#1November 2020 GT CO Investor Presentation GTC Hungary - Bond issuance Bond Funding for Growth Scheme#2City Gate, Bucharest, Romania GTC GROUP 2 GT CI#3IMPRESSIVE TRACK RECORD WITH SUCCESSFUL POSITIONING FOR CONTINUED GROWTH... 1994 GTC begins operation in Warsaw 2000 Listing of GTC on Warsaw Stock Exchange (trading started in 2004) 1998 GTC begins expansion outside of Poland 25 years Q4 2013 Lone Star takes a 28% anchor stake in GTC TRACK RECORD IN THE REGION Q4 2013 Launch of new corporate strategy & restructuring plan―refocus on Poland and CEE capital cities, and sale of non-core assets Q4 2013 - Q4 2015 Lone Star increases its stake in GTC to 61% April 2018 Acquisition of Mall of Sofia, Bulgaria 2015 Streamlining of financial structures, portfolio development and expansion October 2015 €140m capital increase with 34% oversubscription LONG-TERM FOCUS ON INCOME-GENERATING PROPERTIES STABLE MAJORITY SHAREHOLDER UNIQUE DEVELOPMENT AND ASSET MANAGEMENT TRACK RECORD December 2018 Almost doubled all KPIs since 2014 2018- Q1 2020 Completion of Ada Mall, Green Heart, GTC White House, Advance Business Center I and Matrix A June 2020 Acquisition of 61% stake in GTC by Optima June 2020 57,500 sq. m under construction 60,000 sq. m ready to be launched in 24 mths 221,400 sq. m in planning stage 3 ACTIVE ASSET MANAGER | GTC GROUP | GT CI#4GTC'S DNA AND INVESTMENT CASE Active total return proposition 01 Leading commercial real estate platform with €2.2bn high quality portfolio of Class A office and modern retail assets focused on Poland and the capital cities Budapest, Bucharest, Belgrade, Zagreb and Sofia 02 Defined path to growth through developments and acquisitions in key CEE and SEE markets 03 Unique development pipeline of Class A office buildings with significant embedded NAV growth potential - approximately 57,500 sq m under construction, another 60,000 sq m in ready to be launched in 24 months and 160,400 sq m, including landmark shopping centre, in planning stage 04 05 Ability to identify and execute investment opportunities based on independent, fully-integrated asset management and development platform with a local track record exceeding 25 years and deep market penetration Attractive "Total Return" proposition: Income producing portfolio: growing FFO and dividend + NAV upside Development portfolio: significant cash flow contribution and NAV growth upon completion, creating fire-power to fund further growth Cash flow accretive acquisitions of income generating assets with NAV growth potential Source: GTC 4 | GTC GROUP | GT CI#5A FULLY INTEGRATED ASSET MANAGEMENT & DEVELOPMENT PLATFORM LED BY A BEST-IN-CLASS MANAGEMENT TEAM Yovav Carmi CEO Joined GTC Group in 2001 Ariel A. Ferstman CFO Joined GTC Group in 2011 Management Board Gyula Nagy Board Member Robert Snow 4 888 Accounting Legal & Controlling Board Member Joined GTC Group in 2020 Joined GTC Group in 2000 Central functions III Treasury W Corporate Planning IT Corporate marketing & communication HR & Organisation Investment & Development Strategy Guiding, supervising regional offices on execution and implementation Bulgaria Romania Country offices Croatia Hungary Central supervision from headquarters Portfolio & Asset management Project Management Poland Serbia Land Development Acquisitions " Supervisory Board The Supervisory Board is appointed by shareholders; for each stake of 5% of GTC shares, the shareholder gets to appoint one member of the Supervisory Board. Additionally there is one independent Supervisory Board member chosen by the Annual Shareholders Meeting. Currently, the Supervisory Board is comprised of eight members, and meets at least once every quarter The Supervisory Board appoints and supervises the work of the Management Board. The Supervisory Board, amongst the others, expresses consent for GTC or a Subsidiary to: (i) execute a transaction comprising the acquisition or sale of investment assets of any kind the value of which exceeds EUR 30m; (ii) issue a guarantee for an amount exceeding EUR 20m; or (iii) execute any transaction where the value of such transaction exceeds EUR 20m. Source: GTC 5 Distribute 66% of FFO I in the form of dividend Dividend suspended due to COVID Dividend Policy | GTC GROUP | GT CI#6A FULLY INTEGRATED ASSET MANAGEMENT & DEVELOPMENT PLATFORM LED BY A BEST-IN-CLASS MANAGEMENT TEAM YOVAV CARMI CEO Yovav Carmi started his professional career in 1994 as an auditor at Ernst & Young, where he worked until 1996. In 1997, he worked for the Israel Securities Authority as an investigator. Between 1998 and 2001 he was a financial controller at the Kardan Group. Yovav Carmi has been a chief financial officer and member of the management boards of many of the Company's foreign subsidiaries since 2001. Mr. Carmi was a member of the management board of the Company between 2011 and 2015. Starting 2015, he became Chief Operating Officer at GTC. Yovav Carmi graduated from Tel-Aviv University, where he obtained a B.A. degree in law and a B.A. degree in accounting. He also holds an MBA degree from Tel-Aviv University (1998). Moreover, Mr Carmi is a chartered public accountant in Israel. ARIEL A. FERSTMAN CFO Ariel Alejandro Ferstman joined GTC in 2011 and has been leading the finance departments as a chief financial officer for GTC in Hungary, Croatia and Slovakia. Prior to joining GTC, Mr. Ferstman spent over three years as the Financial Controller for BSR Europe, formerly listed on the Tel Aviv Stock Exchange, and five years as a senior auditor in Ernst & Young in Israel and Argentina. Ariel Alejandro Ferstman graduated cum laude from The University of Buenos Aires where he obtained a B.A. degree in accounting and finance. He also holds an MBA in Finance and Business Strategy from The Hebrew University of Jerusalem. Moreover, Mr. Ferstman is a chartered public accountant in Israel and Argentina. GYULA NAGY BOARD MEMBER Gyula Nagy started his career as an auditor at Deloitte and led statutory and international group audit of real estate, financial services and tech Companies. He gained experience in numerous mergers, acquisitions, IPOs and other due diligence engagements. Mr. Nagy joined OTP Group in 2012 and was promoted as the Board Member and CFO of OTP Real Estate Ltd and other subsidiaries. His primary responsibilities at OTP included financial, accounting and taxation matters and participating in the committee assessing non performing real estate related loans of the bank. In 2018 he gained experience as an interim CFO for CTP Group, one of the largest Czech based real estate developer in CEE region. He is the Chief Financial Officer and Member of the Board of Optima Investment Ltd since April 2019. Mr. Nagy graduated from the Faculty of Finance and Accountancy of the Budapest Business School in 2003. ROBERT SNOW BOARD MEMBER A member of GTC's Management Board and Chairman of GTC Hungary. Robert Snow joined GTC in 2000 as CEO and Country Manager in Hungary and led the development activity of GTC's operations in Hungary. In addition and from 2004 until 2013, Mr. Snow established and managed the development activities of GTC in Serbia. Robert Snow has a proven track record in the real estate business in CEE in senior