Company Profile (December 2016)

COMPANY PROFILE – DECEMBER 2016NEW EUROPE PROPERTY INVESTMENTS PLC 1

COMPANY PROFILE DECEMBER 2016


PROFILE 2

MACROECONOMIC OVERVIEW 15

PORTFOLIO 20

MANAGEMENT ACCOUNTS 61

SCHEDULE OF PROPERTIES 64


PROFILE


INTEGRATED COMMERCIAL PROPERTY DEVELOPER, INVESTOR AND OPERATOR

NEPI is a leading property investment and development group in the CEE, with a highly effective and skilled internal management team which combines asset management, investment, development, leasing and financial expertise.

BUSINESS STRATEGY Continued above industry growth in recurring distribution per share by:- Expanding the investment property portfolio via developing, extending, re-developing and acquiring dominant or potentially dominant retail assets in emerging European markets with high consumption growth potential; - Generating additional revenue from retail assets via active asset management; - Active re-positioning of portfolio by disposing of non-core and lower growth assets when opportune, and - Optimising funding costs, given increase in scale.

PROPERTY PORTFOLIO Exceptional property portfolio and development pipeline in Romania, Slovakia and Serbia (entered Czech Republic and Croatia in 2016), progressing with a retail expansion program in other emerging European retail markets, that generates earnings from long-term, triple net leases in Euro with strong corporate covenants.

LISTINGS

— the Main Board of the Johannesburg Stock Exchange (JSE)— the regulated market of the Bucharest Stock Exchange (BVB)The shares are transferable among the two registers.

INVESTMENT GRADE RATINGS Moody’s — Baa3 (stable outlook) Standard & Poors — BBB- (positive outlook)

DISTRIBUTIONS

NEPI generally distributes at least 90% of its net rental profits on a semi-annual basis, with a scrip dividend election option.

Profile

INVESTMENT PROPERTY OVERVIEW AS AT 30 SEPTEMBER 2016

Number

Weighted GLA

'000m2

WeightedValuation

€m

Weighted Passing rent/ERV

€mOccupancy

%TOTAL PROPERTIES 56 1 223 2 207 164

INCOME-PRODUCING 34 942 2 004 155 98.1

Retail 27 772 1 671 128 98.0

Office 5 142 317 25 98.2

Industrial 2 28 16 2 98.0

DEVELOPMENTS 5 246 182 8

Under construction 2* 50 68 8

Under permitting and pre-leasing 3** 196 90 –

Land bank – – 24 –

NON-CORE 17 35 21 1

* out of six properties under construction, four are extensions to existing properties.

** out of the seven properties under permitting and pre-leasing, four are extensions to existing properties.

80+14+4+2+Dby rental incomeas at 30 Sep 2016

GEOGRAPHICAL PROFILE

Romania 80% €125 million

Slovakia 14% €21 million

Czech Republic 4% €6 million

Serbia 2% €3 million

100% €155 million

80%ROMANIA

as at 30 Sep 2016

83+16+1+DSECTORAL PROFILEby rental income

Retail 83% €128 million

Office 16% €25 million

Industrial 1% €2 million

100% €155 million

83%RETAIL


Track record

INVESTMENT PROPERTY (€m)

— Share price — Share price with dividend reinvested

MARKET CAPITALISATION (€b)

4.0

3.0

2.0

1.0

0.0

2009 2010 2011 2012 2013 2014 2015 Nov 2016

SHARE PRICE (€)

14

12

10

8

6

4

2

2009 2010 2011 2012 2013 2014 2015 Nov 2016

6

4

2

0

ADJUSTED NAV PER SHARE (€)

2009 2010 2011 2012 2013 2014 2015 Sep 2016

Compound annual growth rate (%)

December

June

20%

15%

10%

5%

0%

20

15

10

5

0

DISTRIBUTION PER SHARE (€ cents)

2009 2010 2011 2012 2013 2014 2015 Jun 2016

NET OPERATING INCOME (€m)

150

120

90

60

30

0

2009 2010 2011 2012 2013 2014 2015 2016

2 500

2 000

1 500

1 000

500

0

2009 2010 2011 2012 2013 2014 2015 Sep 2016

September 2016

Forecast


ESTONIA

LATVIA

LITHUANIA

POLAND

CZECHREPUBLIC

HUNGARY

ROMANIA

BULGARIA

MACEDONIAALBANIA

MONTENEGRO

BOSNIAAND

HERZEGOVINA

SLOVENIA

SERBIA

CROATIA

KOSOVO

SLOVAKIA

CEE REGIONThe Group is focused on expanding its portfolio in Romania, Slovakia, Serbia, Croatia, the Czech Republic and gradually into other CEE countries (which are recent or potential candidates to EU membership) through acquisition or development of dominant or potentially dominant regional retail assets that meet its investment criteria. The establishment of scale and strong local management teams are essential to NEPI’s presence in these countries.

ROMANIA (Baa3, BBB-, BBB-)*

With regional malls and value centres, the Group is the largest owner of retail space in the country. The Group also opportunistically invests in A-grade office buildings in cities with high multinational tenant demand.

SLOVAKIA (A2, A+, A+)* After the 2013 acquisition of a dominant regional mall and the establishment of a strong local management team, the Group further extended its presence in Slovakia in 2014 and 2016. The Group currently owns four regional malls, one office building and land for the development of a retail or mixed-use scheme. The Group will continue to strengthen its presence in Slovakia through further acquisitions of retail assets.

SERBIA (B1, BBB-, B+)* The Group acquired its first Serbian mall in 2014. The country is underdeveloped in terms of retail offering and the Group is considering to gradually build up a portfolio of dominant regional retail centres. NEPI has recently acquired a land plot in a prime location in Novi Sad, and has initiated permitting for the development of a 56,000 m2 GLA mall. CZECH REPUBLIC (A1, AA-, A+)* The Group acquired in March 2016 the dominant retail scheme in Ústí nad Labem, in the northern part of the country.

CROATIA (Ba2, BB, BB)* The Group acquired in November 2016 the largest shopping mall in Zagreb, Arena Centar, as well as 4.4ha of adjacent land. Zagreb is the capital and the largest city of Croatia.

EU Member Countries Candidate and Potential Candidate to EU Membership

Geographical focus

* Credit ratings assigned by Moody’s, S&P, Fitch


Investment criteria

MEGA MALL, BUCHAREST CITY BUSINESS CENTRE, TIMISOARA

DOMINANT RETAIL ASSETSRetail assets must be or have the potential to be dominant. Size is critical to achieve comprehensive offering and tenant mix (large proportion of food and fashion anchors with a substantial leisure offering). Good location, access, visibility, design and technical specifications, and potential for extension reduce the threat of significant future competition. Professional active management of such properties creates significant and valuable growth opportunities.

The Group is focused on expanding its portfolio of dominant regional retail assets and selectively invests in A-grade office buildings, in large cities. Investment decisions are forward looking and sustainable income growth is the primary focus.

A-GRADE OFFICE BUILDINGS Offices must have a central location, excellent access to public transport, up-to-date technical specifications, large floor areas, high efficiency rates and high parking ratios. As management of office properties has limited potential for value creation, investments are made opportunistically in developments where high yields are achievable. The offices will be disposed of in time.

DEVELOPMENTSNEPI currently limits its development commitments to low-risk development, redevelopment and extension opportunities in a non-speculative phased manner: construction costs are committed to on a gradual basis following the achievement of pre-leasing targets agreed by the Board and are limited to the availability of internal sources of financing.

CITY PARK. CONSTANTA


NEPI is internally managed combining investment, development, asset management,

leasing, technical, accounting and finance expertise. The team includes approximately

330 professionals.

Unparalleled knowledge of the Romanian retail market and outstanding execution and

operational excellence illustrated by a number of best-in-class indicators, including

standards of property management, financial reporting timetables, historically consistent

low receivable balances, non-collection ratios and vacancy rates.

Strong corporate culture focused on planning, quality of execution, sustainability, ethics and

early risk assessment.

World-class experience of Board members: non-executive directors hold executive positions

in large listed companies, while Investment Committee members have in excess of 70 years

of combined experience.

Strong long-term alignment of interests between management and shareholders achieved

through a substantial shareholding in the business.

Management approach

COLLECTION RATE (%)

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

99.5% 99.8%98.1% 99.9%97.4% 99.8% 99.7% 99.6%

2009 20122010 20132011 2014 2015 Sep2016

OCCUPANCY RATE (%)

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

94.8% 95.2%98.2% 97.7%94.7% 98.2% 97.3% 98.1%

2009 20122010 20132011 2014 2015 Sep2016


EQUITYThe Company has a proven track record of raising equity in the capital markets and has developed a strong following amongst institutional and private shareholders in addition to the continued support received from strategic shareholders. The JSE is the main equity market for NEPI and the Company is included in relevant JSE indices.

Finance strategy

500

400

300

200

100

0

EQUITY RAISED (€m)

2009 2010 2011 2012 2013 2014 2015* Oct 2016

* Lower equity issues after 2014, as financing targets were achieved through an unsecured bond issued in November 2015.

150

120

90

60

30

0

TRADING VOLUMES (m)

2009 2010 2011 2012 2013 2014 2015 Sep 2016

SHARES IN ISSUE (m)

400

300

200

100

0

2009 2010 2011 2012 2013 2014 2015 Sep 2016

15,000

12,000

9,000

6,000

3,000

0

NUMBER OF SHAREHOLDERS

2009 2010 2011 2012 2013 2014 2015 Sep 2016


Finance strategy

STRATEGY

Funding results from a combination of equity issue and debt.

