Q1 2013 INterIm rePOrt

■ AbOut DIC Asset AG

established in 2002, DIC Asset AG, with registered offices in Frankfurt/main, is a real estate company with a dedicated investment focus on commercial real estate in Germany, pursuing a return-oriented investment policy. real estate assets under management amount to approx. eur 3.4 billion, comprising around 260 properties.

the Company's investment strategy is geared to the continued development of a highquality, highly profitable and regionally diversified portfolio. the real estate portfolio isstructured in two segments: the Commercial Portfolio (eur 1.9 billion) comprises existing properties with long-term rental contracts generating attractive rental yields. the Co-Investments segment (pro-rata eur 0.3 billion) comprises fund investments, joint-venture investments, and interests in development projects.

DIC Asset AG provides a direct service to tenants through its own real estate management teams in six branch offices located at the regional hubs within the portfolio. this provides DIC Asset AG with an edge in terms of market presence and expertise, and builds the foundation for maintaining and increasing income and the value of its real estate assets.

DIC Asset AG has been included in the sDAX segment of the Frankfurt stock exchange since June 2006. the Company'sshares are also included in the ePrA index, which tracksthe performance of the most important european real estate companies.

CONteNt

	2
Foreword
Interim Group management report	4
Investor relations and Capital market	23
Consolidated Financial statements as at 31 march 2013	27
Notes	36
review report	38
Quarterly Financial Data	40
Portfolio Overview	42

OVerVIew

Key financial figures in eur million	Q1 2013	Q1 2012
Gross rental income	30.3	31.1	-3%
Net rental income	26.6	28.1	-5%
Fees from real estate management	1.6	1.2	+33%
Property disposal proceeds	37.0	2.8	>100%
total revenues	74.1	39.4	+88%
Profits on property disposals	1.7	0.5	>100%
share of the profit of associates	0.8	0.9	-11%
Funds from Operations (FFO)	11.2	10.6	+6%
ebItDA	24.3	24.7	-2%
ebIt	16.3	16.6	-2%
ePrA earnings	10.4	10.0	+4%
Cash flow from operating activities	12.2	10.2	+20%
Key financial figures per share in eur	Q1 2013	Q1 2012
FFO	0.25	0.23	+9%
ePrA earnings	0.23	0.22	+5%
Balance sheet figures in eur million	31.03.2013	31.12.2012
Net debt equity ratio in %	32.0	31.2
Investment property	1,842.8	1,847.4
Debt	1,570.0	1,595.9
total assets	2,196.3	2,210.2
Key operating figures	Q1 2013	Q1 2012
Letting volume in sqm	30,800	51,900
Vacancy rate in %	11.6	12.3
Like-for-like rental income growth in %	-0.9	0.0

the management board of DIC Asset AG (from left): ulrich Höller, markus Koch

Dear Shareholders and Business Partners, Employees and Friends of our Company,

experts' forecastsfor europe are marked by significant fluctuations and the monthly economic indicators keep suggesting conflicting trends. the common denominator remains the fact that, overall, the euro zone crisis is the global economy's Achilles heel and the debt crisis will continue to dominate the markets.

with its economic strength and a robust real estate sector, Germany is likely to remain the beneficiary of investorsseeking out profitable alternative investments. DIC Asset AG continuesto operate in a stable environment with its business model concentrated on Germany and embedded in regional marketsthroughout the country. we have also exploited this advantage to secure and increase our earnings power in the first quarter.

For DIC Asset AG's shareholders, the positive domestic economy is clearly reflected in the following good news:

■ we remain on schedule in our operating activities. we have expanded our fund business with an additional real estate special fund, "DIC Highstreet balance", which will be significantly increased in volume this year. thus we are broadening our income base in the retail segment, where DIC Asset AG's expertise has been proved to be both extensive and highly sought-after.

most of the financing requirements for 2013 have been dealt with and the average interest rate for our financing remainslow. DIC Asset AG's financing structure is strong and highly diversified.
FFO, which is the crucial indicator of our operating performance, amounts to eur 11.2 million, a high level for the opening quarter (previous year: eur 10.6 million).
with a sales volume of eur 26 million, we are already well on the way towards meeting our annual target of eur 80 million in total.
the maintor development is making major progress thanks to successful marketing; well ahead of schedule, 60% of the project volume is already being implemented.
we increased the profit for the period sharply in the first quarter by 42% to eur 3.7 million. to a significant extent, this figure also reflects higher sales from the end of 2012, which are now reflected in the income statement.

with a stable first quarter, we have laid the foundations for a sound positive performance in the 2013 financial year. the increase in earnings will be underpinned by a further significant reduction in the vacancy rate, which was already well down at the end of the year, by good letting business, and by more acquisitions, particularly in the fund segment. On this basis, we are still expecting an increase in FFO to between eur 45 and eur 47 million.

we should like to take this opportunity to thank you, our shareholders, business partners and employees, for your confidence, your loyalty and the positive working relationship we enjoy with you. we shall conquer the challenges of the coming months together and thus continue on our successful course.

Frankfurt am main, may 2013

ulrich Höller markus Koch

INterIm GrOuP mANAGemeNt rePOrt

GeNerAL eCONOmIC CONDItIONs

Generally positive sentiment among companies, higher employment, an increasing demand for capital goods and catch-up effects following weather-related constraints in the first quarter are leading experts to expect the upward trend in the German economy to continue in 2013. However, the gulf between northern and southern europe is getting larger.

