Results presentation

December 2013

1

Introduction

. A central and eastern European property development and investment company

. Distribute cash dividends (or return of capital & share subscription) on a semi-annual basis

. Invest in properties with long term multinational tenants with leases in Euro

. In-house property management, asset management, property investment & property development via an integrated approach

2

1 Financial performance

Dec Dec Dec Dec Dec 2013 2012 2011 2010 2009

Distribution per share (€ cents) 26.79 23.29 20.25 17.61 15.77

Distribution per share (ZAR cents)* 380.64 263.13 205.97 168.78 171.79

Adjusted NAV per share (€) 3.70 2.88 2.43 2.22 1.97

Gearing** 22.5% 25.0% 32.0% 49.0% 46.0%

Shares in issue (million) 204.5 144.4 102.8 76.9 40.7

Annual trading (million shares) 33.6 26.8 23.2 11.3 4.1

No of shareholders 6 011 3 479 1 907 642 232

* Final distribution assumed at ZAR15.00 per € ** (Debt – cash) / (investment property + listed securities)

3

Highlights

. Recurring distributable earnings (€) 23.5%

. 4-year compound annual growth in distribution (€) 14.2%

. 4-year compound annual growth in distribution (ZAR) 22.0%

. Adjusted NAV per share 28.5%

. Major increase in development pipeline

. Major increase in retail asset base

4

2 Operational highlights

Retail: . Increase in foot-fall . Vacancy down to 1.7% . Negligible arrears Office: . Increased supply in Floreasca . Strong demand in Timisoara . Vacancy down to 3.9% . Negligible arrears

5

Portfolio structure by gross rental

Dec 2012 Dec 2013

5% 3%

49% 33%

64% 46% Retail Office Industrial

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3 Top 10 retail tenants

Auchan 6.0% Carrefour 5.2% Bricostore 3.2% Metro Cash & Carry 1.9% Cora 1.3% C&A 1.3% H&M 1.2% Altex 1.2% Deichmann 1.1% New Yorker 1.1%

0% 1% 2% 3% 4% 5% 6% 7% % of total monthly rent in Dec 2013 7

Top 10 office tenants

Raiffeisen Bank 3.5% PricewaterhouseCoopers 3.2% Oracle 2.9% The Royal Bank of Scotland 1.4% Alcatel-Lucent 1.3% Huawei 1.3% Honeywell 1.2% Wipro Technologies 1.0% Xerox 0.9% Regus 0.8%

0% 1% 2% 3% 4% % of total monthly rent in Dec 2013 8

4 Rent expiry profile per sector

Gross rentals (€ million) 70 60 Industrial Office Retail 50 40 30 20 10 - 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Tenant profile – gross rentals

64% 7% 29%

Type A Type B Type C

Weighted average duration of 4.8 years

9

Debt repayment profile

Bank loans reimbursement schedule € million 100 90 80 70 60 50 40 30 20 10 0 2014 2015 2016 2017 2018 and beyond

10

5 Romania – macro-economic

Key indicators 2013 2014 2015 2016 2017

Real GDP growth (%) 2.5 3.0 3.8 3.8 4.0

General gov. budget balance (% of GDP) (2.6) (2.4) (2.2) (2.4) (2.2)

General gov. debt (% of GDP) 36.3 37.1 37.2 37.3 37.5

Unemployment (%) 4.8 4.3 3.8 3.4 2.9

Price inflation (%) (EU harmonised) 3.2* 1.8 3.3 3.2 2.9

. Improved macro-economic environment . RON interest rates vs. € . Continued EU judicial reform pressure . Moody’s Country rating ► Baa3

* Source: Eurostat Source for 2013-2017 estimates: EIU - Country Forecast January 2014

11

Slovakia – macro-economic

Key indicators 2013 2014 2015 2016 2017

Real GDP growth (%) 1.0 2.4 3.0 3.3 3.5

General gov. budget balance (% of GDP) (3.1) (3.0) (2.9) (2.7) (2.5)

