Valuation Report Matrix Portfolio, Valuation of 13 properties

Transcription

1 Valuation Report, Valuation of 1 properties prepared for March 21

2 , Valuation of 1 properties March 21 Contents 1 Brief & Scope of Instruction Instruction Fee Basis Valuer Status Purpose of Valuation Basis of Valuation Liability Sources of Information Date of Valuation Inspections... 2 Portfolio Analysis Overview Distribution of Area Category and al Income Distribution by Tenants... 7 Market Considerations German Economy German Investment Market Supply and Demand: Key Players in the German Real Estate Market Investment Market Transaction Evidence Valuation Valuation Methodology Valuation Assumptions Valuation Results Sensitivity Matrix Market Value Disclaimer Confidentiality & Publication Appendix I Property Reports... Appendix II Overview... 1 Appendix III General Principles for Valuation... 2 Valuation for accounting purposes only 1

3 , Valuation of 1 properties March 21 Contents cont d Figure 1:Development of gross domestic product (Q1 211 Q2 214) seasonally and calendar adjusted... 8 Figure 2: Ifo Business Climate Index January 212 August Figure : Development of inflation rate / consumer price index original values (Jan 212-August 214)... 1 Figure : Development of inflation rate / consumer price index original values (Jan 212-May 21)... 1 Figure 4: Transaction Volume Figure : Transaction Volume by Risk Profile Figure 6: Purchases by Foreign Investors Figure 7: Sellers / Buyers Figure 8: Transaction Volume by type of use Figure 9:Impact of Change in rents and yields on office capital value growth Figure 1: Transaction Volume Figure 11: Transaction Volume divided by Asset Class Figure : Development of Prime Yields Table 1:Portfolio Overview... 6 Table 2: Distribution of Area and al Income... 7 Table : Distribution by Tenants... 7 Table 4: Transaction Volume in Big Table : Transaction volume in Table 6: Prime yields in 1a-prime retail locations... 1 Table 7: Office prime yields... 1 Table 6: Transaction Evidence... 2 Table 7: Inflation forecast Valuation for accounting purposes only 2

4 , Valuation of 1 properties March 21 1 Brief & Scope of Instruction 1.1 Instruction We refer to your instruction, dated 2 December 214, instructing us to carry out a valuation of the Matrix Portfolio consisting of 1 properties. The portfolio comprises retail parks and self-service department stores. The instruction was ordered by Fred Ganea, Head of Financial Department of (BCP) 1.2 Fee Basis JLL confirms that the agreed fee structure for this mandate (Update valuation of the Matrix portfolio) is a fixed fee and no fee which is linked in any way to the reported market value (% of value fee). Furthermore, JLL would like to point out that the instruction letter (stating the fee level) referring to this mandate has been signed and agreed by both parties prior to the start of the valuation process, on 2 December Valuer Status We confirm that the valuation has been carried out by us as external valuers, qualified for the purposes of providing valuations in accordance with the Appraisal and Valuation Manual published by the Royal Institution of Chartered Surveyors (RICS). We also confirm that we have no conflict of interest relating to the property and that we have valued portfolios of a similar scope as well as larger scope in the course of other mandates. The project team consists of the following members: Frank Rambow Since 27 Frank Rambow is team leader of the Bank Valuation Advisory team of Jones Lang LaSalle s Valuation Department. Here he heads a team of 6 professionals. He currently holds the position of National Director. Frank Rambow has lead several buy-side advices and real estate appraisals for single assets as well as portfolios for various clients. All the valuations are conducted according to the IFRS standards. He is a graduated economist and has over 1 years experience in real estate sector, thereof nine years at JLL. Frank Rambow is a member of The Royal Institution of Chartered Surveyors (MRICS) Georg Charlier In September 28, Georg Charlier joined Jones Lang LaSalle, focusing mainly on the valuation of retail and office portfolios/properties. He holds the position of Associate Director. Prior to that he was part of the Munich based team of a German Real Estate Investor. Georg Charlier holds a Diploma of Real Estate Engineering and Management and a certification of the society of investment professionals in. He possesses more than 6 years of consulting experience on the German real estate market. Norbert Schultek In February 212, Norbert Schultek joined Jones Lang LaSalle, focusing mainly on the valuation of retail and office portfolios/properties. He holds the position of Senior Consultant. Norbert Schultek holds a Diploma of Real Estate Management. He possesses more than 6 years of consulting experience on the German real estate market. Valuation for accounting purposes only

5 , Valuation of 1 properties March Purpose of Valuation We understand that the valuation is required for financial statement reporting and that the valuation reports will be included (including by reference) in the financial statement of (hereinafter: "BCP") for the year 214 and in a shelf prospectus BCP intends to publish in Israel in the year Basis of Valuation Our valuation has been prepared in accordance with the RICS Valuation Professional Standards (9th Edition) published by the Royal Institution of Chartered Surveyors as well as the standards contained within the European Valuation Standards (EVS, 212) and in accordance with IVSC International Valuation Standard 1 (IVS 1, 211) on the basis of Market Value. According to the RICS Valuation Professional Standards, Market Value is defined as: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's-length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. Furthermore, the properties are considered as if free and clear of all encumbrances, i.e. easements, pre-emption clauses, liens or any other restrictions on title. We have not taken into account any liability of the property / portfolio owner regarding taxes, single or recurring public or private charges, local community taxes and costs. However, our valuations are net of purchaser s costs standard to the German property market. 1.6 Liability Jones Lang LaSalle GmbH s liability for any loss or damage caused by simple or gross negligence on our part, irrespective of the legal reason, in relation to the valuation services provided is limited to a maximum of 1% of the respective and reported Market Value per property, and may not exceed an aggregate maximum liability cap of 7. million (euros) for any case. A single case of damages is defined as the total sum of the damage claims of all persons entitled to claim, which arise from one and the same professional error (offence). In the case of damages suffered from several offences brought about by the same technical error within the scope of several coherent services of a similar nature, the Advisor can similarly only be held liable for the foregoing maximum liability amount. 1.7 Sources of Information In preparing this valuation report, we have predominantly relied upon information provided by Brack Capital Properties N.V. We received the documents listed below, which form the basis for our valuation: Tenancy Schedule, dated 1 December 214 Copy of the Land Register excerpts for all properties, dated 2 January 21 Copy of the lease agreement of Pfennigpfeiffer (Aschersleben), dated and 11 November 214 New development status for the Neckarsulm property Copy of the lease extensions with Kaufland in the respective four properties Aschersleben, Bad Aibling, Borken and Glauchau, dated 2 February 21 We have been provided with a signed summary of the proposed agreement between the tenant Kaufland and the landlord regarding modernisation measures and financial contribution. The agreement was prepared by the lawyer Graf von Westphalen. According to this summary, modernisation works shall be implemented for the properties located in Aschersleben, Bad Aibling, Borken, Glauchau and Vilshofen. Valuation for accounting purposes only 4

6 , Valuation of 1 properties March 21 The modernisation measures include, among other things, implementation of a new store concept, implementation of a new advertising concept, redevelopment of the recycling centre and the painting of the facades. The measures are proposed for the stores in Ascherleben, Bad Aibling, Glauchau and Vilshofen in 216 and in Borken in 218. According to the agreement, the lease terms for Aschersleben, Bad Aibling, Borken and Glauchau will be extended. The lease term for Vilshofen should not be prolonged. The tenant is entitled to terminate the respective lease agreements as of September 2, 2, 24 and 24. The landlord may terminate the lease agreement after September 24. In the event that this information proves to be incorrect or additional information is made available to us, the accuracy of the valuation could be affected. In such case, we reserve the right to amend our opinion of value accordingly. 1.8 Special Assumption Neckarsulm In Neckarsulm, a building extension is planned. The extension will be carried out in the southern rear portion of the subject site. According to the information provided to us, the amendment request for the local development plan has already been submitted. A building application will be submitted thereafter. However, the construction works will start at the end of May once the lease contracts are signed. Current planning law does not allow the development of the surplus land; we are not able to reflect this in the 21 valuation. 1.9 Date of Valuation As specified in your instruction, we have set the valuation date at 1 December Inspections We have conducted external and internal inspections of the properties between 6 January 21 and 21 January 21. Generally, we have had no access to technical rooms as well as portions of vacant and let areas. Valuation for accounting purposes only

7 , Valuation of 1 properties March 21 2 Portfolio Analysis 2.1 Overview The valued portfolio consists of 1 retail properties with a total net lettable area of 147,9 m². The properties are spread throughout and located in the federal states of Baden-Wurttemberg (4), Bavaria (4), Brandenburg (2), North Rhine-Westphalia (1), Saxony (1) and Saxony-Anhalt (1). Table 1:Portfolio Overview No Postcode / Location Address Property Type table Area table Area incl. petrol station area and outdoor area Aschersleben Hoymer Chaussee 18 Park 14,74 m² 1,92 m² Augsburg Gögginger Straße 119 Park 1,67 m² 14,44 m² 84 Bad Aibling Grassingerstraße 16 Park 7,2 m² 7,2 m² Biberach Obere Stegwiesen 1 Park 1,769 m² 12,87 m² 462 Borken Heidenerstraße 2 Park 9,24 m² 9,2 m² Erlangen Westliche Stadtmauerstraße 27 Park 1,9 m² 1,94 m² Geislingen Gartenstraße Park 9,9 m² 9,91 m² Glauchau Waldenburger Straße F17 Park 12,86 m² 1,974 m² Ludwigsburg Friedrichstraße 124 Park 14,1 m² 14,1 m² Ludwigsfelde Potsdamer Straße 1 Park 12,64 m² 12,69 m² Neckarsulm Hohenloher Straße 2 Park 1, m² 11,694 m² Vilshofen Hösamer Feld 7 Park 1,2 m² 11,6 m² Wittenberge Wahrenberger Straße 69 Park 8,691 m² 9,711 m² Total 147,71 m² 16,18 m² Source: Jones Lang LaSalle analysis, based on the provided detailed rent roll dated January Distribution of Area Category and al Income The lettable area of the portfolio is predominantly used as retail (94%) followed by office (4%) and petrol station (%). Valuation for accounting purposes only 6

8 , Valuation of 1 properties March 21 Table 2: Distribution of Area and al Income Area Category table Area in % Contractual al Income per month in % Office,44 m² 4%,176 % 18,27 m² 94% 99,184 89% Commercial m² % % Residential 1,47 m² 1% 9,94 1% Storage 2,18 m² 1% 6, 1% Sub total 147,71 m² 1,6,27 9% Petrol Station 7,262 m² % 2,264 2% Internal Parking 1,66 units 1% 2,4 2% Other Units 1,47 m² 1% 2,89 2% Total 16,16 m² 1,117,7 99% Source: Jones Lang LaSalle analysis, based on the provided detailed rent roll dated January 21 The distribution of the rental income is quite similar to the lettable area. The rental income of the portfolio is predominantly achieved by retail (89%) followed by offie (%) and petrol station (2%). 2. Distribution by Tenants The tenants Kaufland and Marktkauf (DIY) are individually the most important tenants in the portfolio. The covenant strength of the two major tenants (Kaufland and Marktkauf) can be estimated as good to very good. The main lease contracts (by income) of the main tenants generate approx. 4% (,848,8 p.a.) of the annual rental income ( 1,41,898/year). Table : Distribution by Tenants Tenant table Area in % al Income (per month) in % Kaufland 7,66 m² 48% 46,17 6% Marktkauf Autonom BM 9,24 m² 6% 81,19 7% AWG Allgemeine Warenvertriebs GmbH,77 m² 4%,47 % Adler Modemärkte 4,961 m² % 49,467 4% Deichmann SE 2,18 m² 1% 2,9 2% dm-drogerie markt GmbH + Co. KG 2,17 m² 1% 24,289 2% Takko Holding GmbH 1,9 m² 1% 19,41 2% Hammer Fachmärkte GmbH & Co. KG 2,74 m² 2% 1,88 1% Others 1,692 m² % 44,8 4% Total 16,16 m² 1% 1,117,7 1% Source: Jones Lang LaSalle analysis, based on the provided detailed rent roll dated January 21 Valuation for accounting purposes only 7

9 , Valuation of 1 properties March 21 Market Considerations.1 German Economy GROSS DOMESTIC PRODUCT In Q2 214, the German economy lost the momentum observed previously. After the GDP rose by.7% in the first quarter of 214 compared to the fourth quarter of 21, it fell by.2% in Q Compared to a year earlier, the GDP rose by.8%. Positive dynamics were observed in spending. Calculations from the Federal Statistics Office show that both private (+.1%) and government spending (+.1%) increased over Q1, while investments decreased (-.4%). Slightly more goods and services were exported (+.9%) in Q2 than in Q1, while imports (+1.6%) increased significantly more in comparison. Overall, this results in a negative balance for the growth contribution of -.2 percentage points to GDP. Figure 1:Development of gross domestic product (Q1 211 Q2 214) seasonally and calendar adjusted Source: Federal Statistical Office, September 214 BUSINESS CLIMATE The ifo business climate index fell from 18. points in July to 16. points in August 214. The current business situation is viewed with less optimism and the outlook for the next six months is reserved. The index for manufacturing decreased further to its lowest level since July 21. Manufacturing companies view the current business situation less positively for the third time in a row. Expectations regarding further business development weakened slightly. Exports continue to lose momentum. The index for the retail sector fell significantly. The current business situation is viewed less positively compared to the previous month. The outlook for the future continues to be predominately negative. The index for wholesale is similar, having fallen to its lowest level in a year. Wholesalers are significantly less satisfied with the current business situation, while the future outlook is predominately negative for the first time since mid-21. Valuation for accounting purposes only 8

10 , Valuation of 1 properties March 21 The index for the construction industry rose slightly compared to July. Both the current situation and the future are viewed with more optimism than in July. Figure 2: Ifo Business Climate Index January 212 August 214 Source: Ifo-Institute, September 214 PRICE DEVELOPMENT According to the Federal Statistics Office, consumer prices are approximately.8% higher (August 214) than a year ago. Compared to the previous month, the consumer price index remained unchanged. A lower inflation rate was last seen in February 21, with.%. The main reason for low overall inflation is the stagnation of energy prices, which declined by 1.9% year-on-year in August 214. Mineral oil products (-4.6%) experienced the largest decline. Electricity prices, however, increased by 1.8%. Without factoring in energy prices, inflation would have been 1.2% (August 214). Food prices increased only slightly (+.%), reflecting continued stagnation. Dairy prices, however, increased significantly (+8.4%). Other increases include confectionary products (+1.9%), bread and cereal products (+1.%) as well as fish and meat products (+1.%). Valuation for accounting purposes only 9

11 , Valuation of 1 properties March 21 Figure : Development of inflation rate / consumer price index original values (Jan 212-August 214) Figure 4: Development of inflation rate / consumer price index original values (Jan 212-May 21) Source: Federal Statistical Office, June 21.2 German Investment Market GERMAN INVESTMENT MARKET: SUMMARY, CURRENT DEVELOPMENT Not only the global economy but also the German market came through 214 without serious damage. While higher growth rates particularly in Europe would have put more of a gloss on the performance, the fact that a serious crisis was avoided should be registered as a success considering the continuing risks. The critical situation that still prevails in Ukraine and the resulting tensions with Russia, the military conflicts in Syria and Iraq fuelled by IS terrorism, and the Ebola epidemic in parts of Africa are latent sources of danger also for the global economy. In addition, discussions have again flared up in recent days over Greece s possible exit from the Eurozone, highlighting the fragility of Europe in general and its economy in particular. The general conditions have not changed significantly for the property investment universe in the last 12 months. However, the effects of the extremely low interest rate over what is now several years remain evident. Institutional investors such as insurance companies have long been able to enjoy gains from bonds they acquired previously, but these are moving closer to their maturity dates. For this reason alone, the pressure is growing to generate adequate returns elsewhere. So far there have been no grounds - at least in Europe - to bet on rising interest rates in the near future. The search for investment alternatives therefore remains acute. At the same time, competition among investors is increasing globally. Traditional players are being joined by new investors especially from Asia and certainly to a much greater extent from China in future. Valuation for accounting purposes only 1

12 , Valuation of 1 properties March 21 STRONG FINAL SPURT CAUSES A FURTHER RISE IN THE TRANSACTION VOLUME Against this background, the situation on the investment markets appears very positive. For the fifth year in succession, we have registered an increase in the commercial investment volume in. In the end, a volume of 9.8 billion was recorded in 214, representing an increase of % compared to 21. Figure : Transaction Volume Source: JLL The final spurt in December that has already practically become a tradition in also ensured in 214 that the fourth quarter again contributed more than a third to the annual volume, with more than 14 billion. The run on the commercial property markets will continue in 21 - with an equal or even greater transaction volume compared to 214. Figure 6: Transaction Volume by Risk Profile Source: JLL Valuation for accounting purposes only 11

13 , Valuation of 1 properties March 21 The strong demand for property investments and the low interest rates have further driven up prices for desirable properties. At the same time, marketing processes supported by JLL exhibit a high number of bids, which additionally stimulate competition. FOREIGN INVESTORS INCREASE THEIR LEVEL OF ACTIVITY The growing internationality of investors is also interesting to note, even if not yet clearly recognisable at first glance. In 214 the percentage share of international buyers was higher than in recent years at 49% of the investment volume. However, if we look beyond the completed transactions to the number of offers, for example, the percentage share of international investors rises to a considerable - an indication that foreigners are forging ahead in terms of investments. Figure 7: Purchases by Foreign Investors Share of transaction volume in Source: JLL Asian and particularly Chinese investors are steadily growing in importance. The progressive internationality is not only reflected by the purchasing activities, however: in 214, foreign investors were also active to a similar degree on the seller side. In an analysis of investor types, no significant changes are indicated. Asset/fund managers as well as special funds are still the most active investors on the German market, accounting for a combined 4% of the transaction volume alone. Figure 8: Sellers / Buyers Source: JLL Valuation for accounting purposes only 12

14 , Valuation of 1 properties March 21. Supply and Demand: Key Players in the German Real Estate Market FRANKFURT REGAINS THE NUMBER 1 POSITION AMONG THE PROPERTY STRONGHOLDS - FOCUS ON OFFICE PROPERTIES CONTINUES The investment focus of investors was still almost exclusively directed towards prime properties in prime locations in 21, but this has now diversified somewhat. More and more buyers are prepared to invest in lower-quality properties with a certain proportion of vacancies or in a less central location in the large cities as well as in smaller towns. However, the Big 7 together represent a volume of around 2 billion and therefore still account for well above half of the transaction volume across. In 214 Frankfurt again forced Munich from the number one spot. Numerous large transactions such as the PalaisQuartier, WinxTower and Silberturm ensured strong growth of 4% to. billion. Munich was in second place with a volume of billion. Düsseldorf was the only member of the Big 7 to register a decline compared to 21: its investment volume fell by 6% in 214 to almost 2.1 billion. Table 4: Transaction Volume in Big 7 Transaction volume Big 7 (mn ) Q Q % Berlin, 4,6 24% Düsseldorf 2,18 2, -6% Frankfurt/M 4,1,1 4% Hamburg 2,9, 2% Cologne 1,19 1,1 11% Munich Region 4,68, 7% Stuttgart 86 1,24 44% Total 19,49 2, 18% *% is defined as percentage change between H1 21 and H1 214 Source: JLL Office properties accounted for the highest proportion of the transaction volume in with a share of around 44%. properties were next in line with a 22% share. Warehouses and logistics properties registered relatively strong growth over the year, increasing their share to at least 9%. Valuation for accounting purposes only 1

15 , Valuation of 1 properties March 21 Figure 9: Transaction Volume by type of use * Others: Hotels, Land, Special Properties Source: JLL The share of portfolio transactions also increased further. Local and inter-regional portfolios accounted for around % of the volume in 214, which was tantamount to a 7% increase in the volume compared to 21. Commercial portfolio transactions accounted for 1 of the 2 largest transactions. We also expect to see sustained interest in portfolio transactions in 21. Pan-European portfolios will also increasingly return to Table : Transaction volume in Transaction volume (million Euro) Q Q %* Single assets 2, 27,7 2% Portfolio 7,7 12,1 7% Total,7 9,8 % *% is defined as percentage change between 212 and 21 Source: JLL PRIME YIELDS REMAIN UNDER PRESSURE Prime yields in the office segment fell slightly again in view of the strong demand. The average yield for all Big 7 markets fell by 1 basis points compared to the third quarter to 4.4%. Valuation for accounting purposes only 14

16 , Valuation of 1 properties March 21 Table 6: Prime yields in 1a-prime retail locations Prime yields in 1a-locations (aggregated net initial yield in Big 7 in %) Q4 21 Q1 214 Q2 214 Q 214 Q4 214 Office : Shopping center : Warehousing parks : Warehousing solus units : High street Warehousing/Logistics Source: JLL The decline affected all markets in equal measure. In a year-on-year comparison, the average office yield declined by 22 basis points. Office yields outside the prime locations, or yields for office properties that have vacancies, are of poor building quality or have short remaining lease terms, showed a further reaction to the increased demand from investors for such products. For prime properties in a secondary location in one of the Big 7, the average yield for all strongholds was.26% and therefore dropped 28 basis points in an annual comparison. Yields also fell in other asset classes because of the strong demand. For logistics properties, the average prime yield in the logistics regions of all seven property strongholds fell by a further 1 basis points on a quarterly basis to 6.18% and for shopping centres to 4.%. Initial yields of.6% are paid for good specialist store products; there was also a slight decline here. Only the average yield for city centre commercial buildings remained unchanged at the already low level of.99%. Table 7: Office prime yields Office prime yields in % Q4 21 Q1 214 Q2 214 Q 214 Q4 214 Berlin Düsseldorf Frankfurt/M Hamburg Cologne Munich Region Stuttgart Source: JLL Against the background of continuing low interest rates and the huge investment pressure from German and foreign institutional investors, we expect to see further declines in prime yields during 21 by around 1-1 basis points depending on the asset class. POSITIVE FINANCING CONDITIONS ATTEST TO THE POSITIVE OUTLOOK FOR 21 These positive developments on the equity side come up against very active debt financing markets in. In view of the very restrained economic development in the Eurozone and the approaching increase in the U.S. base rate, we see further scope for a rise for the longer-term capital market rates. With the steeper yield curve, the longer-term financing conditions should then worsen slightly but nonetheless are still to be viewed as favourable in a historical comparison. In addition, the pressure on credit margins is continuing due to the increased competition among credit providers. Banks acting for their own balance sheets want to place credit and accept lower margins in the competition that already exists - we only encounter aggressive behaviour on the risk side in isolated cases. Alternative providers such as insurance companies, pension funds and funds have certainly also contributed to the increased competition. Valuation for accounting purposes only 1

17 , Valuation of 1 properties March 21 Figure 1:Impact of Change in rents and yields on office capital value growth Source: JLL The German investment market has started the year with a tailwind behind it. This positive outlook is based on the continuing strong demand from international capital for investment opportunities on one hand, and on an attractive financing environment on the other. For 21, we therefore expect to see a further increase in the transaction volume to above 4 billion..4 Investment Market RETAIL INVESTMENT MARKET: REVIEW OF 21 AND 214 Over the course of 21 and 214, the growth of the German economy remained stable at a low level though growth was partly negative in 214. This situation contributed to demand from international real estate investors for property in. In 21, retail investments totalled 8.11 billion and in 214 they totalled 8.6 billion. As a result, retail investments accounted for 27% of the total investment volume in 21 and for 22% in 214. Overall, the retail transaction volume grew significantly between 29 and 211 and has remained at a similar level since. Based on current research, it can be assumed that the 21 transaction volume will be the same or higher than for 212, 21 and 214. Valuation for accounting purposes only 16

18 , Valuation of 1 properties March 21 Figure 11: Transaction Volume Source: JLL, January 21 In the retail investment market, the shares of some of the asset classes shifted between 21 and 214. The share of shopping centres decreased from 4% (21) to 2% (214) but nevertheless represent the largest retail asset class by transaction volume. parks accounted for 12% in 21 and 21% in 214 and currently represent the second largest asset class. High-street units followed with a share of 2% in 214 (21: 8%), then retail warehouses, which were unchanged at 16%. Department stores also remained relatively unchanged at 9%. In 214, the largest deals included the purchase of a share of CentrO Oberhausen by Unibail Rodamco from Stadium Group for approximately million, the purchase of the Karstadt department store in Bremen by Kurt Zech for approx. 11 million from Highstreet Holding and the purchase of four shopping centres (two near Berlin, Dresden, Brandenburg) from Morgan Stanley and Redos to Christie and Prudential for approx. 4 million. Also, Kö-Galerie in Düsseldorf was sold for approx. million by Blackstone and ECE to Allianz Real Estate and approx. Netto discounters were sold by Dansk Supermarket to Salling-Stiftung (price undisclosed). In addition, the Treveria-Portfolio was sold through insolvency proceedings to CR Investment Management for approximately million and Mfi was sold by Parella Weinberg to Unibail-Rodamco for 17 million. Valuation for accounting purposes only 17

19 , Valuation of 1 properties March 21 Figure 12: Transaction Volume divided by Asset Class Source: JLL, January 21 YIELDS IN THE RETAIL MARKET DECREASE As mentioned above, shares of retail assets in the real estate investment market decreased slightly and are currently at 22%. However, a clear lack of product remains and investors have widened their focus from core to core-plus and valued-added properties. Yield compression could be observed, particularly in the core asset class, from 29 until H1 211 and again in H2 212 with respect to shopping centres and high street shops/department stores. Prime yields for retail parks decreased between 29 and 21 and have remained stable since then. Prime yields for shopping centres are now well below %. Prime yields for high street properties went down slightly at the beginning of 21 and have remained stable since then. warehouse yields fell significantly between 212 and 21 and have decreased slightly since then. Figure 1: Development of Prime Yields Source: JLL, January 21 Valuation for accounting purposes only 18

20 , Valuation of 1 properties March 21 RETAIL INVESTMENT MARKET: OUTLOOK Because s economy has been very stable in the past several years, we expect retail to remain among the largest asset classes in the coming four quarters. Investors seeking opportunities with upward potential will find the best fit in retail. The investment focus has broadened to include secondary locations and assets that come with higher risk. We expect this trend to continue. An increase in transaction volumes of distressed properties and non-performing loans has already been observed in the recent past and is expected to continue. With respect to retail properties, we expect a progressively stable trend with the highest investment share anticipated for shopping centres and retail parks and warehouses. Furthermore, we predict that the German real estate market will remain in the focus of foreign investors. In 214, asset/fund managers were by far the most active buyers and sellers of retail properties. We expect this situation to continue through the end of 214, with public property companies and REITs increasing their market activity. Valuation for accounting purposes only 19

21 , Valuation of 1 properties March 21. Transaction Evidence The transaction volume of retail parks stand at 1.8 billion in the past year 214. This is nearly half more (+46%) of the investment volume of retail parks in 21 which stood at.9 billion. This shows the currently strong demand of investors for retail parks. This demand will probably increase in the future due to the above mentioned facts. Please find some transactions from 21 until 214 in the table below. Table 8: Transaction Evidence Property Type Location Hypermarket Gelsenkirchen Park Neuwied Federal State North Rhine- Westphalia Rhineland- Palatinate table Area Sales Price (m²) approx. ( ) million WALT Multiplier Date of (approx.) (approx.) Transaction Comment 1, tenant: Real, individual transaction 8, main tenant: Edeka, Rossmann Hypermarket Gelnhausen Hesse 9, Hypermarket Menden North Rhine- Westphalia hypermarket (Kaufland) with small retail park 7, tenant: Real (self-service store) Hypermarket Barsinghausen Lower Saxony, tenant: Kaufland, lettable area,899 m² (retail 449 m² + 4 m² office) Hypermarket Falkensee Brandenburg 9, tenant: Real (self-service store) Park Moosburg Bavaria 6, main tenant: Kaufland and other retaile Hypermarket Munich Bavaria 22, cash and carry market (Metro C+C) Hypermarket Wuppertal North Rhine- Westphalia 8, > tenant: Real (self-service store) DIY store Würzburg Bavaria 1, tenant: toom Baumarkt GmbH Park Gera Thuringia, main tenant Rewe, built in 26 * Multipliers are gross multipliers if not mentioned otherwise Source: Jones Lang LaSalle research Valuation for accounting purposes only 2

22 , Valuation of 1 properties March 21 4 Valuation 4.1 Valuation Methodology Our valuation provides an estimate of Market Value. The definition by the Royal Institution of Chartered Surveyors outlined below applies to the underlying values quoted in the valuation. The Market Value of the property has been assessed using the Discounted Cash Flow (DCF) calculation method. This takes into account the agreed rent for the signed leases, the market rent for currently vacant space and estimated rents for re-letting of the space after lease term expiry. Cash flows for the relevant year are calculated as follows: the al Income at full occupancy (Base al Revenue) is reduced by the loss of rent due to rent free periods (Base Abatements) and vacancy (Absorption and Turnover Vacancy). Besides income from indexation clauses (CPI and Other Adjustment Revenues) and step rents (Base al Step Revenue), reimbursable expenses (Vacancy Costs) have been added to obtain the Total Potential Gross Revenue. While rents are calculated according their particular adjustment clause, costs have been adjusted according to the change in the Consumer Price Index (CPI) on a yearly basis. After deduction of the non-recoverable costs (i.e. Management and Maintenance Costs) and reimbursable expenses (Vacancy Costs), the Net Operating Income (NOI) is determined. In case of vacancy, the reimbursable costs the landlord receives are lower than the amount he has to pay, so that only in this event do Vacancy Costs have an influence on the NOI. Subtracting the non-operating costs (such as Leasing Commissions, Tenant Improvements and Capital Expenditures) from the NOI results in the Cash Flow before Tax and Debt Service. After the DCF period of 1 years, we have considered a stabilised rental income in year 11. The capitalised value after year 1 takes this stabilised rental income and subtracts the stabilised expenses, resulting in the Stabilised Net Operating Income. This result is capitalised into perpetuity applying an equated (growth implicit) yield and produces the Terminal Value Indication. The resulting value is then discounted to the valuation date using the discount rate from term year 1-1. Discounting the remaining Cash Flows for years 1 to 1 and the Terminal Value for year 11 to the valuation date (i.e. the Net Present Value) produces the Gross Capital Value. We have assessed monthly rents as this conforms to the timing of rental payments. Subsequently, the Cash Flows calculated across the valuation period are discounted to the valuation date monthly in advance using the market derived discount rate. The discount rate adopted considers the probability of default as well as the security of the forecast for the Cash Flow. Therefore, factors which influence the discount rate include existing terms and conditions of lease contracts, the individual location quality, the building structure and building stock, the strengths of tenant covenants, the prevailing overor under rent and the resale value calculated. After deductions for Purchaser s Costs, the Market Value is obtained. 4.2 Valuation Assumptions DEFINITION MARKET VALUE Our valuation has been prepared in accordance with the RICS Valuation Professional Standards (9th Edition) published by the Royal Institution of Chartered Surveyors as well as the standards contained within the European Valuation Standards (EVS, 212) and in accordance with IVSC International Valuation Standard 1 (IVS 1, 211) on the basis of Market Value. Valuation for accounting purposes only 21

23 , Valuation of 1 properties March 21 According to the RICS Valuation Professional Standards, Market Value is defined as: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's-length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. No allowances have been made for any expenses of realisation or for taxation (including VAT), which might arise in the event of a disposal. We do not take into account any liability of the portfolio owner regarding taxes, single or recurring public or private contributions, charges, local community taxes and costs. However, our valuations are net of purchaser s costs standard to the German property market. RENTAL INCOME The current rental income for the portfolio amounts to 1,41,898/year, which equals a rent of 7.8/m²/month on occupied areas. No Town Contractual al Income p.a. Contract /m²/month 1 Aschersleben 1,489, Augsburg 1,17, Bad Aibling 629, Biberach 1,24, Borken 987, Erlangen 1,11, Geislingen 62, Glauchau 1,161, Ludwigsburg 9, Ludwigsfelde 1,18, Neckarsulm 1,82, Vilshofen 8, Wittenberge 64, ,41, ESTIMATED MARKET RENTAL VALUE In the scope of the valuation, an achievable market rent was derived for each rental unit of the buildings within the portfolio. The estimate of market rents is made on the basis of comprehensive research and our turnover analysis. As a result, the Estimated al Value for the portfolio amounts to 1,24,9/year. This represents 8.62/m²/month. Valuation for accounting purposes only 22

24 , Valuation of 1 properties March 21 No Town Market al Value p.a. Market /m²/month 1 Aschersleben 1,66, Augsburg 1,414, Bad Aibling 696, Biberach 1,68, Borken 1,226, Erlangen 1,62, Geislingen 866, Glauchau 1,224, Ludwigsburg 1,247, Ludwigsfelde 1,19, Neckarsulm 1,8, Vilshofen 881, Wittenberge 66,2.81 1,24, COSTS For the purpose of the valuation on 1 December 214, the non-recoverable costs (e.g. insurance costs as well as ground tax) remained unchanged and have been applied according to information received during the previous valuation cycle. Management costs and maintenance costs have been applied according to internal benchmarks. The previous owner did not recover all costs, which could be recovered according to the lease contracts. We understand that the lawyers of BCP see that in the future these costs will be reduced and a higher portion will be recovered. We assumed that if the tenants would be provided with an accurate cost schedule they will pay these (recoverable) costs. Vacancy Costs In periods of vacancy, all fixed ancillary costs are borne by the owner. This fact has been taken into account within the valuation and in the case of projected vacancy during re-letting or successive rental; furthermore, we have applied a non-recoverable surcharge for vacant space. The vacancy costs are assessed to amount to 1/m²/year. RENEWAL PROBABILITY Following the lease contract periods, we have considered assumptions appropriate to the local market environment regarding use type, location, quality of rental areas and property condition. -free periods were not assumed for the re-letting/initial letting of any units. Void periods have been applied for re-lettings/initial lettings and leasing commissions were taken into account to secure new tenants. Depending on the respective area, we have incorporated tenant improvements after lease term expiry. We have predominantly assumed that the existing leases will be extended with a renewal probability of (at market rental level) and leases will be agreed with new tenants with a corresponding probability of (also at market level). Therefore, costs in the cash flow related to re-letting and the void period are weighted with the aforementioned likelihood of. Valuation for accounting purposes only 2

25 , Valuation of 1 properties March 21 VOID PERIODS The period of vacancy before re-letting depends on the location, building quality and demand. For the rental units, a specific vacancy period between and 24 months was assumed. Given that marketing to identify new tenants can commence as soon as an existing tenant has submitted notice, the usual notice period for the tenant is taken into account (i.e. deducted) when determining the void period. However, the period of vacancy may not amount to less than three months due to renovation and refurbishment that may be required within the rental area. Please refer to the individual property templates in Appendix 1 for further information. TENANT IMPROVEMENTS For initial letting as well as for re-letting, we assumed tenant improvements (TI s). Tenant improvements are costs for fixtures and building works incurred when a new rental contract is signed. In the valuation, these costs were fixed for each individual rental area according to the exterior and interior appearance. We considered tenant improvement costs between 2/m² and 1/m². We consider our assumptions to be appropriate for current market terms. Please refer to the individual property templates in Appendix 1 for further information. AGENT S FEES ting fees usually include agent s fees borne by the owner and are incorporated into the estimated cash flow. For the we assumed three monthly rental payments for commercial units. CONTRACTUAL TERMS al terms are estimated by drawing upon standard rental contracts, giving consideration to building use and the current real estate market. A contractual period of 1 years is assumed for large units and years for smaller units. Contract extension options in the new lease contracts are disregarded. The rent for new lease contracts reflects the market rent for the building. The contractual rent used in the calculation of future cash flows is shown in the individual valuation templates in the Appendix 1 of this report. INVESTMENT YIELDS The yields applied reflect the individual location quality (macro- and micro-location) of the properties, building structure, letting situation, covenant strength and the relationship between contractual and market rent. In the current investment market, covenant strength and lease term play a major role in the purchase of such properties. The cap and discount rates used for each property to calculate Market Value are disclosed in the individual valuation reports. RENTAL GROWTH FORECASTS For rents we assume a rental growth in line with the development of the inflation. Table 9: Inflation forecast Year Inflation 1.1% 1.84% 1.84% 1.62% 1.4% 1.% 1.% 1.6% 1.76% 1.8% 1.81% Source: Global Insight 21 Valuation for accounting purposes only 24

26 , Valuation of 1 properties March Valuation Results MARKET VALUE The valuation is carried out on the basis of Market Value as defined in the Royal Institution of Chartered Surveyors' (RICS) Appraisal and Valuation Manual. This is incorporated into the Jones Lang LaSalle General Principles for Valuations and Standard Terms of Business, which is attached as Appendix 2. The Market Value is an appraisal of the price for which a property transaction would take place on the appointed valuation date and may be defined as: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's-length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. We are of the opinion that the Market Value of the subject portfolio is as at 1 December 214: 176,8, (net) (ONE HUNDRED SEVENTY-SIX MILLION, EIGHT HUNDRED THOUSAND EUROS) reflecting 1,2/m² of lettable area The above valuation figure represents a net figure, i.e. a deduction has been made for land transfer tax and legal costs and agent s fees normally incurred by the purchaser. No allowance has been made for any expenses of realisation or for taxation, which might arise in the event of a disposal. The properties are considered as if free and clear of all mortgages or other charges, which may be secured thereon. Valuation for accounting purposes only 2

27 , Valuation of 1 properties March Sensitivity Matrix Below we present a matrix per property showing the Market Value sensitivity to changes of the Discount Rate Aschersleben Sensitivity Matrix as at 1 December 214 Discount Rate Variation - bp - 2 bp 7.4% + 2 bp + bp 2,4, 2,, 19,7, 19,, 19,, Augsburg Sensitivity Matrix as at 1 December 214 Discount Rate Variation - bp - 2 bp 7.% + 2 bp + bp 16,7, 16,, 16,2, 1,9, 1,6, 4.4. Bad Aibling Sensitivity Matrix as at 1 December 214 Discount Rate Variation - bp - 2 bp 6.8% + 2 bp + bp 9,1, 8,9, 8,8, 8,6, 8,, Biberach Sensitivity Matrix as at 1 December 214 Discount Rate Variation - bp - 2 bp 6.8% + 2 bp + bp 17,, 16,7, 16,4, 16,1, 1,9, 4.4. Borken Sensitivity Matrix as at 1 December 214 Discount Rate Variation - bp - 2 bp 7.1% + 2 bp + bp 1,, 1,, 14,7, 14,, 14,2, Erlangen Sensitivity Matrix as at 1 December 214 Discount Rate Variation - bp - 2 bp bp + bp 1,1, 12,9, 12,7, 12,, 12,2, Valuation for accounting purposes only 26

28 , Valuation of 1 properties March Geislingen Sensitivity Matrix as at 1 December 214 Discount Rate Variation - bp - 2 bp 7.4% + 2 bp + bp 9,, 8,9, 8,7, 8,6, 8,4, Glauchau Sensitivity Matrix as at 1 December 214 Discount Rate Variation - bp - 2 bp 7.% + 2 bp + bp 16,1, 1,8, 1,6, 1,, 1,1, Ludwigsburg Sensitivity Matrix as at 1 December 214 Discount Rate Variation - bp - 2 bp bp + bp 1,, 1,1, 12,9, 12,7, 12,4, Ludwigsfelde Sensitivity Matrix as at 1 December 214 Discount Rate Variation - bp - 2 bp 7.1% + 2 bp + bp 1,4, 1,1, 14,9, 14,6, 14,4, Neckarsulm Sensitivity Matrix as at 1 December 214 Discount Rate Variation - bp - 2 bp 7.2% + 2 bp + bp 18,, 17,7, 17,4, 17,1, 16,9, Vilshofen Sensitivity Matrix as at 1 December 214 Discount Rate Variation - bp - 2 bp 6.6% + 2 bp + bp 11,8, 11,6, 11,4, 11,2, 11,, Wittenberge Sensitivity Matrix as at 1 December 214 Discount Rate Variation - bp - 2 bp 7.% + 2 bp + bp 7,6, 7,, 7,4, 7,2, 7,1, Valuation for accounting purposes only 27

29 , Valuation of 1 properties March Market Value Disclaimer Our valuations are carried out on the basis of market value as defined in the Royal Institution of Chartered Surveyors' (RICS) Appraisal and Valuation Manual. The Market Value according to the RICS Appraisal and Valuation manual contains an appraisal of the price at which a property transaction would take place at the appointed valuation date and may be defined as: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's-length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. According to information given by, we understand that the Matrix portfolio was offered in a distressed loan situation. Thus, the subject transaction can be considered a forced sale, so that the underlying purchase price (of whom we are not aware of) is not necessarily comparable to the above-mentioned market value definition. Furthermore, our valuation is based on market parameters, in particular concerning service charges, which potentially deviate from the actual situation of the portfolio on the purchase date. After discussions with we now understand that the purchase price is lower than the estimated market value. However, we are not in the position to comment on this deviance as we are not aware of the exact conditions of the final purchase contract, nor of any side letters or supplementary agreements that potentially deviate from the valuation basis. We assume that the distressed vendor might have accepted Brack Capital Properties N.V. s lower bid in order to quickly close a deal with a trusted, recognised purchaser with a proven track record. In this regard, our calculated market value could be above the agreed purchase price; nonetheless, we are comfortable with this level and consider it to reflect the market value (according to the above RICS definition) for the portfolio at the respective valuation date. Prior to this valuation round, we have conducted a valuation in December 21 for the financial statements of Compared to the previous valuation in December 21, the market value of the portfolio in December 214 has increased by approx..4%. This is mainly due to the almost constant vacancy rate of 4.6% throughout the portfolio. In addition the possible early lease extension of Kaufland for the properties in Aschersleben, Bad Aibling, Borken and Glauchau, have been considered in the choice of the discount rate. For further details please refer to the individual property reports. Please find below the results (Market Values) of our prior valuations: No. Property 6/211 6/212 12/21 12/214 1 Aschersleben 2,7, 2,1, 2,, 19,7, 2 Augsburg 12,1, 1,, 16,, 16,2, Bad Aibling 7,7, 8,4, 8,1, 8,8, 4 Biberach 12,9, 14,7, 1,8, 16,4, Borken 14,7, 14,, 14,8, 14,7, 6 Erlangen 1,7, 1,7, 12,7, 12,7, 7 Geislingen 9,2, 8,7, 9,, 8,7, 8 Glauchau 1,4, 16,, 1,6, 1,6, 9 Ludwigsburg 12,, 12,2, 1,6, 12,9, 1 Ludwigsfelde 1,8, 14,, 14,7, 14,9, 11 Neckarsulm 17,, 16,, 16,8, 17,4, 12 Vilshofen 1,, 1,, 11,1, 11,4, 1 Wittenberge 7,8, 7,8, 7,4, 7,4, Total 164,8, 169,4, 176,1, 176,8, The valuations from previous years are conducted for the financial statements of. Valuation for accounting purposes only 28

30 , Valuation of 1 properties March 21 Confidentiality & Publication In preparing this valuation report, we have relied upon information provided by you and your representatives relating to tenure, tenancies, building and site areas, and building description. If this information proves to be incorrect or additional information is made available to us, the accuracy of the valuation could be affected. In such case, we reserve the right to amend our opinion of value accordingly. In accordance with our standard practice, we must state that the content of this report, including the valuation, has been prepared exclusively for (BCP) for the purposes of assisting BCP to value its assets as at 1 December 214 for its financial statement reporting and for no other purpose. In addition, the results of the work executed by Jones Lang LaSalle shall remain confidential and are intended exclusively for BCP and only for the purposes specified in the contract. Any other use and, in particular, disclosure to third parties or other publications (disclosure to third parties) including extracts without the express prior written consent of Jones Lang shall be prohibited. We consent to the disclosure of the valuation report to a third party only within the scope of the publication of the financial statement reporting. However, BCP agrees to notify the respective third parties in writing and to underline that Jones Lang LaSalle generally assumes no liability towards third parties for the work and services provided and that third parties may make no claims whatsoever against Jones Lang LaSalle on the basis of the work and services provided. BCP also agrees to indemnify Jones Lang LaSalle against any third party claims and associated costs asserted by third parties against Jones Lang LaSalle as a result of unauthorized disclosure or publication of the results of the work and services provided. Jones Lang LaSalle GmbH s liability for any loss or damage caused by negligence on our part, irrespective of the legal reason, in relation to the valuation services provided is limited to a maximum of 1% of the respective and reported Market Value per property, and may not exceed a maximum liability cap of 7. million (euros) for any case. Finally, to the fullest extent permitted by law, we do not accept or assume responsibility or liability in respect of the whole or any part of the report or valuation for any other purpose than stated above nor to any other person or entity to whom the report or valuation is shown or disclosed or into whose hands it may come, whether published with our consent or otherwise, except where expressly agreed by our prior consent in writing. Frankfurt am Main, 17 March 21 Frank Rambow MRICS Georg Charlier Norbert Schultek National Director Associate Director Senior Consultant Head of Valuation & Transaction Advisory Valuation & Transaction Advisory Valuation & Transaction Advisory Appendix Valuation for accounting purposes only 29

31 Appendix I Property Reports Appendix I Property Reports

32 Hoymer Chaussee Aschersleben Property no. 1 Portfolio: Property Summary Key Figures Property type Main tenant Total lettable area Total parking units Current vacancy rate Weighted average lease term Year of construction Year of refurbishment Park toom Baumarkt Vermietungs GmbH & Co. KG (Marktkauf) 14,74 m² 719 units.8% 7.9 years 199 Contractual gross rental income (month 1 x 12) total p.a. per m² / month 1,489, Total non-recoverable expenses (month 1 x 12) total p.a. 122,927 per m² / month.69 Net operating income (month 1 x 12) total p.a. per m² / month 1,66, Market rental value total p.a. 1,66,849 Over-/Underrent based on occupied areas -1.2% SWOT Analysis Strengths Lease extension with Kaufland until September 2 Sufficient parking areas on site Risk diversification due to multi-tenant structure (good tenant mix) Synergies due to adjacent furniture store Located on a main road, in a special zone Opportunities Prolongation of lease contracts after expiry Reletting of the former areas of dm and Quelle Weaknesses Located on the outskirts of Aschersleben Slight under-rent of Kaufland premises Difficulty to let former Quelle unit due to its location within the property Low purchasing power and centrality index Threats Re-letting or prolongation of existing contracts may result in worse conditions Significant negative population growth Environmental risks due to soil contamination caused by petrol station Property Rating (1 = very negative, = very positive) Building Location Building age 2 16 to 2 years Macrolocation 2 Below average location and catchment area table Area 4 Between 12, and 1, m² Microlocation Average micro location Property condition Average building condition Commercial activity 4 Average commercial activity nearby General impression 2 Below average general impression Competition Average competition level Liquidity Investment Quality WALT 4 WALT seven to ten years Investment market 2 Under developed property market Over- / underrent Rack rented (-% to %) Investment volume 4 Good lot size Quality of tenants 4 Tenants with very good credit rating Saleability 4 Good saleability within 6 months Property Description The site encompasses the subject retail park, a petrol station as well as some snack-bars located in front of the main entrance. The property was constructed in 199 and contains a self-service department store (Kaufland) and a DIY discount store (B1) as large-scale retail units as well as some mid-sized and small-sized retail units. The building has a rectangular shape and for the most part is a single storey structure, with a small second storey located over the main entrance area in the south serving as an administrative area. The property is constructed of concrete columns, precast concrete beams and concrete floor slabs. The flat roof has trapezoid metal panels as bearing structure and several skylights integrated. The facade is made from multilayer concrete panels. Main entrance, office windows and shop displays have coated aluminium frames and the entrance is equipped with automatic sliding doors. The walls within the public areas are plastered and painted. The ceiling inside the mall is suspended with a grid system still allowing the technical installations above to be seen. The smaller shop units usually have a suspended ceiling while the large retail units of B1 and Kaufland do not have a suspended ceiling with all technical installations viewable. The floor is mainly covered with ceramic tiles, while the fit out of the smaller shop units depends on the tenant s preferences. In terms of HVAC, the property does not offer air conditioning, only oil-fueled heating and ventilation. The parking area is made of asphalt on driveways and paving stones in the parking areas. The subject property comprises a lettable area of 14,77 m², a petrol station site of 1,2 m², an outdoor area of 26 m² (snack bars) and 8 billboards. Valuation Results 19,7, Market Value equals to Market al Value 1,6 per m² 1,66,849 p.a. equals to 9.8 / m² / p.m. Discount Rate Capitalisation Rate 7.4% 7.% Net Initial Yield Net Reversionary Yield 6.4% 7.9% excluding capital expenditures 6.4% 7.9% Multiplier (initial) 1.22 Multiplier (based on MRV) Page 1 of 12

33 Property no. 1 Portfolio: Hoymer Chaussee Aschersleben Location Macroeconomic Indicators (Source: GfK 21/14, BfA, IFH 214) Federal State District City Postcode Population Federal State absolute Population District absolute Population City absolute Number of Households City absolute Population Density District per km² Population Density City per km² Population Forecast (29-22) District in % Population Growth (28-21) Federal State in % Population Growth (28-21) District in % Unemployment Rate (214) Federal State in % Unemployment Rate (214) District in % Saxony-Anhalt Salzlandkreis (Rural District) Aschersleben ,29,674 24,169 28,7 14, % -4.8% -4.6% 1.% 11.% Structual Data (Source: GfK 214 and IFH 214) Purchasing Power District in m Purchasing Power City in m Purchasing Power Index Federal State index Purchasing Power Index District index Centrality Index District index, Aschersleben Macro Location The city of Aschersleben is located in the federal state of Saxony-Anhalt. Aschersleben is situated between the region of the Harz Mountains and the Magdeburger Boerde. Aschersleben is rich in many cultural and leisure activities, and has a healthy small- and medium-sized business structure. There are many historic churches and other buildings, which are worth visiting. The cultural activities of the town are well known in the whole region and attract many visitors. The closest larger cities are Magdeburg, (approx. km to the north), Halle (Saale) (approx. 67 km to the south-west) and Braunschweig (approx. 17 km to the northwest). The transport connections from Aschersleben to the German motorway system as well as to the major roads are quite good. Aschersleben is located close to the motorway A14. The main federal roads, which run through Aschersleben are B6, B18 and B18. There are also connections to the public transport network via the local bus system within the city and the train, regional or national bus network for out-of-town travel. The train station of Aschersleben offers service to Halle (Saale), Dessau and Magdeburg. The closest international airports are located in Magdeburg (approx. 49 km) and Leipzig-Halle (approx. 8 km). The economy traditionally has been based on the printing industry, machine tool building and vehicle construction. Highly specialised machines and printing products have been produced in Aschersleben since the 19th century. The production of non-woven cotton has been firmly established in Aschersleben since the 199s. Also medical equipment companies, which have established their operations in the city in recent years, are economically important. Micro Location Micro Location The property is located at Hoymer Chaussee, approx. km west from Aschersleben's historic city centre on the outskirts of the city by an arterial road, connecting to the major federal road (B6). The property shares its parking lot with a furniture discount store to the east. To the south, there is the aforementioned arterial road with plots on the other side of the road. Similarly, to the north of the property more plots can be found. The land to the west of the property is used for agricultural purposes. The property has its own bus stop on Hoymer Chaussee called "Aschersleben Kaufland", which connects the premises with the remainder of Aschersleben including its train station. The property offers good visibility and can be accessed directly from the arterial road by which it is located. It benefits from the adjacent discount furniture store and the petrol station on its plot. Local Tax Information Real Estate Tax Rate (Typ B) City in % Land Transfer Tax City in % 4. Page 2 of 12

34 Hoymer Chaussee Aschersleben Property no. 1 Portfolio: Site Plan Source: Cadastral plan on a 1 to 2, scale, dated Site Information Site area 6,7 m² thereof surplus land m² Surplus land value (net) Site servicing Fully serviced Site layout Irregular Soil contamination No Suspicion Building encumbrances Yes Ground lease Ground lease expiry Comment The site consists of two plots: 174 and 19/2. The site has an even topography and an irregular shape. The site is not listed in the register of contaminated land ("Altlastenkataster"). There is an encumbrances registered on plot 19/2. However, since it containes an obligation in case a property is built on the plot we assume that this obligation has been fulfilled by the owner. Furthermore, there are a couple of easements registered on the plots. However, we do not regard these to have an impact on the market value. For the purposes of this valuation, we have assumed that the subject property is free of any soil or building contamination. No Town Planning Use class Site coverage ratio (GRZ) Plot ratio (GFZ) Cubic index (BMZ) Tenure SO (special zone) Comment According to information from the local planning authority, a legally project and development plan, entitled no. 1 "Sondergebiet - Hoymer Chaussee" dated 12 June 1992 has been determined for the subject site. The site is situated in a special zone for shopping centers and large-scale retail (SO). Shopping centers, large-scale retail business, eating and drinking business and petrol stations are permissible. A maximum of 16,6 m² of sales area (sub-divided into 4, m² non-food retail space and,6 m² DIY). We assume that an additional agreement is in place for B1 (DIY store) to operate a larger scheme. Land Register Owner Local Court of TPL Aschersleben Achersleben, land S.à.r.l., Luxembourg register of Aschersleben Source: Extract from the land register dated Sheet Plot Parcel /2 174 Section 2 (Restrictions) Section (Loans) no. 2.) Pedestrian and vehicular wayleaves and Land charges in the total amount of 1,912, in right of parking for the resp. owner of the parcels favour of HSH Nordbank AG, Hamburg/Kiel in Hamburg, 171, 172 and 17 (sheet 8879, plot 19); no..) Utility easement - freshwater, wastewater, energy and water for firefighting - for the resp. owner of the mentioned parcels; no. 4.) Easement: prohibition of operation of furniture stores, casinos, sex-shops, peep-shows, amusements in favour of the resp. owner of Aschersleben of sheet 8879; no. 7.) Limited personal easemen: Right to operate a self-service department store including essential adjacent areas, parking areas and access and exit for Kaufland Dienstleistungs GmbH & Co. KG, Neckarsulm; Right to build, to operate and to maintain a transformer station with cable, equipment, service and information lines for Stadtwerke Aschersleben GmbH. Page of 12

35 Hoymer Chaussee Aschersleben Property no. 1 Portfolio: Competitor Map Source: Jones Lang LaSalle Research Competitor Overview E-center Name Address 6449 Aschersleben, Geschwister-Scholl-Str. Type Sales area Distance Potential Hypermarket,8 m² 1.2 km Medium m² m² Competiton Indicators Inhabitants in primary catchment area (Radius km) 24,188 Purchasing power in Mio. (District), Inhabitants in secondary catchment area (Radius 1 km) 2,97 Purchasing power per Capita in (Radius km) 92 Number of households (Radius km) 12,61 Unemployment Rate (District) 11.% Number of households (Radius 1 km) 1,619 Population forecast for the district (29-22) -2.% Purchasing Power Index (District) 78.2 Centrality Index (District) 14.4 Page 4 of 12

36 Hoymer Chaussee Aschersleben Property no. 1 Portfolio: Main competitors This retail park is located close to the city centre of Aschersleben and comprises an E-Center (Edeka), medimax (consumer electronics), and a Zoo & Co (pet shop) as well as some smaller tenants such as a bakery. Furthermore, a discounter is located in the vicinity. This competitor is approx. 1.8 km away from the subject property. This competitor is a Hellweg DIY store at the other end of town, next to toom DIY. The Hellweg DIY store is larger than B1 in the subject property and comprises a garden centre as opposed to the B1. Due to the different market positioning of Hellweg and B1, these two are not direct competitors. The Hellweg is approx..2 km away from the subject property. Competition Comment Concerning food competitors, the aforementioned E-Center as the only larger scale food retailing scheme and some smaller supermarkets. Nevertheless, Kaufland has by far the largest sales area, so that at least supermarkets can be considered to be only indirect competitors. Kaufland offers a very deep and broad product range with more than, products, while discounters and supermarkets offer a limited product range with only 7, to 11, (supermarkets) or 4-2, (discounters) articles. Therefore, these retailing forms address different customers or customer needs. While supermarkets and discounters cater to the daily needs of customers, Kaufland offers a larger variety for products that are bought on a non-daily basis. Based on this, the primary and secondary catchment area of the Kaufland is sufficient to operate successfully in this location. The strongest competitor for Kaufland is the small retail park anchored by E-Center located at Seegraben close to the city centre. The E-Center is somewhat smaller than the Kaufland, has a significantly lower share of non-food items and focuses on a good presentation of the goods sold. Thus, Edeka-branded stores are usually perceived as quality-focused rather than cut-price focused as Kaufland usually is. Additionally, the tenant mix in the retail park with consumer electronics and a pet shop differs from the subject property; thus, we do not see direct competition. Hence, we assess the competition level to be medium. In terms of DIY competition, there are two other DIY stores in Aschersleben. These two are located next to each other at an arterial road in the north-eastern outskirts of the city. Among these two, Hellweg is clearly in the better position in terms of visibility, accessibility, as well as size. In terms of level of competition, the catchment area, for the most part shared by two competitors, is quite small. However, toom as well as Hellweg target customers not driven solely by price but rather by quality of goods and customer service. This is quite contrary to the discount strategy used by B1. Therefore, we assess the level of competition to be moderate. Turnover analysis The rents in functional retail agglomeration are linked to turnover. The percentage rate that a retail tenant can use for rental payments depends on the margins achievable in the various market sectors. This rate normally ranges between 2% and 1% depending on the respective industry. The productivity varies between approx. 1,/m² up to more than 1,/m². Taking into consideration the tenant mix in the subject property, the space productivity should be in the range of 2,2 and 6,/m². Generally most tenants have a below average space productivity, i.e. turnover, compared to similar retail parks. For Kaufland, we have also been provided with turnover figures. We have analysed the figures and have found the area productivity of Kaufland to be in a healthy range. With a turnover-to-rent ratio of less than 2% it lies below the range of 2% to 4%, which is acceptable for a self-service department store. Hence, we believe that a higher market rent is achievable after the end of the lease contract. Please also refer to the rent/turnover analysis on page 8. We have not been provided with turnover figures of B1. The rent of B1 would result in a productivity of approx. 1,8/m². However, toom (incl. B1) has an average productivity of only 1,/m². Additionally, the lease comparable for DIY in Aschersleben indicate that the market rent and turnover expectations of DIY tenants are lower than 1,8/m². Thus, we reduced the market rent accordingly. Nevertheless, apart from B1, the lower turnover is already reflected in below average contractual rents and in the market rents used in the valuation. Thus, we assess the rents paid all in all to be sustainable on the current level. Conclusion The subject property is a retail park located in the outskirts of Aschersleben at an arterial road. It offers good visibility and accessibility by car. The property is anchored by a B1 DIY discount store and a Kaufland selfservice department store. Additionally, smaller units are let to Deichmann, AWG, among others. Furthermore, a petrol station advertising low petrol prices is situated on site as well. The retail park predominantly focuses on price-conscious customers with a discount DIY store and Kaufland with plenty of non-food bargains and a wide range of own brand food products. Tenants such as AWG and Deichmann fit into this strategy; thus, the tenant mix within the subject property is assessed to be good. Moreover, a discount furniture store shares the parking area with the subject property, which is a combination fitting combination. Therefore, it is likely that the retail park is able to attract a number of customers who usually would not be in this catchment area. Due to this positioning of the property in the market, the level of competition is assessed to be only medium though there is a better located smaller retail park in Aschersleben's city centre. The tenants within the property, apart from the food stands, suffer from below-average turnover, likely because of the low purchasing power in the region. Nevertheless, based on the turnover data made available to us, we believe that the total rental income is sustainable. The smaller tenants benefit from the fact that all customers of Kaufland pass by their premises with the exception of one shop unit. The vacancy rate within the property is low (.8%) with only three units being unoccupied. The unoccupied unit is not part of the mall, but has a separate entrance close to the main entrance. Nonetheless, the entrance situation is quite problematic not catching the attention of customers. Therefore, we believe this unit to be difficult to let. The average rent paid is 8.42/m²/month and the weighted average lease term is 6.9 years. The non-recoverable costs of the property are above average due to the fact that Kaufland agreed in its lease to not pay for costs such as ground tax, insurance fees or management costs. All in all, the property offers an attractive tenant mix with regards to the economic situation of the region with two strong anchor tenants. Page of 12

37 Hoymer Chaussee Aschersleben Property no. 1 Portfolio: Roll Tenant Name Area Category ting Area / m² Tenant Lease Lease Renewal Tenant Status m² / unit / month / month pays VAT Start End Probability pays * 1 Kaufland,, Yes Pfennigpfeiffer 26, Yes PM Pfennigpfeiffer 478. Yes Reiseland GmbH & Co. KG 62 1, Yes Vacancy (ex: Erdmann / Focke) Vacant 4. Yes 6 Frisör Klier 72 2, M 7 Convenience Concept GmbH 4 1, Yes Marktkauf Autonom BM Vermietungs GmbH & Co. KG 4,88 8, Yes Marktkauf Autonom BM Vermietungs GmbH & Co. KG Storage Yes PM 1 Deichmann SE 44, Yes PM 11 AWG Allgemeine Warenvertriebs GmbH 12 AWG Allgemeine Warenvertriebs GmbH Storage 129 1,4 1, Yes Yes PM 1 Kreissparkasse Aschersleben Yes Schwarz Außenwerbung Other Units Yes TOTAL Deutschland GmbH Petrol Station 1,2 1,7 1.1 Yes Vacancy Vacant 7. Yes 17 Apotheke BRL 11 4, Yes GT I 18 Metzgerei Carsten Kneusel 124 6,64.26 Yes Metzgerei Carsten Kneusel External parking 2 7. Yes Chemischereinigung Dagmar Lucas 7 1,4 22. Yes PM 21 Ihr Bäcker 7 4, Yes Chinaimbiss Hang Bui Thi External parking 8 1, 12. Yes Thurländer Hähnchen Grill External parking Yes PM 24 Döner Blochwitz Other Units Yes M 2 Warenautomaten H. Bögershausen Other Units M 26 Aaldering External parking M 27 Apotheke BRL Storage Yes Vacancy (ex. NKD) Vacant 7. Yes 29 Parking External External parking % M from Kiosks Other Units % M 1 Turnover Other Units % M Total * M = Maintenance, GT = Ground Tax, I = Insurance Costs, PM = Property Management 14,74 m² 124,16 Page 6 of 12

38 Hoymer Chaussee Aschersleben Property no. 1 Portfolio: Valuation Assumptions Tenant Name Area Category Area Market Market Re-letting Initial Re-letting Agency Lease Renewal sqm/unit /month Tis Void VPV* Void* Abatem.* Fees* Term** Probability 1 Kaufland, 6., Pfennigpfeiffer Pfennigpfeiffer ,6 4, Reiseland GmbH & Co. KG , Vacancy (ex: Erdmann / Focke) , % 6 Frisör Klier 72. 2, Convenience Concept GmbH 4. 1, Marktkauf Autonom BM Vermietungs GmbH & Co. KG 4, , Marktkauf Autonom BM Vermietungs GmbH & Co. KG Storage Deichmann SE , AWG Allgemeine Warenvertriebs GmbH Storage , AWG Allgemeine Warenvertriebs GmbH 1,4 1. 1, Kreissparkasse Aschersleben Schwarz Außenwerbung Other Units TOTAL Deutschland GmbH Petrol Station 1, , Vacancy 7 7., % 17 Apotheke BRL 11. 4, Metzgerei Carsten Kneusel , Metzgerei Carsten Kneusel External parking Chemischereinigung Dagmar Lucas , Ihr Bäcker ,8 22 Chinaimbiss Hang Bui Thi External parking , 2 Thurländer Hähnchen Grill External parking , 24 Döner Blochwitz Other Units Warenautomaten H. Bögershausen Other Units Aaldering External parking Apotheke BRL Storage Vacancy (ex. NKD) 7. 1, % 29 Parking External External parking 7. 1 % from Kiosks Other Units % 1 Turnover Other Units % Total * months ** years ***structural vacancy 14,74 sqm 1,94 Page 7 of 12.

