BUWOG SPIN-OFF. February 2014

Transcription

1 EN BUWOG SPIN-OFF February

2 CONTENT 01 Overview 02 Reasons and Impact of the Spin-off 03 BUWOG s Positioning in the Residential Real Estate Sector 04 Conclusion 05 Appendix 2

3 OVERVIEW BUWOG s spin-off will sharpen IMMOFINANZ s profile as the leading player in commercial real estate in Eastern Europe and Russia In February 2014, BUWOG entered into a definite purchase-and-sale agreement to acquire the DGAG portfolio of approx. 18,040 units located in Northwestern Germany (the DGAG Acquisition ) The DGAG Acquisition represents a key milestone to grow BUWOG into a leading residential player in Austria and Germany which is clearly distinguished from its peers by a sustainable and integrated business model Consequently and according to plan, management and supervisory board of IMMOFINANZ propose to separate BUWOG from IMMOFINANZ and to establish an independent capital market presence with listings in Frankfurt, Vienna and Warsaw The separation shall be implemented by a partial spin-off of 51% of BUWOG share capital to IMMOFINANZ shareholders who will be asked to vote on this transaction in an EGM on 14 March 2014 Going forward, IMMOFINANZ will focus on commercial real estate (office, retail, logistics) in Austria, Germany, Russia, Poland, Czech Republic, Slovakia, Hungary and Romania. The 49% stake in BUWOG is planned to be held as a mid-term financial investment 3

4 CONTENT 01 Overview 02 Reasons and Impact of the Spin-off 03 BUWOG s Prospective Positioning in the Residential Real Estate Sector 04 Conclusion 05 Appendix 4

5 TRANSACTION STRUCTURE 1 BUWOG share per 20 IMMOFINANZ shares 51% IMMOFINANZ Shareholders BUWOG AG 49% financial investment IMMOFINANZ GROUP Ownership transfer IMMOFINANZ s residential real estate activities in Germany and Austria are currently bundled in BUWOG Bauen und Wohnen GmbH ("BUWOG GmbH ) The intermediate holding companies which directly own BUWOG GmbH will be transferred to BUWOG AG IMMOFINANZ shareholders shall receive 1 share in BUWOG AG for every 20 IMMOFINANZ shares IMMOFINANZ will retain a 49% stake in BUWOG AG in the mid-term BUWOG GmbH (1) Residential AT & DE Commercial Office Retail Logistics AT, DE, CEE, SEE, Russia IMMOFINANZ contemplates to reduce its stake in BUWOG further either via stock exchange or other means in the medium term 1) IMMOFINANZ Group to retain selected residential developments and investment properties in Austria and Germany, as well as CEE and SEE. Book value (incl. development) per 31 October 2013: 619.1m of which AT/DE: 233.9m, Eastern Europe: 232.9m, other: 152.3m. 5

6 SPIN-OFF RATIONALE Both companies to benefit from separation IMMOFINANZ Perspective BUWOG Perspective Clear Focus Clear focus on asset classes office, retail and logistics IMMOFINANZ as one of the biggest listed entities in this segment by portfolio size and market cap Independent Operations Independence to reinforce focus on BUWOG s strategy and tapping the full potential in its two core markets Germany and Austria Streamlining of Structure and Performance Improvement Improvement of operational and financial KPIs through focus on higher yielding assets Reduction of complexity of the group No loss of synergies from spin-off Access to Capital Markets Direct access to capital market financing allowing for flexible and opportunistic raising of capital to exploit investment and growth potential Strategic Optionality More streamlined positioning increases potential for strategic transactions going forward (e.g. acquisitions, mergers) Transparency and Publicity Transparent and detailed reporting to enhance investor perception Allows for better understanding of BUWOG s sustainable business model Valuation Upside Working towards a closing of the valuation gap to the Peer Group IMMOFINANZ retains upside through 49% holding in BUWOG Employees Independence leading to higher employee motivation and hence higher retention as well as new hiring opportunities Source: Separation report. 6

