THE DNA OF REAL ESTATE

EUROPE THE DNA OF REAL ESTATE Fourth Quarter 20 MARKET INDICATORS Office Rental Growth (year-on-year) 20 20 All Countries 0.7% 0.3% -1.3% Western Europe 0.7% 2. 2.8% EU Countries 0.7% 1.9% 2.8% EMU Countries 0.3% 1.1% 2.4% Eastern Europe 0.6% -6.6% -16.6% Central Europe -0.9% -0.6% -0.3% 1 5% -5% -1 West EU EMU 6 4 2-2 -4 East CEE High Street Retail Rental Growth (year-on-year) 20 20 All Countries 4. 1.5% -0.4% Western Europe 4. 2.3% 4.4% EU Countries 3.7% 1.9% 4.4% EMU Countries 3.2% 2.5% 3.8% Eastern Europe 3.9% -1.8% -18. Central Europe 1.9% -0.9% 2.6% % 1 5% -5% West EU EMU 6 4 2-2 -4 East CEE Logistics Rental Growth (year-on-year) 20 20 4% 2% West EU EMU 2 1 East CEE All Countries 0.5% -1.7% -2.7% Western Europe 0.7% 1.1% 1. EU Countries 0.3% 1. 1. EMU Countries 0.3% 0.9% 0.6% Eastern Europe -0.6% -12.7% -16.6% Central Europe -2. -1.1% -0.4% -2% -4% -6% -1-2 -3 All sector Yield Aggregates and 10yr movements 20 20 All Countries 6.49% 6.39% 6.0 Western Europe 5.84% 5.54% 5.08% EU Countries 6.06% 5.77% 5.31% EMU Countries 6.% 5.8 5.32% Eastern Europe 9.2 9.82% 9.68% Central Europe 7.59% 7.49% 7.24%.0.0.0 9.0 7.0 5.0 3.0 Notes: Western Europe countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, The Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom Eastern Europe countries: Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Macedonia, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey, Ukraine Central Europe countries: Czech Republic, Hungary, Poland, Slovakia EU countries: corresponds to the members of the European Union EMU countries: corresponds to the members of the euro zone 10 yr yield range Current yield level OFFRETIND OFFRETIND OFFRETIND OFFRETIND OFFRETIND OFFRETIND ALL WEST EAST CEE EU EMU

KEY EUROPEAN OFFICE LOCATIONS IN FOCUS COUNTRY CITY RENT FREQUENCY LOCAL MEASURE Prime rents SQ.M/YR US$ SQ.FT/YR GROWTH CURRENT VALUES Prime Yields Austria Vienna* sq.m/mth 24.75 297 $30.0-1. 4.3-10 bp -40 bp Q/Q Belgium Brussels sq.m/yr 275 275 $27.8 0. 5.7-5 bp -35 bp Bulgaria Sofia* sq.m/mth 12.50 0 $.1 0. 8.5 0 bp -50 bp Czech Republic Prague sq.m/mth 19.50 234 $23.6 0. 5.75% 0 bp -50 bp Denmark Copenhagen* sq.m/yr Dkr1,800 241 $24.3 0. 4.25% -25 bp -75 bp Finland Helsinki* sq.m/mth 34.00 408 $41.2 3. 