WARSAW OFFICE PORTFOLIO CONFIDENTIAL INVESTMENT SUMMARY Warsaw, Poland

Baltic Property Trust WARSAW OFFICE PORTFOLIO CONFIDENTIAL INVESTMENT SUMMARY Warsaw, Poland

2011 Żelazna Center 14,126 m2 of office space

BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 2 Dominanta 3,380 m2 of office space

BPT WARSAW OFFICE PORTFOLIO BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 2 CONFIDENTIAL INVESTMENT SUMMARY 3 18 Bitwy Warszawskiej 3,518 m2 of office space

BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 4 Table of Contents

Executive Summary ♦ Executive Summary...... 6 ♦ Offering Process ...... 7 ♦ Investment Highlights ...... 9 Location & Access ...... 10

Żelazna Center ♦ Summary...... 13 ♦ Premises ...... 14 ♦ Site & Tenure ...... 15 Location Description...... 16 Technical Overview ...... 17

Dominanta ♦ Summary...... 19 ♦ Site & Tenure ...... 20 Location Description...... 21 Technical Overview ...... 22

Bitwy Warszawskiej 18 ♦ Summary...... 24 Site & Tenure ...... 25 Location Description...... 26 Technical Overview ...... 27 ♦

BPT WARSAW OFFICE PORTFOLIO BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 4 CONFIDENTIAL INVESTMENT SUMMARY 5 Żelazna Center View from Żelazna Street Executive Summary

BPT Optima (the ”Vendor” or ”BPT”) has retained Colliers International as its exclusive agent for the sale of three Class “B” (office/residential) properties in central Warsaw consisting:

• A condominium interest in the Żelazna Center building (“Żelazna Center”) comprising 14,126 m2 of office space in the base portion of the Property and 2,380 m2 of vacant residential area in the apartment towers portion of the property;

• A freehold interest in a 3,500 m2 office building BW18(“ ”), currently 100% leased by leading private health care provider Medicover Sp.zo.o as its administrative headquarters and clinic, through December 2011;

• A freehold interest in a 15 storey, 3,400 m2 office tower, Dominanta(“ ”) 90% leased, located directly across from the Warsaw Old Town, in the heart of the city’s revitalized Praga district.

The properties (together the “Portfolio”) form a unique opportunity to acquire more than 21,000 m2 of well located and highly visible Class B office properties in and proximate to the dynamically expanding Central Business District of Warsaw.

In addition, the Żelazna Center property offers investors the opportunity to realize excellent returns from the sale of 35 individual apartments, due to strong demand for good, basic residential offerings in the center of the city.

BPT’s preference is to sell the entire Portfolio - in asset or share transactions - to a single investor for €40 million, which reflects a sale price of ca. €1,680/m2 of office area and, €2000/m2 of residential area. Offers for any of the individual portfolio properties are invited, however.

Leveraged returns for a Portfolio acquisition, assuming a 5 year hold, are conservatively estimated at more than 28%, given projected financing available for qualified buyers.

Portfolio Summary Żelazna Center Dominanta BW18 Address (street) 59 - 59A Żelazna 1A Okrzei 18 Bitwy Warszawskiej m2 office 14,126 3,380 3,518 Average office floorplate 1,150 220 900 m2 residential/nr units 2,380/35 n/a n/a Above ground levels 17 15 4 Current office occupancy level 50% 90% 100% Total number of parking spaces 165 0 62 Year of construction 2003 and 2005 1999 1995 Owner BPT Optima BPT Optima BPTO WAW MED

BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 6 Żelazna Center eko park Offering Process View from the corner of Żelazna and Grzybowska Streets

Guide Price

The Vendor is seeking a net price for the Portfolio of €40 million, in either asset or share transactions. This figure equates to a price of approximately €1,680/m2 for the 21,000 m2 of office space in the Portfolio, and a price of €2,000/m2 for the 35 apartments at Żelazna Center.

Alternatively, the Vendor is open to offers for individual portfolio properties, in either asset or share transactions, at the following prices:

• Zelażna Center €28 million (€1,696/m2) • Dominanta € 7 million (€2,070/m2) • BW 18 € 6 million (€1,705/m2)

Current Net Operating Income for the combined Portfolio office areas based on existing leases is ca. €2,370,000 which represents an excellent holding income while the Properties are repositioned. The weighted average lease terms for the office areas in the Portfolio as of July 1, 2011 is 16.60 months.

The annual Pro-forma NOI for the Portfolio, at 100% occupancy, is estimated at €3,600,000.

