On the move - CA Immo

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22/6/07 

25.50 

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23.50 

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22.50 

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J A S O N D J F M A M J J A S O N D J F M A M J 

CA IM.ANLAGEN 

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CA Immobilien Anlagen 

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gìåÉ=OMMT 

Initiating Coverage 

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* figures according to IFRS fair value method 

MKMB MKMB MKMB MKMB MKMB 

• We hereby initiate coverage of CA Immobilien Anlagen ("CA Immo") with 

a Buy recommendation and a 12M price target of EUR 26. We derived the 

price target by adding 50% of the hidden reserves we estimate within the 

company's portfolio (Total: EUR 1.9/share) to the NNNAV/share of EUR 25.06m in 

FY 2008E. We expect further upside if the company shows higher revaluation 

gains on developments. 

• Regionally diversified. CA Immo is a real estate investor, which has increasingly 

moved into development projects in recent years. Its real estate portfolio consists 

predominantly of commercial properties in 11 European countries. The portfolio 

is spread over three main countries/regions: Austria, Germany and Eastern Europe. 

Its listed subsidiary CA Immo International (CAII), in which it holds 51%, is active 

in Eastern Europe. 

• Conservatively valued. The company`s portfolio is valued at yields well above 

the prime yields in these markets. In the case of its homemarket, Austria, this is 

5.9% compared to prime yields of below 5%. The conservative valuation results 

in hidden reserves of EUR 1.9/share. Adding these reserves to the 1Q 2007 NNNAV, 

we derived a fair value of EUR 23.6, which is well above the current share price. 

• Increasing development exposure. Of the company's probability-weighted 

investment pipeline of EUR 3.2bn until 2009, 46% will be invested in development 

projects through funds, specially designed for this purpose. These funds are a 

source for additional capital resources provided by institutional investors on a 

cash-call basis and, thus, significantly diversify the risks linked to development 

projects. 

• Mainly fixed debt structure shields from rising rates. Real estate stocks 

have been hit hard recently because of rising interest rates. Based on our inhouse 

view of a refi-rate of 4.5% at year-end (currently 4.0%), we have adjusted our risk 

assessment accordingly. However CA Immo’s debt structure of 82% fixed or fixed 

swapped provides a good shield for further rate hikes. The remainder is variable. 

Please note that the information at the back forms an integral part of this report. 

See disclaimer for more information on UniCredit Markets & Investment Banking 

1


Contents 


gìåÉ=OMMT 

Investment case 5 

The company 8 

Valuation 13 

The management 16 

The portfolio 17 

The strategy 26 

Project pipeline 27 

Financials 30 

3


Investment case 


gìåÉ=OMMT 

One of Austria's largest listed real estate companies. CA Immo, founded in 

1987, is active as a real estate investor in its home market, Austria, as well as in 

Germany and Eastern Europe. The company's portfolio consists currently of 181 

properties in 11 different countries and a lettable space of 1.6m sqm. The portfolio 

reached a value of EUR 2.2bn (+ 100% YoY) in 1Q 2007, partly due to the acquisition 

of a large portfolio in Germany sold by the state of Hesse. This acquisition led to 

value proportions similar to that of its two other business regions within its portfolio. 

Lots of hidden reserves. The portfolio of the company is very conservatively 

valued, taking into account an Austrian portfolio valued at a yield of 5.9% and CEE 

and SEE portfolios yielded at 6.9% and 8.7%. These yields are in sharp contrast to 

the prime office yields in these markets, which are in the case of Austria around 5%; 

the latter two are also far below these yields. For example, the Polish portfolio was 

valued with a 7.2% yield compared to prime market yields of 5.5%. This conservative 

valuation implies a lot of hidden reserves, which we estimate at EUR 1.9 per share. 

Adding this to the announced NNNAV at the end of March 2007 of EUR 21.69 it 

results in a fair value of EUR 23.59, which is 8% higher than the current share price. 

Increasing development exposure. Of the company's probability-weighted 

investment pipeline of EUR 3.2bn until the end of 2009, 46% will be invested in 

development projects. In addition to the established practice of executing 

developments in Eastern Europe with local developers, CA Immo has now developed 

funds for this purpose. These funds will develop all the projects in CA Immo's Eastern 

European pipeline either standalone or, in some cases, in joint ventures. This will, 

on the one hand, provide CA Immo with interesting acquisition possibilities for its 

core portfolio while, on the other hand, it could profit through its holdings from 

the development margins. In addition, CA Immo constantly monitors its portfolio 

for re-development opportunities, which increase the value of a property or change 

the kind of utilisation. 

Risk reduction through funds. Through the funds CA Immo has a source for 

additional capital provided by institutional investors on a cash-call basis. This 

significantly diversifies the risk linked to development projects. 

Combining stable returns with an Eastern European growth story. CA Immo 

offers the investor the possibility to profit from the stable returns coming from its 

Austrian and German portfolios while also profiting from the growth dynamic and 

higher yields in Eastern European real estate markets. These higher yields especially 

in SEE and CIS will lead to high revaluation gains in CA Immo's rapidly growing 

Eastern European real estate portfolio through expected yield compression to Western 

European levels. The best example for the stable returns is the recently acquired 

portfolio in Germany, which is predominantly let for a time period of 30 years to 

the state at a yield of 5.3%. 

Rapid investment strategy. After almost doubling its real estate portfolio in FY 

2005 and FY 2006, CA Immo intends to continue this rapid investment strategy in 

the coming years. This is backed by a sound investment pipeline of projects with a 

value of EUR 5.9bn (not probability weighted) until the end of 2009. The investments 

are planned especially in developments within Eastern Europe in SEE and CIS while 

in Germany large portfolio acquisitions are targeted. 

5

6 



gìåÉ=OMMT 

Active portfolio management. CA Immo not only acquires and develops projects 

but also strategically sells properties to optimise the growth of its NAV. A recent 

example of this strategy was the selling of an office building in Prague 

(Jungmannova), which has been developed in a joint venture since 2001. Having 

invested EUR 10m, CA Immo sold its stake with a gain of 128% at a very favourable 

yield of 5.1%. 

No management contract with affiliated bank. The company has an in-house 

management. Investors have often criticised the management structure of Austrian 

real estate companies (payment of fees to affiliated banks though a management 

contract), which, however, is in compliance with Austria's Companies Act 

(Aktiengesetz). In the case of CA Immo there are no management fees payable to 

affiliated banks. In contrast, it contributes through CAII to the management fees 

paid by the funds. 

Targeted loan to value target of 60%. Like its subsidiary CAII, the company 

targets a much more aggressive leverage than most other Austrian real estate 

companies, which usually carry a very high proportion of equity on their balance 

sheet. In contrast to companies such as Meinl European Land, CA Immo has adopted 

the policy to wait until this leverage target has been reached before raising capital 

again. 

Local knowledge. In all markets where CA Immo's portfolio exposure reaches a 

certain size, it will establish local offices. This strategy provides the company with 

local knowledge, a factor that is key in these markets. 

High transparency. CA Immo is one of the most transparent listed Austrian 

companies. CA Immo provides acquisition prices, yields, market values, etc. for each 

of its real estate properties - information that is not necessarily provided in detail 

by other real estate companies. 

Experienced management team. Management has a successful track record and 

the three-member management board has extensive experience in the real estate 

sector.


Risks 


gìåÉ=OMMT 

USD exposure. In its Eastern European portfolio CA Immo has two buildings each 

in Warsaw and Bucharest, which have lease contracts predominantly or completely 

based on the USD. This exposure made up 13% of its total rental income in 2006. If 

there were a devaluation of the USD, CA Immo would be affected at rental level but 

also at revaluation level - a constellation that led to a devaluation of EUR 8.6m in 

two of these properties in 2006. In terms of rents CA Immo mitigates exposure 

through the financing of the relevant properties in USD, which leads to an internal 

hedge, as the cash flows are used to match the interest payable. We do not expect 

this foreign currency exposure to decrease in the mid-term because of CA Immo's 

pipeline in Russia where rents are usually based in USD. 

Interest rates. CA Immo like any other real estate company has profited from the 

boom in real estate asset prices in Europe over the past few years. Due to its more 

aggressive leverage, CA Immo is more exposed to the risk of rising interest rates. 

According to our in-house economists, we expect two more small interest hikes of 

25bp by the ECB (European Central Bank) to 4.5% in the refi-rate this year, which is 

part of our risk assessment. Any further rate hikes would need to be assessed at the 

appropriate time. CA Immo uses derivatives and fixed rates for reducing this risk. 

7

8 


The company 


gìåÉ=OMMT 

CA Immo Anlagen AG ("CA Immo") was founded in 1987 and has been listed on the 

Vienna Stock Exchange since 1988. With a current market cap of EUR 2bn, CA Immo 

is the fourth-largest listed real estate company in Austria. Its main activities comprise 

the acquisition, rental and commercial utilisation of primarily office properties in 

cities in Austria, Germany and Eastern Europe, with the goal to optimise its 

investments. CA Immo is also active in project developments, which are typically 

carried out in co-operation with local developers in the form of joint ventures or 

forward purchases. However, CA Immo is also increasingly assuming 100% of the 

development risk in projects. This proportion is expected to increase in the midterm, 

taking into account the numerous development projects in CA Immo's pipeline. 

By the end of 1Q 2007, the real estate portfolio of CA Immo consisted of 181 properties 

in 11 European countries and 1.1m sqm of lettable space. Seventy-five percent of 

the space was located predominantly in its home market, Austria, and in Germany. 

However, the high proportion in Germany was due to a huge portfolio acquisition 

in Hesse with an investment volume of EUR 798m. All in all, CA Immo's portfolio 

had a total value of EUR 2.1bn at the end of FY 2006, which was almost double that 

of the year before (EUR 1.2bn). The total portfolio provided a current yield of 6% at 

the end of 2006, whereas the Eastern European properties contributed a yield of 

7.5%. 

