CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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1 CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND GROUP INTERIM MANAGEMENT REPORT SECOND QUARTER OF 2008 JUNE 30, 2008 FRANCONOFURT AG FRANKFURT AM MAIN

2 FRANCONOFURT AG, FRANKFURT AM MAIN CONSOLIDATED INTERIM FINANCIAL STATEMENTS AS OF JUNE 30, 2008 ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS TABLE OF CONTENTS GROUP MANAGEMENT REPORT AS OF JUNE 30, CONSOLIDATED BALANCE SHEET AS OF JUNE 30, CONSOLIDATED INCOME STATEMENT FOR THE PERIOD FROM JANUARY 01, 2008 TO JUNE 30, CONSOLIDATED CASHFLOW STATEMENT 4 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 5 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 6

3 Franconofurt AG. Frankfurt am Main Group interim management report for the first half ending 30 June Report of the management board for the first half of 2008 Franconofurt is a real estate investor based in Frankfurt am Main, specialising in the acquisition and sale of residential property. In the first half of 2008, Franconofurt AG generated a consolidated result of EUR 1.5 million (H1 2007: EUR 6.7 million). The shareholders' equity of Franconofurt AG declined to EUR 76.8 million (as of : EUR 99.2 million), mainly due to the sale of Francono Rhein-Main AG. The first half of 2008 was characterized by numerous significant developments. The sale of the 54% investment in Francono Rhein-Main AG to the English investor Grainger plc was completed in April. In addition, the subsidiary FranconoWest AG also sold a real estate package of EUR 9.0 million at a profit, also to Grainger plc. Within the framework of the current real estate market climate and as a result of the continuing uncertainty on the capital markets, Franconofurt AG reorganised its Group structure in the first half of The service companies GlobalConstruct and GlobalLiving, together with all their equity participations, were sold, and the cost structures were optimised at the remaining service companies or operations were discontinued. Franconofurt continues to source services from the service companies which have been sold. The sale of the service companies has not had a major impact on the balance sheet and earnings figures. Overall, we are satisfied with the progress made during the first half. The aim of the management board was to improve the results of operations of Franconofurt AG and to reduce costs. 2. Business development and major events in the first half of 2008 A satisfactory performance has been reported for the business at Franconofurt AG. In partitioning business in Frankfurt, Franconofurt AG is noticing increasing demand for owner occupancy apartments particularly as a result of the increasing attractiveness of urban residential areas compared with rural residential areas and the fears of rising interest rates of future owner occupiers. In addition, there is also increasing demand for urban apartments as protection against inflation. Accordingly, the current climate in the Frankfurt partitioning business is positive. Income as well as total assets continued to rise at FranconoWest in the first half. In particular, the unrealised gains and losses from the measurement of investment property at fair value have resulted in an increase in the result from ordinary operations. In addition, rental income increased as a result of the ongoing process of expanding the portfolio and further on-balance-sheet property acquisitions. At around EUR 4.2 million, rental income was considerably higher than the corresponding previous year figure of EUR 1.1 million Page 1of 5 Annex 1

