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IMMOFINANZ in European Comparison

The IMMOFINANZ Group – number 2 in Europe

Business Model and Strategy

Balanced portfolio mix of east and west

Broad sector diversification

Investment properties, development projects and investments

Management contract with Constantia Privatbank

Amendment of the management contract in 2007/08

Valuation by independent experts

Development of Property Portfolio

Geographic diversification

Decrease in Austria component, expansion of activities in Eastern Europe

Investment properties and development projects

Sector distribution

Residential: expansion in the east, additions in Austria

3,000 condominiums in Central, Eastern and South-eastern Europe

Sale of apartment buildings

Offices: investments with a total volume of EUR 2.3 billion

Multi-functional development projects in Germany

Successful projects in Vienna

Extensive acquisition and development activities in the east

Retail: offensive in Central and Eastern Europe

Acquisition of three shopping centres in Moscow

Specialty shopping centres provide key support for growth

Logistics: good returns and high occupancy

Future market: self-storage

Subsidiaries and Investments in Other Companies

BUWOG/ESG with strong improvement in earnings

Freely financed and subsidised residential construction

Geriatric centre in the form of a PPP-model

WIPARK expands garage portfolio

Deutsche Lagerhaus: property portfolio more than doubled

Acquisition of the self-storage company City Box

Strategic investments in other companies

TriGránit: leading property developer in the east

Adama: Strong position in South-eastern Europe

S+B CEE: Czech Republic, Poland and Romania

Prime Property: leading property developer in Bulgaria

Eastern Property Holdings: growth course in Russia

SelfStorage – Dein Lagerraum expands in Germany

Investor Relations

The capital market and property shares

Capital increase and convertible bond

IMMOFINANZ capital increase in May 2006

Bookbuilding Procedure

Record issue by IMMOEAST subsidiary

IMMOFINANZ convertible bond 2007 to 2012

Performance of the IMMOFINANZ share

Financial Calendar

Performance of the IMMOFINANZ Share

Key Data on the IMMOFINANZ Share

Information on the IMMOFINANZ Share

Market Capitalisation and weighting

IMMOFINANZ: Investor Relations

Corporate Governance Report

Rules 38 and 54

Executive Board and Supervisory Board

Audit Committee and Activities of the Supervisory Board

Transactions with related parties

External evaluation

Report by the Supervisory Board

Planning and Perspectives

After the reporting period

Successful capital increase by IMMOEAST

Second listing on the Warsaw Stock Exchange

Expansion of IMMOEAST Managing Board

Investments made between 1 May and 31 July 2007

Investment programme for 2007/08

Focus of growth remains in the east

Investment programme IMMOEAST

IMMOAUSTRIA – increase in offices and apartments

IMMOWEST – concentration on market niches and development

Spin off of the self-storage business

Long term perspectives and goals

The Development of Business in 2006/07

The Economic Environment

The Market Environment

Corporate profile

Accounting and Valuation Policies

Results for the 2006/07 Financial Year

Segment Reports

Consolidated Financial Statements of IMMOFINANZ AG

Consolidated balance sheet

Consolidated income statement

Statement of changes in equity

Consolidated cash flow statement

Segment Reporting

Segment Reporting by Region

Segment Reporting IMMOAUSTRIA

Segment Reporting IMMOEAST

Segment Reporting IMMOWEST

Segment Reporting Group

Segment Reporting by sector

Consolidated Cash Flow Statement with adjusted EBIT

Cash Flow Statement IMMOAUSTRIA

Cash Flow Statement IMMOEAST

Cash Flow Statement IMMOWEST

Cash Flow Statement Group

Notes to the financial statements

General Principles

Statement of Compliance with IFRS

Overview of applied standards and interpretations

Early application of accounting standards

Basis of Consolidation

Consolidation Methods

Consolidation range

Proportionate consolidation

Full consolidation

Deconsolidation

Transition consolidation (step acquisition)

Development of the consolidation range

Acquisitions and newly founded companies - IMMOAUSTRIA

Acquisitions and newly founded companies - IMMOEAST

Acquisitions and newly founded companies - IMMOWEST

Changes in the consolidation range

Initial consolidations

Initial consolidations IMMOAUSTRIA

Initial consolidations IMMOWEST

Deutsche Lagerhaus Group

Frankonia Eurobau Königskinder GmbH

FRANKONIA Eurobau Friesenquartier

Frankonia Eurobau Andreasquartier GmbH

Tessora Consulting AG

Logistikpark Lahr GmbH & Co KG

AGV International Grundstücksverwaltungsgesellschaft Nr. 6 GmbH

Initial consolidations IMMOEAST

Regional subsegment Central and Eastern Europe (CEE)

Salzburg Center Development S.A.

Xantium Sp.z o.o.

Equator Real, Zenith Real, Nimbus Real und Cirrus Real Sp. z o.o.

Silesia Residential Holding Limited

MBP I Sp. z o.o. und MBP II Sp. z o.o.

Fobos Investment Sp. z o.o.

Passat Real Sp. z o.o.

TriGránit Centrum a.s.

Aragonit s.r.o.

Diamant Real s.r.o.

WINNIPEGIA SHELF s.r.o.

Building A k.s., Building B k.s. und Building C k.s.

Centre Investments s.r.o., Delta Park a.s. und Brno Estates a.s.

Central Business Center Rt.

Regional subsegment Community of Independent States (CIS)

Wakelin Promotions Limited und Krona Design LLC

Gangaw Investments Limited und OAO Kashirskij Dvor-Severyanin

Trevima Ltd. und OOO Torgoviy Dom Na Khodinke

Loberta Holding Limited und Roches Ventures Limited

Regional subsegment South-eastern Europe (SEE)

Impact of initial consolidations

Structural changes

Structural changes IMMOAUSTRIA

Structural changes IMMOWEST

Structural changes IMMOEAST

Companies not included in the consolidation

Foreign currency translation

Accounting and Valuation Principles

Notes to the Balance Sheet

(a) Investment Properties

Transition consolidations

Investment Properties Other

(b) Property under construction

(c) Non-current property held for sale

(d) Net Asset Value

(e) Triple Net Asset Value

(2) Other tangible assets

(3) Intangible assets and goodwill

(4) Shares in associated companies

(5) Other financial instruments

Development financial instruments

Conditions IMMOEAST and IMMOWEST

Financial instruments IMMOWEST

Financial instruments IMMOEAST

Valuation of financial instruments

(6) Receivables and Other Assets

(7) Current financial instruments

(8) Inventories

(9) Shareholders’ Equity

(10) Financial liabilities

Conditions of the financial liabilities

Conditions Austria

Conditions Switzerland

Conditions Czech Republic

Conditions Germany

Conditions Hungary

Conditions Italy

Conditions Netherlands

Conditions Poland

Conditions Romania

Conditions Slovakia

Valuation of financial liabilities

(11) Trade Accounts Payable

(12) Provisions

(13) Other liabilities

(14) Contingent liabilities and guarantees

(15) Deferred taxes

Notes to the Income Statement

(1) Revenues (Notes)

(2) Revaluation

Impairment charges IMMOAUSTRIA

Impairment charges IMMOWEST

Impairment charges IMMOEAST

Revaluations IMMOAUSTRIA und IMMOWEST

Revaluations Other

(3) Other operating income

(4) Depreciation and amortisation

(5) Expenses related to properties

(6) Other operating expenses

(7) Personnel expenses

(8) Cost of goods sold

(9) Financial results

(10) Income taxes

Notes to the Cash Flow Statement

Segment Reporting (Notes)

(2) Operating profit (EBIT)

(3) Financial results

(4) Net profit for the period

(5) Investments

(6) Transition from segment to Group data

Other Information

(1) Reporting on financial instruments and risk report

General information

Default/credit risk

Foreign exchange risk

Impact on valuation

Impact on the asset position

Interest rate risk

Market values and conditions IMMOAUSTRIA

Market values and conditions IMMOWEST

Market values and conditions IMMOEAST

Other price risks

(2) Earnings per share

(3) Information on the company

(4) Transactions with related parties

Constantia Privatbank Aktiengesellschaft

Management contracts

Immofinanz Corporate Finance Consulting GmbH

Immoeast Corporate Finance Consulting GmbH

CPB Corporate Finance Consulting GmbH

Immofinanz Acquisition and Finance Consulting GmbH

IMV Immobilien Management und Verwaltung GmbH

CPB Immobilientreuhand GmbH

CPB Management Tschechien s.r.o.

Remuneration of corporate bodies

Constantia Immobilien Development GmbH

(5) Subsequent events

Capital transactions

Acquisitions Romania

Acquisitions Czech Republic

Acquisitions Slovakia

Management contract

Group Companies of IMMOFINANZ AG

Group Companies IMMOFINANZ

Group Companies IMMOWEST

Group Companies IMMOEAST

Initial consolidation before 2004

Initial consolidation 2005

Initial consolidation 2006

Initial consolidation 2007

Signing by the Executive Board

Auditor’s report

Analysis of results

A. General Information

B. Financial and non-financial performance indicators

C. New investments completed

New investments IMMOAUSTRIA

New investments IMMOWEST

New investments IMMOEAST - Regional subsegment CEE

New investments IMMOEAST - Regional subsegment CIS

New investments IMMOEAST - Regional subsegment SEE

D. Financial instruments and risk management

Risk management: Default/credit risk

Risk management: Market risk

Risk management: Foreign exchange risk

Risk management: Interest rate risk

E. Segment reporting

Segments - Revenues

Segments - Operating profit (EBIT)

Segments - Financial results

Segments - Profit for the year

Segments - Investments

F. Subsequent events

(1) Capital transactions

(2) Acquisitions Romania

(3) Acquisitions Czech Republic

(4) Acquisitions Slovakia

G. Information on capital (§ 243a (1) of the Austrian Commercial Code)

H. Outlook (§ 267 (3) 2 of the Austrian Commercial Code)

Valuation Certificates

Valuation Certificates IMMOEAST

Valuation Certificates Romania

Valuation Certificates Russia

Valuation Certificates Bulgaria, Croatia, Poland, Serbia, Slovakia, Slovenia, Czech Republic, Hungary

Valuation Certificates IMMOWEST

Valuation Certificates IMMOAUSTRIA und BUWOG

Financial Calendar 2007/08