COMPANY PRESENTATION
July 2015 STRATEGY AND GUIDANCE
Company Profile Leading Investor and Developer of High-Quality Offices in Central Europe
COMPANY PROFILE
. Largest listed office real estate player in Central Europe
. Exposure to high-quality core offices in stable and growing markets of Germany Poland Germany and Austria combined with high growth capital cities in CEE Czech Republic . Highly stable and resilient yielding portfolio diversified across key economic centres Berlin, Frankfurt, Munich, Vienna, Warsaw, Prague, Budapest and Bucharest Austria Hungary . Blue chip tenant-driven development business in Germany as major organic growth driver Romania
. Strong capital base with defensive financing ratios
PORTFOLIO BY REGION (€ M) PORTFOLIO BY COUNTRY KEY METRICS
Gross Asset Value (GAV) € 3.4 bn 7% Austria 661 6% 19% 20% Germany Net Asset Value (NAV) € 1.9 bn 1,310 8% Poland 38% Austria 7% Portfolio Yield 6.6% Romania Germany 11% Hungary Portfolio Occupancy 91% 1,443 CEE 42% 42% Czech Republic Loan-to-Value (LTV) 35% Other* Market Cap € 1.6 bn
3 All figures as at 31 March 2015, unless otherwise stated * Slovakia, Serbia, Bulgaria, Slovenia, Croatia, Ukraine Strategy Company Transformation Well Under Way
Strategy 2012-2015 Strategy 2015-2017 2012 2015* 2017
GAV Portfolio € 4.8 bn € 3.4 bn € 3.9 bn
thereof income-producing 83% 85% 95%
Office Share/Investment Portfolio 79% 79% 90%
Economic Vacancy 13.3% 9.1% < 9%
Equity ratio 30% 52% 50%
Net Loan-to-Value (LTV) 60% 35% 45%
Average Cost of Debt 4.5% 3.5% 3.0%
Recurring FFO € 31 m € 80 m > € 100 m
ROE 3% 4.5% > 7%
STRATEGIC AGENDA 2012-2015 STRATEGIC AGENDA 2015-2017
. Improved platform efficiency: Streamlined corporate structure, reduced . Conclude disposals of non-core assets: Sale of non-office use and sub- minority interests, and cut of administrative costs by 20% scale assets in core markets, sale of non-strategic landbank in Germany . Enhanced portfolio focus: Substantial reduction of non-core assets (CEE . logistics), increased core office focus and higher portfolio occupancy Replace non-strategic assets with core properties: Development and transfer of core offices to the investment portfolio in Germany, buy-out of . Improved financial profile : Substantial balance sheet improvement, JV partners in CEE, selective property acquisitions in Austria and CEE simultaneous increase of recurring net income (higher earnings quality) . Deconsolidation of JVs following new reporting standards . Optimize financing structure: Further reduce long-term financing costs
* Metrics as at March 31, 2015; Recurring FFO based on FY 2015 guidance 4
Strategy 2015-2017 Company Targets 2015
STRATEGIC/OPERATIONAL TARGETS 2015 FINANCIAL TARGETS 2015
. Property disposals . Funds from Operations (FFO) . Target sales volume € 150-200 m (excl. CEE logistics closed in 1Q) . (Recurring) FFO I target € 80 m (14% uplift vs. FFO I FY 2014) . Continued progress on non-strategic assets sales . FFO II target > € 100 m
. Property development . Dividend . Transfer of 3 German core developments into investment portfolio . Payout target 2015 € 0.50 per share . Start of 2 new projects in Germany . FFO I payout range of c. 60-65% based on 2015 FFO I guidance . Mid-term guidance 2.5% of Net Asset Value (NAV) . Property investments . . Replace non-strategic assets by core office properties Guidance uplift by 25% yoy (2014: 2% of NAV)
FFO I (€ M): FURTHER INCREASE RECURRING CORE INCOME DIVIDEND (€/SHARE): MAINTAIN PROGRESSIVE PAYOUT POLICY
90 0.60 80 0.55 70 0.50 60 50 0.45
40 0.40 30 0.35 20 22 31 63 70 80 0.38 0.38 0.40 0.45 0.50 10 0.30 2011 2012 2013 2014 2015p 2011 2012 2013 2014 2015p
5 Strategy 2015-2017 Portfolio Growth Towards € 4 bn in 2017
GROWTH STRATEGY 2015-2017 BOOSTING THE RECURRING PROFITABILITY OF CA IMMO
. Core office portfolio expansion in existing core cities in Central Europe . Replacement of remaining non-core assets
. Further increase of platform strength and competitive position . Conversion of non-incoming producing assets into yielding assets
PORTFOLIO GROWTH BY DEVELOPMENT PORTFOLIO GROWTH BY ACQUISITIONS
. Organic portfolio growth in Germany through . Selective property acquisitions in core core office developments with high-quality markets outside Germany tenants . Investment parameter . Development starts 2015 . Located in core city of CA Immo to . Baufeld 03/KPMG, Berlin (2H 2015) Warsaw strengthen existing platform . Mannheimer Straße, Frankfurt (2H 2015)* Berlin Frankfurt Prague . Potential to crystallize value through local
. Development metrics 2015-2017 Munich asset management expertise Vienna . Targeted development volume € 500 m . EBRD JV Buy-out (incl. project completions 2015 of € 235 m) Budapest . Core office portfolio in Prague, Budapest . Average yield on cost approx. 6% and Bucharest co-owned by CA Immo and . Rental income additions € 27-30 m Bucharest EBRD . Average financing costs approx. 1.5% . Negotiations to buy EBRD’s minority stake . LTV 50-60% successfully concluded in July 6 * In planning stage Strategy 2015-2017 German Development Major Organic Growth Driver and Key Differentiator
WELL POSITIONED TO DRIVE GROWTH RENTAL INCOME SPLIT BY SOURCE GERMAN LAND RESERVES (€ 349 M)
