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Leader in shopping centers in Eastern Europe Company presentation November 2010

Disclaimer

This document has been prepared by Atrium (the “Company”). This document is not to be reproduced nor distributed, in whole or in part, by any person other than the Company. The Company takes no responsibility for the use of these materials by any person. The information contained in this document has not been subject to independent verification and no representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained

• herein. None of the Company, its shareholders, its advisors or representatives nor any other person shall

have any liability whatsoever for any loss arising from any use of this document or its contents or

• therwise arising in connection with this document.

This document does not constitute an offer to sell or an invitation or solicitation of an offer to subscribe for or purchase any securities, and this shall not form the basis for or be used for any such offer or invitation or other contract or engagement in any jurisdiction. This document includes statements that are, or may be deemed to be, “forward looking statements”. These forward looking statements can be identified by the use of forward looking terminology, including the terms “believes” “estimates” “anticipates” “expects” “intends” “may” “will” or “should” or in each case terms believes , estimates , anticipates , expects , intends , may , will or should or, in each case their negative or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts. They appear in a number of places throughout this document and include statements regarding the intentions, beliefs or current expectations of the Company. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward looking statements are not guarantees of future performance. You should assume that the information appearing in this document is up to date only as of the date of this document. The business, financial condition, results of operations up to date only as of the date of this document. The business, financial condition, results of operations and prospects of the Company may change. Except as required by law, the Company do not undertake any

• bligation to update any forward looking statements, even though the situation of the Company may

change in the future. All of the information presented in this document, and particularly the forward looking statements, are qualified by these cautionary statements. You should read this document and the documents available for inspection completely and with the understanding that actual future results of the Company may be inspection completely and with the understanding that actual future results of the Company may be materially different from what the Company expects.

Atrium Snapshot

Owner and Manager of super market anchored shopping centres

• The only listed property player focused 100% on the

Owner and Manager of super market anchored shopping centres

Central Eastern European and Russian retail markets

• 152 income producing properties
• Shopping centers, primarily supermarket anchored
• Market value of standing investments €1.5bn
• GLA of standing investments: 1.1m sqm
• 2009 GRI: €149m, NRI: €121m

9M2010 GRI €112 NRI €100

• 9M2010 GRI: €112m, NRI: €100m
• Development and land portfolio: €688m
• Cash 30.09.10: €383m
• Net LTV 30.09.10: 1.9%

Net LTV 30.09.10: 1.9%

3

Atrium: milestones

• Debt restructuring,

‘06 b d b b k

• €428m of convertible

bond exchanged for equity CPI/G it b T d ff f

• Atrium repurchased

th i d f th

• Fitch upgraded credit

f

• ‘06 bond buy-back

started

• CPI/Gazit become

49.5% shareholders

• Tender offer for

‘06 bond (€80m) the remainder of the 2006 Notes (€ 153m) rating for Atrium by 2 notches to BB+

Aug 2008 Jan 2009 Nov 2009 Dec 2009 Jan 2010 Mar 2010 Jun 2010 Sep 2010 Oct 2010 Aug 2009

• Management internalized
• New team of international

real estate experts appointed under CEO

• Listing on NYSE

Euronext, Amsterdam

• Introduction of new dividend

policy – first dividend in the company’s history (€0.03 per share quarterly)

• Interim dividend (€0.03 per

share)

• To be followed quarterly

appointed under CEO Rachel Lavine share quarterly)

• Payment of €0.5 per share

special dividend

Development pipeline rationalised to provide increased flexibility

4

Development pipeline rationalised to provide increased flexibility Research coverage initiated by RBS and HSBC

Atrium Today: proven stability and steady improvement

Stable Occupancy Improved Operating Margin

93.40% 93.57% 93.57% 93.96% 94.23% 94.69% 94.68% 77.37% 80.14% 81.43% 86.94% 87.86% 87.90% 93.11% Q1 2009 H1 2009 9M 2009 2009 Q1 2010 H1 2010 9M 2010 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010

• Maintained high occupancy across the portfolio despite

difficult market conditions

• Improved operational efficiency of the group and maintained

Net Operating Profit, €’000

24,860 61,828 16 389

p p y g p a sustainable level of the OPEX margin

• Restructured

the balance sheet and reduced interest expenses by €98m per annum

• First Operating Profit in five quarters reported in Q1 2010,

(71,371) (45,555) (16,464) 16,389

5

p g q p Q , followed by further increase in the Operating Profit in Q2 and Q3 2010.

Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 (279,304)

Majority of Portfolio in Investment Grade Rated countries

• Approx. 90% of Standing portfolio value is located in Investment Grade Rated countries

Poland (40.9% of the Group):

• GDP growth* 11E: 3 7%

Russia (18.1% of the Group):

• GDP growth 11E: 4 3%

Czech Rep. (15.5% of the Group):

• GDP growth 11E: 2 2%

GDP growth 11E: 3.7%

• Fitch rating: A-/ Stable
• 17 properties
• 281,000sqm

GDP growth 11E: 4.3%

• Fitch rating: BBB+/ Positive
• 7 properties
• 208,200sqm

GDP growth 11E: 2.2%

• Fitch rating: A+/ Positive
• 97 properties
• 330,000sqm

Slovakia (7.9% of the Group):

• GDP growth 11E: 4.3%
• Fitch rating: A+/ Stable
• 3 properties
• 64 300sqm
• 64,300sqm

Hungary (5.7% of the Group):

• GDP growth 11E: 2.0%
• Fitch rating: BBB/ Negative

g g

• 25 properties
• 103,000sqm

Remaining 12% of the Group portfolio is located in Latvia (1 property) Romania (1) and

6

* Source: IMF outlook October 2010

located in Latvia (1 property), Romania (1) and Turkey (1). All three countries have a credit rating 1 notch below Investment Grade: BB+.

62% of NRI comes from stable countries

Net Rental Income 9M 2010

9M 2010 NRI as % Country IDR* NRI 9M 2010 €'000 9M 2010 NRI as %

• f total NRI per

country Accumulated NRI %

Czech Rep. A+/Positive 16,157 16.12 16.12 Slovakia A+/Stable 7,319 7.30 23.42 P l d A /S bl 38 723 38 63 62 05

26 80% 11.15%

Poland A-/Stable 38,723 38.63 62.05 Russia BBB/Positive 22,230 22.18 84.23 Hungary BBB/Neg 4,636 4.63 88.85 Latvia BB+/Stable 330 0.33 89.18 Romania BB+/Stable 5,134 5.12 94.31 Turkey BB+/Stable 5,708 5.69 100.00

62.05% 26.80%

* Long Term Issuer Rating (IDR), Fitch Rating as of September 2010 To Total 10 100, 0,23 237 7 100

Countries with A‐ rating and above Other Investment Grade countries Below Investment Grade contries

100% focused 100% focused on

• n retail

retail pr properties

• perties in

in CEE, CEE, but… but… …62% …62% of

• f the

the total

• tal NRI

NRI comes

• mes from

from countri countries es with with A-rating rating and and above bove 7 …62% …62% of

• f the

the total total NRI NRI comes comes from from countries countries with with A rating rating and and above above …89% of NRI comes …89% of NRI comes from the I from the Inve nvestme stment nt Grade rated countrie Grade rated countries

Tenant Mix: Resilience to the crisis

Tenant Mix Based on Annualized Income

Fashion 33%

33% 2% 4%3% 9%

% Hyper/Supermarket 24% Entertainment 3% Smaller Food retailers 1% Health and Beauty 6% H 15%

24% 3% 1% 6% 15%

Home 15% Non Retail 2% Restaurants 4% Services 3% Specialty Goods 10%

Tenant Mix Based on GLA

• 35%
• f

GLA is

• ccupied

by food

35% 3%2% 6%

Hyper/Supermarket 35% Fashion 22% retailers (Hyper-/ Supermarkets)

