EMEA Rents and Yields MarketView

Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 EMEA Rents and Yields MarketView Q4 2012 EU-15 ALL PRIME PROPERTY RENT INDEX +0.9% CBRE Global Research and Consulting EU-15 ALL PRIME PROPERTY WEIGHTED AVERAGE YIELD -4 BPS SIGNS OF RESILIENCE IN PRIME EUROPEAN COMMERCIAL RENTS AND Yields - Quarter EU-15 Indices Industrial 7.75% 1 bps Office 5.55% 4 bps Retail 4.89% 5 bps Number of Markets Risers 17 Stable 105 Fallers 23 This report is designed to provide our clients with an immediate view on prime rents and yields across major markets and sectors in the region as at the end of the quarter. It is our intention to provide this information as soon as possible after the end of the quarter. In some markets, the data may therefore be a preliminary estimate and clients should note that data contained within the report may be subject to revision. Please note also that the figures contained in this report are indicative of values applying to buildings of particular quality, specification and size. The extent to which they are supported by transactional evidence varies across markets and over time. When deal flow is generally thin, the quoted figures are based more on expert opinion of market conditions. Full definitions are provided on page 5. Chart 1: CBRE EU-15 Yield Index Annual Change (BPS) Rents Quarter EU-15 Indices Industrial 0.3% Office -0.3% Retail 2.1% 150 100 50 0-50 Retail Industrial Office Number of Markets -100 Risers 15 Stable 119 Fallers 11 Chart 2: CBRE EU-15 Rent Index Annual Change 30% 20% 10% 0% 1-10% -20% Retail Industrial Office

P rime Yield T rough * * ) 2 OFFICE -0.30-0.26 3.31 5.55-4 11-67 Austria Vienna per sq m pm 24.75 297.00 1.02 4.21 11.24 5.00-5 -20-75 Belgium Brussels per sq m pa 285.00 285.00 0.00 0.00 7.55 6.25 0-50 -50 Croatia Zagreb per sq m pm 15.00 180.00 0.00-4.76 0.00 8.30 0 0-20 Czech Republic Prague per sq m pm 21.00 252.00 0.00 0.00 0.00 6.50 0 0-50 Denmark Aarhus DK per sq m pa 1275.00 170.88-1.92-1.92 0.00 5.25 0 0-50 Denmark Copenhagen DK per sq m pa 1700.00 227.84 0.00-1.45 1.49 5.00 0 0-75 Finland Helsinki per sq m pa 382.50 382.50 0.66 3.38 20.28 5.20-5 -20-80 France Lille per sq m pa 200.00 200.00 0.00 0.00 8.11 5.80-20 -40-145 France Lyon per sq m pa 285.00 285.00 0.00 1.79 23.91 5.95 0 0-105 France Marseille per sq m pa 250.00 250.00 0.00 0.00 0.00 6.00 0 25-100 France Paris per sq m pa 830.00 830.00 0.00 0.00 15.28 4.25-25 -25-200 Germany Berlin per sq m pm 22.00 264.00 0.00 0.00 10.00 5.00-10 -10-50 Germany Dusseldorf per sq m pm 26.00 312.00 4.00 10.64 15.56 5.00-10 -10-30 Germany Frankfurt per sq m pm 38.00 456.00 0.00 0.00 0.00 4.90-10 -10-50 Germany Hamburg per sq m pm 24.00 288.00 0.00 4.35 6.67 4.75 0-15 -35 