Investor Presentation • Jun 3, 2024
Investor Presentation
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1 Delle
THE H
1000

国际空调
UXEN



Mr. Weiss has been holding leading operational positions since 2015 and had joined BIG CEE in January 2019 after 3 years of work in BIG Israel Mr. Weiss is in charge of designing and implementing business operations while promoting the company's culture and vision.

Mr. Bojic has been involved in large number of Project developments in Serbia, particularly in development of retail parks and shopping centers across the country.

Mr. Sidel joined BIG CEE in December 2021 after 6 years of work in BIG Israel where he managed a number of the group's leading assets. In BIG CEE he is in charge of property development, leasing and marketing for the markets of Serbia and Montenegro.

Mr. Barqiora is a licensed CPA joined BIG CEE in 2018, after 7 years experience in Real estate projects in the CEE region, being financial controller of GTC Romania and manager at KPMG Hungary. Mr. Bargiora is managing BIG CEE financial department.

Mr. Durić has been working for BIG CEE since August 2023 as a Leasing Director and he is currently responsible for the whole leasing process throughout the portfolio. Prior to his career in BIG CEE, Nemanja was leading and managing a variety of real estate projects in Serbia and region in other leading Real estate companies.

Mrs. Drakulić Sebez has more than 18 years of experience, focused on developing brands and corporate communication. Last five years she spent as Communication Director of an Real Estate holding company. Marija joined BIG CEE in March 2024 and she is responsible for strategy and development of BIG brand and corporate image for the markets of Serbia and Montenegro.








€15.39 per SQM | 8%

BIG Assets In The Balkan
11
3
RETAIL PARKS
SHOPPING MALLS
DESIGNER FASHION OUTLET
OFFICE BUILDING
MIXED USE PROJECT
LOGISTIC PARK



In Sqm Including Extensions And Future Projects







NEW RECOGNIZABLE LANDMARK
RESHAPED URBAN CONNECTION
EXISTING MASSING 28.2K SQM NEW CONNECTION BETWEEN EXISTING BUILDINGS
APPROXIMATE +17K SQM OF GLA ADDED




BiG

Bic









BiG

100
THE IN
big
新宿区
UXEN


47.5K SQM










In Sqm Including Extensions And Future Projects

Purchase date | Q4 2022-------------------------------------------------------------------------------------------------------------------------------------------------------
GLA | 24K SQM
Parking spaces | 680
Occupancy | 100%
Estimated NOI 2024 | €2.85 MI ||||
Average OCR 2023 | 8%
Outstanding loan at 31/03/2024 | €21.4 M
Value | €40 M


Purchase date | Q4 2022 | | || |
GLA | 13.4K SQM
Parking spaces | 430
Occupancy | 98%
Estimated NOI 2024 | €1.85 MI || ||
Average OCR 2023 | 9% || ||
Outstanding loan at 31/03/2024 | €13.4 M
Value | €25.3 M


Purchase date | Q1 2024 - -
GLA | 10.2K SQM
Parking spaces | 340
Occupancy | 90%
Estimated NOI* 2024 | €1.16 M | |
Outstanding loan as of May | €13.4 M
Value | €14.5 M
* At Full Occupancy



Status | Under Construction
GLA | 24.7K SQM = | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Project Cost | €34 M
Expected NOI | €3 M
Estimated Opening Date | Q3 2024



Status | Future Project
GLA | 13.5K SQM || |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Project Cost | €21.5 M
Expected NOI | €1.65 M
Estimated Opening Date | Q4 2025



ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘ
BIG PILA -
Status | Future Project
GLA | 27K SQM
Project Cost |
Expected NOI | (
Estimated Opening Date | Q1 /







| vs 2023 04 | ||
|---|---|---|
| Office Stock | 3.41 mln. sq m | |
| Office Stock Class A | 2.34 mln. sq m | |
| Vacancy Rate | 14.3% | |
| TLA" 2024 Q1 | 93,600 sq m | |
| Take-Up** 2024 Q1 | 32.400 sq m | |
| New Supply 2024 Q1 | ||
| Pipeline 2024 | 16,100 sq m | |
| Pipeline 2025 | 14,000 sq m | |
| Pipeline 2026 | 100,600 sq m | |
| Prime Rents | 20.50 EUR/sq m/month | |
| Average Rent Class A | 14.50-18.00 EUR/sq m/month | |
| Top Prime Rents | 27.00 EUR/sq m/month |
| TLA: Total Leasing Activity *Take-up: Total Leasing Activity excluding renewal/ renegotiation |
|
|---|---|
| Source: CBRE Research | |
| Confidential & Proprietary @ 2024 CBRE, Inc. |








