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1EPP Interim Results 2018
Financial results
H1 2018
2EPP Interim Results 2018
Agenda
1 EPP at a glance and H1 2018 highlights
2 Polish macro update and EPP strategy
3 Financial highlights H1 2018
4 Operational highlights H1 2018
5 Acquisitions and developments
6 Office disposal update
7 Outlook
3EPP Interim Results 2018
1
EPP at a glance
4EPP Interim Results 2018
2018
• One of the most dominant retail landlords in Poland with nearly 700 000 m2
GLA
Lomza
Warsaw
Zamosc
Krakow
Lodz
Wrocław
Poznan
Szczecin
Kielce
Inowroclaw
Jelenia Gora
KlodzkoCzeladz
Przemysl
Bełchatow
Wloclawek
Zabrze
Kalisz
Retail assets (19)
Retail development projects (2)
5EPP Interim Results 2018
2020
• 1 million m2 GLA
• 28 shopping centres
• 40% of the population within a 30 min drive
Lomza
Warsaw
Zamosc
Krakow
Lodz
Wrocław
Poznan
Szczecin
Kielce
Inowroclaw
Jelenia Gora
Czeladz
Przemysl
Bełchatow
Wloclawek
Zabrze
Kalisz
M1 Bytom
M1 Czestochowa
Power Park Olsztyn
Power Park Opole
Power Park Kielce
M1 Poznan
M1 Tychy
Klodzko
M1 Radom
Retail assets (20)
Retail development projects (1)
M1 centres tranche 2 and 3
6EPP Interim Results 2018
EPP at a glance
Total portfolio value (EUR’m)
Share of retail in portfolio
Number of shopping centres
Retail portfolio GLA (m2)
Net asset value per share (EUR)
Distribution per share (EUR cents)
LTV
IPO- Aug 2016
1 210
76%
9
303 338
1.04
56.4%
2 067
85%
18
638 815
1.37
5.82
50.9%
H1 2018
Portfolio growth and strategy executed
H1 2017
1 623
74%
13
402 637
1.23
5.19
50.6%
7EPP Interim Results 2018
H1 2018 Retail performance review
GLA m2
444 360
Footfall
+1%^
Sales/m2
0%^
Vacancy
0.9%
Walt by NOI
4.64
*LFL NRI growth excludes, Galaxy and Outlet extensions^Includes the impact of the Sunday trading ban that commenced in March 2018
RTS
11.3%
OCR
15.1%
LFL NRI growth* g
+4.1%
8EPP Interim Results 2018
H1 2018 Financial highlights
ON TRACK TO DELIVERFULL YEAR DIVIDEND
GUIDANCE OF BETWEEN
11.6 – 11.8EURO CENTS
Income statement H1 2017 vs H1 2018
1 Excluding deferred tax
Balance sheet FY 2017 vs H1 2018
Net property income p p y
+ 45%
€ 66m
Total assets
Distributable earnings
NAV1 per share
DPS per share
LTV net
Distributable earnings
+ 32%
€ 48mS p
+ 12%
€ 5.82c
Total assets
+ 19%
€ 2 320m NAV per share
+ 3.8%
€ 1.37LTV net
+ 3.5%
50.9%
9EPP Interim Results 2018
2Poland’s macro update and EPP
strategy
10EPP Interim Results 2018
Great potential for consumption and retail sales growth
Unemployment rate
Average monthly salary (EUR)
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
2013 2014 2015 2016 2017 2018 (f) 2019 (f) 2020 (f)
Poland Germany EU28
Source: Oxford Economics, National Bank of Poland
20,90%
11,21%
0,00%3,00%6,00%9,00%12,00%15,00%18,00%21,00%
0500
1 0001 5002 0002 5003 0003 5004 000
Poland Germany
Ave
rage
mon
thly
sala
ry(E
UR
)
Average monthly salary 2012-2017 growth #REF!
