4.1% 2.2% 2.3% Inflation, September 2017 y-o-y. Retail Sales,

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1 City Report Q3 2017

2 4.1% 2.2% 2.3% GDP Growth 2017 Inflation, September 2017 y-o-y Unemployment rate September 2017, Warsaw PLN 5, % 4.3% Average salary, September 2017, Warsaw Retail Sales, September 2017 y-o-y, Poland Industrial production, September 2017 y-o-y, Poland Source: Consensus Forecasts, October 2017, Central Statistical Office, October 2017 *forecast Investment market In Q3 2017, the total transacted volume in Poland amounted to 838 million and was 50% higher than the Q3 figure of The sector split comprised ca. 420 million in offices, ca. 301 million in retail, 87 million in warehousing, with the reminder falling into residential investment transactions. A continued trend in activity is witnessed across the full spectrum of investor profiles; core through opportunistic. With a significant volume in due diligence, scheduled to close in Q4, we believe that the 2017 investment volumes are likely to exceed those of The total transacted volume in the retail sector in Poland of 301 million was a noticeable decrease as compared to the approximate sum of 400 million transacted on the same period in It should be noted, however, that Q included the acquisition of the Bonarka shopping centre in Kraków, which accounted for more than 90% of the total recorded volume to date has seen over 1.25 billion of deals closed in retail compared to 1.42 billion in the same period of We strongly believe that Q will bring a number of significant transactions which could drive the total retail investment volume to the level recorded in 2016 ( 1.96 billion) or even exceed it. The three major retail transactions completed in Q were the sale of Galeria Słoneczna by White Star Real Estate and Legend Eastern Europe (Poland) Limited Partnership, managed by White Star Real Estate, to REICO Ceska Sportitelna (price 164 million), sale of Galeria Solna by Libra Project and Acteeum Group to Echo Polska Properties (price 55.4 million) and the acquisition of seven retail centres located in Kutno, Ciechanów, Piekary Śląskie, Józefosław, Lubin, Poznań and Szczecin by Master Management from Direkt Invest Poland Funds / HBK Service Sp. z o.o. (price ca. 60 million which includes also development land). These transactions confirm that investors are interested in acquiring performing retail centres across Poland. Prime yields for best-in-class shopping centres in Poland remain stable, at 5.0%, and prime retail parks are expected to trade at approximately 7.0%. Office volumes were split between Warsaw and the regional cities in Q3. Warsaw Spire Building B was bought by CA Immo for over 100 million and Czech Fund Reico purchased Proximo I from Hines for 116 million. Both deals were at the core end of the spectrum. Prime yields in Warsaw remain stable at 5.25%. In Wrocław, GLL sold Green Day to Triuva for 49 million and in Gdansk Alchemia I was sold by Bluehouse Capital and Reino to Deutsche Asset Management for 52 million. Prime regional city yields are at 6.00% for 5 year leases, with longer leased properties trading sub 6.00%. Forecasted year-end volumes for offices in Poland stands at over 1.8 billion. Within the logistics sector, Q saw M&G conclude their purchase of Konotopa Warsaw from Panattoni and Marvipol for approximately 32 million. Axa bought a logistics portfolio with assets in Stryków, Piaseczno and Kutno from Gramercy and Segro bought a 50% share of Wrocław Industrial Park from PHN. The year-end volumes in industrial will be heavily reliant on the closing of a significant volume of stock already under PSPA and in due diligence (over 1.0 billion). Prime warehouse yields are at 6.50% with exceptional, long leased assets trading well below 6.00%.

3 Forecast Prime Yields 5.00% 5.00% 6.50% Shopping Centre Poland Investment Volumes Office Industrial 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Hotels Residential Mixed Industrial Retail Office Q1-Q investment volumes exceeded 4.5 billion, 2017 investment volumes likely to exceed 5.0 billion Key Investment Transactions in Q Sector Property Market Est. Price ( million) Seller Buyer Retail Galeria Słoneczna Radom 164 Legend Eastern Europe/WhiteStar Real Estate Office Proximo I Warsaw Hines REICO Office Warsaw Spire Building B (Frontex) Warsaw over 100 Ghelamco CA Immo Retail Galeria Solna Inowrocław 55.4 ACE 1 Sp. z o.o. Echo Polska Properties (EPP) Retail Marcredo portfolio (7 retail schemes) Various 60* Direkt Invest Polen/HBK Master Management Group Office Alchemia I Gdańsk 52 Bluehouse Capital Advisor/REINO Deutsche Asset Management Dywidenda Plus Industrial Gramercy Logistic portfolio** Stryków, Piaseczno, Kutno Not disclosed Gramercy AXA Office Green Day Wrocław ca. 49 GLL Real Estate Partners Triuva Office Vinci Office Center Kraków ca.45 Dyskret Polska Benson Elliot *the portfolio includes development land; **Part of 1.2 mln sq m portfolio of predominantly logistics assets, located in Germany, Netherlands, France, UK and Poland. REICO