Long-term debt strategy is to fund assets with 35% debt on an LTV* basis (capped at 40%) and diversify financing sources to optimise cost of debt, while maintaining an adequate liquidity profile.

Gearing as at 30 September 2016 was 21.3%.

The financing strategy is biased towards group-level, unsecured debt. Secured loans are contracted only if they decrease the overall cost of debt.

INVESTMENT GRADE RATINGS

Investment grade credit ratings of Baa3 (stable outlook) from Moody’s and BBB- (stable outlook) from Standard & Poors were assigned in 2015. S&P changed the outlook from stable to positive in December 2016.

BOND ISSUE

NEPI issued €400 million of unsecured, 5.25 year Eurobonds maturing in February 2021, carrying a 3.750% fixed coupon.

Of the proceeds, €259 million were used for refinancing existing debt, while the balance was used to finance the acquisitions and developments pipeline.

Further to the bond issue, the Group improved its access to debt funding, increased the proportion of senior unsecured debt and increased the weighted average duration to maturity.

EQUITY

During 2016, the Group raised €219 million through the issue of new shares.

DEBT

The Group refinanced the Aupark Kosice secured loan, which was extended until September 2020, increased up to €105 million and carries a lower interest rate.

In November 2016, the Aupark Zilina outstanding debt of €44 million was extended until December 2022, increased up to €65 million and carries a lower interest rate.

» continued

100%

80%

60%

40%

20%

0

LEVERAGE PROFILE*

2009 2010 2011 2012 2013 2014 2015 Sep 2016

DEBT MATURITY PROFILE AS AT 30 NOVEMBER 2016 (€m)

500

400

300

200

100

0

2016 2017 2018 2019 2020 2021 2022+

Repayment of bond issue

* (loans – cash)/(investment property + listed securities)


RENTOffice tenants pay a base rent, while a large portion of retail tenants have an obligation to report turnovers and pay the higher between a base rent and a turnover rent.

TRIPLE-NET LEASESTaxes, insurance, property management fees, utility costs and common area costs are recovered from tenants. CURRENCYLeases negotiated in EUR; in Romania, Serbia, Czech Republic and Croatia, rent is invoiced in local currency equivalent and currency differences between invoice date and collection date are recovered from tenants. TERM TO FIRST BREAK OPTIONTen years for hypermarkets, DIYs and cinemas, and five years for other tenants. INDEXATIONRent and marketing charges are adjusted annually in line with EU inflation. GUARANTEESEquivalent to three months’ rent, service charge and VAT; parent company guarantee required for some office tenants.

Typical lease terms

Top 10 Retail Tenants* Annual rent

Auchan 7.7%

Carrefour 5.8%

Inditex 1.8%

C&A 1.7%

H&M 1.6%

Altex 1.6%

New Yorker 1.5%

Kingfisher 1.3%

Deichmann 1.2%

Peek&Cloppenburg 1.1%

25.1%

Top 10 Office Tenants* Annual rent

PwC 1.3%

Wipro 1.2%

Huawei 0.9%

Holcim 0.7%

Bosch 0.6%

Hella 0.5%

Accenture 0.4%

Autoliv 0.3%

Toluna 0.3%

Betfair 0.3%

6.5%

* as at 30 September 2016


Group structure outline and main shareholders

NEW EUROPE PROPERTY INVESTMENTS PLC

NE PROPERTY COOPERATIEF UA

100%

100%

100%

Management company

Property-owning companies

ROMANIA

100%

SLOVAKIA

THE NETHERLANDS

ISLE OF MAN

100%

SERBIA

SHAREHOLDERS

Management company


Management company


100%

CZECH REPUBLIC

Management company


CROATIA

100%

Management company


#except for 50% interest held in Ploiesti Shopping City and The Office.

#

Top 5 Shareholders (as at 14 October 2016)% of issued

shares

Fortress Income Fund* 18.00%

Public Investment Corporation** 11.36%

Resilient Property Income Fund*** 8.91%

STANLIB Limited 3.39%

Investec Asset Management Holdings (PTY) 3.26%

Total 44.92% *JSE listed fund focused on retail, directly or by investing in listed securities. ** One of the largest investment managers in Africa, managing assets of over €100 billion; it invests funds on behalf of public sector entities. *** JSE listed REIT focused on retail, directly or by investing in listing securities; it is the founding shareholder of NEPI.


DIRECTORS BOARDAUDIT COMMITEE

INVESTMENTCOMMITEE

NOMINATIONCOMMITEE

REMUNERATIONCOMMITEE

RISKCOMMITEE

Alex Morar Chief Executive Officer – Member – – –

Mirela Covasa Finance Director – – – – Member

Dan PascariuChair Independent Non-executive

– – Chair – –

Antoine Dijkstra Independent Non-executive Member – – – Member

Desmond De Beer Independent Non-executive – Chair – Member –

Jeffrey Zidel Independent Non-executive – Member Member Member –

Michael Mills Independent Non-executive Chair – Member – Member

Nevenka Pergar Independent Non-executive Member – – – Chair

Robert Emslie Independent Non-executive Member – – Chair –

Andries DeLangeIndependent Non-executive (Alternate Director to Desmond de Beer)

– – – – –

MEETINGS PER YEAR At least four At least four As required As required At least one As required

MAIN FUNCTIONS Approves and monitors:strategic plans, investments, capex, disposals, funding, financial statements, business performance, effectiveness of internal controls, risk management policies

Reviews:accounting policies, financial statements, internal controls

Assesses:investments, capex, disposals

Recommends:qualified individuals, composition of the Board

Recommends:remuneration for Directors and executive management

Develops and monitors: risk management policies and their implementation

BALANCED BOARD STRUCTURE: majority of Independent Non-executive Directors, with extensive experience in five countries and various industries.

WORLD CLASS EXPERIENCE: property management, retail, finance, accounting, legal and administration of listed companies.

Board of Directors


Executive Directors

• Alex Morar graduated with a dual degree in finance and information systems from Stern School of Business, New York University • He began his career as an analyst at Julius Baer Investment Bank• He later joined the financial advisory practice of Deloitte Romania where he spent two years working on M&A transactions• He joined NEPI upon its founding in 2007 and has contributed to all aspects of the business since then, being recently focused on the investments and

acquisitions programme• He was appointed CEO in August 2015

ALEX MORAR Chief Executive Officer 12 years of experience, 9 years at NEPI

BSc

• Mirela Covasa graduated with a finance degree from Bucharest Academy of Economic Studies and is a member of the Association of Chartered Certified Accountants (ACCA) and Chamber of Financial Auditors of Romania (CAFR)

• Prior to NEPI she was senior manager at PricewaterhouseCoopers, where she spent eight years performing audit assignments in Romania, Slovenia and India• She has worked in accounting and auditing for fifteen years• Ms Covasa was appointed CFO in February 2015

MIRELA COVASA Chief Financial Officer15 years of experience, 5 years at NEPI

BCom, ACCA, CAFR


Non-executive Directors

Dan Pascariu is a prominent figure in Romanian banking. His career started at the Romanian Bank for Foreign Trade in 1973, where he held the position of Chairman and CEO. Mr Pascariu is a non-executive Chairman of the Supervisory Board of Unicredit Bank, Romania. The founder and first President of the Romanian Banking Association, as well as a co-founder and associate professor at the Romanian Banking Institute, Mr Pascariu is currently on the board of directors of various financial institutions in Romania and abroad.

DAN PASCARIU Independent Non-executive Chairman

MBA

Jeffrey Zidel is a successful property developer and investor, and has been involved in many aspects of the property industry for over 40 years. He is currently the Chairman of Fortress Income Fund, and was one of the co-founders of Resilient REIT Limited. Mr Zidel is Vice President of the South African Council of Shopping Centres and director of the South African Property Owners Association.

JEFFREY ZIDELIndependent Non-Executive Director

Desmond de Beer has significant experience in property investment and management. He spent several years in the banking industry, first at Barclays Bank, South Africa, where he was Bond Manager at the Barclays Trust. Subsequently, he was appointed General Manager, Corporate Equity and became a member of the Executive Committee at Nedcor Investment Bank. Since 2002, Mr de Beer is the Managing Director of Resilient REIT Limited, listed on the JSE.

DESMOND DE BEER Independent Non-executive Director

BProc, MAP

Mr. Dijkstra started his career at Credit Agricole in Rotterdam, Paris and Frankfurt. He had various managing rolls within NIBC (Netherlands), Harcourt Investment Management (Zurich), JPMorgan/ Bear Stearns and Gulf International Bank (Bahrain). He is founder and partner of Implexus Capital (Netherlands). Mr Dijkstra has extensive experience in investment management, with a focus on public sector related entities and financial institutions, and has advised numerous clients on financing.

ANTOINE DIJKSTRAIndependent Non-Executive Director

MSc, COL (INSEAD)


Non-executive Directors

Michael Mills is an experienced public company chairman and managing director with significant operating and financial experience across a range of sectors. A chartered accountant, he has held senior financial roles in a number of multinational companies. His recent experience includes chairman and CEO roles on the boards of UK listed companies operating in the finance sector, software development, healthcare services and manufacturing and a US based distribution business.

MICHAEL MILLSIndependent Non-Executive Director

BSc, FCA

Mr Emslie is a Chartered Accountant, with more than 30 years’ experience in the financial services sector and property management. He held various positions within the ABSA Group (currently part of Barclays) during a period of 21 years, latterly as Head of ABSA Corporate and Business Bank, Head of ABSA Africa and member of ABSA Group’s Executive Committee. Mr Emslie retired in 2009 and currently holds chairmanship and non-executive directorship positions in various private and public companies.