Significant boost from consumer spendingConsumer spending in Poland (EUR bn)Consumer confidence index in Poland(100=long-term average)
229 229 236 243 251 263 274 284 293101,80
98
99
100
101
102
2012 2013 2014 2015 2016 2017 2018F 2019F 2020F0
50
100
150
200
250
300
350
0500
1 0001 5002 0002 5003 0003 5004 0004 5005 000
2012 2013 2014 2015 2016 2017
Gro
wth
(y-o
-y)
Ave
rage
mon
thly
sal
ary
in P
olan
d (P
LN)
Average monthly salary (PLN)
Average salary growth (PLN)
11EPP Interim Results 2018
7,50%
7,00%
6,00% 6,00% 6,00% 6,00%
5,50%5,25% 5,00%
5,60%5,20%
5,00%4,70% 4,70% 4,70% 4,60% 4,60%
4,60%4,00%
4,50%
5,00%
5,50%
6,00%
6,50%
7,00%
7,50%
8,00%
2009 2010 2011 2012 2013 2014 2015 2016 2017
Poland Germany (Berlin)
Why focus on retail in Poland?
Limited new supplyNew supply of shopping centre stock (000s m2)
Decreasing prime yieldsPrime retail yields in major regional Polish cities (%)
743
452
615
475
607
425
612
443399
459
253 250
2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018F 2019F 2020F
SOURCE: Savills
EPP yield 6.4%
• Exposure to nearly 40 million people
• Lack of high streets
• Over 71% of retail spend occurs in shopping centres
• Shopping centres seen as destinations
• Omni channel enhances in-store sales
12EPP Interim Results 2018
3
Financial highlights
13EPP Interim Results 2018
Profit & loss
EUR million HY 2018 HY 2017 Variance
Net property income 66,2 45,5 20,7Other income / (expenses) (0,2) 0,4 (0,7)Administrative & selling expenses (6,7) (4,2) (2,6)EBITDA 59,2 41,8 17,4
Fair value gain on investment property 28,8 15,6 13,2 Share in fair value gain & profit of JVs 25,3 2,7 22,6 Finance income / (expenses) (15,5) (8,0) (7,5)Foreign exchange gains / (losses) 5,9 (2,7) 8,5 Current taxation (4,9) (1,5) (3,4) Deferred taxation (19,5) (8,4) (11,1)Net profit after taxes 79,4 39,6 39,8
Earnings adjustments (33,2) (6,6) (26,6)Antecendent dividend 2,1 3,7 (1,6)Distributable earnings 48,3 36,6 11,7
DPS (€ cents) 5,82 5,19 0,63
NPI GROWTH
45%
DISTRIBUTABLE EARNINGS GROWTH
32%DPS
GROWTH
12%
42%EBITDA GROWTH
14EPP Interim Results 2018
Balance sheet
LTV
50.9%
DEBT MATURITYAUGUST 2018
(3.6 YEARS 30 JUNE 2018)
4.3 yearsAVERAGE COST
OF DEBT
2.38%
3.8%NAV PER SHARE
GROWTH
EUR million 30 Jun 2018 31 Dec 2017 Variance
Investment property 2 067 1 656 411
Investment in JVs 138 116 22
Financial assets 22 30 (8)
Deferred tax asset 1 - 1
Other assets 21 28 (6)
Cash 70 123 (53)
Total assets 2 320 1 952 368
Equity 976 834 142
Borrowings 1 195 968 227
Deferred tax liability 110 94 16
Other liabilities 39 56 (18)
Total equity and liabilities 2 320 1 952 368
NAV per share € 1,37 € 1,32 € 0,05LTV (net) 50,9% 47,4% 3,5%
15EPP Interim Results 2018
Capital structure – liquidity secured
Debt maturity profile as at 30 June 2018 Debt maturity profile as at 31 August 2018
0 0 11
195
425
2018 2019 2020 2021 2022 >2022
(€m)
Average maturity: 4.3 years672
EPP successfully refinanced the following loans in the last two months:
• EUR 100m bridge to equity loan with EUR 102m (program up to EUR 200m) bonds issued to Polish financing institutions
• EUR 150m senior loans for Galeria Echo and Opolska offices by the largest Polish bank PKO BP
100 150
11
80
185
2018 2019 2020 2021 2022 >2022
(€m)
Average maturity: 3.6 years672
16EPP Interim Results 2018
Capital structure - focus on LTV
Reducing LTV
56,4% 55,4%
47,4% 50,9%
45%
IPO FY2016
FY2017
H12018
-termtarget
LTV (%)
• LTV increased due to the acquisition of Tranche 1 of the M1portfolio
• Factors driving LTV reduction
• Active asset management continues to drive valuatof our properties
• Portion of office sales proceeds will utilised toreduce LTV
• Exploring releasing some equity from retail assets
17EPP Interim Results 2018
