alstria office REIT-AG

Earnings Release • Aug 11, 2010

FIRST HALF 2010 RESULTS

Hamburg, August 11, 2010

Disclaimer

Cautionary Note Regarding Forward-Looking Statements

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, general economic conditions, including in particular economic conditions in the alstria's core business and core markets, general competitive factors, the impact of acquisitions, including related integration issues, and reorganization measures. Furthermore, the development of financial markets, interest rate levels, currency exchange rates, as well as national and international changes in laws and regulations, in particular regarding tax matters, can have ^a corresponding impact. Many of these factors may be more likely to occur, or more pronounced, as ^a result of terrorist activities and their consequences.

Noduty to update

The company assumes no obligation to update any information contained herein.

H1 2010 highlights

• Successful refinancing of syndicated loan maturity profile improved from loan, 2.4 to 5.1 years
• Further asset sales lift G-REIT-equity ratio to 45.2% (as of Aug 11, 2010)
• New leases of 8 300 sqm of 8.300
• Strong operating business
• Revenues at EUR 45.2 million
• FFO at EUR 15.7 million

H1 2010 RESULTS

August 11, 2010 3

Operations and valuations

Outlook and market update

Financial results in line with guidance

August 11, 2010 5

FFO margin improved to 34.7%

• Relative part of SG&A increased as revenues decrease following the asset sales
• FFO margin improvement driven by
• Lower financing costs
• Seasonal lower real estate operating costs

EUR 65 million of available cash

Investment prop. held for sale

H1 2010 RESULTS

August 11, 2010 ⁷

REIT-equity ratio back at 45.2%

• Successful disposals have significantly increased the G REIT equity ratio -
• Taking the recent disposals into account G REIT equity ratio is at 45 2%1 G-REIT 45.2%1
• Well positioned to maintain alstria's G REIT status G-REIT

DEVELOPMENT G-REIT EQUITY RATIO

INVESTMENT PROPERTIES OF 30-JUN-10 (EUR k)

In ie 3 1- De 0 9 tm t p t t ve s en ro p er s as a c-	1, 4 2 5, 4 4 0
Su bs is i io d du io t a t t ts eq ue n cq n an p ro c n co s u	9, 4 4 4
ie he l d fo le In tm t p t ve s en ro p er s r s a	7 7, 9 0 0 -
In tm t p t ie t 3 0- Ju 1 0 ve s en ro p er s as a n-	1, 3 5 6, 9 8 4
Fa ir lu f de lo ie t p t va e o ve p m en ro p er s	7 1 , 1 6
In in l e h ip te ts ta te tn re s re a s p ar er s s	2 2, 8 6 0
ie he l d fo le In tm t p t ve s en ro p er s r s a	7 7, 9 0 0
Fa ir lu f im b le ts va e o m ov a a ss e	1, 4 6 4, 9 0 5

1 Everything being equal, as of August 11, 2010, unaudited

H1 2010 RESULTS

August 11, 2010

Net company LTV is at 56.7%

L O	A N -T O -V A L U E P O S T T R A N S A C T I O N S
	( ( ) ) E U R k	3 3 0 0- Ju J 1 1 0 0 n-	t p os t tr t t i io an sa c ns
	Sy d ic d lo te n a an	6 3 0, 0 0 0	5 7 2, 8 0 9
	No lo n- re co ur se an s	2 2 6, 5 0 7	2 2 6, 5 0 7
	l de b To ta t	8 5 6, 5 0 7	7 9 9, 3 1 6
	h Fr ee c as	4 5, 9 0 0	7 0, 0 0 0
	Ne de b t t	8 1 0, 6 0 7	7 2 9, 3 1 6
	To ta l c L T V om p an y	5 5 9 9. 9 9 % %	5 5 9 9. 1 1 % %
	Ne L T V t co m p an y	5 6. 7 %	5 3. 9 %

• Further reduction of the company LTV
• alstria's mid-term targeted company LTV is between 50% - 55%
• Average cost of debt remain stable at 4.3%