. Top 3 office developer in supportive German market with strong track record of blue chip tenant projects 4% 24% . Average rental returns greater than competing in 23% Berlin booming investment market 35% Frankfurt . Highly valuable land reserves in inner-city locations Munich . Substantial development surpluses value-added 76% Own development 38% Other . In-house construction managment subsidiary (omniCon) Other ensures high quality standards
LARGEST DEVELOPMENTS BY INVESTMENT VOLUME WITH PRE-LETS AND MAJOR TENANTS
100% 500 90% 100% 100% 100% 100% 450 80% 400 70% 350 60% 70% 300 50% 60% 250 55% 40% 53% 54% 200 48% 47% 30% 40% 42% 42% 150 20% 100 10% 50 0% 0 Tower 185 Skyline Skygarden Atmos Kontorhaus Nord 1 Intercity John F. Mercedes Tour Total KPMG Ambigon Belmundo Monnet 4 (FRA) Plaza (MUC) (MUC) (MUC) (FRA) Hotel (BER) Kennedy - Benz (BER) (BER) (MUC) (DUS) (BER) (FRA)* Haus (BER) Vertrieb Total investment volume (€ m), rhs Pre-let (construction start), lhs (BER) 7 All figures as at 31 March 2015, unless otherwise stated * JV with ECE PORTFOLIO
Property Portfolio Attractive Portfolio Mix, Germany Accounts for Largest Single Market Share
PORTFOLIO STRUCTURE INVESTMENT PORTFOLIO BY COUNTRY AND OWNERSHIP (€ M)
. Total property asset base of € 3.4 bn (thereof assets fully 1,000 900 owned € 2.6 bn, the remainder held in joint ventures) 179 800 700 0 . Landbank and development assets account for around 600 15% of total property assets 500 400 773 . Investment portfolio (yielding assets) 300 637 77 200 98 . Highly stable and resilient portfolio in CE key cities 286 105 64 100 182 157 144 100 34 . Diversified and high credit quality tenant base 0 Austria Germany* Poland Hungary Romania Czech Other** Republic . € 2.15 bn of assets fully owned*, € 680 m held in joint Assets fully owned Assets held at equity (CAI proportionate share) ventures and consolidated at equity (pre EBRD buy-out)
PORTFOLIO BY PROPERTY TYPE (€ 3.4 BN) PORTFOLIO BRIDGE (€ BN)
2% 3% 4.0 0.1 3.5 0.4 0.1 12% 3.0 2.5 Investment properties 2.0 3.4 1.5 2.8 Landbank 1.0 0.5 Active development projects 0.0 Investment Landbank Active Properties held for Property portfolio 83% Properties held for properties development sale sale/trading projects
9 All figures as at 31 March 2015, unless otherwise stated * Excl. Kontorhaus Munich development (in completion stage) ** Slovakia, Serbia, Bulgaria, Slovenia, Croatia Investment Portfolio 80% of Yielding Assets located in Key Economic Centres of Central Europe
CORE CITIES GAV (€ m) % Rent (€ m)* %
Vienna 505 18% 29.4 16%
Munich 286 10% 14.7 8%
Frankfurt 192 7% 13.0 6%
Berlin 276 10% 17.1 9%
Warsaw 352 12% 26.5 14%
Prague 192 7% 15.1 8%
Budapest 270 9% 19.5 10%
Bucharest 198 7% 16.9 9%
Other 565 20% 37.8 20%
Total 2,837 187.6
PORTFOLIO BY REGION (€ M) ANNUALIZED RENT (€ M) PORTFOLIO BY COUNTRY PORTFOLIO BY SECTOR
Austria 0.6% 7% 3% 37 Germany Office 637 7% 7% 20% 22% 22% 7% Poland 6% Logistics 1,248 5% 95 Hungary 44% Austria 10% Retail 52% Austria 52 Romania Germany Hotel 952 28% Germany 13% 34% 34% Czech 79% Residential CEE Republic CEE Other Other All figures as at 31 March 2015, unless otherwise stated * Annualized 10 Investment Portfolio Austria
PORTFOLIO METRICS TOP 10 TENANTS BY ANNUALIZED RENTAL INCOME 22% 5.8% Oesterreichische Post 10% Portfolio share Gross initial yield Verkehrsbuero 9% Robert Bosch 9%
44 96.9% IKEA 4% Yielding assets Economic occupancy UPC 3% € 637 m 4.7 years Peek & Cloppenburg 3% Portfolio value WALT C&A 2% ORF 2% 45% 55% 512,000 sqm € 37 m Unify 2% Lettable area Annualized rent dieBerater 2% Top 10 Tenants Other
PORTFOLIO SPLIT BY VALUE MAJOR OFFICE ASSETS BY VALUE
Rennweg/Mechelgasse, Vienna GalleriaErdberger, Vienna Laende , Vienna SilbermoeweSilbermoewe, Vienna , Vienna
12% 2%
17% 637 51% € m
18%
Office Retail Hotel Residential Other 11 All figures as at 31 March 2015, unless otherwise stated Investment Portfolio Germany
PORTFOLIO METRICS* TOP 10 TENANTS BY ANNUALIZED RENTAL INCOME 34% 5.7% PwC 22% Portfolio share Gross initial yield H&M 13% Total 7%
22 84.2% Land Berlin 7% Yielding assets Economic occupancy InterCity 5% € 952 m 8.7 years Bombardier 4% Portfolio value WALT Google 3% DLL 2% 66% 34% 446,000 sqm € 52 m Berlinovo 2% Lettable area Annualized rent DB BahnPark 2% Top 10 Tenants Other
PORTFOLIO SPLIT BY VALUE MAJOR OFFICE ASSETS BY VALUE
Skygarden, Munich Tower 185, Frankfurt Tour Total, Berlin 2% 8%
13% 952 € m
77%
Office Logistics Hotel Other 12 All figures as at 31 March 2015, unless otherwise stated * Incl. Kontorhaus Munich development (in completion stage, part of investment portfolio as of March 31, 2015) Investment Portfolio Poland
PORTFOLIO METRICS TOP 10 TENANTS BY ANNUALIZED RENTAL INCOME
ARiMR 5% Ministry of 13% 7.3% Agriculture3 Portfolio share Gross initial yield Procter & Gamble 5% Société Générale 4%
11 93.1% Linklaters 4% Yielding assets Economic occupancy AMG.net 3% € 364 m 2.5 years Dimension Data Polska 2% Portfolio value WALT Shell 2% Accenture 2% 31% 69% 126,000 sqm € 27 m CGI 2% Lettable area Annualized rent Kuke 2% Top 10 Tenants Other
PORTFOLIO SPLIT BY VALUE MAJOR OFFICE ASSETS BY VALUE