Activity in Romania

Doron Klein CEO
DORON KLEIN is Deputy CEO of AFI Europe and CEO of AFI Europe Romania and The Czech Republic.
With more than 20 years of experience in real estate, operating in both Central and Eastern European real estate markets, Doron Klein holds an MBA degree from the University of New York in Prague and he is fluent in Hebrew, English and Czech.
He joined AFI Europe in 2008 and since 2011 served as CEO of AFI Europe's operations in The Czech Republic and Germany.
In 2018 Doron was appointed CEO of AFI Europe in Romania and in 2023 was appointed also Deputy CEO of AFI Europe group.

CFO
Laura Croitoru joined AFI Europe Romania in January 2006 as Financial Manager of AFI Cotroceni. Between 2007 – 2009 Laura held the position of Controller in AFI Europe N.V. Netherland.
In August 2009 Laura was appointed as CFO of AFI Malls Division Romania and in 2023 as Chief Financial Officer for AFI Europe Romania.
Laura Croitoru graduated The Academy of Economic Studies Bucharest having also an Executive MBA with CITY College, University of York Europe Campus.

Bianca Stamatoiu Head of Legal
Bianca Stamatoiu is the head of AFI Europe Romania legal department since 2006. Before joining AFI team, she represented various construction, advertising and real estate companies, having an extensive experience in real estate and development fields. Based on her academic credentials and vast legal expertise, she has constantly endorsed AFI Europe activity in the various projects developed in Romania, including real estate property acquisition, banking and finance, construction, leasing, mergers and acquisitions.

Yossi Moran Chief Engineer
Yossi Moran joined AFI Europe in 2008 and is highly experienced in developing real estate projects, residential, commercial high-tech
parks and logistics centers in Israel and Romania.
Engineering in Israel in 1993.
Yossi Moran graduated Haifa Technion Faculty of Civil
Emma Toma Head of Office Division
Emma Toma is responsible of the office portfolio, totaling 300,000 sqm GLA. Emma has joined the company as Leasing Manager of the Office Division in 2012. She is a proffesional with 20 years of experience in Romanian real estate market, both in residential and office segments.
Emma graduated the Academy of Economic Studies, with a diploma in Management.
Bianca Stamatoiu is a member of the Bucharest Bar Association since 2000.

Sorin Scintei
General Manager AFI Cotroceni
Sorin Scintei is the General Manager of the biggest shopping center in Romania - AFI Cotroceni. Starting january 2024, he is also the General Manager of AFI Ploiesti Shopping Center, AFI Bucurestii Noi and AFI Arad.
Sorin Scintei joined AFI Europe Romania in 2015, following a wide international experience in real estate and hotel management.
Sorin Scintei holds a degree in Business Administration and Hotel Management in Haifa University.

Costin Blideanu is the General Manager of AFI Brasov starting 2020, after leading the Retail Leasing Department of AFI Europe in Romania.
A professional with more than 15 years experience in commercial real estate in Romania, before joining AFI Europe Romania in 2011, he worked as a senior retail consultant in Jones Lang Lasalle, one of the leading global real estate agencies.
Costin Blideanu holds a degree in International Business and a Master degree in Strategic Marketing from The Bucharest Academy of Economic Studies.
8

Roxana Stanciulescu Head of Retail Leasing

Head of Residential

Anca Buzatu Head of Marketing
Roxana Stanciulescu has more than 15 years of experience in the retail real estate market in Romania, working for Echo Investment, the most important real estate developer in Poland and also for consultancy companies like CBRE and JLL ( leading the retail team).
In 2020 she joined AFI Europe as Head of Retail Leasing, coordinating the entire activity of the department in Romania, for both developed and under development retail projects.
Roxana Stanciulescu holds a degree in Philology from the University of Bucharest.
Luciana Giurea was appointed as Head of the Residential Division, starting January 2024.
Luciana joined AFI Europe in 2014, as part of the Leasing Department. In 2017 she became Leasing Manager of AFI Malls Division Romania, dealing with the process of development and leasing for the entire retail portfolio. Between 2019 and 2024, Luciana was the General Manager of AFI Ploiesti.
Luciana Giurea holds a Law Degree from Nicolae Titulescu University.
Anca Buzatu was appointed Head of Marketing for AFI Europe Romania, starting January 2024.
With more than 15 years of experience in developing and executing marketing strategies for international and local brands, Anca joined AFI Europe Romania in 2020 as Marketing Manager for AFI Cotroceni.
Anca Buzatu holds a bachelor's degree in Psychology from Titu Maiorescu University and a professional diploma from the Digital Marketing Institute in Dublin.


