COMPANY PRESENTATION April 2015 CA Immo Group at a glance Office - PowerPoint PPT Presentation

COMPANY PRESENTATION April 2015

CA Immo Group at a glance Office investor/developer in Central Europe Total portfolio ( € 3.6 bn) Investment portfolio ( € 2.8 bn)* BUSINESS PROFILE  Core expertise : development, ownership and Austria 8% 685 management of large and modern office properties in 7% 19% Germany 24% Central Europe 1,471 7% Poland Austria 41%  Three core regions : Austria, Germany, CEE Hungary 10% Germany Romania  Six core countries : Austria, Germany, Poland, Hungary, 1,428 31% 13% 40% the Czech Republic, Romania Czech Republic CEE Other  Focus on core office properties  Total property assets: € 3.6 bn  Investment portfolio (income-producing): € 2.8 bn Investment portfolio ( € 2.8 bn)* Shareholder structure 0.6% MARKET PROFILE 3% 7% Office 26% 6%  Market capitalisation: approx. € 1.7 bn Logistics 5% O1 Group  Listed on the Vienna Stock Exchange since 1988 Retail Limited (ATX member since March 2011) Freefloat Hotel 74%  Bloomberg: CAI:AV 79% Residential Other  Reuters: CAIV.VI  ISIN: AT0000641352 2 All figures as at 31 December 2014, unless otherwise stated * Income-producing property assets

BUSINESS MODEL AND STRATEGY

Strategy Value-creating growth regains priority for CA Immo Strategy 2012 - 2015 Improved financial profile Enhanced portfolio focus Improved platform efficiency  Equity ratio increased from 30% to 53%  Enhanced portfolio focus on core offices  Administrative costs cut by 20%  Net LTV decreased from 58% to 39%  Successful non-core sales (CEE logistics)  Streamlined corporate structure  Cost of debt >5% reduced to 4%  Increased occupany from 88% to 91%  Reduced minority interests  Strong equity base underpins growth  Higher earnings quality  Lower complexities Higher recurring earnings power Mid-term dividend 2.5% of NAV Strategy 2015 - 2017 Conclude disposals of non-core assets Replace non-strategic assets Optimize financing structure  Sale of non-strategic land plots in  Development and transfer of core  Reduce average cost of debt <4% Germany offices to the investment portfolio  Restructure interest rate hedges  Sale of non-office use assets and sub-  Buy-out of joint venture partners  Substitue expensive financings and scale assets in core markets  External growth further improve maturity profile  Exit of non-core markets 4

Strategy Profitability targets FY 2015+ Investment portfolio 5% ROE > 7% Trading + Development > 2% 4 1 2 3 Organisation Financing Portfolio Development Measures  Reduced complexity  Reduced leverage  Streamlining property portfolio  Monetising land bank (reducing (sale of non-strategic assets) share of non-incoming  Cut indirect expenses by c. 20%  Lowered cost of debt (from > 5% producing assets)  Increasing occupancy and vs. FY 2012 (by the end of FY to approx. 4% by year-end 2014)  further reduction < 3.5% 2014)  Portfolio and rental income reducing vacancy-related costs growth through developments Ongoing process 5 5

Strategy Performance model INVESTMENT PORTFOLIO Property  Focus on high-quality office (“ core ”) Investment development  Dominant player in principle cities in Central Europe portfolio CA  Active asset management opportunities Immo PROPERTY DEVELOPMENT  Creating core instead of buying it  expanding the office portfolio through the development of high-quality Capital recycling buildings  Close market ties through strong asset management footprint drives development business Earnings growth  Development focus: core offices in Germany (individual project volumes € 50 - 150 m) CAPITAL RECYCLING NAV growth Dividend growth  Cycle-optimised sales of mature assets with limited upside  Recycling capital into higher growth opportunities Dividend payout 2.5% of NAV*  Deploying proceeds to fund pipeline 6 *Mid-term guidance update in March 2015 (Increase from 2% of NAV)

Strategy Core business CORE REGIONS AND LOCATIONS  3 core regions  6 core countries  8 core cities  Property assets of at least € 300 m per core city in order to have market relevance and run local platform efficiently  Austria / Germany : Vienna, Munich, Frankfurt, Berlin  CEE : Warsaw, Prague, Budapest, Bucharest CORE STRENGHTS  Fully integrated property player (early value chain entry)  Core strength : Development business in Germany  Core strength : Office property holdings in CEE (deep market knowledge, strong market position in core segment)  Core strength : Local asset management (closer ties to relevant market participants) 7

JOINT PARTIAL TENDER OFFER IMMOFINANZ

Partial voluntary tender offer Key facts OFFER TERMS KEY OBJECTIVES  Joint offer of CA Immo and O1 Group to acquire a long-term  Acquisition of a substantial minority stake shareholding in Immofinanz.  Support the Immofinanz management in the consistent strategic  The bidders will finance the offer independently. realignment aimed at sharpening the group’s strategic focus  The offer aims at acquiring of up to 150,893,280 no-par value bearer  Representation on the supervisory board of the company shares in Immofinanz (corresponds to approx . 13.5% of the total issued  No plan for full takeover shares (including treasury shares) or approx. 15.0% of the outstanding shares (excluding treasury shares held by Immofinanz). STRATEGIC RATIONALE  Shareholders in Immofinanz are offered a price of EUR 2.80 per share by the bidders.  Competitive property investment markets make value-accretive acquisition of individual property assets challenging  The offer period will be three weeks; the offer may be accepted from 25 March 2015 until (and including) 15 April 2015 , 4:00pm (Vienna  CA Immo: financial investment which offers strategic options and an local time). The acceptance of the offer must be declared in writing and opportunity to unlock value in the longer term addressed to the depositary bank of the respective shareholder of Immofinanz AG.  O1 Group : continuation of strategy to diversify and expand into Central and Eastern Europe  Declarations of acceptance will be considered on a pro rata basis.  The bidders have comprehensive industry expertise as well as a deep understanding of the local markets and segments in which Immofinanz SHAREHOLDING operates  As at 23 March 2015, CA Immobilien Anlagen AG and the parties acting in concert with it controlled a total of 37,211,493 bearer shares in OFFER DOCUMENT Immofinanz AG, which correspond to approximately 3.3% of the total  The offer document is available on the website of CA Immo issued shares of Immofinanz (or approx. 3.7% of the outstanding shares excluding treasury shares held by Immofinanz). (www.caimmo.com). 9

Partial voluntary tender offer Offer price reflects attractive premium over price prior to press rumours Immofinanz share price over last 5 years Offer speculations in 3.0 the press Offer price of € 2,80 2.5 Share price 2.0 VWAP Premium 6M: € 2,23 +25% 3M: € 2,17 +29% 1.5 1.0 Jän.10 Mai.10 Sep.10 Feb.11 Jun.11 Okt.11 Mär.12 Jul.12 Nov.12 Apr.13 Aug.13 Dez.13 Mai.14 Sep.14 Feb.15  Immofinanz share was trading only temporarily above current market level before Buwog spin off  Offer price reflects significant premium to the average price prior press speculations regarding an offer 10 Source: Bloomberg

Partial voluntary tender offer Attractive premium to Immofinanz shareholders 02/23/2015* Bloomberg ATTRACTIVE OFFER Analyst Date TP Rec.  Attractive offer price premium to closing price prior to press HSBC 02/19/15 2.30 Underweight speculations regarding an offer on February 24 ( € 2.417) and on AlphaValue 02/16/5 3.32 Buy volume weighted average prices (VWAP) Kepler Cheuvreux 01/30/15 2.75 Buy  Offer price reflects premium of 12% to median target price of Société Générale 01/28/15 2.70 Buy analysts based on reports published prior to February 24, 2015 Barclays 01/27/15 2.39 Equalweight  Offer price reflects a 26% discount to the diluted book value Erste Group 01/21/15 2.50 Buy (IFRS) per share of € 3.79 . Immofinanz reported an undiluted Raiffeisen Centrobank 01/15/15 2.10 Hold book value per share of € 3.96 as at 31 January 2015 (1-3Q results 2014/2015)  convertible bonds 2011-2018 currently in the Average 2.58 money (based on a Buwog share price of € 19.76 the strike price Median 2.50 relating to the Immofinanz share is € 2.53)  expected impairments of the Russian portfolio not yet fully factored in Offer price premium over reference values (EUR) 35% 2.17 30% 2.23 2.23 25% 2.39 20% 2.42 15% 29.1% 2.50 25.5% 25.5% 10% 17.3% 15.8% 12.0% 5% 0% Closing price (February 1M VWAP 3M VWAP 6M VWAP 12M VWAP Analyst consensus 23)* (median)* 11 Source: Bloomberg, Vienna Stock Exchange,* Prior to press speculations regarding an offer on February 24, 2015

FY 2014 RESULTS