Portfolio growth by region Number of objects 

PIMMM 

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* including the Hesse portfolio 

OMM 

NUM 

NSM 

NQM 

NOM 

NMM 

UM 

SM 

QM 

OM 

M 

RT 

SO 

NQT 

NTV 

NUN 


Source: CA Immo 

Following the IPO in 1988, CA Immo initiated its activities in its home market, 

Austria, particularly in the capital city of Vienna, in which it became a specialist in 

commercial space. In 1999 the company began its expansion into Eastern Europe 

with the acquisition of an office building in Budapest (Hungary). With this move, 

CA Immo became the first listed Austrian real estate company to launch activities in 

Eastern Europe at that time. Two years later (2001), the first development projects 

commenced in Eastern Europe in Budapest and Prague (Czech Republic). In 2003, 

the company made its first investments in SEE with the acquisition of office buildings 

in Bulgaria (Sofia) and Romania (Bucharest). This was followed by a rapid series of 

investment activities, which, at their peak in 2005, led to a more than doubling of 

CA Immo's real estate portfolio in Eastern Europe. In the Austrian market, the 

company increased its portfolio precipitously in 2005/2006 with the acquisition of 

the BBAG portfolios for EUR 224m.

Historic development (20 years) 

Foundation of 

CA Immo 

Anlagen AG 

IPO on the 

Vienna Stock 

Exchange 

CEE market 

entry with first 

purchase of an 

office building in 

Hungary 

(Budapest) 


1) Total committed equity volume (on capital call basis) 

2) Total equity volume (target) 

3) Two portfolios purchased in two steps 

4) Total investment volume 


gìåÉ=OMMT 

Due to the high dynamic in the Eastern European countries and the extensive cash 

demand for new projects, CA Immo decided to float its subsidiary CAII, which is 

active in the Eastern European market. Post-IPO - EUR 287m was raised in additional 

equity - CA Immo continues to hold 51 % of CAII, which became a company with a 

EUR 626m market cap in its own right. Following the IPO, the company made its 

first investment in the CIS in Moscow: the Maslov Tower. The development project 

for an office building (a 50:50 joint venture with a local developer) has a total 

investment volume of EUR 130m. In December 2006, the then still small activities in 

Germany were greatly expanded by the Hesse portfolio acquisition, mentioned 

above, adding properties with a value of EUR 798m to CA Immo's portfolio. 

1987 1988 1999 2003 2004 2005 

SEE market entry 

with first 

investments in 

Bulgaria/Sofia and 

Romania/Bucharest 

9 


The successful capital increase by EUR 677m increased the number of the company's 

shares by 50%, or 29.1m shares, to 87.3m, significantly enlarging the company's 

potential for further acquisitions and developments, particularly in Austria and 

Germany. The capital increase significantly changed the shareholder structure, which 

was formerly dominated by retail investors, in favour of institutional investors, 

which now makes up 32% of the total. By enlarging its stake from 5% to 10%, BA 

CA became the largest shareholder. 

Shareholder structure 

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POB 

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NMB 

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UB 

Acquisition of 

BBAG portfolios 

(EUR 224 m) 3 

Capital 

increase of 


(EUR 307 m) 

Issuance of 


bond (EUR 

200 m) 

CIS market entry 

through first 

investment in 

Russia/Moscow 

(EUR 120 m: 

50/50 JV) 4 

mêáî~íÉ= 

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RMB 

IPO and capital 

increase of CA II 

(EUR 287 m) 

2006 2007 

Financial 

investment of 

25% plus 4 

shares in UBM 

CA Immo New 

Europe 

Property Fund 

(EUR 400 m) 1 

German market 

entry through 

acquisition of 

large Hesse 

portfolio in 

Germany 

(EUR 798 m) 

Hotel Fund 

(EUR 275 m) 2 

Source: CA Immo, CA IB

10 


Structure of the company 


gìåÉ=OMMT 

The company's business consists of three segments, each responsible for one of the 

three investment regions. Within this structure, CAII is responsible for the company's 

activities in Eastern Europe. CA Immo holds a 100% stake in its Austrian and German 

activities. Through CA II, the parent company also holds stakes in funds formed 

specifically for its development activities in Eastern Europe (New Europe Property 

Fund, Hotel Fund). 

Structure of CA Immo 

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* CEE stands for Central and Eastern Europe and covers Czech Republic, Hungary, Poland and Slovakia 

SEE stands for South Eastern Europe and covers Albania, Bosnia & Herzegovina, Bulgaria, Croatia, Macedonia, Romania, Serbia/Montenegro and Slovenia 

CIS stands for Commonwelth of Independent States and includes Belarus, Moldavia, Russia and Ukraine 

* * CA Immo International AG and Raiffeisen Versicherung AG (Uniqa Group) currently hold 50% each. Following the full placement of the fund, 

CA Immo International AG and Raiffeisen Versicherung AG will both be diluted to a 25.5% interest each 

Funds 

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QVB 

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The company is currently participating in two funds through CAII. These funds provide 

the company with potential new properties for its core portfolio, and the potential 

to participate in the development margins and management fees. In addition, these 

vehicles provide a risk-sharing opportunity for third-party investors and access to 

committed capital through cash calls when required. The cash calls prevent the 

funds from carrying a large cash position on their balance sheets, and consequently 

they are able to increase their profitability. At company level, CA Immo participates 

in the profits of the funds through its 51% holding in CAII, at a 25.5% participation 

in the New Europe Property Fund and 12.75% participation in the H1 Hotel Fund. 

Additional funds are planned across all regions in the coming years.


Effective share of investments 


gìåÉ=OMMT 

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New Europe Property Fund 

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11 


The target of this fund is to develop new real estate projects in Eastern Europe. CAII 

will invest approximately EUR 200m of equity over the next three years in 

development projects. The balance of the fund volume was placed amongst 

international institutional investors. Altogether, this provides an equity base of EUR 

400m, which can be called up by the management of the fund and provided by 

CAII, when needed. In terms of cash calls, the company expects EUR 102m in 2007, 

EUR 148m in 2008, and EUR 150m in 2009. 

In terms of debt finance for the projects, the fund targets a leverage of 75% in 

suitable cases but 60% on average. All considered, this will lead to a total fund 

volume of EUR 1bn, which is intended to be invested in projects with an average 

investment volume of between EUR 40m and EUR 70m. In terms of region, the 

company targets 20% of the investments in CEE countries, and 40% each in SEE and 

CIS. The investment period is expected to be 3-4 years, beginning with the acquisition 

of a plot of land and ending with the sale of the completed project to potential 

investors or to CAII. 

As indicated, the management for the fund is provided by CAII, through a 

management contract, for which it is granted a development fee of 125bp on the 

project value of the development and an asset management fee of 85bp for the real 

estate portfolio of the fund under management at market value. In addition, CAII 

receives a profit participation fee of 20% of the amount exceeding an internal rate 

of return (IRR) of 15% per year. Should the IRR amount to 20%, CAII is to receive an 

additional profit participation fee of 30% of the amount exceeding 20%.

12 



gìåÉ=OMMT 

The fund launched its first project in Belgrade in February of this year, where an 

office tower (Savograd) with an investment volume of EUR 45m is under 

development. The fund expects a yield on investment costs of between 10-12%, 

with the completion of the project scheduled for the beginning of 2008. 

The fund has planned another investment: a 50:50 joint venture with developer 

UBM in Warsaw. The first phase of the office project is planned to begin by the end 

of this year, while completion is slated for 2010 (investment volume of EUR 88m, 

yield of 8-10%). The subsequent phases of the project, to be carried out within the 

ensuing 12-14 years with a total EUR 250m in investment volume, will consist of a 

total lettable area of 200,000 sqm of office, retail and hotel space. 

The H1 Hotel Fund 

CAII and Raiffeisen Versicherung, which is part of the Uniqa group, hold a 50% 

participation each in the Hotel Fund. The fund is intended to develop 3-4-star business 

hotels in Eastern European countries, and currently has a committed equity base of 

EUR 140m. This equity base is intended to double to EUR 275m through an offering 

to institutional investors. The targeted capital structure of the fund of 60:40 debt to 

equity provides the fund with potential investment volume of EUR 700m. To secure 

the letting of the development project following completion, the fund co-operates 

closely with international hotel chains. The management for the fund is provided 

by CAII, Raiffeisen Versicherung and Deloitte, for which they receive a 0.75% asset 

management fee and a success fee, to be shared equally among them. Currently 10 

hotel projects are being considered by management. 

A framework contract was just recently signed between this fund and Russian 

Avtopromimport for 50 hotels throughout Russia. This contract does not include 

concrete projects but is a good sign that most of the fund's activity will be focused 

on the Russian market.


Valuation 


gìåÉ=OMMT 

We have used the P/NAV as a core yardstick for valuing CA Immo. The NAV multiple 

is used for three reasons. First, CA Immo is - despite an increasing development exposure 

- still predominantly a real estate investor, because most of the development projects 

are executed via joint ventures with local partners. Second, the NAV provides a good 

reflection of the underlying value of a real estate company. And third, the net asset 

value is the least biased by different accounting standards and, thus, enables a good 

comparison of the various companies. The NAV is derived from valuation reports 

prepared by external appraisers; for CA Immo, these are CB Richard Ellis for the Eastern 

European portfolio; MRG and CB Richard Ellis for the Austrian real estate portfolio; 

and Colliers for Germany. For appraising the real estate portfolio, the company mainly 

uses the DCF methodology on a yearly basis. The company itself calculates a NNNAV 

based on EPRA (European Public Real Estate Association) standards for its financial 

statements, which includes revaluation gains on developments, deferred taxes and 

value adjustments of financial instruments. 

CA Immo reports its figures according to IFRS, which allows it to report the real estate 

portfolio either at fair value or at cost value. CA Immo uses the fair value for its real 

estate portfolio while the development projects are valued at cost until completion. 

Through this accounting method the NAV is the same as the shareholders' equity 

position. However, the company has an increasing development exposure, which is, 

according to IFRS, only accounted at cost. This leads to value jumps as soon as a 

project is completed and revalued by the appraisers. To take these developments into 

account on a constant basis, we have calculated the NNNAV, in which, in contrast to 

IFRS, revaluation gains in the properties under construction are included. This approach 

leads us to additional revaluation gains on developments after minorities of EUR 

30.7m in FY 2007 and EUR 73.2m in FY 2008, totalling an NNNAV per share of EUR 23.0 

in FY 2007 and EUR 25.1 in FY 2008. These expected revaluation gains on developments 

are based on the conservative approach of the company, which only showed 8% of its 

development costs as revaluation gains in FY 2006. This stands in contrast to the 

company's closest peers, Immofinanz, which adds 67% of its development costs as 

revaluation gains to its NAV calculation in 3Q 2006/07. 