7 ROLE OF IMMOFINANZ GOING FORWARD IMMOFINANZ has ensured the smooth transition of BUWOG to an independent set-up Dedomination Agreement IMMOFINANZ will put in place a dedomination agreement to ensure fully independent operations and decisionmaking processes, as well as the deconsolidation of BUWOG IMMOFINANZ is limited to exercising its voting power to appoint two supervisory board members only and has also agreed to be bound by limitations regarding certain defined other AGM decision topics in order to ensure highest Corporate Governance standards Retention of Upside and Convertible Bond Despite the immediate deconsolidation following the spin-off, IMMOFINANZ shareholders will retain upside from the anticipated re-rating and performance of both, IMMOFINANZ and BUWOG IMMOFINANZ to benefit from a positive share price performance as well as future dividends BUWOG will issue a 260m - 310m convertible bond to IMMOFINANZ to fund the transforming acquisition of DGAG. The key conditions and pricing of the convertible bond are in line with the market The chosen funding alternative allows BUWOG to acquire the DGAG portfolio in a highly accretive structure and enables IMMOFINANZ to benefit from any value appreciation of the convertible bond Exit Strategy With the spin-off of BUWOG, IMMOFINANZ has taken a decisive step to becoming a pure play market leader in retail, office and logistics real estate in CEE, SEE and Russia IMMOFINANZ aims to further reduce its stake in the medium term to facilitate a full exit from BUWOG, but will ensure smooth execution to the benefit of all stakeholders 7

8 BUWOG SPIN-OFF S IMPACT ON IMMOFINANZ Demerging IMMOFINANZ and BUWOG leads to two more specialized companies in terms of sector and regional focus Pre Spin-Off IMMOFINANZ Portfolio by Sector Residential 20% Logistics 10% Others 4% Office 22% Rental Income p.a.: 635m Retail 44% Post Spin-Off IMMOFINANZ Portfolio by Sector Logistics 12% Residential 4% Office 26% Others 4% Rental Income p.a.: 521m Retail 54% Spin-off results in significant reduction of exposure in lower yielding residential real estate sector Clear focus on commercial properties with 80% of income generation from retail and office properties IMMOFINANZ Portfolio by Region Hungary 5% Poland 6% Czech Republic 6% Romania 10% Germany 10% Slovakia 3% Others GAV: Slovakia Others 4% 10.1bn Hungary Austria 4% 6% 7% 20% Russia 18% Austria 38% IMMOFINANZ Portfolio by Region Poland 8% Czech Republic 8% Romania 14% Germany 8% Russia 25% GAV: 7.3bn Austria, previously the Company s main market in terms of asset allocation, to lose its dominant position Exposure towards CEE countries and Russia in particular to increase significantly Spin-off seen as catalyst for IMMOFINANZ to reposition itself as a focused commercial property company in Eastern Europe Note: Sector split based on rental income (H1 2012/13 annualized) and regional split based on gross asset values. Source: IMMOFINANZ H1 2013/2014 report and separation report. 8

9 TRANSFORMATION OF BUWOG Successful transformation from Austrian centric residential company to ~ 50/50 split Selected Key Transactions Feb Feb Key Developments Units Disposal of 781 units in Carinthia (above IFRS book value) Apr 13 Acquisition of 1,916 units in Berlin Disposal of 1,135 units in Upper Austria (above IFRS book value) Jun 13 Aug 13 Sep 13 Oct 13 Acquisition of 1,190 units in Kassel Acquisition of 885 units in Lüneburg & Syke Acquisition of 582 units in Kiel (5)% FY '12/13 Feb '14 GAV (in m) (1)% Nov 13 Dec 13 Feb 14 Acquisition of 315 units in Kassel Acquisition of 1,185 units in Berlin Acquisition of approx. 18,040 units in Northern Germany Yield 7.6% 4.4% FY '12/13 Feb '14 5.5% 4.8% (1) 7.7% 4.3% FY '12/13 Feb '14 Through active portfolio management, BUWOG has continuously increased its exposure to the higher yielding German residential property market, resulting in an increased FFO and dividend potential for investors Source: Press releases and company information. Data as of 31 October 2013 including DGAG acquisition and further portfolio acquisitions after the reporting date. 1) GAV based on property appraisals as of 31 October 2013 of the respective fiscal year for existing portfolio or the date of acquisitions and on allocation of purchase price of the DGAG portfolio. 2) Monthly in-place rent at period end (recalculated to an annual basis) divided by GAV (please refer to footnote 1). (2) 9

