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COMPANY PROFILE APRIL 2016

COMPANY PROFILE – APRIL 2016NEW EUROPE PROPERTY INVESTMENTS PLC 2


PROFILE 2

MACROECONOMIC OVERVIEW 15

PORTFOLIO 19

MANAGEMENT ACCOUNTS 54

SCHEDULE OF PROPERTIES 57


PROFILE


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; - 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, Serbia and the Czech Republic, 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 generally 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% €110.1 million

Slovakia 14% €18.5 million

Serbia 3% €3.5 million

100% €132.1 million

80+19+1+zSECTORAL PROFILEby rental income

Retail 80% €105.2 million

Office 19% €25.1 million

Industrial 1% €1.8 million

100% €132.1 million

Profile

INVESTMENT PROPERTY OVERVIEW AS AT 31 MARCH 2016

Number

Weighted GLA

'000m2

WeightedValuation

€m

Weighted Passing rent/ERV

€mOccupancy

%TOTAL PROPERTIES 53 1 037 1 880 142

INCOME PRODUCING 31 797 1 715 132 97.3

Retail 24 627 1 378 105 97.6

Office 5 142 321 25 95.8

Industrial 2 28 16 2 98.0

DEVELOPMENTS 4 204 142 9

Under construction 1* 41 55 9

Under permitting and pre-leasing 3** 163 67 –

Land bank – – 20 –

NON-CORE 18 36 23 1

* out of five 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.

83%ROMANIA

80%RETAIL


Track record

2 000

1 600

1 200

800

400

0

INVESTMENT PROPERTY (€m)

2009 2010 2011 2012 2013 2014 2015 Mar 2016

6.0

4.5

3.0

1.5

0

ADJUSTED NAV PER SHARE (€)

2009 2010 2011 2012 2013 2014 2015 Mar 2016

— Share price — Share price with dividend reinvested Compound annual growth rate (%)

25%

20%

15%

10%

5%

0%

40

32

24

16

8

0

DISTRIBUTION PER SHARE (€ cents)

2009 2010 2011 2012 2013 2014 2015

MARKET CAPITALISATION (€b)

3.5

3.0

2.5

2.0

1.5

1.0

0.5

2009 2010 2011 2012 2013 2014 2015 Apr 2016

NET OPERATING INCOME (€m)

140

120

100

80

60

40

20

0

2009 2010 2011 2012 2013 2014 2015 2016*

*Annualised

SHARE PRICE (€)

14

12

10

8

6

4

2

2009 2010 2011 2012 2013 2014 2015 Apr 2016


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

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. CZECH REPUBLIC The Group acquired in April 2016 the dominant retail scheme in Ústí nad Labem, in the northern part of the country, with a view to expand its portfolio in the region. EU Member Countries Candidate and Potential Candidate to EU Membership

Geographical focus

ESTONIA

LATVIA

LITHUANIA

POLAND

CZECHREPUBLIC

HUNGARY

ROMANIA

BULGARIA

MACEDONIAALBANIA

MONTENEGRO

BOSNIAAND

HERZEGOVINA

SLOVENIA

SERBIA

CROATIA

KOSOVO

SLOVAKIA

CEE REGION


Investment criteria

MEGA MALL, BUCHAREST CITY BUSINESS CENTRE, TIMISOARA CITY PARK. CONSTANTA

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. 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).


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

technical, accounting and finance expertise. The team includes more than 290 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% 99.9%

2009 20122010 20132011 2014 2015 March 2016

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% 97.3%

2009 20122010 20132011 2014 2015 March2016


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

500

400

300

200

100

0

EQUITY RAISED (€m)

2009 2010 2011 2012 2013 2014 2015* Mar 2016**

NUMBER OF SHAREHOLDERS

2009 2010 2011 2012 2013 2014 2015May 2016

150

120

90

60

30

0

TRADING VOLUMES (m)

2009 2010 2011 2012 2013 2014 2015 Mar 2016

SHARES IN ISSUE (m)

400

300

200

100

0

* Lower equity issues after 2014, as financing targets were achieved through an unsecured bond issue. ** Return of capital

2009 2010 2011 2012 2013 2014 2015 Mar 2016


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 March 2016 was 16.3%. 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, €259 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 Mar 2016

500

400

300

200

100

0

DEBT MATURITY PROFILE AS AT 31 MARCH 2016 (€m)