NNNAV calculation 

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kkk^s=éÉê=ëÜ~êÉ=EbroF NUKQ NVKT ONKO OPKM ORKN 

B=ÅÜ~åÖÉ MB TB UB UB VB 

13 


14 


Very conservative valuation 


gìåÉ=OMMT 

The portfolio of the company is very conservatively valued, taking into account an 

Austrian portfolio valued at a yield of 5.9% and CEE and SEE portfolios yielded at 

6.9% and 8.7%, respectively. These yields stand in heavy contrast to the prime office 

yields in these markets, which are in the case of Austria below 5% and in the latter 

two also far below these yields. For example, the Polish portfolio was valued with a 

yield of 7.2% compared to prime market yields of 5.5%. This conservative valuation 

implies a lot of hidden reserves, which total EUR 1.9 per share. Adding this to the 

announced NNNAV of EUR 21.69 at the end of March 2007 results in a fair value of 

EUR 23.59, which is 7% higher than the current share price. The conservative valuation 

is explained by CAII's management with the need to be prepared for short-term 

market price declines. In such cases the company would not have to devalue its 

property portfolio, which would pull in a kind of safety net into its valuation. 

Austria and Germany have the lowest yields, but account each for 1/3 

portfolio value 

NOB 

NMB 

UB 

SB 

QB 

OB 

MB 

SKUB 

päçî~âá~ 

SKVB 

eìåÖ~êó 

UKNB 

oçã~åá~ 

NMKPB 

päçîÉåá~ 

UKVB 

_ìäÖ~êá~ 

TKOB 

mçä~åÇ 

RKVB 

^ìëíêá~ 

RKPB 

dÉêã~åó 

Source: CA Immo, CA IB 

We initiate coverage in CA Immo with a Buy recommendation and a price target of 

EUR 26. We derived this price target through adding 50% of the total hidden reserves 

of EUR 1.9/share to the NNNAV 2008E/share. Additional upside could come if the 

company were to show higher revaluation gains on developments.


Peer group valuation 

Peer group comparison P/NAV and P/EPRA NAV 


gìåÉ=OMMT 

In valuing the stock, we have compared it with a peer group of Austrian real estate 

companies on single NAV and on EPRA NAV, which includes revaluation gains on 

developments and deferred taxes. Some of these companies are active solely in 

Eastern Europe (Immoeast, Meinl European Land, subsidiary CA II), while some, 

such as CA Immo, have a more diversified real estate portfolio through additional 

exposure to Austrian or other Western European countries (Immofinanz). 

On single NAV CA Immo is currently traded at a discount of 10% to its peer group's 

median 2007E P/NAV, while on EPRA NAV basis the company is traded at its peer 

group's median P/EPRA NAV 2007E. 

The investor in this respect should always keep in mind the hidden reserves of EUR 

1.9/share, which would significantly enlarge the discount to its peer group median. 

mêáÅÉ 

k^s= 

OMMS 

k^s= 

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k^s= 

OMMUb 

mLk^s= 

OMMS 

mLk^s= 

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15 

mLk^s= 

OMMUb 

fããçÉ~ëí NMKMU UKPQ VKSM NMKRS NKON NKMR MKVR 

fããçÑáå~åò NMKRR UKSR VKUM NNKOM NKOS NKNM NKMM 

`^=fããç=fåíÉêå~íáçå~ä NQKOU NPKQN NQKTS NSKVM NKMS MKVT MKUQ 

`^=fããç=^åä~ÖÉå ONKOM OMKTT OOKOQ OPKTO NKMO MKVR MKUV 

jÉáåä=bìêçéÉ~å=i~åÇ ONKOR NRKPO NTKOM NUKUQ NKPV NKOQ NKNP 

jÉÇá~å NKON NKMR MKVR 

mêáÅÉ 

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fããçÉ~ëí NMKMU VKPR NNKNQ NPKPR NKMU MKVM MKTS 

fããçÑáå~åò NMKRR NMKPO NNKRR NPKNO NKMO MKVN MKUM 

`^=fããç=fåíÉêå~íáçå~ä NQKOU NPKSR NRKQO NUKPO NKMR MKVP MKTU 

`^=fããç=^åä~ÖÉå ONKOM ONKOM OPKMM OQKVM NKMM MKVO MKUR 

jÉáåä=bìêçéÉ~å=i~åÇ ONKOR NSKUV NUKTM ONKOM NKOS NKNQ NKMM 

jÉÇá~å NKMR MKVO MKUM 


16 


The management 


gìåÉ=OMMT 

In contrast to most other listed Austrian real estate companies, where all management 

services are provided by affiliated banks, CA Immo has an in-house management. This 

team of investment managers and real estate professionals is based either in the 

Vienna head offices or in the local offices in Budapest, Warsaw, Bucharest and Belgrade. 

The local offices, which provide the country knowledge for the company, are 

responsible for marketing and for property and facility management. In addition, CA 

Immo has stated it intends to open additional offices in Germany, Moscow, Prague, 

Sofia and Kiev as soon as a specific level of exposure in the property portfolio has 

been reached. In contrast to this strategy CA Immo just recently opened a local office 

in Belgrade, where it has currently only one development project (Savograde). In our 

view, this action is a good indication of additional activities in this market or adjacent 

countries such as Montenegro or Croatia. 

In preparation of the planned increase in the level of exposure in Eastern Europe, CA 

Immo increased the number of employees in 2005. This resulted in a 70% increase of 

staff in the Vienna HQ in 2005, while in 2006 additional management and controlling 

resources were added. 

Bruno Ettenauer, the chairman of the board of CA Immo since 2006, has more than 

15 years of experience in the real estate sector and is a certified and chartered surveyor 

for real estate valuation. Ettenauer is responsible for the property portfolio in Germany 

and Eastern Europe as well as for institutional products. 

Wolfhard Fromwald has been a member of the board of CA Immo since 1990. With 

17 years of experience in the real estate sector, Fromwald is responsible for accounting, 

controlling, organisation, investor relations and corporate communication. 

Gerhard Engelsberger is responsible for development and technical areas. With 

more than 40 years of experience in the real estate sector, Engelsberger has been a 

member of the board of CA Immo since 1987. 

Gregor Drexler joined CA Immo in 2006 and works as a chief asset manager. He has 

more than 10 years of experience in the real estate sector and graduated with a 

degree in Real Estate Economics from the European Business School in Oestrich-Winkel. 

Martina Schmidradner works as a chief investment manager. Schmidradner has 

more than 13 years of experience in the real estate sector and is a certified real estate 

agent. 

Roland Pomajbik works as the head of development. Pomajbik has nearly 20 years 

of experience in real estate development and was previously project developer for 

Wienerberger Immobilien. 

CA Immo has 105 key employees, 48 of whom are based in the head office in Vienna. 

In addition, 68 employees work for CAII, carrying out various tasks. To further expand 

internal resources for project monitoring and due diligence, the company intends to 

recruit additional asset managers. 

As mentioned above, CA Immo's subsidiary will provide management services for the 

New Europe Property Fund and for the H1 Hotel Fund. For this service, two types of 

fees are collected, which differ depending on the fund. (see pages 11 and 12.)


The portfolio 


gìåÉ=OMMT 

CA Immo's portfolio consists of 181 properties in 11 European countries, with a 

total market value of EUR 2.1bn (end of 1Q 2007). The value of the portfolio almost 

doubled in 2006 due to a large acquisition in Hesse (Germany), where a real estate 

portfolio with a market value of EUR 798m was acquired from local municipalities. 

The increase in the portfolio value in 2005 was driven by a strategy change in the 

Eastern European activities to one that is more aggressive, which almost doubled 

the Eastern European real estate portfolio valuewise in 2005. 

Portfolio growth by region Number of objects 

PIMMM 

OIMMM 

NIMMM 

M 

Ebro=ãF 

RSU 

TNT 

NINRT 

OINNSG 

OIPRN 


^ìëíêá~ dÉêã~åó b~ëíÉêå=bìêçéÉ `çããáííÉÇ=Ñçê=OMMT 


OMM 

NUM 

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NQM 

NOM 

NMM 

UM 

SM 

QM 

OM 

M 

RT 

SO 

NQT 

NTV 

NUN 

OMMP OMMQ OMMR OMMS j~êJMT 

17 


Regionwise, the real estate portfolio is almost equally diversified in terms of value 

in CA Immo's markets: Austria, Germany and Eastern Europe. The investment pipeline 

of the company suggests the relatively smaller proportion of the Eastern European 

region will draw level with the other regions in the mid-term. 

Regional diversification of current portfolio* 

^ìëíêá~ 

PTB 

dÉêã~åó 

PUB 


b~ëíÉêå= 

bìêçéÉ 

ORB 


Sectorwise, the property portfolio is dominated by the office sector with 75% in 

terms of value, followed by the "mixed usage" (offices with hotels and/or retail or 

residential) properties with 9% of value. This domination by the office sector is a 

throwback to the beginnings of the company when it was just a specialist in office 

space. In addition, the recent large acquisition in Germany, which consists solely of 

office space, increased this domination.

18 


The office sector dominates CA Immo’s portfolio(FY 2006)* 

lÑÑáÅÉ 

TRB 


oÉëáÇÉåíá~ä 

OB 

iÉ~ëÉÇ=ä~åÇ 

RB 

eçíÉä 

RB 

jáñÉÇ 

VB 

oÉí~áä 

PB 

içÖáëíáÅë 

NB 


gìåÉ=OMMT 


In terms of rental income the company's three investment regions, Austria, Germany 

and Eastern Europe, each make up almost a third of the total rental income in 1Q 

2007. 

Even split of rental income in 1Q 2007 

`bbLpbbL`fp 

PNB 

dÉêã~åó 

PSB 

^ìëíêá~ 

PPB 


The current yield on the whole real estate portfolio of CA Immo is 6% on average, 

with great differences depending on the region. The yields are led by its SEE 

exposure, which contributes current yields of 8.7%, followed by the CEE portfolio, 

which provides current yields of 6.9%. Taking into account that yields in the real 

estate sector in Western Europe are between 4% and 5%, it becomes apparent that 

a greater degree of yield compression exists in Eastern Europe for the CA Immo 

portfolio. In Austria, the company has current yields of 5.8%, while Germany brings 

up the rear with 5.2%, although its yield is of the stable sort derived from longterm 

tenant commitments.


SEE offers the highest yield in CA Immo’s portfolio 

NMB 

VB 

UB 

TB 

SB 

RB 

QB 

PB 

OB 

NB 

MB 

RKV= 

RKP= 

SKV= 

UKT= 


gìåÉ=OMMT 

^ìëíêá~ dÉêã~åó `bb pbb 

* including the Hesse portfolio, including rent from two properites scheduled for completion in 2010 

** excluding value added 


Market activities 

Austria 

Austria is CA Immo's home market, in which it started its business 20 years ago. 