management roles for over 30 years; amongst others at Danubius Hotels in Budapest from 1996 to 2000. Prior to settling in Hungary, Mr. Snow was employed in project management, construction and logistics roles for over 15 years in the Middle East. Mr. Snow was educated at Millfield School in Somerset, UK and holds a Bachelor of Science Degree from Manchester University Institute of Science and Technology in Building Technology. Source: GTC 6 | GTC GROUP | GTC#7LEADING COMMERCIAL REAL ESTATE PLATFORM High quality portfolio generating €144m of annualised in place rent As of 30 June 2020 BOOK GTC PORTFOLIO # VALUE % (€m) ANNUALISED IN-PLACE RENT (€m) GLA (ths. sqm) ASSETS LOCATION BY GAV Income generating 46 1,950 89% 144 746 (a+b) a) Office 41 1,176 54% 93(1) 530 Poland 41% Assets for own use <1% Non core 1% b) Retail 5 774 35% 51(2) 216 Investment projects 3 under construction 52 87 4% 58 GAV €2,183m Capital cities outside Poland 58% Projects ready to be 3 28 1% Core 60 99% launched in 24 mths Projects in planning 6 81 4% 221 stage Landbank for 3 5 <1% developments Assets for own use 7 <1% CORE PORTFOLIO 60 2,159 99% NM NON-CORE 24 1% NM PORTFOLIO(3) TOP TENANTS ExxonMobil IBM allegro 83 BUDAPEST BANK T.. CONCENTRIX™ rompetrol UniCredit CBRE GAV 2,183 100% NM Deloitte. High quality core portfolio of 41 office and 5 retail buildings ■ 95% of leases and rental income €-denominated Top tier tenants, mostly multinational corporations and leading brands Source: GTC 7 ZARA Carrefour POLSKIE LINIE LOTNICZE LOT hp KPMG H&M Notes: Data includes assets held for sale; (1) Does not include expected rent on 5% vacant space; Avenue Center Zagreb presented together with Avenue Mall Zagreb; Sofia Tower presented together with Mall of Sofia; (2) Does not include expected rent on 8% vacant space; (3) Non-core landbank, and residential landbank; | GTC GROUP | GTC#8LARGE DIVERSIFIED STANDING PORTFOLIO ACROSS POLAND AND KEY CAPITAL CITIES IN THE CEE REGION As of 30 June 2020 Large and diversified portfolio... 2 Poznań 1 Wrocław 5 Warsaw 3 Łódź 2 Katowice O 1 Częstochowa O 4 Kraków Portfolio overview $ €2.0bn 46 GAV high-quality assets 746k sqm of gross lettable area $ 6144m anualized in-place rent Office portfolio overview +1 Budapest 41 Buildings 2 Zagreb³ 5 Bucharest Book Value 530k 12 Belgrade Duna Tower, Budapest Sterlinga Business Center, Łódź Sqm > €300m GLA Sofia³ €100-300m < €100m 39% <10 years Standing office properties (size indicative of book value) # Buildings under construction Standing retail properties (size indicative of book value) # No. of properties ...with significant exposure to Poland and key CEE capital cities old1 Premium Point, Bucharest Belgrade Business Center, Belgrade Office tenants ExxonMobil IBM. UniCredit allegro 83 BUDAPEST BANK T. rompetrol TRIX Deloitte. CONCENTRIX™ Split by sector² Office 60% Split by geography² Budapest €263m 13% Belgrade €380m 20% 5 Buildings Sofia Zagreb €136m 7% GAV: €1,950m €127m 7% GAV: €1,950m 216k sqm GLA Avenue Center Mall Zagreb and Avenue Center, Zagreb Retail portfolio overview Retail tenants Avenue Mall CINEMA CITY ZARA W H&M Bucharest €184m 9% Warsaw €341m 17% Retail 40% Major Polish cities €519m 27% 48% <10 years old1 PANDORA™ Carrefour sinsay CCC Galeria Jurajska, Czestochowa Galeria Północna, Warsaw Poland 44% Source: GTC 8 1 By portfolio value 2 Current split excludes projects under construction: Pillar, Matrix B and Advance Business Center II 3 Avenue Center (office) is presented together with Avenue Mall (retail) as well as Sofia Tower (office) is presented together with Mall of Sofia (retail) | GTC GROUP | GTCI#9OFFICE PORTFOLIO OVERVIEW Sustainable high occupancy of prime office buildings provides solid recurring income As of 30 June 2020 OFFICE ASSETS OVERVIEW €1,176m GAV €93m annualized in-place rent 41 buildings 530,000 sq m GLA GREEN CERTIFICATION 2% 3% 20% о ■LEED&preLEED 34% ■ BREEAM ■ Under certification No certificaton 41% ■ DGNB 80% assets with green certification or under certification Source: GTC BUILDING AGE by GAV 0-10 years 39% €1,176m 11-20 years 61% OCCUPANCY RATE LOCATION by GAV 92% 93% 93% 94% 93% 95% 95% Warsaw 6% 2014 2015 2016 2017 2018 2019 H1'20 Major Polish (1) cities 27% €1,176m Capital cities CEE 67% Note: (1) Cities with more than 200,000 inhabitants Note: Data includes Spiral office building in Hungary (sold in October 2020); Number of buildings includes also Sofia Tower and Avenue Centre | GTC GROUP | GTC#10RETAIL PORTFOLIO OVERVIEW Landmark shopping centers in local markets As of 30 June 2020 RETAIL ASSETS OVERVIEW €774m GAV €51m annualized in-place rent 5 buildings 216,000 sq m GLA GREEN CERTIFICATION Source: GTC 10 26% 13% O 61% 87% assets with green certification LEED&preLEED ■ BREEAM ■ No certificaton OCCUPANCY RATE 95% 94% 95% 96% 90% 89% 92% 2014 2015 2016 2017 2018 2019 H1'20 BUILDING AGE by GAV 0-10 years 48% €774m 11-20 years 52% LOCATION by GAV Belgrade 13% Zagreb 13% Sofia 13% Częstochowa 26% €774m Warsaw 35% Note: Data for Avenue Mall includes Avenue Centre, Mall of Sofia includes Sofia Tower; excl. number of buildings | GTC GROUP | GTC#11OVERVIEW OF GTC'S GROWTH STRATEGY Acquisition of yielding value add assets and execution of development projects... Acquisition and management of institutional grade office assets with significant cash flow / FFO contribution potential (value-add approach) Re-positioning of assets through active asset management Selected developments of institutional grade office assets in attractive locations Rigorous developments criteria ■ Effective management of risk GTCI ...in attractive markets... Source: GTC 11 GTC strategically focuses on 6 CEE countries, in markets with high economic growth, potential to increase growth further, and where GTC has a leading market position Positive outlook on macro indicators (GDP growth, spending power, FDIs) Significant opportunities for attractive equity returns due to rental yield spreads with financing margins are at widest level in more than a decade in the region ...funded without need to raise additional equity (self- funded growth) Established platform allowing for execution of strategy through organic funding only and in line with a conservative financial policy to keep LTV below mid-term target of 50% High-quality asset base and proven refinancing track-record allowing for issuance of asset-level and corporate debt at attractive borrowing terms Refinancing of development profit upon completion, allowing for significant cash generation and re-investment into value-generating projects without need to raise additional equity Over-proportionally accretive growth strategy due to leveraging on the existing platform with under-proportional cost increase | GTC GROUP | GT CI#12I GTC'S PLATFORM DELIVERS SELF-FUNDED GROWTH AND SCALABILITY... ■Refinancing of newly- completed assets generating significant cash inflows Excess cash allowing for investments into value- Selection of development opportunities and land acquisition based on rigorous criteria in order to maximize value creation Investment Significant generating projects without I need for additional external financing cash inflow Development profit I GT CI Incremental GAV provides refinancing