10 CONTENT 01 Overview 02 Reasons and Impact of the Spin-off 03 BUWOG s Positioning in the Residential Real Estate Sector 04 Conclusion 05 Appendix 10

11 BUWOG S EQUITY STORY OVERVIEW BUWOG will be well-positioned to take advantage of opportunities in a prospering residential sector in Germany and Austria 1 Sustainable Business Model Covering the Entire Value Chain Well-Structured Portfolio Generates Three Distinct Cash Flows 2 Strong Recurring FFO and Dividend Capacity 3 Conservative Capital and Financing Structure 11

12 1 SUSTAINABLE BUSINESS MODEL COVERING THE ENTIRE VALUE CHAIN Superior business model compared to peers allowing BUWOG to benefit from its three pillars of income generation ASSET MANAGEMENT Generation of rental income through letting of standing properties Property management for third parties PROPERTY DEVELOPMENT Development of Rental and Condominium Apartments in Vienna and Berlin Acquisitions in existing regions PROPERTY SALES Single Apartments (Unit Sales) Properties and Portfolios (i.e. Upper Austria, Carinthia, Vorarlberg) (Block Sales) Cash Dividends to Investors 12

13 1 CASH FLOW GENERATOR I: LETTING PORTFOLIO WITH DISTINCT REGIONAL FOOTPRINT Specific geographic exposure in potentially growing regions HQ AM Asset Management PD PS US BS Headquarter Property Development Property Sales Unit Sales Block Sales AM Kiel Hamburg Region DE North West Lüneburg Braunschweig Kassel Lübeck AM PD PS (US) BERLIN Number of units GAV (million) (1) GAV (%) GAV per sqm (1) Gross rental yield (2) Vacancy rate (3) Federal capitals 12,330 1,315 38% 1, % 5.3% Vienna 7,320 1,017 29% 1, % 6.9% Berlin 5, % % 2.3% State capitals and major cities (4) 19,992 1,060 30% % 2.7% Suburban areas (5) 8, % % 4.3% Rural areas 12, % % 6.3% Federal Capitals State Capitals and Major Cities Suburban Areas Rural Areas Innsbruck AM AM Salzburg Klagenfurt AM Linz VIENNA Region AT States Graz Villach AM HQ AM PD PS (US) Total Austria 27,073 2,170 62% 1, % 5.8% Total Germany 26,475 1,323 38% % 2.8% Total 53,548 3, % % 4.5% Strong geographic focus on the federal capitals Vienna and Berlin and Northern Germany Meaningful market presence within defined regional clusters Portfolio locations offering positive expected demographic AM PS (US, BS) Note: Diameter of circles represents number of units in the respective location. momentum (6) BUWOG data as of 31 October 2013 including DGAG acquisition and further portfolio acquisitions after the reporting date. 1) GAV based on property appraisals as of 31 October 2013 of the respective fiscal year for existing portfolio or the date of acquisitions and on allocation of purchase price of the DGAG portfolio. 2) Monthly in-place rent at period end (recalculated to an annual basis) divided by GAV (please refer to footnote 1). 3) Number of total sqm vacant at period end divided by total sqm at period end. 4) with 50,000 inhabitants or more and where the group has a significant portfolio share of 600 units or more. 5) up to approximately 15 km area surrounding the federal and state capitals, major cities and Hamburg. 13 6) Population growth data from BiB and Statistik Austria.