4 Evolution of Gross Take-up, 2010 Q sq m 900, , , , , , , , ,000 40% 35% 30% 25% 20% 15% 10% Q1-Q New - Existing New - Prelet Expansion 5% Source: JLL, PORF, Q Owner Occupier Renewal Renewals share in gross take-up Adjusted Vacancy*, Q Market sentiment for Warsaw is continuing to improve; the pace of change in the capital is extremely rapid and economic activity is at the heart of it. sq m 700, , , , , , % 12.6% Overall Source: JLL, Q Excl. Granular Vacancy 10.4% Excl. Most Vacant Assets 7.8% Excl. Long-Term Vacancy 14% 13% 12% 11% 10% 9% 8% 7% 6% Gross demand in Q1 Q3 totalled 589,500 sq m, which accounts for approximately 78% of the total take-up in Taking into consideration that some large deals are to be closed before the year end, 2017 is set for a fantastic result. The level of new supply coming to the market is significantly lower than in the extraordinary So far this year 204,900 sq m of modern office space has been completed in Warsaw, of which 73,500 sq m came in Q3. On the other hand, the under construction volume is substantial (currently approximately 770,000 sq m), which will result in increased new supply coming to the market in 2019 and Q1 Q has been marked by a steady decrease of the vacancy rate. This improvement of market conditions was due to robust demand, coupled with limited new supply compared with last year. * Adjusted Vacancy Rate represents completed floor space offered on the market for leasing, vacant for immediate occupation on the survey date within the market, excluding the floor space that can be regarded as unattractive given the current market conditions. The rate was calculated using three different approaches i.e. either: by subtracting from the overall vacancy the granular vacancy (i.e. units smaller than 500 sq m), or by subtracting from the overall vacancy the most vacant assets, or by subtracting from the overall vacancy the long term vacancy (i.e. units vacant for more than two years).

5 Prime Headline Rents ( /sq m/month), Q CBD City Centre North West Jerozolimskie corridor Source: JLL, Q Żwirki i Wigury corridor Mokotów East Ursynów, Wilanów Puławska corridor Completions in Q1-Q Key Leasing Transactions in Q1-Q Qtr Property Submarket Size (sq m) Q1 Business Garden 3-7 Q3 West Station II Żwirki i Wigury corridor Jerozolimskie corridor 54,800 35,000 Q3 D48 Mokotów 23,400 Q3 Wronia 31 City Centre 15,100 Q2 Ethos CBD 12,100 Q2 Neopark A Mokotów 10,600 Q1 EQlibrium West 9,900 Q2 F2 Boutique Office Mokotów 7,900 Qtr Property Occupier Contract type Deal size (sq m) Q2 Harmony Office Centre Millennium Bank Renewal 18,300 Q2 Generation Park X Citi Service Centre Poland Q2 Łopuszańska Business Park B Alior Bank Q1 Postępu 14 Astra Zeneca Pre-let 13,600 Renewal & Expansion Renewal & Expansion 13,400 13,200 Q1 West Station II DIEBOLD NIXDORF Pre-let 9,800 Q2 Proximo II Confidential Pre-let 9,300 Q2 Wronia 31 Q1 JM Tower BNP Paribas Securities Services Zarząd Transportu Miejskiego m.st. Warszawy Pre-let 8,500 Renewal 7,300 Source: JLL, PORF, Q1-Q Source: JLL, PORF, Q1-Q3 2017