General gov. debt (% of GDP) 55.7 57.3 58.0 57.3 55.4

Unemployment (%) 13.8 13.4 13.4 13.2 12.9

Price inflation (%) (EU harmonised) 1.5* 1.6 1.8 1.9 2.0

. Improving macro-economic environment . Functional banking system . Moody’s Country rating ► A2

* Source: Eurostat Source for 2013-2017 estimates: EIU - Country Forecast January 2014

12

6 Growth strategy

. Retail – regional dominance

. Office – opportunistic development of A-grade offices in prime locations in cities with significant multi- national tenant presence

. Increase in scale

. Continued expansion beyond Romania

13

Comparative retail sales

Aggregate retail sales 4 000

3 500

Slovakia

)

€ 3 000 Slovenia

Czech Republic 2 500

2 000 Estonia

1 500 Hungary Latvia Poland Lithuania 1 000

Sales Sales Per capita(2009 in level Romania 500 Bulgaria

- 10% 20% 30% 40% 50% 60% Forecast growth from 2011 to 2020

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7 Development pipeline

450 400 350 300 169

250

200 Finalised 150 127 Controlled

million 122

€ Committed 100 Money spent 50 60 91 0 26 (46) -50 -100 Dec 2012 Dec 2013

Committed: projects currently under construction Controlled: projects where the land is controlled, but not yet under construction Note that capitalised interest is not included

15

Acquisitions and development pipeline

Zilina

Cluj-Napoca Vaslui

Sighisoara

Deva Sfantu Gheorghe Timisoara Petrosani Brasov Galati

Braila Targu Jiu

Drobeta-Turnu Severin Bucharest

Constanta

Alexandria

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8 Completed acquisitions and developments

Completed during 2013

. Aupark (Zilina)

. City Park Constanta

. Deva Shopping Centre

. Severin Shopping Center

. Shopping City Galati

. Four Kaufland Value Extensions

. The Lakeview Office Building (Bucharest)

. Timisoara Building D

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Aupark (Zilina, Slovakia)

Slovakia

18

9 Aupark (Zilina, Slovakia)

Retail space Office space . 85 000 residents 22,000 m² 1,700 m² . Seat of a region of 700,000 residents 99% let Fully let

Major Tenants . Billa . C&A . Deichmann . H&M . New Yorker

Catchment Population

10 minutes 90 000

20 minutes 180 000

30 minutes 380 000

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Aupark (Zilina, Slovakia)

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10 Aupark (Zilina, Slovakia)

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Aupark (Zilina, Slovakia)

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11 City Park Mall (Constanta, Romania)

23

City Park Mall (Constanta, Romania) Major Tenants . 350,000 residents . Bershka . Cora (Hypermarket) . GLA 29,200 m² . Domo . Occupancy 99.7% . KFC . Koton . Extension planned 15,800 m² . LC Waikiki . McDonald’s . Pull&Bear . Zara Catchment Population 15 minutes 330 000 30 minutes 390 000 45 minutes 420 000

Constanta County

684,000 inhabitants

24

12 Mamaia beach resort

25

City Park Mall (Constanta, Romania)

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13 City Park Mall (Constanta, Romania)

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City Park Mall (Constanta, Romania)

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14 City Park Mall (Constanta, Romania)

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City Park Mall (Constanta, Romania)

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15 City Park Mall (Constanta, Romania)

31

City Park Mall (Constanta, Romania)

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16 City Park Mall (Constanta, Romania)

Lake level (-1)

FUTURE EXTENSION

33

City Park Mall (Constanta, Romania)

Lake level (0)

FUTURE EXTENSION

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17 City Park Mall (Constanta, Romania)

Sky level

FUTURE EXTENSION RECONFIGURED UNITS

35

Deva Shopping Centre (Deva, Romania)

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18 Deva Shopping Centre (Deva, Romania)

Major Tenants . 56,650 residents . Metro . GLA 41,700 m² . Real (will become Auchan) . Praktiker DIY . Occupancy 100% . Domo . Extension planned 12,400 m² . Jysk