Historically the company has been predominantly active in the office sector in the 

high-quality segment, but in recent years, the proportion of other sectors has grown. 

Two-thirds of CA Immo's lettable space (totalling 343,700 sqm) and projects in terms 

of market value (totalling EUR 667m) are located in the capital, Vienna, while the 

remainder is located in other large cities of the country. In total, 124 buildings 

make up CA Immo's Austrian real estate portfolio, which provides a current yield of 

5.9% (excluding value added) on average (in market values). 

Development of the portfolio 

UMM 

SMM 

QMM 

OMM 

M 

Ej~êâÉí=î~äìÉ=Ebro=ãFF 

PO 

PRO 

QU 

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`çêÉ=áåîÉëíãÉåíë aÉîÉäçéãÉåíë kçK=çÑ=çÄàÉÅíë=EêáÖÜí=ëÅ~äÉF 

OMM 

NUM 

NSM 

NQM 

NOM 

NMM 

UM 

SM 

QM 

OM 

M 

19 


The properties are let predominantly on open-ended rental contracts (54%) to large 

international companies such as Siemens and Ikea, with the former alone constituting 

24% of the rental income in Austria. All rents are adjusted on an annual basis 

according to CPI.

20 



gìåÉ=OMMT 

More than half of CA Immo’s contracts are open end in Austria 

SMB 

RMB 

QMB 

PMB 

OMB 

NMB 

MB 

RKQB 

RKVB 

NVKSB 

SKQB 

OKRB 

RKTB 

RQKSB 

OMMT OMMU OMMV OMNM OMNN OMNOH çéÉå 

ÉåÇ 

B=çÑ=êÉåí~ä=áåÅçãÉ=Ebñéáêó=Ç~íÉ=çÑ=Åçåíê~ÅíF 

Top three tenants in Austria 

`çãé~åó fåÇìëíêó pÜ~êÉG 

pÜ~êÉ=íçí~ä= 

ÖêçìéGG 

páÉãÉåë=^d=^ìëíêá~ fqLqÉäÉÅçããìåáâ~íáçå OQB UB 

fhb^=báåêáÅÜíìåÖÉå=e~åÇÉäÖÉëK=ãKÄKeK oÉí~áä PB NB 

rm`=qÉäÉâ~ÄÉä=táÉå=dãÄe qÉäÉÅçããìåáÅ~íáçå PB NB 

* Share of rental income of Austrian rent income 

** Share of rental income of total annual Group rental income including Hesse portfolio based on contracted rent 

for 2007 



In its home market, CA Immo gained its initial expertise in development projects 

before transferring this experience to Eastern Europe. Three projects are currently 

under development in Austria, of which a hotel/office development in Vienna 

(Rennweg) is the largest, with 43,000 sqm of lettable space. The majority of the 

project, with an investment volume of EUR 86m, has already been pre-let to an 

operator, Austrian Trend Hotel Verkehrsbüro. Completion of the development, which 

will provide stable cash flows from the hotel operator, is planned for spring 2008. 

Another project under development is an office building in Vienna with a total 

investment volume of EUR 107m. The project, which is planned to be completed in 

two phases, has a targeted IRR (Internal Rate of Return) of 12-14%. Completion of 

the total development is expected by 2010. 

CA Immo is also active in refurbishment projects, an example of which is the Donau 

Business Centre in Vienna, which is currently a pure office property in a secondary 

location. The opening of a metro station, scheduled for 2008, will see a definite 

increase in the attractiveness of the location. The refurbishment of the property 

provides the addition of up to five floors and a change in usage from that of a pure 

office building to one that is mixed usage, which also offers hotel space. The hotel 

space will be used for a 2-3-star hotel and will provide stable cash flows from the 

operator.



gìåÉ=OMMT 

Targets: CA Immo is planning to enlarge its Austrian portfolio through the acquisition 

of whole portfolios but also single objects. CA Immo will actively manage portfolio 

deals through selective divestments if properties are not compatible with its core 

portfolio. In addition, the company's development and redevelopment measures 

will provide CA Immo with attractive margins and new space. 

The acquisition of the BBAG portfolio in 2005 for an investment volume of EUR 

125m is an example of this strategy. During the due diligence, CA Immo identified 

8% of the portfolio as non-core, which was sold once the deal closed at an average 

profit of 10% above the acquisition price. In addition, redevelopment opportunities 

were identified and developments were completed. 

Germany 

The German real estate market is a relatively new market for CA Immo. Until the 

end of 2006, CA Immo had only one office building in Düsseldorf. This changed at 

the end of December 2006 when CA Immo successfully participated in a tender for a 

portfolio of government buildings in the state of Hesse. This 447,500 sqm of lettable 

space and 659,700 sqm of land area were acquired for EUR 798m and at a yield of 

5.24%. The portfolio is let under long-term contracts to state organisations (state of 

Hesse: AA+ rating) such as government ministries, courts of law and police stations, 

which will provide stable cash flows in the coming centuries. In addition, rents are 

adjusted as soon as the changes in CPI total 7.5%. 

About 2/3 of German contracts expire not before 2030 

UMB 

TMB 

SMB 

RMB 

QMB 

PMB 

OMB 

NMB 

MB 

RKMB 

VKPB 

NOKUB 

TOKUB 

Y=OMNM Y=OMOM Y=OMPM [=OMPM 

B=çÑ=êÉåí~ä=áåÅçãÉ=Ebñéáêó=Ç~íÉ=çÑ=Åçåíê~ÅíF 

21 


Through the Hesse acquisition CA Immo established itself in Germany as a reliable 

long-term investor and potential buyer for further privatisations of state-owned 

real estate portfolios. The acquisition was financed with EUR 550m of debt, resulting 

in a loan to value ratio of 69%. The leverage was swapped 100% into a fixed interest 

rate of 4.4% p.a. for the coming 10 years, which protects the company from further 

interest rate hikes. Only minor administrative costs arise from this acquisition as the 

whole administration is provided by the tenant. 

Furthermore, the portfolio provides CA Immo with redevelopment opportunities in 

the event state austerity measures were to result in the cancellation of contracts. 

Such cancellation would be possible only if CA Immo were to agree to it, providing 

a bargaining chip for the company for any necessary rededication of the properties 

in such case.

22 


Eastern Europe 

Map of CEE and number of properties 

CEE 


gìåÉ=OMMT 


In CEE, CA Immo focuses its investments - through its subsidiary CAII - predominantly 

in the capital cities on prime or secondary locations and predominantly prime office 

space. However, investments also in second- and third-tier cities and other sectors 

are planned for the future to increase diversification. The first investment in CEE 

following this new strategy was the start of a hotel development project in Pilsen 

(CZ).The portfolio currently consists of ten office buildings with lettable space of 

126,700sqm (excluding parking) and a total market value of EUR 336m. In addition, 

CA Immo has eight development projects in CEE, for which EUR 66.6m have been 

capitalized so far. 

Poland: Poland is one of CA Immo's key markets in Eastern Europe. Its real estate 

portfolio, which consists of three office buildings, is located solely in Warsaw. The 

market was entered upon the acquisition of the Wspolna building in 2001. Most of 

the rents are denominated in USD, but are gradually changed to EUR as soon as a 

tenant contract expires. 

CA Immo just recently announced a development project in Warsaw for an office 

building in a joint venture with developer UBM. Subsidiary CAII has held a 25% +4 

shares stake in this company since November 2006. The project is a multi-phase 

project of a business park with office, retail and hotel space. In the first phase, an 

office building is under development up until 2011 with an investment volume of 

EUR 88m; it is expected to provide a yield of 8-10% on investment costs. The 

investment value of the various complete phases is EUR 250m. 

Hungary: The Hungarian portfolio consists of five office buildings in prime or 

secondary locations in Budapest. Hungary was the first Eastern European real estate


gìåÉ=OMMT 


market CA Immo entered back in 1999. In the case of one office building, 45% of 

rents are denominated in HUF (Hungarian forint). In February this year, CA Immo 

concluded a forward purchase agreement of an office development project from 

the developer Hochtief in Budapest for EUR 71m. The completion of the project is 

expected by spring 2009; it will be CA Immo's largest investment yet in Hungary. 

Czech Republic: CA Immo currently has only one development project in the Czech 

Republic - in Pilsen - for a hotel, with an effective area of 14,300 sqm of lettable 

space. The forward purchase will total EUR 30m in costs; it will be run by Marriott 

Hotel upon its expected completion in autumn 2007. 

In 1Q 2007 CA Immo sold an office building in Prague (Jungmannova) to its joint 

venture partner at a favourable yield of 5.1 %, leading to a profit of 127% compared 

to the development costs of EUR 10.4m. Just recently the ECM Airport Centre in 

Prague, a development project, was completed, which provides 6,800 sqm of lettable 

office space. In another joint venture with Czech ECM, CA Immo is developing an 

office building in Prague (ECM City Deco). 

Slovakia: The Bratislava Business Centre was CA Immo's second investment in Eastern 

Europe back in 2000. It is located in a prime area and let to local companies such as 

Slovenska sporitelna. An enlargement of this property with an investment volume 

of EUR 27m is currently being executed by the New Europe Property Fund. 

SEE 


gìåÉ=OMMT 

The entry of CA Immo into SEE dates back to the company's entry into the Bucharest 

real estate market in 2003. CA Immo concentrates its efforts on high-quality office 

buildings in the countries' capitals. CA Immo plans to increase the SEE proportion in 

its total portfolio in the coming years while increasing its sector diversification 

through investments in the retail sector and investments in logistics at major traffic 

junctions. The portfolio currently consists of five office buildings and one hotel 

building with a total lettable space of 69,857 sqm excluding parking and a market 

value of EUR 175m. In addition, CA Immo has signed three development projects in 

SEE with an expected investment value of EUR 171m. 

Romania: With a portfolio of three office buildings, Romania is CA Immo's key 

market in SEE. The properties are located in prime areas of Bucharest and are let to 

international tenants. In two buildings of the portfolio, rents are denominated to a 

great extent in USD. Last year, one of CA Immo's developments was sold at the 

favourable price of EUR 41m, which was 78% higher than the investment costs. Just 

recently CA Immo announced a development project in the second-largest Romanian 

city, Timisoara. This office project with a lettable space of 20,000 sqm is being 

developed in a joint venture with Austrian/Romanian developer Wimpex and has 

an investment volume of EUR 47.5m. 

