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Frankfurt Discovery Forum Summary Findings


									CoreNet Global Learning

20-21 APRIL 2004

Highlights of the Forum included presentations by Christian (Chris) Kühni, Managing
Director, Aventis Real Estate and Björn Christmann, Head of Group Property Projects,
Aventis Real Estate; and Prentice Knight, Vice President Discovery, CoreNet Global


The Forum began with a brief poll of the attendees. Corporate attendees were asked to
predict change at their companies over the next 12-18 months in the following categories:
    Revenue (globally)
    Employees in Europe
    Employees outside Europe
    Real estate portfolio in Europe
    Real estate portfolio outside Europe

Service provider attendees were asked to rate the corporate market in Germany for the
following real estate services:
     Transactions
     Facility management
     Design
     Project management
     Consulting

For both groups, the following scale was used in the poll:
    1 = significant decline
    2 = small decline
    3 = stable/little change
    4 = small growth
    5 = significant growth

Results of the corporate poll are consistent with surveys at recent Discovery Forums.
They show that attendees are more bullish about revenue growth than either employment
growth or expansion of the portfolio. Moreover, the outlook is stronger – in both
employment and the portfolio – outside Europe than inside Europe. (Similarly, polls
conducted at recent Forums in the United States indicate a stronger outlook for
employment and portfolio growth outside the United States vs. inside the United States.)

Frankfurt Discovery Forum Summary Findings                                20-21 April 2004
CoreNet Global Learning

Results of the service provider poll call for growth in all five real estate services in

Frankfurt Discovery Forum Summary Findings                                      20-21 April 2004
CoreNet Global Learning


Following the poll, the Forum then turned to discussion on key issues and challenges in
corporate real estate, including:
     Database for CRE
       o How deep should the data go?
       o Cost/benefit
     Formation of shared services centers
     Offshoring
     Charter/mandate for CRE vs. service provider stature
     Best practices for CRE processes
     Workplace and corporate productivity
     Innovation and worker satisfaction
     Occupancy costs
       o Definition
       o How to measure/metrics
       o Allocation
     Reporting and accounting issues for CRE
     Perception of CRE within the corporation
       o Senior management
       o Business units
       o Local managers
     Role for CRE – what should it be?
     Business cycle vs. real estate cycle
       o Long-term CRE decisions vs. short-term business focus
     Strategic vs. tactical CRE
     Corporate policies for CRE

Specific comments included:

The perception of CRE within the corporate body as a whole as a business partner is
important. Getting them to treat you as part of the corporation, rather than a service
provider, is key. You can get a lot more accomplished that way. We sell ourselves as a
business partner.
                                                                               Adam Levine
                                                                   Head Asset Management

We want to become more strategic. I need to understand the business, their growth plans
and their compression plans to do my job.
                                                                     Debra Homic Hoge
                                                      Reg. Director, Europe Operations
                                                                  General Motors Corp.

Frankfurt Discovery Forum Summary Findings                                 20-21 April 2004
CoreNet Global Learning

Companies need clearly stated policies – in advance – about real estate.
                                                                            Erkki Anttila
                                                    Vice President, Corporate Real Estate
                                                                    Wartsila Corporation


Chris and Björn gave a presentation on Aventis Real Estate. Various key initiatives and
projects were discussed, including the RETOC database and its role in portfolio
management and occupancy costs control.

Company Background

       Headquartered in Strasbourg, France, Aventis is one of the world‟s fastest-
        growing pharmaceutical companies
        o Largest human vaccines producer in the world
       Market capitalization of EUR 52 billion
       75,600 employees
       450 subsidiaries
       Pharmaceutical activities fall into three main groups:
        o Prescription drugs
        o Human vaccines
        o Animal health

We are now in a very fast-moving environment. Our goal is to be the global leader in
selected fields.
                                                                       Christian Kuehni
                                                                     Managing Director

Chris stated that the Aventis business strategy has five key components:
    Forming alliances
    In licensing products
    Reinforcing sales efforts
    Increasing U.S. market share
    Recruiting and retaining the best scientists

Aventis Real Estate

While real estate is not a key issue compared to business strategy, Chris explained, the
company‟s property assets are substantial (more than EUR 4 billion). Aventis has office,
lab, production and warehouse space, with facilities in more than 100 countries.

