Accentro Real Estate AG

Quarterly Report • Nov 15, 2016

Quarterly Statement for the Period 1 January Through 30 September 2016

Overview Key Financial Data

ACCENTRO Real Estate AG	Q3 2016 01 July 2016 – 30 Sep. 2016	Q3 2015 01 July 2015 – 30 Sep. 2015	9 months 2016 01 Jan. 2016 – 30 Sep. 2016	9 months 2015 01 Jan. 2015 – 30 Sep. 2015
Income Statement	TEUR	TEUR	TEUR	TEUR
Gross profi t	21,161	6,469	44,206	41,170
EBIT	19,349	4,971	38,398	35,433
EBT	15,710	2,788	28,425	26,035
Consolidated income	9,663	2,185	17,013	22,224

	30 September 2016	31 December 2015
ACCENTRO Real Estate AG
Balance Sheet Ratios	TEUR	TEUR
Non-current assets	183,579	189,594
Current assets	218,362	188,462
Equity	126,348	109,241
Equity ratio	30,8 %	27,6 %
Total assets	409,942	395,205

ACCENTRO Real Estate AG

Company Shares
Stock market segment	Prime Standard
ISIN	DE000A0KFKB3
German Securities Code Number (WKN)	A0KFKB
Number of shares on 30 September 2016	24,715,930
Free fl oat	13.16 %
Highest price (1 January 2016 – 30 September 2016)*	EUR 8.07
Lowest price (1 January 2016 – 30 September 2016)*	EUR 3.11
Closing price on 30 September 2016*	EUR 7.66
Market capitalisation at 30 September 2016*	EUR 189,324,024

* Closing prices in Xetra trading

Content

• 3 Letter to the Shareholders
• 4 Earnings, Financial and Asset Position
• 6 Supplementary Report
• 6 Forecast Report
• 7 Consolidated Balance Sheet
• 9 Consolidated Income Statement
• 10 Consolidated Cash Flow Statement
• 12 Consolidated Statement of Changes in Equity
• 13 Segment Information
• 14 The ACCENTRO Real Estate AG Share
• 17 Financial Calendar
• 17 Forward-looking Statements
• 18 Credits

Letter to the Shareholders

Dear Shareholders, Dear Ladies and Gentlemen,

As already announced in our most recent Half-Year Report, we managed to sell a real estate portfolio in Berlin during Q3 2016, which made a defi nitive positive contribution to the revenues and profi ts of the third quarter. For one thing, the sales volume totalled EUR 140.5 million, and thus topped the anyway robust result of the prior year's nine-month result, while the consolidated income achieved the bracket we predicted when revising our forecast at midyear.

While nearly EUR 74 million worth of assets associated with these sales revenues were taken out of the "Trading" portfolio, the value of our inventory assets has remained virtually unchanged. We will continue to use the net earnings from property sales to keep expanding our "Trading" portfolio, and to broaden our basis for sustainable fi nancial success. Before the end of Q4 2016, we expect to see properties in a combined value of EUR 30 million transfer to member companies because the sale and purchase agreements have already been notarised.

In our "Portfolio" segment, we managed to sell several assets in secondary locations at a profi t. Since these objects were largely unoccupied, this adjustment of our portfolio results in a lower vacancy rate. The revenues were used in their entirety to repay debts, and have helped us to bring down our debt-to-equity ratio in this segment and with it the future interest burden.

So it is with optimism that we will follow the further development, and hope to have you aboard for a good long while yet.

Kind regards,

Jacopo Mingazzini Management Board

Preliminary Remarks

The regulatory requirements for quarterly reporting have changed across Europe. Going forward, ACCENTRO Real Estate AG will publish so-called quarterly statements for the fi rst three and for the fi rst nine months of a given fi nancial year. The new format of quarterly statements will present the consolidated income in slightly abbreviated form. ACCENTRO Real Estate AG assumes that the new format will be perfectly capable of delivering all relevant information to its shareholders. The Half-Year Report will remain as is.

All monetary fi gures in this report are stated in euro (EUR). Both individual and total fi gures represent the value with the smallest rounding diff erence. Accordingly, adding the values of the individual line items may result in minor diff erences compared to the sum totals posted.