5.0 0 bp 0 bp France Paris* sq.m/yr 775 775 $78.2 3.3% 3.25% -25 bp -75 bp Germany Berlin* sq.m/mth 23.50 282 $28.5 6.8% 4.1-10 bp -40 bp Germany Frankfurt* sq.m/mth 37.00 444 $44.8 0. 4.35% 0 bp -35 bp Germany Hamburg* sq.m/mth 24.50 294 $29.7 2.1% 4.% -5 bp -35 bp Germany Munich* sq.m/mth 33.50 402 $40.6 0. 3.7 - bp -30 bp Germany Dusseldorf* sq.m/mth 26.00 312 $31.5 0. 4.35% -5 bp -25 bp Greece Athens* sq.m/mth 17.00 204 $20.6-10.5% 8.3 0 bp 0 bp Hungary Budapest sq.m/mth 21.00 252 $25.4 0. 7.0-25 bp -25 bp Ireland Dublin* sq.m/yr 592 592 $59.7 22.3% 4.25% 10 bp -50 bp Italy Rome sq.m/yr 400 400 $40.4-2.4% 4.75% 0 bp -25 bp Italy Milan sq.m/yr 490 490 $49.5 3.2% 4.5 0 bp -50 bp Luxembourg Luxembourg* sq.m/mth 45.00 540 $54.5 0. 5.1 0 bp -10 bp Macedonia Skopje* sq.m/mth 14.00 168 $17.0 3.7% 9.25% 0 bp 0 bp The Netherlands Amsterdam sq.m/yr 370 370 $37.3 0. 5.5-10 bp -70 bp Norway Oslo* sq.m/yr Nkr4,800 499 $50.4 0. 4.2 0 bp -55 bp Poland Warsaw sq.m/mth 24.00 288 $29.1-4. 5.75% -25 bp -50 bp Portugal Lisbon sq.m/mth 18.50 222 $22.4 0. 5.25% 0 bp -100 bp Romania Bucharest* sq.m/mth 18.50 222 $22.4-2.6% 7.5 0 bp -25 bp Russia Moscow sq.m/yr $750 690 $69.7-25. 10.5-50 bp -50 bp Slovakia Bratislava sq.m/mth.00 180 $18.2 0. 7.0 0 bp -25 bp Spain Madrid sq.m/mth 28.50 342 $34.5.8% 4.0-25 bp -125 bp Spain Barcelona sq.m/mth 19.75 237 $23.9.3% 4.5 0 bp -100 bp Sweden Stockholm sq.m/yr Skr5,600 6 $61.7 12.6% 3.8-10 bp -45 bp Switzerland Zurich* sq.m/yr Sfr750 690 $69.6 0. 3.7 0 bp -10 bp Switzerland Geneva* sq.m/yr Sfr800 736 $74.2 0. 4.0-25 bp -25 bp Turkey Istanbul sq.m/mth $45.00 497 $50.2 0. 6.8 0 bp 0 bp Ukraine Kiev* sq.m/yr $300 276 $27.9-19.4%.5 0 bp 50 bp United Kingdom London sq.ft/yr 125.00 1,826 $184.2 8.7% 3.25% 0 bp -50 bp United Kingdom Manchester sq.ft/yr 32.00 467 $47.2 0. 5.0 0 bp -25 bp United Kingdom Birmingham sq.ft/yr 30.00 438 $44.2 3.4% 5.0 0 bp -25 bp United Kingdom Edinburgh sq.ft/yr 32.50 475 $47.9 8.3% 5.25% -25 bp -25 bp United Kingdom Glasgow sq.ft/yr 29.50 431 $43.5 0. 5.5 0 bp 0 bp Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees. To convert local rents to euros, exchange rates applicable at the last day of the quarter are used. (*) marked data reflect legacy Cushman & Wakefield information.