6 Shopping Centre Density per 1,000 inhabitants Prime Rents ( /sq m/month) Wrocław Poznań Łódź Tri-City Kraków Warsaw Silesia Szczecin Shopping centres Retail Parks High street Density - existing Density - under construction * data as of October 2017 * Prime rents relate to a well located 100 sq m unit shop from the fashion and accessories category in leading retail assets in capital city (for retail parks 2,000 sq m units). Schemes completed in the Warsaw Agglomeration in Q3 Property Format Developer Size (sq m) Galeria Północna Shopping centre GTC 64,000 Galeria Wołomin Retail Park Rockcastle, Acteeum 6,600 * Rows marked dark grey apply to projects located in Warsaw city At the end of Q3 2017, the modern retail stock in the Warsaw Agglomeration totalled 1.74 million sq m with shopping centres representing the largest share (70%). After completion of Galeria Północna (64,000 sq m) in September 2017, Warsaw overtook Silesia in terms of shopping centre density and reached the level of 468 sq m/ 1,000 inhabitants. However, it still lags behind other major markets. Low vacancy rates in existing shopping centres (2.7% as of H1 2017), along with high purchasing power (168% of the national average) boost the appetites of developers for the capital city. Approximately 198,000 sq m of GLA in all retail formats are now under construction with completion scheduled for The food & beverage sector is significantly gaining in importance unique shopping & dining projects are being developing mainly in Warsaw (e.g. Hala Koszyki, Soho Factory, EC Powiśle, Art Norblin, Koneser and recently opened Hala Gwardii). A number of new brands entered the Polish market in Q3 2017, with Warsaw selected in most of the cases for their first location. These include Hamleys from the UK, one of the world s largest toy chains, which opened its first store in the Galeria Północna shopping centre. Other notable market entrants are Russian fashion brands belonging to Melon Group Zarina and Love Republic both opened their first stores in Galeria Północna. This newly opened retail scheme was also where another chain made its debut: KappAhl (from Sweden), who opened the first independent store of Newbie, a baby clothes shop. In August, Victoria s Secret opened its first full-assortment store, in the Arkadia shopping centre. In September another newcomer, women s fashion shop - Nissa (from Romania) opened its first store in the same shopping centre. After several years of absence from the Polish market, Carpisa, an Italian producer of women s handbags, suitcases and accessories, opened a store in the Galeria Wileńska.

7 Schemes Under Construction in the Warsaw Agglomeration* Property Format Developer Size (sq m) Galeria Młociny Shopping centre Echo Investment/ Echo Polska Properties 76,000 Nowa Stacja in Pruszków Shopping centre ECC 26,800 Centrum Janki extension Shopping centre Cromwell Property Group 21,000 Centrum Praskie Koneser Mix Use Development BBI Development/ Liebrecht & wood 21,000 EC Powiśle Mix Use Development White Star Real Estate/ Tristan Capital Partners 15,500 Wodny Park Handlowy Retail Park Marywilska 44 12,000 Rondo Wiatraczna Mix Use Development Dantex 11,000 CEDET Department store Immobel 7,000 Centrum Marszałkowska Mix Use Development BBI Development 3,400 Arkadia extension Shopping centre Unibail-Rodamco +2,500 Promenada extension Shopping centre Atrium Poland Real Estate Management +2,000 * Rows marked dark grey apply to projects located in Warsaw city Quantum of Space Under Construction (sq m) as Q with completion scheduled for the following years* , ,300 87,200 * Including all retail formats, status as of Q3 2017

8 Vacancy Rate in Poland: 6.1% 0.7% 4.5% 5.1% 6.2% 6.8% 10.1% 2.5% 2.8% 7.3% 9.6% 4.1% Supply (000 s sq m) Demand in Q Warsaw Inner City & Warsaw Suburbs zones combined 4,000 3,500 3,000 2,500 2,000 1,500 1, Q3 30% 70% Stock (thousand sq m) UC (thousand sq m) Net Take-Up (sq m) Renewals (sq m)

9 Net take-up by Sector in Q (sq m) Warsaw Inner City & Warsaw Suburbs zones combined 1% 2% 1% 2% 2% 8% 4% 39% 7% 34% Logistics operator Electronics Pharmaceuticals Construction Automotive Food Retailer Light manufacturing Paper or books Other Key Transactions in Q Prime rents ( / sq m / month) Tenant Property Size (sq m) Deal Type Sector Zone Headline Rents Effective Rent Agito P3 Błonie 32,000 Extension + Renewal Electronics Warsaw Inner City Sanico Hillwood Marki 12,800 New deal Electronics Warsaw Suburbs Sarantis MLP Pruszków II 12,100 Renewal FMCG *as of end Q Cargo Partner MLP Pruszków II 9,300 New deal Logistics operator Phoenix Pharma Panattoni Park Warszawa Konotopa II 6,200 New deal Pharmaceuticals

10 Contacts Mateusz Polkowski Head of Research & Consulting Anna Młyniec Head of Office Agency Poland Anna Wysocka Head of Retail Agency Poland Tomasz Olszewski Head of Industrial Agency, CEE jll.pl 2017 Jones Lang LaSalle IP, Inc. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them.

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