Germany. This document is intended solely for the use of professionals and is not for general public distribution.

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1 Germany This document is intended solely for the use of professionals and is not for general public distribution.

2 Who we are TH Real Estate, an investment affiliate of Nuveen (the investment management arm of TIAA), is one of the largest real estate investment managers in the world with c. 90.3bn ($103.1bn) in AUM. Managing a suite of nearly 80 funds and mandates spanning both debt and equity across diverse geographies, sectors, investment styles and vehicle types, we provide access to every aspect of real estate investing. With over 80 years of investing experience, and more than 530 real estate professionals located across 22 cities throughout the US, Europe and Asia-Pacific, the platform offers impressive local expertise coupled with a sophisticated global perspective. Our investment, asset management and corporate strategies grow from a deep understanding of the structural trends that we believe will shape the future of real estate and responsible investing beyond market cycles. This Tomorrow s World approach sits at the core of our investment process and business operations, informing our long-term view of real estate investments for the enduring benefit of both clients and society. Our business in Germany 17% Sector split of AUM 13% 2% We have an experienced and wellestablished team in Germany. Our largest Continental European office, Frankfurt, is structured around specialist teams including fund and asset management, business development, fund and transaction structuring, finance, and distribution. The team manages several funds, including our six German Spezialfonds, whilst supporting activities for all of our German assets, and other European and overseas ventures. 67 ASSETS Key Retail: 70% Logistics: 17% Office: 13% 70% 2.9bn ($3.3bn) AUM 50 EMPLOYEES OFFICE OPENED IN 2000 With 17 years of local experience in the German property market and a strong performance record, we are optimally positioned to grow the German business as we continue to focus on delivering German products for our domestic and international clients. Timothy Horrocks Head of Continental Europe Note: All data as at 30 June 2017, unless otherwise stated. Germany 3

3 Our solutions Who we work with We work closely with our clients to develop long-term strategic relationships, to understand their goals and meet their requirements. To ensure we provide each investor with a tailored solution, made up of a range of products and strategies, we have deepened our range of solutions to offer the resilient, enhanced and debt series: Resilient Enhanced Debt Our partners at TH Real Estate share and encourage our passion for retail. Our desire to inspire visitors has led to a natural collaboration, which we look forward to enhancing in the future. Our resilient series is designed for investors who are focused on diversification, income and long-term capital growth. Our strategies focus on investing in high-quality assets in leading cities that are well positioned in terms of long-term structural trends including demographic change, urbanisation and technology Our enhanced series applies strategies that work within market cycles, use a more active asset management and repositioning approach, and/or invest in emerging sectors and locations. These strategies are designed for investors that are looking for an enhanced level of capital growth Our debt series is designed to provide investors with access to secure, income-focused returns. Our strategies may suit cautious investors seeking attractive levels of income with a measure of downside protection against short-term capital cycles Henrie W. Kötter Chief Investment Officer, ECE Erlangen Arcaden, Erlangen 4 Germany Germany 5

4 A selection of our investments Designer Outlet Neumünster Retail Park, Norderstedt Logistics Centre, Elsdorf Designer Outlet, Neumünster Logistics Centre, Elmenhorst Atlantic Haus, Hamburg Located near Hamburg 27,900 sq m (300,312 sq ft) Retail Acquired by our European Outlet Mall Fund in 2012 Phase 2 launched in September units Designer Outlet, Berlin Gropius Passagen, Berlin The Cube, Berlin Hybrid Mall Mainspitze, Raunheim Logistics Centre, Ginsheim-Gustavsburg Logistics Centre, Gernsheim Logistics centre, Ketsch Logistics Centre, Überherren Durlach Center, Karlsruhe Logistics Development, Benningen Logistics Centre, Waiblingen Mercatura, Aalen Erlangen Arcaden, Erlangen ORO Shopping Centre, Schwabach Bürozentrum Nymphe, Munich PEP Shopping Centre, Munich 6 Germany Germany 7

