全球地产市场展望20171培训参考

员资产管理规模员资产管理规模办公美欧亚国家/地资产策略规模AsofSeptember30,1.Assetsundermanagement(AUM)referstothefairmarketvalueofrealestate-relatedassetswithrespecttowhichCBREGlobalInvestorsprovides,onaglobalbasis,oversight,investmentmanagementservicesandotheradvice,andwhichgenerallyconsistofinvestmentsinrealestate;equityinfundsandjointventures;securitiesportfolios;operatingcompaniesandrealestate-relatedloans.ThisAUMisintendedprincipallytoreflecttheextentofCBREGlobalInvestors'presenceintheglobalrealestatemarket,anditscalculationofAUMmaydifferfromthecalculationsofotherassetmanagers.核心/核心增CONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|细资CONFIDENTIALAND细资CONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND| 四类地产涵盖所有主要的首都及区域城市和细分高品质资产的投资组合回 向投资者传递市场趋对宏观经济展望具有自主的基本观 CONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|CONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|活力动态市场E-RISC工具电子商务租金影响5星全球服务8项指引原则产业共享网络聚焦客户灵感生活体验现场租赁培训办公公CBREGlobalKingsleyKingsleyCBREGlobal维护满CONFIDENTIAL办公公CBREGlobalKingsleyKingsleyCBREGlobal维护满CONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|Sources:5-Stardatacollectedbetween2007-2013.InspiredLifestyledatacollectedfromGreystarasofOctober1,INSPIREDTrammellCrow•TrammellCrow•••截至2016年6月30日，在建开发69亿美元，待开发项目30亿美•CONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|6GDP增长预期,%pa,2017F-前15GDP增长预期,%pa,2017F-前15后5SouthSources:OxfordEconomicForecastingforallmarketsexcepttheUSAwhichisMoody’sCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|10年期国债,76543210- 200720082009 20092010 201110年期国债,76543210- 200720082009 20092010 2011 20122013 20152015 20162017 20182019202020212021Sources:OxfordEconomicForecastingforallmarketsexcepttheUSAwhichisMoody’sCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|Gov’tBond(InvertedPrimeOfficeHongLondonWESanLondonLos优质办公楼净租金收益vs.10年国债(%Q2PrimeOffice10-YearGovernmentCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|Source:CBRE;EIU;Reuters;CBREGlobalGov’tBond(InvertedPrimeOfficeHongLondonWESanLondonLos优质办公楼净租金收益vs.10年国债(%Q2PrimeOffice10-YearGovernmentCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|Source:CBRE;EIU;Reuters;CBREGlobalRATIOOFCAPRATESTOBAACORPORATE Std.NFI-ODCESources:NCREIF,RCA,GreenStreet,Moody’sAnalytics,CBREGlobalCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|RatioofCapRatestoBaaCorporateNFI-ODCEQuarterly价值合 长期平RATIOOFCAPRATESTOBAACORPORATE Std.NFI-ODCESources:NCREIF,RCA,GreenStreet,Moody’sAnalytics,CBREGlobalCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|RatioofCapRatestoBaaCorporateNFI-ODCEQuarterly价值合 长期平欧盟15优质物业租金收益VS.企业债PrimeYieldAllPropertyEU-欧盟15优质物业租金收益VS.企业债PrimeYieldAllPropertyEU-EU-159yrsCorporateSources:CBREResearch;Reuters;CBREGlobalCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|预计未来五年租金增美亚欧零公Note:AsiaPacificResidentialincludesonlySource:CBREGlobalCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|AnnualRentGrowth预计未来五年租金增美亚欧零公Note:AsiaPacificResidentialincludesonlySource:CBREGlobalCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|AnnualRentGrowthForecast美国资本化率上涨最（欧洲/亚洲：优质物业Asia-美国资本化率上涨最（欧洲/亚洲：优质物业Asia