Taurus Investment Holdings, LLCTaurus Investment Holdings, LLC (“Taurus”) is a global investor, developer, and operator with a perva-sive regional market network that leverages its diversi�ed capital and operational infrastructure to capi-talize on exclusive commercial real estate opportunities.

Since its formation in 1976, Taurus has developed a fully integrated organizational model that is gearedtowards value maximization at all phases of the investment lifecycle. �e combination of local marketintelligence and transactional know-how with a robust, global capital pipeline assures the insight and theagility necessary to secure premium opportunities. A centralized, cross-disciplinary operational platformoptimizes subsequent value creation and risk management.

Taurus was founded in Munich, Germany and is headquartered in Boston, Massachusetts. It is a trustedpartner for European, U.S. and other select international high net worth individuals and institutionalinvestors. With its local presence in 15 markets on three continents, Taurus o�ers its clients access to adiversi�ed pool of investment opportunities.

�roughout North America and Europe, Taurus is consistently recognized as one of the premier owner-operators of both directly managed and joint venture commercial real estate. To date, Taurus haspurchased and sold more than 20 million square feet (1.8 million square meters) of residential, o�ce,industrial, retail and other commercial real estate assets throughout the world with a total acquisitionvalue of over $3 billion.

�e Taurus Advantage

Our People

Prof. Lorenz Reibling

Peter A. Merrigan

Günther Reibling

Principals

As co-founder, Chairman and Senior Partner of Taurus, Lorenz is focused on thedevelopment and nourishment of international relationships with investors andproduct sources predominantly in Taurus’ non-U.S. related businesses. He is afrequent speaker at real estate conferences, and an advisor to the renowned MIT/CRECenter of Real Estate in Cambridge, Massachusetts. As Chairman of Taurus, Lorenzalso acts as a spokesperson for the �rm. Lorenz has been involved in hundreds ofcommercial real estate transactions since 1979.

As CEO and co-founder of Taurus, Peter de�nes the overall strategy of the companyand oversees its execution. Peter has negotiated, structured and closed more than$3 billion worth of complex real estate transactions, spanning over 20 years innumerous U.S. states and 9 countries. Peter capitalizes on entrepreneurialopportunities and executes economically viable projects that yield long-term value forboth investors and communities.

As EVP, COO, and co-founder of Taurus, Günther oversees origination anddevelopment activities of new projects, including underwriting and acquisition. Inaddition, Günther manages the German operations and investors in particular. He hasmanaged real estate construction, development, and sales since 1971. In 1976,Günther and partners formed TBG Taurus Bau GmbH, a Munich-based developmentcompany. In 1979, Günther was the �rst of the Taurus group to come to the U.S. toexplore development opportunities.

Senior Management

Erik R. RijnboutAs President of Taurus, Erik oversees the daily operations of Taurus worldwide, is responsible forTaurus’ Portfolio Management, consults on all new business initiatives and oversees investmentstructuring �nancing, and asset management. In addition, Erik serves on the boards of the Europeaninvestment funds and acts as the relationship manager for the European institutional clients. Erik hasprior experience as Vice President of Finance at DSF Group, and at Royal Dutch/Shell Pension Fund.He currently serves as Treasurer of the Netherland-America Foundation, Boston Chapter.

Linda KassofAs CFO, Linda is responsible for cash management, forecasting, variance, property auditing, and taxpreparation supervision, as well as investor return and �nancial statement analysis. Linda has servedon multiple Boards of Directors, including �e Florida Association of Realtors, and �e Greater Ft.Lauderdale Association of Realtors. As President and Treasurer of the Society of CommercialRealtors for Greater Ft. Lauderdale, she has extensive experience with Florida real estate. Linda serveson the Boards of the European Investments for Taurus.

Taurus Corporate Headquarters ∙ 22 Batterymarch Street ∙ Boston, MA 02109 ∙ 617.357.4440 ∙ TIHoldings.com

James H. DerMinasianAs Senior Vice President of Taurus Management Services, Jim is responsible for the organization andlong-term strategic planning of the Taurus property management group. His responsibilities includeoversight of �nancial reporting, leasing and construction management, supervision and developmentof sta� as well as the implementation of standard operating procedures. Jim is also actively involvedin the acquisition underwriting process and business plan execution. He has been active in asset andproperty management for over 20 years and has signi�cant investment and leasing transactionexperience. Previously, Jim served in management positions with Novare Group, Prudential RealEstate Investors (PREI) and TMW Real Estate.

