EPRA Index Slides Data as of end of

EPRA Index Slides Data as of end of June 2020 EUROPEAN PUBLIC REAL ESTATE ASSOCIATION E P R A

2 FTSE EPRA Nareit GLOBAL REAL ESTATE INDEX SERIES FTSE EPRA Nareit Global Real Estate Index* 478 Constituents EMEA 132 Constituents € 226 Billion 339 Constituents Americas 166 Constituents FTSE EPRA Nareit Developed Real Estate Index € 1, 339 Billion € 1, 191 Billion Asia Pacific € 693 Billion * Represents the aggregate of Developed + Emerging, excluding AIM 180 Constituents € 419 Billion FTSE EPRA Nareit Emerging Real Estate Index 139 Constituents € 148 Billion EMEA North America Asia Pacific AIM Index EMEA Americas Asia Pacific 104 Constituents 143 Constituents 92 Constituents 7 Constituents 28 Constituents 23 Constituents 88 Constituents € 215 Billion € 679 Billion € 296 Billion € 11 Billion € 14 Billion € 123 Billion 18% 57% 25% 8% 9% 83% EUROPEAN PUBLIC REAL ESTATE ASSOCIATION Sources: FTSE, EPRAData as of: June 30, 2020 E P R A

FTSE EPRA Nareit Global Index Ground Rules QUANTITATIVE QUALITATIVE English Annual Report Free Float Liquidity Full Public Available, BS, P&L, Full notes & Mgmt statement ≥ 5% THE BASICS ICB Universe ICB Codes: 2357 – 3728 - 8600 FF Market Cap Per region Ex: ≥ 0. 10% for Developed Europe Index FF adj. median daily trading ≥ 0. 05% of SII for ≥ 10 out of 12 months→Bi-annual EBITDA ≥ 75% from relevant real estate activities: ownership, trading & development of income producing real estate EPRA: focused, relevant & investible benchmark for Global Listed Real Estate EUROPEAN PUBLIC REAL ESTATE ASSOCIATION 3 E P R A

4 FTSE EPRA Nareit Global Index Ground Rules THE BASICS QUANTITATIVE QUALITATIVE FAST TRACK English Annual Report Full Public Free Float Liquidity English IPO Prospectus Available, BS, P&L, Full notes & Mgmt statement ≥ 5% ICB Universe FF Market Cap ICB Codes: 2357 – 3728 - 8600 Per region Ex: ≥ 0. 10% for Developed Europe Index FF adj. median daily trading ≥ 0. 05% of SII for ≥ 10 out of 12 months→Bi-annual EBITDA ≥ 75% from relevant real estate activities: ownership, trading & development of income producing real estate Publicly Available with historic and pro forma audited annual accounts FF Market Cap Per region Ex: ≥ 0. 20% for Developed EMEA Index EPRA: focused, relevant & investible benchmark for Global Listed Real Estate EUROPEAN PUBLIC REAL ESTATE ASSOCIATION E P R A

5 Sectors vs real estate assets FTSE EPRA Nareit Developed Europe Index Constituents’ classification by sectors [CATEGORY NAME] 4. 07% Aggregated Property Portfolio owned by Index Constituents [CATEGORY NAME] 11. 32% [CELLREF] [CELLREF] [CATEGORY NAME] 7. 36% [CELLREF] [CATEGORY NAME] 29. 14% [CELLREF] [CATEGORY NAME] 1. 60% [CATEGORY NAME] 32. 9% [CATEGORY NAME] 3. 63% [CELLREF] [CATEGORY NAME] 9. 54% Source: EPRA EUROPEAN PUBLIC REAL ESTATE ASSOCIATION Source: EPRA Data as of: June 30, 2020 E P R A

6 Countries vs real estate assets FTSE EPRA Nareit Developed Europe Index Constituents’ classification by countries Aggregated Property Portfolio owned by Index Constituents [CELLREF] Other countries 19% [CELLREF] UK 26% [CELLREF] Austria 1% Netherlands 4% [CELLREF] France 7% Germany 32% [CELLREF] Sweden 11% EUROPEAN PUBLIC REAL ESTATE ASSOCIATION Source: EPRA Data as of: June 30, 2020 E P R A