4Retail
operational highlights
18EPP Interim Results 2018
H1 2018 Retail performance review
GLA m2
444 360
Footfall
+1%^
Sales/m2^
0%^
Vacancy
0.9%
Walt by NOI
4.64
*LFL NRI growth excludes Galaxy and Outlet extensions^Includes the impact of the Sunday trading ban that commenced in March 2018
RTS
11.3 %
OCR
15.1 %
LFL NRI growth* g
+4.1%
19EPP Interim Results 2018
Sunday trading
Consumer shift already seen from Sundays to Saturdays, Mondays and Fridays
• Saturdays – up to 12% increase
• Mondays – up to 12% increase
• Fridays – up to 8% increase
Average footfall change
+ 12% + 3%+
7% + 4%
+ 8%
+ 12%
- 48%
Mon Tue Wed Thu Fri Sat Sun- 100%
- 80%
- 60%
- 40%
- 20%
+ 0%
+ 20%
0
50 000
100 000
150 000
200 000
250 000
300 000
Mar-Jun 2017 Mar-Jun 2018
20EPP Interim Results 2018
Featured project – Pasaz Grunwaldzki
• Project highlights
• Top LPP brands opened flagship stores
• Currently in negotiations with another large brand
• Rossman flagship store opened
• Concept design of architectural changes completed and refurbishments of common areas in progress
WROCŁAW
GLA (m2) 48 352
Rent to sales 14.5%
WAULT 4.8 years
Occupancy 99.1%
Footfall growth -2.4%
Footfall H1 2018 5.1 million
Turnover growth -9.6%
Valuation yield 5.7%
21EPP Interim Results 2018
GalaxyLargest shopping & entertainment centre in Northwest Poland
• 16% growth in footfall with the new extension
• Extended area generated over EUR 14m of turnover, 53% increase not LFL
• Postive like for like turnover
• Multikino opened VR Multikino, only third of its kind in Poland
• New food court designs completed
SZCZECIN
GLA (m2) 56 630
Rent to sales 13.4%
WAULT 7.1 years
Occupancy 99.6%
Footfall growth 16.1%
Footfall H1 2018 6.1 million
Turnover growth +1%
Valuation yield 5.9%
22EPP Interim Results 2018
Galeria Echo
• Largest fashion and entertainment offering in the region
• Extension of the Food & Beverage offering
• New fitness operator
KIELCE
GLA (m2) 71 830
Rent to sales 10.4%
WAULT 4.2 years
Occupancy 97%
Footfall growth -3.9%
Footfall H1 2018 4.5 million
Turnover growth +2.4%
Valuation yield 5.9%
23EPP Interim Results 2018
Amber
• TK maxx opened and performing exceptionally well
• New brands introduced to the scheme
• Increase in footfall and turnover
KALISZ
GLA (m2) 33 546
Rent to sales 9.3%
WAULT 4.6 years
Occupancy 99.8%
Footfall growth +4.6%
Footfall H1 2018 3.1 million
Turnover growth +1.9%
Valuation yield 6.4%
24EPP Interim Results 2018
5Acquisitions and
developments
25EPP Interim Results 2018
M1
• 12 dominant shopping centres
• 40% of the population within a 30 min drive
• Combined footfall will grow to 120 million
26EPP Interim Results 2018
Key Facts – M1 Growth Potential
GLA
446 500
Sustainable NOI
49 m
Potential extension (m2)
> 50 000
Potential NOI growthg
20 – 25%
27EPP Interim Results 2018
Kings Cross Marcelin
• Located in the affluent western part of Poznan
• Isolated catchment area of approx. 350 000 within a 30 min drive
• Strong KPI’s
• Extension opportunities
• Significant demand from new tenants
• In close proximity to the largest developing office node in Poznan
POZNAN
GLA (m2) 45 353Rent to sales (RTS) 9.8%WAULT 4.8 yearsOccupancy 99%Occupancy cost ratio (OCR) 12.4%Annual footfall 4.7 millionNet initial yield 7.3%
28EPP Interim Results 2018
Developments
29EPP Interim Results 2018
Galeria Młociny
• 87% signed leases and letters of intent (Zara, TK Maxx, MediaMarkt, Smyk, H&M, Sephora, Douglas, Van Graaf, CCC, Go sport)
• The largest food and beverage and entertainment offering in Warsaw
• Advanced talks with new international brands
• 1.5 million people within 30 min driving distance
• Park’n’Ride – 40K passengers daily; 150K cars per day
• Opening spring 2019