4 In addition, income from the sale of the property sub-portfolio was recorded in the first half. The full impact of the process of expanding the portfolio will be felt over the course of the next few quarters as a result of the delay between the actual purchase and economic transfer of ownership as well as the continuing process of purchasing new properties. It has to be borne in mind that FranconoWest AG is still in the phase of establishing a portfolio, and that the process involving the normal duration for completing property purchase agreements can take until the end of The full rental income is thus only expected after Q1/ Net assets, financial position and results of operations Net assets Net assets of the Franconofurt Group developed in line with expectations in the first half of The shareholders' equity of the Group before minorities amounted to EUR 72.0 million at the end of the first half (end of 2007: EUR 77.4 million). It has to be borne in mind that Franconofurt paid out a dividend of EUR 6.6 million following its shareholders' meeting held in June 2008 (previous year dividend: EUR 4.0 million). The equity ratio amounted to 47.7% at the end of the first half of 2008 (end of 2007: 36.5%). Total assets of the Franconofurt AG Group amounted to EUR million (end of 2007: EUR million). The decline in total assets in the second quarter of 2008 was mainly attributable to the disposal of the approx. 54% holding in Francono Rhein-Main AG. This reduced total assets by EUR 132 million. Financial position The financial position of the Franconofurt Group in the first half of 2008 particularly reflected the sale of the 54% holding in Francono Rhein-Main AG. Franconofurt AG received gross proceeds of approx. 22 million as a result of the sale of the approx. 15 million Francono Rhein-Main AG shares. In addition, FranconoWest AG generated proceeds of EUR 9.0 million with the sale of a property package in the second quarter of An outflow of liquidity of EUR 6.6 million was reported as a result of the payment of a dividend of EUR 0.75 per Franconofurt AG share. Cash and cash equivalents amounted to EUR 17.2 million compared with EUR 22.3 million at the end of the previous year. Results of operations Results of operations in accordance with IFRS are satisfactory at the end of the first half of Rental income amounted to EUR 4.2 million. Net income for the period before discontinued operations amounted to EUR 1.1 million compared with the figure of EUR 3.5 million for the first half of Rental expenses of EUR 1.2 million account for 29% of gross rental income. The result from rental amounts to EUR 3.0 million, compared with EUR 0.7 million for the corresponding previous year figure. Most rental income is generated by the property portfolio of FranconoWest AG. The proceeds from property sales amounted to EUR 6.4 million, compared with EUR 2.1 million in the previous year. This increase is mainly attributable to the strengthening demand for apartments in Frankfurt held in the portfolio of Francono Residence AG and Franconofurt AG. The result after deducting the carrying amounts of the properties amounted to EUR 1.3 million, and is equivalent to a margin of approx. 20% (share of total costs). The margin in the Page 2of 5 Annex 1

5 previous year amounted to 21%. The decline is mainly due to the fact that Franconofurt AG sold numerous single apartments out of existing larger properties from the portfolio at the carrying amount in the first half of 2008 in order to streamline the portfolio. General administrative expenses amounted to EUR 4.8 million compared with EUR 2.6 million in the first half of The other operating income totalled EUR 0.3 million. The figure of EUR 7.2 million reported for the previous year period mainly included income from the disposal of 2,550,000 shares of Francono Rhein-Main AG. The unrealized profits of EUR 3.8 million result from the fair value measurements of the FranconoWest AG portfolio. This is an increase of EUR 3.1 million compared with the first half of The financial result amounts to minus EUR 1.5 million (previous year period minus EUR 0.2 million) and increased as a result of the higher levels of debt financing in property holding business. The HGB result of Franconofurt AG amounted to EUR 4.6 million at the end of the first half, and is characterised by the recognition of the sale of the holding in Francono Rhein-Main AG in the income statement. On the other hand, in the IFRS financial statements, the contribution to earnings after taxes of Francono Rhein-Main AG is shown as a discontinued operation (EUR 0.4 million). The previous year figures have been adjusted accordingly, and amount to EUR 3.2 million. 4. Forecast report The management board of Franconofurt AG expects that there will continue to be a positive development in business in It is expected that results will continue to expand on the basis of HGB compared with the previous year (primarily as a result of optimizing the cost structures and due to further property sales in the partitioning business in Frankfurt as well as from the portfolio of FranconoWest AG. It is also expected that there will continue to be a positive result of continued operations under IFRS. This is higher due to the adjustment of the previous year for the sale of the Francono Rhein-Main AG shares. 5. Opportunity and risk report With regard to the opportunities and risks of the business activity of Franconofurt AG, please refer to the annual report Events after the reporting date There were no events of special significance for the Group after the balance sheet date. Page 3of 5 Annex 1

6 Frankfurt am Main, August 26, 2008 Metehan Sen Christian Wolf Page 4of 5 Annex 1

7 Statement of the management board in accordance with section 297 (2) sent. 4 and section 315 (1) sent. 6 HGB "We declare that, to the best of our knowledge, the consolidated interim financial statements provide a true and fair view of the net assets, financial position and results of operations of the Group in accordance with the accounting principles applicable for interim reporting, and that the Group interim management report presents the development of business including the business result and the position of the Group in such a way that it provides a picture which is consistent with the actual circumstances, and also describes the major opportunities and risks of the probable development of the Group in the remainder of the financial year." Frankfurt am Main, August 26, 2008 Metehan Sen Christian Wolf Page 5of 5 Annex 1

