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Property: VALUATION REPORT update Office and retail property Address: Kohlmarkt 7 15; Schmiedestraße 24, 26 D-23552 Lübeck Prepared for: Nykredit Under Krystallen 1 DK 1780 Kobenhavn V Purpose of valuation: Determination of the market value in accordance with Red Book standard for financing purposes. Date of valuation: 01.02.2016 Date of inspection: 01.02.2016 This valuation is an update of the former reports prepared in 2014. von Borries Advisory-Partners Büro Hamburg: Zippelhaus 2 20457 Hamburg Büro Uelzen: Büro Uelzen: Gut Golste 4 A 29587 Natendorf Tel +49 (0)40-43 21 861-0 Fax +49 (0)3212-1401332 info@vb-ap.de www.vb-ap.de Inhaber: Christof von Borries

Table of Contents No. Section Page 1 Executive Summary 3 2 Short description 5 2.1 Building construction 5 2.2 Building structure 5 2.3 Legal situation 7 2.4 Valuation comments 8 2.5 Market value and conclusion 11 3 Appendix 12 Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 2 of 43

1 Executive Summary Basic information Object: Owner: Date of inspection: Inspected units: Address: Kohlmarkt 7 15; Schmiedestraße 24, 26 D-23552 Lübeck Municipality distr.: Lübeck Federal state Schleswig-Holstein PO Kohlmarkt GmbH, Kiel 01.02.2016 3 office, 2 retail units Property Use class: Year of construction: Year of reconstruction: Year of refurbishment: Site area: Surrounding area use: office and retail property 1910, 1959 2008-2,773 sq. m. office, retail, CBD Units areas Vacant units Vacant areas % Residential: 0 0 0 0 0% Office: 11 7,928 3 411 5% Retail: 1 100 0 0 0% Storage: 8 838 3 122 15% Parking lots: 8 33 0 0% Garages: 0 0 0 0% Others: Gastronomy 1 396 0 0 0% Others: medical practice 0 0 0 0 0% Others: 0 0 0 0 0% Total 29 9,295 6 532 6% Building materials: Roof: Windows: Facades: Basement: Staircases: Installations: Type of construction: timber and concrete construcution, saddleback roof wooden and aluminium framed insulated glass brick walls with clinker, plaster, stucco elements complete basement, massive construction concrete construction, mostly with artificial stone medium modern standard, renewed in 2008 massive brick wall, steel concrete frame construction Authorities Building law: Environmental/contamination issues: Taxes: Preservation order: Encumbrances land register: Encumbrances public obligations: development pl: MK mixed core use; building land former industrial location, assumd as contamination free improvement charge Schmiedestraße 100,000 none entry of domination (use of the courtyard) 1 entry: assurance for the accessibility Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 3 of 43

State of maintenance (1) Very good condition - (4) Medium condition - (7) Very poor condition, in need of immediate repair State of maintenance roof: State of maintenance windows: State of maintenance facade: State of maintenance basement State of maintenance staircases State of maintenance technical installations: State of maintenance other relevant issues: Overall state of maintenance: Backlog: 1 2 3 4 5 6 7 X X X X X X X X finish one office unit 84,000 Additional assessments Location quality Residential: Location quality Commercial: Rent ability residential units: Rent ability commercial units: Sale ability: Eligibility for collateral in the short run: Eligibility for collateral in the long run: Alternative use: Type of alternative use: Method for the valuation: 1 2 3 4 5 6 7 X X X none Discounted cash flow X X X Special conditions Special conditions in the rental contracts: Special conditions in the purchase contract: Deutsche Bank with deduction of ancillery cost 12,000 p.a. n/a Other information Are there any interest between the tenants and the owner: Is the rent in the rental contracts specified for each category of use: Rental contracts including VAT Other/additional relevant information: 1) 1=best; 7 very poor no yes Main tenant, 67% of the income without VAT Value Date of purchase: Sales price within the last 2 years: Cap. Rate in 10 years: Discount rate: Market value: Value per square meter useable area: n/a n/a 6.00% 5.00% 24,250,000 2,609 /sq. m. Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 4 of 43