Planned total GLA (m2) 82 122Estimated fully-let NOI on completion € 22 mEstimated development yield on cost c. 7.0%Estimated valuation yield on completion c. 5.3%Estimated value on completion €412 m
30EPP Interim Results 2018
Towarowa 22
• Undergoing zoning process scheduled for 2019
• Warsaw mixed use scheme with 110 000 m² GLA of retail
• Potential additional of 45 000 m² GLA of mixed-use: residential,office and hotel
• Strong interest from all main anchor tenants
Planned total retail GLA (m2) 105 000Estimated cost of retail development (land included) € 420 mEstimated fully let retail NOI on completion € 34 mEstimated development yield on cost c. 8%Estimated valuation retail yield on completion c. 5 %Estimated value of retail space €680 mEstimated value of the additional space €150 mTOTAL €830 m
31EPP Interim Results 2018
6
Office update
32EPP Interim Results 2018
Office sale update
MALTA OFFICE PARK,POZNAŃGLA 28 270 m²
O3 BUSINESS CAMPUS, KRAKÓWGLA 56 926 m²
(all three phases)
SYMETRIS (I & II)GLA: 19 000 m²
• In line with our recycling strategy EPP disposed of A4 Business Park, TrytonBusiness House and West Gate for a total consideration of €160m in December 2017
• The sale of O3 Business Park, Malta and Symetris Business Park is in the final stage of negotiations.
33EPP Interim Results 2018
7
Outlook
34EPP Interim Results 2018
2018 Focus
ON TRACK TO DELIVERFULL YEAR DIVIDEND
GUIDANCE OF BETWEEN
11.6 – 11. 8EURO CENTS
Portfolio integration
Asset management
Asset recycling
LTV reduction
35EPP Interim Results 2018
This document has been prepared and issued by and is the sole responsibility of the management of EPP N.V. (the “Company” or “EPP”) and its subsidiaries. No information madeavailable in connection with this presentation may be passed on, copied, reproduced, in whole or in part, or otherwise disseminated, directly or indirectly, to any other person. Thecontents of this presentation are to be kept confidential.
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company norshall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investment decision in relation thereto nor does itconstitute a recommendation regarding the securities of the Company. Investors and prospective investors in securities of the Company are required to make their own independentinvestigation and appraisal of the business and financial condition of the Company and the nature of the securities.
This presentation and any materials distributed in connection with this presentation may include certain forward-looking statements, beliefs or opinions, including statements with respectto the Company’s business, financial condition and results of operations. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “forecast” andwords of similar meaning, reflect the Directors’ beliefs and expectations and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in thefuture. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. There are a number of factors that could causeactual results and developments to differ materially from those expressed or implied by these statements and forecasts. Past performance of the Company cannot be relied on as a guideto future performance. Forward-looking statements speak only as at the date of this presentation and the Company expressly disclaims any obligations or undertaking to release anyupdate of, or revisions to, any forward-looking statements in this presentation. No statement in this presentation is intended to be a profit forecast. As a result, you are cautioned not toplace any undue reliance on such forward-looking statements. The information on which these statements has been based has not been reviewed or reported by EPP’s auditors.
