Feri Wealth Management GmbH Direct Investments in German Real Estate Dr. Jürgen Schäfer Berlin, October 27, 2006

© Feri Wealth Management GmbHDr. Jürgen Schäfer Real estate and real estate funds Real estate locations Feri Real Estate Services general investment strategy single investment strategy portfolio (re-)development management portfolio disinvestments Strategy development & consultancy portfolio and single investments funds, listed and other non-listed vehicles external service providers investment and disinvestment processes performance measurement and controlling Selection, management & reporting Rents and property prices Market research, forecast & rating Feri Real Estate Services for both private and institutional clients …

© Feri Wealth Management GmbHDr. Jürgen Schäfer while covering a variety of property investments... Indirect property investments Properties i.e. offices, hotels, multi-family, retail Direct property investments Property developments i.e. offices, hotels, multi-family, retail Funds i.e. open/ closed- ended funds, property equities- and REIT-fund, fund of funds Property equities i.e. property equities, REITs Derivates i.e. index certificates, futures on REITs Property investments

© Feri Wealth Management GmbHDr. Jürgen Schäfer What happens in German Real Estate markets? G-REIT Demand... Supply... Further, for office, retail and residential property is increasing... from foreign, private and institutional investors is high... creates rising property prices and falling initial yields... is driven by „adjustments“... is often represented by portfolio offers... comes from private and institutional investors as well as from the government... banks are again financing property investments with low equity participation... a relatively low interest rate level can be expected for the near future

© Feri Wealth Management GmbHDr. Jürgen Schäfer Office property market Germany Source: Feri Rating & Research GmbH (3. quarter 2006) Rental development Rental forecastDevelopment Forecast Development Forecast Development Forecast

© Feri Wealth Management GmbHDr. Jürgen Schäfer Residential property market Germany Source: Feri Rating & Research GmbH (3. quarter 2006) Rental development Rental forecastDevelopment Forecast Development Forecast Development Forecast

© Feri Wealth Management GmbHDr. Jürgen Schäfer Retail property market Germany Rental forecast Development Forecast Source: Feri Rating & Research GmbH (3. quarter 2006) Development Forecast Development Forecast Rental development

© Feri Wealth Management GmbHDr. Jürgen Schäfer Which urban areas carry a high potential at low risks? Source: Feri Rating & Research GmbH (3. quarter 2006) The German office property map shows in comparison with other European countries a good diversification of attractive property locations and... nevertheless a clear develop- ment of winning cities.

© Feri Wealth Management GmbHDr. Jürgen Schäfer Which parts of Germany represent favourable residential investment opportunities? The German residential property map shows that people do not move to places where apartments are empty but... inhabitate regions where they find a working place. Source: Feri Rating & Research GmbH (3. quarter 2006)

© Feri Wealth Management GmbHDr. Jürgen Schäfer What are the best places for retail property investments? The German retail property map shows that excellent retail space can be found inner-city and outer- city. Source: Feri Rating & Research GmbH (3. quarter 2006)

© Feri Wealth Management GmbHDr. Jürgen Schäfer Conclusion property owners should check, whether a sale is profitable property investors should search for locations that are not in the focus of foreign, private and institutional investors property yields are still attractive in relation to many other countries intense competition between investors that target German property leads to a demand for expertise in investment selection

Contact details Feri Wealth Management GmbH Haus am Park Rathausplatz 8-10 D Bad Homburg v.d.H. Germany These information are provided by the Feri Wealth Management GmbH. The data, analyses, forecasts and concepts containted in this presentation are for your information only and without responsibility. No responsibility is taken for the correctness of these information. The presentation must not be perceived as a fiscal, legal or other kind of consultancy and does not provide a basis for the administration of assets or the recommendation and consultancy concerning the disposition of assets. The performance in the past is not a guarantee for future performance. The share price as well as the generated return may rise or fall, which is not guaranteed. The presentation has to be kept in confidence. Without the prior sanction of Feri Wealth Management GmbH, this presentation may only be used for internal purposes. Dr. Jürgen Schäfer Partner Head of Real Estate Phone+49 (6 172) Fax+49 (6 172)