Main Financial Assumptions (as of July 1st 2011) Żelazna Center Dominanta BW18 Rent Assumptions Office (€ per2 m /month) 13,00 13,00 11,00 Underground Parking (€ per space/month) 100,00 n/a 75,00 Residential Sale Price (€ per m2) 2,500 n/a n/a Estimated Pro-Forma NOI at 100% occupancy € 2,540,000 € 550,000 € 510,000 Exit Yield 8,00% 8,00% 8,00% Debt Assumptions Currency € € € LTV 80% 60% 75% All-in Interest Rate 6.00% 6.00% 6.00% Amortization (years) 25 25 25 Term (years) 5 5 5 Capex Assumptions Lease and Brokerage Costs (% of NOI) 15% 15% 15% Office Fit-out Costs (€ per2 m ) 100.00 100.00 100.00 Residential Fit-out Costs (€ per m2) 200.00 n/a n/a

BPT WARSAW OFFICE PORTFOLIO BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 6 CONFIDENTIAL INVESTMENT SUMMARY 7 Dominanta Offering Process View from the corner of Okrzei and Panieńska Streets

Initial Offers to Purchase

We kindly request that Initial Offers to Purchase include: details of the prospectve purchaser, a pricing proposal, sources of financing, information on due diligence teams and the anticipated schedule for the transaction(s).

Initial Offers to Purchase should be based upon information provided herein and submitted to Colliers no later than May 31, 2011. A comprehensive data room containing legal, commercial, technical, tax and financial information will be made available upon signing a Letter of Intent (the “LOI”) with the Vendor.

A complete Confidential Investment Memorandum will be made available to those prospective purchasers who express interest in this opportunity and execute the attached Non Disclosure Agreement.

Property viewings can be scheduled at any time upon request.

Key Contacts

For further information please contact: John Banka Neil Gregory-Eaves

Partner | Poland International Director | Central & Eastern Europe Investment Services ------Investment Services ------MOB +48 600 330 236 MOB +48 601 155 664 DIR +48 22 331 78 47 DIR +48 22 331 78 04 Colliers International Colliers International Plac Piłsudskiego 3 Plac Piłsudskiego 3 Warsaw, 00-078 Warsaw, 00-078 [email protected] [email protected]

BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 8 Żelazna Center eko park Investment Highlights | Portfolio View from the corner of Żelazna and Grzybowska Streets

The asking price for the Portfolio comes to an average of approximately €1,680/m2 of Attractive leasable office area, which equates roughly to replacement + land costs, and therefore Pricing represents excellent value given the Property locations.

All of the Portfolio properties are well exposed on busy streets in or near the greater Excellent Warsaw central business district. The Dominanta building, due to its location near Location the Wisla River, is visible from many points along the downtown riverfront and offers & Visibility exceptional views of Warsaw’s city center and picturesque old town.

The portfolio total of almost 21,000 m2 of office area is comprised of floorplates ranging Floor Area from 220 m2 in the Dominanta Building to 1,180 m2 in Żelazna Center. Such a wide Flexibility range allows the owner to present a broad offer to the market, reduces leasing risk and, offers possibilities to facilitate tenant expansion and growth.

The Warsaw office market is experiencing strong, built up demand. This rebound in take Favorable Office up activity, combined with a reduced supply caused by a lack of speculative construction Leasing Market financing in recent years, has resulted in a CBD vacancy rate for the central Warsaw Trends area of ca. 6%. The vacancy rate in central Warsaw is trending downwards and will result in a ”landlord’s market” over the next 2 years.

Residential The 2,340 m2 of vacant residential area (35 apartments) represent a relatively Diversification straightforward opportunity to realize excellent returns from the sale or rental of and Opportunity individual apartments in the heart of Warsaw.

An experienced bank, which has extensive knowledge of the Properties and relations Availability of with Vendor, has expressed strong interest in providing acquisition debt on favourable Acquisition terms (see: Main Financial Assumptions on page 7)and welcomes introductory discus- Financing sions with qualified and experienced investors.

As Europe’s sixth largest economy Poland has demonstrated a commendable resilience to the recent global economic crisis. It was the only EU country to avoid a technical Vibrant recession by recording positive GDP growth in 2009. This resilience has been credited to Economy conservative capital markets and a well regulated banking sector which was not heavily & Liquidity exposed to foreign currency instruments and derivatives. Poland’s stable foundations not only underpinned GDP growth in 2008/9 but also its positive GDP results for 2010 and expectations for 2011 - 14.

Poland’s capital city of Warsaw has emerged as a key focal point for CEE property Capital City of investors, funds and developers, offering strong growth indicators, steadily increasing Warsaw demand and a high degree of liquidity against the backdrop of one of Europe’s most resilient national economies.

BPT WARSAW OFFICE PORTFOLIO BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 8 CONFIDENTIAL INVESTMENT SUMMARY 9 Location | Portfolio

All three buildings of the Portfolio are either within or adjacent to the Central Business District of Warsaw. 61 OLSZTYN

Żelazna Center is located at the intersection of Żelazna and Grzybowska Streets in the Wola District of Warsaw in the city center. The immediate 7 E28 GDAŃSK neighborhood of the property is becoming an increasingly popular business destination, with new office projects (including Skanska’s Green Corner and Ghelamco’s Warsaw Spire), hotels and urban revitalization projects and 87E6 leisure destinations that will create a critical mass for a westward expansion BIAŁYSTOK of the CBD. Żelazna Center MŁOCINY Dominanta is situated directly across the river from the city center and eastern outskirts of the CBD – 2 km from the Metropolitan building, Sofitel and Bristol hotels and just 1 km from the Old Town. It forms part of the office market in the city’s East district. The scarcity of office space in this district and excellent accessibility via public transport make this property an excellent proposition for small and growing companies that need to be near the city center, but that cannot afford CBD rents.