2016 2017 2018** 2019 2020 2021+

** Includes Floreasca Business Park loan (due in 2018) which was voluntarily repaid in April 2016

» continued


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 7.9%

Carrefour 6.0%

Inditex 1.7%

Altex 1.6%

H&M 1.5%

Kingfisher 1.5%

C&A 1.4%

New Yorker 1.2%

Cinema City 1.1%

Deichmann 1.1%

25.0%

Top 10 Office Tenants Annual rent

PricewaterhouseCoopers 1.5%

Wipro 1.4%

Huawei 1.1%

Holcim 0.6%

Bosch 0.6%

Hella 0.5%

Accenture 0.5%

Autoliv 0.4%

Betfair 0.4%

Yardi 0.4%

7.4%


Group structure outline and main shareholders

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



100%

CZECH REPUBLIC

Property-owning companies

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

#

Top 5 Shareholders (as at 27 May 2016)% of issued

shares

Fortress Income Fund* 17.35%

Public Investment Corporation** 11.21%

Resilient REIT*** 9.35%

Investec Asset Management Holdings (PTY) 3.76%

Stanlib 3.71%

Total45.38%

*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

Tiberiu Smaranda Executive Director – – – – –

Dan PascariuChair Independent Non-executive

– – Chair – –

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 –

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.

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

Board of Directors


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 and asset management.

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


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


MACROECONOMIC OVERVIEW


Macroeconomic prospects

ROMANIA SLOVAKIA SERBIA CZECH REPUBLIC EU28

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

Real GDP growth (%) 4.2 3.7 3.5 3.5 2.9 2.8 2.6 3.0 2.8 2.7 2.0 3.0 3.5 4.0 4.2 2.3 2.6 2.4 2.3 2.2 1.6 1.8 1.8 1.7 1.8

General gov. budget balance (% of GDP)

(3.0) (3.1) (2.3) (1.5) (1.4) (2.6) (2.2) (1.6) (1.3) (1.2) (3.7) (3.5) (3.2) (3.0) (2.8) (0.6) (1.0) (0.9) (0.8) (0.7) (2.3) (2.0) (1.7) (1.6) (1.4)

General gov. debt (% of GDP) 39.4 40.2 39.9 39.1 38.5 52.6 53.4 52.9 52.1 51.2 78.9 77.9 75.1 72.1 69.1 40.9 40.2 39.8 39.5 38.9 88.6 88.0 87.0 86.1 85.0

Unemployment (%) 6.1 5.9 5.8 5.6 5.5 9.8 8.8 8.2 7.6 7.1 18.9 18.5 18.1 17.8 17.8 5.7 5.5 5.2 5.0 4.9 9.0 8.7 8.5 8.2 7.8

Price inflation (%) (EU harmonised) (0.9) 3.3 2.8 2.3 2.2 0.5 1.5 1.6 1.7 1.9 1.4 3.0 3.5 3.1 3.7 0.6 1.5 2.1 1.9 2.0 0.4 1.0 1.3 1.4 1.5

Credit rating

Moody’sS&PFitch

Baa3 positive BBB- stable BBB- stable

A2 stable A+ stable A+ stable

B1 positive BB- stable B+ positive

A1 stable AA- stable A+ stable

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

EU 15

120%

100%

80%

60%

40%

20%

0

120%

100%

80%

60%

40%

20%

0

Slovakia €45bn

Croatia €26bn


Private consumption trends

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

CONVERGENCE WITH REST OF EUPrivate consumption as % of EU15 average

60%

50%

40%

30%

20%

10%

0

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

Romania Serbia Slovakia The Czech Republic

10.5%

27.1%

29.3%

11.8%

24.6%

36.1%

57.1%

52.8%

100%

80%

60%

40%

20%

0

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

STRONG GROWTH TO CONTINUEEstimated private consumption growth

97.7%

83.9%

59.3%57.6%

37.0%

Romania Serbia Slovakia EU15The Czech Republic


PORTFOLIO


Expiry profile

140

120

100

80

60

40

20

0

2016 2017 2018 2019

by gross rentals (€m)

2020 2021 2022 2023 2024 2025

Retail Office Industrial

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.