8 Consolidated Balance Sheet as of June 30, 2008 Franconofurt AG, Frankfurt am Main, Germany ASSETS ( in euros ) Note June 30, 2008 December 31, 2007 NON-CURRENT ASSETS Intangible assets 857, ,045, Property, plant and equipment 502, , Investment property (1) 95,634, ,186, Prepayments (2) 2,565, ,720, Financial investments , Other non-current receivables 149, ,992, Deferred tax assets 1,035, , Non-current assets 100,744, ,172, CURRENT ASSETS Inventories (3) 39,673, ,253, Trade receivables 1,684, ,575, Tax receivables 384, , Other current receivables (4) 1,401, , Cash and cash equivalents 17,190, ,336, Available-for-sale assets (5) ,001, Current assets 60,335, ,567, Total assets 161,079, ,740, Page 1 of 2 Annex 2

9 Consolidated Balance Sheet as of June 30, 2008 Franconofurt AG, Frankfurt am Main, Germany EQUITY AND LIABILITIES ( in euros ) Note June 30, 2008 December 31, 2007 EQUITY (6) Issued capital 8,800, ,800, Capital reserve 49,470, ,470, Cash flow hedge reserve 560, , Other reserves 13,171, ,173, Equity before minorities 72,002, ,409, Minority interests 4,798, ,528, Total equity 76,800, ,938, NON-CURRENT LIABILITIES Non-current interest-bearing liabilities 53,933, ,424, Deferred tax liabilities 3,004, ,591, Non-current liabilities 56,938, ,015, CURRENT LIABILITIES Deferred liabilities 2,039, ,597, Tax liabilities 321, , Current interest-bearing liabilities 20,947, ,497, Trade payables 689, ,710, Other current liabilities (7) 3,344, ,570, Available-for-sale liabilites (4) ,812, Current liabilities 27,340, ,786, Total equity and liabilities 161,079, ,740, Page 2 of 2 Annex 2

10 Consolidated income statement from January 01, 2008 to June 30, 2008 Franconofurt AG, Frankfurt am Main, Germany First half year 2008 Second Quarter 2008 ( in euros ) Note Jan June 30, 2008 Jan June 30, 2007 April June 30, 2008 April June 30, 2007 Gross rental income 4,215, ,077, ,120, , Property operating expenses - 1,226, , , , Rental income (8) 2,989, , ,510, , Proceeds from the sale of property held as inventory 6,410, ,131, ,940, ,776, Carrying amount of the inventory properties sold - 5,091, ,409, ,972, ,172, Earnings from the sale of property held as inventory 1,319, , , , Administrative expenses (9) - 4,764, ,697, ,742, ,082, Selling expenses - 252, , , , Other income 315, ,216, , ,189, Other expenses - 86, ,055, , , Result of other expenses und income 228, ,160, , ,909, Unrealized gains from revaluation of investment properties to fair value 3,841, , ,226, Unrealized losses from revaluation of investment properties to fair value - 270, , Valuation movements 3,570, , ,059, Investment property disposal proceeds 8,950, ,950, Carrying value of investment property disposed of - 8,767, ,767, Profit on disposal of investment property 183, , Earnings before interest and tax 3,274, ,973, ,030, ,253, Interest expense - 2,120, , ,109, , Interest income 628, , , , Financial results (10) - 1,492, , , , Profit before tax 1,781, ,815, , ,285, Tax expense - 715, , , , Result for the period 1,065, ,527, , ,965, Result of discontinued operations after taxes (11) 410, ,172, , ,857, Result of the corporate group 1,476, ,699, , ,823, of which attributable to: Shareholder of Franconofurt AG 1,206, ,161, , ,048, Minority shareholders 269, ,538, , , ,476, ,699, , ,823, Page 1 of 2 Annex 3