39 Property no. 1 Portfolio: Hoymer Chaussee Aschersleben Property Analysis Area Analysis table Area Use Category m² Office 14,96 DIY Warehouse Commercial Residential Storage 48 Total area 14,74 Petrol Station 1,2 Other Units 19 Internal parking External parking 719 Total parking 719 Area Vacant m² Area Vacancy Rate m² %.% 1,.99%.%.%.%.% 48.% 1,88.84% 1,2.% 19.%.% 719.% 719.% Office DIY Commercial Storage Warehouse Residential Income Analysis Contractual Contractual Contractual Potential Market Market Market Over-/ Under- ed Use Category /m²/month /month /year /year /m²/month /month /year Office...% ,789 1,41,464 1,491, ,762 1,9, % DIY...% Warehouse...% Commercial...% Residential...% Storage ,462 6, ,82 18, % Petrol Station 1.1 1,7 18,84 18, ,7 18,84.% Other Units ,288 27,4 27, ,48 28,89 -.% Total area ,18 1,44,216 1,44, ,21 1,7,849-2.% Internal parking...% External parking 4.1 2,971,61,61.9 2,8 1, 1.% Assessment of Kaufland market rent Space productivity Turnover to rent ratio Explanation 7, Usual market % - levels 6, Market rent 6, 11. Contractual 1., s % / m² Contractual 2.% 7.87, Market 2.1% , 4% of turnover % of turnover ,. 2% of turnover 6.28, 4,1 4.. Turnover potential (net) Sales Area 18,97,17 ~ 4,82 m², 2. in / m² p.a. 1.% based on sales area 1.% 2.% 2.%.% Turnover-rent-ratio.% 4.% 4.%.% Total Area 4,88 m² Self-service department stores usually can afford to pay a rent in the range of 2% to 4% of their net turnover (economically sustainable rent burden) and have a space productivity of about 4, to 6, per m² sales area. The two graphics above indicate, how the contract rent of the main tenant Kaufland as well as the assumed market rental level, can be assessed on the basis of usual market ranges. This analysis is based on the turnover potential figures prepared by Trade Dimension. D&B Rating of Main Tenant / m² / month Main tenant Tenant name p.a. Share of total income WALT Payment Index Capital indicator Risk indicator Score Credit limit toom Baumarkt Vermietungs GmbH & Co. KG (Marktkauf) 46,78 1% 4. years 8 HH , (single) 1, (total) Comment The main tenant toom baumarkt (Marktkauf Autonom BM Vermietungs GmbH & Co. KG) is a corporation belonging ultimately to Rewe Group, which purchased Marktkauf in 27. Marktkauf operates self-service department stores and used to operate DIY stores until 27, when they sold off about 1 stores to Rewe (toom DIY) and closed the remaining ones. The Rewe Group is a large German supermarket corporation, currently holding a market share of 1.7% in food retailing. According to Dun & Bradstreet (D&B) Rating as of toom Baumarkt has a low credit risk. The risk of insolvency (D&B Score) within the next 12 months compared with other German companies is assessed to be quite low, i.e. 2% of businesses on the German database have the same or higher risk of failure. In Sep. 21 the company name changed to toom baumarkt Vermietungs GmbH & Co. KG. Page 8 of 12

40 Hoymer Chaussee Aschersleben Property no. 1 Portfolio: Assumptions Market Value Lease Contract Commentary The main tenant, Marktkauf Autonom BM Vermietungs, has a lease expiring in 219 with the option to prolong its lease by five years two times. The rent is indexed and will be adapted by 6% of the CPI change whenever the change exceeds 1 percent in relation to CPI basis. The tenant does not contribute to costs concerning maintenance work for the roof and structure of the property. Furthermore, the tenant does not pay for management costs. However, the share of ground tax and insurance fees are borne by the tenant. The second largest tenant, Kaufland, has a lease expiring in 226 with the option to prolong its lease by five years three times. The rent is indexed and will be adapted by % of the CPI change whenever the change exceeds 1 percent in relation to CPI basis. Kaufland does not contribute to any costs in association with maintenance costs for roof and the building structure, ground tax, insurance fees, and management costs. The remaining tenants usually do not pay for maintenance costs for roof and building structure and pay a fixed amount each month for management costs (usually around 1). However, insurance fees and ground tax are paid by these tenants. The rent is mostly indexed with 1% adjustment of the rent whenever the German CPI changes by 1% or more. The WALT amounts to 6.9 years. General Property Assumptions Discount rate 7.4% Capitalisation rate Capital expenditures* Vacancy costs * on the basis of cost estimates provided by Brack Capital Properties N.V 7.% 1. /m²/p.a. Discount Rate Comment The yields applied reflect the individual location quality (macro- and micro-location) of the properties, building structure, letting situation, covenant strength and the relationship between contractual and market rent. We derive the discount rate from market transactions. The discount rate reflects the rate of return expected by investors and is determined based on the risk associated with a property. As reinsurance, the initial yield profile is aligned with the market/other transactions. We have taken into account such facts as the remaining lease term with the well-known anchor tenant, the tenant mix the vacancy rate as well as the location within the federal state Saxony-Anhalt. Breakdown of Non-Recoverable Costs Contract** % of Gross Inflation per year per year (month 1 x 12) Contract Maintenance costs. /m² 81,96.44% Year after 224 Management costs 1.2 /m² 22,48 1.% Inflation 1.% 1.8% 1.8% 1.6% 1.% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Ground tax.99 /m² 14,621.98% Insurance costs. /m² 4,862.% Market al Growth Other non-recoverable costs. /m².% Total non-recoverable expenses 8.4 /m² 122, Year after 224 ** JLL analysis al Growth 1.% 1.8% 1.8% 1.6% 1.% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Market (assuming full occupancy) Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Total non-recoverable expenses per year. /m² 1.6 /m².99 /m². /m². /m² 8.46 /m² per year 81,96 24,1 14,621 4, ,682 % of Gross Market.% 1.%.91%.%.% 7.76% Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Contract Market Total Non-recoverable Costs Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 Maintanance Management Ground Insurance Other Non- Vacancy Total % of Total Costs Costs Tax Costs recoverable Costs Costs per year Gross Revenue 81,4 22,66 14,621 4,862 8,671 11, % 81,86 2,682 14,767 4,911 2,12 127,27 8.1% 82,97 24,147 14,961 4, ,24 7.9% 84,46 24,49 1,26, ,81 7.9% 86,17 22,862 1,16,16 8,76 18,1 9.1% 87,411 2,1 1,768, ,17 8.4% 88,77 9,11 2,76 2,14 16,1 16,2,24,46 2,81 7,84 16,7 142,72 8.6% 9.% 91,494 24,6 16,4, ,1 8.4% 92,98 24,412 16,77,78 1,64 14, % 94,622 2,71 17,68,676 1,79 14,16 8.6% 1.% 9.% 8.% 8.7% Non-Recoverable Costs as a percentage of Total Gross Revenue 9.1% 8.6% 8.4% 8.1% 7.9% 7.9% 9.% 8.4% 8.7% 7.% 6.%.% 4.%.% 2.% 1.%.% Page 9 of 12

41 Hoymer Chaussee Aschersleben Property no. 1 Portfolio: Cash Flow Market Value Total Non- Net TIs and al Turnover Gross recoverable Operating Capital Leasing Revenue Vacancy Abatements Revenue Costs Income Expenditures Commissions Cash Flow Year 1 1,61,184-8,979-11,11 1,9,4-11,844 1,77,21-9,88-8,871 1,8,1 Year 2 1,61,94 -,11 1,78, ,27 1,41,46-9,81-21,662 1,7,422 Year 1,61,99 -,62 1,69, ,24 1,482,29 -,7-1,92 1,477,24 Year 4 1,68,84-6,188 1,62, ,81 1,,26-1,876-1,698 1,499,691 Year 1,61,424-77,16 1,24,18-18,1 1,8,79-66,672-29,2 1,29,69 Year 6 1,76,44-6,99 1,7,41-12,17 1,47,866 -,11-2,44 1,42,41 Year 7 1,62,1 -,782 1,84,219-16,7 1,447,14-1,99-4, 1,427,76 Year 8 1,64,9-12,22 1,42, ,72 1,4,168-46,12-24,27 1,29,21 Year 9 1,6,89-8,116 1,641,97-18,1 1,,66 -,74 -,9 1,49,979 Year 1 1,6,944-28,48 1,627,461-14,812 1,486,649-1,147-1,48 1,484,44 Year 11 1,69,867-22,494 1,671,7-14,16 1,27,87-18,28-12,289 22,94,746 Total Cashflow (incl. Terminal 7. %) Gross Value of Surplus Land Gross Capital Value incl. Surplus Land Total Gross Revenue versus Net Operating Income 18. Present 7.4% 1,14, 1,24,182 1,29,976 1,171,666 94,641 97, 9, ,69 816,781 76,192 1,82,472 2,944,882 2,944,882 8.% % 6.9% 7.1% 7.2% 6.6% 6.9% 6.9% 6.7% 7.2% 7.1% 7.% % al income % 4.%.% 2.% Running yield 2. 1.%..% Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Valuation Results Overview Contractual gross rental income (month 1 x 12) Market rental value Over-/Underrent Yield Overview Net Initial Yield Net Reversionary Yield Gross Initial Yield Gross Reversionary Yield Valuation Comment total p.a. per m²/month total p.a. per m²/month Market Value Gross Capital Value (rounded) 1,489, Total 2,9, 1,66,849 per m² 1, % Purchaser's costs 6.% 6.4% Market Value (rounded) 7.9% Total 19,7, 7.6% 8.16% per m² 1,6 For our risk evaluation, we primarily considered the covenant strength as well as the lease duration of the existing contracts. The main tenant, Marktkauf Autonom BM Vermietungs GmbH, has good covenant strength and is a subsidiary of Edeka Group. However, the premises are occupied by a subsidiary of REWE (B1). It could not be clearified whether the premises are sublet with consent of the landlord or were taken over by REWE. For the purpose of this valuation, we assumed that the lease with Marktkauf is still in place and was sublet to REWE with consent of the landlord. We consider the covenant strength all in all to be adequate to ensure the income stream at least until the lease expiry in 219. The same applies for the tenant Kaufland, which has very good covenant strength; thus, we consider the cash flow until lease expiry in 226 to be secured. In terms of a resale, we took into account such facts as visibility, demographic factors, appearance, condition and building age, third-party usability, competition situation and location. For the purpose of the valuation on 1 December 214, the non-recoverable costs (e.g. insurance costs as well as ground tax) remained unchanged and have been applied according to information received during the previous valuation cycle. Management costs and maintenance costs have been applied according to internal benchmarks. We have not been provided with updated information regarding necessary capital expenditures (CapEx). According to information received no CapEx are required. For the purpose of our valuation we have assumed that all capital expenditures for repairs in the first year as well as in the periods of year 2 to and year 6 to 1 are considered to be covered by the maintenance costs of./m² per annum as sinking fund. In terms of the market rent of Kaufland, our analysis shows that Kaufland could afford to pay a higher rent of approx. 6.9/m²/month. However, we took the highly negative population growth forecast for the coming years into account, so that we decreased the market rent accordingly to 6./m²/month, which still represents an increase from the contractual rent of Kaufland. Regarding comparable rents we have had recourse to evidence of similar areas situated in the comparable regions and locations. There have been some changes in the tenancy schedule. The fashion retailer NKD (1 m²) vacated the property. The new tenant Pfennigpfeiffer rented new retail area of 74 m². The rental begins on February 21, has granted 2 months rent free after handover and a lease term of 7 years. Some rental increases due to indexations have taken place. The rent of the tenant Deichman was reduced by 4%. The rent from kiosk decreased by 1%. The rental agreement with the main tenant Kaufland is extended to September 2 on the same rental level. Page 1 of 12

42 Hoymer Chaussee Aschersleben Property no. 1 Portfolio: Photos Sales area of Kaufland Sales area of Kaufland View of the mall View of discount furniture store next to the subject property External view onto entrance View of the petrol station on site Page 11 of 12

43 Hoymer Chaussee Aschersleben Property no. 1 Portfolio: Leasing and Investment Market Development of prime yields transaction volume in Leasing Market There is no homogeneous rental level for retail space in retail warehouses or retail parks throughout. For the determination of the rents, the quality of location in terms of accessibility and competition is crucial. The rents within the different branches vary. This is due to the diverging location assessment and turnover expectancy of the different tenants. If in the case of a retail park the management succeeds in establishing good anchor tenants, which guarantee a high visitor frequency, then the turnover expectancy of secondary tenants tends to be higher and as a consequence, their overall rental level will be higher as well. Besides the rent level, another determining factor for investors is the building costs. Properties with the highest rents usually also have the highest building costs and land acquisition cost. Depending on the size of the retail unit and the branch of the tenants, rents in retail parks the average rent is between 7. and 18./ m²/month. Prime rents of 18./m²/month are normally achieved within near city retail parks in a metropolitan region. Depending on the size of the retail unit and the retail format of the store, rents for supermarkets/ hypermarkets are generally slightly higher than the rents for discounters. s for discounters in western usually range between 6. and 12. /m²/month, while discounters in former Eastern generally achieve slightly lower rental rates. Drug stores and the-, textile-, shoe- and electronics branches generally achieve rental rates ranging from 7. to 12. /m²/month. DIY stores need extensive space due to their broad product range. In urban centers, these stores sometimes even offer their products on two levels. DIY stores are placed at the lower end of the scale in terms of rents, with prices ranging between. and 1. /m²/month. As DIY stores have a supra-regional catchment area, there are not as independent as other branches in the area and can relocate to more affordable attractive and easily accessible industrial zones. In such areas, lower investments for realisation and lower building costs induce lower rents. Investment Market On the investment market in 214, total capital amounting to 8.8 billion was invested in German commercial properties an increase of about % compared to the previous year. This means that 214 was the strongest year for property transactions since the boom year of 27. As was already seen in the previous year, the final quarter of the year proved to be the strongest in terms of transactions. Properties worth around 14 billion changed hands in the months from October to December. The run on the commercial property markets will continue in 21 - with an equal or even greater transaction volume. The investment focus of investors was still almost exclusively directed towards prime properties in prime locations in 21, but this has now diversified somewhat. More and more buyers are prepared to invest in lower-quality properties with a certain proportion of vacancies or in a less central location in the large cities as well as in smaller towns. However, the Big 7 together represent a volume of around 2 billion and therefore still account for well above half of the transaction volume across. Office properties accounted for the highest proportion of the transaction volume with a share of around 44%. properties were next in line with a 22% share. Warehouses and logistics properties registered relatively strong growth over the year, increasing their share to at least 9%. The share of portfolio transactions also increased further. Local and inter-regional portfolios accounted for around % of the volume in 214, which was tantamount to a 7% increase in the volume compared to 21. Prime yields in the office segment fell slightly again in view of the strong demand. The average yield for all Big 7 markets fell by 1 basis points compared to the third quarter to 4.4%. The analysis of the different asset classes reveals no fundamental differences from 212. Office properties again accounted for the highest share of the transaction volume at 46%. properties accounted for a 26% share, followed by mix-used properties with 11% and warehouse and logistics properties with at least 7%. The office prime yields were still on a slight downward trend in individual cities. Each of the Big 7 cities now has a net initial yield of below %. Aggregated across all cities, the prime yield in the office segment fell to an average value of around 4.67%. Shopping centre yields are at a similar rate of 4.7%. Initial yields of.6% are paid for good specialist store products; there was also a slight decline here. Only the average yield for city centre commercial buildings remained unchanged at the already low level of.99%. The German investment market has started the year with a tailwind behind it. This positive outlook is based on the continuing strong demand from international capital for investment opportunities on one hand, and on an attractive financing environment on the other. For 21, we therefore expect to see a further increase in the transaction volume to above 4 billion. Leasing Comparables Tenant City Property Type Area (m²) Kaufland Kaufland Kaufland real Edeka Praktiker toom BauMarkt Hellweg Crimmitschau Staßfurt Maulburg Nordhorn Aschersleben Magdeburg Aschersleben Aschersleben Self-Service Department Store 4,661 m² Self-Service Department Store,4 m² Self-Service Department Store 4,4 m² Self-Service Department Store,141 m² Supermarket 1,12 m² DIY 9,441 m² DIY,88 m² DIY 7,662 m² Total per month /m² Comment 21, /m² Worse purchasing power 2,26.99 /m² Same federal state; similar purchasing power 27, /m² Significantly better purchasing power 2, /m² Slightly better purchasing power 1, /m² Same city, short WALT, comparable micro location 61,67 6. /m² Slightly better purchasing power 8, /m² Same city, located at the edge of town, business closure 41,6.4 /m² Same city, built in 199/26, comparable building condition Investment Comparables Property Type Hypermarket Hypermarket (real) Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Year of Construction 1994 table Area Gross Date of Multiplier Transaction Comment 9, m² 1.8-fold 214 Located close to Berlin, positive population forecast, after lease prolongation (1 years WALT) 7, m² 12.-fold 214 Located in Menden (North Rhine-Westphalia), WALT 9.2 years, comparable building condition 8,2 m² 14.1-fold Q 21 Medium to long WALT, located in North Rhine-Westphalia 1, m² 1.8-fold Q2 212 Medium to long WALT, located in Lower Saxony 1, m² 1.-fold 212 Anchor tenant Marktkauf, WALT 17. years, very strong location in southern 2,269 m² 14.7-fold 212 WALT 1.7 years, good location, main tenant Kaufland, partly leasehold 1, m² 1.8-fold Q2 212 Anchor tenant Famila, WALT 9.2 years, strong location in northern 1,1 m² 1.1-fold 212 Anchor tenant real, WALT 1 years, portfolio transaction Page 12 of 12

44 Gögginger Straße Augsburg Property no. 2 Portfolio: Property Summary Key Figures Property type Main tenant Total lettable area Total parking units Current vacancy rate Weighted average lease term Year of construction Year of refurbishment Park Kaufland Vertrieb GAMMA GmbH & Co. KG 1,67 m² units 19.1%. years Contractual gross rental income (month 1 x 12) total p.a. per m² / month 1,17, Total non-recoverable expenses (month 1 x 12) total p.a. 17,41 per m² / month.96 Net operating income (month 1 x 12) total p.a. per m² / month 1,1, Market rental value total p.a. 1,414,888 Over-/Underrent based on occupied areas -7.% SWOT Analysis Strengths Sufficient parking spaces Good accessibility by car & public transport Good tenant mix Good location within the city district Opportunities Synergies from other wholesalers in the vicinity Prolongation of the lease contracts after expiry Re-letting of the vacant units Weaknesses The retail unit let to Kaufland is strongly underrented Medium to high level of competition Limited third party use of space let to Kaufland Approx. 19.1% vacancy Threats Re-letting/negotiations concerning prolongation of existing contracts may result in worse conditions Difficult relettability of the fitness studio on 2nd floor Potential increase of maintenance costs due to building age (1969) Environmental risks due to soil contamination caused by petrol station Property Rating (1 = very negative, = very positive) Building Location Building age 2 16 to 2 years Macrolocation 4 Good location and catchment area table Area 4 Between 12, and 1, m² Microlocation 4 Good micro location Property condition Average building condition Commercial activity 4 Average commercial activity nearby General impression Average general impression Competition Average competition level Liquidity Investment Quality WALT WALT three to seven years Investment market 4 Well developed property market Over- / underrent 4 Slightly underrented (-% to -1%) Investment volume 4 Good lot size Quality of tenants 4 Tenants with very good credit rating Saleability 4 Good saleability within 6 months Property Description The site is L-shaped and comprises a three-storey split levelled main building (in addition to a lettable basement level), an adjacent three-storey car park, offering approx. parking spaces, as well as a petrol station and a car wash. The construction of the main building started in 1969 along with the petrol station and the car park. A major modification took place in 199 and the building in its existing form was finally completed in The building structure is made of concrete columns, pre-cast concrete beams and concrete slab ceilings. It has a flat roof. There are two main entrances; one from Gögginger Straße and one from Peter-Dörfler-Straße with access from the parking lot. The fitness centre has an additional separate entrance used after 8 p.m from Peter-Dörfler- Straße. Kaufland comprises the basement and the ground floor. Other smaller retailers, such as a bakery, pharmacy, hairdresser, and discount clothier, occupy the remaining area along the mall on the ground floor. Two escalators provide access to the basement, where the sales area is located. This area could be divided into three parts with separate entrances. A fitness centre occupies the second floor. The third floor is a mezzanine floor with plant rooms. The upper floors can be reached via escalators and lifts. The petrol station is located on Peter-Dörfler-Straße with two levels of parking overhead. Next to the petrol station is a waiting zone for trucks. The subject property comprises a lettable area of 1,67 m², a petrol station site of 4 m² and an outdoor area of m². Valuation Results Market Value Market al Value 16,2, equals to 1,188 per m² 1,414,888 p.a. equals to 8.6 / m² / p.m. Discount Rate Capitalisation Rate 7.% 6.% Net Initial Yield Net Reversionary Yield.98% 7.7% excluding capital expenditures.98% 7.7% Multiplier (initial) 1.81 Multiplier (based on MRV) 11.4 Page 1 of 12

45 Property no. 2 Portfolio: Gögginger Straße Augsburg Location Macroeconomic Indicators Federal State District City Postcode (Source: GfK 21/14, BfA, IFH 214) Bavaria Augsburg (Urban District) Augsburg Population Federal State absolute Population District absolute Population City absolute Number of Households City absolute Population Density District per km² Population Density City per km² Population Forecast (29-22) District in % Population Growth (28-21) Federal State in % Population Growth (28-21) District in % Unemployment Rate (214) Federal State in % Unemployment Rate (214) District in % 12,67,28 269,91 269,91 14,827 1,87 1,87 1.1% 1.2% 2.6% 4.1% 7.% Structual Data (Source: GfK 214 and IFH 214) Purchasing Power District in m Purchasing Power City in m Purchasing Power Index Federal State index Purchasing Power Index District index Centrality Index District index,74, Augsburg Macro Location Augsburg is one of the oldest German cities, along with Trier and Kempten. Today it is the third largest city in the federal state of Bavaria, following Munich and Nuremberg. It lies in the south west part of Bavaria within the metropolitan area of Munich and is home to approx. 27, inhabitants. Due to its affordability, Augsburg has become a sought-after residence for commuters working in Munich, which is a little more than an hour away by car. The number of commuters and housing rent have been increasing over the past years. Augsburg lies on the Lech and Wertach rivers and is situated near the motorway A8, connecting Munich and Stuttgart. The federal roads through Augsburg are the B2, B1, B17 and B. The main train station offers regional connections as well as Intercity Express (ICE) connections to cities such as von Munich, Berlin, Dortmund, Frankfurt am Main, Hamburg und Stuttgart. Direct express trains (EC) are also offered to Vienna, Amsterdam, and Paris. Augsburg is a university town, as well as one of the most significant industrial locations in southern. It is home to the University of Augsburg and two Hochschulen, as well as major research institutes. The service sector has been growing in the past years and accounts for approx. 2% of employment. Many well-known companies are located in the city, e.g. MAN Diesel, Walter Bau, Osram, Fujitsu Siemens Computers, EADS and MT Aerospace. Micro Location Micro Location The property is located within the city district of Augsburg on the corner of Gögginger Straße, a major arterial road, and Peter-Dörfler-Straße, approx. 4 km south of the city centre. Major roadways B17 and B intersect with Gögginger Straße, just south of the property. The retail building is easily accessible from city by car in approx. 1 minutes. Sufficient parking at the property is provided by a multi-storey car park. The retail park is also easily accessible via public transport, as bus and tram stops are located directly in front of the building. The surrounding area is mostly residential and commercial area. Other large retail warehouses are located in close vicinity, such as Promarkt and Media Markt (electronics), Lidl and Aldi (discount supermarkets), and a Netto Marken Discount (discount store). A hagebaumarkt (DIY store) can be found just minutes in the direction of the city centre. A high school is also located at just a minutes walk to the south on Gögginger Straße. Local Tax Information Real Estate Tax Rate (Typ B) City in % Land Transfer Tax City in % 48. Page 2 of 12

46 Property no. 2 Portfolio: Gögginger Straße Augsburg Site Plan Site Information Source: Cadastral plan dated.6.28 Site area 2,862 m² thereof surplus land m² Surplus land value (net) Site servicing Fully serviced Site layout Irregular Soil contamination No Suspicion Building encumbrances Yes Ground lease Ground lease expiry Comment The site consists of six plots: 421/1, 41/28, 41/29, 41/, 41/1, 421. The site has an even topography and an irregular shape. It is surrounded by a road to the west and to the north and a small paved road to the east. According to the environmental due diligence dated July 27, the site is not registered in the Altlastenkataster (contaminated land cadastre). The general risk of subsoil contamination at the Kaufland site without petrol station and car wash is considered to be low to moderate. This risk is moderate to high for the site with the petrol station and car wash. For the purposes of this valuation, we have assumed that the subject property is free of any soil or building contamination. No Town Planning Use class Site coverage ratio (GRZ) Plot ratio (GFZ) Cubic index (BMZ) Tenure SO (special zone) Comment According to information from the local planning authority, no legally binding development plan exists. Town planning issues are governed by 4 of the German Federal Building Code. This paragraph stipulates that new developments and their designated uses are required to blend in with their immediate surroundings, so as to show consideration of nearby types of uses. According to the local planning authority, the site could be characterized as (SO) special zone with mixed-use including commercial. Land Register Owner Local Court of TPL Augsburg S.á.r.l., Augsburg, land register Luxembourg of Göggingen Sheet Plot Parcel /1 41/28 41/29 41/ 41/1 421 Section 2 (Restrictions) Section (Loans) There are several limited personal easement: Land charges in the total amount of 12,274, in Right of transformer station and pipeline in favour favour of HSH Nordbank AG, Hamburg/Kiel in Hamburg, of Lech Elektrizitätwerke, plot 421; Right of way on sidewalk in favour of the municipality of Augsburg, plots 41/28, 41/29, 41/1; Right of noise barrier in favour of the municipality of Augsburg, plots 41/29, 41/1; Right of gas & water pipeline in favour of the municipality of Augsburg; plots 41/28, 41/29, 41/, 41/1; Right to hold and operate a self-service department store in favour of Kaufland Dienstleistung GmbH & Co. KG, plots 421/1, 41/28, 41/29, 41/, 41/1, 421. Easement (right of access) in favour of the owner of plot 421/24. Source: Extract from the land register dated Page of 12

47 Gögginger Straße Augsburg Property no. 2 Portfolio: Competitor Map Source: Jones Lang LaSalle Research Competitor Overview Name Address Type Sales area Distance Marktkauf Augsburg, Bergiusstr. 1 Self-service dep. store 6,144 m².7 km Rewe 861 Augsburg, Viktoriastr. Supermarket 2,87 m² 2.2 km E-center 861 Augsburg, Willy-Brandt-Platz 1 Supermarket 2, m² 2.8 km Rewe 861 Augsburg, Jakoberwallstr. 9 Supermarket 2, m². km E-center Augsburg, Wilhelm-Hauff-Str. 4-8 Supermarket 2,29 m².4 km Hüdaverdi Süpermarket 861 Augsburg, Böheimstr. 6A Supermarket 2, m². km Marktkauf 8691 Stadtbergen, Hagenmähderstr. 47 Hypermarket,47 m².8 km Rewe Augsburg, Haunstetter Str Supermarket 1,6 m².9 km Rewe 8691 Stadtbergen, Benzstr. 7 Supermarket 1,6 m² 4. km Real Augsburg, Reichenberger Str. 9 Self-service dep. store 7, m² 4. km Edeka 8691 Stadtbergen, Benzstr. 12 Supermarket 1,8 m² 4.1 km Rewe 8614 Augsburg, Donauwörther Str. 64 Supermarket 1,6 m² 4.1 km Potential High Medium Low Low Low Low Medium Low Low Medium Low Low Competiton Indicators Inhabitants in primary catchment area (Radius km) 2,672 Purchasing power in Mio. (District),74 Inhabitants in secondary catchment area (Radius 1 km) 174,1 Purchasing power per Capita in (Radius km) 4,866 Number of households (Radius km) 122,21 Unemployment Rate (District) 7.% Number of households (Radius 1 km) 84,761 Population forecast for the district (29-22) 1.1% Purchasing Power Index (District) Centrality Index (District) 1.92 Page 4 of 12

48 Gögginger Straße Augsburg Property no. 2 Portfolio: Main competitors This competitor is a Marktkauf (self-service department store), located less than 1km from the subject property. It is similar in size and condition and offers a similar product assortment. It is laid out in a retail park with a shared open parking lot. There is also a petrol station on the site. This is a direct competitor. This competitor is a real,- (self-service department store). It is located approx. 4km from the subject off of the main road B2 in a commercial area east of the city centre. It is somewhat larger in size and comprised of only one floor with high ceilings. A bakery, flower shop, delicatessen and beverage store are on the site, as well as an open parking lot and a parking garage. This competitor poses a medium level of competition. Competition Comment Catchment area is divided into 2 categories: primary ( km radius) and secondary (1 km radius). Approximately 21, inhabitants live in the primary catchment area and fifteen self-service department stores are present. This correlates to approx. 1,4 inhabitants, i.e. potential customers, per store. Within the broader secondary catchment area there are 174, inhabitants and a total of seventeen self-service department stores, equalling about 1, potential customers per store. We consider there to be main competitors for the subject property: a Marktkauf, a real,- and another Kaufland. The most direct competitor is a Marktkauf, located less than 1km away. Situated directly off the main arterial roads B17 and B, it has very good accessibility and visibility. It is laid out in a retail park with a shared open parking lot, different to that of Kaufland. The neighbouring stores, as well as a petrol station and car wash, offer a wide variety of options to the consumer and are mostly well-known retailers. This is a strong competitor due to its close proximity and the similar tenant mix. A real,- is located about 4km from the subject off of the federal road B2 in a commercial area east of the city centre. There is an OBI (DIY store) and a Norma (discount supermarket) nearby. It is laid out over only one floor, which is preferable, and the building itself is newer, but since it will draw mainly residents from the eastern part of Augsburg, we believe it poses only a medium-level of competition. Another Kaufland can be found north-east of the city centre in the district of Lechhausen. It is somewhat larger with retail spread out over two floors (ground floor and 1st floor).this Kaufland offers a similar shopping experience to the consumer, yet based on the distance from the subject property, we consider it to pose only a medium-level of competition, as it mostly draws customers living north-east of the city centre. There are a substantial number of competitors within the primary and secondary catchment areas; however, when considering the number of potential consumers, the market cannot be described as oversaturated. Furthermore, the population growth for the county ( Landkreis ) is forecasted to grow by 1.1% between years 29 and 22; and according to the Wirtschaftsförderung of Augsburg, there are currently no self-service department stores in planning. Accordingly, the overall competitive environment can be described as medium to high. Turnover analysis For the purpose of this valuation, we have applied the average turnover rents for the years 28 and 29 until the end of the respective lease agreement due to the fact that we were not provided with current turnover figures. The rents in functional retail agglomerations are linked to turnover. The percentage that a retail tenant can use for rental payments depends on the margins achievable in the various market sectors. This rate normally ranges between 2% and 1% depending on the respective branch. Kaufland is a very strong anchor, and therefore we are of the opinion that the demand for ancillary tenants will continue. For Kaufland, we have been provided with turnover figures. Concluding we have analyzed that the area productivity of Kaufland is in a healthy range. With a turnover-to-rent ratio of less than 2% it lies below the range of 2% to 4%, which is acceptable for a self-service department store. Hence, we are of the opinion that a higher market rent is achievable after the end of the lease contract. Please also refer to the rent/turnover analysis on page 8. However, we would like to point out that we were not provided with current turnovers (21/214) of the tenants. For the valuation, we were provided with a figure of the total turnover rents which are additionally paid by the tenants. We have applied these additional rental incomes in our calculation. Nevertheless, we were not able to calculate rent-to-sales ratios or the sales productivity of the respective tenants. Conclusion The property is currently used as a self-service department store (Kaufland), making up 6% of lettable area, a fitness centre (McFit) also takes up close to 16% of the total lettable area, and the rest is divided between smaller retailers with the indoor mall area. A car park offers sufficient parking, and a petrol station and car wash are also located on the property. The micro-location is good for it is easily accessible by car and public transport. Despite a high level of competition, the property should compete strongly due its good location and the synergies effects created through other large retailers (Media Markt and Hagebau) in the immediate area. The catchment area should suffice, despite the significant number of competitors. Furthermore, the population growth for the district ( Landkreis ) is forecasted to grow by 1.1% between years 29 and 22 and there is no evidence of self-service department stores in planning according to the Wirtschaftsförderung of the city of Augsburg. Kaufland splits its retail area between the ground floor and the basement, which is less preferable to a one-floor building, making it difficult to let if Kaufland were to leave. It would be difficult to envision another use; the best use would remain to be a self-service department store. Therefore, if Kaufland were to leave, a major competitor, such as Marktkauf, real,- or Edeka would be a likely replacement. The fitness centre on the 2nd floor may be difficult to re-let in the future if McFit were to leave. Foreseeable future use of the upper floors could be a furniture store or electronics store. It is highly probable that the fitness centre will continue to let the space on the 2nd floor, due to the good micro-location close to a large residential area. Kaufland s lease does not expire until 222 and it has options to extend until 27. On the basis of our projection of likely productivity per m² and turnover, we have calculated the market rent at 7.6 /m²/month. The tenant currently pays a contractual rent of.7/m²/month. Hence, we expect Kaufland to stay until 27 (based on its below-market rental level), as long as it continues to generate adequate turnover. Page of 12

49 Gögginger Straße Augsburg Property no. 2 Portfolio: Roll Tenant Name Area Category ting Area / m² Tenant Lease Lease Renewal Tenant Status m² / unit / month / month pays VAT Start End Probability pays * 1 Kaufland 7,61 4,9.7 Yes % 2 Frisör Thonet GmbH 72 1, Yes Solak Yes KiK Textilien und Non-Food GmbH 46 4, Yes Friedberger Landbrot 9 1,27 4. Yes BRL Center GmbH 144 4, Yes Akpinar Turgay Yes Vincent Murr Vertriebs GmbH 8, Yes McFit GmbH 2,22 11,1. Yes Landbäckerei Ihle GmbH 17, Yes % 11 Neckermann Urlaubswelten GmbH & Co. KG 12 SO-Tel Service GmbH u. Co. KG 4 1, Yes Yes Glanzer Oswald 27 1, Yes Kabel Deutschland Yes Thi Dung 9 1, Yes Thi Dung Storage Yes M 17 FOTOFIX Schnellphotoautomaten GmbH Other Units 1. Yes % 18 Deutsche Plakat-Werbung GmbH & Co. KG Other Units Yes % 19 ConocoPhillips GmbH (Jet) Petrol Station 2, Yes % 2 ConocoPhillips GmbH (Jet) Petrol Station 2 6,79.7 Yes % 21 Deutsche Plakat-Werbung GmbH & Co. KG Other Units Yes % 22 Vacancy (ex: AB Möbel und Immobilien GmbH) Vacant 2,64. No 2 Hosokawa Alpine Aktiengesellschaft Internal parking 121,6.17 Yes % 24 Euronet Service GmbH (transact) Other Units Yes % 2 Internal Parking Internal parking Yes % 26 Internal Parking Internal parking Yes % 27 Stadtwerken Augsburg Verkehrs GmbH Other Units Yes % 28 Kiosk Other Units No % 29 Turnover rent Other Units No % Handy Repair Yes Total * M = Maintenance, GT = Ground Tax, I = Insurance Costs, PM = Property Management 1,67 m² 97,78 Page 6 of 12

50 Gögginger Straße Augsburg Property no. 2 Portfolio: Valuation Assumptions Tenant Name Area Category Area Market Market Re-letting Initial Re-letting Agency Lease Renewal sqm/unit /month Tis Void VPV* Void* Abatem.* Fees* Term** Probability 1 Kaufland 7, , % 2 Frisör Thonet GmbH Solak , KiK Textilien und Non-Food GmbH 46 7., Friedberger Landbrot 9. 1, BRL Center GmbH , Akpinar Turgay Vincent Murr Vertriebs GmbH , McFit GmbH 2, , Landbäckerei Ihle GmbH , % 11 Neckermann Urlaubswelten GmbH & Co. KG 22. 1, SO-Tel Service GmbH u. Co. KG Glanzer Oswald Kabel Deutschland Thi Dung Thi Dung Storage FOTOFIX Schnellphotoautomaten GmbH Other Units 1. % 18 Deutsche Plakat-Werbung GmbH & Co. KG Other Units % 19 ConocoPhillips GmbH (Jet) Petrol Station , % 2 ConocoPhillips GmbH (Jet) Petrol Station 2.7 6, % 21 Deutsche Plakat-Werbung GmbH & Co. KG Other Units % 22 Vacancy (ex: AB Möbel und Immobilien GmbH) 2, , % 2 Hosokawa Alpine Aktiengesellschaft Internal parking ,6 % 24 Euronet Service GmbH (transact) Other Units % 2 Internal Parking Internal parking % 26 Internal Parking Internal parking % 27 Stadtwerken Augsburg Verkehrs GmbH Other Units % 28 Kiosk Other Units % 29 Turnover rent Other Units % Handy Repair Total * months ** years ***structural vacancy 1,67 sqm 117,97 Page 7 of 12.

51 Property no. 2 Portfolio: Gögginger Straße Augsburg Property Analysis Area Analysis table Area Use Category m² Office 1,69 DIY Warehouse Commercial Residential Storage 28 Total area 1,67 Petrol Station 4 Other Units 7 Internal parking External parking Total parking Area Vacant m² 2,64 2,64 Area m² 11, 28 11, 4 7 Vacancy Rate %.% 19.1%.%.%.%.%.% 19.9%.%.%.%.%.% Office DIY Commercial Storage Warehouse Residential Income Analysis Contractual Contractual Contractual Potential Market Market Market Over-/ Under- ed Use Category /m²/month /month /year /year /m²/month /month /year Office...% ,68 978,82 1,212, ,81 1,221,69 -.9% DIY...% Warehouse...% Commercial...% Residential...% Storage ,294 1,294..% Petrol Station 2.8 1,2 12,984 12, ,2 12,98.% Other Units ,729 2,748 2, ,729 2,748.% Total area 8. 9,77 1,124,846 1,8, ,862 1,66,9 1.8% Internal parking 7.6 4,46 48,49 48, ,46 48,49.% External parking...% Assessment of Kaufland market rent Space productivity Turnover to rent ratio Explanation 7, 6, Usual market % - levels Market rent 6, 8. Contractual 7.6, s %, / m² / month Contractual 2.4% 6..7 Market.2% 4, 4% of turnover % of turnover 4, 4, % of turnover / m² , Turnover potential. (net) Sales Area, 2. Total Area in / m² p.a. 1.% 1.% 2.% 2.%.%.% 4.% 4.%.% based on sales area Turnover-rent-ratio 21,884,417 ~ 4,98 m² 7,61 m² Self-service department stores usually can afford to pay a rent in the range of 2% to 4% of their net turnover (economically sustainable rent burden) and have a space productivity of about 4, to 6, per m² sales area. The two graphics above indicate, how the contract rent of the main tenant Kaufland as well as the assumed market rental level, can be assessed on the basis of usual market ranges. This analysis is based on the turnover potential figures prepared by Trade Dimension. D&B Rating of Main Tenant Main tenant Tenant name p.a. Share of total income WALT Payment Index Capital indicator Risk indicator Score Credit limit Kaufland Vertrieb GAMMA GmbH & Co. KG 2,71 44% 7.7 years 79 AA , (single) 16, (total) Comment The main tenant is a corporation belonging to the Kaufland Group, which in turn belongs to the Lidl & Schwarz Group, one of the biggest grocer groups in Europe. Kaufland is the self-service department store division of Lidl & Schwarz with more than locations across Europe. Kaufland s core business area is food retailing with branded goods and own-brands specially produced for Kaufland. The risk of insolvency (D&B Score) is low, i.e. 9% of businesses on the German database have the same or higher risk to failure. According to section 19 of the main lease agreement entered into by the landlord and Kaufland Dienstleistung GmbH & Co. KG (Rating = 2AA 1), an assignment of the main lease agreement by the tenant to another entity of the Kaufland group requires that the landlord's credit risk rating may not deteriorate due to such assignment of the lease. Page 8 of 12

52 Gögginger Straße Augsburg Property no. 2 Portfolio: Assumptions Market Value Lease Contract Commentary The property is let to fourteen retail tenants, a fitness studio, a petrol station and car wash. Approximately 2,64 m² are vacant at the moment. The WALT amounts to. years. The main tenant is Kaufland with a share of approx. 44% of the rental income. The property is currently strongly underrented mainly due to the low rental level of Kaufland. The lease is valid until 222 with options until 27; therefore, we are not of the opinion that the rental level will increase before 27. Kaufland s rent is indexed and is adapted by % of the CPI change, when the change exceeds 1% in relation to the CPI basis. Indexation started on Ground tax, maintenance costs for structural repairs, management and insurance costs are not borne by Kaufland. The rest can be apportioned to the tenant in accordance with the German Regulation on Operating Costs. According to the provided documents the tenant McFit GmbH has used its option to prolong their lease for additional years until 1/219. Further, the tenant Neckermann has prolonged its lease for years and the bakery Ladbäckerei Ihle has terminated its lease. In addition, the main tenant Kaufland has reduced its leased area by approx. 16 m². However, we are not aware of information what will happen with this area. The 16 m² former let to Kaufland are not longer listed in the provided rent roll. Overall, the contractual income has decreased by approx., p.a. which is mainly caused due to the loss of income of the parking garage (approx. 94%). According to the provided documents, several tenants have prolonged their leases. AWG has prolonged its lease for further 1 years to a lower rental level. Tenant dm has prolonged its lease for 6 years, Deichmann for additional 1 years and tenants Fressnapf and Kik have prolonged their leases for further years. General Property Assumptions Discount Rate Comment Discount rate 7.% Capitalisation rate Capital expenditures* Vacancy costs * on the basis of cost estimates provided by Brack Capital Properties N.V 6.% 1. /m²/p.a. The yields applied reflect the individual location quality (macro- and micro-location) of the properties, building structure, letting situation, covenant strength and the relationship between contractual and market rent. We derive the discount rate from market transactions. The discount rate reflects the rate of return expected by investors and is determined based on the risk associated with a property. As reinsurance, the initial yields profile is aligned with the market/other transactions. We have taken into account such facts as the remaining lease term with the well-known anchor tenant, the tenant mix the vacancy rate as well as the location within the federal state Bavaria. Breakdown of Non-Recoverable Costs Contract** % of Gross Inflation per year per year (month 1 x 12) Contract Maintenance costs. /m² 7, 6.9% Year after 224 Management costs 1.29 /m² 17,61 1.% Inflation 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Ground tax 4.4 /m² 6,716.17% Insurance costs.1 /m² 4,219.6% Market al Growth Other non-recoverable costs. /m².% Total non-recoverable expenses 11. /m² 17,41 1.4% Year after 224 ** JLL analysis al Growth 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Market (assuming full occupancy) Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Total non-recoverable expenses per year per year. /m² 7, 1.6 /m² 21, /m² 6,716.1 /m² 4,219. /m² /m² 161,16 % of Gross Market.% 1.% 4.29%.%.% 11.9% Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Contract Market Total Non-recoverable Costs Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 Maintanance Management Ground Insurance Other Non- Vacancy Total % of Total Costs Costs Tax Costs recoverable Costs Costs per year Gross Revenue 7, 17,7 6,716 4,219 26,8 18,98 1.7% 7,988 19,7 61,11 4,274 1,94 161, % 77,86 19,96 62,64 4, , % 78,81 19,614 6,796 4, , % 8,87 19,6 64,829 4, 4,46 172,82 1.4% 81,2 19,47 6,828 4,74 2,71 17, 1.4% 82,64 8,827 19,148 19,16 66,8 67,87 4,644 4,71 7,684 7,478 18,87 18,9 14.2% 14.1% 8,194 2,2 68,964 4,792 1,6 18,88 1.2% 86,69 2,8 7,177 4, ,62 1.% 88,24 2,1 71,44 4,964 6, , % 18.% Non-Recoverable Costs as a percentage of Total Gross Revenue 16.% 14.% 1.7% 12.7% 12.7% 12.8% 1.4% 1.4% 14.2% 14.1% 1.2% 1.% 12.% 1.% 8.% 6.% 4.% 2.%.% Page 9 of 12

53 Gögginger Straße Augsburg Property no. 2 Portfolio: Cash Flow Market Value Total Non- Net TIs and al Turnover Gross recoverable Operating Capital Leasing Revenue Vacancy Abatements Revenue Costs Income Expenditures Commissions Cash Flow Year 1 1,22,217-1,682 1,171, - 18,98 987,97 987,97 Year 2 1,16,49-4,49 1,27, - 161,924 1,18,76-199,464-4,6 868,2 Year 1,1,21-2,16 1,29,9-164,226 1,128,869-11,84-1,9 1,1,99 Year 4 1,1,641-6,6 1,7,6-166,88 1,14,767 1,14,767 Year 1,1,66-24,686 1,29,8-172,82 1,117,7-2,8-2,281 1,112,446 Year 6 1,1,7-19,782 1,29,791-17, 1,12,291-61,4-8,787 1,,464 Year 7 1,1,489-4,968 1,276,21-18,87 1,9,646-79,669-1,68 1,,69 Year 8 1,8,68-82,29 1,1,79-18,9 1,117,686-46,48-19,171 1,2,17 Year 9 1,81,17-11,6 1,7,14-18,88 1,189,26-1,62-2,767 1,17,497 Year 1 1,81,92-9,89 1,72,7-182,62 1,189,7 -,6-2,48 1,18,82 Year 11 1,9,82-8,21 1,,72-191,61 1,16,79-66,244-9,81 18,77,796 Total Cashflow (incl. Terminal 6. %) Gross Value of Surplus Land Gross Capital Value incl. Surplus Land Total Gross Revenue versus Net Operating Income 16. Present 7.% 97,89 78,21 92,82 91, ,8 722,987 64,8 64,7 69, ,498 9,298,796 16,974,87 16,974,87 8.% 14..8% 6.% 6.7% 6.7% 6.6% 6.6% 6.% 6.6% 7.% 7.% 7.% % al income % 4.%.% Running yield 4. 2.% 2. 1.%..% Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Valuation Results Market Value Overview Contractual gross rental income (month 1 x 12) Market rental value Over-/Underrent total p.a. per m²/month total p.a. per m²/month 1,17, ,414, % Total per m² Purchaser's costs Gross Capital Value (rounded) 17,, 1,247.% Yield Overview Net Initial Yield Net Reversionary Yield.98% 7.7% Market Value (rounded) Total 16,2, Gross Initial Yield Gross Reversionary Yield 7.24% 8.7% per m² 1,188 Valuation Comment In terms of risk, we considered the covenant strength as well as the lease duration for the existing contracts. As at , the main tenant Kaufland Vertrieb GAMMA GmbH & Co. KG has above average covenant strength and a low credit risk. According to section 19 of the main lease agreement entered into by the landlord and Kaufland Dienstleistung GmbH & Co. KG (D&B Rating = 2AA 1), an assignment of the main lease agreement by the tenant to another entity of the Kaufland group requires that the landlord's credit risk rating may not deteriorate due to such assignment of the lease. Section 1 of the first amendment to the main lease agreement provides for the assignment of the main lease agreement to Kaufland Vertrieb GAMMA GmbH & Co. KG, which has a worse D&B Rating (AA 2). Accordingly, pursuant to section 2 of the first amendment to the main lease agreement, the former tenant remains jointly and severally liable for the landlord's payment claims. Hence, the former tenant is a guarantor for the lease payments of the current tenant. Upon resale we took into account visibility, demographic factors, appearance, condition and building age, third party usability, competition and location. For the purpose of the valuation on , we have not been provided with a new non-recoverable costs schedule by the asset manager.therefore we have remained all non-recoverable service charges unchanged and have been applied according to information received during the previous valuation cycle. For management costs, we have applied 1.% of the effective gross rent. Regarding comparable rents, we have evidence of similar areas situated in comparable regions and locations. Furthermore, we have analysed comparable transactions. Please refer to the section "Investment Comparables". We have not been provided with updated information regarding necessary capital expenditures. However, we assume these costs are covered by the sinking fund budget of./m² p.a. for on-going maintenance measures. For some tenants, we have been provided with the turnover figures and have applied there figures in our valuation. Based on provided information from Brack Capital, we have additionally considered parking income of approx.,7 p.a. which is approx. 96% lower compared to the previous valuation. We have been informed that the annual income of the parking garage was based on the Q/21 results (annualised) which turned out to be excessive compared to the successive quarters. The following changes have taken place compared with 1. December 214: According to the provided documents the tenant McFit GmbH has used its option to prolong their lease for additional years until 1/219. Further, the tenant Neckermann has prolonged its lease for years and the bakery Ladbäckerei Ihle has terminated its lease. In addition, the main tenant Kaufland has reduced its leased area by approx. 16 m². However, we are not aware of information what will happen with this area. The 16 m² former let to Kaufland are not longer listed in the provided rent roll. Overall, the contractual income has decreased by approx., p.a. which is mainly caused due to the loss of income of the parking garage (approx. 94%). These changes result in a decrease in Market Value of,. Page 1 of 12

54 Gögginger Straße Augsburg Property no. 2 Portfolio: Photos Main entrance to Kaufland Main entrance to McFit (gym) Rear view of the property (petrol station) Entrance to the parking garage and petrol station Internal view of the sales area (Kaufland) View of the checkout zone (bakery) Page 11 of 12

55 Gögginger Straße Augsburg Property no. 2 Portfolio: Leasing and Investment Market Development of prime yields transaction volume in Leasing Market There is no homogeneous rental level for retail space in retail warehouses or retail parks throughout. For the determination of the rents, the quality of location in terms of accessibility and competition is crucial. The rents within the different branches vary. This is due to the diverging location assessment and turnover expectancy of the different tenants. If in the case of a retail park the management succeeds in establishing good anchor tenants, which guarantee a high visitor frequency, then the turnover expectancy of secondary tenants tends to be higher and as a consequence, their overall rental level will be higher as well. Besides the rent level, another determining factor for investors is the building costs. Properties with the highest rents usually also have the highest building costs and land acquisition cost. Depending on the size of the retail unit and the branch of the tenants, rents in retail parks the average rent is between 7. and 18./ m²/month. Prime rents of 18./m²/month are normally achieved within near city retail parks in a metropolitan region. Depending on the size of the retail unit and the retail format of the store, rents for supermarkets/ hypermarkets are generally slightly higher than the rents for discounters. s for discounters in western usually range between 6. and 12. /m²/month, while discounters in former Eastern generally achieve slightly lower rental rates. Drug stores and the-, textile-, shoe- and electronics branches generally achieve rental rates ranging from 7. to 12. /m²/month. DIY stores need extensive space due to their broad product range. In urban centers, these stores sometimes even offer their products on two levels. DIY stores are placed at the lower end of the scale in terms of rents, with prices ranging between. and 1. /m²/month. As DIY stores have a supra-regional catchment area, there are not as independent as other branches in the area and can relocate to more affordable attractive and easily accessible industrial zones. In such areas, lower investments for realisation and lower building costs induce lower rents. Investment Market On the investment market in 214, total capital amounting to 8.8 billion was invested in German commercial properties an increase of about % compared to the previous year. This means that 214 was the strongest year for property transactions since the boom year of 27. As was already seen in the previous year, the final quarter of the year proved to be the strongest in terms of transactions. Properties worth around 14 billion changed hands in the months from October to December. The run on the commercial property markets will continue in 21 - with an equal or even greater transaction volume. The investment focus of investors was still almost exclusively directed towards prime properties in prime locations in 21, but this has now diversified somewhat. More and more buyers are prepared to invest in lower-quality properties with a certain proportion of vacancies or in a less central location in the large cities as well as in smaller towns. However, the Big 7 together represent a volume of around 2 billion and therefore still account for well above half of the transaction volume across. Office properties accounted for the highest proportion of the transaction volume with a share of around 44%. properties were next in line with a 22% share. Warehouses and logistics properties registered relatively strong growth over the year, increasing their share to at least 9%. The share of portfolio transactions also increased further. Local and inter-regional portfolios accounted for around % of the volume in 214, which was tantamount to a 7% increase in the volume compared to 21. Prime yields in the office segment fell slightly again in view of the strong demand. The average yield for all Big 7 markets fell by 1 basis points compared to the third quarter to 4.4%. The analysis of the different asset classes reveals no fundamental differences from 212. Office properties again accounted for the highest share of the transaction volume at 46%. properties accounted for a 26% share, followed by mix-used properties with 11% and warehouse and logistics properties with at least 7%. The office prime yields were still on a slight downward trend in individual cities. Each of the Big 7 cities now has a net initial yield of below %. Aggregated across all cities, the prime yield in the office segment fell to an average value of around 4.67%. Shopping centre yields are at a similar rate of 4.7%. Initial yields of.6% are paid for good specialist store products; there was also a slight decline here. Only the average yield for city centre commercial buildings remained unchanged at the already low level of.99%. The German investment market has started the year with a tailwind behind it. This positive outlook is based on the continuing strong demand from international capital for investment opportunities on one hand, and on an attractive financing environment on the other. For 21, we therefore expect to see a further increase in the transaction volume to above 4 billion. Leasing Comparables Tenant City Property Type Area (m²) real,-verbauchermarkt Würzburg Kaufland Mosbach real,- SB-Warenhaus GmAschaffenburg Marktkauf Lübbenau Kaufland Geldern KiK Heilsbronn Pharmacy Nürnberg Deichmann Karlstadt Self-Service Department Store 8,448 m² Self-Service Department Store 6,49 m² Self-Service Department Store 11,47 m² Self-Service Department Store,479 m² Self-Service Department Store 8,478 m² Discount Fashion m² Pharmacy 14 m² Shoe store 467 m² Total per month /m² Comment 61, /m² Similar location and macroeconomic indicators, bigger size, /m² Comparable micro location, slightly smaller size 87, /m² Same federal state; similar purchasing power; bigger size 42, 7.7 /m² Other federal state 6,7 7.7 /m² Other federal state; similar purchasing power 4, /m² Similar purchasing power, /m² Similar purchasing power 4, 9.7 /m² Similar purchasing power Investment Comparables Property Type Hypermarket Park Park Park Hypermarket Park Hypermarket Year of Construction table Area Gross Multiplier Date of Transaction Comment 6, m² 1.8-fold 214 Hypermarket in a rural location, Kaufland, WALT of 1 years (sale after prolongation with Kaufland) 11,988 m² 1.8-fold Q4 21 Close to Karlsruhe, tenants REWE, Müller, Penny, Takko, Kik, Deichmann, approx. 6.6 years WALT 14,7 m² 1.-fold Q1 214 Small town, worse micro location, fully let, approx. 1 years WALT, tenants Kaufland, Takko 9,1 m² 1.8-fold 214 Located in Halle, WALT 11 years, sign. underrented, 1% vacancy, head lease to Metro Group 8,2 m² 14.1-fold Q 21 Medium to long WALT, located in North Rhine-Westphalia 64,7 m² 14.6-fold Q2 21 Same federal state, approx. 1 years WALT, mixed use centre, Kaufland, Obi, Media Markt, Cineplex 1, m² 1.8-fold Q2 212 Anchor tenant Famila, WALT 9.2 years, strong location in northern m².-fold Page 12 of 12