Earnings, Financial and Asset Position

Earnings Position

The ACCENTRO Group's key revenue and earnings fi gures developed as follows during the fi rst nine months of the 2016 fi nancial year:

	9 month 2016	9 month 2015
	EUR million	EUR million
Revenues	140.5	138.4
EBIT	38.4	35.4
Consolidated income	17.0	22.2

The consolidated revenues added up to EUR 140.5 million during the nine-month period of the 2016 fi nancial year.

They break down into the following segments:

• Trading: EUR 114.6 million (prior-year period: EUR 31.5 million)
• Portfolio: EUR 25.9 million (prior-year period: EUR 106.9 million)

The breakdown of the consolidated revenues into the segments "Trading" (81.6%) and "Portfolio" (18.4%) mirrors the targeted orientation of ACCENTRO Group as a trading entity.

The reassuring increase in revenues in the "Trading" segment was driven, in addition to the revenues from apartment retailing, by the sale of a portfolio of centrally located properties in Berlin during the third quarter of 2016.

The decline in revenues in the "Portfolio" segment when compared to the reference period in 2015 is explained by the loss in rental income from the housing stock in Berlin-Hohenschönhausen that was sold as of 30 June 2015, and by the fact that the revenues from this portfolio sale were posted with the 2015 revenues.

The consolidated income by the end of the reporting period equalled EUR 17.0 million (reference period: EUR 22.2 million) and thus matched the bracket we predicted when revising our forecast at mid-year 2016.

At EUR 2.0 million, total payroll and benefi t costs topped the prior-year level of EUR 1.7 million as we expanded our workforce to 34 staff (up from 29 as of 31/12/2015), with most of the new jobs created in the sales division.

The fi nancial result of the fi rst nine months of 2016 equalled EUR –10.0 million and more or less matched the prior-period fi gure of EUR –9.4 million. Reducing the debt burden in the "Portfolio" segment is expected to bring an improvement here by 2017. Short term, the "Portfolio" segment was burdened with a one-off early termination penalty in the amount of c. EUR 1 million.

The earnings before taxes equal EUR 28.4 million, down from EUR 26.0 million at the end of the reference period. Taking into account income taxes of EUR –11.4 million (reference period: EUR –3.8 million), this results in a consolidated profi t of EUR 17.0 million (reference period: EUR 22.2 million).

Financial Position

Key Figures from the Cash Flow Statement

	9 months 2016	9 months 2015
	EUR million	EUR million
Cash fl ow from operating activities	49.5	–70.0
Cash fl ow from investment activities	14.7	53.7
Cash fl ow from fi nancing activities	–32.1	17.0
Net change in cash and cash equivalents	32.0	0.8
Cash and cash equivalents at the beginning of the period	7.0	7.7
Cash and cash equivalents at the end of the period	39.0	7.9

During the fi rst nine months of 2016, the cash fl ow from operating activities amounted to EUR 49.5 million (reference period: EUR –70.0 million). The cash fl ow from operating activities breaks down into the cash profi t for the period and cash-eff ective changes in current working capital. A positive impact on the cash fl ow from operations was generated by rent payments and the amounts deposited in return for inventory properties sold. The cash fl ow from operations fl ow is impaired by the combined operating expenditures, including income tax payments.

The cash fl ow from investment activities amounted to EUR 14.7 million during the reporting period (reference period: EUR 53.7 million). As in the reference period, this refl ects essentially the payments made by buyers in the wake of investment property sales.

The cash fl ow from fi nancing activities amounted to EUR –32.1 million during the reporting period (reference period: EUR 17.0 million), and breaks down into new loans taken out toward the expansion of the property stock in the "Trading" segment, payment outfl ows for the principal repayment of loans associable with properties sold from the "Trading" and the "Port folio" holdings, and the principal repayment of bonds and fi nancial liabilities.

Cash and cash equivalents amounted to EUR 39.0 million as of 30 September 2016, compared to EUR 7.9 million by 31 December 2015.

