Providing space for business Sirius Real Estate Business Presentation 2014 1

Sirius Real Estate Group History ListedontheLondonAIMon4May2007 Acquired 38 business parks between 2006 and 2008 currently own 30 propertiesvaluedbydtzat 434minSept2013. Currently financed by BerlinHyp ( 115m), Macquarie ( 61m), K-Bonds ( 52m) Externally managed by PCSREAM till Jan 2012, now asset management team internalised Currently employs 150 people to perform all aspects of asset management and property management

Business Model To acquire large under-utilised and underoccupied office/industrial properties (typically 30,000-100,000 m²) for conversion into improved higher yielding workspace in well-established business locations targeted specifically at the Small and Medium sized enterprises.

Business Model To purchase off-market directly from private investors, corporates, banks and institutions across the country Retain or add core anchor tenants(siemens, GKN, VAG) Transforms the property through branding and renovation Drive occupancy and rental growth through in-house sales & marketing platform Creates highly yielding flexible workspace through a range of products Reduce direct costs and significantly improve service charge recoverability Maximise value of surplus land through appropriate development or disposal

Typical Sirius Business Park 40-50% of space let to core anchor tenant/tenants with longterm good covenanted income 40% of space let on conventional basis to Mittelstand 10-20% Flexible space housing Sirius product range Market leading in-house letting/re-letting space in all categories above Market leader in managing and recovering service charge costs from multi-tenant, mixed-use business parks

Sirius Product Range Dec-13 SqM - Total Occupancy SqM- Vacant Total Income (All Inclusive) Total Rate per SqM SMSP Office 17,557 69% 5,500 1,596,534 11.03 SMSP Flexilager 32,318 33% 21,765 929,221 7.28 SMSP Storage 7,676 58% 3,211 419,398 7.83 SMSP Workbox 3,739 76% 899 264,460 7.76 Conferencing 5,593 100% 765,500 11.41 TOTAL 66,883 53% 31,285 3,975,113 9.31

Sirius Product Range

Operational Performance Last 5 Years (adjusted for post year end items) Mar-10 Mar-11 Mar-12 Mar-13 Sep-14 (6 mths) Rent 41.8 42.1 43.2 43.1 21.0 Surrender Premiums 0.0 1.7 0.9 1.0 1.7 Other Income 2.0 1.4 1.0 1.3 0.6 TOTAL INCOME 43.8 45.1 45.1 45.4 23.3 Service Charge Irrecs (10.9) (9.3) (8.2) (7.1) (3.6) Maintenance (1.0) (1.2) (1.1) (1.2) (0.5) NOI 31.9 34.6 35.7 37.2 19.2 Overheads & Bad Debts (16.2) (15.2) (13.4) (12.4) (5.6) EBITDA 15.7 19.4 22.3 24.7 13.6 Interest & Finance Costs (17.8) (17.9) (17.6) (15.0) (6.1) Depreciation (0.6) (0.9) (0.9) (1.0) (0.6) PBT (2.8) 0.7 3.8 8.7 6.9

The Team Senior Management Team Information Services SAP Finance Tax Sales IT Operations Asset Management Legal Marketing HR SAP Team Sales In-bound Area Sales Manager Conferencing ROM Service Charge Development Center Manager Technical Operations Managers Operations Manager Technical

The Operating Platform Sales & Marketing division generating > 1,000 enquiries per month and converting 100,000sqm(circa 7m income) of new lettings per year On-line Marketing team responsible for fully integrated online marketing strategy Dedicated renewals team focused on tenant retention Service Charge Reconciliation division with advanced allocation tools and methods Internally trained on-site management dealing with all aspects of property management Highly advanced rent collection systems, procedures and resources Dedicated internal legal, accounting and tax services In-house development team to manage capex projects and investment

Sales & Marketing A Marketing division that has produced a 300% increase in enquiries over the last 4years. In-house expertise responsible for creating, developing and managing nearly 7,000 live on-line promotions. Daily management of 150 live Google pay per click campaigns. Managed presence across 25 on-line German specialist property portals. Contact database of over 70,000 records with increased propensity to purchase Sirius products. A website consisting of 100,000 relevant keywords making the Sirius brand unavoidable to relevant on-line enquirers throughout Germany.