EPRA Developed Europe Index 7 Country Compan ies Market Cap (€ Bln) % of Index Germany 11 73, 7 29, 1% UK 39 59, 3 23. 4% Sweden 14 31, 9 12. 6% France 6 25, 7 10, 2% Switzerland 6 17, 0 6. 7% Belgium 11 16, 0 6. 3% Netherlands 5 8, 8 3. 5% Spain 3 7, 8 3. 1% Finland 2 5, 7 2. 3% Full market cap data as at June 30, 2020 EUROPEAN PUBLIC REAL ESTATE ASSOCIATION Austria Unibail-Rodamco-Westfield has been classified under the Netherlands 1 2, 8 1. 1% E P R A

EUROPEAN LISTED REAL ESTATE OFFERS STRONG LONG-TERM PERFORMANCE 20 -year annualised total return in local currency Europe listed government general real bonds equities estate Strong Long Term Performance 8% 7% 7. 1% 6% 5% 1 year -6. 4% 4. 6% -5. 0% 3 year 0. 5% 4. 2% 1. 7% 5 year 1. 7% 3. 9% 10 year 7. 7% 4. 6% 7. 2% 15 year 4. 0% 4. 5% 5. 4% 20 year 7. 1% 5. 2% 3. 4% 5. 2% 4. 9% 4% 3% 2% 1% 1. 4% 1. 7% % Europe inflation Europe equities Europe bonds Europe listed real estate Sources: ECB, FTSE, EPRA, Nareit EUROPEAN PUBLIC REAL ESTATE ASSOCIATION 8 Data as of: June 30, 2020 E P R A

EUROPEAN LISTED REAL ESTATE OFFERS ATTRACTIVE DIVIDEND YIELD 9 5. 0% 5 -year Average Yield 4. 5% 4. 4% 4. 0% 3. 5% 3. 6% 3. 7% E P R A 3. 0% 2. 5% 2. 1% 2. 0% 1. 5% 1. 0% 1. 1% 0. 5% 0. 0% ECB Refinancing rate Europe Bonds EUROPEAN PUBLIC REAL ESTATE ASSOCIATION Sources: ECB, FTSE, EPRA, Nareit, JP Morgan Data as of: June 30, 2020 FTSE Europe TR Index FTSE EPRA Nareit Developed Europe REITs Index

2007 Best performance 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD Multiasset approach return North America Asia Real Global Asia Real America Gold 31% bonds 9% Estate 39% Real Estate 43% 38% 12% North Global America Europe Real America Asia Real Europe Real equities Gold 17% Real Estate 19% Real Estate 4% Estate 30% 26% 20% 46% 11% North Global Europe Real America Global bonds America Global equities Gold 6% Real Estate equities Gold 14% Gold 30% Gold 10% Estate 36% Estate 29% Estate 26% Real Estate 1% Real Estate Bonds 5% 8% 11% 10% 13% 27% North Global Europe Real America Asia Real Global equities Estate Real Estate 0% Estate 14% Estate 3% Estate 9% Equities 27% 13% 1% North Global America Europe Real America Global equities bonds 4% Real Estate 17% Real Estate bonds 0% 39% 6% 28% 16% 10 North Asia Real Global America Asia Real Global Estate equities Real Estate 25% bonds 6% 4% 31% -38% Worst performance Multi-asset comparison – performance North America Europe Real Estate Gold 24% Estate -49% 23% Europe Real Estate 32% -1. 4% Global Asia Real equities Gold 8% Gold -2% equities 2% Estate 19% 10% North Global America Europe Real Global bonds equities Gold 7% equities Real Estate bonds 9% bonds 1% bonds 3% Estate -9% 1% 11% 7% -3% Gold 18% 10 -yr TR* Global equities 10. 45% North America Real Estate 9. 2% Global Equities -5% Europe Real Estate 9. 1% Asia Real Estate -20% North America Real Estate -21% Asia Real Estate 5. 9% Gold 3. 7% North Asia Real Europe Real Global Asia Real Global Europe Real America Europe Real Global Estate Gold -28% Gold -10% bonds 1% bonds 4% Estate -17% bonds 4% Estate -5% Real Estate -8% Bonds 6% 50% -21% -8% Global bonds 3. 6% -26. 7% 26. 5% 20. 8% -0. 7% 19. 4% 0. 9% 17. 1% 4. 7% 6. 2% 7. 1% -1. 9% 21. 2% EUROPEAN PUBLIC REAL ESTATE ASSOCIATION Annualised returns *Data as of: June 30, 2020 -7. 6% E P R A