56 Grassingerstraße Bad Aibling Property no. Portfolio: Property Summary Key Figures Property type Main tenant Total lettable area Total parking units Current vacancy rate Weighted average lease term Year of construction Year of refurbishment Park Kaufland Vertrieb 84 GmbH & Co. KG 7,2 m² units 1.1% 1.2 years 2 Contractual gross rental income (month 1 x 12) total p.a. per m² / month 629, Total non-recoverable expenses (month 1 x 12) total p.a. 7,46 per m² / month.87 Net operating income (month 1 x 12) total p.a. per m² / month 6,4 6.7 Market rental value total p.a. 696,641 Over-/Underrent based on occupied areas -8.% SWOT Analysis Strengths Lease extension with Kaufland until September 2 Sufficient parking on site Good building condition Long remaining lease term of the anchor tenant Good tenant mix Opportunities Prolongation of lease contracts after expiry Positive population growth forecast for the district (Rosenheim) Low unemployment rate Weaknesses The retail unit let to Kaufland is strongly underrented Low visibility from the main road Threats Re-letting/negotiations concerning prolongation of existing contracts may result in worse conditions Termination of short term lease contracts with subsequent void periods Property Rating (1 = very negative, = very positive) Building Location Building age 11 to 1 years Macrolocation Average location and catchment area table Area 1 Smaller than 7, m² Microlocation Average micro location Property condition Average building condition Commercial activity Limited commercial activity nearby General impression Average general impression Competition Average competition level Liquidity Investment Quality WALT WALT longer than ten years Investment market Average property market Over- / underrent 4Slightly underrented (-% to -1%) Investment volume Reasonable lot size Quality of tenants 4 Tenants with very good credit rating Saleability 4 Good saleability within 6 months Property Description The site comprises a single storey U-shaped retail park, separated into wings which are called the west, east and north wing. The north wing is a 2-storey building (main building) with no basement. An open parking lot with approx. parking spaces is provided to the front of the main building and on the left- and right-hand side of the U-shaped building. Construction of the property began in 1999 and was completed in 2. The buildings are rectangular in shape and constructed with concrete columns, pre-cast concrete beams and concrete slab ceilings. The building has a flat roof covered by folio. Kaufland is the anchor tenant occupying retail space on the ground floor of the main building. Office space, some storage space and personnel rooms are located on the 1st floor. The entrance to the north wing is in the front of the building facing the parking lot. The other retail units, which include a drugstore, textile stores, shoe store, etc., have separate entries from the parking lot. The property includes space to the backside of the northern building for delivery and removal. Valuation Results 8,8, Market Value equals to Market al Value 1,248 per m² 696,641 p.a. equals to 8.2 / m² / p.m. Discount Rate Capitalisation Rate 6.8% 6.% Net Initial Yield Net Reversionary Yield 6.4% 6.76% excluding capital expenditures 6.4% 6.76% Multiplier (initial) 1.98 Multiplier (based on MRV) 12.6 Page 1 of 12

57 Property no. Portfolio: Grassingerstraße Bad Aibling Location Macroeconomic Indicators (Source: GfK 21/14, BfA, IFH 214) Federal State District City Postcode Population Federal State absolute Population District absolute Population City absolute Number of Households City absolute Population Density District per km² Population Density City per km² Population Forecast (29-22) District in % Population Growth (28-21) Federal State in % Population Growth (28-21) District in % Unemployment Rate (214) Federal State in % Unemployment Rate (214) District in % Bavaria Rosenheim (Rural District) Bad Aibling 84 12,67,28 21,1 18,4 8, % 1.2%.% 4.1%.% Structual Data (Source: GfK 214 and IFH 214) Purchasing Power District in m Purchasing Power City in m Purchasing Power Index Federal State index Purchasing Power Index District index Centrality Index District index, Bad Aibling Macro Location Bad Aibling is a spa town in the south of the federal state Bavaria with approx. 18, inhabitants. It lies on the river Mangfall, in the administrative district of Rosenheim, approx. km southeast of Munich. It has become a sought-after residence for commuters working in Munich. Bad Aibling has good accessibility through federal motorways and major roads. It is located near the motorway A8 (Munich-Salzburg). The major road which runs through the city is the state road St 278 (Munich-Rosenheim). The city is considering building another bypass (bypass road north), to lead the traffic flowing north, towards Großkarolinenfeld and Tuntenhausen around the city. The train station offers regional connections. The economic focus of Bad Aibling is on the health care and wellness sector. There are several cure hospitals and rehabilitation centres. Companies in the pharmaceutical sector, textiles, electronic industry, and milk processing industry can be found in the city. The unemployment rate for the district lies at.%, just below the national average (7.1%). Micro Location Micro Location The property is located in a small commercial area at the city s western periphery, on Grassingerstraße. Accessibility is good as Grassingerstraße is just off the main arterial road Münchenerstraße. However, the property cannot be seen from the main road and therefore has poor visibility. A bus stop is located at about 2 minutes walking distance. The property is approx. minutes by car and 1 minutes walking distance from the city centre. The surrounding area is mostly residential and undeveloped land. A police station, car dealership, a sporting goods store, as well as an Aldi (discount supermarket) can be found in close vicinity. Local Tax Information Real Estate Tax Rate (Typ B) City in % Land Transfer Tax City in %. Page 2 of 12

58 Grassingerstraße Bad Aibling Property no. Portfolio: Site Plan Source: Cadastral plan on a 1 to 1 scale, dated Site Information Site area 19,222 m² thereof surplus land m² Surplus land value (net) Site servicing Fully serviced Site layout Irregular Soil contamination No Suspicion Ground lease Ground lease expiry Comment The site consists of plots 111 and 172. It has an even topography and an irregular shape. It is surrounded by a road to the east and a small paved delivery access road around the site to the south, west and north. According to the environmental due diligence dated July 27, plots 172 and 111 are not registered in the Altlastenkataster (contaminated land cadastre). For the purposes of this valuation, we have assumed that the subject property is free of any soil or building contamination. No Building encumbrances Yes Town Planning Use class Site coverage ratio (GRZ) Plot ratio (GFZ) Cubic index (BMZ) Tenure SO (special zone).6 Comment According to the local planning authority, a legally binding development plan exists, entitled "Bebauungsplan 1 Nördlich der Grassingerstraße", dated August 1992, date of last amendment 2 May 2, with the following regulations: subject site is located in a special zone retail (SO). The plot ratio (GFZ) is.6 and the site coverage ratio (GRZ) is not specified. Land Register Local Court of Rosenheim, land register of Bad Aibling Owner TPL Bad Aiblingen S.á.r.l., Luxembourg Sheet Plot Parcel Section 2 (Restrictions) Section (Loans) Limited personal easement (right to operate a selfservice department store) in favour of Kaufland favour of HSH Nordbank AG, Hamburg/Kiel in Hamburg, Land charges in the total amount of 6,24, in Dienstleistung GmbH & Co. KG, Neckarsulm Source: Extract from the land register dated Page of 12

59 Grassingerstraße Bad Aibling Property no. Portfolio: Competitor Map Source: Jones Lang LaSalle Research Competitor Overview Name Address Type Sales area Distance Edeka Wendelstein Frischecenter 84 Bad Aibling, Ebersberger Str. 1 Supermarket 2, m². km Rewe 89 Kolbermoor, An der Alten Spinnerei 4 Supermarket 2, m². km E-center van Dungen 89 Kolbermoor, Carl-Jordan-Str. 18 Supermarket 2,699 m².7 km Kaufland 826 Rosenheim, Äußere Münchener Str. 1 Self-service dep. store,2 m² 7.4 km E-center 826 Rosenheim, Grubholzer Str. 2a Hypermarket,7 m² 7. km Real Rewe 826 Rosenheim, Kufsteiner Str Rosenheim, Hofmillerstr. 1 Self-service dep. store Supermarket 6, m² 1, m² 9.7 km 9.2 km m² Potential High Medium Medium Low Low Low Low Competiton Indicators Inhabitants in primary catchment area (Radius km) 7,614 Purchasing power in Mio. (District),6 Inhabitants in secondary catchment area (Radius 1 km) 98,48 Purchasing power per Capita in (Radius km) 821 Number of households (Radius km) 17,4 Unemployment Rate (District).% Number of households (Radius 1 km) 48,888 Population forecast for the district (29-22) 7.% Purchasing Power Index (District) Centrality Index (District) 79.1 Page 4 of 12

60 Grassingerstraße Bad Aibling Property no. Portfolio: Main competitors This competitor is an Edeka Frischemarkt. It is much smaller in size and offers a more limited product assortment than the anchor tenant of the subject property. It has, however, greater visibility as it lies on the main road and needs to be passed in order to reach the subject property, which is just around the corner. The building is newer. Furthermore, a Müller drugstore is located on the site. This competitor poses a medium level of competition. This competitor is an Edeka E-Center. It is similar in size and is located approx. 6km east of the subject property in the town of Kolbermoor. The E-Center has retail on the ground floor and a fitness studio on the 1st floor. It is located in a retail park surrounded by smaller retail shops, such as a shoe store, optician, jewellery shop, dry cleaner, and two discount fashion stores, among others. This competitor poses a medium level of competition. Competition Comment Catchment area is divided into 2 categories: primary ( km radius) and secondary (1 km radius). Approximately 7,6 inhabitants live in the primary catchment area. There are two self-service department stores/hypermarkets, including the subject property, present in this area, which is approx. 18,8 inhabitants per store. Within the broader secondary catchment area of approx. 98, inhabitants, there are 7 main competitors: an Edeka Frischemarkt, two Edeka E-Centers, two Rewe, a Kaufland and a Real. The Edeka Frischemarkt is about 1, m² smaller and offers a more limited product assortment than Kaufland. It does have, however, greater visibility as it lies on the main road and has to be passed in order to reach the subject property around the corner. The building is significantly newer. Furthermore, a Müller (drugstore) is located on the site, which is comparable to the dm-markt (drugstore) next to the subject property. Despite its smaller size, we consider it to be a strong competitor based on its close proximity and preferred location.a bit farther away, approx. 6 km, in the town of Kolbermoor, an Edeka E-Center and a Rewe can be found. They are surrounded by a mostly residential area and located off of the state road St 278 between Bad Aibling and the city of Rosenheim. Both hypermarkets are set within retail parks with outdoor parking. They will mainly draw inhabitants of Kolbermoor and possibly those from the eastern part of Bad Aibling and those who commute to Rosenheim for work. Therefore, they pose a medium level of competition. According to the local planning authority, because of a change in the traffic routes within the city centre of Bad Aibling, residents from the west have to bypass the city centre and drive through southern Bad Aibling to get to Kaufland. Accordingly, a new supermarket has been discussed. Given the relatively few competitors within the catchment area and the forecasted population growth for the county ( Landkreis ) of 7.% between years 29 and 22, we rate the overall current competitive environment as medium. Turnover analysis For the purpose of this valuation, we have applied the average turnover rents for the years 28 and 29 until the end of the respective lease agreement. The rents in functional retail agglomerations are linked to turnover. The percentage that a retail tenant can use for rental payments depends on the margins achievable in the various market sectors. This rate normally ranges between 2% and 1% depending on the respective branch. Kaufland is a very strong anchor, and therefore we are of the opinion that the demand for ancillary tenants will continue. For Kaufland, we have been provided with turnover figures. Concluding we have analyzed that the area productivity of Kaufland is in a healthy range. With a turnover-to-rent ratio of less than 2% it lies below the range of 2% to 4%, which is acceptable for a self-service department store. Hence, we are of the opinion that a higher market rent is achievable after the end of the lease contract. Please also refer to the rent/turnover analysis on page 8. However, we would like to point out that we were not provided with current turnovers (21/214) of the tenants. For the valuation, we were provided with a figure of the total turnover rents which are additionally paid by the tenants. We have applied these additional rental income in our calculation. Nevertheless, we were not able to calculate rent-to-sales ratios or the sales productivity of the respective tenants. Conclusion The property is currently mainly used as a self-service department store (Kaufland), which makes up 2% of lettable area. AWG (discount fashion) makes up 14% of the total lettable area, a dm-markt (drugstore) makes up close to 1% and the rest is divided between smaller retailers within the retail park. An outside parking lot offers sufficient parking. The property is also easily accessible via public transport. Despite the relatively small primary catchment area, because there are few direct competitors and the population growth for the county ( Landkreis ) is forecasted to grow by 7.% between years 29 and 22, we anticipate that there will be enough customers to sustain the property. At the time, the property is almost fully let. Kaufland, being a consumer magnet, provides a healthy retail environment for the remaining tenants. The lease of the anchor tenant (Kaufland) does not expire until 222 and it has options to extend until 27. On the basis of our projection of likely productivity per m² and turnovers, we have calculated the market rent at a level of 6. /m²/month. The tenant currently pays a contractual rent of.2 /m²/month. Therefore, we expect that Kaufland will stay until 27 (based on its below-market rental level), as long as it continues to generate adequate turnover. Potential future uses for the property would be difficult to envision. The best use for the property is its current use as a self-service department store. The next self-service department store is located in the next town, approx..2 km away. If Kaufland were to leave, another self-service department store, such as a real,- or Marktkauf, would be likely to take its place. Page of 12

61 Grassingerstraße Bad Aibling Property no. Portfolio: Roll Tenant Name Area Category ting Area / m² Tenant Lease Lease Renewal Tenant Status m² / unit / month / month pays VAT Start End Probability pays * 1 AWG Allgemeine Warenvertriebs GmbH 998 1,8 1.7 Yes Telko GmbH 77 1, Yes Pham, Hoanh 84 1, Yes RENO Sportswear GmbH 224 1, M dm-drogerie markt GmbH + Co. KG 79 6, Yes Deichmann SE 498, Yes Fressnapf Immobilien-Vermögensverwaltung GmbH 46 2, Yes KiK Textilien und Non-Food GmbH 44 4, Yes Kaufland,64 19,86.2 Yes % 1 Deutsche Plakat-Werbung GmbH & Co. KG Other Units Yes % 11 Vacancy (ex. Fechtel, Anton) Vacant 78. No 12 Kiosk Other Units No % 1 Turnover rent Other Units No % 14 Parking External parking 28. Yes % 1 Parking External parking 2 2. Yes % Total * M = Maintenance, GT = Ground Tax, I = Insurance Costs, PM = Property Management 7,2 m² 2,46 Page 6 of 12

62 Grassingerstraße Bad Aibling Property no. Portfolio: Valuation Assumptions Tenant Name Area Category Area Market Market Re-letting Initial Re-letting Agency Lease Renewal sqm/unit /month Tis Void VPV* Void* Abatem.* Fees* Term** Probability 1 AWG Allgemeine Warenvertriebs GmbH , Telko GmbH Pham, Hoanh RENO Sportswear GmbH , dm-drogerie markt GmbH + Co. KG , Deichmann SE , Fressnapf Immobilien-Vermögensverwaltung GmbH , KiK Textilien und Non-Food GmbH , Kaufland, , % 1 Deutsche Plakat-Werbung GmbH & Co. KG Other Units % 11 Vacancy (ex. Fechtel, Anton) Kiosk Other Units % 1 Turnover rent Other Units % 14 Parking External parking % 1 Parking External parking % Total * months ** years ***structural vacancy 7,2 sqm 8, Page 7 of 12.

63 Property no. Portfolio: Grassingerstraße Bad Aibling Property Analysis Area Analysis table Area Use Category m² Office 7,2 DIY Warehouse Commercial Residential Storage Total area 7,2 Petrol Station Other Units Internal parking External parking Total parking Area Vacant m² Area Vacancy Rate m² %.% 6, %.%.%.%.%.% 6, %.%.%.%.%.% Office DIY Commercial Storage Warehouse Residential Income Analysis Contractual Contractual Contractual Potential Market Market Market Over-/ Under- ed Use Category /m²/month /month /year /year /m²/month /month /year Office...% 7.8 1,46 617,8 62, ,2 684, % DIY...% Warehouse...% Commercial...% Residential...% Storage...% Petrol Station...% Other Units ,22 6, ,22.% Total area 7.4 1,96 62,8 61, , 69, % Internal parking...% External parking , 6, ,.% Assessment of Kaufland market rent Space productivity Turnover to rent ratio Explanation 7, 8. Usual market % - levels 7.4 6, 7. Market rent 6, 6. Contractual, 6. s %.8,..2 Contractual 2.8% Market.% 4, 4% of turnover ,.72 % of turnover.8 2% of turnover.72,. Turnover potential (net) Sales Area 8,118,78 ~ 2, m²,, in / m² p.a. 1.% 1.% 2.% 2.%.%.% 4.% 4.%.% Total Area,64 m² based on sales area Turnover-rent-ratio Self-service department stores usually can afford to pay a rent in the range of 2% to 4% of their net turnover (economically sustainable rent burden) and have a space productivity of about 4, to 6, per m² sales area. The two graphics above indicate, how the contract rent of the main tenant Kaufland as well as the assumed market rental level, can be assessed on the basis of usual market ranges. This analysis is based on the turnover potential figures prepared by Trade Dimension. D&B Rating of Main Tenant / m² / month / m².2 6. Main tenant Tenant name p.a. Share of total income WALT Payment Index Capital indicator Risk indicator Score Credit limit Kaufland Vertrieb 84 GmbH & Co. KG 229,28 6% 1.7 years 61 1AA 29 28, (single) 19,6, (total) Comment The main tenant is a corporation belonging to the Kaufland Group, which in turn belongs to the Lidl & Schwarz Group, one of the biggest grocer groups in Europe. Kaufland is the self-service department store division of Lidl & Schwarz with more than locations across Europe. Kaufland s core business area is food retailing with branded goods and own-brands specially produced for Kaufland. According to Dun & Bradstreet (D&B) rating as of Kaufland Vertrieb 84 GmbH & Co. KG (Handelshof SB- Warenhaus GmbH & Co. KG) has a above-average credit risk. The risk of insolvency (D&B Score) within the next 12 months compared with other German companies is assessed to be high i.e. 29% of businesses on the German database have the same or higher risk of failure. Page 8 of 12

64 Grassingerstraße Bad Aibling Property no. Portfolio: Assumptions Market Value Lease Contract Commentary The property is let to nine retail tenants. The vacancy increased by 1.1% in comparison to the previous valuation. The WALT amounts to 7. years due to several lease prolongations. The main tenant is Kaufland with a share of approx. 6% of the rental income. The property is currently under-rented mainly due to a very low rental level of the main tenant Kaufland. As the lease contract is valid until 222 and the tenant has extention options until 27, we are not of the opinion that the rental level can be adjusted before 27. The rent of Kaufland is indexed and will be adapted by % of the CPI change, whenever the change exceeds 1 % in relation to the CPI basis. Indexation started on Ground tax, maintenance costs for structural repairs, management and insurance costs are not borne by Kaufland. The rest can be apportioned to the tenant in accordance with the German Regulation on Operating Costs. Therefore, the WALT of the subject property increased significantly in comparison to the previous valuation. In total, the contractual income has decreased slightly by approx., p.a. According to the information provided by Brack Capital, a lease prolongation with the main tenant Kaufland is under negotiation (until 2 on the same rental level). We have considered this in our valuation (renewal probability of 9%). General Property Assumptions Discount rate 6.8% Capitalisation rate Capital expenditures* Vacancy costs * on the basis of cost estimates provided by Brack Capital Properties N.V 6.% 1. /m²/p.a. Discount Rate Comment The yields applied reflect the individual location quality (macro- and micro-location) of the properties, building structure, letting situation, covenant strength and the relationship between contractual and market rent. We derive the discount rate from market transactions. The discount rate reflects the rate of return expected by investors and is determined based on the risk associated with a property. As reinsurance, the initial yields profile is aligned with the market/other transactions. We have taken into account such facts as the remaining lease term with the well-known anchor tenant, the tenant mix the vacancy rate as well as the location within the federal state Bavaria. Breakdown of Non-Recoverable Costs Contract** % of Gross Inflation per year per year (month 1 x 12) Contract Maintenance costs. /m² 8, % Year after 224 Management costs 1.4 /m² 9,444 1.% Inflation 1.% 1.8% 1.8% 1.6% 1.% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Ground tax.1 /m² 2,7.7% Insurance costs.29 /m² 2,1.2% Market al Growth Other non-recoverable costs. /m².% Total non-recoverable expenses 1.4 /m² 7, % Year after 224 ** JLL analysis al Growth 1.% 1.8% 1.8% 1.6% 1.% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Market (assuming full occupancy) Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Total non-recoverable expenses per year. /m² 1.48 /m².1 /m².29 /m². /m² 1.7 /m² per year 8,786 1,4 2,7 2,1 74,2 % of Gross Market.7% 1.%.%.29%.% 1.7% Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Contract Market Total Non-recoverable Costs Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 Maintanance Management Ground Insurance Other Non- Vacancy Total % of Total Costs Costs Tax Costs recoverable Costs Costs per year Gross Revenue 8,786 9,49 2,7 2, , % 9,294 9,69 2,612 2,6 4 74, % 4,17 9,8 24,47 2, , % 4,7 9,998 24,489 2,112 77,2 11.6% 41,41 1,28 24,886 2,146 78, % 42,1 9,464 2,269 2,179 4,167 8,1 1.2% 42,69 4,48 1,172 9,47 2,66 26,48 2,212 2, ,78 81,17 91, % 14.6% 44,4 1,87 26,47 2,28 8,68 11.% 44,8 1,879 26,99 2,2 84, % 4,67 9,86 27,424 2,6 7,82 92, % 16.% Non-Recoverable Costs as a percentage of Total Gross Revenue 14.6% 14.% 1.2% 12.% 11.7% 11.7% 11.7% 11.6% 11.7% 12.% 11.% 11.7% 1.% 8.% 6.% 4.% 2.%.% Page 9 of 12

65 Grassingerstraße Bad Aibling Property no. Portfolio: Cash Flow Market Value Total Non- Net TIs and al Turnover Gross recoverable Operating Capital Leasing Revenue Vacancy Abatements Revenue Costs Income Expenditures Commissions Cash Flow Year 1 69,91-6,889 6,24-74,12 8,94-7,828-1,721 49, Year 2 64,928 -,4 64,74-74,96 6,618-4, ,67 Year 66,174-7,627 6,47-76,49 78,998 -,778-1,271 71,949 Year 4 666,64 666,64-77,2 89,212 89,212 Year 668,1 668,1-78,47 9,7 9,7 Year 6 677,28-46,17 6,966-8,1 47,86 -,717 -,28 11,91 Year 7 68,92 -, ,16-81,17 96,91-1,22-2,686 81,2 Year 8 714,626-87, ,164-91,829, - 8,94-1,89 24,81 Year 9 724,64 724,64-8,68 64,96-1,97-11,247 78,116 Year 1 72,284 72,284-84,971 64,1 64,1 Year 11 74, - 86,81 6,729-92,814 6,91-6,68-14,29 9,8,41 Total Cashflow (incl. Terminal 6. %) Gross Value of Surplus Land Gross Capital Value incl. Surplus Land Total Gross Revenue versus Net Operating Income 8. Present 6.8%,71 9,16 48, ,69 49,24 6,46 78,646 21,242 29,7 42,226,,964 9,217,21 9,217,21 8.% % 6.1% 6.% 6.4% 6.4%.9% 6.%.8% 7.% 6.9% 7.% 6.% al income. 4...% 4.%.% Running yield 2. 2.% 1. 1.%..% Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Valuation Results Overview Contractual gross rental income (month 1 x 12) Market rental value Over-/Underrent Yield Overview Net Initial Yield Net Reversionary Yield Gross Initial Yield Gross Reversionary Yield Valuation Comment total p.a. per m²/month total p.a. per m²/month Market Value Gross Capital Value (rounded) 629, Total 9,2, 696,641 per m² 1, % Purchaser's costs. 6.4% Market Value (rounded) 6.76% Total 8,8, 7.1% 7.92% per m² 1,248 In terms of risk, we considered the covenant strength as well as the lease duration for the existing contracts. As at , the main tenant Kaufland Vertrieb 84 GmbH & Co. KG has good covenant strength, which ensures a secure cash flow for the remainder of the lease term until at least 222. For the purpose of the valuation on , we have not been provided with a new non-recoverable costs schedule by the asset manager.therefore we have remained all non-recoverable service charges unchanged and have been applied according to information received during the previous valuation cycle. For management costs, we have applied 1.% of the effective gross rent. Regarding comparable rents, we have evidence of similar areas situated in comparable regions and locations. Furthermore, we have analysed comparable transactions. Please refer to the section "Investment Comparables". We have been provided with updated information regarding necessary capital expenditures. However, we assume these costs are covered by the sinking fund budget of./m² p.a. for on-going maintenance measures. Upon resale we took into account such facts as visibility, demographic factors, appearance, condition and building age, third party usability, competition and location. According to the provided documents, several tenants have prolonged their leases. AWG has prolonged its lease for further 1 years to a lower rental level. Tenant dm has prolonged its lease for 6 years, Deichmann for additional 1 years and tenants Fressnapf and Kik have prolonged their leases for further years. Therefore, the WALT of the subject property increased significantly in comparison to the previous valuation. In total, the contractual income has decreased slightly by approx. 6, p.a. The rental agreement with the main tenant Kaufland is extended to September 2 on the same rental level. We have considered this in our valuation (renewal probability of 9%). Due to the above mentioned facts, the discount rate has been reduces by 6 bps and the cap rate has been reduced by 2 bps. As a result, the Market Value increased significantly by 8.6% amounting 7,. Page 1 of 12

66 Grassingerstraße Bad Aibling Property no. Portfolio: Photos External view of the subject property (Kik) External view of the subject property External view of the entrance of tenant Deichmann External view of the entrance of tenant AWG Internal view of the sales area (Kaufland) View of the checkout zone (butchery) Page 11 of 12

67 Grassingerstraße Bad Aibling Property no. Portfolio: Leasing and Investment Market Development of prime yields transaction volume in Leasing Market There is no homogeneous rental level for retail space in retail warehouses or retail parks throughout. For the determination of the rents, the quality of location in terms of accessibility and competition is crucial. The rents within the different branches vary. This is due to the diverging location assessment and turnover expectancy of the different tenants. If in the case of a retail park the management succeeds in establishing good anchor tenants, which guarantee a high visitor frequency, then the turnover expectancy of secondary tenants tends to be higher and as a consequence, their overall rental level will be higher as well. Besides the rent level, another determining factor for investors is the building costs. Properties with the highest rents usually also have the highest building costs and land acquisition cost. Depending on the size of the retail unit and the branch of the tenants, rents in retail parks the average rent is between 7. and 18./ m²/month. Prime rents of 18./m²/month are normally achieved within near city retail parks in a metropolitan region. Depending on the size of the retail unit and the retail format of the store, rents for supermarkets/ hypermarkets are generally slightly higher than the rents for discounters. s for discounters in western usually range between 6. and 12. /m²/month, while discounters in former Eastern generally achieve slightly lower rental rates. Drug stores and the-, textile-, shoe- and electronics branches generally achieve rental rates ranging from 7. to 12. /m²/month. DIY stores need extensive space due to their broad product range. In urban centers, these stores sometimes even offer their products on two levels. DIY stores are placed at the lower end of the scale in terms of rents, with prices ranging between. and 1. /m²/month. As DIY stores have a supra-regional catchment area, there are not as independent as other branches in the area and can relocate to more affordable attractive and easily accessible industrial zones. In such areas, lower investments for realisation and lower building costs induce lower rents. Investment Market On the investment market in 214, total capital amounting to 8.8 billion was invested in German commercial properties an increase of about % compared to the previous year. This means that 214 was the strongest year for property transactions since the boom year of 27. As was already seen in the previous year, the final quarter of the year proved to be the strongest in terms of transactions. Properties worth around 14 billion changed hands in the months from October to December. The run on the commercial property markets will continue in 21 - with an equal or even greater transaction volume. The investment focus of investors was still almost exclusively directed towards prime properties in prime locations in 21, but this has now diversified somewhat. More and more buyers are prepared to invest in lower-quality properties with a certain proportion of vacancies or in a less central location in the large cities as well as in smaller towns. However, the Big 7 together represent a volume of around 2 billion and therefore still account for well above half of the transaction volume across. Office properties accounted for the highest proportion of the transaction volume with a share of around 44%. properties were next in line with a 22% share. Warehouses and logistics properties registered relatively strong growth over the year, increasing their share to at least 9%. The share of portfolio transactions also increased further. Local and inter-regional portfolios accounted for around % of the volume in 214, which was tantamount to a 7% increase in the volume compared to 21. Prime yields in the office segment fell slightly again in view of the strong demand. The average yield for all Big 7 markets fell by 1 basis points compared to the third quarter to 4.4%. The analysis of the different asset classes reveals no fundamental differences from 212. Office properties again accounted for the highest share of the transaction volume at 46%. properties accounted for a 26% share, followed by mix-used properties with 11% and warehouse and logistics properties with at least 7%. The office prime yields were still on a slight downward trend in individual cities. Each of the Big 7 cities now has a net initial yield of below %. Aggregated across all cities, the prime yield in the office segment fell to an average value of around 4.67%. Shopping centre yields are at a similar rate of 4.7%. Initial yields of.6% are paid for good specialist store products; there was also a slight decline here. Only the average yield for city centre commercial buildings remained unchanged at the already low level of.99%. The German investment market has started the year with a tailwind behind it. This positive outlook is based on the continuing strong demand from international capital for investment opportunities on one hand, and on an attractive financing environment on the other. For 21, we therefore expect to see a further increase in the transaction volume to above 4 billion. Leasing Comparables Tenant City Property Type Area (m²) real,- SB-Warenhaus GmFreiburg im Breisgau Self-Service Department Store,4 m² Edeka (Rheika-Delta) Alsfeld Self-Service Department Store 6,4 m² Real Amberg Self-Service Department Store 1,824 m² Kaufland Freital Self-Service Department Store 8, m² dm-drogerie markt Landsberg am Lech Drugstore 81 m² Rossmann Treuchtlingen Drugstore 1 m² Deichmann Karlstadt Shoe store 467 m² KiK Bad Kissingen Discount Fashion 2 m² Total per month /m² Comment 1,61.14 /m² Similar size, older building age, superior micro location 8, /m² Located in Hesse, similar micro location, bigger size 71, /m² Slightly lower purchasing power 62, 7.7 /m² Other federal state; slightly lower purchasing power 6, /m² Similar purchasing power, /m² Similar purchasing power 4, /m² Similar purchasing power, /m² Similar purchasing power Investment Comparables Property Type Park Park Hypermarket Hypermarket Park Hypermarket Hypermarket Year of Construction 1994 table Area Gross Date of Multiplier Transaction Comment 11,988 m² 1.8-fold Q4 21 Close to Karlsruhe, tenants REWE, Müller, Penny, Takko, Kik, Deichmann, approx. 6.6 years WALT 14,7 m² 1.-fold Q1 214 Small town, worse micro location, fully let, approx. 1 years WALT, tenants Kaufland, Takko 9, m² 1.8-fold 214 Located close to Berlin, positive population forecast, after lease prolongation (1 years WALT) 8,2 m² 14.1-fold Q 21 Medium to long WALT, located in North Rhine-Westphalia 9,1 m² 1.8-fold 214 Located in Halle, WALT 11 years, sign. underrented, 1% vacancy, head lease to Metro Group 22,269 m² 14.7-fold 212 WALT 1.7 years, good location, main tenant Kaufland, partly leasehold 1, m² 1.8-fold Q2 212 Anchor tenant Famila, WALT 9.2 years, strong location in northern m².-fold Page 12 of 12

68 Obere Stegwiesen Biberach Property no. 4 Portfolio: Property Summary Key Figures Property type Main tenant Total lettable area Total parking units Current vacancy rate Weighted average lease term Year of construction Year of refurbishment Park & Co. KG (Marktkauf Autonom BM Vermietungs GmbH & Co. KG) 1,769 m² 66 units.% 6.4 years 1994 Contractual gross rental income (month 1 x 12) total p.a. per m² / month 1,24, Total non-recoverable expenses (month 1 x 12) total p.a. 81,98 per m² / month.6 Net operating income (month 1 x 12) total p.a. per m² / month 1,172,9 9.7 Market rental value total p.a. 1,68,81 Over-/Underrent based on occupied areas -8.4% SWOT Analysis Strengths Long remaining lease term of the anchor tenant Sufficient parking spaces Good connections to the major roads B 46 and L 267 Opportunities Extension of the lease contracts of the smaller tenants Finding new strong and attractive tenants Prolongation of the lease contracts after expiry Development of the surplus-land Positive population growth forecast and low unemployment rate Weaknesses Limited third party usability of the large-scale retail area without refurbishment Building is 2 years old Threats Increasing maintenance required due to the building age Property is in need of a refurbishment on the long term Drop out of tenants before expiry of the contracts Property Rating (1 = very negative, = very positive) Building Location Building age 2 16 to 2 years Macrolocation Average location and catchment area table Area Between 1, and 12, m² Microlocation Average micro location Property condition Average building condition Commercial activity Limited commercial activity nearby General impression Average general impression Competition Average competition level Liquidity Investment Quality WALT WALT three to seven years Investment market Average property market Over- / underrent 4 Slightly underrented (-% to -1%) Investment volume 4 Good lot size Quality of tenants 4 Tenants with very good credit rating Saleability 4 Good saleability within 6 months Property Description The property is a one-storey retail building with parking facilities on the roof. The petrol station and some undeveloped areas are located on separate plots. The ground level of the retail building is occupied by several retail tenants.the main tenant is a Kaufland hypermarket. The main entrances are accessible from the parking areas and located on the south side of the building. Another entrance to the retail areas is on the roof beside the parking facilities. Access to the parking areas on the roof is made possible via a ramp along the west facade. The property can be easily reached from Obere Stegwiesen. Structurally, the building consists of a steelbeton construction. The main entrance is equipped with glazed elements and the entrance is provided by automatic sliding doors. Valuation Results Market Value Market al Value 16,4, equals to 1,49 per m² 1,68,81 p.a. equals to 1.9 / m² / p.m. Discount Rate Capitalisation Rate 6.8% 6.% Net Initial Yield Net Reversionary Yield 6.81% 7.47% excluding capital expenditures 6.72% 7.6% Multiplier (initial) Multiplier (based on MRV) Page 1 of 12

69 Property no. 4 Portfolio: Obere Stegwiesen Biberach.2.21 Location Macroeconomic Indicators Federal State District City Postcode (Source: GfK 21/14, BfA, IFH 214) Baden-Wurttemberg Biberach (Rural District) Biberach 884 Population Federal State absolute Population District absolute Population City absolute Number of Households City absolute Population Density District per km² Population Density City per km² Population Forecast (29-22) District in % Population Growth (28-21) Federal State in % Population Growth (28-21) District in % Unemployment Rate (214) Federal State in % Unemployment Rate (214) District in % 1,844, ,21 2,6 1,6 221 NA 2.2%.9%.% 4.1%.9% Structual Data (Source: GfK 214 and IFH 214) Purchasing Power District in m Purchasing Power City in m Purchasing Power Index Federal State index Purchasing Power Index District index Centrality Index District index 8, Biberach Macro Location Biberach an der Riß is located in the south-east of the federal state Baden-Wurttemberg. The closest major cities are Memmingen (approx. 4 km south-east; 41,8 inhabitants) and Ulm (approx. 47 km north-east; approx. 124, inhabitants). The closest motorway is the A7, connecting to Flensburg (near the Danish border) in the north and to Füssen (close to the Austrian border) in the south, can be reached in a distance of approx. km. Furthermore, the A8, connecting to Munich and farther on, Austria in the south-east and to Perl near the French border in the north-west, can be reached in a distance of approx. 47 km. Biberach has a train station, which connects Biberach to the cities of Stuttgart and Munich via regional trains. The nearest airport offering connections to national and international destinations is Friedrichshafen, located approx. 67 km from the city centre of Biberach an der Riß. Furthermore, the Stuttgart Airport is located approx. 16 km away and the Munich Airport is situated approx. 11 km away. Biberach an der Riß is a strong business location. The city has both known and globally-operated large corporations, as well as many mid-size industrial and trading companies. Well-known companies in Biberach an der Riß are Liebherr, Boehringer Ingelheim, Handtmann, EnBW and KaVo. Furthermore, Biberach is also known for its university, Biberach University of Applied Sciences. Micro Location Micro Location The property is located in the north-east of the city and is less than 4 km from Biberach city centre. The property itself is located on a side road near the B 46, L 21 and L 267; it is bordered by industrial and trading companies. Local Tax Information Real Estate Tax Rate (Typ B) City in % Land Transfer Tax City in %. Page 2 of 12

70 Property no. 4 Portfolio: Obere Stegwiesen Biberach.2.21 Site Plan Site Information Source: Cadastral plan on a 1 to 2 scale, dated Site area 26,42 m² thereof surplus land 2,298 m² Surplus land value (net) 11 /sqm 22,78 Site servicing Fully serviced Site layout /2: trapezoidal, 2: trinagular, 2/1: square Soil contamination No Suspicion Building encumbrances Yes Ground lease Ground lease expiry Comment The site consists of three separate pl./1, /2 and surplus land 2 : all have an even topogr. It can be accessed fr. the western side by foot or fr. the eastern side by car. According to the Environmental Due Diligence report, dated July 27, the site is not registered in the register of contaminated sites. According to the land charges register of Biberach (page 2 nr.1) one building encumbrance exists reg. t. limited sales areas (max. 9,m²) a. t. product ranges. Furthermore, areas for admin. a. parking spaces must be built. Currently we are not in the possesion of the land register (page 12996) of the surplus land 2. For purposes of this valuation, we assume that the building encumbrances have no effect on the valuation and is free of any soil or building conta. For purpose of this valuation, we assumed the land value pursuant to the committee of experts of Biberach. No Town Planning Use class Site coverage ratio (GRZ) Plot ratio (GFZ) Cubic index (BMZ) Tenure SO (special zone),8 2.4 Comment According to information from the local planning authority, a development plan exists, entitled "Obere Stegwiese 2" and dated , with the following regulations: the subject site is located in special zone ("Sondergebiet Großflächiger Einzelhandel"). The plot ratio (GFZ) is 2.4 and the site coverage ratio (GRZ) is.8. The total sales area is limited to 9,m² (4,m² warehouse; 2,m² concession area;,m² DIY) Land Register Owner Local Court of Biberach TPL Bieberach S.á.r.l., an der Riß, land register Luxembourg of Biberach an der Riß Source: Extract from the land register dated Sheet Plot Parcel SO 849, SO 849 (VN 28/71) /2, 2, 2/1 Section 2 (Restrictions) Section (Loans) 2 easements: for t. owner o. t. prop. parc. 49 Land charges in the total amount of 11,96, in Bahnhofstr. 2 a. parc. Bahnhofstr. 1 with favour of HSH Nordbank AG, Hamburg/Kiel in Hamburg, 49,a (reg. t. rig. o. water pipe). 2. i. favr. o. t owner o. t. parc. 77, Eisenbahn EB 1 a. parcel 2997, 2998, 2999,, 1, 2, 26, 27, 28 a. 29 (reg. t. rig. o. wayleave). Limited personal easements. 1. (reg. o. t. clamping station, power line a. access) in favr. o. t. Energie- Versorgung Schwaben AG, 2. (reg. o. t. retain a. operate o. a hypermar.) i. favr. o. Kaufland Dienstl. GmbH Co. KG rig. o. acquisition i. favr. o. alb-elektric OHG located i. Biberach. Restrictive covenant, 1.i. favour of t. particular owner for t. parcel /2, 2. favour o. Kaufland Dienstl. GmbH Co. KG Neckarsulm (reg. t. durable omission reg. operate o. f. exa. discoun., supermar. o. eating house) Page of 12

71 Obere Stegwiesen Biberach Property no. 4 Portfolio: Competitor Map Source: Jones Lang LaSalle Research Competitor Overview Marktkauf Obi Name Address 884 Biberach, Sandgrabenstr Biberach, Hubertus Liebrecht-Str. 44 Type Hypermarket DIY Sales area 2,96 m² Distance 2. km 1. km Potential Medium Medium Competiton Indicators Inhabitants in primary catchment area (Radius km),469 Purchasing power in Mio. (District) 8,76 Inhabitants in secondary catchment area (Radius 1 km),668 Purchasing power per Capita in (Radius km) 7 Number of households (Radius km) 1,998 Unemployment Rate (District).9% Number of households (Radius 1 km) 14,677 Population forecast for the district (29-22) 2.2% Purchasing Power Index (District) Centrality Index (District) 9.78 Page 4 of 12

72 Obere Stegwiesen Biberach Property no. 4 Portfolio: Main competitors This competitor is a retail park located in the north-east of Biberach. The main tenant is OBI (DIY). Other tenants for example are Lidl (Discount supermarket), a drinks cash-and-carry and Euronics (electronics). The retail park "Biber Center" is well located directly on the main road L 267. The property is a serious competitor. This competitor is a medium-sized Marktkauf. The location of Marktkauf is very good. It is located between the main road, L 267, and a residential area. The Marktkauf is a serious competitor. Competition Comment Catchment area is divided into 2 categories: primary ( km radius) and secondary (1 km radius). Approximately, inhabitants live in the primary catchment area. While the density of hypermarkets is relatively high in the primary catchment area, the competition eases in the secondary catchment area. Even though there are several discounters and small-sized supermarkets located in Biberach, it can be said that these present only indirect competition to the property. Kaufland offers a very deep and broad product range with more than, products, while discounter and supermarkets offer a limited product range with only 7, to 11, (supermarkets) or 4-2, (discounters) articles. Therefore, these retailing forms address different customers or customer needs. While supermarkets and discounters cater to the daily needs of customers, Kaufland offers a larger variety of products that are bought on a non-daily basis. There are two direct competitors within 2 km. The first competitor, a retail park called Biber Center is located in a distance of 1. km directly on the main road L 267. The location of this centre compared to our centre is better, as it is can be accessed directly from the L 267 and is therefore very visible. The Biber Center seems to be newer and has a good mix of tenants. The main tenant is an OBI market; other tenants include Lidl, a drinks cash-and-carry, Burger King and Euronics. The Biber Center has no supermarket, just a Lidl discounter, which offers another product range. In addition, the significant difference in size and product range also differentiates the properties, especially the DIY stores. The OBI market offers a wider range and is more upscale than the discount DIY at the subject property. Therefore, it can be said that the Biber Center represents only medium competition. Another direct competitor is Marktkauf, which is 2. km away. The Marktkauf is directly located on the main road L 267 and is very visible. However, it can not be directly accessed from the main road; instead, it is necessary to drive first through a residential area to reach the store. While the Kaufland is primarily reachable by car, the competitor can also be reached by foot from the adjacent residential area. The Marktkauf probably has similar construction date as the valued property and offers a similar assortment. The competitor does not offer as many parking facilities as the valued property. The valuation property offers a wide range of products due to the various tenants, while the competitor has just some minor tenants like a bakery and a hairdresser. Even though the properties may attract different customers and have slightly different primary catchment areas, the catchment areas strongly overlap and two hypermarket stores for a city of only 2, inhabitants can be problematic. Overall, it can be said that the competition level in Biberach is medium to high, especially due to the existence of a similar Marktkauf nearby. Turnover analysis The rents in functional retail agglomerations are linked to turnover. The percentage rate that a retail tenant can use for rental payments depends on the margins achievable in the various market sectors. This rate normally ranges between 2% and 1% depending on the respective branch. The productivity varies between approx. 1,/m² and up to more than 1,/m². Kaufland is a very strong anchor, and therefore we are of the opinion that the demand for ancillary tenants will continue. For Kaufland, we have been provided with turnover figures. Concluding we have analyzed that the area productivity of Kaufland is in a healthy range. With a turnover-to-rent ratio of less than 2% it lies below the range of 2% to 4%, which is acceptable for a self-service department store. Hence, we are of the opinion that a higher market rent is achievable after the end of the lease contract. Please also refer to the rent/turnover analysis on page 8. However, we would like to point out that we were not provided with current (21/214) turnovers of the tenants. For the valuation, we were provided with a figure of the total turnover rents which are additionally paid by the tenants. We have applied these additional rental income in our calculation. Nevertheless, we were not able to calculate rent-to-sales ratios or the sales productivity of the respective tenants. Conclusion The property in Biberach is located in the direct vicinity of several competitors. The property is currently used for retail use; regarding third-party use, retail is the best option, because of the structural conditions like the very good parking facilities, the allocation and the equipment of the areas of the value property. The strengths of the property include that it is fully let, the well-known status of the main tenant, the length of the lease contract of the main tenant and the very good parking facilities. In contrast, some weaknesses include the limited third-party usability, the limited visibility and the secluded location as a whole. The leasing capacity is for this property medium because of the building age and the existing density of competitors. Page of 12

73 Obere Stegwiesen Biberach Property no. 4 Portfolio: Roll Tenant Name Area Category ting Area / m² Tenant Lease Lease Renewal Tenant Status m² / unit / month / month pays VAT Start End Probability pays * 1 AWG Allgemeine Warenvertriebs GmbH 1,144 1,86 9. Yes I 2 Marktkauf Autonom BM Vermietungs GmbH & Co. KG 4,1 42,7 1.2 Yes GT I Turgay Akkaya (ex: Vacancy) Walser + Schwaderer GmbH 47 2, Yes Yilmaz 44 1, Yes Bäckerei Mäschle OHG 7, Yes Cetin, Ahmet 42 1, M 8 Essanelle Hair Group AG 1 1, Yes Kaufland,216 28,688. Yes % 1 FOTOFIX Schnellphotoautomaten GmbH Other Units 1. Yes % 11 Deutsche Plakat-Werbung GmbH & Co. KG 12 Schussenrieder Brauerei Other Units Other Units Yes Yes % 1% 1 HPV Hanseatic Petrol Vertriebs GmbH Petrol Station 2,1 7,21.4 Yes Kiosk Other Units No % 1 Turnover rent Other Units No % 16 Parking External parking % M Total * M = Maintenance, GT = Ground Tax, I = Insurance Costs, PM = Property Management 1,769 m² 14,4 Page 6 of 12

74 Obere Stegwiesen Biberach Property no. 4 Portfolio: Valuation Assumptions Tenant Name Area Category Area Market Market Re-letting Initial Re-letting Agency Lease Renewal sqm/unit /month Tis Void VPV* Void* Abatem.* Fees* Term** Probability 1 AWG Allgemeine Warenvertriebs GmbH 1, , Marktkauf Autonom BM Vermietungs GmbH & Co. KG Turgay Akkaya (ex: Vacancy) 4, ,42 1, Walser + Schwaderer GmbH 47. 2, Yilmaz , Bäckerei Mäschle OHG 1. 6, Cetin, Ahmet , Essanelle Hair Group AG 1. 1, Kaufland, , % 1 FOTOFIX Schnellphotoautomaten GmbH Other Units 1. 1 % 11 Deutsche Plakat-Werbung GmbH & Co. KG Other Units % 12 Schussenrieder Brauerei Other Units 1. 1 % 1 HPV Hanseatic Petrol Vertriebs GmbH Petrol Station 2,1.4 7, Kiosk Other Units % 1 Turnover rent Other Units % 16 Parking External parking % Total * months ** years ***structural vacancy 1,769 sqm 114,68 Page 7 of 12.

75 Property no. 4 Portfolio: Obere Stegwiesen Biberach.2.21 Property Analysis Area Analysis table Area Use Category m² Office 1,769 DIY Warehouse Commercial Residential Storage Total area 1,769 Petrol Station 2,1 Other Units Internal parking External parking 66 Total parking 66 Area Vacant m² Area m² 1,769 1,769 2, Vacancy Rate %.%.%.%.%.%.%.%.%.%.%.%.%.% Office DIY Commercial Storage Warehouse Residential Income Analysis Contractual Contractual Contractual Potential Market Market Market Over-/ Under- ed Use Category /m²/month /month /year /year /m²/month /month /year Office...% ,496 1,17,97 1,17, ,61 1,272,728-9.% DIY...% Warehouse...% Commercial...% Residential...% Storage...% Petrol Station.4 7,21 86,8 86,8.4 7,21 86,8.% Other Units , 9, ,.% Total area ,4 1,24,42 1,24, ,68 1,68,81-8.4% Internal parking...% External parking...% Assessment of Kaufland market rent Space productivity Turnover to rent ratio Explanation 7, Usual market % - levels 6, Market rent 6, 11. Contractual 1., 9.6 s % / m² 9. Contractual 1.7%., 8. 8.,287 Market 2.% , 4% of turnover % of turnover 9.6 4,.. 2% of turnover 6.42, 4.. Turnover potential (net) Sales Area 2,89,294 ~,8 m², 2. in / m² p.a. 1.% 1.% 2.% 2.%.%.% 4.% 4.%.% Total Area,216 m² based on sales area Turnover-rent-ratio / m² / month Self-service department stores usually can afford to pay a rent in the range of 2% to 4% of their net turnover (economically sustainable rent burden) and have a space productivity of about 4, to 6, per m² sales area. The two graphics above indicate, how the contract rent of the main tenant Kaufland as well as the assumed market rental level, can be assessed on the basis of usual market ranges. This analysis is based on the turnover potential figures prepared by Trade Dimension. D&B Rating of Main Tenant Main tenant Tenant name p.a. Share of total income WALT Payment Index Capital indicator Risk indicator Score Credit limit toom Baumarkt Vermietungs GmbH & Co. KG (Marktkauf Auton 44,21 27% 12.7 years 8 HH , (single) 1, (total) Comment The main tenant toom baumarkt is a corporation belonging ultimately to Rewe Group, which purchased Marktkauf in 27. Marktkauf operates self-service department stores and used to operate DIY stores until 27, when they sold off about 1 stores to Rewe (toom DIY) and closed the remaining ones. The Rewe Group is a large German supermarket corporation, currently holding a market share of 1.7% in food retailing. According to Dun & Bradstreet (D&B) Rating as of toom Baumarkt has a low credit risk. The risk of insolvency (D&B Score) within the next 12 months compared with other German companies is assessed to be quite low, i.e. 2% of businesses on the German database have the same or higher risk of failure. In Sep. 21 the company name changed to toom baumarkt Vermietungs GmbH & Co. KG. Page 8 of 12

76 Obere Stegwiesen Biberach Property no. 4 Portfolio: Assumptions Market Value Lease Contract Commentary The property is let to nine retail tenants and a petrol station. At the moment the subject property is fully let. The WALT of the property amounts to 6.4 years. The property is almost rack-rented - except of the main tenant. This figures include the turnover rents of the tenants Bäckerei Mäschle, Cetin, HPV Hanseatic, Walser and Yilmaz, which we assume to be sustainable until the end of the respective lease contracts. The property is nearly let at market rental level. The lease contract of the main tenant expires in 227. Kaufland s rent is indexed and will be adapted by % of the CPI change, whenever the change exceeds 1 percent in relation to the CPI basis. Indexation started on The majority of the tenants pay all costs (including ground tax, insurance costs and management costs) except for maintenance costs for structural repairs. All other service charges can be apportioned to the tenants in accordance with the German Regulation on Operating Costs. According to the provided information tenant Walser + Schwaderer has extended its lease until October 219. In addition, the total rental income has slightly decreased compared to the previous valuation. This is mainly caused due to the income of the petrol station. General Property Assumptions Discount rate 6.8% Capitalisation rate Capital expenditures* Vacancy costs * on the basis of cost estimates provided by Brack Capital Properties N.V 6.% 1. /m²/p.a. Discount Rate Comment The yields applied reflect the individual location quality (macro- and micro-location) of the properties, building structure, letting situation, covenant strength and the relationship between contractual and market rent. We derive the discount rate from market transactions. The discount rate reflects the rate of return expected by investors and is determined based on the risk associated with a property. As reinsurance, the initial yields profile is aligned with the market/other transactions. We have taken into account such facts as the short remaining lease term and the lasting condition of the subject property. Breakdown of Non-Recoverable Costs Contract** % of Gross Inflation per year per year (month 1 x 12) Contract Maintenance costs 4. /m² 48,46.86% Year after 224 Management costs 1.7 /m² 18,811 1.% Inflation 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Ground tax 1.1 /m² 1,849.87% Insurance costs.6 /m²,864.1% Market al Growth Other non-recoverable costs. /m².% Total non-recoverable expenses 7.61 /m² 81,98 6.4% Year after 224 ** JLL analysis al Growth 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Market (assuming full occupancy) Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Total non-recoverable expenses per year per year 4. /m² 48, /m² 2,2 1.1 /m² 1,849.6 /m²,864. /m² 7.77 /m² 8,7 % of Gross Market.4% 1.%.79%.28%.% 6.12% Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Contract Market Total Non-recoverable Costs Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 Maintanance Management Ground Insurance Other Non- Vacancy Total % of Total Costs Costs Tax Costs recoverable Costs Costs per year Gross Revenue 48,46 18,2 1,849, , % 49,94 17,782 1,991, ,89 6.9% 49,998 18,6 11,19, ,18 6.9%,918 18,41 11,99 4, ,98 6.9% 1,742 1,8 11,84 4,126 12,21 9,7 9.1% 2,9 17,12 11,762 4,189 2,199 88,21 7.6%,4 4,19 18,69 18,47 11,942 12,12 4,24 4,19 87,68 88,9 7.% 7.%,42 18,9 12,2 4,89 9, % 6,11 18,44 12,4 4,466 91,421 7.% 7,19 18,97 12,76 4,47 2 9,181 7.% 1.% 9.% Non-Recoverable Costs as a percentage of Total Gross Revenue 9.1% 8.% 7.% 6.7% 6.9% 6.9% 6.9% 7.6% 7.% 7.% 7.4% 7.% 6.%.% 4.%.% 2.% 1.%.% Page 9 of 12

77 Obere Stegwiesen Biberach Property no. 4 Portfolio: Cash Flow Market Value Total Non- Net TIs and al Turnover Gross recoverable Operating Capital Leasing Revenue Vacancy Abatements Revenue Costs Income Expenditures Commissions Cash Flow Year 1 1,222,148-8,61 1,21,8-81,661 1,11,877-2,18-1,619 1,128,12 Year 2 1,187, - 1,66 1,18,444-81,89 1,1,6 1,1,6 Year 1,28,87-4,81 1,24,26-8,18 1,12, ,211 1,118,69 Year 4 1,22,47-4,487 1,227,6-84,98 1,142,622-1, ,14,667 Year 1,22, ,79 1,,24-9,7 97,71 -,89-1,96 87,426 Year 6 1,2,677-6,196 1,167,481-88,21 1,79,28-18,218-16,424 1,44,68 Year 7 1,24,626 1,24,626-87,68 1,117,18 1,117,18 Year 8 1,22,162 1,22,162-88,9 1,14,212 1,14,212 Year 9 1,226,168 1,226,168-9,147 1,16,21 1,16,21 Year 1 1,226,91 1,226,91-91,421 1,1,48 1,1,48 Year 11 1,247,496-7,72 1,29,794-9,181 1,146,61 17,7,99 Total Cashflow (incl. Terminal 6. %) Gross Value of Surplus Land Gross Capital Value incl. Surplus Land Total Gross Revenue versus Net Operating Income Present 6.8% 1,9,6 1,2,7 9,84 97,281 61,26 726,9 728, ,6 648,748 66,872 9,11,18 17,19, ,211 17,428, % 6.% 6.4% 6.6% 6.2% 6.4% 6.% 6.% 6.% 7.% 12..% 6.% 1..% al income %.% Running yield 4. 2.% 2. 1.%..% Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Valuation Results Market Value Overview Contractual gross rental income (month 1 x 12) Market rental value Over-/Underrent total p.a. per m²/month total p.a. per m²/month 1,24, ,68, % Total per m² Purchaser's costs Gross Capital Value (rounded) 17,4, 1,97 6.% Yield Overview Net Initial Yield Net Reversionary Yield 6.81% 7.47% Market Value (rounded) Total 16,4, Gross Initial Yield Gross Reversionary Yield 7.79% 8.% per m² 1,49 Valuation Comment In terms of risk, we considered the covenant strength of the tenants as well as the lease duration of the existing contracts. As at 19 September 21 the main tenant Marktkauf Autonom BM Vermietungs GmbH & Co. KG has good covenant strength, which ensures a secure cash flow for the remainder of the lease term until at least 227. In terms of a resale, we took into account such facts as visibility, demographic factors, appearance, condition and building age, third-party usability, competition situation and location. For the purpose of the valuation on , we have not been provided with a new non-recoverable costs schedule by the asset manager. Therefore we have remained all non-recoverable service charges unchanged and have been applied according to information received during the previous valuation cycle. For management costs, we have applied 1.% of the effective gross rent. The main tenant, Marktkauf Holding GmbH, has good covenant strength and is a subsidiary of Edeka Group. However, the premises are occupied by a subsidiary of REWE (B1). It could not be clearified whether the premises are sublet with consent of the landlord or were taken over by REWE. For the purpose of this valuation, we assumed that the lease with Marktkauf is still in place and was sublet to REWE with consent of the landlord. The restrictions of Division II, have no effect on the value of the property. Furthermore, for the purpose of this valuation, we assumed the land value pursuant to the committee of experts in Biberach. Regarding comparable rents we have had recourse to evidence of similar areas situated in the comparable regions and locations. Furthermore, we have analysed comparable transactions. Please refer to the section "Investment Comparables". According to the provided information tenant Walser + Schwaderer has extended its lease until October 219. In addition, the total rental income has slightly decreased compared to the previous valuation. This is mainly caused due to the income of the petrol station. Due to the above mentioned facts, the capitalisation rate has been reduces by 2 bps and the discount rate by 2 bsp. As a result, the Market Value increased by.8% amounting to 6,. Page 1 of 12

78 Obere Stegwiesen Biberach Property no. 4 Portfolio: Photos View of the subject property and the main entrance area Further parking spaces on the roof of the subject property and the side entrance View of the petrol station Sales area of the DIY market Internal view of the mall Internal view of Kaufland Page 11 of 12

