INVESTMENT POLICY AND INVESTMENT MANAGEMENT POLICY

DSU will make decisions on the implementation of investments in real estate (land, commercial building, parking spaces, new building, etc.) in the context of an assessment of compliance of a particular investment with the Company's strategy, its long-term and medium term investment objectives, approved plans and provided the investment in question achieves the expected return or meets the investment criteria (current net value, internal rate of return, payback period for the investment, etc.). In accordance with the methodology for the assessment of the economic viability of investments, which was updated in 2016, standard dynamic economic viability investment indicators are verified for every potential investment helping us determine whether or not the investment in question is economically justified. Investments are carried out either for a known buyer or lessee or for marketing on the open market.

INVESTMENTS IN REAL ESTATE FOR A KNOWN BUYER/LESSEE

During the acquisition or construction of real estate for a known buyer or lessee the highest priority is given to the required technical characteristics of the building, including its micro-location, interior, planned operating costs and, in particular, the targeted purchase price or rent. Given the expectations of the end-user the real estate could be subject to an operating lease or finance lease.

INVESTMENTS IN REAL ESTATE FOR MARKETING ON THE OPEN MARKET

Decisions regarding investments in real estate for marketing on the open market are based on a comprehensive analysis of the current needs and a conservative assessment of the expected medium term and long-term development of the real estate market. Stricter conditions and criteria apply for investments on the open market, as the requirements regarding economic viability indicators are relatively higher considering the higher risks.