2 Short Description 2.1 Building construction Property type: Office and retail property Year of : construction: 1910, 1959 modernization: reconstructed in 2008 refurbishment: 2012/2013 Construction: Type of construction: massive, steel concrete frame Interior walls: massive, light weight construction Floor slabs: reinforced concrete Facade: brick walls with clinker, plaster, stucco elements Windows: wooden and aluminium framed insulated glass Roof: timber and concrete construction, saddleback roof Staircase: concrete construction, mostly with artificial stone Balconies: none Installations: Heating: central gas heating from 1992 Warm water: local electric boilers Electrical: medium modern standard Lift: 6 person, 1 freight elevator Others: Air-condition, sprinkler system fire protection in bank branch Fitting quality: Office: medium Retail: medium, good in bank branch Other special fittings: Condition of the building: Typical special fitting for bank branch One unit is still in unimproved (shell) condition and has to be finished for a user. Overall the property is well maintained and leaves a good impression. Latest modernization/ maintenance since 2014: 2.2 Building structure Number of buildings: none 3 building parts Building structure: Basement: part cellar, supermarket storage Ground floor: bank branch, retail units, gastro unit 1 st 4 th floor: bank branch, office Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 5 of 43

Units, areas and income: use rental units space vacancy current rent occup. vacant total occup. vacant total rate /sq. m. total (month) residential 0 0 0 0 0 0 0.0% 0.00 0.00 office 8 3 11 7,517 411 7,928 5.2% 13.80 103,704.28 med. pract. 0 0 0 0 0 0 0.0% 0.00 0.00 retail 1 0 1 100 0 100 0.0% 27.04 2,700.25 hotel 0 0 0 0 0 0 0.0% 0.00 0.00 gastro 1 0 1 396 0 396 0.0% 8.08 3,200.00 storage 5 3 8 717 122 838 14.5% 7.63 5,466.91 special 0 0 0 0 0 0 0.0% 0.00 0.00 sub. comm. 15 6 21 8,730 532 9,262 5.7% 13.18 115,071.44 subtotal 15 6 21 8,730 532 9,262 5.7% 13.18 115,071.44 parking out 8 0 8 0.0% 0.00 0.00 parking in 0 0 0 0.0% 0.00 0.00 other 0 0 0 0.0% 0.00 0.00 total 23 6 29 8,730 532 9,262 115,071.44 Tenant quality: Deutsche Bank AG Deutsche Bank AG was founded in 1870 and is a global investment bank with a strong and successful private customer business. Deutsche Bank is a leading financial institution in Germany and Europe and one of the biggest companies in Germany listed in the important stock market index DAX. The Bank has recovered well after the financial crisis and is furthermore growing in North America and Asia. By now, Deutsche Bank has 2,900 subsidiaries worldwide and almost 100,000 employees. Bundesagentur für Arbeit (BA) BA has developed out of the former federal employment office and is the largest service provider on the employment market. It is a public body, which is responsible for the registration and coordination of unemployed people and the payment of unemployment benefit. Its business lies also in the procurement of jobs and apprenticeship training positions. Schum Euroshop Schum Euroshop GmbH is a dollar store/pound shop, which sells convenience and low-priced goods for predominantly 1 Euro. The company is a subsidiary of the company J.E. Schum GmbH & Co. KG. The chain has approx. 220 stores all over Germany and is further expanding. The company which is headquartered in Dettelbach was established in 2004 and their shops are mostly located in B-locations of pedestrian zones. BDO BDO Deutsche Warentreuhand AG is a national and, in partnership with the BDO international, an international accounting and tax consultant agency, which was founded Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 6 of 43

