他方式影响该项目将来之出售;或(iii) 土地拥有者已接受的收购要约中的任何条款。就此项目购买相关的风险因素,建议您咨询您的顾问。 此文件不讨论与房地产投资相关的风险。此文件内提供的往绩不能作为未来回报的指标。 在任何情况下,和顿或其任何董事、职员、雇员、代理人、隶属机构或子公司(「和顿集团」)概不承担您、任何其他个人或实体因使用本文件或其内容而直接或间接导致的任何损害(无 论是一般性、直接性、间接性、特殊性、惩罚性、示范性还是附带性的)。未经授权,严禁复制任何资料。和顿及其业务代表并未获授权处理位于中国内地、香港、澳门、台湾、日本、阿联 酋、新加坡、马来西亚、泰国、越南、印度及印尼的房地产物业。

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ONE OF NORTH AMERICA’S LEADING LAND-BASED REAL ESTATE INVESTMENT & DEVELOPMENT GROUPS

扎根北美 ˙ 行业鳌头 ˙ 成就于地 The Walton Group of Companies is one of North America’s leading landbased real estate investment and development groups, concentrating on the research, acquisition, administration, planning and development of strategically located land in major North American growth corridors. At Walton, our success is built on our tested and proven business model, our “Best in Class” leadership teams and employees, and our experienced and professional engineers. Walton takes a long-term approach to land development, building communities for today and tomorrow. Our methodical and disciplined philosophy guides our approach to every piece of strategically located land.

Our goal is to build communities that will stand the test of time: hometowns for present and future generations. 和顿的目标是 缔造经得起时间考验,

和顿国际集团是北美最大的土地投资及房地产开发商之一,专注于调研、 收购、管理、规划及开发位处北美主要经济发展走廊中位置显要的土地。 和顿能够取得今日的辉煌业绩,全赖其久经验证的业务模式、高瞻远瞩的管 理战略,以及经验丰富的专家团队。 屹立38载,和顿一直秉承土地持续发展的企业理念,以严谨的态度调研、 甄别、收购、规划及开发土地,不断创造全球业务发展的奇迹。

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安居乐业的美好家园。


A GROWTH COMPANY 与时并进 ˙ 永不止步 Walton is a privately-owned real estate investment, development and asset management group of companies that has been in the real estate business for over 38 years. Walton was founded in Calgary, Alberta in 1979 by Patrick and Maureen Doherty and since that time, Walton has expanded its real estate operations into Eastern Canada (Ontario) and the United States, as well as its sales activities in Asia. Walton is currently administering or managing assets of over US$4.1 billion, including nearly 106,000 acres of land (approximately 84,000 acres in the U.S. and approximately 22,000 acres in Canada).

1972

1986

1996

2003

Doherty Brothers Realty Established

First Pre-Development Land Project

Singapore Office Established

First Horizontal Development: Shepard Industrial

Doherty Brothers Realty 正式成立

第一个土地投资项目 位于加拿大卡加利市

新加坡办事处成立

第一个土地开发项目: 先拔工业区

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1979

1992

2002

2004

Quance Enterprise Established

Hong Kong Office Established

Leadership passed from Patrick Doherty to Bill Doherty

Board of Advisors Established

Quance 公司成立

香港办事处成立 (首个亚洲办事处)

领导权由 Patrick Doherty 传给 现任首席执行官 Bill Doherty

顾问委员会成立


和顿是一家私营房地产投资、开发和资产管理公司 集团,从事房地产业务超过38年。1979年,公司由 Patrick 和 Maureen Doherty 联合成立于亚尔伯达省卡 加利市。自此,和顿将其房地产业务开拓到加拿大东部 (安大略省)、美国以及亚洲的各种销售活动。和顿当 前管理超过$41亿美元资产,包括接近106,000英亩 (约4.29亿平方米)土地,其中美国土地约占84,000英亩 (约3.4亿平方米),加拿大土地约22,000英亩(约8,900万 平方米)。

2005 Ontario Land Acquisition Focus

Since 2007 自 2007 年

专注于收购加拿大安大略省 大多伦多周边土地

U.S. Land Acquisition Focus Nearly 84,000 acres acquired to date 专注收购美国土地 迄今收购了近 84,000 英亩土地

2010-2011 Launched 5 Pre-Development & Development Prospectus Offerings through Major Banks in Canada 5 个加拿大公开招股土地 开发项目

Since 2015 自 2015 年 Over US$80 MILLION Pre-development Land with family office 与家族办公室合作收购超过$8,000 万美元土地投资项目

2007

2007-2014

2013-2014

2017

Today & Future

First Institutional Partnership: Northpoint/Skyview Ranch Residential Development

CA$650 MILLION Institutional Exits to one of the largest insurance companies and pension funds

US$300 MILLION Joint Ventures with U.S. Hedge Funds

Entered into 19 METROPOLITAN areas across North America to date

Over 106,000 arces

与美国对冲基金合 资 $3 亿美元

至今进入北美 19 个都会区

第一个机构性合资开发: 龙坪山庄/天景牧场住宅 发展项目

土地投资项目离场予全球 最大的保险及退休金计划 投资公司之一 (投资额达 $6.5 亿加元)

展望未来

Largest Land Asset Management Company in North America 超过 10.6 万英亩

目标成为北美最大的土地资 产管理公司

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Approximately

84,000 acres

of land in U.S. acquired since 2008

3.4亿

450

接近 平方米 美国土地于2008年 开始收购

Over Pre-development projects

450

超过 个 土地开发项目

OUR NUMBERS… 与日俱长 ˙ 飞速发展

Over

US$103 million Walton is one of North America’s most influential leaders in providing innovative real estate products. From our values to our strategy, we believe in attracting the best professionals and leadership teams, forging successful relationships with our business and community partners, and building sustainable, livable communities.

