Intro. Introduction by the CEO

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1 Intro Performance 1 6 / 2011 at Introduction by the CEO Management Interim Report The Development of the Company Property Portfolio 1 6 / 2011 Segment Portfolio Sale of Properties Property Services Consolidated Interim Financial al Statementstement Consolidated Interim Income Statementent Consolidated Statement of Comprehensive Income Consolidated Interim Balance Sheet et Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement Segment Reporting Notes Statement of all legal Representatives es Share /Investment Share Key Figures Company Calendar Imprint INTERIM REPORT 1 6 / 2011

2 CONWERT IMMOBILIEN INVEST SE conwert is a fully integrated property company with a clear focus on residential properties and apartment buildings. conwert owns, lets, sells and develops high-quality older residential properties in inner-city locations in rapidly growing regions, primarily in Austria and Germany, and offers property services from one source. conwert s strategy is based on three pillars: the high-quality residential property investment segment, the sale segment and the premium segment in the service sector. conwert considers itself a supplier of top properties in any form. The product range comprises all forms of residential properties from apartment buildings and freehold flats to property shares and closed-end funds. Top priority is attached to a transparent company structure and a convincing strategy.

3 CONTENT 5 6 Intro Performance 1 6 / 2011 at a glance Introduction by the Chairman of the Administrative Board Management Interim Report The Development of the Company Property Portfolio 1 6 / 2011 Segment Portfolio Sale of Properties Property Services Consolidated Interim Financial Statements Consolidated Interim Income Statement Consolidated Statement of Comprehensive Income Consolidated Interim Balance Sheet Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement Segment Reporting Notes 37 Statement of all legal Representatives Share /Investment Share Key Figures Company Calendar Imprint

4 Company indicators 1 6 / / 2010 Change 2010 Rental income mill. EUR % Proceeds on the sale of properties mill. EUR % Service revenues mill. EUR % 34.4 Total revenues mill. EUR % Earnings before interest, taxes, depreciation Mio EUR % and amortisation (EBITDA) Earnings before interest and taxes (EBIT) mill. EUR % Funds from Operations (FFO) 1) mill. EUR % 53.6 Net Rental Income (NRI) mill. EUR % Cash Profit 2) mill. EUR % 44.0 Equity mill. EUR 1, , % 1,330.1 Equity ratio % Gearing % Property indicators Number of objects No. 1,775 1, % 1,811 Rental units No. 26,038 24, % 25,194 Total usable space sqm 2,421,407 2,048, % 2,453,050 Property assets mill. EUR 3, , % 3,238.3 Stock exchange indicators Basic earnings / share EUR % 0.29 Diluted earnings / share EUR % 0.29 Book value (NAV) / share EUR % Funds from Operations / share EUR % ) FFO: Earnings before tax (EBT) minus the net gain from fair value adjustments + difference between cash gains on sale and IFRS gains on sale + depreciation + non-cash parts of financial result and other costs 2) Cash Profit: FFO minus actual income taxes paid Interim Report 1 6 / 2011

5 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment + Performance 1 6 / 2011 at a glance Introduction by the Chairman of the Administrative Board VERY GOOD DEVELOPMENT OF OPERATING BUSINESS New record levels were reached in the sale of property business. The volume sold amounted to EUR million, exceeding the figure of the prior-year reference period by 111.8%. Sales activities were mainly concentrated in the second quarter of 2011, when properties worth EUR million were sold. The new portfolio strategy was thus successfully implemented in the first half of The annual target for revenues in this segment amounts to roughly EUR million. PROCEEDS ON PROPERTY SALES UP 118.6% The doubled proceeds on property sales as well as the additional rental income from the acquired ECO portfolio were reflected in a very strong operating result. Earnings before income, taxes, depreciation and amortisation (EBITDA) equalled EUR 64.1 million at the balance sheet date. Earnings before income and taxes (EBIT) increased by 21.9% to EUR 63.0 million in the first half of At million EUR 54.5 the FFO could nearly be doubled. EUR mill. proceeds on property sales EUR NAV/share EBIT % to EUR 63.0 million 4 Others REVENUES (in million EUR) 37 Office & commercial Residential Usable space by business segment (in %) / 2009 Rental income Service revenues / / 2011 Proceeds on the sale of properties Total EBIT (in million EUR) FFO (in million EUR) / / / / / /

6 INTRODUCTION BY THE CHAIRMAN OF THE ADMINISTRATIVE BOARD Dear shareholders, for the first half of 2011, conwert can report an extremely strong performance. The positive development of our financials is thus already proof of the success of our value enhancement strategy, which we began to resolutely implement this year. Revenue and earnings growth as planned In the first half-year 2011, total revenues amounted to EUR million, an increase of 71.1% versus the same period last year. Earnings before interest and taxes (EBIT) was already at EUR 63.0 million at the reporting date of June 30, 2011, which gives us reason to be optimistic that we will succeed in achieving the targeted EBIT increase of 15% for the year 2011 as a whole. Based on higher rents and sales prices for owner-occupied flats, we generated net rental income of EUR million, up 33.3% from the prioryear period. Also our sales are developing very favourably, with proceeds from the sale of properties reaching EUR million for the first half of 2011, with average margins of 9.2% above the IFRS book value. Due to the complete internalization of service revenues for ECO Business Immobilien AG since the third quarter of 2010, external service revenues declined by 23.3% year-on-year, amounting to EUR 14.5 million as at June 30, The price of the conwert share rose from EUR at the end of 2010 to EUR as of June 30, 2011, corresponding to a rise in value of 8.46%. Unchanged focus on sales proceeds and portfolio optimisation Since the acquisition of ECO, conwert is bigger than it ever has been. In line with our new strategic orientation, we have begun to optimize our portfolio and successively sell real estate which does not fit into our core portfolio. In addition to reducing our Austrian portfolio, the focus is primarily on the targeted sale of our commercial real estate and properties in Eastern Europe. In addition to the proceeds from the sale of properties of EUR million in the first half-year 2011, further sales reaching a total volume of more than EUR million have already been concluded after the quarterly reporting date. Interim Report 1 6 / 2011

7 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment + Performance 1 6 / 2011 at a glance + Introduction by the Chairman of the Administrative Board Selective acquisitions Our acquisitions, were consistently focused on acquiring residential properties, especially in Berlin due to the comparatively higher rental yields. Our strong presence and expertise both on the Austrian as well as on the German market continues to enable us to take an opportunistic approach. Thus we will exploit the current differences regarding the expected increased returns in inner-city residential properties by means of selective acquisitions and sales. Capital-preserving expansion of the service business The decisive criteria in acquisitions and disposals of real estate will continue to be the prudent and efficient use of our capital. We were able to further strengthen our long-term service business by investing our equity capital very efficiently through the profitable conclusion of a participation process for a Berlin Coinvest Portfolio acquired in the first half-year 2011, which encompasses a total of 1,689 residential properties and 160 retail units in sought-after locations in the western part of Berlin. We will continue to perform the full services for the entire portfolio. Consistent improvement of transparency In order to strengthen and build upon the confidence displayed by investors, business partners and employees, we want to and will act as transparently as possible. In February of this year conwert adopted and subsequently implemented a Code of Conduct codifying the ethical principles of our corporate behaviour. Against this backdrop and with a view towards achieving potential cost optimization, conwert has begun to comprehensively evaluate all external contracts of the company. Downsizing of the Executive Board of Directors Moreover, the last half-year saw personnel changes in the Executive Board of Directors and Administrative Board. Volker Riebel, Chairman of the Executive Board of Directors, left the company for personal reasons effective July 6, Mr. Riebel had assumed this position from Johann Kowar at the beginning of the year. His operational responsibilities were assumed by two other managing board members, Thomas Doll and Jürgen F. Kelber. Thus the Executive Board was downsized to two members. The legal form of conwert, the Societas Europaea (SE), enables a close cooperation between the Executive and Administrative Boards, particularly when it comes to strategic questions. We intend to intensify this close cooperation in the future, especially in the light of the complementary expertise of the individual members of the two bodies. Handover of responsibilities in the Administrative Board The Annual General Meeting of conwert Immobilien Invest SE held on May 20, 2011 elected Kerstin Gelbmann, Eveline Steinberger-Kern and Alexander Tavakoli to the Administrative Board. The financial expert Kerstin Gelbmann is Managing Director of Austro Holding GmbH, Grosso Holding Gesellschaft mbh and E.F. Grossnigg Finanzberatung und Treuhandgesellschaft mbh and member of the Administrative Board of Strabag SE. Ms. Steinberger-Kern is a self-employed businesswoman and expert in the field of energy and the environment and the former Managing Director of the Climate and Energy Fund established by the Austrian government. Mr. Tavakoli serves as Managing Director of bauart architecture GmbH and is a real estate expert. Harald Claus Nograsek and Friedrich Kadrnoska left the Administrative Board at their own request. At the constituent meeting of the new Administrative Board, Johannes Meran was confirmed as the Chairman and Kerstin Gelbmann was elected to serve as the Deputy Chairwoman and Chairwoman of the Audit Committee. Dear shareholders, the extremely positive half-year results give us reason for optimism concerning the rest of the financial year. We would like to sincerely thank you for your confidence in conwert. We will continue to consistently work to enhance the value of conwert in order to further substantiate your confidence in the company on a long-term basis. Yours, Johannes Meran Chairman of the Administrative Board 6 7