Frankfurt Discovery Forum Summary Findings                                  20-21 April 2004
CoreNet Global Learning

Offices are leased at Aventis. But our lab and production facilities are owned, due to their
strategic importance.
                                                                          Björn Christmann
                                                         Head of Group Property Projects

The reporting line for Real Estate is to Finance. All corporate real estate transactions
have to come to Aventis Real Estate for approval.

Speed, efficiency and investment policy are key areas of focus:
    Speed is important because an ROI of 15 percent requires real estate values to
       increase 52 percent over three years to be break-even on a present-value basis
    Efficiency is important because a space reduction of 20 percent and a layout
       change from single to combined offices delivers efficiency gains of 40 percent per
    Investment policy is important because a property purchased for EUR 100 million
       reduces company capitalization by EUR 125 million

At the end of the day, we are a profit center. Our business is heavily bottom line-oriented.
                                                                           Christian Kuehni
                                                                         Managing Director

As Chris and Bjorn explained, the major benefits provided by Aventis Real Estate to its
clients relate to money, time and quality:
     Money
        o Maximizing proceeds from property transactions
        o Reducing occupancy costs
        o Minimizing external consultancy cost

We disposed of a lot of property from 1998 to 2001, but it is extremely difficult to
dispose of properties right now. Today the focus is really on the workplace and
occupancy cost management.
                                                                         Christian Kuehni
                                                                       Managing Director

       Time
        o Controlling milestones and follow-up actions
        o Reducing project throughput time

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CoreNet Global Learning

We are using reverse auctions because we want to optimize costs and get quality and
improve throughput times.
                                                                      Björn Christmann
                                                       Head of Group Property Projects

       Quality
        o Implementing structured property processes
        o Selecting best external support
        o Benchmarking

Twelve guys cannot handle a portfolio like this. We depend heavily on third parties.
                                                                        Christian Kuehni
                                                                     Managing Director

Corporate Governance

Five Group guidelines govern all real estate actions at Aventis:

Guideline                                            Author
Global Authorization Policy                          Group Management Board
Capital Management Authorization Process             Corporate Controlling
Corporate Finance & Treasury Approval                Corporate Finance & Treasury
Lease vs. Buy                                        Corporate Controlling & Corporate
                                                     Finance & Treasury
Global EHS Acquisition & Divestiture                 Corporate Environmental Health &

In addition, checklists are used to assure quality in all of the following:
     Advisory RFP Process                              Office Building Relocation
     Broker Mandate (Leasing)                              Requirements
     Broker Mandate (Sale)                             Office Concepts
     Class-A Office Buildings                          Real Estate Data
     Environmental Audit                               Real Estate Purchase Agreement
     Land Development &                                Real Estate Risk Analysis
        Divestment                                      Space Planning
     Lease Agreement                                   Technical Office Building
     Location Factors                                      Requirements
     Move                                              Value Appraisal
     Occupational Strategy Master

Frankfurt Discovery Forum Summary Findings                                20-21 April 2004
CoreNet Global Learning

Real Estate Database

Aventis Real Estate has developed a real estate database (RETOC, or Real Estate
Inventory Taking & Occupancy Cost Management) that has been very useful in
identifying opportunities to reduce occupancy costs.

According to Chris, off-the-shelf products reviewed were found to be either much too
complex or much too simple. So Aventis Real Estate developed its own system. The
organization provided the data, and a small firm in Berlin did the programming work.
Chris, Bjorn and the team were careful not to allow the database to become too
cumbersome or too complicated.

RETOC was launched just nine months after initial discussions. Country CFOs are
responsible for seeing that the data is made available and put into the database. Local site
management and finance staffs do most of the data input, with updates planned at least
once per year. Data can be entered in various currencies, and the system automatically
calculates the correct values.

