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COMPANY PROFILE 31 DECEMBER 2015

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Page 1: Nepi sunumu

COMPANY PROFILE 31 DECEMBER 2015

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 2

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 1

PROFILE 2

MACROECONOMIC OVERVIEW 15

PORTFOLIO 19

MANAGEMENT ACCOUNTS 52

SCHEDULE OF PROPERTIES 56

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 2

PROFILE

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 3

INTEGRATED COMMERCIAL PROPERTY DEVELOPER, INVESTOR AND OPERATOR

NEPI is a leading property investment and development group 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; - Extracting 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, 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 Alternative Investment Market (AIM) of the London Stock Exchange (LSE)The shares are transferable among the three registers.The JSE is the most liquid in terms of share trading of the three stock exchanges where NEPI is listed. INVESTMENT GRADE RATINGS Moody’s — Baa3 (stable outlook) Standard & Poors — BBB- (stable outlook)

DISTRIBUTIONS

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

83+14+3+zby rental income

GEOGRAPHICAL PROFILE

Romania 83% €104.0 million

Slovakia 14% €18.3 million

Serbia 3% €3.4 million

100% €125.7 million

79+20+1+zSECTORAL PROFILEby rental income

Retail 80% €99.6 million

Office 19% €24.3 million

Industrial 1% €1.8 million

100% €125.7 million

Profile

INVESTMENT PROPERTY OVERVIEW AS AT 31 DECEMBER 2015

Number

Weighted GLA

'000m2

WeightedValuation

€m

Weighted Passing rent/ERV

€mOccupancy

%TOTAL PROPERTIES 54 999 1 840 140

INCOME PRODUCING 31 756 1 655 126 97.1

Retail 24 586 1 318 100 97.5

Office 5 142 320 24 95.4

Industrial 2 28 17 2 98.0

DEVELOPMENTS 3 205 160 13

Under construction 1* 70 82 13

Under permitting and pre-leasing 2** 135 49 –

Land bank – – 29 –

NON-CORE 20 38 25 1

* there are currently four properties under construction out of which three are extensions of existing properties.

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

83%ROMANIA

80%RETAIL

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 4

Track record

2 000

1 600

1 200

800

400

0

INVESTMENT PROPERTY (€m)

2009 2010 2011 2012 2013 2014 2015

NET OPERATING INCOME (€m)

2009 2010 2011 2012 2013 2014 2015

120

100

80

60

40

20

0

MARKET CAPITALISATION (€b)3.5

3.0

2.5

2.0

1.5

1.0

0.5

2009 2010 2011 2012 2013 2014 2015

— Share price — Share price with dividend reinvested

SHARE PRICE (€)14

12

10

8

6

4

2

2009 2010 2011 2012 2013 2014 2015

6.0

4.5

3.0

1.5

0

ADJUSTED NAV PER SHARE (€)

2009 2010 2011 2012 2013 2014 2015

25%

20%

15%

10%

5%

0%

40

32

24

16

8

0

DISTRIBUTION PER SHARE (euro cents)

Compound annual growth rate (%)

2009 2010 2011 2012 2013 2014 2015

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 5

The Group is focused on expanding its portfolio in Romania, Slovakia, Serbia 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

With 12 existing malls and 9 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 After the 2013 acquisition of a dominant regional mall and the establishment of a strong local management team, the Group further extended in 2014 through the acquisition of three properties in one transaction. The Group currently owns two 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 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.

ESTONIA

LATVIA

LITHUANIA

POLAND

CZECHREPUBLIC

SLOVAKIA

HUNGARY

ROMANIA

BULGARIA

MACEDONIAALBANIA

MONTENEGRO

BOSNIAAND

HERZEGOVINA

SLOVENIA

SERBIA

CROATIA

KOSOVO

CEE REGION

EU Member Countries     Candidate and Potential Candidate to EU Membership

Geographical focus

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 6

Investment criteria

MEGA MALL, BUCHAREST CITY BUSINESS CENTRE, TIMISOARA SHOPPING CITY 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, 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. 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 cases where high initial yields are achievable and the assets will be disposed of in time.

DEVELOPMENTSNEPI currently limits its development commitments to low-risk development, redevelopment and extension opportunities in Romania (where it is the largest owner of retail space and has unparalleled knowledge of the market) 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).

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 7

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

accounting and finance expertise. The team includes more than 260 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

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

COLLECTION RATE (%)

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

2009 20122010 20132011 2014 2015

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

OCCUPANCY RATE (%)

94.8% 95.2%98.2% 97.7%94.7% 98.2% 97.1%

2009 20122010 20132011 2014 2015

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 8

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.

Funding strategy

15,000

12,000

9,000

6,000

3,000

0

EQUITY RAISED (€m)

2009 2010 2011 2012 2013 2014 2015*

500

400

300

200

100

0

NUMBER OF SHAREHOLDERS

2009 2010 2011 2012 2013 2014 2015

150

120

90

60

30

0

SHARES TRADED (m)

2009 2010 2011 2012 2013 2014 2015

SHARES IN ISSUE (m)

2009 2010 2011 2012 2013 2014 2015

300

250

200

150

100

50

0

* Lower equity issues in 2015, as financing targets were achieved through an unsecured bond issue.