ROBERT EMSLIEIndependent Non-Executive Director

BCom, Hons Acc, CA

After qualifying as a Chartered Accountant, Mr de Lange joined the Industrial Development Corporation of South Africa Limited and then Nedbank Limited where he gained experience in debt finance, debt and equity restructurings and private equity. He joined Resilient REIT Limited, a South African based property focused company listed on the JSE, in 2004 and acts as Chief Operating Officer.

ANDRIES DE LANGEIndependent Non-Executive Director (Alternate Director to Mr Desmond de Beer)

CA (SA), CFA

Nevenka Pergar is the owner and director of an independent advisory company that offers legal and business consultancy, mainly to foreign investors in Slovenia. She also acts as a local partner of PwC Czech Republic. Ms Pergar has acquired a wide experience in public services serving in Slovenia’s Ministry of Economy and she was member of two Slovenian governments, first as a Secretary General of the Government and then as a Junior Minister for Public Administration. She is currently a member of AmCham and The Managers’ Association of Slovenia.

NEVENKA PERGARIndependent Non-Executive Director

LLB, MBA


MACROECONOMIC OVERVIEW


Macroeconomic prospects

2020

4

3

2

1

0

(1)

(2)

Price inflation (%) (EU harmonised)

2016 2017 2018 2019

5

4

3

2

1

0

Real GDP growth (%)

2016 2017 2018 2019 2020

Source: Economist Intelligence Unit, IMF, Thomson Reuters (2016)

Romania Serbia Slovakia EU28CroatiaThe Czech Republic



100

80

60

40

20

0

General gov. debt (% of GDP)

2016 2017 2018 2019 2020

20

15

10

5

0

Unemployment (%)

2016 2017 2018 2019 2020

Macroeconomic prospects » continued

Source: Economist Intelligence Unit, IMF, Thomson Reuters (2016)




CEE private consumption forecasted growth

Source: Eurostat, Thomson Reuters, Oxford Economics (2016)

€ private consumption/year/capita

10-y

ear

fore

cast

ed g

row

th

€2 000 €3 000 €4 000 €5 000 €6 000 €7 000 €8 000 €9 000 €10 000 €19 000

Serbia €25bn

Bulgaria €28bn

Slovenia €20bn

Hungary €56bn

Romania €104bn

CzechRepublic

€81bn

Balticcountries

€52bn

Poland €258bn

120%

100%

80%

60%

40%

20%

0

120%

100%

80%

60%

40%

20%

0

Slovakia €45bn

Croatia €26bn

EU 15


Private consumption trends

100%

80%

60%

40%

20%

0

100%

80%

60%

40%

20%

0

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

STRONG GROWTH TO CONTINUEEstimated private consumption growth


CONVERGENCE WITH REST OF EUPrivate consumption as % of EU15 average

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Romania Serbia Slovakia CroatiaThe Czech Republic

REPLACEMENT OF TRADITIONAL WITH MODERN TRADE SUPPORTS GROWTH IN MODERN RETAIL SCHEMES100%

80%

60%

40%

20%

0%Serbia CroatiaBulgaria PolandRomania Hungary Slovakia Czech Republic Austria

Modern grocery trade Traditional grocery trade in CEE (2015)

Source: BMI, Czech Statistical Office, Economist Intelligence Unit, Eurostat, IMF, GfK consumer studies, Serbian Statistics Agency, Thomson Reuters (2016)


PORTFOLIO


Tenant and expiry profile

Type A: Large international and national tenants, large listed tenants, government and major

franchisees (companies with assets and/or turnovers in excess of €200 million).

Type B: Smaller international and national tenants, smaller listed tenants and medium to large

professional firms (companies with assets and/or turnovers ranging from €100 to €200 million).

Type C: Other tenants.

Type A 65%Type B 6%Type C 29%

65+6+29+S65%TYPE A

by rentable area

TENANT PROFILE AS 30 SEPTEMBER 2016

EXPIRY PROFILE AS 30 SEPTEMBER 2016

1000

800

600

400

200

0

2016 2017 2018 2019

by rentable area (‘000 sqm)

2020 2021 2022 2023 2024 2025

Retail Office Industrial


Income-producing properties

Romania

Slovakia

Czech Republic

Serbia

1,3

17

6

8

11

16

121014

15

17 1

1717

1717

74 2

417

18

19

20

5

3

21

22

1,2,5,9

2

Croatia

23

24

13

RETAIL ROMANIA1 Mega Mall2 Promenada Mall3 Shopping City Sibiu4 Shopping City Timisoara5 Iris Titan Shopping Center6 City Park7 Shopping City Deva8 Braila Mall9 Vulcan Value Centre10 Pitesti Retail Park11 Shopping City Galati12 Ploiesti Shopping City13 Shopping City Piatra Neamt14 Shopping City Targu Jiu15 Severin Shopping Center16 Aurora Shopping Mall17 Regional strip centres

SERBIA18 Kragujevac Plaza

SLOVAKIA19 Aupark Kosice Mall20 Aupark Zilina21 Korzo Shopping Centrum22 Aupark Shopping Center Piešťany

CZECH REPUBLIC23 Forum Ústí nad Labem

CROATIA24 Arena Centar

OFFICE ROMANIA1 Floreasca Business Park2 City Business Centre3 The Lakeview4 The Office – Phases I & II

SLOVAKIA5 Aupark Kosice Tower

INDUSTRIAL ROMANIA1 Rasnov Industrial Facility2 Otopeni Warehouse


RETAILSources for catchment area, purchasing power and bank deposits per inhabitant: Population Explorer, GfK, National Bank of Romania, Statistical Office of the Slovak Republic, Czech National Bank, Statistical Office of the Republic of Serbia, Croatian National Bank

SHOPPING CITY PIATRA NEAMT, ROMANIA


Mega Mall has a very comprehensive tenant mix, with all main brands present in Bucharest; it is home to over 200 tenants, including a number of flagship stores. The mall has a significant entertainment and leisure offering of 10,000m2, including a 14-screen Cinema City, which also features the first 4DX auditorium in Romania, a World Class gym with a half-olympic sized swimming pool and a food court.

Ownership 100%Type Super-Regional MallYear opened 2015Lettable area 75 500m2

Property value €252.2 millionPassing rent €18.0 millionOccupancy 98.4%Hypermarket CarrefourFashion & Sport Adidas, Aldo, Bata, Benvenuti, Bershka, C&A, CCC, Claire’s, Colin’s,

Cropp, Deichmann, Ecco, Folli Follie, Frankie Garage, Geox, H&M, Hervis, Hilfiger Denim, House, Intersport, Kenvelo, Koton,

LC Waikiki, Levi’s, Mango, Mohito, Musette, New Yorker, Nike, Orsay, Otter, Pandora, Peek&Cloppenburg,

Pull&Bear, Reserved, Sinsay, Sport Vision, Stefanel, Steilmann, Stradivarius, Swarovski, Takko, Tom Tailor, Triumph, Zara

Children Lego, Maxi Toys, Next, NorielIT&C Flanco, Media Galaxy, SamsungHealth & beauty dm, Douglas, MAC, Melkior, Sabon, Sephora,

Pupa, Yves RocherDIY & Home decor English Home, Lem’s, Nobila CasaFood KFC, Manufaktura by Doncafé, Paul,

Pizza Dominium, Pizza Hut, SubwayEntertainment 4DX cinema, casino, gym, playground,

sports bar, swimming pool

Catchment area (within 30-minutes drive) 910 000Purchasing power/inhabitant €5 645Bank deposits/inhabitant €5 137Competition Sun Plaza - 80 000m2

AFI Palace Cotroceni - 76 000m2

ParkLake - 70 000m2

Major businesses in the area IT&CProfessional & financial services

Property & constructionUniversities Romania's largest educational centre

Mega MallRETAIL

INCOME-PRODUCING PROPERTIES


With over 60,000m2 GLA, Arena Centar offers the most diverse and attractive retail mix in Zagreb, the capital and the largest city of Croatia, with 790,000 inhabitants. The shopping centre is situated in a growing residential and commercial hub, neighboring central business district and the airport. The adjacent 4.4ha land plot offers significant opportunity for future development.

Ownership 100%Type Super-Regional MallYear opened/acquired 2010/2016Lettable area 62 100m2

Property value €218.5 millionPassing rent €15.3 millionOccupancy 94.5%Hypermarket IntersparFashion & Sport Adidas, Armani Exchange, Bata, Benetton, Bershka, C&A,

Champion, Cropp, Converse, Deichmann, Desigual, Ecco, Guess, H&M, House, Intersport, Levi’s, Massimo Dutti, Mohito, Mango,

Napapijri, New Yorker, Nike, Nine West, Office Shoes, Orsay, Pepe Jeans, Pull&Bear, Reebok, Replay, Reserved, S. Oliver,

Samsonite, Sport Vision, Springfield, Stradivarius, Tally Weijl, Takko, Terranova, Tom Tailor, Tommy Hilfiger, Timberland, US Polo Assn,

Yves Rocher, Zara, Zara HomeChildren LegoIT&C Apple, Elipso, Hewlett Packard, Samsung, SonyHealth & beauty dm, Kiehl’s, L’Occitane, Nivea, Pandora, SwarovskiDIY & Home decor JyskFood Burger King, KFC, McDonaldsEntertainment IMAX cinema

Catchment area (within 45-minutes drive) 1 400 000Purchasing power/inhabitant €7 839Bank deposits/inhabitant €5 250Competition Westgate Shopping City - 100 000m2

City Centre One East - 50 000m2

City Centre One West - 46 000m2

Avenue Mall - 36 000m2

Major businesses in the area Production of electrical machines and devicesChemical

