November 2020

ACCOLADE INDUSTRIAL FUND PRESENTATION We invest in smart Industrial Parks for a sustainable future

Why to invest in Industrial Real Estate

Our Parks

Accolade Industrial Fund

Investments with Accolade

Upcoming Projects

Key Personnel

CONTENT

LOGISTICS PRODUCTION

RETAIL & E-COMMERCE

OUR TENANTS

4

WHY TO INVEST IN INDUSTRIAL REAL ESTATE?

• industrial properties are one of the most profitable real estate investment

• long-term lease agreements

• higher solvency of tenants

• rents are stable or growing in the long term

INDUSTRIAL PROPERTY PRIME YIELDS IN CZ, PL, DE (BY YEAR) PROPERTY YIELDS

Source: CBRE

Residental

Residental

Residental

CZ

PL

DE

Industrialproperty

Industrialproperty

Industrialproperty

Shopping malls

Shopping malls

Shopping malls

Offices

Offices

Offices

(%/year)

44,5

55,5

66,5

77,5

88,5

9

07 08 09 10 11 12 13 14 15 16 17 18 19

NA

V/A

kcie

5 3,6 5,75

Czech Republic Germany Poland

0

1

2

3

4

5

6

7

8

9

07 08 09 10 11

(%/rok)

12 13 14 15 16 17 18 19 20

NěmeckoPolskoČeská republika

3.55% 4.75%2.55% 2.25%

5.50% 5.50% 5.50%4.50%

5.00% 5.50%4.25% 3.25%

5

INDUSTRIAL PROPERTIES MARKET CZECH REPUBLIC

• total stock of modern A-class warehouse and industrial properties is 8.99 million sq m.

• net effective rent ranges between EUR 3.50–4.50 per sq m per month.

• average lease transaction size is 5,600 sq m.

VACANCY Q3 2020

INDUSTRIAL BUILDINGS:4.43%

OFFICES:7.00%

Source: CBRE

New supply of industrial properties in the Czech Republic (thousands of sq m)

NEW PROPERTIES

575

6

INDUSTRIAL PROPERTIES MARKET POLAND

New supply of industrial properties in Poland (thousands of sq m)

• total stock of modern A-class warehouse and industrial properties is 20.19 million sq m.

• net effective rent ranges between EUR 2.00–4.70 per sq m per month.

• average lease transaction size is 7,890 sq m.

VACANCY Q3 2020

INDUSTRIAL BUILDINGS:8.22%

OFFICES:10.70%

Source: CBRE

NEW PROPERTIES

0

500

1,000

1,500

2,000

2,500

3 000

3 500

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Q3

926

242355 416 304

1,062 9801,122

2,270 2,177

2,717

1,704

7

INDUSTRIAL PROPERTIES MARKET GERMANY

• total stock of modern A-class warehouse and industrial properties is 83.40 million sqm.

• net effective rent ranges between EUR 3.95–7.15 per sq m per month.

• average lease transaction size is 10,400 sq m.

OFFICES:3.72%

Source: CBRE

INDUSTRIAL PARK ALSDORF, GERMANY

VACANCY Q3 2020

INDUSTRIAL BUILDINGS:2.40%

8

EXIT 164

TCHIBOBWI

DHL

D6

T.F.S.INTERNATIONAL

PRAGUE(155 km, 120 min)

GERMAN BORDER (14.3 km, 10 min)

CHEB(5.1 km, 11 min)

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• strategic location with quality infrastructure

• tenants of global brands from e-commerce, logistics and production

• modern halls with environmentally friendly technologies

• support for the economic growth of the region

• rebirth of traditions - revitalization of brownfields

The diversification of our portfolio from the perspective of the tenant industry and the region ensures our fund's stability and excellent results.

UNIQUENESS OF OUR PARKS

EXCELLENT ACCESS FOR TRANSPORT

LOCATION THAT MEETS THE NEEDS OF TENANTSSTRATEGIC POSITION IN THE REGION

SUFFICIENTY AND HIGHT QUALITY OF WORKFORCE

LOCATION IS THE KEY

INDUSTRIAL PARK CHEB, CZECH REPUBLIC

9

MODERN INDUSTRIAL PARKS FOR SUSTAINABLE FUTURE

Accolade is a socially responsible investment group with commitments to its investors, tenants, business partners, but also to the society, environment, and its employees. Sustainable development is key for Accolade.Our ESG strategy includes our commitments.