. Takko . DM Catchment Population 15 minutes 75 000 30 minutes 177 000 45 minutes 277 000

Hunedoara County

396,000 inhabitants

37

Deva Shopping Centre (Deva, Romania)

38

19 Deva Shopping Centre (Deva, Romania)

Possible Extension Land Plot 29,390m²

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Deva Shopping Centre (Deva, Romania)

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20 Deva Shopping Centre (Deva, Romania)

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Deva Shopping Centre (Deva, Romania)

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21 Severin Shopping Center (Drobeta-Turnu Severin, Romania)

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Severin Shopping Center (Drobeta-Turnu Severin, Romania)

Major Tenants . 86,475 residents . Carrefour . Existing GLA 16,574 m² . Altex . Deichmann . Occupancy 100% . Takko . Extension planned 9,500 m² . Lee Cooper

Catchment Population

15 minutes 102 000

30 minutes 138 000

45 minutes 175 500

Mehedinti County

255,000 inhabitants

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22 Severin Shopping Center (Drobeta-Turnu Severin, Romania)

45

Severin Shopping Center (Drobeta-Turnu Severin, Romania)

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23 Severin Shopping Center (Drobeta-Turnu Severin, Romania)

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Severin Shopping Center (Drobeta-Turnu Severin, Romania)

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24 Severin Shopping Center (Drobeta-Turnu Severin, Romania)

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Shopping City Galati (Galati, Romania)

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25 Shopping City Galati (Galati, Romania)

. Braila – Galati Region is known Galati Shopping City Galati as “Lower Danube Metropolitan Area”

. 400,000 residents in the two cities

Braila

Braila & Galati Counties Promenada Mall

812,300 inhabitants

51

Shopping City Galati (Galati, Romania)

52

26 Shopping City Galati (Galati, Romania)

Phase 1

53

Shopping City Galati (Galati, Romania)

Phase 2

cinema

54

27 Shopping City Galati (Galati, Romania)

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Shopping City Galati (Galati, Romania)

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28 Shopping City Galati (Galati, Romania)

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Shopping City Galati (Galati, Romania)

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29 Shopping City Galati (Galati, Romania)

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Shopping City Galati (Galati, Romania)

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30 Shopping City Galati (Galati, Romania)

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Shopping City Galati (Galati, Romania)

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31 Kaufland value extension (Alexandria, Romania)

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Kaufland value extension (Alexandria, Romania)

Tenants . 45,434 residents . Animax . GLA 2,027 m² . Deichmann . Domo . Occupancy 100% . Noriel . Takko

Catchment Population 15 minutes 68,600 30 minutes 128,400 45 minutes 234,000

Teleorman County

360,180 inhabitants

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32 Kaufland value extension (Alexandria, Romania)

65

Kaufland value extension (Petrosani, Romania)

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33 Kaufland value extension (Petrosani, Romania)

Tenants . 45,434 residents . Altex . GLA 1,933 m² . Deichmann . DM . Occupancy 100% . Takko

Catchment Population 15 minutes 91,000 30 minutes 103,000 45 minutes 128,000

Hunedoara County

396,000 inhabitants

67

Kaufland value extension (Petrosani, Romania)

68

34 Kaufland value extension (Sfantu Gheorghe, Romania)

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Kaufland value extension (Sfantu Gheorghe, Romania)

Tenants . 56,000 residents . Altex . GLA 1,602 m² . Deichmann . Takko . Occupancy 100%

Catchment Population 15 minutes 71,600 30 minutes 118,100 45 minutes 147,500

Covasna County

206,260 inhabitants

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35 Kaufland value extension (Sfantu Gheorghe, Romania)

71

Kaufland value extension (Sighisoara, Romania)

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36 Kaufland value extension (Sighisoara, Romania)

Tenants . 28,120 residents . Altex . GLA 1,860 m² . Deichmann . DM . Occupancy 100% . Takko