PharmaceuticalMain local universities University of Zagreb

Catholic University of Croatia Libertas International University

Arena CentarRETAIL



Ownership 100%

Type Regional MallYear opened/acquired 2008/2013Lettable area 52 000m2

Property value €130.4 millionPassing rent €11.5 millionOccupancy 95.0%Hypermarket CoraFashion Adidas, Bata, BSB, Benvenuti, Bershka, C&A,

CCC, Columbia, Deichmann, Ecco, Geox, Guess, H&M, House, Koton, Lacoste, LC Waikiki, Mango, Mohito, Mothercare, Musette, Nike, Oysho, Otter,

Pandora, Pimkie, Pull&Bear, Reserved, Sport Vision, Stefanel, Stradivarius, Tom Tailor,

US Polo Assn., ZaraFood KFC, McDonald’s, Paul, Pizza Hut, Starbucks,

SubwayIT&C AltexHealth & Beauty dm, Douglas, MAC, SephoraDIY & home decor English Home, Zara HomeEntertainment Billiard, bowling, casino, cinema 4DX, playground

Catchment area (within 45-minutes drive) 541 000Purchasing power/inhabitant €3 964Bank deposits/inhabitant €2 061Competition Maritimo Mall - 51 300m2

Tom Mall - 32 000m2

Tomis Mall - 18 800m2

Major businesses in the area Shipping and naval Tourism

Commerce and educationMain local universities Constanta Maritime University

City Park mall has a prime location in Constanta, the fifth largest Romanian city, close to Mamaia, the country’s most popular seaside resort. Phase II of the extension, including numerous new national and international fashion brands, opened in September 2016. The mall is well positioned to be the dominant mall in the city.

City ParkRETAIL



Ownership 100%Type Lifestyle CentreYear opened/acquired 2013/2014Lettable area 40 400m2

Property value €160.2 millionPassing rent €10.5 millionOccupancy 99.5%Supermarket BillaFashion Adidas, Benvenuti, Bershka, C&A, Calzedonia, Deichmann,

DS Damat, Ecco, Gant, H&M, Hervis, Humanic, Intersport, Intimissimi, Killtec, Lacoste, Massimo Dutti, Musette, Oysho,

Peek&Cloppenburg, Stefanel, Stradivarius, Tommy Hilfiger, US Polo Assn., Zara

IT&C Altex, FlancoFood Chopstix, KFC, McDonalds, Paul,

Pizza Hut, Starbucks, TchiboHealth & beauty dm, Douglas, MAC, Pupa, Sephora, Yves RocherChildren Lego, NorielEntertainment Billiard, bowling, gym

Catchment area (within 15-minutes drive) 177 000Purchasing power/inhabitant €5 645Bank deposits/inhabitant €5 137Competition Baneasa Shopping City - 85 000m2

AFI Palace Cotroceni - 76 000m2

Major businesses in the area IT&CProfessional and financial services

Property & constructionUniversities Romania's largest educational centre

Promenada Mall is located in Bucharest’s new central business district, near NEPI’s office buildings, Floreasca Business Park and The Lakeview. The Group plans to extend the property with approximately 60,000m2 GLA of mixed-use fashion, leisure, entertainment and office space, with permitting currently in progress.

Promenada MallRETAIL



Ownership 100%Type Regional MallYear opened/acquired 2011/2014Lettable area 33 800m2

Property value €145.1 millionPassing rent €9.5 millionOccupancy 94.0%Supermarket BillaFashion Bata, C&A, Calzedonia, Deichmann, EXIsport,

Gaastra, Geox, Guess, H&M, Intersport, Mango, Napapijri, New Yorker, Nike,

Office Shoes, Tom Tailor, Tommy Hilfiger, US Polo Assn.

IT&C Datart, Lenovo, SamsungHealth & beauty Beauty Shop, Marionnaud, Yves RocherEntertainment Casino, gym

Catchment area (within 45-minutes drive) 480 000Purchasing power/inhabitant €7 076Bank deposits/inhabitant €3 565Competition Atrium Optima - 49 300m2

Galeria Kosice - 29 500m2

Cassovia - 24 000m2

Major businesses in the area AutomotiveElectronics

SteelMain local universities Technical University of Kosice

University of Pavol Josef SafarikUniversity of Veterinary Medicine and Pharmacy

Aupark Kosice Mall is located on the southern side of the main shopping street, in the city centre of Kosice, the second largest city in Slovakia. The mall provides a wide retail offering, complemented by a leisure and food court area.

Aupark Kosice MallRETAIL



Ownership 100%Type Super-Regional MallYear opened/acquired 2006/2016Lettable area 79 100m2

Property value €100.6 millionPassing rent €8.4 millionOccupancy 96.4%Hypermarket Carrefour, AuchanFashion Adidas, Benvenuti, BSB, C&A, CCC, Coccodrillo,

Decathlon, Deichmann, H&M, Hervis, Humanic, Kenvelo, Lee Cooper, New Yorker, Orsay, Pepco,

Salamander, TakkoIT&C Altex, FlancoDIY & Home decor Jysk, Lems, Leroy Merlin, Mobexpert, Nobila Casa,

Rovere MobiliHealth & Beauty dm, Douglas, Kendra, Marionnaud, Yves RocherFood KFCOthers Diverta, Noriel

Catchment area (within 45-minutes drive) 286 000Purchasing power/inhabitant €3 995Bank deposits/inhabitant €1 826Competition No relevant competitor in the areaMajor businesses in the area Automotive

Electronics Oil&Gas

Main local universities Lucian Blaga University

Shopping City Sibiu is the only modern retail centre in Sibiu, an important cultural centre, with modern infrastructure (including three rail stations and an international airport with direct connections to other European countries). NEPI is currently focused on upgrading the centre to its operational standards. Refurbishment and extension are planned for 2017, and will strengthen the fashion offer and entertainment area with a cinema and a larger food court.

Shopping City SibiuRETAIL



Ownership 100%Type Regional MallYear opened 2015-2016Lettable area 57 700m2

Property value €98.6 millionPassing rent €7.9 millionOccupancy 99.8%Hypermarket CarrefourFashion Bershka, C&A, CCC, Collins, Cropp, Deichmann,

H&M, Hervis, House, Intersport, Koton, LC Waikiki, Lee Cooper, Levi’s, New Yorker, Orsay, Otter, Pepco, Pimkie, Pull&Bear, Reserved, Sinsay,

Sport Vision, Stradivarius, Timeout, Tom Tailor, Zara

IT&C Media Galaxy, Orange, TelekomHealth & Beauty dm, Douglas, Kendra, Sensiblu,

Sephora, Yves RocherFood KFC, Pizza Hut, StarbucksServices RaiffeisenOthers Noriel, Zoomania

Catchment area (within 45-minutes drive) 570 000Purchasing power/inhabitant €4 417Bank deposits/inhabitant €1 780Competition Iulius Mall - 66 500m2

Major businesses in the area Automotive FMCG

IT&CMain local universities West University

Polytechnic University

In March 2016, the Group has completed the second phase of Shopping City Timisoara, which consists of an additional 41,400m2 GLA of fashion and entertainment, hosting local and international brands. This complements the first phase, a 16,300m2 GLA hypermarket and gallery, which opened at the end of 2015. The mall includes a Cinema City, unique in the CEE region, featuring both 4DX and IMAX halls, as well as a gym with a half-olympic sized swimming pool.Shopping City Timisoara has land available for further extension of up to 80,000m2 GLA.

Shopping City TimisoaraRETAIL




Property value €91.2 millionPassing rent €7.5 millionOccupancy 99.7%Hypermarket AuchanFashion Adidas, C&A, CCC, Deichmann, H&M,

LC Waikiki, New Yorker, Pepco, TakkoIT&C FlancoHealth & beauty dm, MarionnaudEntertainment Cinema

Catchment area (within 15-minutes drive) 599 000Purchasing power/inhabitant €5 645

Bank deposits/inhabitant €5 137

Competition Bucuresti Mall - 37 400m2

Mega Mall - 75 500m2

Major businesses in the area IT&CProfessional & financial services

Property & construction

Universities Romania’s largest educational centre

The property is located in the most densely populated district of Bucharest. It is anchored by the first and largest Auchan hypermarket in Romania, and houses numerous international brands as well as a seven-screen cinema.

Iris Titan Shopping CenterRETAIL



Aupark ZilinaRETAIL



Property value €105.4 millionPassing rent €7.5 millionOccupancy 100%Supermarket BillaFashion C&A, Calzedonia, Camaieu, Deichmann, Ecco,

EXIsport, Guess, H&M, Mango, New Yorker, Nike, Orsay, Takko, Tom Tailor,

Tommy HilfigerIT&C Datart, Orange, Slovak TelekomHealth & Beauty MarionnaudEntertainment Gym, playground

Catchment area (within 30-minutes drive) 380 000Purchasing power/inhabitant €7 681Bank deposits/inhabitant €3 565Competition Mirage Shopping Center - 21 000m2

Max Zilina - 18 500m2

Major businesses in the area AutomotiveConstruction & transportation engineering

ChemicalMain local universities University of Zilina

This regional mall is located in the historic centre of Zilina, Slovakia, the capital of a region with 700,000 residents. It is the best performing mall in the region, with the largest and widest retail offering, a simple and efficient layout and high occupancy.


Shopping City DevaRETAIL


Ownership 100%

Type Regional MallYear opened/acquired 2007/2013Lettable area 52 300m2

Property value €68.2 millionPassing rent €6.0 millionOccupancy 99.0%Hypermarket Auchan, Metro Cash&CarryFashion Benvenuti, C&A, CCC, Deichmann, H&M, Hervis,

New Yorker, Orsay, Otter, Pepco, TakkoIT&C AltexDIY & Home decor Jysk, PraktikerHealth & Beauty dm, Marionnaud, SensibluFood KFC, Salad Box, Subway

Entertainment Billiard, bowling, casino, cinema

Catchment area (within 45-minutes drive) 277 000Purchasing power/inhabitant €3 727Bank deposits/inhabitant €1 157Competition No other modern value centre in the regionMajor businesses in the area Automotive

CommerceConstruction materials

Education National gymnastics centre

This regional shopping centre was acquired in 2013 and its extension of over 10,100m2 GLA has been completed in 2015. The addition of international fashion brands and entertainment facilities strengthens the mall’s regionally dominant position.



Property value €73.1 millionPassing rent €5.6 millionOccupancy 99.3%Hypermarket CarrefourFashion Benvenuti, Bershka, C&A, CCC, Deichmann,

H&M, Hervis, LC Waikiki, Musette, New Yorker, Office Shoes, Orsay, Otter, Pepco, Pull & Bear,

StradivariusDIY & Home decor Kingfisher, Lem’s, NaturlichIT&C Altex, Flanco

Food KFC, Salad Box, SegafredoEntertainment Billiard, bowling, cinema, ice skating

Catchment area (within 45-minutes drive) 575 000Purchasing power/inhabitant €3 309Bank deposits/inhabitant €1 099Competition NEPI’s Shopping City GalatiMajor businesses in the region Shipbuilding

Agriculture and warehousingMetalworking

Main local universities Danubius University

Braila Mall was acquired in 2009, and a subsequent three-phase redevelopment has resulted in a threefold footfall increase. With a diverse range of tenants, including a large entertainment and leisure area, this regional mall dominates its region.

Braila MallRETAIL




Property value €82.6 millionPassing rent €5.5 millionOccupancy 95.0%Hypermarket BillaFashion Adidas, C&A, CCC, Cropp Town, Deichmann, Gant,

H&M, Humanic, Levi’s, Lindex, Mohito, New Yorker, Nike, Orsay, Promod, Takko, Tommy Hilfiger

Health & Beauty dm, Marionnaud, Yves RocherFood KFC, Manufaktura, TchiboEntertainment 5D cinema, cinema, playground

Catchment area (within 45-minutes drive) 478 000Purchasing power/inhabitant €6 506Bank deposits/inhabitant €6 431Competition OC Pivovar Děčin - 17 500m2

Olympia Teplice - 29 000m2

Galerie Teplice - 22 000m2

Fontana Teplice - 18 000m2

Major businesses in the region ChemicalPharmaceuticals

Raw material mining Main local universities University of J. E. Purkyně

This shopping centre, acquired in 2016, is located in Ústí nad Labem, the capital of a region with 824,000 residents. The mall is the dominant retail scheme in the region, situated in the centre of the city, at the intersection of the city’s arterial roads used by local, regional and transiting traffic. The city benefits from modern infrastructure, as it is situated at a railway junction, and the highway connecting the city to Prague and Dresden is scheduled for completion in Q1 2017.

Forum Ústí nad LabemRETAIL



Ownership 100%Type Community CentreYear opened 2014Lettable area 24 600m2

Property value €48.5 millionPassing rent €3.9 millionOccupancy 99.9%Hypermarket CarrefourFashion C&A, CCC, Deichmann, H&M, Hervis, LC Waikiki,

Penti, Pepco, TakkoChildren Noriel IT&C Altex, Orange, VodafoneHealth & Beauty dm, Marionnaud, SensibluDIY & Home decor Jysk, Lem’s

Catchment area (within 30-minutes drive) 395 000Purchasing power/inhabitant €5 645Bank deposits/inhabitant €5 137Competition No other modern strip centre in the regionMajor businesses in the area IT&C

Professional and financial servicesProperty & construction

Universities Romania's largest educational centre

The Group completed the development of Vulcan Value Centre in 2014, only nine months after obtaining the building permit. Due to its prime location in a densely populated area of Bucharest, tenant mix and convenient access to public transport, the centre has reported strong trading figures since opening.

Vulcan Value CentreRETAIL



Ownership 100%Type Community CentreYear opened/acquired 2007/2010Lettable area 24 800m2

Property value €42.7 millionPassing rent €3.7 millionOccupancy 100%IT&C Altex, FlancoDIY & Home decor Kingfisher, Jysk, Lem’s, Naturlich, Top Shop

Catchment area (within 45-minutes drive) 545 000Purchasing power/inhabitant €3 764Bank deposits/inhabitant €1 394Competition Jupiter City - 36 000m2

Euromall - 24 000m2

Major businesses in the area AutomotiveOil & Gas

WineryMain local universities University of Pitesti

This community centre is adjacent to the best performing hypermarket in Pitesti. The centre has a number of value tenants, including a substantial furniture and home decor offering.

Pitesti Retail ParkRETAIL



Ownership 100%Type Regional MallYear opened 2013Lettable area 27 200m2

Property value €51.4 millionPassing rent €3.7 millionOccupancy 94.7%Hypermarket CarrefourFashion Benvenuti, BSB, C&A, CCC, Deichmann, H&M,

Intersport, LC Waikiki, New Yorker, Nike, Otter, Smyk, US Polo Assn.

IT&C Altex, FlancoHealth & beauty dm, Kendra, Marionnaud, Yves RocherFood KFCEntertainment Billiard, bowling, playground

Catchment area (within 45-minutes drive) 559 000Purchasing power/inhabitant €3 341Bank deposits/inhabitant €1 265Competition NEPI’s Braila MallMajor businesses in the area Iron & steel

Shipping Main local universities Dunarea de Jos University

This mall was developed in 2013, to complement NEPI’s current retail offering in the Braila–Galati region. It is the city’s only modern mall and the Group owns sufficient land for a planned substantial extension, which will include a cinema, additional food court and fashion offering.

Shopping City GalatiRETAIL




Lettable area weighted by ownership 23 200m2

Property value weighted by ownership €44.0 millionPassing rent weighted by ownership €3.4 millionOccupancy 97.1%Hypermarket CarrefourFashion Bershka, CCC, Colin’s, Deichmann, H&M,

Intersport, Koton, LC Waikiki, New Yorker, Orsay, Pull&Bear, Stradivarius, Takko, Zara

IT&C Altex, FlancoFood Chopstix, KFC, Paul, Pizza HutDIY & Home decor Lem’sHealth & beauty Douglas, Kendra, Marionnaud, Sabon, Sephora,

Yves RocherEntertainment Billiard, bowling, casino, cinema, climbing wall,

ice skating, playground

Catchment area (within 45-minutes drive) 470 000Purchasing power/inhabitant €3 755Bank deposits/inhabitant €1 394Competition AFI Palace Ploiesti - 33 000m2

Mall Ploiesti Centre - 8 000m2

Major businesses in the area Oil production and refining FMCG

Textile manufacturing centre Main local universities Oil and Gas University

George Baritiu University

This is the dominant mall in Prahova, a region with 760,000 residents. A smaller competing mall opened in late 2013, with no impact on trading levels of Ploiesti Shopping City, which continues its upward trend in sales since opening.

Ploiesti Shopping CityRETAIL




Property value €40.0 millionPassing rent €3.4 millionOccupancy 94.3%Supermarket IdeaFashion Bata, C&A, Deichmann, New Yorker, Nike, Orsay,

Sport Vision, Sportina, Terranova, Tom TailorDIY & Home decor Home CentreFood McDonald'sEntertainment Cinema, climbing wall, laser tag, playground

Catchment area (within 45-minutes drive) 280 000Purchasing power/inhabitant €2 648Bank deposits/inhabitant €1 230Competition No other modern retail centre in the regionMajor businesses in the area Automotive

AgricultureCommerce

Main local universities University of Kragujevac

Kragujevac Plaza is Serbia’s only modern shopping mall outside the capital city. The centre opened in 2012 and dominates the region.

Kragujevac PlazaRETAIL



Ownership 100%Type Regional MallYear opened/acquired 2016Lettable area 27 900m2

Passing rent €3.2 millionHypermarket CarrefourFashion Benvenuti, BSB, C&A, CCC, Deichmann, H&M,

Intersport, New Yorker, Orsay, Otter, Pepco, TakkoChildren NorielHealth & beauty dmIT&C AltexFood KFC, Salad Box, SpartanEntertainment billiard, cinema, playground

Catchment area (within 45-minutes drive) 245 000Purchasing power/inhabitant €3 161Bank deposits/inhabitant €1 223Competition Winmarkt Petrodava

GTC GalleryMajor businesses in the area Agricultural equipment

Food processing Pharmaceutical

Main local universities Spiru Haret University

Shopping City Piatra NeamtRETAIL


The Group completed the development of Shopping City Piatra Neamt in December 2016. The mall benefits from a very good location, in a densely populated area of the city, at the intersection of two main arteries that cross the town, well serviced by local transportation. It is anchored by a Carrefour hypermarket and Cinema City (operating a six-screen cinema) and it provides a wide retail offering, complemented by a leisure and food court area.



Property value €39.3 millionPassing rent €3.1 millionOccupancy 99.7%Hypermarket CarrefourFashion Benvenuti, C&A, CCC, Deichmann, H&M,

New Yorker, Orsay, Pepco, Salamander, TakkoIT&C Altex, FlancoDIY & Home decor JyskHealth & Beauty dm, Kendra, Marionnaud, Sensiblu, Yves RocherFood KFC, Salad Box, SpartanEntertainment billiard, bowling, casino, cinema

Catchment area (within 45-minutes drive) 324 000Purchasing power/inhabitant €3 672Bank deposits/inhabitant €890Competition No other modern retail centre in the regionMajor businesses in the area Construction materials

MiningPower generation

Main local universities Constantin Brancusi University

The Group completed the development of this regional mall in Targu Jiu during 2014, within a year of the issuance of the building permit. The centre is located on one of the city’s main roads, in a densely populated district.

