FOR SALE > COMMERCIAL PROPERTY PORTFOLIO in , , JÕHVI, RAKVERE, VÕRU

ESTONIA March 2015

COMMERCIAL PROPERTY PORFOLIO SUMMARY

The total portfolio consist of111111 property units (on 13 properties) in555 ininin EstoniaEstonia. Five units are located inTallinn area (((49 (494949%%%% ofofofGLA)GLA), two inTartu (((20 (202020%%%%ofofof GLA), three inJõhvi (((13 (131313%%%%ofofof GLA), two inRakvere (((16 (161616%%%%ofofof GLA) and one inVõru (((2 (222%%%%ofofof GLA).GLA) ...

The portfolio is divided by the property sectors into three (by GLA):office premises 414141. 41 ...0000%%%%,,,,retail premises 111111. 11 ...6666%%%%andandand logistics andandandindustrial premises 474747. 47 ...4444%%%%....

Theportfolio average rental rate isisis 555. 5...27272727€€€/sqm/month, €/sqm/month, incl 4.4 €/sqm/month for Tallinn area properties, 7.7 €/sqm/month for Tartu properties, 5.96 €/sqm/month for Rakvere properties, 4.27 €/sqm/month for Jõhvi properties and 8.94 €/sqm/month for Võru property.

Theportfolio average vacancy rate isisis 555. 5...8888%%%%,,,, incl 1.2% for Tallinn area properties, 13.8% for Tartu properties, 4% for Rakvere properties, 0% for Jõhvi properties and 73.4% for Võru property.

Theportfolio average lease length isisis 333. 3...29292929yearsyears, incl 2.12 years for Tallinn area properties, 1.97 years for Tartu properties, 10.28 years for Rakvere properties, 1.41 years for Jõhvi properties and 0.41 years for Võru property.

SALES PRICE AND DEAL STRUCTURE

The offers are expected for theremaining portfolio andandand forforfor thethethe individual property unitsunits. The sales prices of the individual units are presented on the following pages under specific properties. The deal can be structured as anasset sales ororor asasas thethethe sale ofofof thethethe shares ofofof thethethe owning SPV’sSPV’s.

Additional information will be presentedbybyby thethethe owner upon requestrequest. ... The owner reserves to limit the info.

CONTACT: MARGUS TINNO COLLIERS INTERNATIONAL ADVISORS OÜ +372 5059 686 Lõõtsa 2a [email protected] 11415, Tallinn www.colliers.ee, www.colliers.com TÜRI 10C, TALLINN

PROPERTY SUMMARY INFORMATION CASH FLOW INFORMATION SUMMARY

> Address: Türi 10c, Tallinn, Estonia > OccupancyOccupancy:::: 100% > Type of ownershipownership:: 2222/4098 share of common > Use ofofof premisespremises: ::: office, service ownership > Number ofofof tenantstenants: ::: 12 > Location of the ownership: 1st floor, full 2 nd floor, 3 rd floor > Weighted average lease lenghtlenght: ::: 1.2 years (incl. termless) > Land Registry No: 2653201 > Weighted average rentrent: ::: 3.26 €/sqm/month (excl. parking > Property owner: Balti Kinnisvaraportfell AS (10830872) income) > Cadastral No: 78401:118:1670 > Main tttenant tenantenantssss:::: Võrguvara AS , Whirlpool Eesti OÜ, Euroland > Intended land use: Commercial 100% Estonia OÜ > Land plot: 4’098 sqm > Annual rrrent rentententindextationindextation: ::: mainly Estonian CPI > Net building area: 5’258.8 sqm > Annual rrrent rentententiiincome, income, asasas ofofof 030303/ 03 ///2012012015555::::cacaca €€€104 €104104104’’’’000000 > Leasable area (of relevant ownership): 2’606.2 sqm > Owner’s costcost: ::: mainly land tax, insurance, CAPEX > Parking: sufficient on the site and along the street > Year of construction: 2001 > Building and premise condition: good > Other relevant info: autonomous gas heating SALES PRICE

€€€1’125’000€1’125’000

Transaction typetype: ::: sale of the asset or shares of the owner company (100%)