BW 18 is situated in the Ochota district, near the corner of Bitwy Warszawskiej and Al. Jerozolimskie. These two arteries form the major road/transit Dominanta corridors leading west and northeast from the city. The Warsaw city airport CBD is accessible within a 10 min drive from BW18 and the Warsaw western rail E30 CB E30 station and commuter rail stops are situated within a 15 min walk from the POZNAŃ TERESPOL property. LUBLIN

BW 18 719 ŁÓDŹ WARSAW 8 E67 KATOWICE KABATY 7 E77 KRAKÓW

BPT WARSAW OFFICE PORTFOLIO BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 10 11 CONFIDENTIAL INVESTMENT SUMMARY Brudnowski Cementery Radzymińska

Marymoncka

Borzymowska

Al. Zjednoczenia Kasprowicza Trocka Elsnerów

Kraśnicka Al. Armii Krajowej

Żeromskiego Wincent St.

Swojska

Kaskada Park Ossowskiego Chełmżyńska Marymoncki Square Gorzykowska Jagiellońska

Jastrzbskiego Radzymińska Perzyńskiego Vistula River Wybrzeże Gdańskie Słowackiego Żaba Roundabout Broniewskiego Popiełuszki Krasińskiego Rzecka 11 Listopada Location & AccessAl. Armii Krajowej | Portfolio Wilsona Roundabout N Namysłowska Księcia Ziemowita Utrata Krasińskiego Naczelnikowska

Broniewakiego Inwalidów Square Starzyńskiego Mickiewicza Zabraniecka Al. Wojska Polskiego Roundabout Księżnej Anny Zabraniecka Jagiellońska

Main Railway Krajewskiego Station Gdański Bridge Hallera

Chełmżyńska Wybrzeże Helskie

Radzymińska Al. Solidarności Kawęczyńska

Osmańska Obrońców Tobruku

Chłopickiego

Al. Jana Pawła II Warsaw Al. Armii Krajowej Powązkowska Zoo Wileńska

Radiowa Słonimskiego Wileński Zakroczymska

Międzyparkowa Ratuszowa Station Chodakowska

Kaliskiego Wybrzeże Gdańskie Chrzanowskiego Ząbkowska E Radosława Konwiktorska Księcia Bolesława Tatarska Roundabout Kijowska Stawki Stara Żupnicza Podskaerbińska Al. Prymasa Tysiąclecia Powązkowski Bonifraterska Cementery JagiellońskaTargowa Dwernickiego Radiowa Powązki Wrocławska Al. Jana Pawła II Na Kole Forests Ostroroga Praga Terespolska Szaserów Mińska Old Town Dominanta Lubelska Okopowa Anielewicza Wybrzeże Szczećińskie Śkląsko-Dąbrowski Bridge Grochowska Chłopickiego Miodowa Wisłostrada Express Way Dywizjonu 303 Obozowa Andersa Obozowa Stadium Station Jewish Mariensztat Wiatraczna

Powstańców Śląskich Cementery Anielewicza Smocza Zamkowy Square Powązki Grochowska Al. Zieleniecka National

Lazurowa Al. Solidarności Skaryszewski Park Waszyngtona WIatraczna Grochowska National Stadium Stadium Roundabout Krakowskie Przedmieście Świętokrzyski Bridge Moczydło Bankowy Sq. Waszyngtona Płocka Park Grochowska

Młynarska Al. Solidarności Marsa Górczewska Al. PrymasaTysiąclecia Waszyngtona Dobra Saska Ostrobramska Górczewska Roundabout Leszno Górczewska Miedzynarodowa Zamieniecka Francuska Żelazna Królewska Ostrobramska Poniatowskiego Bridge Ostrobramska Żelazna Center CBD Tamka Płowiecka Wisłostrada Express Way Wolska Towarowa Nowy Świat Grzybowska Lazurowa Szymańskiego Świętokrzyska Al. Stanów Zjednoczonych Park Zwycięzców Wał Miedzeszyński Wolska ONZ Al. Jerozolimskie Emilii Plater Skierniewicka Siedmiogrodzka Roundabout Płocka Al. Jana Pawła II de Gaulle Orthodox Roundabout Cementery Daszyńskiego Prosta Żelazna Roundabout Dmowskiego Książęca Kasprzaka Roundabout Egipska Towarowa Rozbrat Abrahama Fieldorfa Paryska Bora Komorowskiego Kasprzaka Marszałkowska Wolski Łazienkowski Bridge Umińskiego Powstańców Śląskich

Człuchowska Bryłowska Siekierkowska Express Way

Cementery Al. Prymasa Tysiąclecia Afrykańska

Wolska Warsaw West Zawiszy Sq. Al. Jerozolimskie T Koszykowa Ateńska Koszykowa Meissnera Station Piękna Łazienkowska Main Bus Konstytucji Sq. Jugosłowiańska Berestecka Gdańsk Bay Al. Jerozolimskie Station Grójecka Wał Miedzeszyński Zbawiciela Sq.