64+7+29+SType A 64%Type B 7%Type C 29%

64%TYPE A

by rentable area

TENANT PROFILE

by rentable area ('000 sqm)800

700

600

500

400

300

200

100

0

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Retail Office Industrial


14

1

4

5

7

10

2 81

119

12

615

15

15

13

15

16

17 5

4

23

18

15

15

15

Romania

Slovakia

Czech Republic

Serbia

231

19

RETAIL ROMANIA

1 Mega Mall2 Promenada Mall3 Shopping City Timisoara4 Iris Titan Shopping Center5 City Park6 Shopping City Deva7 Braila Mall8 Vulcan Value Centre9 Pitesti Retail Park10 Shopping City Galati11 Ploiesti Shopping City12 Shopping City Targu Jiu13 Severin Shopping Center14 Aurora Shopping Mall15 Regional value centres

SERBIA

16 Kragujevac Plaza

SLOVAKIA

17 Aupark Kosice Mall18 Aupark Zilina

CZECH REPUBLIC

19 Forum Ústí nad Labem

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


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


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 98.0%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 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 645Bank deposits/inhabitant €5 137Competition Baneasa Shopping City - 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


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

Property value €160.1 millionPassing rent €10.2 millionOccupancy 98.3%Supermarket BillaFashion Adidas, 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) 385 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 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



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

Property value €140.8 millionPassing rent €9.3 millionOccupancy 93.0%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 €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 Regional mallYear opened 2015-2016Lettable area 57 700m2

Property value €81.9 millionPassing rent €7.5 millionOccupancy 96.0%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 HutServices 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

The first phase of the development, comprising a hypermarket and gallery (16,300m2 GLA), was opened in November 2015. The second phase opened on 31 March 2016 and includes an additional 41,400m2 of fashion and entertainment GLA, featuring local and international brands. The occupancy rate on opening date was 96%. The mall includes a Cinema City, unique in the CEE region, featuring both 4DX and IMAX halls.

Shopping City TimisoaraRETAIL



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

Property value €90.1 millionPassing rent €7.5 millionOccupancy 96.5%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 €5 645

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

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 as well as a seven-screen cinema.

Iris Titan Shopping CenterRETAIL



Aupark ZilinaRETAIL



Property value €102.3 millionPassing rent €7.4 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.


Ownership 100%

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

Property value €93.8 millionPassing rent €6.9 millionOccupancy 99.3%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, Steilmann,Stradivarius,

Tom Tailor, US Polo Assn., ZaraFood KFC, McDonald’s, Pizza Hut, SubwayHealth & Beauty DouglasEntertainment billiard, bowling, casino, cinema 4DX, playground

Catchment area (within 45-minutes drive) 541 000Purchasing power/inhabitant €3 964Bank deposits/inhabitant €2 061Competition 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 in July 2015. The cinema is the second best selling Cinema City in Romania, after the one located in Mega Mall.

City ParkRETAIL



Shopping City DevaRETAIL


Ownership 100%

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

Property value €66.8 millionPassing rent €5.9 millionOccupancy 97.6%Hypermarket Auchan, Metro Cash&CarryFashion C&A, CCC, Deichmann, H&M, Hervis,

New Yorker, Orsay, Pepco, TakkoIT&C AltexDIY & Home decor Jysk, PraktikerHealth & Beauty dm, SensibluFood KFC

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 September 2015. The addition of international fashion brands and entertainment facilities strengthens the mall’s regionally dominant position.



Property value €82.6 millionPassing rent €5.7 millionOccupancy 96.1%Hypermarket BillaFashion Adidas, CCC, C&A, Cropp Town, Deichmann, Gant,

H&M, Humanic, Levi’s, 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

In April 2016 NEPI acquired the Forum Ústí nad Labem shopping centre, situated in the Czech Republic. Ústí nad Labem is the capital of the Ústecký region, located in the northern part of the country. 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 2016.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.

Forum Ústí nad LabemRETAIL




Property value €73.4 millionPassing rent €5.6 millionOccupancy 99.0%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 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 Braila and Galati counties.

Braila MallRETAIL



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

Property value €48.7 millionPassing rent €3.8 millionOccupancy 99.5%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 645Bank deposits/inhabitant €5 137Competition 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 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 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 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 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



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

Land available for extension 40 000m2

Property value €51.3 millionPassing rent €3.6 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 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 and additional food court and fashion offering.

Shopping City GalatiRETAIL


*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.



Property value €40.1 millionPassing rent €3.5 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 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 mall outside the capital city. The centre opened in 2012 and dominates the region.

Kragujevac PlazaRETAIL


*The termination of a fashion retailer's contract generated a 3.7% vacancy. NEPI estimates that the vacant space will be let by the end of 2016.



