Results Presentation

RESULTS PRESENTATION JUNE 2019 H1 2019 Highlights 3 Company overview 9 CEE market prospects 16 Retail transformation 19 Value creation: Developments and disposals 28 Pipeline 34 Outlook 44 Appendix 46 Aupark Zilina, Slovakia 2 NEPI ROCKCASTLE RESULTS PRESENTATION JUNE 2019 1 H1 2019 Highlights Promenada Novi Sad, Serbia 3 NEPI ROCKCASTLE RESULTS PRESENTATION JUNE 2019 Strong portfolio driving robust growth 29.02 €170m €cents distributable earnings distribution per share *9.6% GROWTH COMPARED TO H1 2018 11.1% GROWTH COMPARED TO H1 2018 Mega Mall, Romania €6.1bn 2.6% Investment property value** EPRA vacancy rate Paradise Center, Bulgaria 3.4% GROWTH COMPARED TO DEC 2018 Bonarka City Center, Poland 99.9% 2.4% Collection rate Cost of debt *The full year guidance remains at 6%, with the higher H1 growth due to timing of accretive events which weigh more heavily during the first six months of the year. ** Includes investment property value of Romanian offices held for sale, excluding carrying value of right-of-use asset related to leased land areas recognized as per IFRS 16 4 NEPI ROCKCASTLE RESULTS PRESENTATION JUNE 2019 Strong portfolio driving robust growth» continued Promenada Mall, Romania €133m 2 million Invested in land and m2 GLA* developments 73% Unencumbered assets 32.5% Prudent loan-to-value * Includes Romanian office portfolio held for sale 5 NEPI ROCKCASTLE RESULTS PRESENTATION JUNE 2019 Continued sound business fundamentals BEST IN CLASS KEY INDICATORS FAIR VALUE OF INVESTMENT PROPERTY (€bn) NET OPERATING INCOME (€m) 7 400 6 5 300 4 200 3 2 100 1 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 H1 2019* 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 * Including investment property held for sale H1 2019 Forecast OCCUPANCY RATE (%) COLLECTION RATE (%) 94.8% 98.2% 94.7% 95.2% 97.7% 98.2% 97.3% 98.0% 96.5% 97.2% 97.4% 99.5% 98.1% 97.4% 99.8% 99.9% 99.8% 99.7% 99.8% 99.9% 99.9% 99.9% 100 100 90 90 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018^ H1 2019^ 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 H1 2019 ^ EPRA Occupancy rate 6 NEPI ROCKCASTLE RESULTS PRESENTATION JUNE 2019 Retailer sales growth Lithuania* Tenant sales increased by 8.2%^ (like-for-like) in H1 2019 Poland +3.7% Performance driven by: 14.2% Electronics 11.4% Fashion complements Czech Republic 11.1% Food +10.4% 6.9% Services Slovakia +3.8% Hungary Sales benefited fromasset management initiatives: +4.9% • Update tenant mix and commercial layout • GLA optimisation Romania • Refurbishment of leisure areas Croatia* +14.3% • Retailers partnerships across CEE portfolio Serbia +15.0% Bulgaria +2.1% ^ Like-for-like and exclude hypermarkets' sales, as they don't consistently report turnover data across portfolio. * Arena Zagreb, Croatia was subject to redevelopment works and Ozas Shopping and Entertainment Centre, Lithuania was acquired in 2018, thus the increase in tenants sales could not have been computed on a like-for-like basis. 7 NEPI ROCKCASTLE RESULTS PRESENTATION JUNE 2019 Positive developments and market response Investigations conducted by Financial Services Conduct Authority in South Africa (the “FSCA”) have been closed with no adverse findings. Successful issue of scrip dividend. €500 million of unsecured, 4 year Eurobond, was issued in May 2019. • The book consisted of over 70 orders totaling more than €1 billion; • Sizeable orders were placed by high-quality international investors; • All bonds have traded positively, with tightened yields. Shopping City Deva, Romania 8 NEPI ROCKCASTLE RESULTS PRESENTATION JUNE 2019 2 Company overview Shopping City Timisoara, Romania 9 NEPI ROCKCASTLE RESULTS PRESENTATION JUNE 2019 Strategic positioning oriented towards long-term growth Paradise Center, Bulgaria Bonarka City Center, Poland Aupark Kosice Mall, Slovakia OPERATIONAL EXCELLENCE DOMINANT, HIGH-QUALITY PORTFOLIO PRUDENT FINANCIAL STRATEGY • Strong corporate culture focused on • Sizeable, geographically diverse and high Growth funded through a combination of: planning, quality of execution, sustainability, quality retail property portfolio • Equity issues ethics and early risk assessment • Located in densely populated areas with • Debt good macroeconomics • In-house expertise in all key functions • Assets with limited or no competition Debt strategy focused on a targeted 35% • Limited e-commerce penetration loan-to-value (LTV) • Outstanding knowledge and expertise in • Extension options to deter future the CEE retail markets illustrated by best- competition Prudent liquidity profile which includes cash in-class indicators • Adequate size accounts and deposits held with investment- • Access grade banks, and significant committed • The Group adapts its business model to the • Visibility unsecured revolving facilities