Bulgaria: The portfolio consists of two buildings in Sofia, called Mladost 1 & 2, 

which are located in a prime area and let to tenants such as Cosmo Bulgaria Mobile 

and Johnson Control. In a joint venture with developer Soravia and BA CA Real 

Invest, CA Immo just recently started an office and retail development project in 

Sofia (Megapark). 

21 23

24 



gìåÉ=OMMT 

Slovenia: CA Immo acquired its only non-office building in its Eastern European 

portfolio in 2005. The hotel is located in Ljubljana. 

Serbia: CA Immo entered the Serbian real estate market this year with an office 

development project (Savograd) in Belgrade. This project is executed through the 

New Europe Property Fund with a total investment volume of EUR 45m. The 

completion of this office building is expected by the beginning of 2008. The yield is 

expected to be 10-12% on investment costs. 

CIS 

This region was entered following the IPO of CA Immo's subsidiary CAII through an 

investment in Moscow, an office development called Maslov Tower. CA Immo entered 

into a 50:50 joint venture with a local developer for the execution of the project. 

The local developer, whose business is run by a German, has been active on the 

Moscow real estate market for more than 10 years. The project has a total investment 

volume of EUR 130m and is expected to provide a yield of 14-16% on its investment 

costs. 

Projects in development and planning in Eastern Europe 

`çìåíêó pí~âÉ 

fåîÉëíãÉåí= 

îçäìãÉ=Ebro=ãF `çãéäÉíáçå bñéÉÅíÉÇ=óáÉäÇëEBF 

The tenants in CEE and SEE 

cìåÇ=L=cçêï~êÇ= 

mìêÅÜ~ëÉ 

b`j=`áíó=aÉÅç `òÉÅÜ= RMB RM OMMV SKQ cìåÇ 

mçäÉíòâá=_ìëáåÉëë=m~êâ mçä~åÇ RMB UU OMMV UJNM cìåÇ 

`~éáí~ä=pèì~êÉ eìåÖ~êó NMMB TM OMMV T cçêï~êÇ 

aáéäçã~í=eçíÉä `òÉÅÜ RMB OV OMMT UKOR cçêï~êÇ 

__` päçî~âá~ NMMB OT OMMV NM `^=ff 

p~îçÖê~Ç pÉêÄá~ RMB QR OMMU NMJNO cìåÇ 

qáãáëç~ê~ oçã~åá~ RMB PM OMMV NNJNQ cìåÇ 

jÉÖ~é~êâ _ìäÖ~êá~ RMB VS OMMV TKOR cçêï~êÇ 

j~ëäçî jçëÅçï RMB NPM OMMV NQJNS `^=ff 

qçí~ä RSR 


Most of the rental contracts in CA Immo's Eastern Europe portfolio are long term, 

with 66% of the contracts running until 2010 and beyond. In terms of tenants, eight 

companies made up 34% of CA Immo's 2006 rental income. These are either 

international companies such as PricewaterhouseCoopers, or local telecommunications 

companies such as PTK Centertel, or banks such as PBK Property in Poland. A review 

of the maturity of the Eastern European portfolio suggests a favourable mix of midand 

long-term contracts, which provide a stable return on the portfolio.



gìåÉ=OMMT 

Favourable mix of short term and long term contracts in CEE and SEE 

PMB 

ORB 

OMB 

NRB 

NMB 

RB 

MB 

SKQB 

NMKQB 

NTKTB 

OQKTB 

OMKRB 

OMKPB 

OMMT OMMU OMMV OMNM OMNN OMNOÑÑ 

R=çÑ=êÉåí~ä=áåÅçãÉ=Ebñéáêó=Ç~íÉ=çÑ=Åçåíê~ÅíF 

Top four tenants in CEE and SEE 

pÜ~êÉ=íçí~ä= 

`çãé~åó fåÇìëíêó `áíó pÜ~êÉG ÖêçìéGG 

mqh=`ÉåíÉêíÉä qÉäÉÅçããìåáÅ~íáçåë t~êëÜ~ï NMB PB 

açãáå~=s~Å~åÅÉ eçíÉä iàìÄäà~å~ TB OB 

m_h=mêçéÉêíó _~åâ t~êë~ï QB NB 

bap=j~Öó~êçêëò~Ö fq _ìÇ~éÉëí PB NB 

* Share of total rental income Eastern Europe 

** Share of rental income of total annual Group rental income including Hesse 

portfolio based on contracted rent for 2007 

Appreciation of the portfolio 

25 



The real estate portfolio is valued on an annual basis by external appraisers, which 

differ according to the region. The Eastern European portfolio is valued by CB Richard 

Ellis, which also provides quarterly updates separate from the yearly ones. CB Richard 

Ellis also values the majority of the Austrian portfolio, while the remaining portion 

is valued by MRG (Metzger Realitäten Gruppe). The German portfolio is valued by 

Colliers. The portfolios are valued according to standards established by the Royal 

Institution of Chartered Surveyors (RICS) or the regulations of the Austrians Real 

Estate Valuation Act. The former calculates the market value based on the discounted 

cash flow methodology. The discount rate in this respect is determined on the basis 

of net initial yields seen in transactions of comparable properties on these markets. 

In addition, the appraisers take into account rent indexing, vacancy periods and the 

expected fair rents for new lease contracts.

26 


The strategy 


gìåÉ=OMMT 

Increasing development exposure. Of the company's investment pipeline of EUR 

3.9bn for 2007, 46% will be invested in development projects. In the past, CA Immo 

predominantly entered into joint ventures with local real estate developers for 

development projects. This changed with the newly established New Europe Property 

Fund and Hotel Fund, which will develop all future projects in CA Immo's Eastern 

European development pipeline either on a 100% basis or via a joint venture with a 

local developer. In its home market Austria CA Immo intends to establish itself as a 

major developer. 

Risk reduction through funds. The company uses additional capital resources to 

reduce the higher risk associated with the development projects. These resources are 

raised through funds in which CA Immo holds a specific stake and for which it provides 

the management. The funds will be a future source for CA Immo in two ways. First, it 

will provide CA Immo with interesting acquisition possibilities for its core portfolio. 

Second, CA Immo can profit from the development margins through its holdings in 

these funds and from the management fees received by its subsidiary CAII for the 

provision of this service. Additional funds are planned across all regions in the coming 

years. 

Local organisation. In all markets on which CA Immo's portfolio exposure reaches a 

pre-determined size, the company will establish local offices. The company currently 

has four local offices, located in Budapest, Belgrade, Warsaw and Bucharest, and one 

head office in Vienna. This strategy has allowed CA Immo to develop a better feel for 

trends in the local real estate markets and to gain local knowledge, an advantage that 

is key in these markets. In addition, CA Immo is able to develop a thorough network of 

contacts among local real estate players. The achievement of a significant market position 

in high standard properties through its local organisations is one of CA Immo's main 

goals. In this respect, an office in Germany and one in Moscow are planned in the near 

term. 

Active portfolio management. To optimise the growth of the NAV, CA Immo not 

only acquires and develops projects but also sells those properties on which management 

believes a favourable profit can be achieved through the realisation of the appreciation 

value. The sale of the Jungmannova office building in Prague serves as a recent example 

of the implementation of this strategy. The development was started in 2001 in a 50:50 

joint venture with a developer and was completed in 2004. The total investment costs 

for the project were EUR 10.4m and the stake was sold in February of this year for EUR 

23.7m (+128%) to the joint venture partner for a favourable yield of below 5.1 %. This 

project was on CA Immo's books with a revaluated value of EUR 20.3m, which in addition 

illustrates the very conservative valuation of the company's real estate portfolio. 

In addition, the company regularly monitors its portfolio to identify instances in which 

re-development measurements may be used to increase the value of the property or 

change the form of utilisation. The Donau Business Centre is one such example. It is an 

office building in Vienna in which a portion of the office space is being refurbished to 

develop space for a 2-3-star hotel. 

Targeted loan to value of 60%. Like its subsidiary CAII, the company is targeting a 

much higher leverage than most of its Austrian competitors, which should enhance the 

shareholders' return. The company currently has a 51% loan to value ratio, which should 

rise to 60% within 12 to 18 months. In some cases, such as the German portfolio deal in 

Hesse, which the company acquired at a 69% loan to value, this ratio could be expanded.


Project pipeline 


gìåÉ=OMMT 

According to CA Immo, the company has a total investment pipeline of EUR 5.9bn 

for the period 2007-2009. In addition, the company is currently bidding in tenders 

for large real estate portfolios in Germany, with a total investment volume of EUR 

2.5bn. Most of the pipeline projects have not reached the commitment status; most 

have different probabilities of execution. To evaluate the actual investment volume 

that CA Immo sees as realistic in this time frame, the company has established a 

classification system for these projects, providing estimates as to the probability of 

execution. This classification system has three steps. 

Pipeline project: At this initial stage, the project is sufficiently interesting to CA 

Immo to commit resources to prepare a detailed evaluation. CA Immo weights the 

probability of execution at this level at around 40%. 

Project under negotiation: At this second stage, concrete discussions have been 

entered into with a motivated seller on the basis of agreed terms of reference. The 

company expects the probability of execution for this kind of project to be around 

60%. 

Committed project: In this highest stage, a binding agreement for the project or 

investment has been signed and the execution is pending. The company specifies 

the weighted probability of execution at this stage to be 90%. 

In the abovementioned tenders for large portfolios in Germany, CA Immo is unwilling 

to venture a view as to the probability of execution due to the uncertainty of success 

in the bidding procedure. 

We believe the probabilities of execution as established by the company are 

reasonable. Furthermore, it must be borne in mind that, even if negotiations fail, 

new projects will arise that are not included in the investment figures provided by 

CA Immo. Using these weighted probabilities, we derived total investments of EUR 

3.2bn for the period 2007-2009. (Please note: the potential of winning bids for the 

portfolio tenders in Germany is not included within this figure.) Of this EUR 3.1bn, 

the company expects a major part (42%) to go into Eastern Europe, followed by 

Austria with 35% and Germany with 23 %. Of the EUR 1.1bn (probability weighted) 

investments targeted for Eastern Europe, 38% will be used for projects in the CIS, 

followed by 32% for SEE. 

This is in accordance with CA Immo's strategy to increase its CIS and SEE exposure to 

two-thirds of the entire Eastern Europe portfolio in order to profit from the higher 

yields and, as an effect from the potential for yield compression in these countries. 

