[PPT] - Results for the 6 months ended 30 June 2017 and investor update 5-8 PowerPoint Presentation

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Results for the 6 months ended

30 June 2017 and investor update

5-8 September 2017

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This document has been prepared and issued by and is the sole responsibility of the management of Echo Polska Properties N.V. (the “Company” or “EPP”) and its subsidiaries. No information made available in connection with this presentation may be passed on, copied, reproduced, in whole or in part, or otherwise disseminated, directly or indirectly, to any other person. The contents of this presentation are to be kept confidential. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investment decision in relation thereto nor does it constitute a recommendation regarding the securities of the Company. Investors and prospective investors in securities of the Company are required to make their own independent investigation and appraisal

f the business and financial condition of the Company and the nature of the securities.

This presentation and any materials distributed in connection with this presentation may include certain forward-looking statements, beliefs or opinions, including statements with respect to the Company’s business, financial condition and results of operations. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “forecast” and words of similar meaning, reflect the Directors’ beliefs and expectations and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these statements and forecasts. Past performance of the Company cannot be relied on as a guide to future performance. Forward-looking statements speak only as at the date of this presentation and the Company expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation. No statement in this presentation is intended to be a profit forecast. As a result, you are cautioned not to place any undue reliance on such forward-looking

statements. The information on which these statements has been based has not been reviewed or reported by EPP’s auditors.

This document speaks as of the date hereof. No reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness, accuracy or fairness. The Company, its advisers and each of their respective members, directors, officers and employees are under no obligation to update or keep current the information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein except where they would be required to do so under applicable law, and any opinions expressed in them are subject to change without notice. No representation or warranty, express or implied, is given by the Company, or any of its subsidiary undertakings or affiliates or directors, officers, Java Capital or any of its directors or employees or any other person as to the fairness, accuracy or completeness of the information or opinions contained in this presentation and no liability whatsoever for any loss howsoever arising from any use of this presentation or its contents otherwise arising in connection therewith is accepted by any such person in relation to such information.

Disclaimer

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Contents

1. EPP investment case
2. EPP Summary H1 2017
3. Financial results (period ended 30/06/2017)
4. Operational Overview
5. Summary
6. Outlook
7. Appendices
1. Management Team
2. Corporate Structure
3. Polish macroeconomics
4. Real Estate Market Stats
5. Portfolio Statistics

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EPP investment case

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EPP mission

Asset Management Development & Extensions Acquisitions

Creating a national retail champion that leverages both its scale and relationships to provide a leading cash-generating property company that delivers consistent high returns to shareholders.

EPP investment case

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6 EPP investment case

Poland

Consolidation of retail market

Deliver sustainable growth in DPS Attractive and secure yields Strong proprietary pipeline Focus on dominant and sustainable shopping centers Strategic partners Attracting the best talents Create environments where retailers thrive

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7 EPP Summary H1 2017

OUR PROPERTIES

13 Shopping centers 2

Retail developments

9

Office projects

18 Cities in Poland

LTV OF

51% (52.7% at YE 2016)

DISTRIBUTABLE INCOME € 71 million €cents 10.8 per share –

n track to deliver FY17 forecast

FORWARD YIELD OF

8.0%*

* Forward yield to 12 months ended 31 December

2017. At price of R20.9 and ZAR/EUR 15.4

NET ASSET VALUE €864 milion €1.23 per share –

6% growth since YE 2016 18% growth since listing

YIELDING PORTFOLIO OF

€1.6 billion

Retail potfolio – 74% value Office portfolio – 26% value

Retail Acquisitions 100 000 m²

Additional NOI - €18 milion per annum

SUCCESSFULLY EXECUTED ACQUISITIONS IN H1 2017

€262 million

4 acquired retail yielding assets 1 retail development site in Warsaw (81 900 m²) 1 office project (ROFO)

Warsaw Developments 81 900m², Galeria Młociny 110 000m², Towarowa 22

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Financial Review

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6 months to 30 June 2017 12 months to 31 Dec 2016 DPS 1 €cents 5.19 €cents 5.80

DPS (excluding income tax) 1 €cents 5.40 €cents 5.96

Distributable earnings 1 €36.6 M €34.0 M

Distributable earnings (excl. income tax) 1 €38.1 M €34.9 M

Total NAV 2 €864 M €683 M NAV per share €1.23 €1.16 Total assets €1 868 M €1 509 M Market capitalisation €907 M €797 M Cost of debt 2.04% 1.85% LTV 3 51% 52.7%

1 Includes antecendent dividend 2 NAV excluding deferred tax 3Value includes the investment in joint venture – Towarowa and Mlociny

Financial review 2017

Financials at a glance

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Actual for 6 months to Budget for 6 months to Variance to budget Actual for 12 months to EUR M 30 Jun 2017 30 Jun 2017 31 Dec 2016 Net property income 45.4 44.7 0.7 65.8 Other income / (expenses) 0.4 0.6 (0.2) (0.4) Administrative expenses and corporate costs (3.9) (3.7) (0.2) (12.5) Profit from operations 41.9 41.8 0.3 52.9 Finance income / (expenses) (8.1) (8.2) 0.1 (18.0) Current income taxes (1.5) (2.0) 0.5 (0.9) Profit from joint ventures 0.6 0.1 0.1

Distributable earnings

32.9 31.9 1.0 (3.2%) 34.0 Antecendent dividend 3.7 3.6 0.1

Total distribution to shareholders

36.6 35.5 1.1 34.0 Number of shares (milion) 705.0 705.0

586.1

DPS (€cents) 5.19 5.03 3.2% 5.80 Total distribution to shareholders excluding income tax 38.1 37.5 0.6 34.9 DPS (€cents) excluding income tax 5.40 5.31 1.7% 5.96

Financial review 2017

Distributable Earnings

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Financial review 2017

Headline and Distributable Earnings reconciliation

Actual for 6 months to Actual for 12 months to EUR M

30 Jun 2017 31 Dec 2016

Net profit attributable to shareholders

39.6 76.8

Fair value adjustments (net of tax and minorities)

(15.6) (44.7)

Headline earnings

24.0 32.0

Amortised cost of debt

0.9 4.4

Change in deferred tax

8.4 18.5

Foreign exchange gains/(losses)

2.6 (2.2)

Fair value gains in joint ventures

(2.1) (12.5)

Other non-cash elements

0.4 (0.9)

Non-distributable capital gains

(1.3) (5.3)

Distributable earnings

32.9 34.0

Antecendent dividend

3.7

Distribution to shareholders

36.6 34.0

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1NAV excluding deferred tax 2Value includes the investment in joint ventures: Towarowa and Młociny

Financial review 2017

Summary Statement of Financial Position

Number of shares in issue

704 970 211

NAV per share

€1.23

Loan to value (LTV)

51%2

EUR M

30 Jun 2017 31 Dec 2016

ASSETS Non-current assets

1 743 1 424

Investment property

1 623 1 359

Investment in JVs

92 54

Financial assets

28 10

Current assets

125 86

Trade and other receivables

21 33

Financial assets

11 9

Restricted cash

23 22

Cash and cash equivalents

70 22

Total assets

1 868 1 509

EQUITY AND LIABILITIES Equity

789 624

Share capital

572 475

Share premium

147 95

Accumulated profit

71 54

Non-current liabilities

950 818

Bank borrowings

861 742

Other liabilities

14 18

Deferred tax liability

75 59

Current liabilities

129 67

Bank borrowings

93 53

Trade and other payables

36 14

Total equity and liabilities

1 868 1 509

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Value (EUR M) # of shares (M) NAV per share (EUR) NAV as at 30 June 2016 (post IPO) 608 586 1.04 Net profit (excluding fair value gains, result of JVs & deferred tax) 31 Fair value gain on investment portfolio (2.6% uplift in value) 31 Fair value gain & profit of joint ventures (Towarowa) 13 NAV as at 31 December 2016 1 683 586 1.16 Net profit (excluding fair value gains, result of JVs & deferred tax)

30

Fair value gain on investment portfolio (1.3% uplift in value) 16 Fair value gain & profit of joint ventures (Towarowa & Młociny) 3 Share capital increase (net of equity issue costs) 149 Dividend paid for the period of 4 months to 31 Dec 2016 (18) Foreign exchange translation & other items 3 NAV as at 30 June 20171 864 705 1.23

1NAV excluding deferred tax

Financial review 2017

NAV Bridge

NAV per share increase since IPO (Jun 2016)