5 A selection of our investments (continued) PEP Shopping Centre Located in Munich 60,400 sq m (650,140 sq ft) Retail Acquired in 2011 Part of the TIAA-CNP JV since units Rated BREEAM `very good for building and `excellent for its operations in 2016 Refurbishment due to complete 2018 Durlach Center Located in Karlsruhe 28,000 sq m (301,389 sq ft) Retail Acquired by our German Retail Income Fund in units Extension due to complete in 2018 Gropius Passagen Located in Berlin 93,500 sq m (1,006,425 sq ft) Retail Acquired in 2012 Part of the TIAA-CNP JV since units Awarded BREEAM pre-assessment `very good for the building and its operations in 2016 Refurbishment due to complete 2019 Bürozentrum Nymphe Located in Munich 15,057 sq m (162,491 sq ft) Office Part of the seed portfolio for Cityhold Office Partnership 14 tenants 8 Germany Germany 9

6 A selection of our investments (continued) Logistics Centre Elsdorf Located in Elsdorf, halfway between Hamburg and Bremen c.42,000 sq m (452,084 sq ft) plus office and social facilities Logistics Acquired in 2017 First asset of our German Logistics Fund II One unit Retail Park Norderstedt De-Gasperi-Passages located in Norderstedt, north of Hamburg c.24,000 sq m (258,334 sq ft) Retail Acquired on behalf of our Core German Retail Fund in tenants Logistics Centre Ginsheim-Gustavsburg Located in Ginsheim-Gustavsburg, near Frankfurt am Main 12,487 sq m (134,409 sq ft) Logistics Acquired by our ICF German Logistics Fund in 2017 One unit Mercatura Aalen Located in Aalen, Baden-Wuerttemberg c.18,200 sq m (195,903 sq ft) Retail Acquired by our Core German Retail Fund in tenants 10 Germany Germany 11

7 A selection of our investments (continued) Hybrid Mall Mainspitze Located in Raunheim, near Frankfurt am Main c.20,300 sq m (218,507 sq ft) Retail Acquired on behalf of Aldomus Fund in tenants Logistics Centre Benningen Located near Ludwigsburg, in the metropolitan area of Stuttgart c.17,200 sq m (182,986 sq ft) Logistics Acquired for German Logistics Fund II in 2017 Premium logistics development due to complete Q Logistics Centre Ketsch Located south of Mannheim, Baden-Wuerttemberg 35,158 sq m (378,438 sq ft) Logistics 3 units, 254 parking spaces Acquired for ICF German Logistics in 2017 Premium logistics development due to complete Q Germany Germany 13

8 A selection of our investments (continued) Atlantic Haus Logistics Centre Gernsheim Located in Gernsheim, southwest of Frankfurt am Main c.36,300 sq m (390,730 sq ft) with ability to be partitioned Logistics Acquired by our ICF German Logistics Fund) in 2017 Located in Hamburg 32,373 sq m (348,460 sq ft) Office Part of the seed portfolio for Cityhold Office Partnership 28 tenants LEED Gold certified Logistics Centre Waiblingen Located in Waiblingen, near Stuttgart c.24,500 sq m (263,715 sq ft) Logistics Acquired by our ICF German Logistics Fund in 2016 Construction due to complete Q Germany ADRIAN BECK PHOTOGRAPHER Germany 15

9 A selection of our investments (continued) Designer Outlet Berlin Logistics Centre Überherrn Located 30km west of Saarbrücken, close to the border of France c.11,200 sq m (c.120,000 sq ft) Logistics Acquired by ICF German Logistics Fund in July 2016 The asset is part of Dachser s Logistics Centre Saarland construction, which is scheduled to complete Q Located in Berlin c.21,000 sq m (c.226,042 sq ft) Retail sector Acquired by our European Outlet Mall Fund over two phases in 2006 and units Logistics Centre Elmenhorst Located in Elmenhorst, 50km east of Hamburg c.16,000 sq m (172,223 sq ft) Logistics Acquired by ICF German Logistics Fund in 2016 Successfully re-let in 2017 for a lease term of 15 years 16 Germany Germany 17

