AA TOWER. Technology Park Zwijnaarde INVESTMENT OPPORTUNITY

AA TOWER Technology Park Zwijnaarde INVESTMENT OPPORTUNITY

AA TOWER Technology Park Zwijnaarde INVESTMENT OPPORTUNITY TABLE OF CONTENTS INVESTMENT SUMMARY LOCATION & ACCESSIBILITY SETTING: Technology Park PROPERTY DESCRIPTION: The AA Tower THE DEVELOPERS TENANCY SCHEDULE TENANTS OFFICE MARKET: Ghent OWNERSHIP STRUCTURE VISUALS AND PHOTO S ELEVATION AND PLANS CONTACT

AA TOWER Technology Park Zwijnaarde INVESTMENT OPPORTUNITY INVESTMENT SUMMARY Investment Objective Acquisiton of the shares of Arbor Alta NV holding as its main asset the long leasehold of a new multi-tenant office property located at the Technology Park of Zwijnaarde, Ghent. Areas Land: 3.461 sqm Office: 13.607 sqm Testing area: 682 sqm Parking: TBC Tenancy The property is 95% let to 6 strong tenants. Actual Rental Income + ERV on vacant space 1.855.345 Purchase structure Sale of 100% of the shares of Arbor Alta NV. This company holds the long leasehold of the office property for 50 years expiring 31st March 2063 and an option to extend this leasehold for another 49 years.

BRUGGE ANTWERP GENT E17 E40 KORTRIJK BRUSSELS

AA TOWER Technology Park Zwijnaarde INVESTMENT OPPORTUNITY ANTWERP 62km - 51min. LOCATION OSTEND 65km - 45min. The AA Tower is located in the Technology Park of Zwijnaarde, Ghent, close to the intersection of the motorways E40 (Oostende Brussels) and E17 (Antwerp Kortrijk). ACCESSIBILITY E40 6km - 8min. Ringvaart E17 5km - 5min. Located at the intersection of two major motorways, the Technology Park benefits from outstanding accessibility by car. The park can be accessed by car through three entrances. R4 2,5km - 5min. The Park is also served by public transport. There are four different bus lines providing regular services from Ghent Sint-Pieters railway station, one of the main railway stations in Belgium. AA Tower Intersection Zwijnaarde KORTRIJK 42km - 33min. BRUSSELS 55km - 49min.

AA TOWER Technology Park Zwijnaarde INVESTMENT OPPORTUNITY SETTING: Technology Park The Technology Park is a site of 52 ha that was created in 1982 by the University of Ghent. Today it consists of two parts: Campus Ardoyen Science Park Ardoyen Campus Ardoyen This Campus houses a number of buildings of the faculties of science and engineering of the University of Ghent. The surface of the University Campus amounts to 30ha. Science Park Ardoyen The science park accommodates approximately 40 companies with a focus on research and development. The majority of these companies are spin-offs of the University of Ghent and start ups of VIB (Vlaams Interuniversitair Instituut). Major tenants include Ablynx, Bayer, Devgen amongst others

AA TOWER Technology Park Zwijnaarde INVESTMENT OPPORTUNITY PROPERTY DESCRIPTION: The AA Tower Description The AA Tower is designed by Jaspers & Eyers Architects and will be delivered in june 2014. The property comprises ground and twelve upper floors offering a gross lettable area of 13.607 m². The site area amounts to 3.461 sqm. The floor plates of approximately 1.000 sqm can be split up into two individual units allowing for flexibility. Parking facilities will be provided for the whole Technology Park in a new car parking by The University of Ghent. Technical Specification Insulation level K30 E-level E60 Façade in natural stone Raised floors and suspended ceiling Clear height of 2.70 m for the office space Static cooling beam air conditioning technology Heating by means of design heater with thermostatic valve Daikin IBS Huawei Agoria iminds TP Vision 998 m 2 niv +12 998 m 2 niv +11 998 m 2 niv +10 998 m 2 niv +9 1.076 m 2 niv +8 1.076 m 2 niv +7 1.153 m 2 1.153 m 2 1.153 m 2 1.153 m 2 niv +6 niv +5 niv +4 niv +3 1.153 m 2 niv +2 1.002 m 2 niv +1 698 m 2 niv +0