Mszczonowska

Raszyńska

Al. Armii Ludowej Al. Ujazdowskie Filtrowa Legia Stadium Bitwy Warszawskiej Vistula River Włochowska Wawelska Jazdy Szeligowska Ujazdowski Park T Polskiej Train Station Kadetów Połczyńska Al. Jerozolimskie RoundAbout Frederyk Chopin Park Szwoleżerów Al. Niepodległości BW 18 Unii Lubelskiej Sq. Połczyńska Metro Station Piłsudskiego Park Siekierkowski Bridge Grójecka Pola Mokotowskie

Drawska Batorego Banacha Potrzebna T Tram Stop Al. Bohaterów Września T T Bartycka Wał Miedzeszyński Vistula River Rostafińskich Belwederska Gagarina A Bus Depot Szczęśkiwice T Dickensa Rakowiecka Park Żwirki Wiguryi Al. Ujazdowskie Grójecka T Existing Metro Line św. A. Boboli

T Czerniakowska Al. Jerozolimskie Dźwigowa Techników Rakowiec Metro under construction Popularna Madalińskiego Al. Niepodległości Chełmska Korotyńskiego T

Bobrowiecka

Kleszczowa Al. Becka BPT WARSAW OFFICE PORTFOLIO BPT WARSAW OFFICE PORTFOLIO Jutrzenki Racławicka INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 10 11 CONFIDENTIAL INVESTMENT SUMMARY Racławicka Racławicka T Antoniewska Odyńca T Al. Niepodległości Łopuszańska Puławska Lechicka Sobieskiego

Wołoska 1 Sierpnia

US Czerniakowska ul. Puławska ul. T Sabały

Racjonalizacji Królikarnia Woronicza Park Woronicza T Krakowiaków Sabały Al. Krakowska Hynka

Witosa T Słowicza Gołkowska Radarowa Gołkowska Rakowiec Park Powsińska Statkowskiego

Rzymowskiego Tor Stegny Sasanki Postępu T Domaniewska

Cyprysowa 17 Stycznia T Marynarska MOKOTÓW OFFICE DISTRICT T Al. Wilanowska Powsińska Al. Wilanowska Cybernetyki SE Al. Wilanowska

Puławska Al. Krakowska al. Lotników

ul. Modzelewskiego al. Wałbrzyska SW Terminal 2 A Postępu Obrzeżna

A Bokserska Gotarda Rzymowskiego Klimczaka T Royal Wilanów Sarmacka Wilanów Museum & Park Wiertnicza

Terminal Dolina Służewiecka “Etiuda”

Sarmacka Klimczaka

Bartoka A Końskich Jar Al. Rodowicza Anody A

Branickiego Al. Komisji edukacji Narodowej S-2

A Surowieckiego

ul. Puławska ul. Herbu Korczak Rosola Rzeczpospolitej Pięciolinii A Poleczki S-2 ul. Pileckiego

“Paluch” Płaskowickiej

Stryjeńskich

Płaskowickiej Belgradzka Al. Komisji edukacji Narodowej

A Stryjeńskich Natoliński Park Łaska Lake LS Wąwozowa

Kabacka

Kabaty Forest Stefana Starzyńskiego Park Żelazna Center Żelazna Center Courtyard and the South tower viewed Summary | Żelazna Center from the North tower

Żelazna Center (“Żelazna”) is composed of two towers completed in 2003 and 2005 respectively. The offering consists of 39 individual premises, with approximate gross office lettable area of 14,126 m2 and 35 vacant apartments. Due to its excellent location and superb exposure, Żelazna is considered a solid Class “B” office property that should continue to attract tenants looking for centrally located office space available at attractive rent levels.

The apartments are located in the North Tower on the 8, 9, 10, 12, 14 and 16th floors, and the entire residential area totals app. 2,380 m2. These apartments were previously used as office space by a recent tenant and require a moderate degree of improvement (re - arranging bathrooms walls, etc.) in order to prepare them for sale on the open market.

Żelazna also features 155 underground parking spaces, 35 of which will be sold together with the apartments.

BPT Optima co - owns its premises via the residential cooperative established for Żelazna (share of Żelazna Center in Phase 1 and Phase 2 are respectively: 62% and 75%).

Over 50% of the office premises - the entire South podium - is currently leased out to GDDKiA - General Directorate for National Roads and Motorways - a State owned agency, until May 2013.

Żelazna Center generates an existing NOI of ca. €1,360,000 based on current occupancy levels and leases. Pro - Forma NOI (including the existing income and income from vacant space) is estimated at €2,540,000 based on 100% occupancy. As of July 1st, 2011 Żelazna Center has a remaining weighted average lease term of 23 months.

