How To Buy Ca Immo (Euro)

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1 CA Immo Buy (unchanged) Target: Euro (old: Euro 12.50) 19 March 12 Price (Euro) weeks range / 7.02 Key Data ISIN AT Reuters CAIV.VI Bloomberg CAI AV Reporting standard IFRS Market Cap (Euro million) 742 Number of shares (million) 87.9 Free Float 82% Free Float Market Cap (Euro million) 609 CAGR pre-tax profit ('10 -'13e) 23.4% Multiples e 2013e 2014e Market Cap/ Total revenues PE-Ratio Dividend Yield 4.5% 4.7% 4.7% 4.7% Price-to-Book-Ratio P/ NAV-ratio Key Data per share (Euro) e 2013e 2014e Earnings per share (EPS) Dividend per share (DPS) Book Value per Share (BVPS) NAV per share Financial Data (Euro '000) e 2013e 2014e Total revenues incl net disposal gains 383, , , ,197 Rental income 265, , , ,177 Admin expenses -44,045-45,100-46,700-46,700 EBITDA profit (cash-driven) 246, , , ,047 Net result from revaluations 49,143 80,195 57,022 58,022 Operating profit (EBIT) 285, , , ,809 Net financial result -177, , , ,779 Pre-tax profit (EBT) 107, , , ,030 Taxation -39,429-56,252-46,081-47,580 Net profit after minorities 62,629 96,227 84,216 89,351 Shareholders' equity (Euro million) 1,809 1,871 1,920 1,974 Property assets let (Euro million) 4,183 4,286 4,378 4,378 Property assets under development RoE (pre-tax) 5.9% 8.9% 7.4% 7.6% RoE (after tax) 3.6% 5.2% 4.4% 4.6% Equity ratio 30.6% 34.4% 36.4% 38.5% Main Shareholder Bank Austria (Unicredit group) 18% Financial calendar AGM 1Q 2012 report 8 May May H 2012 report 21 Aug 2012 SRC Forum Financials & Real Estate 12 Sept 2012 Analyst Internet Stefan Scharff, CREA scharff@src-research.de report: Good quality of reported results More upside after the sale of Tower 185 On 15 March the Vienna-based office properties specialist CA Immo disclosed its 2011 annual report and gave more insights in an analyst s conference call. The numbers were sound as rental income, operating profit and net income all came in slightly above our expectations. We also almost exactly predicted net revaluation result with a little positive contribution and no negative surprise at all (Euro 49m, our SRC estimate 51m). With the inclusion of Europolis from 1Q 2011 CA Immo was able to steeply lift group s rental income by Euro 100m from Euro 164m in 2010 to now Euro 265m in 2011 (SRC estimate 261m). Even more important is that CA Immo was able to attract many new tenants (200k sqm new rentals) and to significantly bring up occupancy rates in all three regions Germany, Austria and CEE. Occupancy rates in the like for like portfolio (without Europolis) went up from 82% to 91% for Austria (Post AG to Erdberger Lände in 4Q), 98% to 99% in Germany and even 81% to 88% for CEE/ SEE. These much higher occupancy rates translated into an increase of annualized rental income of 5% and gross yield of like-for-like portfolio climbed from 5.8% to 6.1%. Keep in mind that from 200k sqm new rentals 66% came from CEE/ SEE where the main part of the portfolio (70%) is in Poland, Hungary and Czech where CA Immo has a very superior portfolio like in Warsaw and was able to attract some new tenants or to rent more space to existing clients. The good rental situation helped to more than triple FFO from Euro 20.5m to Euro 66.2m. In particular 4Q was strong with a Euro 33m FFO contribution. Moreover, the firm starts to pay a dividend of 38 Cents, more than our estimate (30 Cents) and exactly 2% of NAV as planned. The concerns about the stability in CEE/ SEE are exaggerated. The rental business there runs well and there is demand for high-quality and sustainable office space. In Germany many development projects will be finished within the next 18 months contributing to a higher topline or bringing new good opportunities for trading. A quick sale of Tower 185 (ca. Euro 400m investment) which was completed at year-end 2011 in time and budget will help to release capital (paying back Euro 265m bank debt) and significantly lift equity ratio which came down to low 31% after Europolis buy. The financing situation is not demanding and with a news flow from a Tower 185 sale and a resulting higher equity ratio share price might accelerate. TP up to