German economy proving to be stable

According to estimates by the economic research institutes, the German economy is posting moderate growth and will therefore be able to stand out further from the negative developments in the rest of the euro zone. the economic barometer produced by the German Institute for economic research (DIw berlin) indicates that the German economy grew by half of one percent in the first quarter of 2013 compared with the previous quarter. the climate has therefore improved following the recent and unexpectedly severe slowdown at the end of 2012, when the long cold winter put paid to the possibility of any more dynamic development. Agreeing with the Organisation for economic Cooperation and Development (OeCD), the berlinbased economic researchers currently see Germany as the sole surviving driver of economic growth in the euro zone this year. In the euro zone, the sovereign debt crisis and the crisis of confidence will also continue to curb economic growth.

even though the mood in the German economy became less buoyant once again at the start of the second quarter, experts are sticking to their cautiously positive forecast. For the current year, the institutes are expecting GDP growth of between 0.5% and 0.8%, following 0.7% in the previous year.

Labour market in good shape thanks to the domestic economy

employment levels are either stable or trending upwards in all sectors. the strong domestic economy is the key growth driver in Germany: disposable income is increasing and the labour market is fundamentally sound. the sector-based analysis reveals virtually nothing but growth compared with the previous year. the largest increase was in economic services (+168,000 or +5.4% of employees paying social security contributions) and in health and social services (+95,000 or +2.6%).

Developments on the labour market were also mixed at the beginning of spring, most likely due to the weather: the statistics show an increase in employment in February, with 44,000 more people in employment compared with the previous month and 282,000, or 0.7%, more than the previous year. In march, the unemploy-

ment rate wassomewhat higher after adjustment forseasonal factors. At 3.1 million unemployed, 70,000 or 2% more people were registered as unemployed in march than a year ago. Overall, unemployment has flatlined at a rate of 6.9% over the last six months. Germany has one of the lowest unemployment ratesin europe, and this figure has fallen compared with the previous year.

Scarcely any impetus for growth from economic partners

with its announcement to buy up government bonds of crisis-ridden countries in unlimited quantities if necessary, the eCb has substantially reduced the risk of the euro zone collapsing. Confidence in this safety net has increased on financial markets. more bad news from the euro zone, such as the wrangling over consolidation policies in Italy, Cyprus, Portugal and slovenia were digested relatively calmly by investors.

However, the economy in the euro zone ultimately shrank in the first quarter and sentiment regarding any possible rapid recovery is muted. weak economic data from the key foreign trade partners China and the usA are not helping either. the fact that the spring revival in Germany ebbed away at the beginning of the second quarter of 2013 and the economic barometer for industry and service providers fell in April below the level indicating growth because of falling orders fuelled expectations that the eCb will have to relax monetary policy further to prevent the few growth drivers remaining from failing and the euro zone from sliding into a recession. since July 2012, the key interest rate had remained unchanged at 0.75%. At the beginning of may 2013, the eCb cut the refinancing rate to a new historic low of 0.5% and simultaneously indicated its willingness to reduce it further.

Office rentals below average, net absorption remains positive

In the seven major office locations of berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, munich and stuttgart, some 573,000 sqm were let overall in the first quarter. According to Jones Lang Lasalle, this figure was down a significant 21% on the previous year. Firstly, there was a shortage of large deals;secondly, the letting market lags behind the economic developments that played a role when the decision to rent was taken, meaning that the uncertainties of summer 2012 are also reflected in this figure. However, the fall is only the result of aggregate developments in regional markets, which performed very unevenly, with munich and Hamburg posting increases of 7% and 18% respectively.

Vacancies fell by a further 6% in total to 7.7 million sqm, and the vacancy rate for office space also decreased further from 8.8% to 8.7%. In addition to the fact that recorded completions remain at a low level, this is also a consequence of demolitions and changes in purpose, depriving the market of vacant space.

Overall, the moderate fall in vacancies is expected to continue over the year. there is no prospect of any major additions of newly completed space to vacancies between now and the end of the year, since the majority of the office space being completed is already pre-let. the peak rental index across allseven major office centres rose for the tenth time in succession, solely on the back of high-priced deals in Frankfurt, while pricesremained at the same level compared with the previous quarter in other cities.

Brisk start to the year in the transaction market for commercial real estate

Activity was brisk on the transaction market for commercial real estate in the first quarter of 2013 with transactions up by more than a third on the previous quarter, at some eur 7.1 billion. At 40% of sales, offices accounted for a substantial percentage of the property changing hands. Approximately 35%, just under eur 2.5 billion, was invested in portfolio acquisitions. the investment market benefited from unsatisfied demand from the strong fourth quarter of 2012 and from the relative confidence in the German market shown by international investors, who were responsible for just under a third of transactions.