2.3 Legal situation in Hamburg in 1920. BDO has currently approx. 1,900 employees in 27 locations. Mecklenburgische Versicherung This is an insurance company with a long tradition. It was founded in 1797 and is Germany s oldest private insurance company with supra-regional business. The headquarters are situated in Hanover. With 800 employees and 810 sales agents Mecklenburgische generates an annual turnover of approx. 500m. Formerly the company was located in Lübeck in a neighbouring building. All other tenants are small local companies. The tenants are estimated to have a medium to good reliability. Building law: Zoning plan M - Mixed use area Development plan from 2000 MK mixed core use floor cover ratio 1.0 excl. amusement arcades etc. Building right according to development plan in combination with 30/34 BauGB. Special local constitutions: Land register: None Rights (no changes assumed): Entry of domination (easement to use the courtyard) in favour of the valuation plot. Encumbrances: none Register of public obligations: Register of contaminated sites: Preservation order: Status of taxes and contributions: Other not registered agreements: Building permission: One entry: assurance for the accessibility of the upper floors of the building Kohlmarkt 5 over the staircase of Kohlmarkt 7. (Without influence) None (no changes assumed) The building is not listed as an ancient monument. According to the owner the municipality is currently charging a fee for street improvements in Schmiedestraße, approx. 100,000.-. A legal dispute is running. A worst case payment is included in the valuation. None, available The planning permission is not included in the available documentation. The material legality of the existing building development is assumed. Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 7 of 43

2.4 Valuation comments Valuation model: Comments on rent level: The analysis is based on a discounted cash flow analysis of the property with a 10 year view and a resale of the property at the end of year 10 (calculation see appendix). In this valuation model we use an equivalent yield for discount and resale that implicitly accounts for inflation and growth as well as the current property and the investment market including the particular characteristics of the property such as letting situation, location and building quality. Office Market rents for office space in Lübeck: Simple/ standard locations 6.00 to 7.50 /sq. m. Medium/ average locations 8.00 to 9.00 /sq. m. Good location 9.00 to 10.50 /sq. m. Prime rents new construction up to 12.50 /sq. m. Asking rents for office space in the surrounding: Radius 500m 5.00 to 10.00 /sq. m. Radius 1km 5.00 to 11.00 /sq. m. The office rents in the property vary between 8.25 /sq. m. and 16.92 /sq. m., parking lots included. Mostly they are between 8.00 and 10.00 /sq. m. The rent level of Deutsche Bank is rather a mix of retail and office area. Within the last 5 years no new contract was closed. Overall the office market has not really changed since the last valuation in 2014 and is furthermore almost stagnating in medium locations. Therefore we estimate that the rent levels are within the market range of comparable office space. Retail Market rents for retail space in Lübeck: Simple/ standard locations 6.00 to 15.00 /sq. m. Medium/ B-locations 15.00 to 25.00 /sq. m. Prime locations/ A-location 50.00 to 100.00 /sq. m. Asking rents for retail space in the surrounding: Radius 500m 10.00 to 75.00 /sq. m. Radius 1km 5.00 to 60.00 /sq. m. The shop at the Kohlmarkt is part of the 1A/B location with high pedestrian frequency. The agreed rent levels are sustainable. The last leased gastro unit in Schmiedestraße has a comparably big size for a side road location and the rent is now lower than before. Schmiedestraße is a completely different location, it is hidden and with low pedestrian frequency. The achievable rent level is comparable to office space in the building. There is no market change for the retail part compared to Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 8 of 43

2014. Storage: The storage room in the basement is difficult to let. The current level is assessed as being on market level, because the basement rent level is typically 50% to 70% of the usual upper floor rent. Parking spaces: The lots are included in the lease with Deutsche Bank and are not displayed separately.. Rents for outside parking lots in the city are estimated between 20.00 and 60.00 /lot p.m. So we estimate a sustainable rent level of 40.00 /lot. Comments on the lease terms/ conditions: For an overview of the commercial contracts please see appendix. Additional information: All tenants pay all recoverable costs based on the law and are responsible for maintenance and repairs within the unit (partly a capped annual amount) In some contracts the management costs can also be apportioned to the tenants (up to 3.5% of the annual rent). Deutsche Bank has agreed a deduction of ancillary cost by 12,000 p.a. Tenant improvements: To relet a unit the landlord has to improve the unit to meet the requirements of a new tenant. Tenant improvements of 50.00 to 100.00 /sq. m. are calculated for office and 10.00 /sq. m. for storage areas at an estimated tenant change. Deferred maintenance/capital expenditures: Saleability: Lettability: Deferred maintenance: For basic reconstruction and improvement of the vacant office unit we estimate 500.00 /sq. m., in total 84,000. For the street improvement contributions approx. 100,000 are considered. It is a commercial building in the CBD of Lübeck. Especially the recently prolongated 11 year lease contract with Deutsche Bank has definitely increased the saleability of the good quality building. The property has the right volume for institutional investors. A disadvantage is the difficult office market and the gastro unit without rent increase potential. Overall we estimate an good saleability. The office and retail market in Lübeck is in hard competition, also in the city center. The location is not a Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 9 of 43