14 1 UPSIDE POTENTIAL FROM PRIVATIZATION OF SELF DEVELOPED SUBSIDIZED UNITS IN AUSTRIA Recurring business model of privatization business in Austria BUWOG s FFO Contribution ( m) 100,0 80,0 60,0 40,0 20,0 0, Source: Company information. 1) FY 2011/12 adjusted for current legal structure. 3 (1) 14% FY 2011/12 FY 2012/13 FFO 1 Apartment Sale Object and Portfolio Sale Recurring Income from Apartment Sales Majority contribution for FFO1 derived from the segment asset management in form of rental income from standing investments Block sales increased in 2012/2013 due to a one off disposal of a larger portfolio in Carinthia Apartment sales are an essential and sustainable contributor to BUWOG s Recurring FFO and have proven to be stable in the past two years 1,666 units were sold in 2012/2013, thereof 1,199 through object and portfolio sales, 467 in form of unit sales 935 units were sold in 2011/12, thereof 479 through object and portfolios sales and 456 through unit sales 14

15 1 CASH FLOW GENERATOR II: SUSTAINABLE AND GROWING DEVELOPMENT BUSINESS Growth of development pipeline underscores BUWOG s sustainable business model and value chain coverage Development Pipeline - Overview Development of Completed Units As per Oct 31, 2013 Projects Units Useable Space Inv. Volume (in m) As % of Inv. Volume Construction Started / Realization 20 1,082 91, % In Planning (1) 20 3, , % Land Reserves , % Total 49 5, ,263 1, % 0 FY 2008/09 FY 2009/10 FY 2010/11 FY 2011/12 FY 2012/13 (2) Latest development plans allow for steady ramp up of development activities until 2015/2016 Majority of the development pipeline currently expected to start in 2015/2016 amounting to approximately 66% of the overall investment volume Source: Separation report. 1) Construction expected to start in the fiscal year 2015/16. 2) Including 217 units in the Hellerpark geriatric center. Sustainable growth of constructed residential units in the past Future construction volume expected to be roughly in line with FY2012/13 with construction and sale of condominiums per annum in Berlin and Vienna as well as construction of additional rental units in Vienna per annum 15

16 1 CASH FLOW GENERATOR III: LONGTERM SUSTAINABLE BUSINESS MODEL WITH PRIVATIZATION OF SELF DEVELOPED, SUBSIDIZED UNITS IN AUSTRIA Implied equity commitment key to understand the full cash generation and project return potential Phase 1: Development Total project costs (land and construction costs) of development only require low equity component (c %, primarily for the purchase of land) Construction costs do not require additional equity Attractive financing split of the construction costs: o Tenant contribution (c. 30%) (1) o Subsidized loans (c. 30%) (2) o Bank financing (c. 40%) Subsidized loans and bank financing successively activated during construction progress, reduction of initial equity thanks to tenant contributions Phase 2: Standing Investment Highest technical standards and object quality allowing for full realization of potential from day 1 Rental levels below market prices due to subsidization Top line disadvantage however partially offset by: o Low interest on subsidized loans o Rollover of maintenance and improvement services to the tenant Cash Source: Company information. 1) Tenant contribution of construction cost (free of interest) is resolved over 100 years. 2) Subsidized loans at 1% interest, 35 year tenure and no amortization for the first 27 years. Phase 3: Disposal Disposal of units at market prices, normally 10 years post completion, resulted in average margin of up to 50% on IFRS book value achieved in the past 13,000 subsidized units classified for unit sales Assuming 5-7% fluctuation for the respective units, disposal of c. 500 units per year is deemed achievable Overall project returns, both in terms of IRR and cash generation favorable, offsetting the shortfall from rental income Sustainable and recurring cash flow offsetting and overcompensating the structural lower rents in Austria 16

