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Financing

EXCLUDING SUBSCRIPTION RIGHTS FOR THE ISSUE OF CONVERTIBLE BONDS

Report of the Management Board of IMMOFINANZ AG on excluding subscription rights for the issue of convertible bonds, as authorised by the resolution adopted at the 22nd Annual General Meeting of IMMOFINANZ AG of 1 December 2015. Please find the details in the PDFs below:

Download: Report on excluding subscription rights for the issue of convertible bonds, 23 December 2016 (476,43 kB, PDF)
Download: Report on excluding subscription rights for the issue of convertible bonds, 20 April 2016 (136,45 kB, PDF)

FINANCIAL LIABILITIES

Financial liabilities, excluding the discontinued operation Russia, totalled EUR 2.8 billion as of 31 March 2017
(31 December 2016: EUR 2.8 billion). Cash and cash equivalents amounted to EUR 469.0 million (31 December
2016: EUR 189.3 million). This increase resulted from the above-mentioned multi-stage refinancing measures.
Net debt, i.e. debt after the deduction of cash and cash equivalents held by the Group, equalled EUR 2.3 billion
(31 December 2016: EUR 2.6 billion). Financial liabilities attributable to the discontinued operation Russia
amounted to EUR 698.0 million as of 31 March 2017 (31 December 2016: EUR 721.7 million).

IMMOFINANZ has a robust balance sheet structure with an equity ratio of 40.3% (31 December 2016: 37.8%)
and a net loan-to-value ratio (net LTV) of 44.3%, respectively 48.2% including Russia (31 December 2016:
49.0%, incl. Russia 52.2%).

COMPOSITION OF FINANCIAL LIABILITIES

The financial liabilities held by IMMOFINANZ consist of amounts due to financial institutions as well as liabilities
from convertible and corporate bonds. The composition of these liabilities as of 31 March 2017 is as follows:

Download: Financial liabilities of 31 March 2017 (154,21 kB, XLSX)

The remaining balance of the financial liabilities held by IMMOFINANZ (continuing operations) totalled
EUR 2,780.9 million as of 31 March 2017. As of that date, all of the financing was denominated in Euros.
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