Sales & Marketing (continued) A trainable and measurable 10 step Sirius specific structured sales process. A 100 point mystery shopping formula that enables accurate measurement of sales activity. A Customer Relationship Management System that can measure how quickly salespeople deal with sales leads and help to forecast future sales results. A sales force that conducts over 6,000 viewings per year resulting in the acquisition of over 1,000 new customers per annum and the sale of more than 100,000 sqms of commercial space per year.

Service Charge A dedicated in-house Service Charge Balancing team. In-house tools & knowledge for management and control of external facility management suppliers. In-house expertise and implementation of effective utilities metering and control. Advanced tools for cost allocation to improve cost recovery. Reduced irrecoverable costs on SRE portfolio from 12m to 7.5m in 2 years;

Total SRE Portfolio at Feb 14 Usage Split Business Parks 30 Property value (DTZ) 428m Net lettable area 1.0 m 13% 13% 23% 64% Usage Split 23% Industrial/Logistic/Storage Office Other 64% Annual rent 40.9m Average rate 4.47 Occupancy 75% Usage Split -by Revenue 15% 29% 56% Industrial/Logistic/Storage Office Other

Key Facts Portfolio Lease Expiry -Millions 14 12 10 8 Portfolio -lease expiry by Annual Rent (Feb 14) to First Break Clause 6 4 29% 24% 18% 17% 2 6% 6% 0 < 1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 Yrs > 5 Yrs Feb-14 11,920,624 10,114,526 7,365,425 2,406,361 2,550,788 6,981,030

Bayreuth Berlin Bonn Bremen Düsseldorf Hannover Kassel Kiel Kirchheim Köln 30 Business Parks Magdeburg Maintal Mannheim Merseburg München Nürnberg Offenbach Pfungstadt Rostock Solingen Wuppertal

Current SRE Major Tenants Space - Sqm Monthly Rent % Of Total Rent Average Lease Length Remaining - Yrs 1 Siemens 40,646 195,879 5.6% 2.3 2 GKN Aerospace Deutschland GmbH 41,314 150,923 4.3% 7.7 3 MAN Diesel & Turbo SE 38,813 130,717 3.8% 2.9 4 Daimler AG 26,556 130,163 3.7% 2.4 5 VAG-Armaturen GmbH 35,476 122,034 3.5% 6.8 6 ASM Assembly Systems GmbH & Co 17,452 120,049 3.4% 2.3 7 DematicGmbH 28,293 101,447 2.9% 1.3 8 Bopp & Reuther Sicherheits 19,859 85,546 2.5% 2.4 9 Borsig GmbH 34,076 79,823 2.3% 3.2 10 Brinkmann Tabakfabriken GmbH 31,380 78,928 2.3% 1.5

Case Study - Gartenfeld Details Acquisition Sep-13 Rental Income Analysis Acquisition Sep-13 Purchase Price/Valuation 5,670,000 15,980,000 Sqm Occupied: Total SqM 29,686 30,929 Original Tenants 11,544 1,624 Occupancy 39% 79% New Tenants 22,808 Rate per SqM 3.17 5.18 TOTAL 11,544 24,432 Capex 0 4,895,665 Rental Income: Rental Income 439,328 1,520,043 Original Tenants 439,328 63,446 Irrecoverable SC & Maintenance - 460,000-209,898 New Tenants 1,456,596 NOI - 20,672 1,310,145 TOTAL 439,328 1,520,043 Space Split SqM Rental Income Rate Anchor Tenants 2,921 210,446 6.00 Conventional Leases 18,304 983,009 4.48 Products 3,208 326,588 8.48 Vacant - Products 381 Vacant 6,116 TOTAL 30,929 1,520,043 5.18 Products SqM Investment Cost per SqM ERV (Incl SC) Rate per SqM ROI (Incl SC) Smartspace Office 1,650 257,633 156 226,492 11.44 88% Smartspace Workbox 1,022 368,632 361 113,167 9.23 31% Conferencing 917 115,783 126 130,000 11.82 112% Sirius TOTAL Real Estate Limited Half year presentation 2013 3,589 742,047 207 469,659 10.91 63% 19