8 DEVELOPMENT OF THE COMPANY MARKET ENVIRONMENT Austria Vienna In the first half of 2011 the property investment market in Austria showed a satisfactory development, which was primarily related to the good overall economic development and a significant increase in liquidity of many investor groups. This came along with a certain buying pressure for the open-end and closed-end German property funds, which are very important for Austria. Yet, market volume fell short of experts expectations. In the first six months of this year commercial properties totalling roughly EUR 500 million were traded down EUR 350 million on the reference period of the previous year. A large portion of the transactions (approx. 90%) was accounted for by office and hotel properties, while retail properties and the logistics segment played a subordinated role. Analysts consider the strong focus of investors on the top segment where there s a shortage of supply the main reason for the weak development of volume. Previously overheated, the Vienna apartment building market has also slowed down. As in the other segments, revenues declined considerably in the first half of 2011; prices, however, remained stable. Apartment buildings of a total value of less than EUR 200 million changed owners. According to experts, this development was attributable to the insufficient number of sellers who bring larger volumes to the market. In the Vienna office market, rentals of large spaces were postponed to the second half of the year or the financial year Therefore, take-up fell from 91,000 sqm in the prior-year reference period to 85,000 sqm in the first half of (Source: EHL Investment Consulting, Franz Pöltl, Managing Director, July 2011) Germany In the investment market for commercial properties in Germany, approx. EUR 11.1 billion were invested in the first half of 2011, up 28% on the previous year, according to the property service company CB Richard Ellis (CBRE). At EUR 5.6 billion, one of the strongest quarters since 2007 was recorded. Germany is therefore still one of the top markets for property investments worldwide. Based on a strongly growing economy, declining unemployment figures, increasing real wages and growing domestic consumption, Germany corroborates its position as a safe haven for investments. At the same time, investors are offered the opportunity to benefit from rising rental prices in the medium term due to the currently low level of new construction activities and persisting high demand. In addition to the strong involvement of German investors in the domestic market, CBRE identifies ongoing strong interest in German commercial properties on the part of foreign investors. In the first six months, roughly EUR 4.2 billion of cross-border investments were registered, which corresponds to 38% of the total transaction volume. Both national and international investors primarily focused on investments in retail properties. Overall, the retail sector accounted for EUR 6.2 billion or 56% of the entire transaction volume. In addition, EUR 2.7 billion (24%) were invested in office properties. EUR 600 million, or 5.7% of the investment volume, were accounted for by logistics and industrial properties. Investments in hotels amounted to roughly EUR 550 million or 5%. Overall, individual transactions totalled roughly EUR 8.75 billion, or 79% of the total transaction volume. As a result of some larger package sales of retail and logistics properties, an investment volume of EUR 2.35 billion was registered for retail and logistics companies. In the five major German investment centres (Berlin, Düsseldorf, Frankfurt, Hamburg and Munich), more than EUR 4.66 billion were registered, up more than 23% on the previous year. Overall, 42% of the entire national investment turnover is accounted for by the five top locations. It is above all the positive long-term economic prospects of the investment strongholds and the expectation of further increases in rents, especially in good or very good locations, that provide for persistent good demand for suitable objects. However, this demand is faced with limited product supply. (Source: CBRE Germany) According to calculations of the Prognos institute empirica, the demand for housing in Germany amounts to 400,000 new apartments per year until Not only in Berlin, where observers of the market see the highest development potential anyway, but also in Munich, Cologne, Hamburg, Düsseldorf, Stuttgart and Frankfurt the demand for housing will continue to increase. Zentral Boden Immobilien (ZBI) AG also sees a very positive development for investors in cities like Dresden, Erfurt, Halle or Jena. (Source: empirica, ZBI) Interim Report 1 6 / 2011

9 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment + The Development of the Company Property Portfolio 1 6 / 2011 Segment Portfolio Sale of Properties Property Services CEE The total investment in the CEE countries amounted to roughly EUR 5.3 billion in the first half of the year. Russia was the front runner with a volume of approximately EUR 1.9 billion. In the Czech Republic, investments totalled roughly EUR 740 million and in Hungary approx. EUR 298 million. The recovery and the appeal of the CEE countries for investors are attributable to the good yields in this region. Vacancy rates in the CEE countries are also starting to decline again, above all due to a massive increase in demand. While in the first half of 2011 investments in properties in Central and Eastern Europe totalled some EUR 5.3 billion, this figure was only EUR 1.7 billion in the first half of the year CBRE estimates that this trend in the CEE countries will continue and that some EUR 10 billion could be invested in properties in this region by the end of the year. The region would thus come close to the record year 2007, when investments totalled roughly EUR 14.7 billion. (Source: Andreas Ridder, Managing Director CB Richard Ellis Austria, July 2011) RESOLUTIONS OF THE ANNUAL GENERAL MEETING & CHANGES IN MANAGEMENT At the 10th Annual General Meeting of conwert Immobilien Invest SE, Kerstin Gelbmann, Eveline Steinberger-Kern and Alexander Tavakoli were elected to the Administrative Board. Friedrich Kadrnoska and Harald Claus Nograsek retired from the Administrative Board at the close of the Annual General Meeting. In the subsequent constituent meeting of the Administrative Board, Johannes Meran was confirmed as the chairman and Kerstin Gelbmann was elected his deputy. The financial expert Kerstin Gelbmann was also elected chairwoman of the audit committee. The Administrative Board now consists of Johannes Meran, Kerstin Gelbmann, Franz Pruckner, Eveline Steinberger-Kern and Alexander Tavakoli. In addition, the Annual General Meeting adopted a dividend payment of EUR 0.30 per share. Ernst & Young Wirtschaftsprüfungsgesellschaft mbh was appointed auditor for the financial year On 6 July 2011 the Administrative Board accepted the resignation of Volker Riebel, and the company s Executive Board was reduced to two persons on the basis of an unanimous decision. Volker Riebel had been Chairman of the Executive Board of conwert since 1 January The Executive Directors Thomas Doll, responsible for finances, and Jürgen F. Kelber, responsible for property management and sales, have also assumed the operating tasks of Volker Riebel. As before, the Administrative Board will fully exercise its competences under company law with regard to the formulation and implementation of the corporate strategy. NEW CODE OF CONDUCT FOR EMPLOYEES OF THE CONWERT GROUP At the meeting of the Executive Board of 14 March 2011, conwert adopted a code of conduct, which is applicable to all employees of the conwert Group. After all related party transactions had already been prohibited at the end of the year 2010 and the corresponding committee of the Administrative Board had been abolished, the code of conduct now applicable governs how employees of the group should deal with one another and with the group s stakeholders. The objective is to codify ethical principles of entrepreneurial actions for the conwert Group in a transparent manner. The introduction of the code of conduct represents a further step in the consistent implementation of an extensive compliance management system, which is scheduled to be fully implemented completely by the end of the year

10 OPERATING DEVELOPMENT RENTAL INCOME AND SERVICE REVENUES The currently very positive market environment in Austria and Germany served conwert to further expand its business activities. In the first half of 2011, conwert increased rental income to EUR million. In comparison with the prior-year reference period (1 6/2010: EUR 80.5 million) this corresponds to a 33.3% increase, which is attributable to the consolidation of ECO Business- Immobilien AG and the successful new letting of numerous units. Net rental income (NRI) was raised by 33.7% to EUR 63.1 million. The average contractual rent for the entire conwert portfolio was raised to EUR 6.34 per square meter per month in the reporting period. Thanks to the strong demand for residential properties and intensified sales and marketing activities, the vacancy rate was also reduced to 16.0% in the first six months of the current financial year. Taking a separate look at the residential property portfolio, a reduction of the vacancy rate to 11.7% was recorded this corresponds to a year-on-year improvement by 23.0%. The strong development of the letting business becomes evident in a like-for-like analysis of the portfolio in comparison with the previous year, which does not take into account sales and acquisitions. In an unchanged portfolio, conwert recorded a slight decline in average rents by 1.2% in the first half of 2011 in comparison with the first half of 2010; however, vacancies were at the same time reduced significantly by 19.1%. In terms of rental income per month, an increase by 3.2% was realised. The selling business reached an all-time high with a volume of EUR million, up 111.8% on the figure of the same period of the previous year. The profit margin based on the IFRS book values amounted to 9.2% in the first half of The cash margin based on updated acquisition cost equalled 26.5%. Sales transactions were primarily carried out in the markets of Austria and Germany. The proceeds on the sale of properties in the second quarter, at EUR million, were three times as high as in the first quarter of The new portfolio strategy was thus successfully implemented in the first half of Further sales for the second half of the year are already being planned or prepared. Revenues from services provided to third parties amounted to EUR 14.5 million in the first half of In comparison with the first six months of the prior year (1 6/2010: EUR 18.9 million) this corresponds to a reduction by 23.3%. Overall, revenues improved by 71.1% compared to the prior-year level and amounted to EUR million at 30 June 2011 (1 6/2010: EUR million) due to the higher rental income and the increased proceeds on property sales in the first half of the year DEVELOPMENT TOTAL USABLE SPACE (in 1,000 sqm) DEVELOPMENT PROPERTY ASSETS (in million EUR) DEVELOPMENT EBITDA (in million EUR) 2,500 2,453 2,421 3,500 3,238 3, ,000 1,500 1, ,254 2, , ,422 3,000 2,500 2,000 1,500 1,000 1,225 1,194 2,517 1,624 1,439 1,555 1, / / / / / 2011 Austria Other regions Germany Total Austria Other regions Germany Total Interim Report 1 6 / 2011