changing consumer preferences • Design • Comprehensive offering andtenant mix 10 NEPI ROCKCASTLE RESULTS PRESENTATION JUNE 2019 Dominant portfolio by scale and geographical diversification 97% of the properties are located in EU investment-grade countries CEE countries where the Group operates Lithuania Property value (€bn) 5.9 Property value (€m) 131 Rentable space (m2) 2 million Rentable space (m2) 61 800 EPRA Occupancy rate (%) 97.4 EPRA Occupancy rate (%) 99.7 Valuation yield (%) 6.7 Lithuania Valuation yield (%) 7.4 2% Poland Slovakia Property value (€m) 1 378 Property value (€m) 536 Rentable space (m2) 465 300 Rentable space (m2) 130 600 EPRA Occupancy rate (%) 94.6 EPRA Occupancy rate (%) 98.2 Valuation yield (%) 6.1 Poland Valuation yield (%) 6.4 24% Czech Republic Hungary Property value (€m) 172 Czech Republic Property value (€m) 600 Rentable space (m2) 73 900 Rentable space (m2) 121 900 EPRA Occupancy rate (%) 98.8 3% EPRA Occupancy rate (%) 94.8 Slovakia Valuation yield (%) 5.9 Valuation yield (%) 6.1 9% Hungary Croatia Romania Property value (€m) 266 10% Property value (€m) 2 114 Romania Rentable space (m2) 75 200 Croatia Rentable space (m2) 885 600 EPRA Occupancy rate (%) 98.2 5% 36% EPRA Occupancy rate (%) 98.8 Valuation yield (%) 6.6 Valuation yield (%) 7.3 Serbia* 3% Serbia Bulgaria Bulgaria Property value (€m) 174 8% Property value (€m) 483 Rentable space (m2) 71 500 Rentable space (m2) 161 500 EPRA Occupancy rate (%) 98.9 By property value, including held for sale EPRA Occupancy rate (%) 97.9 Valuation yield (%) 7.7 Valuation yield (%) 7.0 EU countries non-EU countries * non-investment grade 11 NEPI ROCKCASTLE RESULTS PRESENTATION JUNE 2019 Dominant portfolio by scale and geographical diversification » continued DIRECT PORTFOLIO AT 30 JUNE 2019^ Number Annualised EPRA of properties GLA Valuation Passing rent/ERV Occupancy* '000m2 €m €m % TOTAL PROPERTIES 73 2 382 6 136 416 INCOME PRODUCING 59 2 047 5 854 393 97.4% Retail 51 1 860 5 455 361 97.4% Office 6 159 382 30 98.1% Industrial 2 28 17 2 98.1% DEVELOPMENTS 6 319 271 22 Under construction** 3 113 123 22 Under permitting and pre-leasing*** 3 206 89 Land held for developments 59 NON-CORE 8 16 11 1 ^ Excluding joint ventures, including Romanian office portfolio held for sale * Occupancy ratio = 1 - EPRA Vacancy ratio ** Out of the six projects under construction, three are extensions or refurbishments of existing properties *** Out of the seven projects under permitting and pre-leasing, four are extensions or refurbishments of existing properties Shopping City Sibiu, Romania 12 NEPI ROCKCASTLE RESULTS PRESENTATION JUNE 2019 Long-term partnering with sustainable anchor base SUSTAINABLE ANCHOR TENANT BASE by rent 3.7% ** 3.5% * 3.0% 2.9% 2.2% 1.7% 1.6% 1.3% 1.2% 1.1% * Bershka, Massimo Dutti, Oysho, Pull and Bear, Stradivarius and Zara ** Cropp Town, House, Mohito, Reserved, Sinsay LONG-TERM LEASE DURATION EXPIRY PROFILE AS AT 30 JUNE 2019 €m Year % of expiry 400 by gross rentals 2019 2.0% 2020 16.5% 2021 15.2% 300 2022 11.9% 2023 13.5% 200 2024 16.4% 2025 7.5% 2026 3.1% 100 2027 2.5% >=2028 11.4% Total 100% 0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028+ Retail Office Industrial Weigthed average remaining lease duration is 4 years 13 NEPI ROCKCASTLE RESULTS PRESENTATION JUNE 2019 Strong performance indicators City Park, Romania Operational performance indicators Financial performance indicators Net Rental and Related Income (NOI) €200m Loan-to-value (LTV)* 32.5% Unencumbered assets (% of investment NOI growth (like-for-like) 6.2% property) 73% Weighted average remaining lease term 4 years Cost of debt 2.4% Average remaining debt maturity 3.2 years Collection rate 99.9% Long-term interest rate hedge coverage** 92% EPRA occupancy ratio 97.4% Distributable earnings per share (eurocents) 29.02 Turnover/m2 increase (like-for-like)* 7.1% EPRA earnings per share (eurocents)^ 28.69 Tenants turnover growth (like-for-like)* 8.2% EPRA NAV per share (euro) 7.26 EPRA net initial yield 6.64 Occupancy cost ratio** 13.4% EPRA 'topped up' net initial yield 6.71 * Like-for-like and exclude hypermarkets' sales, as they don't consistently report turnover data across * Interest bearing debt less lease liabilities (IFRS 16) less cash, divided by investment property portfolio. (including investment property held for sale) less right of use assets (IFRS 16) plus, listed securities. ** Base rent, service charge and marketing contribution, divided by tenant sales; excluding hypermarket ** Excluding revolving facilities. sales, which if included would have a decreasing impact. ^ Reconciliation of profit for the period to EPRA earnings and distributable earnings is presented in Appendix. 14 NEPI ROCKCASTLE RESULTS PRESENTATION

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