U NA INTRODUCCIÓN A LOS SISTEMAS TUTORES INTELIGENTES (STIs)

2014 2013 PPF Group holding 100% 100% Total assets (market valuation, EUR millions) 1,912 1,517 Total shareholder equity (EUR millions) 361 476 Number of employees 252 247

PPF Real Estate Holding B.V. is a developer, investor and professional consultant in the property sector. PPF Real Estate Holding manages real property assets for companies in the PPF Group portfolio as well as for external clients. The company operates in the Czech Republic, Russia, and more widely across Europe.

In 2014, PPF Real Estate Holding focused on acquisitions of commercial properties in the Netherlands and on stabilising its existing projects in Russia. And it was in Russia where PPF saw a promising development in another area of its real estate investment – logistics (for example warehouses and distribution centers for major store chains, automakers, and manufacturers of machinery and equipment).

Today, PPF’s portfolio of real estate investments in the Netherlands encompasses ten properties, mostly office buildings but also including a shopping center. The

cumulative total area of these buildings exceeds 200,000 m2

and they are located in high‑profile areas such as the famous high‑rise office building Millennium Tower, Mexx, Wilhelmina, and Hofpoort. PPF Real Estate has also succeeded in obtaining high‑quality tenants to fill these functional and highly sought‑after buildings.

The occupancy rate of offices in the Parkside Office Gallery in central Berlin, which PPF Real Estate acquired in late 2012, is also showing promising development. One of the new tenants is a respected political institution: the Konrad Adenauer Stiftung Foundation. PPF Real Estate expects to fill all 25,000 m2 _{of this attractive building, located in the}

very heart of the German capital, by the end of 2015. September 2014 saw the commissioning of Phase One of the modern Comcity office park in so‑called “New Moscow”, not far from the Moscow ringroad and within walking distance of a new metro station that is under construction. Despite the unfavourable conditions in the Russian market, PPF Real Estate obtained three major tenants for this

building, accounting for 80% of its leasable area. The tenants are leading companies from the IT and telecommunications sectors, both Russian (one of the largest network operators

in the country – the partly state‑owned Rostelekom – and the Sistematika group of IT companies) and international (Oracle). In its initial phase Comcity offered 107,500 m2 _of

office space and 7,400 m2 _{of commercial space (retail).}

In October 2014, PPF Real Estate Holding B.V. announced the acquisition of a 24.8% stake in the Trilogy Park logistical complex in Tomilino near Moscow, and a 33.3% stake in Stinctum Holdings Limited, the owner of a 40‑hectare piece of land in Nizhny Novgorod that can be utilized for the construction of a logistics, industrial, or shopping center. These deals increased PPF Real Estate’s stakes in the Trilogy Park Tomilino logistics complex and in the company Stinctum Holdings Limited to 75.2% and 66.7%, respectively. The Trilogy Park complex lies just seven kilometers to the southeast of the Moscow ringroad, adjacent to the M5 motorway. Total warehouse space is 107,000 m2

and the complex is fully occupied.

In cooperation with its partner, Radius Group, PPF Real Estate is participating in the development of one of the largest logistical parks in the southern part of the greater Moscow area, South Gate, which with 200,000 m2 _of

leased space is one of the largest in the region. The property occupies an area of 144 hectares.

In late 2014, PPF Real Estate commissioned the ArtGen project, a complex of two buildings in Prague 7 district that offers approximately 23,000 m2 _{of modern office space.}

The retail space available on the ground floor of both buildings offers catering as well as other amenities. CMC architects prepared the architectural design of the buildings. SYNER is the general contractor for the project that aspires to the LEED Gold certificate. The ArtGen project uses an intelligent building management system and environmentally friendly technologies such as the use of rainwater, air recuperation, motion sensor‑controlled lighting in common areas etc. ArtGen is the first project for the future new face of Prague Holešovice quarter which is becoming a modern office, retail, service and residential location for the northern part of the extended centre of Prague.

In the course of the year 2014, PPF Real Estate has

reconfigured two luxury properties in London’s Bishopswood Road, Highgate, one of the UK capital’s premier addresses. The buildings, entitled Hurstbourne and Larkspur,

respectively, have retained their impressive red brick design of the Victorian era, modernised for 21st century living. Hurstbourne and Larkspur are due to be completed in 2015, with each incorporating a 930 m2 _{of accommodation.}

60 Annual Report 2014

Financial Highlights

2014 2013 PPF Group holding 100%* 100%* Total revenues excluding VAT (EUR millions) 2,200 2,278 Gross profit (EUR millions) 612 575 Gross profit margin % 27.5% 25.2% * In mid‑March 2014 it was announced that PPF Group and Emma Capital,

an investment company, reached an agreement according to which Emma Capital is to become a co‑owner of Eldorado LLC.

Eldorado is one of Russia’s largest retailers of consumer electronics and household appliances.

The company is present in almost all the regions of Russia. Eldorado develops multichannel sales and operates about 600 stores throughout the country. In 2015, the company will open 50 new stores, mainly in small towns with a population of 50–70 thousand people.

In 2014, the company launched b2b sales and expanded its range with new categories: goods for home, garden and repair, goods for children and mothers. The company follows the strategy of a multicategory retailer both online and offline.

Eldorado is the winner of Company of the Year 2012, HR Brand 2013 as well as three‑time winner of the Consumers’ Rights and Quality of Service as the best retail chain. At the beginning of 2015, Eldorado built on its track record for receiving retail awards and was awarded a number of industry awards, such as EMEA Channel Academy: Retailer of the Year in Russia & CIS; Best Prices Award, held by the expert project Hi‑Tech.Mail.Ru; and Online Retail Russia Awards in the category Best Online Shop 2015 in the electronics and household appliances segment.

Eldorado builds customer loyalty through Club Eldorado, which currently has over 14 million participants.