18%

NAV per share increase since 31 Dec 2016

6%

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EUR M

Investment property Investment in JV Total portfolio

Investment portfolio as at 30 June 2016 1 205

1 205

Acqusitions of 3 ROFO offices 113

113

Investment in JV Towarowa

54

54 Capital expenditures 10

10

Fair value gains 31

31

Investment portfolio as at 31 Dec 2016 1 359 54 1 413 Acquisiton of A4 Phase III 28

28

Acquisition of Zakopianka 56

56

Acquisition of Blackstone 145

145

Investment in JV Młociny

33

33 Investment in JV Towarowa

1

1 Capital expenditure 19

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Fair value gains 16 4 20 Investment portfolio as at 30 June 2017 1 623 92 1 715

Financial review 2017

Investment Property portfolio movement

Portfolio increase since 31 Dec 2016

21%

Portfolio increase since IPO (Jun 2016)

42%

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1100% of the debt is assumed to be hedged for the purpose of the forecast in line with EPP policy; the

remaining portion of unhedged debt is HSBC bridge to equity loan maturing in 2018

Financial review 2017

Debt summary and funding profile

Hedging level1

91%

Average cost

f debt

2.04%

Average maturity

4.4 years

LTV:

51%

LTV

30 Jun 2017 31 Dec 2016

Funding snapshot Bank borrowings 878 769 Bridge to equity 70

VAT loans

6 26 Total borrowings 954 795

Long term

861 742

Short term

93 53 Key debt statistics Loan to value 50.9% 52.7% Average term of debt 4.42 5.10 % of debt hedged 91% 90% Average term of hedges 4.68 4.19 Undrawn debt facilities - available on demand 29

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Financial review 2017

Proposed changes to the Polish legislation affecting real estate taxation

Polish REIT Law

In November 2016, the Ministry of Finance (MF) published the first draft of the legislation introducing real

estate investment trust (REIT) structures:

In May 2017, MF following negotiations with RE industry, published a new draft of the legislation introducing

REIT structures in Poland;

Currently, consultations are ongoing (the proposed modifications mainly concern the determination of the

mechanics concerning calculation of mandatory profit distribution);

We anticipate that a revised draft of legislation will be published by end of 2017.

Corporate Income tax (CIT) On 12 July 2017, a draft bill proposing changes to the CIT law has been published by the MF. Key proposed changes include:

implementation of a so-called “minimum levy” of monthly 0.042% (0.5% p.a.) on the value of commercial real

estate;

limitation of the deduction of financing costs (in particular interest) to 30% of EBITDA – the above limitation will

apply to both third party financing and financing form related entities; The new rules are expected to be introduced as of 1 January 2018.

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Operational review

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In 2016 CEE region recorded the third highest commercial real

estate investment volume of €11.5bn

Poland’s transaction volume equalled 39%, followed by Czech

Republic (31%) and Hungary (14%)

In 2017, investment volumes are expected to outperform 2016’s

result

Poland retail sector dominates in terms of investment volumes

€4.5bn

€59.1bn €54.7bn €26.3bn €8.5bn €4.2bn €8.7bn €1.5bn €9.8bn €9.8bn €4.3bn €14.9bn €3.6bn €2.2bn €6.8bn €1.6bn €0.9bn €0.9bn

Poland 39% Czech Republic 31% Hungary 14% Slovakia 8% Romania 8%

CEE Investment volumes

Investment activity volumes in 2016

Operational review

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EPP Projects Map

Property Operations Report

13 retail projects 2 retail developments 9 office projects

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Retail key facts - Q2 2017

Property Operations Report

402 637

GLA sqm GLA sqm

30 Jun 2017

10,4%

GLA sqm

11,4%

RTS

Q2 2017 YTD

+3,3%

GLA sqm

+3,2%

FOOTFALL

Q2 2017 YTD

GLA sqm OCR

13,7% 15,0%

Q2 2017 YTD

+6,4%

GLA sqm

+6,0%

SALES

Q2 2017

+ 6,3% YTD LFL

YTD

GLA sqm VACANCY

1,59%

31 Mar 2017

1,70%

30 Jun 2017

1 314 1 010

Number of retail units

30 Jun 2017 31 Mar 2017 30 Jun 2017

5,39

WALT by GLA

5,56

31 Mar 2017

302 927

31 March 2017

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Operational Overview

Top 5 retail properties by GLA

Galaxy, Szczecin

150 units post extension GLA 56 493 m² 470 000 catchment

Amber, Kalisz

117 units GLA 33 600 m² 295 000 catchment

Pasaż Gruwaldzki, Wrocław

185 units GLA 48 341 m² 700 000 catchment

Galeria Echo, Kielce

229 units GLA 71 596 m² 800 000 catchment

Galeria Młociny, Warszawa

229 units GLA 81 900 m² 1 833 600 catchment

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Office key facts - Q2 2017

Property Operations Report

188 421

GLA sqm GLA sqm

30 Jun 2017

3,78

WALT by GLA

116 112

Number of tenants

31 Jun 2017

GLA sqm VACANCY

2,8%*

*inc .EI Master Lease

30 Jun 2017

3,0%*

31 Mar 2017

31 Mar 2017 30 Jun 2017 31 Mar 2017

4,17 176 521

31 March 2017

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Operational Overview

Top 5 office properties by GLA

Malta Office Park, Poznań

GLA 28 270 m² 587 parking spaces

A4 Business Park, Katowice

GLA 29 960 m² 624 parking spaces

Symetris Business Park

GLA 19 000 m² 383 parking spaces

O3 Business Campus, Kraków

GLA 57 000 m² 1245 parking spaces

Tryton Business House, Gdańsk

GLA 23 540 m² 262 parking spaces

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Acquisitions

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99 710

GLA sqm GLA sqm

Q2 2017

9,9%

GLA sqm

10,8%

RTS

Q2 2017 YTD

+1,8%

GLA sqm

+0,2%

FOOTFALL

Q2 2017 YTD

GLA sqm OCR

12,8% 13,9%

Q2 2017 YTD

+6,4%

GLA sqm

+5%

SALES

Q2 2017

+ 6,3% Q2 2017 LFL

YTD

GLA sqm VACANCY

2,02%

31 Mar 2017

3,06%

30 Jun 2017

305 304

Number of retail units

30 Jun 2017 31 Mar 2017 30 Jun 2017

3,65

WALT by GLA

3,83

31 Mar 2017

Retail acquired Q2 2017 key facts

Property Operations Report

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City Opening GLA [sqm] No of units No of storeys Parking places

NRI

* IQ 2017

NOI

Fully Let p.a.

AVERAGE RENT

€ /sqm

RTS OCR

VACANCY

Tenant mix (by GLA) Top 5 tenants

€ million

Kraków 1998-10 27 411 76 1, historical building 2 2 200 DEBT COLLECTING RATIO Q2 2016 Q2 2017

k clients 500 1 000 1 500 100 200 300 400 500 600 700 800 900 1 000 1 100 Sales [PLN/sqm] Sales LFL [PLN/sqm] Footfal [k] PLN/sqm

NRI

€ million

Q2 2017 YTD Q2 2017 YTD Q2 2017 YTD

€ million

FAIR VALUE

* 30 Jun 2017

DEBT COLLECTING RATIO

30 Jun 2017 30 Jun 2017 31 Mar 2017 Q2 2017 YTD Q2 2017 Q2 2016

Zakopianka Retail Park

Zakopianka Retail Park - acquired Q2 2017

1.4

2.8

16.6 14%

14%

19%

97.7%

98.4%

4.4%

5.3 55.9

Footfall and sales

FOOTFALL SALES

Q2 2017 YTD Q2 2017 YTD

8,5%

5,0%
0,8%

5,5%

SALES

30 Jun 2017 31 Mar 2017

WALT by NOI WALT by GLA

30 Jun 2017 31 Mar 2017

4,4

4,2 5,1

5,3

15% 0% 26% 14% 45%

Fashion Super/Hypermarket Entertainment Household Other

Property Operations Report

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City Opening GLA [sqm] No of units No of storeys Parking places

NRI

* IQ 2017

NOI

Fully Let p.a.