-Source:CBREGlobalInvestors(forecastsH2CONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|预计回报以租金收益为美亚欧全CONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|预计回报以租金收益为美亚欧全CONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|年平均收益（2017-物流-物流零售办公楼零售办公楼公寓-办公楼年平均收益（2017-物流-物流零售办公楼零售办公楼公寓-办公楼**AsiaPacResidentialisJapanCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|30%AsiaAsiaAsia.Source:CBREGlobalCONFIDENTIALANDPROPRIETARY|GLOBAL30%AsiaAsiaAsia.Source:CBREGlobalCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|目标市场收益，25% AllMarketsAverageReturnbyPropertyType目标市场收益，25% AllMarketsAverageReturnbyPropertyType(unleveredand25%Source:CBREGlobalInvestors(H22016).SeeAppendix:U.S.MarketCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|UnleveredandLeveredReturnforecast2017-21所有物业类型（不计入杠杆2017-CzechUnitedHongLowerHigherSource所有物业类型（不计入杠杆2017-CzechUnitedHongLowerHigherSourceCBREGlobalInvestorsH22016)AverageCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|Returnforecast2017-21初步配置建议2016RegionalSectorCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|初步配置建议2016RegionalSectorCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|成立至今，本地货CBREGlobalAlphaRegionalFundPerformancesince AsiaNorthAllGIPGlobalAlphaMSCI/IPDGlobalQuarterlyPropertyFundIndex(re-Asof30September*Notes:TheMSCI/IPDGlobalQuarterlyPropertyFundIndexindependentlymeasurescore,openend成立至今，本地货CBREGlobalAlphaRegionalFundPerformancesince AsiaNorthAllGIPGlobalAlphaMSCI/IPDGlobalQuarterlyPropertyFundIndex(re-Asof30September*Notes:TheMSCI/IPDGlobalQuarterlyPropertyFundIndexindependentlymeasurescore,openendquarterlyvaluedrealestatefund’sNAVlevelperformanceinlocalcurrencynetoffees.MSCI/IPDre-weighttheIndexbytheestimatedsizeoftheglobaldirectmarket.TheGlobalAlphaFundreturnsarestatedinlocalcurrencynetoftaxes,feesandcosts.PastperformanceisnoguaranteeoffutureCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|全球阿尔基金业绩(本地货币9.4%35SinceTotalPerformanceObjectiveMid投资策*TheGlobalAlphaFund全球阿尔基金业绩(本地货币9.4%35SinceTotalPerformanceObjectiveMid投资策*TheGlobalAlphaFundreturnsarestatedinlocalcurrencynetoftaxes,feesandcosts.PastperformanceisnoguaranteeoffutureCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|CONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUNDCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|.%ASIA13.3%Australia/5.2%3.4%3.3%Hong2.2%2.1%.%7.4%6.1%United5.6%4.5%4.4%4.1%3.0%1.2%0.8%0.7%Other.%31.7%United1.0%ShoppingCentre|Warsaw,Logistics|Villabe,Office|Paris,ShoppingCentre|Albufeira,HotelShoppingCentre|Warsaw,Logistics|Villabe,Office|Paris,ShoppingCentre|Albufeira,Hotel|Boston,Logistics|Philadelphia,Office|Washington,Office|Chicago,ShoppingCentre|Dunedin,ShoppingCentre|KL,Logistics|Guangzhou,Office|Sydney,*AfulllistofalldealsadvisedonbyCBREGIPintheapplicableperiodisobtainablefromCBRECONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|空置MarketVacancyFundVacancyHongCont.MarketYieldFundYield%HongKongAustralia/NewWeighted*YieldsNotes:ArdstoneIrishPropertyValueProgrammaticVentureandCurlewUKStudentHousingProgrammaticVentureare空置MarketVacancyFundVacancyHongCont.MarketYieldFundYield%HongKongAustralia/NewWeighted*YieldsNotes:ArdstoneIrishPropertyValueProgrammaticVentureandCurlewUKStudentHousingProgrammaticVenturearebuild/refurbishtocorestrategieswherebuildingsarebeingleasedup.Consequentlyinitialyieldsdonotreflectthevaluationatfulloccupancythereforereversionaryyieldhavebeenused.Theseare5.9%and5.9%respectivelyversusinitialyieldsof4.7%and4.6%respectively.GeneralNotes:InformationasofQ22016fortheMarketYieldandVacancy.Source:CBREGroup,Inc.andCBREGlobalInvestmentPartnersCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|PropertyLevelFees&FundGlobalAlphaNetPropertyLevelFees&FundGlobalAlphaNetNotes:GlobalAlphareturnsarestatedinlocalcurrencynetoftaxes,feesandcosts.Pastperformanceisnoguaranteeoffuturereturns.PleaseseeImportantNoticepageformoreinformationontargetreturns/netIRRCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|摘零售2016年11面积/物业数690万平方尺/55初始净初始净预计总入住合2016年11摘零售2016年11面积/物业数690万平方尺/55初始净初始净预计总入住合2016年111)ExpectedasatQ4Source:CBREGlobalInvestmentPartners.AsatSeptemberPleaseseeImportantNoticeformoreinformationonIRRsandexpectedreturns.AfulllistofalldealsadvisedonbyCBREGIPintheapplicableperiodisobtainablefromCBRECONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|面积/物业数781,71617初始净入住平均租 12Month Q3面积/物业数781,71617初始净入住平均租 12Month Q3TotalNetSource:CBREGlobalInvestmentPartners.AsSeptember*Sinceinceptionissincethefund’sInitialInvestmentDate.Performanceisreportednetofunderlyingoperatorfees,costs,promoteandtaxesbutgrossofoperatorperformancefeeandCBREGIPfees.Pastperformanceisnotaguaranteeoffuturereturns.PleaseseeImportantNoticeformoreinformationonIRRsandexpectedreturns.AfulllistofalldealsadvisedonbyCBREGIPintheapplicableperiodisobtainablefromCBREGIPCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|物面积/物业数1,418,265平米/13初始净入住平均租2.42010年11Q3Total物面积/物业数1,418,265平米/13初始净入住平均租2.42010年11Q3TotalNet香港多元化物流资产组合，包括11个稳定资产1个增值资产和1个港口货柜码*Sinceinceptionissincethefund’sInitialInvestmentDate.Performanceisreportednetofunderlyingoperatorfees,costs,promoteandtaxesbutgrossofoperatorperformancefeeandCBREGIPfees.Pastperformanceisnotaguaranteeoffuturereturns.PleaseseeImportantNoticeformoreinformationonIRRsandexpectedreturns.AfulllistofalldealsadvisedonbyCBREGIPintheapplicableperiodisobtainablefromCBREGIPCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|物面积/物业数1,339,627平米/45初始租入住平均租8.3Q3Total物面积/物业数1,339,627平米/45初始租入住平均租8.3Q3TotalNetSource:CBREGlobalInvestmentPartners.AsSeptember*Sinceinceptionissincethefund’sInitialInvestmentDate.Performanceisreportednetofunderlyingoperatorfees,costs,promoteandtaxesbutgrossofCBREGIPfees.Pastperformanceisnotaguaranteeoffuturereturns.PleaseseeImportantNoticeformoreinformationonIRRsandexpectedreturns.AfulllistofalldealsadvisedonbyCBREGIPintheapplicableperiodisobtainablefromCBREGIPCONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|CONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|小众住宅市场CONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|小众住宅市场供应不 英办公楼周期性复 美国(非门户城市主要配售中心的优质物流设 澳优质零售 