During the reporting period, the shareholders' equity of the ACCENTRO Group rose from EUR 109.2 million as of 31 December 2015 to EUR 126.3 million by 30 September 2016. The increase is almost entirely due to the consolidated income of EUR 17.0 million. It implies an equity ratio of 30.8%, and thus a moderate increase compared to the equity ratio by the balance sheet date of the previous fi nancial year (27.6%).

Asset Position

The total assets increased by EUR 14.7 million since the balance sheet date of 31 December 2015 as they climbed to a total of EUR 410.0 million.

Non-current liabilities decreased by EUR 9.5 million since the balance sheet date of the previous fi nancial year, dropping to EUR 176.5 million.

Current liabilities rose by EUR 7.1 million to EUR 107.0 million since the end of last year (EUR 99.9 million). The main cause for the increase are the property sales planned for the next twelve months, and the repayment of the corresponding loans.

General Statement on the Group's Business Situation

In its statement of account for the 2015 fi nancial year, the Management Board of ACCENTRO AG predicted that the 2016 fi nancial year would return substantial consolidated funds from operations. This was to be achieved through noticeably enhanced earnings in the "Trading" segment and a sustainably stable contribution to operating income in the "Portfolio" segment, among other contributing factors. In the "Trading" segment, we actually exceeded our target for improved earnings during the fi rst nine months of 2016. As far as the portfolio business goes, it is assumed that measures to roll back vacancies will help to boost earnings in a sustainable way. Based on these facts and assumptions, the Management Board of ACCENTRO Real Estate AG adjusted its 2016 income forecast in the Half-Year Report, and now expects to see a consolidated income of nearly EUR 20 million by the end of the 2016 fi nancial year.

Supplementary Report

ACCENTRO Real Estate AG convened an Extraordinary General Meeting (EGM) for 30 November 2016. The reason for convening the meeting is a controlling interest plus profi t and loss transfer agreement between the ACCENTRO Real Estate AG and the Accentro Wohneigentum GmbH whose execution requires the approval of the general meeting of shareholders.

Forecast Report

The forecasts and other disclosures regarding the future business performance of the ACCENTRO Group that were ventured in the 2016 Half-Year Report are being upheld. At this time, ACCENTRO Real Estate AG predicts that the consolidated income will be in the range of EUR 18.5 million to EUR 20.0 million by the end of the 2016 fi nancial year.

Consolidated Balance Sheet

	30 Sept. 2016	31 Dec. 2015
ACCENTRO Real Estate AG Assets	TEUR	TEUR
Non-current assets
Goodwill	17,776	17,776
Other intangible assets	29	47
Property, plant and equipment	183	188
t Investment property	164,077	168,337
Tex Equity investments	0	1,188
Equity interests accounted for using the equity method	1,049	1,593
lter a Deferred tax assets	465	465
Total non-current assets	183,579	189,594
Current assets
Inventories	151,754	156,121
Trade receivables	8,170	10,422
Other receivables and other assets	19,409	14,885
Current income tax receivables	46	54
Cash and cash equivalents	38,982	6,981
Total current assets	218,362	188,462
Non-current assets held for sale	8,001	17,149
Total assets	409,942	395,205

Consolidated Balance Sheet

	30 Sept. 2016	31 Dec. 2015
ACCENTRO Real Estate AG Equity	TEUR	TEUR
Subscribed capital	24,716	24,678
Capital reserves	53,152	53,095
Retained earnings	47,873	30,873
Attributable to parent company shareholders	125,741	108,646
Attributable to non-controlling interests	607	595
Total equity	126,348	109,241
Liabilities	TEUR	TEUR
Non-current liabilities
Provisions	17	17
Financial liabilities	146,665	154,562
Bonds	21,511	21,338
Shareholder loans	0	2,824
Compensation claims by partners of civil-law and limited partnerships	291	0
Deferred income tax liabilities	8,080	7,288
Total non-current liabilities	176,564	186,027
Current liabilities
Provisions	2,156	2,540
Financial liabilities	59,929	63,804
Bonds	830	137
Shareholder loans	0	0
Advanced payments received	20,320	9,253
Current income tax liabilities	12,710	2,014
Trade payables	3,098	4,114
Other liabilities	3,237	3,655
Total current liabilities	102,280	85,515
Liabilities held for sale	4,750	14,421
Total equity and liabilities	409,942	395,205

