GE Real Estate in Iberia strictly invests for its own account (held on GE balance sheet) and develops its activity through both asset retention and sales. GE Real Estate's investment strategy in Iberia focuses on a philosophy guided by market opportunities. Since its inception, the investment strategy has been focused on 4 areas of activity: 1) acquisition of real estate holding companies, such as Renta Imobiliaria, of which we bought 97.9278% stake; 2) portfolios, such as Landscape, El Arbol, Cortefiel, 3) single assets, including Villarodona and Ribarroja and 4) acquisitions through JV partnerships with significant Spanish and Portuguese players, including GMP, Coperfil and Amorim Imobiliaria, now Chamartin Imobiliaria.

As a result of our ongoing efforts to accommodate to the current situation of the Iberia Real Estate market, GE Real Estate Iberia has broken into the business of Commercial Performing Loans. Even though there is not a consolidated Performing Loans division within GE RE Iberia, 48% of the global GE Real Estate portfolio totalling $79.000 MM corresponds to Performing Loans, which amounts to $38.000 MM. Therefore, bearing in mind the current financial situation and GE Real Estate know-how, our next aim will be to implement Performing Loans structures at a local scale.

Moreover, we are also undertaking some partnership strategies with third parties that lack a specialized and well-defined Real Estate structure. Our relationship will be based in Real Estate acquisitions in JV structures so our partners profit from our Know-how, track record and sound experience in the Real Estate sector.

Today GE Real Estate's €1.1 billion Iberian portfolio is composed of offices, shopping centers and logistics warehouses in Madrid, Barcelona, Valencia, the Spanish provinces and Lisbon. We hope to continue to grow the business throughout Spain and to remain a major player in the Iberian real estate sector in the years to come.