total investment return in 2017-2018 2017年-2018年 总投资回报

超过

$1.03亿美元

Returned over

和顿在北美房地产行业已极具影响力,所管理 的土地数目名列前茅。凭借精湛的专业水准和 积极进取的战略模式,使我们的行业地位得到 巩固,并成功塑造了良好的品牌形象。

CA$2 billion3

to landowners and partners in business 土地持有人及业务伙伴 离场收益所得款项 超过

10

$20亿加元

3


Raised

US$5.3 billion1 globally

115,000

acres of land acquired to date

目前所收购土地面积共约

4.65亿平方米

US$4.2 billion

Nearly raised since January 2008

全球募集超过$53亿美元

1

自2008年起募集 接近

$42亿美元

100,000

Over clients / investors worldwide 全球超过

100,000

名客户/投资者

455

Over approved financial advisory groups

4,000

financial advisors with over representing Walton products in Asia

US$4.2 billion

2 Over assets under administration

管理资产规模

$42亿美元

超过

2

亞洲超过

455家已认可的理财顾问机构, 超过4,000名 理财顾问代理和顿产品

1. As at March 31, 2018. Gross proceeds raised before discount with respect to the applicable projects which had final closings in the related period. For projects in which an affiliated company has made a direct investment, the capital raised presented includes such investment. 截至2018年3月31日。适用的项目于相关时段内完成最后交易,就该些项目于折扣前的总销售收益。对于附属公司进行直接投资的项目,募集资金已包括此类投资。 2. Consists of a. Syndication value of active pre-development projects, b. Book value of pre-development land held by Walton International Group Inc. & Walton International Group (USA), Inc. and c. Total assets managed in development companies or Walton’s investment in development companies. 包括 a. 正进行的土地投资项目的分销价值;b. 由和顿国际集团有限公司及和顿国际集团(美国)公司持有的土地投资项目账面价值;c. 发展公司管理的总资产或和顿于发展 公司的投资。 3. Amount returned is unaudited Canadian dollars and consists of a. Aggregate value of active undivided interest projects b. Book value of land, capitalized construction costs for development structures and cash reserves held by limited partnership and limited liability company entities, and c. Book value of land held directly or indirectly by Walton International Group Inc. & Walton International Group (USA), Inc. 此回报金额未经审计,以加拿大元为单位,并包含以下项目: a. 不可分割权益项目的总价值;b. 由有限合伙公司及有限责任公司持有的土地账面价值、开发项目的资本建设 成本及现金储备;及 c. 直接或间接由和顿国际集团(加拿大)有限公司及和顿国际集团(美国)有限公司持有的土地账面价值 。

Information as of March 31, 2018. 数据截止至2018年3月31日

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THE EVOLUTION OF REAL ESTATE 洞悉房地产发展周期 ˙ 缔造优良房地产投资机遇

Land is transformed into developed real property through five specific stages. Most people are familiar with stage 5 – Developed Real Estate, the “retail end” of the process. Walton’s business model focuses on the first four stages in the Evolution of Real Estate, allowing purchasers to participate at one of the earliest points in the real estate process. These stages have traditionally only been accessible to those who could commit the significant capital necessary to acquire large tracts of land.

纵览房地产发展周期,土地一般需经过5个特定阶段才转变为已建成的房地产 物业。 大多数人对第5阶段 - 房地产的终端零售,即已建成的房地产物业较为熟悉。 和顿的业务模式则专注于房地产发展周期的前四个阶段,令投资者有机会参与房 地产的早期开发过程。传统来说,只有少数持有大量资金可收购大片土地的个体 或机构才可投资房地产的早期开发阶段。

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1

Undevelopment Land 未開發土地

2

Concept Planning 概念計劃

PRE-DEVELOPMENT LAND INVESTMENT 准发展土地投资

3

Horizontal Development 基礎建設

4

Vertical Development 縱向建築

5

Developed Real Estate 已發展的房地產

LAND DEVELOPMENT 土地开发

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WALTON'S BUSINESS: PRE-DEVELOPMENT LAND 和顿业务一: 准发展土地投资 Walton’s pre-development land opportunity focuses on the research and acquisition of undeveloped land parcels in the “Path of Growth”, where land absorption is projected to take place. Through syndication, Walton brings to clients land ownership opportunities that would otherwise be inaccessible to them due to the significant amount of capital and resources involved in the research and acquisition process. The demand for undeveloped properties generally increases as cities expand towards them – this increase in demand, in turn, reflects an increase of land value and potential profit. Our properties have typically been sold to municipalities, developers, and institutional investor syndicates. Clients may receive an offer to sell their lands at any time and receive their sale proceeds once an offer is accepted and closed.