AVERAGE RENT

€ /sqm

RTS OCR

VACANCY

Tenant mix (by GLA) Top 5 tenants

€ million

Zamość 2011-05 23 806 84 1 803 DEBT COLLECTING RATIO Q2 2016 Q2 2017

k clients 200 400 600 800 100 200 300 400 500 600 700 800 900 1 000 1 100 Sales [PLN/sqm] Sales LFL [PLN/sqm] Footfal [k] PLN/sqm

NRI

€ million

Q2 2017 YTD Q2 2017 YTD Q2 2017 YTD

€ million

FAIR VALUE

* 30 Jun 2017

DEBT COLLECTING RATIO

30 Jun 2017 30 Jun 2017 31 Mar 2017 Q2 2017 YTD

58% 11% 0% 15% 16%

Fashion Super/Hypermarket Entertainment Household Other Q2 2017 Q2 2016

Twierdza Zamość

Twierdza Zamość - acquired Q2 2017

Footfall and sales

FOOTFALL SALES

Q2 2017 YTD Q2 2017 YTD

13,9%

4,9%
2,0%

10,6%

SALES

30 Jun 2017 31 Mar 2017

WALT by NOI WALT by GLA

30 Jun 2017 31 Mar 2017

3,6

3,5 3,6

3,7

0,9

1,8

13,8 9%

10%

11%

13%

100,0% 100,0% 1,5%

6,1%

3,9 51,5

Property Operations Report

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City Opening GLA [sqm] No of units No of storeys Parking places

NRI

* IQ 2017

NOI

Fully Let p.a.

AVERAGE RENT

€ /sqm

RTS OCR

VACANCY

Top 5 tenants

€ million

Kłodzko 2009-04 23 039 60 1 1 182 DEBT COLLECTING RATIO Q2 2016 Q2 2017

k clients 500 1 000 1 500 2 000 100 200 300 400 500 600 700 800 900 1 000 1 100 Sales [PLN/sqm] Sales LFL [PLN/sqm] Footfal [k] PLN/sqm

NRI

€ million

Q2 2017 YTD Q2 2017 YTD Q2 2017 YTD

€ million

FAIR VALUE

* 30 Jun 2017

DEBT COLLECTING RATIO

30 Jun 2017 30 Jun 2017 31 Mar 2017 Q2 2017 YTD

Tenant mix (by GLA)

58% 8% 15% 16% 3%

Fashion Super/Hypermarket Entertainment Household Other Q2 2017 Q2 2016

Twierdza Kłodzko

Twierdza Kłodzko - acquired Q2 2017

SALES

30 Jun 2017 31 Mar 2017

WALT by NOI WALT by GLA

30 Jun 2017 31 Mar 2017

3,0

2,8 2,9

3,0

FOOTFALL SALES

Q2 2017 YTD Q2 2017 YTD

4,4%

7,5%

6,2%

3,6%

Footfall and sales

0,8

1,6

11,8 7%

7%

9%

98,9%

99,5%

0,0%

3,3 45,8

Property Operations Report

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City Opening GLA [sqm] No of units No of storeys Parking places

NRI

* IQ 2017

NOI

Fully Let p.a.

AVERAGE RENT

€ /sqm

RTS OCR

VACANCY

€ million

Włocławek 2009-10 25 455 85 A 4, B-C 1, D 3, E-F 2 155 DEBT COLLECTING RATIO Q2 2016 Q2 2017

k clients 200 400 600 800 1 000 1 200 100 200 300 400 500 600 700 800 900 1 000 1 100 Sales [PLN/sqm] Sales LFL [PLN/sqm] Footfal [k] PLN/sqm

NRI

€ million

Q2 2017 YTD Q2 2017 YTD Q2 2017 YTD

€ million

FAIR VALUE

* 30 Jun 2017

DEBT COLLECTING RATIO

30 Jun 2017 30 Jun 2017 31 Mar 2017 Q2 2017 YTD

Tenant mix (by GLA)

60% 21% 2% 17%

Fashion Super/Hypermarket Entertainment Household Other Q2 2017 Q2 2016

Wzorcownia Włocławek

Wzorcownia - acquired Q2 2017

1,1

2,1

21,1 11%

12%

14%

15%

100,0% 100,0% 1,8%

1,5%

4,4 48,3

SALES

30 Jun 2017 31 Mar 2017

WALT by NOI WALT by GLA

30 Jun 2017 31 Mar 2017

3,1

2,9 2,9

3,2

Footfall and sales

FOOTFALL SALES

Q2 2017 YTD Q2 2017 YTD

6,4%

0,6%

0,7%

6,3%

Property Operations Report

Top 5 tenants

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Developments

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Estimated cost at development (€ million; land acquisition included) 420 Estimated NOI on completion (€ million) 33.8 Estimated yield on cost

c. 8%

Estimated valuation yield on completion

c. 5%

EPP capital uplift (€ million) c.180

Developments

Towarowa 22

▪ One of the most spectacular urban retail projects in Europe and the biggest in Poland ▪ Project under development scheduled for completion 2021/2022 ▪ Letter of Intent with City has been signed in August a major milestone on master plan approval ▪ Strong interest from all anchor tenants active in Poland

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Estimated cost at development (€ million; land development included) 295 Planned total GLA (m2) 81 900 Estimated NOI on completion (€ million) 20.9 Estimated development yield on cost

c. 7.1%

Estimated valuation yield on completion

c. 5.25%

EPP capital uplift (€ million)

c. 65

Developments

Galeria Młociny

▪ Located next to the Młociny transport hub which is the main public transport hub for residents of the northern part of the city and surrounding areas, used every day by c.40 000 people ▪ Project is c.55% leased. Zara and H&M wants to expand and introduce new

brands. Leases with TK Maxx, New Yorker and Forever ready to sign.

▪ Completion in mid 2019

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Developments

Galeria Młociny

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Developments

Galaxy – extension

New opening scheduled – 15 Nov 2017
Additional 15 150 m² GLA
€3.1 million NOI uplift
Extension leased over 95%

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Developments

Outlet Park Szczecin - extension

▪ OPS - extension phase III fully leased 19 stores 3800 m² GLA ▪ Opening scheduled for 15 September 2017 ▪ Entire project to consist of 118 stores ▪ In total €1.0 million NOI uplift

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Outlook

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Summary

138

EPP employees

500million

Increased portfolio value (€), €0.38 (18%) growth per share

11

acquisitions

100 000

Increase in retail m²

5.19

€cent per share on track to deliver

10.8 cents at year end

200 000

m ² of new retail developments in Warsaw

1600

retail leases

25 000

m² of new retail acquisitions

0.19

€ (18%) NAV per share growth

A year after listing

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Outlook

On track for all 2017 targets Recycling of

ffices

Actively evaluating new

pportunities

Building a national champion Double our company portfolio by 2020

All deals yield accretive

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Appendices

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HADLEY DEAN

CHIEF EXECUTIVE OFFICER

RAFAŁ KWIATKOWSKI CHIEF OPERATING OFFICER JACEK BAGIŃSKI CHIEF FINANCIAL OFFICER WOJCIECH KNAWA EXECUTIVE DIRECTOR Property Management MICHAŁ ŚWIERCZYŃSKI EXECUTIVE DIRECTOR Asset Management

Management Team

Appendices

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Acquisitions Compliance Legal Corporate Governance Marketing & PR Administration Investor Relations Controlling Planning Treasury Reporting Budgeting Transactions Retail Operations Office Operations Integration Team Facility Management Analysis & Reporting IT

138 employees

Retail Leasing Office Leasing Innovations EPP University Developments

Company Structure

FINANCE & ACCOUNTING TRANSACTION & LEGAL COMMUNICATIONS/IR PROPERTY MANAGEMENT ASSET MANAGEMENT

MANAGEMENT BOARD

Appendices

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Polish macroeconomics

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2016 2017 (f) 2018 (f) Private Consumption (%,yoy) 3.8% 4.8% 3.4% GDP growth (%, yoy) 2.7% 3.7% 3.1% Retail sales growth (%, yoy) 5.9% 6.8% 4.0% Consumer spending (%, yoy) 3.8% 4.8% 3.4% Average monthly salary growth 3.8% 4.7% 6.0% Inflation (%)

0.7%

1.9% 1.8% Unemployment rate (%) 6.2% 4.7% 4.0% 0,0% 1,0% 2,0% 3,0% 4,0% Poland UK France Germany EU Average

GDP per capita growth in selected EU countries

2016 2017 (f) 2018 (f)

43

Source: Oxford Economics, National Bank of Poland

▪ Poland is the 8th largest European economy with a positive pace of growth, higher than major Western European economies ▪ Between 2007 and 2016 Poland experienced 31% growth in GDP and 68% growth in exports. ▪ High consumer confidence and continued increases in average household income has spurred robust growth in private consumption which is expected to reach 4.4% in 2017. ▪ Q1’16 – Q1’17 the number of jobs in the business service sector increased by 32,000 (i.e. by 15%) to over 244,000 people. By 2020 the sector is forecasted to employ over 300,000 people; ▪ 80 out of Fortune’s Global 500 investors have business services centres in Poland; ▪ 10th place – Poland’s standing globally in terms of English language skills in the 2016 English Proficiency Index survey; ▪ EUR 105.8bn of EU funding to be allocated to Poland between 2014 and 2020; ▪ Poland’s export reached EUR 176.7bn in 2016 (up by 2.7% y-o-y); ▪ Attractive incentives for foreign investors (especially those from service sector, banking, R&D and IT); ▪ PLN 500+ government programme (PLN 500 / month for second and each next child) introduced in April 2016 has led to a considerable growth of retail sales.