Lack of alternative investments and low interest rates encourage deal-making

Although most transactions still reflect the demand for high-quality properties and secure rental income from long tenancies, interest in more management-intensive properties is increasing, as is interest in top properties outside the very best locations. Overall, estate agents' experts expect activity to remain brisk, driven by higher demand from international investors and a slight increase in risk appetite.

trANsACtION VOLume OF GermAN COmmerCIAL reAL estAte

LettING VOLume IN mAJOr GermAN OFFICe LOCAtIONs in thousand sqm

basis: figures for berlin, Dusseldorf, Frankfurt, Hamburg, Cologne, munich, stuttgart from Jones Lang Lasalle/savills

source: Jones Lang Lasalle

busINess DeVeLOPmeNt

Highlights of the first quarter

➜ Higher profits on sales in the first quarter
➜ Further progress in marketing the maintor development
➜ FFO increases 6% to eur 11.2 million
➜ Net debt equity ratio increases to around 32%

DIC Asset AG has used the first quarter of 2013 to strengthen its financial and earnings base. In January, we increased the volume of our corporate bond by eur 13 million to the maximum issue volume of eur 100 million. At the beginning of march, the interest-bearing bond was accepted into the Frankfurt stock exchange's Prime standard segment. the net debt equity ratio increased to 32% following successful refinancing schemes and repayments of borrowings. the maintor development is proceeding apace and is still ahead of schedule: following two major rentals of 17,000 sqm in total, sales of apartments in the maintor Palazzi sub-project have started very successfully; this underlines the impressive quality of the maintor project. Letting activity in the investment portfolio remained on track after the first three months. rental income was stable in the first quarter following the sales and transfers of title that took place at the end of the year. Following improvements in the quality of our portfolio and a higher occupancy rate compared with the previous year, we achieved FFO of eur 11.2 million as at 31 march 2013. Profit for the period rose to eur 3.7 million in the first quarter, primarily due to higher profits on property disposals.

Portfolio volume stable

On 31 march 2013, our real estate portfolio comprised 261 properties(previous year: 273) with a pro rata total rental area of 1.24 million sqm. the pro rata value of the properties remained virtually unchanged at eur 2.2 billion following disposals as a result of sales. Our portfolio properties generate annual rental income (pro rata, including the co-investments) of eur 138.6 million. the gross rental yield stands at 6.7% (previous year: 6,6%).

Letting volume on schedule

we have achieved our letting targets in the first quarter in a somewhat weaker letting environment. From January to march 2013, we leased 31,000 sqm – either by extending existing tenancies or concluding new ones. As a result, we are within our target range for the first quarter of 2013, which was quieter in line with expectations.

reGIONAL DeVeLOPmeNt

each as at 31.03.

North	2013	2012
Gross rental yield Vacancy rate	6.7% 5.4%	6.5% 8.5%
wALt in years Average rent	6.0	6.7
(eur per sqm)	7.80	7.70	North 14%
			HAMBURG
West	2013	2012
Gross rental yield	6.5%	6.5%	West29%
Vacancy rate wALt in years Average rent	13.4% 5.2	13.5% 5.4	Central21% DUSSELDORF FRANKFURT
(eur per sqm)	10.80	11.40	MANNHEIM
			South 24%
South	2013	2012
Gross rental yield	7.3%	7.2%
Vacancy rate	9.1%	11.5%	DIC branc
wALt in years Average rent	3.7	3.9
(eur per sqm)	8.50	8.70

East	2013	2012
Gross rental yield Vacancy rate wALt in years Average rent (eur per sqm)	7.7% 5.9% 4.1 11.60	7.5% 8.3% 4.5 11.20

Central	2013	2012
Gross rental yield Vacancy rate wALt in years Average rent (eur per sqm)	6.0% 19.7% 5.8 12.40	6.0% 16.8% 6.4 13.20

Total	2013	2012
Gross rental yield Vacancy rate wALt in years	6.7% 11.6% 5.0	6.6% 12.3% 5.4

(eur per sqm) 10.20 10.50

LettING VOLume

	Q1 2013	Q1 2012	Q1 2013	Q1 2012
	in sqm	on signature	annualised	in eur million

Office	20,300	36,100	2.2	4.4
retail	2,900	3,400	0.4	0.5
Other commercial	7,400	11,200	0.4	0.6
residential	200	1,200	<0.1	0.1

total	30,800	51,900	3.0	5.6
Parking (units)	242	606	0.2	0.4

BERLIN

East12%

Average rent

MUNICH

tOP LettING DeALs LeAse mAturItIes

top 3 new lettings

arvato	berlin 1,100	sqm
Freie und Hansestadt Hamburg	Hamburg 1,000	sqm
Fenchem biotek	Cologne	800 sqm


top 3 renewals
hvb Hoch-Vakuum-beschichtungs GmbH	berlin 3,500	sqm
arvato	berlin 3,100	sqm

both new lettings (12,100 sqm) and renewals (18,700 sqm) fell compared with the previous year, as had been expected. this is largely due to the successful activities in the last few quarters, in which tenancies were extended well before expiry and the number of expiring tenancies was significantly reduced. In the first quarter of 2013, the letting volume correspondsto annualised rental income of eur 3.0 million.

there are fewer tenancies coming up for renewal in 2013 than in previous years: at eur 5.7 million in total (4.3% of rental income), the volume of tenancies that may expire is well below the average percentage of tenancies expiring in recent years (10%). Following the first quarter, the volume of tenancies that may expire has already decreased to eur 3.5 million (2.7%).

In the first quarter of 2013, the annualised rental income on a like-for-like basis (excluding changesto the portfolio resulting from acquisitions/sales or developments) fell from eur 139.6 million to eur 138.3 million compared with 31 December 2012; thisis due to the increase in the number of more expensive individual tenancies expiring, which istypical for the beginning of the year, combined with a simultaneous increase in the diversification of the tenant base. the structural improvement to the rental portfolio will be accompanied by a stabilisation in future rental income.

