http://www.jll.eu/emea/en-gb/research/market-intelligence/office-market-overview-q4-2014

1. European Office Market Overview Q1 2015

2. 2
< 0%
0.0 – 0.9%
1.0 – 1.9%
2.0 – 2.9%
> 3.0%
2.4%
1.2%
2.8%
2.5% 0.3%
-5.6%
3.3%
2.0%
3.5%
3.4%
0.3%
2.8%
2.7%
1.3%
1.2%
1.7%
0.6%
0.9%
1.6%
3.0%
2.2%
3.1%
0.8%
2.8%
0.7%
2.9%
-10.0%
-0.2%
2.6%
0.5%
2015 – Recovery continues,
although downside risk remains
0.3%
2.2%
GDP growth forecast 2015
Source: Oxford Economics, Data as at mid April 2015

3. Disconnect between occupier and investment markets continue
3
Aggregate European office take-up and office investment (12months rolling)
80
90
100
110
120
130
140
150
160
170
180
190
200
210
Q12011
Q22011
Q32011
Q42011
Q12012
Q22012
Q32012
Q42012
Q12013
Q22013
Q32013
Q42013
Q12014
Q22014
Q32014
Q42014
Q12015
European Office Investment Volume
European Office Take-up
Index Q4 2010 = 100
Source: JLL, April 2015

4. Leasing impacted by weaker performance in Paris & Moscow
4
The share of Paris & Moscow in overall European leasing volumes dropping down
35% 33%
42% 40%
33% 34% 32% 33% 33% 33% 30% 27% 26%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q1'12
Q2'12
Q3'12
Q4'12
Q1'13
Q2'13
Q3'13
Q4'13
Q1'14
Q2'14
Q3'14
Q4'14
Q1'15
Rest European leasing volumes Paris & Moscow leasing volumes
Source: JLL, April 2015
Share of Paris &
Moscow dropped
down to 1/4th
Europe: Amsterdam, Berlin, Brussels, Barcelona, Dublin, Düsseldorf, Edinburgh, Frankfurt, Hamburg, London, Luxembourg, Lyon, Madrid, Milan, Munich, Paris, Rotterdam,
Stockholm, The Hague, Utrecht; Budapest, Moscow, Prague, Warsaw

5. Robust recovery of Spanish office markets continue
5
Spain Benelux CEE Italy UK France Netherlands Germany Russia
39%
39%
29%
22% 22%
12%
9% 5% 4%
1%
-23%
Source: JLL, April 2015
Office Take-up change (Q1'15-Q2'14 vs Q1'14-Q2'13)
Central & Eastern Europe: Budapest, Warsaw, Bucharest, Prague, Bratislava, Belgrade; Spain: Barcelona, Madrid; UK: London, Birmingham, Glasgow, Leeds,
Manchester, Bristol, Edinburgh; Germany: Berlin, Dusseldorf, Hamburg, Frankfurt, Munich, Stuttgart, Cologne; The Netherlands : Amsterdam, Rotterdam, The
Hague, Utrecht, Eindhoven; France: Paris, Lyon; Italy: Milan, Rome; Benelux: Brussels, Luxembourg; Russia : Moscow

6. Pipeline increasing, but only moderately
50% of 2015 and 2016 completions already pre-let or for owner occupation
0
2
4
6
8
10
12
0
1
2
3
4
5
6
7
8
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Vacancy rate(%)
Europeanofficecompletions(millionssqm)
Completions Future completions Vacancy rate RHS
Forecast
6
Source: JLL, April 2015

7. European Office rental growth
7
WE CEEEurope CEE excl. Moscow
Q-o-Q
Y-o-Y
.
Source: JLL, April 2015
0.3%
-0.6% -0.2% -4.1%
0.0%
2.1%
-15.1% -0.7%
The long term growth is positive, although short dent in Q1’15

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8
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