11 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment + The Development of the Company Property Portfolio 1 6 / 2011 Segment Portfolio Sale of Properties Property Services POSITIVE EARNINGS FIGURES AND FUNDS FROM OPERATIONS The doubling of proceeds from property sales and additional rental income from the acquired ECO portfolio contributed to a very strong operating result. At 30 June 2011, earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 64.1 million, which corresponds to an increase by 26.7% in comparison with the prior-year period (1 6/2010: EUR 50.6 million). The revaluation result showed a slightly negative fair value adjustment of the property portfolio amounting to EUR -0.3 million. In the comparable prior-year period 1 6/2010, the net result from the fair value adjustment amounted to plus EUR 6.2 million. Earnings before interest and taxes (EBIT) increased by 21.9% compared with the first half of 2010 and amounted to EUR 63.0 million in the first half of 2011 (1 6/2010: EUR 51.7 million). The financial results, at EUR million, were 47.5% lower than in the comparable period of the previous year (1 6/2010: EUR million). Profit after income taxes equalled EUR 10.4 million in the reporting period, down 25.7% in comparison with the first half of 2010 (1 6/2010: EUR 14.0 million). Basic earnings per share of conwert amounted to EUR 0.10 in the reporting period after EUR 0.15 in the reference period of the previous year. Thanks to the good letting and selling business, funds from operations (FFO) increased to EUR 54.5 million, versus EUR 27.4 million in the first half of With this 98.9% increase FFO nearly doubled. DEVELOPMENT FFO (in million EUR) / / / 2011 Development of the investment portfolio (like-for like analysis) 1 6 / / 2011 Change in % Austria Average rate/month in EUR Vacancy rate in % Rental income/month in EUR Germany Average rate/month in EUR Vacancy rate in % Rental income/month in EUR Other regions Average rate/month in EUR Vacancy rate in % Rental income/month in EUR Hold portfolio Average rate/month in EUR Vacancy rate in % Rental income/month in EUR ASSETS AND FINANCIAL POSITION conwert s balance sheet total recorded a minor decline by 3.4% to EUR 3,429.9 million in the first half of 2011 in comparison with the whole year 2010 (EUR 3,550.8 million). The item investment properties, which amounts to EUR 2,500.6 million or 72.9% of the balance sheet total, still represents the largest balance sheet item. The assets of properties held for sale amounted to EUR million at 30 June Compared with the whole year 2010, current assets rose from EUR million to EUR million in the reporting period. This increase by 11.5% primarily resulted from an increase in the item properties held for sale. In comparison with the balance sheet at 31 December 2010, equity fell slightly from EUR 1,330.1 million to EUR 1,306.9 million at 30 June However, the equity ratio remained largely stable at 38.1% at the balance sheet date (1-12/2010: 37.5%). In the first six months of 2011 the net assets per share, the NAV, rose slightly to EUR in comparison with the end of the financial year 2010 (EUR 15.56) despite numerous property sales. The buyback of treasury shares was one of the contributing factors to this stable development of the NAV despite property sales. Property assets totalling EUR 3,139.6 million were offset by property-related loans and borrowings of EUR 1,929.2 million at 30 June Consequently, the loan-to-value ratio amounted to 58.7%. DEVELOPMENT BOOK VALUE (NAV)/SHARE (in EUR) /

12 85.5% of the financial liabilities were hedged against changes in interest rates. The cash-effective interest rate of the financing portfolio amounted to 3.02% p.a. before hedging costs and 4.34% p.a. after hedging costs. The average remaining term of loans (incl. bonds and convertible bonds) did not change and amounted to 9.9 years at 30 June in million EUR Volume of financing Thereof fixed interest Thereof variable interest Up to 1 year years Over 5 years Total 1, ,431.7 The structure of loans and borrowings due within a year is shown below: in million EUR Loan volume by by Total RISK REPORT As a result of the takeover of the listed ECO Business-Immobilien AG, the risk profile of conwert has expanded to include business properties. As the risk environment and the methods of risk management essentially remained unchanged in the first half of the year 2011, detailed notes and information are provided in the risk report of the respective annual reports PROSPECTS AND POST-BALANCE-SHEET REPORT Overall economy Both the euro area and the emerging markets experienced strong growth in the first half of 2011 only the USA showed a disappointing development. During the second half of the year, Raiffeisen Research expects a mirror-inverted effect. As the Greek sovereign debt crisis gets pushed to the background, more attention should be paid to economic and company figures again. After a good start to the year 2011, the dynamic development of the euro zone is expected to decline in the second half of the year, however, with an overall growth of 2%. This average is the result of great differences in GDP. The core euro zone, which includes countries like Germany and Austria, has compensated the drastic slump in growth of 2009 again. For the year 2011 Raiffeisen Research expects growth of 3.3% for Austria and 3.6% for Germany. The inflation rate in the euro area in May amounted to 2.7% p.a., thus clearly exceeding the rate of just under 2% p.a. aimed for by the ECB. Another increase in the inflation rate as well as a rate of price increases of 3% are expected. (Source: Peter Brezinschek, Chief Analyst of Raiffeisen Bank International AG) Monetary policy Due to the persisting inflation pressure, the European Central Bank raised the base rate in the euro area, as expected, by 0.25 percentage points to 1.5% on 7 July This has been the second small interest rate adjustment in three months. Previously, the most important interest rate to supply the credit sector with central bank money had maintained at a record low of 1.0% since May Economists expect a further increase in (Source: APA, ) PROPERTY MARKETS Property market Vienna Experts predict stable prices and a decrease in top yields for office properties by a few basis points during the remaining part of the year. Transaction volume is expected to increase substantially in comparison with the first half. It is possible that the flight into tangible assets may increase due to the crisis in Greece and the related insecurity in the market; in this context, real estate may benefit to a greater extent than other types of assets. According to EHL, a slight upward trend can be expected for office properties in Vienna in the second half of the year. Some major potentially interested parties are currently evaluating the market and reviewing location alternatives. Interim Report 1 6 / 2011

13 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment + The Development of the Company Property Portfolio 1 6 / 2011 Segment Portfolio Sale of Properties Property Services For the year as a whole, a property turnover of 210,000 sqm (minus 5%) and a record low of 180,000 sqm in new space are to be expected. It is likely that only few objects will come on the market in the coming two years. Consequently, a slight increase in average rents can be expected again in the medium term. (Source: EHL Investment Consulting, Franz Pöltl, Managing Director) PROPERTY MARKET GERMANY The number of private households in Germany will grow by 2% to 40 million by During the same period, living space per person will increase by nearly 15%, and by 28% in Eastern Germany according to the research and consulting institute empirica. According to calculations of the Prognos Institute, demand for housing will amount to up to 400,000 new apartments per year until Consequently, demand for housing is expected to grow massively in the next decades. (Source: ZBI, Klaus Fürstenberg) Experts predict ongoing dynamic investment activities in Germany until the end of the year In view of the transactions intended for the second half of the year, CBRE adheres to its forecast of a volume exceeding EUR 20 billion. Security-oriented investment decisions will continue to be in the foreground of the second half of the year, thus leading to stable low top yields, which will, however, decline further in some cases. Against the backdrop of excellent macro-economic fundamental data and highly limited product availability in the core segment, however, CBRE identifies growing interest in promising and even opportunistic investments. (Source: Jan Linsin, Head of Research at CBRE in Germany) CONWERT CONSISTENT INCREASE IN RETURN ON EQUITY The implementation of the strategy designed to increase value as formulated by the Administrative Board in 2010 will also be pushed ahead with discipline in the second half of the year conwert places the focus on simplifying internal structures, efficient cost management, the reduction of non-core activities, strengthening the service business as well as sales and selective acquisitions of property portfolios with a view to consistently raising the return on equity. For the financial year 2011, the company expects, as before, an improvement in the operating result by roughly 15%, not taking into account property valuations and a dividend payment at prior-year level. POST BALANCE SHEET REPORT The Administrative Board of conwert Immobilien Invest SE accepted the resignation of Volker Riebel on 6 July 2011 and reduced the company s Executive Board to two members by an unanimous decision. A total of 803,000 shares were repurchased during the period from 30 June 2011 to 16 August 2011 in connection with the share buyback programme. The purchase price for these shares amounted to EUR 9.2 million (incl. fees) and the average share price was EUR This represents 0.94% of share capital. The conwert Group plans to close the sale of a larger portfolio with a total value of EUR million during the third quarter of This portfolio comprises 127 units, thereof 68 residential units, 49 office and commercial units and 20 other units, in addition 110 parking spaces in Vienna. The sale of the Berlin Coinvest portfolio, which was acquired during the second quarter of 2011, is scheduled to close during the third quarter of this year. The conwert Group will retain a 20% stake in this portfolio and will also continue to provide services for all portfolio properties during the investment period. Vienna, 17 August 2011 The Executive Board of conwert Immobilien Invest SE Thomas Doll Executive Director Jürgen F. Kelber Executive Director 12 13