high street location. We estimate a medium lettability. Alternative use: Capitalisation rate (resale): Discount rate: Market trends: None - existing use is sustainable (retail, office) The chosen capitalisation rate is used to calculate the supposable resale value of the property in 10 years. Based on a market situation comparable to today and in consideration of the basic advantages and disadvantages of the property a cap rate of 6.00% was chosen. The yield is used to calculate the present value of the cash flows over a 10 year term. The used valuation model is based on an equivalent yield that implicitly accounts for inflation and growth. Based on the expected investment risk and the current market situation we assess a discount rate of 5.00%. This yield leads to a gross multiplier of 17.5, which is within the market. The advantages of the property are the good location in the city centre, the good condition of the building and the long termcontract of the bank branch. But the third party usability is restricted. LOCATION GROSS YIELD TREND very good 5.5-6.0 m good 6.0-6.5 g average 6.5-7.5 g simple 8.0-10.0 g Market value per sq. m. 2,618 /sq. m. Comments on the sales price: n/a Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 10 of 43

2.5 Market value and conclusion Based on our calculations and in accordance with Red Book we estimate the market value of the property Kohlmarkt 7 15; Schmiedestraße 24, 26 in D-23552 Lübeck on the date Fabruary 1 st, 2016 at 24,250,000.00 in words: twenty two million and two hundred and fifty thousand Euros Conclusion: The property is an office and retail building in the city centre near the high street. It is a modernized building with an long term rental contract with the main tenant Deutsche Bank and a stable cash flow expectation. Therefore we estimate an average eligibility for collateral in the long term. Due to the very positive market trend and further good demand for sustainable commercial buildings in German B-cities we estimate a good eligibility for collateral in the short term. Hamburg, 04/03/16 i.a. Steffen Schroeder von Borries Advisory-Partners No conflict of interest We confirm that we have no conflict of interest, either with the Borrower or with the properties in question. We also confirm that von Borries Advisory-Partners does not benefit (other than from receipt of the valuation fee) from this valuation instruction. Copyright The Client assures that all valuations, reports, plans, drafts, renderings, tables and calculations will only be used for those purposes specified in the contract and will not be published without the prior consent of von Borries Advisory Partners in each individual case. The Client will only pass on the results of Advisor s work to third parties, even if directly connected with the Client, with the explicit prior written consent of the Advisor. Indemnity insurance von Borries Advisory-Partners assure that the amount of their professional indemnity insurance is limited to 2.5 million on a per case basis. Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 11 of 43

3 Appendix Appendix 1 Appendix 2 Appendix 3 Appendix 4 Appendix 5 Appendix 6 Appendix 7 Appendix 8 Appendix 9 Appendix 10 Appendix 11 Appendix 12 Appendix 13 Appendix 14 Comparables Conditions of the rental contracts DCF Calculation Layout plan SWOT Analysis Macro - micro location analysis Market situation Cadastral map Copy of land register Statement of the Environmental Agency Register of public obligations Preservation order Status of taxes and contributions Photo documentation Layout plan Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 12 of 43