10 A selection of our investments (continued) Our approach Erlangen Arcaden Located in Erlangen, near Nuremberg 32,200 sq m (346,597 sq ft) Our assets are locally sourced and managed by specialist teams, which apply their own experience and style when managing their portfolios. These teams have the support of our senior management and operate within an integrated investment platform, which includes support across finance, debt and currency management, performance analytics, client service, fund and transaction structuring, development, sustainability and research. Retail Acquired in 2006 Part of the TIAA-CNP JV since units Awarded BREEAM `excellent for building and `very good for its operations Re-certification 2017 and full audit 2018 Strong sustainability credentials, including 100% green power supply from a hydroelectric plant in Norway Investment process With our clients at the heart of everything we do, we operate within a defined investment process with established risk controls that are supervised by our investment committee, comprising senior investment professionals together with representatives from our specialist teams. We draw on the knowledge and experience of our global real estate business to ensure that any investment activity has been through a rigorous process. Our experience and record of efficient delivery has built us a strong presence and well-established relationships with agents and principals, enabling us to source opportunities across the world s most competitive investment markets. Asset management We aim to increase the value of the properties we manage, and deliver quality investment performance for our clients. At TH Real Estate, we recognise the advantage of local representation. By applying our own experience, as well as that of our local advisors, we create business plans with challenging goals. We target assets with long-term potential and those where value can be added via letting, re-letting, promotion, refurbishment and redevelopment. Development Our development and investment teams work together to improve asset management performance, by identifying opportunities for both piecemeal and comprehensive development. This close working relationship often reveals the unique drivers and constraints around fund performance. Armed with this understanding and the skills within the development team, we tailor our services to match client and project needs. From inception to completion, we expose ourselves to cross-sector development, which ranges from direct development to joint ventures, and development funding. The team boasts strong management skills, an entrepreneurial mind-set and a thorough understanding of the development process, enabling them tofulfil the demands of our clients. 18 Germany Germany 19

11 Investing in Tomorrow s World Hamburg: Germany s bridge to the world Our investment, asset management and corporate strategies grow from a deep understanding of the structural trends that we believe will shape the future of real estate and responsible investing beyond market cycles. This Tomorrow s World approach sits at the core of our investment process and business operations, informing our long-term view of real estate investments for the enduring benefit of both clients and society. The local and global expertise across our business, combined with a collaborative and responsible approach, enables us to unlock opportunities and deliver excellence in Tomorrow s World. We believe that developing the right products and investment opportunities is our responsibility. We carry out in-depth research to determine the best way to capture long-term, structural changes in both occupational demand and capital flows, to create sustainable real estate products relevant to occupiers and investors, whilst striving to futureproof our clients interests. We have a substantial and fully-integrated R&D team which explores the bigger picture insights that we call megatrends. These megatrends tap into evolutionary themes that have a global impact across demographics, technology, climate, politics and regulation, determining the future-use and demand for real estate in the years to come. Our research suggests that the impact of these megatrends will be much more notable at the city level, as opposed to nationally, and so the strategic direction of our flagship European Cities Fund is centred on cities, not countries. Furthermore, each leading city has a unique DNA, and we select each city by its distinctive personality. This approach is consistent with the way occupiers think about their requirements and representation. It also means that compelling opportunities are unlikely to get missed due to negative country-level perception, and vice versa. A city based real estate strategy, underpinned by long term, structural trends, that strikes the right balance of risk and diversification, while taking advantage of short term pricing opportunities, should enjoy above average portfolio level returns, lower than average volatility, and modest downside risk, for long term investors. Alice Breheny Global Head of Research Northern city Business links stretch into England, the Nordics and the Baltic region. Technology trailblazer Northern hub for start-ups and media innovation. Diversification driver Hamburg s Hafencity is among the biggest urban redevelopment projects in Europe. Innovative ideas The creative industry is at home here, with newspapers and publishing houses choosing to locate their headquarters in the city. Investment intensive For its size, Hamburg is disproportionally attracting capital compared to the rest of Germany. Lifestyle leader Ability to explore on foot, with leisure attractions well-integrated across the city. Sustainability standout Efficient public transport and a walkable city. Mega metropolis Largest city in northern Germany. 20 Germany Germany 21

