In the first half of 2007 Globe Trade Centre S.A. (GTC) recorded EUR 89m in profit, while revenues were EUR 28m. Profit attributable to equity holders was EUR 67.6m for that period.

In Q2 2007 GTC’s net profit was EUR 77.9m, 112% higher than for Q2 2006. Net profit attributable to equity holders increased by over 53%, to EUR 56.4m.

Revaluation of Avenue Mall in Zagreb (and also the office tower constructed next to the mall), which reflects the development profit related to that project, contributed the highest amount to the profit in Q2 2007. CB Richard Ellis, an independent appraiser, applied a 6.25% exit yield when assessing the market value of the shopping center, which indicates that further yield compression is in progress, particularly in Southeastern Europe.

Avenue Mall, featuring 130 shops on 26,500 sqm of NRA, is 100% leased. Some of the biggest names in the fashion world will open their outlets there, among them Zara, Marks & Spencer, Esprit, Benetton, Calvin Klein, Tommy Hilfiger and Lacoste. Avenue Mall has a nine-screen Blitz Cinestar multiplex cinema with 1,800 seats. Konzum supermarket has signed a 20-year lease for 3,500 sqm and will open its flagship store there.

The vast majority of the leases in Avenue Mall have been concluded for 10 years. Annual rental revenues on Avenue Mall will be EUR 10m.

The share of GTC Croatia in Avenue Mall is 70%, and only that portion of the profit has been attributed to equity holders.

GTC’s H1 2007 revenues were EUR 28m. Revenues in H1 2007 were not as high as revenues in H1 2006 due to the sale of a 50% interest in Galeria Kazimierz was sold (in Q2 2006) and Mokotów Business Park was sold (in Q4 2006).

GTC is profiting from high demand and rising prices of apartments in the region. To date, in Rose Garden and Felicity (Bucharest), Sasad Resort (Budapest) and Park Apartments (Belgrade), 1,140 apartments have been sold in total, which represents EUR 143m in sales revenues. The sales of houses in Osiedle Konstancja in Warsaw have also been very successful, with about EUR 20m revenues secured in 2007.

In 2007, changes in the accounting policy result in recognition of residential revenues and profits only upon completion of the project. Therefore the successful sales of new apartments will be presented in the financial statements only at the final stage of the development.

GTC’s balance sheet remains strong, with good liquidity ratios and low exposure to interest rate volatility. Interest on 80% of the loans has been fixed or hedged for the long term.

In 2007 GTC significantly accelerated the pace of new investments. The Company secured acquisition of 12 new projects, which will add nearly half a million square meters to the pipeline portfolio.

In Zagreb, a retail and office project was acquired (14,000sqm and 10,000sqm NRA respectively). In Budapest an office project of 24,500 sqm and a nearly 60,000 sqm residential development were purchased. GTC’s residential portfolio in Romania increased by 130,000 sqm with two projects close to the American School in Pipera, an attractive housing district of Bucharest. Terms of acquisition for two projects in Belgrade have been agreed, with estimated building rights of 27,500 sqm of office space and 26,000 sqm of retail space. In Bulgaria GTC acquired 2 retail projects in Varna and Stara Zagora, while in Burgas a new investment will include both retail and residential elements. In Poland GTC continued expansion in large cities other than Warsaw, securing a residential site in Łódź, where more than 1,000 flats can be built.

Following these acquisitions, GTC’s total portfolio of properties, completed and under development, will reach approx. 1.9m sqm of net building rights.

By the end of this year GTC is going to complete the following investments: Konstancja phase III, the first office building in Platinium Business Park in Warsaw, three shopping centers in Romania, Park Apartments as well as the Avenue 19 and GTC Square office buildings in Belgrade.

In Q3 2007 GTC will revalue its entire completed property portfolio. The result of the revaluation is expected to reflect the positive impact of yield compression and rental growth.

Globe Trade Centre S.A.

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

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