CONTACT: MARGUS TINNO COLLIERS INTERNATIONAL ADVISORS OÜ +372 5059 686 Lõõtsa 2a [email protected] 11415, Tallinn Estonia www.colliers.ee, www.colliers.com LIIMI 1B, TALLINN

PROPERTY SUMMARY INFORMATION CASH FLOW INFORMATION SUMMARY

> Address: Liimi 1b, Tallinn, Estonia > OccupancyOccupancy:::: 87.6% > Type of ownershipownership:: 2384/4847 share of common > Use ofofof premisespremises: ::: office, data center (basement) ownership > Number ofofof tenantstenants: ::: 5 > Location of the ownership: office building with landplot > Weighted average lease lenghtlenght: ::: 2.3 years (incl. termless) > Land Registry No: 11266101 > Weighted average rentrent: ::: 5.62 €/sqm/month > Property owner: Balti Kinnisvaraportfell AS (10830872) > Main tttenant tenantenantssss:::: SEB Pank AS > Cadastral No: 78407:701:1762 > Annual rrrent rentententindextationindextation: ::: mainly Estonian CPI > Intended land use: Commercial 100% > Annual rrrent rentententiiincome, income, asasas ofofof 030303/ 03 ///2012012015555::::cacaca €€€138 €138138138’’’’000000 > Land plot: 4’847 sqm > Owner’s costcost: ::: mainly land tax, insurance, CAPEX > Net building area: 2’750 sqm > Leasable area (of relevant ownership): 2’328.6 sqm > Parking: sufficient on the site > Year of construction: 2003, reconstructed 2006 > Building and premise condition: good

SALES PRICE

€€€1’700’000€1’700’000

Transaction typetype: ::: sale of the asset or shares of the owner company (100%)

CONTACT: MARGUS TINNO COLLIERS INTERNATIONAL ADVISORS OÜ +372 5059 686 Lõõtsa 2a [email protected] 11415, Tallinn Estonia www.colliers.ee, www.colliers.com TÄHETORNI 21C, TALLINN

PROPERTY SUMMARY INFORMATION CASH FLOW INFORMATION SUMMARY

> Address: Tähetorni 21c, Tallinn, Estonia > OccupancyOccupancy:::: 100% > Type of ownershipownership:: freehold > Use ofofof premisespremises: ::: industrial > Land Registry No: 4815201 > Number ofofof tenantstenants: ::: 2 > Property owner: Balti Kinnisvaraportfell AS (10830872) > Weighted average lease lenghtlenght: ::: 4.5 years > Cadastral No: 78404:406:6890 > Weighted average rentrent: ::: 4.61 €/sqm/month > Intended land use: Industrial 100% > Main tttenant tenantenantssss:::: Uniprint AS, Reva Print AS > Land plot: 4’593 sqm > Annual rrrent rentententindextationindextation: ::: Estonian CPI capped at 1.25% > Net building area: 2’649.8 sqm > Annual rrrent rentententiiincome, income, asasas ofofof 030303/ 03 ///2012012015555::::cacaca €€€143 €143143143’’’’000000 > Leasable area: 2’580.2 sqm > Owner’s costcost: ::: mainly land tax, insurance, CAPEX > Parking: sufficient on the site and in the area > Year of construction: 2003 > Building and premise condition: good > Other relevant info: concrete structure, autonomous gas heating

SALES PRICE

€€€1’710’000€1’710’000

Transaction typetype: ::: sale of the asset or shares of the owner company (100%)

CONTACT: MARGUS TINNO COLLIERS INTERNATIONAL ADVISORS OÜ +372 5059 686 Lõõtsa 2a [email protected] 11415, Tallinn Estonia www.colliers.ee, www.colliers.com LINAMÄE 6, SAKU MUNICIPALITY,