11 Consolidated income statement from January 01, 2008 to June 30, 2008 Franconofurt AG, Frankfurt am Main, Germany Earnings per share (EPS), due basis of the results which attributable to the shareholder of Franconofurt AG: Jan June 30, 2008 Jan June 30, 2007 Result of continued operations, undiluted (12) Result of discontinued operations after taxes, undiluted (12) Result of continued operations, diluted (12) Result of discontinued operations after taxes, diluted (12) Page 2 of 2 Annex 3

12 Consolidated statement of cash flows from January 01, 2008 to June 30, 2008 Franconofurt AG, Frankfurt am Main, Germany Operating activities Jan. 1 to June. 30, 2008 Jan. 1 to June. 30, 2007 in euros Net operating profit before interest and taxes 3,274, ,968, Earnings from the sale of shares in fully consolidated subsidiaries - 231, ,028, Valuation movements - 3,570, ,337, Profit on the disposal of investment property - 183, Result from the sale of tangible and intangible assets , Amortization and depreciation 167, , Change in trade receivables 1,890, ,257, Change in trade payables - 1,021, , Change in deferred liabilities 442, , Change in inventories - 7,420, ,994, Change in other current liabilities 3,582, , Cash flow from continued operating activities excluding finance costs - 3,068, ,826, Cash flow from discontinued operating activities excluding finance costs - 339, ,976, Cash flow from operating activities excluding finance costs - 3,408, , Interest paid - 2,201, , Cash inflow from interest income 483, , Tax payments - 136, , Cash flow from continued operating activities - 4,923, ,471, Cash flow from discontinued operating activities - 1,917, ,278, Cash flow from operating activities - 6,841, ,192, Page 1 of 2 Annex 4

13 Consolidated statement of cash flows from January 01, 2008 to June 30, 2008 Franconofurt AG, Frankfurt am Main, Germany Investing activities Jan. 1 to June. 30, 2008 Jan. 1 to June. 30, 2007 Acquisition of investment property - 30,721, ,364, Cash outflow from the purchase of additional shares of an subsidiary - 2,022, Cash received from the sale of subsidiaries 22,136, ,166, Cash received from the sale of investment property 8,950, Cash inflow of sale of intangible assets and property, plant and equipment 113, , Acquisition of intangible assets and property, plant and equipment - 36, , Cash flow from investing activities for continued operations - 1,581, ,068, Cash flow from investing activities for discontinued operations - 12,991, ,141, Cash flow from investing activities (total) - 14,572, ,209, Financing activities Cashflow inflow from capital increases ,190, Dividend payment - 6,600, ,098, Proceeds from borrowings 7,958, ,780, Cash flow from financing activities for continued activities 1,358, ,872, Cash flow from financing activities for discontinued activities 11,512, ,342, Cash flow from financing activities (total) 12,870, ,215, Cash and cash equivalents at the beginning of the period 29,782, ,749, Change in cash and cash equivalents of continued activities - 5,146, ,333, Change in cash and cash equivalents of discontinued activities - 3,396, ,480, Cash and cash equivalents at the end of the period (total) 21,239, ,563, less cash and cash equivalents of discontinued activities - 4,048, ,931, Cash and cash equivalents at the end of the period of the continued activies 17,190, ,631, Page 2 of 2 Annex 4

14 Consolidated statement of changes in equity as of June 30, 2008 Franconofurt AG, Frankfurt am Main Comparison period 2007 Note Issued Capital in euros Capital Reserve Cash Flow Hedge Reserve Other Reserves Shareholders' equity Minority interests Total Equity ( 6 ) Jan. 1, ,600, ,488, , ,906, ,898, ,312, ,210, Profit for the period from Jan. 1 to Mar. 31, 2007 Unrealized losses from cash flow hedges Disposal of shares in consolidated subsidiaries 1,112, ,112, , ,876, , , , , , , Dividend payment , , Other changes -12, , , , March 31, ,600, ,475, , ,025, ,049, ,879, ,929, Cash capital increases 2,200, ,000, ,200, ,200, Direct costs of capital increases -5, , , Dividend payment -3,960, ,960, , ,048, Other changes 80, , , Profit for the period from April 1 to June 30, 2007 Unrealized gains from cash flow hedges Disposal of shares in consolidated subsidiaries 4,048, ,048, , ,823, , , , , ,273, ,273, June 30, ,800, ,470, , ,194, ,887, ,280, ,167, Page 1 of 2 Annex 5