Germany Munich per sq m pm 31.50 378.00 0.00 3.28 6.78 4.75 0-5 -25 Greece Athens per sq m pm 23.00 276.00 0.00-4.17 0.00 8.50 0 100 0 Greece Thessaloniki per sq m pm 10.50 126.00 0.00-12.50 0.00 9.50 0 75 0 Hungary Budapest per sq m pm 20.00 240.00 0.00 0.00 0.00 7.50 0 25-50 Ireland Dublin per sq m pa 296.00 296.00 0.00-8.36 0.00 6.75-25 -75-75 Italy Milan per sq m pa 510.00 510.00-1.92-1.92 0.00 6.00-25 75-25 Italy Rome per sq m pa 410.00 410.00 0.00-2.38 0.00 6.25 0 45 0 Netherlands Amsterdam per sq m pa 340.00 340.00 0.59 0.59 3.03 5.65 0 15-50 Netherlands Rotterdam per sq m pa 210.00 210.00 0.00 0.00 7.69 5.65 0 10-70 Netherlands The Hague per sq m pa 210.00 210.00 0.00-2.33 2.44 5.65 0 15-70 Netherlands Utrecht per sq m pa 200.00 200.00 0.00-2.44 0.00 5.85 0 15-50 Norway Oslo NOK per sq m pa 3700.00 504.13 2.78 5.71 23.33 5.35 5 15-165 Poland Warsaw per sq m pm 27.00 324.00 0.00 0.00 17.39 6.25 0 0-50 Portugal Lisbon per sq m pm 18.50 222.00 0.00 0.00 0.00 8.25 25 75 0 Portugal Oporto per sq m pm 12.00 144.00-4.00-11.11 0.00 10.00 50 100 0 Romania Bucharest per sq m pm 18.50 222.00-2.63-5.13 0.00 8.25 0 0-125 Russian Federation Moscow $ per sq m pa 1200.00 910.33 0.00 0.00 41.18 8.50-25 -25-350 Russian Federation St Petersburg $ per sq m pa 800.00 606.89 0.00 0.00 6.67 11.50 0 0-550 Serbia Belgrade per sq m pm 15.00 180.00 0.00 3.45 3.45 9.50 0 0-50 Slovak Republic Bratislava per sq m pm 16.00 192.00-5.88-5.88 0.00 7.25 0 0-25 Spain Barcelona per sq m pa 213.00 213.00-1.39-4.05 0.00 6.25 25 50-25 Spain Madrid per sq m pa 303.00 303.00-0.98-2.88 0.00 6.25 0 50-25 Sweden Gothenburg SEK per sq m pa 2500.00 291.50 0.00 8.70 11.11 5.00 0 0-75 Sweden Stockholm SEK per sq m pa 4400.00 513.05 0.00 0.00 10.00 4.50 0-25 -125 Switzerland Geneva CHF per sq m pa 1000.00 828.80 0.00 2.56 21.95 4.25 0-25 -100 Switzerland Zurich CHF per sq m pa 850.00 704.48 0.00-5.56 0.00 3.30 0-20 -80 Turkey Istanbul $ per sq m pm 43.00 391.44 0.00 0.00 7.50 7.75 0 0-75 Ukraine Kyiv $ per sq m pm 32.00 291.31-8.57-8.57 14.29 13.00 0 0-200 United Arab Emirates Abu Dhabi AED per sq m pa 1800.00 371.75 0.00-5.26 0.00 8.75 0 0 0 United Arab Emirates Dubai AED per sq ft pa 280.00 622.45 0.00 0.00 0.00 7.50-25 -62-125 United Kingdom London per sq ft pa 55.00 729.89 0.00 0.00 30.95 5.00 0 0-175 United Kingdom London West End per sq ft pa 92.50 1227.54 0.00 0.00 15.63 4.00 0 0-150 United Kingdom Belfast per sq ft pa 12.50 165.88 0.00 0.00 0.00 7.75 0 75 0 United Kingdom Birmingham per sq ft pa 28.50 378.22 0.00 0.00 5.56 6.50 25 50-100 United Kingdom Bristol per sq ft pa 27.50 364.95 0.00 0.00 5.77 6.50 25 50-115 United Kingdom Edinburgh per sq ft pa 27.00 358.31 0.00 0.00 0.00 6.50 25 50-75 United Kingdom Glasgow per sq ft pa 27.00 358.31 0.00 0.00 0.00 6.50 25 50-100 United Kingdom Manchester per sq ft pa 30.00 398.12 0.00 1.69 5.26 6.25 0 50-125