PROPERTY SUMMARY INFORMATION CASH FLOW INFORMATION SUMMARY

> Address: Linamäe 6/Põikmäe 6, Tänassilma parish, > OccupancyOccupancy:::: 100% Saku Municipality, Harju County > Use ofofof premisespremises: ::: logistics, office > Type of ownershipownership:: freehold > Number ofofof tenantstenants: ::: 1 > Land Registry No: 7280902 > Weighted average lease lenghtlenght: ::: 3.3 years > Property owner: Balti Kinnisvaraportfell AS (10830872) > Weighted average rentrent: ::: 5.08 €/sqm/month > Cadastral No: 71801:001:0296 > Main tttenant tenantenantssss:::: Antalis AS (100%) > Intended land use: commercial 95%, industrial 5% > Lease term ofofof main tenantstenants: ::: 07/2018 > Land plot: 5’860 sqm > Annual rrrent rentententindextationindextation: ::: 50% of EST CPI capped at 2.5% > Net building area: 3’226.1 sqm > Annual rrrent rentententiiincome, income, asasas ofofof 030303/ 03 ///2012012015555::::cacaca €€€197 €197197197’’’’000000 > Leasable area: 3’226.1 sqm > Owner’s costcost: ::: land tax, insurance, CAPEX > Parking: sufficient on the site and in the area > Year of construction: 2003/2009 > Building and premise condition: good

SALES PRICE

€€€2’440’000€2’440’000

Transaction typetype: ::: sale of the asset or shares of the owner company (100%)

CONTACT: MARGUS TINNO COLLIERS INTERNATIONAL ADVISORS OÜ +372 5059 686 Lõõtsa 2a [email protected] 11415, Tallinn Estonia www.colliers.ee, www.colliers.com PIIRIMÄE 8, SAKU MUNICIPALITY, HARJU COUNTY

PROPERTY SUMMARY INFORMATION CASH FLOW INFORMATION SUMMARY

> Address: Piirimäe 8/8a, Tänassilma parish, Saku > OccupancyOccupancy:::: 100% Municipality, Harju County > Use ofofof premisespremises: ::: logistics, industrial, office > Type of ownershipownership:: freehold > Number ofofof tenantstenants: ::: 5 > Land Registry No: 7283902 > Weighted average lease lenghtlenght: ::: 0.8 years (incl. termless) > Property owner: Balti Kinnisvaraportfell AS (10830872) > Weighted average rentrent: ::: 4.02 €/sqm/month > Cadastral No: 71801:001:0269, 71801:001:0319 > Main tttenant tenantenantssss:::: Kulukaubandus OÜ, Naps Solar Estonia OÜ > Intended land use: commercial 95%, industrial 5% > Annual rrrent rentententindextationindextation: ::: mainly Estonian CPI > Land plot: 10’735 sqm > Annual rrrent rentententiiincome, income, asasas ofofof 030303/ 03 ///2012012015555::::cacaca €€€289 €289289’’’’000000 > Net building area: 5’876 sqm > Owner’s costcost: ::: mainly land tax, insurance, CAPEX > Leasable area: 5’799.1 sqm > Parking: sufficient on the site and in the area > Year of construction: 2007 > Building and premise condition: good > Other relevant info: concrete structure, autonomous gas heating SALES PRICE

€€€3’250’000€3’250’000

Transaction typetype: ::: sale of the asset or shares of the owner company (100%)

CONTACT: MARGUS TINNO COLLIERS INTERNATIONAL ADVISORS OÜ +372 5059 686 Lõõtsa 2a [email protected] 11415, Tallinn Estonia www.colliers.ee, www.colliers.com RAEKOJA PLATS 16, TARTU, TARTU COUNTY

PROPERTY SUMMARY INFORMATION CASH FLOW INFORMATION SUMMARY

> Address: Raekoja plats 16/Kompanii 2, Tartu > OccupancyOccupancy:::: 53.7% > Type of ownershipownership:: freehold > Use ofofof premisespremises: ::: office, retail, restaurants > Land Registry No: 15203 > Number ofofof tenantstenants: ::: 11 > Property owner: Balti Kinnisvaraportfell AS (10830872) > Weighted average lease lenghtlenght: ::: 2.6 years (incl. termless) > Cadastral No: 79507:055:0005 > Weighted average rentrent: ::: 8.48 €/sqm/month > Intended land use: commercial 100% > Main tttenant tenantenantssss:::: Season Caffee OÜ, M&G Invest OÜ, Laursen > Land plot: 2’104 sqm OÜ > Net building area: 2’513 sqm > Annual rrrent rentententindextationindextation: ::: mainly Estonian CPI > Leasable area: 2’034 sqm > Annual rrrent rentententiiincome, income, asasas ofofof 030303/ 03 ///2012012015555::::cacaca €€€116 €116116116’’’’000000 > Parking: limited, on the site and in the area > Owner’s costcost: ::: mainly land tax, insurance, CAPEX > Year of construction: 1800, renovated in 2000’nds > Building and premise condition: good/average > Other relevant info: unique old building, very central location