Shopping City Targu JiuRETAIL



Ownership 100%Type Community CentreYear opened/acquired 2010/2016Lettable area 10 300m2

Property value €39.5 millionPassing rent €2.8 millionOccupancy 100%Hypermarket BillaFashion CCC, New Yorker, Mango, Orsay, Pepco, Takko,

Tally Weijl Health & beauty Marionnaud, Pupa, Yves RocherEntertainment 5D cinema, casino, playground

Catchment area (within 45-minutes drive) 791 000Purchasing power/inhabitant €7 802Bank deposits/inhabitant €4 346Competition Tesco Hypermarket Major businesses in the area SPA / tourism industry

Food processing industryMachinery industry

Main local universities University of St. Cyril and Methodius (Trnava) University of Trnava

The shopping centre, aqcuired in September 2016, is located in Piestany, a district of a region with 560,000 inhabitants. This community centre is the only new generation retail scheme in Piestany, the main resort and spa centre in Slovakia.

Aupark Shopping Center PiestanyRETAIL



Ownership 100%Type Community CentreYear opened/acquired 2010-2011/2016Lettable area 16 500m2

Property value €29.5 millionPassing rent €2.6 millionOccupancy 100%Fashion C&A, CCC, Camaieu, Deichmann, H&M,

New Yorker, Orsay, Pepco , Tally Weijl, TakkoIT&C Orange, NAY, Telekom Health & Beauty dm, FannServices ČSOB bank, Slovenska sporiteľňa, Tatra BankEntertainment Cinema

Catchment area (within 45-minutes drive) 308 000Purchasing power/inhabitant €7 834

Bank deposits/inhabitant €3 376Competition No other modern retail centre in the regionMajor businesses in the area Coal mining, machine industry, building materials

industry, food industryMain local universities Faculty of Social Sciences

(University of St. Cyril and Methodius in Trnava)Faculty of Management Science and Informatics

(University of Žilina)

This shopping centre was acquired in July 2016 and represents the dominant retail scheme in Prievidza, one of the largest municipalities in a region with 590,000 inhabitants. It is part of a larger retail park, including a Tesco hypermarket and a DIY.

Korzo Shopping CenterRETAIL




Property value €27.8 millionPassing rent €2.2 millionOccupancy 98.0%Hypermarket CarrefourFashion Benvenuti, C&A, CCC, Deichmann,

Lee Cooper, New Yorker, Orsay, Pepco, Takko

Children NorielIT&C AltexHealth & Beauty dm, Kendra, SensibluFood KFC, SpartanEntertainment Billiard, bowling, cinema

Catchment area (within 45-minutes drive) 175 000Purchasing power/inhabitant €3 214Bank deposits/inhabitant €790Competition Cora Gallery - 11 200m2

Major businesses in the area ShipbuildingWind farms & power generation

TourismMain local universities Gheorghe Anghel University

This regional mall was acquired in 2013 and in 2015, a first stage of the extension was completed, upgrading the centre’s visibility and market positioning. The second phase of the extension will be completed by the end of 2016 and will include additional fashion offering.

Severin Shopping CenterRETAIL




Property value €8.8 millionPassing rent €1.6 millionOccupancy 100%Hypermarket CarrefourFashion Benvenuti, CCC, Deichmann, New Yorker,

Orsay, PepcoIT&C AltexHealth & Beauty Kendra, SensibluEntertainment Billiard, bowling

Catchment area (within 45-minutes drive) 430 000Purchasing power/inhabitant €3 206Bank deposits/inhabitant €966Competition GTC Galleria - 13 400m2

Major businesses in the area AgricultureAutomotive

TourismMain local universities BioTerra University

Aurora Shopping Mall is situated on the main boulevard of Buzau, Romania, a major transit hub for two of the country’s main historical regions. NEPI plans to reconfigure and refurbish the mall, including building a cinema and improving the layout and tenant configuration.

Aurora Shopping MallRETAIL



Type Strip CentresYear opened/acquired 2007-2014Lettable area *85 900m2


Property value weighted by ownership €30.7 millionPassing rent weighted by ownership €2.4 millionOccupancy 100%Fashion C&A, Deichmann, New Yorker, Takko IT&C Altex DIY & Home decor MobexpertHealth & beauty dmOther Animax, Noriel, Pepco

Catchment area (within 45-minutes drive) 128 000 - 430 000Purchasing power/inhabitant €2 785 - €4 059Bank deposits/inhabitant €604 - €1 896Major businesses in the area Agriculture, Automotive,

Mining, Pharmaceutical,Textiles, Tourism

Main local universities Valahia University (Alexandria)Transylvania University (Brasov)

University of Petrosani (Petrosani)Spiru Haret University (Vaslui)

The strip centres are located in Alba Iulia, Alexandria, Brasov, Petrosani, Sfantu Gheorghe, Sighisoara and Vaslui. They all benefit from adjacent Carrefour or Kaufland hypermarkets.

Regional strip centresRETAIL


* The respective retail centres are part of larger retail schemes. The remaining balance of the GLA is owned by third parties.

PHOTO: VASLUI, ROMANIA

PHOTO: BRASOV, ROMANIA


OFFICESources for macroeconomic data: Romania Institute of Statistics, Statistical Office of the Slovak Republic

THE OFFICE, ROMANIA


City Business CentreOFFICE


Ownership 100%Type A-gradeYear opened/acquired (A,B,C) 2007/2012Year opened/acquired (D) 2012/2015Year opened/acquired (E) 2015/2015Lettable area 47 100m2

Property value €88.7 millionPassing rent €7.8 millionOccupancy* 97.2%*Professional services Accenture, Deloitte, Ernst&Young, 3Pillar GlobalFinancial services Banca Transilvania, Raiffeisen,

Unicredit Tiriac BankIT&C IBM, Huawei, NTT Data, SAP, Toluna, Visma, WiproOthers Autoliv, Bosch, Hella, Maerz Ofenbau,

OMV Petrom, Unified Post Timisoara is the third largest business centre in Romania, hosting international IT&C and services companies.Population 334 000Inhabitants with ages between 15-44 147 000Number of students 40 000Number of universities 6Main local universities Polytechnic University

West UniversityMajor businesses in the area Automotive

FMCGIT&C

Main languages English, French, German, Hungarian, SerbianTransportation Bus, trolleybus, tramInternational airports Traian Vuia International AirportRail stations 4Modern office stock (A & B grade) 120 000m2

The property is the largest A-grade office in Timisoara, the third city and business centre in Romania.

*Vacancy excludes the rentable areas under earn-out arrangements, applicable to buildings D and E, acquired in 2015.


Floreasca Business ParkOFFICE


Ownership 100%Type A-gradeYear opened/acquired 2009/2010Lettable area 36 200m2

Property value €102.4 millionPassing rent €7.6 millionOccupancy 99.1%IT&C Lenovo, WiproElectronics & Engineering Daikin, General ElectricChemicals & Pharma Berlin Chemie, BGP Products, SandozOthers Colliers, DHL, Exxon Mobil, Federal Mogul,

Goodyear, Holcim, L'Oreal, Mars, Regus, Royal Canin

Bucharest is the largest business centre in Romania, hosting well-known national and international companies.Population 1 883 000Inhabitants with ages between 15-44 902 000Number of students 171 000Number of universities 33Main local universities University of Bucharest,

Academy of Economic StudiesCarol Davila University of Medicine and Pharmacy

Polytechnic UniversityMajor businesses in the area IT&C


Languages English, French, German, Greek, Hungarian, Italian, Russian, Spanish

Transportation Bus, trolleybus, tram, metroAirports Henri Coanda International Airport

Aurel Vlaicu International AirportRail stations 6Modern office stock (A & B grade) 2.3 million m2

Floreasca Business Park is located in Bucharest’s new central business district, in close proximity to NEPI’s Promenada Mall and The Lakeview office building. In recent years this area has seen significant development, including new A-grade offices, a shopping mall and infrastructure.


The LakeviewOFFICE



Property value €66.8 millionPassing rent €5.1 millionOccupancy 98.8%Professional services PwCIT&C Huawei, PhilipsPharma Abbvie, Alcon, NovartisOthers LeasePlan, NEPI

Bucharest is the largest business centre in Romania, hosting well-known national and international companies.Population 1 883 000Inhabitants with ages between 15-44 902 000Number of students 171 000Number of universities 33Main local universities University of Bucharest

Academy of Economic StudiesCarol Davila University of Medicine and Pharmacy

Polytechnic UniversityMajor businesses in the region IT&C


Languages English, French, German, Greek, Hungarian, Italian, Russian, Spanish

Transportation Bus, trolleybus, tram, metroAirports Henri Coanda International Airport

Aurel Vlaicu International AirportRail stations 6Modern office stock (A & B grade) 2.3 million m2

This A-grade office building was acquired in 2013. It is located close to Floreasca Business Park and Promenada Mall, in Bucharest’s new central business district.


