STRONG GROWTH MOMENTUM April 2017 GTC AT A GLANCE Leading investor - PowerPoint PPT Presentation

STRONG GROWTH MOMENTUM April 2017

GTC AT A GLANCE Leading investor and developer in CEE&SEE region Balanced portfolio providing stable rental income and significant Key financial metrics growth potential from secured developments As of 31 December 2016 As of 31 December 2016 Projects in Landbank for € 1,624m Non-core (1) Property book value planning developments 3% stage 0.5% of which income 4% € 1,261m generating Properties under of which dev. under construction € 241m construction (3) 15% of which projects in € 57m planning stage (2) of which landbank for GAV € 8m € 1,624m development Office 58% Retail € 92m Annualised in-place rent (4) 20% € 703 Net debt LTV 43% In-place rental yield 7.5% Income generating 78% € 43m FFO GTC is a leading commercial real estate operator and developer in Poland and capital cities of CEE and SEE countries. GTC has one of the longest-standing property platforms with more than a 23 year track record in the region Note: (1) Includes Residential landbank & inventory; (2) Excludes € 4m of investment in associates and 50% joint ventures; (3) Excludes € 5m of investment in Osiedle Konstancja phase VI (4) Net of rent-free periods Source: GTC 2

KEY EVENTS AND ACHIEVEMENTS SINCE 2013 Restructuring process completed May-Nov. 2015 Nov. 2015 - Now August 2016 Q4 2013 Q2 2014 December 2014 Lone Star buys Introduction of Fundamental Lone Star Realization of the Listing on 28% anchor stake new corporate realignment of increases its stake growth strategy Johannesburg in GTC strategy for GTC property values, in GTC to 58.3% through acquisition Stock Exchange and implementation incl. devaluations of income of over € 300m of restructuring plan GTC successfully generating assets; executes a € 140m € 215m of assets since Lone Star entry; completion capital increase , acquired of restructuring of 34% non-performing oversubscription loans Q1 2014 August 2014 October 2014 July2015 December 2015 Capital increase of Mr. Thomas Kick-off of the Construction 2015 results prove c. € 52m Kurzmann Fortyone project, starts at Galeria positive effect of Północna , large (appointed as CEO a Class A office restructuring in May 2014) joins complex in scale modern measures Bonds issue of c. GTC in August Belgrade shopping centre in implemented: GTC € 47m maturing in 2014 Warsaw back on the 2018-19 growth path Source: GTC 3

GTC’S DNA AND INVESTMENT CASE Active total return proposition Leading commercial real estate platform with € 1.3bn high quality income generating portfolio of Class A 1 office and modern retail assets focused on Poland and the capital cities Budapest, Bucharest, Belgrade, and Zagreb, expanded by € 215m through acquisitions of 9 assets and remaining shares in City Gate since November 2015 Defined path to growth and double the income generating portfolio to at least € 2.0bn within two to three 2 years through developments and acquisitions, taking advantage of the property market recovery in key CEE and SEE markets Unique development pipeline of landmark shopping centres and Class A office buildings with significant 3 embedded NAV growth potential Ability to identify and execute investment opportunities based on independent, fully-integrated asset 4 management and development platform with a local track record exceeding 23 years and deep market penetration Attractive “Total Return” proposition : 5  Income producing portfolio: growing FFO and dividend potential + NAV upside from yield compression  Development portfolio: significant cash flow contribution and NAV growth  Cash flow accretive acquisitions of income generating assets with NAV growth potential Source: GTC 4

Center Point, Budapest LEADING COMMERCIAL REAL ESTATE PLATFORM 5

LEADING COMMERCIAL REAL ESTATE PLATFORM High quality portfolio generating € 92m of annualised in place rent Annualised Asset location by GAV (1) GTC PORTFOLIO Book value GLA # % in-place rent ( € m) (31 Dec. 2016) (ths. sqm) ( € m) As of 31 December 2016 Non core 3% Income generating (a+b) 31 1,261 78% 92 596 Secondary cities outside Poland Poland 4% 48% a) Office 27 936 58% 67 456 GAV € 1,624m b) Retail 4 325 20% 25 140 Capital cities outside Poland Investment properties 45% 6 246 15% - 139 under construction (2) Core 97% Projects in planning 6 57 4% - 181 stage Top tenants Landbank for 4 8 0.5% - - developments CORE PORTFOLIO 47 1,572 97% NM NON-CORE PORTFOLIO (3) 14 52 3% NM TOTAL 61 1,624 100% NM  High quality core portfolio of 27 office and 4 retail properties  97% of leases and rental income € -denominated  Top tier tenants, mostly multinational corporations and leading brands Source: GTC Notes: (1) Excludes € 4m of investment in associates and 50% joint ventures; (2) Includes € 5m of investment in Osiedle Konstancja phase VI; (3) Non-core landbank , „Residential Landbank & Inventory” 6

