PICTURE HOLD

Bidco is a company incorporated under the laws of England and Wales for the purposes of the Offer and is owned indirectly by PW Real Estate Fund III LP ("PW Fund III"). PW Fund III is one of a series of funds (the "PW Funds") advised by Aermont Capital LLP ("Aermont", formerly PW Real Assets LLP). PW Fund III has committed partnership capital of EUR 1.5 billion.

Also known as: Picture Hold Co. Ltd