Table of Contents 1. Executive Summary 3 3 Retail Parks Portfolio 37 Portfolio Description 38 2 Lidl Portfolio 5 Retail Parks Location 39 Paritallo Description A Retail Parks Tenants 40 Carisesone 7 Key Investment Considerations 4a Lidl - Top Performing Discounter 8 Property Brief - Retail Park Roman 44 Ke neainent Consaaelone ao Property Brief - Retail Park Tecuci 46 Property Brief - Lidl Sibiu a3 Property Brief - Retail Park Fagaras 48 Property Brief = Lidl Botosani a Property Brief - Retail Park Reghin 50 Property Brief - Lidl Hunedoara 16 Property Brief - Lidl Roman 18 4 Appendices 53 Property Brief - Lidl Lugoj 20 Why Romania 54 Property Brief - Lidl Tecuci 2 Romania Investment Market 56 Property Brief - Lidl Fagaras 2 ‘About the Owner 58 Property Brief - Lidl Caransebes 26 Disclaimer 59 Property Brief - Lidl Tarnaver 28 Property Brief - Lidl Adjud 30 Property Brief -Lidi Moldova Veche 32 Property Brief - Lidl Hateg 34Executive Summary Casis Retail Development & Consulting has exclusively instructed Colliers International to offer to a selected ‘number of investors the opportunity to participate in the sale of Oasis Retail Portfolio, consisting of 12 Lid! stores and 4 retail parks Prima Shops located in various attractive locations in Romania (collectively referred to as the "Portfolio" or the "Properties". Lidl Portfolio has a gross leasable area ("GLA") of 16,290 1m? and is 100% leased to Lidl, enjoying a weighted average unexpired lease term ("WAULT") of 6.5 years as of September 2015 and a weighted average rent of €8.82. Lidl Portfolio Particulars The retail parks are located in Roman, Tecuci, Fagaras and Reghin and have a total GLA of 8,162 m*, being leased to Takko, Deichman, Domo, Altex and Flanco, resulting in an occupancy ratio of 100%. The Properties are held by three Romanian limited liability special purpose vehicles established exclusively for operation of the Properties (the “Company” and collectively the “Companies"). The Companies are Ultimately held by Oasis whois also responsible for day to day operations. The Companies have no employees and do not conduct any business activities other than those described above. ‘The preferred structure of the Transaction is a disposal of 100% ownership interest in the Romanian special pur- pose Companies that have 100% stake in the Properties. Prima Shops Portfolio Particulars Lild stores 2 Locations 4 16290 TTakko Fashion, Deichmann, Altex, Breve Flanco, Mismab Ideal, Pepco, Lems 58773 8162 + 1022 under construction 1275 23213 113 Park 215 Occupancy 100% Soll Bia 138 ‘Average rent (€/m#/month) Occupancy 100% WAULT* = ‘Average rent (€/m?/month) 691 ‘Annual rental income (€) ae : Landlord costs (€/year) approx. 109,000 ‘Annual rental income (€) 723,609 *WAULT colculated as of September 2015 Landlord costs (€/year) ‘approx. 47,400BelLidl PortfolioPortfolio Description Lidl Portfolio | ! | ‘The Portfolio comprises 12 properties leased 100% by Lidl across the country, in cities with sustainable purchasing power and low competition. An analysis of ‘consumption and food retail potential reveats that Lidl Portfolio benefits from great position in cities that could support even more food stores. More than 90% of the rental income is obtained from highly secure locations, where there is an undersupply of modern food GLA or ‘where the supply is optimal. The only city where the existing modern food GLA is higher than the supportable area is Caransebes. However, due to its central location, the sales of the store are definitely sustaining the contractual rent. Retail Gap sexing modern od GLA ae Stipponsblsmode " feats a sting mde GLA sippeabemaion on iondeas mer + -— ‘Srupportable moder i| —— inten Source Coliers Reseorch ‘The Properties were taken over from Plus in 2010 and were extensively refurbished in 2011 as part of the rebranding process and adjustment to Lidl standards. ‘The buildings are fully equipped with IT&C infrastructure, heating equipment for storage, indoor and outdoor lightening, smoke hatches and hydrants system, All twelve Properties have a gross leasable area in the range of 1,050 m? - 1500 mt totaling 16,290 me? Sufficient parking spaces are available on site (on average 105 parking spaces for each store) which is in line with the standard that Lidl requests. Lidl Portfolio has a sustainable weighted average rent of €8.82 per m* per month and all lease agreements provide for full indexation (no caps) every year in ‘accordance with Germany Consumer Price Index. The Portfolio generates an yearly Rental Revenue of €1,725,052. The owner costs are limited to insurance ‘and property tax in the amount of approx. €109,000/year and structural or major repairs Lidl Portfolio enjoys an impressive weighted average Unexpired lease term of 6.5 years (as of September 2015) + 3x5 yeare with no break optione in place, which significantly reduces any asset management work in the near term, Please note that until 2021 no lease ‘agreements reach maturity, giving the comfort of a full ‘cash flow for the new purchaser. The lease expiry profile is provided in the chart below: Lease Expiry Profile soon sa0% zo1G 2017 nie 2019 2m20 2021 2022 2023 2004 NOLESplry MGLAESpry OASISLidl Locations Lidl Portfolio fe ineioare ° en @ tates @ cransedes © WotoveVeche @ Tornaveni @ siti © Fares © Botosani Roman @ Adu @ @ recuci BUCHAREST OASIS HaLidl - Top Performing Discounter Lidl Portfolio LidI’s history goes back to the 1930s, when the company —_ Food Retailers Turnover 2014 No. of Stores (end of 2014) ‘was founded in Germany as a grocery wholesaler. Today, = Lidl is one ofthe largest grocery discounters in Europe. 2% Lil 7% Mega image oa fa The first Lidl stores were opened in 1973 and by the ae 1980s Lidl was a household name throughout Germany. 5% Profi om. During the 1990s Lidl started to open stores outside 150 a Germany and today stores can be found in nearly every 6% Penny Market sae country in Europe. Lidl belongs to the holding company ‘other 55% ‘Schwarz Gruppe, which also owns the hypermarket = Kaufland. 