CHART BOOK. Mahdi Mokrane Anne Koeman Sharapova Irène Fossé Chris Psaras

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1 CHART BOOK Mahdi Mokrane Anne Koeman Sharapova Irène Fossé Chris Psaras SEPTEMBER 2016

E-REGI Methodology 60% Growth E-REGI Score 20% Wealth GDP per Capita current Business Environment Political Stability, Default, Regulatory and Trade Credit Risk, Inclusion in EU/EMU current 15% 22.

5% LaSalle Human Capital Index Service Employment: 5 year forecast: growth and absolute 3 year historic growth GDP: 5 year forecast: growth and absolute 3 year historic growth 20% The European

As such, E-REGI approximates the relative strength of occupier demand for real estate in the medium term an important source of capital growth.

2 E-REGI Methodology 60% Growth E-REGI Score 20% Wealth GDP per Capita current Business Environment Political Stability, Default, Regulatory and Trade Credit Risk, Inclusion in EU/EMU current 15% 22.5% 22.5% LaSalle Human Capital Index Service Employment: 5 year forecast: growth and absolute 3 year historic growth GDP: 5 year forecast: growth and absolute 3 year historic growth 20% The European Regional Economic Growth Index (E-REGI) identifies those regions across Europe with the best economic prospects. As such, E-REGI approximates the relative strength of occupier demand for real estate in the medium term an important source of capital growth. Analysis is carried out for nearly 300 (exact: 295) regions across Europe, covering 32 countries with a total population of more than 730 million. The report focuses on a subset of 100 major cities (metros with 500,000 inhabitants and all national capitals), which feature in the E-REGI ranking When combined with detailed real estate knowledge, supply side information and relative pricing, the E-REGI can be used to determine real estate market outperformance. LaSalle s E-REGI Spezialfonds KAG, open to German institutional investors, uses the index as the base for a research-led strategy. LaSalle Investment Management E-REGI

3 Weak Weak Medium Medium Strong Strong 2016 E-REGI Scores All European Regions (n=295) E-REGI 2016 Scores Cities with Weak Scores Cities with Strong Scores Paris (1) London (2) Stockholm (3) Munich (4) Luxembourg (5) Istanbul (6) Dublin (7) Madrid (8) Stuttgart (9) Oslo (10) C'hagen-Malmö (11) Zürich (12) Lyon (13) Brussels (14) Barcelona (15) Berlin (16) Helsinki (17) R'dam-Den Haag (18) Amsterdam (19) Warsaw (20) Gothenburg (21) Frankfurt (22) Geneva (23) Toulouse (24) M'heim-K'ruhe (25) Utrecht (26) Vienna (27) Hamburg (28) Bristol (29) Bern (30) Milan (31) Marseilles-Nice (32) Bucharest (33) Bratislava (34) Cologne-Bonn (35) Düsseldorf (36) Antwerp (37) Seville (38) Basel-Mulhouse (39) Budapest (40) Valencia (41) Nantes (42) Bilbao (43) Nuremburg (44) Bordeaux (45) Ankara (46) Prague (47) Bremen (48) Rome (49) Edinburgh (50) Ljubliana (51) Lille (52) Bologna (53) Krakow (54) Hannover (55) Tallin (56) Manchester (57) Poznan (58) Ruhr (59) Leipzig-Dresden (60) Izmir (61) Birmingham (62) Strasbourg (63) N'ham-Derby (64) Katowice (65) Wroclaw (66) Zaragoza (67) Bielefeld (68) Verona-Venice (69) Leeds (70) Vilnius (71) Rouen-Le Havre (72) Lisbon (73) Liège (74) Tricity (Gdansk) (75) Lodz (76) Sofia (77) Saarland (78) Glasgow (79) Florence (80) Riga (81) Turin (82) Antalya (83) Cardiff (84) Liverpool (85) Belfast (86) Sheffield (87) Athens (88) Newcastle (89) Genoa (90) Szczecin (91) Porto (92) Zagreb (93) Palermo (94) Thessaloniki (95) Naples (96) Moscow (97) Yekaterinburg (98) St Petersburg (99) Nizhny Novgorod (100) Cities Regions Only (n=100) E-REGI 2016 Scores Cities with Medium Scores Other Regions LaSalle Investment Management E-REGI