14 PROPERTY PORTFOLIO 1 6 / 2011 CORE MARKETS (property portfolio > EUR 20 million, service locations) REGIONAL MARKETS (property portfolio < EUR 20 million, service locations) LOCAL MARKETS (property portfolio EUR 2-5 million, service locations) CORE MARKETS AUSTRIA AND GERMANY Core markets Austria and Germany conwert has turned into one of the largest property investors and service providers in the past years. Overall, conwert operates at more than 80 locations, predominantly in Austria and Germany. Business activities focus on cities with above average economic and demographic development. Other smaller property investments at selected locations in Slovakia, Hungary, the Czech Republic, Luxembourg and the Ukraine will, however, gradually be reduced in the years to come. conwert s own service companies provide their services nationwide in Austria and Germany, and selectively in Slovakia, Hungary and the Czech Republic to the Group itself and to third parties in the market. Interim Report 1 6 / 2011

15 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment The Development of the Company + Property Portfolio 1 6 / 2011 Segment Portfolio Sale of Properties Property Services million EUR 3,139.6 Property assets 1,755 properties 26,038 units 2,421,407 sqm usable space Property portfolio by regions 1 6 / 2011 Austria Number of properties 394 Number of rental units / parking spaces 6,795 / 4,361 Total usable space in sqm 916,534 Strategic / actual vacancies in % 2.47% / 18.83% Total investment costs in million EUR 1,460 Yield on total investment costs in % 4.36% Fair value in million EUR 1,501 Yield in % 4.26% Property assets in million EUR 1,555 Germany Number of properties 1,333 Number of rental units / parking spaces 18,282 / 4,660 Total usable space in sqm 1,421,784 Strategic / actual vacancies in % 5.92% / 5.26% Total investment costs in million EUR 1,271 Yield on total investment costs in % 6.98% Fair value in million EUR 1,402 Yield in % 6.39% Property assets in million EUR 1,415 Other regions Number of properties 48 Number of rental units / parking spaces 961 / 774 Total usable space in sqm 83,089 Strategic / actual vacancies in % 7.66% / 32.35% Total investment costs in million EUR 144 Yield on total investment costs in % 3.06% Fair value in million EUR 136 Yield in % 3.22% Property assets in million EUR 169 Total Number of properties 1,775 Number of rental units / parking spaces 26,038 / 9,795 Total usable space in sqm 2,421,407 Strategic / actual vacancies in % 4.68% / 11.33% Total investment costs in million EUR 2,875 Yield on total investment costs in % 5.46% Fair value in million EUR 3,039 Yield in % 5.20% Property assets in million EUR 3,

16 SEGMENT PORTFOLIO All business activities related to the acquisition, sale, development and rental of residential and commercial properties are combined in conwert s portfolio segment. Rental income in this segment amounted to EUR million in the first half of 2011, up 32.3% or EUR 26.3 million on the revenues of the comparable period of the previous year (1 6/2010: EUR 81.6 million). EBIT in the portfolio segment equalled EUR 37.4 million and also rose by 8.1% on the comparable prior-year period (1 6/2010: EUR 34.6 million). The increase in the rental income and the operating result is primarily attributable to the full consolidation of ECO Business-Immobilien AG and a positive development in new rentals. Key figures portfolio segment 1 6 / / 2010 Rental income EUR mill Austria EUR mill Germany EUR mill Other regions EUR mill EBIT EUR mill conwert s property assets amounted to EUR 3,139.6 million at 30 June Due to several sales in the first half of 2011 and selected acquisitions in Germany, assets declined by EUR 98.7 million or 3.0% (year-end 2010: EUR 3,238.3 million). On 30 June 2011, the property portfolio consisted of 1,775 objects in Austria, Germany and the other regions (31 December 2010: 1,811). Although the number of properties recorded a desired reduction, the number of rental units increased. Overall, the number of conwert s rental units amounted to 26,038 at the end of the first half of 2011 (year-end 2010: 25,194). In contrast, the number of parking spaces declined to 9,795 units (year-end 2010: 11,894). conwert acquired a property portfolio amounting to EUR 91.7 million with 126,166 sqm usable space and 47 units, thereof 90% residential units. Expenses for modernisation measures and the development of properties totalled round EUR 40.2 million. Total usable space declined by 1.3% to 2,421,407 sqm in comparison with 31 December As of 30 June 2011, the structure of the conwert property portfolio was as follows: the residential segment accounted for 58.5% of the usable space and the segment office/commercial/others for 41.5%. The regional focus lay on Austria with 50% of the conwert properties. 45% of the property portfolio was located in Germany and 5% in the other regions at the balance sheet date. conwert recorded a successful development in lettings. Overall, 1,758 units were newly let in the first half of 2011 (1 6/2010: 1,549 units). The average rent for new rentals in the residential area amounted to roughly EUR 8.88 / sqm in Austria and to EUR 5.80 / sqm in Germany. The actual rents in the existing portfolio in the residential segment amout to EUR 4.98 / sqm in Austria and EUR 5.24 / sqm in Germany. A like-for-like comparison of the letting business also shows that a strong development was recorded in the first six months of the financial year Not taking into account sales and acquisitions, conwert realised an increase in rental income by 3.2% in an unchanged property portfolio in comparison with the prior-year period 1 6/2010. Total vacancies were reduced by 19.1% in the comparable portfolio. The vacancy rate in the entire conwert portfolio was also reduced to 16.0% in the first half of 2011 due to the strong demand for residential properties (1 6/2010: 16.7%). Vacancies in the residential property segment were lowered significantly by 29.9% in a year-on-year comparison and amounted to 11.7%. In contrast, the vacancy rate rose to 22.1% the segment office/commercial/others due to the takeover of the ECO portfolio, as the property in Luxemburg is currently in the process of being let. However, 14.8% of the vacant space of this object was already let in the first half of Interim Report 1 6 / 2011

17 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment The Development of the Company Property Portfolio 1 6 / Segment Portfolio Sale of Properties Property Services USABLE SPACE BY SEGMENT (in %) USABLE SPACE BY REGION (in %) PROPERTY ASSETS BY REGION (in %) Residential Other Office & commercial Austria Germany Other regions Austria Germany Other regions EUR 63.1 million net rental income EUR 21.5 million IFRS proceeds on property sales EUR 3,139.6 million property assets AUSTRIA In Austria, conwert s rental income was increased by 40.4% to EUR 42.4 million. This positive development in the letting business is primarily attributable to the integration of ECO Business-Immobilien AG. The number of properties declined to 394 in the first half of the year 2011 due to the sale of 15 objects in Vienna. At the same time, no new apartment buildings were purchased. Consequently the number of rental units fell to 4,763 units. By re-letting 277 units further success was realised in the lettings performance. In comparison with the prior-year reporting period, a like-for-like analysis of the Austrian hold portfolio shows that the monthly average rent per square meter was maintained stable at EUR 6.54 in the first half of 2011 (1 6/2010: EUR 6.55). Overall rental income per month, at EUR 2.5 million, was also stable. The vacancy rate on a like-for-like basis deteriorated slightly from 11.8% in the prior-year comparable period to 13.9% in the reporting period. In the office and commercial segment, 12,592 square meters of space were re-let; for approx. 6,000 sqm, preliminary tenancy agreements were made for the second half of the year. In the development segment, 83 units were completed

18 GERMANY In Germany, conwert continued to expand the letting business in the portfolio segment further in the reporting period. Rental income was increased to EUR 62.5 million in the first half of the year due to re-rentals and rent adjustments (1 6/2010: EUR 48.9 million). This corresponds to an increase by 27.8%. Overall, 1,358 units were re-let in Germany in the first six months of the current financial year. 16,214 sqm were re-let within the ECO portfolio, which corresponds to 12.8% of the overall portfolio. In general, contact with the tenants was intensified in the commercial property portfolio, rents were raised and the term of the contracts was extended where possible. The vacancy rate throughout the entire conwert portfolio was reduced by roughly 11.2% due to the sale of properties and the successful completion of development projects. Average rents per square meter also improved slightly in conwert s portfolio in Germany. As of 30 June 2011 they amounted to EUR 5.58 / sqm per month, thus clearly exceeding the figures of the comparable period of the previous year (1 6/2010: EUR 5.60 / sqm per month). A like-for-like analysis of the German portfolio makes the reduction of vacancies even more evident. Assuming an unchanged portfolio in comparison with the first half of 2010, the vacancy rate was even reduced by 30.3% in the reporting period. At the same time, conwert was able to raise the monthly rents by 5.5%. The number of properties in the German portfolio declined from 1,360 to 1,333 objects with 1,421,784 sqm of usable space since the beginning of the year 2011 due to the sale of properties. However, new acquisitions were also made. The Goud portfolio was acquired, with residential units and 126,166 sqm in Berlin. These purchases are part of conwert s new strategic orientation with a clear growth target in the residential property segment in Germany. In the development segment, the refurbishment of Philipine-Welser-Straße 16 in Augsburg was completed. The object is already fully let. The planning phase in the Berlin Project Dahlem has ended and the building applications were submitted to the authority for approval. OTHER REGIONS conwert s business unit other regions covers all activities in CEE (Czech Republic, Slovakia, Hungary) and other countries in and outside the EU (currently Luxemburg and the Ukraine). The portfolio of conwert in this region comprised 48 objects with 83,089 sqm as of 30 June First successes were realised in letting space at the ECO project in Luxemburg in the reporting period. 14.8% have already been let and another 3,000 sqm of the space are in negotiation. The object in the Ukraine is scheduled to be completed at the end of the year Overall, 6,349 sqm were re-let in this region in the first half of The sale of properties in the Czech Republic in the first half of 2011 and the progressing letting of free space in the property in Luxemburg form part of the strategy aiming to successfully withdraw from this region in the medium to long term. Rental income continued to develop positively and rose from EUR 2.5 million in the prior-year reference period to EUR 3.1 million in the reporting period. Looking at the vacancy rate on a like-for-like basis, a significant improvement can be identified. The vacancy rate was reduced to 28.2% (1 6/2010: 31.2%). This corresponds to an improvement by 9.5%. A good increase by 6.94% was accomplished for monthly rents in this regional segment in a like-for-like comparison, and average rents rose slightly to EUR 7.28 per square meter per month. Interim Report 1 6 / 2011