TheFundhasmadeinvestmentsinunderlyingfundswhichTheFundhasmadeinvestmentsinunderlyingfundswhicharedenominatedincurrenciesotherthanUSDollarsandthereforesomeoftheequityoftheFundisexposedtocurrencyrisk.ThetableaboveprovidestheFund'scurrencyexposuresasa%oftotalNAV.Thecurrencyexposuresarebasedonthereportingcurrencyofeachunderlyinginvestmentvehicleandnotonafulllook-throughbasistotheunderlyingassets,withtheexceptionofcaseswheretheentireportfolioisinasinglecountryandthereportingcurrencyisdifferenttothecurrencyoftheunderlyingassets,inwhichcasethecurrencyexposuresarecalculatedonalook-throughbasis.Therearecurrentlythreeinvestmentsrecordedonalook-throughbasis:CBREMalaysianShoppingClub,LOGOSChinaLogisticsClubandGLPChinaLogisticsClubaredenominatedinUSDbutinvestinrealestateassetsoperationsinasinglecountry/denomination,beingMalaysiaandChinarespectively.ThereforetheyareshownasMYRandRMBinthetableabove.CONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|CurrencyAsat30September LocalCurrency ValueinUSD %of FX IMPORTANTIMPORTANTCBREGlobalInvestmentPartner(GIP)isatradingnameofCBREGlobalInvestmentPartnersLimitedwhichisauthorisedandregulatedintheUnitedKingdombytheConductAuthority(FCA)andisaregisteredinvestmentadvisorwiththeUnitedStatesSecurities&ExchangeCommission(SEC).RegistrationwiththeSECdoesnotimplyacertainlevelofskillortraining.Theinformationcontainedhereinmustbetreatedinaconfidentialmannerandmaynotbereproduced,usedordisclosed,inwholeorinpart,withoutthepriorwrittenconsentofCBREGlobalInvestmentPartnersLimited.ThisdocumentisissuedandapprovedbyCBREGlobalInvestmentPartnersLimited,inaccordancewiththerestrictionsonthepromotionofnon-mainstreampooledinvestments,thecommunicationofthisdocumentintheUnitedKingdomisonlymadetopersonsdefinedasprofessionalclientoreligiblecounterparties,aspermittedbyCOBS4.12.5R(Exemption7)andtheCollectiveInvestmentScheme(Exemptions)Order2001.Wherefundsareinvestedinproperty,investorsmaynotbeabletorealisetheirinvestmentwhentheywant.Whilstpropertyvaluationisconductedbyanindependentexpert,anysuchopinionisamatterofthevaluer’sopinion.Propertyisaspecialistsectorwhichmaybelessliquidandproducemorevolatileperformancethananinvestmentinbroaderinvestmentsectors.Pastorprojectedperformanceisnotnecessarilyindicativeoffutureresults.Forecastsoffutureperformancearenotareliableindicatoroffutureperformance.Targetedandforecastedreturnsarederivedfromanalysisbaseduponbothquantitativeandqualitativefactors,includingmarketexperienceandhistoricalandexpectedaveragesrelatedtotherisk/returnprofileforyet-to-beliquidatedcurrentinvestmentsofthepriorfundsandprograms.Thetargetedandforecastedreturnsarebasedonaweightedblendofthepriorfunds’andprograms’returnstodateandtheexpectedcumulativeinternalratesofreturngeneratedbytheexpectedliquidationofinvestmentsacrosstheremainingtermsofthepriorfundsandprograms.Theseforecastsandprojectionsarehypotheticalinnature,donotreflectactualinvestmentresultsandshouldnotbeconstruedasprovidinganyassuranceastotheresultsthatwillactuallyberealizedbythepriorfundsandprogramsorthatmayberealizedbyanyfuturefundorprograminthefuture.Alltargetorprojected“gross”internalratesofreturn(“IRRs”)donotreflectanymanagementfees,incentivedistributions,taxes,transactioncostsandotherexpensestobebornebycertainand/orallinvestors,whichwillreducereturns.