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Welcome to the HB Reavis Annual Results 2018 Presentation Hello! Welcome to the HB Reavis Annual results 2018 presentation It’s May 2019 01 Group overview Highlights Top office developers in Europe by pipeline (independent data as of June 2018) in the real estate market Office space in 26 years Company pipeline (sq m) Over 1.1 million sq m of GLA delivered and leased 1 Skanska 1,400,00 2 HB Reavis 900,000* Over 1.2 million sq m of GLA in pipeline 3 Altarea Cogedim 840,000 4 Hines 540,000 Almost professionals in 6 countries 770 5 AXA IM – Real Assets 490,000 6 BNP Paribas Real Estate 390,000 International innovative workspace provider 7 British Land 320,000 Over €2.35 billion in total assets 8 Gecina 297,000 9 AG Real Estate 210,000 Over €1.34 billion in net asset value 10 Trigranit 200,000 Source: IFRS financials as of 31 December 2018 and Company Management as of March 2019 Source: PropertyEU, June 2018 * Based on independent data from PropertyEU and does not match latest Company data HB Reavis 3 2018 Germany First two acquisitions – From a Slovak leader to an International workspace provider and Berlin and Dresden Worspace-as-a-Service pioneer 2016-2017 Varso Place & Agora 2018 Construction launch of three exceptional large- Investment in scale schemes – Varso Tower in Warsaw, Cambridge Agora in Budapest, Nivy Zone in Bratislava Innovation Center 2016 33 Central Broker deal with Wells Fargo for 33 Central 2017 Berlin 2008-2013 International expansion Set up a team focused on 1997 First office building Portfolio grew to 13 office, sourcing development and WaaS Delivered the first modern office retail and logistic projects expansion opportunities project in Slovakia across 3 countries 2017 One Waterloo Acquisition of One Waterloo project in London 2007 Czech Republic & 2013 London Hungary First acquisition in Expanded into the Czech London – 33 King Republic and Hungary William Street 2016 HubHub & Origameo Established an in-house Product Design team, along with launching a workspace solution service Origameo and 1993 HB Reavis 2001 Aupark 2010 Warsaw co-working scheme HubHub Real estate agency HB Broke ground on Launch of first Reavis established Aupark shopping development in in Bratislava centres in Slovakia Poland HB Reavis 4 From #1 in CEE to International workspace provider DRESDEN – 40.5 K sq m Income producing* Budapester Strasse – 40.5 K sq m 296.7 K sq m BERLIN – 45.5 K sq m WaaS DSTRCT Berlin – 45.5 K sq m WARSAW - 365.7 K sq m WaaS Postępu 14 - 34.5 K sq m Under construction West Station I (JV) – 31.0 K sq m 487.5 K sq m West Station II (JV) - 37.8 K sq m Varso I & II – 73.8 K sq m LONDON – 138.3 K sq m Varso Tower - 69.8 K sq m In pipeline Forest - 78.3 K sq m 20 Farringdon Street – 7.9 K sq m 712.5 K sq m Lodz – 40.4 K sq m One Waterloo – 117.3 K sq m WaaS Bloom Clerkenwell – 13.1 K sq m ** WaaS WaaS operations PRAGUE – 73.8 K sq m Potential WaaS** Museo – 22.4 K sq m expansion Radlická I-II – 31.5 K sq m BRATISLAVA – 611.4 K sq m Mercuria - 19.9 K sq m Apollo Business Centre II – 48.7 K sq m Projects being WaaS Twin City B – 23.5 K sq m divested Twin City C – 23.8 K sq m Twin City Tower – 34.6 K sq m BRNO - 99.2 K sq m Nivy Station – 105.0 K sq m Apollo Brno - 99.2 K sq m Nivy Tower – 30.7 K sq m WaaS BUDAPEST – 142.3 K sq m Alfa Park – 175.9 K sq m Agora Tower – 36.3 K sq m Smart City Offices– 117.3 K sq m Agora Hub – 34.8 K sq m Forum Business Centre II – 16.7 K sq m Agora C (phase II) – 70.0 K sq m Nivy Port – 35.3 K sq m WaaS WaaS * Includes GLA of existing buildings of One Waterloo (Elizabeth House), as well as non-core projects of Centrum Bottova, Kesmark and H Business centrum ** WaaS – Workspace as a Service Note: Estimated GLA is subject to permits HB Reavis Source: Company Management as of March 2019 5 Group numbers at a glance Profit before In investment Developed Property under Professionals income tax property property development €151.6m €2.0bn 1.1m sq m 1.2 sq m 770 Czech UK Germany Poland Slovakia Hungary Other Total Republic Profit before income tax (€m) € 48.7 (€ 1.7) € 90.6 € 7.5 € 14.7 € 11.7 (€ 19.9) € 151.6 In investment property (€m) € 463.1 € 92.2 € 574.7 € 63.5 € 668.8 € 129.8 - € 1,992.1 Developed property (sq m) 36,000 - 253,000 160,000 638,000 22,000 - 1,109,000 Property under development and in 130,000 86,000 262,000 99,000 481,000 141,000 - 1,199,000 pipeline (sq m) Note: Estimated GLA is subject to permits HB Reavis Source: IFRS financials as of 31 December 2018 and Company management as of March 2019 6 Leadership team overview Non-executive Directors Ivan Chrenko Pavel Trenka Maarten J. Hulshoff Chairman, Co-founder Non-Executive Director Non-Executive Director 26 years with HB Reavis 13 years with HB Reavis 10 years with HB Reavis ▪ Co-founder