MAXX Buy 10 EYEM. (unchanged) has also in its insupport. per year. from Eu- by the much. firm still. buy with. logistics. year. We.

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EYEM MAXX Buy 10 July 13 (unchanged) Target: Euro 12.50 (unchanged) Price (Euro) 52 weeks range Key Data Country Industry Segment General Standard ISIN DE000A0V9L94 Sec. ID-No. A0V9L9 Symbol BNT1 Bloomberg BNT1:GR Internet www.eyemaxx.com Reporting Standard IFRS Fiscal Year 31/10 IPO 2011 Ø Daily Turnover r in (1M) 1,567 Market Cap (EUR million) 19.6 Number of shares (million) 2.90 Free Float 21.3% Free Float MCap (million) 4.2 CAGR pre tax profits 13e-16e 45.5% Multiples PE-Ratio Dividend Yield Key Data per Share (Euro) Earnings per share (EPS) Dividends per share (DPS) Book value per share (BVPS) Financial Data (Euro '000) Revenues Operating profit (EBITDA) Operating profit (EBIT) Pre-tax profit (EBT) Net profit Adjusted shareholders' equity RoE after tax Financial Calendar SRC Forum Financials & Real Estate 9M report Annual report 2012/ 2013 Main Shareholders CEO Dr. Michael Müller Analyst Internet 6.75 8.95 / 4.15 Germany Real Estate 6.9 4.4% 0.98 0.30 6.24 1,534 4,965 4,829 3,187 2,573 16,548 15.8% Dipl.-Kfm. Stefan Scharff, CREA 49 (0)69 400 313-80 scharff@sr rc-research.de 5.7 3.6 2.7 4.4% 5.9% 7.4% 1.18 1.88 2.53 0.30 0.40 0.500 7.05 8.53 10.52 2,241 4,,400 5,246 5,560 9,,069 12,274 5,450 8,,919 12,0999 3,463 6,,144 9,2111 3,413 6,,024 8,861 20,466 27,,310 36,821 16.7% 22.1% 24.1% 78.7% 04/09/2013 19/09/2013 28/02/2014 www.src-research.de www.aktienmarkt-deutschland.de www.aktienmarkt-international.at Good first half of FY 2012/ 2013: rental income doubled, EBIT +52%, net profit +7% Last week, on 1 July, Eyemaxxx Real Estate released its half-year report for the first six months of FY 2012/ 2013 from November to April. The firm acquires and develops commercial properties like consumer retail parks and a some logistics with a regional focus on Po- land, CZ, C Slovakiaa and Serbia. The firm has also some properties p inn Germany and Austria in its insupport a vestment and development portfolio which broader diversification of risks and earnings. After the firm recently acquired some logistics proper- 2012, ties in Germany and Austria in September these new n investment properties fully contributed for the firstt time to half-year numbers which doubled from Euro 0.6m to now Euro 1.2m. The new logistics portfolio will contribute c. Euro 1.0m per year. The operating profitt (EBIT) jumped by +52% from Eu- higher ro 1.8mm to Euro 2.8m flattered by the much top-linee of rental income and a revaluation result of Euro 1..8m above previous yearr (Euro 1.6m) ). With regards to bottom line the t hike compared to EBIT was w smaller due to higher financial expenses which increased from Euro 0.9m to almost Euro 1.9m due to the bigger portfolio size and the successful placement of the third corporate bond with a Euro 15m volume in March. Net profit climbed by 7% from Euro 1.3m to Euro 1.4m. With regards to our projec- firm still tion of Euro 3.4m for the full fiscal year, the has to deliver Euroo 2.0 in the second half of the year which is still realisticc in our view. We visited the management last week to talk about new acquisitions inn the pipeline (e.g. Germany retail and logistics) and also about the development of on- and going projects, p mainly in Poland, Czech Republic Serbia. All in all, we feel confirmed that Eyemaxx alto buy with ready identified a row of lucrative projects the proceeds of the third bond and is also on track with thee existing property developments. As one exfinished in ample Kittsee retail park in Austria was May and might be sold in the second half of the year. Eyemaxx already bought some new high-yielding mixed commercial / residentiall properties near Salza logistics burg and in Graz (both Austria) as well as in Aachen (Germany) in the first half of the year which will fullyy contribute in the second half of the year. We keep our net profit projection of Euro 3.4m for the full year which means a decent 30% hike. Buy affirmed.

