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Goldman Sachs International Borgogioioso Shopping Gallery, Carpi (Mo) 31 March 2014

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Goldman Sachs International Borgogioioso Shopping Gallery, Carpi (Mo) 31 March 2014 Strictly Confidential For Addressee Only BORGOGIOIOSO SHOPPING GALLERY, CARPI (MO) Report and Valuation for GOLDMAN SACHS INTERNATIONAL Valuation Date 31 MARCH 2014 RIF: GOLDMANSACHS-MO-BORGOGIOIOSOSC-REPORT-140401-03-EP.DOCX GOLDMANSACHS-MO-BORGOGIOIOSOSC-REPORT-140401-03-EP.DOCX TABLE OF CONTENTS 1. INSTRUCTIONS ......................................................................................................................................................... 6 2. ASSUMPTIONS & SPECIAL ASSUMPTIONS ....................................................................................................... 7 3. DATE OF VALUATION ............................................................................................................................................ 7 4. INSPECTION ............................................................................................................................................................... 7 5. INFORMATION SUPPLIED ...................................................................................................................................... 7 6. LOCATION ................................................................................................................................................................. 8 7. CATCHMENT AREA ................................................................................................................................................. 9 8. DESCRIPTION .......................................................................................................................................................... 11 9. GENERAL STATE OF REPAIR AND MAINTENANCE .................................................................................. 12 10. AREAS ......................................................................................................................................................................... 12 11. MERCHANDISING MIX ......................................................................................................................................... 12 12. SITE AND ENVIRONMENTAL CONSIDERATIONS ..................................................................................... 14 13. TOWN PLANNING AND CADASTRAL USE ................................................................................................. 14 14. COMMERCIAL REGULATIONS – TRADE LICENSES ................................................................................... 15 15. TENURE ..................................................................................................................................................................... 15 16. TENANCIES, EXPIRY PROFILE AND RENTAL INCOME ............................................................................ 15 17. CENTRE MANAGEMENT, SERVICE CHARGES AND MAINTENANCE COSTS .................................. 19 18. PERFORMANCE ...................................................................................................................................................... 21 19. RETAIL MARKET COMMENTARY ..................................................................................................................... 24 20. COMPETITION ANALYSIS ................................................................................................................................... 30 21. MARKET RENT ........................................................................................................................................................ 32 22. VALUATION METHODOLOGY AND RATIONALE .................................................................................... 33 23. VALUATION CERTAINTY ................................................................................................................................... 35 24. MARKET VALUE ...................................................................................................................................................... 35 25. VALUATION CONSIDERATIONS AND FINAL COMMENTS ................................................................... 36 26. CONFIDENTIALITY ............................................................................................................................................... 37 27. DISCLOSURE AND PUBLICATION ................................................................................................................... 