LISTED IS A LIQUID DIRECT INVESTMENT PROPERTY 11 300 Rebased Degeared FTSE EPRA/NAREIT UK NAV Index Rebased FTSE EPRA/NAREIT UK NAV Index 250 Rebased FTSE EPRA/NAREIT UK Index E P R A Rebased IPD UK Capital Growth Index 200 150 100 50 Dec-18 Dec-17 Dec-16 Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Dec-10 Dec-09 Dec-08 Dec-07 EUROPEAN PUBLIC REAL ESTATE ASSOCIATION Dec-06 Dec-05 Dec-04 Dec-03 Dec-02 Dec-01 Dec-00 Dec-99 -

AVERAGE DISCOUNT TO NET ASSET 30% 12 VALUE Belgium 26. 2% 20. 57% 20% 14. 54% Switzerland 13. 18% 8. 20% 10% 7. 5% Sweden -4. 94% 0% 4. 31 % -13. 8% Finland -1. 2% E P R A Ireland -26. 0% -10% Norway -19. 7% -20% -23. 6% Austria -27. 81% -30% -26. 44% -44. 8% Spain -32. 59% -40% Germany -38. 81% UK-22. 8% Jun-89 Jun-90 Jun-91 Jun-92 Jun-93 Jun-94 Jun-95 Jun-96 Jun-97 Jun-98 Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 -46. 86% -50% -18. 4% -44. 9% France Netherlands -74. 6% -69. 3% Europe Average NAV Developed Europe Index Italy -80. 0% -60. 0% -40. 0% -20. 0% 40. 0% EUROPEAN PUBLIC REAL ESTATE ASSOCIATION Source: EPRA Data as of: June 30, 2020 Current Europe Average 5 yr Average Current Discount/Premium

LISTED REAL ESTATE: 13 LOAN-TO-VALUE Loan-to-Value vs Weighted Coupon Rate Bonds 50% 5. 0% 4. 5% 48% 4. 0% 45% Loan-to-Value Developed Europe 3. 5% 43% 3. 0% 40% 2. 5% 2. 0% 38% 1. 5% 35% 1. 0% 33% 30% Jun-11 0. 5% Jun-12 Jun-13 Jun-14 LTV EUROPEAN PUBLIC REAL ESTATE ASSOCIATION Source: EPRA Data as of: June 30, 2020 Jun-15 Jun-16 Jun-17 Weighted Coupon Rate Bonds Jun-18 Jun-19 0. 0% Jun-20 E P R A

14 EQUITY, RIGHTS & DEBT VS. WEIGHTED COUPON RATE € 24 9% 8% € 20 € 16 6% 5% € 12 4% € 8 3% 2% € 4 1% € 0 0% 2001 2002 2003 2004 2005 Equity & rights Issue 2006 2007 2008 IPO Fast Track 2009 2010 2011 Non-convertible Debt 2012 2013 2014 Convertible Debt 2015 2016 2017 2018 Weighted Average Coupon Rate EUROPEAN PUBLIC REAL ESTATE ASSOCIATION Source: EPRA Research based on FTSE EPRA Nareit Developed Europe Index Data as of: June 30, 2020 2019 2020 Weighted Average Coupon Rate Capital Raised in EUR Billion 7% E P R A

Debt Issued (in EUR Billion) EPRA DEVELOPED EUROPE COST OF DEBT 15 € 24 9. 0% € 20 7. 5% 6. 2% € 16 E P R A 4. 5% 6. 1% 5. 8% 5. 4% 4. 9% 5. 1% 6. 0% 4. 7% 4. 6% € 12 3. 8% 3. 4% 4. 0% 3. 1% € 8 3. 0% 2. 2% 2. 1% 1. 7% € 4 1. 8% 70. 4% € 0 1. 5% 0. 0% 2001 2002 2003 2004 2005 2006 2007 Non-convertible Debt EUROPEAN PUBLIC REAL ESTATE ASSOCIATION 2008 2009 2010 Convertible Debt 2011 2012 2013 2014 2015 Weighted Average Coupon Rate 2016 2017 2018 2019 2020