Catchment Population 15 minutes 53,600 30 minutes 85,300 45 minutes 178,600

Mures County

531,380 inhabitants

73

Kaufland value extension (Sighisoara, Romania)

74

37 The Lakeview (Bucharest, Romania)

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The Lakeview (Bucharest, Romania)

The Lakeview

NEW BUSINESS DISTRICT

OLD CBD

76

38 The Lakeview (Bucharest, Romania)

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Development pipeline

Under construction

. MegaMall (Bucharest)

. Shopping City Targu Jiu

. Vulcan Retail Park (Bucharest)

. Kaufland Value Extension (Vaslui)

. City Business Centre Building E (Timisoara)

. The Office (Cluj)

78

39 Mega Mall (Bucharest, Romania)

79

Mega Mall (Bucharest, Romania)

Mega Mall

80

40 Mega Mall (Bucharest, Romania)

81

Mega Mall (Bucharest, Romania)

82

41 Mega Mall (Bucharest, Romania)

83

Mega Mall (Bucharest, Romania)

84

42 Mega Mall (Bucharest, Romania)

85

Mega Mall (Bucharest, Romania)

86

43 Mega Mall (Bucharest, Romania)

87

Mega Mall (Bucharest, Romania)

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44 Mega Mall (Bucharest, Romania)

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Mega Mall (Bucharest, Romania)

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45 Mega Mall (Bucharest, Romania)

91

Targu-Jiu Shopping City (Targu-Jiu, Romania)

92

46 Targu-Jiu Shopping City (Targu-Jiu, Romania)

. 78,550 residents . GLA – 26,799 m²

Catchment Population

15 minutes 98 500

30 minutes 149 500

45 minutes 323 500

Gorj County

335,000 inhabitants

93

Targu-Jiu Shopping City (Targu-Jiu, Romania)

94

47 Targu-Jiu Shopping City (Targu-Jiu, Romania)

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Targu-Jiu Shopping City (Targu-Jiu, Romania)

New Layouts

96

48 Targu-Jiu Shopping City (Targu-Jiu, Romania)

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Targu-Jiu Shopping City (Targu-Jiu, Romania)

98

49 Targu-Jiu Shopping City (Targu-Jiu, Romania)

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Vulcan (Bucharest, Romania)

100

50 Vulcan (Bucharest, Romania)

Vulcan

101

Vulcan (Bucharest, Romania)

102

51 Vulcan (Bucharest, Romania)

103

Vulcan (Bucharest, Romania)

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52 Vulcan (Bucharest, Romania)

105

Kaufland value extension (Vaslui, Romania)

106

53 Kaufland value extension (Vaslui, Romania)

Tenants . 55,407 residents . Altex . GLA 1,800 m² . Deichmann . Takko

Catchment Population 15 minutes 80,600 30 minutes 112,600 45 minutes 221,900

Vaslui County

375,150 inhabitants

107

Kaufland value extension (Vaslui, Romania)

108

54 City Business Centre (Timisoara, Romania)

109

City Business Centre (Timisoara, Romania)

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55 City Business Centre (Timisoara, Romania)

111

City Business Centre (Timisoara, Romania)

37,580 m² of Office Area, occupancy – 99.8%, major tenants: Alcatel, Deloitte, IBM, Microsoft, PricewaterhouseCoopers, Raiffeisen Bank, UniCredit Tiriac Bank, Wipro

112

56 The Office (Cluj, Romania)

113

The Office (Cluj, Romania)

Railway Intl Station Airport

The Office

Business Centre

Old City Centre

114

57 The Office (Cluj, Romania)

1st & 2nd FLOOR 3rd,4th,5th FLOOR PENTHOUSE

53,287m² of office area in 3 phases

GROUND FLOOR

115

The Office (Cluj, Romania)

116

58 The Office (Cluj, Romania)

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Prospects

. Earnings guidance

. Further retail acquisitions and developments

. Continued increase in scale

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59 Questions & Answers

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