Ownership 50%Type A-gradeYear opened/acquired (Phase I) 2014Year opened/acquired (Phase II) 2015Lettable area 40 700m2


Property value €77.6 millionProperty value weighted by ownership €38.8 millionPassing rent weighted by ownership €3.3 millionOccupancy 96.9%IT&C 3Pillar Global, HP, Leoni, Lohika Systems, Yardi Professional services COS, Deloitte, Ernst&Young, Wolters KluwerTourism TUIOthers Betfair, Bombardier, Bosch,

MOL, National Instruments, YonderPlanned extension (Phase III) 18 500m2

Targeted opening 2017Cluj-Napoca is the second largest business centre in Romania, hosting well-known national and international companies, operating mainly in the IT&C sector. Population 321 000Inhabitants with ages between 15-44 139 000Number of students 66 000Number of universities 10Main local universities Babes-Bolyai University

Technnical UniversityMajor businesses in the area IT&C

ManufacturingPharmaceutical

Main languages English, French, German, HungarianTransportation Bus, trolleybus, tramInternational airport Avram Iancu International AirportRail stations 3Modern office stock (A & B grade) 230 000m2

After the completion of Phase I in 2014, the second phase of The Office, comprising 19,400m2 of A-grade office GLA, was completed at the end of 2015. Based on the continued strong demand for quality office space, construction of the third phase, consisting of 18,500m2 GLA, has commenced in January 2016. The Group is targeting its completion in 2017.

The OfficeOFFICE



Aupark Kosice TowerOFFICE



Property value €20.3 millionPassing rent €1.8 million*Ocuppancy 100%IT&C Eset, IBMProfessional services PwCOthers GTS, Holcim

Population 240 000Inhabitants with ages between 15-54 138 000Number of students 26 000Number of universities 3Main local universities Technical University of Kosice

University of Pavol Josef Safarik University of Veterinary Medicine and Pharmacy

Major businesses in the region AutomotiveElectronics

SteelLanguages English, German, HungarianTransportation Bus, trolleybus, tramAirports Kosice International AirportRail stations 2Modern office stock (A & B grade) 70 000m2

Aupark Kosice Tower is a ten-storey office building, connected to Kosice Mall. The building is adjacent to the main road connecting the centre with the city’s international airport.

*Minimum passing rent is guaranteed by the seller, until February 2020. Out of total GLA, 1,657 m2 was covered by this guarantee as at 30 Sep 2016.


Developments

Romania

Serbia

CLUJ-NAPOCA

BUCHAREST

4

5

DROBETATURNU SEVERIN

2

1

SATU MARE

5

BRAILA

1

SFANTUGHEORGHE

3

VASLUI

7

3

RAMNICU VALCEA

4GALATI

NOVI SAD

2

SIBIU

6

UNDER CONSTRUCTION

1. Braila Mall extension

2. Severin Shopping Center extension - Phase II

3. Sfantu Gheorghe strip centre extension

4. Victoriei Office

5. The Office - Phase III

UNDER PERMITTING AND PRE-LEASING

1. Promenada Mall extension

2. Novi Sad Mall

3. Ramnicu Valcea Mall

4. Shopping City Galati extension

5. Shopping City Satu Mare

6. Shopping City Sibiu extension

7. Vaslui strip centre extension


DEVELOPMENTS UNDER CONSTRUCTION

Braila Mall extension

Ownership 100%Lettable area - Property in use 54 400m2

Estimated lettable area - Extension 2 400m2

Passing rent - Property in use €5.6 millionEstimated rental value - Extension under construction €0.5 millionTargeted opening of extension Q4 2016Major tenants Bershka, Pull & Bear,

Stradivarius

The Group is redeveloping the food court and extend the fashion offering of the centre in 2016, based on strong tenant demand.

RENDER

Severin Shopping Center extension (Phase II)


Estimated lettable area - Extension under construction 1 500m2

Passing rent - Property in use €2.2 millionEstimated rental value - Extension under construction €0.2 millionTargeted opening of extension Q4 2016

Severin Shopping Center will be extended with an additional 1,500m2 fashion GLA, increasing the total GLA of the centre to 22 400m2.



PHOTO

Sfantu Gheorghe strip centre extension

Due to the success of the strip centres and demand from the tenants, the Group is able to develop extensions on some of the land available in Sfantu Gheorghe and Vaslui, adding to the fashion offering.



Passing rent - Property in use €0.2 millionEstimated rental value - Extension under construction €0.1 millionTargeted opening of extension Q4 2016

This project, located in Victoriei Square, adjacent to the Romanian Government building, includes the development of a modern office and the refurbishment of a historical building. This 7,600m2 GLA landmark office is scheduled for completion in the first quarter of 2017. The delay compared to the initially estimated completion date (December 2015) is due to permitting and the complexity of technical solutions required for the façade of this unique project.

Victoriei Office PHOTO

Ownership 100%Lettable area 7 600m2

Estimated rental value €2.7 millionTargeted opening Q1 2017



The Office - Phase III

PHOTO

Based on the strong demand for quality office space, in January 2016, the Group started the development of a third phase of this A-grade office development. Various current tenants have expressed interest in renting additional office space.

Ownership 50%Lettable area - Property in use (Phases I and II) 40 700m2

Estimated lettable area - Phase III 18 500m2

Passing rent - Property in use (Phases I and II) €6.6 millionEstimated rental value - Phase III €2.8 millionTargeted opening of Phase III Q3 2017

DEVELOPMENTS UNDER PERMITTING AND PRE-LEASING

Promenada Mall extension

The planned extension of Promenada Mall will include approximately 60,000m2* gross leasable area of mixed-use fashion, leisure, entertainment and office space.

RENDER

* Promenada Mall extension’s GLA depends on permitting.


Estimated lettable area - Mall Extension up to 30 000m2

Estimated lettable area - Office Extension up to 30 000m2

Passing rent - Property in use €10.5 millionTargeted opening of extension 2018



Novi Sad MallNovi Sad is the second largest city in Serbia, 70 km from the capital, Belgrade, and is connected by an international highway to Budapest, Vienna, Belgrade, Zagreb and Skopje.The land plot has a prime central location and zoning in place. The planned development includes a shopping mall of up to 56,000m2 GLA (in one or more phases). Construction of the first phase is planned to commence in April 2017, subject to permitting.

RENDER

Ownership 100%Estimated lettable area 56 000m2

Targeted opening Q4 2018

Ramnicu Valcea MallThe Group has acquired a 12 ha land plot, close to a residential neighbourhood.There is no modern dominant retail offering in the city. The development includes a shopping centre with cinema and entertainment components.

RENDER


Targeted opening Q4 2017



Shopping City Galati extensionThe extension will include a cinema, food court and additional fashion offering, that will transform Shopping City Galati into a regionally dominant centre. The extension will create a common access and parking with adjacent Kaufland hypermarket. Footfall and turnover recorded double digit increase over the past two years. 1800 parking bays are planned as part of the extension.



Targeted opening of extension Q4 2017

PHOTOShopping City Satu Mare

The development will be the regionaly dominant retail scheme, located in the centre of the city.The tenant mix will include food and fashion anchors, with various entertainment options.


Targeted opening 2017

RENDER



Shopping City Sibiu extension

Extended and redeveloped area

The Group plans to refurbish and extend the existing shopping centre with additional fashion brands, as well as a cinema and a larger food court area.



Targeted opening of extension Q4 2017



Passing rent - Property in use €0.2 millionTargeted opening of extension Q2 2017

Vaslui strip centre extension

Due to the success of the strip centres and demand from the tenants, the Group is able to develop extensions on some of the land available in Sfantu Gheorghe and Vaslui, adding to the fashion offering.


MANAGEMENT ACCOUNTS


CONSOLIDATED STATEMENTS OF INCOME

As the Group is focusing on being consistent in those areas of reporting that are seen to be of most relevance to investors and on providing a meaningful basis of comparison for users of the financial information, it has prepared unaudited management accounts. The main difference between the management accounts and the IFRS financial statements is that the management accounts are prepared using the proportionate consolidation method for investments in joint-ventures, which is not in accordance with IFRS (but consistent with financial statements prepared in accordance with IFRS reported before 1 January 2013), while the IFRS financial statements use the equity method for accounting for these investments (following the adoption of IFRS 11 ‘Joint Arrangements’ effective 1 January 2013).

31 Dec 2010 31 Dec 2011 31 Dec 2012 31 Dec 2013 31 Dec 2014 30 Dec 2015 30 Sep 2016

Gross rental income 17 822 25 975 31 261 45 990 67 459 110 937 109 004

Net service charge and operating expenses (1 598) (2 248) (828) (802) (1 733) (2 526) (607)

Service charge and other recoveries 3 447 6 094 8 915 14 937 25 619 44 074 46 100

Property operating expenses (5 045) (8 342) (9 743) (15 739) (27 352) (46 600) (46 707)

Net operating Income 16 224 23 727 30 433 45 188 65 726 108 411 108 397

Corporate expenses (1 863) (2 023) (2 680) (3 239) (4 538) (9 618) (8 569)

Property management net result – – 469 786 1 498 2 902 2 102

EBITDA 14 361 21 704 28 222 42 735 62 686 101 695 101 930

Net finance expense (5 071) (663) (6 246) (3 855) (1 677) (5 759) (13 275)

Finance expenses (5 653) (7 941) (9 324) (10 489) (15 676) (17 829) (18 882)

Finance income 582 6 254 1 854 3 260 6 374 3 822 997

Interest capitalised on development costs – 1 024 1 224 3 374 7 625 8 248 4 610

Non-controlling interest – – – 878 4 920 (7 427) 2 316

Dividends received from financial investments – – 822 2 906 2 417 – 738

Current income tax – – – – – – (994)

Direct investment result 9 290 21 041 22 798 42 664 68 346 88 509 90 715

Indirect investment result (2 379) (2 269) 10 305 14 800 30 849 69 889 4 323

Profit for the period attributable to equity holders 6 911 18 772 33 103 57 464 99 195 158 398 95 038

Reverse indirect result 2 379 2 269 (10 305) (14 800) (30 849) (69 889) (4 323)