SALES PRICE

€€€1’825’000€1’825’000

Transaction typetype: ::: sale of the asset or shares of the owner company (100%)

CONTACT: MARGUS TINNO COLLIERS INTERNATIONAL ADVISORS OÜ +372 5059 686 Lõõtsa 2a [email protected] 11415, Tallinn Estonia www.colliers.ee, www.colliers.com MNT 3/9, TARTU, TARTU COUNTY

PROPERTY SUMMARY INFORMATION CASH FLOW INFORMATION SUMMARY

> Address: Narva mnt 3/9, Tartu > OccupancyOccupancy:::: 100% > Type of ownershipownership:: leasehold (Narva 3), freehold (Narva 9) > Use ofofof premisespremises: ::: office, retail, service > Land Registry No: 43303 (Narva 3), 61903 (Narva 9) > Number ofofof tenantstenants: ::: 3 > Property owner: Balti Kinnisvaraportfell AS (10830872) > Weighted average lease lenghtlenght: ::: 1.8 years > Cadastral No: 79514:023:0041, 79514:023:0042 > Weighted average rentrent: ::: 7.53 €/sqm/month > Intended land use: commercial 100% > Main tttenant tenantenantssss:::: PRIA, Catwees OÜ > Land plot: 2’883 sqm (Narva 3), 1’745 sqm (Narva 9) > Annual rrrent rentententindextationindextation: ::: mainly Estonian CPI > Net building area: 2’665.6 sqm (Narva 3), 1’772 sqm > Annual rrrent rentententiiincome, income, asasas ofofof 030303/ 03 ///2012012015555::::cacaca €€€433 €433433’’’’000000 (Narva 9) > Owner’s costcost: ::: mainly land tax, insurance, CAPEX > Leasable area: 4’783.4 sqm > Parking: sufficient on the site and in the area > Year of construction: 2003 > Building and premise condition: good > Other relevant info: electric heating

SALES PRICE

€€€4’160’000€4’160’000

Transaction typetype: ::: sale of the asset or shares of the owner company (100%)

CONTACT: MARGUS TINNO COLLIERS INTERNATIONAL ADVISORS OÜ +372 5059 686 Lõõtsa 2a [email protected] 11415, Tallinn Estonia www.colliers.ee, www.colliers.com LINDA 15C/15D/15E, JÕHVI, IDAIDA----VIRUVIRU COUNTY

PROPERTY SUMMARY INFORMATION CASH FLOW INFORMATION SUMMARY

> Address: Linda 15c, 15d, 15e, Jõhvi, Ida-Viru county > OccupancyOccupancy:::: 100% > Type of ownershipownership:: freehold > Use ofofof premisespremises: ::: retail, service, logistics > Land Registry No: 3375108 (15c), 3375208 (15d), > Number ofofof tenantstenants: ::: 12 (15d 10, 15c 1, 15e 1) 3375308 (15e) > Weighted average lease lenghtlenght: ::: 1.4 years (incl. termless) > Property owner: Balti Kinnisvaraportfell AS (10830872) > Weighted average rentrent: ::: 4.27 €/sqm/month (excl. land > Cadastral No: 25301:009:0107 (15c), 25301:009:0108 rent) (15d), 25301:009:0109 (15e) > Main tttenant tenantenantssss:::: Onninen AS, Eesti Post AS, Esvika Elekter > Intended land use: commercial 100% (15d/e), industrial AS, Ruukki Products AS, Talger Elektrotehnika OÜ 100% (15c) > Annual rrrent rentententindextationindextation: ::: mainly Estonian CPI > Land plot: 4’377 sqm (15c), 5’094 sqm (15d), 3’959 sqm > Annual rrrent rentententiiincome, income, asasas ofofof 030303/ 03 ///2012012015555::::cacaca €€€236 €236236’’’’000000 (15e) > Owner’s costcost: ::: mainly land tax, insurance, CAPEX > Net building area: 1’187.8 sqm (15c), 2’453.2 sqm (15d), 919.3 sqm (15e) > Leasable area: 4’556.1 sqm + land area 1’758 sqm > Parking: sufficient on the site and in the area SALES PRICE > Year of construction: 2008 (15c), 1973/ren 2012 (15d), 2004 (15e) €€€2’690’000€2’690’000 > Building and premise condition: good Transaction typetype: ::: sale of the asset or shares of the > Other relevant info: autonomous gas heating, concrete owner company (100%) structure in 15d