As at 31 march 2013, the vacancy rate in the portfolio stood at 11.6%, which is 0.7 percentage points less than in the previous year (Q1 2012: 12.3%, Q4 2012: 10.9%). the average lease term was 5.0 years (Q1 2012: 5.4 years).

Distribution of annual rental income by lease maturities, in %

Sales volume of EUR 26 million already

since the beginning of the year we have achieved a sales volume of some eur 26 million to date and consequently boosted transactions significantly (same period in the previous year: eur 9.5 million).

In the first quarter, we sold a commercial property in Hamburg worth eight million euro, title to which was transferred in April. Following the end of the quarter, the sales volume increased as a result of the sale of two additional properties in Hamburg, meaning that a total volume of over eur 26 million has already been sold in the current year. All three properties were from the Co-Investments segment.

In addition, we were able to credit the successful sales of the final quarter of 2012 to the income statement in the first quarter. title to eight properties worth just under eur 51 million in total was transferred. Of this figure, sales proceeds of some eur 37 million were attributable to properties from our Commercial Portfolio.

MainTor quarter and project TRIO Offenbach

At the end of the year, we announced two new major lettings of 17,000 sqm for the maintor development in Frankfurt's banking district. the high-profile international corporate law firm Cms Hasche sigle will rent over 9,000 sqm in the "maintor Panorama"office building, meaning that 70% of itsrental area is already let even before construction hasstarted. union Asset management Holding AG will rent an additional 8,000 sqm in "maintor Porta", i.e. all the rental space in this office building. As long ago as last year, the company had already agreed to rent just under 14,000 sqm.

MainTor quarter

with the two major lettings to Cms Hasche sigle and union Investment, another key precondition for the profitable completion of the two project phases"Panorama" and "Porta" has been met. meanwhile, well ahead of schedule, 60% of the project volume is being implemented.

In the meantime, the construction permits for the implementation of the project phases"Patio","Panorama" and"Palazzi"have been granted.

A few months after marketing of the condominiums started, approximately 75% have been sold in the first two blocks "riva" and "Puro". we have therefore started marketing the third apartment complex"Lido". Overall, well over 50% of all the apartments in the "maintor Palazzi"have already been sold.

Contracts for structural implementation are largely agreed in line with progress in marketing: the process has already been completed for the sub-projects"Primo"and "Porta". Contracts will be awarded for"Panorama","Patio"and"Palazzi"in the next few months.

As part of our refurbishment of the"trIO Offenbach"development, an extension of approximately 2,500 sqm was completed on schedule in February for the Commercial Portfolio. the property will be used by the "mainArbeit"job centre, a subsidiary of the city of Offenbach, which has rented a total of 7,500 sqm in the complex on a long-term basis.

Further progress in the Funds business segment

Following DIC Asset AG's successful entry into the fund market with the real estate special fund"DIC Office balance I", we started implementing the second real estate special fund "DIC Highstreet balance" with a planned investment volume of up to some eur 250 million at the beginning of 2013. the retail fund investsin top-quality business premises in prime city-centre locations and pedestrian zones in large and medium-sized German cities with high purchasing power.

In the first quarter of 2013, we acquired an attractive retail property for the new special fund at a cost of some eur 22 million. the property in a prime retail location in Passau has a rental area of some 8,000 sqm, which is virtually fully let on long-term tenancies to top-rated tenants.

DIC Asset AG holds a significant 20% stake as a co-investor in the new special fund, as it does in the first special fund "DIC Office balance I", which has a current fund volume ofsome eur 350 million. the planned fund volume for the two special funds amounts to up to some eur 700 million, which is to be achieved in the next two years. this means that, in addition to investment income, regular stable income will also be generated from property management.

Retail property in Passau

Employee numbers increased in property management

we increased employee numbers in the area of asset and property management to exploit our potential by ensuring our real estate management service is as close to the market as possible. At the same time, the number of employees overall remained stable compared with the end of 2012; we employ six employees more compared with the previous year.

Number OF emPLOyees

	31.03.13	31.12.12	31.03.12

Portfolio management, investment and funds	12	13	14
Asset and property management	111	110	103
Group management and administration	17	17	17
total	140	140	134

reVeNues AND resuLts

Rental income remains at a high level following sales

In the first quarter of 2013, we generated gross rental income of eur 30.3 million (Q1 2012: eur 31.1 million). As expected, the fall in rental income of 3% can largely be explained by higher property sales and has already been compensated in part by rental income from new additions in 2012. the increase in the number of tenancies expiring, which is typical for the beginning of the year, also had an impact. Accordingly, net rental income was eur 1.5 million below previous year, at eur 26.6 million.

Income from real estate management is increasing

we increased income from property management fees from co-investments and fund business by eur 0.4 million (+33%) compared with the previous year to eur 1.6 million. the growth in this recurring income from property management is a consequence of the successful expansion of our fund business.

Total revenues of EUR 74.1 million

we achieved revenues of eur 37.0 million and a sales profit of eur 1.7 million from sales of directly held properties. In the previous year, we realised sales revenues of eur 2.8 million and profits of eur 0.5 million up to march 2012.

Despite the reduction in the rental income base, total revenues, at eur 74.1 million, exceeded the level of the previous year (eur 39.4 million) by 88%, primarily because of sales activities.

