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

STRONG GROWTH MOMENTUM August 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 30 June 2017 As of 30 June 2017 Projects in Landbank for Non-core (1) € 1,710m Property book value planning developments 3% stage <1% of which income 5% € 1,204m generating of which dev. under € 366m construction (3) Properties under construction 21% of which projects in € 82m planning stage (2) of which landbank for GAV € 4m € 1,710m development Office 55% € 87m Annualised in-place rent (4) Retail € 736 Net debt 16% LTV 43% In-place rental yield 7.4% Income generating 70% € 21.5m FFO (January-June 2017) GTC is a leading commercial real estate investor 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 € 2m of investment in associates and 50% joint ventures; (3) Excludes € 7m 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 Q4 2013 – Q2 2014 December 2015 August 2016 May 2017 December 2014 July 2015 Lone Star buys Fundamental Construction 28% anchor stake realignment of starts at Galeria 2015 results prove Listing on AGM approves Północna , large in GTC property values, positive effect of Johannesburg dividend payment incl. devaluations scale modern restructuring Stock Exchange of PLN 0.27 of over € 300m Introduction of shopping centre in measures new corporate since Lone Star Warsaw implemented: GTC strategy for GTC entry; completion back on the and implementation of restructuring of growth path of restructuring plan non-performing loans August 2014 October 2014 May-Nov. 2015 Nov. 2015 - Now Q1 2017 Mr. Thomas Kick-off of the Lone Star Realization of the Kick-off o the White Kurzmann Fortyone project, increases its stake growth strategy House office (appointed as CEO a Class A office in GTC to 58.3% through acquisition project in Budapest, in May 2014) joins complex in of income Green Heart office GTC in August Belgrade GTC successfully generating assets; projects and Ada executes a € 140m € 215m of assets 2014 Mall retail scheme capital increase , acquired in Belgrade 34% oversubscription Source: GTC 3

GTC’S DNA AND INVESTMENT CASE Active total return proposition Leading commercial real estate platform with € 1.2bn high quality income generating portfolio of Class A 1 office and modern retail assets focused on Poland and three capital cities Budapest, Bucharest and Belgrade, expanded by € 252m through acquisitions of assets, land and remaining shares in City Gate since November 2015 Defined path to growth and increasethe income generating portfolio to at least € 2.0bn during 2019 2 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 – approximatelly 174,000 sq m under construction and another 239,000 sq in planning stage 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 € 87m of annualised in place rent Annualised Asset location by GAV (1) GTC PORTFOLIO Book value GLA # % in-place rent ( € m) (30 June 2017) (ths. sqm) ( € m) As of 30 June 2017 Non core 3% Income generating (a+b) 33 1,204 70% 526 87 Poland 51% a) Office 31 932 55% 68 443 GAV € 1,710m Capital cities outside b) Retail 2 272 16% 19 83 Poland 46% Core Investment properties 6 366 21% - 174 97% under construction (2) Projects in planning 8 82 5% - 239 stage Top tenants Landbank for 2 4 <1% - - developments CORE PORTFOLIO 49 1,656 97% NM NON-CORE PORTFOLIO (3) 14 54 3% NM TOTAL 63 1,710 100% NM  High quality core portfolio of 31 office and 2 retail buildings  97% of leases and rental income € -denominated  Top tier tenants, mostly multinational corporations and leading brands Notes: (1) Excludes € 2m of investment in associates and 50% joint ventures; (2) Includes € 7m of investment in Osiedle Konstancja phase VI; (3) Non-core landbank , „Residential Landbank & Inventory” Source: GTC 6

LEADING COMMERCIAL REAL ESTATE PLATFORM Galeria Północna completion will more than double the value of retail in Q3 2017 (1) GAV 30 June 2017 31 December 2016 € 1,710m Regional split Functional split Functional split INCOME GENERATING ASSETS 70% Budapest € 219m 18% Zagreb Belgrade € 103m € 124m 9% 10% Retail Retail (2) GAV GAV 23% Warsaw 26% € 1,261m GAV Office € 1,204m € 53m € 1,204m Office 74% Bucharest 4% 77% € 186m 15% Rest of Poland € 519m 43% Poland € 572m 47% Core 97% Budapest CONSTRUCTION 21% Belgrade PROJECTS UNDER Office € 14m € 84m 21% 4% Office 13% 14% GAV (2) +49% (2) GAV GAV € 241m € 359m € 359m Warsaw € 261m Retail 86% 83% Retail 79% Projects in planning stage 5% Landbank for development <1% Non-core (3) Note (1) Excludes € 2m of investment in associates and 50% joint ventures. Includes Assets held for sale; (2) Excludes € 7m of Investment in Osiedle Konstancja 3% (3) Includes Residential landbank & inventory Source: GTC 7

LEADING COMMERCIAL REAL ESTATE PLATFORM High quality assets base in Poland and capital cities of CEE&SEE Asset Book Value GLA Rent Occupancy Top properties Country City € m € /sq. m/month class ths. sq. m % Galeria Jurajska Poland Czestochowa 169 49 19.8 96% City Gate Romania Bucharest 147 48 18.2 92% Avenue Mall Zagreb Croatia Zagreb 103 34 21.1 100% Korona Office Complex Poland Cracow 80 38 14.9 90% Center Point Hungary Budapest 79 41 12.6 97% Łódź University Business Park Poland 72 40 12.5 93% Duna Tower Hungary Budapest 63 31 12.4 93% FortyOne Serbia Belgrade 62 28 15.8 91% Aeropark Business Centre Poland Warsaw 53 29 14.3 79% Spiral Hungary Budapest 50 31 10.6 100% TOTAL 878 369 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 10 largest assets constitute 73% of total income generating portfolio Source: GTC 8

PROPERTY OVERVIEW Sustainable high occupancy provides solid recurring income As of 30 June 2017 Building age Locations Occupancy rate by GAV by GAV 93% 93% 93% 92% 91% 91% > 10 years old Major Polish cities (1) 23% 38% Office € 932m € 932m Capital cities 62% < 10 years old 77% 2013 2014 2015 H1 2016 H1 2016 2017 97% 95% 93% < 10 years old 91% 90% 89% 100% Capital cities 38% Retail € 272m € 272m Major cities (1) 62% 2013 2014 2015 H1 2016 H1 2016 2017 Note: (1) Cities with more than 100,000 inhabitants Source: GTC 9

LEADING COMMERCIAL REAL ESTATE PLATFORM As of 30 June 2017 WALT in years by country Yields by country 5.7 8.3% 7.5% 7.4% 7.3% 6.9% 6.8% 3.8 3.7 3.7 3.4 2.5 Poland Hungary Serbia Romania Poland Croatia Poland Hungary Serbia Romania Poland Croatia Office Retail Retail Office Occupancy by country GLA (sq. m) by country 204 100% 97% 96% 94% 92% 90% 119 62 58 49 34 Poland Hungary Serbia Romania Poland Croatia Poland Hungary Serbia Romania Poland Croatia 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/development 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  Current pipeline Constantly evaluating acquisition targets 174,000 sq. m under construction  239,000 sq. m in planning stage Source: GTC 12