SÍNTESIS DE LA PROPUESTA DE ACTUALIZACIÓN PLAN REGULADOR COMUNAL DE LA SERENA

Office portfolio

During 2011 the Group completed two new buildings in Warsaw, Corius (Okęcie Business Park; 8,500 sq m) and Platinium (Platinium Business Park IV; 12,900 sq m). After the completion of those two buildings its total net rentable area in Poland comprised 184,990 sq m. The average occupancy rate is at the level of 82%.

Book value of the office space in Poland amounted to €426,928, as compared to €376,876 in 2010. The difference comes from an increase in valuation for all of the properties in Poland and completion of new properties.

The following table lists the Group’s office properties located in Poland:

Property Location GTC’s

Globis Wroclaw Wrocław 100% 14,700 14,700 2008

Centrum Biurowe Kazimierz Kraków 100% 15,400 15,400 2009

University Business Park Łódź 100% 18,500 18,500 2010

Francuska Office Centre Katowice 100% 21,700 21,700 2010

Corius Warsaw 100% 8,500 8,500 2011

Total 184,990 184,990

* Assets held for sale Retail portfolio

The total net rentable area of retail space in Poland comprised 68,600 sq m. The occupancy rate is at the level of 97%.

Book value of the Group’s retail space in Poland amounted to €243,250, as compared to €460,685 in 2010. The difference comes mainly from sale of Galeria Mokotów.

The following table lists the Group’s retail investment properties located in Poland:

Property Location GTC’s

Galeria Jurajska Częstochowa 100% 49,500 49,500 2009

Total 68,600 87,700

Item 4.5.4.2. Hungary Office portfolio

The Group’s total net rentable area in Hungary comprises 88,630 sq m. The occupancy rate is at the level of 91%.

Book value of the Group’s office space in Hungary amounted to €172,791, as compared to €176,162 in 2010.

The following table lists the Group’s office investment properties located in Hungary:

Property Location GTC’s

Center Point I&II Budapest 100% 41,760 41,760 2004/2006

Spiral I&II Budapest 100% 31,070 31,070 2009

Metro Budapest 100% 15,800 15,800 2010

Total 88,630 88,630

Item 4.5.4.3. Serbia Office portfolio

The Group’s total net rentable area in Serbia comprised 53,900 sq m. The occupancy rate is at the level of 92%.

Book value of the Group’s office space in Serbia amounted to €116,800, as compared to €126,900 in 2010.

The following table lists the Group’s office investment properties located in Serbia:

Property Location GTC’s share GTC's net

rentable area

The Group’s total net rentable area in Croatia comprised 4,900 sq m. The occupancy rate is at the level of 95%.

Book value of the Group’s office space in Croatia is included in book value of Avenue Mall Zagreb.

The following table lists the Group’s office investment properties located in Croatia:

Property Location GTC’s

Total 4,900 7,000

Retail portfolio

During 2011 the Group completed new shopping mall in Osijek (Avenue Mall Osijek; net rentable area: 21,600 sq m). After the completion of this building the Group’s total net rentable area of retail space in Croatia comprised 40,500 sq m. The occupancy rate is at the level of 95%. Book value of the Group’s retail space in Croatia amounted to €194,100 (including book value of Avenue Center) from €149,640 in 2010, which results from an opening of Avenue mall Osijek partially offset by a decrease in value of Avenue Mall Zagreb, due to increased competition followed by a decrease in rental rates.

The following table lists the Group’s retail investment properties located in Croatia:

Property Location GTC’s

The Group’s total net rentable area in Romania comprised 28,218 sq m. The occupancy rate is at the level of 96%. Book value of the Group’s office space in Romania amounted to €173,594, as compared to €173,826 in 2010.

The following table lists the Group’s office investment properties located in Romania:

Property Location GTC’s share GTC's net

rentable area

During 2011 the Group completed new shopping mall in Arad (Galleria Arad; net rentable area: 32,500 sq m).

After the completion of this building the Group’s total net rentable area of retail space in Romania comprised 58,400 sq m. The occupancy rate is at the level of 88%. Book value of the Group’s retail space in Romania amounted to €84,431, as compared to €58,880 in 2010, which results from opening of Galleria Arad partially offset by a decrease in the value of other retail properties following the deterioration of economic conditions in Romania.

The following table lists the Group’s retail investment properties located in Romania:

Property Location GTC’s

Galleria Buzau Buzau 70% 9,380 13,400 2008 Galleria Pieatra Neamt Pieatra Neamt 70% 8,960 12,800 2009

Galleria Arad Arad 100% 32,500 32,500 2011

Total 58,400 69,500

Item 4.5.4.5. Bulgaria Retail portfolio

The Group’s properties in Bulgaria include Galleria Stara Zagora that comprises a net rentable area of 18,707 sq m. Occupancy rate is at the level of 82%. Book value of the Group’s retail scheme in Bulgaria decreased to

€37,620 from €62,200 in 2010 which results from a decrease in the value of the property following the deterioration of economic conditions in Bulgaria.

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The following table lists the Group’s office investment properties located in Bulgaria:

Property Location GTC’s

The Group completed its office building in Bratislava in 2010. The total net rentable area in Slovakia comprises 8,820 sq m. Book value of the Group’s office space in Slovakia amounted to €15,200 from €13,928 in 2010.

The following table lists the Group’s office investment properties located in Slovakia:

Property Location GTC’s

Item 4.5.4.7. Czech Republic

The Group owns a number of properties in the Czech Republic through associates, as a result the properties valuation and results of operations in the Czech Republic are not consolidated.

Office portfolio

Total net rentable area in the Czech Republic comprised 10,989 sq m. Book value of the Group’s office space in the Czech Republic amounted to €7,878 (excluding book value of Sazka Office).

The following table lists the Group’s office investment properties located in Czech Republic:

Property Location GTC’s

Prague Marina Office Centre Prague 32% 4,210 13,219 2009

Sazka Office Prague 32% 6,779 21,283 2011

Total 10,989 34,502

Retail portfolio

Total net rentable area of that retail scheme is 41,500 sq m, of which the Group’s share is 13,202 sq m.

Occupancy rate is at the level of 94%.

Book value of the Group’s retail scheme in the Czech Republic amounted to €58,625 (including book value of Sazka Office) resulting from completion of Galeria Harfa and increase in letting of that retail scheme.

The following table lists the Group’s office investment properties located in the Czech Republic:

Property Location GTC’s