Polish macroeconomics

Why Poland?

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▪ Poland is the largest EU development fund beneficiary with €105.8 billion allocated for the years 2014 to 2020 ▪ Largest CEE recipient of foreign investment between 2012 and 2015 driven by: ▪ relative political stability ▪ geographic positioning within the EU and proximity to Germany ▪ an improved business climate ▪ With relatively low cost of occupation and a highly skilled labour force, Poland is a beneficiary of trend by European companies to transfer

perations to cheaper locations (anticipated to accelerate post Brexit)

▪ Liquid and growing real estate market supported by increasing consumer spending driven by consistent growth in employment and stable inflation levels ▪ Poland is currently considered an advanced emerging market according to FTSE country classification ▪ Will be reviewed for potential promotion to developed status

Polish macroeconomics

Why Poland? - continued

▪ Selected recent significant investments or planned investments in Poland:

(Mercedes Benz)

€500m

engine factory

€326m

Lithium-Ion battery plant

€60m

Supplier of components to Boeing, Airbus and Rolls Royce

€800m

commercial vehicle factory Announced expansion

f Warsaw office

Launched operations centre in Warsaw Centre for excellence European Excellence Hub

SLIDE 46

45

Poland – a developed economy by WorldBank

Polish macroeconomics

SLIDE 47

46

Economic background Investment attractiveness Improving international rankings Outlook

▪ 8th biggest EU economy in terms of GDP ▪ 3.7% estimated GDP growth in 2017 ▪ 54.4% of GDP – public debt burden, compared to EU average of 83.5% ▪ 1.7% current inflation rate (July 2017) ▪ Low unemployment rate: currently 4.8% (June 2017) ▪ Growing industrial production, retail sales and domestic demand ▪ Healthy and well-capitalised, resilient banking sector ▪ High supply of skilled, well-educated workforce ▪ Relatively low cost of doing business (wages and rents lower than most of EU) ▪ Geographical proximity to Western Europe ▪ Borders Germany, Poland’s biggest trading partner, accounting for 27.3% of all Polish exports and 23.4% of all imports (2016) ▪ Special Economic Zones enabling tax exemptions ▪ Growing manufacturing and services sector with rapid growth in business process outsourcing (BPO) and shares services centres (SSC) ▪ 24th in the world in Ease of Doing Business ranking 2017 (World Bank) (SA ranked 74th) ▪ 13th position in the Global Real Estate Transparency Index and 1st in CEE (Ranked higher than Switzerland, Denmark or Japan). The top ten highly transparent real estate markets attract 75 percent of global investment. (SA ranked 25th) ▪ Regional leader in leader in the

utsourced IT and BPO services. Krakow

1st position in Europe in the Emerging Outsourcing Destinations (9th in the world) ▪ Katowice Special Economic Zone is the best special economic zone in Europe according to Global Free Zones of the Year 2016 ▪ 28th largest receiver of foreign direct investment according to World Investment Report 2017 ▪ Poland is seen as one of the most attractive locations in the world for professional services ▪ It is anticipated that the growth in jobs and hence consumption will continue thanks to the levels of FDI and investors entering the market ▪ As part of the acceleration of an established trend, in the aftermath of Brexit, Poland is well placed to benefit as companies in the UK consider transferring part or all of their operations ▪ Poland, due to the myriad of factors discussed, is a preferred destination ▪ The stability and liquidity of the Polish market will continue to attract investment ▪ This together with solid economic growth fundamentals should be reflected in the real estate market ▪ The probability of yield compression in line with convergence with developed Europe will provide an opportunity to increase asset values

Polish macroeconomics

Poland – Stable and liquid market

SLIDE 48

47

Source: World Bank, International Monetary Fund 5 000 10 000 15 000 20 000 25 000 30 000

Growth in GDP per capita ($)

Poland South Africa

Polish macroeconomics

Poland vs South Africa

Poland South Africa Population 38 million 56 million GDP per capita (PPP, current international dollar) $ 27,764 $ 13,225 GDP % Change Y/Y (2016) 2.7% 0.3% GDP growth forecast 3.7% 0.8% Global GDP ranking (2016) 23 38 Debt / GDP ratio (2016) 54.2% 50.5% Reference rate / Repo rate 1.50% 6.75% CPI y/y 1.7% 4.6% 10yr bond rate 3.32% 8.58% Unemployment rate (2016) 6.1% 26.7% Credit ratings S&P Long term: BBB+ Outlook stable Long term: BB+ Outlook negative Moody’s A2 Outlook: stable Baa3 Outlook: negative Fitch Long term: A- Outlook: stable Long Term: BB+ Outlook: stable

SLIDE 49

48

250 500 750 1 000 1 250 Volume (EUR milion)

Top investors by volume of transactions finalised between 2015 – H1 2017

High investors’ activity, driven mostly by portfolio transactions
Considering the ongoing transactions, the end-year volume is forecasted to be close

to EUR 4.5bn

Despite relatively low investment volume recorded in H1 2017 the second half of the

year is expected to boom with a few large transactions which will finalise by year end

Yield compression on office and retail since 2014 and a stabilisation at 5.25-5.50%

since 2016

*All types of properties, based on RCA data. Source: Savills, RCA 1 000 2 000 3 000 4 000 5 000 EUR millions

Investment volume by sector in Poland (EUR million)

Offices Retail Logistics Other Forecast 1 000 2 000 3 000 4 000 5 000 2009 2010 2011 2012 2013 2014 2015 2016 H1 2017 EUR million

Investment volume by region of origin in Poland

Domestic EU US AsiaPac Middle East South Africa Other 5 000 10 000 15 000 20 000 2009 2010 2011 2012 2013 2014 2015 2016 H1 2017 EUR million

Investment volume* in CEE

CE (excl. Poland) Poland Eastern Europe (excl. Russia) 5,00% 6,00% 7,00% 8,00% 2009 2010 2011 2012 2013 2014 2015 2016 H1 2017

Prime office & retail yields in Poland

Warsaw office Retail

Appendices

Focus on real estate investment

SLIDE 50

49

Office: Warsaw Office: Regional cities Retail

Stock: 5.161 million m²
New supply: 131,400 m²
Vacancy rate: 13.9% (down by 150 bps y-o-y)
Under construction space: 722,200 m²
Gross take-up: 391,400 m² (up by 9% y-o-y,

record high in half year)

Net take-up (excl. renewals): 280,900 m²
Net-absorption: 134,400 m² (down by 6% y-o-y)
Major lettings (excl. renewals): Citi Service Center

(13,600 m²), Diebold Nixdorf (9,800 m²), BNP Securities (8,500 m²), UKE (7,200 m²), Smyk (6,000 m²)

Stock: 4.117 million m²
New supply: 189,900 m²
Vacancy rate: 9.5% (down by 120 bps y-o-y)
Under construction space: 893,600 m²
Gross take-up: 331,400 m² (up by 24 y-o-y)
Net take-up (excl. renewals): 230,200 m²
Net-absorption: 220,500 m² (up by 73% y-o-y)
Major lettings (excl. renewals): Credit Agricole

(15,500 m² in Wrocław), Capgemini (13,100 m² in Wrocław), EY (10,500 m² in Wrocław), HCL (10,400 m² in Kraków), Fujitsu Technology Services (10,000 m² in Łódź)

Stock: 11.1million m²
New supply: 26,800 m²
Under construction space: 660,600 m²
Vacancy rate: 4.1% (up by 0.6 pp when

compared with 2016 end-year data)

Comment: In April 2016 a „Family 500+”

program was introduced in Poland. Polish families are given an allowance of PLN 500 for all second and subsequent child up to the age

f 18. The program had some positive impact
n retail sales especially in clothing and

furniture & household appliances sectors

Gross take-up - total letting activity in modern office buildings, including owner occupier deals, expansions, lease extensions and renegotiations, relocations, pre-lease, subleases and new comers; Net take-up – the volume of letting activity excluding lease extensions and renegotiations; Net absorption - the measure of change in the volume of occupied space during a specific period of time, usually one year;