This document speaks as of the date hereof. No reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness, accuracy orfairness. The Company, its advisers and each of their respective members, directors, officers and employees are under no obligation to update or keep current the information containedin this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein except where they wouldbe required to do so under applicable law, and any opinions expressed in them are subject to change without notice. No representation or warranty, express or implied, is given by theCompany, or any of its subsidiary undertakings or affiliates or directors, officers, Java Capital or any of its directors or employees or any other person as to the fairness, accuracy orcompleteness of the information or opinions contained in this presentation and no liability whatsoever for any loss howsoever arising from any use of this presentation or its contentsotherwise arising in connection therewith is accepted by any such person in relation to such information.
Disclaimer
36EPP Interim Results 2018
Appendices
37EPP Interim Results 2018
Why Poland?
In recent years, Poland has experienced GDP growth well above the EU average of 2.2%. This strong growth, combined with strong investor interest and an influx of Ukrainian workers to supplement the labour market will only further Poland’s standing amongst EU economies. High levels of private consumption support the growth in the economy. Warsaw in particular is experiencing the fastest growth of any city within the EU and appears to be set to continue to outpace other markets.• Poland is the 6th largest European economy when puchasing power standards are considered
and 9th when volume of GDP is considered (current prices, milion euro) with a positive pace of growth, higher than other major European economies
• Between 2010 and 2017 Poland experienced 25% growth in GDP and 61% growth in exports.
• Warsaw is predicted to be Europe’s fastest-growing city by a large margin.
• High consumer confidence and continued increases in average household income has spurred robust growth in private consumption which is expected to reach 4.0% in 2018.
• Q1’17 – Q1’18 the number of jobs in the business service sector increased by c.35,000 (i.e. by 13%) to over 279,000 people. By 2020 the sector is forecasted to employ c.340,000 people;
• 83 out of Fortune’s Global 500 investors have business services centres in Poland;
• 11th place – Poland’s global standing in terms of English language skills in the 2018 English Proficiency Index survey;
• EUR 105.8bn of EU funds to be allocated to Poland between 2014 and 2020;
• Poland’s exports are expected to reach EUR 238.5bn in 2018 (up by 2.4% y-o-y);
• Attractive incentives for foreign investors (especially those from service sector, banking, R&D and IT);
• PLN 500+ government programme (PLN 500 / month for second and each next child) introduced in April 2016 has led to a considerable growth of retail sales.
2018 (f) 2019 (f) 2020 (f)
Private consumption (%,yoy) 4.0% 3.6% 3.3%
GDP growth (%, yoy) 4.6% 3.3% 3.0%
Retail sales growth (%, yoy) 6.0% 4.2% 3.4%
Consumer spending (%, yoy) 4.6% 3.3% 3.0%
Average monthly salary growth 6.9% 7.0% 6.8%
Inflation (%) 2.3% 2.6% 1.4%
Unemployment rate (ILO definition, %) 4.3% 4.0% 3.6%
GDP growth in selected EU countries
0,0%
1,0%
2,0%
3,0%
4,0%
5,0%
Poland UK France Germany EU28
2018 (f) 2019 (f) 2020 (f)
Source: Oxford Economics, National Bank of Poland
38EPP Interim Results 2018
Poland – Stable and liquid market
Economic background Investment attractiveness Improving international rankings Outlook
• 6th biggest EU economy in terms of GDP(current prices, milion purchasing powerstandards) and 9th when volume of GDP isconsidered (current prices, milion euro) ;
• 4.6% GDP growth expected in 2018
• 46.2% of GDP – public debt burden, compared to EU average of 83.5%
• 2.1% inflation in 2018
• Low unemployment rate: currently 3.5% (ILO definition, July 2018)
• Growing industrial production, retail sales and domestic demand
• Healthy and well-capitalised, resilient banking sector
• High supply of skilled, well-educated workforce
• Relatively low cost of doing business (wages and rents lower than most of EU)
• Geographic proximity to Western Europe: borders Germany, Poland’s biggest trading partner, accounting for 26% of all Polish exports and 25% of all imports (2017)
• Special Economic Zones enabling tax exemptions: Subject to application and receival of a permit. N.B. Any commitments made on application regarding CapEx and creation of jobs become obligations to be fulfilled by the company
• Growing manufacturing and services sector with rapid growth in business process outsourcing (BPO) and shares services centres (SSC)
• 27th in the world in Ease of Doing Business ranking 2017 (World Bank)
(SA ranked 82nd)
• 20th position in the Global Real Estate Transparency Index and 11th in Europe. The top ten highly transparent real estate markets attract 75% of global investment.