和顿的准发展土地投资业务专注于对位处未来发展路线上,预期将会被市场吸收的未开发土地进行调研及收购。 和顿通过分销模式为客户提供持有土地的机遇。通常只有能够投入大量资金并拥有足够资源进行土地调研及收购活 动的投资者才能参与此项投资,而和顿独特的土地产品结构则能将优质的土地投资机遇带给广大投资者。 鉴于城市不断向外扩张,对城市外围未开发土地的需求亦将愈来愈高,并将延伸至和顿的土地。土地需求的增长, 继而将反映在土地价值及利润的提升上。 一般来说,我们的土地项目会出售予政府、开发商及机构投资者。客户或于任何时候收到及接纳土地收购要约。一 旦离场要约被接纳及成交,投资者便可获得收益。

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WALTON'S BUSINESS: DEVELOPMENT MANAGEMENT 和顿业务二: 开发项目管理 Walton engages in the management of horizontal and/or vertical development activities in partnership with top-tier local, regional and national builders/developers across North America. Development project opportunities are primarily identified from the extensive pipeline of U.S. and Canadian pre-development land assets already under Walton’s administration, and through third-party acquisition opportunities. Master-planned developments managed by Walton are designed in collaboration with local planning authorities and residents for the benefit of all community stakeholders. By forging long-term relationships with national and regional builders in each market where we manage assets, and by leveraging our expertise in land development management, we are able to source, structure and monitor real estate opportunities from pension, institutional, insurance and high-net-worth partners through development partnerships. To date, over 50 local, regional and national homebuilders and developers across North America have been involved in development activities managed by Walton. Our strategic relationships have laid the foundation for additional potential exit opportunities for our investors, with pre-development assets from our North American pipeline being transformed into new communities as market demand fuels growth across North America. We anticipate that these relationships will continue to benefit Walton and our investors for years to come.

和顿与北美地区顶级的全国性、区域性及地方建筑商/开发商合作,从事基础设施建设和/或纵向开发活动的管理。开 发项目的机遇不仅通过第三方获取,主要还来自于已在和顿管理下的、广袤的美国和加拿大准发展土地资产。 和顿管理的综合规划开发项目是与当地规划部门和居民合作设计的,以造福于社区全体利益相关者。通过与和顿管理 资产所在的全国性和地区性建筑商建立长期关系,再凭借我们在土地开发管理方面的专业知识,和顿能够以合伙开发 的方式,从养老金、机构、保险和高净值合作伙伴获取、构建并监控房地产机遇。 到目前为止,已有超过50个全国性、区域性及地方房屋建筑商和开发商参与了和顿管理的开发活动。随着市场需求 推动北美地区增长并带动准发展土地资产转化为新的社区,我们的战略关系为投资者的额外潜在离场机遇奠定了基 础。预计在未来几年,这些战略关系能让和顿与和顿投资者继续受益。

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THE “PATH OF GROWTH” RESEARCH & ACQUISITION STRATEGY 和顿调研及收购策略 -「城市未来发展路线」 The thoroughness of research is one of the most significant variables affecting the success of a pre-development land opportunity. Walton spends a minimum of two years researching and assessing the geographical, economic and financial potential of a region before proceeding to the acquisition of potential land parcels in the Path of Growth. Our top-down research methodology begins with an extensive analysis of the macroeconomics of a Metropolitan Statistical Area and then the growth patterns of a Target Market Area. To assist in the identification of properties, the Path of Growth is digitally mapped out in Walton’s proprietary Geographical Information System by applying over 2,500 layers of data associated of development feasibility. 土地调研的全面性是影响土地项目成功与否的首要因素之一。和顿于收购未来发展路线上的潜力地块之前,会对该地 区的地理、经济和金融潜力等进行至少两年的调研及评估。 和顿采用层层筛选的土地调研方法,首先对大都市统计区宏观经济进行全面考察,继而分析目标市场地区的增长模 式,从而准确定位潜力土地。 为协助定位潜力土地,和顿特有的地理信息系统 (Geographic Information System, GIS) 可利用超过2,500层的开发 可行性相关数据,标识出地区未来发展路线。

FUNDAMENTAL DRIVERS TO LAND ABSORPTION 推动土地吸纳的基本因素

The scale and pace of land absorption is driven by a region’s economic strength. A pro-business and diversified environment encourages job growth, which subsequently leads to population growth while more and more people migrate to the regions to look for better careers. Increases in population leads to demand for affordable housing and in turn results in new land absorption along the path of growth. If these fundamental growth metrics exist, land absorption occurs. 地区的经济实力推动着土地吸纳的规模和速度。 亲商环境鼓励就业,当越来越多人口迁入当地寻求工作机会,便会带动人口增长;人口增长刺激着对可负担房屋的需 求,相应地带来对土地的新一轮吸纳。土地吸纳会在这些基础增长指标得到满足时发生。 JOBS 就业 PRO- BUSINESS & DIVERSIFIED ECONOMY

PEOPLE 人口 IN-MIGRATION 退休人士或优秀人才迁入

多元化经济

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PERMITS 建筑许可证 DEVELOPMENT OF NEW COMMUNITIES

LAND ABSORPTION 土地吸纳 ALONG THE PATH OF GROWTH 市场吸纳可供开发的土地

开发新住宅社区

CREATES GROWTH CORRIDORS

POPULATION GROWTH

BUILDING PERMIT ISSUANCE

NEW LAND DEMAND

创建增长群或增长走廊

人口增长

建筑许可证发放

新土地需求


Strong housing market fundamentals continue to boost land absorption in U.S. • Single-family housing starts have risen to the highest in a decade

U.S. OPPORTUNITY 美国机遇

• Homebuilder sentiment hits highest level in 18 years • Home sales climb to an 11-year high 房地产市场增长基础持续强劲 带动美国土地吸纳量不断递增 • 全美独栋别墅动工量升穿10年高位 • 全美住宅建筑商信心指数触及18年高位 • 全美房屋销售量攀升至11年高位

