• Joint acquisition of the real estate asset management business and, amongst others, CPB Immobilien KAG, CPB Immobilientreuhand GmbH, IMV GmbH, Constantia Immobilien Development GmbH and CREDO Real Estate AG
• The purchase will lead to an “internalisation” of management at IMMOFINANZ and IMMOEAST
• EUR 176 m to be paid by IMMOFINANZ for a 40% stake in the real estate division
• No overlaps in personnel between Constantia Privatbank and IMMOFINANZ / IMMOEAST in future

Vienna, 30 June 2008. IMMOFINANZ, listed in the Prime Market segment on the Vienna stock exchange, and its subsidiary IMMOEAST will – provided that approval is given at the extraordinary general meeting on 25 July 2008 (IMMOEAST) and 23 July 2008 (IMMOFINANZ) – jointly purchase the real estate division of Constantia Privatbank for a total purchase price of EUR 440 m. IMMOFINANZ will pay EUR 176 m of this sum, thereby acquiring 40 percent of Constantia Privatbank's real estate division.

Constantia Privatbank's real estate division notably includes the following business areas and subsidiaries:

• Real estate asset management: Asset management platform for IMMOFINANZ and IMMOEAST, open-ended real estate funds, closed-ended real estate funds etc.; market value of the managed properties: EUR 19.5 bn
• CPB Immobilien KAG: Open-ended real estate fund “Constantia Real Estate” with investments in Germany and Austria.
• IMV Immobilien Management und Verwaltung GmbH: Property and facility management of 3.5 m sqm of properties in Austria, Germany, Hungary, Czech Republic, Slovakia, Poland and Romania.
• Constantia Immobilien Development GmbH: Property developer. Business areas: condominions for sale, structured real estate investment products, medium and large-scale projects in Austria and Central Europe; project volume 2007: approximately EUR 300 m
• CREDO Real Estate AG: Asset manager for institutional real estate funds and property developer; projects in Austria, Germany, Hungary, Czech Republic, Slovakia, Poland and Latvia. 2007 project volume of approximately EUR 400 m.
• CPB Immobilientreuhand GmbH (49%): Broker with subsidiaries in Hungary, Czech Republic, Slovakia, Poland and Romania. Brokered space in 2007: 280,000 sqm.

Structure of the planned acquisition:

• Constantia Privatbank's real estate activities will be demerged and incorporated in the newly founded I&I Real Estate Asset Management AG (“I&I”).
• Upon the acquisition coming into effect, IMMOFINANZ will acquire 40 % of the shares in I&I for a purchase price of approximately EUR 176 m and IMMOEAST will acquire 60 % of the shares in I&I for a purchase price of EUR 264 m. The sellers are Constantia Packaging B.V. and Constantia AG.
• The acquisition of a 40 percent share in I&I by IMMOFINANZ  is conditional upon the demerger coming into legal effect in addition to, amongst others conditions, successful conclusion of the purchase agreement with IMMOEAST governing the remaining 60 % of the shares in I&I and approval by the competition authorities, if required.

Future corporate structure:

• Upon completion of the acquisition, I&I will be a joint subsidiary of IMMOFINANZ and IMMOEAST. With a staff of approx. 600 it would render all management services to IMMOFINANZ and IMMOEAST. Within the scope of the other business areas acquired from Constantia Privatbank, real estate services (asset management, open-ended real estate funds, closed-ended real estate funds, property and facility management, development and brokering) can then also be provided to third parties. Earnings from I&I's management contracts and other real estate services could then in the future be distributed to I&I shareholders IMMOEAST and IMMOFINANZ.
• In the future, there will be no overlaps in personnel between Constantia Privatbank and IMMOFINANZ / IMMOEAST. Asset management for IMMOFINANZ and IMMOEAST properties will in the future be handled by joint subsidiary I&I and no longer by Constantia Privatbank.
• Dr. Karl Petrikovics will remain CEO of IMMOFINANZ and IMMOEAST and will resign as CEO at Constantia Privatbank at the end of June 2008.
• Norbert Gertner will leave the boards at IMMOFINANZ and IMMOEAST at the end of June 2008 but remain a member of the board at Constantia Privatbank.
• Daniel Riedl, Christian Thornton and Michael Wurzinger will join the board of IMMOFINANZ.

Strategic outlook of the planned acquisition:

• Upon conclusion of the acquisition, IMMOFINANZ and IMMOEAST will together cover the entire real estate value added chain by means of their own real estate investments and services provided by their subsidiary I&I Real Estate Asset Management AG.
• I&I can benefit from the entire growth potential of Constantia Privatbank's newly acquired real estate division.
• Integrating Constantia Privatbank's real estate division within IMMOFINANZ and IMMOEAST opens up opportunities in new business areas. In particular, I&I will manage and float real estate funds for institutional investors.

Purchase price:

The purchase price was based on an appraisal by Ernst & Young, it is around 4.3 times the management fees for 2008. Only the fixed portion of the management fee was used to calculate the value of the management contract, performance fees that could have been due over the coming years were not taken into account.

Effects on earnings and key corporate figures:

In addition to the comprehensive strategic opportunities that open up to IMMOFINANZ and IMMOEAST as a result of the take over of Constantia Privatbank's real estate activities, the management also expects a direct and significant improvement in earnings and key corporate figures of the IMMOFINANZ/IMMOEAST Group.

The positive effects forecasted by the management for EBITDA, earnings / share, cash flow /share and other key corporate figures are a result of the management fees that will be retained by IMMOFINANZ and IMMOEAST in future, earnings from other asset management activities (e.g. open-ended and closed-ended real estate funds) as well as profits from subsidiaries CPB Immobilientreuhand, IMV, CPB Immobilien KAG, Constantia Immobilien Development and CREDO.