12 Munich: Where tradition meets commerce Berlin: The most exciting place in Europe Capital city Lifestyle leader Quality of life is among the strongest pull factors for Munich, scoring as the top German city and fourth globally. Eurozone City Euro is the currency. Innovative ideas Innovation is being driven in engineering and science. Mega metropolis Munich is Germany s thirdlargest city and the capital of the state of Bavaria, which effectively makes it the cultural, political and commercial centre of Southern Germany. The largest city in Germany has seen the biggest transformation of any German city in recent years. It has gone from being divided into two countries to a united and more powerful city, becoming Germany s capital in Densification driver Its high density, historic apartment blocks dominate the city. Lifestyle leader Berlin has a relatively low cost of living, for a capital and green space. Investment intensive It is an investment hot spot, with the highest investment volumes in Germany. Technology trailblazer It has a high concentration of (bio) tech-companies. Densification driver Due to restrictive buildings regulations, this is a very urban city. Education elitist LMU and TU Munich are among Germany s top universities. Sustainablilty standout Englischer Garten is one of Europe s biggest parks. Technology trailblazer Berlin s tech economy has created national and international companies such as Soundcloud and Zalando. Sustainability standout Air quality is better than the average of big European cities. Culture capital Attracts visitors for its cultural attractiveness. Berlin is the only city in the world that has three active classic opera houses. Innovative ideas Berlin thrives on innovative businesses. It has Germany s highest numbers of start-up companies. Mega metropolis Largest city in Germany 22 Germany Germany 23

13 Case study: The Cube, Berlin In December 2016, on behalf of our European Cities Fund, we agreed contracts to acquire a c.18,500 sq m (200,000 sq ft) development project in Berlin. The planned office building The Cube will be an iconic trophy office asset located at Washington Platz, in the prominent urban district of Europacity between Berlin main station and the Chancellor s office. The building comprises c.1,000 sq m (10,800 sq ft) retail space on the ground floor, an underground car park and ten upper office floors. It is part of a long-term regeneration project in the area, which will experience significant development over the next ten years. This deal represented a rare and exciting opportunity to purchase a prime office building in one of our key investment cities. Berlin ticks the boxes as a future-proof investment destination, due to its growing population, increasing office workforce and reputation as an education hub. Office vacancy rates in the city are at historic lows of 4.5%, a consequence of strong demand for space and a shortage of new office stock. We believe that the increasing shortage, particularly of modern space, should lead to a strong occupational demand for space in The Cube. Furthermore, its high-quality, sustainable fit-out spec is well aligned with our objective to create and protect assets for Tomorrow s World. It is our belief that this will be among the best office buildings in the City when completed. 24 Germany Germany 25

14 Case study: ORO Shopping Centre, Schwabach Translated from Spanish and Italian, ORO means gold. And ORO is the new name of the former Huma shopping centre in Schwabach near Nuremberg. The new name is ideally suited to this location, because Schwabach is traditionally a city of gold craftmanship. Marked by a grand relaunch event, the new logo was unveiled in May One year before, we handed over the management mandate for the shopping centre to MEC METRO-ECE Centermanagement GmbH & Co. KG. The asset is part our Core German Retail Fund. Our business and MEC has since been working in cooperation with the design agency kplus konzept from Düsseldorf on the rebranding of the established centre. The shopping centre was opened in 1975, and is located around 20km south of Nuremberg. The property was revitalised in 2012, and transformed from a retail park into a hybrid mall. There is a particular architectural emphasis on the large, flood-lit market square in the centre of the building, where many events and sales are held. Over a total rental space of 36,300 sq m (390,729 sq ft), and distributed over two floors, there are 33 shops and specialist retailers, including the anchor tenants Real, Media Markt, Modepark Röther, Toys R Us, dm-drogerie markt and Intersport Voswinkel. Numerous service and food businesses supplement the retail available at this location. There are 1,400 free parking spaces offering adequate parking for the visitors. 26 Germany Germany 27

15 Case study: Cityhold Office Partnership In September 2015, we brought together TIAA and the Swedish National Pension Funds AP1 and AP2, to form the Cityhold Office Partnership, a leading, pan-european office investment platform. Our business manages the vehicle on the investors behalf, providing investment and asset management services. The joint venture, seeded with properties owned by the TIAA General Account, AP1 and AP2, created an initial platform valued at 2.2bn (c.$2.5bn). Comprising 250,000 sq m (c.2 million sq ft) of core office space across Germany, France, and the UK, it significantly enhances our office holdings in Germany, building on our strong capability across this sector. The portfolio includes landmark assets such as Atlantic Haus and Burstah Offices in Hamburg, and Bürozentrum Nymphe in Munich. The venture is actively investing with new capital from the TIAA General Account, AP1 and AP2, targeting an additional c. 2bn (c.$2.2bn) of investment over the next three years. In Germany, it primarily targets core investments in Tier 1 cities such as Munich, Hamburg, Frankfurt and Berlin. Additionally, the investment programme looks to invest in valueadd opportunities such as leasing, renovation and development opportunities in Tier 1 cities, or stabilised core investments within Tier 2 cities. ADRIAN BECK PHOTOGRAPHER 28 Germany Germany 29