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 9

Funding strategy

DEBTLong-term debt strategy is to fund assets with 30% debt on an LTV* basis (capped at 35%) and diversify financing sources to optimise cost of debt. Gearing as at 31 December 2015 was 14.6%. NEPI aims at maintaining an adequate liquidity profile and optimising its cost of debt.

INVESTMENT GRADE RATINGSInvestment grade credit ratings of Baa3 (stable outlook) from Moody’s and BBB- (stable outlook) from Standard & Poors were received in October 2015.

BOND ISSUEIn November 2015, NEPI issued €400 million of unsecured, 5.25 year Eurobonds maturing on 26 February 2021, carrying a 3.750% fixed coupon, with an issue price of 99.597%.Of the proceeds, €212 million were used for refinancing existing debt, while the balance is available for financing the acquisitions and developments pipeline.

100%

80%

60%

40%

20%

0

LEVERAGE PROFILE*

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

2009 2010 2011 2012 2013 2014 2015

500

400

300

200

100

0

DEBT MATURITY PROFILE (€m)

2016 2017 2018 2019 2020** 2021+

** top up of €25m drawn in January 2016 for Aupark Kosice, payable in 2020

» continued

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 10

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, 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 8.1%

Carrefour 6.3%

C&A 1.7%

Altex 1.6%

Kingfisher 1.6%

Inditex 1.4%

H&M 1.4%

New Yorker 1.1%

Deichmann 1.1%

Peek&Cloppenburg 1.1%

25.4%

Top 10 Office Tenants Annual rent

PricewaterhouseCoopers 1.6%

Wipro 1.5%

Huawei 1.0%

Bosch 0.6%

Hella 0.6%

Accenture 0.5%

Alcatel-Lucent 0.5%

Holcim 0.4%

Autoliv 0.4%

Yardi 0.4%

7.5%

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 11

NEW EUROPE PROPERTY INVESTMENTS PLC

NE PROPERTY COOPERATIEF UA

100%

100%

100%

Management companyProperty-owning companies

ROMANIA

100%

SLOVAKIA

THE NETHERLANDS

ISLE OF MAN

100%

SERBIA

SHAREHOLDERS

Management companyProperty-owning companies

Management companyProperty-owning companies

Group structure outline and main shareholders

#except for the 70% interest held in Mega Mall and 50% interest held in Ploiesti Shopping City and The Office.

#

Top 10 Shareholders (as at 26 February 2016)% of issued

shares

Fortress Income Fund* 17.35%

Public Investment Corporation** 10.60%

Resilient REIT*** 9.34%

Investec Asset Management Holdings (PTY) 4.32%

Standard Bank Group 3.80%

Stanlib 3.60%

Sesfikile Capital 3.26%

Des de Beer 1.99%

Eskom Pension and Provident Fund 1.63%

Chataprop Holdings 50 (PTY) 1.60%

Total57.49%

*JSE listed fund focused on retail, directly or by investing in listing securities. ** PIC is 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.

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 12

DIRECTORS BOARDAUDIT COMMITEE

INVESTMENTCOMMITEE

NOMINATIONCOMMITEE

REMUNERATIONCOMMITEE

RISKCOMMITEE

Alex Morar Chief Executive Officer – Member – – –

Mirela Covasa Finance Director – – – – Member

Tiberiu Smaranda Executive Director – – – – –

Dan PascariuChair Independent Non-executive

– – Chair – –

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

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 – – Member –

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

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.

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

Board of Directors

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 13

Executive Directors

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 working for 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 fourteen years. Ms Covasa joined NEPI in February 2012 and is currently responsible for the financial management of the Company.

MIRELA COVASA Finance Director

BCom, ACCA, CAFR

Tiberiu Smaranda graduated with a degree in management and marketing. He started his career at Flamingo Group (Flanco), one of Romania’s leading electronics and white goods retailers, where he was involved in retail management, development and expansion for nearly eight years, and was responsible for the company’s expansion into Bulgaria, Croatia, Hungary, Macedonia, Moldova and Serbia. He joined NEPI in 2009 as Leasing Manager, and is currently responsible for leasing, retail developments, asset management and key-tenants relationship.

TIBERIU SMARANDA Executive Director

BA

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 large projects and M&A transactions. He joined NEPI upon its founding in 2007 and has contributed to all aspects of the business since. He was recently focused on the investments and acquisitions programme, with a view to expanding NEPI’s portfolio throughout the Central Eastern Europe region.