(SA ranked 21st)
• Regional leader in the outsourced IT and BPO services. Krakow 1st position in Europe in the Emerging Outsourcing Destinations (9th in the world)
• Katowice Special Economic Zone: Winner of Europe’s best Free Zone 2017. Lodz Special Economic Zone: Winner of Europe’s best SME Free Zone 2017 according to Global Free Zones of the Year 2017.
• 28th largest receiver of foreign direct investment according to World Investment Report 2017
• Poland is seen as one of the most attractive locations in the world for professional services
• It is anticipated that the growth in jobs and consequential consumption will continue, thanks to high levels of FDI and investors entering the market
• As part of the acceleration of an established trend, in the aftermath of Brexit, Poland is well placed to benefit as companies in the UK consider transferring part or all of their operations
• The stability and liquidity of the Polish market will continue to attract investment
• The probability of yield compression in line with convergence with developed Europe will provide an opportunity to increase asset values
39EPP Interim Results 2018
Focus on investment
• High levels of investor activity, driven largely by portfolio transactions
• In 2017, Poland received investment of approximated EUR 5.04bn.
• H1 2018 has seen high levels of investment in comparison to recent years with H2 expected to follow suit. As a result, 2018 is forecast to be a record year for investment activity in Poland.
• Since 2014, the Polish office and retail markets have experienced compression of yields and as of 2016, they have stabilised at c. 5-5.5%.
• In regards to the CEE market, Poland accounts for the vast majority of the investment in the region (42% in 2017).
*All types of properties, based on RCA dataSource: Savills, RCA
Investment volume by sector in Poland (EUR million)
Investment volume by region of origin in Poland
Investment volume* in CEE
0
1 000
2 000
3 000
4 000
5 000
6 000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 2018
EUR
mill
ion
Offices Retail Logistics Other
01 0002 0003 0004 0005 0006 000
2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 2018
EUR
mill
ion
Domestic EU US AsiaPac Middle East South Africa Other
0
1 000
2 000
3 000
4 000
5 000
6 000
2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 2018
EUR
mill
ion
Domestic EU US AsiaPac Middle East South Africa Other
Top investors by volume of transactions finalised between 2015 – H1 2018
0
250
500
750
1 000
1 250
Volu
me
(EU
R m
illio
n)
Volume
40EPP Interim Results 2018
Investment activity volumes in 2017
• In 2017 the CEE region recorded investment volumes of €12bn; 7.0% up on 2016 and almost 80% above the 10 year average. In 2018 this figure is expected to rise to approximately €12.5bn.
• Poland’s transactional volume share amounts to 42%, followed by the Czech Republic (30%), whilst Hungary and Romania accounted for 15% and 10% respectively.
• In 2018 the volume is expected to increase, with the regional GDP forecast to expand by 4.0% compared to 2.2% in the rest of the EU.
• The retail sector dominates the market in terms of investment volumes (46%) followed by offices (30%). Last year, industrial space accounted for 15% of the turnover compared with just 4% ten years ago and this share is expected to rise.