Source / 资料来源: https://www.bloomberg.com/news/articles/2017-12-19/u-s-single-family-housing-starts-rise-to-highest-in-a-decade; https://www.bloomberg. com/news/articles/2017-12-18/u-s-homebuilder-sentiment-hits-18-year-high-beating-forecasts; https://www.chron.com/business/real-estate/article/U-S-home-salesclimb-to-an-11-year-high-12451787.php#item-85307-tbla-3

2.56 MILLION PEOPLE on average, are projected to be added to the U.S. population each year over the next 5 years, resulting in 1.3 million homes needed annually on average 2, of which 1 million will be single-family homes 3. This translates into approxiately

210,000+ ACRES of land demand

per year - for single-family homes alone. 4

256 万人 ,而房屋需求每年平均将增加130万个单位。 当中100万为独栋别 这意味着仅计算独栋别墅房屋的土地需求,便需要约 210,000 英亩 (约8.5亿平方米)以上的土地。

预计未来5年美国人口每年平均增长达

4

房屋建筑许可证发放量(千)

HOUSING PERMITS (THOUSANDS)

2,500 2,000 1,500 1,000 500

 Total Building Permits2,3,5 建筑许可证总发放量 2,3,5

 Recession Period 经济衰退期

th on Grow Populati 长 人口增

400

350 300

1.3M 130万

250 200

150 100

50 0

美国人口(百万)

 Population Growth1 人口增长1

U.S. POPULATION (MILLIONS)

墅房屋。 3

2

0

Source / 资料来源: 1. US Census Bureau: Projections of the Population and Components of Change for the United States: 2015 to 2060; 2. Household Spread: Big Shifts Ahead – Demographic clarity for Businesses, John Burns; 
3. US Census Bureau New Residential Construction Data 2000 to 2016; 4. Based on 0.2149 acres being consumed for each home. Metrostudy - The “Path of Growth” Land Investment Strategy A White Paper 2014; 5. Metrostudy Quarterly Housing Webcast Series Q2 2017 - Housing Permits will accelerate through 2019;

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OUR COMPETITIVE ADVANTAGE 全方位竞争优势

Walton has the advantage of expertise, regional and local personnel and a comprehensive research and evaluation methodology to strategically and opportunistically acquire properties that fit our investment profile. 和顿拥有专业及经验丰富的团队,以区域及当地的专业人才、全面的研究及评估方式, 策略性地收购符合和顿投资特点的土地。

RESEARCH Walton employs a top-down research methodology that begins with an examination of the macroeconomics of growth and then logically proceeds with increasing specificity through to the microeconomics of a region. Building upon these demographics, market data and development patterns are examined to identify those corridors that are best suited to absorb future growth. Our land research and selection methodology is the value proposition that we bring to investors. 土地调查及研究 和顿采用自上而下、层层筛选的研究方法来挑选土地,首先考察宏观经济增 长因素,进而分析地区的微观经济因素。基于这些人口统计资料,再对市场 数据和发展模式加以考察以识别出最适合于吸纳未来增长的地区。和顿的土 地调查及研究方法一直秉持着为投资者带来价值的主张。

DIVERSIFIED ASSET ALLOCATION With land assets located in 19 major growth corridors across North America, Walton administers a broadly diversified real estate portfolio that enables us to seize real estate investment opportunities and partnerships throughout various stages of the Real Estate Life Cycle. In addition to geographical dispersion, Walton’s asset portfolio includes a wide range of property types, including single and multifamily residential, industrial, and commercial etc. 多元化的资产配置 和顿的土地资产遍布北美地区19个主要的经济增长走廊,并管理着多元化的 房地产投资项目,使我们能够在房地产生命周期的各个阶段抓住投资机会及 与合作伙伴建立战略合作关系。和顿的土地项目涵盖了广泛的用途(包括独 栋别墅、公寓房在内的住宅、工业和/或商业等项目)。

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REGIONAL EXPERTISE AND LOCAL PRESENCE Walton employs regional development land use professionals in each region where land is acquired. These employees have local expertise and relationships that give Walton a competitive advantage. 区域专家及本地业务 和顿在收购土地的各个地区均聘有当地土地开发专家,他们具备丰富的当地 工作经验和人脉关系,为和顿带来竞争优势。

BUILDER AND DEVELOPER RELATIONSHIPS Over the past 38 years, Walton have forged long-term relationships with national and regional builders in each market where we manage assets, and we will continue to maintain dialogue on supply and demand with builders, where they have interest, and pricing levels which provide key insights into project selections and economic models. 与开发商及承建商的关系 过去38年,和顿已经与所持项目所在市场的多家全国性或区域性大型开发商 及建筑商建立了长期的良好合作关系。我们将与建筑商进行持续对话,了解 其需求情况,并就其定价水平,提供项目选择及财务模型的重要见解。

INSTITUTIONAL PARTNERSHIPS By employing patient capital and leveraging our core expertise in Pre-Development Land, Horizontal Land Development and Vertical Development, Walton is able to source, structure and monitor real estate opportunities from pension, institutional, insurance and high-net-worth partners in pre-development and development programs. 机构合作伙伴 通过可作中长线投资的资本,并充分利用我们于准发展土地、横向土地开发 和纵向开发方面的核心专业知识,和顿已经能够通过准发展项目及开发项 目,从退休基金、机构、保险公司和高净值合作伙伴处寻找、组织和监测房 地产的机遇。

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OUR ASSETS 目标地区 ˙ 规范严选

106,000 acres of land in 19 metropolitan areas across Canada and the United States. Walton is currently administering over