Company specific adjustments 50 (287) 9 387 1 129 (144) 12 096 (1 049)

Distributable earnings before antecedent dividend 9 340 20 754 32 185 43 793 68 202 100 605 89 666

Antecendent dividend adjustment 2 325 2 323 3 157 3 577 6 870 1 954 3 706

Distributable earnings 11 665 23 077 35 342 47 370 75 072 102 559 93 372

Distributable earnings per share (euro cents) 17.61 24.67 25.95 26.79 29.69 35.34 29.28

of which recurring distributable earnings per share (euro cents) 17.61 18.54 20.88 25.79 29.69 34.76 29.28

Distribution per share (euro cents) 17.61 20.25 23.29 26.79 32.22 35.34 18.68

all amounts in €’000 unless otherwise stated


CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

31 Dec 2010 31 Dec 2011 31 Dec 2012 31 Dec 2013 31 Dec 2014 30 Dec 2015 30 Sep 2016

ASSETS

Non-current assets 328 992 362 403 444 667 920 924 1 389 772 1 858 740 2 262 649

Investment property 313 755 341 802 416 674 872 465 1 334 512 1 814 357 2 185 384

Investment property at fair value 300 899 316 393 393 966 758 623 1 038 545 1 655 219 2 003 732

Developments at cost 12 856 25 409 22 708 113 842 213 894 159 138 181 652

Advances paid for investment property – – – – 82 073 – 18 872

Goodwill 13 850 13 351 13 189 16 218 17 639 23 986 41 031

Other long-term assets – 6 213 14 728 29 831 37 446 18 115 16 965

Financial assets at fair value through profit or loss 1 387 1 037 76 2 410 175 2 282 397

Current assets 31 185 62 816 213 841 149 920 180 526 410 095 190 950

Investment property held for sale – – 28 665 1 561 27 360 25 255 21 192

Trade and other receivables 7 338 7 751 15 799 31 443 41 199 55 229 44 206

Financial investments at fair value through profit or loss – – 81 865 61 079 – – 20 088

Cash and cash equivalents 23 847 55 065 87 512 55 837 111 967 329 611 105 464

TOTAL ASSETS 360 177 425 219 658 508 1 070 844 1 570 298 2 268 835 2 453 599

LIABILITIES 205 090 189 960 264 886 358 608 329 009 772 285 778 517

Bank borrowings 178 412 164 866 219 148 266 136 218 399 201 095 176 975

Bonds – – – – – 393 414 401 766

Deferred tax liabilities 15 586 15 086 22 321 50 160 55 907 93 571 124 048

Other long-term liabilities – – – 4 059 9 446 15 443 15 489

Financial liabilities at fair value through profit and loss 1 223 2 380 7 730 4 699 5 104 3 417 2 696

Trade and other payables 9 869 7 628 15 687 33 554 40 153 65 345 57 543

EQUITY ATTRIBUTABLE TO EQUITY HOLDERS 155 087 235 259 393 622 712 236 1 241 289 1 496 550 1 675 082

TOTAL LIABILITIES AND EQUITY ATTRIBUTABLE TO EQUITY HOLDERS 360 177 425 219 658 508 1 070 844 1 570 298 2 268 835 2 453 599

Adjusted NAV per share (euro) 2.22 2.43 2.88 3.70 4.63 5.25 5.51

all amounts in €’000 unless otherwise stated


Schedule of properties as at 30 September 2016Weighted by ownership

Property name Year opened/acquired Type Location GLA GLA Valuation/Cost to date Passing rent* Average rental Occupancy

m2 m2 €m €m €/ m2/ month TOTAL PROPERTIES 1,352,000 1,223,100 2,206.6 164.7INCOME PRODUCING PROPERTIES 1,061,600 941,950 2,003.7 155.3 13.7 98.1%RETAIL 871,300 772,000 1,670.3 127.9 13.8 98.0%Mega Mall 2015 Super-Regional Mall Romania 75,500 75,500 252.2 18.0 19.9 98.4%City Park 2008 / 2013 Regional Mall Romania 52,000 52,000 130.4 11.5 18.4 95.0%Promenada Mall 2013 / 2014 Lifestyle Centre Romania 40,400 40,400 160.2 10.5 21.6 99.5%Aupark Kosice Mall 2011 / 2014 Regional Mall Slovakia 33,800 33,800 145.1 9.5 23.4 94.0%Shopping City Sibiu 2006 / 2016 Super-Regional Mall Romania 79,100 79,100 100.6 8.4 8.9 96.4%Shopping City Timisoara 2015-2016 Regional Mall Romania 57,700 57,700 98.6 7.9 11.4 99.8%Aupark Zilina 2010 / 2013 Regional Mall Slovakia 25,100 25,100 105.4 7.5 24.9 100.0%Iris Titan Shopping Center 2008 / 2015 Regional Mall Romania 45,000 45,000 91.2 7.5 13.9 99.7%Shopping City Deva 2007 / 2013 Regional Mall Romania 52,300 52,300 68.2 6.0 9.6 99.0%Braila Mall 2008 / 2009 Regional Mall Romania 54,400 54,400 73.1 5.6 8.6 99.3%Forum Ústí nad Labem 2009 / 2016 Regional Mall Czech Republic 27,800 27,800 82.6 5.5 16.5 95.0%Vulcan Value Centre 2014 Community Centre Romania 24,600 24,600 48.5 3.9 13.2 99.9%Pitesti Retail Park 2007 / 2010 Community Centre Romania ***39,900 24,800 42.7 3.7 12.4 100.0%Shopping City Galati 2013 Regional Mall Romania 27,200 27,200 51.4 3.7 11.3 94.7%Ploiesti Shopping City** 2012 Regional Mall Romania 46,400 23,200 44.0 3.4 12.3 97.1%Kragujevac Plaza 2012 / 2014 Regional Mall Serbia 21,900 21,900 40.0 3.4 12.9 94.3%Shopping City Targu Jiu 2014 Regional Mall Romania 26,900 26,900 39.3 3.1 9.6 99.7%Korzo Shopping Centrum 2010-2011/2016 Community Centre Slovakia 16,500 16,500 29.5 2.6 12.9 100.0%Severin Shopping Center 2009 / 2013 Regional Mall Romania 20,900 20,900 27.8 2.2 8.7 98.0%Aurora Shopping Mall 2008 / 2014 Regional Mall Romania 18,000 18,000 8.8 1.6 7.4 100.0%Regional strip centres 2007-2014 Strip Centres Romania ***85,900 24,900 30.7 2.4 8.2 100.0%OFFICE 162,400 142,050 317.0 25.6 15.0 98.2%City Business Centre 2007-2015/ 2015 Office Romania 47,100 47,100 88.7 7.8 13.8 ^97.2%Floreasca Business Park 2009 / 2010 Office Romania 36,200 36,200 102.4 7.6 17.4 99.1%The Lakeview 2010 / 2013 Office Romania 25,600 25,600 66.8 5.1 16.8 98.8%The Office** - Phase I & Phase II 2014-2015 Office Romania 40,700 20,350 38.8 3.3 13.5 96.9%Aupark Kosice Tower 2012 / 2014 Office Slovakia 12,800 12,800 20.3 1.8 11.7 100.0%INDUSTRIAL 27,900 27,900 16.4 1.8 5.5 98.0%Rasnov Industrial Facility 2007 Industrial Romania 23,000 23,000 11.8 1.3 4.6 97.6%Otopeni Warehouse 2010 Industrial Romania 4,900 4,900 4.6 0.5 9.3 100.0%

TOTAL DEVELOPMENTS AND LAND BANK 255,000 245,750 181.7 8.1DEVELOPMENTS UNDER CONSTRUCTION 58,900 49,650 67.7 8.1 Shopping City Piatra Neamt Development Romania 27,900 27,900 20.8 3.2 Victoriei Office Development Romania 7,600 7,600 34.9 2.7 The Office** - Phase III Extension Romania 18,500 9,250 5.6 1.4 Braila Mall extension Extension Romania 2,400 2,400 4.6 0.5 Severin Shopping Center extension - Phase II Extension Romania 1,500 1,500 1.6 0.2 Sfantu Gheorghe strip centre extension Extension Romania 1,000 1,000 0.2 0.1

DEVELOPMENTS UNDER PERMITTING AND PRE-LEASING ^^196,100 196,100 90.2 Promenada Mall extension Extension Romania 60,000 60,000 34.0 Novi Sad Mall Development Serbia 56,000 56,000 31.3 Ramnicu Valcea Mall Development Romania 27,900 27,900 9.6 Shopping City Galati extension Extension Romania 21,000 21,000 8.6 Shopping City Satu Mare Development Romania 17,400 17,400 6.7 Shopping City Sibiu extension Extension Romania 11,000 11,000 - Vaslui strip centre extension Extension Romania 2,800 2,800 -

Land bank 23.8

NON-CORE PROPERTIES 35,400 35,400 21.2 1.3The Group acquired Aupark Shopping Center Piestany, located in Piestany, Slovakia, valued at €39.5 million, with an effective date of 31 August 2016. The transfer of shares was finalised on 5 October 2016 and as a result, the transaction is not reflected in thefinancial results of the quarter ended 30 September, 2016.

* Estimated rental value for developments.** The Group holds 50% interest in Ploiesti Shopping City (in partnership with Carrefour Property) and The Office, Cluj-Napoca (in partnership with Ovidiu Sandor, an experienced Romanian office developer).*** The respective retail centres are part of larger retail schemes. The remaining balance of the GLA is owned by third parties.^ Vacancy excludes the rentable areas under the earn-out arrangements.^^ The developments under permitting and pre-leasing’s GLA depends on permitting.

Company Profile (December 2016)

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