Operating costs within budget

In the first quarter of 2013, operating costs were slightly up on the level of the previous year because of the expansion of our activities in the fund segment and the integration of the expanded portfolio management functions in the DIC Onsite organisation. Personal expensesrose by eur 0.1 million (+3%) to eur 3.1 million, while administrative expenses increased by eur 0.3 million (+14%) to eur 2.5 million. the operating cost ratio (administrative and personnel expensesto grossrental income, adjusted for property management income) accordingly rose by 0.5 percentage points to 13.2% (Q1 2012: 12.7%). Depreciation and amortisation remained stable at eur 8.0 million.

OVerVIew OF reVeNues

in eur million	Q1 2013	Q1 2012
Gross rental income	30.3	31.1	-3%
real estate management fees	1.6	1.2	+33%
Property disposal proceeds	37.0	2.8	>100%
Other	5.2	4.3	+21%
total revenues	74.1	39.4	+88%

Significant reduction in financing costs

we have again been able to improve net financing costs significantly by eur 1.7 million (+12%); as at 31 march 2013, they totalled eur -12.8 million compared with eur -14.5 million in the previous year. In addition to the reduction in financing volume, the lower interest rate level and optimisation of loan conditions following refinancing played a role here. Interest income remained more or less at the previous year's level.

Co-Investments: Fund revenues make a major contribution

At eur 0.8 million, net income from associates and investments (Co-Investments) was slightly below the figure for the same quarter in the previous year (eur 0.9 million). the fall in income from investments and associates, which consists of income from the management of properties, sales and income from our funds, is mainly attributable to the loss of rental income following sales of properties from the joint venture portfolios, as well as to marketing expenses as part of progress with the maintor project, which affect income from investments and associates directly. by contrast, revenues from our fund investments posted positive growth, as expected (eur 0.5 million, +25% on the previous year).

the eur 1.7 million increase in rental income to eur 5.9 million in the two special funds had an impact here (Q1 2012: eur 4.2 million). this leads to a broadening of the FFO base and secureslong-term income from asset and property management in addition to earningsfrom investments. the total FFO contributionsfrom the fund business are enjoying steady growth and amounted to eur 0.9 million in the first quarter (Q1 2012: eur 0.7 million).

FFO increases to EUR 11.2 million

In the first quarter of 2013, operating profit or FFO amounted to eur 11.2 million and was therefore eur 0.6 million (+6%) above the previous year's result. we were able to more than compensate the expected reduction in rental income, most notably through significantly reduced financing expenses and higher income from property management. FFO per share stood at eur 0.25 (previous year: eur 0.23).

DerIVAtION OF FFO

in eur million	Q1 2013	Q1 2012
Net rental income	26.6	28.1	-5%
Administrative expenses	-2.5	-2.2	+14%
Personnel expenses	-3.1	-3.0	+3%
result of other operating income/expenses	0.0	0.0	0%
Fees from real estate management	1.6	1.2	+33%
share of the profit of associates without project developments and disposals	1.4	1.0	+40%
Interest result	-12.8	-14.5	-12%
Funds from Operations	11.2	10.6	+6%

OVerVIew OF eArNINGs

in eur million	Q1 2013	Q1 2012
FFO Profit for the period	11.2 3.7	10.6 2.6	+6% +42%
FFO per share (in eur) earnings per share (in eur)	0.25 0.08	0.23 0.06	+9% +33%

Profit for the period: EUR 3.7 million

In the first quarter of 2013, we achieved profit for the period of eur 3.7 million. this is an increase of eur 1.1 million (+42%). the reduction in the income base as a result of tenancies expiring and sales as well as lower contributions from co-investments were more than offset mainly through lower financing costs and sales profits. earnings per share amounted to eur 0.08 (previous year: eur 0.06).

Net Assets AND FINANCIAL POsItION

Financial debt reduced further

At 93%, the majority of our financial debt consists of loansfrom financial institutions, with the remaining funds coming from our bond. with the increase in our bond, we attracted additional external funds ofsome eur 13 million in the first quarter. At the same time, we reduced the debt burden by eur 32.8 million on the back of sales and scheduled repayments.

As at 31 march 2013, financial debt amounted to eur 1,471 million. thisissome eur 8 million (+1%) more than at the end of 2012 and eur 58 million less than at 31 march 2012 (eur 1,529 million).

Refinancing for 2013 already secured at an early stage

In principle, we conclude bank financing long-term with a term of at least 5-7 years. At the end of the first quarter, the average term of financial liabilities was 3.3 years (Q1 2012: 3.2 years). the majority of the refinancing for the existing portfolio pending in 2013 has already been concluded at this date: in the current financial year, only some 3% of financial liabilities (approximately eur 45 million) still have to be refinanced. In the following year, too, prolongations will be spread over several loans that are independent of each other.

Debt mAturItIes Financial debt as at 31.03.2013

Interest rates are largely hedged

At 79%, we have hedged the vast majority of our debts against rising interest rates, either through loan agreements with a fixed interest rate or by using simple interest rate hedging instruments. Fundamentally, possible changes in the interest rate do not impact on income but on the equity reported in the balance sheet. Our variable liabilities (21%) are predominantly of a short-term nature.

Further reduction in financing expenditure

As at 31 march 2013, the average interest rate on all financial debt, at 3.95%, was 25 basis points less than a year ago (4.20%). In the first quarter, we again improved our financing in terms of both structure and interest rates when taking out new loans or extending existing ones and when arranging interest rate hedges.

the reduction in financing volume following sales and refinancings and the lower interest rate level also had a positive impact. Overall, interest expense was cut by eur 1.8 million (-12%) compared with the same period in the previous year to eur 15.2 million. we increased the interest coverage ratio (ICr), the ratio of net rental income to interest payments, to 176% thanksto falling financing costs combined with lower rental income (previous year: 166%).