ALEX MORAR Chief Executive Officer

BSc

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 14

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

Michael Mills is 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 or 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

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

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 15

MACROECONOMIC OVERVIEW

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 16

Macroeconomic prospects

ROMANIA SLOVAKIA SERBIA EU28

2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020

Real GDP growth (%) 3.5 3.6 3.6 3.4 3.4 3.3 3.4 2.6 2.9 2.7 2.4 2.2 1.0 2.5 3.5 3.7 4.0 4.2 1.8 1.9 1.8 1.8 1.7 1.7

General gov. budget balance (% of GDP)

(1.8) (2.9) (2.6) (2.3) (2.3) (2.2) (2.7) (2.6) (2.2) (1.6) (1.1) (0.7) (4.0) (3.7) (3.5) (3.0) (2.8) (2.8) (2.6) (2.2) (1.9) (1.7) (1.5) (1.3)

General gov. debt (% of GDP) 40.9 41.5 42.2 42.8 43.5 44.1 53.3 53.6 53.2 52.6 51.9 51.0 76.7 78.4 77.7 75.2 71.8 68.6 88.5 88.2 87.3 86.3 85.1 84.1

Unemployment (%) 6.3 6.0 5.6 5.6 5.4 4.0 11.5 10.4 9.7 9.1 8.3 7.8 19.3 18.9 18.5 17.0 16.7 16.7 9.7 9.3 8.9 8.5 8.1 7.7

Price inflation (%) (EU harmonised) (0.6) (0.5) 2.5 2.9 2.3 2.2 (0.3) 0.8 1.5 1.9 1.9 2.0 1.5 2.3 3.7 3.8 3.5 4.0 - 0.9 1.3 1.4 1.5 1.5

Credit ratingMoody’sS&PFitch

Baa3 positiveBBB- stableBBB- stable

A2 stableA+ stableA+ stable

B1 stableBB- negativeB+ positive

---

Source: Economist Intelligence Unit, IMF, Thomson Reuters (2015)

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 17

CEE private consumption forecasted growth

Source: Eurostat, Thomson Reuters, Oxford Economics (2015)

€ 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

Poland €252bn

Serbia €25bn

Bulgaria €27bn

Croatia €26bn

Slovenia €20bnHungary

€54bn

Romania €102bn

CzechRepublic

€78bn

Balticcountries

€50bn

EU 15

120%

100%

80%

60%

40%

20%

0

120%

100%

80%

60%

40%

20%

0

Slovakia €44bn

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 18

Private consumption trendsCONVERGENCE WITH REST OF EU

Private consumption as % of EU15 average60%

50%

40%

30%

20%

10%

0

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

Romania Serbia Slovakia

10.5%

27.1%

11.8%

23.8%

35.1%

55.3%

100%

80%

60%

40%

20%

0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

STRONG GROWTH TO CONTINUEEstimated private consumption growth

Romania Serbia Slovakia EU15

78.2%

83.8%

50.1%

31.7%

Source: Economist Intelligence Unit, IMF, Thomson Reuters (2015)

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 19

PORTFOLIO

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 20

14

1

3

4

6

8

2 71

109

11

515

15

15

13

15

16

17 5

4

212

18

15

15

15

Romania

Slovakia

Serbia

231

RETAIL ROMANIA

1 Mega Mall2 Promenada Mall3 Iris Titan Shopping Center4 City Park5 Shopping City Deva6 Braila Mall7 Vulcan Value Centre8 Shopping City Galati9 Pitesti Retail Park10 Ploiesti Shopping City11 Shopping City Targu Jiu12 Shopping City Timisoara13 Severin Shopping Center14 Aurora Shopping Mall15 Regional value centres

SERBIA

16 Kragujevac Plaza

SLOVAKIA

17 Aupark Kosice Mall18 Aupark Zilina

OFFICE ROMANIA

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

SLOVAKIA

5 Aupark Kosice Tower

INDUSTRIAL ROMANIA

1 Rasnov Industrial Facility2 Otopeni Warehouse

Income-producing properties

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 21

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

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 22

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, 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 10,000m2 food court.

Ownership 70%Type MallYear opened 2015Lettable area 75 500m2

Property value €240.7 millionPassing rent €17.7 millionOccupancy 98.2%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, Marks&Spencer, 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 Altex, Flanco, Media Galaxy, SamsungHealth & beauty dm, Douglas, MAC, Sabon, Sephora,

Pupa, Yves RocherDIY & Home decor English Home, Lem’s, Nobila CasaFood Brioche Dorée, 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 671Bank deposits/inhabitant €5 097Competition Shopping City Baneasa - 85 000m2

Sun Plaza - 80 000m2

Afi Palace Cotroceni - 76 000m2

Major businesses in the area IT&CProfessional & financial services

Property & constructionUniversities Romania's largest educational centre

Mega MallRETAIL

INCOME-PRODUCING PROPERTIES

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 23

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

Property value €160.1 millionPassing rent €10.1 millionOccupancy 98.0%Supermarket BillaFashion Adidas, Bershka, C&A, Calzedonia, Deichmann,

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

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

IT&C Altex, FlancoFood Chopstix, KFC, McDonalds, Paul, Starbucks, TchiboHealth & beauty Douglas, MAC, Pupa, Sephora, Yves RocherChildren Lego, NorielEntertainment Billiard, bowling, gym

Catchment area (within 15-minutes drive) 385 000Purchasing power/inhabitant €5 671Bank deposits/inhabitant €5 097Competition 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 Floreasca Business Park and The Lakeview. The Group plans to extend the property with approximately 64,000m2 GLA of mixed-use fashion, leisure, entertainment and office space, with permitting currently in progress.

