BILFINGER REAL ESTATE WE MAKE RETAIL WORK.

BILFINGER REAL ESTATE WE MAKE RETAIL WORK.

METROPOL ISTANBUL with a total area of 750,000 square metres, 960 million of construction volume and in the immediate vicinity of the emerging financial centre of Turkey, another mega project of the city on the Bosporus. The responsibility for renting 350 stores and 120,000 square metres of retail rental space is in our hands, as is centre management and property management for the three-story shopping centre. Bilfinger HSG Facility Management is in charge of managing the facility. 2 3

Bilfinger Real Estate the commercial real estate experts Sustainably successful commercial real estate takes strategy, management expertise and an eye for the big picture, all from the get-go. Interest in European commercial real estate investment remains high. As the retail sector in Germany reports record revenues thanks to the positive economic climate, new shopping centre and retail space in small and medium-sized cities grows, and even longterm, security-conscious investors increasingly invest in German commercial real estate, new construction of shopping centres is booming in many Eastern and South-Eastern European countries. Bilfinger Real Estate, with its more than four decades of centre management experience, ensures successful long-term, profitable shopping centre investments. Our commercial real estate experts, on behalf of shopping centre developers, institutional investors and funds, manage 85 shopping centres with a speciality in malls and other retail properties in Germany and Europe. At the same time, commercial properties across Europe face new challenges. Rapidly changing buying and consumption behavior, the increasing importance of online commerce, and declining customer acceptance of many of the shopping centres completed in the 1990s have made repositioning, revitalization and professional management critical. After all, only a retail property that adapts to the times can remain attractive, deliver strong revenue and stay profitable over the long term. Core competency shopping centre management 85 shopping centres 100 locations 3 million specialty shopping centres and retail properties under management. in Germany and Europe with centre management specialists on site. square metres of managed retail space. 4 5

With 52 shops and numerous dining options the STADT CENTER DÜREN offers a world of shopping and entertainment for the whole family. Since its opening in the fall of 2005, we have managed the centre, located in the heart of Düren, and in addition to centre management we lease a total of 16,500 square metres of retail space. 6 7

Retail consulting Only a retail property that adapts to the times can count on sustained customer acceptance. Adaptation as a strategy for success Against the backdrop of changing customer needs and the increasing demands of new trend-conscious target groups, commercial properties must be capable of adapting to changing market conditions to stay successful. Based on more than four decades of management experience, we develop location-based, holistic approaches to revitalization, repurposing or increasing the potential of shopping centres and retail property. Our specialists develop market and site assessments, analyze the existing tenant and sector mix, the strengths and weaknesses of the property and develop rental and use concepts, based on sound positioning. We offer strategic advice on changing market and competitive conditions, structural upgrading needs, or planned remodels. We revise and develop marketing concepts that enables the repositioning of the centre in collaboration with advertising agencies and the advertising community of the centre. In the development of concepts, we work closely with owners, tenants and service providers. By getting all of the stakeholders involved at an early stage, we create a basis for acceptance and successful implementation of the necessary measures. As part of our tenant coordination service, we act as an interface between tenants, owners and planners when it is time to perform a remodel, create new rental space and move tenants. We prepare rental spaces ready for occupancy, taking into account the individual needs of tenants. Numerous shopping centres in Europe have been around for more than 20 years. In order to adapt to current customer needs and rapidly changing market conditions while remaining competitive, Bilfinger Real Estate has developed measures to optimize the appearance, accessibility and efficiency of spaces and manage the implementation of the necessary remodeling measures. This ensures high customer traffic and sales as well as stable rental income for your retail property. Schlössle Galerie Pforzheim: dining area before refurbishment FOOD COURT SCHLÖSSLE GALERIE PFORZHEIM 2009 FOOD COURT SCHLÖSSLE GALERIE PFORZHEIM 2010 The Schlössle Galerie in Pforzheim is one of the most popular shopping centres in Baden-Württemberg. In order to make the food court in the basement of the centre larger and more attractive, shortly after the takeover of the centre management mandate we developed a concept for the redesign and expansion of dining and seating areas. We acted as the owner representative for the architect and project manager, ensured adherence to the budget and acquired additional restaurant concepts for the rental space. After a four-month reconstruction phase, the redesigned food court opened with a central seating area in the middle of the basement. The amenity value and visibility of the food court has improved markedly and its size has more than doubled from 220 to 465 square metres. Through the redesign of the food court and other energy-saving measures, we also managed to reduce the non-recoverable ancillary cost component by some 40 percent. Schlössle Galerie Pforzheim: modern food court after refurbishment 8 RETAIL CONSULTING Bilfinger Real Estate 9