KEY EUROPEAN HIGH STREET LOCATIONS IN FOCUS COUNTRY CITY RENT FREQUENCY LOCAL MEASURE Prime rents SQ.M/YR US$ SQ.FT/YR GROWTH CURRENT VALUES Prime Yields Austria Vienna* sq.m/mth 300 3,600 $363 0. 3.75% - bp -35 bp Q/Q Belgium Brussels sq.m/yr 1,850 1,850 $187 5.7% 3.75% -10 bp -40 bp Bulgaria Sofia* sq.m/mth 46 552 $55.7 4.5% 8.5-25 bp -50 bp Czech Republic Prague sq.m/mth 195 2,340 $236 5.4% 4.75% 0 bp -25 bp Denmark Copenhagen* sq.m/yr Dkr18,000 2,412 $243 1.4% 3.6 - bp -50 bp Finland Helsinki* sq.m/mth 164 1,968 $199 0. 5.0 0 bp 0 bp France Paris* sq.m/yr 18,000,255 $1,338 0. 3.0 0 bp -50 bp Germany Berlin* sq.m/mth 3 3,660 $369 1.7% 3.8-10 bp -30 bp Germany Frankfurt* sq.m/mth 3 3,780 $381 0. 3.8 0 bp -20 bp Germany Hamburg* sq.m/mth 310 3,720 $375 0. 3.8-10 bp -30 bp Germany Munich* sq.m/mth 370 4,440 $448 0. 3.3 0 bp -20 bp Germany Dusseldorf* sq.m/mth 280 3,360 $339 1.8% 3.9 0 bp -20 bp Greece Athens* sq.m/mth 180 2,160 $218 0. 7.0 0 bp 0 bp Hungary Budapest sq.m/mth 100 1,200 $121 5.3% 6.5-25 bp -25 bp Ireland Dublin* sq.m/yr 5,500 3,1 $312 22.2% 3.75% 0 bp -25 bp Italy Rome sq.m/yr,000,000 $1,0 37.5% 3.25% -50 bp -0 bp Italy Milan sq.m/yr 12,000 12,000 $1,2 41.2% 3.25% -50 bp -0 bp Luxembourg Luxembourg* sq.m/mth 7 1,644 $166 9.6% 4.75% 0 bp -25 bp Macedonia Skopje* sq.m/mth 30 360 $36-14.3% 9.25% 0 bp 0 bp The Netherlands Amsterdam sq.m/yr 3,000 3,000 $303 3.4% 4.1 0 bp 0 bp Norway Oslo* sq.m/yr Nkr27,000 2,808 $283 8. 4.2-5 bp -55 bp Poland Warsaw sq.m/mth 85 1,020 $103 0. 7.0 0 bp -50 bp Portugal Lisbon sq.m/mth 98 1,170 $8 2.6% 5.0 0 bp -100 bp Romania Bucharest* sq.m/mth 42 504 $50.9-6.7% 9.0 0 bp 0 bp Russia Moscow sq.m/yr $3,800 3,498 $353-24. 12.5 0 bp 0 bp Slovakia Bratislava sq.m/mth 44 528 $53.3 10. 7.5 0 bp 0 bp Spain Madrid sq.m/mth 255 3,060 $3 4.1% 3.75% -25 bp -65 bp Spain Barcelona sq.m/mth 275 3,300 $333 1.9% 3.75% -25 bp -65 bp Sweden Stockholm sq.m/yr Skr14,900 1,627 $164 0. 3.9-10 bp -35 bp Switzerland Zurich* sq.m/yr Sfr9,000 8,277 $835 0. 3.2 0 bp -40 bp Switzerland Geneva* sq.m/yr Sfr4,000 3,678 $371 0. 4.25% 0 bp 0 bp Turkey Istanbul sq.m/mth $275 3,038 $3-1.8% 5.8 0 bp 0 bp Ukraine Kiev* sq.m/yr $1,440 1,326 $4-40..5 0 bp 50 bp United Kingdom London sq.ft/yr 1,500,145 $1,327 20. 2.25% 0 bp -25 bp United Kingdom Manchester sq.ft/yr 265 1,974 $199 6. 4.5-50 bp -100 bp United Kingdom Birmingham sq.ft/yr 225 1,676 $169 0. 4.75% -50 bp -75 bp United Kingdom Edinburgh sq.ft/yr 200 2,008 $203 5.3% 4.75% -25 bp -25 bp United Kingdom Glasgow sq.ft/yr 260 2,6 $263 2. 4.5 0 bp -50 bp Rents in France, Ireland and the UK relate to Zone A. To convert local rents to euros, exchange rates applicable at the last day of the quarter are used. Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees. (*) marked data reflect legacy Cushman & Wakefield information.