ETFs dynamics ETF Provider ETF Name 16 ETF 1 -yr TR Benchmark 1 -yr TR ETF AUM in USD Mln right 16 June 2020 Amundi ETF FTSE EPRA Europe Real Estate UCITS ETF -5. 69% -6. 04% 37 Amundi ETF FTSE EPRA Global UCITS -11. 79% -12. 47% 698 AMP Capital Global Property Securities Unhedged -9. 58% -14. 59% 15 Blackrock i. Shares Developed Markets Property Yield UCITS ETF -12. 46% -13. 22% 2256 Blackrock i. Shares European Property Yield UCITS ETF -6. 55% -6. 41% 1692 Blackrock i. Shares UK Property UCITS ETF -6. 05% -6. 42% 802 Blackrock i. Shares US Property Yield UCITS ETF -12. 30% -13. 84% 614 Blackrock i. Shares International Developed Real Estate ETF -11. 88% -12. 62% 268 Blackrock i. Shares Asia Property Yield UCITS ETF -15. 25% -15. 80% 363 Blackrock i. Shares Global REIT ETF -13. 19% -14. 23% 2099 Blackrock i. Shares Europe Developed Real Estate ETF -6. 09% -6. 43% 22 BNP Paribas Easy FTSE EPRA Nareit Eurozone Capped -9. 85% -9. 86% 523 BNP Paribas Easy FTSE EPRA Nareit Developed Europe -6. 19% -6. 04% 163 BNP Paribas BNPP E FTSE EPRA Nt Dv Er UK Gn ETF Acc N/A -7. 62% 161 -6. 31% -6. 04% 474 -6. 90% -6. 94% 31 db x-trackers FTSE EPRA Nareit Developed Europe Real Estate Deutsche Bank ETF (DR) 1 C db x-trackers FTSE Developed Europe Ex UK Property UCITS Deutsche Bank ETF (DR) 1 C First Trust FTSE EPRA Nareit Developed Markets Real Estate First Trust Index Fund -12. 27% -11. 99% 36 HSBC FTSE EPRA Nareit Developed UCITS ETF -13. 85% -12. 84% 139 Lyxor FTSE EPRA Nareit Global Developed UCITS ETF -12. 94% -12. 84% 148 Lyxor FTSE EPRA Nareit United States UCITS ETF -12. 90% -13. 00% 14 Lyxor FTSE EPRA Nareit Developed Europe UCITS ETF -4. 62% -6. 04% 13 Lyxor PEA FTSE EPRA Nareit Developed Europe UCITS ETF Sources: EPRA, Bloomberg Data -6. 04% 16 Nikko Asset Management Nikko. AM - STC Asia REIT -8. 17% 156 EUROPEAN PUBLIC REAL ESTATE ASSOCIATION -6. 26% as of: June 16, 2020 -6. 68% E P R A

17 Contact General enquiries: info@epra. com Switchboard: +32 0 2739 1010 HEAD OFFICE Square de Meeûs 23 1000 Brussels, BE E P R A UK Devonshire House One Mayfair Place London W 1 J 8 AJ, UK Find more information on www. epra. com The European Public Real Estate Association ("EPRA") is a not-for-profit association registered in Belgium with registered number 0811738560 and VAT registration number BE 0811. 738. 560. Our registered office is at Square De Meeus 23, 1000 Brussels, Belgium. This presentation is intended solely for the addressee and may contain confidential information. Do not use, copy or disclose the information contained in this presentation. Users of information in this presentation do so at their own risk and must still comply with their responsibilities to their regulatory authority or shareholders. We are not liable for incorrect use or interpretation of our published research, policies or guidance. We accept no liability for damage suffered as a consequence of our published research, policies or guidance being used to mislead a third party. EUROPEAN PUBLIC REAL ESTATE ASSOCIATION