2 SWOT Analysis Strengths Weaknesses Opportunities Threats CA Immo is a valuable brand for sustainable and modern office space with 5.2bn assets located all over Central Europe. The very stable economies of Germany, Austria and Poland have more than 70% of total portfolio value. Good balance sheet quality with a still sufficient 31% equity ratio including Europolis from 1Q 2011 and LTV (net debt/ real estate assets) of only 55% Healthy debt structure after issuing two bonds in 4Q 2009 (straight/ 150m and convertible/ 135m) regarding both maturity and granularity. Average cost of debt came down to 4.3% after the Europolis acquisition (4.7%). Moreover the company has a very long average maturity on its rental income, more than 50% of all lease contracts expire after the year 2014 Very high solvency of main tenants, including public bodies like the German State of Hesse and PWC, TOTAL and other big firms (H & M, Nokia). The German core portfolio has so far an occupancy rate of 99%. And rental income will go up steeply as Munich Skygarden project is finished now and 62% rented and Frankfurt s Tower 185 was also finished in 4Q High margin of 28% in 2011 on the sale of Trading properties underlines the excellent quality of the group s development projects and the pickup in the German investment market which was strong this year so far. Established player in Eastern Europe s core countries (Poland, Czech Rep. & Hungary) with landmark properties (Warsaw Poleczki Business Park won International Property Award for best mixed use development). After Europolis deal at present c. 56% of rental income come from CEE/ SEE. This stake will reduce if German developments like T 185 and Skygarden are completed and fully let (which we expect more or less until end of 2012). Group profitability depends more and more on the development of the CEE region, where overall market tends to be more volatile in future Cash flows were weak in past but the 2011 picture clearly improved with Europolis inflows and attractive German developments to be completed New properties like the ones from Europolis significantly bring up rental income in 2011 and also lift the yield of total portfolio (at present 6.3%). As sentiment for property deals improved in Germany and Austria, we are confident for CAI to continue its trading success. The trading result 2011 was fully in line with their guidance and also our expectations (margin even above) Further upside for average rents in Germany as Germany has not seen a bubble in property prices and there are rarely significant new developments. The management guided to pay a steady dividend of at least 2% of NAV from FY 2011 on and will pay now 38 Cents which is 2% of NAV per share. Financial result in 2011 was impaired by very negative non-cash interest swap valuations ( -22.5m). Otherwise CA Immo could show an even more steep growth of profits. If the general economic sentiment turns down again, the climate for trading or new rentals could be significantly hurt. Rental situation is still challenging in some Eastern and South Eastern European markets but we have to state a good success for CA Immo here in 2011 with many new rentals. We like the recent good news with the forward sale of Frankfurt-based well-known Skyline Plaza to Allianz Real Estate (to be finished in 3Q 2013). 2 2 SRC Equity Research

3 Industry: Real Estate Management Board of CA Immo Sub segment: Office/ Commercial Dr. Bruno Ettenauer (CEO) Country: Austria Wolfhard Fromwald (CFO) Headquarter: Vienna Bernhard H. Hansen (CTO) Foundation: 1990 Employees (year end 2011): 390 Supervisory Board of CA Immo Dr. Wolfgang Ruttenstorfer (Chairman) IR Contact Mag. Helmut Bernkopf Mag. Reinhard Madlencnik Claudia Hainz Florian Nowotny Franz Zwickl Barbara A. Knoflach (Mail: Univ. Prof. DDr Waldemar Jud Founded in 1987 CA Immo in is one of the major property owners in Europe and Austria. The company is a specialist in property management and the development of commercial real estate and has a portfolio of around Euro 5.2 billion focusing on modern and