Despite yields in CEE, which have reached almost Western European yield standards, 

CA Immo intends to spend 30% in CEE countries. These investments will 

predominantly affect developments and forward purchases, in which initial yields 

higher than the market yields can be generated. 

27

28 


Diversification by region (probability weighted) 

b~ëíÉêå= 

bìêçéÉ 

QOB 

dÉêã~åó 

OPB 

^ìëíêá~ 

PRB 

`fp 

PUB 


gìåÉ=OMMT 

pbb 

POB 

`bb 

PMB 


According to CA Immo's strategy, almost half of the investments will go into 

developments that are either executed via joint ventures or solely by the New Europe 

Property Fund or Hotel Fund. In the remaining investments in the core portfolio, 

10% will be invested in forward purchase agreements with real estate developers. 

Core investments vs. developments overall (probability weighted) 

aÉîÉäçéãÉåíë 

QSB 

`çêÉ= 

áåîÉëíãÉåíë= 

RQB 


In terms of sector, the investments will go predominantly into office space (42%) 

and mixed-usage space (42%), which also comprises a good portion of office space, 

which is combined with hotel and/or retail space. This high proportion of planned 

investments in office space is reasonable, given CA Immo's history as an investor, 

which concentrates predominantly on office buildings, knowledge that can be 

employed in its future undertakings. Only minor portions will be invested in the 

retail sector (6%), followed by logistics and hotel space, each comprising 3% of the 

planned investments. In contrast to the overall picture, CA Immo is targeting 

investments of 32% in non-office space (more when mixed-usage space is included), 

due to the demand in this region for all types of high-quality space.


Investment per sector (probability weighted) 

jáñÉÇ 

QOB 

líÜÉê 

QB 

oÉí~áä 

SB 

lÑÑáÅÉ 

QOB 

içÖáëíáÅë 

PB 

eçíÉä 

PB 


gìåÉ=OMMT 

29 


The intended investments for the planning period will increase the company's 

exposure in Eastern Europe to 33% (from 25%) through 2009, while the German 

portfolio will lose in proportion (30% vs. 38% in 2006). In this respect, it should be 

borne in mind that potential investments in Germany for large portfolios sold in 

tenders for EUR 2.5bn have not been included in these figures. In terms of sectors, 

the real estate portfolio will predominantly consist of office properties (55%), taking 

into account that the mixed-usage sector comprises a good part (30%) of office 

space. The remaining proportion of 15% is diversified mainly into space used solely 

for the hotel and retail sectors. 

Expected portfolio structure in 2009 

by country / region by sector 

dÉêã~åó 

PMB 

^ìëíêá~ 

PTB 

b~ëíÉêå= 

bìêçéÉ 

PPB 

oÉëáÇÉåíá~ä 

içÖáëíáÅë NB 

OB 

oÉí~áä 

QB 

jáñÉÇ 

PMB 

eçíÉä 

QB 

líÜÉê 

QB 

lÑÑáÅÉ= 

RRB 

Source: CA Immo

30 


Financials 


gìåÉ=OMMT 

The key value drivers in our model are the number of new investments in acquisitions 

and developments CA Immo will carry out each year, the expected appreciation of 

the company's real estate properties and the increasing rental income derived from 

the rising portfolio. We have used the pipeline per year provided by the company 

to forecast investments. In this respect we have used the company's figures to arrive 

at the expected probability of execution of the project for the different stages of 

negotiation and development. 

These probabilities are based on estimates prepared by the responsible investment 

manager and reflect past experience. The first phase consists of pipeline projects 

(40% probability of execution) in which resources are committed to the preparation 

of a detailed evaluation. This phase is followed by the projects under negotiation 

(60% probability of execution) in which concrete discussions are conducted with 

motivated sellers on the basis of agreed terms of reference. The most advanced 

phase is committed projects in which binding agreements are signed and an execution 

is imminent (90% probability of execution). 

We expect total investments of EUR 3bn for the planning period of our model 

(2007-2008). According to CA Immo, the company is currently taking part in the 

bidding process in tenders for a number of large portfolios in Germany, with a total 

value of EUR 2.5bn. To take these potential investments into account, we have 

included in the abovementioned EUR 3bn, investments of EUR 625m. This is a rough 

estimate and assumes that the company will be successful in a quarter of these 

tenders. As a result, we expect that most (43%) of the investments will take place in 

Germany, followed by Eastern Europe (29 %) and the Austrian real estate market 

(28%). 

Well balanced diversification of investments 

^ìëíêá~ 

OUB 

b~ëíÉêå= 

bìêçéÉ 

OVB 

dÉêã~åó 

QPB 


We expect EUR 1.8bn to be invested in FY 2007 and EUR 1.2bn in FY 2008. For 

calculating the investments for developments, we have only used the effective result 

on the balance sheet, as developments are typically executed over a multi-year 

period. This approach results in increased confidence in the actual effect of the 

development projects on the capital structure. Following this approach, we expect 

16% of the investments in FY 2007 (EUR 282m) to go into development projects, 

followed by 40% in FY 2008 (EUR 461m). Most of these developments will be executed 

by the abovementioned funds.


Investments (acquisition + developments) estimates 

OIMMM 

Ebro=ãF 

NIUMM 

NISMM 

NIQMM 

NIOMM 

NIMMM 

UMM 

SMM 

QMM 

OMM 

M 

OMMTb OMMUb 

qçí~ä=áåîÉëíãÉåíë=~ää=éçêíÑçäáçë fåîÉëíãÉåíë=áå=ÇÉîÉäçéãÉåíë 


gìåÉ=OMMT 

31 

Source: CA IB 

CA Immo reports its figures according to IFRS. According to IAS 40, real estate 

companies account for the real estate portfolio either at fair value or at cost value. 

CA Immo uses the fair value approach, which results in the need to recognise 

revaluation gains immediately upon the higher value assessment of the properties 

by independent appraisers. Although the company uses the fair value approach 

with respect to its real estate portfolio, the cost value approach is used in accounting 

for the development portfolio, which results in a situation in which the revaluation 

potential is the highest as soon as a development has been completed and valued. 

Through the abovementioned investments of EUR 3bn, the revaluation gains will 

increase sharply in the estimated period 2007-2008. We derived the revaluation gains 

according to region and type (acquisition or development) of investment. For the 

Eastern European markets, where revaluation gains are mainly driven through yield 

compression, we have used our yields estimates for each of these markets.

32 


Expected yields in Eastern Europe 


gìåÉ=OMMT 

EBF OMMR OMMS OMMTb OMMUb OMMVb 

mçä~åÇ 

mêáãÉ=çÑÑáÅÉ=ã~êâÉí=óáÉäÇ SKMM RKRM RKMM QKTR QKTR 

mêáã~êó=êÉí~áä=ã~êâÉí=óáÉäÇ SKRM SKMM RKTR RKRM RKOR 

mêáã~êó=áåÇìëíêá~ä=ã~êâÉí=óáÉäÇ TKTR TKOR SKTR SKRM SKOR 

eìåÖ~êó 

mêáãÉ=çÑÑáÅÉ=ã~êâÉí=óáÉäÇ SKTR SKMM RKVM RKVM RKVM 

mêáã~êó=êÉí~áä=ã~êâÉí=óáÉäÇ TKMM RKUM RKUM RKTM RKTM 

mêáã~êó=áåÇìëíêá~ä=ã~êâÉí=óáÉäÇ VKMM TKUN TKSP TKSP TKRM 

`òÉÅÜ=oÉéìÄäáÅ 

mêáãÉ=çÑÑáÅÉ=ã~êâÉí=óáÉäÇ SKRM RKTM RKRM RKMM RKMM 

mêáã~êó=êÉí~áä=ã~êâÉí=óáÉäÇ SKRM SKRM SKMM SKMM SKMM 

mêáã~êó=áåÇìëíêá~ä=ã~êâÉí=óáÉäÇ UKMM TKRM TKMM SKRM RKRM 

_ìäÖ~êá~ 

mêáãÉ=çÑÑáÅÉ=ã~êâÉí=óáÉäÇ NMKOR VKRM VKMM TKRM SKMM 

mêáã~êó=êÉí~áä=ã~êâÉí=óáÉäÇ NNKMM NMKMM VKMM UKRM UKMM 

mêáã~êó=áåÇìëíêá~ä=ã~êâÉí=óáÉäÇ NNKMM NMKRM NMKMM VKRM VKMM 

`êç~íá~ 

mêáãÉ=çÑÑáÅÉ=ã~êâÉí=óáÉäÇ VKMM TKRM SKRM SKMM SKMM 

mêáã~êó=êÉí~áä=ã~êâÉí=óáÉäÇ NOKMM NNKRM NNKMM NMKRM NMKMM 

mêáã~êó=áåÇìëíêá~ä=ã~êâÉí=óáÉäÇ PKMM PKMM PKMM OKRM OKRM 

oçã~åá~ 

mêáãÉ=çÑÑáÅÉ=ã~êâÉí=óáÉäÇ VKMM TKRM SKTR SKRM SKOR 

mêáã~êó=êÉí~áä=ã~êâÉí=óáÉäÇ VKMM UKRM TKTR TKRM TKOR 

mêáã~êó=áåÇìëíêá~ä=ã~êâÉí=óáÉäÇ VKRM VKMM TKRM TKOR TKMM 

oìëëá~ 

mêáãÉ=çÑÑáÅÉ=ã~êâÉí=óáÉäÇ NPKMM VKRM VKMM UKRM UKOR 

mêáã~êó=êÉí~áä=ã~êâÉí=óáÉäÇ NPKMM NMKMM NNKMM NMKMM VKMM 

mêáã~êó=áåÇìëíêá~ä=ã~êâÉí=óáÉäÇ NSKMM NNKMM NPKMM NOKMM NNKMM 

päçî~âá~ 

mêáãÉ=çÑÑáÅÉ=ã~êâÉí=óáÉäÇ TKRM TKOR SKRM SKRM SKMM 

mêáã~êó=êÉí~áä=ã~êâÉí=óáÉäÇ VKMM TKMM TKMM SKRM SKMM 

mêáã~êó=áåÇìëíêá~ä=ã~êâÉí=óáÉäÇ NMKRM TKTR TKOR SKTR SKMM 

pÉêÄá~ 

mêáãÉ=çÑÑáÅÉ=ã~êâÉí=óáÉäÇ NNKRM NNKMM VKMM UKRM UKMM 

mêáã~êó=êÉí~áä=ã~êâÉí=óáÉäÇ RKRM RKRM RKRM RKRM RKRM 

mêáã~êó=áåÇìëíêá~ä=ã~êâÉí=óáÉäÇ åK~K åK~K åK~K åK~K åK~K 

râê~áåÉ 

mêáãÉ=çÑÑáÅÉ=ã~êâÉí=óáÉäÇ NPKMM NNKMM NMKMM NMKMM VKMM 

mêáã~êó=êÉí~áä=ã~êâÉí=óáÉäÇ NRKMM NQKMM NOKRM NNKMM NMKMM 

mêáã~êó=áåÇìëíêá~ä=ã~êâÉí=óáÉäÇ NUKMM NRKMM NQKMM NQKMM NPKMM 


On average, the expected yield compression is 50bp for 2007 and 25bp for 2008, but 

additional revaluation gain potential is derived from the developments in Eastern 

Europe that become operative. For Austria and Germany, where we expect no decrease 

in yields, we have only calculated the revaluation gains on development projects, 

which should deliver 160bp in Austria and 180bp in Germany.



gìåÉ=OMMT 

This results in expected revaluation gains of EUR 53.6m in FY 2007 and EUR 98.2 in 

FY 2008, a 83% increase. The jump in FY 2008 is primarily due to the development 

projects and forward purchases that will be completed in 2008 and which have a 

higher lever for revaluation gains than acquisitions or properties already in the 

portfolio. 