15 Consolidated statement of changes in equity as of June 30, 2008 Franconofurt AG, Frankfurt am Main Reporting period 2008 Note Issued Capital in euros Capital Reserve Cash Flow Hedge Reserve Other Reserves Shareholders' equity Minority interests Total Equity ( 6 ) Jan. 1, ,800, ,470, , ,173, ,409, ,528, ,938, Unrealized losses from cash flow hedges Profit for the period from Jan. 1 to Mar. 31, ,570, ,570, , ,295, , , , ,239, March 31, ,800, ,470, ,605, ,065, ,730, ,152, ,882, Reduction minority interests ,964, ,964, Pay-out dividend -6,600, ,600, ,600, Other changes -608, , , Unrealized losses from cash flow hedges Profit for the period from April 1 to June 30, ,165, ,165, , ,853, , , , , June 30, ,800, ,470, , ,171, ,002, ,798, ,800, Page 2 of 2 Annex 5

16 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING 30 JUNE 2008 FRANCONOFURT AG FRANKFURT AM MAIN Page 1 of 15 Annex 6

17 Contents INFORMATION CONCERNING THE GROUP... 3 INTRODUCTION ) Preliminary remarks ) Consolidation...3 3) Accounting and valuation methods ) Accounting judgements and estimates... 4 MAJOR NOTES TO THE CONSOLIDATED BALANCE SHEET... 5 I. Assets... 5 II. Shareholders' equity and liabilities... 8 MAJOR NOTES TO THE CONSOLIDATED INCOME STATEMENT... 9 GENERAL DISCLOSURES I. Employees II. Supervisory board III. Contingencies and other financial obligations IV. Events after the balance sheet date Page 2 of 15

18 INFORMATION CONCERNING THE GROUP INTRODUCTION 1) Preliminary remarks Franconofurt AG is a listed Aktiengesellschaft (joint stock corporation) with headquarters in Frankfurt am Main. The Group's business comprises mainly the purchase and sale of real estate as well as real estate management. 2) Consolidation The interim consolidated financial statements of the Franconofurt Group include the parent company as well as all subsidiaries by way of full consolidation. There have been the following changes in the group of consolidated companies compared with 31 December As of 30 June 2008, the remaining shares in Global Construct AG were sold to the members of the management board and co-shareholders. GlobalConstruct AG had been fully consolidated up to and including 31 December 2007; after 1 January 2008, it was accounted for using the equity method as a financial investment in the consolidated financial statements. All shares of GlobalLiving GmbH and its subsidiaries MainLiving GmbH and RheinLiving GmbH were also sold as of 30 June 2008; these companies are accordingly no longer shown in the scope of consolidation. The available-for-sale activities related to Francono Rhein-Main AG. The comparison figures in the income statement as well as the cash flow statement have been adjusted to reflect the disposal of the Company. The holding in FranconoWest AG increased in the first half by 3.67% to 88,52%. 3) Accounting and valuation methods These unaudited interim financial statements of Franconofurt AG as of 30 June 2008 comply with the accounting principles issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Standards (IFRS) including the interpretations of the International Financial Reporting Interpretation Committee (IFRIC) in their currently valid version Page 3 of 15