Consolidated Income Statement*

ACCENTRO Real Estate AG	Q3 2016 01 July 2016 – 30 Sept. 2016	Q3 2015 01 July 2015 – 30 Sept. 2015	9 month 2016 01 Jan. 2016 – 30 Sept. 2016	9 month 2015 01 Jan. 2015 – 30 Sept. 2015
	TEUR	TEUR	TEUR	TEUR
Revenues from sales of inventory property	59,505	15,188	108,452	26,022
Expenses from sales of inventory property	–41,696	–11,979	–74,129	–20,996
Capital gains from inventory property	17,809	3,209	34,323	5,027
Revenues from sales of investment property	2,361	0	16,226	94,428
Expenses from sales of investment property	–2,423	0	–16,377	–78,640
Capital gains from investment property	–62	0	–151	15,788
Capital gains from property sales	17,747	3,209	34,172	20,815
Letting revenues	4,691	4,998	14,666	16,395
Letting expenses	–2,307	–1,964	–6,708	–6,515
Net rental income	2,384	3,034	7,958	9,879
Revenues from services	361	252	1,157	1,565
Expenses from services	–205	–115	–722	–977
Net service income	155	137	435	588
Other operating income	483	79	1,255	1,388
Measurement of investment property	391	10	386	8,500
Earnings from other income	875	89	1,641	9,888
Gross profi t or loss	21,161	6,469	44,206	41,170
Total payroll and benefi t costs	–727	–532	–2,029	–1,744
Depreciation and amortisation of intangible assets and property, plant and equipment	–26	–27	–91	–73
Impairments of inventories and accounts receivable	–314	–28	–945	–259
Other operating expenses	–744	–910	–2,743	–3,661
EBIT (earnings before interest and income taxes)	19,349	4,971	38,398	35,433
Net income from associates	105	642	476	630
Other income from investments	0	0	18	27
Interest income	90	138	294	170
Interest expenses	–3,834	–2,963	–10,761	–10,225
Net interest income	–3,743	–2,825	–10,467	–10,055
EBT (earnings before income taxes)	15,710	2,788	28,425	26,035
Income taxes	–6,047	–603	–11,412	–3,811
Consolidated income	9,663	2,185	17,013	22,224
thereof attributable to non-controlling interests	–23	66	12	235
thereof attributable to shareholders of the parent company	9,687	2,119	17,001	21,989
Earnings per share (EUR)
Basic earnings per share	0.39	0.09	0.69	0.90
Diluted earnings per share	0.33	0.08	0.58	0.75

* Revenues and the costs of materials were retroactively broken down into more detail to enhance the transparency of the sources of revenues and earnings.

Consolidated Cash Flow Statement

	ACCENTRO Real Estate AG	9 month 2016 01 Jan. 2016 – 30 Sept. 2016	9 month 2015 01 Jan. 2015 – 30 Sept. 2015
		TEUR	TEUR
	Consolidated income	17,013	22,224
+	Depreciation/amortisation of non-current assets	91	73
	–/+ Net income from associates carried at equity	–494	0
	+/– Increase/decrease in provisions	–91	914
+	Impairment on assets held for sale	0	100
	+/– Changes in the fair value of investment property	–386	–8,500
	+/– Other non-cash expenses/income	9,454	5,364
	–/+ Gains/losses from the disposal of non-current assets	0	2
	–/+ Increase/decrease in trade receivables and other assets that are not attributable to investing or fi nancing activities	–1,488	9,333
	+/– Increase/decrease in trade payables and other liabilities that are not attributable to investing or fi nancing activities	21,121	–746
–	Cash outfl ows for investments in fully consolidated companies with properties held as trading assets	0	–10
	–/+ Income from disposal of investment property	151	–15,801
	–/+ Gains/losses from disposal of subsidiaries	–275	–150
	+/– Other income tax payments	–10	–27
=	Operating cash fl ow prior to de-/reinvestment in trading assets	45,086	12,776
	–/+ Increase/decrease in inventories (trading properties)	4,389	–82,752
=	Cash fl ow from current operating activities	49,476	–69,976
+	Proceeds from disposal of investment property (less costs of disposal)	15,966	54,614
+	Changes in liabilities from advance payments received	0	0
+	Interest received	61	0
–	Cash outfl ows for investments in intangible assets	–8	–35
–	Cash outfl ows for investments in property, plant and equipment	–76	–92
–	Cash outfl ows for investments in investment properties	–1,953	–745
–	Cash outfl ows for investments in non-current assets	0	0
+	Payments-in from distributions for shares consolidated at equity	691	0
=	Cash fl ow from investment activities	14,681	53,742
	Continued on page 11