sustainable office space in Germany (45% share), Austria (14% share) and in Eastern and South Eastern Europe (41% share, thereof the main part is Poland, Czech Rep. and Hungary with 70% of CEE/ SEE). The company is active through its property holdings and project developments in 12 countries. Since taking over the German Vivico at the end of 2007 a lion's share of the balance property assets let (36%) and 34% of the curent rental income comes from the German portfolio (almost 50% before inclusion of Europolis since 1Q 2011 with a 1.5bn CEE/ SEE portfolio). The Germany based share of rental income will grow again as a lot of important landmark developments in Berlin and Frankfurt will be finished within the next 18 months. CA Immo was established in 1990 and showed a remarkable growth in the past years which helped to more than double portfolio from Euro 2.1bn at year end 2006 to Euro 5.2bn at the year end The focus for 2012 and 2013 is more to optimize existing portfolio and finish important landmark developments in Frankfurt and Berlin than to make new big acquisitions for a quick acceleration of the portfolio size. CA Immo is listed on the Vienna Stock Exchange since 1988 and member of ATX blue chip index since March About 82 % of the shares are in free float with private and institutional investors. Unicredit Bank Austria has a 18% stake. Euro 5.2bn property portfolio by year end 2011 (82% properties let and 18% development, mostly finished until 2013 or land bank) CEE/SEE 41% (thereof 70% Poland, CZ and Hungary) Austria 14% Germany 45% (mostly Frankfurt and Hesse, Berlin and Munich) Source: Company Data, SRC Research 3 3 SRC Equity Research

4 2011 numbers matched our forecast very well, compared to 9 February outlook and compared with update from 26 August after 1H EBIT growth of more than 50%, pre-tax and bottom line slightly impaired by valuation of interest hedges but still a good +40% CA Immo reached target of more than Euro 300m trading volume, margin was above 16% better than we expected (12%) If we compare the key data about rental income, operating profit and net income we feel pleased with the 2011 numbers which CA Immo delivered recently with annual report on 15 March. All numbers were much better than last year. Of course, rental income stepped up by more than Euro 100m after the inclusion of Euro 1.5bn Europolis CEE/ SEE portfolio from 1Q 2011 on. The good hike in rental income translated into a steep hike of operating profit by more than 50%. With asset sales of Euro 325m (partly share deals, partly asset deals) the company reached the own target to sell more than Euro 300m. The profit from trading activities was good at almost Euro 53m (Euro 45m from Hold-portfolio and approx. Euro 8m from the trading portfolio). From the Euro 53m trading profit Euro 41m came from Germany, mainly undeveloped land bank. Moreover, Euro 10m profit came from two sold shopping centers in Czech Republic. Our forecast for trading was at Euro 357m in the volume but only Euro 42m in the trading profit (margin forecast 12%). Thus CA Immo delivered a better margin of more than 16% speaking for the quality of the portfolio. CA Immo slightly bet our forecasts for rental income, operating profit and net income. Only financial result and pre-tax income slightly impaired by non-cash items (interest hedges) net profit Euro 7m above our forecast Euro million 2011 as reported Year-on-year change SRC forecast (9 Feb 2012) SRC forecast (26 Aug 2011) 2010 as reported Comments Rental income % Rental income increased by more than 60% mainly due to the Europolis acquisition at the beginning of 2011 and the rental success at CA Immo's key development projects like Tower 185. Net revaluation result % Germany was clearly the driver here with Euro +69.2m revaluation gains in Austria was stable at a small loss of Euro 3.4m and CEE/ SEE came in with modest revaluation losses of Euro 16.7m. The total of Euro 49.1m is very close to our last estimate. Operating profit (EBIT) Net financial result Pre-tax profit (EBT) % % % As we expected a very successful 4Q we recently lifted our EBIT