79 Obere Stegwiesen Biberach Property no. 4 Portfolio: Leasing and Investment Market Development of prime yields transaction volume in Leasing Market There is no homogeneous rental level for retail space in retail warehouses or retail parks throughout. For the determination of the rents, the quality of location in terms of accessibility and competition is crucial. The rents within the different branches vary. This is due to the diverging location assessment and turnover expectancy of the different tenants. If in the case of a retail park the management succeeds in establishing good anchor tenants, which guarantee a high visitor frequency, then the turnover expectancy of secondary tenants tends to be higher and as a consequence, their overall rental level will be higher as well. Besides the rent level, another determining factor for investors is the building costs. Properties with the highest rents usually also have the highest building costs and land acquisition cost. Depending on the size of the retail unit and the branch of the tenants, rents in retail parks the average rent is between 7. and 18./ m²/month. Prime rents of 18./m²/month are normally achieved within near city retail parks in a metropolitan region. Depending on the size of the retail unit and the retail format of the store, rents for supermarkets/ hypermarkets are generally slightly higher than the rents for discounters. s for discounters in western usually range between 6. and 12. /m²/month, while discounters in former Eastern generally achieve slightly lower rental rates. Drug stores and the-, textile-, shoe- and electronics branches generally achieve rental rates ranging from 7. to 12. /m²/month. DIY stores need extensive space due to their broad product range. In urban centers, these stores sometimes even offer their products on two levels. DIY stores are placed at the lower end of the scale in terms of rents, with prices ranging between. and 1. /m²/month. As DIY stores have a supra-regional catchment area, there are not as independent as other branches in the area and can relocate to more affordable attractive and easily accessible industrial zones. In such areas, lower investments for realisation and lower building costs induce lower rents. Investment Market On the investment market in 214, total capital amounting to 8.8 billion was invested in German commercial properties an increase of about % compared to the previous year. This means that 214 was the strongest year for property transactions since the boom year of 27. As was already seen in the previous year, the final quarter of the year proved to be the strongest in terms of transactions. Properties worth around 14 billion changed hands in the months from October to December. The run on the commercial property markets will continue in 21 - with an equal or even greater transaction volume. The investment focus of investors was still almost exclusively directed towards prime properties in prime locations in 21, but this has now diversified somewhat. More and more buyers are prepared to invest in lower-quality properties with a certain proportion of vacancies or in a less central location in the large cities as well as in smaller towns. However, the Big 7 together represent a volume of around 2 billion and therefore still account for well above half of the transaction volume across. Office properties accounted for the highest proportion of the transaction volume with a share of around 44%. properties were next in line with a 22% share. Warehouses and logistics properties registered relatively strong growth over the year, increasing their share to at least 9%. The share of portfolio transactions also increased further. Local and inter-regional portfolios accounted for around % of the volume in 214, which was tantamount to a 7% increase in the volume compared to 21. Prime yields in the office segment fell slightly again in view of the strong demand. The average yield for all Big 7 markets fell by 1 basis points compared to the third quarter to 4.4%. The analysis of the different asset classes reveals no fundamental differences from 212. Office properties again accounted for the highest share of the transaction volume at 46%. properties accounted for a 26% share, followed by mix-used properties with 11% and warehouse and logistics properties with at least 7%. The office prime yields were still on a slight downward trend in individual cities. Each of the Big 7 cities now has a net initial yield of below %. Aggregated across all cities, the prime yield in the office segment fell to an average value of around 4.67%. Shopping centre yields are at a similar rate of 4.7%. Initial yields of.6% are paid for good specialist store products; there was also a slight decline here. Only the average yield for city centre commercial buildings remained unchanged at the already low level of.99%. The German investment market has started the year with a tailwind behind it. This positive outlook is based on the continuing strong demand from international capital for investment opportunities on one hand, and on an attractive financing environment on the other. For 21, we therefore expect to see a further increase in the transaction volume to above 4 billion. Leasing Comparables Tenant City Property Type Area (m²) BayWa Bau- & GartenmäWaldkraiburg DIY 4,291 m² BayWa Bau- & GartenmäBurghausen DIY,668 m² Hagebaumarkt Marktredwitz DIY 8,698 m² NK Großflächen VertriebsUlm Self-Service Department Store 6,2 m² Kaufland Geldern Self-Service Department Store 8,749 m² Kaufland Freital Self-Service Department Store 8, m² Kaufland Hameln Self-Service Department Store 4,42 m² Kaufland Schwäbisch Hall Self-Service Department Store,8 m² Total per month /m² Comment 2, /m² Other federal state, similar micro location 19,77.2 /m² Other federal state, slightly smaller size, long remianing WALT 49,11.6 /m² Worse purchasing power, bigger size, built to suite DIY 6, /m² Same federal state, better micro location, long remaining WALT 71, /m² Other federal state, bigger size, worse micro location 62, 7.7 /m² Other federal state; slightly lower purchasing power 29, /m² Worse purchasing power, /m² Similar purchasing power Investment Comparables Property Type Park Park Park Hypermarket Hypermarket Hypermarket Hypermarket Year of Construction 24 table Area Gross Multiplier Date of Transaction Comment 11,988 m² 1.8-fold Q4 21 Close to Karlsruhe, tenants REWE, Müller, Penny, Takko, Kik, Deichmann, approx. 6.6 years WALT 14,7 m² 1.-fold Q1 214 Small town, worse micro location, fully let, approx. 1 years WALT, tenants Kaufland, Takko 2,66 m² 11.4-fold Q2 21 Worse micro location, neg. population forecast, approx. years WALT, Obi, Edeka, Lidl and dm 8,2 m² 14.1-fold Q 21 Medium to long WALT, located in North Rhine-Westphalia 6,48 m² 12.4-fold Q 21 Tenants: Kaufland (22), Lidl, KiK, Takko; 1, m² additional office space/medical practices. 2,269 m² 14.7-fold 212 WALT 1.7 years, good location, main tenant Kaufland, partly leasehold 1, m² 1.8-fold Q2 212 Anchor tenant Famila, WALT 9.2 years, strong location in northern m².-fold Page 12 of 12

80 Heidenerstraße Borken Property no. Portfolio: Property Summary Key Figures Property type Main tenant Total lettable area Total parking units Current vacancy rate Weighted average lease term Year of construction Year of refurbishment Park ALPHA Warenhandel GmbH & Co. KG 9,24 m² 4 units 1.2% 8.7 years 2 Contractual gross rental income (month 1 x 12) total p.a. per m² / month 987, Total non-recoverable expenses (month 1 x 12) total p.a. 87,82 per m² / month.77 Net operating income (month 1 x 12) total p.a. per m² / month 899, Market rental value total p.a. 1,226,89 Over-/Underrent based on occupied areas -1.4% SWOT Analysis Strengths City centre location Lease extension with Kaufland until September 2 Very good accessibility - sufficient parking spaces Modern retail park with good tenant mix Strong anchor tenant Kaufland with long term lease contract Opportunities Limited number of competitors in Borken Positive future population growth prospects for Borken Low unemployment rate Extension of lease contracts with short remaining term Underrent of Kaufland lease, however, difficult to realise potential as extension options are in place Weaknesses No further extension possible Threats Termination of short term lease contracts with subsequent void periods Environmental risks due to soil contamination caused by petrol station Property Rating (1 = very negative, = very positive) Building Location Building age 11 to 1 years Macrolocation Average location and catchment area table Area 2 Between 7, and 1, m² Microlocation 4 Good micro location Property condition 4 Good building condition Commercial activity 4 Average commercial activity nearby General impression 4 Good general impression Competition 4 Low competition level Liquidity Investment Quality WALT 4 WALT seven to ten years Investment market Average property market Over- / underrent 4Slightly underrented (-% to -1%) Investment volume 4 Good lot size Quality of tenants 4 Tenants with very good credit rating Saleability 4 Good saleability within 6 months Property Description The property (completion date 2) consists of a single-storey L-shaped retail building; on its ground floor, it has several retail units as well as parking areas and substructures on the roof. Main access is provided from the south side of the building alongside a roofed passageway in front of the building. Approximately 4 parking spaces (47 spaces acc. to the building permit) are located on the inner courtyard to the south of the building as well as on the roof. Access to the parking facilities on the roof is provided via a ramp along the west facade. The delivery zone is located at the northern side of the building complex. The main entrance provides access to the large Kaufland unit (approx., m²), two medium sized units (Kramer Schuhe 67m² and C&A m²) and a shopping mall with small shops (between 2-8 m²). Three additional shopping units can directly be accessed from outside the building. An escalator connects the ground floor with the parking deck on the roof. The structure of the building consists of concrete columns in regular grids, pre-cast concrete beams and concrete floor slab. Staircases are of pre-cast concrete elements. The flat roof is constructed as a parking area with prefabricated slabs on layer insulation. The facades to the east and to the south are constructed as rear ventilated facades with a facing of exposed brickwork. The upper half of the porch is equipped with a cover of industrial glass. Partitions within the administration and staff areas are from plasterboard. Corridors are equipped with PVC flooring, painted walls and grid ceilings with external lights. The standard office shows carpet flooring, painted walls and a suspended grid ceiling with external lights. The complex has a gas-powered heating system with ventilation systems, air heaters and standard heaters. Valuation Results 14,7, Market Value equals to Market al Value 1,4 per m² 1,226,89 p.a. equals to 1.7 / m² / p.m. Discount Rate Capitalisation Rate 7.1% 6.% Net Initial Yield Net Reversionary Yield.7% 7.2% excluding capital expenditures.7% 7.2% Multiplier (initial) Multiplier (based on MRV) Page 1 of 12

81 Property no. Portfolio: Heidenerstraße Borken Location Macroeconomic Indicators (Source: GfK 21/14, BfA, IFH 214) Federal State District City Postcode Population Federal State absolute Population District absolute Population City absolute Number of Households City absolute Population Density District per km² Population Density City per km² Population Forecast (29-22) District in % Population Growth (28-21) Federal State in % Population Growth (28-21) District in % Unemployment Rate (214) Federal State in % Unemployment Rate (214) District in % North Rhine-Westphalia Borken (Rural District) Borken ,81,681 68,819 4,92 17, % -.8% -.4% 8.% 4.6% Structual Data (Source: GfK 214 and IFH 214) Purchasing Power District in m Purchasing Power City in m Purchasing Power Index Federal State index Purchasing Power Index District index Centrality Index District index 7, Borken Macro Location Borken is situated in the federal state of North Rhine-Westphalia in the region of Münsterland close to the Dutch border and has a population (city) of approx. 41,. It is located about km north of the large agglomeration area 'Ruhrgebiet', which has approx. 1 million inhabitants (nearby cities include Duisburg, Oberhausen, Essen Gelsenkirchen and Dortmund). The A and A1 federal motorways can be accessed within a distance of - 1 km from Borken. Immediate access is possible to the B67 and B7 federal roads. The city s train station is linked to the regional railway network. The nearest station connected to the ICE high-speed train network is located in, for example, Duisburg about 4 km away. The closest passenger airport, Düsseldorf International, can be reached in a distance of approx. 8 km south or Münster-Osnabrück International in 8 km north. The economy of Borken (within the rural region Münsterland) is primarily characterised by small- and medium-sized companies active in various sectors, as well as handcraft sector. Historically, the textile industry was and still is an important factor in the region. Borken also somewhat benefits from the strategic location between the Netherlands, Münster and the Ruhrgebiet. Thus, the region is also attractive for logistics companies and related service providers. Micro Location Micro Location The property is located on the boundary of the city centre of Borken on a highly frequented through-road, Heidener Strasse, and can directly be accessed from a traffic circle. The surrounding area is characterised by a mixture of retail, office, industrial and residential buildings. To the east, the building adjoins Heidener Strasse; to the north, an access road for fire fighting vehicles can be found; and to the west, the complex is bordered by a public walkway open for pedestrians and bicycles. Local Tax Information Real Estate Tax Rate (Typ B) City in % Land Transfer Tax City in % 44. Page 2 of 12

82 Heidenerstraße Borken Property no. Portfolio: Site Plan Source: Cadastral plan on a 1 to 1 scale, dated Site Information Site area 17,7 m² thereof surplus land m² Surplus land value (net) Site servicing Fully serviced Site layout Irregular Soil contamination Suspicion of contamination Building encumbrances No Ground lease Ground lease expiry Comment The site has an even topography and is accessible from the east, south and west (pedestrians only). According to the Environmental DD Report from Mace GmbH, dated July 27, the risk of subsoil / ground water contamination is considered moderate to high. Land use risk for present use of the site, however, is low, if good operation practices can be observed. Furthermore, it is stated that the environmental setting risk is low to moderate with regards the surroundings of the site and high with regards to the aquifer and the brook. Overall, Mace estimates the environmental risk to be moderate to high. No cost estimates for potential decontamination measures were provided to us. For the purposes of this valuation, we have assumed that the subject property is free of any soil or building contamination. No Town Planning Use class Site coverage ratio (GRZ) Plot ratio (GFZ) Cubic index (BMZ) Tenure Land Register Local Court of Borken, land register of Borken Owner TPL Borken S.a.r.l., Luxemburg MK (core zone) 1. Sheet Plot Parcel Comment According to information from the local planning authority, a legally binding development plan exists, entitled "Am Kuhn - No. BO8,2" and dated , with the following regulations: the subject site is designated as core area - "MK - Kerngebiet". The maximum height of the buildings is limited to two full storeys - 6m above sea level. The permissible site coverage ratio amounts to 1.. Our research concluded that the development plan currently is beeing revised. Section 2 (Restrictions) Section (Loans) Several limited personal easements (regarding Land charges in the total amount of 11,88, in wayleave and pipeline easements, use of parking favour of HSH Nordbank AG, Hamburg/Kiel in Hamburg, areas, commercial limitation) in favour of the city of Borken Several limited personal easements (regarding pipeline easements and operation of a electrical substation) in favour of the Stadtwerke Borken/Westf. GmbH, Borken Limited personal easement to operate a hypermarket / self-service department store on the plot, including right of use for all technical installations and pipelines in favour of Kaufland Dienstleistungs GmbH & Co. KG, Neckarsulm. Source: Extract from the land register dated Page of 12

83 Heidenerstraße Borken Property no. Portfolio: Competitor Map Source: Jones Lang LaSalle Research Competitor Overview K+K Markt E-center Wilger E-center Wilger Name Address 462 Borken, Nordring Borken, Otto-Hahn-Str Borken, Boumannstr. 6 Type Sales area Distance Potential Supermarket 1,819 m².7 km Medium to low Supermarket 2,2 m² 1. km Medium to low Supermarket, m² 1.1 km Medium to low m² Competiton Indicators Inhabitants in primary catchment area (Radius km),177 Purchasing power in Mio. (District) 7,224 Inhabitants in secondary catchment area (Radius 1 km),8 Purchasing power per Capita in (Radius km) 66 Number of households (Radius km) 12,77 Unemployment Rate (District) 4.6% Number of households (Radius 1 km) 14,742 Population forecast for the district (29-22) 1.9% Purchasing Power Index (District) Centrality Index (District) 96.2 Page 4 of 12

84 Heidenerstraße Borken Property no. Portfolio: Main competitors This competitor is a K+K hypermarket with a sales area of 1,819 m² and some additional small ancillary shops, e.g. Ernsting's family (textile) or Ebbing (bakery). The building is situated approximately 7 m north-west of the Kaufland asset. Although the asset is highly visible and located on the main road, Nordring, this property appeared to be less frequented during the inspection. The competitor is an E-center Wilger hypermarket with a sales area of, m² and some additional small ancillary shops. The building is situated approx. 1.2 km to the north-west of the Kaufland property. Upon inspection, this property was highly frequented. The property is slightly set back from the main road Nordring and accessible via Burloer/ Boumannstrasse, but has a modern, attractive appearance. Competition Comment Catchment area is divided into 2 categories: primary ( km radius) and secondary (1 km radius). Approximately,2 inhabitants live in the primary catchment area. This results in approx. 7,6 inhabitants per largescale hypermarket in the primary catchment area. The total catchment area (1 km radius) amounts to approx.,8 inhabitants (i.e. 9, per large scale hypermarket). Even though there are several discounters and small-scale supermarkets located nearby (4 in primary catchment area), it can be said that these represent only indirect competition for the property. Kaufland offers a very deep and broad product range with more than, products, while supermarkets and discounters generally offer a limited product range with only 7, to 11, (supermarkets) or 4-2, (discounters) items. Therefore, these retailing forms address different customers or customer needs. While supermarkets and discounters cater to the daily needs of customers, Kaufland offers a larger variety of products that are bought on a non-daily basis. The main competitors for the Kaufland store in Borken are the K+K Markt as well as two E-center Wilger hypermarkets, all within the primary catchment area. However, due to the smaller size, retail concept and partly weaker micro-location, the competition potential of these markets is fairly limited. No other large scale hypermarket is situated in a 1 minute driving distance. For the other retailers in the subject retail park such as textile and shoe shops, the retail area in the city centre of Borken (only in walking distance) can be regarded as the main competitor. Turnover analysis The rents in functional retail agglomerations are linked to turnover. The percentage rate that a retail tenant can use for rental payments depends on the margins achievable in the various market sectors. This rate normally ranges between 2% and 1% depending on the respective industry. The productivity varies between approx. 1,/m² up to more than 1,/m². For the shoe and clothing segment, the rent amounts to approx. 6. to 12.% of the respective turnover a substantial amount. Kaufland is a very strong anchor, and therefore we are of the opinion that the demand for ancillary tenants will continue. For Kaufland, we have been provided with turnover figures. Concluding we have analyzed that the area productivity of Kaufland is in a healthy range. With a turnover-to-rent ratio of less than 2% it lies below the range of 2% to 4%, which is acceptable for a self-service department store. Hence, we are of the opinion that a higher market rent is achievable after the end of the lease contract. Please also refer to the rent/turnover analysis on page 8. However, we would like to point out that we were not provided with current turnovers (21/214) of the tenants. For the valuation, we were provided with a figure of the total turnover rents which are additionally paid by the tenants. We have applied these additional rental income in our calculation. Nevertheless, we were not able to calculate rent-to-sales ratios or the sales productivity of the respective tenants. Conclusion The subject property is a modern self-service department store with a small mall and some additional medium sized tenant units. As Kaufland is a strong customer magnet, we assume that it is possible to re-let the small retail units on the ground floor without longer void periods. The tenant mix shows a reasonable structure. Furthermore, the property offers sufficient parking spaces in a city centre location. The rental area of Kaufland itself can be regarded as relatively unproblematic. First of all, the location is suitable for the tenant. It can be reached by foot from the surrounding residential area as well as by car or public transport. The density of self-service department stores in the primary catchment area is low and there are no other direct competitors within to 1 minutes distance. We are of the opinion that Kaufland will be able to compete with these other hypermarkets, especially because it can operate on a very low contractual rent for a long time. The anchor tenant, Kaufland, has a lease contract until 222 with three options each for five years, bringing the earliest possible termination date for the landlord to 27. On the basis of our projection of likely productivity per m² and turnovers, we have calculated the market rent at a level of 7.7/m²/month (please refer to page 8). The tenant currently pays a contractual rent of.47/m²/ month. Therefore, the retail unit is currently significantly underrented. Due to the margins realisable and under the assumption of good turnover figures, we are of the opinion that Kaufland will remain in the property until 27. In the unlikely case that Kaufland should vacate the premises, the property could be relet to other self-service department stores, which are currently not present in the Borken real estate market, such as real,- or Marktkauf. Reletting the unit as a DIY store would be difficult, because of the relatively small size of the lettable area and the parking spaces not being on ground level. Page of 12

85 Heidenerstraße Borken Property no. Portfolio: Roll Tenant Name Area Category ting Area / m² Tenant Lease Lease Renewal Tenant Status m² / unit / month / month pays VAT Start End Probability pays * 1 Vacant Vacant 8. No 2 ALPHA Warenhandel,49,68.47 Yes % Kramer Schuhe GmbH & Co. K 676 8, Yes VACANT (prior PM Service G Vacant. No Nguyen - Asian Food 6 Reisecenter alltours GmbH 7 Sparkasse Westmünsterland 8 Takko Holding GmbH 9 Bott 1 Nyguen - Nail Studio 11 Adler Mode GmbH 12 C & A Mode KG 9 4, Yes 1 Deutsche Plakat-Werbung G Other Units 14 Friseur Klier GmbH 1 Convenience Concept GmbH 6 1, Yes Dogan 1, Yes 17 Dogan 46 1, Yes 18 Ernsting's family GmbH & 144 2, Yes Ernsting's family GmbH & Yes 88. Yes ,78.6 Yes FOTOFIX Schnellphotoautom Other Units 1. Yes Le Than / Hiltrud Dilker Other Units 1. Yes Münster Accessoires 62 1, 16.1 Yes Deutsche Plakat-Werbung Other Units Yes Kiosk Other Units No Mall Income Other Units Yes Parking External parking ,91.18 Yes Yes , , , Yes Yes Yes Yes Yes % 1% 1% 1% 9% 9% 1% M Total * M = Maintenance, GT = Ground Tax, I = Insurance Costs, PM = Property Management 9,24 m² 82,294 Page 6 of 12

86 Heidenerstraße Borken Property no. Portfolio: Valuation Assumptions Tenant Name Area Category Area Market Market Re-letting Initial Re-letting Agency Lease Renewal sqm/unit /month Tis Void VPV* Void* Abatem.* Fees* Term** Probability 1 Vacant , ALPHA Warenhandel Kramer Schuhe GmbH & Co. K, ,8 8, % 4 VACANT (prior PM Service G Nguyen - Asian Food , Reisecenter alltours GmbH Sparkasse Westmünsterland Takko Holding GmbH , Bott Nyguen - Nail Studio Adler Mode GmbH 1, , C & A Mode KG , Deutsche Plakat-Werbung G Other Units % 14 Friseur Klier GmbH , Convenience Concept GmbH Dogan 2. 1, Dogan , Ernsting's family GmbH & , Ernsting's family GmbH & FOTOFIX Schnellphotoautom Other Units 1. % 21 Le Than / Hiltrud Dilker Other Units 1. % 22 Münster Accessoires , Deutsche Plakat-Werbung Other Units % 24 Kiosk Other Units % 2 Mall Income Other Units % 26 Parking External parking 4. 1 % Total * months ** years ***structural vacancy 9,24 sqm 12,27 Page 7 of 12.

87 Property no. Portfolio: Heidenerstraße Borken Property Analysis Area Analysis table Area Use Category m² Office 9,24 DIY Warehouse Commercial Residential Storage Total area 9,24 Petrol Station Other Units 8 Internal parking External parking 4 Total parking 4 Area Vacant m² Area Vacancy Rate m² %.% 9, %.%.%.%.%.% 9, %.% 8.%.% 4.% 4.% Office DIY Commercial Storage Warehouse Residential Income Analysis Contractual Contractual Contractual Potential Market Market Market Over-/ Under- ed Use Category /m²/month /month /year /year /m²/month /month /year Office...% ,92 99,424 97, ,89 1,198,74-19.% DIY...% Warehouse...% Commercial...% Residential...% Storage...% Petrol Station...% Other Units ,42 28,1 28, ,42 28,1.% Total area , ,29 1,1, ,27 1,226, % Internal parking...% External parking...% Assessment of Kaufland market rent Space productivity Turnover to rent ratio Explanation 7, Usual market % - levels 6, 1. Market rent 6, 9. Contractual, s % / m² 7. Contractual 2.1%.47, Market.% ,.47 4% of turnover % of turnover , 4. 2% of turnover.2,,99 Turnover potential 17,16,874. (net) Sales Area ~ 4, m², 2. in / m² p.a. 1.% based on sales area 1.% 2.% 2.%.% Turnover-rent-ratio.% 4.% 4.%.% Total Area,49 m² Self-service department stores usually can afford to pay a rent in the range of 2% to 4% of their net turnover (economically sustainable rent burden) and have a space productivity of about 4, to 6, per m² sales area. The two graphics above indicate, how the contract rent of the main tenant Kaufland as well as the assumed market rental level, can be assessed on the basis of usual market ranges. This analysis is based on the turnover potential figures prepared by Trade Dimension. D&B Rating of Main Tenant / m² / month Main tenant Tenant name p.a. Share of total income WALT Payment Index Capital indicator Risk indicator Score Credit limit ALPHA Warenhandel GmbH & Co. KG 6,81 7% 1.7 years 74 AA ,4 (single) 42, (total) Comment The main tenant is a corporation belonging to the ALPHA Warenhandel GmbH & Co. KG, which in turn belongs to the Lidl & Schwarz Group, one of the biggest grocer groups in Europe. According to Dun & Bradstreet (D&B) rating as at ALPHA Warenhandel GmbH & Co. KG has a very low credit risk. The risk of insolvency (D&B Score) within the next 12 months compared with other German companies is assessed to be low, i.e. 97% of businesses on the German database have the same or higher risk of failure. According to section 19 of the main lease agreement entered into by the landlord and Kaufland Dienstleistung GmbH & Co. KG (D&B Rating = 2AA 1), an assignment of the main lease agreement by the tenant to another entity of the Kaufland group requires that the landlord's credit risk rating may not deteriorate due to such assignment of the lease. Page 8 of 12

88 Heidenerstraße Borken Property no. Portfolio: Assumptions Market Value Lease Contract Commentary The property is almost fully let to thirteen retail tenants. The WALT of the property amounts to.8 years. The main tenant is Kaufland with a share of approx. 6% of the rental income. The property is currently 1% under-rented, due to a very low rental level of the main tenant Kaufland. As the lease contract is valid until 222 and the tenant has options until 27, we do not assume that the rental level can be adjusted before 27. The rent of Kaufland is indexed and will be adapted by % of the CPI change, whenever the change exceeds 1 percent in relation to the CPI basis. Indexation started on The majority of the tenants pay for all costs (including ground tax, insurance costs and management costs) except for maintenance costs for structural repairs. Ground tax, maintenance costs for structural repairs, management and insurance costs will not be borne by Kaufland, C&A and some smaller other units. All other service charges can be apportioned to the tenants in accordance with the German Regulation on Operating Costs. The following tenants have extended their lease contracts on a yearly basis: Reisecenter alltours, Sparkasse Westmünsterland, Blumen Bott and Dogan (store 1). In addition, tenant Convenience Concept has prolonged its lease for years and a new lease hase been agreed with Münster Accessoires (former Almaz Mode). Further, tenant Dogan has terminated its lease for store 2. According to the information provided by Brack Capital, a lease prolongation with the main tenant Kaufland is under negotiation (until 2 on the same rental level). We have considered this in our valuation (renewal probability of 9%). General Property Assumptions Discount Rate Comment Discount rate 7.1% Capitalisation rate Capital expenditures* Vacancy costs * on the basis of cost estimates provided by Brack Capital Properties N.V 6.% 1. /m²/p.a. The yields applied reflect the individual location quality (macro- and micro-location) of the properties, building structure, letting situation, covenant strength and the relationship between contractual and market rent. We derive the discount rate from market transactions. The discount rate reflects the rate of return expected by investors and is determined based on the risk associated with a property. As reinsurance, the initial yields profile is aligned with the market/other transactions. We have taken into account such facts as the stable Cash Flow, the long lease contract with the tenant Kaufland, the good location, full occupancy and the good condition of the subject property. Breakdown of Non-Recoverable Costs Contract** % of Gross Inflation per year per year (month 1 x 12) Contract Maintenance costs. /m² 2,82.% Year after 224 Management costs 1.6 /m² 14,81 1.% Inflation 1.% 1.8% 1.8% 1.6% 1.% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Ground tax 1.7 /m² 16, % Insurance costs.4 /m² 4,18.42% Market al Growth Other non-recoverable costs. /m².% Total non-recoverable expenses 9.22 /m² 87,82 8.9% Year after 224 ** JLL analysis al Growth 1.% 1.8% 1.8% 1.6% 1.% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Market (assuming full occupancy) Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Total non-recoverable expenses per year. /m² 1.9 /m² 1.7 /m².4 /m². /m² 9.6 /m² per year 2,82 18,4 16,19 4,18 91,442 % of Gross Market 4.27% 1.% 1.%.4%.% 7.4% Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Contract Market Total Non-recoverable Costs Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 Maintanance Management Ground Insurance Other Non- Vacancy Total % of Total Costs Costs Tax Costs recoverable Costs Costs per year Gross Revenue 2,82 14,824 16,19 4,18 2,187 9, 9.1%,68 16,277 16,7 4,19 6 9, % 4,44 16,6 17,4 4, ,1 8.%,9 16,7 17,7 4, ,79 8.%,9 16,8 17,68 4,419 1,84 96, % 6,792 16,9 17,91 4, , 8.9% 7,661 8,4 16,18 16,87 18,184 18,462 4,6 4,62 2,761 8,67 99,68 16, % 9.7% 9,497 17, 18,76 4,71 2,271 12,76 8.8% 6,44 17,8 19,9 4,78 1,92 14, % 61,64 18,26 19,47 4, ,29 8.6% 12.% Non-Recoverable Costs as a percentage of Total Gross Revenue 1.% 9.1% 8.4% 8.% 8.% 8.8% 8.9% 9.1% 9.7% 8.8% 8.8% 8.% 6.% 4.% 2.%.% Page 9 of 12

89 Heidenerstraße Borken Property no. Portfolio: Cash Flow Market Value Total Non- Net TIs and al Turnover Gross recoverable Operating Capital Leasing Revenue Vacancy Abatements Revenue Costs Income Expenditures Commissions Cash Flow Year 1 1,81,298-9,41 988,27-9, 898,27-18,81-26,478 82,916 Year 2 1,1,76-18,6 1,8,1-9, ,227-8,972-6,78 978,472 Year 1,18,22-1,81 1,16,61-92,1 1,14,62-2,192-1,188 1,11,24 Year 4 1,112,24-7, 1,14,971-9,79 1,11,181-4,77-1,84 1,4,61 Year 1,12,27-28,167 1,92,6-96, ,184-18, - 7,6 971,91 Year 6 1,12,14 -,878 1,87,26-96, 99, ,484 Year 7 1,147,14-4,91 1,11,2-99,68 1,1, - 19,2-14, ,84 Year 8 1,199,128-9,17 1,1,811-16, ,27-81,88-27, ,99 Year 9 1,24,77 -,876 1,168,899-12,76 1,66,14 -,88-2,2 1,9,44 Year 1 1,22,944 -,6 1,19,11-14,227 1,86,84-7,42-14,674 1,,98 Year 11 1,22,6-2,679 1,217,67-14,29 1,11,64 17,167,21 Total Cashflow (incl. Terminal 6. %) Gross Value of Surplus Land Gross Capital Value incl. Surplus Land Total Gross Revenue versus Net Operating Income 14. Present 7.1% 827,2 88, 84,72 792,96 714,47 681,21 621,4,19 9,1 9,996 8,64,798 1,689,8 1,689,8 8.% % 6.% 6.% 6.4% 6.% 6.% 6.4% 6.4% 6.8% 6.9% 7.% 6.% al income % 4.%.% Running yield 4. 2.% 2. 1.%..% Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Valuation Results Overview Contractual gross rental income (month 1 x 12) Market rental value Over-/Underrent Yield Overview Net Initial Yield Net Reversionary Yield Gross Initial Yield Gross Reversionary Yield Valuation Comment total p.a. per m²/month total p.a. per m²/month Market Value Gross Capital Value (rounded) 987, Total 1,7, 1,226,89 per m² 1, % Purchaser's costs 6.%.7% Market Value (rounded) 7.2% Total 14,7, 6.72% 8.% per m² 1,4 In terms of risk, we considered the covenant strength as well as the lease duration for the existing contracts. As at , the main tenant, ALPHA Warenhandel GmbH & Co. KG, has good covenant strength, which ensures a secure cash flow for the remainder of the lease term until at least 222. Furthermore, according to section 19 of the main lease agreement entered into by the landlord and Kaufland Dienstleistung GmbH & Co. KG (D&B Rating = 2AA 1), an assignment of the main lease agreement by the tenant to another entity of the Kaufland group requires that the landlord's credit risk rating will not deteriorate due to such an assignment of the lease. Section 1 of the first amendment to the main lease agreement provides for the assignment of the main lease agreement to ALPHA Warenhandel GmbH & Co. KG, which has a worse D&B Rating (AA 1). Pursuant to section 2 of the first amendment to the main lease agreement, the former tenant remains jointly and severally liable for the landlord's payment claims. Hence, the former tenant is a guarantor for the lease payments of the current tenant. In terms of a resale, we considered such facts as visibility, condition and building age, competition situation and location. For the purpose of the valuation on , we have not been provided with a new non-recoverable costs schedule by the asset manager.therefore we have remained all non-recoverable service charges unchanged and have been applied according to information received during the previous valuation cycle. For management costs, we have applied 1.% of the effective gross rent. Regarding comparable rents, we have had recourse to evidence of similar areas situated in the comparable regions and locations. Furthermore, we have analysed comparable transactions. Please refer to the section "Investment Comparables". The turnover and space productivity analysis shows that the main tenant Kaufland has a very low rental level. We have assumed that it is relatively unlikely to adjust the contract rent to the higher market rent after 222 (as x-year extension options are in place), which on the other hand further improves the cash-flow security and stability. We have not been provided with updated information regarding necessary capital expenditures. The following tenants have extended their lease contracts on a yearly basis: Reisecenter alltours, Sparkasse Westmünsterland, Blumen Bott and Dogan (store 1). In addition, tenant Convenience Concept has prolonged its lease for years and a new lease hase been agreed with Münster Accessoires (former Almaz Mode). Further, tenant Dogan has terminated its lease for store 2. In addition, the total rental income has slightly decreased compared to the previous valuation by approx. 6, p.a. The rental agreement with the main tenant Kaufland is extended to September 2 on the same rental level. We have considered this in our valuation (renewal probability of 9%). However, the property remains virtually unchanged. The Market Value decreased slightly by 1, due to the shorter WALT and lower contractual rental income. Page 1 of 12

90 Heidenerstraße Borken Property no. Portfolio: Photos Interior view of sales area Internal shopping mall Escalator from the park deck on top of the building to the ground floor level Park deck on top of the building External view of property Delivery zone to the north side of the building Page 11 of 12

91 Heidenerstraße Borken Property no. Portfolio: Leasing and Investment Market Development of prime yields transaction volume in Leasing Market There is no homogeneous rental level for retail space in retail warehouses or retail parks throughout. For the determination of the rents, the quality of location in terms of accessibility and competition is crucial. The rents within the different branches vary. This is due to the diverging location assessment and turnover expectancy of the different tenants. If in the case of a retail park the management succeeds in establishing good anchor tenants, which guarantee a high visitor frequency, then the turnover expectancy of secondary tenants tends to be higher and as a consequence, their overall rental level will be higher as well. Besides the rent level, another determining factor for investors is the building costs. Properties with the highest rents usually also have the highest building costs and land acquisition cost. Depending on the size of the retail unit and the branch of the tenants, rents in retail parks the average rent is between 7. and 18./ m²/month. Prime rents of 18./m²/month are normally achieved within near city retail parks in a metropolitan region. Depending on the size of the retail unit and the retail format of the store, rents for supermarkets/ hypermarkets are generally slightly higher than the rents for discounters. s for discounters in western usually range between 6. and 12. /m²/month, while discounters in former Eastern generally achieve slightly lower rental rates. Drug stores and the-, textile-, shoe- and electronics branches generally achieve rental rates ranging from 7. to 12. /m²/month. DIY stores need extensive space due to their broad product range. In urban centers, these stores sometimes even offer their products on two levels. DIY stores are placed at the lower end of the scale in terms of rents, with prices ranging between. and 1. /m²/month. As DIY stores have a supra-regional catchment area, there are not as independent as other branches in the area and can relocate to more affordable attractive and easily accessible industrial zones. In such areas, lower investments for realisation and lower building costs induce lower rents. Investment Market On the investment market in 214, total capital amounting to 8.8 billion was invested in German commercial properties an increase of about % compared to the previous year. This means that 214 was the strongest year for property transactions since the boom year of 27. As was already seen in the previous year, the final quarter of the year proved to be the strongest in terms of transactions. Properties worth around 14 billion changed hands in the months from October to December. The run on the commercial property markets will continue in 21 - with an equal or even greater transaction volume. The investment focus of investors was still almost exclusively directed towards prime properties in prime locations in 21, but this has now diversified somewhat. More and more buyers are prepared to invest in lower-quality properties with a certain proportion of vacancies or in a less central location in the large cities as well as in smaller towns. However, the Big 7 together represent a volume of around 2 billion and therefore still account for well above half of the transaction volume across. Office properties accounted for the highest proportion of the transaction volume with a share of around 44%. properties were next in line with a 22% share. Warehouses and logistics properties registered relatively strong growth over the year, increasing their share to at least 9%. The share of portfolio transactions also increased further. Local and inter-regional portfolios accounted for around % of the volume in 214, which was tantamount to a 7% increase in the volume compared to 21. Prime yields in the office segment fell slightly again in view of the strong demand. The average yield for all Big 7 markets fell by 1 basis points compared to the third quarter to 4.4%. The analysis of the different asset classes reveals no fundamental differences from 212. Office properties again accounted for the highest share of the transaction volume at 46%. properties accounted for a 26% share, followed by mix-used properties with 11% and warehouse and logistics properties with at least 7%. The office prime yields were still on a slight downward trend in individual cities. Each of the Big 7 cities now has a net initial yield of below %. Aggregated across all cities, the prime yield in the office segment fell to an average value of around 4.67%. Shopping centre yields are at a similar rate of 4.7%. Initial yields of.6% are paid for good specialist store products; there was also a slight decline here. Only the average yield for city centre commercial buildings remained unchanged at the already low level of.99%. The German investment market has started the year with a tailwind behind it. This positive outlook is based on the continuing strong demand from international capital for investment opportunities on one hand, and on an attractive financing environment on the other. For 21, we therefore expect to see a further increase in the transaction volume to above 4 billion. Leasing Comparables Tenant City Property Type Area (m²) real,- SB-Warenhaus GmViersen Self-Service Department Store 16,942 m² Real SB-Warenh. GmbH Wesel Self-Service Department Store 11,79 m² REWE Aachen Self-Service Department Store,7 m² Kaufland Geldern Self-Service Department Store 8,749 m² Kaufland Lübbenau Self-Service Department Store 7,887 m² Kaufland Bochum Self-Service Department Store 6,88 m² real,- Rhede Self-Service Department Store 8,17 m² Marktkauf Lübbenau Self-Service Department Store,479 m² Total per month /m² Comment 12, /m² Same federal state, worse micro location, higher competition 98,2 8.7 /m² Comparable location < km distance 48, /m² Superior location, higher competition, lower purchasing power 67,8 7.7 /m² Comparable location < km distance 71, /m² Comparable location < km distance 6, /m² Comparable location < km distance 7, /m² Comparable purchasing power - distance 9. km 42, 7.7 /m² Comparable purchasing power - distance 24. km Investment Comparables Property Type Hypermarket Hypermarket Hypermarket Park Hypermarket Hypermarket Hypermarket Hypermarket Year of Construction table Area Gross Date of Multiplier Transaction 8,2 m² 14.1-fold Q 21 9, m² 1.8-fold 214 9, m² 9.8-fold 212 9,1 m² 1.8-fold 214 6,48 m² 12.4-fold Q 21 1, m² 1.8-fold Q ,1 m² 1.1-fold 212 1, m² 1.8-fold Q2 212 Comment Medium to long WALT, located in North Rhine-Westphalia Located close to Berlin, positive population forecast, after lease prolongation (1 years WALT) Located close to Berlin, positive population forecast, 2 years WALT Located in Halle, WALT 11 years, sign. underrented, 1% vacancy, head lease to Metro Group Tenants: Kaufland (22), Lidl, KiK, Takko; 1, m² additional office space/medical practices. Anchor tenant Famila, WALT 9.2 years, strong location in northern Anchor tenant real, WALT 1 years, portfolio transaction Medium to long WALT, located in Lower Saxony Page 12 of 12

92 Westliche Stadtmauerstraße Erlangen Property no. 6 Portfolio: Property Summary Key Figures Property type Main tenant Total lettable area Total parking units Current vacancy rate Weighted average lease term Year of construction Year of refurbishment Park Kaufland Vertrieb SIGMA GmbH & Co. KG 1,9 m² 498 units 9.%.2 years Contractual gross rental income (month 1 x 12) total p.a. per m² / month 1,11, Total non-recoverable expenses (month 1 x 12) total p.a. 72,14 per m² / month 2.2 Net operating income (month 1 x 12) total p.a. per m² / month 74, Market rental value total p.a. 1,62,247 Over-/Underrent based on occupied areas -2.6% SWOT Analysis Strengths Sufficient parking spaces Very good accessibility from Fuchsengarten to the parking area Good branch and tenant mix Established location, pedestrian zone of Erlangen in immediate vicinity Opportunities Property is currently let below market rental level (underrented) Prolongation of the main lease contract, Kaufland exercises its options until 27 Re-letting of the vacant units Positive population growth forecast and low unemployment rate Weaknesses Multi-storey self-service department store Leasehold on car park Confusing route marking through the parking area to the sales area Low visibility from "Altstadtmarkt-Passage" and Hauptstraße Vacancy rate of approx. 9.% Threats Strong dependancy from the main tenant Kaufland Other tenants along pedestrain passage could also terminate their contracts Long-term vacancies possible Potential increase of maintenance costs due to building age (197) Property Rating (1 = very negative, = very positive) Building Location Building age 11 to 1 years Macrolocation 4 Good location and catchment area table Area 4 Between 12, and 1, m² Microlocation 4 Good micro location Property condition 2 Below average building condition Commercial activity 4 Average commercial activity nearby General impression Average general impression Competition Average competition level Liquidity Investment Quality WALT WALT three to seven years Investment market 4 Well developed property market Over- / underrent Significantly underrented (more than -1%) Investment volume 4 Good lot size Quality of tenants 4 Tenants with very good credit rating Saleability Average saleability 6 to 12 months Property Description The property consists of 4 buildings: a car park, a self-service department store, some units along an uncovered pedestrian passage and a commercial building. The 4-storey car park, accessible via Fuchsengraben, was completed in 199. The upper parking area is roofless, and accessible via a staircase and 2 elevators. It is built as an open steel construction with reinforced concrete floor slabs. The outer boundaries have steel railings. The three-storey self-service department store was completed in 197 and refurbished in 24. The beverage cash-and-carry market is located on the ground floor. The store access is adjacent to the parking area or internally via escalators. Kaufland s sales area, cash area as well as several smaller shops are on the first floor. The main entrance to Kaufland is from the pedestrian passage Altstadtmarktpassage. The second floor is connected by escalators. The delivery zone is located south of the subject site. The delivery area for the beverage cash-and-carry market and other goods are located separately. However, access to both zones is via Fuchsengraben. The self-service department store is a frame construction. The façade mostly has plastered prefabricated concrete panels, with some sandwich panels. The single-storey related units are built on the first floor level of the tenant Kaufland. The units were built at the same time as the self-service department store. Both buildings have a flat roof. The pedestrian passage entrance is from Kaufland as well as from Hauptstraße. The -storey commercial building is located on Hauptstraße and was completed in 197. The pedestrian passage is on the ground floor level. The façade of the commercial building is listed. The building is made of brickwork and has a gable roof. Valuation Results Market Value Market al Value 12,7, equals to 948 per m² 1,62,247 p.a. equals to 9.97 / m² / p.m. Discount Rate Capitalisation Rate 6. 6.% Net Initial Yield Net Reversionary Yield.9% 9.19% excluding capital expenditures.9% 9.19% Multiplier (initial) 11.9 Multiplier (based on MRV) 7.9 Page 1 of 12

93 Property no. 6 Portfolio: Westliche Stadtmauerstraße Erlangen.2.21 Location Macroeconomic Indicators Federal State District City Postcode (Source: GfK 21/14, BfA, IFH 214) Bavaria Erlangen (Urban District) Erlangen 914 Population Federal State absolute Population District absolute Population City absolute Number of Households City absolute Population Density District per km² Population Density City per km² Population Forecast (29-22) District in % Population Growth (28-21) Federal State in % Population Growth (28-21) District in % Unemployment Rate (214) Federal State in % Unemployment Rate (214) District in % 12,67,28 17,447 17,447 2,8 1,7 1,7.% 1.2% 2.6% 4.1% 4.2% Structual Data (Source: GfK 214 and IFH 214) Purchasing Power District in m Purchasing Power City in m Purchasing Power Index Federal State index Purchasing Power Index District index Centrality Index District index 2,788 2, Erlangen Macro Location Erlangen is located in the Middle Franconia region in the federal state of Bavaria, approx. 2 km north of Nuremberg. With the cities of Nuremberg and Fuerth, approx. 18 km south of Erlangen, it forms the metropolitan region Nuremberg. The city has approx. 17, inhabitants. The economic structure is predominantly affected by Siemens AG. The city of Erlangen is the second largest Siemens AG location worldwide. Different divisions of Siemens AG are operated from Erlangen. Furthermore, some faculties of the Friedrich-Alexander-Universität Erlangen-Nürnberg are located in Erlangen. The university is the second largest in the state of Bavaria. Erlangen is well connected to the German railway network. The city is directly connected to the A7 federal motorway and to the A federal motorway. The A9 federal motorway is located about 2 km away and can be reached in less than 2 minutes. It runs from Berlin to Munich. The city s traffic network is further supplemented by the B4 federal road. Erlangen Central Station is a stopping point for ICE trains. The nearest airport is Nuremberg Airport approx. 1 km from Erlangen. It can be reached in less than 12 minutes. Micro Location Micro Location The self-service department store is located along Westliche Stadtmauerstraße, whereas the building parts at the Altstadtmarktpassage extend to the east along Hauptstraße. The high street of Erlangen is located south of the property just 2 m away. The subject property is accessible via Fuchsengraben by car and from Hauptstraße by foot. A bus stop is located directly in front of the three-storey commercial building along Hauptstraße. Due to the city centre location of the property, the surrounding is characterised by a relatively high density of retail and residential use. The central station is located approximately 2 m south of the property. The B4 federal road can be accessed in about.2 km. The A74 federal motorway is located around 8 m away. Local Tax Information Real Estate Tax Rate (Typ B) City in % Land Transfer Tax City in %. Page 2 of 12

94 Property no. 6 Portfolio: Westliche Stadtmauerstraße Erlangen.2.21 Site Plan Site Information Source: Cadastral plan on a 1 to 2 scale, dated Site area 17,69 m² thereof surplus land m² Surplus land value (net) Site servicing Fully serviced Site layout Irregular Soil contamination No Suspicion Building encumbrances No Ground lease Ground lease expiry.6.27, but years options Comment The site is built on different levels. The parking area and the drinks cash-and-carry are constructed at the same level as Fuchsengraben, whereas the main entrance of the self-service-department store and the pedestrian passage is constructed at the same level of Hauptstraße. The part of the site with the car park is bordered by the railway line to the west. To the east, Fuchsengraben runs in an S-curve along Westliche Stadtmauerstraße, where it is tangent to the street along the railway line. The S-curve is the western border of the part of the site with the pedestrian passage. This part of the site is bordered by Hauptstraße to the east. For the purposes of this valuation, we have assumed that the subject property is free of any soil or building contamination. Yes Town Planning Use class Site coverage ratio (GRZ) Plot ratio (GFZ) Cubic index (BMZ) Tenure MK (core zone) Comment According to information from the local authority in Erlangen, a legally binding development plan exists, entitled no. 2 Fuchsenwiese and dated The total non-food sales area is limited to,m². The maximum number of full storeys is limited to two, with some areas permitted only to have one storey. Land Register Owner Local Court of Erlangen, TPL Erlangen S.à.r.l., land register of Erlangen Luxembourg Source: Extract from the land register dated Sheet Plot Parcel Sheet , 972/1, 187/1, 187/ (leasehold) Sheet (7/1 coownership) Sheet /7 Section 2 (Restrictions) [Sheet 112 / / 2771] 1.) Limited personal easement (right to operate a self-service department store) in favour of Kaufland Dienstleistungs GmbH & Co. KG. 2.) Two building restrictions (parcel 187) concerning the Section (Loans) Sheet 112 / Land charges in the total amount of 11,28, in favour of HSH Nordbank AG, Hamburg/Kiel in Hamburg, Sheet 2771 respective owner and Stadt Erlangen..) A funnel Land charges in the total amount of 2,8, in acceptance right (parcel 187) in favour of the favour of HSH Nordbank AG, Hamburg/Kiel in Hamburg, respective owner. 4.) A cabel ritght in favour of Erlanger Stadtwerke AG ; [Sheet 2771] 1.) Leasehold of DM, per year in favour of the landlord of parcel 18/7, registered until.6.27, currently in Sheet ) A rigth of way as well as a supply and removal right in favour of the respective owner..) A pre-emption right in favour of the respective owner. 4.) A cabel rigth in favour of Erlanger Stadtwerke AG, Stadt Erlangen and Energievers. Oberfranken AG. Page of 12

95 Westliche Stadtmauerstraße Erlangen Property no. 6 Portfolio: Competitor Map Source: Jones Lang LaSalle Research Competitor Overview Name Address Type Sales area Distance Rewe 912 Erlangen, Karl-Zucker-Str. 1 Supermarket 1,77 m² 1.8 km Kaufland 912 Erlangen, Carl-Thiersch-Str. 4 Self-service dep. store, m² 1.8 km E-center Bächmann 916 Erlangen, Neumühle 4 Supermarket 2,6 m² 2.2 km Rewe 916 Erlangen, Rudeltplatz 2 Supermarket 1,9 m² 2.6 km Rewe 918 Erlangen, Cumianastr. 4 Supermarket 2,74 m² 2.6 km Edeka Neugebauer 9188 Bubenreuth, Frankenstr. 7 Supermarket 1,6 m². km Edeka Neumeister 918 Erlangen, Weidenweg 1- Supermarket 1,6 m² 4.2 km Rewe 9196 Möhrendorf, Kleinseebacher Str. 8 Supermarket 1,7 m² 4.6 km Rewe 918 Baiersdorf, Forchheimer Str. 49 Supermarket 1,6 m² 7.6 km Kaufland 9174 Herzogenaurach, Ohmstr. 12 Supermarket 1,716 m² 8.6 km Rewe 9177 Neunkirchen, Zum Neuntagwerk 9 Supermarket 2, m² 8.9 km m² Potential Low Medium Low Low Low Low Low Low Low Low Low Competiton Indicators Inhabitants in primary catchment area (Radius km) 1,17 Purchasing power in Mio. (District) 2,788 Inhabitants in secondary catchment area (Radius 1 km) 9,66 Purchasing power per Capita in (Radius km) 2,77 Number of households (Radius km) 2,29 Unemployment Rate (District) 4.2% Number of households (Radius 1 km) 4,99 Population forecast for the district (29-22).% Purchasing Power Index (District) Centrality Index (District) Page 4 of 12

96 Westliche Stadtmauerstraße Erlangen Property no. 6 Portfolio: Main competitors A self-service department store, Kaufland, is located in a distance of approximately 1.9 km south-east of the subject property. It comprises,m² of sales area. Parking facilities are available directly in front of the competitor as well as in an adjacent car park. The surrounding area is characterised by modern office use, medical services and residential use. The competitor is built on former military areas. This competitor is an REWE with a sales area of 1,8 m² and some additional small ancillary shops. The building is situated approximately 1.8 km to the south of the Kaufland asset. Parking is provided in front of the buliding. This competitor poses a low level of competition. Competition Comment The catchment area can be differentiated into primary (Radius km) and secondary (Radius 1 km) catchment areas. More than 1, inhabitants live in the primary catchment area. The competitor Kaufland is located in the primary catchment area approx. 1.9 km away or less than 1 min driving distance. Thus, the vicinity to the city centre is attractive for the customers. The competing property is a one-storey structure. As both properties offer a full product range, the branch related assortment is generally problematic. In the current valuation, we assumed that the significantly larger sales area of the subject property is combined with a larger depth of product range. Furthermore, the subject location is in close proximity to Erlangen s pedestrian zone. As one-storey self-service department stores generally enjoy a higher degree of acceptance than multi-storey departments, we assumed that there is no immediate competition for the purchasing power of the customer. There is no direct competition between a city centre self-service department store and a location close to the city centre. Hence, we are of the opinion that both department stores can co-exist in the long term. The second competitor E-Center has vacated the property according to our research. There is no other tenant currently in negotiations for the property. An important advantage of the subject property over other competitors is that the close proximity of Erlangen s pedestrian zone holds additional benefits. Thus, the parking area of the subject property is also used for shopping in the high street of Erlangen. Afterwards, the weekly shopping for every day commodities can be done. The multi-storey sales area of the subject property is no disadvantage. Generally, development within the city centre has a higher density and is characterised by higher land use type. However, further smaller shopping facilities for everyday commodities are located within the city centre. Considering all mentioned factors, the competition level can be described as medium. Turnover analysis The rents in functional a retail agglomeration are linked to turnover. The percentage rate that a retail tenant can use for rental payments (turnover-to-rent ratio) depends on the margins achievable in the various market sectors. This rate normally ranges between 2% and 1% depending on the respective branch. The productivity varies between approx. 1,/m² and up to more than 1,/m². Kaufland is a very strong anchor, and therefore we are of the opinion that the demand for ancillary tenants will continue. For Kaufland, we have been provided with turnover figures. Concluding we have analyzed that the area productivity of Kaufland is in a healthy range. With a turnover-to-rent ratio of less than 2% it lies below the range of 2% to 4%, which is acceptable for a self-service department store. Considering the location factors and the competition level within Erlangen, we assumed that a higher turnover-to-rent ratio regarding a similar branch and turnover is realistic. Hence, a higher market rent is achievable after the end of the lease contract. Please also refer to the rent/turnover analysis on page 8. However, we would like to point out that we were not provided with current turnovers (21/214) of the tenants. For the valuation, we were provided with a figure of the total turnover rents which are additionally paid by the tenants. We have applied these additional rental income in our calculation. Nevertheless, we were not able to calculate rent-to-sales ratios or the sales productivity of the respective tenants. Conclusion The subject property is a self-service department store situated in a very good location within Erlangen. The depth and breadth of the product range is also very good. However, the property is not easily accessible by foot due to the confusing route marked from the parking area to the tenant Kaufland. The property is also less visible from the street Fuchsengraben and Hauptstraße. Furthermore, we are of the opinion that the tenant and branch mix within the one-storey units along the pedestrian passage are critical. Currently, there are eight vacant retail units. We assumed that access from the parking area is used more frequently by customers as opposed to the access road from Hauptstraße. As the pedestrian passage can be defined as a secondary location, the frequency of passersby is rather low. Furthermore, the tenant and branch mix is not comparable with that of the pedestrian zone. The profit of the tenants within the passage is very dependent on Kaufland. The rental area of Kaufland can be regarded as relatively unproblematic. In the unlikely case that Kaufland vacates the premises, the property could be re-let to other self-service department stores as real, Marktkauf or E-Center. However, the third-party usability of the area is limited. The lettable area is not suitable for large-scale retail purposes such as a DIY store or furniture store. Both branches are not as strong as a self-service department store. The numbers of passersby also cannot be increased in the long term. According to the turnover analysis, the turnover rent is at the lower end of the range and a higher turnover-to-rent-ratio is achievable. Therefore, the retail unit is currently significantly underrented. Therefore, we assume that the tenant Kaufland will exercise its three options, each for five years, until 27. During this time, there will be steady demand for ancillary lettable spaces within the property. The main competitors of the subject property is E-Center, which is located approx. 1.1 km away. Page of 12

97 Westliche Stadtmauerstraße Erlangen Property no. 6 Portfolio: Roll Tenant Name Area Category ting Area / m² Tenant Lease Lease Renewal Status m² / unit / month / month pays VAT Start End Probability 1 Kraus 7 1, Yes Kaufland 1,77 6,98.27 No % VACANT (Tran Thi) Vacant 16. No 4 VACANT (Tran Thi) Storage Vacant 6. No VACANT (Frisör Klier GmbH) Vacant 116. No 6 VACANT (Amorim-Kneisl) Vacant 88. No 7 Deutscher Hausfrauen-Bund Office 28 1,6.6 Yes Hauswirtschaftliches Servi Office Yes Stadt- und Kreissparkasse No Stadt Erlangen Yes Stadt Erlangen Office Yes Stadt Erlangen Office Yes Schmidl Yes VACANT (Topuz) Vacant 41. No 1 Endres 47 2, Yes VACANT (Orientteppich-Gal Vacant 17. No 17 Apotheke Bernd Nürmberger 87 2, Yes Rüffer 112 1, Yes Deutsche Plakat-Werbung G Other Units 1. Yes % 2 Gemeinnützige Wohnungsbau Other Units 1. Yes Deminer Imbiss Yes VACANT (Kolasinac GbR, Th Vacant 9. No 2 Linus Schade + Julian Wen Residential No VACANT (Müller) Residential Vacant 19. No 2 Hauswirtschaftliches Serv Internal Parking Yes Schmidl Internal Parking Yes Wolton (Bätz) Internal Parking Yes Metzgerei Ludwig Walk Gmb Internal Parking Yes Metzgerei Ludwig Walk Gmb Internal Parking Yes Metzgerei Ludwig Walk Gmb Internal Parking Yes Oberbank Erlangen Internal Parking Yes Oberbank Erlangen Internal Parking Yes Oberbank Erlangen Internal Parking Yes Schleicher (Fuchs) Internal Parking Yes Gottschling Internal Parking Yes Greif (Denslinger Richard Internal Parking 1. Yes Röser (Haas-Eberhard) Internal Parking 1. Yes Rost (Haas-Eberhard) Internal Parking 1. Yes Patz (Haas-Eberhard) Internal Parking 1. Yes Rüffer Internal Parking Yes Pfeiffer (Meyer) Internal Parking 1. Yes Schneider (Orientteppich- Internal Parking 1. Yes Eiwen (Orientteppich-Gale Internal Parking 1. Yes Mönius Internal Parking Yes E-Werk (Knauer) Internal Parking Yes E-Werk (Thiem-Hofmann) Internal Parking Yes Stadt Erlangen Internal Parking Yes Stadt Erlangen Internal Parking 1. Yes Stadt Erlangen Internal Parking 1. Yes Stadt Erlangen Internal Parking 1. Yes Stadt Erlangen Internal Parking 1. Yes Parking diverse Internal Parking Yes Parking Internal Parking 48 19, Yes Vacant Vacant 66. No Vacant Vacant 81. No 6 Delicioso (Vacant) 82 1,2 12. Yes Kiosk Other Units No % 8 Mall Income Other Units No % Tenant pays * GT I Total * M = Maintenance, GT = Ground Tax, I = Insurance Costs, PM = Property Management 1,9 m² 92,9 Page 6 of 12

98 Westliche Stadtmauerstraße Erlangen Property no. 6 Portfolio: Valuation Assumptions Tenant Name Area Category Area Market Market Re-letting Initial Re-letting Agency Lease Renewal sqm/unit /month Tis Void VPV* Void* Abatem.* Fees* Term** Probability 1 Kraus Kaufland VACANT (Tran Thi) 1, ,4 1, % 4 VACANT (Tran Thi) Storage 6. 1 VACANT (Frisör Klier GmbH) , VACANT (Amorim-Kneisl) , Deutscher Hausfrauen-Bund Office , Hauswirtschaftliches Servi Office Stadt- und Kreissparkasse Stadt Erlangen , Stadt Erlangen Office Stadt Erlangen Office Schmidl VACANT (Topuz) Endres VACANT (Orientteppich-Gal , Apotheke Bernd Nürmberger , Rüffer , Deutsche Plakat-Werbung G Other Units 1. % 2 Gemeinnützige Wohnungsbau Other Units Deminer Imbiss VACANT (Kolasinac GbR, Th , Linus Schade + Julian Wen Residential VACANT (Müller) Residential Hauswirtschaftliches Serv Internal Parking Schmidl Internal Parking Wolton (Bätz) Internal Parking Metzgerei Ludwig Walk Gmb Internal Parking Metzgerei Ludwig Walk Gmb Internal Parking 1. 6 Metzgerei Ludwig Walk Gmb Internal Parking Oberbank Erlangen Internal Parking Oberbank Erlangen Internal Parking 1. 6 Oberbank Erlangen Internal Parking Schleicher (Fuchs) Internal Parking 1. 6 Gottschling Internal Parking Greif (Denslinger Richard Internal Parking Röser (Haas-Eberhard) Internal Parking Rost (Haas-Eberhard) Internal Parking Patz (Haas-Eberhard) Internal Parking Rüffer Internal Parking Pfeiffer (Meyer) Internal Parking Schneider (Orientteppich- Internal Parking Eiwen (Orientteppich-Gale Internal Parking Mönius Internal Parking E-Werk (Knauer) Internal Parking E-Werk (Thiem-Hofmann) Internal Parking Stadt Erlangen Internal Parking Stadt Erlangen Internal Parking Stadt Erlangen Internal Parking 1. 6 Stadt Erlangen Internal Parking Stadt Erlangen Internal Parking Parking diverse Internal Parking Parking Internal Parking ,1 4 Vacant 66 9., Vacant Delicioso (Vacant) Kiosk Other Units % 8 Mall Income Other Units % Total * months ** years ***structural vacancy 1,9 sqm 1,21 Page 7 of 12.