Frankfurt Discovery Forum Summary Findings                                   20-21 April 2004
CoreNet Global Learning


Databases – Collection and Use of Information

Key findings in this discussion include:

       Understand the purpose for the data/information
       Simplicity is key
       Focus on what is most important first
       Do not collect data if you cannot keep it up to date
       Align to support the company‟s/division‟s/CRE‟s KPIs
       Unbundling i.e. site - building - departments
       Outsourcing / In-house
           o Sources of data?
                     Vendors
                     In-house CRE dept
                     Other functions/departments e.g. HR
           o If you rely on others for data, some trust is required (but trust and verify)
           o Info is required to create an effective outsource contract and outsource
               contracts should cover the provision of information back to the company
                     Maintenance
                             What is required/planned
                             Costs
                             Scope and timing
       Link information
           o Headcount
           o Area
           o Cost
                     Occupancy
                     Maintenance
                     Energy
                     Breakdown
       What are company‟s metrics as they drive CRE measurements and information
           o E.g. earnings per share
                     What is the relationship with CRE activity?
       Links to strategic planning
       Company-specific examples discussed include:
        o General Motors has a database it uses for lease administration and rent
           payments. The tool helps in the company‟s goal of “compression
           opportunities” – consolidations and disposal of surplus properties.
        o Aventis‟ system is a management tool used to identify opportunities to reduce
           occupancy costs. It is not used for lease administration or legal issues related
           to real estate. A key initial step is to create awareness of occupancy costs.

Frankfurt Discovery Forum Summary Findings                                   20-21 April 2004
CoreNet Global Learning

        o Beierdorf has a database for lease administration and for “early warning”
          notification. The system also helps identify consolidation opportunities and
          aids in benchmarking real estate projects – for capturing internal practices.
        o Microsoft‟s database is used for lease administration and for internal
          benchmarking (e.g., by country and by site). External benchmarking is a
          stated future goal. The database also is used to compare internal rates to
          market rates and to develop standards (soft) by global region. Finally, the
          system helps in creating three-year space and project projections for use in
          developing the annual CRE budget.

CRE Roles and Mandate

Key findings in this discussion include:

       „Ownership‟ of balance sheet assets and liabilities relating to real estate
       Use of information
           o Provide insight to users / customers
           o Identify opportunities to assist / work with customers
           o Identify self-imposed „challenges‟ that align with the company‟s direction
               e.g. cost savings, portfolio re-alignment
       Build relationships
           o Customers
           o Data sources
       Deliver solutions
           o Look to drive right behaviors
       Competencies


Prentice gave a presentation on the evolution of corporate real estate management,
including key findings from recent Discovery Forums.

Long-Term Trends

   Centralization/consolidation
   Expanding scope of responsibilities
   Repositioning – tactical to strategic
     The role of the senior CRE executive has evolved over time and is becoming
       broader and more strategic than in the past. This evolution has occurred through
       the following sequential roles:
        Taskmaster, controller, dealmaker, intrapraneur, business strategist, corporate
           infrastructure leader

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CoreNet Global Learning

   Global cost reduction – portfolio management
   Enabling work
   Outsourcing
     The responsibilities of service providers have been growing higher and farther up
        the value chain
     Some 20 years ago, service provider firms handled implementation issues only.
        Today they also handle CRE processes and strategy.
   Partnering
   Client relationship management
   Technology-enabled CRE management
   Integration
     Integration is key to obtaining further improvements in CRE performance in an
        era when all of the low-hanging fruit has been picked
   Evolution of the service provider industry
   Integrated infrastructure management

Evolution of the CRE Organization

Although the trend toward centralization of responsibility for real estate began several
decades ago, its momentum increased substantially in the early 1990s, coincident with a
big push toward smaller, leaner internal CRE groups and increased outsourcing.

Stage 1 (1960s)
    CRE group formed
    Centralization begins
    Some out-tasking
    Small number of vendors

Stage 2 (1980s)
    Large CRE department
    Some out-tasking
    Small number of vendors

Stage 3 (early 1990s)
    CRE department downsizes
    First big out-tasking push
    Many vendors

Stage 4 (early- to mid-1990s)
    Even smaller CRE department
    Smaller number of preferred suppliers

Stage 5 (mid- to late 1990s)
    Small, strategically focused CRE staff

Frankfurt Discovery Forum Summary Findings                                 20-21 April 2004
CoreNet Global Learning

       Small number of alliances held accountable for service on a global or regional

Stage 6a (early 2000s)
    Very small, strategically focused CRE staff
    Small number of strategic partners function as highly integrated team for CRE

Stage 6b (early 2000s)
    Very small, strategically focused CRE staff
    Single strategic partner
    Strategic partner held accountable for service on a regional or global basis

