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Company Presentation Company presentation November 2020 Zurich | November 2020 1. Company Overview AGENDA 2. Strategy 3. Portfolio 4. Business Update 5. Summary Financials 6. Management of the Company 7. Wrap-up Zurich | November 2020 2 COMPANY OVERVIEW Zurich | November 2020 3 20 years Core Assets of investing in in Germany’s Top 7, real estate 1.3 bn US$ Vienna and Moscow Market Value Portfolio Portfolio spanning 15% CAGR 2 Hotels, MV growth 2015 8 Offices, 1 Refurbishment EPH 71.3 Strong international million US$ tenants with long-term Net rental income FY 2019 lease agreements 6.3% Vacancy 7.4% Yield 0.0% Central Europe & 3.2% Central Europe & 9.7% Moscow portfolio 9.8% Moscow portfolio Zurich | November 2020 COMPANY OVERVIEW 4 AT A GLANCE Geographical Split Asset Classes Asset Classes Market Value Portfolio in Market Value Portfolio Gross Rental Income ‘000 USD Held for Sale Hotel Retail Austria 10% 9% 198.0 Refurbishment 14% 6% Hotel 12% Russia 712.9 Office Office Germany 72% 77% 399.0 Diversified core and core plus commercial real estate portfolio in Central Europe and Russia with better than market yields and vacancy rates due to excellent locations and high-quality tenants Zurich | November 2020 COMPANY OVERVIEW 5 AT A GLANCE STANDING STANDING ASSETS IN ASSETS IN DEVELOPMENT GERMANY & RUSSIA PROJECTS AUSTRIA ♦ First class core/ core plus office & hotel ♦ First class core & core plus office ♦ Forward transaction of properties in strong locations properties including high-end retail tenants development/refurbishment projects to increase yield in mature markets ♦ Low vacancies with first class tenants ♦ Stable vacancies compared to market due to prime locations as well as international ♦ Excellent locations in business hubs with ♦ Long-term capital preservation through low and national reliable tenants decreased risk due to sellers’ capital values per sqm responsibilities for finalizing the ♦ High yields above markets ♦ Long-term investment strategy with development and renting out of the immaterial impact of Corona for short-term property Zurich | November 2020 COMPANY OVERVIEW 6 STRATEGY Zurich | November 2020 7 INVESTMENT CRITERIA € INVESTMENTS DEAL VOLUME RISK PROFILE ASSET CLASS LOCATION Core commercial Investment target of Fully let income generating Offices, CBD in major real estate in EUR 50 to 350 million assets European cities Hotels (3-5*) Europe’s major cities for single transaction Forward Transactions Mixed use Preferentially EUR 100 Development/ to 200 million Refurbishment Zurich | November 2020 STRATEGY 8 INTENSIVE EXPANSION IN EUROPE From a real estate developer to a long-term investor with a diversified portfolio in standing assets across Europe BERLIN MOSCOW VIENNA ST. PETERSBURG MOSCOW STUTTGART HAMBURG MOSCOW VIENNA DRESDEN 2003 2014 2016 2017 2018 2019 2020 Development of a very attractive Diversification of portfolio to ensure Combining high yields in Russia with high yield core portfolio in Russia long-term capital preservation stability of value and income from Central European portfolio Zurich | November 2020 STRATEGY 9 5 YEARS VISION The full impact of the pandemic on the world and EPH’s portfolio is difficult to judge but, as of today, the identified impact is only short-term. The hotel industry might struggle for an uncertain period of time whereas the majority of our international and strong office tenants are not materially affected. Overall, the share of tenants of EPH Group directly affected by the pandemic – like hotels, retail and temporary office spaces – is small. VIENNA VIENNA EUROPE 2021 2022 2025 EPH expects to close the acquisition In June 2022, we expect the Continuously marketing Further expand the portfolio of the office complexes QBC 1 & 2 and finalization of the refurbishment and sale of apartments focusing on first-class, high quality the parking garage QBC 7 in Vienna project LASS 1 in Vienna. After at our Arbat properties properties in outstanding locations for an approx. consideration of EUR refurbishment the total investment in Moscow across Europe’s major cities 230 million still in 2020 or Q1 2021 amounts to approx. EUR 150 million Zurich | November 2020 STRATEGY 10 PORTFOLIO Zurich | November 2020 11 In mln USD PORTFOLIO – STRONG GROWTH MARKET VALUE 13 IN ‘000 +30.01% p.a.