Ad hoc Announcements

Michael Wurzinger resigns from the IMMOFINANZ Executive Board

Michael Wurzinger, member of the Executive Board of IMMOFINANZ AG, has announced his intention not to extend his contract and will resign as of 31 August 2010. He will be available to assist the company on a consultancy basis until his mandate expires in 2011.

As a member of the IMMOFINANZ Executive Board, Mr. Wurzinger has been responsible for asset and investment management as well as the development of commercial real estate in Austria, Western Europe and the USA. The rapid and consistent restructuring of this area of business under Mr. Wurzinger's management permitted extensive sales of real estate and investments at the height of the economic crisis in 2008 and 2009, which generated revenues of approximately EUR 700 million and thereby made a decisive contribution to the survival and successful financial restructuring of the IMMOFINANZ Group.

"My activities on behalf of IMMOFINANZ gave me an opportunity to guide the company during both the development phase and the restructuring phase. As is demonstrated by the outstanding results recorded for the 2009/2010 financial year, the restructuring phase has been successfully completed and the turnaround accomplished. I have known for quite a while that I would not extend my contract, and this is the ideal time for me to seek new challenges outside the IMMOFINANZ Group,“ commented Mr. Wurzinger.

Michael Wurzinger, 39 years old, is a member of the Royal Institution of Chartered Surveyors (RICS) and has worked for the IMMOFINANZ Group for 13 years. He was appointed to the Executive Board in July 2008. The Supervisory Board and the remaining Executive Board members – Eduard Zehetner (Chairman), Daniel Riedl and Manfred Wiltschnigg – have expressed their thanks to Mr. Wurzinger for his long-standing service to IMMOFINANZ and for his contribution to the Group's positive outlook for the future.