• A tenant mix with a large exposure to

food and everyday necessities has proven its economic resilience

35% 4% 17% 5% 3%

Entertainment 6% Smaller Food retailers 1% Health and Beauty 4% Home 17% il %

8

21% 6% 1% 4%

Non Retail 5% Restaurants 3% Services 2% Specialty Goods 6%

Lease Expiry – Well Balanced

Lease Expiry Based on Annual Income

44.3%

• Long duration of lease contracts

provides protection in difficult rental markets

6.4% 7.5% 10.6% 9.8% 13.3% 8.1%

Lease Expiry Based on GLA

rental markets

2010 (H2) 2011 2012 2013 2014 2015 >2015 6.4%

Lease Expiry Based on GLA

55.7%

5.3%

8.7% 7.4% 6.8% 10.4% 7.6%

9

2010 (H2) 2011 2012 2013 2014 2015 >2015

Top 10 Tenants: mainly international retailers

One of the world’s largest retailers l b International group of supermarket International food retail chain l b

1 3 2

Sales 2008: €68bn Present in Europe, Africa and Asia: 33 countries Number of outlets worldwide: 2,127 companies Sales 2008: €26bn Present in Europe and US in 9 countries Number of outlets worldwide: 2,897 Sales 2008: €27bn Present in 33 countries in Europe, Africa and Asia Number of outlets worldwide: 12,680

4 6 5

Home improvement retail group Sales 2008: €10bn Present in 8 countries across Europe and Asia Number of outlets worldwide: 830 Association de la Famille Mulliez (AFM), owns Auchan and has also majority stakes in sports goods retailer Decathlon and do-it- yourself (DIY) retailer Leroy Merlin Retail and tourism group in Europe Sales 2008: €39bn Present in Europe in 16 countries Number of outlets : 14,714

10 10 9 7 8

Do-it-yourself group Sales 2008: €4bn Present in Europe: 9 countries Number of outlets : 436 International clothing group Sales 2008: €8bn Present in Europe and Asia: 33 countries Number of outlets worldwide: 1,738 Nomi: small store format Polish DIY branch (owned by Kingfisher until 2003 ) Sales 2008: na Poland Fashion retailer in CEE (owns brands: Reserved, CROPP TOWN, Home&You, Mohito, Esotiq) Sales 2008: €0.4bn Present in CEE Number of outlets: 762

10

Future growth

Four key drivers of future growth:

• €383m of liquidity
• Low leverage*
• Significant development pipeline
• Redevelopment and extension potential

Atrium’s main objectives are to:

• Focus on the acquisition of quality income producing assets
• Strengthen the existing portfolio

Atrium s main objectives are to:

• Increase the credit rating
• Decrease the cost of debt
• Decrease the cost of equity

B h d i l i h CEE il k

• Become the dominant player in the CEE retail market

11

* Q3’10: 19% gross LTV implies between €1.0bn and €1.7bn available for future acquisitions based on LTV-level between 40% and 50%. Net LTV is 1.9%

Atrium: a unique investment opportunity

St t t

• Strong management team
• Supportive majority shareholder is a global leader in retail real estate
• Eastern European focus with strong presence in stable countries
• Eastern European focus with strong presence in stable countries
• Balance between solid income producing platform and opportunities for future growth

12

Appendix – 3Q financial results

Income Statement

Income Statement

9M 2009 Q1 2010 Q2 2010 Q3 2010 9M 2010 Q2 vs Q3 €'000 %

Gross rental income 111 534 37 245 37 105 37 482 111 832 1 Gross rental income 111,534 37,245 37,105 37,482 111,832 1 Service charge income 42,956 16,899 15,804 15,789 48,492 (0) Net property expenses (65,658) (21,421) (20,294) (18,372) (60,087) (9) Net r rental income 8 88,8 ,832 3 32,7 ,723 3 32,6 ,615 34,899 1 100,237 7 Operating m margin 79 79.65% 5% 87 87.86% 6% 87 87.90% 0% 93.11% 89.63% 6 Net result on disposal of investment properties (390) (69) (180) (21) (270) p p p Revaluation of investment properties (437,837) (555) 38,085 (8,549) 28,981 Other depreciation and amortisation (22,400) (218) (406) (1,229) (1,853) Administrative expenses (24,435) (7,021) (8,286) (8,711) (24,018) 5 Net o