Comparables Appendix 1 Sales comparables # year type location YOC usable area purchase price multiplier 1 2015 office/ com. St. Lorenz-Nord 1955/1996 1,803 1,300,000 12.40 721 2 2015 office/ com. St. Jürgen 1990/2015 1,409 2,849,634 14.60 2,022 3 2015 office/ com. St. Lorenz-Nord 1984 3,387 2,780,000 9.41 821 4 2015 office/ com. Kücknitz 1971/2009 3,208 5,756,302 13.10 1,794 5 2014 office/ com. St. Lorenz-Nord 1965/2012 8,098 5,985,294 10.20 739 price /m² Asking office rents in neighbourhood Distance km sq.m. rent /m² Notes 0.4 km 247 1,729.00 7.00 building from the 1980ies 7.4 km 163 1,400.00 8.59 yoc 2004 1.42 km 120 1,200.00 10.00 city center 1.55 km 100 650.00 6.50 inner city old building 1.65 km 214 2,410.00 11.26 modern loft office, inner city Asking retail rents in in neighbourhood Distance km sq.m. rent /m² Notes 1.7 km 82 680.00 8.29 simple location 1.7 km 156 1,900.00 12.18 B-Location 1.8 km 62 750.00 12.10 B-Location 2.1 km 141 1,300.00 9.22 old bilding 2.2 km 60 880.00 14.67 B-location city center Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 13 of 43

parking other commercial VALUATION REPORT Conditions of the rental contracts Appendix 2 # Tenant use kind units Interest betw. tenant/ owner Start of contract End of contract Prolongation / option Space sq. m. current /sqm current income month Rent adjustment Remarks 1 Schum Euroshop Gm retail 1 EURO - shop 1 no 01.11.2012 31.12.2031 2 x 5 years 99.87 27.04 2,700.25 more than 10 % CPI change/ Schum Euroshop Gm storage 1 EURO - shop 1 01.11.2012 31.12.2031 " 28.74 27.04 777.06 100 % adjustment 2 Schum Euroshop Gm storage 1 EURO - shop 1 01.11.2012 31.12.2031 " 74.81 27.04 2,022.69 3 BDO Deutsche Warenoffice tax accountant 1 no 25.09.2008 28.02.2019 3 x 5 years 838.50 9.98 8,367.22 5 % CPI change/ 100 % 4 BDO Deutsche Warenstorage tax accountant 1 25.09.2008 28.02.2019 " 168.00 3.15 529.40 adjustment 5 Deutsche Bank AG office Bank 3 no 01.08.2003 31.12.2026 3 x 3 years 4,474.83 16.92 75,725.74 step rent, +1.5% p.a. Deutsche Bank AG storage Bank 1 01.08.2003 31.12.2026 " 419.51 5.00 2,097.55 6 iperdi Holding Nord office employee leasing 1 no 03.07.2009 31.07.2019 open-ended; 3 months notice period 298.00 10.27 3,061.31 adjustment of 100 % of CPIchange every second year iperdi Holding Nord storage employee leasing 1 01.05.2011 31.03.2016 " 25.47 1.58 40.21 Agentur für Arbeit office Job Agency 2 no 01.01.2005 31.12.2017 2 x 3 years, or yearly prolongation M ecklenburgische Ve office Insurance 1 no 22.05.2008 31.05.2018 1 x 5 years, yearly prolongation 1,561.14 8.25 12,879.41 10 % CPI change/ negotiations 345.00 10.64 3,670.60 yearly adjustment of CPI change 12,000 p.a. deduction on ancillary cost yearly prolongations vacant office 1 no 31.01.2016 88.00 0.00 0.00 canceled vacant office 1 no 31.01.2016 154.25 0.00 0.00 canceled Erste Schümann Grundstücksges. mbh & Co. gastro coffee shop, Deli, Pizzereria 1 no 01.03.2015 29.02.2020 2 x 5 years; notice period of 12 months 396.00 8.08 3,200.00 adjustment of 100 % of CPIchange every year vacant office 2nd floor 1 168.47 0.00 0.00 unfinished condition vacant storage basement 3 121.53 0.00 0.00 business currently closed outside occupied parking out Deutsche Bank 8 01.08.03 31.12.26 0.00 0.00 0.00 incude in main contract outside vacant parking out 0.00 inside occupied parking in 0.00 inside vacant parking in 0.00 Total 29 9,262.12 115,071.44 Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 14 of 43

