Passion for Real Assets

Annual Report 2012 The IVG business model

IVG Immobilien AG is one of Europe‘s leading asset and investment managers

Our business model is geared towards generating sustainable income while maintaining a balanced risk profile. We are positioning ourselves as an investment platform for real estate and infrastructure (caverns) with an integrated value chain.

Investors and tenants

Asset Investment Funds Management

Direct Indirect Real Real Investments Investments · Transaction Estate Estate Related · Letting · Development · Real Estate () · Real Estate (Europe) · Management · Core · Caverns · Caverns · Infrastructure · Value Add/ · Infrastructure Opportunistic

IVG Investment Platform

Our business is founded on two pillars – Investment and Funds – IVG Funds: Structuring, distribution and management of investment and supported operationally by our internationally positioned Asset products for institutional and private investors with a focus on core Management unit. real estate throughout Europe and on infrastructure (e. g. caverns)

IVG Investment: Investments in real estate and caverns with equity – IVG Asset Management: Management of properties held by IVG in direct investments in Germany and indirect investments in real its own portfolio and in funds, as well as the purchase and sale of estate and infrastructure projects throughout Europe properties throughout Europe focusing on value increase Locations and regions of IVG

Helsinki

Stockholm

Hamburg Etzel London Amsterdam Berlin Dusseldorf Warsaw Brussels Bonn Wiesbaden Paris

Munich Vienna

Budapest

Milan

Madrid

IVG Regions North Europe Southwest Europe Germany Southeast Europe United Kingdom Poland

(as per January 2013) Benelux Passion for Real Assets

Group key figures 2012 (in € m) 2012 2011 Change in %

Key operational figures Revenues 437.5 517.6 -15.5 thereof net rents 230.5 247.1 -6.7 thereof fees for fund and property management, development and sales 88.7 91.5 -3.0 thereof from project sales 35.8 119.9 -70.2 EBIT 144.7 43.3 - EBT -86.9 -217.6 -60.1 Consolidated net profit -98.7 -126.0 -21.6 thereof unrealised changes in value 51.3 -116.6 - Funds from Operations I (FFO I) 20.6 14.9 38.3 Funds from Operations II (FFO II) -51.0 -62.2 -17.9 Key balance sheet figures Total assets 6,130.8 6,904.2 -11.2 Equity (carrying amounts) 1,275.6 1,386.3 -8.0 Equity ratio at carrying amounts in % 20.8 20.1 3.6 Net asset value (NAV) 878.4 985.3 -10.8 NAV adjustment (future value potential cavern business and consideration of accrued hybrid coupon payments) 279.7 325.3 -14.0 NAV adj. (incl. future value potential cavern business and consideration of accrued hybrid coupon payments) 1,158.1 1,310.6 -11.6 Equity ratio at NAV adj. in % 19.3 19.2 0.3 EPRA NAV 669.7 781.7 -14.3 EPRA NNNAV 966.9 1,131.4 -14.5 Key figures per share in € Number of shares at reporting date 207.9 207.9 - Average number of shares 207.9 142.1 46.3 NAV1) 4.23 4.74 -10.8 NAV adj.1) 5.57 6.30 -11.6 EPRA NAV1) 3.22 3.76 -14.3 EPRA NNNAV1) 4.65 5.44 -14.5 FFO I2) 0.10 0.10 -5.4 FFO II2) -0.25 -0.44 -43.9 Earnings (EPS), undiluted2) -0.44 -1.11 -60.4 EPRA (EPS), undiluted2) -0.52 -0.99 -47.5 Diluted earnings2) -0.44 -1.11 -60.4 Dividend per share 0.00 0.00 - Segments IVG Real Estate: Fair value 3.193 3.776 -15.4 IVG Development: Invested capital (IVG share) 1.651 1.534 7.6 IVG Caverns: Value of caverns under development 1.078 1.143 -5.7 IVG Funds: Assets under Management 15.217 15.054 1.1 Employees at end of year (FTE) 551 586 -6.0

1) On the basis of the number of shares at reference date (31.12. 2012: 207.9 m shares/31.12.2011: 207.9 m shares) 2) On the basis of the average number of shares (31.12.2012: 207.9 m shares/31.12.2011: 142.1 m shares)

U6 For IVG, 2012 was a year in which many milestones were passed successfully on its restructuring pa