Promenada MallRETAIL

INCOME-PRODUCING PROPERTIES

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

Property value €140.8 millionPassing rent €9.3 millionOccupancy 93.1%Supermarket BillaFashion Bata, C&A, Calzedonia, Deichmann, EXIsport,

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

Office Shoes, Tom Tailor, Tommy Hilfiger, Trussardi, 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 €6 816Bank deposits/inhabitant €3 565Competition Atrium Optima - 49 282m2

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

INCOME-PRODUCING PROPERTIES

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Ownership 100%Type MallYear opened/acquired 2008/2015Lettable area 44 700m2

Property value €90 millionPassing rent €7.6 millionOccupancy 95.9%Hypermarket AuchanFashion Adidas, C&A, CCC, Deichmann, H&M,

New Yorker, TakkoIT&C FlancoHealth & beauty dm, MarionnaudEntertainment Cinema

Catchment area (within 15-minutes drive) 599 000Purchasing power/inhabitant €5 671

Bank deposits/inhabitant €5 097

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

Acquired in 2015, 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 and a seven-screen cinema.

Iris Titan Shopping CenterRETAIL

INCOME-PRODUCING PROPERTIES

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Ownership 100%Type Regional mallYear opened/acquired 2008/2013Lettable area 30 300m2

Property value €93.8 millionPassing rent €7.6 millionOccupancy 97.1%Hypermarket CoraFashion Adidas, Bata, BSB, Benvenuti, Bershka, Columbia,

Ecco, Guess, Koton, Lacoste, LC Waikiki, Mango, Marks&Spencer, Mothercare,

Musette, Nike, Oysho, Pandora, Pull&Bear, Sport Vision, Stefanel, Stradivarius, Tom Tailor,

US Polo Assn., ZaraFood KFC, McDonald’s, Pizza Hut, SubwayEntertainment Billiard, bowling, casino, cinema 4DX

Catchment area (within 45-minutes drive) 541 000Purchasing power/inhabitant €3 949Bank deposits/inhabitant €2 077Competition Maritimo Mall - 50 000m2

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 I of the extension, a ten-screen cinema, including Romania’s second 4DX auditorium, opened on 31 July 2015. The cinema is the second best selling Cinema City in Romania, after the one located in Mega Mall.

City ParkRETAIL

INCOME-PRODUCING PROPERTIES

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Aupark ZilinaRETAIL

INCOME-PRODUCING PROPERTIES

Ownership 100%Type Regional mallYear opened/acquired 2010/2013Lettable area 25 100m2

Property value €102.3 millionPassing rent €7.2 millionOccupancy 98.9%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 357Bank deposits/inhabitant €3 548Competition 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.

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Shopping City DevaRETAIL

INCOME-PRODUCING PROPERTIES

Ownership 100%

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

Property value €66 millionPassing rent €5.9 millionOccupancy 98.7%Hypermarket Auchan, Metro Cash&CarryFashion C&A, CCC, Deichmann, H&M, Hervis,

New Yorker, Orsay, Pepco, TakkoDIY & Home decor Jysk, PraktikerHealth & Beauty dm, SensibluFood KFC

Entertainment Billiard, bowling, casino, cinema

Catchment area (within 45-minutes drive) 277 000Purchasing power/inhabitant €3 729Bank deposits/inhabitant €1 161Competition 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 September 2015. The addition of international fashion brands and entertainment facilities strengthens the mall’s regionally dominant position.

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Ownership 100%Type Regional mallYear opened/acquired 2008/2009Lettable area 54 800m2

Property value €73.4 millionPassing rent €5.5 millionOccupancy 97.6%Hypermarket CarrefourFashion Benvenuti, C&A, CCC, Deichmann, H&M, Hervis,

Musette, New Yorker, Office Shoes, Orsay, Pepco

DIY & Home decor Kingfisher, Lem’s, NaturlichIT&C Altex, FlancoFood KFC, SegafredoEntertainment billiard, bowling, cinema, ice skating

Catchment area (within 45-minutes drive) 465 000Purchasing power/inhabitant €3 353Bank deposits/inhabitant €1 110Competition NEPI’s Galati Shopping CityMajor 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 Braila and Galati counties.

Braila MallRETAIL

INCOME-PRODUCING PROPERTIES

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Ownership 100%Type Value centreYear opened 2014Lettable area 24 600m2

Property value €48.9 millionPassing rent €3.7 millionOccupancy 99%Hypermarket CarrefourFashion C&A, CCC, Deichmann, H&M, Hervis, LC Waikiki,

Penti, TakkoIT&C Altex, Orange, VodafoneHealth & Beauty dm, Marionnaud, SensibluDIY & Home decor Jysk, Lem’sOther Noriel

Catchment area (within 30-minutes drive) 395 000Purchasing power/inhabitant €5 671Bank deposits/inhabitant €5 097Competition No other modern value 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 September 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

INCOME-PRODUCING PROPERTIES

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

Land available for extension 40 000m2

Property value €51.3 millionPassing rent €3.7 millionOccupancy 92.8%*Hypermarket CarrefourFashion Benvenuti, BSB, C&A, CCC, Deichmann, H&M,

Intersport, New Yorker, Nike, Otter, US Polo Assn.

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

Catchment area (within 45-minutes drive) 320 000Purchasing power/inhabitant €3 354Bank deposits/inhabitant €1 276Competition 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 substantial extension.