AA TOWER Technology Park Zwijnaarde INVESTMENT OPPORTUNITY Tenancy Schedule Floors Tenant Offices (m2) Testing area (m2) Parking Ground Rent Lease start Rent free period Lease break Lease term Annual rent Annual rent per sqm/unit 0-6 TP Vision (*) 6.782 01/05/2014 15 years 990.172,00 146 682 68.200,00 100 3 2.250,00 750 (*) 01/01/2015 11.657,00 7-8 Iminds (*) 2.152 01/01/2015 15 years 292.672,00 136 9 Agoria 731 01/08/2014 5 months 9 years 109.680,00 150 10 Huawei 551 01/06/2014 6 months 6 years 82.596,00 150 11 IBS 998 24/07/2014 1,5 months 9 years 149.700,00 150 12 Daikin 379 01/07/2014 2 months 31/08/2020 9 years 56.886,00 150 9 Vacant 267 40.050,00 150 10 Vacant 447 67.050,00 150 12 Vacant 619 92.850,00 150 12.926 682 3 Total passing rent 1.763.813,00 ERV on vacant space 107.100,00 Total passing rent + ERV on vacant space 1.870.913,00 (*) Real Estate VAT leasing agreement (**) TPV pays an annual ground rent

TP Vision is a dedicated company in the world of visual digital entertainment. TP Vision engages in developing, manufacturing and marketing Philips branded TV sets in Europe, Russia, Middle East and selected countries in South America and Asia Pacific.The Company is 70% owned by TPV and 30% by Royal Philips, headquartered in the Netherlands. TP Vision employs almost 3,100 people in several locations around the globe. The AA Tower will be accommodating the innovation center of TP Vision. iminds is an independent research institute founded by the Flemish government to stimulate the development of innovative ICT services and applications in close collaboration with government and industry. iminds offers companies and organizations active support in research and development. It brings together several organizations to join forces on research projects. The research institute was founded in 2004. Agoria groups and defends companies in the technology industry and is committed to the future of these companies. The member companies active in 10 areas, including Information and Communication Technology, Building Technology, Materials Technology, Mechatronics Technology & Production, Transportation Systems & Solutions, Energy Systems & Solutions, Environment Systems & Solutions and Aeronautics, Space, Security, Defence Technology, are supported by business development around markets, products and technologies at national and international level. Huawei Technologies Co.. Ltd. is a Chinese company that makes equipment for telecommunications. Initially the company focused mainly on the business market. For example, Huawei provides complete telecommunications networks, including the new 4G networks. Recently the company focuses more and more on the consumer market. The range of tablets, smartphones and mobile Internet products will be further extended.

AA TOWER Technology Park Zwijnaarde INVESTMENT OPPORTUNITY IBS is the world leader in distribution software, providing business applications for the wholesale, distribution and manufacturer/distributor markets. Through our consulting services, enterprise resource management software, business applications and IBS Cloud Solutions, we deliver significant value to hundreds of mid-sized-to-large companies. What makes them unique is our ability to improve return-on-investment and lower total-cost-of-ownership in a variety of vertical markets. The one-stop shop for all your distribution management needs. Daikin Belux is the specialist for perfect climate at home and in larger commercial and industrial areas. The name Daikin stands for quality The Japanese parent company and Daikin Europe, the European branch in Ostend, the maintenance of high quality standards is constantly watched in the development and production of air conditioning systems. Daikin presents itself as a leader in the field of air conditioning.