capacity under same long-term LTV target ■Delivery of high-quality I I developments allowing for secured financing upon completion at attractive terms Refinancing capacity FFO + Equity growth Efficient construction and pre-leasing leveraging on GTC's capabilities and track record in each sub-location ■Development profit recorded partly during construction and at completion based on leasing achieved ■Completion of projects at attractive yield on cost, leading to significant incremental rent and FFO generation ■Development profit at completion leading to equity and NAV creation Self-propelling investment cycle driven by value-add acquisition and new developments approach, active asset management creating equity and thus refinancing capacity on an ongoing and sustainable basis without additional primary equity requirement Tried and tested platform with unparalleled track record of value creation in the region Source: GTC 12 | GTC GROUP | GT CI#13TANGIBLE ACQUISITION & DEVELOPMENT PIPELINE Strategy implemented since capital increase in 2015 SELECTION CRITERIA ACQUISITION/DEVELOPMENT OF YIELDING, VALUE-ADD ASSETS ■ Institutional grade office assets with value-add potential and/or significant cash flow / FFO contribution potential ■ Located in Warsaw or other major Polish cities and capital cities of CEE and SEE countries FUNDING ▪ Efficient non-recourse asset level bank financing ■ Unsecured corporate debt/bonds Maintaining an average group level LTV of max. 50% CURRENT PIPELINE High FFO yield High NAV growth potential ■ New development in phases based on demand, pre-leases and financing Source: GTC 13 | GTC GROUP | GT CI#14MetLife Duna Tower, Budapest, Hungary GTC HUNGARY 14 GT CI#15LOCAL MANAGEMENT-BUDAPEST led by Robert Snow Team Local management team Experience As of 30 June 2020 Robert Snow Managing Director Joined GTC in 2000 ■Currently responsible for supervising and managing the growth and stability of GTC's activities in Hungary Csaba Zovat CFO Hungary Eszter Varnai Head of Leasing Source: GTC 15 பல் ---- Track record, successes and awards Office 116k sq m of GLA developed 6 # buildings 118k2 sq m of GLA under management ■Joined GTC in 2012 ■Currently responsible for management of all the financial operations of the company in Hungary 102k sq m of GLA in development pipeline Joined GTC in 2020 ■Responsible for leasing of Hungarian portfolio 5 # buildings 3 # projects 2020 HOF Awards Best of the Best 2020 Best office lease- ExxonMobil (pillar) 2019 Property Investment Forum Office Rental Deal of the Year (Pillar ExxonMobil) 2019 Office of the Year Gala The Greenest Project GTC White House 2019 2nd Annual CRE Awards Best Office Project GTC White House 1 2018 Best Office Development at CIJ AWARDS Hungary GTC White House 31k $ sq m of GLA in purchased assets # buildings Note: Includes Spiral, an office building that was sold in October 2020 | GTC HUNGARY | 2018 Hungarian & Balkans Real Estate Awards Best Office Developer of the Year GT CI#16HIGH QUALITY OFFICE PORTFOLIO IN AN ATTRACTIVE OFFICE MARKET As of 30 June 2020 STANDING ASSETS Office Source: GTC 16 Office CENTERPOINT CENTERCO #5 €263m 118k Assets GAV sq m Center Point, Budapest Duna Tower, Budapest €13.8/sq m Average rent 97% Occupancy Note: Includes Spiral, an office building that was sold in October 2020 3.2 years WALT DEVELOPMENT ASSETS Spiral, Budapest GTC Metro, Budapest #3 Projects €22.1m Expected rent upon completion 102k sq m Pillar, Budapest | GTC HUNGARY | Center Point 3, Budapest The Twist, Budapest GT CI#17IMAX CINEMA IMAX CINEMA CITY Deloitte MALLOSOFIA MALIOSOFIA HM Mall of Sofia, Bulgaria FINANCIAL HIGHLIGHTS - GTC GROUP 17 GT CI#18NAV EPRA NAV growth As of 30 June 2020 €m EPRA NAV +89% 1,200 1,170 1,161 1,073 897 779 614 31 Dec'14 31 Dec'15 31 Dec'16 31 Dec'17 31 Dec'18 EPRA NAV bridge €m As of 30 June 2020 EPRA NAV per share 1.75 1.69 1.95 2.47 2.42 2.39 2.28 31 Dec 2014 31 Dec 2015 31 Dec 2016 31 Dec 2017 31 Dec 2018 31 Dec 30 June 2019 2020 31 Dec'19 30 June'20 1,161 144 1,020 (14) 1,006 11 | Total equity Non-controlling interest Source: GTC 18 Equity attributable to equity holders of the Company Derivatives Def. tax liab. on EPRA NAV RE assets NAV EPRA growth momentum ■ EPRA NAV per share at €2.39 (€2.47 at 31 December 2019) Strong EPRA NAV uplift since 2014 Due to rounding the figures may not add up to totals | FIINANCIAL HIGHLIGHTS | GT CI#19STRENGHT OF DEBT METRICS Conservative financing structure to manage liquidity needs As of 30 June 2020 LTV 50% REMAINS OUR LONG TERM TARGET DEBT MATURITY (pro-forma for completed renegotitation with PEKAO and new term sheet signed with Santander) €m 39% 54% 43% 42% 45% 44% 46% 2014 2015 2016 2017 2018 2019 H1'20 AVERAGE INTEREST RATE 4.3% 3.4% 3.2% 2.8% 2.7% 2.6% 2.6% | | | | 2014 2015 2016 2017 2018 2019 H1'20 (€m) Weighted average debt maturity (years) Source: GTC 19 30 June 2020 31 Dec' 2019 3.6 4.0 294 267 216 173 203 258 132 205 118 100 15 80 31 10 33 53 42 31 16 21 55 For 12M ended 30 June'21 30 June'22 30 June'23 30 June'24 30 June'25 30 June'26 Loans to be recycled/cure covenants Bonds and beyond Loans amortization DEBT SPLIT Loans €1,092m 92% Bonds €90m 8% о | FIINANCIAL HIGHLIGHTS | Due to rounding the figures may not add up to totals GT CI#20DEBT AND LTV (€m) Loans and bonds Loans from minorities Deferred debt expense 30 June 2020 31 Dec 2019 31 Dec 2018 31 Dec 2017 1,183 1,206 1,115 1,034 (8) (8) (10) (10) 7 7 6 7 Bank loans and bonds 1,182 1,205 1,112 1,031 Cash & cash equivalents & deposits 182 224 120 202 Net debt 1,000 981 992 829 Investment Property, assets held for 2,221 2,260 2,202 1,954 sale and residential landbank Right of use (45) (46) Assets for own use 7 7 6 6 Net loan to value ratio 46% 44% 45% 42% Average interest rate 2.6% 2.6% 2.7% 2.8% Interest cover 3.7x 4.2x 4.0x 3.5x Source: GTC 20 | FIINANCIAL HIGHLIGHTS | Due to rounding the figures in the table may not add up to totals GTCI#21INCOME STATEMENT (€m) Revenue from rental activity H1 2020 2019 2018 2017 79 170 149 123 (20) (42) (39) (32) 1 2 59 59 128 112 92 (17) (11) (12) (68) 16 40 40 149 Cost of rental operations Residential sale result Gross margin from operations G&A expenses w/o share based provision Profit/(loss) from revaluation of invest. property Other income/ (expenses) and provisions, net Profit/(loss) from continuing operations before tax and finance income / (expense) Foreign exchange differences gain/(loss), net Finance expenses, net (6) I Profit/(loss) before tax Taxation Profit/(loss) for the period Profit before tax and fair value adjustments Profit for the period: Attributable to equity holders of the parent Attributable to non-controlling interest Source: GTC 21 (5) (7) (15) 127 136 222 (3) (5) (17) (35) (30) (29) (35) 92 106 189 1 (17) (14) (32) (34) 75 32 53 92 157 73 65 44 (34) 75 91 156.3 0.5 1 0.3 | FIINANCIAL HIGHLIGHTS | Due to rounding the figures in the table may not add up to totals GTCI#22CASH FLOW STATEMENT As of 30 June 2020 (€m) Net Rental Income Proceeds from buyers/sale of plots net of construction Operational costs Financial expenses paid Interest received Change in working capital Tax paid Net cash from operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Investment