1m ketene n Prof Penny Marie “ul Lid! Evolution in Romani 0 + 70 mmm Turnover(2UR mn) ‘The discounter entered the Romanian market in 2010 by acquiring 9 Plus Discount stores that were rebranded in 2011. Since then the network has gradually increased, reaching 183 stores at the end of 2014. Lidl generated €770 mn in turnover in 2014, up by 94% in just three years, At the end of last year, Lidl accounted for 8% of the total food retail market share. (On the Romanian discount retail market, Lidl competes directly with Penny Market and Prof. Lid differentiates, Con this market segment characterized by low prices through its focus on their private corporate brands, which represent up to 80% of assortments. For other chains, share of private labels is often below 30%. The main advantage of private label products is the price, ‘hich comes to be in some cases up to 30% lower, due to decreased costs for marketing and packaging, With fewer stores than its direct competitors, Penny Market and Profi, Lidl Discount gains a higher market share, ‘= tvoluton 20122014 Turnover Direct Competitors (2014) 1 f i on am |} am | e282 Pro Penny Markt ua Part ofthe same group with Lid Kaufland has @ complementary strategy to Lid. These two companies are betting on low prices but operate on diferent market ‘segments, Lidl being a hard discounter while hypermarket chain Kaufland has larger stores and a wider variety of products Lid’ strategy isto acquire land of more than 4,000 m? to develop buildings with a total area of 1100 ~ 1,600 mn. 80% of the stores are in Lids ownership, while Oasis Portfolio represents 6.5% of the entire network OASISKey Investment Considerations Lidl Portfolio _Top Performing Tenant The Properties are 100% leased to top performing discounter Lidl, providing excellent covenant and a tong- term rental growth opportunity. Lidl has a strong position in the medium sized cities, its strength being in the low prices and private corporate brands. _ Strong Cash Flow & Low Risk Lidl Portfolio offers a weighted average unexpired lease term of 65 years (as of September, 2015). The quality of the tenant offers a strong position to the owner and stability of the cash flow. _ Sustainable Rent Levels ‘The average weighed rent for the Portfolio amounts to €8.82 and offer a sustainable long-term base for the purchaser with additional upside potential. All lease agreements provide for full annual indexation and the rental income is denominated in Euro, thus reducing currency risk. Transaction Volume & Risk Fragmentation ‘The Portfolio translates into an attractive volume, which provides geographical diversification of assets. Bein spread in 12 assets, the Portfolio grants an effective risk fragmentation for both sides: sales and rents. Modern Assets All Properties were extensively refurbished in 2011 as part of the rebranding process from Plus to Lidl, which limits any CAPEX exposure in the mid to long term. Freehold Land ‘The Vendor has the full freehold tlle to the Portfolio. Such a favorable land tenure position maximizes the competitiveness of the Properties in terms of operating costs, _Established Retail Locations All Properties were opened several years ago which allowed the tenants to build strong position and committed local catchment. The units are located in cities with suitable purchasing power and low competition, where the existing retail stock is below the supportable food shopping area. Investment Market Recovery Following a few years of sluggish evolution after the economic crisis, the real estate investment market in Romania is showing very strong signs of recovery. There are a groning number of investors actively looking at ‘the market in search for both prime as well as value ‘add opportunities, which provides a positive perspective for the evolution of the segment in the short to medium term, Retail Market on a Positive Trend Better economic prospects as well as resurgence in consumer finance had a positive impact on private consumption leading in turn to an increased confidence and higher expansion appetite amongst retailers. Rents have been stable in the past two years and no further rent corrections are estimated for the immediate future Improving Economic Environment After a strong performance in 2014 in terms of GOP ‘growth (of 3%), Romania continues to show a steady and sustainable upward trend with a 4% growth estimated for 2015. Low public debt, strong budget defici reductions in the past 5 years, falling interest rates and historically low monetary policy rates are only some of the strong fundamentals that will continue to support a positive evolution of the Romanian economy. OASIS HlDECIR Cener} Gross Leasable AreaSibiu, Sibiu County Lidl Portfolio City information Property information Population (2015) 169728 ‘Address 48, Rusciorului Street ‘Average net salary (€/month/county) (2014) 395 ‘Opening date ‘September 2004 ‘County consumption (€/month/household) est. 214 Gross leasable area (m!) 1500 ‘Unemployment rate 44% Land surface (m=) 4380 ete existing 1404 Parking spaces 80. ‘supportable 52715 Occupancy 700% Seuwce: Notional nite of Stasis Notional Commission of Froprois Caliers research Site plan Ruscierului Street yoang eBum Selling Points » Lidl is located in a roundabout with extremely ‘300d visibility; » The immediate proximity is formed of block of flats with very good population density, in Tere- zian neighborhood; » This unit together with the Profi next to it covers the northern part of Sibiu in terms of food operators, in comparison with the south east part ‘which is overcrowded from this point of view. OASIS ElSibiu Map Legend @ Lia! @ Profi © Billa @ Carrefour Market @ Penny Market 1M Koufland Penny Market XXL ‘A Auchan A Carrefour A Metro Cash&Carry © «3000 me 1D 3000 - $000 m? A > 500m Lidl Portfolio “Ota 5, : é ( Pes iy he, Pan OE % 9° % . Me ie _ ley, é Steg) é Z £ OASIS ElBotosani, Botosani County Lidl Portfolio City information Property information Population (2015) 122785 ‘Address 2, Mihai Eminescu Street ‘Average net salary (€/month/county) (2014) 212 Opening date December 2004 ‘County consumption (€/month/household) est. 143 Gross leasable area (rm?) 1a70 ‘Unemployment rate 48% Land surface (m@) 4032 existing 24675 Parking spaces 120 pec ee es ‘supportable 24,281 Occupancy 100% Source: Naina tite of Sates Natal Corson of Prognosis Selling Points Site plan tt y= » Lidl is located in the north-western part of Botosani that has become a retail pole in the city. Botosani Shopping City that is anchored by Car- refour Hypermarket and also comprises a service gallery, together with Kaufland and the Family Center anchored by Lidl, C&A, Takko, Deichmann, Altex and Flanco are attracting most of the shop- pers with daily needs; » Lidl has been very successful inthe city com- pared to its competitors, due to attractive price and self-branded products: » The access is very