AA TOWER Technology Park Zwijnaarde INVESTMENT OPPORTUNITY Office Market: Ghent Ghent is the second largest office market in Flanders after Antwerp, with a stock of 1,125 million sqm. The last couple of years it has been developing at a faster pace thanks to higher demand and a number of prestigious office projects in the southern periphery of Ghent along the E 40 motorway. Take up & vacancy Take-up amounted to approximately 27.000 sqm in the first three quarters of 2013, which is in line with the figures of 2012. Corporates lead the letting market and accounted for almost all transactions in 2013. Major lettings include TP Vision, who will occupy almost 7. 500 sqm in the Technology Park Zwijnaarde and Partena who signed a contract for 6.000 sqm in the Blue Towers near the new Artevelde football stadium. The office vacancy rate is at 4.9%, the lowest level in Flanders. Prime Rents Rents for prime buildings in prime locations in Ghent are at 150 / sqm / year, though there is upward pressure given the very low vacancy. These prime rents are similar to the levels achieved in Antwerp and Leuven. New Developments The Ghent office market has welcomed a number of new office developments over the last years creating a positive dynamic. Projects under construction in the southern periphery of Ghent include the AA Tower (13.500 sqm), the Blue Towers (28.OOO sqm). The Loop site will be the location for two large development schemes, namely Take Off (50.000 sqm) and Tetris Business Park (55.000 sqm). In the city center, next to the Ghent Sint-Pieters railway station, Eurostation will develop two pre-let buildings to the Flemish Government totalling 36.000 sqm.

AA TOWER Technology Park Zwijnaarde INVESTMENT OPPORTUNITY Ownership Structure This company holds the long leasehold of the AA Tower for a duration of 50 years expiring 31st March 2063. expiry of the original leasehold. The terms and conditions of the leasehold extension will be determined at the time of exercising the option. annually health indexed. Arbor Alta NV Leasehold of 50 years Option to extend leasehold for 49 years Annual Canon 40.251 Freehold University of Ghent AA Tower

Spuwer Spuwer +5,74 2 +49,75 6 START onderzijde gevelsteen (zie detail A1-DE-002 en 002.3) +8,65 4 +5,76 6 1 As raamprofiel UITZETTINGSVOEG +12,22 5 +12,25 5 +10,18 2 1 2 3 3 2 11 11 10 11 2 1 3 3 +8,65 4 +5,76 6 +4,33 4 +2,88 6 START Calepuinage A +56,95 1 30 60 +56,95 1 +28,06 500 450 360 360 360 360 360 360 360 360 360 360 366 5 348 335 5 95 5.700 +56,00 1 Kroonleisthoogte technisch lokaal +52,64 5 VERDIEPING +14 +49,16 5 VERDIEPING +13 +45,50 VERDIEPING +12 +41,90 VERDIEPING +11 +38,30 VERDIEPING +10 +34,70 VERDIEPING +9 +31,10 VERDIEPING +8 +27,50 VERDIEPING +7 +23,90 VERDIEPING +6 +20,30 VERDIEPING +5 +16,70 VERDIEPING +4 +13,10 VERDIEPING +3 +9,50 VERDIEPING +2 +5,00 VERDIEPING +1 START onderzijde gevelsteen (zie detail A1-DE-002 en 002.3 ) As raamprofiel 1 90 +56,95 1 4 +49,75 6 +49,75 6 30 1 1 2 1 +35,35 6 11 +12,22 5 +12,25 5 +10,18 +8,65 4 5 +5,74 2 START Calepuinage START Calepuinage +5,76 6 +5,76 6 +5,04 8 6 1 10 10 9 8 8 4 11 2 1 2 START Calepuinage START Calepuinage 500 450 360 360 360 360 360 360 360 360 360 360 366 5 348 335 5 95 5.700 +56,95 1 DAKPLAN +56,00 1 Kroonleisthoogte technisch lokaal +52,64 5 VERDIEPING +14 +49,16 5 VERDIEPING +13 +45,50 VERDIEPING +12 +41,90 VERDIEPING +11 +38,30 VERDIEPING +10 +34,70 VERDIEPING +9 +31,10 VERDIEPING +8 +27,50 VERDIEPING +7 +23,90 VERDIEPING +6 +20,30 VERDIEPING +5 +16,70 VERDIEPING +4 +13,10 VERDIEPING +3 +9,50 VERDIEPING +2 +5,00 VERDIEPING +1-0,05 ±0,00 GELIJKVLOERS -0,05 2 ±0,00 GELIJKVLOERS 30 60 782 165 5 644 5 810 810 782 F E D' D C B A START Calepuinage START Calepuinage 336 5 1 952 5 720 952 5 2 3 4 NOORDGEVEL OOSTGEVEL