19 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment The Development of the Company Property Portfolio 1 6 / Segment Portfolio + Sale of Properties Property Services SALE OF PROPERTIES All activities with respect to the sale of freehold flats and apartment buildings to private and institutional investors are covered by the business segment Sale of properties. In comparison with the prior-year period, conwert doubled the result in this segment in the reporting period from 01 January to 30 June 2011 with an increase by 111.8%. In the first six months of 2011 properties totalling EUR million were sold above all in Austria and Germany, with proceeds on the sale of properties in the second quarter, which amounted to EUR million, roughly three times as high as in the first quarter. The margins realised equalled 9.2%, thus higher than originally planned. Considering the margins in the segment properties held for sale separately, they even amounted to 39.1%. Further sales of EUR million are planned for the second half of the year. Some preliminary agreements have already been made. Hence, the revenue target in this segment for the Key figures segment sale of properties 1 6 / / 2010 Rental income EUR mill Austria EUR mill Germany EUR mill Other regions EUR mill EBIT EUR mill EBT EUR mill EUR 21.5 million IFRS proceeds on property sales 2,512 units sold EUR 1,009 per sqm average selling price whole year amounts to approximately EUR million. AUSTRIA In the first half of 2011, conwert consistently implemented its strategy of selling properties with a focus on Austria, which it has pursued since the beginning of the year. Proceeds on the sale of properties in this market amounted to EUR 99.7 million in the first six months of In the first half of 2011, a total of 11 apartment buildings with 453 units plus another 74 apartments were sold. The sale of the property Am Kanal 73, in the 11th district of Vienna, represented the largest transaction in the second quarter of 2011 with proceeds of EUR 37.3 million. In addition, a property in Zollergasse in Vienna was sold for EUR 4.3 million in the same month. After 30 June 2011, the sales process was started for a portfolio of apartment buildings in Vienna worth over EUR million. This portfolio also includes a property from the portfolio of ECO Business-Immobilien AG. GERMANY Properties of a total value of EUR million were sold in Germany in the first half of 2011, with sales being concentrated in the second quarter with EUR million. The sale of the Berolinium package in Berlin for EUR 77.5 million in June and the ECO property at the SpreeEck in Reinhardtstraße in Berlin for EUR 17.9 million represented the largest transactions. The Beriolinium package comprised a residential property package of 1,083 units and 76,831sqm. Overall, 83 properties with 2,034 units as well as 628 individual residential units were sold in the first half of Moreover, conwert completed the investment process for the Berlin Coinvest portfolio at the beginning of the third quarter Jargonnant Partners S.a.r.l. will hold an 80% stake in the portfolio, which conwert had acquired for approx. EUR 90.0 million in the first quarter. 20% plus a profit share on the entire portfolio will remain with conwert. In addition, conwert will keep the service business for the entire portfolio during the investment period. Through this partnership with retroactive effect, conwert realised a profit in the single-digit million range, which largely finances conwert s involvement in this portfolio. Through an improvement in added value and the sale of individual properties conwert expects returns on equity of more than 20% for this portfolio in the coming four years. OTHER REGIONS In Central and Eastern Europe, conwert has also continued to adjust its portfolio. In April 2011, a property in Brno was sold for EUR 1.6 million. It was an object with 14 residential units. Overall, properties totalling EUR 11.3 million were sold in the other regions in the first half of

20 PROPERTY SERVICES With its subsidiaries RESAG Group and alt+kelber Group, conwert offers its property services both within the conwert Group and externally to third parties. The service portfolio comprises asset management, property management, brokerage and the privatisation of apartments. In Austria, all services of conwert are provided by the companies of the RESAG Group, and in Germany by the subsidiaries of the alt+kelber Group. In the first half of 2011, all service-providing subsidiaries of conwert taken together managed a total of 60,825 units. In comparison with the reporting period 1 6/2010, when 59,508 units were managed, an increase by 2.2% or 1,317 units was realised here. The area of the space under management rose by 6.4% to 4,558,183 sqm in the reporting period (1 6/2010: 4,282,167 sqm). 43.7% of the facility management services were provided internally and 56.3% externally. Using synergies and the concentration on the core business were again the main focal points in the first half of A total of 108,959 sqm of vacant space was brokered within the conwert portfolio and 103,561 sqm to third parties in the market. conwert s Austrian-based construction management completed 83 units in Vienna. In Germany, alt+kelber successfully expanded its cooperation with the fund provider DWS, and the fund DWS Access Wohnen I reached full investment. Moreover, together with DWS, the asset management structures with the first and second Wohnen funds were successfully established. The alt+kelber Group acquired further asset management contracts, amongst others with WGF (approx. 90,000 sqm of commercial space and 950 residential units) and RA Seidel (approx. 84,000 sqm with approx. 1,380 units), as well as for a commercial portfolio in North Rhine Westphalia (approx. 55,000 sqm) in the first half of conwert intends to seek and utilise growth opportunities through further investments in the future, in addition to the fund business with DWS, and is in an excellent position to do so with its experienced management. Service revenues amounted to EUR 42.3 million at the end of the first half of 2011, up 13.7% on the prior-year period. EBIT in this segment also increased by 20.2% to EUR 13.7 million, and EBT rose 19.8% to EUR 13.3 million in comparison with the prior-year reference figures. Key figures service segment 1 6 / / 2010 Service revenues EUR mill Austria EUR mill Germany EUR mill Other regions EUR mill EBIT EUR mill PROPERTY MANAGEMENT (managed space in 1,000 sqm) UNITS MANAGED IN 1,000 (Group and third parties) 5,000 4,000 3,000 2,765 4,138 2,863 4,191 3,204 4, ,000 1,000 1,373 1,328 1, / / 2011 RESAG alt+kelber Total RESAG alt+kelber Total Interim Report 1 6 / 2011

21 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment The Development of the Company Property Portfolio 1 6 / 2011 Segment Portfolio Sale of Properties + Property Services 3,320 units sold 3,726 rental units brokered 60,825 units under facility management AUSTRIA RESAG Property Management managed a total 17,702 units in Austria in the first half of 2011 on behalf of the conwert Group and for third parties. In addition, RESAG let 340 units under new tenancy agreements and sold 541 apartments. Overall, the newly let space amounted to 29,057 sqm. Based on these activities, service revenues of EUR 18.2 million were generated in Austria in the reporting period. In comparison to the prior-year reference period (1 6/2010: EUR 20.0 million), this corresponds to a decline by 9.0 % basically due to the internalisation of ECO Management GmbH. 28% of the revenues in the service business in Austria are accounted for by business with third parties. In order to streamline the group structures, the technical and facility management departments of the RESAG Group were restructured. The new customer centre, which started test operations in November 2010, became fully operational in the first half of Additional measures designed to improve quality were taken in order to process customer requests on schedule. The introduction of an electronic billing cycle and a CRM data base represented further steps in a customer-oriented quality offensive. GERMANY The alt+kelber facility management in Germany managed 43,123 units with roughly 3.2 million sqm in the first six months of the current financial year. The brokerage subsidiary of alt+kelber brokered an additional 3,239 units, 58.1% to third parties in the market. In the reporting period 2,662 units in total were sold, 72.1% of them from the conwert portfolio. The revenues generated in the service segment in Germany amounted to EUR 23.3 million in the reporting period. In comparison with the prior-year reference period (1 6/2010: EUR 16.3 million) this corresponds to a substantial increase by 43.0%. In the area of housing privatisation, significant successes were achieved, and further sales of apartment buildings are planned. Demand by private investors for apartment buildings from the turn of the century in Berlin is at a very high level and still growing. As a result of the measures taken in Germany, the vacancy rate was reduced from 12.3% at year-end 2010 to 11.2% at 30 June This corresponds to a decline by 9.5% and is attributable to the intensified marketing and sales activities and the portfolio adjustments in Eastern Germany (sale of more than 5,000 sqm of vacant space). Furthermore, the first half of the year was characterised by the portfolio analysis of the overall ECO- Germany portfolio and the preparation of a partial sale by conwert. Moreover, a merger of individual sales companies of the alt+kelber Group was started in the first half of the year 2011, with the objective of focusing sales competences. The cooperation with DESIGN Bau AG was dissolved and the operations of alt+kelber Eigenheim were discontinued. alt+kelber property management was restructured and targeted acquisition activities were carried out in portfolio establishment and in approaching investors. OTHER REGIONS Service revenues in the other regions amounted to EUR 0.8 million in the reporting period 1 6/2011, thus remaining at the same level as in the prior-year reference period. Overall, 137 units with 7,406 sqm were newly let and 117 units were sold in the reporting period