good and the short distance from the city center where the density of the pop- Ulation is very high makes this Lidl a performant location; This unit isthe only Lidl opened in Botosani and considering their highly loyal network of customers, they attract end users from all over the city. OASIS ElBotosani Map Legend @ Lidl CMe @ Profi @ Carrefour Market @ Penny Market Wm Keufland A Carrefour (© «3000 me 1D 3000-5000 m? ‘A >5000 m Lidl Portfolio{ | 1 Hunedoara, Hunedoara County City information Property information Lidl Portfolio Population (2015) 74,683, Address Republicii Boulevard ‘Average net salary (€/month/county) (2014) 309) Opening date ‘June 2007 County consumption (€/month/household) est. 152 Gross leasable area (m?) 1,050, Unemployment rate 6.6% Land surface (m@) 3,000 existing 12905 Parking spaces o food GLA Modern feed ‘supportable 17,262 Occupancy 100% Source: Nationa istut of Statistics Nona! Commission of Prognosis Coles research Site plan Selling Points » Lidl enjoys @ great location close to the city center, on a main boulevard and near the Main Bus Station of the city; » Its location ensures excellent visibility and high car traffic; »> The immediate catchment area comprises 3-4 stories blocks of flats which ensures a high num- ber of consumers within walking distance; > Allother food operators in the city have more peripheral locations.Legend @ Lidl @ Profi @ Penny Market 1 Keufland (© «3000 me 1D 3000 - 000 m= A >5000 n? Hunedoara Map Lidl Gari Square Boulevard Repub Ama ancy CU Stra Lidl Portfolio mf } DASISLidl ‘ Roman, Neamt County Portfolio City information Property information Population (2015) Th204 ‘Address This, Sucedava Street ‘Average net salary (€/month/county) (2014) 213 ‘Opening date December 2006 , ‘County consumption (€/month/household) est. 151 Gross leasable area (m?) 1380, ‘Unemployment rate 55% Land surface (m?) 2749 existing 3852 Parking spaces 95 Modern food GLA oie supportable 15237 Occupancy 100% ce: Naan bli of Sse PartfPrina Shap Remon ao ove for sle More inf om page ational Conmision of Pregnosis Caliersrezearch 4 ey Selling Points >The proposed store is meters away from the Sucedava Street artery of Moldavia E85 that links Bucharest with Botosani, in the next proximity of the roundabout at the entry of the city. Nearby there is also a very highly used MOL gas station; » There are 2 Lidl store in Roman, but the advantage of the unit in discussion is that itis aggregated within a small retail park belonging to the same owner, which increases the attractive ness of the store; Site plan » Competition on the food segment is scarce ‘and the fact that Kaufland unit is located relatively close makes this area the retail pole of city. Moldova River DASISLidl Portfolio Roman Map . z i 3 , fa N Legend Ba @ Lidl @ Profi @ Penny Market Lidl % Im Kaufend % een eee * © <3000 m* % 1D 3000-5000 me A >sc00mLugoj, Timis County City information Property information Lidl Portfolio Population (2015) 47969 Address 2A, Caransebesului Street ‘Average net salary (€/month/county) (2014) 398 Opening date April 2006 County consumption (€/month/household) est 196 Gross leasable area (m?) 1380 Unemployment rate 1.6% Land surface (m@) 5455, munis ae existing 3846 Parking spaces 120 ‘supportable iq ‘Occupancy 100% Souce: Nationa stitute of Statistics National Commission of Prognaie Site plan Selling Points » The only Lidl in the city, located on E70 road, cone of the main artery that links Bucharest to Timisoara, with extremely high traffic » The city is highly undersuppied as Lidl togeth- er with two Profi locations, one Carrefour Market ‘and one Penny totalize 3,800 m, significantly lower than the supportable food GLA of 12,700 im » From the competition, only Penny Market has 2 similar location with good visibility and catch- ment, the other units being located on secondary arteries.Lidl = | Portfolio Lugoj Map %, % gv N va Market e ¢ tb = oo Legend @ ual © Prof © Carrefour Market @ Penny Market © 3000? 1D 3000 - 5000 me? A 5000 nFLidl ‘ Tecuci, Galati County 2 | Porttouo City information Property information Population (2015) 46028 Address 109, 1 Decembrie 1918 Street ‘Average net salary (€/month/eounty) (2014) 347 Opening date ‘August 2006 County consumption (€/month/household) est. 153, Gross leasable area (m?) 1380 ‘Unemployment rate 87% Land surface (m®) 5,000 existing 8.400 Parking spaces 15 GLA Mesern toed ‘supportable 8380 Occupancy 100% Source: Nationa! isi ar of Prima Shop Tecuc ao ovale for sal, More nf. page 4 of Sasi Selling Points » This unit is located within a small retail park with Takko, Deichmann, Altex and Pepco that is the only modern retail scheme in the city: eee TMNT TTT » The location of the store on the main boule- vard of the city, 1 Decembrie 1918 which is the European Road E581 that is linking Galati with Barlad and the north part of Moldavia, ensures intense car traffic; mn » Very good visibility as it has large frontage on the boulevard; » The only Lidl store inthe city. Site planol ¥ Lidl BH | Pontoto Tecuci Map Lg Ee & eaters 8 oecembrie 1918 Steet Legend rasan Seek @ Liat @ Penny Market Peany Market 1 Kouftand © «310002 1D 3000 - 5000 m? A > s000n7 oasis ElFagaras, Brasov County City information Property information Lidl Portfolio Population (2015) 40368 Address 80, Tudor Viadimirescu Street ‘Average net salary (€/month/county) (2014) 355 Opening date ‘September 2006 County consumption (€/month/household) est. 212 Gross leasable area (m?) 1.380) Unemployment rate 45% Land surface (m@) 6,000 existing 7538 Parking spaces 120 ee supportable 11902, Occupancy 700% Source: National institute of Stati National Comission of Prognosis Coles reseeh Site plan Part of Prima Shop Fagaras, oso aval or sale. More nfo on page 38. | |r Tudor Vadimiescu Stroet ree VIEILLE EEL EET Selling Points » Located atthe entrance of the city on E68 European Road that links Brasov with Sibiu and northern Transilvania; » One of the most dense area in Fagares with blocks of flats of GF+4 floors located at a walking distance of 2-3 minutes; >» Lild together with Kaufland located across the street make this area a destination for shopping: >» With the existing supermarkets in Fagaras the city is still undersupplied in terms of madern food stock OASISLidl Portfolio Fagaras Map EE<= ‘Azotuu Stree: = Penny. Market Prof 7 Koufland « = eo z oe ruta si = 2 Lidl Ca Legend @ Liat @ Prof @ Penny Market ® 1 Kauflend (© <3,000 m2 1D 3000 - $000 me? A. > 5000 mCaransebes, Caras-Severin