References

Flextronics International “We want to hereby thank you and the Herzog staff for all the assistance and efforts put forth into our real estate requirements in Brazil, and for the successful closing of the sale transaction of our industrial property in Jaguariúna, SP. We are pleased with the professional and discrete manner in which Herzog Imobiliária, and its staff members, conducted all aspects of our disposal project and real estate requirements.” Director, Americas Property.

Raymond James We contracted Herzog to find Raymond James’ first office in Brazil. Finding the perfect location that satisfied all needs and demands required by the head office in the United States was a real challenge, particularly when considering the current moment in Brazil’s real estate market. Herzog’s work and dedication were fundamental, especially in terms of its flexibility, persistence and understanding of our needs. I thank the entire Herzog team for its patience and dedication in this start-up process of our activities in Brazil

EATON LTDA. "Thank you for your assistance with the Diadema transaction. Your local network helped us bridge some gaps and bring together a very challenged deal. We have been happy with the Herzog team on the various projects we have worked on together. You are the first contact we make when dealing with property issues in your region." Manager, Corporate Real Estate

SHERWIN WILLIANS DO BRASIL INDÚSTRIA E COMÉRCIO LTDA. "Herzog Imobiliária Ltda. was both very efficient and professional in their dialings with Sherwin-Williams. They were instrumental in bringing about a smooth and successful negotiations which was satisfactory to both parties." - Financial Director

MAYER DO BRASIL - MÁQUINAS TÊXTEIS LTDA. "We are totally satisfied with the services performed by Herzog in locating our industrial property." Sérgio Malmegrim - President

JANSSEN- CILAG "We would like to thank you and to recommend the well-known company Herzog, for the excellent work performed in the commercialization of the Sumaré industrial property. All the transactions were performed by highly competent professionals, who fully met our stated objectives." - Jorge M. Romaneiro - Administration and Financial Director

ROCKWELL DO BRASIL S.A. - DIV. BRASEIXOS "In the sales process of our Hortolândia plant, we used Herzog's services, which met the highest ethical and commercial standards. - Victor L. Scully - General Manager

LINCOLN ELETRIC DO BRASIL. "We would like to state to whom it may concern that the company Herzog Imóveis Industriais was responsible for selling our property, with great professionalism, promptness and reliability. The property was sold two months after we hired Herzog." - Paul David Owens - General Manager

TAMBRANDS INDÚSTRIA E COMÉRCIO LTDA. "Now that we finalized the sales process of our property located in Itaquaquecetuba, we would like to express our thank you for the professionalism and efficiency demonstrated during all the commercialization stages." - Maria do Carmo P. Damato - Country General Manager

ALBARUS S.A. INDÚSTRIA E COMÉRCIO. "With professionalism and efficiency, Herzog assisted us during all the phases of the process, from the excellent marketing campaign up to the final sales negotiation or our property in Santo Amaro." - Marco Aurélio Caleffi - Director Vice President for Distribution

BS CONTINENTAL S.A. UTILIDADES DOMÉSTICAS. "We would like to thank Herzog for your professionalism, which has greatly contributed to the real estate transaction between Bosh-Siemens concluded with your intermediation. We recommend Herzog Imobiliária and its team." - Pierre Epenoy - Corporate Relations Director of Bosch-Siemen

LADA DO BRASIL IMP. E EXP. LTDA. "Herzog Imobiliária Ltda. performed fully satisfactory services in developing all the stages of the negotiation. Herbert Berger - Executive Vice-President

BLACK & DECKER ELETRODOMÉSTICOS LTDA. "... our satisfaction in relation to the work performed by you in assisting us during the industrial relocation project. From the development of potential buyers for our property ... to the complex negotiation process until closing the transaction ...the tenacity, professionalism and immediate attention which you extended to the project." ... we hired your services to identify and locate our new administrative facilities in São Paulo. Again, as we expected, we had total assistance from you, covering all the stages of the process that resulted in signing the lease agreements. In the light of the excellent experience that we had working with you, and as a result of the highly positive results we obtained, we are confident to recommend you to any potential client." Claudio F. Miers - Director

HERTZ -CAR RENTAL SISTEMS DO BRASIL. "I would like to take this opportunity to extend my appreciation to Herzog Imobiliária for all of their assistance, to individualized attention and expertise provided to us in all of our real estate needs. I feel confident in their knowledge and I have no hesitation in recommending their services to any company who expects nothing less than excellence." - Sales & Marketing Director

SACHS AUTOMOTIVE LTDA. "With promptness and efficiency, Herzog assisted us in all phases of the process, from the excellent marketing campaign to the final negotiation details." Jair Viveiros - Administrative and Financial Director

MOBIL CORPORATION "I want to thank you and your staff for all your help in the relocation of Mobil Oil do Brasil's headquarters in São Paulo. Your assistance in site location and lease negotiations proved to be a valuable saving. I would especially like to commend your firm for its prompt and continuous communications. In my dealings with your competitors it was evident that these attributes cannot be taken for granted in São Paulo. Should any of your prospective clients request a referral please do not hesitate to provide them with my name." - Asset Portfolio Manager - Global Real Estate

PITNEY BOWES, INC. "Herzog Imobiliária Ltda. was both very efficient and professional in their dealings with Pitney Bowes. They were instrumental in bringing about a smooth and successful negotiation which was satisfactory to both parties." - Richard L. Williams - Vice President International Dealers & Joint Ventures

SINGER DO BRASIL "We would like to inform to whom it may concern that Herzog Imobiliária Ltda. has provided services to our company of excellent quality and sound knowledge of the industrial real estate business. J.J. Rodriguez - Director President