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 €3.3 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 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. This development had no impact on trading levels of Ploiesti Shopping City, which continues its upward trend in sales since opening.

Ploiesti Shopping CityRETAIL




Property value €38.9 millionPassing rent €3.1 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 672Bank deposits/inhabitant €890Competition 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




Property value €26.4 millionPassing rent €2.1 millionOccupancy 97.8%*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 214Bank deposits/inhabitant €790Competition 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, which included a six-screen cinema, leisure and entertainment area, was completed in October 2015. 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 €8.1 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 Regional value centreYear opened/acquired 2007-2014Lettable area *85 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 €2 785 - €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 value centres are located in Alba Iulia, Alexandria, Brasov, Petrosani, Sfantu Gheorghe, Sighisoara and Vaslui. They all benefit from adjacent Carrefour or Kaufland hypermarkets.

Regional value centresRETAIL


* 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


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


Floreasca Business ParkOFFICE


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

Property value €103 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 2 111 000Inhabitants with ages between 15-44 902 200Number 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


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.


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 €92.1 millionPassing rent €7.6 millionOccupancy* 95.7%*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 334 000Inhabitants with ages between 15-44 147 500Number 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

The property is the largest A-grade office in Timisoara.

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


The LakeviewOFFICE



Property value €67 millionPassing rent €5.2 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 2 111 000Inhabitants with ages between 15-44 902 200Number 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


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 €76.2 millionProperty value weighted by ownership €38.1 millionPassing rent weighted by ownership €2.9 millionOccupancy 88.3%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 321 500Inhabitants with ages between 15-44 139 400Number 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



Aupark Kosice TowerOFFICE



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 15-54 137 800Number 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, 2,728m2 was covered by this guarantee as at 31 March 2016.


Developments

CLUJ-NAPOCA

CONSTANTABUCHAREST

12

3

DROBETATURNU SEVERIN

5

PIATRA NEAMT

2

1

SATU MARE

5

BRAILA

4

SFANTUGHEORGHE

6

VASLUI

6

3

RAMNICU VALCEA

4GALATI

UNDER CONSTRUCTION

1. City Park extension - Phase II

2. Victoriei Office

3. The Office - Phase III

4. Braila Mall extension

5. Severin Shopping Center extension - Phase II

UNDER PERMITTING AND PRE-LEASING

1. Promenada Mall extension

2. Shopping City Piatra Neamt

3. Ramnicu Valcea Mall

4. Shopping City Galati extension

5. Shopping City Satu Mare

6. Regional value centres extension


City Park extension Phase II

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

Estimated lettable area - Extension under construction 19 500m2

Passing rent - Property in use €6.9 millionEstimated rental value - Extension under construction €4.1 millionTargeted opening of extension Q3 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 Q3 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

DEVELOPMENTS UNDER CONSTRUCTION

Braila Mall extension


Estimated lettable area - Extension 2 400m2

Passing rent - Property in use €5.6 millionEstimated rental value - Extension under construction €0.2 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


DEVELOPMENTS UNDER PERMITTING AND PRE-LEASING


Promenada Mall extension

The planned extension of Promenada Mall will include approximately 64,000m2* 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 34 000m2

Estimated lettable area - Office Extension up to 30 000m2

Passing rent - Property in use €10.2 millionTargeted opening of extension 2018

Severin Shopping Center extension Phase II


Estimated lettable area - Extension under construction 1 500m2

Passing rent - Property in use €2.1 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.


Shopping City Piatra Neamt 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


Shopping City Satu Mare RENDER

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 17 400m2

Targeted opening 2017


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


Vaslui

RENDER

RENDER



Passing rent - Property in use €0.2 millionTargeted opening of extension Q3 2016



Passing rent - Property in use €0.2 millionTargeted opening of extension Q3 2016

Sfantu Gheorghe


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 8,400m2 GLA landmark office is scheduled for completion in the third quarter of 2016. 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 RENDER

Ownership 100%Lettable area 8 400m2

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

The Office - Phase III

RENDER

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) €5.8 millionEstimated rental value - Phase III €2.8 millionTargeted opening of Phase III Q3 2017



MANAGEMENT ACCOUNTS


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 31 Mar 2016

Gross rental income 17 822 25 975 31 261 45 990 67 459 110 937 31 601

Net service charge and operating expenses (1 598) (2 248) (828) (802) (1 733) (2 526) (465)