(CAGR) Core Assets 1’300.00 in Germany’s Top Cities, Russia Vienna and Moscow 597.0 1’000.00 349.6 Office/mixed-use 237.7 116.0 237.1 Moscow 700.00 +11.34% p.a. (CAGR) Germany 778.19 779.33 733.20 780.72 400.00 644.35 712.919 Offices/hotels Stuttgart 100.00 Hamburg Berlin 2015 2016 2017 2018 2019 2020 Dresden EPH Russia Portfolio EPH Central Europe Portfolio Strong growth of Central European portfolio from USD 0 market Austria value in 2015 to USD 600 million in 2020 Office Stable development of market values in Central Europe compared Vienna to fluctuations in Moscow due to currency and ordinary course of the business Zurich | November 2020 PORTFOLIO 12 PORTFOLIO –LOW VACANIES & HIGH YIELD PRIME 12.0% PRIME 12.0% OFFICE OFFICE VACANCY 9.0% YIELD 9.0% RATE 6.0% 6.0% $ 3.0% 3.0% 0.0% 0.0% 2017 2018 2019 2017 2018 2019 EPH Portfolio Germany + Vienna Market Germany Top 4 + Vienna Market Moscow EPH Portfolio Moscow BNP Paribas: European Office Market 2019,2020 ♦ Very low vacancies in Central European portfolio especially compared to market due to prime locations and first-class tenants with long-term leases – totalling to an EPH portfolio vacancy of 6.3% EPH ♦ High yields above average from properties in Moscow and stable but increasing yields in Germany and Vienna totalling to an yield of 7.4% Zurich | November 2020 PORTFOLIO 13 SELECTED REAL ESTATE Zurich | November 2020 PORTFOLIO 14 BUSINESS UPDATE Zurich | November 2020 15 SUCCESSFUL EXPANSION FULLY LET OFFICE FULLY LET 4-STAR HOTEL REFURBISHMENT 4-STAR HOTEL PROPERTY “STRAL 3 “ PROJECT “LASS1” PROPERTY “SALZ 4” IN BERLIN IN VIENNA IN DRESDEN APRIL 2020 JUNE 2020 JULY 2020 Zurich | November 2020 BUSINESS UPDATE 16 HOTEL “NHOW” ACQUISITION IN BERLIN Berlin is the most attractive tourist destination in Germany. We still believe in the Berlin hotel market, especially in the popular, upcoming area Mediaspree. Apart from the location fundamental factors like a consistent and future viable hotel concept, the creditworthiness of the tenant and the construction quality of the building itself remain most important. MARKET VALUE EUR 92,100,000 CAPITAL VALUE EUR 4,500 / SQM NET RENTAL INCOME EUR 4,145,000 LOCATION Mediaspree - popular, upcoming area in Friedrichshain, Berlin TENANT NH Hotel Group, the third largest business hotel group in Europe LEASE TERM Until Nov 2035 with the option to extend by further 10 years RENTABLE AREA 20,160 sqm with a total of 304 rooms Zurich | November 2020 BUSINESS UPDATE 17 OFFICE ACQUISITION IN VIENNA Vienna is an exciting market which benefits from its central location in the heart of Europe. We have confidence in the stability of Vienna’s prime office rents. In the long term, COVID-19 will not change the shortage of modern office space in European’s metropolises. MARKET VALUE EUR 145,000,000 CAPITAL VALUE EUR 5,000 / SQM NET RENTAL INCOME EUR 5,640,000 LOCATION 2nd District, close to the city centre of Vienna TENANT City of Vienna, the State Police and supermarket Merkur LEASE TERM already more than 50 % of property leased with average term of more than 10 years RENTABLE AREA 29,000 sqm Zurich | November 2020 BUSINESS UPDATE 18 HOTEL “INNSIDE MELIA” ACQUISITION IN DRESDEN Dresden is a popular tourist destination mainly for domestic but also international visitors due to its extensive leisure offer in the historically city centre. The modern city hotel fulfils fundamental factors which define the quality of the asset for the long-term. EPH is convinced that the asset supplements the portfolio in an excellent manner. MARKET VALUE EUR 51,500,000 CAPITAL VALUE EUR 3,300 / SQM NET RENTAL INCOME EUR 3,000,000 (APPROX.) LOCATION Situated in the historic centre of Dresden right next to the famous Old Lady TENANT Meliá Hotels International, one of the largest operators in Spain with a strong global presence LEASE TERM Until Dec 2029, with two five-year extension options RENTABLE AREA 15,550 sqm with a total of 180 rooms Zurich | November 2020 BUSINESS UPDATE 19 SUMMARY FINANCIALS Zurich | November 2020 20 SELECTED INCOME-FIGURES Net Rental Income in USDk Net Operational Profit in USDk Finance Costs in USDk 40’000 40’000 EPH Russia Portfolio EPH Western Europe Portfolio 35’747 32’647 33’190 31’889 31’386 80’000 - 501 10’115 30’169 3’740 5’811 30’000 26’669 30’000 24’215 60’000 18’723 18’258 20’000 20’000 40’000 14’809 14’341 74’132 70’643 66’806 62’403 61’183 6’302 10’000 10’000 20’000 22’743 0 0 0 2015 2016 2017 2018 2019 2020HY 2020 HY 2015 2016 2017 2018 2019 HY 2020 2015 2016 2017 2018 2019 HY 2020 Russian portfolio net rental income Efficient external management structure with Decreasing interest rates in Russia (now decreasing due to currency impact and optimized costs 4.25 % vs 8-15% in 2014/2015) together renewal of lease agreements with the shift of portfolio to Central Europe Finance costs of approx. USD 32m FY 2019 leaving room for lower interest rates in COVID-19 implications are continuously main item of operational expenses (esp. refinancing managed – as of today, only short-term bonds issued with interest p.a. 5.5% - 7.25% impact visible and notes with interest p.a. 1.5% - 1.7%) Bonds maturing in 2023 & 2024 are likely to be refinanced on better terms Zurich | November 2020 SUMMARY FINANCIALS 21 SELECTED BALANCE SHEET FIGURES Total
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