19 and as applied in the EU. The Company also voluntarily implements the key recommendations of EPRA (European Public Real Estate Association), status January The concepts used in the following are: "Balance sheet date" is 30 June 2008, "reporting period" is the period between 1 January 2008 and 30 June 2008; "previous year" is 31 December 2007, and the concept "comparison period" comprises the period between 1 January 2007 and 30 June In the opinion of the management of the company, these unaudited interim financial statements as of 30 June 2008 contain all disclosures required to convey a true and fair view of the development of business and of the earnings generated during the reporting period. No predictions concerning the trend of future earnings can be derived from earnings generated as of 30 June The comparability of the quarterly figures with previous financial statements has not been affected by seasonal or other influences. The same accounting principles as used in the financial statements for the 2007 financial year continue to apply. A detailed description of the principles on which these consolidated financial statements have been prepared as well as of the accounting and valuation principles applied is set out in the notes to the IFRS consolidated financial statements as of 31 December 2007 in our annual report for At the beginning of financial 2008, a more appropriate cost type allocation was implemented in the EPRA / cost of sales presentation of the income statement; the previous year figures have been adjusted accordingly. This is mainly the case with regard to general administrative expenses and other operating expenses. 4) Accounting judgements and estimates The management board is obliged to make accounting judgments and estimates, as well as assumptions, in the preparation of the consolidated interim financial statements. Please refer to our detailed presentation in the consolidated financial statements for the period ending 31 December However, it has to be stated that investment property has been measured using the fair value model pursuant to IAS When determining fair value, there is scope for interpretation with regard to the key figures (such as the discount rate, market rents, and vacancy rates). Page 4 of 15

20 MAJOR NOTES TO THE CONSOLIDATED BALANCE SHEET I. Assets (1) Investment property Investment property developed as follows in the reporting period: Acquisition cost Value movements Fair value Euro Euro Euro As of 1 Jan ,696, ,409, ,106, Additions 17,745, ,977, Disposals 1,100, , As of 31 March ,341, ,266, ,607, Additions 34,093, ,154, As of 30 June ,435, ,420, ,855, As of 1 Jan ,854, ,331, ,186, Additions 18,664, ,511, As of 31 March ,518, ,843, ,362, Additions 12,212, ,059, As of 30 June ,731, ,902, ,634, The additions shown for 2008 include advance payments of EUR 975, which in the previous year had been shown as advance payments. Unrecognised income of EUR 3,570, (previous year: 767,537.02) from the fair value measurement of investment property was disclosed in the income statement of the interim consolidated financial statements for the period ending 30 June As reported in the consolidated financial statements for the period ending 31 December 2007, the Company has engaged the independent appraisal expert Jones Lang LaSalle to again calculate the fair value of the new properties acquired in 2008, which are shown under investment properties. The properties acquired before 31 December 2007 were not revalued. (2) Advance payments The prepayments of EUR 2,565, (previous year: EUR 2,720,999.41) relate to real estate which has already been purchased and that will in future be reported as Page 5 of 15

21 "investment property", but for which the burdens and benefits have not yet been transferred as of 30 June (3) Inventories The figure of EUR 39,673, shown for inventories (previous year: EUR 32,253,203.43) includes properties of EUR 34,595, (previous year: EUR 30,605,229.03) which are held for sale and advance payments of EUR 1,949, (previous year: EUR 988,563.70) in relation to ancillary costs which can be charged on to tenants and which were accrued in the previous year and in the reporting period but which have not yet actually been billed. The figure attributable to the ancillary costs which are capable of being levied but which have not yet been charged is reduced by the impairments recognised for the anticipated receivables loss at the time at which ancillary cost statements are prepared. (4) Other current receivables The other current receivables increased to EUR 1,401, (previous year: EUR 910,633.69) primarily as a result of the recognition of interest swaps which were taken out; which reported a positive market value of EUR 1,122, (previous year: EUR 207,197.36). (5) Available-for-sale non-current assets In the consolidated balance sheet as of 31 December 2007 and in the interim consolidated financial statements as of 31 March 2008, the assets and liabilities attributable to Francono Rhein-Main AG were shown separately as "available-for-sale". With effect from 4 April 2008, the transfer of the 15,226,000 shares held in Francono Rhein-Main AG to Grainger FRM GmbH and Grainger FRM (No.1) GmbH & Co. KG was completed by way of the "closing confirmation" in accordance with the purchase agreement of 31 January 2008, and Francono Rhein-Main AG was deconsolidated. The balance sheet item "Available-for-sale assets" as of 31 December 2007 also included available-for-sale property of FranconoWest AG with a total value of T 8,767, which was also transferred to the purchaser in the second quarter of 2008 when the Page 6 of 15