Shopping City GalatiRETAIL

INCOME-PRODUCING PROPERTIES

*The termination of a white goods retailer's contract in November 2015 generated a 4.8% vacancy. NEPI is in advanced negotiations to lease the vacant area.

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Type Value centreYear opened/acquired 2007/2010Lettable area 24 800m2

Property value €42.6 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 857Bank deposits/inhabitant €1 397Competition Jupiter City - 36 000m2

Euromall - 24 000m2

Major businesses in the area AutomotiveOil & Gas

WineryMain local universities University of Pitesti

This value 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

INCOME-PRODUCING PROPERTIES

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 33

Ownership 100%Type Regional mallYear opened/acquired 2012/2014Lettable area 21 900m2

Property value €40 millionPassing rent €3.4 millionOccupancy 94.1%*Supermarket IdeaFashion Bata, C&A, Deichmann, New Yorker, Nike, Orsay,

Sport Vision, Terranova, Tom TailorDIY & Home decor Home CentreFood Asian Wok, McDonald'sEntertainment cinema, climbing wall, laser tag, playground

Catchment area (within 45-minutes drive) 280 000Purchasing power/inhabitant €2 775Bank deposits/inhabitant €1 219Competition 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 mall outside the capital city. The centre opened in 2012 and dominates the region. It is the Group’s first Serbian acquisition, and will serve as a platform for prudent further expansion in Serbia and neighbouring countries.

Kragujevac PlazaRETAIL

INCOME-PRODUCING PROPERTIES

*The termination of a fashion retailer's contract generated a 3.7% vacancy. NEPI is in advanced negotiation to lease the vacancy to international fashion brands.

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Ownership 50%Type Regional mallYear opened 2012Lettable area 46 400m2

Lettable area weighted by ownership 23 200m2

Land available for extension 19 200m2

Property value weighted by ownership €41.2 millionPassing rent weighted by ownership €3.2 millionOccupancy 97.0%Hypermarket CarrefourFashion Bershka, CCC, 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 823Bank deposits/inhabitant €1 393Competition 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. This development had no impact on trading levels of Ploiesti Shopping City, which continues its upward trend in sales since opening.

Ploiesti Shopping CityRETAIL

INCOME-PRODUCING PROPERTIES

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Ownership 100%Type Regional mallYear opened 2014Lettable area 26 900m2

Property value €38.9 millionPassing rent €3 millionOccupancy 99.6%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, SpartanEntertainment billiard, bowling, casino, cinema

Catchment area (within 45-minutes drive) 323 500Purchasing power/inhabitant €3 750Bank deposits/inhabitant €885Competition No other modern retail centre in the regionMajor businesses in the area Construction materials

MiningPower generation

Main local university 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

INCOME-PRODUCING PROPERTIES

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 36

Ownership 100%Type Regional mallYear opened 2015Lettable area 16 300m2

Property value €23.3 millionPassing rent €2 millionOccupancy 100%Hypermarket CarrefourFashion PepcoIT&C Media Galaxy, Orange, TelekomHealth & Beauty Kendra, Sensiblu, Yves RocherServices RaiffeisenOthers Noriel, Zoomania

Catchment area (within 45-minutes drive) 570 000Purchasing power/inhabitant €4 449Bank deposits/inhabitant €1 768Competition Iulius Mall - 66 500m2

Major businesses in the area Automotive, FMCG, IT&CMain local universities West University

Polytechnic University

NEPI is progressing with the development of the 56,800m2 GLA of a regional mall situated in a densely populated district of Timisoara, Romania. The Carrefour hypermarket and service gallery with a total GLA of 16,300m2 opened in November 2015. The adjacent do-it-yourself store, owned by Dedeman, opened in October 2015.

Shopping City TimisoaraRETAIL

INCOME-PRODUCING PROPERTIES

HYPERMARKET AND GALLERY

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Ownership 100%Type Regional mallYear opened/acquired 2009/2013Lettable area 20 900m2

Property value €26.4 millionPassing rent €2 millionOccupancy 96.2%*Hypermarket CarrefourFashion Benvenuti, CCC, Deichmann,

Lee Cooper, New Yorker, Orsay, Pepco, Takko

IT&C AltexHealth & Beauty Kendra, SensibluFood KFC, SpartanEntertainment Billiard, bowling, cinema

Catchment area (within 45-minutes drive) 175 000Purchasing power/inhabitant €3 278Bank deposits/inhabitant €789Competition No other modern retail centre in the regionMajor businesses in the area Shipbuilding

Wind farms & power generationTourism

Local University Gheorghe Anghel University

This regional mall was acquired in 2013. The first phase of the planned extension, comprising 4,400m2 GLA, includes a six-screen cinema, leisure and entertainment area and was completed in October 2015.

Severin Shopping CenterRETAIL

INCOME-PRODUCING PROPERTIES

*Leasing of the extension advanced after year-end and occupancy level will reach 98% in the

second quarter of 2016.