parking commercial VALUATION REPORT DCF Calculation Appendix 3 Gross Rental Income U s e tenant No. units space sqm current rent /sqm sustain. rent /sqm Leaseup period in months Rent adjustment in years year 1 year 2 year 3 year 4 year 5 year 6 year 7 year 8 year 9 year 10 resale retail (Schum Euroshop GmbH) 1 99,87 27,04 27,00 32.403 32.403 32.403 32.403 32.403 32.403 32.403 32.403 32.403 32.403 32.358 storage (Schum Euroshop Gmb 1 28,74 27,04 27,00 9.325 9.325 9.325 9.325 9.325 9.325 9.325 9.325 9.325 9.325 9.312 storage (Schum Euroshop Gmb 1 74,81 27,04 27,00 24.272 24.272 24.272 24.272 24.272 24.272 24.272 24.272 24.272 24.272 24.238 office (BDO Deutsche Warentre 1 838,50 9,98 10,00 100.407 100.407 100.407 94.313 100.620 100.620 100.620 100.620 100.620 100.620 100.620 storage (BDO Deutsche Warent 1 168,00 3,15 3,15 6.353 6.353 6.353 5.954 6.350 6.350 6.350 6.350 6.350 6.350 6.350 office (Deutsche Bank AG) 3 4.474,83 16,92 16,92 908.569 922.198 936.031 950.071 964.323 978.787 993.469 1.008.371 1.023.497 1.038.849 908.569 storage (Deutsche Bank AG) 1 419,51 5,00 5,00 25.171 25.548 25.931 26.320 26.715 27.116 27.523 27.935 28.354 28.780 25.171 office (iperdi Holding Nord) 1 298,00 10,27 10,27 36.736 36.736 36.736 34.435 36.726 36.726 36.726 36.726 36.726 36.726 36.726 storage (iperdi Holding Nord) 1 25,47 1,58 1,58 453 483 483 483 483 483 483 483 483 483 483 office (Agentur für Arbeit) 2 1.561,14 8,25 8,25 154.553 151.589 147.857 154.553 154.553 154.553 154.553 154.553 154.553 154.553 154.553 office (Mecklenburgische Vers. 1 345,00 10,64 10,64 44.047 44.047 41.296 44.050 44.050 44.050 44.050 44.050 44.050 44.050 44.050 office (vacant) 1 88,00 9,00 6 4.752 9.504 9.504 9.504 9.504 9.504 9.504 9.504 9.504 9.504 9.504 office (vacant) 1 154,25 9,00 6 8.330 16.659 16.659 16.659 16.659 16.659 16.659 16.659 16.659 16.659 16.659 gastro (Erste Schümann Grunds 1 396,00 8,08 8,00 38.400 38.400 38.400 38.400 35.674 38.016 38.016 38.016 38.016 38.016 38.016 office (vacant) 1 168,47 9,00 9 4.549 18.195 18.195 18.195 18.195 18.195 18.195 18.195 18.195 18.195 18.195 storage (vacant) 3 121,53 2,50 12 3.646 3.646 3.646 3.646 3.646 3.646 3.646 3.646 3.646 3.646 parking out (outside occupied) 8 40,00 3.840 parking out (outside vacant) parking in (inside occupied) parking in (inside vacant) Total 29 9.262,12 1.398.318 1.439.764 1.447.497 1.462.583 1.483.496 1.500.704 1.515.793 1.531.108 1.546.652 1.562.430 1.432.289 Non Recoverable Cost management 1,00% -13.983-14.398-14.475-14.626-14.835-15.007-15.158-15.311-15.467-15.624-14.323 running maintenance 7,50 /sqm -69.466-69.466-69.466-69.466-69.466-69.466-69.466-69.466-69.466-69.466-69.466 cost of tenant fluctuation (vacancy) other NRC -12.000-12.000-12.000-12.000-12.000-12.000-12.000-12.000-12.000-12.000 Total of non recs 6,83% -95.449-95.864-95.941-96.092-96.301-96.473-96.624-96.777-96.932-97.090-83.789 Net Rental Income 1.302.869 1.343.900 1.351.556 1.366.491 1.387.195 1.404.231 1.419.169 1.434.331 1.449.720 1.465.340 1.348.500 Capital Expenditures deferred maintenance -184.000 capex tenant improvements/ modernisation -64-47.654-28.833-4.950 Property resale Cap Rate 6,00 % 22.475.005 22.475.005 Net Cash Flow 1.118.805 1.343.900 1.303.903 1.337.659 1.382.245 1.404.231 1.419.169 1.434.331 1.449.720 23.940.345 Discount Rate 5,00 % 1.065.529 1.218.957 1.126.360 1.100.495 1.083.025 1.047.859 1.008.577 970.811 934.502 14.697.295 For Information Net Present Value 24.253.412 Multiplier on current rent 17,56 Price per sqm 2.618 Market Value (rounded) 24.250.000 Multiplier on sustainable rent 16,93 Resale multiplier 15,68 Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 15 of 43

