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

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

2 Who we are Our solutions 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, the firm provides 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 Austria Sector split of AUM 14% Nuveen Management Austria GmbH, a joint venture between TH Real Estate and Austria s biggest insurance institution, Vienna Insurance Group, carries out asset management and project development across Austria. 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 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. Enhanced 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. Debt Our debt series is designed to provide investors with access to secure, incomefocused returns. Our strategies may suit cautious investors seeking attractive levels of income with a measure of downside protection against short-term capital cycles. Key Retail: 86% Office: 14% 86% 699M ($797M) AUM Following the success of the Vienna office`s previous funds, Austria Nr. 1 and Austria Nr. 2, the third Austrianfocused real estate investment product was launched in January The open-ended special property fund an investment club vehicle presents an attractive investment opportunity for German investors, looking to access retail and office real estate investments across Austria. The core vehicle will target a maximum equity of 250m ($298m). 17 ASSETS OFFICE OPENED IN 1999 FIVE EMPLOYEES With solid occupier market fundamentals and high-income returns, we favour Austrian retail parks. Whilst many institutional investors focus on high streets and shopping centres, we believe the yield spread for retail warehouses is attractive and will outperform over the long term. Who we work with Note: All data as at 30 June 2017, unless otherwise stated. David Moese Head of Investment, Austria McArthurGlen Designer Outlet Mall Parndorf 2 Austria Austria 3

3 Retail warehouse 10,717 sq m (115,356 sq ft) Acquired in 2013 A selection of our investments FMZ Infra Center, Linz City Point, Steyr Workstation Wien West, Vienna Seidenstrasse, Vienna Mariahilfer Straße 37-39, Vienna FMZ Stadlau, Vienna FMZ M-City, Mistelbach FMZ Marchfeld Center, Groß-Enzersdorf FMZ Rosental, Rosental FMZ Fürstenfeld, Fürstenfeld EKZ Stadtparkcenter, Spittal/Drau FMZ Marchfeld Center, Groß-Enzersdorf 4 Austria Austria 5

4 A selection of our investments (continued) FMZ Rosental FMZ Stadlau Located in Vienna c.7,700 sq m (c.83,000 sq ft) Acquired for our Austria Nr. 2 in 2016, completing the investment phase of the Fund Key tenants include Toys R Us, Swiss Sense, Dänisches Bettenlager, DM and Futterhaus Located in Rosental an der Krainach 10,115 sq m (108,877 sq ft) Acquired on behalf of Austria Nr. 2 in units, 339 parking spaces Key tenants include Hervis Sport, Charles Vögele and Billa FMZ Fürstenfeld Located in Fürstenfeld 15,660 sq m (165,355 sq ft) Acquired on behalf of Austria Nr. 2 in units Key tenants include Müller, Deichmann, Intersport, Pagro, Gussl, Libro and New Yorker 6 Austria Austria 7

5 FMZ M-City Located in Mistelbach 11,855 sq m (116,368 sq ft) Acquired on behalf of Austria Nr. 2 in units Key tenants include Intersport XL, Elektro Red Zack, Vögele, New Yorker, Leder & Schuh, Takko and C&A FMZ Marchfeld Center Located in Groß-Enzersdorf 10,717 sq m (115,356 sq ft) Acquired on behalf of Austria Nr. 2 in units Key tenants include Merkur, Hofer, DM, New Yorker, C&A, Fussl, Libro and Fressnapf Mariahilfer Straße Located in Vienna 6,045 sq m (59,416 sq ft) High street retail Acquired on behalf of Austria Nr. 2 in 2014 Key tenants include Humanic, FEEI and Reclay 8 Austria Austria 9

6 Case study: City Point Steyr City Point Steyr, which we acquired in 2004, comprises 11,000 sq m (c.118,403 sq ft) of lettable space. The shopping centre is a popular with local amenities and a good mix of tenants. After a change of ownership in 2016, we began to discuss a repositioning strategy with specialist marketing and architecture teams. The site is frequently visited, so enhancing its design, brand and overall offering will only add to its quality as an asset. By utilising the atrium and expanding the food offering on the upper floor, we are meeting the changing needs of our customers. 10 Austria Austria 11

7 Seidengasse A selection of our investments (continued) Located in Vienna 8,602 sq m (92,591 sq ft) Office Acquired on behalf of Austria Nr. 2 in units Prime tenants include Iventa, Schülke & Mayr, MedMedia publishing house and Mediaservice EKZ Stadtparkcenter Located in Spittal/Drau 14,137 sq m (153,267 sq ft) Shopping centre Acquired on behalf of Austria Nr. 2 in units Key tenants include McDonald s, Europspar, H&M, C&A, Hervis, New Yorker, Libro and BIPA FMZ Infra Center Located in Linz 13,444 sq m (144,666 sq ft) Acquired on behalf of Austria Nr. 2 in units Key tenants include Merkur, McDonald s, Fussl, Libro, BIPY, Pagro, Fitness Center, Apotheke and NKD 12 Austria Austria 13

