Refinancing update. July 20, 2010

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1 July 20, 2010

2 Disclaimer Cautionary Note Regarding Forward-Looking Statements The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, general economic conditions, including in particular economic conditions in the alstria's core business and core markets, general competitive factors, the impact of acquisitions, including related integration issues, and reorganization measures. Furthermore, the development of financial markets, interest rate levels, currency exchange rates, as well as national and international changes in laws and regulations, in particular regarding tax matters, can have a corresponding impact. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. No duty to update The company assumes no obligation to update any information contained herein 2

3 Clear and transparent Full refinancing of the syndicated loan executed in line with guidance Average lease length of 9 years and debt maturity of 5.1 years provide unique visibility on cashflows Execution of the largest financing in European real estate year-to-date is a testimony to the quality of alstria s portfolio EUROPEAN REAL ESTATE FINANCE EUR m Total loan funded 6,920 Average loan size 165 Largest loan YTD 600 Source: Thomson Reut ers, alst ria Research 3

4 alstria s balance sheet targets Mid term LTV 50-55% Ideal market neutral hedge approach 1/3 fixed 1/3 capped 1/3 floating Increase documentation and covenant flexibility Reduce the size of banking consortium Avoid any refinancing need in the bottleneck of

5 Characteristics of new loan facility Members of the new consortium: New banks: UniCredit (lead), Berlin Hyp Existing lenders: Natixis, HSH Nordbank, Eurohypo Interest rate: 3 month Euribor bps based on LTV of 58.4% Term of the new loan: 5 years MARGIN GRID LTV Margin 65%*- 70% 200 bps 61% - 65% 175 bps 56% - 61% 160 bps 51% - 56% 150 bps < 51% 135 bps * Full Cash Sweep Covenant: Maximum LTV: 70% DSCR: 120% WAULT: 4 years From mid 2012 on, 2% amortization if LTV higher than 55% SOURCE AND USES Source (EUR m) Uses (EUR m) New loan Repayment of the loan Available cash 22.7 Fees and costs 6.7 Total

6 Target LTV 50% to 55% Current LTV at 59.9% (company) and 58.4% (new corporate loan) alstria has enough cash to pay down the corporate loan to 55% LTV Preferred way to decrease LTV is to add assets to the portfolio Opportunities expected to come in the next two years as refinancing needs will increase in the market LOAN PROFILE (EUR k) LTV Total debt 855, % thereof: syndicated loan 630, % non-recourse loans 225, % Free cash (as of July 20, 2010) 45,900 Net debt 809, % LOAN MATURITY PROFILE ty (in EUR m) maturit

7 Hedge transaction * Terminated swap New swap Maturity: Nov 21, 2011 EUR 625 m fixed rate % Negative value: EUR 21.5 m Maturity: July 20, 2015 EUR m fixed rate 2.990% of which: 5 year swap rate: 1.895% EUR 21.5 m: 0.995% (i.e. EUR 4.7 m per annum interest and principal) Cash neutral at trade day Spread EUR 21.5 m of negative value over the lifetime of new swap * Simplified structure. Reflects economic transaction, not legal transaction 7

8 Average cost of debt remains stable AVERAGE COST OF DEBT (EUR k) Loan Average cost of debt Theoretical cost of debt amount (assuming EURIBOR) (assuming 5 year swap) fixed loans 665, % 4.58% thereof: syndicated loan 472, % 4.59% non-recourse loans 192, % 4.56% floating loans 190, % 3.66% thereof: syndicated loan 157, % 3.70% non-recourse loans 33, % 3.45% Total debt 855, % 4.37% Based on current debt structure and 3 month Euribor level average cost of debt amounts to 4.1% Assuming alstria would fix its floating loan, the average cost of debt would increase to 4.37% Floating part of the debt increases cash cost of debt sensitivity to market movement 8

9 Ready to sail Massive demand for refinancing coming GERMAN CMBS MARKET EUR bn Number up in Liquidity crunch cannot be excluded Volume Number alstria now has no refinancing needs 6 30 until mid Loan maturity more than doubled from Source: Bloomberg 2.4 years to 5.1 years EUR 46 m of cash available Successful refinancing allows alstria to solely concentrate on opportunities that will come to the market 9