Consolidated Cash Flow Statement

	ACCENTRO Real Estate AG	9 month 2016 01 Jan. 2016 – 30 Sept. 2016	9 month 2015 01 Jan. 2015 – 30 Sept. 2015
		TEUR	TEUR
	Continued from page 10
+	Payments made by shareholders	0	0
+	Payments from issuing bonds and raising (fi nancial) loans	54,208	69,992
–	Repayment of bonds and (fi nancial) loans	–81,647	–46,356
–	Interest paid	–4,712	–6,611
+	Interest received	20	0
=	Cash fl ow from fi nancing activities	–32,132	17,024
	Net change in cash and cash equivalents	32,024	791
+	Increase in cash and cash equivalents from investments in fully consolidated companies	0	0
–	Decrease in cash and cash equivalents from the disposal of fully consolidated companies	–23	–604
+	Cash and cash equivalents at the beginning of the period	6,981	7,681
=	Cash and cash equivalents at the end of the period	38,982	7,868

Consolidated Statement of Changes in Equity

for the Period from 1 January to 30 September 2016

	Subscribed capital	Capital reserve	Retained earnings	Non-controlling interests	Total
ACCENTRO Real Estate AG
	TEUR	TEUR	TEUR	TEUR	TEUR
As of 1 January 2016	24,678	53,095	30,873	595	109,241
Consolidated income	–	–	17,001	12	17,013
Other comprehensive income	–	–	0	0	0
Total consolidated income	–	–	17,001	12	17,013
Costs of raising equity	–	–	–	–	–
Companies acquired	–	–	–	–	–
Companies sold	–	–	–	–	–
Changes in non-controlling interests	–	–	–	–	–
Increase in kind	–	–	–	–	–
Cash capital increase	–	–	–	–	–
Convertible bonds converted	38	56	–	–	94
As of 30 September 2016*	24,716	53,152	47,873	607	126,348

* Adding the values of the individual line items may result in slight diff erences compared to the sum totals posted.

Consolidated Statement of Changes in Equity

ACCENTRO Real Estate AG Subscribed capital Capital reserve Retained earnings Non-controlling interests Total TEUR TEUR TEUR TEUR TEUR As of 1 January 2015 24,436 52,757 8,225 432 85,851 Consolidated income – – 21,990 234 22,224 Other comprehensive income – – 0 0 0 Total consolidated income – – 21,990 234 22,224 Costs of raising equity ––– –– Companies acquired – – – 26 26 Companies sold ––– –– Changes in non-controlling interests ––– –– Increase in kind ––– –– Cash capital increase ––– –– Convertible bonds converted 242 338 – – 580 As of 30 September 2015* 24,678 53,096 30,215 692 108,681

for the Period from 1 January to 30 September 2015

* Adding the values of the individual line items may result in slight diff erences compared to the sum totals posted.

Segment Information

Quarter on quarter, the segment results for the third quarter of the 2016 fi nancial year present themselves as shown below:

		Trading						Portfolio		Group
		Total		Privatisation		Other trade
	Q3/2016	Q3/2015	Q3/2016	Q3/2015	Q3/2016	Q3/2015	Q3/2016	Q3/2015	Q3/2016	Q3/2015
	TEUR	TEUR	TEUR	TEUR	TEUR	TEUR	TEUR	TEUR	TEUR	TEUR
Revenues (external)	61,546	17,033	61,546	17,033	–	–	5,372	3,405	66,918	20,438
thereof
Letting	1,680	1,592	1,680	1,592	–	–	3,011	3,405	4,691	4,998
Disposals	59,505	15,188	59,505	15,188	–	–	2,361	0	61,866	15,188
Brokerage	361	252	361	252	–	–	–	–	361	252
Changes in the value of investment property	–	–	–	–	–	–	391	10	391	10
EBIT	17,945	3,569	17,945	3,756		–187	1,404	1,402	19,349	4,971
Net income from fi nancial invest ments	105	642	105	642	–	0	0	0	105	642
Financial results	–762	136	–762	71	–	66	–2,877	–2,319	–3,834	–2,183
Net profi t before income taxes	17,183	3,705	17,183	3,827	–	–121	–1,473	–917	15,710	2,788

Year on year, the segment results for the fi rst nine months of the 2016 fi nancial year present themselves as shown below:

Trading					Portfolio		Group
		Total		Privatisation		Other trade
	2016	2015	2016	2015	2016	2015	2016	2015	2016	2015
	TEUR	TEUR	TEUR	TEUR	TEUR	TEUR	TEUR	TEUR	TEUR	TEUR
Revenues (external)	114,640	31,497	114,640	31,497	–	–	25,861	106,896	140,501	138,393
thereof
Letting	5,031	3,927	5,031	3,927	–	–	9,635	12,468	14,666	16,395
Disposals	108,452	26,005	108,452	26,005	–	–	16,226	94,428	124,678	120,433
Brokerage	1,157	1,565	1,157	1,565	–	–	–	–	1,157	1,565
Changes in the value of investment property	–	–	–	–	–	–	386	8,500	386	8,500
EBIT	34,834	4,763	34,834	5,959		–1,196	3,564	30,671	38,398	35,433
Net income from fi nancial invest ments	494	657	494	657	–	–	–	–	494	657
Financial results	–2,174	–1,102	–2,174	–723	–	–380	–7,799	–8,295	–9,973	–9,397
Net profi t before income taxes	32,660	3,660	32,660	5,237	–	–1,577	–4,236	22,376	28,425	26,036

Quarterly Statement for the Period 1 January Through 30 September 2016

Segment assets, segment liabilities and segment investments were recognised as follows by 30 September 2016:

	Trading	Portfolio	Group
	TEUR	TEUR	TEUR
Segment assets	213,934	194,958	408,893
Equity interests accounted for using the equity method	1,049	–	1,049
Total segment assets	214,984	194,958	409,942
Segment liabilities	134,590	149,003	283,593
Segment investments	65,929	2,029	67,958

The fi gures by 30 September 2015 were as follows:

	Trading	Portfolio	Group
	TEUR	TEUR	TEUR
Segment assets	215,881	186,155	402,036
Equity interests accounted for using the equity method	1,468	122	1,590
Total segment assets	217,349	186,276	403,625
Segment liabilities	139,560	155,384	294,944
Segment investments	102,723	469	103,192

Segment assets primarily relate to property, plant and equipment, investment property, inventories, receivables, and receivables from third parties and from the other segment. The goodwill is allocated to the "Trading" segment.

The segment liabilities include fi nancial liabilities, trade payables and other liabilities.

The segment assets and segment liabilities in the "Portfolio" segment showed proportionate changes compared to the 2015 fi nancial year, which are explained by the increase in receivables and payables from operating costs not yet settled. The rise in segment liabilities in the "Trading" segment resulted from investments in the trading property portfolio, which are also refl ected in the segment investments.

The ACCENTRO Real Estate AG Share

The 2014/2019 convertible bond issued during the 2013/14 fi nancial year implied a residual 5,395,506 conversion rights as of 31 December 2015, entitling the bearer to one ACCENTRO Real Estate AG share each, which could dilute the earnings per share. The maturity of less than one year has created a dilution eff ect.

During the fi rst nine months of the 2016 fi nancial year, a total of 37,730 convertible bonds from the 2014/2019 convertible bond were converted into one share in ACCENTRO Real Estate AG each. The convertible bond accounts for TEUR 11,843 out of the carrying amount of the bond liabilities.