Warsaw Towers, Warsaw Sienna Center, Warsaw Poleczki Business Park, Warsaw
364 € m
100%
Office 13 All figures as at 31 March 2015, unless otherwise stated Investment Portfolio Czech Republic
PORTFOLIO METRICS TOP 10 TENANTS BY ANNUALIZED RENTAL INCOME 7% 7.9% Ahold CZ 10% Portfolio share Gross initial yield Deloitte 9% ICZ 7%
5 90.6% Wüstenrot 6% Yielding assets Economic occupancy Net4Gas 5% ROC Services € 192 m 3.6 years Equa Bank 3% Portfolio value WALT GfK Praha 3% VZP 2% 48% 52% 97,000 sqm € 15 m Mondelez 2% Lettable area Annualized rent ROC Services 2% Top 10 Tenants Other
PORTFOLIO SPLIT BY VALUE MAJOR OFFICE ASSETS BY VALUE
Amazon Court, Prague Nile House, Prague Danube House, Prague
18% 192 € m
82%
Office Retail 14 All figures as at 31 March 2015, unless otherwise stated Investment Portfolio Hungary
PORTFOLIO METRICS TOP 10 TENANTS BY ANNUALIZED RENTAL INCOME 10% 7.2% HP 8% Portfolio share Gross initial yield IBM 8% Canadian Nokia Solutions and Networks 7% Embassy 10 81.0% BT Roc 5% Yielding assets Economic occupancy Canadian Embassy 3% € 280 m 2.6 years Cemex 3% Portfolio value WALT KCI Hungary 3% Novartis 3% 43% 57% 178,000 sqm € 20 m evosoft 3% Lettable area Annualized rent Teva 2% Top 10 Tenants Other
PORTFOLIO SPLIT BY VALUE MAJOR OFFICE ASSETS BY VALUE
R70 Office, BudapestBartok Haz, Budapest City Gate, Budapest Capital Square, Budapest 4% 7% 280 € m
89%
Office Logistics Retail 15 All figures as at 31 March 2015, unless otherwise stated Investment Portfolio Romania
PORTFOLIO METRICS TOP 10 TENANTS BY ANNUALIZED RENTAL INCOME 7% 8.3% Orange 9% Portfolio share Gross initial yield NN Lease 6% NNDKP 6%
6 90.6% British American Shared Services 5% Yielding assets Economic occupancy British American Shared Misys Financial Systems 5% Services € 204 m 2.4 years IBM 4% Portfolio value WALT SC Computer Generated Solutions 4% Ipsos 4% 50% 50% 93,000 sqm € 17 m Thales Systems 4% Lettable area Annualized rent Telekom Romania Mobile Comm. 4% Top 10 Tenants Other
PORTFOLIO SPLIT BY VALUE MAJOR OFFICE ASSETS BY VALUE
River Place, Bucharest Europehouse, Bucharest OperaBucharest Center, Business Bucharest Park, Bucharest 3% 204 € m
97%
Office Retail 16 All figures as at 31 March 2015, unless otherwise stated Investment Portfolio Other Countries
PORTFOLIO METRICS TOP 10 TENANTS BY ANNUALIZED RENTAL INCOME 7% 7.6% Henkel (SK) 6% Portfolio share Gross initial yield Verkehrsbuero (SL) 6% Cosmo Bulgaria Mobile (BG) 6%
7 86.8% VIP Mobile (RS) 5% Yielding assets Economic occupancy Piraeus bank (RS) 4% € 208 m 3.7 years NCR (RS) 4% Portfolio value WALT PPD (BG) 4% FZOEU (HR) 3% 43% 57% 126,000 sqm € 16 m Crédit Agricole (RS) 3% Lettable area Annualized rent Marbo (RS) 2% Top 10 Tenants Other
PORTFOLIO SPLIT BY VALUE MAJOR OFFICE ASSETS BY VALUE (€ M)
Zagreb Tower, Zagreb Sava Business Center, Belgrade BBC 1 Plus, Bratislava 6% 208 € m
94%
Office Hotel 17 All figures as at 31 March 2015, unless otherwise stated Investment Portfolio Performance Metrics
GROSS INITIAL YIELDS** WEIGHTED AVERAGE LEASE TERM (WALT) IN YEARS BY COUNTRY
9% 8.3% 10 7.9% 7.6% 9 8% 7.3% 7.2% 7% 6.6% 8 5.8% 5.7% 7 6% 6 5% 5 4% 8.7 4 3% 3 2% 4.7 4.8 2 3.6 2.7 1% 1 2.5 2.4 2.6 0% 0 Romania Czech Other* Poland Hungary Austria Germany Total Austria Germany Poland Romania Czech Hungary Other Total Republic Republic
ECONOMIC VACANCY** LEASE EXPIRY PROFILE (€ M)
20% 19.0% 70 18% 32% 60 16% 50 14% 12.2% 12% 40 20% 9.4% 9.4% 10% 8.8% 9.1% 16% 30 13% 12% 8% 6.9% 6% 20 7% 3.1% 4% 10 2% 0 0% 2015 2016 2017 2018 2019 2020+ Romania Czech Other* Poland Hungary Austria Germany Total Austria Germany CEE Republic 18 All figures as at 31 March 2015, unless otherwise stated * Slovakia, Serbia, Croatia, Slovenia, Bulgaria ** Germany excl. Kontorhaus Munich development (in completion stage) Investment Portfolio Top Tenants and Properties
TOP 15 TENANTS BY ANNUALIZED RENT (€ 188 M) TOP 15 YIELDINGS ASSETS BY VALUE (€ M)
Silbermoewe (AT) 58
6.5% 4.0 InterCity Hotel (DE) 60 3.7% 7.2 Tour Total (DE) 61 2.3% 8.2 Kavci Hory (CZ)* 62 2.0% 2.8 Bucharest Business Park (RO) 63 2.0% 6.0 Saski Crescent (PL) 65 1.9% 3.7 Top 15: River Place (RO)* 68 44% of 1.8% 1.8 portfolio Capital Square (HU) 71 1.4% 1.7
Warsaw Towers (PL) 71 1.2% 14.6
Spreebogen (DE) 74 1.1% 10.7
Rennweg 16 (AT) 89 0.8% Top 15: 11.4 28% of 0.8% 14.6 Galleria (AT) 94 portfolio 0.8% 9.5 H&M Logistics (DE) 95
0.8% 13.5 Skygarden (DE) 147
Ministry of Agriculture 0.8% 4.9 Tower 185 (DE)* 177
Years with CAI 0 50 100 150 200
19 All figures as at 31 March 2015, unless otherwise stated * Asset held at equity (CA Immo proportionate share) Investment Portfolio At Equity (€ 681 m)* EBRD Buy-Out Reduces At Equity Portfolio Substantially
CAI CAI % CEE % Germany
JV EBRD JV Other JV Pension Institutions 65% River Place (RO) 44% Megapark (BG) 33% Tower 185 65% Europe House (RO) 50% Poleczki Business Park (PL) 10% 65% Amazon Court (CZ) Germany JV Union Investment 26% 15% Poland 65% Nile House (CZ) 51% Europolis Park Aerozone (HU) Hungary 75% Kavci Hory (CZ) 51% Infopark (HU) Czech Republic 65% Zagrebtower (HR) 51% Danube House (CZ) 11% 65% Infopark West (HU) 23% Romania 15% 65% City Gate (HU) Other**
1% 3% BUY-OUT OF JV PARTNER EBRD (EFFECTIVE AS OF JULY 1, 2015)