99 Property no. 6 Portfolio: Westliche Stadtmauerstraße Erlangen.2.21 Property Analysis Area Analysis table Area Use Category m² Office 96 12,499 DIY Warehouse Commercial Residential 241 Storage 6 Total area 1,9 Petrol Station Other Units 4 Internal parking 498 External parking Total parking 498 Area Vacant m² 1, ,278 Area m² 96 11, , Vacancy Rate %.% 8.6%.%.%.% 7. 1.% 9.4%.%.%.%.%.% Office DIY Commercial Storage Warehouse Residential Income Analysis Contractual Contractual Contractual Potential Market Market Market Over-/ Under- ed Use Category /m²/month /month /year /year /m²/month /month /year Office.47,28 9,96 9,96 6.4,894 46, %.92 67,81 81, , ,96 1,28,6 -.9% DIY...% Warehouse...% Commercial...% Residential ,948 19, ,6 18, % Storage...% Petrol Station...% Other Units Total area Internal parking ,8 2,7 9,4 868,8 246,86 9,4 99, , ,217 2, 9,4 1,8,68 24,69.% -29.% 1.% External parking...% Assessment of Kaufland market rent Space productivity Turnover to rent ratio Explanation 7, Usual market % - levels 6, 11. Market rent 1. 6, Contractual 9., s % / m² Contractual 1.9%.27, 7. Market 2.9% 8.2 4, 6. 4% of turnover % of turnover , 4, 2% of turnover.68 4., Turnover potential 6,82,177 (net). Sales Area ~ 8,49 m², 2. Total Area 1,77 m² in / m² p.a. 1.% 1.% 2.% 2.%.%.% 4.% 4.%.% based on sales area Turnover-rent-ratio / m² / month Self-service department stores usually can afford to pay a rent in the range of 2% to 4% of their net turnover (economically sustainable rent burden) and have a space productivity of about 4, to 6, per m² sales area. The two graphics above indicate, how the contract rent of the main tenant Kaufland as well as the assumed market rental level, can be assessed on the basis of usual market ranges. This analysis is based on the turnover potential figures prepared by Trade Dimension. D&B Rating of Main Tenant Main tenant Tenant name p.a. Share of total income WALT Payment Index Capital indicator Risk indicator Score Credit limit Kaufland Vertrieb SIGMA GmbH & Co. KG 679,176 61% 7.7 years 8 O Comment According to section 19 of the main lease agreement entered into by the landlord and Kaufland Dienstleistung GmbH & Co. KG (D&B Rating = 2AA 1), an assignment of the main lease agreement by the tenant to another entity of the Kaufland group requires that the landlord's credit risk rating may not deteriorate due to such assignment of the lease. Section 1 of the first amendment to the main lease agreement provides for the assignment of the main lease agreement to Kaufland. For this tenant, no financial information was available. Only the payment index indicates, that the company pays within the given time period. Accordingly, pursuant to section 2 of the first amendment to the main lease agreement, the former tenant remains jointly and severally liable for the landlord's payment claims. Hence, the former tenant is a guarantor for the lease payments of the current tenant. Page 8 of 12

100 Westliche Stadtmauerstraße Erlangen Property no. 6 Portfolio: Assumptions Market Value Lease Contract Commentary The property is let to ten retail, office and residential tenants. Furthermore, 41 parking spaces are let for permanent use. Currently, six retail units are vacant. The WALT amounts to.2 years. The main tenant is Kaufland with a share of more than 61% of the rental income. The property is currently significantly underrented due to the very low rental level of the main tenant, Kaufland. As the lease contract is valid until 222 and the tenant has options until 27, we are not of the opinion that the rental level can be adjusted before 27. Kaufland s rent is indexed and will be adapted by % of the CPI change, whenever the change exceeds 1 percent in relation to the CPI basis. Indexation started on The majority of the tenants pay all costs (including ground tax, insurance costs and management costs) except for maintenance costs for structural repairs. Ground tax, maintenance costs for structural repairs, management and insurance costs will not be borne by Kaufland. Compared to the privious valuation, a few tenants have vacated the property, including Amorim, Topuz and Orientteppich-Galerie. Therefore, the vacancy rate increased to 9.% and the total rental income decreased significantly by 49, p.a. General Property Assumptions Discount rate 6. Capitalisation rate Capital expenditures* Vacancy costs * on the basis of cost estimates provided by Brack Capital Properties N.V 6.% 1. /m²/p.a. Discount Rate Comment The yields applied reflect the individual location quality (macro- and micro-location) of the properties, building structure, letting situation, covenant strength and the relationship between contractual and market rent. We derive the discount rate from market transactions. The discount rate reflects the rate of return expected by investors and is determined based on the risk associated with a property. As reinsurance, the initial yields profile is aligned with the market/other transactions. We have taken into account such facts as the stable Cash Flow, the long lease contract with the tenant Kaufland, the good location, the low vacancy rate and the good condition of the subject property. Breakdown of Non-Recoverable Costs Contract** % of Gross Inflation per year per year (month 1 x 12) Contract Maintenance costs 6. /m² 87,7 7.81% Year after 224 Management costs 1.2 /m² 16,71 1.% Inflation 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Ground tax 4.9 /m² 61,47.1% Insurance costs.28 /m²,686.% Market al Growth Other non-recoverable costs 1.17 /m² 2, % Total non-recoverable expenses /m² 72,14.6% Year after 224 ** JLL analysis al Growth 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Market (assuming full occupancy) Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Total non-recoverable expenses per year per year 6. /m² 87, /m² 24,4 4.9 /m² 61,47.28 /m², /m² 2,2 28. /m² 79,446 % of Gross Market.4% 1.%.84%.2% 12.68% 2.68% Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Contract Market Total Non-recoverable Costs Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 Maintanance Management Ground Insurance Other Non- Vacancy Total % of Total Costs Costs Tax Costs recoverable Costs Costs per year Gross Revenue 87,7 16,814 61,47,686 2,2 12,18 84,6 4.% 88,211 18,19 62,262,74 2,862,676 8, % 89,84 18,962 6,48,8 29, ,268.6% 91,487 18,97 64,74,87 21, ,668 1.% 92,969 18,96 6,621,9 216, ,79 1.6% 94,4 19,12 66,61,996 22,7 44,46 1.9% 9,84 97,11 17,9 19,71 67,61 68,686 4,7 4,119 22, ,1 7, ,68 417,67 4.8% 1.8% 98,897 19,79 69,8 4,186 2, , % 1,68 19,99 71,4 4,26 24, ,942 2.% 12,449 19,94 72,12 4,7 29, , % 4.% Non-Recoverable Costs as a percentage of Total Gross Revenue.%.% 4.% 1.7%.6% 1.% 1.6% 1.9% 4.8% 1.8% 2.1% 2.% 2.% 2.% 1.% 1.%.%.% Page 9 of 12

101 Westliche Stadtmauerstraße Erlangen Property no. 6 Portfolio: Cash Flow Market Value Total Non- Net TIs and al Turnover Gross recoverable Operating Capital Leasing Revenue Vacancy Abatements Revenue Costs Income Expenditures Commissions Cash Flow Year 1 1,26,4-19,76 1,12,964-84,6 76,99 -,61-1,86 729,22 Year 2 1,274,6-62,688-2,77 1,29,291-8,884 82,47-11,872-4,269 6,266 Year 1,27,788-9,642 1,264,146-86, ,878 -,9-1,214 87,69 Year 4 1,268,199 -,1 1,264,886-92, ,218 -,414-1,22 867,79 Year 1,267,787-4,61 1,26,726-98,79 864,987-2, ,4 Year 6 1,267, ,267,46-44,46 86, ,92 Year 7 1,282,69-8,77-1,4 1,19,27-416,68 778,99-49,76-1,997 71,86 Year 8 1,2,847-7,26-1,187 1,1,97-417,67 897,724-6,691-1,9 889,8 Year 9 1,29,99-1,49 1,19,4-424,178 89,76-7,1-2,61 88,62 Year 1 1,,8 -,19 1,27,261-4, ,19 896,19 Year 11 1,1,442-1,181 1,,261-48, ,7-2, ,61,96 Total Cashflow (incl. Terminal 6. %) Gross Value of Surplus Land Gross Capital Value incl. Surplus Land Total Gross Revenue versus Net Operating Income 14. Present 6. 77,718 9, , ,17 644,422 64,4 468,26 46,12 9,61 48,4 7,17,7 1,8,942 1,8,942 8.% % 6.6% 6.% 6.% 6.7% 6.7% 6.7% 7.% 1..% 6.2%.9% 6.% al income % 4.%.% Running yield 4. 2.% 2. 1.%..% Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Valuation Results Market Value Overview Contractual gross rental income (month 1 x 12) Market rental value Over-/Underrent total p.a. per m²/month total p.a. per m²/month 1,11, ,62, % Total per m² Purchaser's costs Gross Capital Value (rounded) 1,, 99.% Yield Overview Net Initial Yield Net Reversionary Yield.9% 9.19% Market Value (rounded) Total 12,7, Gross Initial Yield Gross Reversionary Yield 8.78% 12.62% per m² 948 Valuation Comment In terms of risk, we considered the covenant strength as well as the lease duration for the existing contracts. The tenant Kaufland has good covenant strength. According to the second amendment of the lease contract, the former tenant remains jointly and severally liable for the landlord's payment claims. However, the lease contract ensures a secure cash flow for the remainder of the lease term until at least 222. In terms of a resale, we took into account such facts as visibility, demographic factors, appearance, condition and building age, third-party usability, competition situation and location. According to the land register, the leaseholder exercised its leasehold options for in total another years (until 6/7). This is due to the fact that the leasehold is on the car park site, which is in our opinion essential for the operation of the self-service department store. Otherwise, there are insufficient parking spaces available. The right to prolong the leasehold is registered in Sheet in the land register of Erlangen. For the purpose of the valuation on , we have been provided with an updated rent roll. The contractual rental income decreased significantly, other costs have remained unchanged and have been applied according to information received during the previous valuation cycle. For management costs, we have applied 1.% of the effective gross rent. We have not been provided with updated information regarding necessary capital expenditures, therefore we applied that all capital expenditures for repairs in the first year as well as in the periods of year 2 to and year 6 to 1 are considered to be covered by the maintenance costs of 6./m² per annum as sinking fund. Regarding comparable rents we have had recourse to evidence of similar areas situated in the comparable regions and locations. Furthermore, we have analysed comparable transactions. Please refer to the section "Investment Comparables". Compared to the privious valuation, a few tenants have vacated the property, including Amorim, Topuz and Orientteppich-Galerie. Therefore, the vacancy rate increased to 9.% and the total rental income decreased significantly by 49, p.a. However, the building is still in a poor condition. We expect a higher risk of vacancy of smaller retail units. A complete refurbishment of the property would increase the value significantly. Due to the above mentioned facts, the discount rate has been decreased by 2 bps and the cap rate by 1 bps. As a result, the Market Value remained stable amounting 12,7,. Page 1 of 12

102 Westliche Stadtmauerstraße Erlangen Property no. 6 Portfolio: Photos View of the entrance to the basement from parking garage Internal shopping mall Internal view of the sales area (Kaufland) External view of the vacant retail units View of the parking garage View of the parking spaces Page 11 of 12

103 Westliche Stadtmauerstraße Erlangen Property no. 6 Portfolio: Leasing and Investment Market Development of prime yields transaction volume in Leasing Market There is no homogeneous rental level for retail space in retail warehouses or retail parks throughout. For the determination of the rents, the quality of location in terms of accessibility and competition is crucial. The rents within the different branches vary. This is due to the diverging location assessment and turnover expectancy of the different tenants. If in the case of a retail park the management succeeds in establishing good anchor tenants, which guarantee a high visitor frequency, then the turnover expectancy of secondary tenants tends to be higher and as a consequence, their overall rental level will be higher as well. Besides the rent level, another determining factor for investors is the building costs. Properties with the highest rents usually also have the highest building costs and land acquisition cost. Depending on the size of the retail unit and the branch of the tenants, rents in retail parks the average rent is between 7. and 18./ m²/month. Prime rents of 18./m²/month are normally achieved within near city retail parks in a metropolitan region. Depending on the size of the retail unit and the retail format of the store, rents for supermarkets/ hypermarkets are generally slightly higher than the rents for discounters. s for discounters in western usually range between 6. and 12. /m²/month, while discounters in former Eastern generally achieve slightly lower rental rates. Drug stores and the-, textile-, shoe- and electronics branches generally achieve rental rates ranging from 7. to 12. /m²/month. DIY stores need extensive space due to their broad product range. In urban centers, these stores sometimes even offer their products on two levels. DIY stores are placed at the lower end of the scale in terms of rents, with prices ranging between. and 1. /m²/month. As DIY stores have a supra-regional catchment area, there are not as independent as other branches in the area and can relocate to more affordable attractive and easily accessible industrial zones. In such areas, lower investments for realisation and lower building costs induce lower rents. Investment Market On the investment market in 214, total capital amounting to 8.8 billion was invested in German commercial properties an increase of about % compared to the previous year. This means that 214 was the strongest year for property transactions since the boom year of 27. As was already seen in the previous year, the final quarter of the year proved to be the strongest in terms of transactions. Properties worth around 14 billion changed hands in the months from October to December. The run on the commercial property markets will continue in 21 - with an equal or even greater transaction volume. The investment focus of investors was still almost exclusively directed towards prime properties in prime locations in 21, but this has now diversified somewhat. More and more buyers are prepared to invest in lower-quality properties with a certain proportion of vacancies or in a less central location in the large cities as well as in smaller towns. However, the Big 7 together represent a volume of around 2 billion and therefore still account for well above half of the transaction volume across. Office properties accounted for the highest proportion of the transaction volume with a share of around 44%. properties were next in line with a 22% share. Warehouses and logistics properties registered relatively strong growth over the year, increasing their share to at least 9%. The share of portfolio transactions also increased further. Local and inter-regional portfolios accounted for around % of the volume in 214, which was tantamount to a 7% increase in the volume compared to 21. Prime yields in the office segment fell slightly again in view of the strong demand. The average yield for all Big 7 markets fell by 1 basis points compared to the third quarter to 4.4%. The analysis of the different asset classes reveals no fundamental differences from 212. Office properties again accounted for the highest share of the transaction volume at 46%. properties accounted for a 26% share, followed by mix-used properties with 11% and warehouse and logistics properties with at least 7%. The office prime yields were still on a slight downward trend in individual cities. Each of the Big 7 cities now has a net initial yield of below %. Aggregated across all cities, the prime yield in the office segment fell to an average value of around 4.67%. Shopping centre yields are at a similar rate of 4.7%. Initial yields of.6% are paid for good specialist store products; there was also a slight decline here. Only the average yield for city centre commercial buildings remained unchanged at the already low level of.99%. The German investment market has started the year with a tailwind behind it. This positive outlook is based on the continuing strong demand from international capital for investment opportunities on one hand, and on an attractive financing environment on the other. For 21, we therefore expect to see a further increase in the transaction volume to above 4 billion. Leasing Comparables Tenant City Property Type Area (m²) real,- SB-Warenhaus GmAschaffenburg Self-Service Department Store 11,47 m² Extra Altötting Self-Service Department Store,2 m² real,- SB-Warenhaus GmNürtingen Self-Service Department Store 1,9 m² Kaufland Freital Self-Service Department Store 8, m² Kaufland Geldern Self-Service Department Store 8,478 m² Real Würzburg Self-Service Department Store 8,4 m² Hairdresser Landshut Hairdresser 124 m² Pharmacy Langgöns Pharmacy 128 m² Total per month /m² Comment 87, /m² Same federal state; similar purchasing power; bigger size 44, /m² Same federal state; similar purchasing power; smaller size 81, /m² Other federal state; higher purchasing power; modern building 62, 7.7 /m² Other federal state; slightly lower purchasing power 6,7 7.7 /m² Other federal state; slightly lower purchasing power 61,68 7. /m² Location is farther away from the city centre; lower purchasing p 1, /m² Slightly lower purchasing power 1,4 11. /m² Slightly lower purchasing power Investment Comparables Property Type Park DIY Hypermarket Park Hypermarket Hypermarket Hypermarket Year of Construction 24 table Area Gross Multiplier Date of Transaction Comment 2,66 m² 11.4-fold Q2 21 Worse micro location, neg. population forecast, approx. years WALT, Obi, Edeka, Lidl and dm 9,224 m² 1.2-fold Q1 214 Located in North Rhine-Westphalia, 1 years WALT, similar size 11,6 m² 1.-fold 21 Located in Ettlingen, let to Real, WALT of approx. 2.2 years (in need of refurbishment) 61,214 m² 1.1-fold Q 21 WALT of approx. 7 years, let to Kaufland, MaxBahr, Sconto, ToysRus 22,926 m² 8.-fold 212 Anchor tenant Kaufland & Toom, WALT below years, portfolio transaction 1, m² 1.8-fold Q2 212 Anchor tenant Famila, WALT 9.2 years, strong location in northern 1,1 m² 1.1-fold 212 Anchor tenant real, WALT 1 years, portfolio transaction m².-fold Page 12 of 12

104 Gartenstraße 712 Geislingen Property no. 7 Portfolio: Property Summary Key Figures Property type Main tenant Total lettable area Total parking units Current vacancy rate Weighted average lease term Year of construction Year of refurbishment Park Kaufland Warenhandel Südwest GmbH & Co. KG 9,9 m² 41 units.7%.8 years 22 Contractual gross rental income (month 1 x 12) total p.a. per m² / month 62,82.1 Total non-recoverable expenses (month 1 x 12) total p.a. 88,21 per m² / month.78 Net operating income (month 1 x 12) total p.a. per m² / month 2, Market rental value total p.a. 866,86 Over-/Underrent based on occupied areas -26.2% SWOT Analysis Strengths Located near the city center close to the pedestrian area Sufficient parking spaces on site Well-known anchor tenant with strong covenant strength Long remaining lease term of the anchor tenant Building is almost fully let Opportunities Extension of the lease contracts of the smaller tenants Reletting of the main retail area on market level Kaufland exercises its options until 27 Weaknesses High level of competition (another Kaufland nearby - older building age) Limited third party usability of the large-scale retail area without refurbishment The retail unit let to Kaufland is strongly underrented Threats Difficult re-lettability of the fitness studio Increased vacancy of ancilliary areas due to low turnovers of these tenants Potential increase of maintenance costs due to building age (22) Property Rating (1 = very negative, = very positive) Building Location Building age 11 to 1 years Macrolocation Average location and catchment area table Area 2 Between 7, and 1, m² Microlocation 4 Good micro location Property condition 4 Good building condition Commercial activity Limited commercial activity nearby General impression 4 Good general impression Competition 2 High competition level Liquidity Investment Quality WALT WALT three to seven years Investment market Average property market Over- / underrent Significantly underrented (more than -1%) Investment volume 4 Good lot size Quality of tenants 4 Tenants with very good credit rating Saleability 4 Good saleability within 6 months Property Description The property has four storeys; the ground level is occupied by several retail tenants, the largest being Kaufland. The first floor is a parking level, while the second floor is partly used for parking and accommodates part of the fitness studio. The third floor is used by the fitness studio as well as a playground. The property has an elongated shape, with the long side facing the B1 federal road ("Gartenstraße"). The property is a steel-reinforced concrete construction with precast elements. The facade is partly made of brick facing and partly of galvanised steel sheets. In the entrance areas, there are curtain walls with metal frames. The roof is flat with hard covering. The property can be accessed on the ground floor from Gartenstraße as well as from the parking levels via several elevators. Valuation Results Market Value Market al Value 8,7, equals to 927 per m² 866,86 p.a. equals to 7.69 / m² / p.m. Discount Rate Capitalisation Rate 7.4% 6.% Net Initial Yield Net Reversionary Yield.7% 8.% excluding capital expenditures.7% 8.% Multiplier (initial) 14.1 Multiplier (based on MRV) 1.4 Page 1 of 12

105 Property no. 7 Portfolio: Gartenstraße Geislingen.2.21 Location Macroeconomic Indicators Federal State District City Postcode (Source: GfK 21/14, BfA, IFH 214) Baden-Wurttemberg Göppingen (Rural District) Geislingen 712 Population Federal State absolute Population District absolute Population City absolute Number of Households City absolute Population Density District per km² Population Density City per km² Population Forecast (29-22) District in % Population Growth (28-21) Federal State in % Population Growth (28-21) District in % Unemployment Rate (214) Federal State in % Unemployment Rate (214) District in % 1,844, ,224 26,82 11,2 21 NA -.%.9% -1.% 4.1% 4.% Structual Data (Source: GfK 214 and IFH 214) Purchasing Power District in m Purchasing Power City in m Purchasing Power Index Federal State index Purchasing Power Index District index Centrality Index District index 4, Geislingen Macro Location Geislingen an der Steige is located in the east of Baden-Wuerttemberg, approx. 2 km from the border to the federal state Bavaria. The city is a minor secondary centre with approx. 27, inhabitants. The closest major cities are Ulm (approx. 2 km south-east; 122, inhabitants) and Stuttgart (approx. km west; 62, inhabitants). The closest motorways are the A8 (Perl - Bad Reichenhall), connecting to Salzburg (Austria) in the southeast, and the A7 (Flensburg - Füssen), leading to Denmark in the north and Austria in the south. The motorways can be reached within 18 km and 2 km, respectively. Geislingen has a train station, which connects Geislingen to the cities of Stuttgart and Ulm via regional trains. The closest train station offering connections to the high-speed ICE train network is Ulm in a distance of approx. 2 km. The nearest airport offering connections to national and international destinations is Stuttgart Airport, located in a distance of approx. 6 km from the city centre of Geislingen an der Steige. Geislingen an der Steige is characterized by an industry that has evolved over time. The economy is mainly based on the processing of steel and metal as well as the automotive supply industry and traditional beer brewing. Furthermore, Geislingen is also known for its university "Hochschule für Wirtschaft und Umwelt Nürtingen-Geislingen", offering business and real estate courses. Well-known companies based in Geislingen include Württembergische Metallwarenfabrik (WMF), ULO Fahrzeugleuchten (Odelo GmbH), Adlerbrauerei Karl Götz and Schlötter Galvanotechnik. Micro Location Micro Location The self-service department store is located in the southern part of Geislingen an der Steige, near the city centre. The subject property is situated adjacent to the pedestrian zone of Geislingen along a highly frequented traffic axis (federal road B1 "Gartenstraße"). The property is bordered by Römerstraße to the south, Bleichstraße to the west and Bismarckstraße to the north. The surrounding area is characterized by residential housing with some commercial usage. Local Tax Information Real Estate Tax Rate (Typ B) City in % Land Transfer Tax City in % 9. Page 2 of 12

106 Property no. 7 Portfolio: Gartenstraße Geislingen.2.21 Site Plan Site Information Source: Cadastral plan on a 1 to 1 scale, dated Site area 1,99 m² thereof surplus land m² Surplus land value (net) Site servicing Fully serviced Site layout Irregular Soil contamination Suspicion of contamination Building encumbrances No Ground lease Ground lease expiry Comment According to the Environmental Due Diligence Report, dated July 27, the site has been industrially used since 18 by "Maschinenfabrik Geislingen (MAG)", whose activities included chemical and mechanical metal working and foundries. From this use stems severe subsoil and ground water contamination caused by petrol, oil, lubricants and further chemicals. The site has been gradually remediated from 1989 until 1999 and the soil remediation is considered as finished according to the Landratsamt Göppingen. However, other sources suggest that there is still contaminated soil beneath the property and it is likely that the site is listed in the contaminated land cadastre as remediated with residual contamination. For the purposes of this valuation, we have assumed that the subject property is free of any soil or building contamination. No Town Planning Use class Site coverage ratio (GRZ) Plot ratio (GFZ) Cubic index (BMZ) Tenure MK (core zone) Comment According to information from the local planning authority, a legally binding project and development plan exists, entitled "2/1/2 Marktgalerie" and dated , with the following regulations: the subject site is located in core zone (limitations regarding the use) - "Kerngebiet mit Einschränkung". The plot ratio (Geschossflächenzahl, GFZ) is 2. and the site coverage ratio (Grundflächenzahl, GRZ) is 1.. Land Register Owner Local Court of TPL Geislingen S.á.r.l., Geislingen an der Luxembourg Steige, land register of Geislingen an der Steige Sheet Plot Parcel 14 NO Section 2 (Restrictions) Section (Loans) Two land charges concerning the payment of a Land charges in the total amount of 6,467, in favour money amount payable to the respective owner of of HSH Nordbank AG, Hamburg/Kiel in Hamburg, parcel no 489/11 and several limited personal easements, among other things regarding the construction, operation and maintenance of a transformer station, pipline easement, wayleave in favor of the city Geislingen an der Steige and Albwerk GmbH & Co. KG, Geislingen. Furthermore, there is a limited personal easement (the right to operate and maintain a hypermarket) in favor of Kaufland Dienstleistungs GmbH & Co. KG, Neckarsulm. Source: Extract from the land register dated Page of 12

107 Gartenstraße 712 Geislingen Property no. 7 Portfolio: Competitor Map Source: Jones Lang LaSalle Research Competitor Overview E-aktiv Markt Kaufland Rewe Rewe E-aktiv Markt Name Address Type Sales area Distance Potential 712 Geislingen, Heidenheimer Str. 19 Supermarket 2,9 m² 2.1 km Medium 712 Geislingen, Neuwiesenstr. 2 Self-service dep. store 7,2 m² 2.6 km High 729 Kuchen, Im Gewerbepark 8 Supermarket 1, m².4 km Low 772 Donzdorf, Mozartstr. Supermarket 1,8 m² 8.8 km Low 779 Süßen, Bühlstr. 2 Supermarket 1,9 m² 9. km Low Competiton Indicators Inhabitants in primary catchment area (Radius km) 4,17 Purchasing power in Mio. (District) 4,4 Inhabitants in secondary catchment area (Radius 1 km) 42,48 Purchasing power per Capita in (Radius km) 694 Number of households (Radius km) 14,92 Unemployment Rate (District) 4.% Number of households (Radius 1 km) 18,69 Population forecast for the district (29-22) -.% Purchasing Power Index (District) Centrality Index (District) 16. Page 4 of 12

108 Gartenstraße 712 Geislingen Property no. 7 Portfolio: Main competitors This competitor is a smaller-sized Edeka hypermarket. Furthermore, Dänisches Bettenlager and Fressnapf are also located on the site. It is built as a retail warehouse agglomeration instead of a retail park with a mall and offers a different product and service variety than the subject property and therefore caters to different needs. It represents medium competition. The competitor is a small retail park on the south-western outskirts of Geislingen. The main tenant is a Kaufland. Other tenants include a Kik, Tedi and Quickschuh. This building is well-located in a small industrial zone. Nearby retailers include Obi, Aldi and Lidl. The property is a serious competitor. Competition Comment The catchment area can be differentiated into primary (Radius km) and secondary (Radius 1 km) catchment areas. Approximately 4,17 inhabitants live in the primary catchment area. While the density of hypermarkets is relatively high in the primary catchment area, the competition eases in the secondary catchment area. Even though there are several discounters and small-size supermarkets located nearby, it can be said that these present only indirect competition to the property. Kaufland offers a very deep and broad product range with more than, products, while supermarkets and discounters generally offer a limited product range with only 7, to 11, (supermarkets) or 4 to 2, (discounters) articles. Therefore, these retailing forms address different customers or customer needs. While supermarkets and discounters cater to the daily needs of customers, Kaufland offers more variety for products that are bought on a non-daily basis. The first competitor is a small retail warehouse agglomeration located on Heidenheimer Straße in a distance of approx. 1.7 km. The main tenant is a Edeka hypermarket. The location of the property within a commercial agglomeration is inferior to the location of the subject property near the city centre along a highly frequented street. While the competitor is solely reachable by car, the subject property can also be reached by foot from the adjacent residential area. Furthermore, the tenant mix is different. While both offer the typical service providers, the Edeka-Center also has Fressnapf and a Dänisches Bettenlager, both tenants that are prone to returning customers, whereas Kaufland is bound to receive more impulse buyers due to its location in the city centre. In addition, the large difference in size and product range also differentiates both properties. Therefore, it can be said that the Edeka market only represents medium competition. A second Kaufland was opened in January 21 after the take-over of the former Schlekkerland (self-service department store) is in an industrial zone on the south-western outskirts of Geislingen. Other tenants in the property include a Kik, Tedi, Klier, Quickschuh, a tobacco shop and IMO (carwash). Nearby retailers in the commercial zone are OBI, Aldi and Lidl. The tenant mix within the property is very similar to the tenant mix in the subject property and therefore the property presents high competition potential. Even though the properties may attract different customers and have slightly different primary catchment areas, the catchment areas strongly overlap; two Kaufland self-service department stores can be problematic. Another potential competitor is the small retail park with 1, m², that is currently being build in the city centre on the former sports field. Part of the area is let to REWE and Lidl. Another REWE is approx. km away in the abjuring town Kuchen. However, it remains to be seen whether it will have an effect on the turnover of Kaufland, because they usually address different customers. Turnover analysis The rents in a functional retail agglomeration are linked to turnover. The percentage rate that a retail tenant can use for rental payments (turnover-to-rent ratio) depends on the margins achievable in the various market sectors. This rate normally ranges between 2% and 1% depending on the respective branch. The productivity varies between approx. 1,/m² and up to more than 1,/m². Kaufland is represents a very strong anchor, we assume that there will always be demand for such ancillary tenants. For Kaufland, we have been provided with turnover figures. Concluding we have analyzed that the area productivity of Kaufland is in a healthy range. With a turnover-to-rent ratio of less than 2% it lies below the range of 2% to 4%, which is acceptable for a self-service department store. Considering the location factors and the competition level within Geislingen, we assume that a higher turnover-to-rent ratio regarding a similar branch and turnover is realistic. Hence, the market rent after the termination of the current rental contract has been chosen in a range of 2.2%. Please also refer to the rent/turnover analysis on page 8. Even though turnover rents have been negotiated with some of the tenants, the necessary turnovers for the turnover rents to become effective have not been reached in the past few years. The tenants only pay the minimum rent. We therefore haven't included any additional turnover rents. However, we would like to point out that we were not provided with current turnovers (21/214) of the tenants. For the valuation, we were provided with a figure of the total turnover rents which are additionally paid by the tenants. We have applied these additional rental income in our calculation. Nevertheless, we were not able to calculate rent-to-sales ratios or the sales productivity of the respective tenants. Conclusion The subject property is a modern self-service department store with a small mall accommodating additional businesses, such as a hair dresser, locksmith and newspaper kiosk. The property has sufficient parking spaces and is highly visible and easily accessible by foot and by car. The location of the property close to the city centre entails additional benefits. As Kaufland is a strong customer magnet, we assume that there will always be sufficient demand for the minor retail areas in the mall. The letting of the current fitness studio, however, is assessed to be more difficult. Even though the location of the property near the city centre and near a residential area is very good for the current use, the third-party usability of the areas is limited. One alternative use would be reletting the space as office space. However, this would involve extensive refurbishment and restructuring measures. Furthermore, the location is not a traditional office location and the demand for such an area is limited. However, we are of the opinion that it is very likely that the fitness studio will remain within the property on an adequate market rental level. The rental area of Kaufland can be regarded as relatively unproblematic. First of all, the location is very good for such a use, as it can be reached both by foot and by car. Furthermore, the property is highly visible and easily accessible. Even though the competition is quite strong and the density of self-service department store is very high for a town this size, we have not been informed of severe turnover decreases after the second Kaufland on Neuwiesenstraße was launched. We are of the opinion that the tenant will be able to compete with this property, especially because it can operate on a very low contractual rent for a long time. The anchor tenant Kaufland has a lease contract until 222 with three options, each for five years, bringing the earliest possible termination date for the landlord to 27. On the basis of our projection of likely productivity per m² and turnovers, we have calculated the market rent at 8.2/m²/month. The tenant currently pays a contractual rent of.47/m²/p.m. Therefore, the retail unit is currently strongly underrented. Due to the margins realisable and under the assumption of good turnover figures, we assume that Kaufland will remain in the property until 27. In the unlikely case that Kaufland should vacate the premises, the property could be relet to other selfservice department stores which are currently not present in Geislingen an der Steige such as real,- or Marktkauf. Page of 12

109 Gartenstraße 712 Geislingen Property no. 7 Portfolio: Roll Tenant Name Area Category ting Area / m² Tenant Lease Lease Renewal Tenant Status m² / unit / month / month pays VAT Start End Probability pays * 1 Kaufland,6 27, Yes % 2 Bäckerei Staib GmbH & Co. 6 2,8 4.8 Yes ROFU Kinderland Spielhande 1,17 6,.42 Yes Deichmann SE 479, Yes Frisör Klier GmbH 7 1, Yes Metzgerei Chiacci/Reinhard Yes In Shape-Sports Club GmbH 2,487 4,1 1.6 Yes Vacant (Mutlu) Vacant 12. No 9 Deutsche Plakat-Werbung G Other Units Yes % 1 Deutsche Plakat-Werbung G Other Units 1. Yes % 11 Vacant Vacant. No 12 Vacant External parking Vacant. No 1 Parking External parking 446 2,6.29 Yes % 14 Mall Income Other Units No % 1 Kiosk Other Units No % Total * M = Maintenance, GT = Ground Tax, I = Insurance Costs, PM = Property Management 9,9 m² 1,78 Page 6 of 12

110 Gartenstraße 712 Geislingen Property no. 7 Portfolio: Valuation Assumptions Tenant Name Area Category Area Market Market Re-letting Initial Re-letting Agency Lease Renewal sqm/unit /month Tis Void VPV* Void* Abatem.* Fees* Term** Probability 1 Kaufland, , % 2 Bäckerei Staib GmbH & Co. ROFU Kinderland Spielhande 6 1, ,9 8, Deichmann SE , Frisör Klier GmbH , Metzgerei Chiacci/Reinhard , In Shape-Sports Club GmbH 2, , Vacant (Mutlu) Deutsche Plakat-Werbung G Other Units % 1 Deutsche Plakat-Werbung G Other Units 1. 1 % 11 Vacant. 1, Vacant External parking Parking External parking ,6 1 % 14 Mall Income Other Units % 1 Kiosk Other Units % Total * months ** years ***structural vacancy 9,9 sqm 72,26 Page 7 of 12.

111 Property no. 7 Portfolio: Gartenstraße Geislingen.2.21 Property Analysis Area Analysis table Area Use Category m² Office 9,9 DIY Warehouse Commercial Residential Storage Total area 9,9 Petrol Station Other Units 4 Internal parking External parking 41 Total parking 41 Area Vacant m² Area m² 9,28 9, Vacancy Rate %.%.66%.%.%.%.%.%.66%.%.%.% 1.11% 1.11% Office DIY Commercial Storage Warehouse Residential Income Analysis Contractual Contractual Contractual Potential Market Market Market Over-/ Under- ed Use Category /m²/month /month /year /year /m²/month /month /year Office...%.2 48,99 87,27 92, ,288 81, % DIY...% Warehouse...% Commercial...% Residential...% Storage...% Petrol Station...% Other Units Total area Internal parking ,78,29 92,2,29 98, ,726,29 86,716.% -28.7%.% External parking.29 2,6 28,2 28,64.7 2,1,12-4.9% Assessment of Kaufland market rent Space productivity Turnover to rent ratio Explanation 7, Usual market % - levels 6, 1. Market rent 6, 12. Contractual 11., s % / m² Contractual 1.6%.47 9., Market 2.4% 8.2 4,, % of turnover % of turnover ,.47. 2% of turnover 6.9, 4.. Turnover potential (net) Sales Area 21,116,41 ~ 4,2 m², 2. Total Area,6 m² in / m² p.a. based on sales area 1.% 1.% 2.% 2.%.% Turnover-rent-ratio.% 4.% 4.%.% Self-service department stores usually can afford to pay a rent in the range of 2% to 4% of their net turnover (economically sustainable rent burden) and have a space productivity of about 4, to 6, per m² sales area. The two graphics above indicate, how the contract rent of the main tenant Kaufland as well as the assumed market rental level, can be assessed on the basis of usual market ranges. This analysis is based on the turnover potential figures prepared by Trade Dimension. / m² / month D&B Rating of Main Tenant Main tenant Tenant name p.a. Share of total income WALT Payment Index Capital indicator Risk indicator Score Credit limit Kaufland Warenhandel Südwest GmbH & Co. KG 2,244 4% 7.7 years 2AA Comment The main tenant is a corporation belonging to the Kaufland Group, which in turn belongs to the Lidl & Schwarz Group, one of the biggest grocer groups in Europe. Kaufland is the self-service department store division of Lidl & Schwarz with more than locations across Europe. Kaufland s core business area is food retailing with branded goods and own-brands specially produced for Kaufland. According to Dun & Bradstreet (D&B) Rating as at Kaufland Warenhandel Südwest GmbH & Co. KG has an belowaverage credit risk. The risk of insolvency (D&B Score) within the next 12 months compared with other German companies is assessed to be low, i.e. 94% of businesses on the German database have the same or higher risk of failure. Page 8 of 12

112 Gartenstraße 712 Geislingen Property no. 7 Portfolio: Assumptions Market Value Lease Contract Commentary The property is let to six retail tenants and a fitness studio. The WALT of the property amounts to.8 years. The main tenant is Kaufland with a share of approx. 4% of the rental income. The property is currently significantly underrented due to the very low rental level of the main tenant, Kaufland. As the lease contract is valid until 222 and the tenant has options until 27, we do not assume that the rental level can be adjusted before 27. Kaufland s rent is indexed and will be adapted by % of the CPI change, whenever the change exceeds 1 percent in relation to the CPI basis. Indexation started on The majority of the tenants pay all costs (including ground tax, insurance costs and management costs) except for maintenance costs for structural repairs. Ground tax, maintenance costs for structural repairs, management and insurance costs will not be borne by Kaufland. All other service charges can be apportioned to the tenant in accordance with the German Regulation on Operating Costs. Compared to the previous valuation, the property remains virtually unchanged. The tenant Metzgerei Andy Giacchi has prolonged its lease for three years until August 217. In addition, we were provided with the information that the rental income from the parking garage was based on the Q/21 results (annualized) which turned out to be excessive compared to the successive quarters. According to the provided documents the rental income therefore decreased by approx. 2, p.a. We have considered this in our valutation. General Property Assumptions Discount Rate Comment Discount rate 7.4% Capitalisation rate Capital expenditures* Vacancy costs * on the basis of cost estimates provided by Brack Capital Properties N.V 6.% 1. /m²/p.a. The yields applied reflect the individual location quality (macro- and micro-location) of the properties, building structure, letting situation, covenant strength and the relationship between contractual and market rent. We derive the discount rate from market transactions. The discount rate reflects the rate of return expected by investors and is determined based on the risk associated with a property. As reinsurance, the initial yields profile is aligned with the market/other transactions. We have taken into account such facts as the stable Cash Flow, the long lease contract with the tenant Kaufland, the contract with ROFU, the reported turnover figures, the good location and the good condition of the subject property. Breakdown of Non-Recoverable Costs Contract** % of Gross Inflation per year per year (month 1 x 12) Contract Maintenance costs 4. /m² 42,2 6.81% Year after 224 Management costs.99 /m² 9,1 1.% Inflation 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Ground tax.49 /m² 2,799.28% Insurance costs.41 /m²,864.62% Market al Growth Other non-recoverable costs. /m².% Total non-recoverable expenses 9.4 /m² 88, % Year after 224 ** JLL analysis al Growth 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Market (assuming full occupancy) Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Total non-recoverable expenses per year per year 4. /m² 42,2 1.8 /m² 1,.49 /m² 2, /m²,864. /m² 9.79 /m² 91,921 % of Gross Market 4.87% 1.%.78%.4%.% 1.6% Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Contract Market Total Non-recoverable Costs Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 Maintanance Management Ground Insurance Other Non- Vacancy Total % of Total Costs Costs Tax Costs recoverable Costs Costs per year Gross Revenue 42,2 9,471 2,799, ,7 14.1% 42,89 1,9,229, ,9 1.% 4,97 9,98,84,987 1,49 92, % 44,99 1,14 4,46 4,6 8,711 11,787 1.% 4,118 1,49,21 4,126 94,76 1.% 4,81 1,,6 4, , % 46,14 47,226 1,87 1,24 6,14 6,67 4,2 4,18 7,811 97,48 16,22 1.8% 1.6% 47,99 11,787 7,24 4,89 11, % 48,84 11,88 7,91 4,466 1,74 1.% 49,719 11,912 8,92 4,47 14,77 1.2% 18.% Non-Recoverable Costs as a percentage of Total Gross Revenue 16.% 14.% 14.1% 1.% 14.% 1.% 1.% 1.7% 1.8% 1.6% 12.9% 1.% 12.% 1.% 8.% 6.% 4.% 2.%.% Page 9 of 12

113 Gartenstraße 712 Geislingen Property no. 7 Portfolio: Cash Flow Market Value Total Non- Net TIs and al Turnover Gross recoverable Operating Capital Leasing Revenue Vacancy Abatements Revenue Costs Income Expenditures Commissions Cash Flow Year 1 646,621-1,2 61,86-88,7 42,66-6,217-6,4,4 Year 2 677,177-7,98 669,269-9,9 79,176-1,2-2,972 74,684 Year 68,9-2,97 66,6-92,791 67,76-1,71-7,216 44,848 Year 4 69,471-18,28 676,94-11,787 7,16 7,16 Year 7, , ,689-94,76 64,929-66,9 -,486, Year 6 74,7-4,47 7,228-96,178 64, - 1,68-1,6 6,72 Year 7 7,82 7,82-97,48 68,44 68,44 Year 8 77,682-7,1 682,667-16,22 76,41-4,769-16,497 16,149 Year 9 78,798 78,798-11,42 684,7 684,7 Year 1 79,41 79,41-1,74 687, ,467 Year ,69-794,16-14,77 689,9 1,61,68 Total Cashflow (incl. Terminal 6. %) Gross Value of Surplus Land Gross Capital Value incl. Surplus Land Total Gross Revenue versus Net Operating Income Present 7.4% 1,246 17,248 46,66 449,147 86,691 4,98 82,61,647 72,724 48,479,17,77 9,9,996 9,9, % 7.4% 8.% % 6.2% 6.1% 6.2% 6.% 6.% 6.% 6.2% 7.% 6.% al income % 4.%.% Running yield 2. 2.% 1. 1.%..% Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Valuation Results Market Value Overview Contractual gross rental income (month 1 x 12) Market rental value Over-/Underrent total p.a. per m²/month total p.a. per m²/month 62, , % Total per m² Purchaser's costs Gross Capital Value (rounded) 9,, Yield Overview Net Initial Yield Net Reversionary Yield.7% 8.% Market Value (rounded) Total 8,7, Gross Initial Yield Gross Reversionary Yield 7.14% 9.96% per m² 927 Valuation Comment In terms of risk, we considered the covenant strength as well as the lease duration for the existing contracts. The main tenant, Kaufland Warenhandel Südwest GmbH & Co. KG, has good covenant strength, which ensures a secure cash flow for the remainder of the lease term until at least 222. In terms of a resale, we took into account such facts as visibility, demographic factors, appearance, condition and building age, thirdparty usability, competition situation and location. For the purpose of the valuation on 1 December 214, the non-recoverable costs (e.g. insurance costs as well as ground tax) remained unchanged and have been applied according to information received during the previous valuation cycle. Management costs and maintenance costs have been applied according to internal benchmarks. We have not been provided with updated information regarding necessary capital expenditures (CapEx). According to information received no CapEx are required. For the purpose of our valuation we have assumed that all capital expenditures for repairs in the first year as well as in the periods of year 2 to and year 6 to 1 are considered to be covered by the maintenance costs of 4./m² per annum as sinking fund. Regarding comparable rents we have had recourse to evidence of similar areas situated in the comparable regions and locations. Furthermore, we have analysed comparable transactions. Please refer to the section "Investment Comparables". Compared to the previous valuation, the property remains virtually unchanged. The tenant Metzgerei Andy Giacchi has prolonged its lease for three years until August 217. In addition, we were provided with the information that the rental income from the parking garage was based on the Q/21 results (annualised) which turned out to be excessive compared to the successive quarters. According to the provided documents the rental income therefore decreased by approx. 2, p.a.. We have considered this in our valutation. Due to the above mentioned changes, the Market Value decreased slightly by.% amounting,. Page 1 of 12

114 Gartenstraße 712 Geislingen Property no. 7 Portfolio: Photos Front view of the property (main entrance) Internal view of the sales areas of the tenant Kaufland View of the mall View of vacant retail unit ( m² ) External side view of the first floor of the fitness studio View of the parking level Page 11 of 12

115 Gartenstraße 712 Geislingen Property no. 7 Portfolio: Leasing and Investment Market Development of prime yields transaction volume in Leasing Market There is no homogeneous rental level for retail space in retail warehouses or retail parks throughout. For the determination of the rents, the quality of location in terms of accessibility and competition is crucial. The rents within the different branches vary. This is due to the diverging location assessment and turnover expectancy of the different tenants. If in the case of a retail park the management succeeds in establishing good anchor tenants, which guarantee a high visitor frequency, then the turnover expectancy of secondary tenants tends to be higher and as a consequence, their overall rental level will be higher as well. Besides the rent level, another determining factor for investors is the building costs. Properties with the highest rents usually also have the highest building costs and land acquisition cost. Depending on the size of the retail unit and the branch of the tenants, rents in retail parks the average rent is between 7. and 18./ m²/month. Prime rents of 18./m²/month are normally achieved within near city retail parks in a metropolitan region. Depending on the size of the retail unit and the retail format of the store, rents for supermarkets/ hypermarkets are generally slightly higher than the rents for discounters. s for discounters in western usually range between 6. and 12. /m²/month, while discounters in former Eastern generally achieve slightly lower rental rates. Drug stores and the-, textile-, shoe- and electronics branches generally achieve rental rates ranging from 7. to 12. /m²/month. DIY stores need extensive space due to their broad product range. In urban centers, these stores sometimes even offer their products on two levels. DIY stores are placed at the lower end of the scale in terms of rents, with prices ranging between. and 1. /m²/month. As DIY stores have a supra-regional catchment area, there are not as independent as other branches in the area and can relocate to more affordable attractive and easily accessible industrial zones. In such areas, lower investments for realisation and lower building costs induce lower rents. Investment Market On the investment market in 214, total capital amounting to 8.8 billion was invested in German commercial properties an increase of about % compared to the previous year. This means that 214 was the strongest year for property transactions since the boom year of 27. As was already seen in the previous year, the final quarter of the year proved to be the strongest in terms of transactions. Properties worth around 14 billion changed hands in the months from October to December. The run on the commercial property markets will continue in 21 - with an equal or even greater transaction volume. The investment focus of investors was still almost exclusively directed towards prime properties in prime locations in 21, but this has now diversified somewhat. More and more buyers are prepared to invest in lower-quality properties with a certain proportion of vacancies or in a less central location in the large cities as well as in smaller towns. However, the Big 7 together represent a volume of around 2 billion and therefore still account for well above half of the transaction volume across. Office properties accounted for the highest proportion of the transaction volume with a share of around 44%. properties were next in line with a 22% share. Warehouses and logistics properties registered relatively strong growth over the year, increasing their share to at least 9%. The share of portfolio transactions also increased further. Local and inter-regional portfolios accounted for around % of the volume in 214, which was tantamount to a 7% increase in the volume compared to 21. Prime yields in the office segment fell slightly again in view of the strong demand. The average yield for all Big 7 markets fell by 1 basis points compared to the third quarter to 4.4%. The analysis of the different asset classes reveals no fundamental differences from 212. Office properties again accounted for the highest share of the transaction volume at 46%. properties accounted for a 26% share, followed by mix-used properties with 11% and warehouse and logistics properties with at least 7%. The office prime yields were still on a slight downward trend in individual cities. Each of the Big 7 cities now has a net initial yield of below %. Aggregated across all cities, the prime yield in the office segment fell to an average value of around 4.67%. Shopping centre yields are at a similar rate of 4.7%. Initial yields of.6% are paid for good specialist store products; there was also a slight decline here. Only the average yield for city centre commercial buildings remained unchanged at the already low level of.99%. The German investment market has started the year with a tailwind behind it. This positive outlook is based on the continuing strong demand from international capital for investment opportunities on one hand, and on an attractive financing environment on the other. For 21, we therefore expect to see a further increase in the transaction volume to above 4 billion. Leasing Comparables Tenant City Property Type Area (m²) real,- SB-Warenhaus GmNürtingen Self-Service Department Store 1,9 m² real,- SB-Warenhaus GmEdingen-Neckarhausen Self-Service Department Store 1,7 m² Kaufland Mosbach Self-Service Department Store 6,49 m² Marktkauf Ulm Self-Service Department Store 6,2 m² Kaufland Lüneburg Self-Service Department Store 4,611 m² Deichmann Wiesbaden Shoe Store 449 m² Deichmann Rödermark Shoe Store 49 m² Bäckerei Aschaffenburg Bakery 66 m² Total per month /m² Comment 81, /m² Other federal state; higher purchasing power; modern building 117, /m² Same federal state, comparable micro location, /m² Comparable micro location, slightly smaller size 6, /m² Comparable purchasing power, modern building, /m² Lower purchasing power; worse location, /m² Higher purchasing power; smaller retail area, /m² Other federal state, /m² Comparable purchasing power; worse location Investment Comparables Property Type Park Hypermarket Park Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Year of Construction 1994 table Area Gross Multiplier Date of Transaction 1.7-fold Q2 21 9, m² 1.8-fold ,988 m² 1.8-fold Q4 21 9, m² 14.8-fold 214 1,1 m² 14.-fold 214 8,2 m² 14.1-fold Q 21 22,269 m² 14.7-fold 212 1, m² 1.8-fold Q2 212 Comment Hamburg, Kaufland and fitness gym, long remaining WALT, strong macroeconomic indicators Located close to Berlin, positive population forecast, after lease prolongation (1 years WALT) Close to Karlsruhe, tenants REWE, Müller, Penny, Takko, Kik, Deichmann, approx. 6.6 years WALT Main tenant Kaufland, long remaining lease term (1.6 years), located in Gelnhausen Located in North Rhine-Westphalia, let to Real, approx. 14 years WALT Medium to long WALT, located in North Rhine-Westphalia WALT 1.7 years, good location, main tenant Kaufland, partly leasehold Anchor tenant Famila, WALT 9.2 years, strong location in northern Page 12 of 12

116 Waldenburger Straße F Glauchau Property no. 8 Portfolio: Property Summary Key Figures Property type Main tenant Total lettable area Total parking units Current vacancy rate Weighted average lease term Year of construction Year of refurbishment Park Kaufland Warenhandel Mittel-Sachsen GmbH & Co. KG 12,86 m² 19 units 4.% 1.1 years 1992 Contractual gross rental income (month 1 x 12) total p.a. per m² / month 1,161, Total non-recoverable expenses (month 1 x 12) total p.a. 114,11 per m² / month.74 Net operating income (month 1 x 12) total p.a. per m² / month 1,47, Market rental value total p.a. 1,224,16 Over-/Underrent based on occupied areas.8% SWOT Analysis Strengths Sufficient parking spaces available Lease extension with Kaufland until September 2 Risk diversification due to multi-tenant structure Long remaining lease term of the anchor tenant Located next to a motorway exit and a federal road Weaknesses High level of competition (another Kaufland nearby) Limited third party usability of the large-scale retail area without refurbishment Building more than 2 years old Opportunities Threats Prolongation of lease contracts after expiry Re-letting/negotiations concerning the prolongation of existing contracts may result in worse conditions Significant negative population growth Below-average purchasing power Limited investor focus on properties in eastern Environmental risks due to soil contamination caused by petrol station Property Rating (1 = very negative, = very positive) Building Location Building age 2 16 to 2 years Macrolocation 2 Below average location and catchment area table Area 4 Between 12, and 1, m² Microlocation Average micro location Property condition 2 Below average building condition Commercial activity Limited commercial activity nearby General impression Average general impression Competition 2High competition level Liquidity Investment Quality WALT WALT longer than ten years Investment market 2 Under developed property market Over- / underrent Rack rented (-% to %) Investment volume 4 Good lot size Quality of tenants 4 Tenants with very good credit rating Saleability 4 Good saleability within 6 months Property Description The site encompasses the subject retail park, a petrol station as well as some food stalls located in front of the main entrance. The property was constructed in 1992 and encompasses a self-service department store (Kaufland), an Aldi food discounter, a medimax (consumer electronics) and various smaller retailers. The property is rectangular-shaped with the north-western corner being cut out. The property mostly has a single storey; however, on the eastern side, there is second storey accommodating offices of the main tenant. The property is built out of prefabricated columns and beams on a reinforced concrete slab. The supporting structure of the flat roof consists of trapezoidal metal panels. The facade of the property is made from multi-layer concrete panels. Main entrance, office windows and shop displays have coated aluminium frames. The walls within the public areas are plastered and painted. The ceiling inside the mall is suspended with a grid system still allowing the technical installations above to be seen. The smaller shop units usually have a suspended ceiling while the large retail unit of Kaufland all technical installations are viewable. The floor is mainly covered with ceramic tiles, while the fit out of the smaller shop units depends on the tenant s preferences. In terms of HVAC, the property offers gas-operated heating and ventilation, but only partial air conditioning. The parking area is made of asphalt in the driveways and paving stones for the parking areas. Valuation Results 1,6, Market Value equals to Market al Value 1,21 per m² 1,224,16 p.a. equals to 7.9 / m² / p.m. Discount Rate Capitalisation Rate 7.% 7.% Net Initial Yield Net Reversionary Yield 6.8% 6.76% excluding capital expenditures 6.8% 6.76% Multiplier (initial) 1.4 Multiplier (based on MRV) Page 1 of 12

117 Property no. 8 Portfolio: Waldenburger Straße F Glauchau Location Macroeconomic Indicators (Source: GfK 21/14, BfA, IFH 214) Federal State District City Postcode Population Federal State absolute Population District absolute Population City absolute Number of Households City absolute Population Density District per km² Population Density City per km² Population Forecast (29-22) District in % Population Growth (28-21) Federal State in % Population Growth (28-21) District in % Unemployment Rate (214) Federal State in % Unemployment Rate (214) District in % Saxony Zwickau (Rural District) Glauchau 871 4,1,,226 24,14 12, % -2.1% NA 9.7% 8.4% Structual Data (Source: GfK 214 and IFH 214) Purchasing Power District in m Purchasing Power City in m Purchasing Power Index Federal State index Purchasing Power Index District index Centrality Index District index, Glauchau Macro Location The city of Glauchau is located in the federal state of Saxony. Glauchau is situated between the cities Gera to the west (approx. km) and Chemnitz to the east (approx. km). Glauchau is located next to the motorway A4, which runs from the east of Hesse to the Polish border, passing by cities such as Erfurt, Chemnitz and Dresden. Furthermore, the federal roads B17 and B9 cross Glauchau, connecting the city from north and south. Glauchau has a railway station with service to Dresden, Hof, Nuremberg and Zwickau, connecting the city to the long-distance network of Deutsche Bahn. The closest airport is Leipzig-Altenburg, which is situated 2 km north of Glachau. Destinations to be reached from Leipzig airport are nationally, larger German cities in the west and south of and internationally, Brussels, Prague, Paris and Vienna. Furthermore, Leipzig offers service to plenty of tourist destinations, such as Spain, Greece and North Africa. Glauchau is home to several manufacturing companies in the field of textiles and car parts. Particularly the latter sector benefits from the manufacturing site of Volkswagen in Zwickau-Mosel only a couple of kilometers away. Additionally, Glauchau benefits from its location next to a motorway. Micro Location Micro Location The property is situated approx. 2. km north of the city centre of Glauchau in the sub-district of Jerisau. The property is located very close to a motorway exit (A4) and the federal road B17, connecting the city in all directions. The property is visible from both roads. It can be accessed from Ludwig-Erhard-Straße in the north and Waldenburger Straße in the east, surrounding the property to the west, north, and east. To the south of the property, there is a Greenfield site. The neighbourhood of the property is predominantly characterised by commercial buildings, such as car dealerships, a fast food restaurant, and fields. Furthermore, there is a petrol station on the site. There is a bus stop in front of the site with frequent service from Glauchau to a couple of villages and towns to the north and east of the property. Local Tax Information Real Estate Tax Rate (Typ B) City in % Land Transfer Tax City in % 49. Page 2 of 12