LEADING COMMERCIAL REAL ESTATE PLATFORM 78% in income generating assets, 15% under construction As of 31 December 2016 2015 2016 2 GAV € 1,624m Regional split Functional split Budapest INCOME GENERATING ASSETS 78% € 216m Belgrade 17% € 140m 11% Zagreb € 103m Other 8% € 57m 5% Retail Retail Office GAV GAV 26% Warsaw GAV +20% 29% Office € 1,261m 71% € 1,052m € 52m € 1,261m 74% 4% Bucharest € 186m Rest of Poland € 507m 15% 40% Poland € 559m 44% Core 97% Budapest € 8m CONSTRUCTION 15% 3% Office PROJECTS UNDER Belgrade 14% Office € 47m 21% 20% GAV GAV GAV +123% € 241m € 241m € 108m Warsaw € 186m Retail Retail 77% 79% 86% Projects in planning stage 4% Landbank for developments Non-core (1) 0.5% 3% Note (1) Includes Residential landbank & inventory (1%); (2) Excludes € 4m of investment in associates and 50% joint ventures Source: GTC 7

LEADING COMMERCIAL REAL ESTATE PLATFORM High quality assets base in Poland and capital cities of CEE&SEE Book Value GLA Rent Occupancy Top properties Asset class Country City € m € /sq. m/month ths. sq. m % Galeria Jurajska Poland Czestochowa 165 49 19.8 90% City Gate Romania Bucharest 147 48 18.3 96% Avenue Mall Zagreb Croatia Zagreb 103 34 20.8 99% Center Point I&II Hungary Budapest 79 41 12.5 97% Korona Office Complex Poland Cracow 78 38 13.7 93% Łódź University Business Park Poland 68 40 12.5 93% Duna Tower Hungary Budapest 61 31 12.9 89% Spiral Hungary Budapest 49 32 10.6 100% TOTAL 750 313 Office City Gate , Bucharest, Romania Center Point , Budapest, Hungary Korona Office Complex , Cracow, Poland Duna Tower , Budapest, Hungary Retail Galeria Jurajska , Czestochowa, Poland Avenue Mall Zagreb , Zagreb, Croatia Income generating portfolio consists of mostly newly-built retail properties (26%) and class A office portfolio focused on Poland and Belgrade, Bucharest and Budapest (74%) Source: GTC 8

LEADING COMMERCIAL REAL ESTATE PLATFORM Average occupancy at 94% As of 31 December 2016 Building age Locations Occupancy rate by GAV by GAV 93% 93% 92% 91% 91% > 10 years old Major Polish cities (1) 23% 41% Office € 936m € 936m Capital cities 59% < 10 years old 77% 2013 2014 2015 H1 2016 2016 95% 93% 91% 90% 89% < 10 years old 100% Capital cities 32% Retail € 325m € 325m Major cities (1) 2013 2014 2015 H1 2016 68% 2016  GTC owns some of the highest quality assets in capitals of major CEE and SEE countries  Significant strengthening of retail portfolio through development and acquisitions Source: GTC Note: (1) Cities with more than 100,000 inhabitants 9

LEADING COMMERCIAL REAL ESTATE PLATFORM As of 31 December 2016 WALT in years by country Yields by country 8.6% 8.5% 7.5% 7.5% 7.5% 5.8 5.8 7.1% 6.9% 5.2 4.3 3.7 3.1 2.9 Poland Hungary Serbia Romania Poland Croatia Bulgaria Poland Hungary Serbia Romania Poland Croatia Bulgaria Office Retail Retail Office Occupancy by country GLA (sq. m) by country 205 99% 97% 96% 95% 94% 91% 90% 119 70 62 57 49 34 Poland Hungary Serbia Romania Poland Croatia Bulgaria Poland Hungary Serbia Romania Poland Croatia Bulgaria Office Office Retail Retail Source: GTC 10

Ada Mall, Serbia DEFINED PATH TO GROWTH 11

FOCUS ON TANGIBLE ACQUISITION & DEVELOPMENT PIPELINE Strategy implemented in 2016 Acquisition of yielding, value-add assets  Institutional grade office and retail assets with value-add potential  Located in Warsaw or other major Polish cities and capital cities of CEE and SEE countries Selection criteria  Significant cash flow / FFO contribution potential  Active management angle (i.e. through re-leasing, improvement in occupancy, increase of rental rates, and re-development)  Attractive market for real estate investors  Market conditions Limited range of buyers provides for competitive edge  Target markets are bottoming out Funding Efficient non-recourse asset level financing maintaining an average group level LTV of approx. 50% Execution timeline 12-18 months  GTC is in the process of reviewing potential acquisition targets  Constantly evaluating acquisition targets of at least c. € 300m in total volume  Current pipeline 139,000 sq. m under construction  129,000 sq. m in planning stage  52,000 sq. m in pre-planning stage Source: GTC 12