16 Case study: German Logistics Fund II In May 2017, we started our fourth logistics property fund the German Logistics Fund II (GLOF II) - with a target volume of approximately 200m in equity capital, which will be used to realise more than 300m worth of investments. With GLOF II, we aim to grow our 750,000 sq m (c.8 million sq ft) large German logistics properties portfolio to more than 1 million sq m (c.10 million sq ft). GLOF II is aimed at German institutional investors, with TH Real Estate already securing capital commitments from five investors. The Fund pursues a core strategy to invest in new build and existing schemes in attractive locations across Germany. While centred on core properties, the Fund has the ability to target core-plus/ value-add acquisitions to optimise the Fund yield. In addition to launching the new Fund, the team was also able to acquire its first asset, within the framework of a forward-funding deal. Located in Elsdorf in Lower Saxony, halfway between Hamburg and Bremen, it offers convenient access to these locations as well as to the Port of Hamburg. On a plot of more than 97,000 sq m (c.1 million sq ft), four high-end modern warehouse bays of equal size will be created, providing a total logistics space of nearly 42,000 sq m (452,084 sq ft) plus office and social facilities. The logistics property is fully pre-let to Noerpel, a leading contract logistics operator who will use it, once completed, as its main distribution centre for northern Germany. 30 Germany Germany 31

17 Meet our team Timothy Horrocks Thilo Wagner Boris Bergemann Liz Sworn Thorsten Kiel Tim Hennes Head of Continental Europe Managing Director Investment, Germany Head of Transaction Structuring Fund Manager, Europe Head of Logistics, Europe Senior Investment Manager, Germany With 30 years experience in real estate, I have management responsibility for our activities in Continental Europe. Based in Germany, I spend the majority of my time in the various European offices with the local management and investment teams, to ensure client expectations are met. I joined the company in 2001 as Chief Investment Officer for Continental Europe, and in the same year was seconded to the former Warburg - HIH joint venture where I held the position of Managing Director until June I hold a BSc degree in Land Management from Reading University. The depth and breadth of capital seeking a home in German real estate. Continual improvement today will positively contribute to tomorrow. With over 20 years experience, I am responsible for property investment in Germany. I manage the Core German Retail Fund ( 400m/c.$476m). I have dedicated my time to building our German retail warehouse capabilities, with investments close to 1bn ($298 bn) in the sub-sector on behalf of four different funds. I have led teams responsible for pan- European investments in Austria and Benelux, and I focus on the German property markets with acquisitions and sales of commercial property. I have grown and managed several funds including a 400m (c.$476m) core-plus/ value-add fund and a 280m (c.$298m) Benelux portfolio. I also face the exciting challenge of finding sizable core office investments for our Cityhold Office Partnership and European Cities Fund. I hold a degree in Economics from European Business School in Oestrich- Winkel and an MA in Real Estate Economics (EBS). Its polycentric nature offers opportunities in many centres that some international investors have not heard of. More opportunities in a globalised world. I manage the Transaction Structuring team based in Frankfurt, ensuring the best investment and fund structures are applied across all funds and mandates to enhance returns and decrease risks. My team structures and restructures property and real estate debt funds, including investments into the funds, investments and disposals made by those products, and negotiating sale and purchase agreements as well as joint venture agreements. Moreover the team is responsible for the implementation of transfer pricing strategies including the corresponding documentation requirements. The German regulatory and tax environment has changed and will continue to do so, a development which we will see across Europe and on OECD level. Institutional investors behaviour, investment fund structures, and acquisition structures will change accordingly. I m excited about developing solutions for our investors as well as for our investment products. In a globalised world, regulatory and tax trends have to be included in investment and product structuring to future-proof the product. Our global real estate platform will support us to face the challenges ahead. With 17 years of commercial property experience, I am the Co-Fund Manager of our open-ended European Cities Fund, which can invest in 42 cities within Europe. From 2008 to 2013, I managed a euro-denominated commercial property fund invested in Germany, which at its peak had an AUM of c. 450m ($550m). I began my career in property in 2000, working at Jones Lang LaSalle, initially in the Landlord & Tenant team, and latterly, in the Strategic Asset Management team, which advised the Royal Mail and British Telecom pension funds. I hold an LLB in Law & Politics from the University of Birmingham, and an MA in Property Valuation and Law at City University (now CASS Business School). I qualified as a Chartered Surveyor in December The maturing retail market, which is seeing more and more international brands opening in the major German cities. The increasing density of successful cities, which are bringing mixed-use schemes to the fore, and recognising the way in which people wish to live and work. I am responsible for the investment and asset management activities of our European logistics portfolio. I lead the team managing four European logistics mandates on behalf of our international clients. I m also Fund Manager of the German Logistics Fund, German Logistics Fund II and the ICF German Logistics, which were launched in 2012, 2014 and 2017 respectively as well as Fund Director of the European Logistics Fund launched in I studied at the University of San Diego and Nottingham University, and at the European Business School in Oestrich- Winkel, Germany. We have seen increased professionalism in many of the sub-markets. Particularly in the logistics market, we now see dedicated investment teams at brokerage and investment firms, with some focusing on certain risk profiles. This change should lead to a sustainable demand for logistics assets, as an established asset class. The historic yield spread between office/retail and logistics has now significantly diminished. Tomorrow s World will be about people and how businesses can serve them best. For logistics, this means predicting needs, intra-day delivery and customers choosing where they want to pick up their delivery. With over 16 years of real estate experience, I manage our European Logistics Fund and support the team on its three existing German logistics funds. Prior to joining the company in 2015, I held senior management positions with Heitman, P3 and AEW, where I led various European asset management teams. Throughout my career, I have worked on all aspects of real estate and asset classes across Europe, having transacted more than $26bn, and leased more than 1 million sq m (c.10,760,000 sq ft). I hold a Law degree and am an official attorney-at-law in Frankfurt. There is always something new each day, be it positive or negative. As real estate sectors continue to evolve, the need to be able to react to change and present solutions is always an exciting challenge. The German market is known for being dynamic and innovative as it adapts to continued technological and demographical change, which is having a compelling effect on the decisions we make. I continue to be impressed with how quickly visions become reality. Stability and security to achieve our shared vision of how real estate sectors need to adapt and work together to meet the expectations and requirements of future generations. It s exciting to be a part of this vision. T: E: timothy.horrocks@threalestate.com T: E: thilo.wagner@threalestate.com T: E: boris.bergemann@threalestate.com T: E: liz.sworn@threalestate.com T: E: thorsten.kiel@threalestate.com T: E: tim.hennes@threalestate.com 32 Germany Germany 33

