Q3 2006 net profit reaches USD100m. Operating profit increases 126% in the third quarter 2006. Pace of investment is gaining momentum – 580,000sqm of net building rights acquired in 2006

In Q3 2006 Globe Trade Centre S.A. (GTC) achieved record profits of USD100m, a 134% increase from Q3 2005. For the first three quarters of 2006 the Company generated profits of USD234m.

Operating profits amounted to USD124m in the third quarter of 2006, representing a 126% increase year-on-year.

Rental revenues in Q3 2006 grew by 16% year-on-year to USD20.8m, despite the loss of a portion of revenues from Galeria Kazimierz, following the sale of a 50% interest to Quinlan Private in April 2006.

Residential revenues booked in Q3 2006 amounted to USD2.45m. In 2006 GTC signed contracts or received paid reservation agreements that secured the sale of a total of 280 apartments with a value of more than USD 50m. The apartments are located in: Sasad Resort (Budapest), Green Dream Residence (Bucharest) and Park Apartments (Belgrade). However due to the Company’s compliance with accounting practises these pre-sale revenues were not accounted for in GTC’s financial statements for Q3 2006. Revenue from these projects, as well as profits, will be booked upon completion of the projects.

GTC has significantly increased its activity in the residential sector. With a portfolio of 4,300 apartments, representing 465,000sqm of net space, the Company shall benefit from the region’s booming residential markets.

On 10th October 2006 GTC’s subsidiaries concluded an agreement for the sale of MBP to Heitman European Partners III for USD287m, making it one of the largest office transactions in the region.

The sale of Mokotów Business Park is part of GTC’s strategy to rebalance its Polish property portfolio, divesting mature assets in Warsaw and accelerating the acquisition of new projects in other large Polish cities.

Today GTC is active in seven cities in Poland: Warsaw, Kraków, Wrocław, Poznań, Czestochowa, Łódz and Katowice, with approx. 280,000sqm of net space under various stages of development.

In Q3 2006 GTC posted a revaluation gain of USD115m. It included an expected profit from the sale of Mokotów Business Park (USD40m pre-tax), as well as revaluations of other completed properties. A revaluation of Galeria Mokotów contributed USD40m, due to expansion of the rentable space, increase in average rental rates and the application of the current market yield. Furthermore, increased occupancy levels and rental income resulted in the higher valuation of three office buildings: Galileo in Kraków, Globis Poznań and GTC House in Belgrade.

Additionally, the revaluation of the Czech office portfolio resulted in profits from GTC’s associate company in the Czech Republic contributing USD5.2m to the third quarter results.

In Q3 2006 GTC commenced its presence in Ukraine – the ninth country in which GTC is active.Recently GTC finalised a joint venture agreement with theEuropean Bank for Reconstruction and Development, according to which the EBRD will take a 10% equity stake in GTC Ukraine.

Earlier this year, GTC also entered two new markets: Slovakia and Bulgaria.

In 2006 GTC significantly increased the pace of new investments. 17 projects, with total building rights of 580,000sqm of net space, have been acquired this year.

The Company now employs 125 highly skilled professionals, and has a structure with the necessary capabilities and capacity to execute the growing pipeline of new real estate projects.

In 2007 GTC expects to have 45 construction sites in the region at various stages of progress, comprising of a total of 650,000sqm NRA.

Globe Trade Centre S.A.

KOR 45A, 02-146 Warsaw NIP: 527-00-25-113 T: +48 22 16 60 700 www.gtc.com.pl

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