4 2016 E-REGI Rank 2016 E-REGI Score Y/Y Comparison Scores & Ranks 2.5 Stronger Paris London 2.0 Stockholm Munich Dublin 1.5 Berlin Lyon Bucharest Budapest 1.0 Manchester Other Regions Cities 0.5 Weaker E-REGI Score 0 20 Stronger Berlin Bucharest 40 Budapest Nantes Lille Rouen Le Havre Sofia Strasbourg 80 Tallin Antalya Liverpool 60 Riga Vilnius Izmir E-REGI Rank Birmingham Manchester Weaker 20 0 LaSalle Investment Management E-REGI

5 Y/Y Comparison Scores All European Regions (n=295) Change in E-REGI Score, 2016 v Paris (1) Dublin (7) Budapest (40) Stockholm (3) Munich (4) Lyon (13) Berlin (16) Bucharest (33) R'dam-Den Haag (18) Nantes (42) Luxembourg (5) Lille (52) Brussels (14) Madrid (8) Toulouse (24) Vienna (27) Bordeaux (45) Marseilles-Nice (32) Hamburg (28) Helsinki (17) Amsterdam (19) Valencia (41) Tallin (56) Utrecht (26) Barcelona (15) Sofia (77) Stuttgart (9) Strasbourg (63) Rome (49) Düsseldorf (36) Milan (31) Rouen-Le Havre (72) Frankfurt (22) Bologna (53) Prague (47) Istanbul (6) Bristol (29) Warsaw (20) Saarland (78) Seville (38) Yekaterinburg (98) Ankara (46) Palermo (94) Cologne-Bonn (35) Bremen (48) Bilbao (43) Ruhr (59) M'heim-K'ruhe (25) Liège (74) Edinburgh (50) Lisbon (73) Leipzig-Dresden (60) Florence (80) Basel-Mulhouse (39) Bratislava (34) Ljubliana (51) Hannover (55) Zürich (12) Nizhny Novgorod (100) Krakow (54) Verona-Venice (69) Genoa (90) Bern (30) Wroclaw (66) Antwerp (37) Lodz (76) C'hagen-Malmö (11) Geneva (23) Zaragoza (67) Nuremburg (44) Bielefeld (68) St Petersburg (99) Gothenburg (21) Turin (82) Sheffield (87) Porto (92) Szczecin (91) Belfast (86) Naples (96) Oslo (10) Katowice (65) Tricity (Gdansk) (75) Glasgow (79) Newcastle (89) Athens (88) Poznan (58) Leeds (70) Zagreb (93) N'ham-Derby (64) Thessaloniki (95) Cardiff (84) Liverpool (85) Riga (81) Antalya (83) Vilnius (71) Moscow (97) Izmir (61) Birmingham (62) Manchester (57) London (2) Cities Regions Only (n=100) Change in E-REGI Score, 2016 v Other Regions (N=195) Cities (n=100) LaSalle Investment Management E-REGI

6 Y/Y Comparison Scores & Ranks R'dam-Den Haag (18) E-REGI 2016 Change in Score Top and Bottom 20 Cities, 2016 v 2015 Paris (1) Dublin (7) Budapest (40) Stockholm (3) Munich (4) Lyon (13) Berlin (16) Bucharest (33) Nantes (42) Luxembourg (5) Lille (52) Brussels (14) Madrid (8) Toulouse (24) Vienna (27) Bordeaux (45) Marseilles-Nice (32) Hamburg (28) Helsinki (17) E-REGI 2016 Change in Rank Top and Bottom 20 Cities, 2016 v 2015 Budapest (40) Lille (52) Bucharest (33) Nantes (42) Berlin (16) Tallin (56) Strasbourg (63) Rouen-Le Havre (72) R'dam-Den Haag (18) Sofia (77) Marseilles-Nice (32) Lyon (13) Hamburg (28) Vienna (27) Rome (49) Bordeaux (45) Saarland (78) Bologna (53) Düsseldorf (36) Dublin (7) Katowice (65) Tricity (Gdansk) (75) Glasgow (79) Newcastle (89) Athens (88) Poznan (58) Leeds (70) Zagreb (93) N'ham-Derby (64) Thessaloniki (95) Cardiff (84) Liverpool (85) Riga (81) Antalya (83) Vilnius (71) Moscow (97) Izmir (61) Birmingham (62) Manchester (57) London (2) Bern (30) Glasgow (79) Tricity (Gdansk) (75) Katowice (65) Gothenburg (21) Geneva (23) Athens (88) Nuremburg (44) Antwerp (37) Cardiff (84) N'ham-Derby (64) Poznan (58) Leeds (70) Liverpool (85) Antalya (83) Izmir (61) Riga (81) Vilnius (71) Birmingham (62) Manchester (57) LaSalle Investment Management E-REGI