BREEAM OUTSTANDING EXCELLENT VERY GOOD GOOD TOTAL

BREEAM 27,326 sq m 43,062 sq m 149,650 sq m 403,583 sq m 623,622 SQ M

E – ENVIRONMENTALWE INVEST AND DO BUSINESS IN HARMONY WITH ENVIRONMENTAL PROTECTION

S – SOCIALWE SUPPORT BENEFICIAL PROJECTS FOR THE SOCIETY IN THE REGIONS WHERE WE OPERATE

G – GOVERNANCETRANSPARENCYAND FAIRNESS IS PRIORITY TO US

In addition to creating new locations, the Fund’s

long-term goal is to revitalize existing brownfields.

Brownfields accounts for 30% of the fund`s portfolio.

ALSDORF

ZIELONA GÓRAZIELONA GÓRA

SZCZECINSZCZECIN

LUBLIN

PŘEŠTICE

HOŘOVICE

LEGNICAKIELCE

BIAŁYSTOK

10

PARKS IN ACCOLADE INDUSTRIAL FUND

PARKS IN THE FUND PARKS IN PROCESS

PAVLOV

BYDGOSZCZ IIBYDGOSZCZ

CHEBCHEB SOUTH

STŘÍBRO

TÝNIŠTĚ NAD ORLICÍ

11

OUR PARKS CZECH REPUBLIC, POLAND , GERMANY

PŘEŠTICE

HOŘOVICE

OSTROV U STŘÍBRA

LUBLIN

CHEB

TÝNIŠTĚ NAD ORLICÍ PAVLOV

SZCZECIN BYDGOSZCZ

CHEB SOUTH

12

BYDGOSZCZ II

ZIELONA GORA SZCZECIN

ALSDORF

BIAŁYSTOK

OUR PARKS CZECH REPUBLIC, POLAND , GERMANY

ZIELONA GORA LEGNICAKIELCE

IN PROCESS IN PROCESS

IN PROCESS

13

OUR FUND IN NUMBERS

expected return p.a. tenants

investorsindustrial parks

ACCOLADE INDUSTRIAL FUND INVESTMENTS AS OF SEPTEMBER 30, 2020

EUR: 45.1 million: annual revenue from lease agreements

EUR: 658.2 million: total value of Accolade Industrial Fund

886,136 sq m: gross leasable area

ESTIMATED VALUE OF ACCOLADE INDUSTRIAL FUND INVESTMENTS WITH THE POTENTIAL PROJECTS AS OF SEPTEMBER 30, 2022

EUR 74.6 million: annual revenue from lease agreements

EUR 1,104.1 million: total value of Accolade Industrial Fund

1,496,134 sq m: gross leasable area

+7%EXPECTED

RETURNp.a.