• perating pr

profit/(loss) (396,230) 24 24,860 60 61 61,828 28 16,389 10 103, 3,07 077 7 (73) 3) Net financial income /(expenses) 21,711 21,440 (3,778) (437) 17,225 Profit/(loss) be before taxation ( (374,519) 46 46,300 00 58 58,050 50 1 15,952 12 120, 0,30 302 2 (73) 3) Taxation credit/(charge) for the period 32,285 (1,280) (13,189) 1,517 (12,952) Profit/(loss) a after taxation f for t the p period ( (342,234) 45,0 ,020 44,8 ,861 1 17,469 107,350 (61) Attributable to: Equity holders of the parent (333,005) 43,993 43,620 11,772 99,385 (73) Minorit interest (9 229) 1 027 1 241 5 697 7 965 Minority interest (9,229) 1,027 1,241 5,697 7,965 EPS (in €) (1.4 .47) 0.12 0.12 0.03 0.27 EPS w S witho thout r t revalua luatio ion, n, d defe ferred ta tax o

• n revalua

luatio ion a n and im impair irment o nt of go goodwill ( ill (in € n €) 0.21 0.13 0.04 0.04 0.22

15

Weighted n ed number ber o

• f s

shar ares es in t thousands 22 226, 6,10 105 5 37 372, 2,05 053 3 37 372, 2,42 420 372,594 372,358 Number er o

• f shar

ares es at at t the en e end o

• f t

the p e period in t thousands 22 227, 7,19 199 9 37 372, 2,05 053 3 37 372, 2,58 586 6 3 372,610 3 372,610

Like-for-Like Gross Rental Income

Following EPRA Guidelines g G

9M 2009 9M 2010 Change Change 9M 2009 9M 2010 Change Change €'000 (%) Comments

Czech Republic 19,248 18,984 (264) (1.37) Due to the redevelopment in Futurum Brno Hungary 6,617 5,937 (680) (10.28) Caused by discounts given to tenants in EuroCenter Obuda and some vacancies vacancies Latvia 2,108 834 (1,274) (60.44) Discounts due to general market conditions and access issues Poland 39,450 38,568 (882) (2.24) Due to the stabilization of a centre openend in 2008 Romania 2 786 2 811 25 0 90 Romania 2,786 2,811 25 0.90 Russia 23,435 24,279 844 3.60 Lower discounts, especially in Q2 and Q3 2010 Slovakia 7,732 7,716 (16) (0.21)

According to EPRA guidelines:

Like-for-like t total 10 101, 1,37 376 6 99 99,129 29 (2,247) (2.22)

16

• The FX rates used for 9M 2009 are based on 9M 2010 actual FX rates

Like-for-Like Net Rental Income

Following EPRA Guidelines g G

9M 2009 9M 2010 Change Change €'000 (%) Comments

Czech Republic 15,412 16,157 745 4.83 The drop in GRI of TEUR 264 compensated by efficiency improvements Hungary 5,013 4,636 (377) (7.52) Savings mitigated the drop in GRI with TEUR 303 Latvia 1,645 330 (1,315) (79.94) The drop in NRI corresponds the drop in GRI Poland 35,985 38,517 2,532 7.04 Efficiency improvements and a one of tax repayment of TEUR 700 Romania 2,776 2,814 38 1.36 Russia 14,794 20,204 5,410 36.57 Strong progress in efficiency improvement and strong improved debt collection Slovakia 7,065 7,289 224 3.17 Improvements in operational efficiency Lik f lik lik l 82 82 690 89 89 947 7 2 7 257 8 7 8 78 The p The properties that wer that were not p not part of

• f the l

the like-fo e-for-like com comparis ison are: are: Li Like- e-for

• r-lik

like t e total 82 82,69 690 89 89,94 947 7,25 257 8.78 78

17

com comparis ison are: are: Bucharest, Militari extension, Romania Togliatti, Retail Togliatti, Russia Trabzon, Forum, Turkey Volgagrad, OBI extension, Russia

