2011 2010 2009 Initial cost of acquisition (€ in

millions) 13 13 13

Current cost invested during the

period (€ in millions) 2.5 9.5 30.7

Total cumulative cost at end of

period (€ in millions) 72.5 70 60.5

Fair value at end of period (€ in

millions) 36.2 66.2 60.5

Anticipated date of completion 2014 2012 2011 Total anticipated cost of investment

(as reported at the end of each

period) (€ in millions) 91.3 89.3 89.3

Cost of remaining investment (as reported at the end of each period) (€

in millions) 18.8 19.3 28.8

Budget rate of completion (%) 79.4 78.3 67.7 Specific financing *

Details (data according to 100%;the corporate share in the

property – 18.03%) Loan A

Balances in the statement of

financial position _{Dec. 31, 2011} (€ in millions)

Presented as

short-term loans: 24 - balance net of deferred charges Presented as long-

term loans: - Balances in the statement of Dec. 31, 2010 Presented as 0.3

financial position (€ in millions) short-term loans: Presented as long-

Details (data according to 100%;the corporate share in the

property – 18.03%) Loan A

Fair value as of December 31, 2011 (€ in millions) 24

Unutilized credit facility (€ in millions) No unutilized credit remaining Effective interest r4ate as of December 31, 2011 (%) 5.4%

Maturity dates of principal and interest Quarterly until September 2029

Principal post-opening financial conditions

Minimum ratio of debt servicing (ratio of effective annual income to annual debt servicing) - 1.15

Maximum ratio of debt balance to property value - 60%

Other principal conditions (including tenants attrition, property value etc.)

Reflected in the computation of debt servicing

Note non-compliance with any principal conditions or covenants at the end of the reported year

Yes. To the date of the report, the project's company failed to comply with the measure regarding the date of the project's completion; however, an addendum to the loan agreement was signed and to date the project's company is in compliance with the terms of the aforementioned loan.

Whether of “non-recourse” type?

Yes, although as of the date of the Report, GTC Poland (the parent company) guarantees the full amount of the loan. Also see Section 7.25.4. * Does not include shareholders’ loans.

7.13.3 Pledges and material legal limitations on the property

Type Details Amount secured by pledges

as of Dec. 31, 2011 (€ in millions) Pledges First-ranking Mortgage on the property

and land in favor of the financing banks

24.7 Other Pledge of the shares held in

the investee company in favor of the financing banks

Full guarantee from the parent company (GTC SA) for the entire amount of the loan

7.13.4 Details regarding valuation

(Data according to 100%; the company’s share in the

Value determined (in € millions) 36.2 66.2 60.5

Appraiser’s identity Jll Serbia King Sturg Jll Romania

Is the appraiser independent? Yes Yes Yes

Is there an indemnification agreement? No No No

Effective date of the valuation (date to which the valuation

refers) 31.12.2011 31.12.2010 31.12.2009

Valuation model (residual / replacement cost / other) Residual Residual Residual

Valuation according to the Residual Approach

The construction:

Estimated date of completion of construction taken into account in the valuation

Q4-2014 Q2-2012 Q1-2011

Total remaining capital investment required to complete the asset (in € millions)

18.8 19.3 28.8

Cap rate (%) 12.5% 22% 22.5%

Costs to which the cap rate relates (remaining costs/total construction costs/other) Construction costs Remaining costs Remaining costs Post-construction value (under

Cash Flow Approach): 63.6 91.5 92.4

Gross leasable area taken into account in the computation (Sq.m.)

38,317 m2 commercial 38,317 m2 commercial 38,700 m2 commercial

Representative annual rental per rented Sq.m. for purposes of the

valuation

EUR 15/m2 EUR 18.5/m2 EUR 19.3/m2

Cap rate 10% 9.5% 9.5%

Other Principal Parameters See note (1) Sensitivity analyses for valuation (according to

approach selected): Change in value (in € millions)

Cap rate 5% increase _{0.3 0.2 0.2} 5% decrease _{(0.3) (0.2) (0.2)} Construction costs 5% increase _{0.4 3.4 1.3} 5% decrease _{(0.4) (3.4) (1.3)}

Average rent per meter

5% increase _{2.4 4.2 4/4}

5% decrease _{(2.5) (4.2) (4.4)}

7.14 Property - Galleria Arad commercial center

7.14.1 General – presentation of the property (Data according to 100%;the corporate

share in the property – 27.75%)

Details as of December 31, 2011

Name of the property: Galleria Arad – a mall completed in October 2011 Location of the property: Calea Aurel Vlaicu,NR.225-235, arad, Romania Area of the property: Commercial – 32,500 m2 net for rental

Structure of the holdings in the property (description of the holdings through investee companies, including percentages of holdings therein and percentages of their holdings in the property):

The asset is 100% owned by a Romanian company, Mercury Commercial Center S.R.L., which is 100% owned by a Dutch company, GTC Romania BV, which is 100% owned by GTC Poland.

Corporation’s effective share in the property (if held by an investee company – multiply the corporation’s share in the investee company by the investee company’s share in the property):

27.75%

Names of the partners in the property (if the partners hold more than 25% of the rights to the property or if the partners are related parties):

As of December 31, 2011, the company is 100% owned by GTC Romania, following the transfer of third-party rights of Aura (Investment company) in 2010.

Date of construction of the property: The property was completed in October 2011. Details of legal rights to the property (ownership,

leasing, etc.):

Ownership

Status of registration of legal rights: Full ownership registered on the property Material unexploited building rights:

Special subjects (material building irregularities, soil pollution, etc.):

N/A

Method of presentation in the financial statements (consolidation/proportionate consolidation/equity method):

Full consolidation

7.14.2 Principal data (Data according to 100%;the corporate share in the property – 27.75%)

*2011 2010 2009