22

23 CONSOLIDATED INTERIM FINANCIAL STATEMENTS AS OF 30 JUNE 2011

24 The following consolidated interim financial statements as of 30 June 2011, which were prepared in accordance with International Financial Reporting Standards (IFRS/IAS), were neither audited nor reviewed by a certified public accountant. CONSOLIDATED INCOME STATEMENT FOR THE PERIOD FROM (in million EUR) Rental income Proceeds from the disposal of properties held for sale 3. Proceeds from the disposal of investment properties 4. Revenues from property services Total revenues Property expenses (44.6) (33.9) (23.2) (17.7) 7. Expenses from the disposal of (23.8) (25.3) (13.6) (13.3) held-for-sale properties 8. Expenses from the disposal of (206.2) (79.0) (157.8) (52.5) investment properties 9. Subtotal of 5. to Gains from fair value adjustments 11. Losses from fair value (6.4) (14.8) (3.2) (11.5) adjustments 12. Net gain/(loss) from fair value adjustments (0.3) (Subtotal of 10. and 11.) 13. Negative fair value adjustments (0.1) to held-for-sale properties 14. Depreciation, amortisation and (0.7) (5.0) (0.5) (2.5) other impairment charges 15. Other operating income Personnel expenses (16.5) (15.6) (8.4) (8.6) 17. Other operating expenses (20.4) (16.2) (10.4) (8.2) 18. Earnings before interest and tax (EBIT) Finance revenue Finance costs (57.4) (39.5) (30.8) (20.2) 21. Share of profit from associates Financial results (50.6) (34.3) (26.5) (17.6) 23. Earnings before tax (EBT) Income tax expense (2.0) (3.4) (4.6) (2.1) 25. Profit for the year Thereof attributable to non-controlling interests Thereof attributable to equity holders of the parent Basic earnings per share in Euro Diluted earnings per share in Euro Weighted average number of shares outstanding 83,767,513 80,535,907 83,495,065 80,993,104 Interim Report 1 6 / 2011

25 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD FROM (in million EUR) + Consolidated Interim Income Statement + Consolidated Statement of Comprehensive Income Consolidated Interim Balance Sheet Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement Segment Reporting Notes Noncontrolling interests Noncontrolling interests Equity holders of the parent Total Equity holders of the parent Total Profit after tax for the period Other comprehensive income Currency translation differences (0.7) 0.0 (0.7) Cash flow hedges (33.2) 0.0 (33.2) Tax effect of cash flow hedges (3.7) 0.0 (3.7) Other income from associates (2.2) 0.0 (2.2) Miscellaneous Total other comprehensive income (25.8) 0.0 (25.8) Total comprehensive income (13.6) 1.8 (11.8) 24 25

26 CONSOLIDATED BALANCE SHEET AS OF 30 JUNE 2011 (in million EUR) Assets A. Non-current assets Investment properties 2, ,701.1 Goodwill Intangible assets Miscellaneous property, plant and equipment Other financial assets Deferred tax assets Total Non-current assets 2, ,847.9 B. Current assets Properties held for sale Trade accounts receivable Other financial assets Other assets Cash and cash equivalents Total current assets Total assets 3, ,550.8 Equity and liabilities C. Equity Issued capital Share premium Treasury shares (29.4) (10.7) Retained earnings Other reserves (54.7) (66.8) Equity attributable to equity holders 1, ,311.0 of the parent Non-controlling interests Total equity 1, ,330.1 D. Non-current liabilities Interest-bearing loans and borrowings 1, ,211.9 Convertible bond Provisions Deferred tax liabilities Financing contributions from tenants Other non-current financial liabilities Total non-current liabilities 1, ,642.3 E. Current liabilities Interest-bearing loans and borrowings Bond liabilities Trade accounts payable Income tax payable Other current financial liabilities Other current liabilities Total current liabilities Total equity and liabilities 3, ,550.8 Interim Report 1 6 / 2011

27 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (in million EUR) Consolidated Interim Income Statement Consolidated Statement of Comprehensive Income + Consolidated Interim Balance Sheet + Consolidated Statement of Changes in Equity + Consolidated Cash Flow Statement Segment Reporting Notes Issued capital Share premium Treasury shares Retained earnings Reserve for derivatives Other reserves Equity holders of the parent Subtotal Noncontrolling interests Equity Total Balance on (48.2) (49.7) (4.1) 1, ,279.9 Profit for the period (after tax) Other comprehensive income (25.2) (2.2) (25.8) 0.0 (25.8) Total comprehensive income for the period (25.2) (2.2) (13.6) 1.8 (11.8) Change in convertible bond Other changes in equity 0.0 (0.4) (0.4) (2.3) (2.7) Issue of treasury shares Purchase of treasury shares (6.4) (6.4) 0.0 (6.4) Balance on (6.4) (74.8) (6.3) 1, ,296.7 Balance on (10.7) (51.4) (15.4) 1, ,330.2 Profit for the period (after tax) Other comprehensive income Total comprehensive income for the period Dividend (25.0) (25.0) 0.0 (25.0) Other changes in equity Issue/purchase of treasury shares (18.7) (18.7) 0.0 (18.7) Distribution to non-controlling (2.3) (2.3) interests Increase/decrease in non-controlling interests Balance on (29.4) (39.8) (14.9) 1, ,306.9 CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD FROM (in million EUR) Profit after tax Gross cash flow Cash flow from operating activities (46.3) 24.3 Cash flow from investing activities Cash flow from financing activities (143.0) 1.7 Change in cash and cash equivalents (20.7) 34.7 Cash and cash equivalents Cash and cash equivalents at the beginning of the period Foreign exchange differences (1.2) Cash and cash equivalents at the end of the period Change in cash and cash equivalents (20.7) 34.7 Cash and cash equivalents comprise liquid funds

28 SEGMENT REPORTING BY SEGMENT OF BUSINESS (in million EUR) Portfolio Sale of flats and buildings Rental income Proceeds on sale Revenues from property services Total revenues Property expenses (47.3) (36.7) Expenses from the disposal of properties (230.0) (104.3) Net gain/(loss) from fair value adjustments (1.3) Negative fair value adjustments to properties held for sale (0.2) Depreciation, amortisation and other impairment charges (0.3) (1.0) Personnel expenses Other operating income Other operating expenses (23.8) (13.9) (7.2) (5.3) Earnings before interest and taxes (EBIT) Financial results (41.2) (29.0) Earnings before tax (EBT) (3.8) SEGMENT REPORTING BY REGION (in million EUR) Austria Rental income Proceeds on sale Revenues from property services Total revenues Property expenses (16.6) (12.6) Expenses from the disposal of properties (85.7) (71.9) Net gain/(loss) from fair value adjustments Negative fair value adjustments to properties held for sale Depreciation, amortisation and other impairment charges (0.5) (4.8) Personnel expenses (6.8) (6.5) Other operating income Other operating expenses (20.2) (14.1) Earnings before interest and taxes (EBIT) Financial results (22.8) (14.1) Earnings before tax (EBT) Interim Report 1 6 / 2011

29 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment Consolidated Interim Income Statement Consolidated Statement of Comprehensive Income Consolidated Interim Balance Sheet Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement + Segment Reporting Notes Subtotal property project companies Property services Group eliminations Group (0.6) (1.1) (27.7) (18.3) (28.4) (19.4) (47.3) (36.7) (44.6) (33.9) (230.0) (104.3) (230.0) (104.3) (1.3) (0.3) 6.2 (0.2) (0.1) 0.0 (0.3) (1.0) (0.4) (4.0) (0.7) (5.0) (16.2) (14.7) (0.3) (0.9) (16.5) (15.6) (31.0) (19.1) (12.3) (7.5) (20.4) (16.2) (2.1) (3.3) (41.2) (29.0) (0.4) (0.4) (9.0) (4.9) (50.6) (34.3) (11.1) (8.2) Germnay Other countries Group eliminations Group (0.6) (1.1) (27.7) (18.3) (28.4) (19.4) (29.6) (23.5) (1.2) (0.7) (44.6) (33.9) (132.7) (31.7) (11.7) (0.6) (230.0) (104.3) (1.8) 1.0 (0.0) (0.8) (0.3) 6.2 (0.2) (0.1) 0.0 (0.2) (0.3) (0.0) (0.7) (5.0) (9.0) (7.7) (0.4) (0.4) (0.3) (0.9) (16.5) (15.6) (19.9) (11.2) (3.1) (1.3) (20.4) (16.2) (1.2) 0.3 (2.1) (3.2) (17.8) (14.9) (1.0) (0.4) (9.0) (4.9) (50.6) (34.3) (2.2) (0.2) (11.1) (8.2)

30 SELECTED EXPLANATORY NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1. GENERAL INFORMATION conwert Immobilien Invest SE ( conwert-konzern ) (the conwert Group ) is a listed European stock corporation that has been included in the ATX index of the Vienna Stock Exchange since 21 March The registered headquarters of conwert Immobilien Invest SE are located at Albertgasse 35, 1080 Vienna, Austria. The primary business activities of the conwert Group are described under Point 4, Segment Reporting. 2. ACCOUNTING POLICIES AND PRINCIPLES The consolidated interim financial statements as of 30 June 2011 were prepared in accordance with the principles set forth in International Financial Reporting Standards ( IFRS/IAS ), in particular IAS 34. The accounting and valuation principles used to prepare the consolidated interim financial statements of the conwert Group as of 30 June 2011 remain unchanged compared with the prior year. Management continues to believe in agreement with the last consolidated financial statements that the most important judgments and estimates are related primarily to the measurement of investment property. The measurement of property is dependent on the valuation method used. Although the expert opinions on the properties owned by the Group reflect internationally recognised standards, an alternative valuation method could possibly lead to a different and possible lower appraisal of the Group s properties. The valuation of a property is based on rents and the sustainability of these rental prices, the condition and location of the property as well as other qualitative factors and far-reaching assumptions. It can therefore not be excluded that a negative change in one of these factors or assumptions could lead to a decrease in the value of a property, and consequently to a negative influence on the financial position and performance of the Group. The Management Board has also made significant forward-looking assumptions concerning the collectability of receivables from the sale of properties. The consolidated interim financial statements as of 30 June 2011 were neither audited nor reviewed by a certified public accountant. The consolidated interim financial statements were prepared in million Euros. Numerous amounts and percentage rates in these consolidated interim financial statements were rounded, and the addition of these individual figures can therefore produce results that differ from the totals shown. The new IFRS standards that require mandatory application in 2011 had no effect on the consolidated interim financial statements for the first half of Additional information on the accounting policies and principles applied by the Group is provided in the consolidated financial statements as of 31 December 2010, which form the basis for the preparation of these consolidated interim financial statements. 3. CONSOLIDATION RANGE The consolidation range of the conwert Group changed during the first half of 2011 through the addition of three subsidiaries and the deconsolidation of a further three subsidiaries. Interim Report 1 6 / 2011