Allison R. WalkAs Senior Vice President of Taurus’ private client group, Allison is responsible for the management ofthe Company’s investor relations and for building Taurus’ network of both institutional and high networth equity partners. She brings over 25 years of experience in structuring �nancial solutions for awide range of clients. Prior to joining Taurus, Ms. Walk was a senior �nancial advisor in the Bostono�ce of Bernstein Global Wealth Management. �ere she advised high-net-worth individuals,foundations and philanthropic institutions on a broad spectrum of investment strategies. Previously,she served as Senior Vice President and head of the national Large Corporate Group at Fleet Bankand as a director of New England banking at BankBoston.

Ertan Dal

Andreas Metaxa

Managing Directors

Ulrich Gerhardt

Ramiro Julia

As Managing Director of Germany, Ulrich is responsible for transactional sourcing and investmentunderwriting associated with the acquisition activities of Taurus Investment Holdings GmbH. Inaddition, he is responsible for property management and project development activities in Germany.

As Managing Director of Taurus Eurasia, Ertan oversees acquisitions, development and �nancing ofthe activities in Turkey. Ertan is an experienced entrepreneur, who has been active in both Turkey andSwitzerland. He established the �rst PPP Waste Management and Waste-to-Energy project in Ankaraand was involved in a real estate privatization program of the Turkish government that lead to theestablishment of Taurus Eurasia.

As Managing Director of Greece, Andreas is responsible for deal sourcing and �nancing in the Greekreal estate market, including the acquisition, permitting, and disposition of land on the Greek islandof Milos. Andreas is also a founder, managing director and president of several property companiesand is involved in project conceptualization, property acquisition, management and development ofnumerous real estate investments that have a value in excess of 250 million Euros.

As Managing Director of Argentina, Ramiro is responsible for development activities, propertymanagement, �nancing, and deal sourcing in Argentina. He also brings to Taurus more than 15 yearsof experience in advising high net-worth individuals on real estate investment opportunities. He hasassisted investors in the analysis and development of real estate portfolios, providing �nancialanalysis, acquisition due diligence, and asset management strategies.

Ajay PrasadAs Managing Director of India, Ajay oversees acquisition, development and �nancing of projects inIndia. An alumnus of the real estate development program at MIT, he brings extensive experience inthe Indian real estate business to Taurus having supervised the acquisition and development ofresidential, hotel and mixed use projects worth over $1 billion. Ajay also has extensive experience inthe public private development domain and in infrastructure projects.

William Herman

Douglas Gilliland

Je� McFadden

Jay Hooper

As Managing Director of Northern Florida, Je� is responsible for development, redevelopment,portfolio acquisitions, disposition, property management, project �nancing, leasing, and variousother development-related activities. During his 25 years working in commercial real estate, Je� hasbeen consistently recognized as a leader in the Florida market, and has been involved in more than$1 billion of commercial transactions.

As Managing Director of Southern Florida, Bill is mainly responsible for the sourcing, �nancing andmanagement of income producing assets. Bill has expertise in acquiring and operating o�ce, indus-trial, retail, and residential properties with an emphasis on value creation and enhancement. Bill haspreviously supervised the acquisition, asset management, and disposition of more than $1 billion inreal estate assets.

As Managing Director of Texas and Colorado, Douglas is responsible for deal sourcing, permitting,development, disposition and �nancing of high quality residential and commercial communities.Douglas brings over 30 years of development and marketing experience and has been involved insome of the largest and most distinct residential land developments in the Southern United States.

As Managing Director of Corporate Properties, Jay oversees daily operations, including investmentorigination, disposition, and portfolio management of triple net sale & leaseback transactions in theUS. In addition to over 20 years of commercial real estate experience, from 2001-2006 Jay directed theacquisition strategy and disposition of more than $850M of net leased transactions across 20portfolios and 200 properties.

Taurus Corporate Headquarters ∙ 22 Batterymarch Street ∙ Boston, MA 02109 ∙ 617.357.4440 ∙ TIHoldings.com

Dennis PorterAs Managing Director of Canada, Dennis directs the acquisition of land, execution of value creationdevelopment projects, and management of property portfolios. Dennis brings to Taurus extensiveknowledge of the Canadian market, and hands-on experience in the acquisition, leasing, and devel-opment of all asset classes.