7% 58

1,17815

14

ACCOLADE INDUSTRIAL FUND CURRENT PROJECTS

LOCATION COUNTRY VALUATION GLA (sq m) LEASE TERM WAULT LTV

A - projects in fund

Park Hořovice Czech Republic 21,410,000 € 34,780 6-10 years 7.06

Park Cheb Czech Republic 114,430,000 € 160,125 5-15 years 5.35

Park Stříbro Czech Republic 128,786,000 € 148,721 7-30 years 12.38

Park Pavlov Czech Republic 8,690,000 € 11,005 3-5 years 1.63

Park Týniště nad Orlicí Czech Republic 8,400,000 € 9,783 10 years 7.13

Park Přeštice Czech Republic 16,540,000 € 14,015 16 years 13.88

Park Cheb South Czech Republic 19,970,000 € 27,326 10 years 9.51

Park Szczecin Poland 115,314,000 € 169,577 2-11 years 4.27

Park Bydgoszcz Poland 28,468,000 € 46,855 3-6 years 1.49

Park Zielona Gora Poland 56,690,000 € 81,111 3-10 years 4.37

Park Lublin Poland 53,484,000 € 73,470 3-11 years 4.63

Park Kielce Poland 26,890,000 € 36,373 7-10 years 8.20

Park Bialystok Poland 31,060,000 € 42,188 3-10 years 4.84

Park Legnica Poland 19,870,000 € 23,294 10 years 8.72

Park Alsdorf Germany 8,277,000 € 7,512 10 years 8.80

TOTAL 658,279,000 € 886,136 6.68 59.86%

LOCATION ASSUMED ACQUISITION COUNTRY VALUATION GLA (sq m) LEASE TERM WAULT LTV

B – projects in process

Park Bydgoszcz II 4Q 2020 Poland 25,030,000 € 37,044 5-7 years 5.10

Park Zielona Gora (expansion) 4Q 2020 Poland 12,750,000 € 11,626 7-10 years 7.30

Park Szczecin (expansion) 4Q 2020/1Q 2021 Poland 10,100,000 € 12,192 5-10 years 6.60

TOTAL 47,880,000 € 60,862 6.10 70.00%

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ACCOLADE INDUSTRIAL FUND

BANK FINANCING 394 mil. EUR

TOTAL LEASED-UP AREA 886,136 SQ M% share of industries in leased-up area

ANNUAL RENTAL INCOME OF 45.1 mil. EUR% share of tenants in rental annual income

COUNTRIES SHARE IN PORTFOLIO VALUE 658.2 mil. EUR

E-commerce

Engineering

Logistics

Retail

Automotive

Eletrical

IT recycling

Plastic piping

Poland 50.4%

1.3%

48.3%Czech Republic

Germany

Erste Bank

Aareal

22.8%

38.3%

7.2%

4.4%

16.3%

6.5%

3.3%

1.1%

Santander

UniCredit Bank

Pekao

ČSOB

mBank

Sparkasse

28.4%

15.6%

8.4%

28.4%

11.9%

6.8%

0.3%

0.2%

DHL 12.9%

5.8%

3.9%

3.0%

10.5%

4.7%

3.9%

2.8%

3.5%

2.8%

3.0%

43.1%

Raben

KION Group

Pierce

Oponeo

Tchibo

Assa Abloy

real Digital

Expondo

Gates

ABC Autoparts

Ostatní

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QUALIFIED INVESTORS 94.72%Natural persons, Legal persons, Investment funds, Foundations

ACCOLADE INDUSTRIAL FUNDAccolade Capital Holding (Malta) Ltd.

Accolade Investment Company Ltd.

CZECH REPUBLIC

TÝNIŠTĚ NAD ORLICÍ

AIFM I, s.r.o. Tenants: ALPHA Corporation

OSTROV U STŘÍBRA

AIFM II, s.r.o. Tenants: Ideal Automotive, LeoniAIFM III, s.r.o. Tenants: KION GroupAIFM X, s.r.o. Tenants: KION GroupAIFM XII, s.r.o. Tenants: Assa Abloy AIFM XVI, s.r.o. Tenants: Raben AIFM XVII, s.r.o. Tenants: KION Group

HRADIŠTĚ U CHEBU

AIFM IV, s.r.o. Tenants: BWIAIFM V, s.r.o. Tenants: DHLAIFM VII, s.r.o. Tenants: TchiboAIFM XI, s.r.o. Tenants: DHLAIFM XIV, s.r.o. Tenants: DHL, T.F.S. International, B2 Assets AIFM XVIII, s.r.o. Tenants: Nexans

HOŘOVICE

AIFM VI, s.r.o. Tenants: Saint GobainAIFM IX, s.r.o. Tenants: Raben

CZECH REPUBLIC

PAVLOV

AIFM VIII, s.r.o. Tenants: DSV

PŘEŠTICE

AIFM XIII, s.r.o. Tenants: IAC Group

CHEB SOUTH

AIFM XV, s.r.o. Tenants: real Digital

AIFM XIX, S.R.O.