31 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment Consolidated Interim Income Statement Consolidated Statement of Comprehensive Income Consolidated Interim Balance Sheet Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement Segment Reporting + Notes 4. SEGMENT REPORTING The conwert Group has defined various regional segments of business based on its internal management structure. These segments are directed by designated managers. The following reportable segments 1) were identified: + Region Austria + Region Germany + Other Regions The reporting segment Other regions covers the business activities of the conwert Group in the CEE countries and other countries inside and outside the European Union. The business activities of the conwert Group are presented as sectors of business. These activities involve the purchase, development and rental of residential and commercial properties ( Portfolio ), the sale of these properties ( Sale ) and the provision of property-related services ( Services ) in the areas of asset management, facility management, property insurance and property marketing. Transfer prices between the reportable segments are determined on the basis of ordinary market conditions. 1) Prior-year figures had been adjusted. 5. SELECTED NOTES TO THE STATEMENT OF COMPREHENSIVE INCOME The differences between the consolidated income statements for the first quarter of 2011 and the comparable prior year period are attributable, above all, to the takeover of the ECO Business-Immobilien AG Group during the second half of the 2010 financial year. 5.1 RENTAL INCOME AND REVENUES FROM PROPERTY MANAGEMENT Rental income and revenues from property management are as follows: in million EUR Net rental income Operating costs charged to tenants Rental income Less property expenses: Operating costs charged to tenants (25.6) (20.3) Management costs (19.0) (13.6) Total REVENUES FROM PROPERTY SERVICES Revenues from property services are distributed among the following items: in million EUR Management of property companies Facility management Brokerage and sales Development and construction management Property insurance Total

32 5.3 PROPERTY EXPENSES Property expenses comprise the following: in million EUR Operating costs charged to tenants Vacancy costs Maintenance Thereof covered by insurance Management services Miscellaneous Total PERSONNEL EXPENSES Personnel expenses consist of the following items: in million EUR Salaries and wages Expenses for legally required duties and contributions Total OTHER OPERATING EXPENSES The composition of other expenses is shown in the following table: in million EUR Administrative expenses from property service companies Property-specific and other costs Total FINANCIAL RESULTS Financial results rose by EUR 4.0 million over the comparable prior year level of EUR 2.8 million to EUR 6.8 million in the first half of Finance costs increased EUR 17.9 million year-on-year, in part due to the inclusion of the ECO Business-Immobilien Group in the consolidation range of the conwert Group. Interim Report 1 6 / 2011

33 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment Consolidated Interim Income Statement Consolidated Statement of Comprehensive Income Consolidated Interim Balance Sheet Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement Segment Reporting + Notes 6. PROPERTY 6.1. INVESTMENT PROPERTIES As of 30 June 2011 the conwert Group held 1,374 investment properties with approx. 1,912,649 sqm of usable space, whereby 192 of these objects are located in Austria, 1,147 in Germany and 35 in other countries. The investment properties were measured at fair value, which was based primarily on appraisals by independent property experts during Two properties were reclassified from investment properties to properties available for sale during the reporting period because plans call for the sale of these apartments as condominiums in the future. The following table shows the development of investment properties: in million EUR Carrying amount at the beginning of the reporting period 2, ,143.4 Currency translation differences Additions from the acquisition of properties Additions to existing properties Additions from increases in the consolidation range Additions/disposals resulting from the (27.6) (39.9) reclassification of objects as held for sale Disposals (206.2) (79.0) Net gain/loss from fair value adjustments (0.3) 6.2 Carrying amount at the end of the reporting period 2, , PROPERTIES HELD FOR SALE As of 30 June properties (excluding projects under construction) with approx. 508,758 sqm of usable space were classified as held for sale. These properties are valued at cost, or the lower of cost and net realisable value. The sale of condominium apartments and individual properties in this segment amounted to EUR million for the first six months of A number of the held-for-sale properties serve as collateral for loans

34 7. NON-CURRENT AND CURRENT LIABILITIES Non-current and current loans and borrowings (excluding the bond and convertible bond issued by the company) declined from EUR 1,668.0 million as of 31 December 2010 to EUR 1,589.2 million as of 30 June This net decrease comprises EUR 92.4 million of additional borrowings as well as EUR million of scheduled instalment payments and payments related to the purchase and sale of condominiums and entire objects. Five Austrian and German financial institutions hold a share of EUR million in non-current and current financial liabilities. The loans outstanding to the individual banks range from EUR million to EUR million. A further six financial institutions hold a combined total of EUR million, with the individual loans ranging from EUR 43.0 million to EUR 73.7 million. The remaining loans outstanding of EUR million are distributed among a further 38 financial institutions in Austria and other countries, whereby the individual loans are less than EUR 34.8 million. Loans and borrowings from banks (with the exception of short-term working capital credits) are secured by mortgages. Moreover, certain current and future rents receivable have also been assigned. The term structure of the Group s financial liabilities at the end of the reporting period is shown in the following table (the data are based on the contractual, non-discounted payments). This table also provides an overview of the fixed interest and variable interest financing volume (before the deduction of transaction costs): in million EUR Financing volume Thereof fixed interest rate Thereof variable interest rate Thereof remaining term up to 1 year Thereof remaining term between 1 and 5 years Thereof remaining term over 5 years Total 1, ,431.7 Of the variable interest-bearing loans and borrowings totalling EUR 1,431.7 million, EUR 1,103.8 million are hedged. The conwert Group has hedged 85.5% of its loans and borrowings (including selected building society financing) against fluctuations in interest rates. The following table shows the structure of the loans and borrowings that are due within the next year: in million EUR Credit volume Up to Up to Total The total of EUR million consists of loan extensions, scheduled instalment payments or utilised lines of credit. The difference of EUR million to the current loans and borrowings of EUR million shown on the balance sheet represents the non-current portion of loans and borrowings related to held-for-sale properties. Interim Report 1 6 / 2011

35 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment Consolidated Interim Income Statement Consolidated Statement of Comprehensive Income Consolidated Interim Balance Sheet Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement Segment Reporting + Notes 8. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING The conwert Group utilises various derivative financial instruments to manage interest rate risk, including interest rate swaps and interest rate caps. The fair value measurement of these hedges is based on market value as of the balance sheet date. During the first six months of the 2011 financial year, a positive amount of EUR 11.6 million (net of tax) was recorded in equity under reserve for derivates without recognition through profit or loss. 9. SHAREHOLDERS EQUITY The issued capital of the company totals EUR 853,592,730 (2010: EUR 853,592,730) and is divided into 85,359,273 (2008: 85,359,273) ordinary bearer shares, which carry equal rights to share capital. The share capital is fully paid in. TREASURY SHARES An extraordinary general meeting of conwert Immobilien Invest SE on 11 October 2010 authorised the Administrative Board to repurchase the company s shares up to the legally defined maximum of 10% of share capital. This authorisation is valid for a period of 30 months beginning on the date the resolution was passed (14 June 2011). The price range for the share buyback was defined as EUR 4.00 to EUR per share. On 14 June 2011 the Administrative Board of conwert Immobilien Invest SE decided to make use of this authorisation. This and previous share buyback programmes led to the repurchase of 2,717,445 shares by 30 June The purchase price for these shares amounted to EUR 29.4 million (incl. fees) and the average share price was EUR These treasury shares represent 3.18% of share capital. The development of the outstanding conwert shares is shown below: Number of shares Balance on ,258,661 Repurchased shares (1,616,833) Balance on ,641,828 CONVERTIBLE BOND On 7 November 2007 the Group issued a convertible bond with a price of EUR 100,000 per certificate and a total value of EUR million. The conversion price equals 130% of the common share price on the date the convertible bond was issued. The conversion rights can be exercised at any time from 27 December 2007 to 3 November If the conversion right is not exercised, the bond will be redeemed on 12 November 2014 at a price of EUR 111,490 per certificate. Interest will be paid annually until settlement at a rate of 1.5% per year. During the fourth quarter of the 2008 financial year, the conwert Group started to repurchase the convertible bond certificates. Bond certificates with a total nominal value of EUR 34.3 million had been repurchased for EUR 21.0 million (incl. transaction costs) by 30 June That represents 2,472,963 shares of stock. The conversion price was adjusted from EUR to EUR to reflect the payment of a cash dividend by the company. No convertible bond certificates were repurchased during the first half of In the first quarter of 2010 the Group issued a convertible bond with a price of EUR 100,000 per certificate and a total value of EUR million. This bond has a term of six years, ending on 1 February The bondholders have the right to put their convertible bond certificates prematurely four years after issue at the nominal value plus accrued interest. The convertible bonds were issued at 100% of the nominal value of EUR 100,000 per certificate. The coupon of 5.25% per year is paid semiannually. The conversion price was adjusted from EUR to EUR to reflect the payment of a cash dividend by the company