Property Particulars - Żelazna Address 59 - 59A Żelazna Street, Warsaw Completion Date 2003 (Phase 1) and 2005 (Phase 2) Number of Levels 17 overground GLA office 2(m ) 14,126 Average floor plate - office2 (m ) 1,150 GLA residential (m2) 2,380 Occupancy 50% Surface Parking Spaces 10 Underground Parking Spaces 120 Parking Ratio 1 space/118 m2 of office space Site Area (m2) 4,590 m2 (two plots) South Tower/Podium 62% Cooperative Ownership North Tower/Podium 75% Site Ownership RPU

BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 13 Premises | Żelazna

The office premises offered for sale are located in the north and south Unit ownership plan podium sections of Żelazna Center and indicated in the plan.

The residential premises are located on floors between 8 and 16 in the North Tower (with the exception of a single unit located on 8 floor in Phase 1 South Tower/Podium Phase 2 North Tower/Podium the South Tower. Until recently the residential area has been used for m2 Floor office purposes. - 339 16 The ground floor is occupied byretail space a portion of which, (7.2 - - 15 m2) is owned by the Vendor and currently rented. Other ground area - 307 14 space is co - owned by the Vendor and used as the reception and access areas (in total 193.18 m2). In addition some ground floor space - - 13 (89.08 m2) is owned also by the Vendor and used for storage. - 177 12 South Tower Common areas in the office and residential part are co - owned by all - - 11 North Tower members of the cooperative. - 474 10 m2 Parking spaces available can be used by either office or residential area - 484 9 users. 69 531 8 1 156 1 113 7 1 146 1 122 6 1 180 1 141 5 580 1 148 4 1 146 1 154 3 2 South Podium 1 015 1 115

551 297 1 North Podium 289 75 0

Parking Level -1 Parking Level -2

Żelazna Street view

Underground parking (premises offered for sale) Retail (premises offered for sale)

Office (premises offered for sale) (other owners)

Residential (premises offered for sale)

BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 14 Site & Tenure | Żelazna Center

The Żelazna Center site is regular in shape and is nearly wholly improved by the subject Survey Map buildings. The site is flat and served by vehicular access from Żelazna street. The parking garage is accessed via the passage running through the ground floor of the front building. The Property occupies 93 21 22 92 two land plot no 30/5 and 30/6, located in the precinct no 6-01-04, held in leasehold registered in 19/3 1/1 13/1 favour of the State Treasury. 19/2 The Vendor owns a 62% share in plot no 30/6 (South Tower) and a 75% share in plot no 30/5 (North Grzybowska Tower).

Żelazna 23 12/1 Plot No Precinct/Location Use Type Perpetual Book Size (m2) Grzybowska 30/5 6-01-04, Żelazna 59 B - residential area WA4M/00345451/1 2,300 31 30/6 6-01-04, Żelazna 59A B - residential area WA4M/00142890/7 2,290 14 Total 4,590 30/4 29 15/1 Aerial View 30/3

19 North Tower30/5 - Phase 2

Żelazna

30/1 North Tower 50/2 5 South Tower - Phase 1 30/6

South Tower 50/1

37 35 55 38/2

Żelazna 56/2 57 56/1 Łucka

38/3

BPT WARSAW OFFICE PORTFOLIO BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 14 CONFIDENTIAL INVESTMENT SUMMARY 15 Location Description | Żelazna Center

Żelazna Center is located in the midst of an expanding area that is rapidly becoming an important part of the core city center. Atrium Plaza One of the most important business streets of Warsaw, Aleja Jana Pawla II, lies just to the Atrium east of the Property and is lined with the four Center Grzybowska “Atrium” office buildings, the Westin Hotel, Deloitte Park House, the PZU office tower and other important PZU HQs commercial structures. Atrium Tower The city’s new east-west metro line is being constructed a few hundred meters to the south of Radisson Hotel Zelazna Center, along Prosta Street. In addition to the newly developed Prosta Office Tower, other Green Westin important developments are planned for this vicinity Corner Hotel Liberty Twarda including two new office buildings by Skanska; the Tower WTT Tower Deloitte redevelopment of the Ilmet Building at Rondo ONZ House Mercure and, the recently announced 130 meter Mennica Warsaw Hilton Hotel Tower. Spire Hotel Atrium South WFC Żelazna Just to the west and north of Zelazna Center the Center Mennica Office Hilton Hotel, Platinum Towers are already local Center Intercontinental landmarks, with Skanska’s “Green Corner” office Capital Park building, Warsaw Spire office complex, and Liberty PEKAO mixed use site HQs Tower all planned as significant new developments. Atlas Clearly, the existing and planned projects described Towers Atlas Office above mark this area as one of city’s “boom” Tower BPH Lumen & Ilmet districts, with its importance to the overall central Bank HQs Skyline area only just being defined. Building

Rondo 1 Żelazna is located: Prosta Tower • 1,000 m from the main railway station and Feniks commuter rail connections Metro Stations (under construction) Prosta Center • 1,200 m from the existing first metro line Złote • 500 m from Westin hotel E - W metro line (under construction) Sienna Tarasy Center • 7 km from the Airport Existing Properties • 300 m from the new metro line (under Central Rail Station construction) Planned Projects

BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 16 Technical Overview | Żelazna Żelazna Center Night view from Żelazna Street

Żelazna Center forms part of a mixed-use office, residential and retail complex, built in two phases, comprised of Phase I (Żelazna 59) and Phase II (Żelazna 59A). Buildings I and II were erected in 2002 and 2005 respectively. The buildings are T-shaped structures, each consisting of an 8-storey podium topped with two set back 9-storey towers.