CONTACT: MARGUS TINNO COLLIERS INTERNATIONAL ADVISORS OÜ +372 5059 686 Lõõtsa 2a [email protected] 11415, Tallinn Estonia www.colliers.ee, www.colliers.com LAADA 27, RAKVERE, LÄÄNELÄÄNE----VIRUVIRU COUNTY

PROPERTY SUMMARY INFORMATION CASH FLOW INFORMATION SUMMARY

> Address: Laada 27, Rakvere > OccupancyOccupancy:::: 84.6% > Type of ownershipownership:: freehold > Use ofofof premisespremises: ::: office, retail > Land Registry No: 260831 > Number ofofof tenantstenants: ::: 11 (plus 3 advert agreements) > Property owner: Balti Kinnisvaraportfell AS (10830872) > Weighted average lease lenghtlenght: ::: 1.8 years (incl. termless) > Cadastral No: 66301:001:0017 > Weighted average rentrent: ::: 12.19 €/sqm/month > Intended land use: commercial 100% > Main tttenant tenantenantssss:::: Swedbank AS, Katre Pustak notary, BENU > Land plot: 849 sqm apteek Eesti OÜ > Net building area: 1’782.2 sqm > Annual rrrent rentententindextationindextation: ::: mainly Estonian CPI > Leasable area: 1’413.0 sqm > Annual rrrent rentententiiincome, income, asasas ofofof 030303/ 03 ///2012012015555::::cacaca €€€176 €176176176’’’’000000 > Parking: limited, in the area (parking lot across the > Owner’s costcost: ::: mainly land tax, insurance, CAPEX street) > Year of construction: 2003 > Building and premise condition: good > Other relevant info: very central location; autonomous SALES PRICE gas heating; concrete structure; one elevator in the building (from 2006); the entrance to the neighbouring €€€2’290’000€2’290’000 „Kroonikeskus“ shopping center is through the building Transaction typetype: ::: sale of the asset or shares of the owner company (100%)

CONTACT: MARGUS TINNO COLLIERS INTERNATIONAL ADVISORS OÜ +372 5059 686 Lõõtsa 2a [email protected] 11415, Tallinn Estonia www.colliers.ee, www.colliers.com RINGTEE 2, RAKVERE, LÄÄNELÄÄNE----VIRUVIRU COUNTY

PROPERTY SUMMARY INFORMATION CASH FLOW INFORMATION SUMMARY

> Address: Ringtee 2, Taaravainu village, Rakvere > OccupancyOccupancy:::: 100% municipality, Lääne- county > Use ofofof premisespremises: ::: DIY retail > Type of ownershipownership:: freehold > Number ofofof tenantstenants: ::: 1 > Land Registry No: 2515731 > Weighted average lease lenghtlenght: ::: 12.8 years > Property owner: Balti Kinnisvaraportfell AS (10830872) > Weighted average rentrent: ::: 4.08 €/sqm/month > Cadastral No: 66204:002:0410 > Main tttenant tenantenantssss:::: Bauhof Group AS > Intended land use: commercial 100% > Lease term ofofof main tenantstenants: ::: 12/2027 > Land plot: 19’177 sqm > Annual rrrent rentententindextationindextation: ::: Estonian CPI capped at 3% > Net building area: 4’037 sqm > Annual rrrent rentententiiincome, income, asasas ofofof 030303/ 03 ///2012012015555::::cacaca €€€194 €194194194’’’’000000 > Leasable area: 3’964.8 sqm > Owner’s costcost: ::: land tax, insurance, CAPEX > Parking: sufficient on the site > Year of construction: 2002 > Building and premise condition: good > Other relevant info: autonomous gas heating; concrete and steel structure; additional building right