Appendices

Size of the property market H1 2017

SLIDE 51

50

Portfolio Overview

Property Operations Report

At 31 Dec 2016 Total Dec 2016 At 30 June 2017 Total Yielding portfolio Office Retail Office Retail Number of projects 9 9 18 9* 13 22 Number of buildings (stages) 17 10 27 18 14 32 Value/consideration (EUR) 387 million 972 million 1,359 milion 420 million 1,203 million 1 623 million Vacancy % 4.3 1.7 2.8 1.6 Market value (% split) 28% 72% 26% 74% GLA (m2)** 175,941 302,927 478 868 188,421 402,638 591,029 WALT (by GLA) 4.1 years 5.6 years 3.8 years 5.4 years Annualized NOI (EUR) 28 million 57 million 85 million 33 million 76 million 109 million Warsaw developments

Towarowa 22 (expected completion 2021) 110 000m²
Galeria Młociny (expected completion Q2 2019) 81 900 m²

1 1 2 2

*3rd stage of A4 Business Park was acquired, therefore we indicate it is not a separate project **Excluding Galeria Młociny and Towarowa 22 developments

SLIDE 52

51

Portfolio structure overview

Vacancy profile of Retail assets not including planned extensions (Galaxy and Outlet Park) and Galeria Młociny *including Echo masterlease

Retail 74.1% Office 25.9%

Portfolio structure by Fair Value

Retail 71,9% Office 28,1%

Portfolio structure by GLA [m2]

1,7% 1,6% 4,3% 2,8% *

0,0% 0,5% 1,0% 1,5% 2,0% 2,5% 3,0% 3,5% 4,0% 4,5% 5,0% 31 Dec 2016 30 Jun 2017

Vacancy level

retail

ffice

*

Property Operations Report

SLIDE 53

52

Appendices

Portfolio assets by categories*

53,8% 40,2% 6,0%

% share in total GLA

A B C

47,6% 44,5% 7,9%

% share in total income

A B C A International retailers/tenants B Polish chain retailers C Local retailers/tenants *Combined retail and office

SLIDE 54

53

Appendices

Retail assets by categories

50,1% 43,8% 6,2%

% share in total retail GLA

A B C

42,1% 49,1% 8,8%

% share in total retail income

A B C

100% 88% 64% 61% 60% 55% 51% 51% 48% 41% 36% 26% 25% 17% 0% 12% 30% 33% 37% 41% 46% 27% 48% 48% 60% 60% 51% 63%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Composition of categories in retail

A B C

A International retailers/tenants. B Polish chain retailers C Local retailers/tenants

SLIDE 55

54

Appendices

Office assets by categories

61,7% 32,6% 5,7%

% share in total office assets GLA

A B C

61,4% 33,0% 5,6%

% share in total office assets income

A B C

100,0% 96,0% 84,5% 81,7% 75,5% 73,9% 44,9% 36,5% 31,8% 2,4% 1,9% 14,2% 13,4% 23,5% 23,3% 34,7% 55,2% 68,2% 95,5%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Symetris West Gate Oxygen O3 Business Campus Tryton Malta Office Park Park Rozwoju A4 A4-B Astra Park

Composition of categories in office

A B C

A International tenants. B Polish tenants C Local tenants

SLIDE 56

55

Fashion (Mixed) 25,0% Super/ Hypermarket 18,7% Cinema 7,4%

Household 6,6%

Sports 6,1% Footwear 5,2% Fashion (Ladies) 5,0% Leisure 4,6% Household Electrical 3,8% Health & Beauty 3,7% Restaurants & Cafes 2,7% Others 11,1%

Retail sector structure by categories

Pasaz Grunwaldzki 18,9% Galaxy 18,4% Galeria Echo 16,6%

Amber Kalisz 6,2% Veneda 2,9% Outlet Park 6,4% Galeria Sudecka 4,2% Olimpia 3,3% Echo Centrum Belchatow 0,8% Echo Centrum Przemysl 0,4% Galeria Twierdza, Kłodzko 3,6% Wzorcownia 3,7% Galeria Twierdza, Zamość 4,0% Zakopianka 4,3% Galeria Młociny 6,3%

Retail sector structure of Fair Value

* Retail sector structure not including planned extensions (Galaxy and Outlet Park) and Galeria Młociny

Appendices

Retail assets overview

SLIDE 57

56

Top 10 Retail Tenants in terms of Rental Income

Top 10 retail tenants corresponds to ca. 56.1% of portfolio’s total retail rental income

No Tenant name 1 LPP 2 Auchan 3 Multikino 4 H&M 5 Inditex 6 Helios 7 Tesco 8 CARREFOUR 9 Decathlon 10 RTV Euro AGD

Source: EPP * Galeria Olimpia nad Echo centrum Bełchatów considered as a single unit - Olimpia

4,2% 4,4% 2,2% 1,8% 1,5% 0,8% 0,2% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0%

0.0% 0.1% 0.1% 0.2% 0.2% 0.3% 0.3% 0.4% 0.4% 0.5% 0.5% 500 1 000 1 500 2 000 2 500 3 000 3 500 Galeria Echo Zakopianka Pasaz Grunwaldzki Wzorcownia Galeria Twierdza, Zamość Amber Kalisz Outlet Park Olimpia Galaxy Galeria Sudecka Galeria Twierdza, Kłodzko Veneda Echo Centrum Przemysl Vacancy (m2)

Vacancy profile in Retail assets

Appendices

Retail assets overview

SLIDE 58

57

** Sales based on 12 months rolling data (since March 2017) from tenants who report sales performance

Low value of Rent-to-Sales (RtS) ratio indicates future perspectives

f property’s Landlord rents increase to the market level (depending
n the unit size and tenant’s operating sector), thus diagram presents

ascending values or RtS ratio.

* Rent-to-Sales and Affordabilty ratio based on infromation from tenants who report sales from last full 12 rolling months

7,31% 0,71% 3,52% 18,41% 7,12% 31,40% 12,63% 9,14% 12,19% 10,63% 7,31% 100 000 000 200 000 000 300 000 000 400 000 000 500 000 000 600 000 000 Galeria Echo Pasaż Grunwaldzki Galaxy Amber Kalisz Twierdza Kłodzko Outlet Park Twierdza Zamość Wzorcownia Galeria Sudecka Olimpia Veneda Echo Centrum Belchatow

Retail assets sales performance * (2015-2017)

2015 2016 2017 CAGR

1,29% 0,13% 2,51% 2,13% 8,16% 1,49% 16,31%

0,50%

2,97%

0,23%

1,66%

5,00%

0,00% 5,00% 10,00% 15,00% 20,00%

2 000 000 4 000 000 6 000 000 8 000 000 10 000 000 12 000 000 Galaxy Pasaż Grunwaldzki Galeria Echo Twierdza Kłodzko Amber Kalisz Wzorcownia Outlet Park Galeria Sudecka Olimpia Twierdza Zamość Veneda

Retail assets footfall performance ** (2015-2017)

2015 2016 2017 CAGR ** Footfall data based on 12 months rolling datas since May 2017

14,3% 13,6% 13,3% 12,1% 11,9% 11,8% 11,0% 10,8% 10,4% 9,8% 9,5% 7,4% 19,4% 17,7% 17,1% 17,4% 15,0% 15,6% 14,6% 14,9% 13,1% 13,2% 12,7% 9,1% 0,00% 5,00% 10,00% 15,00% 20,00% 25,00% Zakopianka Galaxy Pasaz Grunwaldzki Galeria Sudecka Wzorcownia Olimpia Galeria Echo Veneda Galeria Twierdza, Zamość Amber Kalisz Outlet Park Galeria Twierdza, Kłodzko

Rent-toSales and Affordability ratio profile

Affordability ratio Rent-to-sales

Appendices

Retail assets performance

SLIDE 59

58

7,76 5,51 5,30 4,81 4,68 4,61 4,43 4,28 4,25 4,20 3,50 2,85 2,83 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 9,0 Galaxy Outlet Park Szczecin etap I, II, IV Echo Centrum Przemysl Amber Kalisz Galeria Echo Galeria Sudecka Veneda Pasaz Grunwaldzki Olimpia Zakopianka Galeria Twierdza, Zamość Wzorcownia Galeria Twierdza, Kłodzko WAULT (years)

WAULT * in Retail sector (as at 30.06.2017)

Average Retail WAULT (4.81)

The current average WAULT for entire retail portfolio (excluding Galeria Młociny) is 4.81 as at 30.06.2017.