The 2-level underground part of the buildings, accommodating a total 318 parking spaces, covers the entire plot area.

Both the pedestrian and garage entrances area accessed from Żelazna Street.

Żelazna Center has 4 staircases and is serviced by six elevators (four 8-passanger and two 13- passenger elevator). All elevators are manufactured by Otis.

Due to its technical standard Żelazna Center is considered as a solid Class B office property. The building is well maintained and the overall condition of the building can be described as good.

The Property is equipped with the following installations:

› Heating (city system) › Electricity (city grid) › Water sewage › Air conditioning (4-pipe central AC in the office and individual installations for the apartments) › Gas › Telephone lines and Internet › Security system (monitoring/CCTV/alarm system, magnetic cards) › Fire protection system (smoke detectors, sprinklers in the garage) › Warning sound system › UPS and BMS

BPT WARSAW OFFICE PORTFOLIO BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 16 CONFIDENTIAL INVESTMENT SUMMARY 17 Dominanta

BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 18 Dominanta Summary | Dominanta View from the corner of Okrzei and Panieńska Streets

Dominanta, completed in 1999, is a 15 story building offering 3,380 m2 of Class B office space.

Dominanta, one of the tallest structures on the city’s east bank, is located at Okrzei Street in Warsaw’s Praga district, directly across the Wisla River from the Old Town and center city. The Property is easily accessed via public transport including suburban trains, trams, buses and, automobile. A new metro stop and renovated inter-city train station are under construction and will be located a few blocks from the Property.

The top floor of Dominanta is designated as residential space per official permits. However it can also easily accommodate office uses and this has been reflected in the table below. The uppers floors of the Property offer stunning views of Warsaw’s business district skyline and the Old Town.

Dominanta does not offer any parking spaces dedicated to the building. Street parking however is amply available in the surrounding area.

Dominanta is 90% leased, mostly to small size office tenants. The only retail tenant currently present in the building is a canteen occupying 50 m2 on the first floor. There is an option to rearrange part of the reception area for additional retail use (eg. coffee bar). There are 4 technical tenants in the Property that, owing to the height of the structure, utilize the roof for antennae and other communication devices.

Dominanta generates a current NOI of ca. € 512,000 with a weighted average lease term of over 24 months as of July 1st, 2011 and weighted average rent level of €14.34/m2/month. Pro - Forma NOI (including the existing income and income from vacant space) is estimated at €553,500 based on 100% occupancy.

Property Particulars - Dominanta Address 1A Okrzei Street, Warsaw Completion Date 1999 Number of Levels 15 overground Average floor plate (m2) 220 Number of underground levels (technical) 1 Number of technical floors 1 (15th) GLA office 2(m ) 3,380 Occupancy 90% Surface Parking Spaces public on adjcacent streets Underground Parking Spaces n/a Site Area (m2) 301 Site Tenure RPU

BPT WARSAW OFFICE PORTFOLIO BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 18 CONFIDENTIAL INVESTMENT SUMMARY 19 Site & Tenure | Dominanta

Site Survey Map

The Dominanta site is slightly irregular in shape and is wholly improved by the subject building. The site is flat and served by pedestrian access from Okrzei, Panieńska and Kłopotowskiego streets. The Property occupies land plot no 76, precinct 4-15-04, held in leasehold registered in favour of Gmina 108/2 72/4 Warszawa Centrum. The site is subject to a perpetual usufruct until the year 2095 registered in favour 80 of the owner of the building. 108/4

Plot No Precinct/Location Use Type Perpetual Book Size (m2) 108/3 76 4-15-04, Okrzei 1A Bi - other development area WA3M/00159481/2 301 Total 301

108/1 108/5 Aerial View

75/2

75/3 77 78

75/1

73 76

105/4

BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 20 Location Description | Dominanta

Dominanta is located at 1A Okrzei Street in the Praga district of Warsaw. The subject property is well situated and well exposed not only towards the surrounding streets but also from a distance as it is one of the tallest buildings in the area.

Zoo II Metro Line Wileńska Station Under Construction The immediate neighborhood is a mixture of brand new and older residential Commuter Rail projects, local government offices, public services and leisure (recently built Kino Praha with accompanying conference center).