7 E-REGI 2016 Score Components 2.50 E-REGI 2016 Score Components Top and Bottom 20 Cities Growth Score Wealth Score Risk Score 2.50 E-REGI 2016 Score Components All Cities Top 20 Bottom Growth Score Wealth Score Risk Score LaSalle Investment Management E-REGI

8 E-REGI 2016 Component Scores 3.50 E-REGI 2016 Growth Score Top and Bottom 20 Cities Growth Score 3.50 E-REGI 2016 Score Components Top and Bottom 20 Cities Wealth Score LaSalle Investment Management E-REGI

9 Y/Y Comparison Component Scores 1.20 E-REGI 2016 Change in Growth Score Top and Bottom 20 Cities, 2016 v E-REGI 2016 Change in Wealth Score Top and Bottom 20 Cities, 2016 v 2015 LaSalle Investment Management E-REGI

10 Y/Y Comparison Business Environment Score E-REGI Business Environment Score All Countries, 2016 and E-REGI Change in Business Environment Score All Countries, 2016 v LaSalle Investment Management E-REGI

11 E-REGI 2016 Growth Score Components 3.50 E-REGI 2016 Growth Score Components Top and Bottom 20 Cities GDP Employment Human Capital 3.50 E-REGI 2016 Growth Score Components All Cities Top 20 Bottom 20 GDP Employment Human Capital LaSalle Investment Management E-REGI

12 E-REGI 2016 GDP Score & Y/Y Comparison 3.50 E-REGI 2016 GDP Score Top and Bottom 20 Cities GDP Score 0.60 E-REGI 2016 Change in GDP Score Top and Bottom 20 Cities, 2016 v LaSalle Investment Management E-REGI

13 E-REGI 2016 Employment Score & Y/Y Comparison E-REGI 2016 Employment score Top and Bottom 20 Cities Employment Score E-REGI 2016 Change in Employment Score Top and Bottom 20 Cities, 2016 v LaSalle Investment Management E-REGI

14 E-REGI 2016 Human Capital Score & Y/Y Comparison with R&D Score E-REGI 2016 Human Capital Score Top and Bottom 20 Cities Human Capital 2.50 E-REGI 2016 Change in Human Capital / R&D Score Top and Bottom 20 Cities, 2016 v LaSalle Investment Management E-REGI

15 Growth Score 2016 Employment Score 2016 E-REGI 2016 Component Comparison Other Regions Cities GDP Score Other Regions Cities Wealth Score 2016 LaSalle Investment Management E-REGI

16 E-REGI Scores over Time 1.60 E-REGI Average Score Based on 100 Cities, by European Macro Region European average West North South Central Southeast 1.18 E-REGI Average Score Based on all city regions LaSalle Investment Management E-REGI

17 E-REGI Scores over Time Selected Cities 2.60 E-REGI Total Score Key European Cities European average London Paris Munich Madrid 1.60 E-REGI Total Score Key European Cities European average Frankfurt Manchester Berlin Amsterdam LaSalle Investment Management E-REGI

18 Germany - E-REGI over Time Rank Munich Stuttgart Berlin Frankfurt M'heim-K'ruhe Hamburg Cologne-Bonn Düsseldorf Nuremburg Bremen Hannover Ruhr Leipzig-Dresden Bielefeld Saarland Score Munich Stuttgart Berlin Frankfurt M'heim-K'ruhe Hamburg Cologne-Bonn Düsseldorf Nuremburg Bremen Hannover Ruhr Leipzig-Dresden Bielefeld Saarland LaSalle Investment Management E-REGI

19 Germany - E-REGI over Time 2.00 E-REGI Total Score German Cities European average Munich Stuttgart Berlin Nuremburg 1.60 E-REGI Total Score German Cities European average Cologne-Bonn Düsseldorf M'heim-K'ruhe Leipzig-Dresden LaSalle Investment Management E-REGI