目前,和顿在北美的土地资产超过 106,000英亩 (约4.3亿平方米), 遍布美国及加拿大 19个大都会区 。

Edmonton / 爱民顿 Calgary / 卡加利 Ottawa / 渥太华

Toronto Region / 多伦多地区 Denver Metro / 丹佛都会区

Washington D.C. Metro / 华盛顿特区

Southern California / 南加里福尼亚州 Phoenix / 凤凰城 Nashville / 维什维尔

Dallas / 达拉斯 Austin / 奥斯汀

Okaholma City / 俄克拉荷马城

Houston / 休斯顿

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Chicago Metro / 芝加哥都会区 Charlotte / 夏洛特 Greenville-Spartanburg / 格林维尔 - 斯帕坦堡 Atlanta / 亚特兰大 Jacksonville / 杰克逊维尔 Orlando / 奥兰多


Acres Under Administration 1 / 旗下土地面积 1 Target Regions / 目标地区 Phoenix / 凤凰城

48,131,491

Southern California / 南加里褔尼亚州

1,889

7,645,004

Denver / 丹佛

2,544

10,295,778

Central Florida / 佛罗里达州

5,767

23,337,392

Jacksonville / 杰克逊维尔

1,277

5,165,898

11,690

47,306,903

82

330,143

Washington D.C. / 华盛顿特区

6,614

26,768,361

Charlotte / 夏洛特

7,485

30,289,816

Greenville-Spartanburg / 格林维尔 - 斯帕坦堡

465

1,879,807

Oklahoma City / 俄克拉何马城

404

1,633,960

1,209

4,891,440

Austin / 奥斯汀

11,433

46,268,236

Dallas / 达拉斯

20,261

81,993,997

1,458

5,900,403

84,470

341,838,628

Calgary / 卡加利

2,686

10,867,883

Edmonton / 爱民顿

6,293

25,467,133

10,072

40,757,950

3,173

12,841,658

Canada Total / 加拿大总面积

22,223

89,934,624

Total Area / 总面积

106,693

431,773,253

Chicago / 芝加哥

Nashville / 纳什维尔

Houston / 休斯顿 U.S. Total / 美国总面积

Canada 加拿大

m 2 / 平方米

11,894

Atlanta / 亚特兰大

U.S. 美国

Acres / 英亩

Toronto / 多伦多 Ottawa / 渥太华

1. Approximate as of March 31, 2018. 截至2018年3月31日的估算。

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INVESTMENT JOURNEY 投资历程‧多重保障‧安全护航

The Pre-development Land Investment can be divided into 4 stages: 准发展土地投资可分为四个阶段:

1 DUE DILIGENCE & ACQUISITION PROCESS / 尽职调查及收购流程 Walton utilizes a multi-layered due diligence approach to the acquisition of land. We typically spends 2 years of land research around the vicinity where the property is located prior to acquisition. This includes conducting extensive environmental, geographic, political, economic and other property due diligence to gain a comprehensive understanding of the land and its potential for future growth and development. Prior to the land syndication to inventors in the property, Walton purchases the property as principal, and settles the purchase price in cash, free of debt. 和顿采用以多层数据分析的尽职调查方法来收购土地。和顿通常会花上至少两年时间在项目附近进行土地调研,当中 包括进行广泛的环境、地理、政治、经济和其他项目的尽职调查,以全面了解土地及其未来增长和发展的潜力。 于亚洲销售准发展土地项目前,和顿会以现金方式先购入土地资产,并免除债务。

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2 LAND SYNDICATION / 土地分销 Walton structures medium to long-term real estate investments for sale to qualified investors worldwide through our valued business partners and has a well-established sales process offering all-round marketing support to our business partners, including: - Regular Events & Seminars - Business Partner Login via our Corporate Website - Social Media Updates - Media Exposure in Major Platforms Worldwide Key investment features during syndication includes: CO-OWNERSHIP STRUCTURE Walton syndicates the pre-development projects in the form of UDIs to qualified investors and generally offers up to 95% of the tenant-in-common interests to purchasers, and retains minimum 5% of UDIs in the property. ADMINSTRATIVE CONVENIENCE Landowners appoint Walton as the agent to carry out property maintenance, administrative and marketing services with respect to the Property on behalf of them, and to conduct the approved Planning Activities on the Property. INVESTMENT SECURITY - Direct Ownership: Freehold Land with title/deed registered in land Registry Office - Landownership security assured by First American Title Insurance Company - Online Title Search: Through FATCO email enquiries or local county property assessment site

和顿通过与重要的商业合作伙伴向全球合资格的投资者出售中长期的房地产投资。和顿拥有完善的销售流程,为我们 的合作伙伴提供全面的营销支持,当中包括: - - - -

定期举办活动和研讨会 在和顿企业网站上设置合作伙伴的帐户 社交媒体定期更新 全球主要平台的媒体曝光

主要投资特点包括: 共同所有结构 和顿以不可分割权益 (UDI) 形式将准发展土地项目分销予亚洲投资者。一般而言,和顿会向购买者出售高达 95%的分权共有利益,并保留至少5%的 UDI。 行政便利 土地持有人委托和顿为代理人,代表他们就该项目进行维修、行政及市场推广服务,并进行已经批准的规划 活动。 投资保障 - 以个人名义记录的地契 (县政府将记录有关文件作实) - 认可产权保单 (全球最大产权保险公司发出的产权保单确保产权的合法性) - 土地产权查证 (透过第一美国产权保险公司查询或当地县市在线查证服务进行土地产权查证)

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3 LAND HOLDING PERIOD / 土地持有期间 PLANNING ACTIVITIES Following the acquisition of our pre-development properties, Walton carries out the pre-approved planning activities for the properties on behalf of the owners. Walton seeks to advance planning and entitlement approvals for each property. INVESTOR COMMUNICATIONS We are committed to keeping our investors informed. On an annual basis, Walton delivers personalized project update information to all landowners, providing detailed updates on the advancement of concept planning activities, completed actions and the next steps, as well as information on the economic environment and market activity within each region where the clients’ land assets are located.