County City information Property information Lidl Portfolio Population (2015) 30725 ‘Address 127, Ardealului Street ‘Average net salary (€/month/county) (2014) 2m Opening date Novernber 2005 County consumption (€/month/household) est. 132 Gross leasable area (m?) 1380 ‘Unemployment rate 5.2% Land surface (m@) 5,000 existing 8,660 Parking spaces 120 jern food GLA, Mees supportable 5245 ‘Occupancy 100% Source Nationa htt of Statics National Commission of Fregncee Coliers research Site plan w= tt Ares Selling Points » The Lidl store is located within a retail park next to a Kaufland and Takko (not included in the portfolio) » The location is in @ roundabout on the corner with better visibility than the competitor, on one of the 2 main boulevards trespassing the city » Inthe next proximity there are blocks of flats, of GF+4 floors; » The only Lidl in the cityCaransebes Map Legend @ Lidl @ Pili @ Carrefour Market @ Penny Market Kaufland © 3000 m 1D 3000 - 5000 m? > 5000 m! 3o Ee EO . amne o Kaulland PovelChinazu Street Penny Market Fak. ¥ Lidl = | Portfotio apsodil AlleyTarnaveni, Mures County Lidl Portfolio eI City information Property information Population (2015) 26663 ‘Address 20-22 Victoriel Street ‘Average net salary (€/month/county) (2014) 327 Opening date December 2005 ‘County consumption (€/month/household) est. 172 Gross leasable area (m®) 1380 ‘Unemployment rate 5% Land surface (mm!) S727 existing 2,655 Parking spaces n10, eee supportable 6,644 Occupancy 100% ; Suce: Nationa ttt of Sait Natal Commission of Progrsi h Ciorsresrch Selling Points Site plan » The store has excellent visibility and acces- i ‘Vitorl Sreet sibility on a corner location atthe intersection of eee Co Victoriei St. with the National Road 14 A, the main artery trespassing the city; » Its the only Lidl unit in the city; » The modern food competition in Tarnaveni is very low with only two other units, a Profi and Penny, reaching only 40% of the total supportable L ‘area for food of the city meTarnaveni 9 x Map Prof geet Legend @ Lidl Profi @ Penny Market © ¢3,000 1B 3000-5000 mr? 95000 n? 5 Lidl 2 s zg ier es exe Penny Marker_prta+ Lidl Adjud, Vrancea County Portfolio | City information Property information Population (2015) 20,520 Address 2A, Republicii Street A ‘Average net salary (€/month/county) (2014) 213 Opening date ‘April 2007 County consumption (€/month/household) est122, Gross leasable area (m?) 1380 Unemployment rate 5.5% Land surface (m2) 6072 existing 279 “Parking spaces 120 Neer ee co supportable 3481 Occupancy 700% nat nti of Statics na Commission of Pragnoss re research Site plan GLA 1,380 m? Repub Boulevard Selling Points » Lidl store in Adjud is located on the European road E85 that is linking main cities of Moldavia, with very high car traffic; » Excellent visibility, close to the entrance of the city from Bucharest; » Low competition in terms of modern food op- erators with only one other Penny and one Profi units inthe city leeeic poo Qo > 2 5 =Adjud Map Penny Market a oo 2 Legend wa @ Lidl @ Profi @ Penny Market © «30008 1D 3000 - 5,000 m? A > 5000 nF aoe YD | Fortoto so. Lidl Moldova Veche, Caras-Severin County Portilio J City information Property information Population (2015) 13,738 ‘Address. —__8,N, Titulescu Street ‘Average net salary (€/month/county) (2014) 27 Opening date ‘September 2007 County consumption (€/month/household) est. 132 Gross leasable area (m2) 1230 Unemployment rat 52% Cand srfce Gn sina mene existing 2.200 Parking spaces: 100 supportable 2.592 Occupancy 100% Source: Notion ht Cale researc Site plan Selling Points » Located on the Danube side, Moldova Veche is the last city on the main route from Bucharest to Serbia, a few kilometers away from the frontier; » The location of Lidl is on the main boulevard with excellent visibility and generous frontage: » The food competition is very low, with only cone other Penny unit DASIS© ¢3000 me 1D 3000 - 5000 m7 A >sp00m® Moldova Veche Map isang wun. WD | Pectatio Lidl % 9. Markee ‘ N he) & ceior Steet silacau Street oaAs!s ElHateg, Hunedoara County City information Property information Lidl Portfolio Population (2015) 10.993 ‘Address 12, Tudor Viadimirescu Street Average net salary (€/month/county) (2014) 309 Opening date December 2006 County consumption (€/month/household) est. 152 Gross leasable area (m?) 1,380 Unemployment rate 6.6% Land surface (m?) 5166 existing 2,300 Parking spaces 10 Meera ford Oe ‘supportable 2,329 ‘Occupancy 100% Pd Commision of rg Site plan | | Selling Points >» City located in between Petrosani and Hune SRT z doara, Hategis atthe intersection of E79 intensly & circulated European road with 68 National road = that brings additional traffic from Caransebes; i > Lidl pstoned exact atthe intersection of a these two roads having the best and most acces- . sible location in the city; J soang jwapladapa > Competition is formed only of a Billa store located on a secondary street.Hateg Map - Ee) a udoe Viadimirescu Sect siret “odor Visiiresce 9 Bila ong ION é " z i ‘ yaauig eanasozMseS sig IOHOFTSUOD Ee & Legend idl @ Billa © «300m 1B 3000-5000 m? A >5000 oasis ElPh 2 = Vishay, lina aliite ie ‘PortfolioPortfolio Description Prima Shops Portfolio Prima Shops Portfolio is comprised of four smaller format modern retail assets, located in Roman (Neamt County), Tecuci (Galati County), Fagaras (Brasov County) and Reghin (Mures County). The assets are located in cities with a population greater than 40,000 inhabitants and with very litle competition, next to a strong food anchor: Lidl or Kaufland, The Portfolio has 2 current gross leasable area of 8 162m and is leased to 8 tenants resulting in an. ‘occupancy ratio of 100%. An additional 1,422 m? GLA are under construction in Fagaras and Tecuci Portfolio key facts Roman, Tecuci, Locations Fagaras, Reghin Gross leasable area (m?y 8462 + 1022 under construction ‘Annual income (€) 723,609 Occupancy 100% WAULT* 4 AULT coleuloted as of September 2015 The Portfolio includes the following properties: Prima Shop Roman, a retail park with a total GLA + 0f71601 mi, leased to Flanco, Deichmann and Tako Fashion, located at 31 Sucedava Street and completed in 2007, Prima Shop Tecuci a retail park with a total GLA of + 2340 mi (plus 662 m? under construction), leased to Deichmann, Tako Fashion, Altex and Pepco, located at 109 1 Decembrie 1918 Street and completed in 200% Prima Shop Fagaras, a retail park with a total GLA of 2:31 m: (plus 360 m* under