Strengths Weaknesses Opportunities Threats 2 SRC Equity Research Focus on markets in central Europe with a reliable legal status and an above averagee economic growth like Poland, Czech Republic or Slovakia. Beyond that investment locations are often situated at mid-sized or smaller cities which have fewer competitors and are less challenging. EYEMAXX is among the market leading l project developers for retail parks in CEE. The track record contains several successfullyy accomplished developments with a cumulated transaction volume of more than Euro 200m since 2006. Speaking for a long and broad experience of the e company. Vienna-basepursuitss a similar strategy in terms of retail parks and has a portfolio of 46 Immofinanz, one of the largest European real estate e companies, developed properties (thereof onee third was realized as joint venture with EYEMAXX) located in Czech Republic, Poland, Slovakia and Hungary under the brand name Stop.Shop. We W see Immofinanz as main competitor applyingg for similar projects. 2 For the e future the company has an investment pipeline containing various attractive projects with a cumulated volume of more than Euro 100m. The whole investment pipeline is also in i terms of funding and financing complete- might be able to quickly acquire another approx. Euro 50m in future devel- opmentss in Germany and Poland which w are already examined. ly secured. With a successful thirdd bond placedd in March 2013 the company Several well-known and popular brands b in the retail business like Hofer, dm, Takko, New Yorker, Bauhaus, Deichmann, Rossmann or C&A, to mention only a few, work together with EYEMAXX. Company s network and in par- successful. As a pre-let quota of att least 50% is the pre-condition to start con- ticular the long-term contact to prominent tenants is very valuable for being structionn activities at a certain location, local developers often do not have the international network, which is decisive for activites. In the course of the specific corporate structuree that impliess that each devel- opment is linked to its own property company (SPV), development profits are mostly free of tax. The major conditions to achieve tax exemption in Austria in case of a company disposal are: a participation of more than 10% in the SPV, must be located outside Austria and ownership longer than one year. EYEMAXX fulfills all these criteria. The business case of EYEMAXXX assumes to realize projects with a small equity portion and a high leverage. Due to the fact that banks finance on averagee only up to 70% of the total investment volume, EYEMAXX needs additional financing partners like joint j venturess or a co-fund that take further equity to realize a higher leverage for the company. So far, the company very well managed its steep growth by successful s completion of existing projects. Due to its vast know-how and high degree of brand awareness, EYEMAXX has project opportunities with low equity requirements in best case starting at 10% only, but benefits with a much higher profit share of up to 50% of the development profit (in some cases even more than 50%). A standardized and plain vanilla construction method provides low and stable construction costs for developments and reduces constructionn risks, as well as cost over-runs

Company Profile Industry: Real Estate Management Board of : Sub segment: Commercial Developer CEO Dr. Michael Müller Region: Austria, Germany, CEE Headquarter: Aschaffenburg Foundation 1996 Supervisory Board of : Employees: 25 Dr. Martin Piribauer (Chairman) Franz Gulz Maximilian Pasquali IR Contact: amuehlhaus@edicto.de is an international project developer for commercial real estate with a clear balance point on the CEE region, Austria and Germany. The company develops first and foremost retail parks and strip malls and works together with well known western retail brands participating from their expansion to Central European countries like Poland, Czech Republic or Slovakia. In terms of retail parks the company became one of the market leaders in CEE. A pre let quota of at least 50% is the pre condition to start construction activities at a certain location. Furthermore popular and well known trade chains like Hofer, DM, Takko, New Yorker, Bauhaus, Deichmann, Rossmann or C&A, to mention only a few, are among tenants. The retail parks theirselves are being distributed under a brand like "BIG BOX" "MyBOX" or "STOP.SHOP" (a trademark of Immofinanz). Finally developments within the portfolio will be sold prior to their completion as forward sale or after completion on a short term horizon to an investor. However, the company changed its business model and aims now on selling more developmets after their completion to achieve higher profits. In the past five years some twenty developments with a transaction volume of more than Euro 200m were succesfully built and sold. In addition, the company developes and realizes logistic properties, a factory outlet center and tailormade solutions on customer order. The company was founded in 1996 as EYEMAXX International Holding & Consulting GmbH. In the course of a capital increase in 2011 the company used the shell company Amictus AG to become a public listed company. EYEMAXX Real Estate AG is listed at the General Standard of the Frankfurt Stock Exchange since July 2011 (ISIN: DE000A0V9L94). Furthermore the firm issued three corporate bonds (DE000A1K0FA0 and DE000A1MLWH7 and DE000A1TM2T3) which are listed within the Frankfurt Entry Standard (total volume of all bonds Euro 39.6m). Source: Company Data, SRC Research Business model in detail using the example of Kittsee (Austria) Developer profit from disposal of SPV Euro million Project: Retail Park Kittsee Country: Austria Investment vol.: 14.30 Debt capital 75% 10.73 Equity capital 25% 3.58 Intended disposal price (25% Margin) 17.88 Gross Profit 3.58 Co funder share 60% of equity 2.15 Costs for funding 12.75 % / 1.5 year 0.41 EYEMAXX share 40% of equity 1.43 Gross Profit 3.58 Costs for Co-funder 12 % / 1.5 year 0.41 Interest costs / Bank debt) 1.5 years 3% 0.34 Interest costs (corporate bond) 0.11 Pre tax 2.71 Tax 0.00 Net Profit (fully attributable to Eyemaxx) 2.71 Yield 18.97% Source: Company data, SRC Research assumptions 3 3 SRC Equity Research

P&L Account for EYEMAXX 31/10 IFRS (Euro '000) 2010 2011* 12/13e 13/14e 14/15e 15/16e CAGR '13e - '16e Revenues 14,152 4,232 1,534 2,241 4,400 5,246 5,350 33.7% Increase in finished products 152-1,616 905 0 0 0 0 Other operating income (including revaluation result) 1,096 4,767 3,615 2,950 1,354 300 300 Total operating income 15,400 7,383 6,054 5,191 5,754 5,546 5,650 Cost of material -11,034-1,150-497 -641-565 -587-610 Personnel expenses -1,729-1,203-1,760-1,580-1,877-2,011-2,105 Other operating expenses -3,193-3,301-3,335-3,020-1,784-1,829-1,895 Net income from investments accounted for using the equity method 2,260 213 4,503 5,610 7,541 11,155 12,875 EBITDA 1,704 1,942 4,965 5,560 9,069 12,274 13,915 35.8% EBITDA-margin 12.0% 45.9% 323.7% 248.1% 206.1% 234.0% 260.1% Amortization of intangible assets and depreciation of property, plant and equipment and investment properties -234-175 -136-110 -150-175 -160 Operating profit (EBIT) 1,470 1,768 4,829 5,450 8,919 12,099 13,755 36.2% EBIT-margin 10.4% 41.8% 314.8% 243.2% 202.7% 230.6% 257.1% Interest earnings 244 383 1,061 1,500 1,150 1,100 1,020 Income from disposal of investments 160 9 0 0 0 0 0 other financial earnings 0 0 0 0 0 0 0 Interest costs -390-1,026-2,703-3,487-3,875-3,988-4,100 other financial costs -667 0 0 0-50 0 0 Financial result -654-635 -1,642-1,987-2,776-2,889-3,081 Pre-tax Profit (EBT) 817 1,134 3,187 3,463 6,144 9,211 10,675 45.5% EBT-margin 5.8% 26.8% 207.8% 154.5% 139.6% 175.6% 199.5% Tax expenses -59 182-614 -50-120 -350-410 Tax rate n.s. n.s. 19.3% 1.4% 2.0% 3.8% 3.8% Net Profit 757 1,316 2,573 3,413 6,024 8,861 10,265 Minorities -326 36 38 0 0 0 0 Net Profit after minorities 432 1,353 2,611 3,413 6,024 8,861 10,265 44.3% Return on sales 3.1% 32.0% 170.2% 152.3% 136.9% 168.9% 191.9% Number of shares ('000, at year-end) 2,651 2,651 