Ulrich Gerhardt

David Czyzewski

Taurus of GermanyKey People

Stephan Heinsmann

Bernd Schneider

Taurus Investment Holding (D) GmbH ∙ Joseph-Wild-Str. 20 ∙ Munich ∙ 81829 ∙ Germany ∙ +49 (89) 673 59 54 0 ∙ TIHoldings.com

As Director of Investor Relations, David is responsible for the day to day management of Taurus’ investor basein Germany and Switzerland. In addition he supports the company’s client acquisition e�orts in Germanspeaking Europe. Prior to joining Taurus, David was an Asset Manager at THE North American Real EstateServices GmbH where he was responsible for the management of a portfolio of income producing assets in theUS.

Bernd’s responsibilities are focused on all aspects of day to day property management, including coordination,control and assortment of service contractors as well as organization of tenants and lease objects. In addition tothe administration of lease contracts and maintenance of master �le data, he is also in charge ofcommunication with more than 100 retail markets in Germany. Prior to joining Taurus, he was a GeneralManager at FÜNF HÖFE in Munich.

As Managing Director of Germany, Ulrich is responsible for transactional sourcing and investmentunderwriting associated with the acquisition activities of Taurus Investment Holding (D) GmbH. In addition,he is responsible for project development activities in Germany. Ulrich has more than 15 years of real estatemanagement and development experience. He has worked in senior roles at TAG Tegernsee Immobilien undBeteiligungs AG and Frankfurter Au�au AG.

As Managing Director and CFO, Stephan is responsible for cash management, forecasting, variance, auditingand tax preparation supervision, as well as for investment underwriting associated with the acquisitionactivities of Taurus Investment Holding (D) GmbH. In addition, he oversees the property managementactivities for the German Taurus portfolio. Prior to joining Taurus, Stephan spent several years at PSP PetersSchönberger GmbH.

Ankara, Turkey

Emerging Market Strategy

Featured Project

Taurus identi�es markets for investments based on macro-economic trends and has a proven track record ofsuccessfully establishing a local presence. Taurus targets projects in emerging markets that exhibit strongdemographics such as high economic and population growth, an increasing middle class, as well as highdemand for real estate development in urban locations. Once a location is chosen, Taurus establishes a localpresence and identi�es proven local joint ventures partners whose extensive network and experience addsubstantial value to the projects.

�e La Vita Shopping Center is projected to be one of the largest new malls in Turkey’scapital Ankara. �is modern mixed-use development project is strategically located onAnkara’s prominent Konya Highway, leading from the �nancial district to one of thea�uent suburbs. It features a 42,000 square-meter shopping center with fourinternational anchor tenants surrounded by a multitude of in-line retailers and a 15,000square-meter o�ce tower. �e o�ce tower was presold to a local mining and energycompany in the summer of 2010 before the start of construction on the site and wasdelivered on schedule and on budget in early 2012.

La Vita Shopping CenterMixed-Use Development

Total Investment:EUR170 million

Retail Area:42,000 square meters

O�ce Space:15,000 square meters

Parking Spaces:2,000

Buenos Aires, ArgentinaFeatured Project

In 2006, Taurus entered into an agreement with the “Universidad Austral” to developand operate the �rst Technology & Business Park in Argentina: Parque Austral(www.parqueaustral.org). �e Park is located 50 kilometers outside Buenos Aires’central business district and is part of Pilar University’s campus, where the prestigiousIAE Business School is currently located, along with a fully operational universityhospital and medical school. �e project includes 67 acres of developable land andallows for more than 320,000 square meters of o�ces, laboratories, retail and relatedfacilities to be developed. Taurus has �nanced 100% of the �rst stage of the projectconsisting of park infrastructure and 3 central buildings totaling approximately 9,000square meters. �e university has contributed the land to the venture granting itsdevelopment rights for a 45-year term (plus various extensions). Since its inception, theproject has made signi�cant progress in attracting �rst class companies and institutionsas well as government support. As an enterprise co-developed by Taurus and AustralUniversity, it is the �rst initiative in Argentina to integrate business, corporate R&D andacademic excellence in a campus-like setting characterized by modern design, 24 hoursecurity and integrated services.

Parque AustralMixed-Use, O�ce, R&D

Total Investment:USD $12 Million

Land Capacity:320,000 square meters

O�ce Building Space:9,000 square meters

Taurus Corporate Headquarters ∙ 22 Batterymarch Street ∙ Boston, MA 02109 ∙ 617.357.4440 ∙ TIHoldings.com

German Retail Portfolios

German Retail Strategy

Featured Project

Since 2004, Taurus has established itself as a major real estate player in the German retail market. Collectively,the German Retail Funds represent one of the largest retail portfolios in Germany, with over €600 millioninvested in over 100 assets, and demonstrate Taurus’ ability to execute an acquisition strategy withcross-border institutional and high-net worth capital. Taurus intends to grow the overall German RetailPortfolio to around €1.5 billion by taking advantage of the current distressed pricing in the market resultingfrom overleveraged and undercapitalized sellers including the liquidation of open ended funds and thedistressed exit of products by UK and Irish syndicators. Due to its signi�cant and experienced on-the-groundpresence, connections with major retailers and strong relationship with lenders, Taurus provides unmatchedproperty and asset management capabilities in Germany.