8 Our approach 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. 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 to fulfil the demands of our clients. Workstation Wien-West Located in Vienna 18,082 sq m (193,502 sq ft) Office Acquired on behalf of Austria Nr. 2 in 2014 Key tenants include Allianz, Festo, Swiss Post and Top Versicherung Trendwerk 14 Austria Austria 15

9 Investing in Tomorrow s World City personality: Vienna We focus on the structural trends that will shape the future of real estate, when determining our investment, asset management and corporate strategies today. We call this approach Tomorrow s World, and it sits at the heart of how we think, act and who we partner with. It s why our core purpose is investing in Tomorrow s World, for the enduring benefit of our 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 should not get missed due to negative country level perception, and vice versa. Technology trailblazer The city excels in technology and has been previously recognised for its culture of innovation by the UN-Habitat. Education elitist The country s leading universities are located in Vienna. High density dividend The densely weaved urban fabric has large lot sizes. Culture capital Its culture is attractive, with Vienna being known as both the city of music and the city of dreams, and is the only capital city known to produce its own wine. 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 Lifestyle leader Vienna is the most consistent outperformer on quality of life indices. Capital city Vienna is the capital city of Austria. Stable city Real estate markets exhibit only shallow cycles. Mega metropolis With about 0.5% population growth p.a. forecast until 2025, Vienna is among the fastest growing cities in Europe. 16 Austria Austria 17

10 Meet some of our team Contact us Wipplingerstrasse 33/5 OG 1010 Vienna Austria Tel: Fax: David Moese Head of Investment, Austria Christian Schönhofer Holler Senior Portfolio Manager Richard Ploberger Analyst Roman Löbsch Fund Manager With over 15 years experience in the real estate sector, I am responsible for our activities in Austria. Together with my team, I manage the company s Austrian property portfolio, including two funds with a current volume of 340m. Furthermore, I m working on the launch of our third Austria Property Fund. The vehicle will invest a maximum equity of 350m in Austria. I have led various teams and been responsible for investments in Austria and CEE countries, whilst overseeing both acquisitions and sales in the Austrian market. I started my career as a technical drawer in civil engineering, before studying part-time in Graz, Austria. I graduated in architectural studies from the Technical University in Graz. What excites you about the Austrian real estate market at the moment? Austria is expected to grow steadily, making it more attractive for investors, expecting a stable return on their investments. What does Tomorrow s World mean to you? Tomorrow s World will be glimpsed a few times, before it is actually discovered. I am responsible for acquisitions and the asset management of properties in Austria. I graduated in Business Administration from the Vienna University for Economics and Business Administration. What excites you about the Austrian real estate market at the moment? The Austrian real estate market provides a number of opportunities to invest across various property sectors. The stable market delivers steady returns for investors. What does Tomorrow s World mean to you? Tomorrow s World will reveal the consequences of today s actions, and I look forward to seeing how they will be fulfilled. With over six years experience in property, I joined the business in December As a Fund Analyst, I map out, analyse and provide recommendations for asset management and project development. I graduated in International Business Administration from the Vienna University of Economics and Business Administration (WU). What excites you about the Austrian real estate market at the moment? A mature and stable market, adapting to pacing global changes in consumer demand, provides continuity and the right scope of business potential at the same time. What does Tomorrow s World mean to you? The social and economic interactions between societies will ramp up, so our business must be well-equipped to take advantage of the vast opportunities that lie ahead. I joined the company in 2013, to provide transactional and asset management support across multiple funds. I spent six years working in Hamburg with HIH, where I was responsible for transactions across Europe and other overseas markets, finalising deals in Austria, Belgium, New Zealand and Germany. I graduated in Stockholm at the KTH, and in Vienna at the Technical University. I hold a degree in Spatial Planning and Real Estate Management. What excites you about the Austrian real estate market at the moment? The Austrian market remains stable and attractive, even in this difficult period. There has been strong interest from international investors in the past, which we expect to continue. What does Tomorrow s World mean to you? We should be ready to be a part of Tomorrow s World, so we can help to change it. We should also try hard to live sustainably. T: E: david.moese@threalestate.com T: E: c.schoenhofer-holler@threalestate.com T: E: richard.ploberger@threalestate.com T: E: roman.loebsch@threalestate.com 18 Austria Austria 19

11 a nuveen company What s in our DNA? Global presence 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 Real estate expertise 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. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients. 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 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 (Wertpapierhandelsgesetzt) or other applicable law) who are knowledgeable and experienced in investment matters. Telephone calls may be recorded and monitored. COMP Brochure designed by Saentys +44 (0) I info@saentys.com