alstria office REIT-AG

Capital/Financing Update • Feb 12, 2009

Finance & Valuation Update

alstria office REIT-AG Hamburg, February 12, 2009

Main take away

• Amendment of syndicated loan facility successfully implemented
• Strong support from banking syndicate (quorum >87% vs. 66% required)
• External valuation as of December 31, 2008 completed
• Key LTV at 59.1%, valuation yield of 5.9% and total valuation loss for the year 2008 of EUR 88 m

Asset management success mitigates yield expansion

• Valuation loss for the year 2008 of EUR 88 m (around 5% of total portfolio)
• Gross valuation loss of EUR 145 m (around 8% of total portfolio)
• Operational performance increased gross valuation by EUR 57 m

DEVELOPMENT INVESTMENT PROPERTY

( m) In rti t 3 1 De 20 07 in EU R st t p ve m en ro pe es a s a c.	1, 69 4
Ac isit ion qu s	21 9
Dis ls po sa	( 17 )
cla ific Re ati ss on	( 3)
Re lua tio va ns	( 88 )
the f d ( 5) 14 reo ow n:
the f u 57 reo p:
In st t p rti t 3 1 De 20 08 ve m en ro pe es a s a c.	1, 80 5
alu f D elo Fa ir V t P rti e o ev pm en ro pe es	5
l To ta	1, 81 0

No reversion to the mean

1 H A M B U R G
ini tia l y iel d 20 08	lue d lin va ec e w/ t o r en inc re as e	W AU LT
5.6 %	-6 .9%	13 .3

6 H A N O V	E R
ini tia l y iel d 20 08	lue d lin va ec e w/ t o r en inc re as e	W AU LT
6.8 %	-1 1.0 %	5.3

3 D U S S E L D O R F A R E A
ini tia l y iel d 20 08	lue d lin va ec e w/ t o r en inc re as e	W AU LT
6.4 %	-7 .9%	6.0

C G / 8 O L O N E B O N N
ini tia l y iel d 20 08	lue d lin va ec e w/ t o r en inc re as e	W AU LT
6.6 %	-1 0.6 %	6.5

S G 2 T U T T A R T
ini tia l y iel d 20 08	lue d lin va ec e w/ t o r en inc re as e	W AU LT
5.8 %	-1 1.7 %	10 .0

4 B E R L I N
ini tia l y iel d 20 08	lue d lin va ec e w/ t o r en inc re as e	W AU LT
7. 1%	-1 2.9 %	3.4

7 S A X O N Y
ini tia l y iel d 20 08	lue d lin va ec e w/ t o r en inc re as e	W AU LT
7.4 %	-1 2.0 %	5.7

5 C M U N I	H
ini tia l y iel d 20 08	lue d lin va ec e w/ t o r en inc re as e	W AU LT
5.8 %	-3 .9%	4.3

9 O T H E R S	*
ini tia l y iel d 20 08	lue d lin va ec e w/ t o r en inc re as e	W AU LT
7.6 %	-8 .1%	6.4

* Others considers cities like Augsburg, Darmstadt, Erfurt, Magdeburg, Mannheim, Nurnberg, Potsdam, Wurzburg and Frankfurt only refers to properties on balance sheet as at 31-12-2008

Debt structure and actual LTV

O V E R V I E W E X I S T I N G L O A N A G R E E M E N T S
Lia bi lit ies	Ma rit tu y	Lo t an a mo un in EU R k	OM V in E UR k	LT V	W AU LT
nd ica ted lo sy an	29 .11 .20 11	99 5, 37 4	1, 68 2, 91 5	59 .1%	8.9
lo no n- rec ou rse an	19 .10 .20 15	95 00 0 ,	12 6, 00 0	.4% 75	22 .3
mb d un en cu ere	na	-	35 0 1,	0.0 %	7.3
To ta l		1 09 0, 37 4 ,	1, 81 0, 26 5	60 .2%	9. 7

• Long-term secured financing until end of 2011
• In line with all debt covenants as of December 31, 2008

Main loan characteristics and changes

i C M L t a n o a n o v e n a n s	i d P t t r o r o a m e n m e n	d P t t o s a m e n m e n
L T V	6 0 %	6 5 %
C I R	1 6 5 x	3 0 1 x
l l W A U L T i t t e o n m s s a a u r y	5 > y e a r s	5 > y e a r s
C h f l t t a n g e o c o n r o c o v e n a n	y e s	e s y
f I i t t n o m a o n c o e n a n r v	y e s	y e s
M i i d a r g n g r	P i d t t r o r o a m e n m e n	P d t t o s a m e n m e n
6 0 % L T V <	b 6 5 p s	8 b 5 p s
6 0 % L T V 6 2 5 % ≤ <	i d t t n o n p e r m e	b 1 3 5 p s
6 2 5 % L T V 6 5 % ≤ <	d i t t n o n p e m e r	2 0 b 1 p s
A f d b t t v g c o s o e	P i d t t r o r o a m e n m e n	P d t t o s a m e n m e n
S d d l l l i t y n c a e o a n e v e	0 % 4 5	4 7 0 %

ls f f 2 0 0 tr 7 ia F I N ice A N C R I E A I T- L R A E G S U L T a o	lu da S F in & Va t io Up te an ce a n	br l 2 Fe Ap i 2 0 0 1 8 2, 2 0 0 9 ua r ry	6

Balance sheet can support 9% further value decline

• Current syndicated loan portfolio OMV is EUR 1,682,915 k
• Further potential devaluation to hit covenant:
• EUR 150 m
• or 9.0%

Cash and accounting impacts

L d i t t t o a n a m o u n o u s a n n g 3 1- 1 2 0 8 t a s a - ( k ) i E U R n	9 9 5 3 7 4 ,
d d l l A i i i t t t o n n n n e e e a a u a r s l L T V e v	d i t p e n e o n g o x s s a c c r l e
6 0 % L T V <	2 0 E U R + m
6 0 % L T V 6 2 5 % ≤ <	E U R 7 0 + m
6 2 % 6 % 5 L T V 5 ≤ <	E U R 1 4 4 + m
d A t t m e n m e n c o s s

( ) i E U R n m	3 5
l d A t t n n u a a m e n m e n c o s s l d d i i o e o a n e s e p e o v r r u r ( i ) E U R n m	1 2

Main take away

• Amendment of syndicated loan facility successfully implemented
• Strong support from banking syndicate (quorum >87% vs. 66% required)
• External valuation as of December 31, 2008 completed
• Key LTV at 59.1%, valuation yield of 5.9% and total valuation loss for the year 2008 of EUR 88 m
• Full year results 2008 to be published on March 31, 2009