At the inception of the Hornbach Portfolio and Retail Funds, the overall German realestate market was in a transitional phase in terms of preferred ownership vehicles, andvalues were very attractive compared to most other larger EU countries, speci�cally inthe retail asset class, while interest rates were low. �e Hornbach Portfolio is intended toprovide a stable long term high-yield leveraged cash �ow to investors, with taxbene�cial treatment of capital gains a�er the 10 year hold period. Taurus Euro RetailFunds I & II were focused on value creation through the aggregation and consolidationof long term leases of selected credit tenants to create institutional quality portfolios.�e strategies are supported by the execution of an asset management plan intended tomaximize risk-adjusted returns.

Germany

Total Investment:EUR 600 millionNumber of assets:

102

Taurus Corporate Headquarters ∙ 22 Batterymarch Street ∙ Boston, MA 02109 ∙ 617.357.4440 ∙ TIHoldings.com

German Logistics Portfolios

German Logistics Strategy

Featured Project

In late 2010 Taurus identi�ed an opportunity to develop state-of-the art logistics/distribution centers inGermany. Considering the age of the existing stock of such properties, the growth of the world economy andthe increasing importance of Germany as a European logistics hub, Taurus realized the dynamics of thismarket segment and entered into a Joint Venture with nextparx GmbH, a leading logistics developer andoperator. �e Development Joint Venture will focus on the development of state-of-the-art, industry leadinglogistics centers in highly desirable locations. �e �rst project was acquired by Taurus and will be held as along term cash �ow investment, whereas future projects will be ground-up developments that will be sold.Taurus currently has a pipeline for similar new developments with nextparx as the JV partner throughoutGermany.

Bauen - certi�cate (DGNB - silver). �e project is 100% leased under long-term leaseagreements with Metro Group, Kuehne & Nagel (in JV with Lu�hansa) and Ratioform,the German leader in the packaging industry. In addition, the project signed a 20 yearlease contract with a solar company for the roof area, further enhancing the income.With structural vacancy in this area of only 5% and excess demand in particular for thismodern type of cooling space the outlook remains very positive.

Located near the Frankfurt Airport,the Nextpark I development, wasacquired in April 2012 by Taurus asthe �rst stage of the long term JointVenture Agreement with nextparxGmbH. �e facility contains leadingtechnological and sustainabilitycomponents and is the �rst coolingwarehouse in Europe that received aDeutsche Gesellscha� für Nachhaltiges

Frankfurt, Germany

Total Investment:

Warehouse/storage space:310,000 sf

O�ce space:35,300 sf

Technical space:3,200 sf

Parking spaces:200

EUR 45 million

Nextpark I

Logistics/DistributionWarehouse Development

Land StrategyTaurus targets land development opportunities in various markets. Site and project selection is based on theability to add signi�cant value through unique business plan execution or by identifying market ine�cienciesthat result in “distressed” asset pricing. With over 30 years of land development experience, Taurus, throughits local operating partners has achieved positive results using several innovative strategies. Taurus hasexpertise in all aspects of land development, including but not limited to: permitting, zoning, masterplanning, public �nancing, infrastructure and ground-up development of projects varying in size and use.

Beltway Commerce CenterFeatured Project

Beltway Commerce Center is located at the intersection of SR 417 (the Greeneway) andLee Vista Blvd. in Southeast Orlando. �is mixed-use development project is plannedfor approximately 375,000 square feet of retail, 500,000 square feet of Class "A" andgarden-style o�ce, 618,000 square feet of o�ce/�ex space, and 945,000 square feet ofwarehouse and distribution space.�e project has an impressive stretch of highwayfrontage and provides for direct access to SR 417. In 2008 a 74-acre industrial parcel wassold at signi�cant pro�t, a�er the completion of the Lee Vista Blvd extension. �e parcelwas used to construct a high quality 700,000 square feet industrial building forProLogis.

Orlando, FloridaTotal Investment:

$16 million

Total Land Size:593 acres

Whisper ValleyFeatured Project

and 2 million square feet of retail and o�ce. Once fully completed, the project isexpected to be valued in excess of $2 billion and feature housing, retail and o�ce space,and civic uses. Intertwined within the community will be over 700 acres of parks andopen spaces that promote connections between neighbors and the businesses such asshops, restaurants, o�ces and neighborhood services within the community.