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COMPANY PROFILE – 31 DECEMBER 2015NEW EUROPE PROPERTY INVESTMENTS PLC 38

Ownership 100%Type Regional mallYear opened/acquired 2008/2014Lettable area 18 000m2

Property value €8.1 millionPassing rent €1.5 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 237Bank deposits/inhabitant €967Competition 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

INCOME-PRODUCING PROPERTIES

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Type Regional value centreYear opened/acquired 2007-2014Lettable area *85 900m2

Lettable area weighted by ownership 24 900m2

Property value weighted by ownership €30.6 millionPassing rent weighted by ownership €2.5 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 €2 810 - €4 061Bank deposits/inhabitant €611 - €1 899Major 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 value centres are located in Alba Iulia, Alexandria, Brasov, Petrosani, Sfantu Gheorghe, Sighisoara and Vaslui. They are all benefiting from adjacent Carrefour or Kaufland hypermarkets.

Regional value centresRETAIL

INCOME-PRODUCING PROPERTIES

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

PHOTO: VASLUI, VASLUI, ROMANIA

PHOTO: BRASOV VALUE CENTRE, BRASOV, ROMANIA

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

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Floreasca Business ParkOFFICE

INCOME-PRODUCING PROPERTIES

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

Property value €103 millionPassing rent €7.4 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 400Inhabitants with ages between 14-45 894 100Number of students 139 300Number of universities 35Main local universities University of Bucharest,

Academy of Economic StudiesCarol Davila University of Medicine and Pharmacy

Polytechnic UniversityMajor businesses in the area IT&C

Professional and financial servicesProperty & construction

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.

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City Business CentreOFFICE

INCOME-PRODUCING PROPERTIES

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 €92.1 millionPassing rent €7.3 millionOccupancy* 97.7%*Professional services Accenture, Deloitte, Ernst&Young, 3Pillar GlobalFinancial services Banca Transilvania, Generali, Raiffeisen,

Unicredit Tiriac BankIT&C Alcatel, IBM, 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 319 000Inhabitants with ages between 14-45 170 000Number of students 33 000Number of universities 8Main 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

NEPI has finalised the acquisition of City Business Centre in 2015, by adding the newest two buildings in the complex to its portfolio. The transaction was initiated through a Forward Purchase Agreement signed in 2012, when the first three buildings were acquired. The property is the largest A-grade office in Timisoara.

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

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The LakeviewOFFICE

INCOME-PRODUCING PROPERTIES

Ownership 100%Type A-gradeYear opened/acquired 2010/2013Lettable area 25 600m2

Property value €67 millionPassing rent €5.1 millionOccupancy 95.3%*Professional services PricewaterhouseCoopersIT&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 400Inhabitants with ages between 14-45 894 100Number of students 139 300Number of universities 35Main universities University of Bucharest

Academy of Economic StudiesCarol Davila University of Medicine and Pharmacy

Polytechnic UniversityMajor businesses in the region IT&C

Professional and financial servicesProperty & construction

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.

*Part of this vacant space, representing 3.3% of the total GLA, will be leased during the second quarter of 2016.

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

Lettable area weighted by ownership 20 350m2

Property value €76.0 millionProperty value weighted by ownership €38.0 millionPassing rent weighted by ownership €2.7 millionOccupancy (Phase I) 98.7%Occupancy (Phase II) 60.4%*

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

Target opening date 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 325 000Inhabitants with ages between 14-45 168 000Number of students 50 000Number of universities 12Main 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 in November 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

INCOME-PRODUCING PROPERTIES

* As of 14 March 2016 the occupancy level is 88%.

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Aupark Kosice TowerOFFICE

INCOME-PRODUCING PROPERTIES

Ownership 100%Type A-gradeYear opened/acquired 2012/2014Lettable area 12 800m2

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

Population 240 000Inhabitants with ages between 14-45 111 400Number of students 26 100Number of universities 3Main 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, 4,338m2 was covered by this guarantee as at 31 December 2015.

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Developments

CLUJ-NAPOCA

TIMISOARA

CONSTANTABUCHAREST

23

1

DROBETATURNU SEVERIN

4

PIATRA NEAMT

24

1

SATU MARE

3

BRAILA

5

SFANTUGHEORGHE

6

VASLUI

6

UNDER CONSTRUCTION

1. Shopping City Timisoara - Fashion and Entertainment section

2. City Park extension - Phase II

3. Victoriei Office

4. Severin Shopping Center extension - Phase II

UNDER PERMITTING AND PRE-LEASING

1. Promenada Mall extension

2. Shopping City Piatra Neamt

3. Shopping City Satu Mare

4. The Office – Phase III

5. Braila Mall extension

6. Regional value centres extension

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City Park extension Phase II

The first phase of this development was completed in November 2015 and includes a Carrefour hypermarket and the adjacent gallery. The phase currently under development will include international and national fashion brands, a thirteen-screen cinema with an IMAX and a 4DX auditorium, and other entertainment and leisure facilities. It is scheduled for opening on 31 March 2016. The Group has the available land to extend the centre to up to 80,000m2.