Examples of CRE Functions Kept Inside (Leading-Edge Companies)
 Strategy and strategic planning
 Global portfolio planning
 Strategies to reduce space
 Workplace strategies
 Strategic interface with top management
 M&A analysis related to real estate portfolios
 Financial strategy, models and budgeting related to real estate
 Service provider partner management

Examples of CRE Functions Pushed Outside (Leading-Edge Companies)
 Consulting
 Site selection
 Transactions and lease administration
 Design and engineering
 Project management, including move-in
 Facility management, including moves, adds and changes

To show examples of how companies have responded recently to the challenge of CRE
service delivery, Prentice described the new approaches and organizational models of
CIBC, Perkin-Elmer and McKesson. Additionally, highlights from a Nokia CRE
presentation illustrated how some CRE organizations are beginning to view enabling
work as a key part of their value proposition going forward.

Canadian Imperial Bank of Commerce

   44,000 employees
   7 million sq. ft. retail (1,200 owned and leased branches)
   5 million sq. ft. of office space, primarily leased

Frankfurt Discovery Forum Summary Findings                                 20-21 April 2004
CoreNet Global Learning

   4,400 ABMs

In a shift of strategy, CIBC decided to focus its efforts around financial services. It also
decided to use a leaner internal staffing structure and use outsourcing much more than it
had done in the past. Previously, its staff of 177 people had done almost all of the firm‟s
real estate work internally.

CIBC didn‟t want to out-task its real estate work. It wanted a partnership with a full-
service partner, not a fragmented group of functional experts. The company selected
O&Y CB Richard Ellis, a newly formed partnership between O&Y Enterprise and CB
Richard Ellis Canada. (This partnership was formed specifically to address CIBC‟s needs
in this process.)

Today CIBC‟s internal real estate team consists of 19 people. O&Y CB Richard Ellis has
approximately 140 people across Canada; so total staffing remains roughly the same as
before outsourcing.

CIBC outsourced in this way to get more flexibility and best practices – and to allow their
real estate staff to have more career opportunities under the new arrangement. Cost
reduction was not the principal motivation. Benefits of outsourcing in this case were:
 Cost-neutral, with potential for long-term cost savings
 Increased opportunities for former CRE staff
 Improved service delivery and better customer satisfaction
 Benefits of increased investment in IT (investments which would not have been made
    if all CRE had remained in-house)


   Based in Massachusetts
   Three major business units: Life Sciences, Analytical Instruments, Optoelectronics
   Requires highly trained, skilled employees (e.g., call centers staffed primarily by
   Portfolio of 3 million sq. ft. at 111 sites around the world

When Ed Zielinski came on board as vice president of asset management, the company‟s
real estate function was largely reactive. He saw an opportunity to add greater value by a
greater understanding of business needs and how that translates into CRE strategy. This
was a much more strategic focus than what had been done in the past.

Outsourcing was adopted as part of the new approach. Perkin-Elmer previously had 3-4
people in real estate, and most were located in the business units. Under the new model,
internal real estate staff was reduced to one person – Ed Zielinski. (In addition to CRE,
Ed also has responsibility for Environmental Safety and Health and Global Travel, plus a
role in M&A activities.)

Frankfurt Discovery Forum Summary Findings                                    20-21 April 2004
CoreNet Global Learning

Perkin-Elmer CRE chose Colliers as its single service provider. Colliers had the requisite
global reach, and its presence around the world matched up well with Perkin-Elmer‟s

Ed now spends about 60 percent of his time talking with business units about strategic
issues, and about 40 percent talking to his service provider about operational issues.


   The world‟s largest health-care services company, established in 1833
   $50 billion in annual revenues
   Global portfolio of 16 million sq. ft., heavily oriented toward logistics
   350 facilities
   25,000 employees

About three years ago, McKesson adopted an entirely new model for corporate real
estate. Previously, most support functions at McKesson, including CRE, were highly
decentralized. Individual business units made most of the decisions relating to real estate.

When Frank Robinson came on board to lead corporate real estate for McKesson, he
realized that the company needed a different, more centralized service delivery model to
deliver greater value. He spent a year gathering knowledge for a business case, and then
presented a comprehensive plan of change that was accepted by senior management.