With over 2,000 acres of developable land WhisperValley is one of the largest mixed-use master-plannedcommunities in the United States of America. �esite is strategically located along state Highway 130,only ten minutes away from the Austin Airport and20 minutes from the Austin city centre within thecity’s “Desired Development Zone”. Whisper Valley iszoned and master planned for 7,500 housing units

Austin, TX, USATotal Investment:

$130 million

Total Land Size:2,000 acres

Housing Units:7,500

Commercial Area:2 million square feet

Assembly Square MallFeatured Project

square feet of the new retail build-out for national retail tenants such as TJ Maxx, Bed,Bath & Beyond, �e Christmas Tree Shops, Staples and �e Sports Authority. Inaddition, Taurus performed all the permitting and zoning activities in the notoriouslydi�cult state of Massachusetts, and was successful in getting development approval forapproximately 3 million square feet of additional retail, o�ce, and residential space onthe adjacent 26 acres of land, allowing the project to be sold in 2005 to a REIT a�er a7-year hold period.

�e Assembly Square Mall project consisted of theacquisition of a bankrupt 350,000-square-foot retailshopping center in Somerville, Massachusetts, about3 miles from downtown Boston with an additional 26acre developable land parcel, and was acquired as aunique redevelopment opportunity. Taurus redevelopedthe existing mall, negotiated all of the leasing andmanaged construction of approximately 300,000

Somerville, MATotal Investment:

$23,782,000

Total Land Size:26 acres

Taurus Corporate Headquarters ∙ 22 Batterymarch Street ∙ Boston, MA 02109 ∙ 617.357.4440 ∙ TIHoldings.com

Newbury Street Portfolio

Taurus Opportunity Strategy

Featured Project

Taurus has the ability and proven track record of identifying various opportunities in global real estatemarkets and executing projects based on individually designed strategies. We have been successful in taking“contrarian” strategies and investing capital and expertise in products and areas that have seendisequilibrium between buyers and sellers, causing temporary arbitrage opportunities that will stabilize inthe near term.

�e two Newbury Street Aggregation Programs, both joint ventures with institutionalpartners, were created to provide its investors with the unique opportunity to takeadvantage of the fragmented nature of the ownership and inconsistent, o�en sub-par,management of the 200 individual buildings that make up Newbury Street’s eight-blockretail district. Taurus, in just three years, became the largest owner on the street,transforming the street’s disparate assets into an institutional grade investment product.

Acquisition Dates:February 2007 – May 2011

Sales Price:$226,500,000

Date of Disposition:October 2011

Acquisition Price:$145 million

Total # of Assets:28

Combined Project IRR:22%

Horizon FundFeatured Project

�e Taurus Horizon Fund I LP was launched in June of 2009 and acquired eight AAACMBS bond positions at between 45% and 70% of face value. All were of senioritywithin their CMBS capital structure that, based on a detailed and structured assetunderwriting strategy, Taurus believed would allow them to perform to maturity underdraconian loss assumptions at the individual asset level. By the end of 2010, increasedtransaction volume had restored con�dence in the underlying value in U.S. commercialreal estate markets. As projected, all of the Fund’s holdings began to trade at or neartheir par value. In March 2011, the fund exited its positions at a gross portfolio gain of60% and a weighted average investor ROE of 50% over the approximately 20 monthholding period a�er all fees and incentive equity splits.

CMBS FundSales Price:

$13,127,000

Acquisition Date:April 2009

Date of Disposition:March 2011

Total Investment:$8.3 million

Project IRR:36.90%

Single Tenant Acquisitions ProgramFeatured Project

Launched in 2003, S.T.A.P. was a targeted venture that sought to capitalize on thearbitrage opportunity created by pricing ine�ciency in the single tenant net lease realestate marketplace. Taurus created an institutional grade investment portfolio fromindividual asset acquisitions, by acquiring a geographically diverse set of industrialassets, with long term leases and a diverse mix of tenants. �is resulted in a substantialincrease in the portfolio value upon exit.

S.T.A.PSales Price:

$49,250,000

Acquisition Date:December 2003

Date of Disposition:August 2005

Acquisition Price:$42 million

Project IRR:27.85%

Taurus Corporate Headquarters ∙ 22 Batterymarch Street ∙ Boston, MA 02109 ∙ 617.357.4440 ∙ TIHoldings.com