Cash flow boosted by successful sales

Cash flow was influenced by two issues in particular in the first quarter of 2013: the cash inflows following sales as well as the increase in and placement of our bond.

OVerVIew OF CAsH FLOw

in eur million	Q1 2013	Q1 2012

Profit for the period	3.7	2.6
Cash flow from operating activities	12.2	10.2
Cash flow from investing activities	29.1	-24.4
Cash flow from financing activities	-20.1	4.8
Net changes in cash and cash equivalents	21.2	-9.4
Cash and cash equivalents at 31 march	77.9	90.8

At eur 12.2 million, cash flow from operating activities was some eur 2.0 million up on the previous year's figure, boosted in particular by a reduction of eur 1.1 million in interest payments. Cash flow from investing activities came to eur 29.1 million (previous year: eur -24.4 million); it mainly reflectsthe substantialsales proceeds in the first quarter (eur 37.0 million compared with eur 3.1 million in the previous year). we also invested eur 4.7 million as part of a drive to switch to new erP-systems and modernise our portfolio controlling setup (previous year: eur 5.2). In the first quarter of 2013, cash flow from financing activities came to eur -20.1 million in total and is mainly the result of the balance from the cash inflow from the bond placement (eur 13.1 million) and loan repayments of eur 32.8 million.

Cash and cash equivalents decreased by eur 12.9 million compared with the same quarter in the previous year from eur 90.8 million to eur 77.9 million. However, they were up on year-end 2012 by eur 21.2 million.

Total assets virtually unchanged

As a result of disposals following sales and the repayment of loans with financial institutions, total assets decreased by eur 13.9 million (-1%) to eur 2,196.3 million.

On the assets side, the transfer of the properties sold at the end of 2012 is most notably set against an increase of eur 21 million (+37%) to eur 77.9 million in cash at hand.

Debt structure optimised further

Compared with the year end, current financial debt ofsome eur 67 million was converted into long-term financing in the wake of prolongations. As a result of this and the repayment of loans amounting to eur 27.3 million triggered by the sale of properties, total current liabilitiesfell by 42% within three monthsfrom eur 193.8 million to eur 111.6 million.

Non-current liabilities grew by eur 56.4 million in the same period to eur 1,458.4 million; this figure also includes the increase in the corporate bond of eur 12.6 million to eur 97.8 million in total.

Equity ratio increased to 32%

equity rose by some eur 12.0 million (+2%) to eur 626.3 million. Fundamentally, the profit for the period and the change in the hedging reserve had a positive impact on equity. the net equity ratio (based on net liabilities and adjusted for effects from derivatives) amounted to 32.0% on 31 march 2013, an increase of 0.8 percentage points (31 December 2012: 31.2%).

OVerVIew OF bALANCe sHeet

in eur million	31.03.2013 31.12.2012
total assets	2,196.3	2,210.2
Non-current assets	1,954.2	1,959.9
Current assets	242.1	250.3
equity	626.3	614.3
Non-current debt	1,458.4	1,402.0
Current debt	111.6	193.8
balance sheet equity ratio (in %)	28.5	27.8
Net debt equity ratio (in %) *	32.0	31.2
Net debt ratio (in %) *	68.0	68.8

* based on net debt excluding effects from derivatives

eVeNts AFter tHe bALANCe sHeet DAte

In April 2013, title to two properties in Hamburg, for which the sale had been registered in the first quarter, was transferred the properties were from the Co-Investments segment and the transaction was worth eur 18 million.

the supervisory board decided to expand the management board at the beginning of may 2013. On 1 June 2013, sonja wärntges(45) will take over the role of CFO from markus Koch (50) who is leaving DIC Asset AG at his own request. rainer Pillmayer (38) will also be appointed to the management board and will assume the role of COO.

OPPOrtuNItIes AND rIsKs

we examine the opportunities and risks of our business activitiesin detail in the Annual report for 2012, which was published in march 2013, and provide information on the risk management system and the internal control system. since then, there have been no major changes – either in the company or the relevant environment.

trANsACtIONs wItH reLAteD PArtIes

As part of its normal business activities, DIC Asset AG maintains business relations with a number of related companies and persons. In principle, the same conditions apply to transactions with these companies and persons as to comparable transactions with third parties. No material transactions were carried out with related companies and persons up to march 2013.

FOreCAst

Relative strength of the economy in Germany, stable environment for our business

At present, a robust domestic economy militates in favour of moderate economic growth continuing in Germany even if the unresolved problems in southern european countries persist. the causes of the sovereign debt crisis have not been rectified; as a consequence of uncertainties on financial markets, investors will continue to focus on tangible assets.

INVestOr reLAtIONs AND CAPItAL mArKet

For the 2013 financial year, on the basis of the trend in fundamental data in Germany, in particular, the pick-up in employment, we expect stable conditions by and large for DIC Asset AG's operations and somewhat more action on the transaction market, which would help our investment targets.

