Capital Markets Day HOCHTIEF

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1 Capital Markets Day HOCHTIEF aurelis Real Estate Dr. Joachim Wieland, CEO 28th October 2008 Sofitel, Alter Wall, Hamburg

2 Agenda A Introduction aurelis B Portfolio Overview C Track Record D Strategy E Synergies with other HOCHTIEF-Branches F Summary & Outlook 2

3 A Introduction of aurelis History aurelis was a 100% subsidiary of Deutsche Bahn AG aurelis was established 2002 to take over those assets which were no longer necessary for the core business of Deutsche Bahn AG. In 2006 West LB joined aurelis by taking a 51 % share and ended their investment in 2006 by selling them back to Deutsche Bahn AG. In preparation of the IPO of Deutsche Bahn AG the sale of aurelis finalized by the closing on 11th of December 2007 (financial close). aurelis shares are now held by the 50%/50% Joint Venture of Redwood Grove International and HOCHTIEF Projektentwicklung 3

In 2006 West LB joined aurelis by taking a 51 % share and ended their investment in 2006 by selling them back to Deutsche Bahn AG.

4 A Introduction of aurelis Sponsors HOCHTIEF Projektentwicklung Redwood Grove International Operational Lead Financial Lead 50% 50% aurelis Synergetic venture between HOCHTIEF and Grove Aligned & experienced, financial & operational sponsors 4

Lead Financial Lead 50% 50% aurelis Synergetic venture

5 A Introduction of aurelis What is aurelis business? More than 24.5 million sqm of land bank (as of June 08). Asset Manager & Lessor Land Developer Stable & Secure Rental Income Value Add Potential Tenant Solutions Development Concepts Planning Expertise Solutions to Environmental Issues 69% Asset Value 31% Asset Value 11.0 million sqm land 13.5 million sqm land 5

Asset Manager & Lessor Land Developer Stable & Secure Rental Income Value Add Potential

6 A Introduction of aurelis Executive management Executive management replaced by experienced HOCHTIEF and external executives Dr. Joachim Wieland CEO Dr. Ronald Roos CFO (from ) Ivo Iven MD North/West Thaddäus Zajac MD Central/South (from ) 144 employees across 4 regional and central headquarters Headquarters streamlined by delegation of authority to regions Seasoned & committed executive management 6

08) Ivo Iven MD North/West Thaddäus Zajac MD Central/South (from 01.11.

7 A Introduction of aurelis Selected clients and partners Tenants Investors Communities / Municipalities / 7

8 B Portfolio Overview Development of prices for construction land in Germany [EUR/ sqm] Germany Western Part Eastern Part Source: ifs, Institut für Städtebau, Berlin Increasing prices in West-Germany from 1998 up to 2007: Ø 11.2 % p.a. 8

100 80 60 Germany Western Part Eastern Part 40 20 0 Source: ifs, Institut für

9 B Portfolio Overview Germany Regions of the future and population growth Economic Potential Population Growth until 2020 Top potential Very high future potential High future potential Future potential Stable Future risks High future risks Very high future risks Strong increasing increasing stable Decreasing Strong Decreasing Source: Prognos/Handelsblatt Source: Forecast BBR Local disparities of the economic development Concentration on a few growing regions 9

future risks Very high future risks Strong increasing increasing stable Decreasing Strong Decreasing Source:

10 B Portfolio Overview Geographic allocation Highest concentration (value related) Bavaria 39% Baden-Württemberg 16% North Rhine-Westphalia 14% Hessen 13% Others 8 % Limited exposure to East Germany 3% Limited exposure to Berlin 2% aurelis sites are predominantly in those regions with the highest potential. 10

13% Others 8 % Limited exposure to East Germany 3% Limited exposure to Berlin

11 B Portfolio Overview Rental income composition of EUR 99m in 2008E Heritable Building Rights (Erbbaurecht) EUR 3m Advertisements EUR 1m 1% 3% Land Leases EUR 47m 48% 48% Building Leases EUR 48m Average Rent: EUR 0.52 / sqm / month Average Rent: EUR 3.46 / sqm / month Low-risk rental income due to underrented contracts; in addition more than 3.4m sqm lettable land and 0.3m sqm lettable building are vacant 11

Average Rent: EUR 0.52 / sqm / month Average Rent: EUR 3.

12 B Portfolio Overview Structure of the rental income in 2008E DB Group EUR 33m 34% Other EUR 52m 52% 3% 11% 2755 different small and medium sized (Mittelstand) Tenants Large Corporations Public EUR 11m EUR 3m Risk-diversification by a huge number of heterogeneous tenants 12

medium sized (Mittelstand) Tenants Large Corporations Public EUR 11m

13 B Example Site, Cologne, Breslauer Platz Facts & Figures: aurelis-site: 2,200 sqm Actual status: rented to Musical Dome for approx. 0.14m EUR/a until 2011 Future use: development plan to be created with the city authorities for office usage, with approx. 7,700 8,800 sqm GFA*) in an attractive innercity location in Cologne *) GFA = Gross Floor Area Location 13

14m EUR/a until 2011 Future use: development plan to be created with the city authorities