Ownership 100%Lettable area - Hypermarket and Gallery 16 300m2

Estimated lettable area - Fashion and Entertainment 40 500m2

Passing rent - Hypermarket and Gallery €2.0 millionEstimated rental value - Fashion and Entertainment €5.6 millionTargeted opening Q1 2016Major tenants - Fashion and Entertainment

Adidas, Bershka, C&A, CCC, Cinema City, Collin’s, Cropp, Deichmann, dm, Douglas, Flanco, H&M, Hervis, Intersport, KFC, Koton, LC Waikiki, Lee Cooper, Levi’s, Motivi, New Yorker, Orsay, Pimkie, Pizza

Hut, Pull&Bear, Pupa, Sephora, Sport Vision, Stradivarius, Tom Tailor, Top Shop, Vodafone, Zara

Ownership 100%Lettable area - Property in use 30 300m2

Estimated lettable area - Extension under construction 19 500m2

Passing rent - Property in use €7.6 millionEstimated rental value - Extension under construction €4.1 millionTargeted opening of extension Q2 2016Major tenants - Extension

C&A, CCC, Colin’s, Geox, DS Damat, H&M, House, Lego, Levi’s, MAC, Mohito, Motivi, New Yorker, Noriel, Orsay, Paul, Pimkie, Pupa, Reserved,

Sabon, Sephora, Tommy Hilfiger, World Class, Zara Home

Phase II of the extension, comprising 19,500m2 GLA of international fashion brands is scheduled for opening in Q2 2016. After completion, City Park’s GLA will increase to 49,800m2 and will establish the mall as the dominant retail centre in the region.

RENDER

RENDER

Shopping City Timisoara

DEVELOPMENTS UNDER CONSTRUCTION

FASHION AND ENTERTAINMENT

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Promenada Mall extension

Shopping City Piatra Neamt

The planned extension of Promenada Mall will include approximately 64,000m2* gross leasable area of mixed-use fashion, leisure, entertainment and office space.

DEVELOPMENTS UNDER PERMITTING AND PRE-LEASING

RENDER

RENDER

The Group is developing a 27,900m2 GLA regional mall in Piatra Neamt, Romania. Carrefour has been secured for the 10,000m2 GLA hypermarket and Cinema City will operate a six-screen cinema.

Ownership 100%Estimated lettable area 27 900m2

Targeted opening Q4 2016Major tenants Benvenuti, C&A, Carrefour, Cinema City, Gatta,

Kendra, Orsay, Pepco, Sensiblu, Zoo Center

* Promenada Mall’s extension’s GLA depends on permitting.

Ownership 100%Lettable area - Property in use 40 400m2

Estimated lettable area - Mall Extension up to 34 000m2

Estimated lettable area - Office Extension up to 30 000m2

Passing rent - Property in use €10.1 millionTargeted opening of extension 2018

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Shopping City Satu Mare

DEVELOPMENTS UNDER PERMITTING AND PRE-LEASING

RENDER

Braila Mall extension

The Group is planning to develop a regionally dominant retail scheme in the centre of Satu Mare, featuring a food anchor, several fashion anchors, as well as a wide array of entertainment options.

Ownership 100%Estimated lettable area 27 900m2

Targeted opening 2017

Ownership 100%Lettable area - Property in use 54 800m2

Estimated lettable area - Extension 2 400m2

Passing rent - Property in use €5.5 millionTargeted opening of extension Q4 2016

The Group is planning to redevelop the food court and extend the fashion offering of the centre in 2016, based on strong tenant demand. Negotiations are in progress with renowned fashion anchors.

RENDER

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Due to the success of the value 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.

Value Centre extensions

DEVELOPMENTS UNDER PERMITTING AND PRE-LEASING

Vaslui

RENDER

RENDER

Ownership 100%Lettable area - Property in use 1 800m2

Estimated lettable area - Extension 2 800m2

Passing rent - Property in use €0,2 millionTargeted opening of extension Q3 2016

Ownership 100%Lettable area - Property in use 1 600m2

Estimated lettable area - Extension 1 000m2

Passing rent - Property in use €0,2 millionTargeted opening of extension Q2 2017

Sfantu Gheorghe

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RENDERThe Office - Phase III

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.

DEVELOPMENTS UNDER PERMITTING AND PRE-LEASING

Victoriei Office RENDER

Ownership 100%Lettable area 8 400m2

Estimated rental value €2.9 millionOpening date (targeted) Q3 2016

Victoriei Office is a unique concept that includes the development of a modern, A-grade office and the refurbishment of a historical building. It is located in Victoriei Square, in central Bucharest, adjacent to the Romanian Government building.

Ownership 50%Lettable area - Property in use 40 700m2

Estimated lettable area - Extension 18 500m2

Passing rent - Property in use €5.4 millionTargeted opening of Phase III Q3 2017

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MANAGEMENT ACCOUNTS

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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).