The Old Praga district is becoming known as Warsaw’s new cultural district. Various revitalization efforts undertaken over the last couple of years have CH Wileńska Shopping & OfficeCenter made the area a popular destination not only for artists and day trippers but Park Praski also for creative businesses such as publishing (eg. Murator group), media (eg. Superstacja TV), design or marketing companies. The old river port is located just across the street and together with the envisioned development of the new National Stadium area will create a new business/cultural center for the city of Warsaw. Mazovia Region Self Government Offices Kino Praha Conference Center Dominanta is located: Stara Praga • 500 m from the future second metro line station – Stadion (due in Old Town 2013) • 1,000 m from the Dworzec Wileński commuter rail station and future second line metro station Dominanta • 1,000 m from the National Stadium (under construction) • 1,000 m from the ZOO • 500 m from the Old Town and the historical Royal Route of Warsaw

II Metro Line Under ConstructionGdańsk Bay

The Metropolitan Office Building

National CBD Stadium

BPT WARSAW OFFICE PORTFOLIO BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 20 CONFIDENTIAL INVESTMENT SUMMARY 21 Technical Overview | Dominanta

Dominanta is a 15 storey building with basement plant rooms. The occupancy permit (from 1999) allows office and residential uses.

The building sits between blocks of flats neighbouring to the north and west. On the ground floor a pedestrian passageway leads from ul. Okrzei to an internal court. The main entrance to the building is located on the corner of ul. Okrzei and ul. Panieńska. An additional entrance is also available from the passageway.

The ground floor houses a reception desk and a staircase connecting the ground floor with the 1st floor. Part of the area can be rearranged as a retail space with an area of 45 m2, with separate entrance and shop windows. The second part of the ground floor separated from the main lobby by a pedestrian easement, houses a lifts lobby and staircase connecting all the building levels, and 9.3 m2 of retail area with shop window.

The layout of the office space on each floor is generally free of structural columns and arranged around central core allowing for flexibility of office arrangement. Each office floor is provided with a kitchen and 2 sets of toilets. The building is served by 2 lifts (maximum load 3 and 8 persons, 630 and 1000 kg). The building’s plant equipment has been located in the underground floor, the ground floor and on the roof.

The Property is equipped with the following installations:

› Heating › Electricity › Central heating › Ventilation /air conditioning › Water /sewage (city) › Rain sewage › Waste disposal › Telephone lines › Security system (monitoring, magnetic cards) › Fire protection system (hydrants, anti smoke system (detectors)

BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 22 Bitwy Warszawskiej 18

BPT WARSAW OFFICE PORTFOLIO BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 22 CONFIDENTIAL INVESTMENT SUMMARY 23 Summary | BW 18

BW 18 is a 4 story building completed in 1995, offering 3,580 leasable m2. It is located on a busy four lane road just 4 km from the city center.

At present, all of the floor area has been arranged to accommodate the administrative and patient care requirements of building’s sole tenant, Medicover, the leading private health care provider in Poland. Medicover will vacate the premises in October 2011, although its lease expires in December. The building offers strong potential for a single user or, can be divided into two office modules per floor of ca. 450 m2 each.

BW18 offers 31 parking spaces on one underground garage level and, 31 surface spaces. The parking ratio of 1 space for every 58 meters of leasable area is considered very good, given the location and available public transit options including bus, tram and nearby rail station.

BW 18 generates an existing NOI of ca. €492,000. Pro-forma NOI is estimated at €510,000 based on 100% occupancy.

Property Particulars - BW18 Address 18 Bitwy Warszawskiej Street, Warsaw Completion Date 1995 Number of Above Ground Levels 4 GLA office 2(m ) 3,518 m2 Average floor plate (m2) ca. 900 Occupancy 100% Surface Parking Spaces (leased from Warsaw Roads Authority) 31 Underground Parking Spaces 31 Site Area (m2) 1,192 Land ownership RPU

BW18

Entrance to Medicover clinic

BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 24 Site & Tenure | BW18

Site Survey Map

The BW18 site is regular in shape and is nearly wholly improved by the subject building. The site is flat and served by vehicular access from Bitwy Warszawskiej street. The parking garage is accessed at the back of the residential building. 12/9 The Property occupies land plot no 13/2 in precinct 2-02-03, held in perpetual usufruct by BPTO WAW MED Sp. z o.o. until 2089. The total area of the plot is 1,192 m2. 14

Plot No Precinct/Location Use Type Perpetual Book Size (m2)

12/2 2-02-03, Bitwy Warszawskiej Bi - other development area WA1M/00146067/6 1,192 Total 1,192

Aerial View

13/2 11/2 15/1 1 15/3

11/1

5/13

BPT WARSAW OFFICE PORTFOLIO BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 24 CONFIDENTIAL INVESTMENT SUMMARY 25 Location Description | BW 18

The Property is located at 18 Bitwy Warszawskiej Street 1920 in the Ochota district of Warsaw. Bitwy Warszawskiej is one of the busiest arteries of the Warsaw West city, connecting Ochota and the core Mokotów office district with all residential Rail Station areas north and north east Warsaw. Main Bus Station The immediate neighborhood is dominated by two large retail/office centers located a few hundred meters away along Aleje Jerozolimskie. The 20,000 m2 office building headquarters of Shell and Heineken Group is located just down the street and is the largest office block in the area.