20 Germany E-REGI Scores Y/Y LaSalle Investment Management E-REGI

21 Switzerland & Austria - E-REGI over Time 1.60 E-REGI Total Score Alpine Cities European average Zürich Geneva Bern Vienna 0 E-REGI Rank Alpine Cities Zürich Geneva Bern Vienna LaSalle Investment Management E-REGI

22 Switzerland & Austria E-REGI Scores Y/Y LaSalle Investment Management E-REGI

23 Technical Note E-REGI ( European Regional Economic Growth Index ) was first published by LaSalle Investment Management in 2000 with the aim of identifying those European regions with the greatest economic growth potential over the medium term. The E-REGI analysis is updated annually and published in September. The analysis is undertaken on regions defined by Eurostat. Eurostat has adopted a classification system, the Nomenclature of Territorial Units for Statistics, referred to as NUTS. The E-REGI model uses the NUTS 2 level classification, which is the best equivalent to the Standard Metropolitan Areas (SMAs) in the USA. The E-REGI model presents a weighted overall score based on subscores for 14 variables. For each variable, the model calculates a score based on the region s performance relative to the weighted average of all regions. Thus an average location has a score of unity ( ). The E- REGI ranking sorts the metropolitan regions based on the overall score. Data for the E-REGI model is primarily provided by independent data provider Oxford Economics, which supplies historic data and provides forecasts on NUTS 1, 2 and 3 levels for GDP, service sector employment and population. Oxford Economics also provides the risk scores that underpin the business environment scores. These data are provided at national level. Data for LaSalle s European Human Capital Index is primarily provided by Eurostat (for the variables Tertiary Education Attainment Level, Population density, R&D expenditure as % GDP). The University Ranking score is provided by the Centre for World University Rankings (CWUR). This consulting organisation publishes annually global university ranking based on quality of education, alumni employment, quality of faculty, number of publications, number of publications in renowned journals, citations and number of patents. Data on Patents are provided by the Organisation for Economic Co-operation and Development (OECD), while the data on Venture Capital in to Technology companies is from Thomson Reuters. LaSalle Investment Management E-REGI

24 Contacts For more information Mahdi Mokrane Head of European Strategy London Robin Goodchild International Director London Simon Marx Regional Director London Anne Koeman-Sharapova Director London David Baskeyfield Director London Zuhaib Butt Associate Director London Irène Fossé Associate London Chris Psaras Analyst London Simone Caschili Quantitative Research Associate London IMPORTANT INFORMATION The E-REGI model is based upon data which LaSalle Research & Strategy believes to be reliable. Whilst every effort has been made to ensure its accuracy and completeness of the data used, we cannot offer any warranty that factual errors may not occur. National statistical offices across Europe continue to make progress in their efforts to improve data comparability and accuracy. As such, economic data are commonly revised many years after events have occurred affecting the part of the model calibrated on historic data. DISCLAIMER This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, and is subject to correction, completion and amendment without notice. This presentation has been prepared without regard to the specific investment objectives, financial situation or particular needs of recipients. No legal or tax advice is provided. Recipients should independently evaluate specific investments. By accepting receipt of this publication, the recipient agrees not to distribute, offer or sell this publication or copies of it and agrees not to make use of the publication other than for its own general information purposes. The views expressed in this presentation represent the opinions of the persons responsible for it as at its date, and should not be construed as guarantees of performance with respect to any investment. LaSalle has taken reasonable care to ensure that the information contained in this presentation has been obtained from reliable sources but no representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of such information. LaSalle does not undertake and is under no obligation to update or keep current the information or content contained in this presentation for future events. LaSalle does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this presentation. Copyright LaSalle Investment Management All rights reserved. No part of this publication may be reproduced by any means, whether graphically, electronically, mechanically or otherwise howsoever, including without limitation photocopying and recording on magnetic tape, or included in any information store and/or retrieval system without prior written permission of LaSalle Investment Management. LaSalle Investment Management is authorised and regulated by the Financial Conduct Authority in the UK. LaSalle Investment Management E-REGI

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LaSalle E-REGI Index 2017 EUROPEAN REGIONAL ECONOMIC GROWTH INDEX

LaSalle E-REGI Index 2017 EUROPEAN REGIONAL ECONOMIC GROWTH INDEX LaSalle Investment Management LaSalle E-REGI Index 2017 1 01 METHODOLOGY 02 2017 RESULTS 03 THE CONSISTENT: KEY TARGET MARKETS 04 THE AFFLUENT: