Rating date Rating Score

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1 FERI Real Estate Fund Rating Rating date Rating Score September 30, 2013 A Very good 67 has performed ratings for countries, sectors and companies, capital markets, real estate markets, properties, and funds for over 20 years. The rating methodologies developed by FERI deliver a future-oriented assessment. The various ratings are based on consistent forecasts for all relevant markets and sectors. The FERI rating for open-ended real estate funds is based on an assessment of the funds performance, real estate portfolio, financial structures, and management quality. This assessment is made with the help of a comprehensive catalog of criteria. The individual criteria are aggregated to produce a score corresponding to one of ten ratings, from AAA to E. Disclaimer: The validity of the rating presented here is limited to the date on which it was made. It serves third parties as information only and does not represent investment advice or a recommendation or invitation to invest. This is a condensed version of the FERI real estate fund rating. Only the full rating report is binding. FERI EuroRating Services AG does not accept any liability towards third parties. Fund name Name of investment company Fund profile WKN ISIN KanAm Grund Kapitalanlagegesellschaft mbh MesseTurm Frankfurt am Main, Germany DE Launch date July 15, 2013 Fund assets (EUR) Distribution starts in Q4/2013 Real estate assets (EUR) of which held directly of which held via real estate companies Investment performance p.a. Investment performance over 3 years p.a. Investment performance over 5 years p.a. Volatility (over 3 years) Newly launched Newly launched Newly launched >3.0% (target return) >3.0% (target return) >3.0% (target return) Sharpe ratio Tracking error Peer group Global open-ended real estate funds Haus am Park Rathausplatz Bad Homburg, Germany Phone: +49 (0) Fax: +49 (0) fer@feri.de Country allocation* Allocation by type of use** *based on market values Investment profile Based on sample portfolio: Germany 47% Belgium 28% United Kingdom 19% France 6% Based on sample portfolio: Office 68% Retail/catering 32% ** based on net rental income for the year Page - 1 -

2 FERI Real Estate Fund Rating Rating criteria Weighting Score Rating Commentary Overall rating 100% 67 A Very good Performance 25% 73 AA Excellent Return 70% 74 AA Excellent Risk 30% 72 AA Excellent Real estate portfolio 50% 62 A Very good ( ) Attractiveness of locations Attractiveness of properties 30% 63 A Very good ( ) 25% 66 A Very good Portfolio risk 30% 58 B+ Good Valuation risk 15% 60 B+ Good Financial structures 25% 73 AA Excellent Capital structure 50% 74 AA Excellent Income risks 40% 73 AA Excellent Fungibility of units 10% 66 A Very good Rating date September 30, 2013 Page - 2 -

3 Performance Rating result Rating Score Performance (25%) AA Excellent 73 Return (70%) AA Excellent 74 Risk (30%) AA Excellent 72 Brief commentary The fund was launched on July 15, 2013: All statements made here relate to the objectives and forecasts of KanAm Grund Kapitalanlagegesellschaft mbh, which were communicated to FERI EuroRating Services AG via a comprehensive questionnaire and in extensive discussions. The evaluation of the return is based on a comprehensive assessment and reasonableness review of the assumptions. The starting point was a sample portfolio created by KanAm Grund, containing six properties and real estate assets of approximately EUR 250 million. The sample portfolio comprises properties that are currently being traded on the market. The assumed purchase prices could be realized. As well as checking the reasonableness of the assumed initial returns, the rental increase rates, the assumptions about management costs, and financing costs were also reviewed. As a result, the 3% target return for can be confirmed as a realistic forecast. On the basis of this forecast, the fund is in the top third of its peer group. The management of KanAm Grund has proven with its predecessor funds that it can deliver tax-optimized products. It can be assumed that a large proportion of the distributions made by will also be tax-free. The risk assessment is also based on the sample portfolio. Since the fund is aiming to allocate investments exclusively to very well-developed real estate markets, and also to invest solely in core and core plus properties, volatility can be assumed to be similar to that of the peer group. Tracking error which measures the performance of an investment fund against its benchmark has been assumed to be the average for the peer group. The risk of loss is measured in terms of the number of months in which performance below inflation, or negative performance, is recorded. Based on the assumptions given, the risk of loss is considered to be low. Overall, the fund has achieved an excellent rating. It appears to be in a position to generate the performance while incurring a low level of risk. Performance Return Risk Performance components E- E D- D C B B+ A- A A+ AA AAA Analysis of strengths/weaknesses + Excellent performance expectations + Tax optimization potential + Excellent risk positions - Assessment based solely on the investment strategy and the sample portfolio Page - 3 -