Case Study Gartenfeld Pictures Smartspace Office & Conferencing Workbox Newbuild Branding/lb 2 Before After Sirius Real Estate Limited Half year presentation 2013 20

Case Study - Maintal Details Acquisition Sep-13 Rental Income Analysis Acquisition Sep-13 Purchase Price/Valuation 18,762,000 22,270,000 Sqm Occupied: Total SqM 34,910 38,018 Original Tenants 24,772 18,232 Occupancy 71% 87% New Tenants 14,976 Rate per SqM 5.21 5.09 TOTAL 24,772 33,208 Capex 0 5,068,830 Rental Income: Rental Income 1,549,524 2,029,739 Original Tenants 1,549,524 1,272,149 Irrecoverable SC & Maintenance - 166,151-145,892 New Tenants 757,589 NOI 1,383,373 1,883,847 TOTAL 1,549,524 2,029,739 Space Split SqM Rental Income Rate Anchor Tenants 18,232 1,272,149 5.81 Conventional Leases 13,222 506,826 3.19 New Builds 1,754 250,763 11.91 Vacant - New Builds 1,354 Vacant 3,456 TOTAL 38,018 2,029,739 5.09 New Builds SqM Investment Cost per SqM ERV Rate per SqM ROI Carglass 421 526,397 1,250 61,800 12.23 12% BMW Showroom 1,333 1,343,498 1,008 173,580 10.85 13% Zk Glasbau 1,354 920,255 680 105,620 6.50 11% Sirius TOTAL Real Estate Limited Half year presentation 2013 3,108 2,790,149 898 341,000 9.14 12% 21

Case Study Maintal Pictures Before Newbuild Office Refurbishment Other Refurbishment Branding/lb 2 After Sirius Real Estate Limited Half year presentation 2013 22

Case Study Munich Rupert Mayer Str. Details Acquisition Sep-13 Acquisition Sep-13 Rental Income Analysis Purchase Price/Valuation 57,496,694 53,100,000 Sqm Occupied Total SqM 71,914 71,831 Original Tenants 71,914 11,608 Occupancy 100% 88% New Tenants 51,382 Rate per SqM 5.62 6.95 TOTAL 71,914 62,990 Capex 0 991,546 Rental Income: Rental Income 4,848,488 5,252,460 Original Tenants 4,848,488 987,783 Irrecoverable SC & Maintenance - 704,037-298,309 New Tenants 4,264,677 NOI 4,144,451 4,954,151 TOTAL 4,848,488 5,252,460 Space Split SqM Rental Income Rate Anchor Tenants 31,980 2,809,266 7.32 Conventional Leases 22,827 1,715,629 6.26 Products 8,184 727,564 7.41 Vacant - Products 1,819 Vacant 7,023 TOTAL 71,831 5,252,460 6.95 Products SqM Investment Cost per SqM ERV (Incl SC) Rate per SqM(Incl ROI SC) Smartspace Office 2,948 325,642 110 453,852 12.83 139% Conferencing 635 42,540 67 95,368 12.52 224% Flexilager 3,654 110,646 30 371,734 8.48 336% lb 2 2,765 71,375 26 265,563 8.00 372% Sirius TOTAL Real Estate Limited Half year presentation 201310,002 550,203 55 1,186,516 9.89 216% 23

Case Study Munich Rupert Mayer Str. Pictures Smartspace Office & Conferencing Refurbishment Flexilager Branding/lb 2 Before After Sirius Real Estate Limited Half year presentation 2013 24

Access to Finance Secured 61m facility with Macquarie Bank in 2012-13; Secured 52m facility with K-Bonds in August 2013; Credit approved 115m facility with BerlinHyp/PBB at documentation stage expected March 2014 close; Significant interest with other banks for additional facilities for new acquisitions;

Business Outlook Experienced management team that has successfully transformed the business Asset management and property management techniques ready to produce significant profits for investors Very attractive properties currently available in the market Compelling returns for investors including a narrowing discount to NAV

Board of Directors and Senior Management