规划活动 和顿收购准开发土地后,会代表持有人为项目进行预先批准的规划活动,并会获取每个项目的规划和土地发展流程审 批的批准。 与投资者沟通 和顿致力让我们的投资者了解项目的最新情况。和顿每年向所有 UDI 持有人提供专属的项目更新进程,包括关于概 念规划活动的进展情况、已完成活动和后续步骤的详细信息,以及客户 UDI 项目所在的每个区域内经济环境和市场 活动信息。

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4 EXIT & INVESTMENT RETURN / 离场和投资回报 Landowners may receive offers for the land at any time. Below are the main steps involved: VOTING PROCESS Upon receipt of an offer, a Walton representative will present and explain the details to landowners for their consideration and voting. In order to sell the property, an aggregate of 60% of the property UDI investors are required to vote in favor of the Offer received (with a minimum 30% Quorum). RETURN OF INVESTMENT Upon the sale of the Property, each UDI owner will sell their land, as principal, and receives a capital return based on the difference between the original purchase price and the sale price of their UDI. HASSLE-FREE PROCEDURES UPON EXIT - Walton: Acting as withholding agent to prepare Tax Withholding on behalf of landowners. - FATCO: Assist with the title transfer upon exit - Optional 3rd Party Tax Consultant: Assist with tax filing process

土地持有人或者会随时获得土地收购建议。以下是项目离场的主要步骤: 投票程序 当接获离场收购建议时,和顿代表会呈送离场收购建议文件予土地持有人,通知土地持有人收购建议内容。收购建议 必需要有超过三成 UDI 持有权进行了投票,并在收回的总票数中获得六成或以上的「赞成」票才能通过。 投资回报 项目出售时,每位 UDI 持有人将以独立和不同的持有人身份出售土地,并获得收购价格与 UDI 购买价差价之资本回报。 无顾虑的离场程序 - 和顿:作为税款扣缴义务人代表土地持有人准备预扣税项 - FATCO: 离场时协助土地所有权的转让 - 第三方税务顾问: 协助税务申报流程

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OUR LEADERSHIP 资深团队‧各尽其才 WILLIAM (BILL) DOHERTY Chief Executive Officer | Walton Global Investments 首席执行官 | 和顿环球投资有限公司 Bill Doherty heads the Walton Group of Companies as Chief Executive Officer of Walton Global Investments Ltd., and is an actively-involved director and executive with several Walton affiliates. Since the early 1990’s, Bill has been central to the Walton Group’s strategic direction, expansion efforts and long-term growth strategy. He has led the recruitment of a growing team of knowledgeable professionals and expanded and diversified Walton’s land portfolio. Under Bill’s leadership, Walton continues to grow. Today, Walton has CAD 5.2 billion of assets under management including over 106,000 acres of land and 21 development projects throughout North America. 作为和顿环球投资有限公司的首席执行官及多个和顿集团子公司的董事及高级管理层,自 1990年以来,Bill.一直是领导着集团战略方向、扩张及长期增长策略。他不断招募拥有专 业知识的人才,并拓展土地,使和顿的土地投资组合变得更多元化。在.Bill.的领导下,和 顿集团持续增长。目前,和顿持有$52亿加元的管理资产,包括超过106,000英亩的土地和 21个横跨北美的开发项目。

JOHN PLASTIRAS Executive Vice President, Real Estate | Walton Global Investments 执行副总裁, 房地产 | 和顿环球投资有限公司 John leads Walton’s activities in real estate planning, approvals and development. John has more than 33 years of successful private and public sector experience. He is also a member of Urban Land Institute and The American Planning Association in the USA as well as the Urban Development Institute in Canada. He joined Walton in 2005 and currently sits on the Board of Directors for Walton Capital Management Inc. John.负责领导和顿房地产规划,审批和开发相关的各项活动。John.在房地产业的公私 营部门各领域拥有33年从业经验,尤其在土地规划和开发方面。John.是加拿大城市发展 研究院 (UDI)、美国城市土地研究院 (ULI) 及美国规划学会的成员。John.在2005年加入和 顿,目前是和顿资本管理公司的董事会成员。

DOUG DONALD Senior Vice President of Real Estate Acquisition and Disposition | Walton Global Investments 房地产收购及配售高级副总裁 | 和顿环球投资有限公司 Doug is responsible for leading the Western Canadian Research and Acquisition team and assisting the Executive Vice President of Land Research and Acquisitions in providing an in-depth analysis of U.S. real estate. Doug provides guidance on the political, technical and environmental constraints that may be associated with an area of interest to Walton. Doug joined the Walton Group of Companies in 2007 as Manager of Land Research and Acquisition for North Texas. Doug.负责领导加拿大西部研究及收购团队,向执行副总裁提供对美国房地产市场的深入 分析以协助土地调研及收购。Doug 对与和顿相关的政治、技术和环境限制方面提供指引。 Doug 于2007年加入和顿集团,担任德克萨斯州北部土地研究及收购经理。