SWOT analysis Appendix 4 Strengths: Weaknesses: Opportunities: Threats A-location in the city centre is sustainable for retail and office use Long term lease with main tenant over 11 years (income WALT 8 years) and agreed fixed rent increase of 1.5% p.a. Modernized building quality and partly representative appearance (Kohlmarkt side) Demanded volume - higher than 20m There are practically no parking lots in the property, which is negative for office use No direct connection to the near high street and additionally located on the wrong side (Kohlmarkt), away from the pedestrian path Schmiedestraße is more a C-location for retail with less pedestrian frequency Bank branch building with restricted third party usability Stagnating office rental market in Lübeck Inhomogeneous building structure including 3 building parts of different age Slightly increasing office rent level in the future due to less new office developments Growing service sector leads to higher demand for office space in the city Long term suitable location for the Deutsche Bank branch with a high chance of further prolongation of the contract Long-time secured cash flow Rent level reduction in case of a prolongation, as it was done for the new Deutsche Bank contract Gastro unit is too big for the location, risk of a decreasing rent level and a tenant change Leases of two office units have been cancelled, risk of long time vacancy Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 16 of 43

Macro location analysis on city level Appendix 5 Macro location map: City: Socio-demographic facts: Key facts: Economic trends: Lübeck Inhabitants: Approx. 213,000 (positive development in recent years) Unemployment rate: city 8.8%/ Germany 6.7% Purchase power: 92.3 (average = 100) Lübeck is situated in the south-east of the federal state of Schleswig- Holstein and is the second largest city in the federal state. The city has a long history as a trading city. Only 65km north-east of Hamburg, Lübeck domiciles the third biggest German universal harbour. Lübeck has the lowest German transit times to Sweden, Finland, Russia and the Baltic states. The university city has a high touristic attractiveness and a good living quality. With the biggest ferry port in Europe Lübeck is established as a trade and traffic hub in the north of Germany predominantly focused on Baltic sea connections. The city has a mixed economic structure with some specializations in medical technology (Drägerwerk), food production (Niederegger marzipan, Campbell s Germany, Erasco) and facility management (Bockholdt, approx. 4,300 employees). Touristic business is also an important economic sectoe. The index of the economic climate, currently at 122, has definitely increased within the last year and is driven by the good German domestic demand. Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 17 of 43

Micro location analysis on vicinity level Appendix 5 Micro location map: Surroundings: Lübeck s inner city is an island surrounded by the Trave canal and the river Trave. In the inner city are the pedestrian zone with its prime shopping location and many old buildings of the Hanse-time. This district has many ancient monuments. The town center is registered as a world cultural heritage. In the north along the street Kohlmarkt the surrounding is dominated by the pedestrian zone, the south end of the high street Breite Straße, 100m across the street. Typical for the location are a retail use on ground level and office use on the upper floors. Across the street Kohlmarkt e.g. a large department store of Peek & Cloppenburg is located (a big national textile chain). On the west side of the property along Schmiedestrasse a completely different situation is prevalent with more residential use and simple retail and office. A parking garage and a church are located across from the valuation property. Here the pedestrian frequency is therefore definitely lower than in Kohlmarkt. Distance: Public transport: Main bus station in front of the building Motorway: A1 AS Lübeck-Zentrum in 3km Railway: Lübeck central station in 1km Airport: Lübeck-Blankensee regional airport about 8km Hamburg-Fuhlsbüttel in about 1 hour by car City centre: 100m Assessment of the location quality: The location Kohlmarkt is assessed as good for retail and office use (1b location ranking). Schmiedestraße is a simple to medium location for retail and is also less representative for office use compared to Kohlmarkt (1c location ranking). Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 18 of 43