SALES PRICE

€€€2’400’000€2’400’000

Transaction typetype: ::: sale of the asset or shares of the owner company (100%)

CONTACT: MARGUS TINNO COLLIERS INTERNATIONAL ADVISORS OÜ +372 5059 686 Lõõtsa 2a [email protected] 11415, Tallinn Estonia www.colliers.ee, www.colliers.com JÜRI 22A, VÕRU, VÕRU COUNTY

PROPERTY SUMMARY INFORMATION CASH FLOW INFORMATION SUMMARY

> Address: Jüri 22a, Võru, Võrumaa County > OccupancyOccupancy:::: 26.6% > Type of ownershipownership:: freehold > Use ofofof premisespremises: ::: office, retail, service > Land Registry No: 1123841 > Number ofofof tenantstenants: ::: 7 > Property owner: Balti Kinnisvaraportfell AS (10830872) > Weighted average lease lenghtlenght: ::: 0.4 years (incl. termless) > Cadastral No: 91901:008:0820 > Weighted average rentrent: ::: 8.94 €/sqm/month > Intended land use: commercial 100% > Main tttenant tenantenantssss:::: ERGO Insurance SE, Hansekon OÜ, Elisa > Land plot: 749 sqm Mobilsideteenused AS > Net building area: 944.8 sqm > Annual rrrent rentententindextationindextation: ::: mainly Estonian CPI > Leasable area: 821.2 sqm > Annual rrrent rentententiiincome, income, asasas ofofof 030303/ 03 ///2012012015555::::cacaca €€€23 €232323’’’’400400 > Parking: sufficient on the site and in the area > Owner’s costcost: ::: mainly land tax, insurance, CAPEX > Year of construction: 2001 > Building and premise condition: good > Other relevant info: very central location; concrete structure; one elevator in the building

SALES PRICE

€€€264’000€264’000

Transaction typetype: ::: sale of the asset or shares of the owner company (100%)

CONTACT: MARGUS TINNO COLLIERS INTERNATIONAL ADVISORS OÜ +372 5059 686 Lõõtsa 2a [email protected] 11415, Tallinn Estonia www.colliers.ee, www.colliers.com ESTONIA COMMERCIAL REAL ESTATE INVESTMENT MARKET 2014

INVESTMENT VOLUME, EUR million 350 Total transaction volume of commercial 300 real estate reached the highest level 250 since recession in 2014. The market was driven by the attractive loan rates and 200 high level of capitalization of investors. 150 Thetrend isisis expected tototo continue ininin 2015 100 as the interest rates will remain low and there are very few lucrative alternative 50 investment options. 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

INVESTMENT PRIME YEILD 16% The prime yield of commercial real estate 14% was under strong pressure in 2014. By 12% the end of the year the prime yield 10% compressed to the new post-recession 8% record level. Theprime yield isisis expected 6% tototocompress furthermore ininin 2015 as the 4% low interest rate environment is expected to remain stable and the competition 2% among investors is high. 0% 20052006200720082009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H Office Retail Industrial

INVESTMENT VOLUME DISTRIBUTION BY DEAL SIZE 100% Close to 90% of the total number of the transactions were with the value up to 5 80% million euros in 2014. From the total volume the same segment represented 60% over 50%. Properties with thevalue upupup tototo555 million euros are expected to be with 40% thethethehighest liquidity also ininin 20152015. ...

20%

0% COLLIERS INTERNATIONAL ADVISORS OÜ % of Total Volume % of Total Number Lõõtsa 2a up to EUR 1.0 million EUR 1-3 million 11415, Tallinn EUR 3-5 million EUR 5-10 million Estonia EUR 10-20 milllion above EUR 20 million www.colliers.com

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