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RYAN J. KRETSCHMER General Counsel, EVP, Law and Chief Operating Officer | Walton Global Investments 法律总顾问、执行副总裁(法律)及首席运营官| 和顿环球投资有限公司 Ryan is General Counsel and Executive Vice President, Law for the Walton International Group (USA), Inc. (“WIGI”), overseeing and managing all legal affairs in and relating to the U.S. In that capacity, Ryan manages an in-house organization of legal professionals, develops and oversees U.S. systems and protocols and provides legal assistance to WIGI on an integrated basis. He is responsible for federal and state regulatory and compliance matters, including providing advice to senior management on areas of risk and mitigation. In this role, he works with Walton Group of Companies (“Walton”) colleagues in Canada, Asia and Europe. 作为和顿国际集团(美国)有限公司法律总顾问及执行副总裁(法律),Ryan.监督和管理集 团在美国的所有法律事务,管理集团内部法律专业团队,负责开发和监督美国集团法律系 统和规约,并为公司提供综合法律意见。Ryan.也负责联邦和州政府对集团的监管和法规事 宜,包括向高级管理层提供风险和缓解风险方面的建议。作为和顿美国法律总顾问,他需 要与和顿集团在加拿大、亚洲和欧洲的同事共同合作。

TONY DEEGAN President | Walton International Group Inc., Canada 总裁 | 和顿国际集团有限公司(加拿大) Tony collaborates with WGI, Walton Development and Management L.P. and Walton’s partners in business. Tony is also responsible for promoting Walton’s prospectusbased products to IIROC brokers across Western Canada. In addition, he focuses on a number of corporate initiatives including efforts in building relationships with lending institutions to meet the Walton Group of Companies’ existing and future financing requirements. Tony.与和顿国际集团有限公司(加拿大)、和顿发展及管理有限公司(加拿大)及其他商业伙 伴通力合作。Tony 负责向加拿大西部加拿大投资业监管组织 (IIROC) 经纪人推广和顿的招 股产品。此外,他还专注提倡企业倡议,包括与贷款机构建立关系以满足和顿集团公司现 有和未来的融资要求。

TODD WOODHEAD Executive Vice President, Business Development, USA & President | Walton Securities Inc. 执行副总裁,业务发展(美国)及总裁,和顿证卷有限公司 Todd oversees all U.S. Sales operations. He is primarily responsible for managing and leading the U.S. sales organization in achieving revenue goals, maintaining and building advisor relationships and providing best-in-class investments to Walton’s clients. He joined Walton in 2007 as Vice President of Sales and was promoted to Western Regional Sales Director in 2009. Prior to joining Walton, Todd gained more than 20 years of sales experience in both the financial and high-tech markets. As a Regional Sales Manager for a Fortune 500, high-tech firm in northern California, he was responsible for managing the west coast sales team. Todd 负责美国所有销售业务。他主要负责管理和领导美国销售团队以确保集团收入达标、 维护和建立与投资顾问的关系,并为和顿的客户提供最佳的投资选择。他于2007年加入和 顿担任销售副总裁,并于2009年晋升为美国西部区域销售总监。加入和顿前,Todd.在金 融和高科技市场拥有超过20年的销售经验。作为北加利福尼亚州一家《财富500强》高科技 公司的区域销售经理,他负责管理西岸的销售团队。 27


CRAIG DICKIE President | Walton Development and Management, Canada 总裁 | 和顿发展及管理有限公司(加拿大) Craig leads the WDM Canada team, managing 15 developments, encompassing nearly 4,800 acres, and over 19,000 acres of land in various stages of the planning approval process throughout Alberta and Ontario. Before joining Walton, Craig spent more than seven years as a land development consultant and project manager with two established consulting firms, assisting clients with residential, multi-family and industrial projects, comprising more than 1,000 acres of development experience. Craig holds a Bachelor of Science degree in Civil Engineering from the University of Calgary, and maintains his professional engineering status in the province of Alberta. Craig 领导着和顿发展及管理有限公司 (加拿大) 团队,管理着15个开发项目,包括近4,800 英亩土地,以及在亚尔伯达省和安大略省处于规划审批流程中各个阶段的19,000多英亩土 地。在加入和顿前,Craig.作为土地开发顾问和项目经理为两家著名的咨询公司工作了超 过七年,协助住宅、公寓房住宅和工业项目的客户,其中包括超过1,000英亩土地的开发经 验。Craig 拥有卡加利大学土木工程理学士学位,并在亚尔伯达省具备专业工程师身份。

ED FLEMING President | Walton Development and Management (USA East Region) 美国东部地区总裁 | 和顿发展管理(美国)有限公司 Ed is responsible for managing the day-to-day operations for Walton’s eastern U.S. development projects, which includes the Washington DC area, Florida, the Carolinas, Georgia and Nashville. Prior to joining Walton, Mr. Fleming served in the United States Army for over 25 years. His military career culminated with an assignment as the Executive Director of Civil Works and Emergency Operations for the US Army Corps of Engineers where he oversaw a 194-person directorate and managed the Nation’s USD 5.4 billion civic works program comprised of infrastructure with a capital stock value of USD 192 billion. Ed.负责管理和顿在美国东部发展项目的日常运营,其中包括华盛顿特区、佛罗里达州、 南北卡罗来纳州、乔治亚州和纳什维尔。在加入和顿前,E d. 曾在美国军队服役超过2 5 年,担任美国陆军工兵部队的土木工程及紧急行动执行总监,达到他军事生涯的高峰期。 当时他负责监督一个194人组成的董事会,并管理着美国$54亿美元的市政工程计划,其基 础设施资产总值为 $1,920亿美元。