* WAULT by NOI ** „Old portfolio” excludes: Galaxy and Outlet Park) extensions, Galeria Młociny, Twierdza Kłodzko, Twierdza Zamość Wzorcowania, Zakopianka. 1,55 4,14 4,78 8,26 14,07 11,37 6,58 3,09 3,13 9,05 0,00 2,00 4,00 6,00 8,00 10,00 12,00 14,00 16,00 2017 2018 2019 2020 2021 2022 2023 2024 2025 < 2025 Renatl Income (m EUR)

Lease expiry profie (Retail)

Appendices

Retail assets WAULT outline

SLIDE 60

59

City Opening GLA [sqm] No of units No of storeys Parking places

NRI

* IQ 2017

NOI

Fully Let p.a.

AVERAGE RENT

€ /sqm

RTS OCR

VACANCY

€ million

Wrocław 2007-04 48 341 210 4 trading floors 1 270

Pasaż Grunwaldzki

DEBT COLLECTING RATIO

Q2 2016 Q2 2017 k clients 500 1 000 1 500 2 000 2 500 100 200 300 400 500 600 700 800 900 1 000 1 100 Sales [PLN/sqm] Sales LFL [PLN/sqm] Footfal [k] PLN/sqm

Highlights NRI

€ million

Q2 2017 YTD Q2 2017 YTD Q2 2017 YTD

€ million

FAIR VALUE

* 30 Jun 2017

DEBT COLLECTING RATIO

30 Jun 2017 30 Jun 2017 31 Mar 2017 Q2 2017 YTD

Tenant mix (by GLA)

48% 6% 19% 3% 24%

Fashion Super/Hypermarket Entertainment Household Other Q2 2017 Q2 2016

Pasaż Grunwaldzki

3,3

6,7

21,7 12%

13%

16%

17%

94,4%

96,9%

2,2%

3,3%

14,5 243,9

Footfall and sales

FOOTFALL SALES

Q2 2017 YTD Q2 2017 YTD

10,6%

10,1%

10,9%

9,5%

SALES

30 Jun 2017 31 Mar 2017

WALT by NOI WALT by GLA

30 Jun 2017 31 Mar 2017

4,7

4,3 5,2

5,3

Property Operations Report

Top 5 tenants

SLIDE 61

60

City Opening GLA [sqm] No of units No of storeys Parking places Szczecin 2003-10 41 249*/56 493** 138 4 trading floors 1 265*/1 447**

Galaxy

* currently / **incl. extension

NRI

* IQ 2017

NOI

Fully Let p.a.

AVERAGE RENT

€ /sqm

RTS OCR

VACANCY

€ million

DEBT COLLECTING RATIO

Q2 2016 Q2 2017 k clients 500 1 000 1 500 2 000 2 500 100 200 300 400 500 600 700 800 900 1 000 1 100 Sales [PLN/sqm] Sales LFL [PLN/sqm] Footfal [k] PLN/sqm

NRI

€ million

Q2 2017 YTD Q2 2017 YTD Q2 2017 YTD

€ million

FAIR VALUE

* 30 Jun 2017

DEBT COLLECTING RATIO

30 Jun 2017 30 Jun 2017 31 Mar 2017 Q2 2017 YTD

Tenant mix (by GLA)

34% 32% 17% 1% 16%

Fashion Super/Hypermarket Entertainment Household Other Q2 2017 Q2 2016

Galaxy

3.0

6.2

22.6 13%

14%

17%

18%

95.6%

97.8%

0.0%

11,4 224.3

Footfall and sales

FOOTFALL SALES

Q2 2017 YTD Q2 2017 YTD

2,1%

4,2%

0,5%

1,8%

SALES

30 Jun 2017 31 Mar 2017

WALT by NOI WALT by GLA

30 Jun 2017 31 Mar 2017

8,0

7,8 7,4

7,6

Property Operations Report

Top 5 tenants

SLIDE 62

61

City Opening GLA [sqm] No of units No of storeys Parking places Kielce 2011-08 71 596 237 4 trading floors 2 100

Galeria Echo

NRI

* IQ 2017

NOI

Fully Let p.a.

AVERAGE RENT

€ /sqm

RTS OCR

VACANCY

€ million

DEBT COLLECTING RATIO

Q2 2016 Q2 2017 k clients 500 1 000 1 500 2 000 2 500 100 200 300 400 500 600 700 800 900 1 000 1 100 Sales [PLN/sqm] Sales LFL [PLN/sqm] Footfal [k] PLN/sqm

NRI

€ million

Q2 2017 YTD Q2 2017 YTD Q2 2017 YTD

€ million

FAIR VALUE

* 30 Jun 2017

DEBT COLLECTING RATIO

30 Jun 2017 30 Jun 2017 31 Mar 2017 Q2 2017 YTD

Tenant mix (by GLA)

44% 19% 11% 10% 16%

Fashion Super/Hypermarket Entertainment Household Other Q2 2017 Q2 2016

Galeria Echo

3,3

6,4

13,2 10%

11%

13%

15%

96,3%

97,8%

4,2%

2,3%

12,4 213,6

Footfall and sales

SALES

30 Jun 2017 31 Mar 2017

WALT by NOI WALT by GLA

30 Jun 2017 31 Mar 2017

4,7

4,7 6,8

7,0

FOOTFALL SALES

Q2 2017 YTD Q2 2017 YTD

7,1%

1,9%

2,0%

6,4%

Property Operations Report

Top 5 tenants

SLIDE 63

62

City Opening GLA [sqm] No of units No of storeys Parking places Kalisz 2014-03 33 599 113 3 trading floors 998

Galeria Amber

NRI

* IQ 2017

NOI

Fully Let p.a.

AVERAGE RENT

€ /sqm

RTS OCR

VACANCY

€ million

DEBT COLLECTING RATIO

Q2 2016 Q2 2017 200 400 600 800 1 000 1 200 1 400 100 200 300 400 500 600 700 800 900 1 000 1 100 Sales [PLN/sqm] Sales LFL [PLN/sqm] Footfal [k] PLN/sqm

NRI

€ million

Q2 2017 YTD Q2 2017 YTD Q2 2017 YTD

€ million

FAIR VALUE

* 30 Jun 2017

DEBT COLLECTING RATIO

30 Jun 2017 30 Jun 2017 31 Mar 2017 Q2 2017 YTD

Tenant mix (by GLA)

52% 17% 13% 1% 17%

Fashion Super/Hypermarket Entertainment Household Other Q2 2017 Q2 2016

Galeria Amber

1,4

2,7

12,7 9%

10%

12%

13%

98,4%

99,0%

0,8%

5,4 80,5

Footfall and sales

SALES

30 Jun 2017 31 Mar 2017

WALT by NOI WALT by GLA

30 Jun 2017 31 Mar 2017

5,1

4,8 5,5

5,8

Property Operations Report

FOOTFALL SALES

Q2 2017 YTD Q2 2017

14,1%

6,3%

5,6%

13,2%

YTD k clients

Top 5 tenants

SLIDE 64

63

City Opening GLA [sqm] No of units No of storeys Parking places Łomża 2013-03 15 026 53 1 trading floor 580

CH Veneda

Highlights NRI

* IQ 2017

NOI

Fully Let p.a.

AVERAGE RENT

€ /sqm

RTS OCR

VACANCY

€ million

DEBT COLLECTING RATIO

Q2 2016 Q2 2017 k clients 100 200 300 400 500 600 700 100 200 300 400 500 600 700 800 900 1 000 1 100 Sales [PLN/sqm] Sales LFL [PLN/sqm] Footfal [k] PLN/sqm

NRI

€ million

Q2 2017 YTD Q2 2017 YTD Q2 2017 YTD

€ million

FAIR VALUE

* 30 Jun 2017

DEBT COLLECTING RATIO

30 Jun 2017 30 Jun 2017 31 Mar 2017 Q2 2017 YTD

Tenant mix (by GLA)

33% 51% 0% 0% 16%

Fashion Super/Hypermarket Entertainment Household Other Q2 2017 Q2 2016

Veneda

FOOTFALL SALES

Q2 2017 YTD Q2 2017 YTD

5,6%

0,9%

0,5%

5,0%

SALES

30 Jun 2017 31 Mar 2017

WALT by NOI WALT by GLA

30 Jun 2017 31 Mar 2017

4,5

4,4 4,9

5,0

Footfall and sales

0,6

1,3

13,6 10%

11%

13%

15%

99,0%

99,5%

0,0%

1,7%

2,5 38,0

Property Operations Report

Top 5 tenants

SLIDE 65

64

City Opening GLA [sqm] No of units No of storeys Parking places Szczecin 2012-11 24 399 104 1 trading floor 1 009

Outlet Park

Highlights NRI

* IQ 2017

NOI

Fully Let p.a.

