• Rental income increased to EUR 30.6m (+42% y-o-y)

• Gross margin from operations was EUR 24.6m (+15% y-o-y)

• GTC maintained high liquidity at the end of Q1 2010

Globe Trade Centre S.A. (GTC S.A.) achieved a strong increase in income from rental operations in Q1 2010. Newly completed buildings in 2009 were the main contributors to the rental growth. The company maintained a good rental operations margin (78%) as a result of stabilization of the newly completed projects.

Revenues from residential sales declined to EUR 6.5m (from EUR 23.7m in Q1 2009) due to the lower number of new residential units being completed and handed over, as part of the typical business cycle in those projects. GTC’s strategy provides for reducing its exposure to the residential sector and focusing on office and retail development.

Operating profit in Q1 2010 was EUR 18.5m (vs EUR 33.1m in Q1 2009), as the company did not record any revaluation gains in 2010. Profit after tax for the period was EUR 4m (vs EUR 4.4m in Q1 2009).

GTC continues its expansion in the retail sector. The company has agreed the terms of a joint venture with Polnord S.A. for development of a modern shopping mall in Wilanów, one of the most affluent residential districts of Warsaw. GTC is to hold a 50% stake in the project. The final joint venture agreement is expected to be concluded by the end of May 2010.

Recently GTC seized the opportunity to consolidate its retail assets in Romania and increased its 50% stakes in mid-size shopping centres (in the cities of Buzău, Suceava and Piatra Neamţ) to approximately 70%.

GTC’s shopping mall under construction in Croatia—Avenue Mall Osijek—received a EUR 40m financing package from the EBRD, which includes a 20% equity investment and a loan syndicated with Raiffeisen Zentralbank.

GTC’s strategy of recycling capital provides for selective disposal of its assets. GTC benefits from increased demand for high-quality property in Poland. In May 2010 the company signed a letter of intent with an international investor for sale of two of its office buildings in Warsaw: Nefryt and Topaz, with a total area of approx 27,000 sqm. The transaction would further improve GTC’s liquidity position and its financial ratios. Final execution of the transaction is subject to due diligence and approvals of statutory authorities of both the buyer and the seller, and is scheduled for the end of June 2010.

The agreed value of the transaction reflects a price of about EUR 3,000 per net sqm and yields of 7.0-7.2% on current income.

GTC’s resilient performance during the crisis and its ability to develop top-quality assets won recognition from the leading real estate professionals in the region. In the 7th edition of the CEE Real Estate Quality Awards, Globe Trade Centre S.A. was voted Developer of the Year, while City Gate in Bucharest won the prize for Best Office Building of the Year and for Best Overall Development.

GLOBE TRADE CENTRE S.A. (GTC S.A.) is one of the leading developers in the New Europe and was established in 1994 in Warsaw. Currently it operates in Poland, Hungary, the Czech Republic, Romania, Serbia, Croatia, Slovakia, Bulgaria, Russia and Ukraine.

GTC develops projects and manages completed properties in three key sectors of real estate: office buildings and parks, retail and entertainment centers and residential sector.

GTC has developed about 750 000 sqm of net space and currently is the owner of completed commercial property with a combined net area of about 455 000 sqm. GTC also holds an impressive portfolio of investment at various stages of development which will facilitate the construction of 1.8 million sqm of commercial and residential space. GTC’s total assets exceed EUR 2.6 billion.

GTC’s shares are listed on the Warsaw Stock Exchange on the prestigious WIG20 index. The company’s assets are also included in the international MSCI index and Dow Jones STOXX Eastern Europe 300 index, as well as the GPR250 index which comprises the 250 biggest and most liquid real estate companies of the world. Among GTC’s shareholders are many of the biggest Polish and international institutional investors.