The broadening of the equity base as well as the expansion of the property portfolio that began in 2005/06 and has continued at a faster pace into the new reporting year undoubtedly justify an unlimited optimistic view of the further development opportunities available to the group. The extensive investments that are planned for the 2006/07 Business Year and following periods will further increase the internationalisation of the portfolio. In Austria the share of residential properties will be reduced, while the focus on this sector in Cen tral and Eastern Europe will be increased together with additional investments in retail and logistics projects. We will also continue to expand our activities in the area of property development, as a rule together with partners.

IMMOFINANZ is the clear number one among listed property companies in its core market, the heart of Europe. The consolidated equity of the group (IMMOFINANZ and IMMOEAST) reached EUR 5.5 billion following the capital increases in May and June 2006 and will allow for the continuation of this solid growth course. In particular, the group has a broadly diversified, high-quality property portfolio with low vacancy rates and a sizeable potential for an increase in value. These factors will safeguard the sound development of IMMOFINANZ in the future – and this, in turn, is the best reason for IMMOFINANZ shareholders to expect not only continued stable development in the price of their shares, but also attractive returns.