118 Waldenburger Straße F Glauchau Property no. 8 Portfolio: Site Plan Source: Cadastral plan, dated 9 February 21 Site Information Site area 47,878 m² thereof surplus land m² Surplus land value (net) Site servicing Fully serviced Site layout Irregular Soil contamination No Suspicion Building encumbrances No Ground lease Ground lease expiry Comment The site consists of ten different plots and encompasses a total of 47,878 m². The site is not listed in the register of contaminated land ("Altlastenkataster") and the environmental DD, dated 2 May 1991 prepared by Institut Fresenius GmbH, did not identify any contamination of the site. In terms of easements, all plots have an easement registered in favour of Kaufland to operate its store. This represents a common practice so that we do not attribute any effect on value to it. Furthermore, three other easements secure the right to build an underground water pipe on some of the plots. Again, we do not believe that this will influence the market value of the property. For the purposes of this valuation, we have assumed that the subject property is free of any soil or building contamination. No Town Planning Use class Site coverage ratio (GRZ) Plot ratio (GFZ) Cubic index (BMZ) Tenure SO (special zone) Comment According to information provided by the local planning authority, a simple (not legaly binding) development plan exists, entitled "Bebauungsplan Nr. 2-1 Industriegebiet Glauchau Nordwest", with the following regulations: The subject site is listed as a special area (SO-Sondergebiet "Einzelhandel"), which permits retail trade. The use of the site has to be consensual to the regulations listed in the development plan. Further legal requirements have to be confirm with the stipulations of 4 BauGB. Land Register Local Court of Hohenstein-Ernstthal, land register of Glauchau Owner TPL Glauchau S.á.r.l, Luxembourg Sheet Plot Parcel Sheet 177: 22/, 217/4, 21/, 21/4, 22/9, 22/, 22/6, 219/11; Sheet 899: 219/6 Sheet 4: 219/7 Section 2 (Restrictions) Sheet 177: Easement (pipeline installation and use as storage space) for the respective owner of the parcels 22, 219/4 and 219/ (Jerisau district); Comprehensive right of use to operate a supermarket/self-service department for Kaufland Dienstleistung GmbH & Co. KG, Neckarsulm; Freshwater pipeline easement for Regionaler Zweckverband Wasserversorgung Bereich Lugau- Glauchau, Glauchau; Sheet 899 and 4: Comprehensive right to operate a supermarket/self-service department for Kaufland Dienstleistung GmbH & Co. KG, Neckarsulm Section (Loans) Land charges in the total amount of 12,44, in favour of HSH Nordbank AG, Hamburg/Kiel; entered on 1 April 214 Source: Land register extract, dated 2 January 21 Page of 12

119 Waldenburger Straße F Glauchau Property no. 8 Portfolio: Competitor Map Source: Jones Lang LaSalle Research Competitor Overview Simmel Kaufland Simmel Kaufland Kaufland Simmel Name Address Type Sales area Distance 871 Glauchau, Rudolf-Breitscheid-Str. 1 Supermarket 2, m² 1.8 km 89 Meerane, Seiferitzer Allee 1 Hypermarket 4,847 m² 6. km 89 Meerane, August-Bebel-Str. 6 Supermarket 1,6 m². km 871 Glauchau, Grenayer Str. 1 Hypermarket 4,2 m² 2.4 km 841 Crimmitschau, Harthauer Weg 1 Hypermarket,2 m² 9.1 km 9 Lichtenstein, Platanenstr. 4 Supermarket 2, m² 9. km m² Potential High High Medium High Low Low Competiton Indicators Inhabitants in primary catchment area (Radius km) 26,18 Purchasing power in Mio. (District),7 Inhabitants in secondary catchment area (Radius 1 km) 49,917 Purchasing power per Capita in (Radius km) 41 Number of households (Radius km) 1,9 Unemployment Rate (District) 8.4% Number of households (Radius 1 km) 2,4 Population forecast for the district (29-22) -1.% Purchasing Power Index (District) 78.9 Centrality Index (District) 99.2 Page 4 of 12

120 Waldenburger Straße F Glauchau Property no. 8 Portfolio: Main competitors This competitor is a retail park located at the western outskirts of Glauchau, only km away from the subject property. It comprises a Kaufland, a toom DIY, a large-scale drinks cash-and-carry, a Reno shoe market, a tedi, a petrol station and various smaller retailers. Due to the proximity and similarity of the tenant mix, we assess the competition level to be high. This medium-sized Edeka store is located within a small retail park with several small retailers such as NKD, a local shoe store and Pfennigpfeiffer (a discount store for non-food items, for example stationery and houseware). Competition Comment Concerning food competitors, there is the aforementioned retail park anchored by Kaufland (named Kaufland II in the following) including toom DIY at the western outskirts of Glauchau and the E-Center Simmel located within Glauchau. Of these two and the Kaufland in the subject property, the latter one has the largest sales area with more than 7, m². Its competitors only have approx. 4,2 m² (Kaufland II) and 2, m² (E- Center) of space. On the other hand, the Kaufland II is part of a larger retail agglomeration with a toom DIY, a large-scale drinks cash-and-carry, a Reno shoe market, a tedi, a petrol station and various smaller retailers. Furthermore, a petrol station is next to the agglomeration. The E-Center is part of a smaller retail agglomeration with a couple of smaller retailers, predominantly from the region. Generally, shop units are smaller within this agglomeration compared to the properties in which the Kauflands are located in. However, the E-Center is only an indirect competitor to Kaufland, since the sales area is significantly smaller. Furthermore, Kaufland offers a very deep and broad product range with more than, products, while discounters and supermarkets offer a limited product range with only 7, to 11, (supermarkets) or 4 to 2, (discounters) articles. Therefore, these retailing forms address different customers or customer needs. While supermarkets and discounters cater to the daily needs of customers, Kaufland offers a larger variety of products that are bought on a non-daily basis. Thus, the only very strong competitor is Kaufland II. In terms of location, Kaufland II benefits from its location next to the B17, which leads out of Glauchau to Zwickau and to the Volkswagen manufacturing site close by. However, the accessibility of the site is below average and the visibility from the road from a distance is below average. Additionally, the different larger shops are not connected to each other via a mall as in the subject property. This means that customers have to walk through the parking lot to get to the next shop. Moreover, Kaufland II does not have a food discounter, which usually attracts many customers who go shopping in hypermarkets for the goods they cannot buy in food discounters. Furthermore, when considering the inner and outer appearance of the shops, they are both almost on the same level as the subject property. Particularly to the north of the property, there are no competitors and this area is connected via a major federal road. Therefore, we believe that there is enough customer potential for Kaufland. Turnover analysis The rents in functional retail agglomerations are linked to the achievable turnover. The percentage rate that a retail tenant can use for rental payments depends on the margins achievable in the various market sectors. This rate normally ranges between 2% and 1% depending on the respective industry. The productivity varies between approx. 1,/m² and up to more than 1,/m². However, we would like to point out that we were not provided with current turnovers (21/214) of the tenants. For the valuation, we were provided with a figure of the total turnover rents which are additionally paid by the tenants. We have applied these additional rental income in our calculation. Nevertheless, we were not able to calculate rent-to-sales ratios or the sales productivity of the respective tenants. Conclusion The subject property is a retail park located in the northern outskirts of Glauchau at an arterial road, close to a motorway exit. It offers good visibility and accessibility by car. The property is anchored bya Kaufland and comprises other nation-wide operating retailers such as Medimax, Apollo Optik, AWG, mister+lady and some local retailers. The tenant mix within the property predominantly focuses on price-conscious customers and offers products ranging from daily needs to fashion and services, such as a dry cleaner, a locksmith, and jeweller. This tenant mix fits into the general economic environment of the region. On the other hand, the tenant mix is quite similar to that of the strongest competitor (Kaufland II). Nevertheless, the subject property benefits from the villages to the north, which acts as additional customer potential and help sustain the market. The tenants within the property, apart from the food stalls, suffer from below average turnover, likely because of the low purchasing power in the region. Nevertheless, based on the turnover data made available (dated 212) to us, we are of the opinion that the total rental income is sustainable. The property is nearly fully let and achieves an average contractual rent of 7.4/m² for the retail areas. Furthermore, the weighted average lease term is 8.4 years with the anchor tenant having a remaining lease term of more than 1 years. However, the property has an adequate tenant mix and is let on a sustainable level. Nevertheless, the strong competition and economic situation in the region does not leave much room for rental growth potential. Page of 12

121 Waldenburger Straße F Glauchau Property no. 8 Portfolio: Roll Tenant Name Area Category ting Area / m² Tenant Lease Lease Renewal Tenant Status m² / unit / month / month pays VAT Start End Probability pays * 1 Kaufland 7,14 9,268. Yes % 2 Kaufland Storage 442 2,21. Yes % Kaufland Office 27. Yes % 4 Dänisches Bettenlager 974 4,868. No MediMax Zentrale Electron 1,46 9,27.84 Yes AWG Allgemeine Warenvertriebs GmbH 89 7, Yes GT I 7 BRL Center GmbH 17 4, Yes Friedrich Yes mister*lady GmbH 6 2, Yes Frisör Klier GmbH 78 2, Yes Reiseland GmbH & Co. KG 12 Waschbar Röhner , Yes Yes Valora Kiosk GmbH Yes Vacant (Deichmann SE) Vacant 4. No 1 Fleischerei Richter GmbH 82, 4.4 Yes Fleischerei Richter GmbH 8 1, M 17 Apollo Optik GmbH 12 1, Yes Flora Passionata 8 1, Yes Feinbäckerei Heber 79 4, Yes Apache-Jeans 1 2,27 1. Yes Sparkasse Chemnitz Abt. V Yes % 22 Schwarz Außenwerbung GmbH Other Units Yes unlimited 1% 2 Imbissstand Kurt External parking Yes Dung Tran External parking Yes Geiser Roland GmbH External parking M 26 Gottmann Kay Other Units unlimited 1% M 27 TOTAL Deutschland GmbH Petrol Station 1,19 2, Yes M 28 Vacant Vacant 17. No 29 Tobacoland External parking % M Vacant Vacant. No 1 Vacant Storage Vacant 29. No 2 Turnover Other Units 1 1, Yes % Income Other Units % M 4 Parking External parking % M Total * M = Maintenance, GT = Ground Tax, I = Insurance Costs, PM = Property Management 12,86 m² 96,768 Page 6 of 12

122 Waldenburger Straße F Glauchau Property no. 8 Portfolio: Valuation Assumptions Tenant Name Area Category Area Market Market Re-letting Initial Re-letting Agency Lease Renewal sqm/unit /month Tis Void VPV* Void* Abatem.* Fees* Term** Probability 1 Kaufland 7,14. 9, % 2 Kaufland Kaufland Storage Office , % 1% 4 Dänisches Bettenlager , MediMax Zentrale Electron 1, , AWG Allgemeine Warenvertriebs GmbH , BRL Center GmbH , Friedrich mister*lady GmbH , Frisör Klier GmbH , Reiseland GmbH & Co. KG 67. 2, Waschbar Röhner , Valora Kiosk GmbH Vacant (Deichmann SE) 4 12., Fleischerei Richter GmbH 82. 2, Fleischerei Richter GmbH Apollo Optik GmbH , Flora Passionata 8. 1, Feinbäckerei Heber 79. 2, Apache-Jeans , Sparkasse Chemnitz Abt. V % 22 Schwarz Außenwerbung GmbH Other Units % 2 Imbissstand Kurt External parking Dung Tran External parking Geiser Roland GmbH External parking Gottmann Kay Other Units % 27 TOTAL Deutschland GmbH Petrol Station 1, , Vacant Tobacoland External parking 1. % Vacant Vacant Storage Turnover Other Units ,16 % Income Other Units 1 4. % 4 Parking External parking 4. % Total * months ** years ***structural vacancy 12,86 sqm 12,1 Page 7 of 12.

123 Property no. 8 Portfolio: Waldenburger Straße F Glauchau Property Analysis Area Analysis table Area Use Category m² Office 12,9 DIY Warehouse Commercial Residential Storage 471 Total area 12,86 Petrol Station 1,19 Other Units 11 Internal parking External parking 19 Total parking 19 Area Vacant m² Area Vacancy Rate m² %.% 11,828.91%.%.%.%.% % 12,2.98% 1,19.% 11.%.% 19.% 19.% Office DIY Commercial Storage Warehouse Residential Income Analysis Contractual Contractual Contractual Potential Market Market Market Over-/ Under- ed Use Category /m²/month /month /year /year /m²/month /month /year Office. 27,,. 27,.% 7. 88,72 1,64,788 1,18, ,62 1,122,748-1.% DIY...% Warehouse...% Commercial...% Residential...% Storage. 2,21 26,2 28, ,21 26,2 6.6% Petrol Station ,7 24,877 24, ,278 27,6-9.% Other Units Total area Internal parking ,648 94,98 19,776 1,19,261 19,776 1,184, ,648 99,97 19,776 1,199,68.% -1.1%.% External parking.2 1,829 21,9 21,9.9 2,4 24,48-1.% Assessment of Kaufland market rent Space productivity Turnover to rent ratio Explanation 7, Usual market % - levels 6, 1. Market rent 14. 6, Contractual 1., 12. s % / m² Contractual.6% 1., Market.6% 1. 4, % of turnover % of turnover , 6. 4, % of turnover., Turnover potential 2,9, (net). Sales Area ~ 6, m², 2. in / m² p.a. 1.% based on sales area 1.% 2.% 2.%.% Turnover-rent-ratio.% 4.% 4.%.% Total Area 7,67 m² Self-service department stores usually can afford to pay a rent in the range of 2% to 4% of their net turnover (economically sustainable rent burden) and have a space productivity of about 4, to 6, per m² sales area. The two graphics above indicate, how the contract rent of the main tenant Kaufland as well as the assumed market rental level, can be assessed on the basis of usual market ranges. This analysis is based on the turnover potential figures prepared by Trade Dimension. D&B Rating of Main Tenant / m² / month Main tenant Tenant name p.a. Share of total income WALT Payment Index Capital indicator Risk indicator Score Credit limit Kaufland Warenhandel Mittel-Sachsen GmbH & Co. KG 1,6 4% 1.7 years 8 O , (single) 8, (total) Comment The main tenant is a corporation belonging to the Kaufland Group, which in turn belongs to the Lidl & Schwarz Group, one of the biggest grocer groups in Europe. Kaufland is the self-service department store division of Lidl & Schwarz with more than locations across Europe. Kaufland s core business area is food retailing with branded goods and own-brands specially produced for Kaufland. According to Dun & Bradstreet (D&B) Rating as of Kaufland Warenhandel Mittel-Sachsen GmbH & Co. KG has a below-average credit risk. The risk of insolvency (D&B Score) within the next 12 months compared with other German companies is assessed to be low. Page 8 of 12

124 Waldenburger Straße F Glauchau Property no. 8 Portfolio: Assumptions Market Value Lease Contract Commentary The main tenant, Kaufland, has a lease expiring in 226 with the option to prolong its lease. According to provided information the tenant Kaufland will prolong its lease contract until December 2 in the curse of a refurbishment/modernisation of the sales area. This agreement is not confirmed yet, but we reflected this fact in adjusting the discount rate. The rent is indexed and will be adapted by % of the CPI change, whenever the change exceeds 1 percent in relation to CPI basis. Kaufland does not contribute to any costs in association with maintenance costs for roof and the building structure, ground tax, insurance fees, and management costs. The remaining tenants usually do not pay for maintenance costs for roof and building structure and pay a fixed amount each month for management costs (usually around 1). However, most tenants pay for ground tax and insurance fees. The rent is mostly indexed with to 1% adjustment of the rent whenever the German CPI changes by 1% or more. Some of the tenants have an option to prolong their leases by five years. According to the provided tenancy schedule the tenant Deichmann vacated the property. Further several smaller retail tenants prolonged their lease contracts in comparison to the previous valuation. General Property Assumptions Discount rate 7.% Capitalisation rate Capital expenditures* Vacancy costs * on the basis of cost estimates provided by Brack Capital Properties N.V 7.% 1. /m²/p.a. Discount Rate Comment The yields applied reflect the individual location quality (macro- and micro-location) of the properties, building structure, letting situation, covenant strength and the relationship between contractual and market rent. We derive the discount rate from market transactions. The discount rate reflects the rate of return expected by investors and is determined based on the risk associated with a property. As reinsurance, the initial yields profile is aligned with the market/other transactions. We have taken into account such facts as the stable Cash Flow, the long lease contract with the tenant Kaufland, the average location within the federal state Saxony and the low vacancy rate. Breakdown of Non-Recoverable Costs Contract** % of Gross Inflation per year per year (month 1 x 12) Contract Maintenance costs. /m² 7,9 6.8% Year after 224 Management costs 1.6 /m² 17,418 1.% Inflation 1.% 1.8% 1.8% 1.6% 1.% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Ground tax 1.74 /m² 22,1 1.92% Insurance costs.29 /m²,746.2% Market al Growth Other non-recoverable costs. /m².% Total non-recoverable expenses 8.89 /m² 114,11 9.8% Year after 224 ** JLL analysis al Growth 1.% 1.8% 1.8% 1.6% 1.% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Market (assuming full occupancy) Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Total non-recoverable expenses per year. /m² 1.4 /m² 1.74 /m².29 /m². /m² 8.96 /m² per year 7,9 18,62 22,1,746 11,4 % of Gross Market.77% 1.% 1.8%.1%.% 9.4% Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Contract Market Total Non-recoverable Costs Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 Maintanance Management Ground Insurance Other Non- Vacancy Total % of Total Costs Costs Tax Costs recoverable Costs Costs per year Gross Revenue 7,79 17,71 22,1,746,17 119,2 1.1% 71, 18,6 22,644,79 2,28 118, 9.7% 72,819 18,61 2,6, ,49 9.% 74,19 18,724 2,48, ,42 9.6% 7,6 18,461 2,86,999,46 127,148 1.% 76,21 19,629 24,2 4, ,486 9.% 77,692 78,88 19,77 19,948 24,6 24,98 4,12 4,186 2,17 2,74 128, 1,74 9.7% 9.8% 8,166 2,1 2,87 4, ,9 9.6% 81,77 19,98 2,84 4,29 2,289 14,12 1.1% 8,4 2,177 26,299 4,47 1,9 1,88 1.1% 12.% Non-Recoverable Costs as a percentage of Total Gross Revenue 1.% 1.1% 9.7% 9.% 9.6% 1.% 9.% 9.7% 9.8% 9.6% 1.1% 8.% 6.% 4.% 2.%.% Page 9 of 12

125 Waldenburger Straße F Glauchau Property no. 8 Portfolio: Cash Flow Market Value Total Non- Net TIs and al Turnover Gross recoverable Operating Capital Leasing Revenue Vacancy Abatements Revenue Costs Income Expenditures Commissions Cash Flow Year 1 1,2, - 72,68 1,18, ,2 1,61,124 1,61,124 Year 2 1,26,88-2,414 1,224, , 1,1,841 -,4-22,8 1,27,878 Year 1,246,11 -,86 1,24,42-118,49 1,124,9-1,9-1,17 1,122,68 Year 4 1,22,48-4,28 1,248,277-12,42 1,127,84-1,7-1,78 1,124,14 Year 1,277,61-46,99 1,2,71-127,148 1,1, - 126,11-14, ,7 Year 6 1,8,81-2 1,8, ,486 1,184, ,18,128 Year 7 1,,8 -,478 1,18,2-128, 1,189,97-22,1-9,946 1,17,16 Year 8 1,6,71 -,84 1,29,881-1,74 1,199,147-28,2-9,8 1,161,77 Year 9 1,61,719 -,6 1,6,71-1,9 1,226,44-2,276-2,48 1,222,8 Year 1 1,6, - 28,2 1,2,178-14,12 1,198,166-6, - 4,2 1,187,84 Year 11 1,62,49-16,894 1,4,1-1,88 1,29, ,47-8,2 17,66,792 Total Cashflow (incl. Terminal 7. %) Gross Value of Surplus Land Gross Capital Value incl. Surplus Land Total Gross Revenue versus Net Operating Income Present 7.% 1,26,76 92,848 94,4 87,76 699, ,61 72,6 677,64 662,94 99,77 8,426,262 16,,189 16,, % 6.8% 6.9% 6.9% 6.7% 7.2% 7.% 7.% 7.% 7.% 8.% 7.% % al income % 4.%.% Running yield 4. 2.% 2. 1.%..% Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Valuation Results Overview Contractual gross rental income (month 1 x 12) Market rental value Over-/Underrent Yield Overview Net Initial Yield Net Reversionary Yield Gross Initial Yield Gross Reversionary Yield Valuation Comment total p.a. per m²/month total p.a. per m²/month Market Value Gross Capital Value (rounded) 1,161, Total 16,4, 1,224,16 per m² 1, % Purchaser's costs.% 6.8% Market Value (rounded) 6.76% Total 1,6, 7.44% 7.8% per m² 1,21 In terms of risk, we considered the covenant strength as well as the lease duration for the existing contracts. The main tenant, Kaufland Warenhandel Mittel-Sachsen GmbH & Co. KG, has good covenant strength, which ensures a secure cash flow for the remainder of the lease term until at least 226. In terms of a resale, we took into account such facts as visibility, demographic factors, appearance, condition and building age, third-party usability, competition situation and location. However, taking the highly negative population growth forecast (-1.%) for the coming years into account as well as the strong competition, we assessed the market rent accordingly to./m²/month. For the purpose of the valuation on , we have been provided with an updated rent roll and applied it in our valuation. The contractual rental income decreased, other costs have remained unchanged and have been applied according to the information received during the previous valuation cycle. For management costs, we have applied 1.% of the effective gross rent. We have not been provided with updated information regarding necessary capital expenditures, therefore we applied that all capital expenditures for repairs in the first year as well as in the periods of year 2 to and year 6 to 1 are considered to be covered by the our maintenance cost approach of./m² p.a. Regarding comparable rents, we have had recourse to evidence of similar areas situated in the comparable regions and locations. Furthermore, we have analysed comparable transactions. Please refer to the section "Investment Comparables". Compared to our last valuation, some changes in the rent roll have been made as well as an adjustment of the nonrecoverable costs. The following changes occurred in comparison to previous valuation: The rental agreement with the main tenant Kaufland is extended to September 2 on the same rental level. The tenant Deichmann vacated the property. Further several smaller retail tenants prolonged their lease contracts. Page 1 of 12

126 Waldenburger Straße F Glauchau Property no. 8 Portfolio: Photos View of the delivery zone External view View of the petrol station View of the sales area View of a vacant unit View of the delivery zone Page 11 of 12

127 Waldenburger Straße F Glauchau Property no. 8 Portfolio: Leasing and Investment Market Development of prime yields transaction volume in Leasing Market There is no homogeneous rental level for retail space in retail warehouses or retail parks throughout. For the determination of the rents, the quality of location in terms of accessibility and competition is crucial. The rents within the different branches vary. This is due to the diverging location assessment and turnover expectancy of the different tenants. If in the case of a retail park the management succeeds in establishing good anchor tenants, which guarantee a high visitor frequency, then the turnover expectancy of secondary tenants tends to be higher and as a consequence, their overall rental level will be higher as well. Besides the rent level, another determining factor for investors is the building costs. Properties with the highest rents usually also have the highest building costs and land acquisition cost. Depending on the size of the retail unit and the branch of the tenants, rents in retail parks the average rent is between 7. and 18./ m²/month. Prime rents of 18./m²/month are normally achieved within near city retail parks in a metropolitan region. Depending on the size of the retail unit and the retail format of the store, rents for supermarkets/ hypermarkets are generally slightly higher than the rents for discounters. s for discounters in western usually range between 6. and 12. /m²/month, while discounters in former Eastern generally achieve slightly lower rental rates. Drug stores and the-, textile-, shoe- and electronics branches generally achieve rental rates ranging from 7. to 12. /m²/month. DIY stores need extensive space due to their broad product range. In urban centers, these stores sometimes even offer their products on two levels. DIY stores are placed at the lower end of the scale in terms of rents, with prices ranging between. and 1. /m²/month. As DIY stores have a supra-regional catchment area, there are not as independent as other branches in the area and can relocate to more affordable attractive and easily accessible industrial zones. In such areas, lower investments for realisation and lower building costs induce lower rents. Investment Market On the investment market in 214, total capital amounting to 8.8 billion was invested in German commercial properties an increase of about % compared to the previous year. This means that 214 was the strongest year for property transactions since the boom year of 27. As was already seen in the previous year, the final quarter of the year proved to be the strongest in terms of transactions. Properties worth around 14 billion changed hands in the months from October to December. The run on the commercial property markets will continue in 21 - with an equal or even greater transaction volume. The investment focus of investors was still almost exclusively directed towards prime properties in prime locations in 21, but this has now diversified somewhat. More and more buyers are prepared to invest in lower-quality properties with a certain proportion of vacancies or in a less central location in the large cities as well as in smaller towns. However, the Big 7 together represent a volume of around 2 billion and therefore still account for well above half of the transaction volume across. Office properties accounted for the highest proportion of the transaction volume with a share of around 44%. properties were next in line with a 22% share. Warehouses and logistics properties registered relatively strong growth over the year, increasing their share to at least 9%. The share of portfolio transactions also increased further. Local and inter-regional portfolios accounted for around % of the volume in 214, which was tantamount to a 7% increase in the volume compared to 21. Prime yields in the office segment fell slightly again in view of the strong demand. The average yield for all Big 7 markets fell by 1 basis points compared to the third quarter to 4.4%. The analysis of the different asset classes reveals no fundamental differences from 212. Office properties again accounted for the highest share of the transaction volume at 46%. properties accounted for a 26% share, followed by mix-used properties with 11% and warehouse and logistics properties with at least 7%. The office prime yields were still on a slight downward trend in individual cities. Each of the Big 7 cities now has a net initial yield of below %. Aggregated across all cities, the prime yield in the office segment fell to an average value of around 4.67%. Shopping centre yields are at a similar rate of 4.7%. Initial yields of.6% are paid for good specialist store products; there was also a slight decline here. Only the average yield for city centre commercial buildings remained unchanged at the already low level of.99%. The German investment market has started the year with a tailwind behind it. This positive outlook is based on the continuing strong demand from international capital for investment opportunities on one hand, and on an attractive financing environment on the other. For 21, we therefore expect to see a further increase in the transaction volume to above 4 billion. Leasing Comparables Tenant City Property Type Area (m²) SB-Warenhaus Real Real Real Deichmann AWG Frisör Klier Aurich Ritterhude Nienburg Bitterfeld Görlitz Großpösna Großpösna Self-Service Department Store 8, m² Self-Service Department Store 12,4 m² Self-Service Department Store 8, m² Self-Service Department Store 16,866 m² Shoes 4 m² Fashion 1,4 m² Haircutter 88 m² m² Total per month /m² Comment 47,846.7 /m² Other federal state, comparable purchasing power 77, /m² Significantly better purchasing power,9 4. /m² Comparable purchasing power 11,2 6.8 /m² al income includes sub tenants with higher rents, /m² Slightly worse purchasing power 16, /m² Slightly better purchasing power 2, /m² Slightly better purchasing power. /m² Investment Comparables Property Type Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Year of Construction table Area Gross Date of Multiplier Transaction Comment 9, m² 1.8-fold 214 Located close to Berlin, positive population forecast, after lease prolongation (1 years WALT) 1,1 m² 14.-fold years WALT, anchor tenant Real located in Lower-Saxony 6,48 m² 12.4-fold Q 21 Tenants: Kaufland (lease expiry 22), Lidl, KiK, Takko; 1, m² additional office space / medical practices,9 m² 12.9-fold 214 Anchor tenant Kaufland, WALT 1.7 years, located in Lower-Saxony 9, m² 14.-fold 214 Anchor tenant real, WALT 1 years, located in Brandenburg 22,926 m² 8.-fold 212 Anchor tenant Kaufland & Toom, WALT below years, portfolio transaction 9, m² 9.8-fold 212 Located close to Berlin, positive population forecast, 2 years WALT m².-fold Page 12 of 12

128 Friedrichstraße Ludwigsburg Property no. 9 Portfolio: Property Summary Key Figures Property type Main tenant Total lettable area Total parking units Current vacancy rate Weighted average lease term Year of construction Year of refurbishment Park Kaufland Vertrieb ALPHA GmbH & Co. KG 14,1 m² 299 units.% 7.8 years 1997 Contractual gross rental income (month 1 x 12) total p.a. per m² / month 9, Total non-recoverable expenses (month 1 x 12) total p.a. 12,894 per m² / month.78 Net operating income (month 1 x 12) total p.a. per m² / month 821, Market rental value total p.a. 1,247,897 Over-/Underrent based on occupied areas -2.4% SWOT Analysis Strengths Located along a major through road Sufficient parking spaces Strong and well-known anchor tenant with long remaining lease term Good tenant mix Fully let Weaknesses Limited third party usability of the large-scale retail area without refurbishment The retail unit let to Kaufland is strongly underrented High level of competition (another Kaufland nearby) Opportunities Threats Reletting of the main retail area on market level Difficult relettability of the fitness studio/health center Extension of the lease contracts of the smaller tenants Property Rating (1 = very negative, = very positive) Building Location Building age 2 16 to 2 years Macrolocation Average location and catchment area table Area 4 Between 12, and 1, m² Microlocation Average micro location Property condition Average building condition Commercial activity 2 No commercial activity nearby General impression Average general impression Competition Average competition level Liquidity Investment Quality WALT 4 WALT seven to ten years Investment market Average property market Over- / underrent Significantly underrented (more than -1%) Investment volume 4 Good lot size Quality of tenants 4 Tenants with very good credit rating Saleability 4 Good saleability within 6 months Property Description The property consists of two buildings. The main building was built in 1997 and is a multifunctional building complex with two underground levels and one to five storeys. The main tenant, Kaufland, is located in the main building, as is the health centre and some minor office areas. The building comprises four connected building parts, which extend from west to east: Part A is a five-storey building with one basement, which has a triangular shape and is the location of the main entrance to the mall. This building part is mainly let to medical practices. Part B is an L-shaped one- to two-storey building with a basement level and in parts, a second basement level. The main part of the mall is located here. Building part C has two storeys, one basement level and a rectangular shape. The ground level is occupied by the shopping mall, while the first floor is let to the fitness studio. Building part D is rectangular, has four-storeys and comprises residential units. The main building is a skeleton construction with columns and beams in varying grids. On the upper floors, there are reinforced concrete slabs and a ripped ceiling over the basement. The inner and outer walls are made of reinforced brickwork or concrete, and are partly constructed as a multi-layer construction or covered with plaster. The annex was completed in 27. It has three storeys and a rectangular shape. The annex is let to medical practices and office tenants on the first floor. There are three retail units on the ground floor and several residential units on the other floors. There are two parking levels under the main building accessible from Friedrichstraße. Some additional parking is provided in front of the annex and is accessible from Danziger Straße. Valuation Results Market Value Market al Value 12,9, equals to 91 per m² 1,247,897 p.a. equals to 7.6 / m² / p.m. Discount Rate Capitalisation Rate Net Initial Yield Net Reversionary Yield.99% 8.11% excluding capital expenditures.99% 8.11% Multiplier (initial) 1.2 Multiplier (based on MRV) 1.4 Page 1 of 12

129 Property no. 9 Portfolio: Friedrichstraße Ludwigsburg Location Macroeconomic Indicators Federal State District City Postcode (Source: GfK 21/14, BfA, IFH 214) Baden-Wurttemberg Ludwigsburg (Rural District) Ludwigsburg 7168 Population Federal State absolute Population District absolute Population City absolute Number of Households City absolute Population Density District per km² Population Density City per km² Population Forecast (29-22) District in % Population Growth (28-21) Federal State in % Population Growth (28-21) District in % Unemployment Rate (214) Federal State in % Unemployment Rate (214) District in % 1,844,921 2,76 89,99 4, , 4.%.9% 2.% 4.1%.8% Structual Data (Source: GfK 214 and IFH 214) Purchasing Power District in m Purchasing Power City in m Purchasing Power Index Federal State index Purchasing Power Index District index Centrality Index District index 12,974 2, Ludwigsburg Macro Location Ludwigsburg is located in the centre of Baden-Wuerttemberg, only 12 km north from the state capital, Stuttgart (62, inhabitants). It is the district capital of the Ludwigsburg District and the second biggest secondary centre in the federal state. The closest motorways are the A81 (Würzburg - Gottmadingen) and A8 (Perl - Bad Reichenhall), which connect the region to Salzburg, Austria to the south-east. The motorways can be reached within km and 2 km, respectively. Ludwigsburg has a railway station, which is located approx. 2 km from the subject property and offers connections to regional destinations such as Stuttgart. The closest railway station offering connections to the high-speed ICE train network is in Stuttgart, approx. 1 km away. The nearest airport offering connections to national and international destinations is the Stuttgart Airport, located approx. 22 km from the subject property. The economy of Ludwigsburg is based on five sectors: automotive suppliers, mechanical engineering, financial services, software development, and communication media. Additionally, a new field is currently establishing itself in Ludwigsburg, namely companies with future-oriented businesses such as energy efficiency, eco-design and green industry. Well-known companies based in Ludwigsburg include Beru Ag, Gleason-Pfauter GmbH, Wüstenrot Bausparkasse AG and Mann+Hummel GmbH. Micro Location Micro Location The property is less than 2 km from Ludwigburg's city centre. It is located at the intersection of Danziger Straße and Friedrichstraße (L114), a well-frequented east-west axis. The property is highly visible from both Friedrichstraße and Danziger Straße due to its corner location. The surrounding area is characterized by residential use with minor commercial use on the ground floor level. Local Tax Information Real Estate Tax Rate (Typ B) City in % Land Transfer Tax City in % 7. Page 2 of 12

130 Property no. 9 Portfolio: Friedrichstraße Ludwigsburg Site Plan Site Information Source: Cadastral plan, dated 29 January 21 Site area 1,911 m² thereof surplus land m² Surplus land value (net) Site servicing Fully serviced Site layout Irregular Soil contamination Suspicion of contamination Building encumbrances Yes Ground lease Ground lease expiry Comment According to the Environmental Due Diligence Report, dated July 27, both sites are listed in the contaminated land register, "Atlas altlastverdächtiger Flächen des Landratsamtes Ludwigsburg". The sites were formerly used by the US military as a military base. It is not clear whether the grounds were contaminated, as neither subsoil investigation reports nor remediation reports were available. Kaufland has stated that there is no subsoil contamination up to 1 m below ground level; however, it is not clear whether there is contamination below this point. For the purposes of this valuation, we have assumed that the subject property is free of any soil or building contamination. No Town Planning Use class Site coverage ratio (GRZ) Plot ratio (GFZ) Cubic index (BMZ) Tenure Land Register Local Court of Ludwigsburg, land register of Ludwigsburg Owner TPL Ludwigsburg S.á.r.l., Luxembourg Source: Land register extract, dated 2 January 21 SO (special zone).9 Sheet Plot Parcel 268 NO 611 (VN 1998/2) NO 611 (VN 199/71) 1/2 1/89 Comment According to information from the local planning authority, a legally binding development plan exists, entitled "48/1" and dated.9.199, with the following regulations: the subject site is listed as a special area (SO-Sondergebiet "Einkaufszentrum"), which permits large-scale retail trade. The site coverage ratio (Grundflächenzahl, GRZ) is.9. The maximum height of the buildings is limited to 27. m for the corner building and 17. m for the middle part of the building and 1 m for the annex. Section 2 (Restrictions) Section (Loans) Several limited personal easements (regarding Land charges in the total amount of 1,919, in temporary restrictive covenant, right of wayleave, favour of HSH Nordbank AG, Hamburg/Kiel ; entered on restrictive covenant, pipeline easement, building 2 February 214 restrictions concerning antennas and combustion installations, right to maintain a sidewalk on part of the property, right to operate and maintain a central heating system) in favor of the city of Ludwigsburg. Further limited personal easements (regarding the installation/operation of a transformer station, pipeline easement, the installation and operation of a distribution plant) are in favour of Neckarwerke Elektrizitätsversorgungs-AG, Esslingen and Deutsche Telekom AG, Stuttgart. One limited personal easement (the right to operate and maintain a hypermarket) in favor of Kaufland Dienstleistungs GmbH&Co. KG, Neckarsulm. Page of 12

131 Friedrichstraße Ludwigsburg Property no. 9 Portfolio: Competitor Map Source: Jones Lang LaSalle Research Competitor Overview Name Address Type Sales area Distance Rewe 786 Kornwestheim, Arkansasstr. 2 Supermarket 1, m² 1. km Rewe 7168 Ludwigsburg, Wilhelmstr. 24 Supermarket 1, m² 1.7 km Kaufland 7166 Ludwigsburg, Schwieberdinger Str. 94 Self-service dep. store 7,62 m² 2.9 km Rewe 786 Kornwestheim, Neckarstr. 1 Supermarket 1,6 m² 2.9 km E-center 786 Kornwestheim, Bahnhofsplatz 2-4 Hypermarket 2,26 m². km Marktkauf Asperg, Ruhrstr. 6 Hypermarket 2,746 m² 4. km E-center Remseck, Neckaraue 2 Hypermarket,4 m² 4. km Rewe Asperg, Eglosheimer Str. 72 Supermarket 1, m². km Kaufland 778 Stuttgart, Aldinger Str. 7 Hypermarket 4,8 m².6 km Rewe 776 Fellbach, Daimlerstr. 18 Supermarket 2,8 m² 6.4 km E-center 74 Stuttgart, Stammheimer Str. 1 Hypermarket,8 m² 6.8 km Kaufland Marbach, Rielingshäuser Str. 1 Hypermarket 2, m² 7. km Potential Medium Medium High High Medium Low Low Low Low Low Low Low Competiton Indicators Inhabitants in primary catchment area (Radius km) 148,14 Purchasing power in Mio. (District) 12,974 Inhabitants in secondary catchment area (Radius 1 km) 42,94 Purchasing power per Capita in (Radius km),2 Number of households (Radius km) 67,99 Unemployment Rate (District).8% Number of households (Radius 1 km) 191,962 Population forecast for the district (29-22) 4.% Purchasing Power Index (District) Centrality Index (District) 81.9 Page 4 of 12

132 Friedrichstraße Ludwigsburg Property no. 9 Portfolio: Main competitors This competitor is a large-scale retail property let to the tenant Kaufland. The property is located in a commercial area at the western periphery of Ludwigsburg. A Küchenstudio and an Aral petrol station are located next to the property. The location of the property is very good and it benefits from being next to a highly-frequented road leading to the A81 motorway. The property is comparable to the subject property and therefore, has a high competition potential. This competitor is retail property let to the tenant REWE. The property is located on the outskirts of Kornwestheim within a residential area at the south-eastern periphery of Ludwigsburg. The location of the property is very good and it benefits from being next to a highly-frequented road Aldinger Straße. In addition there is a Lidl market next to the REWE. The property is comparable to the subject property and therefore, has a high competition potential. Competition Comment The catchment area can be differentiated into primary (Radius km) and secondary (Radius 1 km) catchment areas. Approximately 148,14 inhabitants live in the primary catchment area. Even though there are several discounters and small-scale supermarkets located nearby, it can be said that these present only indirect competition to the property. Kaufland offers a very deep and broad product range with more than, products, while supermarkets and discounters generally offer a limited product range with only 7, to 11, (supermarkets) or 4 to 2, (discounters) articles. Therefore, these retailing forms address different customers or customer needs. While supermarkets and discounters cater to the daily needs of customers, Kaufland offers more variety for products that are bought on a non-daily basis. The main competitor in Ludwigsburg is another Kaufland self-service department store located along Schwieberdinger Straße in the district Pflugfelden. It is located in a commercial area approx. km west of the subject property. The commercial zone is located directly along the federal road ( Schwieberdinger Straße ; L114 ), which leads to the federal motorway A81. Most of the properties nearby are car dealerships (e.g. Toyota, Dacia, Skoda). Further retail tenants include Lidl, Fressnapf, Obi, Aral and a kitchen reseller directly next to the property. The property itself has two storeys and sufficient parking spaces that are spread across several parking decks and parking lots, and are offered free of charge. The retail area of the anchor tenant, Kaufland, is extends over two storeys. The mix of the ancillary tenants is comparable to the sublets of Kaufland in the subject property. The property was refurbished in 29/21. The split of the retail area over two storeys is a bit problematic, as it forces consumers to walk longer distances. Other than that, the proximity of this competitor to the subject property and the superior location along a commuter road make this retail property a serious competitor with high competition potential. There are three more Rewe hypermarkets in a radius of km. However, as these have barely half the sales area of the subject property and offer a different product mix, they only represent indirect competition. Turnover analysis The rents in functional retail agglomerations are linked to the achievable turnover. The percentage rate that a retail tenant can use for rental payments depends on the margins achievable in the various market sectors. This rate normally ranges between 2% and 1% depending on the respective industry. The productivity varies between approx. 1,/m² and up to more than 1,/m². However, we would like to point out that we were not provided with current turnovers (21/214) of the tenants. For the valuation, we were provided with a figure of the total turnover rents which are additionally paid by the tenants. We have applied these additional rental income in our calculation. Nevertheless, we were not able to calculate rent-to-sales ratios or the sales productivity of the respective tenants. Conclusion The subject property is a modern self-service department store with a small mall in the basement as well as some additional tenants on the ground floor. The tenant mix of the sublet areas is service oriented and includes a hairdresser, pharmacy, newspaper kiosk, bakery, butcher s shop, deli and drycleaner. The property offers sufficient parking spaces on two levels and is easily accessible as well as highly visible from both Danziger Straße and Friedrichstraße. As Kaufland is a strong customer magnet, we believe that it will have no trouble letting the small retail units in the basement and on the ground floor. The retail units in the annex, however, are difficult to let. This is partly due to the fact that in the location of the subject property, there is no demand for additional retail space. The current use as a restaurant/wine store are fine, however, they do not benefit greatly from their location next to the Kaufland and therefore, it will be difficult to find new tenants if the current tenants do not prolong their lease terms. In contrast to this, the location has established itself as a medical centre: several of the office units in both the main building and annex have been let to medical practices and a health centre complements this offer. The letting of the office units assuming an adequate rental level can therefore be rated as relatively unproblematic.the rental area of Kaufland can be regarded as relatively unproblematic. The location is suitable for the tenant and can be reached by foot from the surrounding residential area as well as by car. Even though the competition from the Kaufland located nearby is strong, the density of selfservice department stores is moderate for a city this size. We believe that the tenant will be able to compete, especially because it can operate on a very low contractual rent for a long time. The anchor tenant, Kaufland, has a lease contract until 222 with three options each for five years, bringing the earliest possible termination date for the landlord to 27. On the basis of our projection of likely productivity per m² and turnovers, we have calculated the market rent at a level of 8./m²/month. The tenant currently pays a contractual rent of 4.91/m²/month. Therefore, the retail unit is currently heavily underrented. Due to the margins realizable and under the assumption of good turnover figures, we believe that Kaufland will remain in the property until 27. In the unlikely case that Kaufland should vacate the premises, the property could be relet to other self-service department stores, which are currently not present in the Ludwigsburg real estate market. Page of 12

133 Friedrichstraße Ludwigsburg Property no. 9 Portfolio: Roll Tenant Name Area Category ting Area / m² Tenant Lease Lease Renewal Tenant Status m² / unit / month / month pays VAT Start End Probability pays * 1 Kaufland 7,491 6, No % 2 SardoVino GmbH Alexander 92 1,1 1.8 Yes Corongiu 248 2, Yes Land BW vertr. Landesbetr Office 16 1, Yes Life GmbH Office 2,161 9, Yes GT I 6 Life GmbH Office 9. Yes GT I 7 Jacobi-Haumer Office 24 2, Yes Beyer Office 22 2, Yes Praxisgem. Office 47 4, Yes Schwarzenberger Office 177 1, Yes Praxisgem. 12 Günther/Warsow Office Residential 2 7 2, No Yes unlimited GT I 1 Monika Keinath Residential Yes unlimited GT I 14 Ekaterina und Alexander E Residential Yes unlimited GT I 1 Pagel Rosemarie Residential Yes unlimited GT I 16 Meder Residential Yes unlimited GT I 17 Modnikov Residential Yes unlimited GT I 18 Jaqueline + Brian Skowais Residential Yes unlimited GT I 19 Kalaitsidou, Argiro Residential Yes unlimited GT I 2 Roth Residential Yes unlimited GT I 21 PROPERTY MANAGER Office 87. Yes unlimited GT I 22 Tahiri Residential Yes unlimited GT I 2 Jacobi-Haumer Residential Yes unlimited GT I 24 Benninghaus Thom Residential Yes unlimited GT I 2 Tarasov Residential Yes unlimited GT I 26 Thomas Corongiu Residential Yes unlimited GT I 27 Török Residential Yes unlimited GT I 28 Schneider /Dieser Residential Yes unlimited GT I 29 Deutsche Post Real Estate Yes unlimited Roth, Doris Internal Parking 1. Yes unlimited 1 PROPERTY MANAGER Internal Parking 1. Yes unlimited 2 Jacobi-Haumer Internal Parking 1. Yes unlimited Jacobi-Haumer Internal Parking 1. Yes unlimited 4 Tittes Internal Parking Yes unlimited Modnikov Internal Parking 1. Yes unlimited 6 Török Internal Parking Yes unlimited 7 Kalaitsidou, Argiro Internal Parking 1. Yes unlimited 8 Török Internal Parking Yes unlimited 9 Tahiri Internal Parking 1.2 Yes unlimited 4 Horn, Rosemarie Internal Parking 1. Yes unlimited 41 Jaqueline and Brian Skowa Internal Parking 1. Yes unlimited 42 Vacant Internal Parking Vacant. Yes 4 Gregor Warsow Internal Parking Yes unlimited 44 Lautenschläger Janina Residential Yes unlimited GT I 4 Yamadi Yoga Zentrum Office 262 1, Yes denn`s Biomarkt 46,68 8. No Deutsche Plakat-Werbung Other Units No unlimited 1% 48 Parking External parking % % Total * M = Maintenance, GT = Ground Tax, I = Insurance Costs, PM = Property Management 14,1 m² 79,49 Page 6 of 12

134 Friedrichstraße Ludwigsburg Property no. 9 Portfolio: Valuation Assumptions Tenant Name Area Category Area Market Market Re-letting Initial Re-letting Agency Lease Renewal sqm/unit /month Tis Void VPV* Void* Abatem.* Fees* Term** Probability 1 Kaufland 7, , % 2 SardoVino GmbH Alexander Corongiu , Land BW vertr. Landesbetr Office , Life GmbH Office 2, , Life GmbH Office 9.2 1, Jacobi-Haumer Office , Beyer Office , Praxisgem. Office 47 8., Schwarzenberger Office , Praxisgem. Office , Günther/Warsow Residential Monika Keinath Residential Ekaterina und Alexander E Residential Pagel Rosemarie Residential Meder Residential Modnikov Residential Jaqueline + Brian Skowais Residential Kalaitsidou, Argiro Residential Roth Residential PROPERTY MANAGER Office Tahiri Residential Jacobi-Haumer Residential Benninghaus Thom Residential Tarasov Residential Thomas Corongiu Residential Török Residential Schneider /Dieser Residential Deutsche Post Real Estate Roth, Doris Internal Parking PROPERTY MANAGER Internal Parking Jacobi-Haumer Internal Parking Jacobi-Haumer Internal Parking Tittes Internal Parking Modnikov Internal Parking Török Internal Parking Kalaitsidou, Argiro Internal Parking Török Internal Parking Tahiri Internal Parking Horn, Rosemarie Internal Parking Jaqueline and Brian Skowa Internal Parking Vacant Internal Parking Gregor Warsow Internal Parking Lautenschläger Janina Residential Yamadi Yoga Zentrum Office , denn`s Biomarkt 46 7., Deutsche Plakat-Werbung Other Units Parking External parking % % Total * months ** years ***structural vacancy 14,1 sqm 1,991 Page 7 of 12.

135 Property no. 9 Portfolio: Friedrichstraße Ludwigsburg Property Analysis Area Analysis table Area Use Category m² Office 4,61 8,298 DIY Warehouse Commercial Residential 1,24 Storage Total area 14,1 Petrol Station Other Units 6 Internal parking 18 External parking 281 Total parking 299 Area Vacant m² Area m² 4,61 8,298 1,24 14, Vacancy Rate %.%.%.%.%.%.%.%.%.%.% 27.78%.% 1.67% Office DIY Commercial Storage Warehouse Residential Income Analysis Contractual Contractual Contractual Potential Market Market Market Over-/ Under- ed Use Category /m²/month /month /year /year /m²/month /month /year Office.6 2,782 9,79 9, , ,4.%. 44,428,16, ,9 89,442-6.% DIY...% Warehouse...% Commercial...% Residential ,848 16,181 16, ,489 11, % Storage...% Petrol Station...% Other Units Total area Internal parking , ,26 4, ,26 6, , ,24,877 7,2.% -2.% -8.% External parking...% Assessment of Kaufland market rent Space productivity Turnover to rent ratio Explanation 7, Usual market % - levels 6, 1. Market rent 6, 9. Contractual 8., s % / m² 7. Contractual 1.9% 4.91, Market.% , 4% of turnover % of turnover 7.7 4, 4. 2% of turnover.17 4,12, Turnover potential 2,216,7. (net) Sales Area ~,618 m², 2. in / m² p.a. 1.% based on sales area 1.% 2.% 2.%.% Turnover-rent-ratio.% 4.% 4.%.% Total Area 7,491 m² Self-service department stores usually can afford to pay a rent in the range of 2% to 4% of their net turnover (economically sustainable rent burden) and have a space productivity of about 4, to 6, per m² sales area. The two graphics above indicate, how the contract rent of the main tenant Kaufland as well as the assumed market rental level, can be assessed on the basis of usual market ranges. This analysis is based on the turnover potential figures prepared by Trade Dimension. D&B Rating of Main Tenant / m² / month Main tenant Tenant name p.a. Share of total income WALT Payment Index Capital indicator Risk indicator Score Credit limit Kaufland Vertrieb ALPHA GmbH & Co. KG 44,916 46% 12.7 years 79 AA Comment The main tenant is a corporation belonging to the Kaufland Group, which in turn belongs to the Lidl & Schwarz Group, one of the biggest grocer groups in Europe. According to Dun & Bradstreet (D&B) Rating as at.1.21 Kaufland Vertrieb ALPHA GmbH & Co. KG has a very low credit risk. The risk of insolvency (D&B Score) within the next 12 months compared with other German companies is assessed to be below average, i.e. 9% of businesses on the German database have the same or higher risk of failure. According to section 19 of the main lease agreement entered into by the landlord and Kaufland Dienstleistung GmbH & Co. KG (D&B Rating = AA 1), an assignment of the main lease agreement by the tenant to another entity of the Kaufland group requires that the landlord's credit risk rating may not deteriorate due to such assignment of the lease. Page 8 of 12

136 Friedrichstraße Ludwigsburg Property no. 9 Portfolio: Assumptions Market Value Lease Contract Commentary The property is fully let to four retail tenants, health centre and office tenants as well as several residential tenants. The WALT of the property amounts to 7.8 years. The main tenant is Kaufland with a share of approx. 46% of the rental income. The property is currently strongly under-rented, due to a very low rental level of the main tenant Kaufland. As the lease contract is valid until 227 and the tenant has options until 27, we are not of the opinion that the rental level can be adjusted before 27. The rent of Kaufland is indexed and will be adapted by % of the CPI change, whenever the change exceeds 1 percent in relation to the CPI basis. Indexation started on The majority of the tenants pay all costs (including ground tax, insurance costs and management costs) except for maintenance costs for structural repairs. The residential tenants and the tenant Life GmbH (health centre) do not pay management costs. Ground tax, maintenance costs for structural repairs, management and insurance costs will not be borne by Kaufland. The rest can be apportioned to the tenants in accordance with the German Regulation on Operating Costs. Compared to the previous valuation, some residential units have been newly let. Furthermore, some leases have been subject to an indexation adjustment. General Property Assumptions Discount rate 6. Capitalisation rate Capital expenditures* Vacancy costs * on the basis of cost estimates provided by Brack Capital Properties N.V /m²/p.a. Discount Rate Comment The yields applied reflect the individual location quality (macro- and micro-location) of the properties, building structure, letting situation, covenant strength and the relationship between contractual and market rent. We derive the discount rate from market transactions. The discount rate reflects the rate of return expected by investors and is determined based on the risk associated with a property. As reinsurance, the initial yields profile is aligned with the market/other transactions. We have taken into account such facts as the remaining lease term with the well-known anchor tenant, the reduction of vacancy and consequently low vacancy rate, the good turnover figures, the good location within the federal state Baden-Wuerttemberg and the good condition of the subject property. Breakdown of Non-Recoverable Costs Contract** % of Gross Inflation per year per year (month 1 x 12) Contract Maintenance costs 4.7 /m² 67,11 7.4% Year after 224 Management costs 1.1 /m² 14,9 1.% Inflation 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Ground tax.27 /m² 46, % Insurance costs.7 /m²,276.% Market al Growth Other non-recoverable costs. /m².% Total non-recoverable expenses 9.4 /m² 12, % Year after 224 ** JLL analysis al Growth 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Market (assuming full occupancy) Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Total non-recoverable expenses per year per year 4.7 /m² 67, /m² 18, /m² 46,179.7 /m²,276. /m² 9.72 /m² 17,4 % of Gross Market.8% 1.%.7%.42%.% 11.% Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Contract Market Total Non-recoverable Costs Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 Maintanance Management Ground Insurance Other Non- Vacancy Total % of Total Costs Costs Tax Costs recoverable Costs Costs per year Gross Revenue 67,11 14,29 46,179, ,6 14.1% 68,1 14,7 46,784,4 2 1, % 69,262 1,72 47,64,44,29 19,42 1.2% 7,6 14,7 48,21, , % 71,679 14,74 49,7,6 141, % 72,78 14,669,67, ,1 14.7% 7,896 7,27 1,91 1,144,8 1,611,87,896 1, ,16 148, % 14.7% 76,2 1,264 2,42, , % 77,92 1,41,7 6,98 12, % 78,988 1,14 4,6 6,28,1 17, % 18.% Non-Recoverable Costs as a percentage of Total Gross Revenue 16.7% 16.% 14.% 14.1% 14.1% 1.2% 14.6% 14.4% 14.7% 14.7% 14.7% 14.8% 12.% 1.% 8.% 6.% 4.% 2.%.% Page 9 of 12

137 Friedrichstraße Ludwigsburg Property no. 9 Portfolio: Cash Flow Market Value Total Non- Net TIs and al Turnover Gross recoverable Operating Capital Leasing Revenue Vacancy Abatements Revenue Costs Income Expenditures Commissions Cash Flow Year 1 966,449-1,418 -,42 9,79-1,6 817,19-1,72 -,62 82,692 Year 2 968,87 -,71-6,7 97,16-1,28 822,1-1,996-2,1 818,6 Year 966,86-4,21-17, ,898-19,42 77,496-44,1-9,62 721,8 Year 4 981,669-4,89-18,47 98,227-19,42 818,79-27,27-6, ,974 Year 982, , ,62 841,4 841,4 Year 6 98,7-7, ,92-144,1 8,91-2,96-2, ,1 Year 7 1,2,821-4,78-29, ,2-1,16 772,189-78,11-11,64 682,8 Year 8 1,1,618-4,2 1,9,86-148,11 861,4 861,4 Year 9 1,17, ,17,9-149,98 867,6-1,84-1,892 86,99 Year 1 1,,4 1,,4-12,16 877,29 877,29 Year 11 1,9,26-29,677 1,9,49-17,987 81,62 -,2 -,19 14,6,76 Total Cashflow (incl. Terminal 6.2 %) Gross Value of Surplus Land Gross Capital Value incl. Surplus Land Total Gross Revenue versus Net Operating Income Present ,4 748,66 62,9 6,8 642,2 94,62 462,976 48,241 17, 494,616 7,666,77 1,71,12 1,71, % 6.%.7% 6.% 6.1% 6.1%.6% 6.% 6.% 6.4% 7.% 6.%.% 8. al income 6. 4.%.% Running yield 4. 2.% 2. 1.%..% Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Valuation Results Overview Contractual gross rental income (month 1 x 12) Market rental value Over-/Underrent Yield Overview Net Initial Yield Net Reversionary Yield Gross Initial Yield Gross Reversionary Yield Valuation Comment total p.a. per m²/month total p.a. per m²/month Market Value Gross Capital Value (rounded) 9, Total 1,7, 1,247,897 per m² % Purchaser's costs 6.%.99% Market Value (rounded) 8.11% Total 12,9, 7.9% 9.67% per m² 91 In terms of risk, we have considered the covenant strength as well as the lease duration for the existing contracts. The main tenant, Kaufland Vertrieb ALPHA GmbH & Co. KG has good covenant strength, which ensures a secure cash flow for the remainder of the lease term until at least 227. Section 1 of the first amendment to the main lease agreement provides for the assignment of the main lease agreement to ALPHA Warenhandel GmbH & Co. KG, which has a worse D&B Rating (O 1). Pursuant to section 2 of the first amendment to the main lease agreement, the former tenant remains jointly and severally liable for the landlord's payment claims. Hence, the former tenant is a guarantor for the lease payments of the current tenant. In terms of a resale, we considered such facts as visibility, appearance, condition, third-party usability and location. For the purpose of the valuation on , we have been provided with an updated rent roll and applied it in our valuation. The contractual rental income slightly decreased, other costs have remained unchanged and have been applied according to information received during the previous valuation cycle. For management costs, we have applied 1.% of the effective gross rent. We have not been provided with updated information regarding necessary capital expenditures, therefore we assumed that all capital expenditures for repairs in the first year as well as in the periods of year 2 to and year 6 to 1 are considered to be covered by the the maintenance costs of 4./m² per annum. The encumbrances and the public easements are considered to be common practice and do not affect the Market Value of the property. For comparable rents we have had recourse to evidence of similar areas situated in the comparable regions and locations. Furthermore, we have analysed comparable transactions. The difference of the contractual rental income as well as of the market value in comparison to the valuation of the previous year is based on the rental income of the parking area. According to the provided tenancy schedule there is no rental income, in the previous valuation the rental income amounts to approx. 8,. Page 1 of 12

138 Friedrichstraße Ludwigsburg Property no. 9 Portfolio: Photos External view of the subject property from Danziger Straße External view of the subject property from Friedrichstraße External view of the annex building View of the sales area View of the vacant retail unit in the annex building View of the underground parking garage Page 11 of 12