Service charge and other recoveries 3 447 6 094 8 915 14 937 25 619 44 074 13 509

Property operating expenses (5 045) (8 342) (9 743) (15 739) (27 352) (46 600) (13 974)

Net operating Income 16 224 23 727 30 433 45 188 65 726 108 411 31 136

Corporate expenses (1 863) (2 023) (2 680) (3 239) (4 538) (9 618) (2 698)

Property management net result – – 469 786 1 498 2 902 842

EBITDA 14 361 21 704 28 222 42 735 62 686 101 695 29 280

Net finance expense (5 071) (663) (6 246) (3 855) (1 677) (5 759) (4 492)

Finance expenses (5 653) (7 941) (9 324) (10 489) (15 676) (17 829) (6 433)

Finance income 582 6 254 1 854 3 260 6 374 3 822 557

Interest capitalised on development costs – 1 024 1 224 3 374 7 625 8 248 1 384

Non-controlling interest – – – 878 4 920 (7 427) 2 676

Dividends received from financial investments – – 822 2 906 2 417 – 292

Current income tax – – – – – – (79)

Direct investment result 9 290 21 041 22 798 42 664 68 346 88 509 27 677

Indirect investment result (2 379) (2 269) 10 305 14 800 30 849 69 889 (5 619)

Profit for the period attributable to equity holders 6 911 18 772 33 103 57 464 99 195 158 398 22 058

Reverse indirect result 2 379 2 269 (10 305) (14 800) (30 849) (69 889) 5 619

Company specific adjustments 50 (287) 9 387 1 129 (144) 12 096 (1 531)

Distributable earnings before issue cum distribution 9 340 20 754 32 185 43 793 68 202 100 605 26 146

Issue cum distribution adjustment 2 325 2 323 3 157 3 577 6 870 1 954 341

Distributable earnings 11 665 23 077 35 342 47 370 75 072 102 559 26 487

Distributable earnings per share (euro cents) 17.61 24.67 25.95 26.79 29.69 35.34 8.75

of which recurring distributable earnings per share (euro cents) 17.61 18.54 20.88 25.79 29.69 34.76 8.75

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

all amounts in €’000 unless otherwise stated


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

ASSETS

Non-current assets 328 992 362 403 444 667 920 924 1 389 772 1 858 740 1 899 181

Investment property 313 755 341 802 416 674 872 465 1 334 512 1 814 357 1 856 792

Investment property at fair value 300 899 316 393 393 966 758 623 1 038 545 1 655 219 1 714 808

Developments at cost 12 856 25 409 22 708 113 842 213 894 159 138 141 984

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

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

Other long-term assets – 6 213 14 728 29 831 37 446 18 115 17 255

Financial assets at fair value through profit or loss 1 387 1 037 76 2 410 175 2 282 1 148

Current assets 31 185 62 816 213 841 149 920 180 526 410 095 408 421

Investment property held for sale – – 28 665 1 561 27 360 25 255 23 605

Trade and other receivables 7 338 7 751 15 799 31 443 41 199 55 229 50 495

Financial investments at fair value through profit or loss – – 81 865 61 079 – – 22 015

Cash and cash equivalents 23 847 55 065 87 512 55 837 111 967 329 611 312 306

TOTAL ASSETS 360 177 425 219 658 508 1 070 844 1 570 298 2 268 835 2 307 602

LIABILITIES 205 090 189 960 264 886 358 608 329 009 772 285 804 272

Bank borrowings 178 412 164 866 219 148 266 136 218 399 201 095 223 846

Bonds – – – – – 393 414 394 456

Deferred tax liabilities 15 586 15 086 22 321 50 160 55 907 93 571 98 154

Other long-term liabilities – – – 4 059 9 446 15 443 15 538

Financial liabilities at fair value through profit and loss 1 223 2 380 7 730 4 699 5 104 3 417 3 480

Trade and other payables 9 869 7 628 15 687 33 554 40 153 65 345 68 798

EQUITY ATTRIBUTABLE TO EQUITY HOLDERS 155 087 235 259 393 622 712 236 1 241 289 1 496 550 1 503 330

TOTAL LIABILITIES AND EQUITY ATTRIBUTABLE TO EQUITY HOLDERS 360 177 425 219 658 508 1 070 844 1 570 298 2 268 835 2 307 602