“GrossIRR”or“GrossReturn”shallmeananaggregate,compound,annual,grossinternalrateofreturnoninvestments.“NetIRR”or“NetReturns”areshownafterdeductingfees,expensesandincentivedistributions.Therecanbenoassurancethatthemandatewillachievecomparableresults,thattargetedreturns,diversificationorassetallocationswillbemetorthattheinvestmentstrategyandinvestmentapproachwillbeabletobeimplementedorthatthemandatewillachieveitsinvestmentobjective.Actualreturnsonunrealizedinvestmentswilldependon,amongotherfactors,futureoperatingresults,thevalueoftheunderlyingassetsandmarketconditionsatthetimeofdisposition,foreignexchangegainsorlosseswhichmayhaveaseparateanduncorrelatedeffect,legalandcontractualrestrictionsontransferthatmaylimitliquidity,anyrelatedtransactioncostsandthetimingandmannerofsale,allofwhichmaydifferfromtheassumptionsandcircumstancesonwhichthevaluationsusedinthepriorperformancedatacontainedhereinarebased.Accordingly,actualreturnsmaydiffermateriallyfromthereturnsindicatedherein.Ifafundinvestinginemergingmarketsisaffectedbycurrencyexchangerates,theinvestmentcouldeitherincreaseordecrease.Thesefundsthereforecarrymorerisk.Thevalueofanytaxbenefitsdescribedhereindependsonyourindividualcircumstances.Taxrulesmaychangeintheandunknownrisks,uncertaintiesandotherfactors,andunduerelianceshouldnotbeplacedthereon.Actualeventsorresultsortheactualperformanceofthemandatemaydiffermateriallyfromthosereflectedorcontemplatedinsuchforward-lookingstatements.Certaineconomicandmarketinformationcontainedhereinhasbeenobtainedfrompublishedsourcespreparedbythirdpartiesandincertaincaseshasnotbeenupdated.NeitherGIPnoranyCBREGroupInccompanyitsrespectiveaffiliatesnoranyoftheirrespectiveemployeesoragents(collectively,“CBRE”)assumeanyresponsibilityfortheaccuracyorcompletenessofsuchinformation.WhilstGIPbelievesthattheinformationcontainedhereinisaccurateatthedatehereof(oratthedateshowninthedocument),neitherGIPnorCBREmakesanyrepresentationorwarranty,expressorimplied,withrespecttothefairness,correctness,accuracy,reasonablenessorcompletenessofanyoftheinformationcontainedherein(includingbutnotlimitedtoinformationobtainedfromthirdparties),andtheyexpresslydisclaimanyresponsibilityorliabilitytherefore.Thisproposalisforinformationalanddiscussionpurposesonlyanddoesnotconstituteanoffertosellorasolicitationofanoffertopurchaseanysecurity.Anysuchofferorsolicitationshallbemadeonlypursuanttoaconfidentialprivateplacementmemorandum/privateplacementmemorandum(asamended,restated,supplementedorotherwisemodifiedfromtimetotime,the““Memorandum””)oftheFund,whichdescribesrisksrelatedtoaninvestmentintheFundaswellasotherimportantinformationabouttheFund.OffersandsalesofinterestsinanyFundwillnotberegisteredorqualifiedunderthelawsofanyjurisdictionandwillbemadesolelytoqualifiedinvestorsunderallapplicablelaws.Theinformationintheproposalsetforthhereindoesnotpurporttobecompleteandissubjecttochange.ThisProposalisqualifiedinitsentiretybyalloftheinformationsetforthintheMemorandum.TheMemorandumandthegoverningdocumentsofaFundmustbereadcarefullyintheirentiretypriortoinvestinginaFund.ThisproposaldoesnotconstituteapartoftheMemorandum.PriortoinvestinginaFund,prospectiveinvestorsshouldconsultwiththeirowninvestment,accounting,regulatory,taxandotheradvisorsastotheconsequencesofaninvestmentinaFund”.