P rime Yield T rough * * ) 3 RETAIL 2.10 5.01 11.00 4.89-5 -9-60 Austria Vienna per sq m pm 300.00 3600.00 0.00 1.69 9.09 4.25-5 -15-45 Belgium Brussels per sq m pa 1700.00 1700.00 0.00 0.00 6.25 4.50 0 0-75 Croatia Zagreb* per sq m pm 22.50 270.00 0.00-4.26 0.00 8.25 0 0-25 Czech Republic Prague* per sq m pm 85.00 1020.00 0.00 0.00 0.00 6.25 0 0-75 Denmark Copenhagen DK per sq m pa 14750.00 1976.85 0.00 1.72 1.72 4.90 0-10 -10 Finland Helsinki per sq m pa 1765.00 1765.00 1.91 1.96 28.46 5.20 0-10 -60 France Lille per ITZA pa 2200.00 1386.00 0.00 0.00 22.22 5.00 0-25 -100 France Lyon per ITZA pa 2600.00 1638.00 0.00 0.00 13.04 5.00 0-25 -100 France Marseille per ITZA pa 1700.00 1071.00 0.00-5.56 0.00 5.00 0-25 -100 France Paris per ITZA pa 12000.00 7560.00 9.09 20.00 20.00 4.00-15 -50-175 Germany Berlin per sq m pm 300.00 3600.00 3.45 15.38 27.66 4.50-25 -25-40 Germany Cologne per sq m pm 260.00 3120.00 0.00 0.00 10.64 4.50-25 -25-35 Germany Dusseldorf per sq m pm 250.00 3000.00 0.00 8.70 13.64 4.40-10 -10-20 Germany Frankfurt per sq m pm 300.00 3600.00 0.00 0.00 20.00 4.40-10 -10-20 Germany Hamburg per sq m pm 250.00 3000.00 0.00 0.00 13.64 4.30-10 -10-20 Germany Munich per sq m pm 330.00 3960.00 0.00 6.45 10.00 4.30-10 -10-20 Greece Athens per ITZA pm 230.00 1297.20 0.00 15.00 15.00 7.25 0 25 0 Hungary Budapest* per sq m pm 100.00 1200.00 0.00 0.00 0.00 7.00 0 0-75 Ireland Dublin per ITZA pa 4500.00 2115.00 0.00-10.00 0.00 6.00 0-50 -50 Italy Milan per sq m pa 4000.00 4000.00 0.00 0.00 8.11 5.75 0 50 0 Italy Rome per sq m pa 3500.00 3500.00 0.00 0.00 0.00 5.75 0 25-15 Netherlands Amsterdam per sq m pa 2900.00 2900.00 0.00 3.57 7.41 4.05 0 0-60 Netherlands Rotterdam per sq m pa 1950.00 1950.00 0.00 8.33 11.43 4.05-5 -5-70 Netherlands The Hague per sq m pa 1400.00 1400.00 0.00 0.00 12.00 4.10 0 0-65 Netherlands Utrecht per sq m pa 1850.00 1850.00 0.00 2.78 5.71 4.05 0 0-65 Norway Oslo NOK per sq m pa 14500.00 1975.66 0.00-3.33 3.57 5.25 0 25-150 Poland Warsaw* per sq m pm 90.00 1080.00 0.00 0.00 12.50 6.00 0 0-100 Portugal Lisbon per sq m pm 85.00 1020.00 0.00 6.25 6.25 7.50 0 0 0 Portugal Oporto per sq m pm 25.00 300.00-16.67-16.67 0.00 9.00 25 25 0 Romania Bucharest* per sq m pm 50.00 600.00 0.00 0.00 0.00 8.75 0 0-75 Russian Federation Moscow* $ per sq m pa 2009.00 1524.05 1.98 4.09 17.01 9.00-50 -50-400 Russian Federation St Petersburg* $ per sq m pa 1550.00 1175.85 0.00 0.00 3.33 12.00 0 0-500 Serbia Belgrade* per sq m pm 35.00 420.00 0.00 0.00 0.00 8.50 0 0 0 Slovak Republic Bratislava* per sq m pm 80.00 960.00 0.00-5.88 6.67 7.00 0 0-25 Spain Barcelona per sq m pa 2200.00 2200.00 