AVERAGE RENT

€ /sqm

RTS OCR

VACANCY

€ million

DEBT COLLECTING RATIO

Q2 2016 Q2 2017 k clients 100 200 300 400 500 600 700 800 100 200 300 400 500 600 700 800 900 1 000 1 100 Sales [PLN/sqm] Sales LFL [PLN/sqm] Footfal [k] PLN/sqm

NRI

€ million

Q2 2017 YTD Q2 2017 YTD Q2 2017 YTD

€ million

FAIR VALUE

* 30 Jun 2017

DEBT COLLECTING RATIO

30 Jun 2017 30 Jun 2017 31 Mar 2017 Q2 2017 YTD

Tenant mix (by GLA)

59% 7% 10% 2% 22%

Fashion Super/Hypermarket Entertainment Household Other Q2 2017 Q2 2016

Outlet Park Szczecin

1,2

2,4

14,9 9%

9%

12%

13%

96,2%

98,2%

0,2%

0,0%

4,5 81,9

SALES

30 Jun 2017 31 Mar 2017

WALT by NOI WALT by GLA

30 Jun 2017 31 Mar 2017

5,3

5,5 6,1

6,1

Footfall and sales

FOOTFALL SALES

Q2 2017 YTD Q2 2017 YTD

6,0%

2,4%

3,7%

6,3%

Property Operations Report

Top 5 tenants

SLIDE 66

65

City Opening GLA [sqm] No of units No of storeys Parking places Jelenia Góra 2015-04 30 263 79 2 trading floors 1 147

Galeria Sudecka

NRI

* IQ 2017

NOI

Fully Let p.a.

AVERAGE RENT

€ /sqm

RTS OCR

VACANCY

€ million

DEBT COLLECTING RATIO

Q2 2016 Q2 2017 k clients 100 200 300 400 500 600 700 800 900 100 200 300 400 500 600 700 800 900 1 000 1 100 Sales [PLN/sqm] Sales LFL [PLN/sqm] Footfal [k] PLN/sqm

NRI

€ million

Q2 2017 YTD Q2 2017 YTD Q2 2017 YTD

€ million

FAIR VALUE

* 30 Jun 2017

DEBT COLLECTING RATIO

30 Jun 2017 30 Jun 2017 31 Mar 2017 Q2 2017 YTD

Tenant mix (by GLA)

39% 36% 11% 1% 13%

Fashion Super/Hypermarket Entertainment Household Other Q2 2017 Q2 2016

Galeria Sudecka

Footfall and sales

FOOTFALL SALES

Q2 2017 YTD Q2 2017 YTD

9,0%

0,2%

5,8%

10,7%

SALES

30 Jun 2017 31 Mar 2017

WALT by NOI WALT by GLA

30 Jun 2017 31 Mar 2017

4,9

4,6 5,2

5,4

1,0

2,0

10,5 11%

12%

16%

17%

98,4%

99,5%

0,0%

3,9 54,0

Property Operations Report

Top 5 tenants

SLIDE 67

66

City Opening GLA [sqm] No of units No of storeys Parking places Bełchatów 2012-11 21 264 68 1 trading floor 773

Galeria Olimpia

NRI

* IQ 2017

NOI

Fully Let p.a.

AVERAGE RENT

€ /sqm

RTS OCR

VACANCY

€ million

DEBT COLLECTING RATIO

Q2 2016 Q2 2017 k clients 100 200 300 400 500 600 700 800 100 200 300 400 500 600 700 800 900 1 000 1 100 Sales [PLN/sqm] Sales LFL [PLN/sqm] Footfal [k] PLN/sqm

NRI

€ million

Q2 2017 YTD Q2 2017 YTD Q2 2017 YTD

€ million

FAIR VALUE

* 30 Jun 2017

DEBT COLLECTING RATIO

30 Jun 2017 30 Jun 2017 31 Mar 2017 Q2 2017 YTD

Tenant mix (by GLA)

38% 37% 8% 0% 17%

Fashion Super/Hypermarket Entertainment Household Other Q2 2017 Q2 2016

Galeria Olimpia

FOOTFALL SALES

Q2 2017 YTD Q2 2017 YTD

8,6%

1,7%

3,2%

6,7%

SALES

30 Jun 2017 31 Mar 2017

WALT by NOI WALT by GLA

30 Jun 2017 31 Mar 2017

4,3

4,3 4,6

4,7

Footfall and sales

0,8

1,5

11,8 11%

12%

14%

16%

97,8%

98,5%

0,0%

3,1 41,9

Property Operations Report

Top 5 tenants

SLIDE 68

67

Top 10 office tenants corresponds to ca. 41.1% of portfolio’s total office leretail income ROFO office projects have signed Master Lease, which provides guarantee of monthly payments amount to the Headline Rent for each square meter of free space

Appendices

Office assets overview

Top 10 Office Tenants in terms of Rental Income

13,4% 13,5% 9,1% 5,7% 14,4% 3,2% 1,1% 0,0% 0,0% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 Park Rozwoju Tryton Gdańsk O3 Business Campus Phase I A4 Business Park, Phase I,II, III Symetris Phase I Oxygen Malta Office Park West Gate Astra Kielce Vacancy (m2)

Vacancy profile in Office assets

SLIDE 69

68

6,2 4,8 4,7 4,2 4,2 4,0 3,7 2,9 1,5 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0

Astra Kielce Symetris Phase I O3 Business Campus Phase I Tryton Gdańsk A4 Business Park etap I-III Park Rozwoju West Gate Oxygen Malta Office Park

WAULT (years)

WAULT * in Office sector (as at 30.06.2017)

Portfolio average WAULT Rent 3.90 (years)

WAULT by NOI
Source: EPP

The current average WAULT for entire office portfolio is 3.90 as at 30.06.2017.

0,81 3,64 3,46 7,34 4,25 6,77 2,27 0,58 2,07 0,50 0,00 1,00 2,00 3,00 4,00 5,00 6,00 7,00 8,00 2017 2018 2019 2020 2021 2022 2023 2024 2025 < 2025 Renatl Income (m EUR)

Lease expiry profie (Office)

Appendices

Office assets WAULT outline

SLIDE 70

69

Malta Office Park 15% Park Rozwoju 17% A4 Business Park, Phase I,II, III 15% West Gate 9% Astra Kielce 8% Oxygen 7% Tryton Gdańsk 12% Symetris Phase I 5% O3 Business Campus

Office sector structure of Fair Value

Appendices

Office assets overview

SLIDE 71

70

AVERAGE RENT

NRI Top 5 tenants

RENT 74% RENT 24% RENT 2% GLA 74% GLA 24% GLA 2%

Poznań 2008-11 28 270 5 above ground and 1 undeground level

Malta Office Park

City Opening GLA [sqm] No of storeys

Tenant grading

A

by GLA

B

by GLA

C

by GLA

A

by Rent

B

by Rent

C

by Rent

VACANCY NOI

Fully Let p.a.

FAIR VALUE

* 30 Jun 2016

€ million € million

€/sqm office

€ million

Q2 2017 YTD

DEBT COLLECTING RATIO

WALT by NOI

€ parking

30 Jun 2017 31 Mar 2017

WALT by GLA

30 Jun 2017 31 Mar 2017 Q2 2017 YTD 30 Jun 2017 31 Mar 2017

Malta Office Park

1,3 2,5 5,3 62,0

1,1% 1,7% 14,0 42,1 99,4% 99,5% 1,5 1,7 1,6 1,7

A. international tenants B. national tenants C. local tenants

74% 74% 24% 24% 2% 2%

Property Operations Report

SLIDE 72

71

Top 5 tenants

RENT 61% RENT 33% RENT 6% GLA 62% GLA 32% GLA 6%

Warszawa 2015-05 33 440 7 above ground and 2 undeground levels

Park Rozwoju

City Opening GLA [sqm] No of storeys

Tenant grading

A

by GLA

B

by GLA

C

by GLA

A

by Rent

B

by Rent

C

by Rent

AVERAGE RENT

NRI VACANCY NOI

Fully Let p.a.