€5.04bn€62.01bn€59.2bn
€25.6bn
€9.3bn
€2.1bn
€9.3bn
€1.3bn
€14.9bn
€6.5bn
€10bn
€3.5bn
€4.5bn
€7.5bn
€1.8bn
€0.36bn
€1.2bn
CEE Investment Volumes: 2017
Poland42%
Czechia30%
Hungary15%
Other3%
Romania10%
41EPP Interim Results 2018
Portfolio location weighted by Fair ValueAs at 30 June 2018
No Property City Retail GLA [m2] Fair Value30 Jun 18 (m EUR]
1 Galaxy Szczecin 56,630 281.802 Pasaż Grunwaldzki Wrocław 48,352 257.303 Galeria Echo Kielce 71,830 225.104 M1 - Kraków Kraków 49,643 130.205 M1 - Czeladź Czeladź 53,648 129.506 Outlet Park Szczecin 28,283 95.307 Galeria Amber Kalisz 33,546 91.208 M1 - Zabrze Zabrze 52,775 82.009 Galeria Sudecka Jelenia Góra 30,268 58.6010 Zakopianka Kraków 26,143 57.9011 Galeria Solna Inowrocław 23,551 57.2012 Galeria Olimpia Bełchatów 32,703 56.0013 Twierdza Zamość Zamość 23,806 54.1014 Wzorcownia Włocławek 25,423 52.1015 Twierdza Kłodzko Kłodzko 23,039 49.5016 Galeria Veneda Łomża 15,026 40.7017 M1 - Łódź Łódź 38,388 39.4018 Echo Centrum Przemysl Przemyśl 5,759 5.01
Total 638,815 1,763
No Property City Office GLA [m2] Fair Value30 Jun 18 (m EUR]
19 Park Rozwoju Warsaw 33,559 71.4020 Malta Office Park Poznań 28,268 59.7021 O3 Business Campus Phase I Kraków 18,991 48.8022 O3 Business Campus Phase II Kraków 18,960 46.2023 Astra park Kielce 14,269 31.9024 Oxygen Szczecin 13,924 27.9025 Symetris Phase I Łódź 9,593 22.50
Total 137,486 308
No Property City Land area [m2] Fair Value30 Jun 18 (m EUR]
26 Galeria Młociny Warsaw 51,037 262.9027 T22 Warsaw 64,869 102.00
[16] Łomża
[18] Przemyśl
[9] Jelenia Góra
[20] Poznań
[18, 26] Łódź
Retail
Office
Development land
40 EUR m 250 EUR m
Fair Value diagram scale:
[3, 23] Kielce
[19, 26, 27] Warsaw
[7] Kalisz
[12] Bełchatów
[13] Zamość
[14] Włocławek
[15] Kłodzko
[1, 6, 24] Szczecin
[2] Wrocław
[4, 10, 21, 22] Kraków
[5] Inowrocław
66%
34%
88%
12%
93%
7%
64%36%
[5] M1 Czeladź
[8] M1 Zabrze
16%
84%
* Galeria Olimpia nad Echo centrum Bełchatów considered as a single unit – Galeria Olimpia
42EPP Interim Results 2018
New projects location
Tranche 1 - Acquired in January 2018
Tranches II and III
No Property GLA [m2]
1 M1 Czeladź 53,650
2 M1 Kraków 49,619
3 M1 Zabrze 52,775
4 M1 Łódź 38,370
Total 194,414
No Property GLA [m2]
5 M1 Bytom 28,200
6 M1 Częstochowa 29,900
7 M1 Radom 37,000
8 Power Park Olsztyn 32,500
9 Power Park Opole 20,700
10 Power Park Kielce 35,700
11 M1 Poznań 45,400
12 M1 Tychy 22,700
Total 252,100
Tranche I
Szczecin Łomża
Warszawa
Jelenia Góra
Wrocław
Przemyśl
Bełchatów
Tranche II and III
Włocławek
Zamość
Kłodzko
Kalisz
Innowrocław
2. M1 Kraków
1. M1 Czeladź3. M1 Zabrze
4. M1 Łódź
8. PP Olsztyn
11. M1 Poznań
9. PP Opole
5. M1 Bytom
12. M1 Tychy
6. M1 Częstochowa
7. M1 Radom
10. PP Kielce
Other EPP assets
Notes
www.epp-poland.com