construction), leased to Deichmann, Takko Fashion, Altex and Mismob Ideal, located at 80 Tudor Viadimirescu Street and completed in 2009. “These three properties have Lidl as a strong food anchor, also available for sale as part of Lidl Portfolio. Prima Shop Reghin isa retail park with a total GLA «of 2090 mi, leased to Deichmann, Takko Fashion Domo and Lems, located at 23 Garii Street and completed in 2010. The retail scheme is anchored by Kaufland, which isnot part ofthe sale portfolio, “The Portfolio enloys @ weighted average unexpired lease term of 4 years as of September 2015 (+2x5 years. prolongation) and a weighted average rent of €7:39/m'/ month, which leads to a total yeary rental revenue of €723,609. Al tenants are paying base rent and the only tenant with a break option in place is Takko Fashion, The lease agreements provide for fll indexation in accordance with Euro CPL Operating expenses are fully reconciled with the tenants, only insurance and property tax are in owners’ charge (approx. €47,400/year). Annual Rental Revenue ‘im top "Pima ap” ria Shop” Pima Shop oa a Key tenants TAKKO —— 4 units | —— 4 Units (2 units — 1 DAMS —— unit —— 1Uniti Retail Park Locations | Ponisi? | — ramen ea Roman @ ce ea o a, 2 ecwRetail Parks Tenants Prima Shops = | Portfolio Flanco Electronics Flanco is a Romanian retail store chain selling consumer electronics with over 000 employees, and a network (of 90 stores located in major shopping areas in 55 Romanian cities. Flanco is the second electronic player in the local market by turnover (€ 147.4 mn registered in 2014). Flanco intends to start selling the first own-brand products, and in three years, the private label business should represent 15-20% of total turnover. Flanco turnover evolution (€) 200,000.00; — 9.00 000 100900000 ‘000000 a Altex Electronics a2 mao Altex is an electronic, IT&C and multimedia retail store present on the Romanian market since 1992. Altex offer ‘a wide range of innovative products backed by the best financing solutions customed according consumers needs. The newest project of the company is represented by the recently opened store in Promenada Shopping, Center in Bucharest, reaching a network of 78 stores. ‘Altex is included in top 100 most valuable companies in 2013, with a value of €125 mn. Altex turnover evolution (€) 000.000 DSM] Domo 2a Electronics Domo is a Romanian retail store of electronics, home appliances and IT&C products. It was founded in 1995 by the business man Loranz Szarvadi as importer of Zanusi, Electrolux and Siemens products. Domo retail network includes 91 stores with a total area of more than 8,000 1m, in 76 Romanian cities and has over 1,000 employees. ln 2014, Domo launched a new concept, Domo POP-UP store, By the end of 2015 the retailer aims to reach a total of 50 stores under the brand Domo POP-UP. Domo turnover evolution (€) Takko Fashion Fashion & Shoes TTakko Fashion is a German clothing retailer with more than 1/800 locations in 17 European countries. Takko is present in Romania since 2007, where it opened 63 stores all across the country. In 2014, Takko had a turnover of EUR 27.5 mn, Takko Fashion turnover evolution (€) 21,000,000 15010 000 1900900 ama OASISPrima Shops Portfolio wl DEICHMANN Deichmann Fashion & Shoes Deichmann is a German shoe and sportswear retail chain with a presence in 23 countries and a total of 3,500 stores. Deichmann entered the Romanian market in 2007 and as of July 2015, the network reached 69 units, having a turnover of over €66 mil at the end of 2014 Deichmann turnover evolution (€) ama” aout PEPCO) Pepco Fashion & Shoes Pepco is a Polish discount chain that sels clothing. accessories, toys and household objects and itis part of Pepco's holding African Pepkor. The company has a network of over 3,000 stores in 13 countries in Europe, Africa and Australia and ca. 27,000 employees. On the Romanian market, Pepco is present since 2015 and their strategy is to expand in large and medium cities throughout the country Mismob Ideal Furniture Mismob Ideal is a Romanian furniture store chain that sells home and office articles. LEMS Lem's Furniture Lem’s is one of the largest furniture makers and retailers jn Romania. its factory in Campina was set up in 1991 and currently covers 30.000 m2, Lem's factory produces 360,000 furniture modules a year which are sold across the country in 87 stores with a total sales area of 66,000 me OASISKey Investment Considerations Prima Shops Portfolio _Location Inside the City All four retail parks are located within the city, mast of ther in the next proximity of blocks of flats or high density of, houses. This makes the centers very accessible even by foot for most ofthe target clients. For secondary cities it is extremely important to be located at waking distance from the core targeted area, as it is not that common to use the personal car for daily shopping. _ Great Access and Visibility Located on European roads or main boulevards of the Cities, the Prima shops have the advantage of having very good access and visibility for the car traffic, but also for the pedestrians. _ Singular Retail Scheme in the City ‘Al 4 Prima shops are the only retail schemes in the respective cities therefore the fashion retailers have virtually no competition and forthe food operators it is a great benefit to have the entire tenant mix that makes their specific unit more attractive. _ Perfect Concept for Secondary Cities A small retail park with 3-5 fashion, electronics, furniture retailers together with a discount food operator isthe type (of scheme that works perfectly in the secondary cities. As there is no competition for Prima Shops, the performance of the retailers is similar to stores located in Bucharest or top 5 cities where the competition is much higher. _ Flexible Design “The simple standalone boxes can be easily split or enlarged it necessary for existing tenants if their size requirement cchange or for new tenants that are entering the market. Low Maintenance Cost Having outdoor parking shared with the food operator and enclosed common areas, the cost with the service charge is very low which is a major advantage forthe discount retailers that are entering into these type of schemes. Sustainable Rents Potential Income from Turnover Rent “The simple construction requirements fora retail park is translated into low cost of development and therefore the possibiity to offer to tenants contracts with sustainable rents, Furthermore, this