22 benefits and burdens were transferred. The corresponding revenues and inventory disposals were shown in the income statement under the item "Result of the sale of investment property". Page 7 of 15

23 II. Shareholders' equity and liabilities (6) Shareholders' equity With regard to movements in shareholders' equity, please refer to the consolidated financial statements for the period ending 31 December 2007 as well as the statement of movements in shareholders' equity set out in these interim financial statements. Cash flow hedge reserve This reserve contains the portion of the gain or loss from a cash flow hedge that is determined to be effective. As of 30 June 2008, an unrealized loss of EUR ,76 (previous year: EUR -34,194.44) arose after deferred taxes. Other reserves In the reporting period, the other reserves changed mainly as a result of the net income of EUR 1,206, for the reporting period due to the shareholders of the parent company (comparison period: EUR 5,161,215.36) as well as the dividend of EUR 0.75 per share with a dividend entitlement which was decided by the resolution of the shareholders' meeting of 5 June The dividend had a total volume of EUR 6,600,000.00, and was paid out to the shareholders in the reporting period. A minority interest in FranconoWest AG was also acquired in the first half. The difference of EUR 608, resulting from the capital consolidation was netted with the other reserves in equity without disclosing hidden reserves and liabilities. The other provisions now amount to EUR 13,171, (previous year: EUR 19,173,664.42). (7) Other current liabilities The other current liabilities of EUR 3,344, (previous year: EUR 2,570,453.53) have a remaining term of less than 12 months, and mainly comprise deposits which have been received and payments in connection with ancillary rental cost statements Page 8 of 15

24 MAJOR NOTES TO THE CONSOLIDATED INCOME STATEMENT The consolidated income statement has been prepared in accordance with the cost of sales method and the recommendation of EPRA regarding greater informative value of the income statement for real estate companies. (8) Rental income The rental result increased by EUR 2,281, to EUR 2,989, (comparison period: EUR 707,172.40). Rental income increased to EUR 4,215,215,60 in the period under review (comparison period: EUR 1,077,965.67), mainly as a result of the high levels of investment in investment property or the high levels of investment in inventories by the group companies FranconoWest AG, FranconoResidence AG, FranconoOst AG and Franconofurt AG. (9) General administrative expenses The general administrative expenses of the Franconofurt Group amounted to EUR 4,764, (comparison period: EUR 2,548,130.72). This includes the costs of the Group's administrative activities, and also comprised personnel expenses including all related ancillary expenses of EUR 1,999, (comparison period: EUR 1,112,955.57), rental costs for premises used by the Company itself (EUR 634,854.98; comparison period: EUR 638,877.58), a global adjustment in relation to receivables of EUR 757, (comparison period: EUR 6,521.15) as well as depreciation on fixed assets of EUR 224, (comparison period: EUR 65,517.40). (10) Financial result The financial result of EUR -1,492, (comparison period: EUR -157,866.87) comprises interest expenses for loans of EUR 2,120, (comparison period: EUR 718,838.85) as well as interest income of EUR 628, (comparison period: EUR 560,971.98). Page 9 of 15

25 (11) Result of discontinued operations after taxes In April 2008, Franconofurt AG sold its holding in Francono Rhein-Main AG to Grainger pcl. The disposal was shown in the income statement under the item "Result of discontinued operations after taxes". The income statement of the previous year has been adjusted accordingly. The income statement of Francono Rhein-Main AG and the profit generated by the share sale are shown in the following: Income Statement of discontinued operations Jan April 4, 2008 Jan June 30, 2007 ( in Euro ) Gross rental income 2,728, ,452, Property operating expenses - 415, ,005, Rental income 2,312, ,447, Administrative expenses - 941, , Selling expenses , Other income 51, , Other expenses - 6, Result of other expenses und income 45, , Unrealized gains from revaluation of investment properties to fair value 2,240, ,967, Unrealized losses from revaluation of investment properties to fair value , Valuation movements 2,240, ,793, Investment property disposal proceeds ,418, Carrying value of investment property disposed of ,221, Profit on disposal of investment property , Earnings before interest and tax 3,657, ,784, Income from participations , Interest expense - 1,920, , Interest income 60, , Financial results - 1,859, , Profit before tax 1,798, ,379, Tax expense - 1,468, ,207, Result for the period 330, ,172, of which attributable to: Minority shareholders 150, ,443, Shareholder of Franconofurt AG 179, ,728, , ,172, Attributable profit for the shareholder of Franconofurt AG Result for the period of discontinued activies 179, ,728, Earnings from the sale of shares 231, , ,728, Page 10 of 15