POLAND

BYDGOSZCZ

AIFM PL I sp. z o.o. Tenants: DPD, Oponeo, Röhlig, Chep Polska

AIFM PL III sp. z o.o. Tenants: Oponeo, Röhlig, Sims Recycling

SZCZECIN

AIFM PL II sp. z o.o. Tenants: Pierce, Svendsen Sport, Change, DSV, Inter Cars, Advansor, ABC Autoparts, Cotes

AIFM PL IV sp. z o.o. Tenants: DHL, Party Deco, Rohlig, ABC Autoparts

ZIELONA GORA

AIFM PL V sp. z o.o. Tenants: REAC, Fiege, Eobuwie, Pekaes, Swiss Krono, Iveco, Expondo

BIAŁYSTOK

AIFM PL VI sp. z o.o. Tenants: Distribev Orbico, Röhlig, Pekaes, Farutex, InterCars, Glosel, Pilkington, DPD, Poczta Polska

KIELCE

AIFM PL VII sp. z o.o. Tenants: Raben, Pekaes, Vive

LUBLIN

AIFM PL IX sp. z o.o. Tenants: Spizarnia, Cega, Eurocash, Röhlig, Ruch, DD Pack, Inter Cars, Miracle, TEDI Dystrybucja, Data Modul, Farutex, Iglotex, Specjal, Fibrain, Laboratoria Natury, Multivac, FedEx

LEGNICA

AIFM PL X sp. z o.o. Tenants: Gates

POLAND

AIFM PL VIII SP. Z O.O.

GERMANY

ALSDORF

LU GE XVII S.a r.l. Tenants: Dachser

ACCOLADE HOLDING, A.S.CZECH REPUBLIC

ACCOLADE FUND SICAV, PLC MALTAMALTA

5.28%

100% founder shares

100%

100%

MILAN KRATINA 50% ZDENĚK ŠOUSTAL 50%

ORGANIGRAM ACCOLADE INDUSTRIAL FUND

WHY TO INVEST WITH ACCOLADE?

• expected return on investment for shareholders of more than 7% p. a.

• upon acquisition, the property is 100% leased and generates revenue

• average lease term is more than 6 years per sq m

• lease payments guaranteed by security deposits, or by bank, parent or subsidiary company

• conservative strategy based solely on lease payments, we don´t speculate on real estate price

• minimum investment EUR 75,000 (CZK 2 mil.)

• payout of shares not earlier than after 5 years

• transparent fee structure

• valuation four times a year

17

INDUSTRIAL REAL ESTATE CONTINUES TO BE A GREAT INVESTMENT OPPORTUNITY

PERFORMANCE OF ACCOLADE FUND

1 If not stated otherwise, the information is related to the institucional share classes (ISIN MT7000014932 a MT7000014940)2 Series initial offering March 31, 2017 3 Series initial offering June 30, 20174 % change in relation to previous quarter

PERFORMANCE OF (NAV)

ACCOLADE INDUSTRIAL FUND SHARE PRICE (Launched 30th September 2014)

SERIES TYPE / VALUATION DATE 30.9.2014 10.12.2015 31.12.2016 31.12.2017 31.12.2018 31.12.20194 31.3.2020 30.6.2020 30.9.2020

Lead Series A - CZK (ISIN MT7000014932) 100 121.0714 133.5304 152.3594 166.8153 183.1897 194.1399 197.5299 202.0478

Lead Series A - CZK (% change) 0% 21.07% 10.29% 14.10% 9.49% 2.14% 5.98% 1.75% 2.29%

Lead Series A2 - CZK (ISIN MT7000018404) 151.8049 165.4054 180.6050 191.1239 194.2262 198.4241

Lead Series A2 - CZK (% change) 11.02%² 8.96% 2.02% 5.82% 1.62% 2.16%

Lead Series B - EUR (ISIN MT7000014940) 100 123.4895 136.2890 160.6307 176.8774 193.9304 198.5672 203.5724 206.8240

Lead Series B - EUR (% change) 0% 23.49% 10.36% 17.86% 10.11% 2.56% 2.39% 2.52% 1.60%

Lead Series B2 - EUR (ISIN MT7000018412) 160.2418 175.5966 191.4217 195.7614 200.4530 203.4088

Lead Series B2 - EUR (% change) 3.10%3 9.58% 2.44% 2.27% 2.40% 1.47%

NA

V (

mill

ion

EU

R)