FAIR VALUE

* 30 Jun 2016

€ million € million

€/sqm office

€ million

Q2 2017 YTD

DEBT COLLECTING RATIO

WALT by NOI

€ parking

30 Jun 2017 31 Mar 2017

WALT by GLA

30 Jun 2017 31 Mar 2017 Q2 2017 YTD 30 Jun 2017 31 Mar 2017

Park Rozwoju

1,1 2,4 5,9 72,9

13,4% 12,9%

13,4 58,9 98,1% 98,6% 4,0 3,2 3,5 3,7

62% 61% 32% 33% 6% 6%

A. international tenants B. national tenants C. local tenants

Property Operations Report

SLIDE 73

72

Top 5 tenants

Katowice 2014-03 29 959 9 above ground and 1 undeground level

A4 Business Park

City Opening GLA [sqm] No of storeys

Highlights

A4 Business Park

AVERAGE RENT

NRI VACANCY NOI

Fully Let p.a.

FAIR VALUE

* 30 Jun 2016

€ million € million

€/sqm office

€ million

Q2 2017 YTD

DEBT COLLECTING RATIO

WALT by NOI

€ parking

30 Jun 2017 31 Mar 2017

WALT by GLA

30 Jun 2017 31 Mar 2017 Q2 2017 YTD 30 Jun 2017 31 Mar 2017 * Stage III fully leased based on Echo Rental Guarantee

*

incl. Echo Master Lease

stage III

*

2,1 2,6 5,3 39,2

5,7% 0,0% 13,1 39,9 99,0% 100% 4,2 4,1 4,2 4,3

Tenant grading

A

by GLA

B

by GLA

C

by GLA

A

by Rent

B

by Rent

C

by Rent

68% 31% 1% 66% 32% 2% 66% 68% 32% 31% 2% 1%

A. international tenants B. national tenants C. local tenants

Property Operations Report

SLIDE 74

73

Top 5 tenants

Wrocław 2015-05 16 532 6 above ground and 2 undeground levels

West Gate

City Opening GLA [sqm] No of storeys

Westgate

A

by GLA

B

by GLA

C

by GLA

A

by Rent

B

by Rent

C

by Rent RENT 97% RENT 2% RENT 1% GLA 96% GLA 2% GLA 2%

Tenant grading

A. international tenants B. national tenants C. local tenants

96% 97% 2% 2% 2% 1% AVERAGE RENT

NRI VACANCY NOI

Fully Let p.a.

FAIR VALUE

* 30 Jun 2016

€ million € million

€/sqm office

€ million

Q2 2017 YTD

DEBT COLLECTING RATIO

WALT by NOI

€ parking

30 Jun 2017 31 Mar 2017

WALT by GLA

30 Jun 2017 31 Mar 2017 Q2 2017 YTD 30 Jun 2017 31 Mar 2017

0,7 1,5 2,9 39,4

0,0% 0,0% 13,1 68,2 95,1% 97,2% 3,7 4,0 3,7 4,0

Property Operations Report

SLIDE 75

74

Top 5 tenants

Kielce 2007-10 14 269 6 above ground levels

Astra Park

City Opening GLA [sqm] No of storeys

Astra Park

AVERAGE RENT

NRI VACANCY NOI

Fully Let p.a.

FAIR VALUE

* 30 Jun 2016

€ million € million

€/sqm office

€ million

Q2 2017 YTD

DEBT COLLECTING RATIO

WALT by NOI

€ parking

30 Jun 2017 31 Mar 2017

WALT by GLA

30 Jun 2017 31 Mar 2017 Q2 2017 YTD 30 Jun 2017 31 Mar 2017

0,7 1,3 2,8 31,4

0,0% 0,0% 13,1 31,1 99,4% 99,7% 6,2 6,1 6,5 6,1

A

by GLA

B

by GLA

C

by GLA

A

by Rent

B

by Rent

C

by Rent RENT 1% RENT 97% RENT 2% GLA 2% GLA 96% GLA 2%

Tenant grading

A. international tenants B. national tenants C. local tenants

2% 1% 96% 97% 2% 2%

Property Operations Report

SLIDE 76

75

Top 5 tenants

Szczecin 2010-08 13 902 7 above ground and 1 undeground level

Oxygen

City Opening GLA [sqm] No of storeys

Oxygen

AVERAGE RENT

NRI VACANCY NOI

Fully Let p.a.

FAIR VALUE

* 30 Jun 2016

€ million € million

€/sqm office

€ million

Q2 2017 YTD

DEBT COLLECTING RATIO

WALT by NOI

€ parking

30 Jun 2017 31 Mar 2017

WALT by GLA

30 Jun 2017 31 Mar 2017 Q2 2017 YTD 30 Jun 2017 31 Mar 2017

0,6 1,2 2,5 28,8

3,2% 3,2% 14,2 49,2 100,0% 100% 2,9 3,1 2,7 3,0

RENT 80% RENT 18% RENT 2% GLA 84% GLA 15% GLA 1%

Tenant grading

A

by GLA

B

by GLA

C

by GLA

A

by Rent

B

by Rent

C

by Rent

A. international tenants B. national tenants C. local tenants

84% 80% 15% 18% 1% 1%

Property Operations Report

SLIDE 77

76

Top 5 tenants

Gdańsk 2016-01 23 537 12 above ground levels

Tryton

City Opening GLA [sqm] No of storeys

Tryton Business House

* fully leased based on Echo Rental Guarantee

AVERAGE RENT

NRI VACANCY NOI

Fully Let p.a.

FAIR VALUE

* 30 Jun 2016

€ million € million

€/sqm office

€ million

Q2 2017 YTD

DEBT COLLECTING RATIO

WALT by NOI

€ parking

30 Jun 2017 31 Mar 2017

WALT by GLA

30 Jun 2017 31 Mar 2017 Q2 2017 YTD 30 Jun 2017 31 Mar 2017

*

1,0 1,9 3,9 50,2

13,5% 18,3%

12,5 42,6 100% 99,0% 4,2 4,4 4,3 4,4

RENT 68% RENT 31% RENT 1% GLA 75% GLA 24% GLA 1%

Tenant grading

A

by GLA

B

by GLA

C

by GLA

A

by Rent

B

by Rent

C

by Rent

A. international tenants B. national tenants C. local tenants

75% 68% 24% 31% 1% 2%

Property Operations Report

SLIDE 78

77

Top 5 tenants

Łódź 2016-07 9 589 5 above ground levels

Symetris

City Opening GLA [sqm] No of storeys

Symetris Business Park

RENT 100% RENT 0% RENT 0% GLA 100% GLA 0% GLA 0%

Tenant grading

A

by GLA

B

by GLA

C

by GLA

A

by Rent

B

by Rent

C

by Rent

A. international tenants B. national tenants C. local tenants

100% 100% 0% 0% 0% 0%

* fully leased based on Echo Rental Guarantee

AVERAGE RENT

NRI VACANCY NOI

Fully Let p.a.

FAIR VALUE

* 30 Jun 2016

€ million € million

€/sqm office

€ million

Q2 2017 YTD

DEBT COLLECTING RATIO

WALT by NOI

€ parking

30 Jun 2017 31 Mar 2017

WALT by GLA

30 Jun 2017 31 Mar 2017 Q2 2017 YTD 30 Jun 2017 31 Mar 2017

*

0,4 0,8 1,6 22,3

14,4% 21,6%

12,9 43,3 100% 100% 4,8 4,8 4,8 4,8

Property Operations Report

SLIDE 79

78

Top 5 tenants

Kraków 2016-01 18 922 14 above ground levels

Opolska Business Park

City Opening GLA [sqm] No of storeys

O3 Business Campus

RENT 82% RENT 14% RENT 4% GLA 82% GLA 13% GLA 5%

Tenant grading

A

by GLA

B

by GLA

C

by GLA

A

by Rent

B

by Rent

C

by Rent

A. international tenants B. national tenants C. local tenants

82% 82% 13% 14% 5% 4%

* fully leased based on Echo Rental Guarantee

AVERAGE RENT

NRI VACANCY NOI

Fully Let p.a.

FAIR VALUE

* 30 Jun 2016

€ million € million

€/sqm office

€ million

Q2 2017 YTD

DEBT COLLECTING RATIO

WALT by NOI

€ parking

30 Jun 2017 31 Mar 2017

WALT by GLA

30 Jun 2017 31 Mar 2017 Q2 2017 YTD 30 Jun 2017 31 Mar 2017

*

0,8 1,6 3,2 48,2

9,1% 12,7%

13,1 51,1 94,6% 97,2% 4,7 5,4 4,7 5,4

Property Operations Report

SLIDE 80

Notes

SLIDE 81

SLIDE 82