Rental Exposure to Currencies

Currency of Currency of rental income 9M rental income 9M 2010 2010

Curre rrency 31 31/12/09 09 30 30/09/10 10 en ended ded 30/ 0/09/ 09/09 en ended 30/ 0/09/ 09/10 31 31/12/09 09 30/09/ 9/10* 9M 9M 09 09 9M 10** ** Aver erag age f e for t the 9M per e 9M period Chan ange % Curre rrency 31 31/12/09 09 30 30/09/10 10 en ended ded 30 30/09/09 09 en ended 30 30/09/10 10 31 31/12/09 09-30 30/09/10 10* 9M 9M 09 09-9M 9M 10 10** **

CZK (Czech Koruna)

26.47 24.60 26.61 25.45 7.61 4.54

HUF (Hungary Forint)

270.42 275.75 283.54 275.38 (1.93) 2.96

LVL (Lats)

0.71 0.71 0.70 0.71 (0.01) (0.52)

PLN (Polish Zloty)

4.10 3.98 4.38 4.00 3.01 9.38

FX FX rate rate movements: movements: local local currency urrency expresse xpressed in Euro uro

RON (Romanian Lei)

4.24

4.27

4.23 4.19 (0.74) 1.06

RUB (Russia Rubble)

43.15 41.69 44.33 39.76 3.51 11.49

TRY (Turkish Lira)

2.15 1.98 2.15 2.00 8.79 7.54

USD (The US Dollar)

1.44 1.36 1.37 1.31 5.55 3.95

FX FX rate rate moveme movement nts: local local currency currency expresse expressed in in Euro Euro

€' €'000 % €'000 000 % €' €'000 % €'00 000

Czech Republic - Koruna 2,406 13

• 16,577

87 18,983 H F i 4 750 80 1 187 20 5 937

Loca cal cu l currency Total EUR EUR USD SD

Hungary - Forint 4,750 80

• 1,187

20 5,937 Latvia - Lats 834 100

• 834

Poland - Zloty 35,260 91

• 3,308

9 38,568 Romania - Lei 5,896 100

• 5,896

Russia - Rubles 21,232 79 5,375 20 269 1 26,876 Slovakia - EUR 7,716 100

• 7,716

18

*Represents the change of FX rate as at 31 December 2009 and as at 30 September 2010 **Represents the change of FX average rate for 9 months ended 30 September 2009 vs average rate for 9 months ended 30 September 2010 Turkey - Lira 7,022 100

• 7,022

Total 85 85,116 16 76 76 5, 5,375 5 5 21 21,342 42 19 11 111, 1,83 832 2

Analysis of Net Financial Expenses

9M 2009 9M 2010 €'000 Interest income 19,046 2,856 Interest expense (45,490) (14,189) Foreign currency differences 1,287 28,314 Net profit from bond buy back 46,902 760 Other financial expenses (34) (516)

Total f financial result 2 21,7 ,711 1 17,2 ,225

• Interest income: during 9M 2010 the average cash balance was €497m, the average

interest rate received was 0.77% p.a.

• The total interest expenses for the 9M 2010 were €22.4m, of which €8.2m were

capitalized for development projects capitalized for development projects

• The average interest rate on debt for 9M 2010 was 5.13% p.a. (including interest on

the €232m of bonds bought back during the period under review)

19

Admin expenses

9M 2009 9M 2010 €'000 Travel and transport costs (1,096) (2,026) Legal and audit fees (8,599) (10,550) Employment costs (6,550) (7,095) Consultancy (1,025) (1,864) Other (7,165) (2,484)

To Total

(2 (24,43 4,435) 5) (2 (24,01 4,018) 8) Legal and audit fees breakdown 9M 2010 €'000 "Meinl matter" & Pitesti costs (6,891) Other legal expenses (2,624) Audit fees (1,034)

To Total

(1 (10,55 0,550) 0)