0.00 0.00 4.76 5.00 0-50 -75 Spain Madrid per sq m pa 2500.00 2500.00 0.00 0.00 4.17 5.25 0-25 -50 Sweden Stockholm SEK per sq m pa 13500.00 1574.13 0.00 0.00 17.39 4.50 0-25 -150 Switzerland Zurich CHF per sq m pa 8400.00 6961.94 0.00 1.20 12.00 3.40 0-20 -80 Turkey Istanbul* $ per sq m pm 120.00 1092.40 33.33-7.69 33.33 8.00 0 0-100 Ukraine Kyiv* $ per sq m pm 148.00 1347.29 0.00 0.00 13.85 12.50-50 -50-350 United Arab Emirates Abu Dhabi* AED per sq m pa 2800.00 578.28 0.00 0.00 1.82 8.00 0 0-50 United Arab Emirates Dubai* AED per sq ft pa 420.00 933.68 0.00 5.00 5.00 8.00 0-50 -75 United Kingdom London per ITZA pa 225.00 1403.38 0.00 28.57 28.57 5.25 0 0-75 United Kingdom London West End per ITZA pa 1100.00 9196.63 10.00 15.79 46.67 3.25 0 0-125 United Kingdom Belfast per ITZA pa 150.00 935.59 0.00 0.00 0.00 6.75 0 75 0 United Kingdom Birmingham per ITZA pa 275.00 2299.16-8.33-8.33 0.00 5.25 0 10-150 United Kingdom Edinburgh per ITZA pa 200.00 1672.11 0.00 0.00 14.29 5.25 0 0-175 United Kingdom Glasgow per ITZA pa 250.00 2090.14 0.00-3.85 4.17 5.25 25 25-125 United Kingdom Manchester per ITZA pa 275.00 2299.16 0.00 14.58 27.91 5.25 0 10-150 * Data is for shopping centres. Data for the remainder of the locations is for high street retail. 3

P rime Yield T rough * * ) INDUSTRIAL 0.30-1.47 0.30 7.75 1 9-34 Austria Vienna per sq m pm 4.80 57.60 0.00 0.00 0.00 7.25 0 0-35 Belgium Brussels per sq m pa 46.00 46.00 0.00 0.00 4.55 7.00 0-25 -60 Croatia Zagreb per sq m pm 5.50 66.00 0.00 0.00 0.00 9.50 0 0-25 Czech Republic Prague per sq m pm 4.25 51.00 0.00 0.00 0.00 8.00 0 0-75 Denmark Copenhagen DK per sq m pa 425.00 56.96 0.00-5.56 0.00 8.00 0 0 0 Finland Helsinki per sq m pa 138.00 138.00 0.73 2.22 22.12 7.20 10 10-20 France Paris per sq m pa 200.00 200.00 0.00 0.00 150.00 7.50 25 35-75 Germany Berlin per sq m pm 4.50 54.00 0.00 0.00 0.00 6.50 0-25 -100 Germany Dusseldorf per sq m pm 5.20 62.40 0.00-1.89 0.00 6.50 0 0-75 Germany Frankfurt per sq m pm 6.20 74.40 0.00 1.64 5.08 6.50 0 0-75 Germany Hamburg per sq m pm 5.70 68.40 0.00 0.00 1.79 6.50 0 0-75 Germany Munich per sq m pm 6.50 78.00 4.84 4.84 4.84 6.50 0 0-75 Greece Athens per sq m pm 3.50 42.00 0.00-7.89 0.00 9.25 0 25 0 Hungary Budapest per sq m pm 4.50 54.00 0.00 0.00 0.00 9.25 0 50-25 Ireland Dublin per sq m pa 60.00 60.00 0.00-7.69 0.00 9.50 0 0 0 Italy Milan per sq m pa 52.00 52.00 0.00-5.45 0.00 8.50 0 50 0 Italy Rome per sq m pa 60.00 60.00 0.00 0.00 0.00 8.50 0 50 0 Netherlands Amsterdam per sq m pa 68.00 68.00 0.00-4.23 1.49 6.70 0-20 -120 Netherlands Rotterdam per sq m pa 70.00 70.00 2.94 0.00 4.48 6.70 0-20 -65 Netherlands The Hague per sq m pa 65.00 65.00 0.00 0.00 0.00 8.40 25 50 0 Netherlands Utrecht per sq m pa 68.00 68.00 0.00-2.86 