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Financial Information 2019 FINANCIAL INFORMATION 2019 Including the Consolidated financial statements for the period of 6 months ended as at 30 June 2019 (Unaudited) CPI FIM SA * Société Anonyme * 40 rue de la Vallée, L2661 Luxembourg R. C. S. Luxembourg – B 44.996 CPI FIM SUMMARY Part I. Management report Part II. Declaration letter Part III. Condensed consolidated interim financial information CPI FIM SA | Société Anonyme | 40 Rue de la Vallée, L-2661 Luxembourg RCS Luxembourg B 44996 MANAGEMENT REPORT | 2 CPI FIM Management Report as at 30 June 2019 MESSAGE FROM THE MANAGEMENT ............................................................................................................. 6 FIRST HALF 2019 AND POST-CLOSING KEY EVENTS ........................................................................................ 7 Renaming of the Company ........................................................................................................................... 7 Annual General Meeting of Shareholders ...................................................................................................... 7 Change of the auditor ................................................................................................................................... 7 Completion of Mayhouse office in Prague ..................................................................................................... 7 Project Benice sold out ................................................................................................................................. 7 Ongoing reconstruction of office building Bubenská 1 .................................................................................... 7 Intergroup financing ..................................................................................................................................... 8 MARKET ENVIRONMENT ................................................................................................................................. 9 OPERATIONS OF THE GROUP IN H1 2019 ...................................................................................................... 12 Intragroup loans to CPI PG group ................................................................................................................ 12 Rendering of services to CPI PG group ........................................................................................................ 12 PROPERTY PORTFOLIO .................................................................................................................................. 13 Total Property Portfolio ............................................................................................................................... 13 Property Valuation ...................................................................................................................................... 14 Land Bank ................................................................................................................................................... 18 Development .............................................................................................................................................. 19 Office ...................................................................................................................................................... 20 Industry and Logistic ................................................................................................................................... 22 FINANCING .................................................................................................................................................... 23 Cash and cash equivalents .......................................................................................................................... 23 Financial liabilities ...................................................................................................................................... 23 RESULTS AND NET ASSETS ............................................................................................................................. 24 Income statement ....................................................................................................................................... 24 Balance sheet ............................................................................................................................................. 25 CORPORATE GOVERNANCE .......................................................................................................................... 27 Principles .................................................................................................................................................... 27 Board of Directors....................................................................................................................................... 27 Committees of the Board of Directors ......................................................................................................... 29 Description of internal controls relative to financial information processing. ................................................ 30 Remuneration and benefits ......................................................................................................................... 30 Corporate Governance rules and regulations ............................................................................................... 30 Additional information ................................................................................................................................ 33 MANAGEMENT REPORT | 3 CPI FIM SHAREHOLDING ............................................................................................................................................ 35 Share capital and voting rights .................................................................................................................... 35 Shareholder holding structure ..................................................................................................................... 35 Authorized capital not issued ...................................................................................................................... 35 CORPORATE RESPONSIBILITY ........................................................................................................................ 37 Environmental, social and ethical matters .................................................................................................... 37 Environmental matters ................................................................................................................................ 37 Social matters ............................................................................................................................................. 37 Ethical matters ............................................................................................................................................ 37 GLOSSARY & DEFINITIONS ............................................................................................................................ 38 MANAGEMENT REPORT | 4 CPI FIM CPI FIM SA, société anonyme (the “Company”, former Orco Property Group, société anonyme) and its subsidiaries (together the “Group” or “CPI FIM”) is principally involved in the development of properties for its own portfolio or intended to be sold in the ordinary course of business. The Company is a subsidiary of CPI Property Group (also as “CPI PG”), which indirectly holds approximately 97% of the Company shares. The Company is also involved in providing of equity loans and management services to other entities within the CPI PG group. The Company is a joint stock company incorporated for an unlimited term and registered in Luxembourg. The address of its registered office is 40, rue de la Vallée, L-2661 Luxembourg, Grand Duchy of Luxembourg. The Company’s shares are listed on the regulated markets of the Luxembourg Stock Exchange and Warsaw Stock Exchange. MANAGEMENT REPORT | 5 CPI FIM MESSAGE FROM THE MANAGEMENT Throughout the first half of 2019, the Company continued to maintain its structure, improve its operational organisation and streamline its long-term approach. Total assets increased by EUR 989.5 million (31%) to EUR 4,182.4 million as at 30 June 2019. The EPRA Net Asset Value per share as of 30 June 2019 was EUR 0.62 compared to EUR 0.56 as of 31 December 2018. At the end of June 2019, the Triple NAV amounted to EUR 0.60 per share compared to EUR 0.53 at the end of 2018. The Company achieved an operating profit of EUR 11.6 million compared to EUR 5.5 million in the first half of 2018. The total net profit was EUR 69.7 million compared to EUR 18.5 million in H1 2018. Resulting from the Company’s integration into CPI PROPERTY GROUP in 2016, one of its roles is to function as an intergroup financing vehicle to the entities within CPI PROPERTY GROUP. As of 30 June 2019, the outstanding balance of the provided loans amounted to approximately EUR 2,952.1 million. The Company also provides strategic management and advisory services to entities within the CPI PROPERTY GROUP. In May 2019, the Group finished the development of Mayhouse office building in Prague. The property extends the Company's office portfolio by 7,600 sqm and offers tenants attractive spaces in the city centre. The Group also sold out the residential project in Prague during the first half of 2019. During the Annual General
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