© Farebrother All rights reserved. Farebrother CORFAC International affiliate for the United Kingdom

© Farebrother All rights reserved. Corfac European Network Current & Potential Affiliates EUROPEAN AFFILIATES United Kingdom Belgium Germany Ireland Italy Poland Romania Russia Israel POTENTIAL AFFILIATES France Spain

© Farebrother All rights reserved. *Central London Headline Rents (£psf) United Kingdom Central London Overview Central London Take-up YTD6.2m sq ft Availability12m sq ft Stock227m sq ft Availability Rate 5.3% 2 New Ludgate, EC4 Rent: £61.50 psf Size: 192,927 sq ft Grade: New 6 Pancras Square, N1C Rent: c.£60.00 psf Size: 160, 004 sq ft Grade: New 25 Churchill Place, E14 Rent: £48.50 psf Size: 205,039 sq ft Grade: New 1 Fitzroy Place, W1 Rent: c.£80.00 psf Size: 144,424 sq ft Grade: New Docklands City Midtown West End South Bank £57.50£45.00£57.50£64.00£ Central London Availability Rate 5.3% Recent Lettings in London

© Farebrother All rights reserved. West End NIY 3.9% Docklands NIY 6.5% City NIY 5.6% South Bank NIY 6.1% Midtown NIY 5.4% *Average Net Initial Yields Central London Investment Overview Total Invested & Yields by Submarket Total Central London Investment H1 14 £7.7bn £1.8bn Invested in H1 14 £1.17bn Invested in H1 14 £1.72bn Invested in H1 14 £878m Invested in H1 14 £2.13bn Invested in H1 14

© Farebrother All rights reserved.  Good mix of private/public Take-up in Brussels office market  Diversified, local REIT and international investor base  Well balanced retail market with strong demand from private and professional investors  Attractive spread on government bonds Belgium Take-up Q Offices13,000 sqm Industrial17,100 sqm Retail37 deals Investment11,500 sqm Total Investment Turnover in 2013 €3.35m Annual increase 20.7% Total Investment Turnover in 2012 €2.28m Key attractions

© Farebrother All rights reserved. Germany CityPopulation Office Space m² Headline Rent m² Take-up 2013 m² Berlin3.50m18.2m€22520,000 Hamburg1.81m13.2m€24440,000 Munich1.37m22.6m€33600,000 Cologne1.02m7.60m€21270,000 Frankfurt/Main690, m€36440,000 Stuttgart614, m€20250,000 Düsseldorf596, m€26340,000 €17.3bn Invested in H1 14 €35-40 bn Predicted in 2014 Total Investment Turnover in 2013 €30bn Yields at 4.57% Total Take-up H m m²

© Farebrother All rights reserved. Germany Key attractions  Solid economic fundamentals with high levels of wealth  Sophisticated and highly liquid Investment market  Strong occupational fundamentals  Long-term yield stability  Political stability Total 3,400 US owned/controlled firms operate or own property in Germany Fig.1 Investment Property by Type Almost 50% of all transactions in Germany are foreign ‘Germany has the advantage of possessing numerous cities across the country all offering options.’

© Farebrother All rights reserved.  Prime core Dublin Market recovery complete and further rental growth expected  Pipeline unlikely to provide new stock for min 2 years  Lack of Finance available for speculative development  Opportunity for refurbishment options  Suburban office rents set to rise off back of core recovery  N. American corporates driving demand e.g. Facebook, Dropbox, Oracle Ireland Office Market 2015 Market Forecast Office Retail Industrial Rents Investment YieldsSupplyDemand

© Farebrother All rights reserved. Ireland Key attractions  Improving economy and employment  Strong demand from domestic and international funds  Improving occupational activity, particularly in Dublin and Cork

© Farebrother All rights reserved. Italy European Prime Office Locations – Annual Rent (€/sqm) Italian Office Segment – Annual Rent (€/sqm)

© Farebrother All rights reserved. Italy Office Investment Annual Yield

© Farebrother All rights reserved. Poland WARSAW RENTS (EUR/sqm) Central Business District (CBD; CCF) Non – Central Zones (E; LS; N; SE; SW; US; W) Q OutlookQ Outlook Prime Headline Prime Effective Total Take-up H ,400 sqm Warsaw Average Vacancy Rate 12.2% Total Stock 4.2m sqm

© Farebrother All rights reserved. Poland Q Outlook next 12 months New supply (sqm)84,500Increase Under construction (sqm) 612,000Stable Asking rents (€/sqm) CBD Non Central Decrease Vacancy rate13.6%Increase Net absorption (sqm) 46,000Stable Gross take-up (sqm) 136,400Stable Prime yield6.0%-6.25%Stable Recent Investment Transactions Atrium1 Price: €94m Size: 16,300 sqm €94m Rondo1 Price: €300m Size: 64,000 sqm €300m Lipowy Office Park Price: €108m Size: 40,000 sqm €108m

© Farebrother All rights reserved. Romania CityPopulation Office Space m²/sqf Headline Rent € /m² Bucharest 1,920,0002.2m / 23.68m€ Iasi 321,600120,000 / 1.29m€13 – 14 Cluj Napoca 304,500150,000 / 1.61m€12 – 13 Timisoara 303,700100,000 / 1.07m€11 – 12  Currently 3m sqm under development in Romania  Other high profile developments are located in cities with important universities: Cluj Napoca, Timisoara, Lasi  Vacancy rate is 14% in Bucharest and 11% overall Overview 73% of stock is under development in Bucharest Total Office Investment Turnover in H1 14 €200m Vacancy Rate in Bucharest is 14%

© Farebrother All rights reserved. Romania  Significant increase in H turnover with circa €400m transacted, almost three times more than H  Investment Yields are between 8%-8.5% for prime office and retail properties and 10%-11% for industrial properties Outlook for 2014 Fig.1 Total Romanian Office Stock by Area

© Farebrother All rights reserved.  A comprehensive European real estate advisory network  Regular conference calls between affiliates  Quarterly European affiliate meetings  Representation at MIPIM & EXPO REAL conferences under the CORFAC International banner  Access to reliable European data for CORFAC International clients  Personal service from CORFAC International affiliates  Comprehensive track record in each country  A European community keen to provide and receive new global introductions to the CORFAC International community Summary