also provides the opportunity to increase rental income from turnover rents ifthe tenants perform wel 100% Occupancy and Extension Potential ‘The existing units are 100% leased and operating. There are ‘specific demands for extra units from tenants that have just entered the market. In Tecuci and Fagaras small extensions, can be built to the existing units, so the total rental revenue ccan be increased in the near future. Improving Economic Environment ‘After a strong performance in 2014 in terms of GDP ‘growth (of 3%), Romania continues to show a steady and sustainable upward trend with a 4% growth estimated for 2015. Low public debt, strong budget deficit reductions. in the past 5 years, falling interest rates and historically low monetary policy rates are only some of the strong, fundamentals that will continue to support a positive evolution of the Romanian economy. Investment Market Recovery Following a few years of sluggish evolution after the ‘economic crisis, the real estate investment market in Romania is showing very strong signs of recovery. There are a growing number of investors actively looking at the market in search for both prime as well as value add ‘opportunities, which provides a positive perspective for the evolution of the segment in the short to medium term. Retail Market on a Positive Trend Better economic prospects es well 2s resurgence in ‘consumer finance had a positive impact on private ‘consumption leading in turn to an increased confidence and higher expansion appetite amongst retailers. Rents have been stable in the past two years and no further rent corrections are estimated for the immediate future,, Land AreaRoman, Neamt County Prima Shops =! | Portfolio City information Property information Population (2015) 71204 ‘Address “bis, Sucedava Street ‘Average net salary (€/month/county) (2014) 23 ‘Completion year 2007 ‘County consumption (€/month/household) est. 151 Gross leasable area (m?) 1601 ‘Unemployment rate 55% Land surface (mm?) 9,050 existing 3,852 Parking spaces 45 Meereen St, ‘supportable 15.237 ‘Annual rent (€) 152,088, faces ‘Occupancy 100% ison of Progr ‘Anchor tenants Flanco, Deichmann, Takko Fashion eae eect Food anchor LOL Hii ldova River Lid store aso aoe for sal. Details on page 1. GLA 1,601m* Selling Points » The proposed store is meters away from the artery of Moldavia E85 that links Bucharest with Botosani, in the next proximity of the roundabout at the entry of the city. Nearby there is also a very highly used MOL gas station; » There are 2 Lidl store in Roman, but the advantage of the unit in discussion is that it is aggregated within a small retail park belonging to the same owner, which increases the attractiveness of the store; » Competition on the food segment is scarce and the fact that Kautland Unit is located relatively close makes this area the retail pole of city » Having the retailers Tako and Deichmann next to Lidl property makes this small retail scheme the only location in the city and the surroundings that has international fashion brands directly addressing the target market; » The only other retail fashion options for the city are a couple of local tenants located on the high street OASISprrrt rr trove Roman Map © «3000 m 3000 -5000m* A >sp00m* YB | Portoio”* joins eN6B8INPrima Shops Tecuci, Galati County Fi | poretouc City information Property information Population (2015) 46,028 ‘Address 109, 1 Decembrie 1918 Street ‘Average net salary (€/month/county) (2014) 347 Completion year 2009 ‘County consumption (€/month/household) est. 153 Gross leasable area (m?) 2,340 + 662 under construction Unemployment rate 87% Land surface (m®) 5550 existing 8400 Parking spaces 60 peer cea ‘supportable 8380 ‘Annual rent (€) 192,624 Source: National stitute of Satises Sccupency som Nationa orion of Prognosis ‘Anchor t Deichmann, Takko Fashion, Pepco, Altex is Food anchor LDL Site plan Lidl store also availabe for sal. Details on page 22 Selling Points » This unit is located within a small retail park with Takko, Deichmann, Altex and Pepco that is the only modern retail scheme in the city; » The location of the store on the main boule- vard of the city, 1 Decembrie 1918 which is the European Road E581 that is linking Galati with Berlad and the north part of Moldavia, ensures GLA 2,340 m? intense car trafic; + 662 m? » Very good visibility as it has large frontage on. under construction the boulevard: » The only Lidl store in the city; » There are no other international fashion retait- ers in the city, only a few local stores on the high street on very small areas. OASISans Legend @ Liat (© Penny Market 1m Kafana © «ap00m 18.3000 - 5000 mn! A > 8000 Tecuci Map 9 Retail Park crosuts Tee" ~H BR | Sess) Prima Shops wecombrie 1918 Steet aero 0 ‘ oASIS ElFagaras, Brasov County Portolio, City information Property information Population (2015) 40368 Adress 80, Tudor Viadimirescu Steet ‘Average net salary (€/month/county) (2014) 355 Completion year 2009 County consumption (€/month/househeld) est. 212 Gross leasable area (m®) 2,31 + 360 under construction Unemployment rate 45% Land surface (m®) 5900 existing 7538 Parking spaces 60 Keane supportable 11902 ‘Annual rent (€) 159625, Source tol ste Siti ny ee Natal Commision of Prognosis ‘Anchor tenants Deichmann, Takko Fashion, Altex, Mismob ideal Cale rsach Food anchor LOL Site plan Pe rye, Selling Points » Located at the entrance of the city on E68 European Road that links Brasov with Sibiu and northern Transitvania; » One of the most dense area in Fagaras with blocks of flats of GF+4 floors located at a walking distance of 2-3 minutes; » Lid together with Kaufland located across the street make this area a destination for shopping: » With the existing supermarkets in Fagaras the city is still undersupplied in terms of modern food stock; Ee Se HEUTE TEEEE ELLE EEE GLA 2,131 m? + 360 m? under construction » There are no other international fashion re~ tailers in the city, only a few local tenants on very small areas in Universul store. = OASISFagaras Map a | bit ° Retail Park z oo sf é Legend “Sy Park @ tit a @ Profi @ Penny Market i Kaufland © «0000 1 3000 - 500m? A.» 0008 = oasis ElReghin, Mures County Prima Shops Portfolio City information Property information Population (2015) 38.403 ‘Address 23-25, Gari Street ‘Average net salary (€/month/county) (2014) 326 ‘Completion year 2010 County consumption (€/month/household) estt72 Gross leasable area (m?) 2,090 Unemployment rate 5% Land surface (m?) 273 seu, existing 2200 Parking spaces 50 ci supportable 10,682 ‘Annual rent (€) 219.274 Source: Notional ist ofS ————————————————————————— ant Commission. ‘Anchor tenants Deichmann, Takko Fashion, Lemis, Domo nee loa Food anchor Kaufland (tis not part ofthe portfolio) Site plan Kaufland Ss Selling Points » Prima Shop is the only location in the city that brings international fashion retailers, but also 2 complete tenant mix with electronics and furniture national operators; » The retail park is anchored by Kaufland, that has shared parking with Prima Shop (Kaufland is ‘not included in the portfolio), » Prima Shop benefits from the best visibility {from the boulevard, having a generous frontage; » Large catchment area in between Targu Mures and Bistrita as the area is not covered by any other retail scheme. 