Definitions

General • All rents, yields and vacancies are end-of-year values.

• All forecasts are referring to nominal values. • The rental levels are the most probable prime rent when signing a new lease agreement.

• All yield levels are referring to net initial yield.

Offices • The forecast is referring to new/refurbished modern and flexible office premises with normal area effectiveness.

• The rents are referring to premises of at least 500 sqm. • The rent is excluding heating and excluding property tax.

Retail • The rents are referring to modern retail premises of 70-250 sqm. • The rent is excluding heating and excluding property tax. • The rents refer to prime areas with definitions by each country. Logistics • The forecast is referring to warehouses and logistics premises. • The rents are referring to premises of 5,000-10,000 sqm with a 10 year lease agreement.

• The rent is excluding heating and property tax. • The rent refers to modern, newly built premises with a solid lease contract and tenant A properties.

Residential • The forecast is referring to attractive locations with an area of around 80 sqm. • Definitions generally, as well as of new and old housing depend on the country. Public Properties • A public property is defined as a property used predominantly for tax-financed operations and specifically adapted for community service. In this document, public properties are limited to schools (pre-schools and primary schools), hospitals, and elderly care homes.

• The market data refers to public property premises of normal to modern standard with normal space efficiency.

• The market rent refers to the rent excluding supplements.

Exchange rates All rents and transaction volumes are calculated using the average exchange rates in 2019.