. Gross purchase price for the EBRD stake of around € 60 m reflects a discount to the NAV of the portfolio - total portfolio value (100%) approx. € 510 m, thereof approx. € 486 m yielding assets Office . Immediately accretive to FFO I: average portfolio occupancy 94.5%, average gross yield 7.9% Logistics . Acquisition of 100% leads to full consolidation of assets: approx. € 500 m will be added to the property assets on the balance sheet, around € 35 m to rental income (on an annualized basis) 96% Retail 20 All figures as at 31 March 2015, unless otherwise stated * Proportionate share of CA Immo (pro rata) ** Bulgaria, Croatia Property Disposals Strong Demand for Non-Core Properties Additional Earnings Driver
SHRINKING NON-CORE PORTFOLIO 1
. Huge demand for H&M logistics (1) should turn into Hamburg significant sales profit Warsaw Germany Berlin Poland Dusseldorf . Major progress on non-core disposals in 1H 2015 in Cologne Kassel Austria: profitable sale of Wiedner Hauptstrasse (2), Neuss Frankfurt Prague Mariannengasse (3), etc. sale of subscale assets Czech Stuttgart (fair value < € 20 m) to increase asset management Republic Slovakia Bratislava Vienna efficiency Munich Salzburg Budapest Austria Györ 2 Klagenfurt Graz . Continuous sale of non-strategic land reserves in Ljubljana Hungary Sibiu Romania Germany (mainly land plots with residential zoning) 3 Slovenia ZagrebCroatia Bucharest . Sale of non-strategic yielding assets to be Belgrade Serbia synchronized with new income-producing Bulgaria
investments Sofia
. Exit of non-core markets dependent on market Core cities environment and liquidity Non-core cities
NON-CORE AUSTRIA (€ 110 M) NON-CORE GERMANY (€ 350 M) NON-CORE CEE (€ 70 M) NON-CORE SEE (€ 195 M)
1% 24%
42% 45% Serbia 51% 49% 48% 51% Czech 55% Yielding Republic Vienna Croatia Hungary 20% Non- Bulgaria Other yielding Romania 14% Slovakia 21 DEVELOPMENT
Development Blue Chip Tenant-Driven Development Driving Organic Rental Growth
SMALL DEVELOPMENT PORTION… ... EXCLUSIVELY FOCUSED ON GERMANY…
Landbank Active development projects Baufeld 03 (Berlin) 12% 3% 23% Kontorhaus Short term properties (Munich) Berlin 2% 38% 62% John F. Kennedy
(Berlin) Munich 28% 38% Yielding GAV 83% Monnet 4 (Berlin) 11% Total GAV: €3.4 bn Total GAV: €254.0 m Total GAV: €254.0 m
...WITH SIGNIFICANT PRE-LETS IN PLACE AT CONSTRUCTION START
Investment volume (€ m) Pre-lettings (%)
At construction Current Main tenants at construction start
Kontorhaus (Munich) Kontorhaus 54.0% 62% (Munich) John F. Kennedy - Haus (Berlin) John F. Kennedy 42.0% 70% (Berlin) Baufeld 03 (Berlin) Baufeld 03 100% (Berlin) Monnet 4 Monnet 4 47.0% 66% (Berlin) (Berlin) 0 20 40 60 80 100 120 0.0% 50.0% 100.0% 150.0%
23 All figures as at 31 March 2015, unless otherwise stated Development Office Project Completions 2015 to Add € 13 m Rental Income Annually*
KONTORHAUS, MUNICH JOHN F. KENNEDY – HAUS, BERLIN MONNET 4, BERLIN
. Book value € 84.1 m (March 31) . Book value € 63.3 m . Book value € 20.6 m
. Yield on cost 7.2% . Yield on cost 6.2% . Yield on cost 5.7%
. Lettable area 28,400 sqm . Lettable area 17,800 sqm . Lettable area 8,200 sqm
. Investment volume c. € 97 m . Investment volume c. € 70 m . Investment volume c. € 29 m
. Main tenants: Google . Main tenants: White & Case, Jones Lang . Main tenants: MLP, AdTran LaSalle, Airbus, Regus, Expedia . Occupancy: 62% . Occupancy: 70% . Occupancy: 70% . First handover phase with Google completed . Finishing works and handover of rental areas . Handover of rental areas ongoing ongoing
* Full run rate 24 Development Project Pipeline 2015
BAUFELD 03, BERLIN (PHASE 1) MANNHEIMER STRASSE, FRANKFURT ORCHIDEEA TOWERS, BUCHAREST
. Investment volume € 58 m . Site rented for parking next to the central . Planned extension of the almost fully-let station office portfolio in Bucharest . Rentable area approx. 12,000 sqm . Multi-phase development project in planning . Height 64 m, up to 16 floors . Main tenant KPMG (100%) stage . Rentable area up to 37,000 sqm . Planned construction start autumn 2015 . Mixed use office/hotel/parking . Existing plot with excellent location and . Planned completion 4Q 2017 . Phase 1 (hotel development) to start in 2015 accessibility (next to subway station) final negotiations with tenant . Phase 2: high-rise building to start in 2017, . Marketing process ongoing advanced increase of total lettable area up to 40,000 . High-rise office building development in later negotiations with two anchor tenants (60% sqm stage and 100% pre-let, respectively)
PHASE 2
PHASE 1
25 Development Europacity Berlin: CA Immo Shapes New Prime Location
2 3 8 10 4 9
7 1 5 6
SOUTHERN PART NORTHERN PART
. 1 John F. Kennedy – Haus (under construction) . 6 Cube office project (in planning stage) . 8 Monnet 4 (under construction)
. 2 Office project (plot sold) . 7 Baufeld 03/KPMG (planned construction . 9 Tour Total (completed portfolio) start in autumn 2015) . 3 InterCity Hotel (completed portfolio) . 10 Stadthafen residential project (sale of plots)
. 4 Steigenberger Hotel (plot sold) . Further zoning processes ongoing
. 5 Meininger Hotel (plot sold) 26
Development Baumkirchen Project to Benefit from Strong Residential Market in Munich