9 lo in ayy) eee Portfolio Reghin Map . 9 Retail Park ° ‘Gai Sree Legend @ Lid Profi g @ Billa » > i Kaufland s é (© ¢3000 m a 1D 3000-5000 m* A.» 500m! a oasis |Why Romania? One of Eu's Fastest Growing Economies With a strengthening economic environment, Romania provides a healthy balance between macroeconomic sta- bility and growth potential. Romania outpaced the other CEE countries in terms of economic growth posting GOP growth of 3.5% in 2013, 3% in 2014, with similar growth expected in 2015. Political and Financial Stability Last year's election of the liberal president Klaus lohannis was well received by the business community and boost- ed confidence in fiscal stability. Romania has the smallest public debt to GDP ratio in the EU (38%), considerably lower than EU average (90%), providing the country with a very good premise for further growth. Public Debt ('14) vs. GDP Growth ('14) unl te = pute de rn eo 204 abe Gre (0) Source: Eurostat, Colliers Research Positive Perception from Financial Markets S&P upgraded Romania's credit rating to investment grade in May 2014. In July 2014, JP Morgan added Romanian sovereign bonds to the Global Diversified Investment Grade Index, withthe effect of decreasing sovereign borrowing costs. In fact, currently Romania has one ofthe largest spreads between sovereign borrowing costs and prime real estate yields in Europe, Romania's Ratings S&P S&P Moody's Moody's. Fitch Rating Outlook Rating Outlook Ret Fitch Outlook * 20 mS 5 Sauce Eurostat Dynamic Real Estate Market 2014 confirmed the development of the investment market which started to emerge more strongly in 2013, Both the volume of closed transactions and the interest from foreign investors registered sizable increases, the total investment volume in 2014 standing at €1200 mn, four times the over- all activity of 2013, The investment opportunity in Bucharest is very large stil a the spread between current prime real estate yields and yields in alternative markets, 2s well as the ‘spread tothe last local peak remains significant. The spread between prime real estate and sovereign bond yields in Romania is also among the highest in European markets. Significant Domestic Market With a population of 20 milion inhabitants, Romania is the second largest country in CEE. Private consumption is projected to pick up on the back of improving consumer confidence and increasing disposable income. Euro ‘There is a long-term plan of joining the Eurozone, sub- ject to full market recovery of the Euro Area and meeting accession criteria. The Romanian currency proved to be remarkably stable over the last few years, IE FOE GDP growth (%) 35 3 ca. 4% Inflation rate (9%) 16 08 “Doenpioynent ale 565351 Household expenditures (% yoy) M145 4.0) Public revenues (% of GDP) 330334 334) FOB exports of goods (% yoy) 1063 7.0 Net FDIs (€ bn) 2925 32 ‘Average exchange rate (RON/E) 4.42 4.44 442 Source Nationa Institute of Statistics, National Commission ‘of Prognosis, National Bank of Romania, European Commission, MF OASIS2014 REAL GDP GROWTH RATE - VOLUME Data not availableRomania Investment Market Overview 2014 and 2015 confirm the development of the investment market which started to emerge strongly in 2013, Both the volume of closed transactions and the interest from foreign investors registered sizable increases. The total investment volume stood at € 950 mn. in 2014 and is expected to reach €700 mn. by the end of 2015, Some of 2014's registered deals were related parties’ transactions (such as the acquisition by Globalworth of the Founder's portfolio, estimated at €260 mn). This well warranted optimism across the market is in itself a most welcomed effect of 2014's strong performance and a solid premise for further growth. ‘As compared to the previous 3 years, when NEPI and loannis Pepalekas accounted for ca. 65% of the total investment volume, in 2014 the percentage reduced to 45% of the overall market activity. The pool of active investors on the market started to diversity, with some new players having already closed transactions in 2014. Investment Transaction Volume , eee 240 1200 5 eee ‘2042005 2008 2007 2008 200820102011 2012 20132014 2015+ * End of yea etimeted trensacton volume includes deals signed in 2034 ad closed in 2015 Source Callers Research Transactions and Yields ‘The industrial segment had the most diversified demand structure, with deals being closed by investment funds {Secure Properties, Globatworth), developers (Point Park Properties), as well as companies buying premises for their own use (Kromberg&Schubert). The segment also ‘saw the healthiest growth in 2014, with 5 deals closed, totaling ca, €171 mn. A landmark transaction on this ‘segment was the sale by CA Immo of their industrial assets in Romania and Poland to the logistics developer and investor Point Park Properties, backed by US end Canadian capital. The property comprises 215,000 m* of warehousing and 27.5 ha of additional land, Globalworth also completed an industrial transaction through the acquisition of Timisoara Airport Park for ca, €35 mn, In Q4 2014, the fund also acquired two landmark office buildings in Bucharest (Green Court ‘A and Nusco Tower), located in the Floreasca-Barbu \Vacarescu area as well as the Unicredit Headquarters in Free Press Square, for an estimated €43mn. ‘Another noteworthy transaction of 2014 was the sale of Promenada Shopping Center, a new 36,000 m? GLA retail property that was sold by the developer, Raiffeisen Evolution, to the South African Fund NEPI for €148 mn. Nevertheless, the largest transaction was closed by Immochan, which acquired 12 commercial centers