Public Park BW18 is located:

• 500 m from Warszawa Zachdnia rail and commuter rail station • 500 m from Al. Jerozolimskie Street connecting the city center with business district of Ochota and further with suburban residential areas (Ursus, Włochy, Pruszków) Reduta Shopping Jerozolimskie • 5 km from the Airport Center Office Park BW 18

Blue City Retail and Office Center

Heineken Group and Shell HQs

Ochota Office Center

BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 26 Technical Overview | BW18 Bitwy Warszawskiej 18 Main entrance to Medicover Clinic

Bitwy Warszawskiej 18 was completed in 1995 and is a 4-storey office building with 1 level of underground parking (31 spaces). The ground floor is currently organized to meet requirements of the tenant - Medicover. The layout of the office space on each floor is generally free of structural columns and- ar ranged around central core allowing for flexibility of office arrangement.

Each floor is provided with a kitchen and a set of toilets. The building is served by 2 lifts (maximum load 8 persons, 630 kg). The buildings technical equipment is located in the underground level and on the roof.

The northern wall of the subject property is connected with the neighbouring block of flats. Vehicular entrance to the underground garage is located at the back of the block of flats.

The main entrance to the building is located at ul. Bitwy Warszawskiej 1920 r.

The Property is equipped with the following installations:

› Electricity › Central heating › Ventilation /air conditioning › Water /sewage (city) › Rain sewage › Waste disposal › Telephone lines › Security system (monitoring/ alarm system, magnetic cards) › Fire protection system (hydrants, Anti smoke system (detectors)).

BPT WARSAW OFFICE PORTFOLIO BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 26 CONFIDENTIAL INVESTMENT SUMMARY 27 About the Vendor

BPT is an international real estate asset manager specialising in Central, Eastern and Northern Europe.

BPT was established in Denmark in 2001 with the first investments being made in Lithuania. Since then the company has grown to be a leading real estate investor in the Baltic Sea region.

Today, BPT offers six property funds totalling more than € 800 million in assets under management with investment capacity spanning the entire Baltic Sea. The portfolio consists of approximately 500,000 m2 of prime commercial real estate, primarily retail and office buildings.

BPT is headquartered in Copenhagen with local offices in Berlin, Tallinn, Riga, Vilnius, Gdansk, Warsaw and Moscow. The company has approximately 100 employees.

A key part of the BPT philosophy is to be present where the investments are made. By being close to the market with local staff and the right network the access to off-market opportunities and tenant is established which allows BPT to optimise its stra- tegy and day-to-day operations. Thanks to this philosophy and a team of skilled real estate, legal, and financial experts BPT has built an impressive performance record in markets only a few have mastered.

BPT only targets professional investors. The client base is primarily North European and Swiss. In addition to in house services the company has a distribution network of professional partners offering a high standard of investor relations.

BPT is a member of INREV and SIPA.

Apart from the subject properties, BPT Optima’s investments in Poland include among others Twarda Tower and Moniuszki Tower in Warsaw.

Twarda Tower, Warsaw CBD Baltic Business Center, Gdynia

BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 28 Disclaimer

This Confidential Investment Summary (”CIS”) has been prepared by Colliers International for the exclusive use of the Recipient to assist in assessing the possible acquisition of the Properties. This CIS does not purport to be all-inclusive or to contain all the information that the Recipient may require. This CIS is for information and discussion purposes only and does not constitute a formal offer to sell the Property or parts thereof. This CIS provides information relating to certain physical, location and financial characteristics of the Properties and parts thereof.

The Vendor and Colliers expressly disclaim any and all liability for any errors or omissions in the CIS or any other written or oral communication transmitted or made available to Prospective Purchasers. If any information relating to the Properties, in addition to the information provided herein, is provided at any time, orally or otherwise, by the Vendor or by Colliers, such information is provided as a convenience only without representation or warranty as to its accuracy or completeness and such information should not be relied upon by the Recipient without independent investigation and verification. In furnishing the CIS, the Vendor and Colliers undertake no obligations to provide the Recipient with access to additional information. Any information related to the Properties which has been or will be obtained from the Vendor, Colliers or any other person, by the Recipient has been prepared and provided solely for the convenience of the Recipient and will not be warranted to be accurate or complete and will not form part of the terms of an agreement of purchase and sale. This CIS is the property of Colliers International and may be used only by parties approved by Colliers and the Vendor. By accepting this CIS, the party in possession herein agrees: (i) to return it to Colliers immediately upon request of Colliers and/or the Vendor; and (ii) that no portion of this package may be copied, reproduced or distributed to others parties at any time without the prior written consent of Colliers and/or the Vendor.

BW 18 Entrance viewed from the parking lot

BPT WARSAW OFFICE PORTFOLIO BPTMILLENNIUM WARSAW OFFICE PARK PORTFOLIO PHASE II Page INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 28 CONFIDENTIALCONFIDENTIAL INVESTMENT INVESTMENT SUMMARY SUMMARY 2929 w

NOTE: The information presented in this document does not constitute any part of a binding solicitation or offer. For further information please contact Colliers International, CEE Investment Services Copyright 2011