Property management The numbers at a glance Our experienced property managers are reliable partners for all of your retail property tenants. Starting with property accounting, insurance and contract management, billing of operating and ancillary costs, taking into account tenant-specific distribution lists, they handle all of the commercial property management functions. We respond flexibly to individual software solutions and system requirements and, in addition to ensuring timely rent collection, we provide transparent invoicing and payment-reminder services, as well as indexing lease agreements and settling sales-based rents. Our detailed reporting provides an overview of the economic development of the centre, including earnings development, ancillary costs and overdue and rent payments. Technical property management ensures ongoing maintenance and upgrading of properties. This includes all required maintenance and remodeling measures, as well as coordination of cleaning, janitorial and disposal services. The regular budget planning and monitoring through property management is the basis of an economic result of the retail property and provides our customers with planning security. 10 PROPERTY MANAGEMENT Bilfinger Real Estate 11

The CITY GALERIE ASCHAFFENBURG is Northern Bavaria's largest shopping centre and has been managed since 1978 by Bilfinger Real Estate. In addition to responsibility for centre management and property management for the approximately 53,000 square metres centre, we handle leasing activities and provide energy efficiency consulting services. Over the past 30 years we have successfully managed every sale of the City Galerie Aschaffenburg and once the transactions were completed, we never failed to impress the owners with our strengths in management and leasing. Retail leasing As part of our management mandate, we have successfully concluded lease agreements with nearly every well-known retail company, chain store and regional retailer. Trends, tenant mix and a feel for the market A balanced tenant mix is critical to the long-term success of a shopping centre. To meet the demands of new trend-conscious target groups and changing market and site conditions, the experienced leasing managers at Bilfinger Real Estate develop leasing concepts individually tailored to each property. By composing a balanced, attractive sector mix, we build the foundation for a modern shopping centre with a robust visitor traffic. Our participation in the expansion activities of national and international retail brands and our decades-long contact with many major retailers offer a clear advantage for attracting top brands and creditworthy tenants. Our comprehensive Europe-wide activities gives us strong networks and detailed knowledge of numerous regional and local real estate markets throughout Europe. We offer a comprehensive rental management system tailored to your needs. The determination of fair market rental terms is part of our overall service. Contract negotiations and the conclusion of lease agreements are among our core functions. Bilfinger Real Estate s lease management offers you, as the customer, a reliable partner for every rental issue and the certainty that current and potential tenants are optimally served. 12 RETAIL LEASING Bilfinger Real Estate 13

Retail revitalization Revitalization concepts for highly profitable commercial real estate City Galerie Aschaffenburg: shopping mall before revitalization In Europe, shopping centres have developed over the past 40 years into the most important form of commercial property. Following the construction boom in the 1990s, numerous shopping centres today create heavy competition between existing and new centres, which makes timely action necessary for older shopping centres to maintain their marketability under increasing competitive pressure. The word "revitalization" is on everyone's lips. Modern, competitive retail properties and shopping centres arise from concepts that are not only in line with the current market situation, but also take future needs into account. This requires a kind of dynamic property with rental space that can be adapted at any time to current requirements. But that alone is not enough to ensure the success of a site. Shopping has a high priority in how many people organize their personal leisure time. A successful shopping centre thus requires not only an attractive segment tenant mix, but also a strong amenity value to make it a desirable leisure experience and make it a cut above the online retail experience. The customer service, lighting, furniture, variety and quality of restaurants all are factors that determine whether a customer will stay only briefly or for several hours in the shopping centre. The successful revitalization of shopping centres and retail properties requires the right strategy. We achieve this by using the following tools: property and competitive analysis accounting for market changes and trends increasing potential (rental income forecasts and investment estimates) new concepts and leasing implementation and project management, tenant coordination management of external architects marketing concepts for repositioning in the market REDESIGN OF THE CITY GALERIE ASCHAFFENBURG Since 1978, we have managed the City Galerie Aschaffenburg, which with its 26,000 daily visitors, is among the most popular shopping centres in Northern Bavaria. The centre has been comprehensively revitalized numerous times and has expanded its retail space from 30,000 to 50,000 square metres. The conversion of the parking garage made it possible to accommodate a total of 1,700 parking spaces over eleven levels. A new lighting and design concept has brought more daylight into the centre s interior, added bright natural stone, new shop fronts, granite floors, stainless steel railings and glass for a more attractive, contemporary appearance. We participate in all of the renovation and revitalization efforts and either handle project management ourselves or in coordination with other parties. City Galerie Aschaffenburg: shopping mall today 14 RETAIL REVITALIZATION Bilfinger Real Estate 15