CONSOLIDATED STATEMENTS OF INCOME

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Direct investment result 9 290 21 041 21 976 39 758 65 929 88 509

Indirect investment result (2 379) (2 269) 11 127 17 706 33 266 69 889

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

Reverse indirect result 2 379 2 269 (11 127) (17 706) (33 266) (69 889)

Company specific adjustments 50 (287) 10 209 4 035 2 273 12 096

Distributable earnings before issue cum distribution 9 340 20 754 32 185 43 793 68 202 100 605

Issue cum distribution adjustment 2 325 2 323 3 157 3 577 6 870 1 954

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

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

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

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

all amounts in €’000 unless otherwise stated

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

ASSETS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bonds – – – – – 393 414

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

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

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

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

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

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

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

all amounts in €’000 unless otherwise stated

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

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SCHEDULE OF PROPERTIES

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Schedule of properties as at 31 December 2015Weighted by ownership

Property nameYear opened/

acquired Type Location GLA GLAValuation/

Cost to date Passing

rent*

Average rental

€/m2/month Occupancym² m² €m €m

TOTAL PROPERTIES 1 127 400 998 500 1 839.6 140.0INCOME PRODUCING PROPERTIES 875 200 755 550 1 655.3 125.7 13.9 97.1%

RETAIL 684 900 585 600 1 318.4 99.6 14.2 97.5%Mega Mall** 2015 Mall Romania 75 500 75 500 240.7 17.7 19.5 98.2%Promenada Mall 2013/2014 Mall Romania 40 400 40 400 160.1 10.1 20.8 98.0%Aupark Kosice Mall 2011/2014 Mall Slovakia 33 800 33 800 140.8 9.3 22.9 93.1%Iris Titan Shopping Center 2008/2015 Mall Romania 44 700 44 700 90.0 7.6 14.2 95.9% City Park 2008/2013 Mall Romania 30 300 30 300 93.8 7.6 20.9 97.1%Aupark Zilina 2010/2013 Mall Slovakia 25 100 25 100 102.3 7.2 23.9 98.9%Shopping City Deva 2007/2013 Mall Romania 52 300 52 300 66.0 5.9 9.4 98.7%Braila Mall 2008/2009 Mall Romania 54 800 54 800 73.4 5.5 8.4 97.6%Vulcan Value Centre 2014 Value centre Romania 24 600 24 600 48.9 3.7 12.5 99.0%Shopping City Galati 2013 Mall Romania 27 200 27 200 51.3 3.7 11.3 92.8%Pitesti Retail Park 2007/2010 Value centre Romania ^39 900 24 800 42.6 3.7 12.4 100%Kragujevac Plaza 2012/2014 Mall Serbia 21 900 21 900 40.0 3.4 12.9 94.1%Ploiesti Shopping City*** 2012 Mall Romania 46 400 23 200 41.2 3.2 11.5 97.0%Shopping City Targu Jiu 2014 Mall Romania 26 900 26 900 38.9 3.0 9.3 99.6%Shopping City Timisoara - Phase I (A) 2015 Mall Romania 16 300 16 300 23.3 2.0 10.2 100%Severin Shopping Center 2009/2013 Mall Romania 20 900 20 900 26.4 2.0 8.0 96.2%Aurora Shopping Mall 2008/2014 Mall Romania 18 000 18 000 8.1 1.5 6.9 100%Regional value centres 2007-2014 Value centre Romania ^85 900 24 900 30.6 2.5 8.4 100%

OFFICE 162 400 142 050 320.4 24.3 14.3 95.4%Floreasca Business Park 2009/2010 Office Romania 36 200 36 200 103.0 7.4 17.0 99.1%City Business Centre 2007-2015/2012-2015 Office Romania 47 100 47 100 92.1 7.3 12.9 ^^97.7%The Lakeview 2010/2013 Office Romania 25 600 25 600 67.0 5.1 16.6 95.3%The Office - Phase I & Phase II *** 2014-2015 Office Romania 40 700 20 350 38.0 2.7 11.1 80.5%Aupark Kosice Tower 2012/2014 Office Slovakia 12 800 12 800 20.3 1.8 11.7 100%

INDUSTRIAL 27 900 27 900 16.5 1.8 5.4 98.0%Rasnov Industrial Facility 2007 Industrial Romania 23 000 23 000 11.9 1.3 4.7 97.6%Otopeni Warehouse 2006/2010 Industrial Romania 4 900 4 900 4.6 0.5 8.5 100%

DEVELOPMENTS UNDER CONSTRUCTION 69 900 69 900 82.3 12.8Shopping City Timisoara - Phase I (B) Mall development Romania 40 500 40 500 41.3 5.6City Park extension - Phase II Mall extension Romania 19 500 19 500 16.8 4.1Victoriei Office Office development Romania 8 400 8 400 24.1 2.9Severin Shopping Center extension - Phase II Mall extension Romania 1 500 1 500 0.1 0.2

DEVELOPMENTS UNDER PERMITTING AND PRE-LEASING 144 500 135 250 76.7Promenada Mall extension Mall/Office extension Romania ^^^64 000 64 000 30.1Shopping City Piatra Neamt Mall development Romania 27 900 27 900 10.8Shopping City Satu Mare Mall development Romania 27 900 27 900 5.5The Office - Phase III*** Office extension Romania 18 500 9 250 1.5Braila Mall extension Mall extension Romania 2 400 2 400 0.3

Regional value centres extensionValue centres

extensionRomania 3 800 3 800 -

Land held for extensions and developments 28.5NON-CORE PROPERTIES 37 800 37 800 25.3 1.5

* Estimated rental value for developments. ** The Group holds 70% interest in Mega Mall. Mega Mall is accounted for at 100% in the IFRS financial statements and a corresponding 30% non-controlling interest is included in Equity. *** 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. ^^^ Promenada Mall’s extension’s GLA depends on permitting.

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