in property and development H1 2020 2019 2018 2017 58.6 127.9 110.1 90.5 2.8 3.5 (6.9) (20.3) (16.7) (14.5) 51.7 107.6 96.2 79.5 (16.0) (32.1) (29.7) (26.2) 0.1 0.2 (4.1) (3.1) (6.2) (7.8) (3.9) 28.5 69.4 58.7 49.6 (41.2) (139.2) VAT/tax on purchase/sale of investment property 1.1 0.9 (219.0) 1.3 (251.3) 11.0 Sale of Assets. net of loans repayment and tax 128.3 14.9 Net cash flows from/(used in) investing activities (40.1) (10.0) (202.8) 44.9 (195.4) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from long-term bank borrowings Proceeds from long-term bonds 140.2 220.8 221.8 177.8 61.1 20.5 78.6 Loan origination costs Repayment of long-term borrowings Repayment of bonds (1.0) (2.4) (2.4) (105.2) (126.7) (104.6) (54.0) (58.5) (59.2) (57.5) (46.3) Decrease in blocked deposits (1.7) 17.9 (3.3) Loan granted to minority (AM) (0.8) (10.0) Dividend (38.0) (9.8) (8.1) Net cash from/(used in) financing activities (26.2) 54.8 75.9 144.7 Net increase / (decrease) in cash and cash equivalents (37.8) 114.2 (68.2) (1.1) Beginning of Period Cash and cash equivalents Working capital End of Period Cash and cash equivalents Working capital 152.8 53.7 121.9 123.0 26.8 26.8 26.8 26.8 179.6 80.5 148.7 149.8 115.0 167.9 53.7 121.9 26.8 26.8 26.8 26.8 141.8 194.7 80.5 148.7 Source: GTC 22 | FIINANCIAL HIGHLIGHTS | Due to rounding the figures in the table may not add up to totals GTC#23BALANCE SHEET - GTC GROUP (€m) Investment property (excl. right of use) Residential landbank (excl. right of use) Right of use 30 June 2020 31 Dec 2019 31 Dec 2018 31 Dec 2017 2,101 12 63 485 46 2,203 2,113 1,937 12 13 13 Assets held for sale** Property, land and equipment 76 8 8 7 7 Loan granted to non-controlling interest partner 11 11 1 10 Cash & cash equivalents and deposits 182 224 120 202 VAT receivable 2 3 5 7 Other assets TOTAL ASSETS 18 16 13 13 2,442 2,523 2,357 2,183 Common equity Minorities Long term financial debt Short term financial debt Derivatives Lease liability Provision for deferred tax liabilities Other liabilities TOTAL EQUITY AND LIABILITIES 1,006 1,045 1,016 937 14 14 5 4 871 981 993 908 312* 225 122 126 11 45 14 6 6 3 46 - - 143 147 139 126 40 59 76 79 2,442 2,523 2,357 2,183 *EUR 178m has been reclassified in September back to long term financing after the signing of the amendment in line with current report 24/2020 dated 17 September 2020 ** Includes Spiral at the value of EUR 63m - sold in October 2020 Source: GTC 23 Due to rounding the figures in the table may not add up to totals | FIINANCIAL HIGHLIGHTS | GTC#24- FUNDS FROM OPERATIONS (FFO I) – GTC GROUP Robust acquisitions and developments drive FFO I As of 30 June 2020 FFO I €m 28 38 47 442 42 61 70 37 33 33 2014 2015 2016 2017 2018 2019 H1'19 H1'20 FFO I bridge €m FFO I per share of €0.07 Robust operational performance Significant development pipeline to further boost FFO I ■ Solid basis for sustainable and long term dividend policy FFO I/share € 3 (1) 1 33 68 | 0.14 0.13 0.10 0.10 0.09 0.08 السر 0.08 0.07 (35) Profit before tax (3) Tax paid FV re- measurement Foreign exchange Share based differences provision Unpaid financial expenses, net FFO 2014 2015 2016 2017 2018 2019 H1'19 H1'20 Source: GTC 24 | FIINANCIAL HIGHLIGHTS | Due to rounding the figures may not add up to totals GT CI#25مقالة Green Heart, Belgrade, Serbia COVID 19 IMPACT 25 GT CI#26OFFICE: SHOWS RESILIENT As of 30 June 2020 ■ Occupancy remained strong at 95% ■ No collection problem ■ 57,500 sq m under construction on time and budget ◉ Spiral office building sold in October Source: GTC 26 - €10m value uplift 41 buildings 530,000 sq m GLA 95% occupancy 57,500 sq m GLA under construction | COVID 19 IMPACT | Note: Includes Spiral building (Hungary) - sold in October 2020 GTCI#27RETAIL: FINANCIAL IMPACT As of 30 June 2020 ■Loss of rental revenues due to impact of COVID-19 of €5m in Q2 2020 (€8m in H1 2020) ■ Collection rate at 91% in H1 2020 ■ Occupancy remained strong 92% ■ Value of retail assets down 7% (€59m) in H1 2020 Source: GTC 27 5 properties 216,000 sq m GLA | COVID 19 IMPACT | 92% occupancy GT CI#28IMPACT OF COVID-19 ON GROSS MARGIN OFFSET BY NEW COMPLETIONS As of 30 June 2020 ■ 4% decrease in gross margin from COVID-19 impact and disposals offset by new completions (8.1) 7.2 (€m) (2.0) 0.4 61.1 58.6 Gross margin H1 2019 Sold assets New completions COVID-19 impact LfL growth Gross margin H1 2020 Source: GTC 28 | COVID 19 IMPACT | GT CI#29DEVALUATION OF INCOME GENERATING ASSETS MOSTLY DUE TO COVID-19 IMPACT ON RETAIL REVALUATION LOSS ON INCOME GENERATING ASSETS BY SECTOR H1 2020 REVALUATION LOSS ON INCOME GENERATING ASSETS Retail 94% Source: GTC 29 As of 30 June 2020 Office 6% Revaluation (€m) (%) COMPLETED RETAIL (59) -7% Poland (34) -7% Revaluation loss €62m Belgrade (16) -13% Zagreb Sofia (2) -2% (7) -7% COMPLETED OFFICE (4) -0.3% | COVID 19 IMPACT | GT CI#3019 Avenue, Belgrade, Serbia BOND TERMS 30 30 GT CI#31BONDS TERMS AND CONDITIONS (I/II) Main terms of the planned bond issuance within the framework of the Bond Funding for Growth Scheme, launched by the National Bank of Hungary: ISSUER CREDIT RATING " " GTC Magyarország Ingatlanfejlesztő Zrt. (GTC Hungary Real Estate Development Company Ltd.) Scope Ratings GmbH - Corporate credit rating of the Issuer: BBB- (Stable); Credit rating of the Bonds: BBB- PURPOSE OF BOND ISSUANCE ■ To refinance Issuer's and Guarantor's (at consolidated level) financial indebtedness (at least 50% of bond proceeds applied for refinancing) ■ To finance real estate redevelopment and construction projects by the Issuer and Guarantor (or other members of the Guarantor's group) ■ All redevelopment and construction proceeds to be applied for projects which meet the relevant BREEAM and LEED recognized standards (Green Bonds - strong dedication to sustainability and social awareness) ■ Green Bond: based on the second party opinion by Sustainanalytics, the purpose of the issuance aligns with the Green Bond Principles 2018. 31 ISSUE SIZE " HUF 36bn MATURITY ■ 10 years ■ Issue in November/December 2020 ■ Amortization: • 10% year 7 10% year 8 COUPON INSTRUMENT SIZE 10% year 9 70% bullet payment at the maturity ■ Subject to final pricing ■ Fixed rate Payable annually ■ HUF 50m nominal value per bond LISTING ■ XBond platform (Hungarian Stock Exchange) JOINT LEAD MANAGERS ■ OTP Bank Nyrt. GUARANTOR Equilor Befektetési Zrt. ■ Globe Trade Centre S.A., guaranteeing the Bonds and any other future financial indebtedness of the Issuer during the tenure of the Bonds | BOND TERMS | GT CI#32BONDS TERMS AND CONDITIONS (II/II) The financial and non-financial covenants of the planned bond issuance within the framework of the Bond Funding for Growth Scheme, launched by the National Bank of Hungary: NON-FINANCIAL COVENANTS ■ Cross default: If any other bond of the Issuer or the Guarantor is past due for more than 30 days (coupon or instalments), then the Issuer has an immediate (within 5 days) obligation to buy back the outstanding Bonds. ■ Pari Passu: The Issuer and Guarantor undertake that it will not rank any bond ahead of the current senior Bond secured by corporate guarantee. Any breach of this undertaking triggers an immediate (within 5 days) early redemption obligation in