38 ATTACHMENT I LOCATION MAPS ATTACHMENT II PHOTOGRAPHS ATTACHMENT III TENANCY SCHEDULE PROVIDED ATTACHMENT IV RENT ROLL ATTACHMENT V CALCULATIONS ATTACHMENT VI GENERAL VALUATION PRINCIPLES AND PRINCIPAL TERMS AND CONDITIONS OF APPOINTMENT AS VALUERS ATTACHMENT VII INSTRUCTION AND CONFIRMATION LETTER ATTACHMENT VIII TEMPLATE RELIANCE LETTER GOLDMAN SACHS INTERNATIONAL CUSHMAN & WAKEFIELD 2 GOLDMANSACHS-MO-BORGOGIOIOSOSC-REPORT-140401-03-EP.DOCX EXECUTIVE SUMMARY PROPERTY: BORGOGIOIOSO SHOPPING GALLERY, CARPI(MO) VALUATION DATE: 31 March 2014. PURPOSE OF This report has been prepared for financing purposes. VALUATION: LOCATION: The Property is located in the municipality of Carpi, in the province of Modena, in the Emilia Romagna region. The Property is located along Via delle Industrie, about 3 km to the west of the town centre and circa 2 km from the “Carpi” exit of the motorway A22 Brennero-Modena. The Property benefits from a good road network, which guarantees shorter drive times from the surrounding municipalities. The area surrounding the Property is mainly occupied by undeveloped land and by light industrial facilities, part of the industrial district of Carpi. BRIEF DESCRIPTION: Borgogioioso Shopping Centre has a total GLA (Gross Lettable Area) of 26,900 sqm and comprises an Ipercoop hypermarket of about 16,000 sqm, and a gallery with 27 retail units for a total GLA of 10,828 sqm. The object of this valuation is only the shopping gallery. The shopping centre opened to the public in September 2005. The scheme is developed on a single level and has 5 medium and large size units occupied by Obi, Comet, Scarpe & Scarpe, Game 7 and Champion. There are 2,500 covered and uncovered parking spaces serving the shopping centre, equating to a parking ratio estimated at approximately one parking space per 10.8 sqm GLA, which is good for this type of retail scheme by Italian standards. CATCHMENT AREA: We consider that this centre has a catchment population of about 162,000 people. This is our estimate of the population within a drive time of 20 minutes from Borgogioioso Shopping Centre. The 10 minute isochrone includes approximately 65,360 inhabitants. COMPETITION: In the immediate surroundings (0-20 min isochrones) there is no real competition. The nearest centres that can be considered as competitors are beyond the catchment area, in the north area of the city of Modena. The shopping centre that can be considered as the main competitor is the GrandEmilia SC, which is the largest centre of Modena. TENURE: We have assumed the title is freehold. GOLDMAN SACHS INTERNATIONAL CUSHMAN & WAKEFIELD 3 GOLDMANSACHS-MO-BORGOGIOIOSOSC-REPORT-140401-03-EP.DOCX TENANCIES: The Property is almost fully let (except for one retail unit representing about 0.7% of the total GLA of the shopping gallery). CAVEAT – SUMMARY This executive summary is subject to the facts, terms and conditions, IS PART OF REPORT: caveats, assumptions and special assumptions contained in the main report of which it forms a part. It should not be read in isolation from the remainder of the report. THIRD PARTY The valuation has been carried out for Goldman Sachs International and no LIABILITY: responsibility is accepted to any other party in respect of its contents without prior written consent from Cushman & Wakefield LLP. Only (i) the addressee of the report and (ii) the parties who sign a reliance letter will be permitted to rely on the report. No other party shall be permitted to do so NO STRUCTURAL We have not carried out a structural survey of the Property. SURVEY: NO ENVIRONMENTAL We have not investigated ground conditions or the presence of SURVEY: contamination. SITE INSPECTION: The Property was inspected on 31 March 2014. ASSUMPTIONS: As contained in this report and our General Valuation Principles at Attachment VI. SPECIAL None. ASSUMPTIONS: MARKET RENT: €2,150,000 (Two million one hundred fifty thousand Euro) per year Our opinion of Market Rent is intended to be the headline rent and it is exclusive of service charge contributions. This excludes rent for temporary lettings (mal income). GOLDMAN SACHS INTERNATIONAL CUSHMAN & WAKEFIELD 4 GOLDMANSACHS-MO-BORGOGIOIOSOSC-REPORT-140401-03-EP.DOCX MARKET VALUE (NET €27,200,000 (Twenty seven million two hundred thousand Euro) OF ACQUISITION COSTS): As required. the above Market Value assumes the sale of a direct interest in the property. Accordingly we have made an allowance for the purchaser’s liability for transfer tax (assumed at 4%) following the Bersani Visco law in 2006. In addition we have assumed a buyer will make allowance for acquisition costs at 1.0% of Market Value. In reality, as you are aware, normal Italian market practice is to transfer the ownership of retail centres by selling the SPV that owns the asset. For that reason investment yields are analyzed on the basis of the value allocated to the asset for the purpose of establishing the price for the shares. That asset value then becomes part of a wider transaction which typically has regard to other issues, such as any inherent liability for gains tax within the company, the nature
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