JOHN VICK President | Walton Development and Management (USA West Region) 美国南部地区总裁 | 和顿发展管理(美国)有限公司 John is responsible for managing Walton’s operations in Texas, Arizona, California and Chicago. He manages the entitlement process for residential, commercial and industrial projects, including both new master plans and existing developments, collaborates with agencies, governments, landowners and stakeholders, and participates in the land acquisition process. Prior to this role, John was the Regional President of the East Region where he kicked off Walton’s first U.S. development projects. John负责管理和顿在德克萨斯州、亚利桑那州、加利福尼亚州和芝加哥的业务。John 负责 管理住宅、商业和工业项目的土地发展流程审批程序,包括新的综合规划和现有的发展, 与各机构、政府、土地持有者和利益相关者合作,并参与土地收购过程。在担任这个职位 之前,John 曾担任美国东部地区的区域总裁,协助展开了和顿在美国的首批发展项目。

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MIKE MAIER Chief Financial Officer | Walton Development and Management, Canada 首席财务官|和顿发展及管理有限公司(加拿大) Mike is responsible for the financial operations including budgeting and financing for WDM. He is also responsible for relationship management, as the first point of contact for current and potential development project financial partners including providing support for other departments within Walton whom work with financial institutions. Prior to assuming his current role, Mike held the position of Vice President, Corporate Finance for Walton Asset Management L.P. Prior to that, Mike was Assistant Vice President, Commercial Banking for HSBC Bank Canada. Mike 负责和顿发展及管理有限公司 (加拿大) 的财务运作,包括财政预算和融资。他还负责 关系管理,作为当前和潜在发展项目金融合作伙伴的第一联系人,包括为和顿内部与金融 机构合作的其他部门提供支持。在担任现任职务之前,Mike.曾担任和顿资产管理公司财务 部副总裁。此前,Mike.曾担任加拿大汇丰银行商业银行业务助理副总裁。

GARY TOM | 谭永恒 President (Asia) | Walton International Group Limited 亚洲区总裁 | 和顿国际集团 Gary is responsible for all aspects of Asia operations, including managing operational and sales duties and developing overall strategies. Prior to joining Walton in 2000, Gary was a Senior Engineer at TransCanada Pipelines. Gary graduated from the University of Saskatchewan with honors, earning separate degrees in Electrical Engineering and in Computer Science. He also holds a Canadian Securities certification and mortgage broker license. Gary 负责亚洲区运营事务的各个范畴,包括管理运营和销售、通过控制预算和费用确保盈 利、以及维持投资额及收入。加入和顿前,Gary 在 TransCanada Pipelines 担任高级工程 师。Gary 以优异成绩毕业于 University of Saskatchewan,分别获得电子工程学和计算机 科学双学位。此外,他还拥有加拿大证券课程证书和贷款按揭经纪人执照。

STANLEY KUNG | 龚兆威 Senior Vice President | Walton International Group Limited 高级运营副总裁 | 和顿国际集团有限公司 Stanley Kung joined Walton Hong Kong in 2003 and crossed over to the Singapore office in 2006, where he played an integral part in establishing Asia’s Client Services team. In 2007, Stanley returned to Hong Kong where he currently provides overall direction and guidance on operational activities for Walton Hong Kong. Stanley holds a Masters in Financial Management from London University and a Bachelor of Arts in Economics from the University of Ottawa, Canada. Stanley.于2003年加入和顿香港,2006年调任新加坡办事处,负责成立亚洲客户服 务团队。2007年,Stanley.迁回香港,目前为和顿香港的运营事务提供方向和全面指 引。Stanley 获得伦敦大学财务管理硕士学位,以及加拿大渥太华大学经济学学士学位。

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CONTACT INFORMATION / 联络我们 GLOBAL HEAD OFFICE | CALGARY 全球总部 | 卡加利 21 Floor, Sun Life Plaza, West Tower, 144 – 4th Avenue SW, Calgary, Alberta, Canada T2P 3N4 Main: +1.403.265.4255 st

U.S. OFFICE | 美国办事处 SCOTTSDALE / 斯科特斯戴尔 14614 North Kierland Blvd., Suite 120, Scottsdale, Arizona, United States 85254 Main: +1.800.959.6048

ASIA OFFICE | 亚洲办事处 HONG KONG / 香港 Suite 4503, 45/F., The Center, 99 Queen’s Road Central, Central, Hong Kong Main: +852.2311.2103 Fax: +852.2316.2995 Toll-Free: 400.120.3096 SINGAPORE / 新加坡 9 Raffles Place, #35-01/02, Republic Plaza 1 Singapore 048619 Main: +65.6438.1533

DALLAS / 達拉斯 Suite 710, Two Lincoln Centre, 5420 LBJ Freeway, Dallas, Texas, United States 75240 Main: +1.972.713.0000 AUSTIN / 奥斯汀 Oak Terrace Office Condos, Building 4, Suite #4200, 9811 South IH-35, Austin, Texas, United States 78744 Main: +1.512.347.7070 WASHINGTON D.C. / 华盛顿特区 8000 Westpark Drive, Suite 430, McLean, Virginia, United States 22102 Main: +1.703.677.9068 Canada Head Office, Calgary / 加拿大总部, 卡加利

Austin / 奥斯汀

Hong Kong / 香港

Scottsdale / 斯科特斯戴尔

Dallas / 达拉斯

Washington D.C. / 华盛顿特区

Singapore / 新加坡

2018 Walton Brand Book_EN&SC  
2018 Walton Brand Book_EN&SC