834 1,227 1,251 1,318 1,363 31/12/19 31/12/20 31/12/21 31/12/22 31/12/23 Investment Property B.V. (EUR Millions)










✓ Occupancy : 98.3%
✓ NOI 2023 : 10.96 MIL EUR
✓ Average daily footfall: 23,700 visitors
✓ Total Y2023 footfall: 8.6 Mil visitors
✓ Main Tenants:




AFI PARK 1-5, Bucharest 17 GLA: 71.3K sqm | Оссиралсу; 98% | NOI (2023) : EUR 13M | Main tenants: ZZ Romania



A F I V I C T O R I E I P L A Z A , B u c h a r e s t 20 G L A : 8 . 3 K s q m | O c c u p a n c y : 1 0 0 % | N O I (2023) : E U R 2 . 8 M | M a i n t e n a n t s :


21 G L A : 2 6 . 4 K s q m | O c c u p a n c y : 9 3 % | N O I ( 2023 ) : E U R 4 . 5 M | M a i n t e n a n t s :


A F I P A R K F L O R E A S C A , B u c h a r e s t 22 G L A : 3 8 . 0 K s q m | O c c u p a n c y : 9 0 % | N O I (2023) : E U R 7 . 4 M | M a i n t e n a n t s :



AFI PARK BRASOV 1, Brasov (4 23 GLA: 16.6K sqm | Оссирапсу: 96% | NOI (2023) : EUR 1.6M | Main tenants:


A F I P A R K T I M I S O A R A , T i m i s o a r a 24 G L A : 4 8 . 3 K s q m | O c c u p a n c y : 8 0 % | N O I (2023) : E U R 6 . 5 M | M a i n t e n a n t s :


Residential Division
Execution


100




❑ AFI Home Current Yields: 4.7%
❑ AFI Home Average Rent: 20 Eur/Sqm
Resi for Rent/PRS market




Activity in Czech Republic






Doron Klein
CEO
Mr. KLEIN is Deputy CEO of AFI Europe and CEO of AFI Europe Romania and The Czech Republic. With more than 20 years of experience in real estate, operating in both Central and Eastern European real estate markets, He joined AFI Europe in 2008 and since 2011 served as CEO of AFI Europe's operations in The Czech Republic and Germany. In 2018 Doron was appointed CEO of AFI Europe in Romania and in 2023 was appointed also Deputy CEO of AFI Europe group
Doron Klein holds an MBA degree from the University of New York in Prague, and he is fluent in Hebrew, English and Czech.

5

Jana Domanova CFO
Ms. Jana Domanova is the CFO of AFI Europe Czech Republic. She has 30 years of experience in bookkeeping and finance mainly in the real estate industry, but also in travel an electronic funds transfers. She joined AFI Europe in 2003, starting as finance manager of the Palac Flora retail and office scheme, from 2008 to 2011 she relocated to Berlin as CFO of AFI Germany, managing a portfolio with approximately1000 units. In 2011 she relocated back to Prague as CFO of AFI Czech Republic.
Jana holds a Master degree from Prague Economics University (VŠE), majoring in International trade relations, minor in Finance management and accounting.

Renata Souckova Project Development Manager
Mr. Roma has been working in the company for the past 17 years, fulfilling the rolls in AFI Europe Romania of Business Development & Offices Asset Manager, and in AFI Europe Czech Republic as the Company's COO.
Tal holds a BSc in Business & Economics from Fairleigh Dickinson University in New Jersey.
Ms. Renata Součková is the Project Development Manager in AFI Europe Czech Republic. She joined the company in 2003. Over her career with AFI she has been directly involved in acquisitions of new projects, coordination of project development activities, overseeing collaboration of project teams', as well as projects' time management and PR.
Renata holds a Bachelor's Degree in the Business Administration at the Open University UK.