36 DIVIDEND The dividend approved by the annual general meeting on 20 May 2011 was paid on 30 May The dividend attributable to 11,172,936 of the conwert shares held by Albona Limited will become due and payable, without interest, on 31 December The dividend attributable to 4,154,158 of the conwert shares held by Albona Limited is due on 10 May The total dividend of EUR 4,598, payable to Albona Limited is included under other current financial liabilities. Dividend paid in 2011 (gross) for the 2010 financial year in million EUR Number of shares (excl. treasury shares) Per share in Euro ,397, RELATED PARTY TRANSACTIONS Related persons and companies are disclosed in the consolidated financial statements as of 31 December There were no material changes up to the balance sheet date on 30 June Transactions with related parties are conducted at arm s length. A total of EUR 0.3 million was paid out during the reporting period for services provided by related parties (remuneration for the Executive Directors). The Administrative Board received remuneration of EUR 0.2 million in the first six months of SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE AND OUTLOOK Volker Riebel, chairman of the Executive Board, resigned as of 6 July As of this date, Mr. Riebel s operational responsibilities were taken over by Executive Directors Thomas Doll and Jürgen F. Kelber. A total of 803,000 shares were repurchased during the period from 30 June 2011 to 16 August 2011 in connection with the share buyback programme. The purchase price for these shares amounted to EUR 9.2 million (incl. fees) and the average share price was EUR This represents 0.94% of share capital. The conwert Group plans to close the sale of a larger portfolio with a total value of EUR million during the third quarter of This portfolio comprises 127 units, thereof 68 residential units, 49 office and commercial units and 20 other units, in addition 110 parking spaces in Vienna. The sale of the Berlin Coinvest portfolio, which was acquired during the second quarter of 2011, is scheduled to close during the third quarter of this year. The conwert Group will retain a 20% stake in this portfolio and will also continue to provide services for all portfolio properties during the investment period. 12. WAIVER OF REVIEW The consolidated interim financial statements of conwert Immobilien Invest SE, Vienna, for the first six months of 2011 were neither audited nor reviewed by a certified public accountant. Vienna, 17 August 2011 The Executive Directors of conwert Immobilien Invest SE Mag. Thomas Doll m.p. Jürgen Kelber m.p. Interim Report 1 6 / 2011

37 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment STATEMENT OF ALL LEGAL REPRESENTATIVES We confirm to the best of our knowledge that the condensed interim financial statements as of 30 June 2011 give a true and fair view of the assets, liabilities, financial position and profit or loss of the group as required by the applicable accounting standards and that the group interim management report gives a true and fair view of the assets, liabilities, financial position and profit or loss of the group with respect to the important events that have occurred during the first six months of the financial year and their impact on the condensed interim financial statements of the principal risks and uncertainties for the remaining six months of the financial year and of the major related party transactions to be disclosed. Vienna, 17 August 2011 The Executive Board of conwert Immobilien Invest SE Thomas Doll Executive Director Jürgen F. Kelber Executive Director 36 37

38 SHARE / INVESTMENT 1 6 / 2011 SHAREHOLDER STRUCTURE conwert Immobilien Invest SE is a publicly held company listed on the Vienna Stock Exchange, with 76% of its shares in free float. Institutional investors hold approx. 50% of the conwert shares; some 50% of them are based in Continental Europe, 17% in Austria; 16% come from England or Ireland and another 15% from North America. Roughly 26% of the conwert shares are held by private owners. The consortium around Petrus Advisers, the strategic core shareholder of conwert, owns roughly 20%. Approx. 4% of the shares are owned by the company as a result of the buyback of treasury shares. PRICE PERFORMANCE SINCE 01/ PRICE PERFORMANCE The sovereign debt crisis in Greece and the tense economic situation in the USA characterised the situation of the international stock markets in the second quarter of While the Dow Jones Index recorded a slight plus of 0.8% and the S&P 100 Index a slight minus of 0.9%, the DAX grew by 4.8% from the beginning of April until the end of June The ATX, which dropped by 4%, saw a less positive development. The IATX, which declined by roughly 5% in the last quarter, showed a similar picture, while the EPRA/NAREIT Europe Index (EUR) realised a positive development of 2.6%. The conwert share, in contrast, remained stable in the last three months and rose by 0.1% from EUR to EUR In the first half of 2011, the conwert share recorded an 8.5% increase, thus exceeding all of the above-mentioned international indices. While the ATX lost 4.7% and the IATX 0.9% in this period, the DAX rose by 6.7%, the Dow Jones Index by 7.2% and the EPRA/NAREIT Europe Index (EUR) by 4.9% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun DIVIDEND At the 10th Annual General Meeting of conwert Immobilien Invest SE on 20 May 2011, a dividend payment of EUR 0.30 per share was adopted. The ex-dividend day was 23 May 2011 and the dividend payment day was 30 May conwert Immobilien Invest SE SHARE BUYBACK PROGRAMME VALUE PERFORMANCE AS OF since issue ( ) since issue p.a. 6 months 12 months % +0.66% +8.46% % +8.46% At the extraordinary general meeting of conwert Immobilien Invest SE on 11 October 2010 the Administrative Board was authorised to purchase treasury shares up to a legally defined maximum of 10% of the share capital for a period of 30 months from the day the resolution was adopted, at a value ranging from EUR 4.00 to EUR per share. Based on this resolution, conwert acquired a total of 2,717,445 ordinary shares, or 3.18% of the share capital, less the shares re-issued as acquisition currency, in five share buyback programmes by 30 June As the current share buyback programme expired on 30 June 2011, the Administrative Board again exercised the right it was granted at the extraordinary general meeting on 11 October 2010 and adopted a sixth share buyback programme at its meeting held on 14 June 2011, which will be valid from 1 July 2011 until 30 June The Administrative Board adopted this share buyback programme because the share price at the time the resolution was passed was approx. 26% below the net asset value (NAV), thus providing a good opportunity to purchase treasury shares, amongst other things as a currency for acquisitions. ONGOING IR ACTIVITIES In the second quarter of 2011, conwert maintained close contact with investors during five conferences in Frankfurt (Deutsche Bank & Zitelmann), Zürs (Raiffeisen Centro Bank), London (Credit Suisse) and Amsterdam (Kempen) as well as three road shows in Paris (Cheuvreux), London (Rabobank) and Frankfurt (DZ Bank). Some 60 participants were addressed, mainly in personal talks, via these conferences. In the course of the three road shows, about 20 one-on-ones were held with existing and potential investors. In addition, a conference call with more than 20 participants was held on 23 May 2011 on the occasion of the publication of the results of the first quarter of Local presentations for investors in Austria rounded off the activities in the second quarter of Interim Report 1 6 / 2011

39 Intro Management Interim Report Consolidated Interim Financial Statements Statement of all legal Representatives Share / Investment AWARDS At this year s Alternative Investment Awards, which were awarded in writing by Geld Magazin on 19 May 2011, conwert was the winner among property shares in all three categories. In the category 1-year performance conwert ranked second and won in the categories 3-year performance and 5-year performance. This award reflects the good performance of the conwert share in the past years. ANALYST EVALUATIONS At the end of the first half of 2011, conwert was covered by 15 analyst institutions. The conwert share was therefore still one of the most widely covered property shares in Europe. In comparison with the first quarter of 2011, the evaluation of the individual investment companies remained very stable in the second quarter of Changes were made by the following institutions in their evaluations. Macquarie increased its price target on 8 April 2011 from EUR to EUR with an unchanged outperform recommendation. On 15 June 2011, Deutsche Bank changed the target from EUR to EUR with an unchanged buy recommendation. A higher price target was also set by Kempen on 20 June 2011 with a 12-month target of EUR 12.10, after EUR 11.30, while maintaining the neutral rating. On 29 June 2011, UniCredit lowered the 12-month price target for the conwert share slightly from EUR to 13.50, but adhered to the buy recommendation. After the balance sheet date, Rabobank International reduced its price target for the conwert share from EUR to EUR on 7 July 2011, and changed its recommendation from buy to hold. On 8 July 2011, Deutsche Bank followed with an update and increased the target price for the conwert share from EUR to EUR while maintaining the buy recommendation. HSBC lowered the price target from EUR to EUR with an unchanged outperform recommendation on 2 August As of 30 June 2011, the conwert share was rated by analysts of the following institutions: Institutions Recommendation Price target Aurel-BGC 1) Buy CA Cheuvreux Outperform Deutsche Bank 2) Buy DZ Bank Buy Erste Group Research Hold Goldman Sachs International Buy HSBC Trinkaus & Burkhardt 3) Neutral J.P Morgan Securities Neutral Kempen & Co Neutral Macquarie Outperform Rabobank 4) Hold Raiffeisen Centrobank Buy Silvia Quandt Buy SRC Research Buy UniCredit 3) Latest Update: Buy ) Latest Update: ) Latest Update: ) Latest Update: % stock price gain in 1 6/ Buy recommendations from 15 analyst institutions 38 39

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