Waltz on the Danube-Final

Original Design Scenario Site Area Bulding Footprint Gross Rentable Area Hard Construction Cost Contingency for Hard Cost Tenants Improvement Other Cost of the Project

65,000 35,700 30,300 1,600 5% 122 Site Acquisitions Financing Soft Costs

6,597,768 5,302,500 9,605,100

Financing Mix Debt Equity ECE Other Investors

70% 30% 33% 67%

Rent Rate

Area

Anchors Supermarket Electronics Sports Clothing In-line Stores CAM

108 108 108 108 264 60

Vacancy

7%

Debt Data Borrowing Rate Loan Constant

5.50% 6.83%

Other data Exit Cap Rate CFO growth rate Investors Preference ECE Preference Excess Distribution Investor ECE

6% 5% 8% 8% 50% 50%

Transaction Charges

2%

6,700 3,800 2,000 1,800 16,000

Rate

Area

Total

Rent Anchors Supermarket Electronics Sports Clothing In-line Stores CAM*

108 108 108 108 264 60

6,700 3,800 2,000 1,800 16,000 30,300

723,600 410,400 216,000 194,400 4,224,000 1,818,000

Gross Potential Revenue Loss on Vacancy Net Revenues

7,586,400 295,680 7,290,720

CAM Expenses

1,818,000

Cash Flow from Operations

5,472,720

*CAM charge will be increased proportionaltely to cover the charge of vacant in-line stores.

Original Design Scenario Cost of the Project Site Acquisitions Financing Soft Costs Hard Cost Contingency Tenants Improvements Total

6,597,768 5,302,500 9,605,100 48,480,000 2,424,000 3,696,600 76,105,968

Debt Equity ECE Other Investors

53,274,178 22,831,790 7,534,491 15,297,300

Financing Mix

Cash Flow Calculations Year Cash Flow Terminal Value CF for Project Debt Service CF for Equity Partners Terminal Value FCFE

2006 0 (76,105,968)

2007 1 5,472,720

2008 2 5,746,356

2009 3 6,033,674

2010 4 6,335,357

2011 5 6,652,125

2012 6 6,984,732

2013 7 7,333,968

2014 8 7,700,667

2015 9 8,085,700

(76,105,968)

5,472,720 3,638,626

5,746,356 3,638,626

6,033,674 3,638,626

6,335,357 3,638,626

6,652,125 3,638,626

6,984,732 3,638,626

7,333,968 3,638,626

7,700,667 3,638,626

8,085,700 3,638,626

1,834,094

2,107,730

2,395,047

2,696,731

3,013,499

3,346,105

3,695,342

4,062,040

4,447,074

1,834,094

2,107,730

2,395,047

2,696,731

3,013,499

3,346,105

3,695,342

4,062,040

4,447,074

4,851,359 94,518,364 99,369,723

1,223,784 602,759

1,223,784 602,759

1,223,784 602,759

1,223,784 602,759

1,223,784 602,759

1,223,784 602,759

1,223,784 602,759

1,223,784 602,759

1,223,784 602,759

1,223,784 602,759

(22,831,790)

Preference Others ECE

2016 10 8,489,985 138,669,754 147,159,739 3,638,626

Unpaid Preference Others ECE

-

Excess Cash Flow Others ECE

7,550 3,775 3,775

281,186 140,593 140,593

568,504 284,252 284,252

870,188 435,094 435,094

1,186,956 593,478 593,478

1,519,562 759,781 759,781

1,868,799 934,399 934,399

2,235,497 1,117,749 1,117,749

2,620,530 1,310,265 1,310,265

3,024,815 1,512,408 1,512,408

1,227,559 610,310

1,364,377 883,946

1,508,036 887,011

1,658,878 1,037,853

1,817,262 1,196,237

1,983,565 1,362,540

2,158,183 1,537,159

2,341,532 1,720,508

2,534,049 1,913,024

53,876,778 45,492,945

1,227,559 610,310

2,591,936 1,494,255

4,099,972 2,381,267

5,758,850 3,419,120

7,576,112 4,615,357

9,559,677 5,977,897

11,717,861 7,515,056

14,059,393 9,235,564

16,593,442 11,148,588

70,470,220 56,641,533

Total Cash Flow Others ECE

(15,297,300) (7,534,491)

Total Cash Flow Others ECE Cash Return (%) Others ECE Exit Calculations Sale Proceeds Sales Expenses Loan Outstanding Net Proceeds Distribution Others ECE Net Profit

8.0 8.1

8.9 11.7

-

-

-

-

-

-

-

-

9.9 11.8

10.8 13.8

11.9 15.9

13.0 18.1

14.1 20.4

15.3 22.8

16.6 25.4

352.2 603.8

1.66

1.74

1.83

1.92

2.02

2.12

2.22

2.33

141,499,749 2,829,995 44,151,390 94,518,364 Initial Equity Profits TOTAL 15,297,300 35,843,287 51,140,587 7,534,491 35,843,287 43,377,778 71,686,574

DSCR IRR Unlevered (Project) IRR (Equity) IRR (Others) IRR (ECE)

-

1.50 13.06% 22.59% 20.08% 26.88%

1.58

Loan Repayment Schedule 2007 Loan Outstanding EMI Paid Interest Principal Repaid Loan Outstanding

53,274,178 3,638,626 2,930,080 708,547 52,565,631

2008 52,565,631 3,638,626 2,891,110 747,517 51,818,114

2009 51,818,114 3,638,626 2,849,996 788,630 51,029,484

2010 51,029,484 3,638,626 2,806,622 832,005 50,197,480

2011 50,197,480 3,638,626 2,760,861 877,765 49,319,715

2012 49,319,715 3,638,626 2,712,584 926,042 48,393,673

2013 48,393,673 3,638,626 2,661,652 976,974 47,416,698

2014 47,416,698 3,638,626 2,607,918 1,030,708 46,385,990

2015 46,385,990 3,638,626 2,551,229 1,087,397 45,298,594

2016 45,298,594 3,638,626 2,491,423 1,147,204 44,151,390