2,651 2,901 3,200 3,500 3,800 Earnings per share (Euro) 0.15 0.50 0.98 1.18 1.88 2.53 2.70 Dividends per Share (DPS) in Euro 0.00 0.00 0.30 0.30 0.40 0.50 0.50 BookValue per Share (BVPS) in Euro 4.88 5.12 6.24 7.05 8.53 10.52 12.60 Key ratios & figures 2010 2011* 12/13e 13/14e 14/15e 15/16e Growth rates in % Revenues n.s. 70.1% 63.8% 46.1% 96.3% 19.2% 2.0% EBITDA n.s. 14.0% 155.7% 12.0% 63.1% 35.3% 13.4% EBIT n.s. 20.3% 173.1% 12.9% 63.7% 35.7% 13.7% EBT n.s. 38.8% 181.0% 8.7% 77.4% 49.9% 15.9% Net profit after minorities n.s. 213.2% 93.0% 30.7% 76.5% 47.1% 15.8% Margins in % EBITDA 11.1% 26.3% 82.0% 107.1% 157.6% 221.3% 246.3% EBIT 9.5% 23.9% 79.8% 105.0% 155.0% 218.2% 243.5% EBT 5.8% 26.8% 207.8% 154.5% 139.6% 175.6% 199.5% Expense ratios in % Personnel costs quote 11.2% 16.3% 29.1% 30.4% 32.6% 36.3% 37.3% Depreciation to sales 1.5% 2.4% 2.2% 2.1% 2.6% 3.2% 2.8% Tax rate n.s. n.s. 19.3% 1.4% 2.0% 3.8% 3.8% Profitability in % Net profit to sales ratio 3.1% 32.0% 170.2% 152.3% 136.9% 168.9% 191.9% Return on equity (RoE) after tax 3.1% 9.8% 15.8% 16.7% 22.1% 24.1% 21.4% Valuation PE-ratio 36.55 11.17 5.68 4.75 2.97 2.21 2.07 Price/BVpS 1.15 1.09 0.90 0.79 0.66 0.53 0.44 Dividend yield in % 0.0% 0.0% 5.4% 5.4% 7.2% 8.9% 8.9% Market Cap/Sales 1.05 2.20 2.68 3.12 2.82 2.92 2.87 Market Cap/EBT 19.85 14.30 5.09 4.68 2.64 1.76 1.52 Data per share Number of shares in k 2,651 2,651 2,651 2,901 3,200 3,500 3,800 EpS 0.15 0.50 0.98 1.18 1.88 2.53 2.70 DpS 0.00 0.00 0.30 0.30 0.40 0.50 0.50 BVpS 4.88 5.12 6.24 7.05 8.53 10.52 12.60 * Short fiscal year until 31 October 4 4 SRC Equity Research

SRC Research - The Specialist for Financial and Real Estate Stocks - SRC-Scharff Research und Consulting GmbH Klingerstrasse 23 D-60313 Frankfurt Germany Fon: +49 (0)69 400 313-80 Mail: scharff@src-research.de Internet: www.src-research.de Rating Chronicle Date Rating former share price former target EYEMAXX Real Estate March 1, 2013 Buy 7.05 12.50 EYEMAXX Real Estate December 6, 2012 Buy 5.59 12.50 EYEMAXX Real Estate September 18, 2012 Buy 5.55 12.50 EYEMAXX Real Estate July 31, 2012 Buy 4.26 12.50 Please note: The share price mentioned in this report is from closing of 9 July 2013. mandated SRC Research for mentoring the share. Disclaimer 2013: This equity research report is published by: SRC-Scharff Research und Consulting GmbH, Klingerstr. 23, D-60313 Frankfurt, Germany (short name: SRC Research). All rights reserved. Although we feel sure that all information in this SRC report stem from carefully selected sources with a high credibility, we cannot give any guarantee for accuracy, trueness and completeness. All opinions quoted in this report give the current judgement of the author that not necessarily is the same opinion as SRC-Scharff Research und Consulting GmbH or another staff member. All in this report made opinions and judgements might be changed without a pre-announcement. Within the scope of German regulative framework author and SRC- Scharff Research und Consulting GmbH do not assume any liability for using this document or its content. This report is just for information purposes and not a request or an invitation or a recommendation to buy or sell any stock that is mentioned here. Private clients should search for personal advice at their bank or investment house and should keep in mind that prices and dividends of equities might rise and fall and that nobody can give a guarantee of the future development of equities. The author of this report and the SRC-Scharff Research und Consulting GmbH commit themselfes on a unsolicited basis to have no long- or short-positions in equities or derivatives related to equities mentioned in this report. Reproduction, distribution and publishing of this report and its content as a whole or in parts is only allowed with an approval of SRC management board in written form. With acceptance of this document you agree with all regulations mentioned here and all general terms and conditions you will find at anytime at our website www.src-research.de. 5 5 SRC Equity Research