Frank concluded that significant opportunities existed to reduce costs, estimating that
occupancy costs could be reduced 10-25 percent over 3-5 years if a strong focus were
applied. He found that significant numbers of employees were doing real estate work in
scattered places around the company.

Frank asked senior management to a) support the creation of a corporate real estate
shared services organization, b) transfer responsibility for real estate to him and c)
mandate adoption of enterprise-wide initiatives. These requests were approved.

McKesson‟s New CRE Organization

   Internal staff of eight people focus on strategic issues
   McKesson CRE provides a single point of contact, an advocate, for each business unit
    (Workplace Business Partners)
     This linkage with business units increases the accuracy of demand forecasting and
         a better link to overall business strategy
   Tactical issues, tools and technology, implementation resources, etc. handled by
    alliance partner (McKesson selected Trammell Crow Co.)

Frankfurt Discovery Forum Summary Findings                                      20-21 April 2004
CoreNet Global Learning


Background on the company and its portfolio include:

   The company is approximately 100 years old
   Nokia has been the world‟s largest manufacturer of mobile phones since 1998
   Centralized real estate function established in January 2002 – the organization
    recently adopted the name of Workplace Resources to more effectively communicate
    its true mission
   Portfolio not expected to grow overall, especially as new ways of working are
    introduced and facilities are consolidated
   Substantial space disposition during the past few years
   Some 60 percent of Nokia locations are relatively small
   R&D centers tend to have headcounts of 100-500 and typically have leases of from
    three to seven years
   Headquarters is in Espoo, near Helsinki; percentage of portfolio in Finland is

A lot of time and effort are being invested today in workplace solutions. Nokia‟s Mobile
Work Program, created about two years ago, provides mobile workplace solutions and
the opportunity to work new ways. In this context, Nokia groups employees into three
 Mobile
 Campus Mobile
 Desk-Based

A Nokia facility in Helsinki serves as the Mobile Work Lab, which houses the latest IT
systems, furniture, etc. for testing and evaluation. Nokia Workplace Resources has
worked with Steelcase to map internal communication flows as part of the Mobile Work

Mark Tamburro, Vice President of Workplace Resources, estimates that the company‟s
office portfolio could be reduced to 10 million sq. ft. from 15 million sq. ft. over the next
several years if Mobile Work is fully implemented across the company.



Key findings in this discussion include:

       Currently typically used for transactions, FM and one-off projects.
       There were no examples of strategic partnerships

Frankfurt Discovery Forum Summary Findings                                    20-21 April 2004
CoreNet Global Learning

       The barriers or obstacles to strategic partnerships were thought to be
            o The competencies of potential strategic partners
            o Lack of conviction on cost benefit
            o Employee rights and transfer issues
       Service provider industry less well developed in Germany in relation to corporate
        real estate.
       The potential scope and attractiveness of outsourcing varies by industry and
            o Office transactions and FM fairly straight forward
            o Industrial facilities more likely to be controlled by, or be the responsibility
                of manufacturing function or require specialist knowledge to be effective
       Influenced by the extent of outsourcing of other functions
       Significant progress is being made by a number of large firms but still some way
        behind UK and US. (Anglo-Saxon culture?)
       What is kept in-house will be related to key success factors for the company and
        will thus vary by firm and by industry

Specific comments include:

You can outsource pretty much everything, if you are only reacting to what the business
asks you to do. But there‟s a brain drain if you outsource at a high level.
                                                                             Adam Levine
                                                                   Head Asset Management

In the States, Aventis has preferred service providers. In the rest of the world, we select
on a case-by-case basis. It‟s more work for us and for the service provider, but we think it
is better this way.
                                                                            Christian Kuehni
                                                                           Managing Director

If real estate were all exactly the same, and commoditized, you could outsource it
completely. But that will never happen. There will always be uniqueness from company
to company. And as long as workplace harmony is important, there will always be
someone internally who is in charge of that.
                                                                         Richard Kimball
                                                   Sr VP & Director of Corp Svcs. Group
                                                                     Colliers International

Frankfurt Discovery Forum Summary Findings                                    20-21 April 2004
CoreNet Global Learning

Competencies of CRE and Influence on Outsourcing

Key findings in this discussion include:

       The key is an understanding of the business, its strategy, its products and its
            o This understanding was also identified as being key to a Customer
                Relationship Management system being effective
       Premium placed on business skills
       Potential scope for people without real estate backgrounds
       Procurement and contract management


Again, a leading-edge event for CREM.
                                                                         Fritz Preugschat
                                                                   BASF Aktiengesellschaft

It is very valuable to meet CRE top executives to exchange ideas and to plan the future of
                                                                            Erkki Anttila
                                                    Vice President, Corporate Real Estate
                                                                    Wartsila Corporation

Great content and presentations.
                                                                             Manfred Fink
                                                        Corporate Real Estate Management
                                                                            Beiersdorf AG

The Discovery Forum is an excellent opportunity to verify where you are in comparison
with the very best in the industry. Very practical and useful for day-to-day work.
                                                                           Christian Kuehni
                                                                         Managing Director

Frankfurt Discovery Forum Summary Findings                                    20-21 April 2004
CoreNet Global Learning

This was my first Forum and as I am relatively new to corporate real estate, I found the
ability to draw from such a pool of experience and knowledge invaluable. I will take
many new ideas and concepts away from this and attempt to implement them in my daily
                                                                             Adam Levine
                                                                Head Asset Management

Great opportunity to network with other CRE professionals. You get access to a wide
knowledge base and learn from their experience without reinventing the wheel.
                                                                           Sabine Heiss
                                                       EMEA RE&F Account Manager

It was an excellent event with a lot of very interesting discussions and a lot of new
                                                                           Björn Christmann
                                                            Head of Group Property Projects

Excellent platform to discuss latest challenges in CRE with CRE people from other
                                                                       Fabian Manegold
                                                                         Senior Manager
                                                                  RWE Systems GmbH

It was exceptionally interesting to attend a Euro-based session. Clearly corporate issues
are global in nature.
                                                                           Richard Kimball
                                                    Sr VP & Director of Corp Svcs. Group
                                                                      Colliers International

Good working platform to reflect about the ongoing issues.
                                                                          Stephan Weber
                                                              General Manager Real Estate
                                                                       Sony Berlin GmbH

Very recommendable!
                                                                              Ralf Heuser
                                                                        Associate Director
                                                                       Jones Lang LaSalle

Frankfurt Discovery Forum Summary Findings                                   20-21 April 2004
CoreNet Global Learning


Host:                      Regus Business Centre

Dinner Host:              Colliers International/Colliers PropertyPartners


Ron Adam                                             Tishman Speyer Properties
Director, European Operations                        MesseTurm 19. OG
CoreNet Global UK                                    Friedrich-Ebert-Anlage 49
Foxleas                                              Germany
Farnham Lane                                         Phone: 49.69.97541.222
Haslemere GU27 1EU                                   Fax: 49.69.97541.299
Phone: 44.1428.651140
Fax: 44.1428.561179                                  Björn Christmann                                 Head of Group Property Projects
Erkki Anttila                                        Im Nassauer Hof 3
Vice President, Corporate Real Estate                Hattersheim am Main 65795
Wartsila Corporation                                 Germany
PO Box 196                                           Phone:
Helsinki 000531                                      Fax:
Phone: 358.400.422682
Fax: 358.10.7095210                                  Martin Eberhardt                           Colliers Property Partners & Managing
Katleen Beeckman                                     Grossman & Berger
European Manager                                     Bleichenbrucke 9
CoreNet Global                                       Hamburg 20354
Park Atrium                                          Germany
Rue des Colonies 11                                  Phone: 49.40.350802.230
B-1000 Brussels                                      Fax: 49.40.350802.529
Fax:                               Uwe Faust                          Professor
                                                     Infraserv GmbH e Co. Hochst KG
Stefan Brendgen                                      Industriepark Hochst
Regional Director                                    Gebaude D 607

Frankfurt Discovery Forum Summary Findings                                    20-21 April 2004
CoreNet Global Learning