Expansion management With market knowledge and retail expertise, we advise international retail brands expansion into Europe. Your entry into Europe s most profitable market The German retail market, with its turnover of more than 400 billion, is the largest in Europe and in recent years has become ever more attractive as an expansion target for foreign retail companies. The stable economic situation and continued positive buying behavior of German consumers have attracted many foreign retailers to large and medium-sized cities. Many new international concepts have taken root since 2009 in the German market, particularly fashion labels aimed at young, trend-conscious target groups, labels such as Bershka, CCC, Urban Outfitters, Uniqlo, Pull & Bear, Forever 21 and Primark. In addition to retail shops in prime locations, shopping centres top the list of properties as locations of choice for international concepts. A successful expansion outside a retailer s home country requires a comprehensive knowledge of the retail market in question, detailed information about legal issues, a strong network of leasing managers and owners, as well as a good overview of the real estate market in the cities and regions of the country. For foreign retailers who want to expand into Germany, it is therefore important to work from the beginning with a competent partner with an intimate knowledge of local markets and a local presence. This makes it possible to calculate costs and risks for market entry and to keep them as low as possible. The Bilfinger Real Estate Group assists retailers in breaking into the German market. From concept consulting on developing a location profile, to site selection, to concluding the lease agreement and store expansion, we handle all the services needed for successful site planning and expansion. By integrating external partners, we ensure a solid legal foundation for all labour and tax issues. DE PASSAGE in The Hague has been managed since 2007 by Bilfinger Real Estate. The Hague s famous Arcade was built by local dignitaries between 1882 and 1885 for the express purpose of high-class shopping in imitation of Paris. The Netherlands oldest shopping arcade is an official UNESCO monument. Nestled among passageways, glass atria, pedestrian bridges and chiselled façades, you will find 20 boutique stores, bustling food & drink establishments, and even a hotel. 16 EXPANSION MANAGEMENT Bilfinger Real Estate 17

The CEYLAN KARAVIL PARK in Diyarbakir, with a total area of 165,000 square metres, is one of the largest mixeduse complexes of southeastern Anatolia. Our retail real estate specialists in Turkey have been responsible for centre management and leasing activities for the shopping centre, with its 200 stores and 65,000 square metres of retail space, since 2013. Asset management Asset management Our professional asset management service includes the strategic and operational ownership functions. Our asset managers have a deep understanding of commercial real estate and the investment objectives of the owner. Whether it is a downtown commercial building, a retail centre or a large shopping centre we guarantee optimum value, minimize risk and ensure the long-term viability and value of your retail property. We handle purchases, the hold phase, revitalization and sales. Capital markets In the dynamic retail business, a clear strategy and timing are crucial for investment success. Our capital markets service includes all buying and selling activities for investors and portfolio holders. Our specialists develop investment and exit strategies, provide recommendations to optimize sales, identify and acquire investment properties and advise our customers during the due diligence review. In the process, we tap into our years of experience, deep market knowledge and comprehensive networks. 18 19