across the country (comprising former Real hypermarkets), in a transaction estimated at over €260mn, ‘There were also two notable transactions with distressed assets, both part of Equest Belkan Properties’ portfolio, namely Moldova Mall in lasi and Vitantis Shopping Center in Bucharest. oOASIS EERomania Investment Market Overview 2014 Transactions Type 10% 0% ‘ fice sa Fe cxher 7% Source Colliers Research Increased market activity put downward pressure on yields, hich, forthe frst time since 2008, dropped below the ‘8% mark for both prime office and prime retail projects. Skanska’s Green Court and Promenada Mall are two prominent examples of such compressing yields. The industrial segment also benefitted from the increased investor demand, wth yields for prime projects dropping to ca. 9%, ‘205 2007 2008 2000 2010 2011 2912 2019 2014 2015 — ofice — etal —tndustal — NR eference ate Source: ColiersReserck, Nationa! Bank ef Reman Forecast Demand should remain focused on Bucharest office and retail opportunities. A growing interest in prime properties was noticed in 2014 and the trend is expected to accelerate in 2015, being aided by a number of core products that are expected to be brought to market. The industrial segment will also continue to catch up in terms of demand and transaction volumes, with a number of players stil looking actively for product, On a more macro level, the latest developments in the European markets also reinforce the optimistic ‘outlook for realestate investment. Apart from the US and Asian funds, that continue to flood the European market, the quantitative easing measures announced by the European Central bank wil bring another tayer of liquidity in the market, which can directly or indirectly be channeled to the real estate segment. An expectation of continued low interest rates and generally easier borrowing is already maintaining investors’ confidence at high levels Bank lending has been a barrier to the investment. activity in Romania, However, European banks with local presence are shedding their reluctance on real estate lending and will channel more funds to it and improve the conditions. Further yield compression expectations in Western and Central Europe, coupled with lack of products, once again raises hopes that the trickledown effect of this investment interest to the Eastern European real estate market will further accelerate. OASISAbout the Owner Oasis Retail Development8&Consulting has an international experience of more than 20 years in development and management of Retail Real Estate in Germany, Austria and CEE, being partner of international retail chains at their expansion in Austria, Hungary, Czech Republic, Slovakia and Romania. The company is led by Klaus Reisenauer and Kurt Wagner, real estate professionals with over 20 yeers of international property development experience in the retail sector. Leading Retail Property Developer in Romania Casisis planning to develop other new retail schemes in Romania: » In Oradea - a retail park of 10,000 mi; » In Sibiu ~ in addition to an existing DYI unit (former OBI, now transferred to Hornbach) ~ one level shopping. center of up to 65,000 m? GLA can be builtin joint ven- ture with CA IMMO; > In Targu Mures, Satu Mare and Focsani in partnership with Real 4 You Immobilien retail parks of 4,000 - 8,000 m? of GLA are under planning, Approx. More than Over . 1.5 milm2 |70 — | 50 ofland developed eae renal pee for Kaufland In addition to the existing portfolio of Lidl and the Prima Shops, Oasis owns in a joint venture with Real 4 you Immobilien 3 retail parks in Giurgiu, Ramnicu Valces and Botosani with Lidl, Tako, Deichmann, C&A, OM and ‘ther important players on the retail market. Development Partner for the retail chains: Plus, Obi, Takko Fashion, Deichmann, C&A OAS!Disclaimer This document has been prepared by Colliers Interna- tional and is being delivered to Prospective Purchasers to assist in assessing the possible acouisition of Oasis retail portfolio, consisting of 12 Lidl stores and 4 retail parks located in various attractive locations in Romania (the Property). This Confidential Investment Memorandum does not purport to be all-inclusive or to contain all the information that a Prospective Purchaser may require This brochure is for information and discussion purposes only and does not constitute an offer or @ contract. This Investment Memorandum provides information relating to certain physical, location and financial char- acteristics of the Sellers and the Property. The Sellers and Colliers expressly disclaim any and all liability for any errors or omissions in the document or any other written cr oral communication transmitted or made available to Prospective Purchasers. If any information relating to the Sellers or to the Property, in addition to the infor- mation provided herein, is provided at any time, orally or otherwise, by the Sellers or by Colliers, such information is provided as convenience only without representa- tion or warranty as to its accuracy or completeness and such information should not be relied upon by Prospec~ tive Purchasers without independent investigation and verification, In furnishing the document, the Sellers and/or Colliers undertake no obligations to provide the recipient with ‘access to additional information. Any information related tothe Property which has been or will be obtained from the Sellers, Colliers or any other person, by a Prospec tive Purchaser, has been prepared and provided solely for the convenience of the Prospective Purchaser and will not be warranted to be accurate or complete and will not form part ofthe terms of an agreement of purchase and sale. This brochure is the property of Coliers International and may be used only by parties approved by Colliers and the Sellers. The property is privately offered and, by accept- ing this document, the party in possession herein agrees that no portion of this package may be copied, repro- duced or distributed to other parties at any time without the prior written consent of Colliers andor the Sellers.Ey denen 67 countries on 6 continents Wier eselcceal C10) eT) Latin America: 24 Asia Pacific: 199 fora :) bax) ete eum ia ee ted Aiea 16,300 professionals ERC PNeLoptta Oe) ILCCoEB TN LCCoUNLTECooEVALesKODTy OM Laem rae, en ye egy an ana) eet ‘s Cena Pea se e000 Sooty ene eget emer ess need Desiee era a) Seen eet eee ca cake as Ere wc Orr teen oe) a CAE aa Fax: (40-20) 319 77 78 Colliers eee ese