of HB Reavis ▪ Group CEO from 2013 – 2018 ▪ Maarten Hulshoff chaired the HB Reavis advisory board for eight years ▪ He served as CEO of the HB Reavis Group from 1994 ▪ Joined HB Reavis in 2007 to October 2013 ▪ Previous experience includes McKinsey and Bank Austria ▪ Previously, he was CEO of Rodamco Europe and Rabobank International following a 19-years career at Citibank, ▪ Graduate of The University of Rochester’s Simon Business School ▪ Only ultimate beneficial owner of HB Reavis holding a variety of senior positions internationally in New York, USA Chief Executive and Executive Directors Marian Herman Peter Čerešník Martin Mikláš Group CEO Member of the Board Group CFO 10 years with HB Reavis 3 years with HB Reavis 2 years with HB Reavis ▪ In charge of Group strategy, overseeing activities in Germany, ▪ Joined HB Reavis in 2016 as Board member, initially responsible ▪ Before becoming the Group’s CFO in April 2019, Martin Hungary and UK, as well as all commercialization activities for commercialization activities and WaaS product lines. Now has been responsible for the non-real estate businesses of responsible for development, construction and procurement. the HB Reavis shareholder ▪ From 2014 to April 2019 Group CFO and member of the Board, previously investment management and divestments ▪ Previous experience includes leadership positions at Exe, Microsoft ▪ He worked most of his professional life for one of Europe’s and the SAS Institute largest utility companies RWE (now Innogy) in Slovakia, ▪ Previous experience: RREEF, Deutsche Bank, ING Group Germany, Poland and the UK in chief finance positions MBA graduate of the University of New York in Prague and City ▪ London Business School: Master in Finance; Comenius University in ▪ University Bratislava ▪ He is a graduate of The Management School of Comenius Bratislava: Financial Management University in Bratislava and Cornell University, USA HB Reavis 7 7 Integrated business model creates a synergistic platform Research & acquisition Investment Management, Transactions & Divestment Product design HBREAVS:LX • Symbiosy (Smart buildings) • UX Bubbles Methodology Third party fund management • Origameo Efficient capital recycling Synergetic Platform Asset Procurement & management construction management In-house capabilities • HubHub (co-working space) Leasing Delivering premium projects • Qubes (flexible leases) with lower costs and higher • More (active asset flexibility management) Dedicated local teams Constantly extracting market intelligence and nurturing direct client relationships Integrated development and asset management platform allows HB Reavis to consistently deliver successful projects and to replicate its model in new geographies HB Reavis Source: Company information 8 Shifting paradigm from real estate as a cost item to real estate as productivity enhancer 1 sq m of workspace means (monthly, simplified) User centric design 1% increase in employee productivity creates potential for rent uplift by 38% 1:30 600 Productivity 250 20 Cost of space 1 Cost of labour Value added Large-scale hubs using the space2 generated by (>100k sq m) business in that 1 Rent plus operating costs (80:20 split). Uplift calculated on rent only 3 2 Assuming 10 sq m per knowledge worker space 3 Ranges between 2-8x of labour costs HB Reavis 9 Workspace-as-a-Service (“software”) will be at the heart of what we do on top of our real estate “hardware” UX Bubbles: Origameo: Symbiosy: User centric design Workspace advisory Digital enablers Methodology of improving work efficiency Team of analysts and designers of workspace Targeted creation of symbiosis between users and the building Unique approach connecting academic research into Data-driven workspace advisory user centric product design Digital innovations in the building Covers design, strategy and implementation of efficiency- Comprehensive insight to how particular element Uses attractive and smart technologies enhancing solutions impacts productivity and design solutions related to it Provides useful behavioural data in Allows an in-depth understanding of the whole Founding member of WELL Living Lab, research to scalable solutions for exceptional user measure productivity impact of built environment organization experience with space More: HubHub: Events & services for Qubes: Social events & services innovation community New genres of workspace Active asset management with above the Coworking space built on community Flexible workplace, all inclusive services, standard services for a wide range of companies Active approach to asset management Supports collaboration, creativity and innovation Provides flexible and scalable workspaces with possibility Offer wide range of events & services (e.g.
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