guidance on 9 February, but CA Immo outperformed our latest forecast by another Euro 16m. We projected higher financing due to the Europolis buy, but, in addition, the financial result was clearly burdened by the low interest rate environment which caused severe (but non-cash) revaluation losses on interest rate hedges (Euro -22.5m). Pre-tax profit came in slightly below our last estimate (see non-cash items at financial result) but still represents a high 56% increase compared to last year's number. Net income % Net income increased by 38% on a yearly basis mainly due to the favourable increase in rental income as well as the successful sale transactions in Euro 7m higher than our latest forecast! Source: SRC Research 4 4 SRC Equity Research

5 Even if you deduct minorities (mainly from Europolis) the FFO increased from ca. Euro 20m to ca. Euro 55m and gave basis to pay out a 38 Cents dividend for the first time FFO result tripled from last year, in particular strong fourth quarter CA Immo pointed out the good development of FFO profit that more than tripled from last year s Euro 20.5m to now Euro 66.2m. In this FFO calculation the profits from trading are included as we also have to state that trading is a part of CA Immo s business model, not only long-term investments for the own portfolio. Keep in mind that in particular 4Q was very strong with Euro 33m, standing for 50% of total year s FFO result. In the following table you have to adjust the Euro 66.2 FFO by some minorities which mainly come from Europolis part as there are often minoritiy stakes of 25% to 49% in each asset. All in all the adjusted FFO might be around Euro 55m (ca. 63 Cents per share) but shows still an impressive hike compared to The good increase in FFO helped to decide to pay a dividend for the first time which is 2% of NAV ( per share after at year-end 2010).Our estimate was a bit more cautious at 30 Cents with regards to the low equity ratio of only 31% after Europlis buy as the firm stated to plan to quickly return to a 35% - 40% range. Strong rise in FFO result opens the opportunity for a dividend payment Funds from operations (FFO) Euro million Net income before taxes and minorities Actual tax means that part of P & L tax expense which is expected to become casheffective Depreciation & amortisation Revaluation result Gain/loss from foreign currency exchange Corr. At equity income Gain/loss from financial instruments Funds from operations before taxes Actual tax Funds from operations Source: Company Data, Analysts Presentation, 15 March 5 5 SRC Equity Research

6 Very good success in the like-for-like portfolio, especially in CEE The like-for-like view opens more insight into operating performance and rental success at the existing portfolio without trading profits and without input from Europolis CA Immo rented 200k sqm new space to new tenants and 66% thereof in CEE/ SEE speaking for quality and stability of portfolio To judge the underlying performance besides the additional growth by Europolis takeover and the success in trading by the high profit margin we take a look at the like-for-like portfolio to see how it worked for the properties which already belonged to CA Immo on year-end To cut a long story short: The picture is good, in particular for CEE / SEE region which might be responsible for investor s reluctance to allow CA Immo for a much higher share price. There is still more than 50% discount to NAV and with the underlying data from the portfolio this is widely exaggerated in our view. CA Immo managed to rent out 200k sqm new space to new tenants. Thereof 66%, 133k sqm, came from CEE/ SEE. Occupancy here climbed from 81% to 88% and annualized yearly rents significantly increased by almost 8% from Euro 50m to Euro 54m. The picture was also good for Germany where CA Immo has almost 100% occupancy in its standing portfolio (will probably go down next year with Munich s Skygarden and Ambigon then being included). The annualized rents for Germany increased by 2.4% to Euro 72.5m. The biggest step ahead was in Austria where Post AG moved to Erdberger Lände area in 4Q 2011 