Frankfurt 65926                              Debra Homic Hoge
Germany                                      Reg. Director, Europe Operations
Phone: 069.305.5160                          General Motors Corp.
Fax: 069.305.13969                           C/O Adam Opel AG                      Bahnhofsplatz 1, IPC 32-05
                                             Russelsheim 65 428
Manfred Fink                                 Phone: 06142/755040
Manager                                      Fax: 06142/755046
Corporate Real Estate Management   
Beiersdorf AG
Unnastrasse 48                               Richard Kimball
20245 Hamburg                                Senior Vice President & Director of
Germany                                      Corporate Svcs. Group
Phone: 049.40.4909.2506                      Colliers International
Fax: 049.40.4909.4483                        20th Floor                  50 Milk Street
                                             Boston MA 02109
Sabine G. Heiss                              Phone: 617.722.0221
EMEA RE&F Account Manager                    Fax: 617.722.0224
Regional Corporate Services        
Konrad - Zuse - Str. 1                       Prentice Knight III
Unterschleissheim 85716                      Vice President Discovery
Germany                                      CoreNet Global Learning
Phone: 49.89.3176.2324                       Suite 1500
Fax: 49.89.3176.3830                         260 Peachtree Street NW                         Atlanta GA 30303
                                             Phone: 270.622.6042 in KY
Dirk Heller                                  Fax: 270.622.6052 in KY
Director Ford Land Europe          
Ford of Europe
Henry-Ford Strausse 1                        Christian Kuehni
D 50969 K8LN                                 Managing Director
Phone: 49.221.901.9060                       Aventis
Fax: 49.221.901.8783                         Im Nassauer Hof 3                             Hattersheim am Main 65795
Ralf Heuser                                  Phone: 49.69.305.24.710
Associate Director                           Fax: 49.69.305.24.713
Jones Lang LaSalle                 
Platz der Einheit 2
Frankfurt/Main D-60327                       Adam Levine
Germany                                      Head Asset Management
Phone: 069.7543.1204                         AT&T
Fax: 069.7543.1088                           8 avenue de L'ARCHIE           Courbevoie 92419

Frankfurt Discovery Forum Summary Findings                             20-21 April 2004
CoreNet Global Learning

Phone: 331.4188.4668
Fax: 331.4188.4773                           Bruce Russell                         Chief Learning Officer
                                             CoreNet Global Learning
Fabian Manegold                              Suite 1500
Senior Manager                               260 Peachtree Street NW
RWE Systems GmbH                             Atlanta GA 30303
Flamingoweg 1                                Phone: 404.589.3215
Dortmund 44139                               Fax: 404.589.3202
Phone: 49.231.438.3652
Fax: 49.231.438.38.3631                      Tim Venable                      Program Director & Editor Corporate
                                             Real Estate Leader
Nathalie Moosmann                            CoreNet Global Learning
Real Estate Manager                          Suite 1500
EDS                                          260 Peachtree Street NW
Postfach CH-8058                             Atlanta GA 30303
Zurica - Airport                             Phone: 404.589.3221
Phone: 0041.43.812.1650                      Fax: 404.589.3202
Fax: 0041.43.812.9883              
                                             Stephan Weber
Fritz Preugschat                             General Manager Real Estate
Director                                     Sony Berlin GmbH
BASF Aktiengesellschaft                      Kernperplatz 1
WLS/ ID-KH                                   Berlin 10785
Ludwigshafen 67056                           Germany
Germany                                      Phone: 030.2572.5713
Phone: 49.621.60.43810                       Fax:
Fax: 49.621.60.20563               
                                             Harald Wings
Rob Reifsnyder                               Vice President Corporate Clients Europe
Global Real Estate Manager                   Johnson Controls, Inc.
Nestle Ltd                                   De Kleetlaan, 3
Av Nestle 55                                 Diegem/Belgium 1931
Vevey CH-1800                                Phone: 32.2.709.44.41
Switzerland                                  Fax: 32.2.709.44.40
Phone: 0041.21.924.2176            
Fax: 0041.21.924.2828

Frankfurt Discovery Forum Summary Findings                            20-21 April 2004
CoreNet Global Learning


Dr. Prentice Knight III, CoreNet Global Learning


Tim Venable, CoreNet Global Learning

For more information, please contact CoreNet Global Learning.

CoreNet Global Learning
260 Peachtree Street, N.W., Suite 1500
Atlanta, GA 30303

Phone: 404-589-3221
Fax: 404-589-3202

Frankfurt Discovery Forum Summary Findings                      20-21 April 2004

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