KEY FACTS PHASE 1 (15,500 SQM GFA)
. Residential development (development and sale of freehold apartments); 50/50 joint venture with Patrizia
. Phase 1 . 170 apartments . 91% (156 units) have been accredited or reserved
. Phase 2 . 145 apartments . 62% of units sold (71) respectively reserved (18)
PHASE 2 (13,800 SQM GFA)
PHASE 1 PHASE 2
27 Development Austria/Vienna - Lände 3
LÄNDE 3 – B SÜD
. Next development step of the city quarter Lände 3 in Vienna‘s 3rd district
. Residential project (Forward sale to Austrian investor)
. 220 appartments, around 19,000 sqm GFA
. Planned construction start 4Q 2015
. Planned completion 3Q 2017
28 Development Germany/Mainz - Zollhafen
ZOLLHAFEN MAINZ
. Joint venture with Stadtwerke Mainz
. Mixed/use development site of around 30 ha
. Realisation of approx. 355,000 sqm (GFA) in several construction phases
29 Development Project Pipeline 2016-2018
FRANKFURT: TOWER ONE (80,000 SQM GFA) MUNICH: BAUMKIRCHEN MK/NEO (18,500 SQM GFA)
MUNICH: NYMPHENBURG MK 2 ( 25,000 SQM GFA)
BERLIN: CUBE (19,500 SQM GFA)
30 Landbank (€ 408 m) 85% of land reserves located in Germany
ALMOST PURE GERMAN FOCUS OF THE LANDBANK… ...IN THE LEADING ECONOMIC CENTRES
Landbank (fair value, € 408 m) Landbank Germany Other Zoning in place Zoning process Assets fully owned Assets held at equity (CAI proportionate share) 4% 133 Munich*** 123 € 349 m 23% Berlin 23 35% 75 81
110 74 48 14 € 12 m € 16 m € 11 m € 20 m Frankfurt** 38% Other* Berlin Frankfurt** Munich*** Other Total landbank: €349 m
LAND PLOT DISPOSALS AT SIGNIFICANT PREMIUMS (€ M) KEY FACTS
53.8% 43.7% 62.6% 47.2% 31.4% 123.0% Landbank portfolio 160 Strategic Non-strategic 140 (35% target) (65% target) 120 Disposals above Zoned for Zoned for office book value residential 100 Developed to keep Other zoning Sale 80 58 60 Exposure to high-quality inner-city locations in Munich, Frankfurt and Berlin 34 Strategic land reserves support strong position as one of the leading office developers in 40 25 Germany 14 15 Non-strategic land plots (mainly land with residential zoning) are earmarked for sale in a 20 26 highly attractive market environment 0 Transactional evidence of value creation capability 2009 2010 2011 2012 2013 2014 Landbank 100% equity financed Margin Sales proceeds (incl. revaluations) Carrying value Result Disposals of non-strategic land plots ongoing cash flow driver in 2015 and 2016
31 All figures as at 31 March 2015, unless otherwise stated * Hungary, Slovakia, Ukraine ** Incl. Mainz *** Incl. Regensburg Landbank Frankfurt
KEY FACTS
. Three high-rise plots with a total book value of around € 133 m
. Millenium plot (1): located in Europaviertel; book value € 80 m; building permit up to 229,000 sqm GFA; optimization process to increase marketability
. Tower 1 plot (2): located in Europaviertel; book value € 30 m; mixed use tower (hotel/office) with around 80,000 sqm GLA in planning/marketing stage 2 . Plot Mannheimer Straße (3): located next to central train station; book value € 23 m; income-generating (used as parking lot); first phase of mixed use project (parking/hotel/office) in planning stage (start expected in 2015)
1
3
32 Landbank Munich and Berlin
KEY FACTS BERLIN
. Inner-city located land reserves with a total book value of around € 200 m
. Development of strategic land reserves (most attractive office-zoned plots)
. Sale of non-strategic plots strong demand for plots with residential zoning
. Europacity Berlin: prime locations around Central Train Station neighboring Government Quarter; excellent public transport links; newly established EUROPACITY business district is attracting a large number of tenants and investors
. Munich: land reserves in various city districts (Baumkirchen, Nymphenburg, Lerchenau, etc.); highly liquid on the back of strong market fundamentals CENTRAL STATION MUNICH
CHANCELLERY
EGGARTENSIEDLUNG AW FREIMANN 33 Development Case Study Skygarden Office, Munich
DEVELOPMENT METRICS KEY ACHIEVEMENTS MARKET POSITIONING
. Short construction period of less than three . 53% pre-lets at construction start . Landmark building of Arnulfpark city quarter years (December 2008 – June 2011) . Full occupancy reached within 20 months . High-quality work environment with . Investment volume € 117 m after completion generous open spaces and five-storey high . Major international anchor tenant conservatories attracts large number of . Lettable area 33,000 sqm PricewaterhouseCoopers signed 15 year tenants from diverse sectors lease contract . Complex building structure . Direct link to Munich‘s transport axes . Eastern section: twelve-storey tower . Average lease term of 5 years for the other neighboring central train station 19 tenants . Central section: five storeys . The building covers almost one third of its . Yield on cost at completion 7% . Western section: three seven-storey energy needs trough renewable energy . 1Q 15: Fair value € 147 m, gross yield 5.6%, . towers occupancy 100% Asset management synergies through neighboring Kontorhaus development
34 Development Case Study Tour Total, Berlin
DEVELOPMENT METRICS KEY ACHIEVEMENTS MARKET POSITIONING