LLOYDS BANK PIC We state that Herzog is our valuation consulting and real estate commercialization consultants at national level. These advisory services have been provided within our expectation regarding professionalism, promptness and reliability, and we stress the recent success of the commercialization of our properties located in Goiania, Fortaleza and Contagem. We hope to continue maintaining the commercial relationship with Herzog, which guarantees total clarity of the deals to be closed." Eduardo P. Lima - Engineering and Administration Manager

CONSTRUTORA DUMEZ - GTM LTDA. "Now that the negotiations have ended, we would like to thank you for your efforts, discretion, professionalism, serenity, honesty and fairness which characterize the activities of this company and its representatives in the intermediation of this business". Engineer Roberto F. Neves - Director-Superintent

F. L. SMIDTH COMÉRCIO E INDÚSTRIA LTDA. "We wish to thank HERZOG for the services provided at the time we sold our properties in Varginha and Cotia. We recommend Herzog Imobiliária for its professionalism and efficiency in negotiating the sales of our industrial properties." Anders Bech - Director President

BLOCK DRUG COMPANY, INC. "I can honestly state that we have had two excellent dealings with your firm. Hopefully in the next five years, we will again contact you when we outgrow our present operation. For Block Drug Company, Stafford Miller Pharmaceutics and myself, we thank you for your excellent work." - Vice President - International

NATIONAL SEMICONDUCTOR "Frances has done an outstanding job for me and I highly recommend her personally, as well as the expertise she provides to the profession. She and her son, Eduardo, specialize in industrial properties and have an in depth knowledge of the investor community in the area as well as a practical approach to the marketing of properties within the community." - Manager, Corporate Real Estate

GENERAL MOTORS DO BRASIL LTDA. "The work you performed for us was very professional and extremely effective. You took what had been a difficult to move property and brought us a buyer almost immediately. When the opportunity arises we intend to use your services again and recommend them accordingly." - Treasurer

BLACK & DECKER B & D ELETRODOMÉSTICOS LTDA. "We would like to thank you for your efforts in selling our property in good terms. Without this dedication and high level of professionalism which Herzog demonstrated, it would be very difficult for us to reach such satisfactory sales, especially taking into consideration the characteristics and location of the property, as well as the adverse economic situation that our country is going through." João Carlos F. de Souza - President / Osvaldo Vitorrato Jr. - Financial Director.

VOTORANTIM CELULOSE E PAPEL "After the process of selling the above-mentioned property has been finalized, we would like to express our thanks for the professionalism and efficiency shown by your company, allowing the transaction to be closed in a satisfactory manner." Raul Calfat - Director-Superintent

MANGELS "Herzog provided real estate services during 1995, which resulted in the leasing of one of our industrial buildings located in São Bernardo do Campo. We recommend Herzog as a professional and competent company." João Sérgio Dias Ramos - Business Planning Manager

FRAS-LE S.A. "We were totally satisfied with all the stages of the services performed by Herzog Imobiliária Ltda." Francisco Stedile - Director and President

GRADIENTE ELETRÔNICA S.A. "... provided in a fully satisfactory manner, real estate consulting services followed by the intermediation in the sales negotiation of our industrial property". José Straunard Pimentel - Financial Director

LAND ROVER DO BRASIL LTDA. "It is this Company's good fortune to have become acquainted with your company. I feel confident that other international companies will be equally satisfied by the standard of service offered by Herzog Imobiliária Ltda. and recommend them accordingly." - Director, Finance & Administration

MELITTA DO BRASIL INDÚSTRIA E COMÉRCIO LTDA. "We want to thank Herzog for its excellent performance in selling our property. Its work, from marketing preparation to the final signature of the contract, was a model of organization and efficiency. We recommend Herzog." M.S. Toni - Administrative and Finance Manager

REALCO COMÉRCIO DE ALIMENTOS S.A. "... she helped us on several occasions with tough negotiations, and we continue to call on Frances when the deal requires special attention. I personally respect her knowledge and abilities and of course have absolute confidence in her integrity." - Managing Director

JOHNSON & JOHNSON CENTRO OESTE "Herzog was hired to sell our industrial property in the Municipality of Jaguariúna. I attest that the sale of such property has been performed in a professional and totally correct manner. Herzog executed all the commercialization stages with maximum efficiency, from placing and maintaining the image of our Property, to selecting potential buyers, negotiating conditions and closing the process." Fábio Cornibert - Director

Sulzer Brasil S/A. "In order to approach a broad number of potential buyers within a short time-span, we decided to contract the services of Herzog Imobiliária Ltda. Who enjoys a strong name in the real estate market. We herewith confirm that the marketing campaign was conducted with high professionalism and resulted in the successful sale of the property within the relatively short time of seven month." CFO

Sandler & Travis Trade Advisory Services, Inc. “Let me take this chance to thank you for all your assistance and support. Our rental experience in Sao Paulo has been dramatically improved thanks to your efforts and experience. We very much appreciate your hard work and are happy to provide a reference, should it ever be necessary.” Gianluca Romano - Vice President, International Commercial Services."

Starbucks Brasil Comércio de Cafés Ltda. This letter serves to register our very positive working experience with the Herzog Group in the initial implantation of Starbucks in Brazil. Starting in late 2005 we contracted Herzog to do a survey of the Sao Paulo commercial real estate market to serve as input for our business plan. Following on our evaluation of their field work and the report they delivered, we continued working with them on individual real estate deal and the development of surveys of our priority trading areas. Their work was supported with geomarketing surveys and left us with a clear cut view of the SP market. Throughout this period, which ended with in 2007 when we reinforced our in-house staff, we found Herzog to be competent, energetic, experienced and skillful in negotiations, discrete and ethical in all senses. We are very pleased to recommend them highly. President