turnover in bn. VALUATION REPORT Market situation Appendix 6 German investment market: The German real estate investment market is in record mode and has closed the last year with the highest turnover ever, which was 40% higher than 2014. Obviously the German real estate investment market is unimpressed by the geopolitical crises all over the world and benefits from an increasing amount of international capital looking for safe haven like the economic stable country Germany. Therefore the country is in the focus of international investment capital (50% turnover from foreign investors). The market is prospering over all sections and is driven by the good financing conditions and the lack of alternative investment possibilities on the financial market Depending on the development of the FED and EZB base rates the forecast for 2016 is still very positive (around 50 bn. Expected). COMMERCIAL REAL ESTATE INVESTMENT GERMANY 60 50 55.00 50.00 40 40.00 30 20 19.60 23.00 25.60 30.00 17.00 10 0 2010 2011 2012 2013 2014 2015 Q4 2015 forecast 2016 The most popular investment class is still the core segment and office properties (41% of turnover) and retail properties (31% of turnover). But due to low yields and a restricted number of offers the volume of core plus investments are increasing and so do B-locations of A-cities and also A-locations in B-cities. Furthermore the market acts according to the motto big is beautiful, the demand increases in line with the volume of a transaction. Major players on the market are still institutional investors (>50% of turnover) like special funds and insurances as well as pension funds and private offices. The prime yields have again slightly declined on a historically low level of 3.9%. Lübeck Investment market: Top gross yield office property: 6.7% Top gross yield retail property: 5.5% Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 19 of 43

Cadastral map Appendix 7 Cadastral map not to scale, framed valuation property Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 20 of 43

Copy of Land Register Appendix 8 Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 21 of 43

Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 22 of 43

Statement of the Environmental Agency Appendix 9 Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 23 of 43

Preservation order Appendix 11 Due to oral information from the local authorities the building is currently not listed as an ancient monument. But according to the public office for historic monuments the facade of Kohlmarkt no. 7-13 would probably be listed as an ancient monument, if there was the intention to modify the facade. The plot is located in an area with a valid preservation and design statute. Therefore any changes of the building facade require public authorization. But the buildings are not part of the UNESCO world cultural heritage area. Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 25 of 43

Status of taxes and contributions Appendix 12 According to the owner the municipality is currently charging a fee for street improvements in Schmiedestraße, approx. 100,000.-. A legal dispute is running. A worst case payment is included in the valuation. Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 26 of 43

Photo documentation Appendix 13 Kohlmarkt, front view Kohlmarkt surroundings Schmiedestraße, front facade Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 27 of 43

Rear facde Rear facde Entrance back yard Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 28 of 43

Staircase Staircase Schmiedestraße entrance Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 29 of 43

Office unit, BDO Office unit, BDO Office unit, BDO Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 30 of 43

Office unit, BDO Office unit Job Center Office unit Job Center Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 31 of 43

Rental unit Deutsche Bank Rental unit Deutsche Bank Rental unit Deutsche Bank Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 32 of 43

Rental unit Deutsche Bank Rental unit Deutsche Bank Vacant office unit unfinished Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 33 of 43

Vacant office unit Vacant office unit Vacant office unit Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 34 of 43

Rental unit EuroShop Rental unit EuroShop Rental unit EuroShop, storage celler Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 35 of 43

Gastro unit Sapido Fresh, currently closed Gastro unit Sapido Fresh, currently closed Heating system Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 36 of 43

Heating system Ventilation system Sprinkler system, water tank Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 37 of 43

Layout plans Appendix 10 Ground floor Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 38 of 43

First floor Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 39 of 43

Second floor Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 40 of 43

Third floor Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 41 of 43

Fourth floor Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 42 of 43

Sectional view Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 43 of 43