4.62 6.70 0-120 -120 Norway Oslo NOK per sq m pa 1000.00 136.25 0.00 0.00 0.00 6.50 0 0-125 Poland Warsaw per sq m pm 4.00 48.00 0.00 0.00 0.00 7.50 0-25 -125 Portugal Lisbon per sq m pm 3.25 39.00 0.00-7.14 0.00 9.50 25 100 0 Romania Bucharest per sq m pm 4.10 49.20 0.00 0.00 0.00 10.25 0 0-25 Russian Federation Moscow $ per sq m pa 140.00 106.21 0.00 3.70 40.00 11.00 0 0-300 Russian Federation St Petersburg $ per sq m pa 130.00 98.62 0.00 8.33 8.33 14.00 0 0-300 Serbia Belgrade per sq m pm 4.50 54.00 0.00 0.00 0.00 12.00 0 0-100 Slovak Republic Bratislava per sq m pm 4.25 51.00 0.00 0.00 0.00 8.50 0 0-25 Spain Barcelona per sq m pa 60.00 60.00 0.00-9.09 0.00 7.75 0 0-75 Spain Madrid per sq m pa 66.00 66.00 0.00 0.00 0.00 8.25 0 0 0 Sweden Stockholm SEK per sq m pa 1000.00 116.60 0.00 0.00 5.26 6.75 0 0-100 Switzerland Geneva CHF per sq m pa 270.00 223.78 0.00 1.89 28.57 5.50 0-10 -125 Switzerland Zurich CHF per sq m pa 150.00 124.32 0.00 7.14 7.14 6.60 0-20 -40 Turkey Istanbul $ per sq m pm 6.75 61.45-3.57-3.57 22.73 8.75-75 -175-275 Ukraine Kyiv $ per sq m pm 6.25 56.90 0.00 0.00 0.00 15.00 0 0-200 United Arab Emirates Abu Dhabi AED per sq m pa 900.00 185.88 0.00 0.00 0.00 12.00 0 0-50 United Arab Emirates Dubai AED per sq ft pa 28.00 62.25 12.00 12.00 12.00 12.00 0-25 -100 United Kingdom Birmingham per sq ft pa 5.25 69.67 0.00 0.00 0.00 7.25 10 40-110 United Kingdom Edinburgh per sq ft pa 6.00 79.62 0.00 0.00 0.00 7.75 0 25-25 United Kingdom Glasgow per sq ft pa 6.00 79.62 0.00 0.00 0.00 8.25 50 75-25 United Kingdom London per sq ft pa 12.50 165.88 0.00 0.00 0.00 6.25 0 0-150 United Kingdom Manchester per sq ft pa 5.75 76.31 0.00 0.00 4.55 7.75 25 50-60 4

CONTACTS For more information about this Regional MarketView, please contact: Richard Holberton Director CBRE Henrietta House Henrietta Place London W1G 0NB t: +44 207 182 3348 e: richard.holberton@cbre.com Beau Garrido Analyst CBRE Henrietta House Henrietta Place London W1G 0NB t: +44 207 182 3039 e: beau.garrido@cbre.com + FOLLOW US GOOGLE+ FACEBOOK TWITTER 5 Global Research and Consulting This report was prepared by the CBRE EMEA Research Team which forms part of CBRE Global Research and Consulting a network of preeminent researchers and consultants who collaborate to provide real estate market research, econometric forecasting and consulting solutions to real estate investors and occupiers around the globe. Disclaimer CBRE Limited confirms that information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt their accuracy, we have not verified them and make no guarantee, warranty or representation about them. It is your responsibility to confirm independently their accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE. 5 www.cbre.com