and occupancy steeply increased from 82% to 91%. Annualized rents climbed by 6.4% to more than Euro 38.3m. The like-for-like view on the portfolio shows a hike in annualized rents and occupancy rates for all 3 regions Like for like comparison 31 Dec 2010 / 31 Dec 2011 [Euro m] Book value Annualized Rents Gross yield Occupancy Austria % 5.6% 82% 91% Germany 1, , % 5.5% 98% 99% CEE/ SEE % 7.9% 81% 88% Total 2, , % 6.1% 88% 91% Euro million Annualized rents Austria Germany CEE/ SEE 100% 80% 60% 40% 20% 0% Occupancy rates 98% 99% 91% 88% 82% 81% Austria Germany CEE/ SEE Source: Company data (like-for-like comparison of these standing assets that were already part of the portfolio as of 31 December 2010) 6 6 SRC Equity Research

7 Debt expiry profile undemanding in our view No serious financing needs in the next 24 months Almost half of prolongation needs would come from Tower 185 but loan runs until 45Q 2012 and CA Immo might be able to sell the Tower soon Looking at CA Immo s debt expiry profile it is quite undemanding in our view for the next 24 months. It is less than Euro 600m (only Euro 572m) out of the almost Euro 3.4bn total interest bearing debt on the books until year-end 2012 (ca. 17%). Keep in mind that almost half of the amount for 2012 prolongation belongs to Tower 185 (Euro 265m) and this loan is valid until 4Q We might imagine that CA Immo will be able to sell the tower until this point or shortly after. This will bring down balance sheet sum by more than Euro 400m and help for a good trading profit to foster 2012 or 2013 P & L. Looking at next year 2013 there are only another Euro 320m prolongation needs with more than 60% in Germany/ Austria (ca 9% of total loan book). Thereof Euro 340m or 55% are from properties based in Germany and Austria and the remaining part (Euro 286m) is the CEE/ SEE region of which we assume the lion s share is relative safe Poland-based financing. Undemanding debt expiry profile with just about 18% of loan book open for prolongation or amortisation in the next 2 years without the Tower 185 Financing costs including direct hedges are currently at 4.3% - incl. P & L swaps without direct connection 4.7% Euro million Thereof Euro 265m for Tower 185 until 4Q 2012 will be sold before Debt Expiry Profile * 2015** 2016*** 2017 and later**** Germany/ Austria CEE/ SEE Other * other includes for Germany/ Austria Euro 122m convertible bond and Euro 150m straight bond ** other includes Euro 136m loan for Europolis acquisition takeover and an Euro 75m subordinated loan *** other includes Euro 186m straight bond **** other includes Euro 500m debt on Hesse Portfolio Source: Company data 7 7 SRC Equity Research

8 The lion s part of development portfolio will be finished until 2013 The lion s part of development activities is in the attractive German metropoles Frankfurt and Berlin and will be fished 2Q/ 3Q 2013 An important point at CA Immo s equity story is the very attractive development pipeline, mainly in Berlin and Frankfurt and also Warsaw-based Poleczki Business Park. From the total Euro 934m development portfolio are Euro 387m (41%) under construction. Euro 192m (21%) is in zoning. The remaining Euro 355m (38%) is land bank. The following table explains the most important development projects of the group (more than Euro 300m) and shows that all these development will be finished until at latest 3Q 2013, within the next 18 months. This opens up space for a significant increase in rental top-line and perhaps even more for some lucrative sale transactions. Keep in mind that especially the German real estate market is very attractive for domestic and foreign investors. Investment market hiked 20% last year and rental take-up was +15%. Alone German projects have an expected value on completion of Euro 410m, mostly finished 2Q/ 3Q 2013 Overview Projects under Construction [Euro million] Book value Outstanding Costs Planned rentable area [sqm] Expected value* Valuation yield on completion City Main usage Share Pre let Planned completion Project Name Silbermöwe , % Vienna Office 100% 0% Dec Austria , % Poleczki Business Park** , % Warsaw