20

Balance Sheet

Balance Sheet

31/12/09 30/09/10 31/12/09 30/09/10 €'000 €'000 € 000 € 000

As Assets Equity uity a and lia liabilitie ilities Non c n current nt a assets Equit uity St di i t t 1 474 884 1 547 357 St t d C it l 2 994 799 2 961 978 Standing investments 1,474,884 1,547,357 Stated Capital 2,994,799 2,961,978 Developments and land 666,118 688,095 Other reserves 360 1,209 Goodwill 13,159 13,159 Income account (788,824) (689,439) Other non current assets 61,027 59,184 Currency translation (96,056) (95,593) 2, 2,21 215, 5,18 188 2 8 2,307,795 Minority interest 11,488 15,208 2, 2,12 121, 1,76 767 2, 7 2,19 193, 3,36 363 3 Non c n current nt lia liabilitie ilities Long term borrowings 641,725 387,674 Other non current liabilities 63,509 89,532 70 705, 5,23 234 47 4 477, 7,20 206 6 Current a nt assets ts Current nt lia liabiliti ilities Cash and cash equivalents 610,673 383,139 Short term borrowings 17,032 38,455 Other current assets 119,912 112,117 Other current liabilities 101,740 94,027 73 730, 0,58 585 4 5 495,256 11 118, 8,77 772 2 13 132, 2,48 482 2

22

Tota tal l assets ts 2 2,945,773 2,803,051 Tota tal e l equity uity a and lia liabilitie ilities 2 2,945,773 2,803,051

Standing Investments

Standing Investment Overview

Gross Market value % of Market value Weighted average No of lettable 30/9/2010 Market per sqm equivalent yield Occupancy Country properties area (sqm) €'000 value € % % Country properties area (sqm) € 000 value € % %

Czech Republic 97 329,667 240,113 15.52 728 9.65 96.11 Hungary 25 102,661 88,815 5.74 865 9.35 79.88 Latvia 1 19,999 17,350 1.12 868 11.98 70.49 Poland 17 282,462 632,761 40.89 2,240 7.64 98.72 Romania 1 53,083 70,280 4.54 1,324 9.84 98.66 R i 7 208 250 279 334 18 05 1 341 13 53 93 82 Russia 7 208,250 279,334 18.05 1,341 13.53 93.82 Slovakia 3 64,196 121,804 7.87 1,897 8.43 97.71 Turkey 1 48,900 96,900 6.26 1,982 10.06 98.08 Total 15 152 2 1, 1,10 109, 9,219 1, 1,54 547, 7,35 357 7 1 100 1 1,395 9 9.48 94 94.68 8

Market value per country 30/09/10 (31/12/09)

The Cushman & Wakefield equivalent yield is a weighted The Cushman & Wakefield equivalent yield is a weighted average yield that takes into consideration annualized rental income and occupancy rates

24

Standing Investment Overview (continued)

Net weighted average equivalent yield 25

Investment Property Revaluation Analysis

Standing Investment Revaluation Analysis

Market value Revaluation €'000 31/12/2009 30/09/2010 2008-2009 Q1 2010 Q2 2010 Q3 2010 9M 2010 %

Czech Republic 239,379 240,113 (83,157) (10,906) 2,392 (8,772) (17,286) (6.72) Hungary 92,515 88,815 (32,956) (3,140) (1,287) 684 (3,743) (4.04) Latvia 19,000 17,350 (42,829) (601) (899) (150) (1,650) (8.68) Poland 573,248 632,761 (111,200) 20,113 27,558 6,408 54,079 9.35 Romania 78,860 70,280 (19,104) (477) (6,192) (2,132) (8,801) (11.13)

*

Russia 254,885 279,334 (214,184) (1,820) 18,569 5,476 22,225 8.64 Slovakia 120,097 121,804 (23,530) (406) 1,440 (191) 843 0.70 Turkey 96,900 96,900 (66,929)

• To

Total 1, 1,47 474, 4,88 884 4 1, 1,54 547, 7,35 357 7 ( (593 93,889 89) 2, 2,76 763 3 41,581 1, 1,32 323 3 45,667 3.04 * The devaluation of the Czech portfolio was compensated by FX income in amount of €14m as a result of different functional currency than Euro