Our estimates indicate that rental income will increase by 109% YoY to EUR 161.2m 

in FY 2007. This huge jump is due in part to the Hesse portfolio, which will contribute 

to rental income for the first time. The remainder of the increase is due to acquisition 

activities, which will increase the portfolio value to EUR 3.8bn in FY 2007. The 

following year (2008) we expect the rental income to increase by 54% to EUR 248.7m 

due to a number of developments targeted for completion, on the one hand, and 

acquisitions, on the other. 

We expect net profit after minorities to increase by 30% in FY 2007 to EUR 77.6m 

due to a jump in minority payments to EUR 34.6m, reflecting the free float of 

subsidiary CA II. The following year we expect an increase by 58% due to the jump 

in rental revenues and revaluation gains. We have included disposals of EUR 52.4m 

in FY 2007 and EUR 84.5m in FY 2008 and expect gains of EUR 7.4m and EUR 13.5m 

compared to book values. 

Rental income, revaluation gains and earnings development 

Ebro=ãF oÉåí~ä=fåÅçãÉ oÉî~äì~íáçå kÉí=éêçÑáí=~ÑíÉê=ãáåK 

OMMR RQKR PSKT RUKT 

OMMS TTKN POKR RVKT 

OMMTb NSNKO RPKS TTKS 

OMMUb OQUKT VUKO NOOKU 

33 


In EPS, we expect a decrease in FY 2007 by 14% to EUR 1.00 (EUR 1.16) due to the 

dilution effect of the recent capital increase the number of shares increased by 50%. 

In contrast, we expect a jump in EPS in FY 2008 by 41% to EUR 1.41. 

In NNNAV per share, we expect EUR 23.0 in FY 2007 and EUR 25.1 in FY 2008, which 

equals a respective increase of 8 % and 9%. This development is driven by the 

increase in rental income and the revaluation gains on standing investments and 

developments.

34 


Development of NNNAV 

PM 

OR 

OM 

NR 

NM 

R 

M 

Ebro=ãF 

HUB 

HVB 

OMMQ OMMR OMMS OMMTb OMMUb 


gìåÉ=OMMT 


At the end of FY 2006 CA Immo had EUR 1.1bn of financial liabilities, 78% of which 

had a maturity of more than five years. Most of its financial liabilities were fixed or 

swapped, resulting in an only 18% debt with variable interest rate. 

Breakdown of debt by maturity Breakdown of debt (variable/fixed) 

NIOMM 

Ebro=ãF 

NIMMM 

UMM 

SMM 

QMM 

OMM 

M 

RNKO 

NUVKO 

UQTKN 

NIMUTKR 

Y=N=óÉ~ê NJR=óÉ~êë [=R=óÉ~êë qçí~ä 

cáñLpï~é 

SOB 

cáñÉÇ 

OMB 

s~êá~ÄäÉ 

NUB 


As of end of FY 2006, 94.7% of the total debt volume were denominated in EUR 

with an average borrowing rate of 4.56%. The USD-denominated part of total debt 

had an average borrowing rate of 6.89%. 

We expect for FY 2007 and FY 2008 an average interest rate for CA Immo's debt of 

5%, which will lead to financial costs of EUR 48.9m in FY 2007 and EUR 90m in FY 

2008. 

CA Immo has not paid a dividend in the past, and since we do not expect it to do so 

in the future, we have included no dividend payment in our calculations. This is due 

to the high proportion of private investors who would have to pay tax on a dividend 

payment, a situation that would not arise in the case of capital gains. In addition, 

rather than pay out dividends, CA Immo's policy would be to reinvest the entire 

profit in new investments or development measures to further boost growth in its 

real estate portfolio.