. Two year construction period (June 2010 – . 100% pre-let at construction start . Landmark building of Europacity in Berlin September 2012) . Energy Group Total chose the building as . Close proximity of the main railway station . Investment volume € 55 m headquarters for its German operations makes the building ideally connected to public transport and also to road networks . Lettable area 14,000 sqm . 15 year lease . Architecture allows for ample day light . 17 floors . Additional option for 2 extension of 5 years adding value to the workplace in addition to reducing electricity costs . Height 69 m . Yield on cost at completion 6.8% . Green building . 1Q 15: Fair value € 61 m, gross yield 6.0%, occupancy 100%
35 Development Case Study John F. Kennedy - Haus, Berlin
DEVELOPMENT METRICS KEY ACHIEVEMENTS MARKET POSITIONING
. Construction start in May 2013 . 42% pre-lets at construction start . Prime location opposite the Cancellery and Government Quarter, next to central train . . Completion in June 2015 according to plan Anchor tenants White & Case, Jones Lang station LaSalle and Regus signed 10 year contracts . Investment volume € 70 m . Additional tenants signed (Airbus, Expedia) . High-quality work environment: light and further diversify the high-quality tenant mix transparent building with ceiling height of up . Lettable area 17,800 sqm to three metres, full-length windows and . Projected occupancy end of 2015 > 90% corridor walls with glass sections . High usage flexibility . Expected yield on cost at completion 6.3% . ‘Building-in-building’ concept to configure . Inner courtyard garden, roof top terrace . 1Q 15: Book value € 63 m, occupancy 70% spaces vertically and horizontally . Excellent accessibility by train, bus, bike, . Four attractive entrances opportunity tram, car or boat to individualise office address . Green building
36 1Q 2015 EARNINGS
Profit and Loss Significant Drop in Financing Costs, Net Profit up 39%
€ m 1Q 15 1Q 14 yoy Comments Rental income 34.7 37.5 -7.4% Previous year contained Lipowy office in Warsaw (sale closed end of 1Q 14) Net rental income (NRI) 31.2 33.2 -6.0% Result from hotel operations 0.0 0.2 n.m. Other development expenses -0.3 -1.3 -72.9% Result from property sales 1.1 4.3 -74.6% Income from services 4.5 3.5 31.1% omniCon third-party revenues, asset management fees (JV) Indirect expenses -9.2 -10.1 -9.7% Other operating income 0.5 4.1 -88.2% Positive one-off from OEVAG loan buy-back in 1Q 14 (€ 3.6 m) EBITDA 27.8 34.0 -18.2% Depreciation and impairments -0.6 -1.1 -43.0% Result from revaluation -5.0 -2.6 87.8% Result from investments in JV 3.0 8.0 -62.4% Proportional net-results from joint ventures EBIT 25.2 38.3 -34.1% Financing costs -14.9 -22.2 -33.1% Significant drop in financing costs led to substantially improved financial result Result from derivatives 1.7 -8.3 n.m. Result from fin. investments 6.2 5.9 4.0% Other financial result 0.1 4.2 -98.7% Positive one-off from OEVAG loan buy-back in 1Q 14 (€ 2.4 m) Earnings before tax (EBT) 18.3 17.9 2.2% Income tax 1.0 -4.0 -125.2% Net profit 19.3 13.9 39.2% Earnings per share (basic) 0.20 0.16 25.0% 38 Earnings per share (diluted) 0.20 0.15 33.3% Funds From Operations (FFO) Recurring Profitability Upward Trend Remains in Place FFO I up 36% yoy
€ m 1Q 15 1Q 14 yoy Comments Net rental income (NRI) 31.2 33.2 -6.0% Sale of Lipowy office in Warsaw (sale closed end of 1Q 14) Result from hotel operations 0.0 0.2 n.m. Income from services 4.5 3.5 31.1% Other development expenses -0.3 -1.3 -72.9% Other operating income 0.5 4.1 -88.2% Other operating income/expenses 4.7 6.5 -28.0% Indirect expenses -9.2 -10.1 -9.7% Result from investments in JV 3.8 6.3 -40.2% Sale of CEE logistics assets (closing end of January 2015) Financing costs -14.9 -22.2 -33.1% Result from financial investments 6.2 5.9 4.1% Non-recurring adjustments 0.0 -3.6 n.m. FFO I (recurring, pre tax) 21.8 16.0 36.4% FFO I per share € 0.22 Result from trading property sales 0.0 0.2 n.m. Result from LT property sales 1.1 4.3 -74.4% Result from JV sales 0.1 0.5 -80.6% Result from property sales 1.2 5.0 -75.1% Other financial result 0.0 2.4 n.m. Current income tax -3.2 2.9 n.m. Current income tax of JV -0.3 -0.2 63.8% Non-recurring readjustmens 0.0 3.6 n.m. FFO II 19.5 29.7 -34.3% FFO II per share € 0.20 39 Balance Sheet Solid equity ratio at 52%, Cash pile of € 470 m € m 31.03.2015 31.12.2014 +/- Comments Investment properties 2155.7 2092.9 3.0% Excl. assets held at equity (JVs with EBRD/Union Investment, Tower 185 stake) Properties under development 436.0 496.3 -12.1% Hotel and own-used properties 7.4 7.5 -1.7% Other long-term assets 16.2 17.3 -6.3% Investments in joint ventures 208.0 206.1 0.9% Net assets of investments in joint ventures* Financial assets 298.5 385.4 -22.5% Deferred tax assets 5.0 4.3 15.2% Properties held for sale 25.3 91.5 -72.4% Properties held for trading 19.1 18.4 3.6% Cash and cash equivalents 471.2 163.6 187.9% Cash inflow from closing of CEE logistics sales transaction and bond issue Other short-term assets 201.9 187.6 7.7% Incl. Immofinanz stake Total assets 3,844.3 3,670.9 4.7%