KEY EUROPEAN LOGISTICS LOCATIONS IN FOCUS COUNTRY CITY RENT FREQUENCY LOCAL MEASURE Prime rents SQ.M/YR US$ SQ.FT/YR GROWTH CURRENT VALUES Prime Yields Austria Vienna* sq.m/mth 4.75 57 $5.75 0. 6.9-10 bp -35 bp Q/Q Belgium Brussels sq.m/yr 58 58 $5.85 16. 6.9 0 bp -10 bp Bulgaria Sofia* sq.m/mth 3.80 46 $4.60 1.3% 10.75% -50 bp -50 bp Czech Republic Prague sq.m/mth 3.85 46 $4.66 1.3% 6.75% 0 bp -50 bp Denmark Copenhagen* sq.m/yr Dkr550 74 $7.44 10. 7.5 0 bp 0 bp Finland Helsinki* sq.m/mth 7.50 90 $9.08 0. 7.25% 0 bp 0 bp France Paris* sq.m/yr 55 55 $5.55 1.9% 6.0-25 bp -75 bp Germany Berlin* sq.m/mth 5.90 71 $7. 0. 6.% -5 bp -75 bp Germany Frankfurt* sq.m/mth 6.95 83 $8.42 0. 5.95% -5 bp -35 bp Germany Hamburg* sq.m/mth 5.90 71 $7. 1.7% 6.1-5 bp -25 bp Germany Munich* sq.m/mth 7.00 84 $8.48 0. 5.9-5 bp -45 bp Germany Dusseldorf* sq.m/mth 5.70 68 $6.90 0. 6.% -5 bp -25 bp Greece Athens* sq.m/mth 3.50 42 $4.24-12.5% 12.0 0 bp 100 bp Hungary Budapest sq.m/mth 3.50 42 $4.24 2.9% 8.5-50 bp -50 bp Ireland Dublin* sq.m/yr 75 75 $7.57 7.1% 5.9-10 bp -35 bp Italy Rome sq.m/yr 53 53 $5.35-3.6% 8.0 0 bp 0 bp Italy Milan sq.m/yr 51 51 $5. -3.8% 7.0-25 bp -75 bp Luxembourg Luxembourg* sq.m/mth 8.00 96 $9.69 6.7% 8.0 0 bp -50 bp Macedonia Skopje* sq.m/mth 2.50 30 $3.03 0..0 0 bp 0 bp The Netherlands Amsterdam sq.m/yr 88 88 $8.88 0. 6.5-25 bp -90 bp Norway Oslo* sq.m/yr Nkr1,200 125 $12.60 4.3% 5.75% 0 bp -50 bp Poland Warsaw sq.m/mth 5.40 65 $6.54-1.8% 7.0-25 bp -50 bp Portugal Lisbon sq.m/mth 3.50 42 $4.24-6.7% 7.0 0 bp -100 bp Romania Bucharest* sq.m/mth 3.40 41 $4.12 6.3% 9.25% 0 bp -50 bp Russia Moscow sq.m/yr $63 58 $5.85-37. 12.75% -25 bp -25 bp Slovakia Bratislava sq.m/mth 3.60 43 $4.36 0. 8.0 0 bp -50 bp Spain Madrid sq.m/mth 5.25 63 $6.36 5. 7.0 0 bp -50 bp Spain Barcelona sq.m/mth 5.50 66 $6.66 10. 7.0 0 bp -75 bp Sweden Stockholm sq.m/yr Skr1,0 1 $.57 0. 6.25% 0 bp 0 bp Switzerland Zurich* sq.m/yr Sfr145 3 $.46 0. 5.6 0 bp 0 bp Switzerland Geneva* sq.m/yr Sfr180 166 $16.71 0. 6.0 0 bp 0 bp Turkey Istanbul sq.m/mth $7.00 77 $7.80 0. 8.75% -25 bp -25 bp Ukraine Kiev* sq.m/yr $60 55 $5.57-16.7% 14.0 0 bp 0 bp United Kingdom London sq.ft/yr.75 201 $20.27 5.8% 4.5-25 bp -75 bp United Kingdom Manchester sq.ft/yr 6.25 91 $9.21 0. 5.5 0 bp -25 bp United Kingdom Birmingham sq.ft/yr 6.50 95 $9.58 8.3% 5.25% 0 bp -25 bp United Kingdom Edinburgh sq.ft/yr 6.50 95 $9.58 0. 6.0 0 bp -100 bp United Kingdom Glasgow sq.ft/yr 6.00 88 $8.84 0. 6.5 0 bp -25 bp Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees. To convert local rents to euros, exchange rates applicable at the last day of the quarter are used. (*) marked data reflect legacy Cushman & Wakefield information.