139 Friedrichstraße Ludwigsburg Property no. 9 Portfolio: Leasing and Investment Market Development of prime yields transaction volume in Leasing Market There is no homogeneous rental level for retail space in retail warehouses or retail parks throughout. For the determination of the rents, the quality of location in terms of accessibility and competition is crucial. The rents within the different branches vary. This is due to the diverging location assessment and turnover expectancy of the different tenants. If in the case of a retail park the management succeeds in establishing good anchor tenants, which guarantee a high visitor frequency, then the turnover expectancy of secondary tenants tends to be higher and as a consequence, their overall rental level will be higher as well. Besides the rent level, another determining factor for investors is the building costs. Properties with the highest rents usually also have the highest building costs and land acquisition cost. Depending on the size of the retail unit and the branch of the tenants, rents in retail parks the average rent is between 7. and 18./ m²/month. Prime rents of 18./m²/month are normally achieved within near city retail parks in a metropolitan region. Depending on the size of the retail unit and the retail format of the store, rents for supermarkets/ hypermarkets are generally slightly higher than the rents for discounters. s for discounters in western usually range between 6. and 12. /m²/month, while discounters in former Eastern generally achieve slightly lower rental rates. Drug stores and the-, textile-, shoe- and electronics branches generally achieve rental rates ranging from 7. to 12. /m²/month. DIY stores need extensive space due to their broad product range. In urban centers, these stores sometimes even offer their products on two levels. DIY stores are placed at the lower end of the scale in terms of rents, with prices ranging between. and 1. /m²/month. As DIY stores have a supra-regional catchment area, there are not as independent as other branches in the area and can relocate to more affordable attractive and easily accessible industrial zones. In such areas, lower investments for realisation and lower building costs induce lower rents. Investment Market On the investment market in 214, total capital amounting to 8.8 billion was invested in German commercial properties an increase of about % compared to the previous year. This means that 214 was the strongest year for property transactions since the boom year of 27. As was already seen in the previous year, the final quarter of the year proved to be the strongest in terms of transactions. Properties worth around 14 billion changed hands in the months from October to December. The run on the commercial property markets will continue in 21 - with an equal or even greater transaction volume. The investment focus of investors was still almost exclusively directed towards prime properties in prime locations in 21, but this has now diversified somewhat. More and more buyers are prepared to invest in lower-quality properties with a certain proportion of vacancies or in a less central location in the large cities as well as in smaller towns. However, the Big 7 together represent a volume of around 2 billion and therefore still account for well above half of the transaction volume across. Office properties accounted for the highest proportion of the transaction volume with a share of around 44%. properties were next in line with a 22% share. Warehouses and logistics properties registered relatively strong growth over the year, increasing their share to at least 9%. The share of portfolio transactions also increased further. Local and inter-regional portfolios accounted for around % of the volume in 214, which was tantamount to a 7% increase in the volume compared to 21. Prime yields in the office segment fell slightly again in view of the strong demand. The average yield for all Big 7 markets fell by 1 basis points compared to the third quarter to 4.4%. The analysis of the different asset classes reveals no fundamental differences from 212. Office properties again accounted for the highest share of the transaction volume at 46%. properties accounted for a 26% share, followed by mix-used properties with 11% and warehouse and logistics properties with at least 7%. The office prime yields were still on a slight downward trend in individual cities. Each of the Big 7 cities now has a net initial yield of below %. Aggregated across all cities, the prime yield in the office segment fell to an average value of around 4.67%. Shopping centre yields are at a similar rate of 4.7%. Initial yields of.6% are paid for good specialist store products; there was also a slight decline here. Only the average yield for city centre commercial buildings remained unchanged at the already low level of.99%. The German investment market has started the year with a tailwind behind it. This positive outlook is based on the continuing strong demand from international capital for investment opportunities on one hand, and on an attractive financing environment on the other. For 21, we therefore expect to see a further increase in the transaction volume to above 4 billion. Leasing Comparables Tenant City Property Type Area (m²) Marktkauf Ulm Kaufland Lüneburg real,- SB-Warenhaus GmNürtingen real,- SB-Warenhaus GmEdingen-Neckarhausen Kaufland Mosbach Residential Ludwigsburg Office Ludwigsburg Office Ludwigsburg Self-Service Department Store 6,2 m² Self-Service Department Store 4,611 m² Self-Service Department Store 1,9 m² Self-Service Department Store 1,7 m² Self-Service Department Store 6,49 m² Appartment 86 m² Office 24 m² Office m² Total per month /m² Comment 6, /m² Better location, comparable size, /m² Worse location, smaller size 81, /m² Higher purchasing power; modern building 117, /m² Same federal state, comparable micro location, /m² Comparable micro location, slightly smaller size /m² Offer 2,74 8. /m² Offer 4, 8. /m² Offer Investment Comparables Property Type Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Year of Construction table Area Gross Date of Multiplier Transaction Comment 6,7 m² 11.8-fold 214 Located in Bavaria, anchor tenant Kaufland, WALT 6. years 1,1 m² 14.-fold years WALT, anchor tenant Real located in Lower-Saxony 6,48 m² 12.4-fold Q 21 Tenants: Kaufland (lease expiry 22), Lidl, KiK, Takko; 1, m² additional office space / medical practices,9 m² 12.9-fold 214 Anchor tenant Kaufland, WALT 1.7 years, located in Lower-Saxony 9, m² 14.-fold 214 Anchor tenant real, WALT 1 years, located in Brandenburg 22,926 m² 8.-fold 212 Anchor tenant Kaufland & Toom, WALT below years, portfolio transaction 1, m² 1.-fold 212 Located in Hesse, anchor tenant EDEKA, WALT of 8. years m².-fold Page 12 of 12

140 Potsdamer Straße Ludwigsfelde Property no. 1 Portfolio: Property Summary Key Figures Property type Main tenant Total lettable area Total parking units Current vacancy rate Weighted average lease term Year of construction Year of refurbishment Park Kaufland Warenhandel Brandenburg GmbH & Co. KG 12,64 m² units.% 7.7 years 1997 Contractual gross rental income (month 1 x 12) total p.a. per m² / month 1,18, Total non-recoverable expenses (month 1 x 12) total p.a. 11,71 per m² / month.7 Net operating income (month 1 x 12) total p.a. per m² / month 1,74, Market rental value total p.a. 1,19,27 Over-/Underrent based on occupied areas 4.% SWOT Analysis Strengths Located in city centre location Located close to other retailers on an arterial road Well maintained Good tenant mix Long remaining lease term of the anchor tenant Weaknesses Sufficient parking spaces but located underground Sales area spread over several floors Opportunities Threats Extension of the lease contracts of smaller tenants Strong dependency on the main tenant Kaufland Difficult re-letting of the fitness studio Potential new developments will increase competition Potential increase of maintenance costs due to building age (1997) Property Rating (1 = very negative, = very positive) Building Location Building age 2 16 to 2 years Macrolocation Average location and catchment area table Area 4 Between 12, and 1, m² Microlocation 4 Good micro location Property condition Average building condition Commercial activity 4 Average commercial activity nearby General impression Average general impression Competition 4 Low competition level Liquidity Investment Quality WALT 4 WALT seven to ten years Investment market Average property market Over- / underrent Rack rented (-% to %) Investment volume 4 Good lot size Quality of tenants 4 Tenants with very good credit rating Saleability 4 Good saleability within 6 months Property Description The subject property is a three storey department store complex, furnished with escalators. The property was built in 1997 and is situated at Potsdamer Straße, Karl-Liebknecht-Straße and Bruno-Taut-Straße. The property has one main entrance from Potsdamer Straße and can also be accessed from the underground parking garage. The buildings have an irregular shape and are made of a steel reinforced concrete construction. The facade consists in parts of plastered or with facing bricks and in the entrance area of glass. It has a flat roof with hard covering. Valuation Results Market Value Market al Value 14,9, equals to 1,179 per m² 1,19,27 p.a. equals to 7.1 / m² / p.m. Discount Rate Capitalisation Rate 7.1% 7.% Net Initial Yield Net Reversionary Yield 6.76% 6.48% excluding capital expenditures 6.76% 6.48% Multiplier (initial) 12.7 Multiplier (based on MRV) 1.8 Page 1 of 12

141 Property no. 1 Portfolio: Potsdamer Straße Ludwigsfelde.1.21 Location Macroeconomic Indicators Federal State District City Postcode (Source: GfK 21/14, BfA, IFH 214) Brandenburg Teltow-Fläming (Rural District) Ludwigsfelde Population Federal State absolute Population District absolute Population City absolute Number of Households City absolute Population Density District per km² Population Density City per km² Population Forecast (29-22) District in % Population Growth (28-21) Federal State in % Population Growth (28-21) District in % Unemployment Rate (214) Federal State in % Unemployment Rate (214) District in % 2,491, ,722 24,24 11, % -1.7% -.4% 1.2% 8.1% Structual Data (Source: GfK 214 and IFH 214) Purchasing Power District in m Purchasing Power City in m Purchasing Power Index Federal State index Purchasing Power Index District index Centrality Index District index, Ludwigsfelde Macro Location Ludwigsfelde is situated in the federal state of Brandenburg in the administrative region of Teltow-Fläming. The city covers an area of 19. km². Nearby cities include Berlin ( km) and Potsdam (2 km). The A1 federal motorway is located directly next to Ludwigsfelde, offering a direct connection to the motorway network. Thus, Ludwigsfelde is an interesting logistics location. The city s railway station is linked to the regional railway network, offering connections to Berlin and Potsdam. The closest passenger airport is located in Berlin, which can be reached within km. The economy of Ludwigsfelde is primarily focused on logistics and production facilities. Ludwigsfelde has an industrial park with an area of over 26 ha, where more than 7 companies operate. Additionally, there are three commercial parks with over 618 ha, where more than 9 companies are located. The district Teltow- Fläming is economically one of the strongest districts in the former East German states. Micro Location Micro Location The property is located at the residential and office street, Potsdamer Straße, close to the A1 motorway and the city centre in the western part of the city. The town hall is located in a distance of only m from the property. The property is highly visible and dominates the area to some extent. The property is surrounded by residential buildings, but there are also retail warehouses, for example operated by Rossmann, directly next to Potsdamer Straße. Thanks to the underground garage, many visitors of the local market located in front of the town hall, use the property for parking purposes, increasing the footfall of the property. However, the market takes place only twice a week. Local Tax Information Real Estate Tax Rate (Typ B) City in % Land Transfer Tax City in % 8. Page 2 of 12

142 Property no. 1 Portfolio: Potsdamer Straße Ludwigsfelde.1.21 Site Plan Site Information Source: Cadastral plan, dated 29 January 21 Site area 1,4 m² thereof surplus land m² Surplus land value (net) Site servicing Fully serviced Site layout Irregular Soil contamination No Suspicion Building encumbrances No Ground lease Ground lease expiry Comment The property has an even topography and irregular shape. It is accessible from the north-east, south-east and north-west. According to information provided by the city of Ludwigsfelde, the site is not registered in the register of contaminated sites. In Brandenburg, there are no building encumbrances. Instead the municipalities obtain personal easements, which are registered in the land register in division 2. Thus, we assumed the subject property to be free of any building encumbrances. No Town Planning Use class Site coverage ratio (GRZ) Plot ratio (GFZ) Cubic index (BMZ) Tenure SO (special zone) 1. Comment According to information from the local planning authority, a legally binding development plan exists, entitled "Nr. 2 Sport- und Einkaufszentrum Ludwigsfelde" and dated 29 September 199, with the following regulations: the subject site is located in a special zone (SO). The site coverage ratio is limited to 1.. Land Register Local Court of Zossen, land register of Ludwigsfelde Owner TPL Ludwigsfelde S.á.r.l., Luxemburg Sheet Plot Parcel , 12 19, 161 1/1, 1/12 1/1, 41 14, 1 17 Section 2 (Restrictions) Limited personal easement in favour of the city of Ludwigsfelde prohibiting that certain parts of the property may be built on. Limited personal easement right of way in favour the owner of the plot 1/12. Limited personal easement to operate a selfservice department store on the plot in favour of Kaufland Stiftung & Co. KG, Neckarsulm. Section (Loans) Land charges in the total amount of 11,17, in favour of HSH Nordbank AG, Hamburg/Kiel, 9 April 214 Source: Land register extract, dated 2 January 21 Page of 12

143 Potsdamer Straße Ludwigsfelde Property no. 1 Portfolio: Competitor Map Source: Jones Lang LaSalle Research Competitor Overview Name Address Type Sales area Distance Potential m² m² m² Competiton Indicators Inhabitants in primary catchment area (Radius km) 14,472 Purchasing power in Mio. (District),6 Inhabitants in secondary catchment area (Radius 1 km) 4,244 Purchasing power per Capita in (Radius km) 281 Number of households (Radius km) 6,748 Unemployment Rate (District) 8.1% Number of households (Radius 1 km) 19,622 Population forecast for the district (29-22).% Purchasing Power Index (District) Centrality Index (District) 79.2 Page 4 of 12

144 Potsdamer Straße Ludwigsfelde Property no. 1 Portfolio: Main competitors There is no direct competitor within Ludwigsfelde or the primary and secondary catchment area. The neighbouring property has a bank and a retail use on the ground floor, but is not considered to be real competition. However, the property is considering incorporating the same product range as the subject property. The property, which can be considered a largest competitor within Ludwigsfelde, is shown above. It comprises six retail units including a Penny discounter and a large drugstore operated by Rossmann. The overall size is however significantly smaller than the subject property. Competition Comment Approximately 1, inhabitants live in the secondary catchment area. This area is dominated by the subject property as there is no other self-service department store. Within the broader tertiary catchment area, there are 9, inhabitants and still only one competitor, which increases the customer potential to 24, potential customers per self-service department store. However, we think that the property will mainly attract customers from the primary and secondary catchment area, but this is sufficient for this property. Thus, there are no direct competitors. Only small supermarkets or discounters compete for the non-food customers. Consequently, we assess the level of competition to be below average and that the customer potential is sufficient. Turnover analysis The rents in functional retail agglomerations are linked to the achievable turnover. The percentage rate that a retail tenant can use for rental payments depends on the margins achievable in the various market sectors. This rate normally ranges between 2% and 1% depending on the respective industry. The productivity varies between approx. 1,/m² and up to more than 1,/m². However, we would like to point out that we were not provided with current turnovers (21/214) of the tenants. For the valuation, we were provided with a figure of the total turnover rents which are additionally paid by the tenants. We have applied these additional rental income in our calculation. Nevertheless, we were not able to calculate rent-to-sales ratios or the sales productivity of the respective tenants. Conclusion The subject property is a self-service department store situated in a city centre location of Ludwigsfelde. The depth and breadth of the product range is very good. The property dominates the primary and secondary catchment areas, which should be sufficient for operating a self-service department store. Thus, the rental area of Kaufland can be regarded as relatively unproblematic. In the unlikely case that Kaufland should vacate the site, the property could be re-let to other self-service department store chains such as real,- or Marktkauf. We assumed that the tenant Kaufland will exercise its three options, each for five years, until 27 due to the low contractual rental level. We therefore think that this location should be sustainable. Page of 12

145 Potsdamer Straße Ludwigsfelde Property no. 1 Portfolio: Roll Tenant Name Area Category ting Area / m² Tenant Lease Lease Renewal Tenant Status m² / unit / month / month pays VAT Start End Probability pays * 1 Frisör Klier GmbH 64 1, unlimited M 2 Deutsche Bank 199, unlimited M Kaufland,94 2, M 4 Zebra two GmbH i.gr M ifitness GmbH i. G.r 99, M 6 Heiderich, Karsten Manfred M 7 Ms. + Mr. Cetinkaya & Mr. Özyurt M 8 HAARMEX.DE 12 1, M 9 Johae Fleischprodukte GmbH & Co. KG 67 2, M 1 Deichmann SE 47 4, M 11 Deichmann SE 12 Apollo-Optik Holding GmbH & Co. KG Storage , M M 1 Ulus Filiz und Melki 44 1, M 14 Zebra Gastronomie und Automaten GmbH 167 1, M 1 Wohnungsgesellschaft Ludwigsfelde mbh Office M 16 AWG Allgemeine Warenvertriebs GmbH 6 4, M 17 s.m.s. shopping macht Spaß GmbH 11 1, M 18 Floristik , M 19 Schwarz Außenwerbung GmbH Other Units % % 2 FOTOFIX Schnellphotoautomaten GmbH Other Units % % 21 Anh Nguyet Tran M 22 Stadt Ludwigsfelde 2,1, % M 2 Wendorff 27 6, M 24 Steinecke s Heidebrot Backstube GmbH & Co. KG 72 4, M 2 Döbelin 77 1, M 26 Valaora Kiosk GmbH 4 1, M 27 Vodafone D2 GmbH 2 1, M 28 Naser 6 1, M 29 TEDI GmbH & Co. KG 266 2, M AWG Allgemeine Warenvertriebs GmbH 4, M 1 transact Elektronische Zahlungssysteme GmbH Other Units % % 2 Tobacoland Other Units % % Mall Income (automats) Other Units % % 4 Turnover Other Units 1 2, % % Fitness Center Other Units % % Total * M = Maintenance, GT = Ground Tax, I = Insurance Costs, PM = Property Management 12,64 m² 98,76 Page 6 of 12

146 Potsdamer Straße Ludwigsfelde Property no. 1 Portfolio: Valuation Assumptions Tenant Name Area Category Area Market Market Re-letting Initial Re-letting Agency Lease Renewal sqm/unit /month Tis Void VPV* Void* Abatem.* Fees* Term** Probability 1 Frisör Klier GmbH , Deutsche Bank Kaufland 199, ,988 2, Zebra two GmbH i.gr ifitness GmbH i. G.r 99., Heiderich, Karsten Manfred Ms. + Mr. Cetinkaya & Mr. Özyurt HAARMEX.DE , Johae Fleischprodukte GmbH & Co. KG , Deichmann SE , Deichmann SE Storage Apollo-Optik Holding GmbH & Co. KG , Ulus Filiz und Melki , Zebra Gastronomie und Automaten GmbH , Wohnungsgesellschaft Ludwigsfelde mbh Office AWG Allgemeine Warenvertriebs GmbH , s.m.s. shopping macht Spaß GmbH , Floristik , Schwarz Außenwerbung GmbH Other Units % 2 FOTOFIX Schnellphotoautomaten GmbH Other Units 1. % 21 Anh Nguyet Tran Stadt Ludwigsfelde 2,1 1.6,6 % 2 Wendorff 27. 8, Steinecke s Heidebrot Backstube GmbH & Co. KG , Döbelin , Valaora Kiosk GmbH , Vodafone D2 GmbH , Naser TEDI GmbH & Co. KG , AWG Allgemeine Warenvertriebs GmbH 9. 4, transact Elektronische Zahlungssysteme GmbH Other Units % 2 Tobacoland Other Units % Mall Income (automats) Other Units % 4 Turnover Other Units ,6 % Fitness Center Other Units % Total * months ** years ***structural vacancy 12,64 sqm 94,94 Page 7 of 12.

147 Property no. 1 Portfolio: Potsdamer Straße Ludwigsfelde.1.21 Property Analysis Area Analysis table Area Use Category m² Office 11 12,464 DIY Warehouse Commercial Residential Storage 9 Total area 12,64 Petrol Station Other Units 21 Internal parking External parking Total parking Area Vacant m² Area m² 11 12, ,64 21 Vacancy Rate %.%.%.%.%.%.%.%.%.%.%.%.%.% Office DIY Commercial Storage Warehouse Residential Income Analysis Contractual Contractual Contractual Potential Market Market Market Over-/ Under- ed Use Category /m²/month /month /year /year /m²/month /month /year Office ,614 6, ,84-1.6% ,216 1,1,9 1,1, ,292 1,8,9 4.% DIY...% Warehouse...% Commercial...% Residential...% Storage. 17 1,642 1, ,642.% Petrol Station...% Other Units 182.1,81 46,216 46, ,81 46,217.% Total area ,76 1,18,67 1,18, ,94 1,19,27 4.% Internal parking...% External parking...% Assessment of Kaufland market rent Space productivity Turnover to rent ratio Explanation 7, 1. 6, Usual market % - levels Market rent 6, 8. Contractual, s % Contractual 2.%, 6. Market 2.%.49. 4, 4% of turnover. / m² / month 4.4 % of turnover 4, 4. 2% of turnover / m² , Turnover potential. (net),761 Sales Area, 2. in / m² p.a. 1.% based on sales area 1.% 2.% 2.%.% Turnover-rent-ratio.% 4.% 4.%.% Total Area 1,796,7 ~ 4,2 m²,94 m² Self-service department stores usually can afford to pay a rent in the range of 2% to 4% of their net turnover (economically sustainable rent burden) and have a space productivity of about 4, to 6, per m² sales area. The two graphics above indicate, how the contract rent of the main tenant Kaufland as well as the assumed market rental level, can be assessed on the basis of usual market ranges. This analysis is based on the turnover potential figures prepared by Trade Dimension. D&B Rating of Main Tenant Main tenant Tenant name p.a. Share of total income WALT Payment Index Capital indicator Risk indicator Score Credit limit Kaufland Warenhandel Brandenburg GmbH & Co. KG 91,2 % 12.7 years 8 AA , (single) 1,, (total) Comment The main tenant is a corporation belonging to SBG Kaufland GmbH & Co. KG, which in turn belongs to Schwarz Beteiligungs-KG, one of the biggest grocer groups in Europe. Kaufland is the self-service department store division of Lidl & Schwarz with more than locations across Europe. Kaufland s core business area is food retailing with branded goods and own-brands specially produced for Kaufland. According to Dun & Bradstreet (D&B) Rating as at Kaufland Warenhandel Brandenburg GmbH & Co. KG has a low credit risk. The risk of insolvency (D&B Score) within the next 12 months compared with other German companies is assessed to be very low, i.e. 86% of businesses on the German database have the same or higher risk of failure. Page 8 of 12

148 Potsdamer Straße Ludwigsfelde Property no. 1 Portfolio: Assumptions Market Value Lease Contract Commentary The property is fully let to more than 2 retail tenants with Kaufland as the anchor tenant. The WALT of the property amounts to 7.7 years. The main tenant Kaufland has a share of approx. % of the rental income. The rent of Kaufland is indexed and will be adapted by % of the CPI change, whenever the change exceeds 1 percent in relation to the CPI basis. Kaufland does not pay ground tax, insurance costs, maintenance or property management. Smaller tenants usually cover these costs with the exception of maintenance costs. Some smaller tenants also do not pay property management but these are the minority. General Property Assumptions Discount rate 7.1% Capitalisation rate Capital expenditures* Vacancy costs * on the basis of cost estimates provided by Brack Capital Properties N.V 7.% 1. /m²/p.a. Discount Rate Comment The yields applied reflect the individual location quality (macro- and micro-location) of the properties, building structure, letting situation, covenant strength and the relationship between contractual and market rent. We derive the discount rate from market transactions. The discount rate reflects the rate of return expected by investors and is determined based on the risk associated with a property. As reinsurance, the initial yields profile is aligned with the market/other transactions. We have taken into account such facts as the remaining lease term with the well-known anchor tenant, the good location, the low vacancy rate and the good condition of the subject property in Ludwigsfelde. Breakdown of Non-Recoverable Costs Contract** % of Gross Inflation per year per year (month 1 x 12) Contract Maintenance costs. /m² 69,486.86% Year after 224 Management costs 1.41 /m² 17,776 1.% Inflation 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Ground tax 1.4 /m² 17,74 1.% Insurance costs.4 /m²,66.4% Market al Growth Other non-recoverable costs. /m².% Total non-recoverable expenses 8.71 /m² 11, % Year after 224 ** JLL analysis al Growth 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Market (assuming full occupancy) Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Total non-recoverable expenses per year per year. /m² 69, /m² 17, /m² 17,74.4 /m²,66. /m² 8.66 /m² 19,84 % of Gross Market 6.1% 1.% 1.6%.44%.% 9.6% Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Contract Market Total Non-recoverable Costs Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 Maintanance Management Ground Insurance Other Non- Vacancy Total % of Total Costs Costs Tax Costs recoverable Costs Costs per year Gross Revenue 69,486 17,66 17,74, ,88 9.4% 7,97 17,66 17,97,12 1, 112,164 9.% 71,692 17,27 18,6,227,88 116,6 1.1% 7,11 17,9 18,64,2 1,28 11,6 9.9% 74,194 17,491 18,94,49 1,46 117, % 7,6 17,988 19,27, ,9 9.9% 76,489 77,69 18,414 18,68 19,1 19,8,77,662 1, ,29 122,78 9.9% 9.8% 78,92 17,862 2,1,74 8,191 1,88 11.% 8,14 17,774 2,8,86 4,19 128, % 81,76 19,1 2,877, ,12 1.% 12.% Non-Recoverable Costs as a percentage of Total Gross Revenue 11.% 1.9% 1.% 9.4% 9.% 1.1% 9.9% 1.1% 9.9% 9.9% 9.8% 8.% 6.% 4.% 2.%.% Page 9 of 12

149 Potsdamer Straße Ludwigsfelde Property no. 1 Portfolio: Cash Flow Market Value Total Non- Net TIs and al Turnover Gross recoverable Operating Capital Leasing Revenue Vacancy Abatements Revenue Costs Income Expenditures Commissions Cash Flow Year 1 1,18,422-11,721 1,17,71-11,88 1,6,11 1,6,11 Year 2 1,191, - 1,77 1,177,16-112,164 1,6,12-16,21 -,8 1,4,118 Year 1,192,912-41,79 1,11, - 116,6 1,,177-2,778-2,2 1,,194 Year 4 1,188,77-1,718 1,172,989-11,6 1,7,89-47,18-12,96 997,68 Year 1,189,116-2,4 1,166,7-117,499 1,48,74-17,492-9,24 1,21,87 Year 6 1,22,8 -,69 1,199, ,9 1,8,81 -, ,76,498 Year 7 1,249,7-21,49 1,227,8-121,29 1,16,288-14,68-8,118 1,8,2 Year 8 1,22,2-6,81 1,24, ,78 1,12,614-2,24-1,41 1,119,819 Year 9 1,26,92-7,1 1,19,82-1,88 1,9,9-47,29-12, ,728 Year 1 1,2,91-68,428 1,184,96-128,971 1,,992-7,21-12,72 1,6,6 Year 11 1,28,98 -,971 1,277,9-128,12 1,148,889-2,71-11,991 16,429,71 Total Cashflow (incl. Terminal 7. %) Gross Value of Surplus Land Gross Capital Value incl. Surplus Land Total Gross Revenue versus Net Operating Income 14. Present 7.1% 1,,78 94,74 871, ,246 7, 74, , ,448 9,79 2,887 8,274,7 1,82,166 1,82,166 8.% % 6.7% 6.% 6.7% 6.6% 6.8% 7.% 7.1% 6.7% 6.7% 7.% 1. 6.% al income % 4.%.% Running yield 4. 2.% 2. 1.%..% Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Valuation Results Overview Contractual gross rental income (month 1 x 12) Market rental value Over-/Underrent Yield Overview Net Initial Yield Net Reversionary Yield Gross Initial Yield Gross Reversionary Yield Valuation Comment total p.a. per m²/month total p.a. per m²/month Market Value Gross Capital Value (rounded) 1,18, Total 1,9, 1,19,27 per m² 1, % Purchaser's costs 6.% 6.76% Market Value (rounded) 6.48% Total 14,9, 7.9% 7.6% per m² 1,179 In terms of risk, we considered the covenant strength as well as the lease duration for the existing contracts. As at 27 January 21, the main tenant, Kaufland Dienstleistung GmbH & Co. KG, has good covenant strength, which ensures a secure cash flow for the remainder of the lease term until at least 227. In terms of a resale, we took into account such facts as visibility, demographic factors, appearance, condition and building age, third-party usability, competition situation and location. For the purpose of the valuation on 1 December 214, the non-recoverable costs (e.g. insurance costs as well as ground tax) remained unchanged and have been applied according to information received during the previous valuation cycle. Management costs and maintenance costs have been applied according to internal benchmarks. We have not been provided with updated information regarding necessary capital expenditures (CapEx). According to information received no CapEx are required. For the purpose of our valuation we have assumed that all capital expenditures for repairs in the first year as well as in the periods of year 2 to and year 6 to 1 are considered to be covered by the maintenance costs of./m² per annum. Regarding comparable rents, we have had recourse to evidence of similar areas situated in the comparable regions and locations. Furthermore, we have analysed comparable transactions. Please refer to the section "Investment Comparables". Page 1 of 12

150 Potsdamer Straße Ludwigsfelde Property no. 1 Portfolio: Photos External view External view of the fitness club View of the sales area (Kaufland) View of Apollo store View of the entrance area View of the flower shop Page 11 of 12

151 Potsdamer Straße Ludwigsfelde Property no. 1 Portfolio: Leasing and Investment Market Development of prime yields transaction volume in Leasing Market There is no homogeneous rental level for retail space in retail warehouses or retail parks throughout. For the determination of the rents, the quality of location in terms of accessibility and competition is crucial. The rents within the different branches vary. This is due to the diverging location assessment and turnover expectancy of the different tenants. If in the case of a retail park the management succeeds in establishing good anchor tenants, which guarantee a high visitor frequency, then the turnover expectancy of secondary tenants tends to be higher and as a consequence, their overall rental level will be higher as well. Besides the rent level, another determining factor for investors is the building costs. Properties with the highest rents usually also have the highest building costs and land acquisition cost. Depending on the size of the retail unit and the branch of the tenants, rents in retail parks the average rent is between 7. and 18./ m²/month. Prime rents of 18./m²/month are normally achieved within near city retail parks in a metropolitan region. Depending on the size of the retail unit and the retail format of the store, rents for supermarkets/ hypermarkets are generally slightly higher than the rents for discounters. s for discounters in western usually range between 6. and 12. /m²/month, while discounters in former Eastern generally achieve slightly lower rental rates. Drug stores and the-, textile-, shoe- and electronics branches generally achieve rental rates ranging from 7. to 12. /m²/month. DIY stores need extensive space due to their broad product range. In urban centers, these stores sometimes even offer their products on two levels. DIY stores are placed at the lower end of the scale in terms of rents, with prices ranging between. and 1. /m²/month. As DIY stores have a supra-regional catchment area, there are not as independent as other branches in the area and can relocate to more affordable attractive and easily accessible industrial zones. In such areas, lower investments for realisation and lower building costs induce lower rents. Investment Market On the investment market in 214, total capital amounting to 8.8 billion was invested in German commercial properties an increase of about % compared to the previous year. This means that 214 was the strongest year for property transactions since the boom year of 27. As was already seen in the previous year, the final quarter of the year proved to be the strongest in terms of transactions. Properties worth around 14 billion changed hands in the months from October to December. The run on the commercial property markets will continue in 21 - with an equal or even greater transaction volume. The investment focus of investors was still almost exclusively directed towards prime properties in prime locations in 21, but this has now diversified somewhat. More and more buyers are prepared to invest in lower-quality properties with a certain proportion of vacancies or in a less central location in the large cities as well as in smaller towns. However, the Big 7 together represent a volume of around 2 billion and therefore still account for well above half of the transaction volume across. Office properties accounted for the highest proportion of the transaction volume with a share of around 44%. properties were next in line with a 22% share. Warehouses and logistics properties registered relatively strong growth over the year, increasing their share to at least 9%. The share of portfolio transactions also increased further. Local and inter-regional portfolios accounted for around % of the volume in 214, which was tantamount to a 7% increase in the volume compared to 21. Prime yields in the office segment fell slightly again in view of the strong demand. The average yield for all Big 7 markets fell by 1 basis points compared to the third quarter to 4.4%. The analysis of the different asset classes reveals no fundamental differences from 212. Office properties again accounted for the highest share of the transaction volume at 46%. properties accounted for a 26% share, followed by mix-used properties with 11% and warehouse and logistics properties with at least 7%. The office prime yields were still on a slight downward trend in individual cities. Each of the Big 7 cities now has a net initial yield of below %. Aggregated across all cities, the prime yield in the office segment fell to an average value of around 4.67%. Shopping centre yields are at a similar rate of 4.7%. Initial yields of.6% are paid for good specialist store products; there was also a slight decline here. Only the average yield for city centre commercial buildings remained unchanged at the already low level of.99%. The German investment market has started the year with a tailwind behind it. This positive outlook is based on the continuing strong demand from international capital for investment opportunities on one hand, and on an attractive financing environment on the other. For 21, we therefore expect to see a further increase in the transaction volume to above 4 billion. Leasing Comparables Tenant City Property Type Area (m²) SB-Warenhaus Real Real Real Floristik '99 Local chain Frisör Klier Aurich Ritterhude Nienburg Bitterfeld Schönebeck (Elbe) Freital Halle Self-Service Department Store 8, m² Self-Service Department Store 12,4 m² Self-Service Department Store 8, m² Self-Service Department Store 16,866 m² Flower store 62 m² Optician 12 m² Haircutter 74 m² m² Total per month /m² Comment 47,846.7 /m² Other federal state, comparable purchasing power 77, /m² Significantly better purchasing power,9 4. /m² Comparable purchasing power 11,2 6.8 /m² al income includes sub tenants with higher rents 1, /m² Purchasing power of 7.8 2, /m² Purchasing power of 8.6, located in a retail park 2, /m² Similar purchasing power, smalll lettable area. /m² Investment Comparables Property Type Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Year of Construction table Area Gross Date of Multiplier Transaction Comment 9, m² 1.8-fold 214 Located close to Berlin, positive population forecast, after lease prolongation (1 years WALT) 1,1 m² 14.-fold years WALT, anchor tenant Real located in Lower-Saxony 6,48 m² 12.4-fold Q 21 Tenants: Kaufland (lease expiry 22), Lidl, KiK, Takko; 1, m² additional office space / medical practices.,9 m² 12.9-fold 214 Anchor tenant Kaufland, WALT 1.7 years, located in Lower-Saxony 9, m² 14.-fold 214 Anchor tenant real, WALT 1 years, located in Brandenburg 22,926 m² 8.-fold 212 Anchor tenant Kaufland & Toom, WALT below years, portfolio transaction 9, m² 9.8-fold 212 Located close to Berlin, positive population forecast, 2 years WALT m².-fold Page 12 of 12

152 Hohenloher Straße Neckarsulm Property no. 11 Portfolio: Property Summary Key Figures Property type Main tenant Total lettable area Total parking units Current vacancy rate Weighted average lease term Year of construction Year of refurbishment Contractual gross rental income (month 1 x 12) total p.a. per m² / month Park Adler Modemärkte AG 1, m² units 11.9%. years ,82, Total non-recoverable expenses (month 1 x 12) total p.a. 11,92 per m² / month.89 Net operating income (month 1 x 12) total p.a. per m² / month 1,271, Market rental value total p.a. 1,8,99 Over-/Underrent based on occupied areas 7.8% SWOT Analysis Strengths Good tenant mix Sufficient parking spaces Well-known anchor tenant Good connections to the motorway network via the A6 Risk diversification due to multi-tenant structure Opportunities Extension of the lease contracts of the smaller tenants Prolognation of the lease contract after expiry Growing importance of the area Weaknesses High level of competition (Rewe, Aldi and Kaufland nearby) Limited third party usability of the large-scale retail area without refurbishment Building almost 4years old (without an extensive refurbishment) Vacancy rate of approx. 12% table area of Adler extends over two floors Threats Potential increase of maintenance costs due to building age (1974) Drop out of tenants before expiry of the contracts Property Rating (1 = very negative, = very positive) Building Location Building age 11 to 1 years Macrolocation Average location and catchment area table Area Between 1, and 12, m² Microlocation Average micro location Property condition Average building condition Commercial activity Limited commercial activity nearby General impression Average general impression Competition 2High competition level Liquidity Investment Quality WALT 2 WALT one to three years Investment market Average property market Over- / underrent 2Slightly overrented (% to 1%) Investment volume 4 Good lot size Quality of tenants Tenants with good credit rating Saleability 4 Good saleability within 6 months Property Description The property consists of three parts and was built in Since it was built no extensive modernisation or refurbishment have been carried out. In the west of the property, there is an one-to-two storey building with a basement level. stores and shops are located on the first floor. There are administration and stockrooms situated on the ground and basement floor. The vacant retail units are located in the shopping mall. The vacant storage areas are mostly located on the basement level. The shopping mall has two entrances: one is located near the parking area and another one is located by the street corner "Hohenloher Straße" and "Heilbronner Straße". Adjacent to this building, a small 1-storey building is located with some small retail stores. These small retail stores have their own entrances. In the east, there is another small 1-storey building with the use carwash and offices. This is currently occupied by TÜV and Ümit Ebem. The external area offers a large parking area. The property is open to all sides and includes a ramp to the basement level for The carwash and TÜV building is designed with simple brickwork walls. The main tenants are Adler and Lidl. The subject property comprises a lettable area of 1, m² and an outdoor area of 1,67 m² (vacant: flea market with 879 m²and outdoor area of 48 m² of tenant Ümit Ebem). Valuation Results Market Value Market al Value 17,4, equals to 1,64 per m² 1,8,99 p.a. equals to 1.9 / m² / p.m. Discount Rate Capitalisation Rate 7.2% 6.9% Net Initial Yield Net Reversionary Yield 7.% 6.9% excluding capital expenditures 6.86% 6.7% Multiplier (initial) 12. Multiplier (based on MRV) 12.1 Page 1 of 12

153 Property no. 11 Portfolio: Hohenloher Straße Neckarsulm.2.21 Location Macroeconomic Indicators Federal State District City Postcode (Source: GfK 21/14, BfA, IFH 214) Baden-Wurttemberg Heilbronn (Rural District) Neckarsulm Population Federal State absolute Population District absolute Population City absolute Number of Households City absolute Population Density District per km² Population Density City per km² Population Forecast (29-22) District in % Population Growth (28-21) Federal State in % Population Growth (28-21) District in % Unemployment Rate (214) Federal State in % Unemployment Rate (214) District in % 1,844,921,126 26,828 12,97 1, 14, %.9% -.1% 4.1%.7% Structual Data (Source: GfK 214 and IFH 214) Purchasing Power District in m Purchasing Power City in m Purchasing Power Index Federal State index Purchasing Power Index District index Centrality Index District index 7, Neckarsulm Macro Location Neckarsulm is located in the north-east of the federal state Baden-Wurttemberg. The state capital, Stuttgart (population 62,), is only 9 km away and Mannheim is only 77 km away. The closest motorway is the A6, connecting to Amberg in the federal state Bavaria to the east and to Saarbrücken near the French border to the west. The motorway can be accessed in less than 2 km. Furthermore, the A81, connecting to Würzburg to the north-east to Singen (close to the Swiss border) to the south-west, can be reached within a 7 km distance. Neckarsulm has a train station, which connects Neckarsulm to the cities of Stuttgart and Munich via regional trains. The nearest airport offering connections to national and international destinations is Stuttgart, about 9 km away. Furthermore, the Karlsurhe airport is located in a distance of approx. 91 km. Efficient industrial companies, innovative service providers and medium-sized companies are located in Neckarsulm and are known internationally. Well-known companies located in Neckarsulm include Audi, Lidl and Kolbenschmidt-Pierburg. Furthermore, Neckarsulm is also recognized as very good site for the IT branch. Micro Location Micro Location The property is located in the south of Neckarsulm near the motorway A6. The surrounding area is characterised by industrial and commercial properties like Aldi, Rewe and a DIY store (Bauhaus). The property is located along the Hohenloher Straße and is very good visible. A small bus station is situated next to the western side of the property. In northern direction is located a residential area. Local Tax Information Real Estate Tax Rate (Typ B) City in % Land Transfer Tax City in % 28. Page 2 of 12

154 Property no. 11 Portfolio: Hohenloher Straße Neckarsulm.2.21 Site Plan Site Information Source: Cadastral plan on a 1 to 1, scale, dated Site area 2,2 m² thereof surplus land 4,8 m² Surplus land value (net) 92 /sqm 441,6 Site servicing Fully serviced Site layout Almost square Soil contamination Suspicion of contamination Building encumbrances No Ground lease Ground lease expiry Comment The site consists of one plot 19: The site has an even topography. The site is accessible from the north by car and the east by foot. The site has a trapezoidal shape. According to the Environmental Due Diligence Report, dated July 27, a filling station was installed east of the mall in Because of this use, a suspicion of contamination exists. Operation of the filling station ceased in 199. Later, this location was used as vacuum cleaner area, car repair shop and carwash. At the moment, a part of this space is rented by the TÜV and Ümit Ebem. For the purposes of this valuation, we have assumed that the subject property is free of any soil or building contamination. Furthermore, for purpose of this valuation, we assumed the land value pursuant to the committee of experts of Neckarsulm. No Town Planning Use class Site coverage ratio (GRZ) Plot ratio (GFZ) Cubic index (BMZ) Tenure SO (special zone).8 4. Comment According to information from the local planning authority, a development plan exists, entitled "Südstadt Nr. 14.1/" and dated July 24, with the following regulations: the subject site is located in special zone ("Sondergebiet"). The cubic density (Baumassenzahl, BMZ) is 4. and the site coverage ratio (Grundflächenzahl, GRZ) is.8. Land Register Local Court of Heilbronn, land register of Neckarsulm Owner TPL Neckarsulm S.á.r.l. (Reg. Nr.: B 128.7), Luxembourg Sheet Plot Parcel 4771 NO Section 2 (Restrictions) Limited personal easements (regarding the omission of the food offer on an area of more than 12sqm sales area) in favour of Kaufland Stiftung & Co. KG, Neckarsulm. Section (Loans) Land charges in the total amount of 1,2, in favour of HSH Nordbank AG, Hamburg/Kiel in Hamburg, Source: Extract from the land register dated Page of 12

155 Hohenloher Straße Neckarsulm Property no. 11 Portfolio: Competitor Map Source: Jones Lang LaSalle Research Competitor Overview Name Address Type Sales area Distance Kaufland Neckarsulm, Rötelstr. Hypermarket 1,72 m². km Rewe 7476 Heilbronn, Etzelstr Hypermarket 1,991 m².4 km Kaufland 748 Heilbronn, Neckargartacher Str. 111 Hypermarket,7 m² 4. km Kaufland Bad Friedrichshall, Industriestr. 12 Hypermarket, m². km Kaufland 7472 Heilbronn, Olgastr Hypermarket 4,4 m².4 km Rewe 7474 Heilbronn, Schmollerstr. 42 Hypermarket 1,9 m².9 km Kaufland Weinsberg, Haller Str. 9 Hypermarket, m² 6. km Kaufland 7474 Heilbronn, Stuttgarter Str. 8 Hypermarket 4,1 m² 6. km E-aktiv Markt 7481 Heilbronn, Mauerstr Hypermarket 2,4 m² 7.1 km E-neukauf Ellhofen, Bahnhofstr. 44 Hypermarket 2, m² 7.2 km Edeka Neuenstadt, Bahnweg 6 Hypermarket 1,6 m² 9.9 km m² Potential High Medium Medium Low Low Low Low Low Low Low Low Competiton Indicators Inhabitants in primary catchment area (Radius km) 92,98 Purchasing power in Mio. (District) 7,16 Inhabitants in secondary catchment area (Radius 1 km) 148,48 Purchasing power per Capita in (Radius km) 1,9 Number of households (Radius km) 4,797 Unemployment Rate (District).7% Number of households (Radius 1 km) 69,29 Population forecast for the district (29-22) 2.8% Purchasing Power Index (District) 12.9 Centrality Index (District) 8.2 Page 4 of 12

156 Hohenloher Straße Neckarsulm Property no. 11 Portfolio: Main competitors This competitor is a hypermarket located east of the subject property. The main tenant is REWE. The property is a serious competitor. This competitor is an small retail park located east of the subject property. The property is a serious competitor. Competition Comment Thecatchmentareacanbedifferentiatedintoprimary( mindrivingdistance);secondary ( 1 min) and tertiary (1 1 min) catchment areas. Approximately,2 inhabitants live in the primary catchment area. The density of hypermarkets is relatively high in the primary and secondary areas, the competition eases in the tertiary catchment areas. In a spatial environment of less than 1. km, there are three competitors. There are two competitors in the vicinity. As the main tenants of the valued property include Adler, Takko Fashion and Lidl, the neighbouring discounters, such as Aldi, Rewe and Kik pose as direct competitors. The discounter Rewe and the small retail park are apparently newer than the valued shopping centre. They also target the same customer segment with the specific range of products. In contrast to its competitors, the strengths of the valued property include the mall s better visibility from the street, the higher number of parking spaces and the concentration of the existing tenant mix. Another competitor is 1. km away. This is a big retail park with the main tenant Kaufland. A shopping mall connects directly to this property, with tenants such as Saturn, C & A, Toom, Deichmann, Walmart and various other restaurants and shops. The competing property has signposts on the motorway, and offers very good and ample parking. It is clearly also in very good condition. The valued property has a much smaller size and appeals to a slightly different audience, because there are some shops from the low-price segment. Even though the properties may attract different customers and have slightly different primary catchment areas, the catchment areas strongly overlap, resulting in a high number of retail hypermarkets for a city with only 27, inhabitants, which can be problematic. Overall, it can be said that the competition level in Neckarsulm is high, especially due to the existence of an relative hight retail density. Turnover analysis The rents in a functional retail agglomeration are linked to turnover. The percentage rate that a retail tenant can use for rental payments depends on the margins achievable in the various market sectors. This rate normally ranges between 2% and 1% depending on the respective branch. The productivity varies between approx. 1, /m² up to more than 1, /m². For the evaluation object there are turnover rents for several tenants. We have been provided with the turnover rents for the tenants dm Drogerie and Härdtner. For the purposes of this valuation, we have assumed that the turnover rent are sustainable and have included until the end of the respective lease agreement. We have not been provided with any turnover figures for Adler. For the purpose of this valuation, we have assumed that the area productivity of Adler is in a healthy range and that the rent-to-turnover ratio is in the region of 12.%, which is slightly above the range of 6-12% for fashion stores. Due to the rent-to turnover ratio above the general range and the internal layout of the Adler unit with a share of rather substandard areas in the lower storey, we have aplied a market rental value which is lower that the contractual rent. (The precisely figures regarding the productivity and rent-to-turnover ration an page 8) Conclusion The property in Neckarsulm is located in the direct vicinity of several serious competitors. The subject property currently has a retail use. Advantageous for this property are the high number of parking spaces and the centrality of the tenant mix. The problems, however, are the age of the property, the vacant space and the high density of competitors. Regarding the third-party use, the current use is considered the best option. The leasing capacity is for this property medium because of the building age and the high density of competitors. Excluding the area of the Adler. The leasing capacity for this area is not very good. Because this area extends over two floors and one of them is the enlarged basement area. Page of 12

157 Hohenloher Straße Neckarsulm Property no. 11 Portfolio: Roll Tenant Name Area Category ting Area / m² Tenant Lease Lease Renewal Status m² / unit / month / month pays VAT Start End Probability 1 Frau Monika Poschmann 99 2, Yes Lidl 1,2 1, Yes Lidl Storage 294. Yes Ümit Ebem Storage 291 1,7.6 Yes Ümit Ebem Other Units Yes Ümit Ebem Office Yes TÜV SÜD Yes Serbetcioglu, Mustafa - Mobilfunk-Shop 1, Yes Takko Holding GmbH 1,282 11, Yes Schwäbische Wurst Spezialität. 11 Bäckerei - Härdtner ,2 6, Yes Yes Essanelle 61 2, Yes mister*lady Storage Yes mister*lady, Yes Adler Mode GmbH,9, Yes Reno 78 8,1 12. Yes Reno Storage Yes Kreisparkasse Heilbronn Yes Ernsting's family 164 2, Yes Meister Rapid Yes Stuck Pura 1 Vacancy (ex. Convenience Concept) 2 Deutsche Plakat-Werbung Other Units Storage Deutsche Plakat-Werbung Other Units Yes % from Kiosks Other Units % Stadt Neckarsulm Liegenschaftsabt Yes PM Trends Storage Vacancy (flea market) Other Units Vacant dm-drogerie markt GmbH + Co. KG 712 9,49 1. Yes dm-drogerie markt GmbH + Co. KG Storage Yes Feinkost Mustafa Kabayel 7 1, Yes Vacancy (ex. Serbetcioglu, Mustafa - Mobilfunk-Shop) 64. Yes Siemens Building Technologiers Storage Yes Siemens Building Technologiers Storage 4. Yes Siemens Building Technologiers Storage 21. Yes FOTOFIX Other Units 1. Yes Storage Yes 1..2 Vacant 4. Yes Yes.8.29 Kleiderreinigung Gabriel 9 1, Yes Vacancy (ex. PM Trends ) Storage Vacant Vacancy (ex. Gechenkboutique Schwaderer) Storage Vacant Vacancy (flea market) Other Units Vacant Vacancy Vacant Eugenie Philipp Storage Yes Eugenie Philipp Storage Yes Braun, Marco Storage Braun, Marco Storage Yes Braun, Marco Storage Yes Vacancy (ex. Eugenie Philipp) Storage Vacant Vacancy Storage Vacant Vacancy Storage Vacant Turnover Other Units 1 6, Parking Spaces External parking. No % 1% 1% 1% 1% Tenant pays * M Total * M = Maintenance, GT = Ground Tax, I = Insurance Costs, PM = Property Management 1, m² 11,18 Page 6 of 12

158 Hohenloher Straße Neckarsulm Property no. 11 Portfolio: Valuation Assumptions Tenant Name Area Category Area Market Market Re-letting Initial Re-letting Agency Lease Renewal sqm/unit /month Tis Void VPV* Void* Abatem.* Fees* Term** Probability 1 Frau Monika Poschmann , Lidl 1, , Lidl Storage Ümit Ebem Storage , Ümit Ebem Other Units Ümit Ebem Office TÜV SÜD Serbetcioglu, Mustafa - Mobilfunk-Shop 2. 1, Takko Holding GmbH 1, , Schwäbische Wurst Spezialität , Bäckerei - Härdtner 116., Essanelle , mister*lady Storage mister*lady 12., Adler Mode GmbH, , Reno , Reno Storage Kreisparkasse Heilbronn % 19 Ernsting's family , Meister Rapid dm-drogerie markt GmbH + Co. KG , dm-drogerie markt GmbH + Co. KG Storage Feinkost Mustafa Kabayel , Vacancy (ex. Serbetcioglu, Mustafa - Mobilfunk-Shop) Siemens Building Technologiers Storage Siemens Building Technologiers Storage Siemens Building Technologiers Storage FOTOFIX Other Units 1. 1 % 29 Stuck Storage Pura Storage Vacancy (ex. Convenience Concept) , % 2 Deutsche Plakat-Werbung Other Units % Kleiderreinigung Gabriel , Stadt Neckarsulm Liegenschaftsabt PM Trends Storage Vacancy (ex. PM Trends ) Storage % 7 Vacancy (ex. Gechenkboutique Schwaderer) Storage % 8 Vacancy (flea market) Other Units % 9 Vacancy (flea market) Other Units % 4 Vacancy , % 41 Eugenie Philipp Storage Eugenie Philipp Storage Braun, Marco Storage Braun, Marco Storage Braun, Marco Storage Vacancy (ex. Eugenie Philipp) Storage % 47 Vacancy Storage % 48 Vacancy Storage % 49 Deutsche Plakat-Werbung Other Units % from Kiosks Other Units % 1 Turnover Other Units ,74 % 2 Parking Spaces External parking. % Total * months ** years ***structural vacancy 1, sqm 11,217 Page 7 of 12.

159 Property no. 11 Portfolio: Hohenloher Straße Neckarsulm.2.21 Property Analysis Area Analysis table Area Use Category m² Office 8 9,41 DIY Warehouse Commercial Residential Storage 1,26 Total area 1, Petrol Station Other Units 1,69 Internal parking External parking Total parking Area Vacant m² Area Vacancy Rate m² % 8.% 8,81 2.6%.%.%.%.% 1, % 9,98.41%.% %.%.%.% Office DIY Commercial Storage Warehouse Residential Income Analysis Contractual Contractual Contractual Potential Market Market Market Over-/ Under- ed Use Category /m²/month /month /year /year /m²/month /month /year Office. 11,728, ,99 26.% ,91 1,246,96 1,279, ,66 1,27,92 6.% DIY...% Warehouse...% Commercial...% Residential...% Storage 2.94,9 9,71 4, ,6 4,6 8.2% Petrol Station...% Other Units ,649 91,79 16, ,944 17,2 19.% Total area ,18 1,82,19 1,486, ,217 1,8,99.% Internal parking...% External parking...% Assessment of Adler market rent Space productivity Turnover to rent ratio Explanation 2, 12. Usual market % - levels 1,8 11. Market rent 1. 1,6 9.6 Contractual 9. 1,4 8. s % 8. Contractual 1.2% 1, Market 1.6% / m² / month 1, 1,2 6. 4% of turnover / m² % of turnover % of turnover 4. 6 Turnover potential. (net) Sales Area 4 2. in / m² p.a. 1.% based on sales area.%.% 7.% Turnover-rent-ratio 9.% 11.% 1.% Total Area ,24, ~ 2,7 m²,9 m² Textile stores usually can afford to pay a rent in the range of 6-12% of their net turnover (economically sustainable rent burden) and have a space productivity of about 8 to 1,6 (in shopping centers up to,) per m² sales area. The graphic above indicates, how the contract rent of the main tenant 'Adler' and the assumed market rental level can be assessed on usual market ranges and an assumed average space productivity of 1,2 (net). D&B Rating of Main Tenant Main tenant Tenant name p.a. Share of total income WALT Payment Index Capital indicator Risk indicator Score Credit limit Adler Modemärkte AG 428,78 1% 2.2 years 72 A ,9, (single) 174,, (total) Comment The main tenant is Adler Modemärkte AG. The Adler fashion stores carry a broad assortment, adaptable fashion for the whole family. Adler is one of the major textile retailers in. According to Dun & Bradstreet (D&B) Rating as at 18 January 21. Adler Modemärkte AG has an low credit risk. The risk of insolvency (D&B Score) within the next 12 months compared with other German companies is assessed to be low, i.e. 2% of businesses on the German database have the same or higher risk of failure. Page 8 of 12

160 Hohenloher Straße Neckarsulm Property no. 11 Portfolio: Assumptions Market Value Lease Contract Commentary The property has a vacancy rate of approx. 12%, the remaining area is let to 2 tenants. The WALT of the property amounts to.8 years. The main tenant is Adler with a share of approx. % of the rental income. The property is currently over-rented. This figure included the turnover rents of the tenants dm Drogerie, Takko Fashion, mister Lady, Reno and Härdtner, which we are of the opinion that is to be sustainable until the end of the respective lease contracts. Without these turnover rents the property is nearly let at market level. The majority of the tenants pay all costs (including ground tax, insurance costs and management costs) except for maintenance costs for structural repairs. The rest can be apportioned to the tenant in accordance with the German Regulation on Operating Costs. Furthermore, some rental increases due to indexations have taken place. General Property Assumptions Discount rate 7.2% Capitalisation rate Capital expenditures* Vacancy costs * on the basis of cost estimates provided by Brack Capital Properties N.V 6.9% 1. /m²/p.a. Discount Rate Comment The yields applied reflect the individual location quality (macro- and micro-location) of the properties, building structure, letting situation, covenant strength and the relationship between contractual and market rent. We derive the discount rate from market transactions. The discount rate reflects the rate of return expected by investors and is determined based on the risk associated with a property. As reinsurance, the initial yields profile is aligned with the market/other transactions. We have taken into account such facts as the uncertainty of the main tenant Adler and the period of his lease contract, the worse condition and location (referring to the competitor situation), and the short WALT. Breakdown of Non-Recoverable Costs Contract** % of Gross Inflation per year per year (month 1 x 12) Contract Maintenance costs 6. /m² 67, % Year after 224 Management costs 2.1 /m² 2,7 1.% Inflation 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Ground tax 1.77 /m² 18,27 1.2% Insurance costs.41 /m² 4,27.% Market al Growth Other non-recoverable costs. /m².% Total non-recoverable expenses 1.68 /m² 11, % Year after 224 ** JLL analysis al Growth 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Market (assuming full occupancy) Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Total non-recoverable expenses per year per year 6. /m² 67, /m² 2, /m² 18,27.41 /m² 4,27. /m² 1.6 /m² 11,8 % of Gross Market 4.94% 1.% 1.4%.1%.% 8.1% Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Contract Market Total Non-recoverable Costs Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 Maintanance Management Ground Insurance Other Non- Vacancy Total % of Total Costs Costs Tax Costs recoverable Costs Costs per year Gross Revenue 67,1 21,71 18,27 4,27 2,798 11,799 8.% 67,821 21,42 18,46 4,249,78 11,6 8.1% 68,71 17,922 18,698 4, 17, ,2 1.7% 69,974 2,87 19,42 4, ,418 8.% 71,261 2,69 19,92 4, ,21 8.4% 72,416 2,6 19,76 4,7 1,61 118,8 8.7% 7,1 19,972 2,1 4,67 6,26 124,8 9.% 74,66 2,174 2,16 4,677 4, ,47 9.% 7,798 2,81 2,626 4,749,28 127, % 77,4 22,49 2,96 4, ,8 8.4% 78,9 21,174 21,2 4, ,6 9.% 12.% 1.7% Non-Recoverable Costs as a percentage of Total Gross Revenue 1.% 8.% 8.% 8.1% 8.% 8.4% 8.7% 9.% 9.% 9.2% 8.4% 6.% 4.% 2.%.% Page 9 of 12

161 Hohenloher Straße Neckarsulm Property no. 11 Portfolio: Cash Flow Market Value Total Non- Net TIs and al Turnover Gross recoverable Operating Capital Leasing Revenue Vacancy Abatements Revenue Costs Income Expenditures Commissions Cash Flow Year 1 1,47,72 -,819 1,424,7-11,799 1,1,94-18,72-16,76 1,27,47 Year 2 Year 1,466,14 1,421,26-9,18-226,724 1,426,81 1,194,82-11,6-127,2 1,11,2 1,67,47-22,19-99,7-1,7 -,699 1,278,771 92,696 Year 4 1,86,962-14,48 1,72, ,418 1,28,61-4,66-18,22 1,2,97 Year 1,84,614 -,12 1,79,12-116,21 1,26,491-1, ,26,9 Year 6 1,8,71-28,78 1,7,6-118,8 1,29,68-6,4 -,744 1,229,2 Year 7 1,9,496-64,47 1,1, ,8 1,27,64-6,471 -,7 1,19,286 Year 8 1,49,7-64,89 1,44, ,47 1,22,444-4,4-16,81 1,16,1 Year 9 1,478,617-91,66 1,87,1-127,269 1,26,282-47,847-24,2 1,188,11 Year 1 1,11,219-11,687 1,499,2-12,8 1,7,72-4,281-2,87 1,66,864 Year 11 1,41,9-19,761 1,411,78-126,6 1,28,42-1,74-1,4 18,887,648 Total Cashflow (incl. Terminal 6.9 %) Gross Value of Surplus Land Gross Capital Value incl. Surplus Land Total Gross Revenue versus Net Operating Income Present 7.2% 1,2,196 1,1,89 788, 947,1 92, ,47 76, ,44 68,69 78,266 9,42,886 18,18,44 47,4 18,68, % 7.% 6.8% 6.8% 6.7% 6.% 6.6% 6.8% 7.4% 8.% 7.% 12..7% 6.% al income % 4.%.% Running yield 4. 2.% 2. 1.%..% Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Valuation Results Overview Contractual gross rental income (month 1 x 12) Market rental value Over-/Underrent Yield Overview Net Initial Yield Net Reversionary Yield Gross Initial Yield Gross Reversionary Yield Valuation Comment total p.a. per m²/month total p.a. per m²/month Market Value Gross Capital Value (rounded) 1,82, Total 18,6, 1,8,99 per m² 1, % Purchaser's costs 6.% 7.% Market Value (rounded) 6.9% Total 17,4, 8.1% 7.99% per m² 1,64 In terms of risk, we considered the covenant strength of the tenants as well as the lease duration for the existing contracts. As at 18 January 21 the main tenant Adler Modemärkte GmbH has good covenant strength, which ensures a secure cash flow. In terms of a resale, we took into account such facts as visibility, demographic factors, appearance, condition and building age, third-party usability, competition and location. For the purpose of the valuation on 1 December 214, the non-recoverable costs (e.g. insurance costs as well as ground tax) remained unchanged and have been applied according to information received during the previous valuation cycle. Management costs and maintenance costs have been applied according to internal benchmarks. We have not been provided with updated information regarding necessary capital expenditures (CapEx). According to information received no CapEx are required. For the purpose of our valuation we have assumed that all capital expenditures for repairs in the first year as well as in the periods of year 2 to and year 6 to 1 are considered to be covered by the maintenance costs of 6./m² per annum. Regarding comparable rents we have had recourse to evidence of similar areas situated in the comparable regions and locations. Furthermore, we have analysed comparable transactions. Please refer to the section "Investment Comparables". Furthermore, we have taken into account surplus land in the amount of 4,8m² and have considered the standard land value of 92/m² for this space. The following changes occurred in comparison to previous valuation: The WALT slightly decreased to. years. According to the information provided to us the vacancy rate slightly decreased to 12%. Some rental increases due to indexations have taken place. The lease of the tenant Gabriel (cleaning) and Mustafa were actually extended for further years. A new lease with Braun Marco was concluded for storage areas. The trunover rent slightly decreased by %. Page 1 of 12