Shareholders' equity 1,984.0 1,951.7 1.7% Equity ratio 51.6% 53.2% 16.1% Long-term financial liabilities 1191.5 1026.6 16.1% Issue of corporate bond 2015-2022 (nominal value € 175 m) Other long-term liabilities 166.7 170.1 -2.0% Short-term financial liabilities 147.6 146.0 1.1% Other short-term liabilities 214.0 202.5 5.7% Deferred tax liabilities 140.6 174.0 -19.2% Liabilities + Equity 3,844.3 3,670.9 4.7%
* Assets and liabilities of the joint ventures are no longer shown in the single items of the consolidated balance sheet 40 Balance Sheet Strong Capital Base Increases Scope for Growth
BALANCE SHEET METRICS EQUITY RATIO
. Long-term debt ratio targets 2,000 53% 52% 55%
. Equity ratio of 45-50% 1,950 50% 1,900 44% . Net-LTV 40-45% 45% 1,850 31% 40% . Cash position end of 1Q 2015 stood at € 471 m 1,800 35% . Closing of CEE logistics sale in January 2015 (> € 100 m) 1,750 1,700 30% . Bond issue in February 2015 (€ 175 m) 1,816 1,794 1,952 1,984 1,650 25% 2012 2013 2014 1Q 2015
Equity (€ m) Equity ratio
LOAN-TO-VALUE (LTV) GEARING
3,500 58% 60% 3,500 172% 180% 3,000 55% 3,000 160% 2,500 50% 2,500 140% 2,000 2,000 120% 45% 1,500 40% 39% 1,500 100% 60% 54% 35% 40% 1,000 1,000 47% 80% 500 35% 500 60% 3,122 1,079 1,061 934 3,122 1,079 1,061 934 0 30% 0 40% 2012 2013 2014 1Q 2015 2012 2013 2014 1Q 2015
Net debt (€ m) Net LTV Net debt (EUR m) Net gearing
41 All figures as at 31 March 2015, unless otherwise stated Net Asset Value (NAV) Slight Increase qoq, NAV (IFRS) € 20.08 per Share
31.03.2015 31.12.2014 € m diluted = undiluted diluted = undiluted NAV IFRS (€ PER SHARE)
NAV (IFRS equity) 1,984.0 1,951.7 25 22.06 21.74 Exercise of options 0.0 0.0 20 15.93 NAV after exercise of options 1,984.0 1,951,7 15 NAV per share 20.08 19.75 10 Value adjustment for* 5 Own use properties 4.4 4.2 0 Properties held as current assets 11.1 12.3 Share price 31.03.2015 31.12.2014 (May 27, Financial instruments 25.9 27.5 2015) Deferred taxes** 154.2 152.5
EPRA NAV 2,179.7 2,148.2 EPRA NNNAV (€ PER SHARE) EPRA NAV per share 22.06 21.74 25 Value adjustment for* 20.56 20.36 20 15.93 Financial instruments -25.9 -27.5 15 Liabilities -13.2 -10.7 10 Deferred taxes*** -109.0 -98.5 5 EPRA NNNAV 2,031.6 2,011.6 0 EPRA NNNAV per share 20.56 20.36 Share price 31.03.2015 31.12.2014 (May 27, Change vs. 31.12.2014 1.0% 2015) P/NAV (31.03.2015, share price € 17.46) -15.1% -23.9% Number of shares 98,808,336 98,808,336 42 *Including proportional values of joint ventures ** Deferred tax assets net of tax goodwill *** Discounted FINANCING
Financing Debt Profile
FINANCING STRUCTURE DEBT MATURITY PROFILE (€ M)
. Current focus of financing on property project level 700
600 . Secured non-recourse loans from banks and insurance 201 companies 500 41
400 110 . Corporate bonds 2015-2022 issued in 1Q 2015 (7-year 186 term, 2.75% coupon) following bond repayment in 4Q 14 300 175 471 87 200 47 64 . Unsecured debt: corporate bond 2006-2016 (€ 186 m); 49 36 7 7 36 37 corporate bond 2015-2022 (€ 175 m) 100 175 86 138 142 153 122 0 47 . Average cost of funding stood at 3.7% (1H 2014: 5.1%) Cash 2015 2016 2017 2018 2019 2020+ Austria/Germany CEE Corporate bonds At equity (CAI proportionate share) . Average debt maturity 3.8 years
INTEREST RATE SPLIT CURRENCY SPLIT FINANCING SPLIT DEBT STRUCTURE
UniCredit
19% Helaba 19% 27% DG Hyp 38% 39% Nord LB
19% BVK Fixed 9% Erste Group Hedged 81% 3% 6% Raiffeisen 4% Unsecured debt 100% EUR 8% 24% Floating 5% Other Secured debt Bonds 44 All figures as at 31 March 2015, unless otherwise stated Financing Declining Cost of Funding Major Recurring Earnings Driver in 2015
FINANCING STRUCTURE OPTIMIZATION AVERAGE COST OF DEBT
. Average cost of debt 5.5% 5.1% . Downward drivers LTM: repayment of corporate bond 2009-2014 in 5.0% 4Q 2014, substantial reduction of swap volume, project refinancing 4.6% at more favourable conditions across core markets 4.5% 4.1% . Target until end of FY 2015 < 3.5% 4.0% 3.7% < 3.5% . Nominal value decline of interest rate hedges to continue 3.5% . Driven by portfolio reshaping 3.0% . Reduction of interest rate hedges not directly attributable to a loan 2Q 14 3Q 14 4Q 14 1Q15 4Q15e
INTEREST RATE HEDGES (NOMINAL VALUE € M)* MATURITY PROFILE INTEREST RATE HEDGES (NOMINAL VALUE € M)*
2,500 180 160 2,000 140 120 1,500 100 80
1,000 60 40
500 20 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2011 2012 2013 2014 1Q 2015 Austria Germany CEE
45 * Including interest rate swaps, caps and swaptions Financing Weighted Average Cost of Debt and Maturities
Outstanding Nominal Cost of debt Cost of debt Debt Swap € m nominal value value swaps excl. derivatives incl. derivatives maturity maturity Austria 261.2 247.9 2.2% 6.1% 5.5 4.7 Germany 457.8 200.1 1.7% 3.4% 4.4 2.8 Czech Republic 101.6 42.2 2.3% 2.6% 2.6 1.6 Hungary 96.2 0.0 3.4% 3.4% 4.8 0.0 Poland 203.1 23.0 2.6% 2.6% 2.8 1.3 Romania 59.2 35.0 3.4% 3.6% 3.6 4.5 Other 90.4 16.6 3.6% 3.7% 3.1 1.5 Investment portfolio 1,269.5 564.9 2.4% 3.8% 4.1 3.6 Development projects 134.2 0.0 1.9% 1.9% 1.6 0.0 Short-term properties 32.3 0.0 1.8% 1.8% 1.4 0.0 Group financing 475.2 0.0 3.7% 3.7% 3.7 0.0 Total portfolio 1,911.3 564.9 2.7% 3.6% 3.8 3.6 Corporate swaps Austria 0.0% Corporate swaps Germany 137.7 4.2% 1.9 Corporate swaps other 0.0% Total group 1,911.3 702.6 3.7% 1.9