4 Real estate portfolio Rating result Rating Score Real estate portfolio (50%) A Very good ( ) 62 Attractiveness of locations (30%) A Very good ( ) 63 Attractiveness of properties (25%) A Very good 66 Portfolio risk (30%) B+ Good 58 Valuation risk (15%) B+ Good 60 Brief commentary The fund was launched on July 15, 2013: All statements made here relate to the objectives and forecasts of KanAm Grund Kapitalanlagegesellschaft mbh, which were communicated to FERI EuroRating Services AG via a comprehensive questionnaire and in extensive discussions. The evaluation methodology for the real estate portfolio is as follows: The fund management makes investment decisions with the help of two models. First, locations are assessed using the so-called C-Score Model. This involves evaluating the development opportunities for 124 cities in 38 countries, using comprehensive statistical data, in terms of three factors: structure, location, and real estate market. This results in a list of potential investment locations. The second model is called the Property Selection Model. It involves two stages. In the first stage, potential investment properties are assessed in terms of factors such as microlocation, property quality, tenants, and performance. In the second stage, the implications of a purchase are examined at the portfolio level with regard to the portfolio structure, strategic allocation, financial structures, and key performance figures. This procedure was also used to create the sample portfolio, which FERI took as the basis for evaluating the quality of the real estate portfolio. The properties are all of a high quality and three of them have received sustainability awards. Most of the leases are long term. Properties with medium-term leases demonstrate good follow-on leasing prospects. Real estate portfolio Attractiveness of locations Macrolocation Microlocation Attractiveness of properties Building quality Vacancies Expiring leases Portfolio risk Location concentration Fungibility Tenant concentration Valuation risk Real estate portfolio components E- E D- D C B B+ A- A A+ AA AAA Analysis of strengths/weaknesses + Excellent microlocations - Assessment based on a sample portfolio + High property quality Page - 4 -

5 Financial structures Rating result Rating Score Financial structure (25%) AA Excellent 73 Capital structure (50%) AA Excellent 74 Income risks (40%) AA Excellent 73 Fungibility of units (10%) A Very good 66 Brief commentary The fund was launched on July 15, 2013: All statements made here relate to the objectives and forecasts of KanAm Grund Kapitalanlagegesellschaft mbh, which were communicated to FERI EuroRating Services AG via a comprehensive questionnaire and in extensive discussions. The Kapitalanlagegesetzbuch (KAGB German Investment Code), which prescribes mandatory minimum holding periods and in particular a 12-month notice period, has a positive effect on the free liquidity required. Since unit redemptions are announced 12 months in advance, the fund s liquidity requirements decrease. The fund s debt ratio is restricted by law to a maximum of 30% of real estate assets. It is expected that this ratio will be exhausted at the start of the fund, but that it will later be reduced to around 25%. This resulted in a very good rating for the capital structure. With regard to yield risk, cost structures and the approach to exchange rate risks are considered. The management fee for is to be 0.80%. In the event that the fund is exposed to exchange rate risks, the plan is to hedge these completely by taking out loans in the foreign currency and through the use of forward exchange transactions. The fungibility of units component rates the ability to surrender unit certificates. Due to the structure of the fund, the minimum holding period and/or the notice period must be observed; suspensions of unit redemption above and beyond this are not to be expected. Financial structure Capital structure Liquidity Financing Cash inflows and outflows Yield risk Cost structures Taxes Exchange rate risks Fungibility of units + Better liquidity planning options under KAGB due to notice period + No unhedged exchange rate risks Financial structure components E- E D- D C B B+ A- A A+ AA AAA Analysis of strengths/weaknesses - Assessment based on assumptions and forecasts Page - 5 -

6 Contact Haus am Park Rathausplatz Bad Homburg Germany Phone: +49 (0) Fax: +49 (0) fer@feri.de Disclaimer This report contains information, analysis, forecasts and concepts that serve only your non-binding information. The report is not a tax, legal or other advice and does not constitute an offer for the management of assets or recommendation / advice on asset dispositions. The report has been prepared on the basis of subjective assessments by us. Some information contained in the report is based on and / or derived from information which has been provided by independent third parties. We always act on the assumption that such information is accurate and complete and comes from trusted sources. A guarantee for the correctness and completeness of the information contained in the presentation will not be borne by us. The report does not replace individual advice. Anyone interested should make any decision only after carefully considering the risks associated with a particular contract and seek legal and tax advice and if necessary - other advice. We do not take over any responsibility towards either the recipient of this report or third persons in respect of actions that are taken on the basis of this report. Feri EuroRating Services AG Seite - 6 -