Focus on operating targets

Our operating targets for the year 2013, which we described in detail in the latest Annual report, remain current: thanks to a sharp reduction in vacancies, we have fewer tenancies coming up for renewal than we did a year ago and in relation to total rental income, the remaining tenancy agreements expiring in the financial year only amount to 3% compared with 6.5% in the previous year. On this basis, we are confident of letting some 200,000 sqm in total from our portfolio in 2013. with this performance, we expect an additional reduction in the vacancy rate of around one percentage point compared with the previous year to 10% by the end of the year.

we plan a moderate increase in the portfolio and direct as well as indirect investment volume of at least eur 150 million to boost the quality of our portfolio. we shall focus on additional purchasesfor our two special funds. the revival in the transaction market and increasing interest among investors in properties outside the core segment provide us with a good basis for selling properties on a regular basis as part of our normal operations. Our targetsales volume at the level of the previous year amounts to at least eur 80 million. Having achieved sales volume of eur 26 million to date, we have already realised a large proportion of this figure.

FFO forecast between EUR 45-47 million

Our forecast for the 2013 financial year remains unchanged. On the basis of our current portfolio and the target reduction in the vacancy rate, we expect rental income including planned acquisitions of between eur 121 and 123 million. On this basis, we expect an increase in operating profit (FFO) in 2013 of between eur 45 and 47 million (approximately eur 1 per share).

In view of the risks which may currently affect economic developments, forecasts are fraught with a substantial degree of uncertainty. thisis why our plans may differ from actual events, particularly if general conditions or underlying assumptions change significantly.

DIC Asset share: a strong start to the new year

the DIC Asset AG share significantly outperformed the market in the first three months. Following a brief dip to an annual low of eur 7.10 on 3 January 2013, it surged to an annual high of eur 8.80 on 1 February 2013. Although the price dipped in the wake of the recent bad news from the euro zone, which dampened the prospects of a rapid recovery for the southern european economies and key trading partners and which had a knock-on effect on financial stocks, our share still significantly outperformed the positive trend on the sDAX until mid-February.

the DIC Assetshare closed the first quarter of 2013 at eur 7.80, a rise of 7%, the performance of our share therefore compares well against the relevant comparable indices: the ePrA Developed europe fell by -0.5% in the first three months, the sDAX rose by 8.5%, while the DAX only gained 2.4%. since mid-April, ourshare has picked up momentum again and now stands at a peak of eur 8.63 (plus 10.6% for the second quarter). In the same period, the sDAX has risen by 4.6%.

sHAre PerFOrmANCe

Positive assessment by analysts

the performance of the DIC Asset AG share is currently monitored by 13 analysts. the majority view is that our company has good prospects for growth: at present (as at 10 may 2013), 11 analysts recommend buying the share. Only two analysts advise holding it.

ANALysts'COVerAGe

(as at may 2013)

Key FIGures DIC Asset sHAre

in eur (1)	Q1 2013	Q1 2012
share capital in eur/Number of shares	45,718,747	45,718,747
FFO per share	0.25	0.23
52-week high	8.80	9.36
52-week low	5.84	4.90
Closing price for quarter	7.80	7.35
market capitalisation [in eur million] (2)	357	336
Price on 13.05.2013	8.63

(1) closing prices in Xetra trading (2) based on Xetra closing price for quarter

Increase in the DIC Asset bond

to give our borrowing options even greater flexibility, we floated a five-year, nonsubordinated, unsecured corporate bond with an annual coupon of 5.875% in may 2011. At the turn of the year, we increased our bond by eur 30 million to the maximum issuance volume of eur 100 million as part of a private placement and achieved full placement in January 2013.

since the beginning of march 2013, our bond has been traded asthe fourth security in the Frankfurt stock exchange's Prime standard segment for corporate bonds. with average sales of some eur 250,000 per day, the bond is registering good liquidity on the Frankfurt stock exchange.

bAsIC DAtA DIC Asset bOND

Name	DIC Asset AG bond 11/16
IsIN / wKN	De000A1KQ1N3 / A1KQ1N
Abbreviation	DAZA
segment	Deutsche börse Prime standard for corporate bonds
minimum investment amount	eur 1,000
Coupon	5.875%
Issuance volume	eur 100 million
maturity	16.05.2016

Key FIGures DIC Asset bOND

	Q1 2013	Q1 2012
Closing price for quarter	103.25%	95.5%
effective yield at closing price for quarter	4.72%	7.17%
Price on 13.05.2013	103.25%
effective yield at price on 13.05.2013	4.69%

CONsOLIDAteD FINANCIAL stAtemeNts As At 31 mArCH 2013

Focus of IR communications: the figures for 2012

In the first quarter of 2013, investor relations work focused on publishing and communicating the annual financialstatements and preparing for the bond placement. At the start of the year, DIC Asset AG issued its traditional invitation to a well-attended evening event for analysts. the management board and the Investor relations team explained the results for 2012 as well as the company's strategic objectives atseveral roadshows and investor conferences. the "DIC Investors' Day", which provided an opportunity for around 300 German and international expertsfrom the entire real estate and financial sector to get together in Frankfurt, included a presentation on the progress of the maintor project, among other things.