All figures as at 31 March 2015, unless otherwise stated 46 APPENDIX
Capital Markets Profile CA Immo Share and Shareholder Structure
CA IMMO SHARE SHAREHOLDER STRUCTURE INSTITUTIONAL INVESTORS (48%)
. Market capitalisation: € 1.6 bn 10% 26% 26% 13% . Number of shares (March 31, 2015): 98,808,336
. Listing: Vienna Stock Exchange, Prime Market 11% 6% . Indices: ATX, ATX-Prime, IATX, FTSE EPRA/NAREIT Europe, GPR 250, WBI
. Bloomberg: CAI:AV 48% 9%
Austria Continental Europe . Reuters: CAIV.VI O1 Group Limited Institutional shareholders North America UK & Ireland . ISIN: AT0000641352 Retail shareholders Other/Unidentified
CORE SHAREHOLDER O1 GROUP SHARE BUY-BACK PROGRAMME
. O1 Group is a Cyprus based investment holding company that owns and . Actual maximum limit: € 17.00 per share manages assets in various sectors, including real estate and finance . Intended volume: up to 2,000,000 shares (corresponding to approx. 2% . Acquisition of 16% stake from UniCredit Bank Austria in October 2014 in of the share capital of the company) a competitive sales process (price paid per share € 18.50) . Commencement and anticipated duration: 12 May 2015 until . Subsequent stake increase to 26% via voluntary partial takeover offer to 7 October 2016 all CA Immo shareholders at a price of € 18.50 per share . Purchase via the stock exchange . High expertise in office property segment O1 Group subsidiary O1 Properties owns a high quality Class A office portfolio in Moscow . http://www.caimmo.com/en/investor_relations/share_buy_back/
48 Investor relations Contact details
Christoph Thurnberger Claudia Höbart
Head of Capital Markets Investor Relations / Capital Markets
Tel.: +43 (1) 532 59 07 504 Tel.: +43 (1) 532 59 07 502
E-Mail: [email protected] E-Mail: [email protected]
www.caimmo.com/investor_relations/
DISCLAIMER This presentation handout serves marketing purposes in Austria and constitutes neither an offer to sell, nor a solicitation to buy any securities, nor investment advice nor financial analysis. Any public offer of securities of CA Immobilien Anlagen AG may be made solely by means and on the basis of a prospectus prepared and published in accordance with the provisions of the Austrian Capital Markets Act and approved by the Austrian Financial Market Authority. If a public offer is undertaken in Austria, a prospectus will be published copies of which will be available free of charge at the business address of the Issuer, Mechelgasse 1, 1030 Wien, during regular business hours and on the website the Issuer www.caimmo.com. Any public offer will be undertaken solely by means and on the basis of a prospectus prepared and published in accordance with the provisions of the Austrian Capital Markets Act and approved by the Austrian Financial Market Authority. This presentation handout contains forward-looking statements and information. Such statements are based on the Issuer's current expectations and certain presumptions and are therefore subject to certain risks and uncertainties. A variety of factors, many of which are beyond the Issuer's control, affect its operations, performance, business strategy and results and could cause the actual results, performance or achievements of the Issuer to be materially different. Should one or more of these risks or uncertainties materialise or should underlying assumptions prove incorrect, actual results may vary materially, either positively or negatively, from those described in the relevant forward-looking statement as expected, anticipated, intended planned, believed, projected or estimated. The Issuer does not intend or assume any obligation to update or revise these forward-looking statements in light of developments which differ from those anticipated. This presentation handout is not for distribution in or into the United States of America and must not be distributed to U.S. persons (as defined in Regulation S under the U.S. Securities Act of 1933, as amended ("Securities Act")) or publications with a general circulation in the United States. This presentation handout does not constitute an offer or invitation to purchase any securities in the United States. The securities of the Issuer have not been registered under the Securities Act and may not be offered, sold or delivered within the United States or to U.S. persons absent from registration under or an applicable exemption from the registration requirements of the United States securities laws. There will be no public offer of securities of the Issuer in the United States. This presentation handout is directed only at persons (i) who are outside the United Kingdom or (ii) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (iii) who fall within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Order (all such persons together being referred to as "Relevant Persons"). Any person who is not a Relevant Person must not act or rely on this communication or any of its contents. Any investment or investment activity to which this presentation handout relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. This handout is not intended for publication in the United States of America, Canada, Australia or Japan. 49