020406080

100120140160180

200220240260280

30.9.2014

30.6.2015

10.12.2015

30.6.2016

31.12.2016

30.6.2017

31.12.2017

30.6.2018

31.12.2018

30.6.2019

31.12.2019

30.6.2020

30.9.2020

1.10.2020

(estimate)

0 2.713

25.435.4

69.7

94.5

120.9

152.9

181.9

215.7

237.3

245.9260.7

PERFORMANCE OF SHARES 1

FROM 1.10.2019 TO 30.9.2020

12.66%SHARES CZK

9.38%SHARES EUR

19

ACCOLADE INDUSTRIAL FUND POTENTIAL FUTURE PROJECTS CZECH REPUBLIC, POLAND, GERMANY, SLOVAKIA

HOSTOMICE OSTROV U STŘÍBRA IICHEB CHEB SOUTH

KIELCESZCZECIN SZCZECIN GOLENIÓW CZĘSTOCHOWA LEGNICA AIRPORT PARK

GORZOW KOŠICEBOCHUMZIELONA GORA

20

KEY PERSONNEL

MILAN KRATINACo-founder of Accolade Fund– chairman of the Board, Accolade Fund SICAV plc and Accolade Investment Company Ltd.– member of the Investment Committee, Accolade Investment Company Ltd.

ZDENĚK ŠOUSTALCo-founder of Accolade Fund– member of the Board, Accolade Investment Company Ltd.

CHRIS CASAPINTAMember of the Board, Accolade Fund SICAV plc – director of Alter Domus (Services) Malta Limited since 2010– over 10 years experience in audit and financial advisory

JOSEPH FALZON Member of the Board, Accolade Investment Company Ltd.- professor with Ph.D. degree in economics from Northwestern University in Evanston, Illinois, U.S.A.- author of several local and foreign publications on the Maltese economy- served as a consultant to several Maltese organizations

MICHAŁ BIAŁASMember of the Board, Accolade Fund SICAV plcMember of the Investment Committee, Accolade Investment Company Ltd.- responsible for management of Polish projects, ensures financing of new developments- over 7 years experience in Bank Santander in financing commercial real estate

STEVEN TEDESCO Member of the Investment Committee, Accolade Investment Company Ltd.- more than 20 years experience in the Asset Management sector- managed portfolio exceeding EUR 1 billion- chartered Fellow of the Chartered Intitute for Securities & Investment

21

KEY PERSONNEL

SANDRO BARTOLIMember of the Board, Accolade Investment Company Ltd.- in the investment services business since 1997- in 2000 set up Quest Investment Services Ltd. an independent financial advisory company- qualified investment adviser obtaining the Certificate for Financial Advisers (CeFA) and various other certificates in compliance and anti-money laundering

MARK GUILLAUMIERMember of the Board, Accolade Investment Company Ltd.- 40 years working career in financial sector- in 2001–2010 Chief Executive of Malta Stock Exchange- Senior Advisor to the Maltese Ministry of Finance and represented Malta on the Financial Services Committee (FSC) of the European Commission in Brussels

PETR POSKER Member of the Investment Committee, Accolade Investment Company Ltd.- portfolio Manager with 20 years experience in various companies (e.g. Atlantik Asset Management or ABN AMRO Asset Management) - member of the CFA Institute since 1999

MALCOLM ST. JOHNMember of the Board, Accolade Fund SICAV plc – certified Public Accountant with 18 years of experience in the financial services industry holding various senior roles– over 15 years work history in Fund administration including HSBC and Apex Fund Services- ACCA completed in 2008

22

OUR EXTERNAL PARTNERS

PROPERTY VALUATION

TAX ADVISORY FUND ADMINISTRATION

ACCOUNTING

AUDIT

LEGAL ADVISOR

23

ACCOLADE FUND SICAV p.l.c.

Vision Exchange BuildingTerritorials Street, Zone 1, Central Business District,Birkirkara CBD 1070Malta

ALTER DOMUS

Vision Exchange BuildingTerritorials Street, Zone 1, Central Business District,Birkirkara CBD 1070Malta

info@accolade.eu +420 220 303 019 www.accolade.eu