26 The cash flow statement of discontinued operations is broken down as follows: Operating activities Jan. 1 to March 31, 2008 Jan. 1 to March 31, 2007 in euros Net operating profit before interest and taxes 3,657, ,517, Valuation movements - 2,240, ,147, Profit on the disposal of investment property , Amortization and depreciation 9, , Change in trade receivables 10, ,217, Change in deferred liabilities - 799, , Change in deferred liabilities 327, , Change in other current receivables 85, , Change in inventories - 2,507, Change in other current liabilities 1,117, , Cash flow from operating activities excluding finance costs - 339, ,334, Interest paid - 1,642, , Cash inflow from interest income 60, , Tax payments 3, , Cash flow from operating activities - 1,917, ,104, Investing activities Acquisition of investment property - 12,920, ,739, Acquisition of intangible assets and property, plant and equipment - 70, , Cash flow from investing activities - 12,991, ,782, Financing activities Proceeds from borrowings 11,512, ,985, Cash flow from financing activities 11,512, ,985, Cash and cash equivalents at the beginning of the period 7,445, ,451, Changes in cash and cash equivalents - 3,396, ,308, Cash and cash equivalents at the end of the period 4,048, ,759, Page 11 of 15

27 (12) Earnings per share The share capital of the Company amounted to EUR as of the balance sheet date 30 June 2008 (previous year as of 30 June 2007: EUR 8.800,000.00). The share capital consists of 8,800,000 (previous year: 8,800,000) no-par-value bearer shares. Earnings after tax and minorities were taken as the basis for calculating earnings per share. It is related to the average holdings of shares during the period 1 January to 30 June 2008 (8,800,000 shares; comparison period: 7, ). There are no instruments which dilute earnings per share. Accordingly, diluted and undiluted earnings per share are identical. Earnings per share (EPS), due basis of the results which attributable to the shareholder of Franconofurt AG: Jan June 30, 2008 Jan June 30, 2007 Result of continued operations, undiluted Result of discontinued operations after taxes, undiluted Result of continued operations, diluted Result of discontinued operations after taxes, diluted Page 12 of 15

28 General disclosures I. Employees The companies consolidated in the Franconofurt Group employed 5 management board members as well as an average of 76 employees in the year under review (previous year: 40) during the reporting period. II. Supervisory board The supervisory board consists of the following persons: Mr. Bruno Otto Kling Bankkaufmann (banker), Bad Vilbel, chairman of the supervisory board Dr. Heinrich Wolf Dipl.-Chemiker, Neu-Isenburg, deputy chairman of the supervisory board Peter G. Heinz Bankkaufmann (banker), Frankfurt am Main (from 5 June 2008) Mr. Klaus Nieding Rechtsanwalt (lawyer), Frankfurt am Main, member of the supervisory board (until 26 February 2008) III. Contingencies and other financial obligations As was the case in the previous year, there were no contingencies as of the balance sheet date. IV. Events after the balance sheet date In addition, purchase agreements for property purchases of EUR 5.1 million were notarially certified after the balance sheet date at FranconoWest AG. Page 13 of 15

29 Frankfurt am Main, 26 August 2008 Metehan Sen: Christian Wolf Page 14 of 15

30 Franconofurt AG Börsenstrasse 2-4 D Frankfurt am Main Telefon 069/ Fax 069/ Page 15 of 15

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