17 Financing Operating 1 UPSIDE POTENTIAL FROM PRIVATIZATION OF SELF DEVELOPED SUBSIDIZED UNITS IN AUSTRIA Implied equity commitment key to understand the full cash generation and project return potential (Project Altmannsdorfer Strasse in Vienna) (in 000) Period Project year Planning/ Construction 1-5 Renting period 6-12 Divestment period Block sale Purchase costs land -1, Construction costs -9, Rental income - +2,969 +5, Interest costs -1,851-1,863-6 Income from sales ,308 +7,682 Subsidized and other loans +8, , Tenant contributions +2, Total cash flow ,000 +7,524 Equity generation cum , ,730 Low rental income during renting period, but tenant contributions as upfront payment During divestment period single unit sales, then sale of remainder in block sale Tenant contributions as second rent paid upfront Despite long project period, equity is only bound for a very limited time Due to the short usage of equity, this sample property development yields an IRR of 11.6% over the period of 25 years 17

18 2 STRONG RECURRING FFO GENERATION AND DIVIDEND POTENTIAL Focus on Recurring FFO and Dividend Yield is essential to best describe BUWOG s financial performance Funding Costs and LTV (%) Dividend Yield % Ø Funding Costs: 3.4% Ø LTV: 56.0% 51% 3,3% 56% 3,5% 54% 3,6% 49% 3,3% 62% 3,1% 64% 3,8% 54% ~51% 4,3% ~ 2.6% % Ø 2013: 2.8% Ø 2014: 3.7% 3,5% 4,3% 2,1% 2,7% 3,2% 3,4% 3,8% 4,3% 2,4% 3,9% 4,9% 2,1% 2,8% 0,0% DAIG DW GSW LEG Gagfah TAG Conwert Buwog Funding Costs LTV (%) DAIG DW GSW LEG Gagfah TAG Conwert Dividend Yield 2013 Dividend Yield 2014 LTV level in line with aspirational peers even allowing for some further re-leveraging Lowest funding costs amongst peers positively supporting BUWOG s overall cash generation profile Dividend yield regarded as main indicator going forward BUWOG is best positioned to offer attractive yields due to its sustainable business model and strong recurring cash generation potential Source: FactSet, company presentations and latest financial reports. Note: Average calculated w/o Conwert. 18

19 3 CONSERVATIVE CAPITAL AND FINANCING STRUCTURE Best in class financing statistics supporting BUWOG s future success Maturity Profile after DGAG Acquisition (1) ( m) Ø Interest Rate: ~2.6% Ø Maturity: ~17.9 years Key Facts LTV: ~ 51% Average Maturity: ~17.9 years Average Interest: ~2.6% Instrument Mix Subsidized Loans Austria 10% Subsidized Loans Germany 25% Convertible Bond 12% Bank Financing Partners Bank Financing 53% '14E '15E '16E '17E '18E '19E '20E '21E '22E '23E > '23E Bank Financing Convertible Acquisition Financing Others Bank Austria 19% Unicredit 5% BAWAG P.S.K. 5% Erste Bank 5% Berliner Sparkasse (LBB), Landesbank Berlin Oberbank AG 6% 6% Berlin Hyp AG (1) 36% Raiffeisenlandesbank Niederösterreich- Wien AG 18% Source: Company information per as of October 30, 2013 adjusted for DGAG acquisition, including subsidized loans. 1) Incl. 402m of acquisition financing for the DGAG portfolio. 19

20 CONTENT 01 Overview 02 Reasons and Impact of the Spin-off 03 BUWOG s Positioning in the Residential Real Estate Sector 04 Conclusion 05 Appendix 20

21 CONCLUSION Transformed IMMOFINANZ to benefit from its sharpened business profile and future upside from its investment in BUWOG 21

22 CONTENT 01 Overview 02 Reasons and Impact of the Spin-off 03 BUWOG s Positioning in the Residential Real Estate Sector 04 Conclusion 05 Appendix 22

23 MILESTONE TIMELINE Extraordinary General Meeting (EGM) Date: 14 March 2014 Time: 11am Venue: Vienna Agenda» Resolution upon the spin-off of a participation of IMMOFINANZ AG to BUWOG AG and granting shares of BUWOG AG to the shareholders of IMMOFINANZ AG EGM 14 March 2014 Publication of BUWOG listing prospectus mid-april 2014 Listing of BUWOG around 28 April 2014 Closing of DGAG Acquisition Q