4.174 782 3.392 45 2.805 1.005 25 45 34 5 87 44 5 153 180 90 180 90 180 35 198 2.124 198 782 172 5 782 198 25 45 30 60 Openingen RF dichten 105 x 216 110 176 5 110 75 15 2 15 73 5 162 15 73 5 110 167 125 69 5 15 10 42 25 276 20 241 19 280 19 356 20 228 20 200 20 276 25 42 10 S3 S4 80 x 216 157 x 216 S1 20 167 20 241 19 280 19 241 20 145 10 255 105 74 5 10 4 105 77 7 105 50 50 105 x 216 S5 2012 280 x 270 105 x 216 105 x 216 105 x 216 12 105 35 L2 L1 280 x 270 Lift sas L4 L3 25 138 5 20 50 105 98 10 186 276 769 10 98 105 50 20 138 5 105 x 270 280 x 270 105 x 270 Niv.+38.30 x 80 216 80 x 216 105 x 216 180 755 180 806 4 5 153 5 90 180 90 180 71 216 133 30 59 5 922 54 5 2.159 5 107 5 985 71 5 80 17 80 74 130 5 10 152 25 342 10 193 10 5 105 36 5 25 276 10 140 5 10 108 5 80 x 216 80 x 216 S2 80 x 216 157 x 216 25 20 113 25 165 5 7 5 45 50 50 205 5 90 157 111 5 80 11 50 Openingen RF dichten 51 5 29 148 5 29 101 5 126 20 80 5 70 229 275 34 5 793 5 991 5 900 120 2.805 4.174 These images are a visual aid and are not binding copyright protected - cannot be used or reproduced in any way without the consent of MG Real Estate Adelaarsstraat 24 B-9051 Ghent T +32 9 250 95 00 F +32 9 250 95 11 PROJECT: AA TOWER - ZWIJNAARDE PLANTITEL: TYPEVERDIEPING SCHAAL: geen schaal DATUM: juli 2014

CONTACT CONTACT CONTACT URG FRANCE LUXEMBURG THE NETHERLANDS BELGIUM FRANCE THE NETHERLANDS BELGIUM ealestate.eu realestate.eu DOMEIN DE CELLEN Kapellestraat 117 B-8020 Oostkamp T +32 (0)50 T +33 4628 10 10 41 25 13 F +32 (0)50 46 10 19 www.globalestategroup.eu WTC Amsterdam H-Toren Zuidplein 36 1077 XV Amsterdam T +31 207 99 78 22 Adelaarsstraat 24 B-9051 Ghent T +32 9 250 95 00 F T +32 +33 928250 4195 2511 13 WTC Amsterdam H-Toren Zuidplein 36 1077 XV Amsterdam T +31 207 99 78 22 Adelaarsstraat 24 B-9051 Ghent T +32 9 250 95 00 F +32 9 250 95 11 LUXEMBURG FRANCE THE NETHERLANDS BELGIUM in this presentation are a visual aid and are not binding copyright protected - Images cannot used be used in this or reproduced presentation in are any a way visual without aid and the are consent not binding of MG Real copyright Estate protected - cannot be used or reproduced in any way without the consent of MG Real Estate T +33 28 41 25 13 WTC Amsterdam H-Toren Zuidplein 36 1077 XV Amsterdam T +31 207 99 78 22 Adelaarsstraat 24 B-9051 Ghent T +32 9 250 95 00 F +32 9 250 95 11

CONTACT LUXEMBURG FRANCE THE NETHERLANDS BELGIUM WTC Amsterdam H-Toren REAL ESTATE. REAL SOLUTIONS Zuidplein 36 1077 XV Amsterdam REAL ESTATE. REAL SOLUTIONS T +33 28 41 25 13 T +31 207 99 78 22 Adelaarsstraat 24 B-9051 Ghent T +32 9 250 95 00 F +32 9 250 95 11