26

Gross Running Yield & Net Running Yield

GRY NRY

* The Running yield is based on annualized GRI and NRI

27

Developments and Land

Development and Land Overview

Development Pipeline – General overview Breakdown of D&L per country by market value

• Currently Atrium owns 39 projects in 8 CEE

countries, which will create additional value in the future

k i %

• As of 30 Sep 2010, Atrium’s 39 development

properties and land amounted to €688m at fair value

• Two projects in Togliatti and Volgograd (i e

Bulgaria, 4.7% Czech Republic, 0.3% Georgia, 2.0% Poland, 27.9% Turkey, 32.1% Ukraine, 0.5%

• Two projects in Togliatti and Volgograd (i.e.

two extensions to the existing properties) were open in 4Q09

• One project in Poland will be opened in

Romania, 3.3% R i 29 3%

November 2010

• Remaining projects are currently under review
• r on hold

Russia, 29.3%

29

D&L Revaluation Analysis

Development & Land Revaluation Analysis

€'000 31/12/2009 30/09/2010 2009 Q1 2010 Q2 2010 Q3 2010 9M 2010 %

Bulgaria 32,071 32,071 (8,801) (122) (255) (114) (491) (1.51) Czech Republic 1,964 1,987 (152) (92) (16) 44 (64) (3.12)

Market value Revaluation

Georgia 13,923 13,689 107 (80) (1,703) 560 (1,223) (8.20) Poland 187,346 192,150 (43,380) (206) (73) (5,770) (6,049) (3.05) Romania 22,791 22,791 (6,329) (254) (168) (146) (568) (2.43) Russia 188,204 201,449 (71,585) (1,095) (1,018) (1,614) (3,727) (1.82) Turkey 215,819 220,703 (65,936) (1,397) (189) (1,463) (3,049) (1.36) Ukraine 4,000 3,255 (10,428) (72) (74) (1,369) (1,515) (31.76) Ukraine 4,000 3,255 (10,428) (72) (74) (1,369) (1,515) (31.76) To Total 66 666, 6,11 118 8 68 688, 8,09 095 5 ( (206 06,504 04) ( (3,318 18) ( (3,496 96) ( (9,872 72) (16,686) (2.37)

30

Debt structure

Debt Overview – as of 30 September 2010

Year Mat ring Amo nt Current Avg Interest rate Mat ring Amo nt Current Avg Interest rate Mat ring Amo nt Current Avg Interest rate

Bonds** Bank Loans* Total

Year Maturing Amount Interest rate Maturing Amount Interest rate Maturing Amount Interest rate €'000 % €'000 % €'000 % 2010

• 1,473

4.23% 1,473 4.23% 2011 34,248 6.80% 18,587 5.84% 52,835 6.46% 2012

• 14,845

5.47% 14,845 5.47% 2013 100,000 5.66% 4,458 3.32% 104,458 5.56% 2014

• 4,579

3.32% 4,579 3.32% 2015 92,200 3.70% 7,590 4.85% 99,791 3.79% 2016

• 35,884

3.39% 35,884 3.39% 2017 90,900 4.00% 855 2.24% 91,755 3.98% To Total 31 317, 7,34 348 8 4.74% 88, 8,271 4. 4.38 38% 405,620 4. 4.66 66% Convertible bonds 20,000 10.75%

• 20,000

10.75% , , To Total 33 337, 7,34 348 8 5.09% 88, 8,271 4. 4.38 38% 425,620 4. 4.95 95% Fixed rate (incl convert) 137,848 6.27% 59,679 3.35% 197,527 5.39% Variable rate * 199,500 4.28% 28,592 6.53% 228,092 4.56%

S&P S&P Rating ating BB-/S /Stable table

*Based on variable rate as per 30 September 2010 ** Presented in nominal value To Total 33 337, 7,34 348 8 5.09% 88, 8,271 4. 4.38 38% 425,620 4. 4.95 95%

S&P S&P Rating Rating BB BB /S /Stable table Fitch Rating BB+ Fitch Rating BB+/Sta table

32