respect of all outstanding Bonds. ■ Negative pledge: The Issuer and Guarantor undertake not to establish any pledge on their assets to secure any bond issuance, any breach of this undertaking triggers an immediate (within 5 days) early redemption obligation in respect of all outstanding Bonds. ■ Change of control: If the direct shareholding of GTC S.A. in the Issuer falls below 50%+1 shares, then the Issuer has an immediate (within 5 days) obligation to buy back the Bond. Non-payment: If the Issuer fails to pay any (principal or interest) payment under this Bond within [15] days after the due date, then the Issuer has an obligation within [30] days to buy back the outstanding Bonds. ■ Insolvency: (i) If the Issuer or the Guarantor begins an insolvency proceeding, or (ii) if an insolvency proceeding is begun against the Issuer or the Guarantor and not dismissed or stayed within [30] days, then the Issuer has an obligation within [30] days to buy back the outstanding Bonds. ■ Deterioration of external rating: (i) If the rating of the Bond deteriorates below B+ (but not CCC or below), the Issuer has a remediation period of 2 years to remedy the situation (to achieve at least B+). During the remediation period the Issuer is restricted to perform any kind of distribution to owners. If the rating of the Bond does not improve to achieve a minimum B+ rating or deteriorate to CCC or below during the remediation period, the Issuer is obliged to buy back the Bond within 90 days. (ii) If the rating of the Bond deteriorates to CCC or below, the Issuer is obliged to buy back the Bond within 90 days unless the rating is restored (i.e. B+ at least is achieved) within that 90-days period. FINANCIAL COVENANTS ■ Loan-to-value: (i) Loan-to-Value ratio (LTV %) at consolidated level of the Guarantor to be maintained at a maximum level of 65% during the term of the Bond. The Issuer and the Guarantor have a remediation period of 1 year to remedy the situation. If LTV ratio does not improve to achieve a maximum level of 65% during the remediation period, the Issuer is obliged to buy back the Bond within 90 days. (ii) LTV shall be calculated as dividing (i) the total amount of outstanding interest-bearing financial liabilities less cash and cash equivalents and deposits by (ii) the total market value of investments into: (1) property; (2) fixed assets; (3) residential landbank (excl. cash); and (4) investment in associates and joint ventures. ■ Interest cover: (i) Interest cover ratio (%) at consolidated level of the Guarantor to be maintained at a minimum level of 150% during the term of the Bond. Should the ICR fall below such level, the Issuer and the Guarantor have a remediation period of 1 year to remedy the situation. If Interest cover ratio does not improve to achieve a minimum level of 150% during the remediation period, the Issuer is obliged to buy back the Bond within 90 days. (ii) Interest cover shall be calculated as dividing (i) the gross margin from operations by (ii) interest paid in the given period. 32 32 | BOND TERMS | GT CI#33" GREEN BONDS We believe that operating in a sustainable way as an organization and encouraging our customers to do likewise not only enhances the efficiency and resilience of our business but also helps to raise social awareness and mitigate " some of the most pressing problems the world faces today, including rapid environmental degradation. Green bonds • Dec. 2014 - portfolio of certified (or in the process of certification) assets valued at €284m (28% of the portfolio) 2015 GTC adopted a policy to develop the properties environmentally responsible and resource-efficient throughout a building's life-cycle: from planning to design, construction, operation, maintenance, renovation, and demolition. ⚫June 2020 - portfolio of certified (or in the process of certification) assets valued at €1.6b (83% of the portfolio) BREEAM and LEED • Sustainanalytics has prepared Second- Party opinion •Proceeds from the bonds used to finance and refinance acquisition, construction or refurbishment of buildings which meet recognised standards, such as BREEAM (Very good and above) and LEED (Gold and above) •Projects financed and/or refinanced using proceeds from Green Bonds shall be evaluated and selected by a dedicated Green Bond Committee in accordance with the Use of Proceeds criteria ⚫5 members, who hold senior managerial positions in the Asset Management, Development, Finance, Legal and Investor Relations departments, one from each department. •Review the allocation of the proceeds. •Review the management of proceeds. •Facilitate reporting. Green Bond Committee 33 | BOND TERMS | GTCI#34Matrix, Zagreb, Croatia ANNEX I - OTHER FINANCIALS 34 GT CI#35REVENUES by location REVENUES BY COUNTRY €m 63 20 16 16 11 3 79 76 20 22 17 11 6 30 24 17 12 11 32 17 11 8 5 5 FY2017 FY2018 FY2019 H1 2020 Poland ■Belgrade Budapest ■Bucharest ■Zagreb Sofia GROSS MARGIN BY COUNTRY €m Source: GTC 35 44 54 16 15 17 14 12 12 7 7 5 2 FY2017 FY2018 ■ Poland ■Belgrade ■Budapest 55 23 18 14 8 9 FY2019 ■Bucharest Zagreb ■Sofia 22 12 9 7 4 4 H1 2020 Note: Data for Sofia in 2017, relates to non-core shopping centres in Stara Zagora and Burgas, which were sold in April 2017 | ANNEX | GTC#36REVENUES by sector RENTAL INCOME €m 23 68 80 FY2017 RENTAL INCOME IN H1 2020 38 73 13 46 40 81 FY2018 ■Retail FY2019 ■ Office Office 70% O Retail 30% Source: GTC 36 | ANNEX | 17 42 H1 2020 ANNUALISED IN-PLACE RENT As of 30 June 2020 Retail 35% О Office 65% GT CI#37TOP TENANTS - GTC GROUP Diversified portfolio of tenants, none of the tenants is more than 5% and none of the sector is more than 20% ExxonMobil CONCENTRIX™ IBM. 3 BUDAPEST BANK allegro T… rompetrol UniCredit CBRE 10 LARGEST OFFICE TENANTS BY LEASED GLA 10 LARGEST OFFICE TENANTS BY ANNUAL RENTAL INCOME Telecommunications 8% Internet Retail 9% Bank 16% Finance 5% Authority 18% O IT 21% Oil 23% Telecommunications Internet Retail 8% 10% Finance 5% Authority 14% O Bank 16% IT 21% Oil 26% Source: GTC 37 | TENANTS | GT CI#38KEY SHAREHOLDER INFORMATION BASIC SHARE INFORMATION (as of 3 November 2020) SHAREHOLDER STRUCTURE Symbol Share price ISIN Performance 12M Primary exchange Market capitalization (1) Shares outstanding PLGTC0000037 GTC S.A. PLN 5.70 Aviva OFE -40% Warsaw Stock Exchange PLN 2.8bn / €0.6bn 485.6 million 16.23% Aviva Santander 7.77% OFE PZU SA Zlota Jesien 9.9999% Free Float GTC Holding Zártkörűen Működő Részvénytársasá 4.51% O GTC Dutch Holdings B.V. 61.49% SHARE PERFORMANCE 12M Currency: PLN 12,00 11,00 10,00 9,00 8,00 7,00 6,00 5,00 Nov.19 Dec.19 Jan.20 Feb.20 Mar.20 Apr.20 May.20 Source: GTC; stooq.com Note: (1) 1 EURO = 4.5532PLN 38 Jun.20 Jul.20 Aug.20 Sep.20 Oct.20 GTC ⚫mWIG 40 BROKER COVERAGE Analyst coverage Target Price (PLN) Analyst name Date 4 500 DM PKO BP 8.00 (Buy) Piotr Zybała 28/08/20 4 000 Wood&Company 11.60 (Buy) Jakub Caithalm 03/12/19 -9% 3 500 Pekao Investment Banking 10.30 (Hold) Maria Mickiewicz 03/12/19 3 000 BM Santander 10.00 (Hold) Adrian Kyrcz 12/11/19 2 500 IPOPEMA 9.75 (Hold) Marek Szymański 11/10/19 -40% 2 000 JP Morgan Erste Securities Polska 10.50 (Neutral) 9.54 (Hold) Michal Kuzawinski 18/07/19 Cezary Bernatek 24/06/19 BDM 10.37 (Accumulate) Adrian Górniak 12/03/19 Nov.20 | ANNEX | GTC#39GROUP STRUCTURE As of 30 September 2020 Globe Trade Centre SA Poland Konstancja Sp. z o.o. 100%; (land) GTC Korona S.A. 100%; (Edison, Galileo, Newton, Pascal - Korona Office Complex, office) Globis Poznań Sp. z o.o 100%; (Globis Poznań, office) GTC Aeropark Sp. z o.o. 100%; (Nothus, Zephirus Aeropark Office Centre, office) GTC Corius sp. z o.o 100%; (Corius and land for office) Globis Wrocław Sp. z o.o 100%; (Globis Wrocław, office) Diego Sp. z o.o. 100%; (part of the land -Platinium 6) GTC Satellite Sp. z o.o. 100%; (Platinium 6, land for office) GTC Sterlinga Sp. z o.o. 100%; (Sterlinga Business Center, office) GTC UBP Sp. z o.o. 100%; (Univeristy Business Park, office) GTC Francuska Sp. z o.o 100%; (Francuska Office Centre, office) GTC Moderna Sp. z o.o. 100%; (Moderna, land for office project) GTC Pixel Sp. z o.o. 100%; (Pixel, office) Artico sp. z o.0 100%; (Artico, office project) Centrum Światowida sp. z o.o. 100%; (Galeria Północna, retail) GTC Galeria CTWA Sp. z o.o. 100%; (Galeria Jurajska, retail) Centrum Handlowe Wilanow Sp. z o.o. 100%; (Zielone Tarasy, land for retail) GTC Management sp. z o.o 100% GTC Ortal Sp. z o.o. 100%; (land for office project) GTC Karkonoska Sp. z o.o. 100%; under liquidation Glorine Investments sp. z o.o. s.k.a. 100%; under liquidation Belgrade Commercial and Residential Ventures d.o.o. Beograd 100% Glamp d.o.o. Beograd 100% (GTC X, land for office project) Commercial Development d.o.o. Beograd 100%; (Ada Mall, retail) GTC Medj Razvoj Nekretnina d.o.o. Beograd 100%; (GTC House, office) GTC Business Park d.o.o. Beograd 100%; (19 Avenue, office) Demo Invest d.o.o. Novi Beograd 100% (FortyOne 1-3, office) Atlas Centar d.o.o. Beograd 100% (Green Heart; office) GTC BBC d.o.o. 100% (Belgrade Business Center, office) Budapest 100% Bucharest GTC Hungary Real Estate Development Company Ltd. Towers International Property S.R.L. 100% Green Dream S.R.L 100% Riverside Apartmanok Kft. under liquidation; 100% Albertfalva Üzletközpont Kft. 100% (Szeremi Gate, land for office project) Kompakt Land Kft. 100%; (Pillar, office project under construction) VRK Tower Kft. 100% (The Twist, land for office project) Spiral I.Kft. 100%; (Spiral, office) GTC Duna Kft. 100%; (Duna Tower, office) GTC Metro Kft. 100%; (GTC Metro, office) Center Point I. Kft. 100%; (Center Point I, office) Center Point II. Kft. 100%; (Center Point II, office) Vaci Ut 81-85 Kft. 100%; (Center Point land) GTC White House Kft. 100%; (White House, office project sold in H2 2019) Aurora Business Complex S.R.L 100% City Gate S.R.L 100%; (City Gate, office) City Gate Bucharest S.R.L. 100%; (City Gate, office) Cascade Building S.R.L 100%; (Cascade, office) Venus Commercial Center S.R.L. 100%; (Premium Point and Premium Plaza, office) Beaufort Invest S.R.L. 100% Fajos S.R.L. 100% City Rose Park S.R.L. 100%; (City Rose Park, land for oofice project) Deco Intermed S.R.L 66.7%; (Garden of Eve/Eden, land for residential) GML American Regency Pipera S.R.L 66.7%; Garden of Eve/Eden, land for residential) Sofia NRL EAD 100% (Russe, land for office project) GTC Yuzhen Park EAD 100% Advance Business Center EAD 100% (Advance Business Center: ABC I - office building, ABC II - office building under construction) Dorado 1 EOOD 100% (Mall of Sofia and Sofia Tower; office &retail) Zagreb GTC Seven Gardens d.o.o 100% (land for office) GTC Nekretnine Zagreb d.o.0. 100% GTC Matrix d.o.o 100% (Matrix: Matrix A - office building; Matrix B office building under construction) Euro Structor d.o.o. 70% (Avenue Mall Zagreb, retail and office) Marlera Golf LD d.o.o. 100% (Marlera, land for residential project) Nova Istra Idaeus d.o.o. 100% (Marlera, land for residential project) Ukraine Europort Investment (Cyprus) 1 Limited Europort Ukraine LLC 100% (Europort, land for office project) 100% Europort Ukraine Holding 1 LLC 100% Europort Project Ukraine 1 LLC 100% (Europort, land for office project) Glorine Investments sp. z o.O. 100%; under liquidation 39 | GROUP | Note: Budapest includes Spiral office building, which was sold in October 2020 GTC#40Matrix, Zagreb, Croatia ANNEX II - PORTFOLIO, DEVELOPMENT 40 GT CI#41EXECUTION OF GROWTH STRATEGY Case study Duna Tower, Budapest, Hungary Completed Sterlinga Business Center, Łódź, Poland Completed Mall of Sofia, Sofia, Bulgaria Completed Acquisition 53.0 Acquisition cost (Єm) 25.0 cost (Єm) Acquisition cost (Єm) 94.1 Acquisition date Q4 2015 Acquisition date Q3 2016 Acquisition date Q2 2018 Completion Completion 2010 Completion D 2006 2006 year year year GTC share (%) 100% GLA (sq. m) 31,300 GTC share (%) GLA (sq. m) 100% 13,400 GTC share (%) GLA (sq. m) 100% 33,000 At acquisition 30 June 2020 At acquisition 30 June 2020 At acquisition 30 June 2020 Occupancy % Occupancy % Occupancy % 82% 97% 88% 96% 96% 96% WALT (months) WALT (months) WALT (months) 55 mth 30 mth 43 mth 35 mth 33 mth 54 mth GRI (€m/year) €5.1m €4.1m €2.2m 1 €21.3m 19.8% €4.2m €9.4m GRI (€m/year) €2.2m GRI (€m/year) €7.6m €8.3m €30.5m 19.6% 21.9% €6.7m €1.8m Equity Invested upon FFO (Єm/year) acquisition FFO Yield on equity invested Equity Invested upon FFO (€m/year) acquisition FFO Yield on equity invested Equity Invested upon acquisition FFO (Єm/year) Source: GTC 41 | GTC GROUP | FFO Yield on equity invested GTC#42EXECUTION OF GROWTH STRATEGY Case study Sold Sold Sold in October 2020 Neptun Office Center, Gdańsk, Poland GTC White House, Budapest, Hunagry Spiral*, Budapest, Hunagry T Acquisition cost (Єm) Acquisition 31.5 Investment cost (€m) 51.9 Investment cost (€m) 49.4 Q3 2016 Completion Q2 2018 Sale Q4 2019 Sale Q3 2019 Completion Sale 2009 Q4 2020 GLA (sq. m) 16,100 GLA (sq. m) 21,600 GLA (sq. m) 30,600 At acquisition At sale At completion 40% Value creation 35% Value creation At sale At completion 70 51 44 .9 31 35 .5 At sale 27% 49.4 Value creation 27 62 2.6 Acquisition cost (Єm) Invested after acquisition (€m) Fair value (€m) Investment cost (Єm) Source: GTC 42 | GTC GROUP | Fair value (€m) Investment cost (€m) Fair value (Єm) (*) for Spiral all the numbers are in HUF, converted to EUR at HUF/Euro 360; GTC#43EXECUTION OF GROWTH STRATEGY Case study Premium Plaza Pixel, Poznań, Poland Bucharest, Premium Point Acquisition 32.5 Romania Bucharest, cost (Єm) Acquisition cost (Em) Completed 32.2 Artico, Warsaw, Poland Romania Acquisition cost (Єm) Completed 19.5 Acquisition date Q2 2016 Acquisition date Q1 2016 Acquisition date Q3 2016 Completion year 2008/2 009 Completion 2013 Completion year 2017 year GTC share GTC share (%) 100% 100% GTC share (%) 100% (%) Completed GLA (sq. m) 14,400 GLA (sq. m) 7,600 GLA (sq. m) 14,800 At acquisition 30 June 2020 At acquisition 30 June 2020 At acquisition 30 June 2020 Occupancy % Occupancy % Occupancy % 100% 100% 81% 91% 98% 100% WALT (months) WALT (months) WALT (months) 33 mth 31 mth 53 mth 34 mth 104 mth 65 mth GRI (€m/year) €3.0m €2.6m GRI (€m/year) €2.4m €2.4m 20.2% €14.3m 17.5% €10.1m €2.5m €2.0m GRI (€m/year) €1.6m €1.6m 26.9% €5.1m €1.4m Equity Invested upon acquisitionity FFO (Єm/year) FFO Yield on equity invested Equity Invested upon FFO (Єm/year) acquisition FFO Yield on equity invested Equity Invested upon FFO (Єm/year) acquisition Source: GTC 43 | ANNEX | FFO Yield on equity invested GTC#44- COVID RETAIL: MOMENTUM CONTINUES TOWARDS PRE-COVID-19 LEVELS FOOTFALL GRADUALLY RETURNING ■ Consumers gain confidence in the public health measures that have been taken ■ Footfall at 76% in September vs. the same month in 2019 FOOTFALL (2020 vs 2019) 100% 90% 80% 70% 60% 50% 40% 30% 20% May Source: GTC 44 June July August 87% 80% 78% 73% 62% September Galeria Jurajska Galeria Pólnocna Avenue Mall Ada Mall Mall of Sofia | COVID 19 IMPACT | Note: (1) Ada Mall was opened on 24 May 2019 GTC#45- COVID RETAIL: SALES PICKING UP ■ September sales on average at 88% vs last year ■ Sales are down less than footfall: Higher conversion and average basket TURNOVER (2020 vs 2019) 100% 80% 60% 40% 20% 0% April Source: GTC 45 Galeria Jurajska May 96% 90%90% 83% 64% June July August September Galeria Pólnocna ⚫Avenue Mall Ada Mall | COVID 19 IMPACT | Mall of Sofia Note: Ada Mall was opened on 24 May 2019 GTC#46DEVELOPING CLASS A OFFICES 57,500 sq m under construction to be completed in 2020 and 2021 Advance Business Center II Sofia, Bulgaria Pillar Matrix B Zagreb, Croatia Budapest, Hungary PROJECT DETAILS ■17,800 sq m Class A office space ■ To be completed in 2020 ■ Secured construction loan ☐ Expected rental income upon stabilisation of EUR 3.2m (75% secured) ◉ Expected development yield of 9.6% PROJECT DETAILS ■ 10,700 sq m Class A office space ■ To be completed in 2020 ■ Secured construction loan ■ Expected rental income upon stabilisation of EUR 1.8m (55% secured, including HOT signed) ■ Expected development yield of 8.9% PROJECT DETAILS ■29,000 sq m Class A office space ■ To be completed in Q4 2021 ■ Secured construction loan ■ Expected rental income upon stabilisation of EUR 6.1m (93% secured) Expected development yield of 7.3% Source: GTC 46 | GTC GROUP | GT CI#47DEVELOPING CLASS A OFFICES 60,000 sq m ready to be launched in 24 months GTC X Belgrade, Serbia ME Tower Mall of Sofia Sofia, Bulgaria Center Point 3 Budapest, Hungary PROJECT DETAILS ■16,800 sq m Class A office space ■ Building permit received ■ Total expected invest cost of EUR 35.8m ■ Expected rental income upon stabilisation of EUR 3.5m PROJECT DETAILS PROJECT DETAILS ■ 7,700 sq m Class A office space ■ 35,500 sq m Class A office space ■ Building permit received ■ Total expected invest cost of EUR 12m Expected rental income upon stabilisation of EUR 1.3m ■ Building permit expected in Q1 2021 ■ Total expected invest cost of EUR 98.6m ■ Expected rental income upon stabilisation of EUR 7.6m Source: GTC 47 | GTC GROUP | GT CI#48PROPERTY OVERVIEW High quality assets base in Poland and capital cities of CEE As of 30 June 2020 RENT TOP PROPERTIES ASSET CLASS BOOK VALUE GLA €/sq OCCUPANCY Galeria Północna COUNTRY Poland CITY €m ths. sq m m/month % Warsaw 268 65 20.9 88% Galeria Jurajska Poland Czestochowa 198 49 21.9 92% City Gate Romania Bucharest 133 48 19.5 95% Green Heart Serbia Belgrade 110 46 16.7 95% Ada Mall Serbia Belgrade 104 35 20.7 90% Avenue Mall Zagreb Croatia Zagreb 103 35 20.6 98% Mall of Sofia Bulgaria Sofia 102 33 21.7 96% Center Point Hungary Budapest 89 41 14.1 100% Korona Office Complex Poland Cracow 79 38 15.0 89% Duna Tower Hungary Budapest 77 31 15.9 88% TOTAL 1,263 421 OFFICE RETAIL CENTERPOINT CENTERPUM POLNOCHA CINEMA C INTERSPORT RESSMANN DEICHMANN City Gate, Bucharest, Romania Center Point, Budapest, Hungary Galeria Północna, Warsaw, Poland Galeria Jurajska, Czestochowa, Poland Korona Office Complex, Cracow, Poland Green Heart, Belgrade, Serbia Avenue Mall Zagreb, Zagreb, Croatia Ada Mall, Belgrade, Serbia 10 LARGEST ASSETS CONSTITUTE 65% OF GAV OF INCOME GENERATING PORTFOLIO Source: GTC 48 | ANNEX | GTC#49LEADING COMMERCIAL REAL ESTATE PLATFORM As of 30 June 2020 WALT (by in-place rent) BY COUNTRY AVERAGE YIELDS BY COUNTRY 4.6 3.8 3.9 3.3 3.2 8.3% 7.9% 7.9% 7.0% 7.2% 7.5% 7.8% 7.9% 7.3% 5.9% 2.7 2.1 2.5 2.5 2.3 || illl Poland Belgrade Budapest Bucharest Sofia Zagreb Poland Belgrade Sofia Zagreb Poland Belgrade Budapest Bucharest Sofia Zagreb Poland Belgrade Sofia Zagreb Office GLA (sq m) BY COUNTRY 196 122 118 67 16 11 113 Retail 35 33 35 Office OCCUPANCY BY COUNTRY Retail 100% 98% 97% 96% 98% 94% 92% 92% 90% 90% Poland Belgrade Budapest Bucharest Sofia Zagreb Poland Belgrade Sofia Poland Zagreb Belgrade Budapest Bucharest Sofia Zagreb Poland Belgrade Sofial Zagreb Source: GTC 49 Office Retail Office Retail Note: Data for Avenue Mall includes Avenue Centre, Mall of Sofia includes Sofia Tower; Includes Spiral office building in Hungary (sold in October 2020) | ANNEX | GTC#50PORTFOLIO: INCOME GENERATING PROPERTIES As of 30 June 2020 OFFICE PROJECTS POLAND BELGRADE BUDAPEST BUCHAREST SOFIA ZAGREB TOTAL Number of building 16 11 5* 5 LO 2* 2* 41 Total GLA (ths. sq m) 196 122 118 67 16 11 530 Book value (Єm) 394 277 263 184 34 24 1,176 Average rent (€/sq m) 14.5 16.7 13.8 19.3 14.1 13.4 15.4 Average occupancy (%) 92% 98% 97% 94% 100% 92% 95% RETAIL PROJECTS Number of buildings 2 1 Total GLA (ths. sq m) 113 35 Book value (Em) 465 104 Average rent (€/sq m) 21.4 20.7 Average occupancy (%) 90% 90% 1 1 5 33 35 216 102 103 774 21.7 20.6 21.2 96% 98% 92% TOTAL Number of buildings 18 12 5 LO 5 3 3 46 Total GLA (ths. sq m) 309 157 118 67 49 46 746 Book value (Em) 859 381 263 184 136 127 1,950 Average rent (€/sq m) 17.0 17.6 13.8 19.3 19.2 18.9 17.1 Average occupancy (%) 91% 96% 97% 94% 97% 97% 94% Source: GTC 50 Note:* Budapest incl. Spiral office building (sold in October 2020); Avenue Center Zagreb presented together with Avenue Mall Zagreb as well as Mall of Sofia and Sofia Tower | ANNEX | GTC#51UNIQUE DEVELOPMENT PIPELINE Unlocking significant embedded value through development projects As of 30 June 2020 UNDER CONSTRUCTION TOTAL INVESTMENT INVESTMENT EXPECTED IN-PLACE REVALUATION GAIN TOTAL GLA CITY (ths. sq m) COST (€m) (1) COST(1) (€m) RENT (€m) RECOGNIZED (€m) BOOK VALUE (€m) EXPECTED DEVELOPMENT YIELD (%) EXPECTED COMPLETION ABC II Sofia 17.8 24.2 33.4 3.2 0.4 24.6 9.6% Q4 2020 Matrix B Zagreb 10.7 17.4 20.2 1.8 0.5 17.9 8.9% Q4 2020 Pillar Budapest 29.0 36.4 83.3 6.1 8.8 45.2 7.3% Q4 2021 TOTAL 57.5 78.0 136.9 11.1 9.7 87.7 READY TO BE LAUNCHED IN 24 MONTHS GTC X Belgrade 16.8 10.0 35.8 3.5 Tower Mall of Sofia Sofia 7.7 0.6 12.0 1.3 Center Point 3 Budapest 35.5 17.7 98.6 7.6 TOTAL 60.0 28.3 146.4 12.4 10.0 9.8% Q2 2022 0.6 10.8% 17.7 7.7% Q2 2022 2022 28.3 PLANNING STAGE Moderna Katowice 18.3 3.4 39.4 3.4 (0.3) 3.1 8.7% 2022 City Rose Park Bucharest 50.1 15.5 121.9 9.7 15.5 8.0% 2023 The Twist Budapest 37.0 14.8 100.2 8.4 14.8 8.4% 2023 Zielone Tarasy Warsaw 61.0 32.7 180.0 18.0 32.7 10.0% 2025 Matrix future phases Zagreb 55.0 14.6 110.0 10.0 14.6 9.1% 2023-2026 TOTAL 221.4 81.0 551.5 49.5 80.7 GRAND TOTAL 338.9 187.3 834.8 73.0 9.4 196.7 Source: GTC Note: (1) Investment cost includes cost of land, construction cost, marketing cost and cost of finance; 51 | ANNEX | GT CI#52INVESTMENT PROPERTY Center Point (2 buildings) Source: GTC 52 CENTERPOINT CENTER CENTERPONT CENTER Location Year of completion GLA Occupancy as of 30/06/20 WAULT as of 30/06/20 Budapest, Hungary 2004, 2006 40,900 sq m 100% 1.4 years Main tenants Green certification ExxonMobil, Ecolab, KEF Honeywell, 200 | ANNEX | GT CI#53INVESTMENT PROPERTY Duna Tower Source: GTC 53 Mattife Location Year of completion GLA Occupancy as of 30/06/20 WAULT as of 30/06/20 Budapest, Hungary 2006 31,300 sq m 88% 2.9 years Main tenants IBM, Metlife, Huawei, TMF, KEF, HB Reavis, GTC, Green certification MetLife BREEAM GOOD | ANNEX | GT CI#54INVESTMENT PROPERTY GTC Metro Source: GTC 54 Location Year of completion GLA Occupancy as of 30/06/20 WAULT as of 30/06/20 Main tenants Green certification Budapest, Hungary 2010 16,200 sq m 100% 2.9 years Budapest Bank | ANNEX | GT CI#55UNDER CONSTRUCTION PILLAR REST UPANT Source: GTC 55 A moyo Location Expected year of completion GLA Occupancy as of 30/06/20 Expected in-place rent Main tenants Budapest, Hungary Q4 2021 29,000 sq m 100% pre-let office space €6.1m ExxonMobil Green certification LEED GOLD pre-certification | ANNEX | GT CI#56FUTURE DEVELOPMENT Center Point 3 Source: GTC 56 CESTRES Location Expected year of completion GLA Expected in-place rent Expected total investment cost Expected green certification Budapest XIII, Hungary 2022 35,500 sq m €7.6m €98.6m LEED GOLD | ANNEX | GTCI#57FUTURE DEVELOPMENT The Twist Source: GTC 57 Location Expected year of completion GLA Expected in-place rent Expected total investment cost Expected green certification Budapest XIII, Hungary 2023 37,000 sq m €8.4m €100.2m LEED GOLD | ANNEX | GT CI#58DEFINITIONS FFO profit before tax less tax paid, after adjusting for non-cash transactions (such as fair value or real estate re- measurement, share base payment provision and unpaid financial expenses) and one off items (such as FX differences and residential activity) EPRA NAV total equity less non-controlling interest, less: deferred tax liability related to real estate assets and derivatives at fair value IN-PLACE RENT rental income that was in place as of the reports date. It includes headline rent from premises, income from parking and other rental income LTV LTV shall be calculated as dividing (i) the total amount of outstanding interest-bearing financial liabilities less cash and cash equivalents and deposits by (ii) the total market value of investments into: (1) property; (2) fixed assets; (3) residential landbank (excl. cash); and (4) investment in associates and joint ventures Interest cover ratio 58 Interest cover shall be calculated as dividing (i) the gross margin by (ii) interest paid in the given period GT CI#59DISCLAIMER THIS PRESENTATION IS NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN. THIS PRESENTATION IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. BY ATTENDING OR VIEWING THIS PRESENTATION, YOU ACKNOWLEDGE AND AGREE TO BE BOUND BY THE FOLLOWING LIMITATIONS AND RESTRICTIONS. This presentation (the "Presentation") has been prepared by GTC (GTC S.A. and GTC Magyarország Ingatlanfejlesztő Zrt., jointly referred to as "GTC", the "Company") solely for use by its clients and shareholders or analysts and should not be treated as a part of any an invitation or offer to sell any securities, invest or deal in or a solicitation of an offer to purchase any securities or recommendation to conclude any transaction, in particular with respect to securities of GTC. The information contained in this Presentation is derived from publicly available sources which the Company believes are reliable, but GTC does not make any representation as to its accuracy or completeness. GTC shall not be liable for the consequences of any decision made based on information included in this Presentation. The information contained in this Presentation has not been independently verified and is, in any case, subject to changes and modifications. GTC's disclosure of the data included in this Presentation is not a breach of law for listed companies, in particular for companies listed on the Warsaw Stock Exchange. The information provided herein was included in current or periodic reports published by GTC or is additional information that is not required to be reported by the Company as a public company. In no event may the content of this Presentation be construed as any type of explicit or implicit representation or warranty made by GTC or, its representatives. Likewise, neither GTC nor any of its representatives shall be liable in any respect whatsoever (whether in negligence or otherwise) for any loss or damage that may arise from the use of this Presentation or of any information contained herein or otherwise arising in connection with this Presentation. The Presentation contains forward-looking statements. All statements other than statements of historical fact included in the Presentation are forward-looking statements. Forward- looking statements give the Company's current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as "target," "believe," "expect," "aim," "intend," "may," "anticipate," "estimate,” “plan,” “project,” “will,” “can have," "likely," "should," "would," "could" and other words and terms of similar meaning or the negative thereof. Such forward- looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future. The Company makes no representation, warranty or prediction that the factors anticipated in such forward-looking statements will be present, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or typical scenario. The forward looking statements included in this Presentation does not constitute profit forecast or estimates. GTC does not undertake to publish any updates, modifications or revisions of the information, data or statements, including any forward-looking statements, contained herein should there be any change in the strategy or intentions of GTC, or should facts or events occur that affect GTC's strategy or intentions, or any change in events, conditions or circumstances on which the forward-looking statements are based, unless such reporting obligations arises under the applicable laws and regulations. GTC hereby informs persons viewing this Presentation that the only source of reliable data describing GTC's financial results, forecasts, events or indexes are current or periodic reports submitted by GTC in satisfaction of its disclosure obligation under Polish law. This presentation does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy or subscribe for or underwrite or otherwise acquire, any securities of GTC, any holding company or any of its subsidiaries in any jurisdiction or any other person, nor an inducement to enter into any investment activity. In particular, this presentation does not constitute an offer of securities for sale into the United States. No securities of GTC have been or will be registered under the U.S. Securities Act, or with any securities regulatory authority of any State or other jurisdiction in the United States, and may not be offered or sold within the United States, absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended, and applicable state laws. The distribution of this presentation and related information may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Note: Due to rounding, numbers presented throughout the Presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 59 GTCI#60GLOBE TRADE CENTRE SA KOR 45A 02-146 Warsaw T (22) 16 60 700 F (22) 16 60 705 www.gtc.com.pl GTC