REGIONAL OFFICES

Hines Germany Regional Office

Alexanderplatz, Berlin

Hines Germany, the firm's first overseas office, opened in Berlin in 1991. The first development project for the region was Hofgarten am Gendarmenmarkt, a 537,270-square-foot mixed-use development (office, hotel, retail and residential) in Berlin. Since then, Hines Germany has successfully completed other landmark projects in Berlin, Frankfurt, Dusseldorf and Munich, totaling 3,976,097 square feet, which—amongst others—include Main Tower, Uptown München, Benrather Karree and Die Mitte/Shopping at Alexanderplatz.

Currently, Hines is developing projects in Hanover, Munich and Stuttgart totaling 2,880,600 square feet (267,520 square meters).

Additionally, Hines Germany is Asset Manager for buildings in Berlin, Hamburg, Frankfurt and Munich totaling 1,750,256 square feet—one of them being the prominent Sony Center.

A Current Regional Initiative

Currently under construction is Hofstatt in Munich - a 486,500-square-foot (45,200-square-meter) inner-city mixed-use development (office, retail and residential) for which Hines acts as Development Manager responsible for construction, leasing and disposition of the buildings. Project completion is scheduled for 2012/2013.

Also under construction and with completion scheduled in 2011/2012 is POSTQUARTIER in Stuttgart - a Hines Value Added Fund refurbishment project consisting of 362,200 square feet (33,600 square meters) of office and retail space as well as a 300-car garage.

With the acquisition of Sony Center in Berlin for the South Korean pension fund NPS, Hines now acts as Asset Manager on site for this 1,491,000-square-foot (138,520-square-meter) complex of office, retail, residential, restaurants and entertainment.

After the successful completion and sale of Die Mitte at Alexanderplatz in Berlin - a 240,000-square-foot (22,300-square-meter) retail building, Hines Germany is now planning to develop the second phase of the site, a 430,600-to-484,400-square foot (40,000-to- 45,000-square-meter) tower with a height of 150 meters - the usage (office, residential or hotel) is to be determined in the course of planning.

For the 1,938,000-square-foot (180,000-square-meter) mixed-use Ihme Center in Hanover, Hines Germany acts as Development Manager in the consulting of restructuring the project set-up of retail, office and residential.

Alexander P. Moell Co-Managing Director

Mr. Moell joined Hines in 1995. He is Co-Managing Director of Hines' operations in Germany and is responsible for all real estate activities in the country including development and asset management. Additionally, Mr. Moell is a member of Hines' Capital Markets Group and is responsible for structuring comingled funds and raising capital in German- speaking countries for Hines' initiatives globally. Mr. Moell has development experience in excess of two million square feet. He graduated from the University of Berlin and received his Master of International Business Administration from the Thunderbird School of Global Management.

Christoph Reschke Co-Managing Director

Mr. Reschke joined Hines in 2001. He is Co-Managing Director of Hines' operations in Germany and is responsible for all real estate activities in the country including development and asset management. Before relocating to Berlin, Mr. Reschke was responsible for the Hines Düsseldorf office where he developed, leased and sold a 340,000-square-foot landmark office building. Mr. Reschke has development experience in excess of two million square feet. He graduated with a degree in Economics from the University of Hamburg in 1994.