Office 50.0% 41% May 2012 BBC 1 Plus , % Bratislava Office 100.0% 25% Sept Eastern Europe , % Mercedes Benz VD , % Berlin Office 100% 100% April 2013 TOUR TOTAL , % Berlin Office 100% 100% July 2012 InterCity Hotel , % Berlin Hotel 100% 100% Sept Skyline Plaza** *** , % Frankfurt Retail/ Div. 50% 46% August 2013 Germany**** , % CA IMMO Total , % * Upon completion ** All statements adjusted to the 50% share *** Incl. Congress Center **** Excl. Tower 185 (project), which was handed over to tenant in Jan 2012 but still shown as Development on the balance as of 31 Dec 2011 Source: Company data 8 SRC Equity Research 8

9 Company outlook: More rental growth, lower vacancy in Eastern Europe, higher equity ratio, reduction of landbank in Germany Bringing down debt level by future proceeds of trading activities Company targets for 2012 are realistic and value accretive NAV discount of 57% much too high as portfolio performance was very stable and improving in 2011 The company stated that bank financing becomes a more critical factor in general even if there are no critical maturities coming up for themselves. The target is to bring equity ratio quickly back from 31% to the old 35% to 40% range by some more asset disposals in a similar range like 2011, Euro 300m to 350m, e.g. reduction of landbank in Germany (still more than Euro 400m landbank and zoning available) or opportunistic sales in Poland. Despite the sales rents should slightly increase by 2% and CA Immo wants to continue the way of bringing up occupancy, in particular in Eastern Europe where the firm made a good progress in last year. All in all CA Immo expects rental income to rise by 2% in the current year 2012 despite the asset disposals in the same magnitude of Euro 300m to 350m like in After the good 2011 numbers in top-line, profits and FFO, all slightly above our forecast we judge all the mentioned future targets to be realistic and value accretive. The firm does right to bring down financial debt and to foster its equity position back to old levels before the Europolis takeover. The progress on the operating performance of the standing portfolio, in particular in Eastern Europe, and the row of lucrative developments, in particular in Germany, makes us optimistic for the future development. NNNAV per share climbed again from Euro to Euro at year-end 2011, by almost 1 Euro. The NAV discount is at high 57%. In our view this discount widely exaggerates economic problems in CEE/ SEE as all CA Immo properties there are demanded core properties in A-locations with good rental success and CEE/ SEE stands for only 41% of portfolio (before completions of big German developments, even less after). And in the CEE/ SEE cake the lion s share is prosperous Poland with 33%, then core countries Hungary (20%) and Czech Republic (17%) with a satisfying and stable overall gross yield of 7.4%. Buy affirmed Target Price up from to After the good picture of 2011 annual report and with a positive outlook for 2012 we stick to our Buy recommendation for CA Immo. We assume a positive news flow for trading activities in near future and a continuously rising trend for cash earnings from the rental side and trading profits. Thus we lift our target price from Euros to Euros. 9 9 SRC Equity Research

10 with Europolis from 1Q 2011 on 31/12 IFRS ('000) e 2013e 2014e CAGR '10 - '13e Rental income 123, , , , , , , , % Proceeds from property sale (Trading Portfolio) , , , , , , ,000.0 Expenses from property disposal (Trading Portfolio) , , , , , , ,000.0 Subtotal Trading Portfolio , , , , , , ,000.0 sale margin (Trading Portfolio) 0.0% 21.2% 12.6% 26.0% 27.8% 25.2% 18.0% 18.0% Proceeds from property sale (Hold Portfolio) 40, , , , , , , ,400.0 Expenses from property disposal (Hold Portfolio) -34, , , , , , , ,480.0 Subtotal Hold Portfolio 5, , , , , , , ,920.0 sale margin (Hold Portfolio) 14.2% 6.7% 2.6% 1.7% 15.2% 15.9% 17.5% 15.7% Operating costs passed on to tenants 18, , , , , , , ,100.0 Revenues from construction contracts 0.0 3, , Other turnover 2, , Total revenues including the net gains from disposals 