1. Poland Commercial Real Estate Market Hadley Dean Managing Partner, Poland 7th December, 2007 Going Global - Business Opportunities in Poland Conference 2007

2. Colliers International – facts sheet www.colliers.com Colliers International Poland is an independent member of COLLIERS MACAULAY NICOLLS (CMN) 334 offices in 27 countries $688 million in revenue 28 m. sqm under management 6,398 professionals $39 billion in transaction value Colliers International Europe’s Offices

3. Colliers International Poland – Specializations  Investment Advisory Group  Office Tenant Representation  Industrial Tenant Representation  Retail Leasing  Property Valuation  Building Consultancy  Property Management  Hospitality Advisory  Research & Consulting We accelerate your success by making our Knowledge your property.

4. Commercial Markets by Colliers International Office Market Trends Industrial Market Trends

5. Office Market Overview

6. Warsaw Office Market 2007 Q3 Snapshot TOTAL STOCK Q3 2007 (SQM) VACANCY RATE Q3 2007 (%) VACANCY RATE Q3 2006 (%) 2,690,7043.66.6 SUBURBAN STOCK Q3 2007 (SQM) SUBURBAN VACANCY RATE Q3 2007 (%) SUBURBAN VACANCY RATE Q3 2006 (%) 1,599,3723.45.5 CBD STOCK Q3 2007 (SQM) CBD VACANCY RATE Q3 2007 (%) CBD VACANCY RATE Q3 2006 (%) 1,091,3323.88.3

7. Warsaw Office Market Leasing Activity* *tenant deals signed (i.e. new tenants, renegotiations, expansions, & owner-occupier investments)

8. Warsaw Office Stock & Vacant Space

9. Office Rents in Warsaw Q3 2007 DISTRICT AVERAGE HEADLINE RENT LEVELS (€) AVERAGE EFFECTIVE RENT (€) GROWTH IN EFFECTIVE RENTS Y-O-Y (%) CENTRAL BUSINESS DISTRICT 26.36 24.85 65 SUBURBS 15.54 14.35 14 WARSAW (CITY AVERAGE) 20.95 19.60 44

10. Trends in the Warsaw Office Market Very tight supply in CBD until at least 2010 Negligible levels of vacant space, rising rents Flood of new projects in south and south west of city (400,000 sqm over 36 months) Vacancy rates to rise, but only slightly. High demand will support rents in the suburbs

11. Regional Office Market 2007 CITY TOTAL STOCK (SQM) VACANCY RATE (%) KRAKOW201,9600.40 WROCLAW158,5102.40 TRICITY141,4004.50 POZNAN113,1304.00 LODZ52,6002.50

12. Trends in the Regional Office Market Supply boom - (notably Wroclaw and Lodz) High demand will hold rents firm in most locations Developers count on continued flow of BPO investments (particularly Lodz and Wroclaw), vulnerable to downturn in demand Poznan market remaining tight, rents rising

13. Colliers Success Stories – Office Deals PROVIDENT POLSKA Colliers Office Department represented Provident Polska in negotiations of office lease. Total area leased: 6,600 sqm Client: Provident Brokers: Marcin Kania, Paweł Skałba CANAL+ Advised by Colliers International CANAL+ decided to start the built-to-suite office building in the Stegny district of Warsaw. Total area leased:14,100 sqm Client: Canal+ Cyfrowy Broker:Paweł Skałba

14. Colliers Success Stories – Office Deals CAPGEMINI Colliers International assisted Capgemini, a world leader in IT consulting and outsourcing services, in its lease of over 10,000 sqm in Rondo Business Park in Kraków. Total area leased: app. 10,000 sqm Client: Capgemini Broker: Marek Ciunowicz NESTLÉ POLSKA Colliers Office Department represented Nestlé Polska in the renegotiation of their lease in UBC I & UBC II, office buildings located in Mokotów district. Total area leased: 5,300 sqm Client: Nestlé Polska Broker: Paweł Skałba

15. Industrial Market

16. Industrial National Snapshot – H1 2007 Region Existing m2 Under construction m2 Planned m2 Vacancy rateAverage rent Warszawa1 439 951224 1101 060 6995,0%2.70 - 5.00 € Silesia400 958171 529477 0004,5%3.15 € Poznań420 048196 901707 0009,9%2.90 € Łódź301 095174 115890 0003,9%2.65 - 3.20 € Wrocław203 867104 330375 9724,3%2.90 € Kraków19 0000150 0000,00%3.40 € Gdańsk53 00035 80037 0009,9%3.10 € Other15 9200228 0000,00%- TOTAL2 853 839906 7853 925 6717,51%- Road Infrastructure

17. Modern Warehouses – National Stock & Pipeline

18. National Market – Leasing Activity

19. Industrial Land Prices TORUN SZCZECIN €15- €30 €20-€35 Zone I €45- €60 €30- €50 €15- €30 €15- €25 €10- €15 €15- €25 €10- €15 Zone II €18- €30 Zone III €10- €25 INDUSTRIAL LAND PRICES

20. Special Economic Zones for New Investments 14 areas across Poland offering enhanced economic conditions Incentives include: Corporation or income tax discounts Fully prepared land with administrative clearance for investment at competitive prices Free assistance in completing administrative formalities Exemption from real estate taxes in certain districts

21. Colliers Success Stories – Industrial Deals PREGIS Pregis, represented by Colliers International in the lease transaction, became one of the first tenants for production space in Tulipan Park Gliwice. Client: Pregis Total space leased:16,000 sqm Brokers:Renata Osiecka, Maciej Chmielewski UNILEVER Colliers Industrial Department assisted Unilever in its lease of 42,000 sqm of industrial space in Central Poland. Client:Unilever Total space leased:42,000 sqm Brokers:Renata Osiecka, Maciej Chmielewski

22. Colliers Success Stories – Industrial Deals FIEGE Advised by Colliers International Poland Fiege Decided to lease 30,000 sqm of warehouse space in Silesia region. Client:Fiege Total space leased:30,000 sqm Brokers:Renata Osiecka, Maciej Chmielewski NESTLÉ Colliers International Poland represented Nestlé Polska in renegotiating their lease agreement of 20,000 sqm of warehouse space in Poznań. Client: Nestlé Total space leased: 20,000 sqm Brokers: Renata Osiecka, Maciej Chmielewski

23. Thank you for your attention! Hadley Dean, Managing Partner hadley.dean@colliers.pl Tel. +48 22 331 78 00 www.colliers.com Our Knowledge is your Property