Hines Property Fund

signed

The EBRD has signed an equity investment amounting to the lower of (i) EUR 100 million or (ii) 30% of total capital commitments of Hines Russia & Poland Fund (the “Fund”), a closed-end investment fund established as a Luxembourg fonds commun de placement. The Fund’s objective is to seek long-term capital appreciation through investments in institutional quality developments, re-developments, and income-producing real estate projects. The target investments of the Fund will be in office, residential, logistic/warehouses, retail and mixed-use projects in Russia and Poland (the “Region”). The Fund will also target distressed opportunities as they arise on the market. The Project’s transition impact will stem from the following: The Fund is managed by Hines R & P Management Company S.à r. l. (the “Management Company”), a limited liability company organized under the laws of Luxembourg. Hines is a reputable international real estate firm established in 1957. Currently, the firm has a presence in more than 100 cities around the globe and it controls assets valued at approximately USD 22.9 billion. The lower of (i) EUR 100 million equity or (ii) 30% of total Fund capital commitments. The size of the Fund is about EUR 390 million. The project was categorised “Financial Intermediary (FI)”- provision of financing via a financial intermediary in accordance with the 2008 Environmental and Social Policy and Performance Requirements (706KB - PDF) (PRs) Due diligence confirmed that the Fund management has adequate environmental and social risk management capacities to comply with PR2 and 9 for the upcoming operation. The Fund should ensure each sub-project, at a minimum, complies with national environmental, health and safety and labour laws and, in EU member countries, EU standards. The Fund will be required to adhere to the EBRD's Environmental and Social Exclusion and Referral lists, and submit annual environmental and social reports to the Bank. None. X. Simon Shen Senior Managing Director Tel: +1 713 966 2628 Email: Simon.Shen@hines.com