6
Residential Department Manager
Ms. Elena Pisotchi is the manager of AFI Residential Department in AFI Europe Czech Republic. Elena joined the company 29 years ago in Moldova, and in 2001 relocated to Czech Republic. Over her career with AFI Elena has been directly involved in the sale of over 20,000 units. Commencing 2022 Elena is head of AFI Home rental apartments department.
Elena graduated from the Agricultural University in Moldova, irrigation system engineer and post graduation of Moldova State University.


Mrs. Kateřina Holická is the Asset Manager responsible for Czech office portfolio. She has been working for the company for the past 14 years and was involved in majority of office leasing transactions over the period.
Kateřina holds a Master´s Degree from Faculty of Economics and Management (ČZÚ) in Prague.
Pavel Jelinek Chief Engineer
Mr. Pavel Jelínek is the Chief Engineer of AFI Europe Czech Republic.
Pavel joined the company in June 2013 and he has 20 years of experience in the construction industry. His responsibility as Chief Engineer is the overall technical coordination of development projects across all phases, from acquisition to permitting, construction and handover to facility team. Pavel graduated from the Czech Technical University in Prague, Faculty of Civil Engineering. He is a member of Czech Chamber of Chartered Engineers and Technicians.

OFFICES
| Project | GLA | NOI (ERV) (EUR 000) |
|
|---|---|---|---|
| Operational | Classic 7 Business Park | 33,600 | 5,800 |
| AFI Vokovice | 14,700 | 3,500 | |
| AFI Karlin | 22,800 | 4,500 | |
| AFI City | 17,200 | 2,800 | |
| AFI Avenir | 25,700 | 4,700 | |
| Total | 114,000 | 21,300 |




9 A F I K a r l i n o f f i c e s , P r a g u e G L A : 2 2 . 8 K s q m | O c c u p a n c y : 9 4 % | N O I ( E R V ) : E U R 4 . 5 M | M a i n t e n a n t s :


10 A F I V o k o v i c e o f f i c e s , P r a g u e G L A : 1 4 . 7 K s q m | O c c u p a n c y : 9 7 % | N O I ( E R V ) : E U R 3 . 5 M | M a i n t e n a n t s :


Classic 7 offices, Prague GLA; 33.6K sqm | Оссирапсу: 97% | NOI (ERV) : EUR 5.8M | Main tenants: ComAp) |


12 A F I A v e n i r o f f i c e s , P r a g u e G L A : 2 5 . 7 K s q m | O c c u p a n c y : 9 8 % | N O I ( E R V ) : E U R 4 . 7 M | M a i n t e n a n t s :

AFI City offices, Prague All Clinees) | Lague


Residential For Rent
| Project | # of apartments |
NOI @ full occupancy (EUR 000) |
|
|---|---|---|---|
| Operational | AFI Home Třebešín | 61 | 800 |
| AFI Home Karlín | 172 | 2,891 | |
| AFI Home Kolbenova Phae I | 313 | 3,370 | |
| AFI Home Kolbenova Phase II | 327 | 3,430 | |
| Planned/Pipeline | AFI Home Kolbenova Phase III | 320 | 3,500 |
| AFI Home V Korytech | 519 | 7,219 | |
| AFI Home Podebradska | 318 | 4,974 | |
| Total | 2,030 | 26,184 |




Wi-Fi included Fully furnished Bike Storage








Located in Prague 3

Wi-Fi included Fully furnished


Close to Tram,


Monitoring & Security Bike Storage


Located in Prague 9


Wi-Fi included Fully furnished

Close to Tram, Metro




Minimarket on the Ground Floor



| *Occupancy commenced March 2024| **Market (ERV) NOI |

Located in Prague 9


Close to Tram, Metro
Wi-Fi included Fully furnished

Co-working offices


Laundry Room
Minimarket on the Ground Floor




Investment Property B.V. (EUR Millions)

19 * AFI City Leasing 2020-22
** Actual 89% including 2023 AFI Home new projects



JUNE 2024


Adir El Al CEO
BSC civil engineer, Technion , Haifa
MBA in Cardiff University , UK
28 years of professional experience in real estate development and entrepreneurship

Chief Financial Officer
Bachelor degree in Economy and business administration
15 years of experience