Accounting impact of refinancing in H2 2010

I t m p a c	E U R m	P L & I t m p a c	C h a s I t m p a c	E i t q u y I t m p a c	F F O i t m p a c
F i i l f f f f i i t n a n c a e e c s o r e n a n c n g l f h d i R e v e r s a o e n r e s e r v e
g g ( ) l d d i d l t o s n c a e o a n y	2 9 0 -	9	8	8	8
E f i l i d i t t t x p e n s e o c a p a z e r a n s a c o n t c o s s	3 5 -	9	8	9	9

Financial guidance for 2010

• Revenues expected to be around EUR 89 million
• Funds from operations (FFO) at EUR 27 million

Key financials

Operations and valuations

Outlook and market update

Taking advantage of the market

1 Assuming buyer's cost of 6% of the acquisition value of the assets and 8% of REOE

• Disposal of 4 assets in Hamburg at a total consideration of EUR 81.7 million
• Assets either located in residential areas or secondary locations
• Estimated buyers yield on cost: 5.0%1
• Estimated NOI yield on cost: 4.8%1
• Book value (Dec 31, 2009): EUR 77.9 million, combined WAULT: 16.6 years
• alstria generated 5% premium on book value
• G-REIT equity ratio (after transactions) at 45.2%

EUR 0.6 billion of assets in Hamburg

Strong asset management result

• Successful leasing activity:
• Percentage of leases expiring over next two years reduced from 10.6% to 7.3%
• Total vacancy rate increased from 6 5% to 6.5% 7.7% reflecting sale of full leased assets and acceleration of refurbishment plan 0.0%
• Total lease up: 8,300 sqm
• Total vacancy: 63,400 sqm
  • Strategic vacancy: 32,400 sqm
  • Regular vacancy: 31,000 sqm

years

ALSTRIA'S LEASE EXPIRY PROFILE 2010/2011

0%10%

open ended 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040

op

Unique portfolio across Germany

	tio st tra po ns ac ns	30 -Ju 10 n-	31 -D -0 9 ec
Nu mb of rtie er pro pe s	70	74	77
(o e) Nu mb of Jo int Ve ntu ff b ala er res nc	2	2	1
Ma rke alu e ( EU R m ) t v	1,3 48	1,4 25	1,6 01
Co l re ( EU R m ) ntr tua nt ac	85 .2	89 .5	97 .5
lua tio iel d Va n y	% 6.3	% 6.3	% 6.2
a ( ( q m) ) Ap let tab le pp pro x. are sq	77 6,8 40 ,	82 0,3 00 ,	86 7,4 00 ,
( a) Va % of let tab le ca ncy are	8.2 %	7.7 %	5.7 %
(ye ) Le e l th as en g ars	8.8	9.2	9.6
( R) Av lue EU era ge va pe r s qm	1,7 35	1,7 37	1,8 45
( ) Av EU R p nth nt era ge re pe r s qm er mo	9.9 5	9.8 6	9.9 3
G- uit ati RE IT eq y r o	1 45 .2%	.5% 42	.3% 40

ALSTRIA'S TENANT MIX

1 As of August 11, 2010, unaudited

Key financials

Operations and valuations

Outlook and market update

Massive refinancing needs in the market

• Massive demand for refinancing coming up in 2011 2013 -
• alstria has no refinancing needs until mid of 2014
• After transactions EUR 70 million of cash available
• Still limited transactions involving real estate risk but pressure is building up

August 11, 2010

18

Internal growth offers superior return potential

Combined investment volume: EUR 80 million Expected incremental rent: EUR 8 million

• Lettable Area: 9,200 sqm
• 0% pre-let
• Status: planning ²⁰¹³ Status: Delivered

BÄCKERBREITERGANG

• Lettable Area: 2,400 sqm
• 90% let

KAISER-WILHELM-STR.

• Lettable Area: 5,225 sqm
• 0% pre-let
• Status: to be launched - 2014

H1 2010 RESULTS

August 11, 2010 ¹⁹

alstria is in a perfect position

alstria is able to benefit The market offers opportunities

• Investors/banks will be considering to sell their properties in order to generate liquidity and improve capital allocation
• Real estate owners will turn to listed sector whilst they seek liquidity

• German listed sector offers little lt tialternatives

• alstria is an obvious discussion partner for institutions looking for liquidity for their real estate portfolios

• This is possible because alstria has:
• demonstrated its ability to manage real estate 9
• demonstrated its ability to recycle capital 9
• a low LTV
• no legacy financing

9