24 BUWOG A 60-YEAR SUCCESS STORY With over 60 years experience, BUWOG has established itself as a leading full-range provider in the Austrian residential sector 1951 Foundation of BUWOG to accommodate federal employees 1957 Merger of BUWOG with BEWOG 1970 BUWOG acquires ÖGSG 1970 Handover of the 10,000 th apartment 2001 Exiting the non-profit status as defined by law 2004 Privatization Acquisition of BUWOG by IMMOFINANZ Group 2005 Beginning of housing privatization 2005 Acquisition of shares in ESG Birth of the BUWOG Group through integration of ESG 2006 Intensivation of the property development business in Vienna 2008 Through focusing on privately funded construction of condominiums, BUWOG became one of the largest property developers in Vienna 2009 Entry in the Development Segment of investments apartments ( Vorsorgewohnungen ) 2010 Beginning of expansion into Germany through acquisition of c. 2,300 flats in Berlin (Group Transaction) 2012 Start of property development activity in Berlin through acquisition of a leading property developer 2013 Active implementation of portfolio strategy by portfolio sale of 1,916 flats in Carinthia and Upper Austria and expansion of German portfolio through multiple acquisitions with a total of 24,113 units 24

25 ANTICIPATED DGAG FFO CONTRIBUTION 80 (in m) 68 Δ Leakage approx. 35% NRI OpEx NOI Platform costs EBITDA Interest costs Tax Recurring FFO contribution Net rental income based on in-place rent and vacancy level as per Dec OpEx includes maintenance costs of per sqm plus other non-recoverable property-level costs (pre-optimization) Personnel and SG&A expenses related to management platform (after integration) Interest costs reflect in-place financing structure for the DGAG acquisition at an average interest rate of 3.2% p.a. (incl. hedging) Low taxable income base in local GAAP accounts due to depreciation BUWOG business plan implies FFO contribution from DGAG of approx. 15m 1 ) Also includes financing costs on BUWOG Group level for the CB with 3.50% coupon and assume a almost 100% leverage of DGAG acquisition. Total BUWOG LTV will be ~55% 25

26 BUWOG PORTFOLIO BY CLUSTERS POST ACQUISITIONS Number of units Lettable area at period end (in sqm) Total in-place rent at period end (thousands) (1) Total in-place rent at period end (sqm/months) (1) GAV (thousand) (2) GAV (%) GAV per sqm (2) Gross rental yield (3) Vacancy rate (4) Federal capitals 12, ,714 56, ,315,385 38% 1, % 5.3% Vienna 7, ,232 34, ,017,259 29% 1, % 6.9% Berlin 5, ,482 21, ,126 9% % 2.3% State capitals and major cities (5) 19,992 1,300,346 68, ,060,186 30% % 2.7% Lübeck 6, ,900 22, ,670 8% % 2.3% Kiel 3, ,447 12, ,479 5% % 2.3% Villach 2, ,416 7, ,634 4% % 2.5% Kassel 1, ,291 5, ,446 2% % 2.6% Graz 1, ,630 4, ,760 3% 1, % 3.7% Braunschweig 1,171 70,965 4, ,577 1% % 1.0% Innsbruck ,748 2, ,820 2% 1, % 1.7% Salzburg ,419 2, ,580 2% 1, % 0.8% Klagenfurt ,315 2, ,440 1% % 5.1% Lüneburg ,067 2, ,400 1% % 6.4% Linz ,147 2, ,380 1% 1, % 4.7% Suburban areas (6) 8, ,847 30, ,071 15% % 4.3% Hamburg 2, ,540 10, ,961 5% % 0.8% Klagenfurt 1, ,744 4, ,782 3% % 7.0% Villach 1,138 88,741 3, ,938 2% % 9.3% Wien ,258 2, ,630 2% 1, % 4.6% Berlin ,856 1, ,786 0% % 8.2% Graz ,220 1, ,173 1% % 2.1% Salzburg ,936 2, ,870 1% 1, % 0.7% Kiel ,777 1, ,569 1% % 2.4% Innsbruck , ,370 1% 1, % 1.6% Braunschweig 139 8, ,992 0% % 7.2% Rural areas 12, ,847 38, ,641 17% % 6.3% Rural area Austria 8, ,966 21, ,893 11% % 7.0% Rural area Germany 4, ,881 16, ,748 6% % 4.9% Total Austria 27,073 2,072,308 92, ,170,529 62% 1, % 5.8% Total Germany 26,475 1,648, , ,322,754 38% % 2.8% Total 53,548 3,720, , ,493, % % 4.5% Source: Company information. Data as of 31 October 2013 including acquisitions thereafter. 1) Monthly net in-place rent at period end (excluding utilities) based on the rents as of the relevant period end; recalculated to an annual basis. 2) GAV based on property appraisals as of 31 October 2013 of the respective fiscal year for existing portfolio and on allocation of purchase price for newly acquired units. 3) Total monthly in-place rent at period end divided by GAV (based on appraisals as of 31 October 2013 of the respective fiscal year or the date of acquisition). 4) Number of total sqm vacant at period end divided by total sqm at period end. 5) with 50,000 inhabitants or more and where the group has a significant portfolio share of 600 units or more. 6) up to approximately 15 km area surrounding the federal capitals, major cities and Hamburg. 26