Jelena Milačić
Chief Legal & HR Officer
Faculty of law in Belgrade
Master in the European institute in Nice
14 years of experience

Joni Čanji
Chief Projects Officer
18 years of experience in construction and projects management

Chief Leasing & Marketing Officer
Background in sales and marketing.
Local and regional managerial positions in global FMCG companies
15 years of professional experience

Chief Operational Officer / APM
15 years in Corporate Real Estate management and FM.
MACRO SNAPSHOT







NOI - consolidated (EUR Millions)

Investment Property B.V. (EUR Millions)




First business park in Serbia with currently 12 buildings and more than 140 tenants





The modern office building in downtown Belgrade, part of Central Garden project






New office park in New Belgrade area, which will become, in near future, largest business park in the West Balkans region

mBan
June 2024




Warsaw Other regional markets



Office market [source: JLL, Office market in Poland, February 2024 | Data as of Q4 2023]

Source: JLL based on private rental offers in Gdańsk, Gdynia, Katowice, Kraków, Łódź, Poznań, Warsaw, Wrocław (new stock - buildings built after 2010)


Source: JLL, Q4 2023, Note: Announced projects with unknown operation start are assumed to start operating in 2027 and 2028

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Sebastian Kieć CEO
Mr. Kieć is the CEO of AFI Europe Poland. He joined the company in 2007 as CFO. His main responsibilities are focused on managing office and residential properties. Sebastian has over 15 years experience in real estate market.

Grzegorz Jamroziak Head of Commercial Asset Management
Mr. Jamroziak is the Head of Commercial Asset Management of AFI Europe Poland. Over the last 20 years he was professionally involved in residential and commercial real estate management and consultancy.

Michał Stępień Deputy CEO
Mr. Stępień is the Deputy CEO of AFI Europe Poland – Head of AFI Home – Poland. Michal has over 19 years of experience in commercial and residential real estate. He joined the company in 2008 as Finance Manager of Wilanow One project in Warsaw. His responsibilities cover development and sale of large scale residential projects, origination and execution of M&A deals conducted by AFI in Warsaw

Mr. Jakubowski is the CFO of AFI Europe Poland. He has over 14 years of experience in finance. Grzegorz joined AFI EUROPE Poland in 2022. His main responsibilities as CFO are focused on financial processes, budgeting, reporting along with financial aspects of asset management activities to all company's investments.

Mrs. Krupińska – Fuganti is Head of Legal at AFI Europe Poland. She joined the company in April 2022, where she served as external legal advisor to AFI Europe in several AFI's transactions. Barbara has over 10 years of experience in real estate law
Jarosław Szerfenberg Chief Engineer
Mr. Szerfenberg is the Chief Engineer of AFI Europe Poland. Over the last 25 years he was professionally involved in commercial and residential real estate projects development.

Joanna has more than 10 years of experience in commercial real estate. Since January 2023 she strengthened AFI's team in Poland, where she previously served as an external advisor.

Beata is a graduate of the Warsaw University of Technology and the Warsaw School of Economics. Since 2004, she has gained experience in the areas of auditing, risk management, Integrated Quality Management System and real estate.


| *Occupancy as of April 30th, 2024 | **Market (ERV) NOI |

GLA: 2 5 k sqm | Occupancy*: 95 % | NOI**: EUR 4.9 M | Main tenants :

page
| *Occupancy Occupancy as of April 30th, 2024 2024 | **Market (ERV) NOI |
8

8k sqm
WARSAW




| ** Occupancy as of April 30th, 2024 | ** Market (ERV) NOI





Premium furnishing Standard furnishing




page
TOTAL GLA: 152k sqm | Offices GLA: 81k sqm | Apartments for rent GLA: 63k sqm | Retail GLA: 8k sqm
✓ Flagship destination project, in the heart of Warsaw's CBD, which concentrates on Daszyński roundabout
✓ Mixed-used project with office, retail and residential functions


NOI (EUR Millions)



GLA (incl. Resi for Rent, k Sqm, end of period)

* New projects refers to four AFI Home projects opened during 2023;
** 80% occupancy including new projects
All numbers exclude Nowy Świat project

Questions?


* All the data in this slide is excluding Latvia & Bulgaria which are not material to the company activity

3
(in 100% terms)




* Expected NOI run rate at the end of 2024. The figure does not constitute a forecast for the year 2024.
4
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