Construction, FM and energy consulting Low operating costs for higher added value The efficient use of energy reduces day-to-day operating costs for retail properties and significantly improves their value performance. The energy monitoring program designed by Bilfinger Real Estate records all of the building services equipment in your retail property, determines the exact energy consumption and provides solutions and tools to significantly reduce and continuously monitor energy consumption and associated operating costs. In addition, we offer consulting in every aspect of facility management, assist owners and investors during the service contractor calls for tender, as well as the subsequent planning and development of energy-saving solutions for building safety, waste management and building services equipment maintenance. Our auditors perform all standard green building certifications through the DGNB, LEED, BREEAM and EU Green Building programs. Your partner for renovations and expansion The structural condition of a property has a decisive impact on its occupancy rate, energy efficiency and overall performance. The experienced construction and project management staff at Bilfinger Real Estate manages all of the activities associated with structural changes to your property. In the planning phase, we create a project management plan and a binding investment calculation based on a detailed analysis of the necessary construction measures. For new construction or major remodeling projects, we manage the tendering of architectural competitions. During the implementation phase, we handle technical and financial project management, as well as coordination and management of all of the project construction measures. With predictable total costs, realistic scheduling and continuous quality control, we ensure a successful construction project and act as a central point of contact for our customers. We assist you in selecting the right certificate and carry out the entire certification process for you. In most of our managed shopping centres, we are also responsible for FACILITY MANAGEMENT services. This starts with the tender for maintenance and repair activities in the centre and continues with the subsequent management and monitoring of the contracted services. We ensure that heating and cooling systems work, escalators are maintained, light bulbs are replaced, and organize and manage the security service. In addition, we manage the cleaning of the centre and make sure that its doors open and close on time. 20 CONSTRUCTION, FM AND ENERGY CONSULTING Bilfinger Real Estate 21

International references 04 05 01 01 02 06 08 03 07 Commercial real estate expertise in more than 50 locations worldwide 01_Airport Outlet Centre, Istanbul, Turkey 03_ Buyaka, Istanbul, Turkey 05_ Arena Park Shopping Centre, Coventry, United Kingdom 07_ Cherry Tree Shopping Centre, Wallasey, United Kingdom We are wherever our customers need us. In addition to our comprehensive office networks in Germany and the UK, we have a presence in Turkey, the Netherlands, Switzerland, Poland, Canada and Australia with numerous offices. With our management expertise we stand shoulder-to-shoulder as a reliable partner to investors and international retail portfolio holders worldwide competent, experienced and well connected in the local and regional markets. - Total area: 81,000 square metres - Managed since: 2008 02_Koopgoot, Rotterdam, The Netherlands - Total area: 250,000 square metres - Managed since: 2012 04_Plato Shopping Centre, Istanbul, Turkey - Total area: 69,000 square metres - Managed since: 2010 06_ De Promesse, Lelystad, The Netherlands - Total area: 54,900 square metres - Managed since: 2010 08_ Shopping Centre Koperwiekplein, Enkhuizen, The Netherlands By tapping into the Bilfinger Group network of locations, our customers also benefit from the full range services of an engineering and service company on every continent and in nearly every country in the world. - Total area: 14,400 square metres - Managed since: 1996 - Total area: 53,500 square metres - Managed since: 2013 - Total area: 7,000 square metres - Managed since: 2014 - Total area: 5,500 square metres - Managed since: 2003 22 INTERNATIONAL REFERENCES Bilfinger Real Estate 23

Real Estate GERMANY Bilfinger Real Estate GmbH Moskauer Str. 27 40227 Düsseldorf Germany Phone: +49 211 38059304 www.realestate.bilfinger.com AUSTRALIA Bilfinger Real Estate Australia Level 51, Rialto Tower 525 Collins Street Melbourne VIC 3000 Australia Phone: +61 3 96020200 graham.whitson@bilfinger.com www.realestate.bilfinger.com.au CANADA Bilfinger Real Estate North America 49 Wellington St. E Suite 201 Toronto ON M5E 1C9 Canada Phone: +1 416 6491812 phil.malin@bilfinger.com www.realestate.bilfinger.ca POLAND Bilfinger Real Estate Poland Al. Armii Ludowej 26 00-609 Warszawa Poland Phone: +48 22 5793234 thorsten.bruedigam@bilfinger.com www.realestate.bilfinger.com THE NETHERLANDS Bilfinger Real Estate B.V. Euclideslaan 135 3584 BR Utrecht The Netherlands Phone: +31 30 2565165 info.realestate.nl@bilfinger.com www.realestate.bilfinger.nl TURKEY Bilfinger Real Estate Turkey Büyükdere Cad Maya Akar Center B Blok No:100 D:58 Esentepe 34394 Istanbul Turkey Phone: +90 212 2730075 cigdem.hantof@bilfinger.com www.realestate-tr.bilfinger.com SWITZERLAND Bilfinger Real Estate AG Industriestrasse 21 8304 Wallisellen Switzerland Phone: +41 44 8787878 info.realestate.ch@bilfinger.com www.realestate.bilfinger.ch UNITED KINGDOM Bilfinger GVA 65 Gresham Street London, EC2V 7NQ United Kingdom Phone: +44 8449020304 enquiries@gva.co.uk www.gva.co.uk