Quarterly Statement for the Period 1 January Through 30 September 2016

Compared to the prior-year period, the earnings per share for the fi rst nine months of the 2016 fi nancial year present themselves as follows:

Earnings per Share
	9 month 2016	9 month 2015
	EUR	EUR
Basic	0.69	0.90
Diluted	0.58	0.75

ACCENTRO Share Price Performance from 1 January to 30 September 2016

Starting out at EUR 3.59 on the fi rst trading day of 2016, the share price resumed its upward trajectory from the previous year, and stood at EUR 8.07 by 30 August 2016 after gaining 124.8%.

On the last trading day of the third quarter of 2016, the share price closed at EUR7.66 which represents EUR 189,324,024 in market capitalisation.

The average daily trading volume (Xetra) of ACCENTRO stock during the third quarter of 2016 was 7,304 units (Q3 2015: 8,044 units).

Shareholder Structure

The number of ACCENTRO Real Estate AG shares in circulation had slightly increased to a total of 24,715,930 no-par value bearer shares by the end of the reporting period (30 September 2016) because some holders of the 6.25% convertible bond 2014/2019 (ISIN DE000A1YC4S6, WKN A1YC4S) converted their bonds.

The shares are held to 86.84% by ADLER Real Estate AG, while 13.16% of them are held in free fl oat.

The ACCENTRO Share at a Glance

Stock market segment	Prime Standard
ISIN	DE000A0KFKB3
German Securities Code Number (WKN)	A0KFKB
Number of shares on 30 September 2016	24,715,930
Free fl oat	13.16 %
Highest price (1 January 2016 – 30 September 2016)*	EUR 8.07
Lowest price (1 January 2016 – 30 September 2016)*	EUR 3.11
Closing price on 30 September 2016*	EUR 7.66
Market capitalisation at 30 September 2016*	EUR 189,324,024

* Closing prices in Xetra trading

Financial Calendar

2016

30 November 2016 Extraordinary General Meeting

2017

31 March 2017	Annual Report 2016
12 May 2017	Quarterly Statement for Q1 2017
11 August 2017	Half-Year Financial Report 2017
10 November 2017	Quarterly Statement for the Period 1 January Through 30 September 2017

All dates are provisional. For the fi nal dates, please check our website www.accentro.ag.

Forward-looking Statements

This interim report contains specifi c forward-looking statements. A forward-looking statement is any statement that does not relate to historical facts and events. This applies, in particular, to statements relating to future fi nancial earning capacity, plans and expectations with respect to the business and management of ACCENTRO Real Estate AG, growth, profi tability and the general economic and regulatory conditions and other factors to which ACCENTRO Real Estate AG is exposed.

Forward-looking statements are based on current estimates and assumptions made by the company to the best of its knowledge. Such forward-looking statements are based on assumptions and are subject to risks, uncertainties and other factors that may cause the actual results including the net asset, fi nancial and earnings situation of ACCENTRO Real Estate AG to diff er materially from or disappoint expectations expressed or implied by these statements. The business activities of ACCENTRO Real Estate AG are subject to a number of risks and uncertainties that may also cause a forward-looking statement, estimate or prediction to become inaccurate.

This translation of the original German version of the Quarterly Statement of ACCENTRO Real Estate AG for the fi rst nine months of the 2016 fi nancial year has been prepared for the c onvenience of our English-speaking shareholders.

The German version is authoritative.

Our fi nancial reports are also available as downloads at www.accentro.ag or may be requested free of charge by writing to ACCENTRO Real Estate AG, Uhlandstr. 165, 10719 Berlin, Germany.

ACCENTRO Real Estate AG Uhlandstr. 165 10719 Berlin, Germany Phone: +49 (0)30 887 181 - 0 Telefax: +49 (0)30 887 181 - 11 E-Mail: mail@accentro.ag Home: www.accentro.ag

Management Board

Jacopo Mingazzini

Chairman of the Supervisory Board

Axel Harloff , Hamburg

Contact

ACCENTRO Real Estate AG Investor & Public Relations Phone: +49 (0)30 887 181 - 799 Telefax: +49 (0)30 887 181 - 779 E-Mail: ir@accentro.ag

Concept, Editing, Layout

Goldmund Kommunikation, Berlin www.goldmund-kommunikation.de