•••••••••••••CONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|IMPORTANTFORRESIDENTSOFIMPORTANTFORRESIDENTSOFAUSTRIA,BELGIUM,DENMARK,FINLAND,FRANCE,GERMANY,IRELAND,ITALY,LUXEMBOURG,NETHERLANDS,PORTUGAL,SWEDEN&THEUNITEDCBREGlobalInvestmentPartnersLimitedobtaineditsAlternativeInvestmentFundManagersDirective(AIFMD)licencefromtheFCAon19May2014andisthealternativeinvestmentfundmanager(AIFM)fortheCBREGlobalInvestmentPartnersGlobalAlphaFundSeriesFCP-SIF(GlobalAlpha),whichisanalternativeinvestmentfund(AIF).TheFCAgrantedCBREGlobalInvestmentPartnersLimitedamarketingpassporttomarkettheGlobalAlphafundtoprofessionalinvestorsinthefollowingEEAcountries:Austria,Belgium,Denmark,Finland,France,Germany,Ireland,Italy,Luxembourg,Netherlands,Portugal,Sweden&theUnitedKingdom.ThesaleofunitsinGlobalAlphatootherrelevantEEAmemberstatesishighlyrestrictedandmaybeunlawful.FORRESIDENTSOFInAustralia,CBREGlobalInvestmentPartnersLimitedandthestaffofCBREGroupcompaniesprovidefinancialservicesonbehalfofCBREClarionSecuritiesPtyLtdABN79124839809AFSLFORRESIDENTSOFInCanada,theFundisofferedonlyonaprivateplacementbasisand,assuch,cannotbemarketedtootherthan“accreditedinvestors”,asdefinedinNationalInstrument45-106ProspectusExemptionsorsection73.3oftheSecuritiesAct(Ontario),asapplicable,whoalsoqualifyas“permittedclients”asdefinedinNationalInstrument31-103RegistrationRequirements,Exemptions,andOngoingRegistrantObligations,throughadealerregistered,orexemptfromdealerregistration,underanapplicableruleoftheCanadianSecuritiesAdministrators.InCanada,tradesofunitsintheFundwillbemadethroughCBRECapitalAdvisors,Inc.FORRESIDENTSOFHONGThisdocument,togetherwiththeprivateplacementmemorandumandanyotherdocumentormaterialinconnectionwiththeoffer,saleorinvitationforsubscriptionorpurchaseofinterestsintheFund,havenotbeenapprovedbytheSecuritiesandFuturesCommissioninHongKong(“SFC”)and,accordingly,interestsintheFundmaynotbeofferedorsoldinHongKongotherthanto“professionalinvestors”(assuchtermisdefinedintheSecuritiesandFuturesOrdinance(Cap.571ofthelawsofHongKong),asamended(“HKSFO”),orincircumstanceswhichdonotconstituteanofferoraninvitationtothepublicforthepurposesoftheHKSFO.FORRESIDENTSOFNosecuritiesregistrationstatementhasbeenfilednorpreparedwithanyauthority(includingtheJFSA)withrespecttothesolicitationofanoffertoacquiretheinterests,becausethisofferislimitedonlytoinstitutionalinvestorsandnottothegeneralpublic.FORRESIDENTSOFThisinformationisbeingprovidedtoyouforgeneraldiscussionpurposestoallowCBREGlobalInvestorstogaugethelevelofinterestinthefundproductdiscussedherein.ThedeliveryofthisinformationtoyoushouldnotbeconstruedinanywayasCBREGlobalInvestorssolicitinginvestmentorofferingtoselltheinterestsinthefunddescribedinthematerials.Rather,beforethesalesofthefundproductCBREGlobalInvestorswillfirstregisterthefundwiththeFinancialServicesCommissionpursuanttotheFinancialInvestmentServicesandCapitalMarketsActofKoreaandengagealocallylicensedentitytofurtherexplainthedetailsofthefundandrisksassociatedwithinvestmentthereinsoastoallowyoutomakeyourinvestmentdecisiononafullydisclosedbasis.FORRESIDENTSOFThisdocumenttogetherwiththeprivateplacementmemorandumandanyotherdocumentormaterialinconnectionwiththeoffer,saleorinvitationforsubscriptionorpurchaseofinterestsintheFundhasnotbeenregisteredasaprospectusundertheSecuritiesandFuturesAct,Chapter289ofSingapore(“SFA”)bytheMonetaryAuthorityofSingapore,andtheofferoftheunitsismadeprimarilypursuanttotheexemptionunderSection304oftheSFA.Accordingly,theunitsmaynotbeofferedorsold,ormadethesubjectofaninvitationforsubscriptionorpurchase,normaythisdocumentoranyotherdocumentormaterialinconnectionwiththeofferorsale,orinvitationforsubscriptionorpurchaseoftheunitsbecirculatedordistributed,whetherdirectlyorindirectly,toanypersoninSingaporeotherthan:(a)toaninstitutionalinvestor(asdefinedinSection4AoftheSFA)pursuanttoSection304oftheSFA;or(b)otherwisepursuantto,andinaccordancewith,theconditionsofanyotherapplicableexemptionorprovisionoftheSFA.CONFIDENTIALANDPROPRIETARY|GLOBALALPHAFUND|IMPORTANTFORIMPORTANTFORRESIDENTSOFTheFundhasnotbeenregisteredwiththeSwissFinancialMarketSupervisoryAuthority(“FINMA”)asaforeigncollectiveinvestmentschemepursuanttoArticle120oftheCollectiveInvestmentSchemesActof23June2006(“CISA”).Accordingly,theunitsmaynotbepubliclyofferedinorfromSwitzerlandandneithermemorandum/presentation,noranyotherofferingmaterialrelatingtotheunitsmaybemadeavailablethroughapublicofferinginorfromSwitzerland.Theunitsmayonlybeofferedandthismemorandum/presentationmayonlybedistributedinorfromSwitzerlandexclusivelytoqualifiedinvestors(asthistermisdefinedinCISAanditsimplementingordinance).PleasenotethatinSwitzerland,thedistributionofCBREAsiavaluePartnersIVisrestrictedtoQualifiedInvestorsonly,asperCollectiveInvestmentSchemeAct(“CISA”),article10para3,3bisand3ter.Thedefinitionofqualifiedinvestorsasperart10par3,3bisand3terCISAisasfollows:a.regulatedfinancialintermediariessuchasbanks,securitiestraders,fundmanagementcompaniesandassetmanagersofcollectiveinvestmentschemes,aswellascentralbanks;b.regulatedinsuranceinstitutions;c.publicentitiesandretirementbenefitsinstitutionswithprofessionaltreasuryoperations;panieswithprofessionaltreasuryoperations;e.HighNetWorthIndividuals:HNWImaydeclareinwritingthattheywishtobedeemedqualifiedinvestors.InvestorswhohaveconcludedawrittendiscretionarymanagementagreementasdefinedinArticle3Paragraph2bandcCISAaredeemedqualifiedinvestorsunlesstheyhavedeclaredinwritingthattheydonotwishtobedeemedassuch.RepresentativeandPayingAgentinSwitzerland:RBCInvestorServicesBankS.A.,Esch-sur-Alzette,ZurichBranch,havingitsregisteredofficeatBadenerstrasse567,CH-8048Zurich.InSwitzerland,thetrustdeed,KIIDs(ifany),theinformationmemorandumandthesemi-annualreportsoftheFundmaybeobtaineduponrequestandfreeofchargeattheRepresentative’sregisteredofficeinZurich.PlaceofperformanceandplaceofjurisdictionforunitholdershavingsubscribedforunitsinSwitzerland,isZurich.FORRESIDENTSOFTHEPEOPLE’SREPUBLICOFThe