162 Hohenloher Straße Neckarsulm Property no. 11 Portfolio: Photos Front view of the subject property and the parking area External view of the eastern part of the property View of the side entrance (Hohenloher Straße) - northern direction View of the tenant TÜV and car wash View of the petrol station Internal view of the mall Page 11 of 12

163 Hohenloher Straße Neckarsulm Property no. 11 Portfolio: Leasing and Investment Market Development of prime yields transaction volume in Leasing Market There is no homogeneous rental level for retail space in retail warehouses or retail parks throughout. For the determination of the rents, the quality of location in terms of accessibility and competition is crucial. The rents within the different branches vary. This is due to the diverging location assessment and turnover expectancy of the different tenants. If in the case of a retail park the management succeeds in establishing good anchor tenants, which guarantee a high visitor frequency, then the turnover expectancy of secondary tenants tends to be higher and as a consequence, their overall rental level will be higher as well. Besides the rent level, another determining factor for investors is the building costs. Properties with the highest rents usually also have the highest building costs and land acquisition cost. Depending on the size of the retail unit and the branch of the tenants, rents in retail parks the average rent is between 7. and 18./ m²/month. Prime rents of 18./m²/month are normally achieved within near city retail parks in a metropolitan region. Depending on the size of the retail unit and the retail format of the store, rents for supermarkets/ hypermarkets are generally slightly higher than the rents for discounters. s for discounters in western usually range between 6. and 12. /m²/month, while discounters in former Eastern generally achieve slightly lower rental rates. Drug stores and the-, textile-, shoe- and electronics branches generally achieve rental rates ranging from 7. to 12. /m²/month. DIY stores need extensive space due to their broad product range. In urban centers, these stores sometimes even offer their products on two levels. DIY stores are placed at the lower end of the scale in terms of rents, with prices ranging between. and 1. /m²/month. As DIY stores have a supra-regional catchment area, there are not as independent as other branches in the area and can relocate to more affordable attractive and easily accessible industrial zones. In such areas, lower investments for realisation and lower building costs induce lower rents. Investment Market On the investment market in 214, total capital amounting to 8.8 billion was invested in German commercial properties an increase of about % compared to the previous year. This means that 214 was the strongest year for property transactions since the boom year of 27. As was already seen in the previous year, the final quarter of the year proved to be the strongest in terms of transactions. Properties worth around 14 billion changed hands in the months from October to December. The run on the commercial property markets will continue in 21 - with an equal or even greater transaction volume. The investment focus of investors was still almost exclusively directed towards prime properties in prime locations in 21, but this has now diversified somewhat. More and more buyers are prepared to invest in lower-quality properties with a certain proportion of vacancies or in a less central location in the large cities as well as in smaller towns. However, the Big 7 together represent a volume of around 2 billion and therefore still account for well above half of the transaction volume across. Office properties accounted for the highest proportion of the transaction volume with a share of around 44%. properties were next in line with a 22% share. Warehouses and logistics properties registered relatively strong growth over the year, increasing their share to at least 9%. The share of portfolio transactions also increased further. Local and inter-regional portfolios accounted for around % of the volume in 214, which was tantamount to a 7% increase in the volume compared to 21. Prime yields in the office segment fell slightly again in view of the strong demand. The average yield for all Big 7 markets fell by 1 basis points compared to the third quarter to 4.4%. The analysis of the different asset classes reveals no fundamental differences from 212. Office properties again accounted for the highest share of the transaction volume at 46%. properties accounted for a 26% share, followed by mix-used properties with 11% and warehouse and logistics properties with at least 7%. The office prime yields were still on a slight downward trend in individual cities. Each of the Big 7 cities now has a net initial yield of below %. Aggregated across all cities, the prime yield in the office segment fell to an average value of around 4.67%. Shopping centre yields are at a similar rate of 4.7%. Initial yields of.6% are paid for good specialist store products; there was also a slight decline here. Only the average yield for city centre commercial buildings remained unchanged at the already low level of.99%. The German investment market has started the year with a tailwind behind it. This positive outlook is based on the continuing strong demand from international capital for investment opportunities on one hand, and on an attractive financing environment on the other. For 21, we therefore expect to see a further increase in the transaction volume to above 4 billion. Leasing Comparables Tenant City Property Type Area (m²) Lidl Renchen Lidl Braunschweig Lidl Kerken Lidl Adler Modermärkte AG Adler Modermärkte AG Wurzen Nürnberg Krefeld Adler Modermärkte AG Schiffdorf (Lower Saxony) AWG Mode Volkach Discounter 1,2 m² Discounter 994 m² Discounter 1,1 m² Discounter Fashion retailer Fashion retailer 1,99 m² 2,862 m² 2,87 m² Fashion retailer, m² Fashion retailer 1, m² Total per month /m² Comment 1, /m² Worse purchasing power 11, /m² Better purchasing power 12, /m² Better purchasing power 9, /m² Worse purchasing power 4, /m² Better purchasing power 24, 8.74 /m² Other federal state, worse purchasing power 44, /m² Comparable purchasing power of ,9 8.9 /m² Worse purchasing power Investment Comparables Property Type Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Year of Construction 1994 table Area Gross Date of Multiplier Transaction Comment,9 m² 12.9-fold 214 Anchor tenant Kaufland, WALT 1.7 years, located in Lower-Saxony 6,48 m² 12.4-fold Q 21 Tenants: Kaufland (lease expiry 22), Lidl, KiK, Takko; 1, m² additional office space / medical practices. 9, m² 14.-fold 214 Anchor tenant real, WALT 1 years, located in Brandenburg 1,1 m² 14.-fold years WALT, anchor tenant Real located in Lower-Saxony 2,269 m² 14.7-fold 212 WALT 1.7 years, good location, main tenant Kaufland, partly leasehold 1, m² 1.8-fold Q2 212 Anchor tenant Famila, WALT 9.2 years, strong location in northern 1,1 m² 1.1-fold 212 Anchor tenant real, WALT 1 years, portfolio transaction 9, m² 9.8-fold 212 Located close to Berlin, positive population forecast, 2 years WALT Page 12 of 12

164 Hösamer Feld Vilshofen Property no. 12 Portfolio: Property Summary Key Figures Property type Main tenant Total lettable area Total parking units Current vacancy rate Weighted average lease term Year of construction Year of refurbishment Park Kaufland Warenhandel GmbH & Co. KG 1,2 m² units.8% 9.1 years Contractual gross rental income (month 1 x 12) total p.a. per m² / month 8,8 6.9 Total non-recoverable expenses (month 1 x 12) total p.a. 89,61 per m² / month.7 Net operating income (month 1 x 12) total p.a. per m² / month 76, Market rental value total p.a. 881,6 Over-/Underrent based on occupied areas -2.1% SWOT Analysis Strengths Very good visibility from Aidenbacher Straße Sufficient parking spaces on site Good accessibility to the parking area Good branch and tenant mix Established location, no further self-service department stores in immediate vicinity Opportunities Location could be strengthened by further completions in the surrounding area Extension of the lease contract after expiration date Weaknesses Since completion one small retail unit (84m²) is still in shell condition Limted third party usability of the large-scale retail area without refurbishment Threats Strong dependency on the main tenant Kaufland Long-term vacancy if Kaufland vacates the property Property Rating (1 = very negative, = very positive) Building Location Building age 4 6 to 1 years Macrolocation Average location and catchment area table Area Between 1, and 12, m² Microlocation Average micro location Property condition Average building condition Commercial activity Limited commercial activity nearby General impression Average general impression Competition Average competition level Liquidity Investment Quality WALT 4 WALT seven to ten years Investment market Average property market Over- / underrent Rack rented (-% to %) Investment volume 4 Good lot size Quality of tenants 4 Tenants with very good credit rating Saleability 4 Good saleability within 6 months Property Description The property consists of two buildings on two parcels of land, which are separated by an access road. The buildings were constructed in On the south-western side of the property (land parcel 12), a predominately one-storey self-service department store can be found, which has an L-shaped layout. The sales areas are situated in the longer section of the building on the ground floor; in the shorter section of the building, the warehouse as well as the receiving department can be found. The social rooms on the first floor can be reached through the entrance hall. The goods delivery area can be accessed via a loading ramp. The building itself is a reinforced concrete construction with a flat roof. The façade has sandwich elements made from prefabricated concrete components. The façade and the roof of the social rooms are clad with trapezoidal sheet metal. The parking facilities are situated in front of the covered entrance area of the self-service department store and extend up to the access road. A U-shaped building can be found on the north-western section of the property (parcel 12/7). The building is a single-storey construction. Parking areas can be found in front of the structure. The rental units are each accessible from the parking areas. The goods delivery zones are situated in the rear building section and stretch around the building. The building is equipped with a flat roof. The façade is clad with aluminium elements in the form of trapezoidal sheet metal. An awning covering the entrance areas optically connects the individual rental units with one another. A petrol station is located on the western end of the property (parcel 12/7). This section of the property is leased to the petrol station operator. The subject property comprises a lettable area of 1,2 m² and a petrol station site of 1,4 m². Valuation Results Market Value Market al Value 11,4, equals to 1,114 per m² 881,6 p.a. equals to 7.18 / m² / p.m. Discount Rate Capitalisation Rate 6.6% 6.% Net Initial Yield Net Reversionary Yield 6.42% 6.6% excluding capital expenditures 6.42% 6.6% Multiplier (initial) 1.6 Multiplier (based on MRV) Page 1 of 12

165 Property no. 12 Portfolio: Hösamer Feld Vilshofen.2.21 Location Macroeconomic Indicators Federal State District City Postcode (Source: GfK 21/14, BfA, IFH 214) Bavaria Passau (Rural District) Vilshofen Population Federal State absolute Population District absolute Population City absolute Number of Households City absolute Population Density District per km² Population Density City per km² Population Forecast (29-22) District in % Population Growth (28-21) Federal State in % Population Growth (28-21) District in % Unemployment Rate (214) Federal State in % Unemployment Rate (214) District in % 12,67,28 187,99 16,29 7, , % 1.2% -.2% 4.1% 4.6% Structual Data (Source: GfK 214 and IFH 214) Purchasing Power District in m Purchasing Power City in m Purchasing Power Index Federal State index Purchasing Power Index District index Centrality Index District index, Vilshofen Macro Location Vilshofen an der Donau is a secondary centre in the Passau administrative district and the largest city in the respective district. The city borders the southern Bavarian forest and is located approx. 2 km west from Passau and around km west from Austria. The regional centre, Regensburg, is situated about 1 km north-west of Vilshofen. As a secondary centre, Vilshofen functions as an economic hub for the surrounding communities and supplies the area with periodic services. Small and medium-sized businesses are predominantly established in the city, with the majority operating in the service sector as well as the retail sector. The establishment of larger retail chains in the city makes Vilshofen a key shopping location for the surrounding sub-centres. Having the largest number of schools in the Passau administrative district, the education sector is equally economically important for the city. The connection to the national motorway network can be described as good. The motorway A can be accessed in approx. 1 minutes via the junction 11. The federal road B8 runs from Passau to Straubing and connects Vilshofen with a variety of communities, including Künzing, Windor and the regional centre Plattling in the Danube-Forest (Donau-Wald) region. Furthermore, the railway station connects Vilshofen with the cities Regenburg, Passau and Munich. The closest railway station offering long-distance services can be found in Passau and Plattling. The nearest airports are located in Munich (approx. 14 km distance) as well as in Linz, Austria (approx. 1 km distance). Micro Location Micro Location The subject property is located in Hösamer Feld in the Linda commercial zone, in the southern periphery of Vilsohofen. It can be accessed via the arterial road, Aidenbacher Straße. The city centre is around km north-east of the property and can be reached via Aidenbacher Straße. A Huber, a building materials store which offers a wide range of building materials, tools, piping and metal sheeting, borders the subject property to the north-east. To the south, the site is adjacent to the fashion and shoe retail warehouse, Lipp. The wider surrounding area is characterised by agricultural use. According to information from the City of Vilshofen, there are still around 27, m² of land available in the commercial zone for development. This land is located south-west of a self-service department and south-east of the retail warehouse assessed in the present valuation. Furthermore, a bus stop is located by the subject property. The railway station is located approx. 2. km away. The junction Garham-Vilshofen, which connects the city with the federal motorway A, is about 12. km north of the property. The federal road B8 is almost km away. Local Tax Information Real Estate Tax Rate (Typ B) City in % Land Transfer Tax City in %. Page 2 of 12

166 Property no. 12 Portfolio: Hösamer Feld Vilshofen.2.21 Site Plan Site Information Source: Cadastral plan on a 1 to 1 scale, dated Site area 7,1 m² thereof surplus land m² Surplus land value (net) Site servicing Fully serviced Site layout Rectangular Soil contamination No Suspicion Building encumbrances No Ground lease Ground lease expiry Comment The property is constructed on a slight slope. Thus, the retail warehouses on parcel 12/7 are on a higher level than the self-service department store on the parcel 12. The parcels are bordered by Aidenbacher Straße on the north-west and Hösamer Feld on the south-east. The building materials store, Huber, neighbours the parcel 12/7 on the north-east; developable land is situated south-west of the parcel 12. Both parcels are separated by an access road. There is no suspicion of contamination due to previous uses on the site. However, a section of parcel 12/7 is currently leased to a petrol station. For the purposes of this valuation, we have assumed that the subject property is free of any soil or building contamination. No Town Planning Use class Site coverage ratio (GRZ) Plot ratio (GFZ) Cubic index (BMZ) Tenure SO (special zone) Comment According to information from the building authority of Vilshofen, a legally binding land-use plan, called Gewerbegebiet Linda II, dated 2 October 199, has been determined for the subject property. The site is zoned as special zone (SO) and the use must have an open coverage type. The total sales area is limited to 7, m², with non-city centre relevant product ranges being restricted to a maximum of m². Other designations include a sales area for groceries for a maximum of 1,7 m², textile goods from 1,4 m² and for electronic goods of max 7 m². Land Register Local Court of Passau, land register of Aunkirchen Owner TPL Vilshofen S.à.r.l. Luxembourg Sheet Plot Parcel /7 Section 2 (Restrictions) Limited personal easement in favour of Conoco Mineralöl GmbH, Hamburg, registered until.9.22 (right to sell fuel and vehicle lubricant, right to operate a petrol station) Section (Loans) Land charges in the total amount of 9,7, in favour of HSH Nordbank AG, Hamburg/Kiel in Hamburg, Limited personal easement (right to operate a self-service department store) in favour of Kaufland Dienstleistungs GmbH & Co. KG, registered on Source: Extract from the land register dated Page of 12

167 Hösamer Feld Vilshofen Property no. 12 Portfolio: Competitor Map Source: Jones Lang LaSalle Research Competitor Overview Rewe Name Address Vilshofen, Passauer Str. 29 Type Hypermarket Sales area 1,6 m² m² m² Distance.2 km Potential Medium Competiton Indicators Inhabitants in primary catchment area (Radius km) 1,98 Purchasing power in Mio. (District),66 Inhabitants in secondary catchment area (Radius 1 km) 24,462 Purchasing power per Capita in (Radius km) 298 Number of households (Radius km) 6,847 Unemployment Rate (District) 4.6% Number of households (Radius 1 km) 1,79 Population forecast for the district (29-22) -1.4% Purchasing Power Index (District) Centrality Index (District) 87.2 Page 4 of 12

168 Hösamer Feld Vilshofen Property no. 12 Portfolio: Main competitors A retail agglomeration with the tenants such as consumer electronics retailer (Expert), a drug store (Rossmann), a fashion retailer Takko, two food discounters (Aldi and Penny), a beverage store and a sport fashion store is located along the Aidenbacher Straße in a distance of approx. 1 km north to the subject property. A DIY store (hagebaumarkt) is situated opposite the retail agglomeration. A supermarket Rewe with a sales area of approx. 1,9 m² is located shortly behind the federal road B8. The supermarket is located in a distance of approx. km away within the secondary catchment area. The Passauer Straße runs along the railway line until the Aidenbacher Straße begins. The competitor is standalone. Competition Comment The retail warehouse agglomeration is situated in close proximity, within a1kmdistancefromthevaluedproperty. The location of this competitor is however closer to the city centre. With a drugstore, two discounters, a drinks cash-and-carry, a sporting goods store as well as a DIY store, the agglomeration overall offers a similar product range as the subject property. The majority of tenants are well-known retail chains. The competing site is additionally strengthened by an electronics superstore. As a whole, the competing property offers also a different range of goods. While both the discounters offer lower-priced goods for daily use, the Kaufland at the subject property in contrast presents a full range of goods. The retail warehouses at the valued site therefore strengthens the attractiveness level of the property. Additionally, the fashion and shoe retail warehouse, which borders the subject site, indirectly benefits the subject property. Thus, it can be assumed that despite the generally similar tenant mix, direct competition for the purchasing power of the consumers does not exist. The second competitor, Rewe, is also unable to pose as direct competition to the subject property. For one, the city centre with smaller shopping facilities is situated between the subject site and the second competitor, Rewe. For another, the Rewe only offers a fraction of the full range of goods available at Kaufland, thereby indicating a significant difference in the product ranges. Furthermore, no other retail establishments adjoin or border the Rewe, which could boost the quality of the competing property over the subject property. Thus, the competition level as a whole can be described as medium. Turnover analysis The rents in functional retail agglomerations are linked to the achievable turnover. The percentage rate that a retail tenant can use for rental payments depends on the margins achievable in the various market sectors. This rate normally ranges between 2% and 1% depending on the respective industry. The productivity varies between approx. 1,/m² and up to more than 1,/m². For Kaufland, we have also been provided with turnover figures for the previous valuation. We have analysed the figures and have found the area productivity of Kaufland to be in a healthy range. With a turnover-torent ratio of less than 2% it lies below the range of 2% to 4%, which is acceptable for a self-service department store. Taking into consideration location features and the competition situation within Vilshofen, a higher rental level and turnovers for similar sectors is certainly realistic. Thus, we assume in the valuation that higher market rents for the self-service department store can be achieved after the expiry of lease agreements. Conclusion The tenant and market sector mix is very good for the current type of use. The size of the property is sufficient to meet the needs of the community of Vilshofen and its catchment area. The accessibility and visibility of both building sections can also be described as being very good. The only feature of the property that could be looked at critically is the small rental unit (84 m² in size), which is still in shell condition and has remained vacant since being constructed. The other 2 m² of formerly vacant area are let to the existing tenant KiK a fashion retailer. Overall, the property can be expanded with the available building areas bordering the site. A tenant mix with an electronics retail warehouse could further boost the subject site above the competition. The establishment of a similar type self-service department store is however considered problematic. Protection against competition is currently not available. Furthermore, the property is highly dependent on the self-service department store, Kaufland, and also on the tenant, Vögele, who is the main tenant in the retail warehouse centre. If the tenant Kaufland were to vacate the unit, the self-service department store could be let in the future to other tenants, such as real, Marktkauf or an E-Center. However, a subsequent use of the unit as a DIY store or furniture store would not be suitable. Huber (building materials store) as well as hagebaumarkt (DIY store) are already established in the vicinity and more than sufficiently meet the needs of the catchment area. Furthermore, a furniture retailer also is not a strong enough anchor tenant and lacks the drawing power for consumers. According to the turnover analysis, the turnover rent stands on the lower end of the range; in fact, a higher turnover-to-rent ratio is achievable in the market. Therefore, we assume that the tenant, Kaufland, will exercise its lease agreement extension options and will remain in the property until 27. Thereby, it can be assumed that over this period of time, demand for the other units will also exist. Page of 12

169 Hösamer Feld Vilshofen Property no. 12 Portfolio: Roll Tenant Name Area Category ting Area / m² Tenant Lease Lease Renewal Tenant Status m² / unit / month / month pays VAT Start End Probability pays * 1 Kaufland,187 27,69.22 Yes KiK Textilien und Non-Food GmbH 2 2, 1. Yes KiK Textilien und Non-Food GmbH 78, Yes Charles Vögele 1,8 1, Yes TEDI GmbH & Co. KG 48, Yes ConocoPhillips GmbH (Jet) Petrol Station 1,4 2, Yes % 7 dm-drogerie markt GmbH + Co. KG 74 7, Yes Deichmann SE 42 4, Yes Fressnapf 9 2,7 6.6 Yes Dänisches Bettenlager 11 Dänisches Bettenlager 818 1,41, Yes Yes Deutsche Plakat-Werbung Other Units Yes Vacancy (MV: Technikraum) Vacant External Parking External parking. No % Total * M = Maintenance, GT = Ground Tax, I = Insurance Costs, PM = Property Management 1,2 m² 71,9 Page 6 of 12

170 Hösamer Feld Vilshofen Property no. 12 Portfolio: Valuation Assumptions Tenant Name Area Category Area Market Market Re-letting Initial Re-letting Agency Lease Renewal sqm/unit /month Tis Void VPV* Void* Abatem.* Fees* Term** Probability 1 Kaufland, , KiK Textilien und Non-Food GmbH , KiK Textilien und Non-Food GmbH , Charles Vögele 1,8 9. 9, TEDI GmbH & Co. KG , ConocoPhillips GmbH (Jet) Petrol Station 1, , % 7 dm-drogerie markt GmbH + Co. KG , Deichmann SE 42 8., Fressnapf 9. 1, Dänisches Bettenlager. 1, Dänisches Bettenlager , Deutsche Plakat-Werbung Other Units % 1 Vacancy (MV: Technikraum) % 14 External Parking External parking. 1 % Total * months ** years ***structural vacancy 1,2 sqm 7,422 Page 7 of 12.

171 Property no. 12 Portfolio: Hösamer Feld Vilshofen.2.21 Property Analysis Area Analysis table Area Use Category m² Office 1,2 DIY Warehouse Commercial Residential Storage Total area 1,2 Petrol Station 1,4 Other Units 6 Internal parking External parking Total parking Area Vacant m² Area Vacancy Rate m² %.% 1,146.82%.%.%.%.%.% 1,146.82% 1,4.% 6.%.%.%.% Office DIY Commercial Storage Warehouse Residential Income Analysis Contractual Contractual Contractual Potential Market Market Market Over-/ Under- ed Use Category /m²/month /month /year /year /m²/month /month /year Office...% ,12 816,14 82, ,44 844,12-2.% DIY...% Warehouse...% Commercial...% Residential...% Storage...% Petrol Station 2.1 2,81,761, ,81,761.% Other Units ,18, ,18.% Total area ,9 8,8 86, , ,6-2.4% Internal parking...% External parking...% Assessment of Kaufland market rent Space productivity Turnover to rent ratio Explanation 7, 1. 6, Usual market % - levels Market rent 6, 8. Contractual, s % Contractual 2.%, Market 2.7% / m² / month 4,.22 4% of turnover. 4.1 % of turnover 4, 4. 2% of turnover / m² , Turnover potential. (net),69 Sales Area, 2. in / m² p.a. 1.% based on sales area 1.% 2.% 2.%.% Turnover-rent-ratio.% 4.% 4.%.% Total Area 14,,9 ~,861 m²,187 m² Self-service department stores usually can afford to pay a rent in the range of 2% to 4% of their net turnover (economically sustainable rent burden) and have a space productivity of about 4, to 6, per m² sales area. The two graphics above indicate, how the contract rent of the main tenant Kaufland as well as the assumed market rental level, can be assessed on the basis of usual market ranges. This analysis is based on the turnover potential figures prepared by Trade Dimension. D&B Rating of Main Tenant Main tenant Tenant name p.a. Share of total income WALT Payment Index Capital indicator Risk indicator Score Credit limit Kaufland Warenhandel GmbH & Co. KG 24,82 8% 12.7 years 67 4A , (single) 18,6, (total) Comment The main tenant is a corporation belonging to SBG Kaufland GmbH & Co. KG, which in turn belongs to the Schwarz Beteiligungs-KG, one of the biggest grocer groups in Europe. Kaufland is the self-service department store division of Lidl & Schwarz with more than locations across Europe. Kaufland s core business area is food retailing with branded goods and own-brands specially produced for Kaufland. According to Dun & Bradstreet (D&B) Rating as at Kaufland Warenhandel GmbH & Co. KG has an below-average credit risk. The risk of insolvency (D&B Score) within the next 12 months compared with other German companies is assessed to be low, i.e. 78% of businesses on the German database have the same or higher risk of failure. Page 8 of 12

172 Hösamer Feld Vilshofen Property no. 12 Portfolio: Assumptions Market Value Lease Contract Commentary The property is let to eight retail units and a petrol station. Currently, one small retail unit (84m²) is vacant. The WALT of the property amounts to 9.1 years. The main tenant is Kaufland with a share of approx. 4% of the rental income. The property is currently almost let at market rental level. The main tenant Kaufland is almost let at market rental level. As the lease contract is valid until 227 and the tenant has options until 27. However, we are not of the opinion that the rental level can be adjusted before 27. Kaufland s rent is indexed and will be adapted by % of the CPI change, whenever the change exceeds 1 percent in relation to the CPI basis. The majority of the tenants does not pay costs for ground tax, insurance and for management. Except of the tenant KiK and the petrol station these costs will not be borne by the tenants. Maintenance costs for structural repairs are borne by the landlord. The lease of Deichmann and Dänisches Bettenlager have been prolonged by further years. The rent of the fashion retailer KiK was reduced by 4%. There are some changes in the rent roll: A new rent of 1,41/month has been taken into account for the lettable area of m² of the tenant Dänisches Bettenlager (last valuation 21: /month). General Property Assumptions Discount rate 6.6% Capitalisation rate Capital expenditures* Vacancy costs * on the basis of cost estimates provided by Brack Capital Properties N.V 6.% 1. /m²/p.a. Discount Rate Comment The yields applied reflect the individual location quality (macro- and micro-location) of the properties, building structure, letting situation, covenant strength and the relationship between contractual and market rent. We derive the discount rate from market transactions. The discount rate reflects the rate of return expected by investors and is determined based on the risk associated with a property. As reinsurance, the initial yields profile is aligned with the market/other transactions. We have taken into account such facts as the stable Cash Flow, the good location, the short WALT, the low vacancy rate and the good condition of the subject property in Vilshofen. Breakdown of Non-Recoverable Costs Contract** % of Gross Inflation per year per year (month 1 x 12) Contract Maintenance costs 4. /m² 46,.4% Year after 224 Management costs 1.2 /m² 12,796 1.% Inflation 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Ground tax 2.7 /m² 27,671.24% Insurance costs.28 /m² 2,88.4% Market al Growth Other non-recoverable costs. /m².% Total non-recoverable expenses 8.74 /m² 89, % Year after 224 ** JLL analysis al Growth 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Market (assuming full occupancy) Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Total non-recoverable expenses per year per year 4. /m² 46, 1.29 /m² 1, /m² 27, /m² 2,88. /m² 8.78 /m² 89,78 % of Gross Market.22% 1.%.14%.2%.% 1.19% Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Contract Market Total Non-recoverable Costs Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 Maintanance Management Ground Insurance Other Non- Vacancy Total % of Total Costs Costs Tax Costs recoverable Costs Costs per year Gross Revenue 46, 12,97 27,671 2, ,79 1.4% 46,49 1,17 27,948 2,887 9, % 47,1 1,77 28,14 2,92 91,721 1.% 47,971 12,9 28,8 2,978 4,479 96,8 11.% 48,84 12,882 29,6, 1,21 9,6 11.1% 49,64 12,88 29,841,82 4,146 99,2 11.6%,41 1,21,1,1 2 97,92 11.% 1,181 1,96,764,178 98, % 1,964 1,27 1,2,226 4,81 14, 12.% 2,811 12,996 1,744,279 4,221 1,1 12.1%,741 1,4 2,,7 7,62 19, % 14.% Non-Recoverable Costs as a percentage of Total Gross Revenue 12.% 1.% 1.4% 1.2% 1.% 11.% 11.1% 11.6% 11.% 1.9% 12.% 12.1% 8.% 6.% 4.% 2.%.% Page 9 of 12

173 Hösamer Feld Vilshofen Property no. 12 Portfolio: Cash Flow Market Value Total Non- Net TIs and al Turnover Gross recoverable Operating Capital Leasing Revenue Vacancy Abatements Revenue Costs Income Expenditures Commissions Cash Flow Year 1 874,88-9, ,974-9,79 774,9 774,9 Year 2 Year 887, , , ,821-9,647-91, ,17 8,1-8,4-2, ,446 8,1 Year 4 881,81-42,482 89,1-96,8 742, ,11-9,24 66,727 Year 871,41-12,6 88,77-9,6 76,41-6,98-2,77 724,9 Year 6 88,766-24,92 8,84-99,2 76,291-2,21-4, ,282 Year 7 89,81-2, ,94-97,92 79,72-9, ,881 Year 8 96,69 96,69-98,719 87,6 87,6 Year 9 914,69-46, ,479-14, 764,176-17,42-1,46 617,88 Year 1 911,48-4,12 866,78-1,1 761,27-1,6-1,449 9,1 Year ,874-8,7 869,17-19,78 79,4-14,197-12,98 12,74,292 Total Cashflow (incl. Terminal 6. %) Gross Value of Surplus Land Gross Capital Value incl. Surplus Land Total Gross Revenue versus Net Operating Income 1. Present 6.6% 72,61 716,22 68,8 486,14 44,878 1,294 16,7 1,478 61,128 2,719 6,,28 11,92,4 11,92,4 8.% % 6.7% 6.7% 6.2% 6.4% 6.% 6.6% 6.8% 6.4% 6.4% 7.% 6.% al income % 4.%.% 2.% 1.% Running yield..% Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Valuation Results Overview Contractual gross rental income (month 1 x 12) Market rental value Over-/Underrent Yield Overview Net Initial Yield Net Reversionary Yield Gross Initial Yield Gross Reversionary Yield Valuation Comment total p.a. per m²/month total p.a. per m²/month Market Value Gross Capital Value (rounded) 8,8 6.9 Total 11,9, 881,6 per m² 1, % Purchaser's costs.% 6.42% Market Value (rounded) 6.6% Total 11,4, 7.48% 7.7% per m² 1,114 In terms of risk, we considered the covenant strength as well as the lease duration for the existing contracts. As at 29 January 214, the main tenant, Handelshof SB Warenhaus GmbH & Co. KG, has good covenant strength, which ensures a secure cash flow for the remainder of the lease term until at least 227. In terms of a resale, we took into account such facts as visibility, demographic factors, appearance, condition and building age, third-party usability, competition situation and location. For the purpose of the valuation on 1 December 21, the non-recoverable costs (e.g. insurance costs as well as ground tax) remained unchanged and have been applied according to information received during the previous valuation cycle. Management costs and maintenance costs have been applied according to internal benchmarks. We have not been provided with updated information regarding necessary capital expenditures (CapEx). According to information received no CapEx are required. For the purpose of our valuation we have assumed that all capital expenditures for repairs in the first year as well as in the periods of year 2 to and year 6 to 1 are considered to be covered by the maintenance costs of 4./m² per annum as sinking fund. Regarding comparable rents, we have had recourse to evidence of similar areas situated in the comparable regions and locations. Furthermore, we have analysed comparable transactions. Please refer to the section "Investment Comparables". The following changes occurred in comparison to previous valuation: The WALT increased to 9. years. According to the information provided to us the vacancy rate decreased by 2% to.8%. The existing area of the fashion retailer KiK were extended by 2 m² (former vacant). The lease for the new area started in October 21, with a net rent of 1/m² and tenant improvements of 7, ( /m²). In this context, the general lease with KiK was prolonged by 12 years, until July 22. The lease of the tenants Deichmann, Fressnapf and a petrol station have been prolonged by further 4 and years respectively. Page 1 of 12

174 Hösamer Feld Vilshofen Property no. 12 Portfolio: Photos View of the retail warehouses View of the petrol station External view of Dänisches Bettenlager and Kik Internal view of the sales area of dm Internal view of the tenant Kaufland Internal view of the mall Page 11 of 12

175 Hösamer Feld Vilshofen Property no. 12 Portfolio: Leasing and Investment Market Development of prime yields transaction volume in Leasing Market There is no homogeneous rental level for retail space in retail warehouses or retail parks throughout. For the determination of the rents, the quality of location in terms of accessibility and competition is crucial. The rents within the different branches vary. This is due to the diverging location assessment and turnover expectancy of the different tenants. If in the case of a retail park the management succeeds in establishing good anchor tenants, which guarantee a high visitor frequency, then the turnover expectancy of secondary tenants tends to be higher and as a consequence, their overall rental level will be higher as well. Besides the rent level, another determining factor for investors is the building costs. Properties with the highest rents usually also have the highest building costs and land acquisition cost. Depending on the size of the retail unit and the branch of the tenants, rents in retail parks the average rent is between 7. and 18./ m²/month. Prime rents of 18./m²/month are normally achieved within near city retail parks in a metropolitan region. Depending on the size of the retail unit and the retail format of the store, rents for supermarkets/ hypermarkets are generally slightly higher than the rents for discounters. s for discounters in western usually range between 6. and 12. /m²/month, while discounters in former Eastern generally achieve slightly lower rental rates. Drug stores and the-, textile-, shoe- and electronics branches generally achieve rental rates ranging from 7. to 12. /m²/month. DIY stores need extensive space due to their broad product range. In urban centers, these stores sometimes even offer their products on two levels. DIY stores are placed at the lower end of the scale in terms of rents, with prices ranging between. and 1. /m²/month. As DIY stores have a supra-regional catchment area, there are not as independent as other branches in the area and can relocate to more affordable attractive and easily accessible industrial zones. In such areas, lower investments for realisation and lower building costs induce lower rents. Investment Market On the investment market in 214, total capital amounting to 8.8 billion was invested in German commercial properties an increase of about % compared to the previous year. This means that 214 was the strongest year for property transactions since the boom year of 27. As was already seen in the previous year, the final quarter of the year proved to be the strongest in terms of transactions. Properties worth around 14 billion changed hands in the months from October to December. The run on the commercial property markets will continue in 21 - with an equal or even greater transaction volume. The investment focus of investors was still almost exclusively directed towards prime properties in prime locations in 21, but this has now diversified somewhat. More and more buyers are prepared to invest in lower-quality properties with a certain proportion of vacancies or in a less central location in the large cities as well as in smaller towns. However, the Big 7 together represent a volume of around 2 billion and therefore still account for well above half of the transaction volume across. Office properties accounted for the highest proportion of the transaction volume with a share of around 44%. properties were next in line with a 22% share. Warehouses and logistics properties registered relatively strong growth over the year, increasing their share to at least 9%. The share of portfolio transactions also increased further. Local and inter-regional portfolios accounted for around % of the volume in 214, which was tantamount to a 7% increase in the volume compared to 21. Prime yields in the office segment fell slightly again in view of the strong demand. The average yield for all Big 7 markets fell by 1 basis points compared to the third quarter to 4.4%. The analysis of the different asset classes reveals no fundamental differences from 212. Office properties again accounted for the highest share of the transaction volume at 46%. properties accounted for a 26% share, followed by mix-used properties with 11% and warehouse and logistics properties with at least 7%. The office prime yields were still on a slight downward trend in individual cities. Each of the Big 7 cities now has a net initial yield of below %. Aggregated across all cities, the prime yield in the office segment fell to an average value of around 4.67%. Shopping centre yields are at a similar rate of 4.7%. Initial yields of.6% are paid for good specialist store products; there was also a slight decline here. Only the average yield for city centre commercial buildings remained unchanged at the already low level of.99%. The German investment market has started the year with a tailwind behind it. This positive outlook is based on the continuing strong demand from international capital for investment opportunities on one hand, and on an attractive financing environment on the other. For 21, we therefore expect to see a further increase in the transaction volume to above 4 billion. Leasing Comparables Tenant City Property Type Area (m²) Real Kaufland Real dm-drogerie markt Charles Vögele AWG Mode Deichmann Amberg Hameln Würzburg Bentwisch Traunreut Volkach Karlstadt Self-Service Department Store 1,824 m² Self-Service Department Store 4,426 m² Self-Service Department Store 8,4 m² Drugstore Fashion Fashion 79 m² 91 m² 1, m² Shoe store 467 m² m² Total per month /m² Comment 71, /m² Higher purchasing power 29, /m² Similar out-of-town location, similar purchasing power 61,68 7. /m² Better location, similar purchasing power 7, /m² Similar purchasing power, other federal state 7, /m² Similar purchasing power 8,9 8.9 /m² Similar purchasing power 4, /m² Similar purchasing power. /m² Investment Comparables Property Type Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Hypermarket Year of Construction 1994 table Area Gross Date of Multiplier Transaction Comment,9 m² 12.9-fold 214 Anchor tenant Kaufland, WALT 1.7 years, located in Lower-Saxony 6,48 m² 12.4-fold Q 21 Tenants: Kaufland (lease expiry 22), Lidl, KiK, Takko; 1, m² additional office space / medical practices. 9, m² 14.-fold 214 Anchor tenant real, WALT 1 years, located in Brandenburg 1,1 m² 14.-fold years WALT, anchor tenant Real located in Lower-Saxony 2,269 m² 14.7-fold 212 WALT 1.7 years, good location, main tenant Kaufland, partly leasehold 1, m² 1.8-fold Q2 212 Anchor tenant Famila, WALT 9.2 years, strong location in northern 1,1 m² 1.1-fold 212 Anchor tenant real, WALT 1 years, portfolio transaction 9, m² 9.8-fold 212 Located close to Berlin, positive population forecast, 2 years WALT Page 12 of 12

176 Wahrenberger Straße Wittenberge Property no. 1 Portfolio: Property Summary Key Figures Property type Main tenant Total lettable area Total parking units Current vacancy rate Weighted average lease term Year of construction Year of refurbishment Park Kaufland Warenhandel Brandenburg GmbH & Co. KG 8,691 m² 4 units.% 8.9 years 1996 Contractual gross rental income (month 1 x 12) total p.a. per m² / month 64,768.8 Total non-recoverable expenses (month 1 x 12) total p.a. 7,46 per m² / month.72 Net operating income (month 1 x 12) total p.a. per m² / month 29,.8 Market rental value total p.a. 66,2 Over-/Underrent based on occupied areas -.2% SWOT Analysis Strengths Good visibility and accessibility Located close to a DIY store generating synergies Petrol station on site Long term lease contract of the main tenant Kaufland Sufficient parking spaces Opportunities Extension of the lease contract after expiration date Growing importance of the commercial area Weaknesses Outdated architectural design Limited third party usability of the large-scale retail area without refurbishment Threats Strong dependency on the main tenant Kaufland Long-term vacancy if Kaufland vacates the property Potential increase of maintenance costs due to building age (1996) Environmental risks due to soil contamination caused by petrol station Property Rating (1 = very negative, = very positive) Building Location Building age 2 16 to 2 years Macrolocation 2 Below average location and catchment area table Area 2 Between 7, and 1, m² Microlocation Average micro location Property condition Average building condition Commercial activity Limited commercial activity nearby General impression Average general impression Competition Average competition level Liquidity Investment Quality WALT 4 WALT seven to ten years Investment market 2 Under developed property market Over- / underrent Rack rented (-% to %) Investment volume Reasonable lot size Quality of tenants 4 Tenants with very good credit rating Saleability 4 Good saleability within 6 months Property Description The subject property is a one- to two-storey self-service store. The property was built in 1996 and faces Wahrenberger Straße and Cumloser Straße. The property has one main entrance from the parking space in front of the building and a separate entrance to the unit rented by the tenant Hammer, as well as from the parking area. The building has an L-shape and is made of a steel reinforced concrete construction with precast parts. The property has got a flat roof with galvanised steel sheets. The subject property comprises a lettable area of 8,691 m², a petrol station site of 1,2 m² and 9 billboards. Valuation Results Market Value Market al Value 7,4, equals to 81 per m² 66,2 p.a. equals to.81 / m² / p.m. Discount Rate Capitalisation Rate 7.% 6.9% Net Initial Yield Net Reversionary Yield 6.79% 6.8% excluding capital expenditures 6.79% 6.8% Multiplier (initial) Multiplier (based on MRV) Page 1 of 12

177 Property no. 1 Portfolio: Wahrenberger Straße Wittenberge.1.21 Location Macroeconomic Indicators Federal State District City Postcode (Source: GfK 21/14, BfA, IFH 214) Brandenburg Prignitz (Rural District) Wittenberge 1922 Population Federal State absolute Population District absolute Population City absolute Number of Households City absolute Population Density District per km² Population Density City per km² Population Forecast (29-22) District in % Population Growth (28-21) Federal State in % Population Growth (28-21) District in % Unemployment Rate (214) Federal State in % Unemployment Rate (214) District in % 2,491,799 8,8 18,11 1, % -1.7% -7.% 1.2% 1.% Structual Data (Source: GfK 214 and IFH 214) Purchasing Power District in m Purchasing Power City in m Purchasing Power Index Federal State index Purchasing Power Index District index Centrality Index District index 1, Wittenberge Macro Location Wittenberge is situated in the federal state of Brandenburg in the administrative region of Prignitz. The city covers an area of km². Nearby cities include Berlin (12 km), Potsdam (1 km) and Lüneburg (8 km). The A24 federal motorway is located km to the north and the B89 offers a direct connection to the motorway. The city s train station is linked to the ICE network. Wittenberge is a stop on the route from Hamburg to Berlin. International connections to Prague and Kopenhagen are also available. The closest passenger airport is located in Berlin, which can be reached within 12 km. The economy of Wittenberge is primarily characterised by small- and mid-sized companies. Moreover, agriculture is a major part of Wittenberge s economy. Micro Location Micro Location The property is located at the edge of town, approx. 1. km west of the city centre of Wittenberge, very close to the federal road B189, which connects Wittenberege with the motorway system. The property is located along an aterial road connecting western Wittenberge with the B189. Next to the subject property, there is a DIY store operated by OBI and apart from that, there are only few residential dwellings to the north-east as well as agricultural land in the surrounding area. In terms of use the micro location of the property can be rated as average. Local Tax Information Real Estate Tax Rate (Typ B) City in % Land Transfer Tax City in % 4. Page 2 of 12

178 Property no. 1 Portfolio: Wahrenberger Straße Wittenberge.1.21 Site Plan Site Information Source: Cadastral plan on a 1 to 1, scale, dated 2 February 21 Site area 9,69 m² thereof surplus land m² Surplus land value (net) Site servicing Fully serviced Site layout Irregular Soil contamination No Suspicion Building encumbrances No Ground lease Ground lease expiry Comment The property has an even topography and irregular shape. It is accessible from the east. According to information provided by the city of Wittenberge, the site is not registered in the register of contaminated sites. In Brandenburg, there are no building encumbrances. Instead the muncipalities obtain personal easments, which are registered in the land register in divison II. Thus, we assumed the subject property to be free of any building encumbrances. For the purposes of this valuation, we have assumed that the subject property is free of any soil or building contamination. No Town Planning Use class Site coverage ratio (GRZ) Plot ratio (GFZ) Cubic index (BMZ) Tenure Land Register Local Court of Perleberg, land register of Wittenberge Owner TPL Wittenberge S.á.r.l., Luxembourg SO (special zone).8. Sheet Plot Parcel /4 19/9 Comment According to information from the local planning authority, a legally binding development plan exists, entitled "Nr. 2 Geschäftshauskomplex Wahrenberger Straße / B 189" and dated , with the following regulations: the subject site is located in a special zone (SO). The site coverage ratio is limited to.8 and the plot ratio to.. Section 2 (Restrictions) Limited personal easement to operate a selfservice department store on the plot in favour of Kaufland Stiftung & Co. KG, Neckarsulm. Section (Loans) Land charges in the total amount of,98, in favour of HSH Nordbank AG, Hamburg/Kiel in Hamburg, Source: Extract from the land register dated Page of 12

179 Wahrenberger Straße Wittenberge Property no. 1 Portfolio: Competitor Map Source: Jones Lang LaSalle Research Competitor Overview E-Center Name Address 1922 Wittenberge, Lenzener Chaussee 21 Type Hypermarket Sales area,2 m² m² m² Distance 1. km Potential Medium Competiton Indicators Inhabitants in primary catchment area (Radius km) 16,7 Purchasing power in Mio. (District) 1,46 Inhabitants in secondary catchment area (Radius 1 km) 7,9 Purchasing power per Capita in (Radius km) 266 Number of households (Radius km) 9,196 Unemployment Rate (District) 1.% Number of households (Radius 1 km),97 Population forecast for the district (29-22) -19.9% Purchasing Power Index (District) 76. Centrality Index (District) 96. Page 4 of 12

180 Wahrenberger Straße Wittenberge Property no. 1 Portfolio: Main competitors This competitor is a new retail park with a large EDEKA centre as anchor tenant. The sales area of Edeka is about, m². Within this retail park, there are several well-known tenants such as ALDI, Charles Vögele, and even a toom DIY store, which is another anchor tenant. This centre is newer and has a slightly better location also near the B189. Charles Vögele contributes to the tenant mix surrounding the EDEKA centre. This is the only large competitor, which has a similar tenant mix and size compared to the subject property, and is considered superior when compared to the subject site. Competition Comment Approximately 19, inhabitants live in the secondary catchment area. Two self-service department stores are present within this area, which correlates to approx. 9, inhabitants (i.e. potential customers per selfservice department store). Within the broader tertiary catchment area, there is still only one competitor for the 27, inhabitants, which increases the customer potential in this rural area to 1, potential customers per self-service department store. We consider the EDEKA centre located close by in a retail park to be the main competitor and superior to the subject property. Located only 1.2 km from the subject property also at the B189, they share almost exactly the same catchment area. As both properties need to be accessed by car, we think that most customers will prefer the retail park to the subject property due to its newer construction date and good tenant mix. Apart from the EDEKA centre, only small supermarkets or discounters compete for the non-food customers. However, we still assess the level of competition to be rather high and that the EDEKA centre will draw more than average customer potential from the subject property. Turnover analysis The rents in functional retail agglomerations are linked to the achievable turnover. The percentage rate that a retail tenant can use for rental payments depends on the margins achievable in the various market sectors. This rate normally ranges between 2% and 1% depending on the respective industry. The productivity varies between approx. 1,/m² and up to more than 1,/m². For Kaufland, we have also been provided with turnover figures for the previous valuation. We have analysed the figures and have found the area productivity of Kaufland to be in a healthy range. With a turnover-torent ratio of less than 2% it lies below the range of 2% to 4%, which is acceptable for a self-service department store. However, we believe that a slightly lower market rent is achievable after the end of the lease contract. According to Trade Dimension, the turnover potential of the Kaufland is 16,2, p.a. (net basis). This results in a space productivity of approx. 4, m². The rents hypermarkets usually pay are in the range of 2% to 4%, depending on location and quality of the building. Kaufland s turnover-rent ratio generally lies above the threshold of 2% but below 4%. Therefore, we consider the rent paid to be sustainable in the long run. Conclusion The subject property is a self-service department store situated in an average location within Wittenberge. The depth and breadth of the product range is very good. However, the property faces tough competition from a newer retail park with EDEKA as anchor tenant. The rental area of Kaufland can be regarded as relatively unproblematic. In the unlikely case that Kaufland should vacate the premises, the property could be re-let to an other self-service department stores as real or Marktkauf. We assumed that the tenant Kaufland will prolong the contract until 27 due to the low contractual rental level. However, the market rental level is similar. More problematic would be Hammer vacating the property, as there are only few potential tenants for such rental unit. The most probable alternative use tenant for this unit would be a furniture store. Although this property will face some problems due to the competition, we are of the opinion that the location to be sustainable on the low rental level, which is currently paid at the property. Page of 12

181 Wahrenberger Straße Wittenberge Property no. 1 Portfolio: Roll Tenant Name Area Category ting Area Status m² / unit 1 Kaufland 6,117 2 Hammer Fachmärkte GmbH & Co. KG 2,74 TOTAL Deutschland GmbH Petrol Station 1,2 / m² Tenant Lease Lease Renewal Tenant / month / month pays VAT Start End Probability pays * 2,28.27 Yes , Yes , No Schwarz Außenwerbung GmbH Other Units Yes % Parking Spaces External parking % M 6 from Kiosks Other Units % M 7 Turnover Other Units % M Total * M = Maintenance, GT = Ground Tax, I = Insurance Costs, PM = Property Management 8,691 m²,97 Page 6 of 12

182 Wahrenberger Straße Wittenberge Property no. 1 Portfolio: Valuation Assumptions Tenant Name Area Category Area Market Market Re-letting Initial Re-letting Agency Lease sqm/unit /month Tis Void VPV* Void* Abatem.* Fees* Term** 1 Kaufland 6, , Hammer Fachmärkte GmbH & Co. KG 2, , TOTAL Deutschland GmbH Petrol Station 1, , Schwarz Außenwerbung GmbH Other Units Parking Spaces External parking from Kiosks Other Units Turnover Other Units Renewal Probability % % % % Total * months ** years ***structural vacancy 8,691 sqm,4 Page 7 of 12.

183 Property no. 1 Portfolio: Wahrenberger Straße Wittenberge.1.21 Property Analysis Area Analysis table Area Use Category m² Office 8,691 DIY Warehouse Commercial Residential Storage Total area 8,691 Petrol Station 1,2 Other Units 11 Internal parking External parking 4 Total parking 4 Area Vacant m² Area Vacancy Rate m² %.% 8,691.%.%.%.%.%.% 8,691.% 1,2.% 11.%.% 4.% 4.% Office DIY Commercial Storage Warehouse Residential Income Analysis Contractual Contractual Contractual Potential Market Market Market Over-/ Under- ed Use Category /m²/month /month /year /year /m²/month /month /year Office...%. 48,94 77,126 77, ,21 78,41 -.2% DIY...% Warehouse...% Commercial...% Residential...% Storage...% Petrol Station ,261 1,12 1, ,261 1,12.% Other Units ,4 12,1 12, ,4 12,1.% Total area.8,97 64,768 64,768.81,4 66,2 -.2% Internal parking...% External parking...% Assessment of Kaufland market rent Space productivity Turnover to rent ratio Explanation 7, 1. 6, Usual market % - levels Market rent 6, 8. Contractual, s % Contractual 2.4%, 6. Market 2.4% / m² / month 4, % of turnover. 4.4 % of turnover 4, 4. 2% of turnover / m² , 4, Turnover potential. (net) Sales Area, 2. in / m² p.a. 1.% based on sales area 1.% 2.% 2.%.% Turnover-rent-ratio.% 4.% 4.%.% Total Area 16,17,982 ~,987 m² 6,117 m² Self-service department stores usually can afford to pay a rent in the range of 2% to 4% of their net turnover (economically sustainable rent burden) and have a space productivity of about 4, to 6, per m² sales area. The two graphics above indicate, how the contract rent of the main tenant Kaufland as well as the assumed market rental level, can be assessed on the basis of usual market ranges. This analysis is based on the turnover potential figures prepared by Trade Dimension. D&B Rating of Main Tenant Main tenant Tenant name p.a. Share of total income WALT Payment Index Capital indicator Risk indicator Score Credit limit Kaufland Warenhandel Brandenburg GmbH & Co. KG 86,1 64% 11.7 years 8 AA , (single) 1,, (total) Comment The main tenant is a corporation belonging to SBG Kaufland GmbH & Co. KG, which in turn belongs to Schwarz Beteiligungs-KG, one of the biggest grocer groups in Europe. Kaufland is the self-service department store division of Lidl & Schwarz with more than locations across Europe. Kaufland s core business area is food retailing with branded goods and own-brands specially produced for Kaufland. According to Dun & Bradstreet (D&B) Rating as at Kaufland Warenhandel Brandenburg GmbH & Co. KG has a low credit risk. The risk of insolvency (D&B Score) within the next 12 months compared with other German companies is assessed to be very low, i.e. 86% of businesses on the German database have the same or higher risk of failure. Page 8 of 12

184 Wahrenberger Straße Wittenberge Property no. 1 Portfolio: Assumptions Market Value Lease Contract Commentary The property is fully let to two retail tenants and a petrol station. The WALT of the property amounts to 9.9 years. The main tenant is Kaufland with a share of approx. 6% of the rental income. The property is currently slightly overrented due to the property age and location. The rent of Kaufland is indexed and will be adapted by % of the CPI change, whenever the change exceeds 1 percent in relation to the CPI basis. The tenants do not pay ground tax, insurance costs, maintenance, or property management with the exception of the petrol station, where the tenant pays everything with the exception of property management. General Property Assumptions Discount rate 7.% Capitalisation rate Capital expenditures* Vacancy costs * on the basis of cost estimates provided by Brack Capital Properties N.V 6.9% 1. /m²/p.a. Discount Rate Comment The yields applied reflect the individual location quality (macro- and micro-location) of the properties, building structure, letting situation, covenant strength and the relationship between contractual and market rent. We derive the discount rate from market transactions. The discount rate reflects the rate of return expected by investors and is determined based on the risk associated with a property. As reinsurance, the initial yields profile is aligned with the market/other transactions. We have taken into account such facts as the stable Cash Flow, the long lease contract with the tenant Kaufland, the full occupancy and the average condition of the subject property in Wittenberge. Breakdown of Non-Recoverable Costs Contract** % of Gross Inflation per year per year (month 1 x 12) Contract Maintenance costs. /m² 47,8 7.9% Year after 224 Management costs 1.4 /m² 9,72 1.% Inflation 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Ground tax 1.8 /m² 16, % Insurance costs.29 /m² 2,.42% Market al Growth Other non-recoverable costs. /m².% Total non-recoverable expenses 8.68 /m² 7, % Year after 224 ** JLL analysis al Growth 1.% 1.8% 1.8% 1.6% 1.6% 1.% 1.% 1.6% 1.8% 1.8% 1.8% Market (assuming full occupancy) Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Total non-recoverable expenses per year per year. /m² 47,8 1. /m² 9, /m² 16,64.29 /m² 2,. /m² 8.69 /m² 7,484 % of Gross Market 7.89% 1.% 2.6%.42%.% 12.46% Maintenance costs Management costs Ground tax Insurance costs Other non-recoverable costs Contract Market Total Non-recoverable Costs Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Year 11 Maintanance Management Ground Insurance Other Non- Vacancy Total % of Total Costs Costs Tax Costs recoverable Costs Costs per year Gross Revenue 47,8 9,72 16,64 2, 7, % 48,426 9,86 16,274 2,6 76, % 49,17 9,244 16,74 2,61 77, %,224 9,28 16,879 2,68 78, % 1,8 8,792 17,12 2,71 4,8 84, % 1,824 9,2 17,416 2,74 81,6 1.1% 2,617 9,614 17,68 2,78 82, %,422 9,619 17,9 2,827 8, % 4,29 9,619 18,246 2,87 8,1 1.%,248 9,626 18,67 2,924 86,6 1.% 6,24 9,774 18,91 2,977 87,89 1.% 16.% 14.% 12.% Non-Recoverable Costs as a percentage of Total Gross Revenue 14.4% 12.% 12.6% 12.6% 12.9% 1.1% 12.9% 1.1% 1.% 1.% 1.% 8.% 6.% 4.% 2.%.% Page 9 of 12

185 Wahrenberger Straße Wittenberge Property no. 1 Portfolio: Cash Flow Market Value Total Non- Net TIs and al Turnover Gross recoverable Operating Capital Leasing Revenue Vacancy Abatements Revenue Costs Income Expenditures Commissions Cash Flow Year 1 64,768 64,768-7,466 29,2 29,2 Year 2 Year 6, ,264 6, ,264-76,49-77,74 29,77 8,19 29,77 8,19 Year 4 616,2-2,668 61,8-78,969 4,886-96,926 Year 62,628-4,462 86,166-84,26 1,9-4,2-12,948 44,6 Year 6 621,4 621,4-81,6 4,228 4,228 Year 7 64,92 64,92-82,699 8,226 8,226 Year 8 641,2 641,2-8,821 7,429 7,429 Year 9 641,2 641,2-8,1 6,219 6,219 Year 1 641, ,714-86,6,49,49 Year 11 61,624 61,624-87,89 6,729 8,169,986 Total Cashflow (incl. Terminal 6.9 %) Gross Value of Surplus Land Gross Capital Value incl. Surplus Land Total Gross Revenue versus Net Operating Income 7. Present 7.% 12, ,41 42,4 417,86,619 66,89,19 28,9, 28,998 4,19,766 7,848,22 7,848,22 8.% % 6.7% 6.9% 6.8% 6.4% 6.9% 7.1% 7.1% 7.1% 7.1% 7.%. 6.% al income 4...% 4.%.% Running yield 2. 2.% 1. 1.%..% Year 1 Year 2 Year Year 4 Year Year 6 Year 7 Year 8 Year 9 Year 1 Valuation Results Overview Contractual gross rental income (month 1 x 12) Market rental value Over-/Underrent Yield Overview Net Initial Yield Net Reversionary Yield Gross Initial Yield Gross Reversionary Yield Valuation Comment total p.a. per m²/month total p.a. per m²/month Market Value Gross Capital Value (rounded) 64,768.8 Total 7,8, 66,2 per m² % Purchaser's costs % Market Value (rounded) 6.8% Total 7,4, 8.17% 8.19% per m² 81 In terms of risk, we considered the covenant strength as well as the lease duration for the existing contracts. As at 29 January 214, the main tenant, Kaufland Dienstleistung GmbH & Co. KG, has good covenant strength, which ensures a secure cash flow for the remainder of the lease term. The rent of the petrol station tenant has slightly increased, due to higher revenues of the last period on which the rent is based. In terms of a resale, we took into account such facts as visibility, demographic factors, appearance, condition and building age, third-party usability, competition situation and location. For the purpose of the valuation on 1 December 21, the non-recoverable costs (e.g. insurance costs as well as ground tax) remained unchanged and have been applied according to information received during the previous valuation cycle. Management costs and maintenance costs have been applied according to internal benchmarks. We have not been provided with updated information regarding necessary capital expenditures (CapEx). According to information received no CapEx are required. For the purpose of our valuation we have assumed that all capital expenditures for repairs in the first year as well as in the periods of year 2 to and year 6 to 1 are considered to be covered by the maintenance costs of./m² per annum as sinking fund. Regarding comparable rents, we have had recourse to evidence of similar areas situated in the comparable regions and locations. Furthermore, we have analysed comparable transactions. Please refer to the section "Investment Comparables". There have been some changes in the tenancy schedule. The rent of the petrol station was reduced by 2%. The rent from kiosk decreased by 7%. Page 1 of 12

186 Wahrenberger Straße Wittenberge Property no. 1 Portfolio: Photos View of the petrol station View of the sales area View of the mall External view External view of the snack bars View of the parking area Page 11 of 12