27 BENCHMARKING OPERATIONAL KPIs Net in-place Rent EBITDA Cash Leakage (1,2) /sqm/month % Ø Net in-place rent: 5.24 Ø EBITDA Leakage: 36% 42% 45% 5,37 5,59 5,34 4,94 5,19 5,00 5,48 4,54 37% 38% 39% 36% 32% 25% DAIG DW GSW LEG Gagfah TAG Conwert Buwog DAIG DW GSW LEG Gagfah TAG Conwert Buwog (3) Vacancy Maintenance and CapEx (1) % Ø Vacancy: 5.2% 3,9% 3,0% 2,7% 3,0% 4,8% 9,0% 10,2% 4,5% DAIG DW GSW LEG Gagfah TAG Conwert Buwog Ø Maintenance: 8.5/sqm Ø CapEx: 4.8/sqm Ø Total: 13.3/sqm 16,2 4,9 4,8 11,2 17,7 13,0 11,9 12,9 11,8 5,7 6,2 5,5 2,1 7,4 DAIG DW GSW LEG Gagfah TAG Conwert Buwog Source: Company presentations and latest financial reports. Note: Average calculated w/o Conwert. Maintenance CapEx Note: BUWOG data as per 31 October 2013 including smaller acquisitions signed and not closed in H1 2013/14; DGAG company information as per 31 December ) Annualized. 2) (NRI EBITDA) / NRI. BUWOG adjusted for turnover from development ( 13.7m) and sales ( 41.9m). 3) As per FY 2012/2013. /sqm 9,8 9,2 5,8 3,4 28,8 22,6 6, ,3 9,2 (3) 27

28 CONTACT DETAILS AND FINANCIAL CALENDAR Investor Relations T: +43 (0) E: W: Financial Calendar EGM Q3 2013/14 results Q3 2013/14 report 14 March March March 2014 Stock Symbols Vienna Stock Exchange: IIA Warsaw Stock Exchange: IIA ISIN: AT Reuters: IMFI.VI Bloomberg: IIA AV ADR Programme Ticker symbol: IMNZY CUSIP: 45253U201 ISIN: US45253U2015 ADR-Ratio: 1 ADR : 4 Ordinary Shares Depositary bank: Deutsche Bank Trust Company Americas ADR broker helpline: New York: London: adr@db.com ADR Website: Depositary bank s local custodian: Deutsche Bank, Frankfurt 1 ) Publication is scheduled after close of trading at the Vienna Stock Exchange 28

29 EN THANK YOU FOR YOUR ATTENTION 29