18 Meet our team (continued) Contact us WestEndDuo Bockenheimer Landstraße Frankfurt, Germany Tel: Matthias Boehm Stephan Austrup Kathrin Andres Stefan Wundrak Marcus Mack Fund Manager, Germany Head of Retail, Germany Head of Retail Asset Management, Germany Head of European Research Fund Manager With 13 years of real estate experience, I am currently responsible for the fund and asset management of a closedended fund and the management of a 350m German office portfolio, as part of the Cityhold Office Partnership. This involves advising on transactions, developments and asset management activities, whilst also forming a close relationship with clients. I joined the business in 2008 as Portfolio Manager, running a 365m German mixed-use real estate portfolio, with a focus on pro-active asset management. I have a degree in Building and Civil Engineering, and a postgraduate degree in Economics. Germany is a core investment market in Europe, which continues to attract a great deal of capital. The exciting part is sourcing investment products that deliver good returns, during and after a low interest rate environment. Witnessing our platform provide great opportunities for investors. I m responsible for the strategic management of a large retail portfolio in Germany. My primary responsibility is the asset management and redevelopment of a c. 1bn German Shopping Centre portfolio. Furthermore I look after our acquisitions of new retail properties, particularly with regard to shopping centres. I am a professional RICS member and I m on the advisory board for the German Council of Shopping Center (GCSC). I also hold an MBA in International Real Estate Management and completed a post-graduate degree for Retail Property Manager (IRE BS/GCSC). The retail sector is in a structural transition, which calls for new perspectives and strategies. With our pro-active approach to investments and asset management, we can design the change, identify value creation potential and add more value for our investors. Looking ahead and drawing the right conclusions from megatrends. We have the tools and skills to identify opportunities and transform our assets so they are suitable for the future. I m responsible for asset management across the company s growing German retail warehouse and hybrid mall portfolio. I m also advising the fund management and investment team in regard to acquisitions and disposals. It is vibrant. Due to stable market fundamentals and good spending power, international retailers are entering the market and existing retailers are expanding. The high demand from occupiers goes hand-in-hand with investors appetite for German real estate, particularly for retail warehouse products. However, there is only limited stock - especially in the prime sector - and a short development pipeline. This situation will accommodate value creation in existing portfolios, through asset management initiatives like development and repositioning projects. The internet and digital media are already part of our daily life, and this trend will only increase further. The challenge for retail asset managers is, and will continue to be, how to handle the changing space requirements from retailers, and how to create a convenient and exciting shopping experience for the customers. With over 14 years experience, I work on the strategy and research for Germany, Italy, Austria, the Nordics and the Central Eastern European markets, with a particular focus on office, logistics and retail sectors. I m also involved in marketing and consultancy for German speaking clients. I m a member of the gif Gesellschaft für immobilienwirtschaftliche Forschung (European Real Estate Society) and studied Economics and Communication Science in Munich and Zurich. I also have an MA in Economics from Ludwig- Maximilians University in Munich. The most exciting aspect is the challenge to find value in such an overcrowded market. I m looking forward to seeing how Europe will reinvent itself again. With over ten years of real estate experience, I am responsible for the investment and fund management of several German retail funds within TH Real Estate. I am also the Fund Manager of the German Retail Income Fund - a retail warehouse fund focusing on core retail warehouse parks and hybrid malls and for our Spezialfonds Aldomus. Since joining the business in 2007, I have worked on a variety of funds, with a particular focus on Germany. Before joining the business, I worked as a freelancer for several international real estate investment companies. Strong fundamentals and the polycentric structure in Germany make it a stable and attractive country to invest in. The current high demand for real estate presents a great opportunity to sell existing stock, whilst investment becomes more challenging. However, our strong relationships with developers, agents and retailers allow us to identify good investment opportunities, even in today s market. Tomorrow s World will be heavily shaped by megatrends. It will become a rapidly changing environment, where retailers and also landlords must adapt to customers and tenants needs more quickly. T: E: matthias.boehm@threalestate.com T: E: stephan.austrup@threalestate.com T: E: kathrin.andres@threalestate.com T: E: stefan.wundrak@threalestate.com T: E: marcus.mack@threalestate.com 34 Germany Germany 35

