GLOBE TRADE CENTRE S.A.

GLOBE TRADE CENTRE S.A. Organogram

Globe Trade Centre S.A. and its subsidiaries operate as a property holding group which is also involved in the holding and management of investment properties. This includes the sale of development properties as well as the rental of office and retail space. The portfolio consists of completed commercial properties, commercial properties under construction, a commercial landbank intended for future development and residential project and landbank. Operations are largely centred in Poland and capital cities in Eastern and Southern Europe, namely, Belgrade, Budapest, Bucharest, Bulgaria, Zagreb and Sofia. \r\n\r\nAs of 31 December 2023, the book value of the Group’s total property portfolio including non-current financial assets (related to investment property) was €2,449.2m. The book value of the Group’s property portfolio was €2,314.1m and included: \r\n• 46 completed commercial buildings, including 40 office buildings and 6 retail properties with a total combined commercial space of approximately 753,000 sqm of GLA, an occupancy rate at 87% and a book value of €2,007.4 which accounts for 87% of the Group\'s total property portfolio. \r\n• three office projects under construction with a total GLA of approximately 51,000 sqm and a book value of €67.5, which accounts for 3% of the Group\'s total property portfolio; \r\n• investment landbank intended for future development (including 1 land plot in Poland and 1 plot in Budapest held for sale in the amount of €13.6) with the book value of €172.0 which accounts for 7% of the Group\'s total property portfolio. \r\n• residential landbank with book value of €26.2, which accounts for 1% of the Group\'s total property portfolio; and \r\n• right of use of land under perpetual usufruct, including assets held for sale with value of €41.0 (including €1 from residential landbank) which accounts for 2% of the Group\'s total property portfolio. \r\n\r\nAdditionally, GTC holds non-current financial assets in the amount of €135.1 mainly including: \r\n• 25% of notes issued to finance Kildare Innovation Campus (technology campus) project, which currently comprises nine completed buildings with the total GLA of approximately 102,000 sqm (the project extends over 72 ha of which 34 ha are undeveloped). Fair value of these notes as 31 December 2023 amounted to €119.1, which accounts for 5% of the Group\'s total property portfolio including non-current financial assets. \r\n• 34% of units in Regional Multi Asset Fund Compartment 2 of Trigal Alternative Investment Fund GP S.á.r.l., which holds 4 completed commercial buildings including 3 office buildings and 1 retail property with a total combined commercial space of approximately 41,000 sqm of GLA. Fair value of these units amounted to €13.9, which accounts for 1% of the Group\'s total property portfolio including non-current financial assets. \r\n\r\nProjects under construction:\r\nThe Group had 3 office buildings classified as an investment under construction with a book value of €51,487.\r\n\r\nInvestment Property Landbank\r\nThe Group the value of land plots classified as \"Investment property landbank” and designated for future commercial development amounted to €158.5m and the land banks held for \r\nsale amounted to €13.6m. The majority of the landbank is located in Warsaw, Belgarde and Budapest. \r\n\r\nRight of use - Investment property\r\nThe Groups right of use of lands under perpetual usufruct amounted to €40.0m which constituted 2% of the Group’s total property portfolio. The rights of use of lands under perpetual usufruct comprised the right of use of investment property landbank in the value of €17.9m and of completed investment property in the value of €22.1m. \r\n\r\nResidential Landbank\r\nThe Group held a residential landbank (including the right of use of residential landbank of €1.0m) with a total value of €27.2m which constituted 1% of the Group’s total property portfolio.