150, , , , , , , , % Operating expenses -20, , , , , , , ,800.0 Other expenses directly related to Hold-Portfolio -14, , , , , , , ,150.0 Expenses for construction contracts 0.0-2, Admin expenses -27, , , , , , , ,700.0 Own works capitalised 0.0 5, , , Other operating income 4, , , , , , , ,500.0 EBITDA-profit (cash-driven operating profit) 90, , , , , , , , % Gains from Fair Value Adjustments (IAS 40) 84, , , , , , , ,500.0 Losses from Fair Value Adjustments (IAS 40) -18, , , , , , , ,478.0 Net result from Revaluations (IAS 40) 65, , , , , , , , % Depreciation and amortisation of long-term assets -4, , , , , , , ,760.0 Depreciation of properties of Trading-Portfolio , , , , Operating Profit (EBIT) 151, , , , , , , , % Net financial result -45, , , , , , , ,779.0 Pre-tax profit (EBT) 106, , , , , , , , % taxes on income -22, , , , , ,580.0 tax-rate 20.9% pos. 0.1% 42.2% 36.8% 33.9% 32.4% 31.9% minorities -31, , , , , , , ,099.0 Net Profit after minorities 52, , , , , , , , % number of shares ('000) 77, , , , , , , ,857.1 Earnings per share (Euro) % Dividends per share (Euro) Book Value per share (Euro) % NAV per share (Euro) % NNNAV per share (Euro) % Key Data Shareholders' Equity (without minorities) 1,922, ,622, ,559, ,659, ,809, ,870, ,919, ,973, % Property assets let 2,319, ,520, ,409,589 2,716,211 4,183,202 4,285,750 4,378,113 4,378,114 thereof Germany ('000) , , , , , , ,838.8 thereof Austria ('000) thereof CEE and SEE ('000) , , , ,838.8 Gross yield property assets let 5.8% 6.3% 6.5% 5.8% 6.3% 5.7% 5.8% 5.8% Vacancy rate property assets let 3.8% 5.1% 5.9% 10.0% 12.6% 14.0% 11.5% 11.5% Property assets under development 215, ,079, , , , , , , % RoE (pre-tax) 5.5% neg. neg. 4.6% 5.9% 8.9% 7.4% 7.6% RoE (after tax) 2.7% neg. neg. 2.7% 3.6% 5.2% 4.4% 4.6% Total balance sheet sum 3,823, ,394, ,310, ,379, ,916, ,443, ,279, ,121, % Equity ratio 50.3% 36.9% 36.2% 37.9% 30.6% 34.4% 36.4% 38.5% -1.4% Euro million Development of EBITDA-cash profits, revaluations and net profits e 2010e e 2013e EBITDA-profit (cash-driven) net revaluations net profit SRC Equity Research

11 SRC Research - The Specialist for Financial and Real Estate Stocks - SRC - Scharff Research und Consulting GmbH Klingerstr. 23 D Frankfurt Germany Fon: +49 (0)69/ Mail: scharff@src-research.de Internet: Rating Chronicle Date Rating former share price former target CA Immo February 9, 2012 Buy CA Immo November 25, 2011 Buy CA Immo August 26, 2011 Buy CA Immo May 26, 2011 Buy CA Immo March 14, 2011 Buy CA Immo November 29, 2010 Buy Please note: The CA Immo share price mentioned in this report is from closing of 16 March CA Immo mandated SRC Research for mentoring the CA Immo share. Disclaimer 2012: This equity research report is published by: SRC-Scharff Research und Consulting GmbH, Klingerstr. 23, D Frankfurt, Germany (short name: SRC Research). All rights reserved. Although we feel sure that all information in this SRC report originates from carefully selected sources with 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 which is not necessarily the same opinion as SRC- Scharff Research und Consulting GmbH or another staff member. All the opinions and assessment made in this report may be changed without prior notice. Within the scope of German regulative framework the author and SRC-Scharff Research und Consulting GmbH do not assume any liability for this document or its content being used. This report is solely for information purposes and does not constitute a request or an invitation or a recommendation to buy or sell any stock that is mentioned here. Private clients should obtain personal advice at their bank or investment house and should keep in mind that prices and dividends of equities can 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 themselves on a unsolicited basis to having no long or short-positions in equities or derivatives related to equities mentioned in this report. Reproduction, distribution or publishing this report and its content as a whole or in parts is only allowed with approval of SRC management 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 SRC Equity Research