alstria office REIT-AG

Investor Presentation • Aug 22, 2007

Q2 2007 – Interim Result

22 August 2007

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.

No duty to update

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

Agenda

• Highlights
• Financials

G-REIT

Outlook

Highlights – Company development

• Listing of the shares of Alstria Office AG on the Frankfurt Stock Exchange (Prime Standard) on 3 April 2007 at 16 € per share (2,5% premium to H1 NAV).
• Accretive acquisition of more than 230 M€ worth of assets (Aurora portfolio and Sigma House) at a blended yield on all in cost of 6,4% vs. IPO valuation yield of 5,45%.
• Share trading as of close of the market on 21 August 2007 at a discount of 25% to H1 2007 NAV.
• Recruitment process ongoing allowing to increase the asset management capability of the Company and demonstrating the attractiveness of the Company for real estate professionals.
• Management board completed with the nomination of Alexander Dexne as CFO.

Highlights – Market update

Real estate market

• Improvement of rental demands in key markets as Hamburg and Munich with reduced vacancy rates and top rent increases.
• Further yield compression demonstrated by recent transactions on the market.
• Higher seller expectations in terms of prices and legal documentations.
• Capital market
• Overall decrease of real estate share prices which have underperformed general indices.
• Higher than expected increases in interest rate hikes.
• Widener of credit spread on real estate loans.

Back to real estate fundamentals

• While real estate markets and capital markets were moving in different directions we have taken a cautious approach on investments waiting for stabilization.
• Yield compression is near to an end with yields around 4,5% 5% on prime properties located in prime markets.
• German economy fundamentals are strong driving the leasing market in the right direction.
• Accretive acquisitions will be possible through the acquisition of:
• Under managed building/portfolios.
• Sales and leaseback and G-REIT exit tax advantage.
• Acquisition of assets in line with there markets in "non-prime" cities
• Recent market development enhance our view of the German Market, and the alignment of our strategy with the markets fundamentals
• Trading is less and less an option
• Focus on real estate is the key driver for value creation.

Growth in investment property

An office pure play

1 Based on net lettable space

2 Based on passing rent

Key Figures H1 2007

3 9 1
7 4 5
5 6 5
4 4 1
1 2 8
1, 6 3 6 8
1 5 6 €
0 9 € 7
4 2 %
% 5 4
4 3 8 %
3 % 5 4

Q2 2007 – Income Statement

	H 1	Q 2	Q 1
i E U R i l l i n m o n	( d i d ) t u n a u e	( d i d ) t u n a u e	( d i d ) t u n a u e
R e v e n u e s	3 9	2 2	1 7
I l f d i t n c o m e e s s e x p e n s e s r o m p a s s e o n o p e r a n g e x p e n s e s
l R i t t t t e a e s a e o p e a n g c o s s r	2 -	1 -	1 -
l N t R t I e e n a n c o m e	3 7	2 0	1 7
f f l d N i i j i t t t t t t e g a n o m a a e a s m e n s o n n e s m e n p o p e r r v u u v r r y	2 5	2 2	4
d i i i A t t m n s r a v e e x p e n s e s	5 -	3 -	2 -
l P e s o n n e e p e n s e s r x	-1	1 -	1 -
O h t t i i e r o p e r a n g n c o m e	0	0	0
h O i t t e o p e a n g e p e n s e s r r x	0	0	0
O i l N t t R t e p e r a n g e s u	6 5	3 8	8 1
f f l d f l d N i i j i i i i t t t t e g a n o m a a e a s m e n s o n n a n c a e a e s r r v u u r v v	1 8	1 6	2
E B I T D A	7 4	5 5	2 0
l l F i i t n a n c a e s r u	1 8 -	7 -	1 1 -
i ( ) P t E B T r e- a x n c o m e	6 5	8 4	8
I t n c o m e a e p e n s e s x x	1 2 -	1 0 -	2 -
C l i d d l f h i d t t t o n s o a e r e s u o r e p e r o	4 4	3 8	6

H1 2007 – Balance Sheet

l l i E U R i i n m o n	3 0 0 -J 7 u n- ( d d ) i t u n a u e	3 0 6 1- D e c-	/ + -
I t t t n e s m e n p o p e v r r y	3 1, 6 6	2 9 0 1,	2 7 %
h O t t t e r n o n- c u r r e n a s s e s	2 2	1 3	7 6 %
N t t o n- c u r r e n a s s e s	1, 6 8 5	1, 3 0 3	2 % 7
C t t e n a s s e s u r r	3 3 8	2 4	0 % 7 5
l T t t o a a s s e s	1, 9 9 6	1, 3 4 5	4 8 %
l T i t t o a e q u y	8 7 4	3 9 8	1 2 0 %
N l i b i l i i t t o n- c u r r e n a e s	8 0 3	8 3 3	4 % -
C l b l t i i i t i u r r e n a e s	3 9 1	1 1 4	8 0 % 1
l i d l i b i l i i T t t t o a e q a n a e s u y	1, 9 9 6	1, 3 4 5	4 8 %

Funds From Operations (FFO)

h d i E U R t n o u s a n	2 0 0 H 1 7 ( d d ) i t u n a u e	Q 2 2 0 0 7 ( d d ) i t u n a u e	Q 2 0 0 1 7 ( d d ) i t u n a u e
i ( ) P E B T t e- a n c o m e r x	5 7	4 8	9
l e s s :
l l F i i t n a n c a r e s u	1 8 -	7 -	1 1 -
E B I T D A	7 5	5 5	2 0
l e s s :
f f l d N i i j t t t e g a n o m a a e a s m e n s o n r r v u u i t t t n v e s m e n p r o p e r y	2 5	2 2	4
f f l d N i i j t t t e g a n r o m a r v a u e a u s m e n s o n f i i l d i i t n a n c a e a e s r v v	1 8	1 6	2
l p u s :
l l F i i t n a n c a r e s u	1 8 -	7 -	1 1 -
d O i ( O ) F F t F F u n s r o m p e r a o n s	3 1	0 1	3

We project total revenues to be around € 80 million for 2007.

We project FFO to be around € 30 million for 2007.

G-REIT conversion process on track

• alstria is still the only German company having taken a decision by the General Assembly of the shareholders of the Company for a conversion.
• The disposal of the two harmful residential properties took place as planned in July 2007.
• Corporate restructuring in order to optimize the structure to the G-REIT requirements is under way with the absorption by alstria of almost all its subsidiaries signed in August 2007.
• Main tax consequences of the corporate restructuring and conversion have been secured by tax rulings.

• Target for conversion is confirmed for 2007.

• Further accretive acquisitions planned for Q3-Q4 2007 and alstria will be fully invested by year end.

• Pipeline of around € 300 million of assets under review. Average yield above valuation yield of alstria.
• Intensive review of value enhancement potential of the existing portfolio undergoing.
• Case studies to be presented to investors on the next Company presentations and roadshows.
• Management highly focused on operations and delivery of the business plan.
• Credit spread widening.
• 2008 German business tax reform.
• Increase in interest rates does not impact the business of alstria as all necessary hedges and steps have been preempted by the Company allowing full resources to be focused on operating performance.

Questions & Answers

Alstria Office AG – Q2 2007 August 2007 16