_~ä~åÅÉ=ëÜÉÉí 


gìåÉ=OMMT 

Ebro=DMMMF NOLMQ NOLMR NOLMS NOLMTb NOLMUb 

mêçéÉêíó=~ëëÉíë=äÉí SRMIVRM NIMTUIOTV NIOOTITRV PIRUQIMON QIOOOIVUN 

mêçéÉêíó=~ëëÉíë=ìåÇÉê=ÇÉîKEÑìåÇF SSINRS TVIOMQ VMIRPP OUOIMVP TQPIMOQ 

m~óãÉåíë=áå=~Çî~åÅÉ M M TVTITNM M M 

líÜÉê=í~åÖáÄäÉ=~ëëÉíë VSO RINNN QIQUP QISUP QIUUP 

fåí~åÖáÄäÉë NVR NRISPT PMIPTV QRIRSU SUIPRO 

cáå~åÅá~ä=áåîÉëíãÉåíë NON RIMSO QMIONT QPIMPO QSIQTR 

kçåJÅìêêÉåí=~ëëÉíë TNUIPUQ NINUPIOVP OINVNIMTV PIVRVIPVT RIMURITNR 

oÉÅÉáî~ÄäÉë UIVUV NQIRRS OUINTM RRIVNS UNIVRU 

oÉÅÉáîK=Ñêçã=~ÑÑáäá~íÉÇ=ÅçãéK M OIQPP OIRMR OITOR OIVQR 

pÉÅìêáíáÉë=ÜÉäÇ UQIQRV PVIVSP PQMIVNT PQMIVNT VMIVNT 

`~ëÜ SMIVQR TMITQU NQUIOVR NOPIRPO JQISQQ 

`ìêêÉåí=~ëëÉíë NRQIPVP NOTITMM RNVIUUT ROPIMUV NTNINTS 

aÉÑÉêêÉÇ=í~ñ=~ëëÉíë OITVS OIPMS NIUPQ OITRN QINOS 

mêÉé~áÇ=ÉñéÉåëÉë M M M M M 

^ëëÉíë UTRIRTP NIPNPIOVV OITNOIUMM QIQURIOPU RIOSNIMNS 

pÜ~êÉ=Å~éáí~ä ORUIQQT PNTINUR QOOIVNP SPQIOVQ SPQIOVQ 

`~éáí~ä=êÉëÉêîÉë OROIUOU PRRIQMT RQMISOV VTUIQQT VTUIQQT 

oÉí~áåÉÇ=É~êåáåÖë NNVIVQU NTUISUU OQQIRNN POOINOV QQQIVMU 

pÜ~êÉÜçäÇÉêëD=Éèìáíó SPNIOOP URNIOUM NIOMUIMRP NIVPQIUTN OIMRTISQV 

jáåçêáíó=áåíÉêÉëíë JNMO M OURIROU RNQIQOT RRVIUUS 

iá~ÄáäáíáÉë=íç=~ÑÑáäá~íÉÇ==Åçãé~åáÉë M M M M M 

içåÖJíÉêã=ÇÉÄí NQVITVS OVQIUPM NIMPSIPNU NITSMIRMV OIOSOIVMP 

qê~ÇÉ=~ÅÅçìåíë TQQ SRM NIPMU NIQMU NIRMU 

mêçîáëáçåë NVM = PTN M M 

líÜÉê=äá~ÄáäáíáÉë RINQT RINPT SIVOM TINOM TIPOM 

içåÖJíÉêã=äá~ÄáäáíáÉë NRRIUTT PMMISNT NIMQQIVNS NITSVIMPS OIOTNITPM 

pÜçêíJíÉêã=ÇÉÄí SPIMQP NMRIRMN RNIOOR SNIQTM STISNU 

qê~ÇÉ=~ÅÅçìåíë=é~ó~ÄäÉë PIQTN TISTT NVIMMO PUIVMV RUIUPO 

iá~ÄáäáíáÉë=íç=~ÑÑáäá~íÉÇ=ÅçãéK M M PTV QNV QSV 

mêçîáëáçåë PIQPN UIUOM NMIPQN ONINTR POIMNT 

líÜÉê=äá~ÄáäáíáÉë QIMVQ VIOSM PPINPT STIURO NMOIRVQ 

pÜçêíJíÉêã=äá~ÄáäáíáÉë TQIMPV NPNIORU NNQIMUR NUVIUOR OSNIROV 

aÉÑÉêêÉÇ=í~ñÉë NQIRPS PMINQQ SMIONU TTIMTU NNMIOOO 

aÉÑÉêêÉÇ=êÉîÉåìÉë M M M M M 

bèìáíó=~åÇ=äá~ÄáäáíáÉë UTRIRTP NIPNPIOVV OITNOIUMM QIQURIOPU RIOSNIMNS 

aáîáÇÉåÇë M M M M M 

tçêâáåÖ=Å~éáí~ä JNPITQT JPVIMPV JVOISVQ JNQSIPQU JONTIRUN 

`~éáí~ä=ÉãéäçóÉÇ SVUISRU NINQMIVMM NIUMSIPUQ PIOVOIQMN QIPMNIUVS 

kÉí=ÇÉÄí STIQPR OUVISOM RVUIPPN NIPRTIRPM OIOQQIOQT 

kÉí=ÖÉ~êáåÖ=EBF NMKTB PQKMB QVKRB TMKOB NMVKNB 

bèìáíó=ê~íáç=EBF TOKNB SQKUB QQKRB QPKNB PVKNB 

35 


36 


`~ëÜ=Ñäçï=ëí~íÉãÉåí 


gìåÉ=OMMT 


kÉí=éêçÑáí JOIPTV RUIRUU SRITNM NNOIOST NTQIVST 

q~ñÉë JOIMUS QIPVO NUIRSU OSIPPQ QNIMQO 

oÉî~äì~íáçå=Ö~áåë OUISRT JPSISRT JPOIROP JRPISPP JVUINVP 

aÉéêÉÅá~íáçåL~ãçêíáë~íáçå PMT NIMVP NIQVQ QIORP RIQSP 

líÜÉê=åçåJÅ~ëÜ=áåÅçãÉLÉñéÉåëÉë NPP UIVRP JPIUTT JVIUTT JQIUTT 

`~ëÜ=Ñäçï=Ñêçã=íÜÉ=êÉëìäí OQISPO PSIPSV QVIPTO TVIPQQ NNUIQMN 

`Ü~åÖÉ=áå=t` QSQ UVN JSPO JNPITQR JOUIMQO 

léÉê~íáåÖ=Å~ëÜ=Ñäçï ORIMVS PTIOSM QUITQN SRIRVV VMIPRV 

`c=Ñêçã=áåîÉëíáåÖ=~ÅíáîáíáÉë JOONIQTU JORNITQT JNIOMPIMMQ JNIUNRIURS JNINRSIRUV 

cêÉÉ=Å~ëÜ=Ñäçï JNVSIPUO JONQIQUT JNINRQIOSP JNITRMIORU JNIMSSIOPM 

`c=Ñêçã=Ñáå~åÅáåÖ=~ÅíáîáíáÉë NUVIVTS OOQIOVM NIOPOIQRN NIPTPIPVM RMOIPVQ 

íÜÉêÉ=çÑ=Å~éáí~ä=áåÅêÉ~ëÉ NNTIRVR NSNIPNU OVNINNQ SQVIOMM M 

íÜÉêÉ=çÑ=ÇáîáÇÉåÇë=é~áÇ M M M M M 

fåÅçãÉ=ëí~íÉãÉåí=EfcopI=êÉéçêíÉÇ=~í=Ñ~áê=î~äìÉF 


oÉåí~ä=fåÅçãÉ PSITQR RQIQVP TTINQS NSNINUU OQUISVQ 

léÉê~íáåÖ=`çëíë=é~ëëÉÇ=çå SIUQQ VITVN NRIQQQ OQIPUU PTISOT 

dêçëë=oÉåí~ä=fåÅçãÉ QPIRUV SQIOUQ VOIRVM NURIRTR OUSIPON 

léÉê~íáåÖ=ÉñéÉåëÉë JUIPSO JNNIQOV JNTITRU JOTIQMO JQOIOTU 

líÜÉê=ÉñéÉåëÉë=éêçéÉêíó JPIVUQ JSIVVT JUIOTU JOMIVRQ JOTIPRS 

kÉí=êÉåí~ä=áåÅçãÉ PNIOQP QRIURU SSIRRQ NPTIONV ONSISUT 

oÉëìäí=Ñêçã=ë~äÉ=çÑ=éêçéK NS JNNM TIPNN TIPVR NPIRNQ 

^Çãáåáëíê~íáîÉ=ÉñéÉåëK JSIMUP JVINRT JNSIPUR JOQINTU JPTIPMQ 

mêçÑáí=Ñêçã=ã~å~ÖÉãÉåí=ÑÉÉ M M M NITNS PIPRO 

líÜÉê=çéÉê~íáåÖ=áåÅçãÉ NIRNV NIQMT NISVU OIMPT OIQQR 

b_fqa^ OSISVR PTIVVU RVINTV NOQINUU NVUISVQ 

aÉéêÉÅá~íáçå=~åÇ=~ãçêíáë~íáçå JPMT JNIMVP JNIQVQ JQIORP JRIQSP 

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37

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1) Includes Hold and Restricted stocks (in order to comply with applicable regulations). 

2) Includes Sell and Coverage in t ransit ion 

3) Invest ment Banking Clients are companies f rom whom CA IB Internat ional M arket s AG or an aff iliat e has received investment banking 

compensat ion within the last 12 mont hs. 

Please note t hat CA IB Internat ional M arket s AG stock ratings have t o be interpret ed individually by each invest or in t he context of his/her 

invest ment policy, t he exist ing port folio and risk considerations. 

a~íÉ=çÑ=`Ü~åÖÉ o~íáåÖ=ÅÜ~åÖÉ mêáÅÉ 

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`çãé~åó N O P Q R S 

`^=fããç vÉë vÉë vÉë 

1. Bank Aust ria Creditanstalt or an af f iliate was a manager or co-manager of a public of f ering of securities of this company with the past 12 

months. 

2. Bank Aust ria Credit anst alt or an aff iliat e has received compensat ion for invest ment banking services wit hin t he past 12 months. 

3. Bank Aust ria Credit anst alt or an aff iliat e acts as a st abilizing manager, market maker or designated sponsor of t he analysed securities on 

the st ock exchange. 

4. Bank Aust ria Credit anst alt and/or an af filiat e t ogether own at least 5% of t he equity securities of the company. 

5. The analyst owns securit ies in the company t hey cover in this report. 

6. The analyst is on the supervisory/management board of the company t hey cover. 

Bank Austria Credit anst alt is not a part y t o an agreement with any company in it s coverage universe t o provide invest ment research. 

Company research may be made available to the analyzed company or companies prior t o publicat ion and may subsequent ly be revised.


Research, Sales and Trading 

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39

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Analysts’ Certification 

The analysts certify that their views regarding the companies and the securities in this report are truly expressed and that they have not received nor will receive direct or indirect 

compensation in exchange for publishing specific views or recommendations in this report. 

This document is intended for the sole use of the person to whom it is addressed. It must not be transmitted further without the written permission of CA IB International Markets AG 

or one of its associated companies (together and individually referred to as “CA IB”). 

This document is provided as a service to market professionals, institutional, ordinary business and accredited investors, clients or customers only; it must not be passed to private or retail 

clients in any territory. It has been prepared and issued by CA IB on the basis of publicly available information, internally developed data and other sources believed to be reliable. All 

reasonable care has been taken to ensure the facts stated are accurate and opinions given are fair and reasonable, but no guarantee, warranty or representation expressed or implied is 

given; all opinions and estimates included constitute our good-faith judgement at this date, but are subject to change without notice; neither CA IB nor its directors, officers or employees 

shall in any way be responsible for its contents. CA IB, or its clients or customers, may trade as market maker or specialist in the investments or securities that are the subject of this document, 

or in related investments, and may have acted upon, bought for their own account or used the information contained in this document or the research or analysis on which it is based, 

before its publication. CA IB, its shareholders, directors, officers or employees may have a long or short position or be otherwise interested in the investments or securities referred to in 

this document, or in options on such investments or securities, or in related investments (including other securities of the same issuer). This document is published for private reference 

purposes only and is not an offer or solicitation to buy or sell the investments or securities referred to. CA IB have, or may seek to have, an investment banking relationship with any of 

the companies mentioned in this document. Within the past three years CA IB may have acted as manager or co-manager in the most recent registered public offerings, or in private 

placements of some of the companies or securities mentioned in this document. Unless otherwise noted, sources for all information in charts and tables are CA IB estimates. 

The prices or values of the securities and any income generated there from may go down as well as up and can fluctuate and fall against the investor. There may be no income at all or it 

may be paid from capital. The securities or investments may cause the investor to lose the amount invested, as in addition past performance is not necessarily a guide to future performance. 

Changes in exchange rates may have an adverse effect on the value, price or income of the securities or investments. If taxation is referenced, the levels, basis for and relief from taxation 

may change. Any investment or security referred to in this document may not be suitable for every investor who receives it, and if in doubt the investor must seek advice from their 

investment adviser. Investors should be aware of the additional and special risks associated with securities and investments in emerging or developing markets. The securities or investments 

referred to in this document may be difficult to sell or realise, and information about them or the risks to which they are exposed may be unreliable or difficult to obtain. Investors should 

make themselves aware of any local laws governing such securities or investments. 

CA IB uses a variety of valuation methods including but not limited to peer group comparisons of earnings, cash flow and book value multiples and methods based on discounted cash 

flows. Although the definition and application of these methods are based on generally accepted industry practices and models developed in the financial economics literature, please 

note that there is a range of reasonable variations within these models. The application of models typically depends on forecasts of a range of economic variables, which may include, but 

not limited to, interest rates, exchange rates, earnings, cash flows and risk factors that are subject to uncertainty and also may change over time. Any valuation is dependent upon inputs 

that are based on the subjective opinion of the analysts carrying out this valuation. Investors and other readers to whom the research is addressed may request further information and 

details with respect to the valuation models or assumptions applied to the models. 

Recommendations and Stock Ratings 

CA IB utilises a three-tier recommendation system for stocks under formal coverage: Buy Hold, or Sell (see definitions below). 

A Buy is applied when the expected total return over the next twelve months is higher than the stock’s cost of equity. 

A Hold is applied when the expected total return over the next twelve months is lower than its cost of equity but higher than zero. 

A Sell is applied when the stock’s expected total return over the next twelve months is negative. 

CA IB employs two further categorisations for stocks under coverage: 

Restricted: A rating and/or financial forecasts and/or target price is not disclosed owing to compliance or other regulatory considerations such as blackout period or conflict of interest. 

Coverage in transition: Due to changes in the research team, the disclosure of a stock’s rating and/or target price and/or financial information are temporarily suspended. The stock remains 

in the CA IB research universe and disclosures of relevant information will be resumed in due course. 

Temporary movements by stocks across the boundaries of these categories due to share price volatility will not necessarily trigger a recommendation change CA IB will advise as and when 

coverage of securities commences and ceases. CA IB has no policy or standard as to the frequency of any updates or changes to its coverage policies. 

The MSCI sourced information is the exclusive property of Morgan Stanley Capital International Inc. (MSCI). Without prior written permission of MSCI, this information and any other 

MSCI intellectual property may not be reproduced, redisseminated or used to create any financial products, including any indices. This information is provided on an “as is” basis. The user 

assumes the entire risk of any use made of this information. MSCI, its affiliates and any third party involved in, or related to, computing or compiling the information hereby expressly 

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The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poor’s. GICS is a service mark 

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Authority. Certain securities or investments mentioned in this document may not have been and may not be registered in the US under The Securities Act 1933 (“1933 Act”) or The Investment 

Company Act 1940 (“1940 Act”) and, as such, will not and may not be offered for sale or sold generally to the public in the US, its territories, possessions or protectorates under its jurisdiction, 

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