19 What s in our DNA? Global presence Real estate expertise By combining our unique strands of DNA - a strong heritage in real estate investment, 20 offices worldwide, a dynamic and diverse employee base, and a research-led approach - we believe our biological structure has evolved to help us understand and deliver attractive investment solutions for our clients both today and in Tomorrow s World. Find out more about our DNA at threalestate.com Strong heritage Diverse people Tomorrow s World focus This document is intended solely for the use of professionals and is not for general public distribution. Past performance is no guide to future performance. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. Any investment will be made solely on the basis of the information contained in the Prospectus or offering documents (including all relevant covering documents), which will contain investment restrictions, risks and fees. This document is intended as a summary only and potential investors must read the Prospectus or other relevant offering document before investing. This document is not directed at or intended for any person (or entity) who is a citizen or resident of (or located or established in) any jurisdiction where its use would be contrary to applicable law or regulation [or would subject the issuing companies or products to any registration or licencing requirements]. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. Issued by Nuveen Real Estate Management Limited (reg. no ), (incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3BN) which is authorised and regulated by the Financial Conduct Authority to provide investment products and services. For the activities carried out in Germany, Nuveen Real Estate Management Limited, Germany is also subject to the limited regulatory supervision of the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin). Nuveen Real Estate Management Limited is also permitted to provide cross-border investment services to certain EEA member states. In Europe, this material is directed exclusively at professional clients and eligible counterparties (as defined under the FCA Rules, or the German Securities Trading Act (Wertpapierhandelsgesetz) or other applicable law) who are knowledgeable and experienced in investment matters. The TIAA General Account is an insurance company account and does not present an investment return, and is not available to investors. Telephone calls may be recorded and monitored. COMP Brochure designed by Saentys +44 (0) I info@saentys.com