Adjusted NAV per share (euro) 2.22 2.43 2.88 3.70 4.63 5.25 5.21

all amounts in €’000 unless otherwise stated

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION


SCHEDULE OF PROPERTIES


Schedule of properties as at 31 March 2016Weighted 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 1 165 500 1 036 600 1 880.3 142.2INCOME PRODUCING PROPERTIES 916 200 796 550 1 714.8 132.1 13.8 97.3%

RETAIL 725 900 626 600 1 377.8 105.2 14.0 97.6%Mega Mall** 2015 Mall Romania 75 500 75 500 240.7 17.7 19.5 98.0%Promenada Mall 2013/2014 Mall Romania 40 400 40 400 160.1 10.2 21.1 98.3%Aupark Kosice Mall 2011/2014 Mall Slovakia 33 800 33 800 140.8 9.3 22.9 93.0%Shopping City Timisoara - Phase I (A+B) 2015-2016 Mall Romania 57 700 57 700 81.9 7.5 10.8 96.0%Iris Titan Shopping Center 2008/2015 Mall Romania 44 700 44 700 90.1 7.5 14.0 96.5% Aupark Zilina 2010/2013 Mall Slovakia 25 100 25 100 102.3 7.4 24.4 100%City Park 2008/2013 Mall Romania 30 300 30 300 93.8 6.9 19.0 99.3%Shopping City Deva 2007/2013 Mall Romania 52 300 52 300 66.8 5.9 9.4 97.6%Braila Mall 2008/2009 Mall Romania 54 400 54 400 73.4 5.6 8.6 99.0%Vulcan Value Centre 2014 Value centre Romania 24 600 24 600 48.7 3.8 12.9 99.5%Pitesti Retail Park 2007/2010 Value centre Romania ^39 900 24 800 42.6 3.7 12.4 100%Shopping City Galati 2013 Mall Romania 27 200 27 200 51.3 3.6 11.1 92.8%Kragujevac Plaza 2012/2014 Mall Serbia 21 900 21 900 40.1 3.5 13.4 94.1%Ploiesti Shopping City*** 2012 Mall Romania 46 400 23 200 41.2 3.3 12.0 97.0%Shopping City Targu Jiu 2014 Mall Romania 26 900 26 900 38.9 3.1 9.6 99.6%Severin Shopping Center 2009/2013 Mall Romania 20 900 20 900 26.4 2.1 8.3 97.8%Aurora Shopping Mall 2008/2014 Mall Romania 18 000 18 000 8.1 1.6 7.4 100%Regional value centres 2007-2014 Value centre Romania ^85 900 24 900 30.6 2.5 8.4 100%

OFFICE 162 400 142 050 320.5 25.1 14.7 95.8%Floreasca Business Park 2009/2010 Office Romania 36 200 36 200 103.0 7.6 17.4 99.1%City Business Centre 2007-2015/2012-2015 Office Romania 47 100 47 100 92.1 7.6 13.5 ^^95.7%The Lakeview 2010/2013 Office Romania 25 600 25 600 67.0 5.2 16.8 95.3%The Office - Phase I & Phase II *** 2014-2015 Office Romania 40 700 20 350 38.1 2.9 11.9 88.3%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%

TOTAL DEVELOPMENTS 213 700 204 450 141.9 8.8DEVELOPMENTS UNDER CONSTRUCTION 50 300 41 050 55.2 8.8

City Park extension - Phase II Mall extension Romania 19 500 19 500 24.1 4.1Victoriei Office Office development Romania 8 400 8 400 27.6 2.9The Office - Phase III*** Office development Romania 18 500 9 250 2.0 1.4Braila Mall extension Mall extension Romania 2 400 2 400 0.6 0.2Severin Shopping Center extension - Phase II Mall extension Romania 1 500 1 500 0.9 0.2

DEVELOPMENTS UNDER PERMITTING AND PRE-LEASING 163 400 163 400 66.4Promenada Mall extension Mall/Office extension Romania ^^^64 000 64 000 32.3Shopping City Piatra Neamt Mall development Romania 27 900 27 900 11.0Ramnicu Valcea Mall Mall development Romania 29 300 29 300 9.1Shopping CIty Galati extension Mall extension Romania 21 000 21 000 8.4Shopping City Satu Mare Mall development Romania 17 400 17 400 5.6

Regional value centres extensionValue centres

extensionRomania 3 800 3 800 –

LAND BANK 20.3NON-CORE PROPERTIES 35 600 35 600 23.6 1.3

* 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 extension’s GLA depends on permitting.

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