14 B Example Office Property, Karlsruhe Netz Facts & Figures: aurelis-site: 6,912 sqm Actual and future status: fully let office building to DB AG until 2017 Lettable Office space: Rental Income: 11,336 sqm approx. 1.42m EUR/a 14

status: fully let office building to DB AG until 2017

15 B Example Logistic Site, Kornwestheim Facts & Figures: aurelis-site: 269,020 sqm Actual status: rented logistic park to different tenants as Porsche AG or DB AG Rental Income: approx. 2m EUR/a Built GFA: 60,546 sqm Future status: further investments are planned to get new tenants on the vacant space to increase rental income 15

16 B Example Development Site, Hamburg, Altona Facts & Figures: aurelis-site: 60,368 sqm Actual status: some older buildings are let to several tenants Rental Income: approx. 0.5m EUR/a Future status: developing a development plan with the city of Hamburg for a huge urban development plan for a new urban quarter 16

17 C Track Record I Strategic and operational actions End 2007 today Sale proceeds Focus on generating cash Legacy Operating Company Focus on land developments HR-action plan Business Plan Execution HOCHTIEF & Grove Secondments Streamlining of processes

Focus on land developments HR-action plan Business Plan Execution

18 C Track Record II Highlights (until End of Aug 08) Sales Proceeds since End 2007: approx. EUR 300m Number of (partial) disposals: approx. 170 Sold area: approx. 2,5 million sqm Sales proceed per sqm: approx. EUR 120 New lettings in 2008: Site area: Building space: EUR 4.5m (annualized) 290,000 sqm 89,000 sqm Process of urban development planning (zoning) accelerated in cooperation with the municipalities and prior to closing of the development contract. Frankfurt, Europaviertel Düsseldorf, Derendorf LOI with City of Duisburg for the development of the Duisburger Güterbahnhof (former Multi Casa) to an attractive commercial location 18

5m (annualized) 290,000 sqm 89,000 sqm Process of urban development planning (zoning) accelerated in cooperation with the municipalities and prior to closing of

19 C Track Record III Sales- and letting-performance 2008 (until end of Aug 2008): expected Sales Proceeds: EUR 161m EUR 17m realized Sales Proceeds: EUR 175m EUR 30m (EUR m) EUR 2m EUR 142m EUR 3m EUR 142m Profit Capital Expenditures Purchase Price 40 0 Purchase case Actual On top of sales proceeds the rental income of EUR 99m (FY08E) is EUR 10m ( %) higher than expected when purchasing. 19

EUR 3m EUR 142m Profit Capital Expenditures Purchase Price 40 0 Purchase case Actual On top of sales

20 D Strategy Vision To become the leading industrial and commercial real estate management and development company in (former) brownfield inner city land sites in West Germany 20

21 D Strategy Phases of strategy Phase 1: Take over & reduce complexity Reduce size of portfolio through asset sales Continue re-assessing potential of individual real estate assets (e.g. refurbishments) Improve internal processes vis-à-vis IT, property management, controlling, accounting Phase 2: Enhance performance Optimize rental income via capital programs, reduce vacancy and non-recoverables Accelerate discussions with cities to achieve development rights Continue monetizing non-strategic assets Identify and prepare vertical development opportunities Phase 3: Harvest upside potential Execute vertical development opportunities on highly selective basis Prepare portfolio for possible recapitalization

22 D Strategy How to enhance value from former railway used sites? Example, Europaviertel Frankfurt: Essentials of the project strategy Strategy to develop sites with planning rights, then sell to investors, developers, owner occupier, etc. Land development focus Establishment of building law Release of DB use Development of public areas and works (i.e., tunnels, parks) Sale of residential and office development sites by sub-plots Third-party guarantee required to support urban development obligations Site: Planned gross floor area: 521,603 sqm 477,400 sqm Time Schedule:

23 D Strategy How to enhance value from former railway used sites? Example Europaviertel Frankfurt: Essentials of the project strategy Quarter 1: Residential: 50,000 sqm School Quarter 2: Residential: 73,800 sqm Quarter 4: Office/Commercial: 113,600 sqm Residential: 12,900 sqm Quarter 3: Office/Commercial: 221,500 sqm Residential: 5,600 sqm 23

24 D Strategy How to increase rental income? - Overall rental strategy Rental Portfolio Goals Increase Income Reduce Costs Reduce Vacancy Improve Usage Improve Contracts Lease Renewals Change Usage Increase Rent Rate New Contracts Optimize Layout Lengthen Maturities Increase Recoverable Cover Ratio 24

25 E Synergies Leveraging value together with other HOCHTIEF-branches Essential lever for the usage of HOCHTIEF-internal synergies can be explained by the know-how and experience transfer between aurelis and other HOCHTIEFbranches as HTP, Asset Management and Property Management Actions: Secondments from HTP and Asset Management in all management levels of aurelis Mandating HTPM at arm s length with the common goal to increase the portfolio value Close collaboration between shareholders on all strategic issues Support of our JV-Partner Grove International Partners 25

26 F Summary & Outlook Conclusions The portfolio is allocated to the fast growing and most profitable regions. Therefore the portfolio has an extraordinary value-add-potential, which can be raised by active asset management and development activities. aurelis has exceeded business plan targets in tough market environment. Shareholders will generate attractive profits in the future. 26

Conference Call HOCHTIEF acquires 50% in aurelis Real Estate 06 September 2007

Conference Call HOCHTIEF acquires 50% in aurelis Real Estate 06 September 2007 Dr. Peter Noé, CFO HOCHTIEF Aktiengesellschaft Dr. Joachim Wieland, Managing Director HOCHTIEF Projektentwicklung TURNING