TOP GROWTH MARKETS IN 20 Offices Rental Growth Yield Compression Capital Value Growth Vilnius (Non-CBD) Milan (Semi Centre) Stockholm (CBD) Hamburg (Decentralised) Sofia (Non-CBD) Leipzig (Decentralised) Athens (Out of Town) Dublin (Int.Fin>Centre) Manchester (CBD) Brussels (Pentagon) 2% 4% 6% 8% 1 Berlin (Decentralised) Barcelona (Decentralised) Vienna (Within Gürtel) Moscow (Central) St Petersburg Budapest (South Buda) Katowice (CBD) Dresden (Decentralised) Paris (CBD) Madrid (CBD) -75-50 -25 0 Basis point change Berlin (Decentralised) Stockholm (Decentralised) Barcelona (Decentralised) Paris (CBD) Hamburg (Decentralised) Madrid (CBD) Vienna (Within Gürtel) Vilnius (Non-CBD) Leipzig (Decentralised) Milan (Semi Centre) 5% 1 % 2 High Street Shops Rental Growth Yield Compression Capital Value Growth Barcelona (Diagonal) Paris (Avenue George V/Rue François 1er ) Bourgas (Alexandrovska) Plovdiv (Alexander Batenburg) Liege (Vinave d'ille) London (West End) Varna (Kniaz Boris 1) Athens (Chaimanta) Antwerp (Meir) Brussels (Rue Neuve) 2% 4% 6% 8% 1 Milan (Via Montenapoleone) Rome (Via Condotti) Florence (Via Roma) Venezia (Calle 22 Marzo/Calle S.Moisè) Bologna (Galleria Cavour) Manchester (Market Square) Birmingham (High St) Newcastle (Northumberland) Oporto (Baixa (Rua de Santa Catarina)) Malmo (Sodra Forstadsgatan) -75-50 -25 0 Basis point change Milan (Via Montenapoleone) Rome (Via Condotti) Barcelona (Diagonal) Venezia (Calle 22 Marzo/Calle S.Moisè) Florence (Via Roma) Bologna (Galleria Cavour) Manchester (Market Square) Bourgas (Alexandrovska) Plovdiv (Alexander Batenburg) Newcastle (Northumberland) 5% 1 % 2 Logistics Rental Growth Yield Compression Capital Value Growth Hasselt Barcelona Brasov Constanta Timisoara Bucharest Rotterdam Bristol London (Heathrow) 2% 4% 6% 8% Tilburg Venlo Rotterdam Budapest Sofia Utrecht Eindhoven Nijmegen Paris Lyon -75-50 -25 0 Basis point change Rotterdam Hasselt Tilburg Budapest Barcelona Sofia Brasov Constanta Timisoara Bucharest 5% 1 % The above charts represent the top 10 growth locations of all monitored areas in Europe. If several locations are monitored within a city, the best performing submarket will be represented.

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