Ir CALeNDAr 2013

18.-19.04.	DIC Investors' Day	Frankfurt
29.05.	Kempen european Property seminar	Amsterdam
03.07.	General shareholders´ meeting
	for the 2012 financial year	Frankfurt
13.08.	Publication of Q2 2013 interim report*
05.-06.09.	ePrA Annual Conference 2013	Paris
23.-25.09.	berenberg / Goldman sachs German
	Corporate Conference	munich
24.-26.09.	uniCredit German Investment Conference	munich
24.-26.09.	baader Investment Conference	munich
03.10.	société Générale Annual real estate Conference	London
13.11.	Publication of Q3 2013 interim report *

* with conference call

CONsOLIDAteD PrOFIt AND LOss ACCOuNt

in teur	01.01.- 31.03.2013	01.01.- 31.03.2012
total revenues	74,097	39,408
total expenses	-57,809	-22,768
Gross rental income	30,306	31,078
Ground rents	-173	-221
service charge income on principal basis	5,078	4,193
service charge expenses on principal basis	-5,780	-4,854
Other property-related expenses	-2,800	-2,094
Net rental income	26,631	28,102
Administrative expenses	-2,461	-2,184
Personnel expenses	-3,138	-2,966
Depreciation and amortisation	-8,041	-8,019
Fees from real estate management	1,603	1,201
Other income	126	141
Other expenses	-102	-160
Net other income	24	-19
Investment property disposal proceeds	36,984	2,796
Carrying value of investment property disposed	-35,314	-2,270
Profit on disposal of investment property	1,670	526
Net operating profit before financing activities	16,288	16,641
share of the profit of associates	751	876
Interest income	2,348	2,396
Interest expense	-15,173	-16,903
Profit before tax	4,214	3,010
Current income tax expense	-504	-631
Deferred income tax expense	-23	236
Profit for the period	3,687	2,615
Attributable to equity holders of the parent	3,655	2,562
Attributable to minority interest	32	53
basic (=diluted) earnings per share (in eur)	0.08	0.06

stAtemeNt OF COmPreHeNsIVe INCOme

in teur	01.01.- 31.03.2013	01.01.- 31.03.2012

Profit for the period	3,687	2,615
Components that will be recycled through profit and loss account
Fair value of hedge instruments
Cash flow hedges	8,149	-1,777
Cash flow hedges from associates	240	-123

recorded directy in equity	8,389	-1,900

Comprehensive income	12,076	715

Attributable to equity holders of the parent	12,044	662
Attributable to minority interest	32	53

CONsOLIDAteD stAtemeNt OF CAsH FLOw

in teur	01.01.-	01.01.-
	31.03.2013	31.03.2012
Operating activities
Net operating profit before interest and taxes paid	17,046	17,172
realised gains/losses on disposals	-1,671	-498
Depreciation and amortisation	8,041	8,019
movements in receivables, payables and provisions	926	970
Other non-cash transactions	1,176	-2,337
Cash flow generated from operations	25,518	23,326
Interest paid	-13,208	-14,367
Interest received	390	122
Income taxes paid	-542	1,095
Cash flow from operating activities	12,159	10,176
Investing activities
Proceeds from disposals of investment property	36,984	3,120
Acquisition of investment property	0	-20,993
Capital expenditure on investment property	-3,385	-5,170
Acquisitions/disposals of other investments	1,630	884
Loans to and from other entities	-4,805	-2,251
Acquisitions of office furniture and equipment	-1,297	-34
Cash flow from investing activities	29,127	-24,444
Financing activities
Proceeds from the issue of corporate bonds	13,095	0
Proceeds from other non-current borrowings	0	13,053
repayment of borrowings	-32,810	-6,710
Deposits	300	-1,500
Payment of transaction costs	-642	0
Cash flow from financing activities	-20,057	4,843
Net changes in cash and cash equivalents	21,229	-9,424
Cash and cash equivalents at 1 January	56,698	100,244
Cash and cash equivalents at 31 march	77,927	90,820

CONsOLIDAteD bALANCe sHeet

Assets in teur	31.03.2013	31.12.2012
Investment property	1,842,762	1,847,372
Office furniture and equipment	457	490
Investments in associates	75,091	75,730
borrowings to associates	10,562	10,910
Intangible assets	1,426	185
Deferred tax assets	23,896	25,217

total non-current assets	1,954,194	1,959,904

trade receivables	3,570	3,423
receivables due from related parties	140,406	135,254
Income tax receivable	7,199	7,718
Other receivables	5,803	5,016
Other current assets	7,220	6,852
Cash and cash equivalents	77,927	56,698
	242,125	214,961
Non-current assets held for sale	0	35,307
total current assets	242,125	250,268

Equity and liabilities in teur	31.03.2013	31.12.2012
equity
Issued capital	45,719	45,719
share premium	614,312	614,312
Hedging reserve	-54,372	-62,761
retained earnings	19,151	15,496
total shareholders'equity	624,810	612,766
minority interest	1,497	1,556
total equity	626,307	614,322
Liabilities
Corporate bond	97,823	85,195
Non-current interest-bearing loans and borrowings	1,282,896	1,229,893
Provisions	1,556	1,641
Deferred tax liabilities	11,818	11,649
Derivates	64,335	73,654
total non-current liabilities	1,458,428	1,402,032
Current interest-bearing loans and borrowings	90,225	147,540
trade payables	3,243	2,671
Liabilities to related parties	624	694
Provisions	25	11
Income tax payable	1,947	1,986
Other liabilities	15,520	13,616
	111,584	166,518
Liabilities in connection with non-current assets held for sale	0	27,300
total current liabilities	111,584	193,818
total liabilities	1,570,012	1,595,850
total equity and liabilities	2,196,319	2,210,172

CONsOLIDAteD stAtemeNt OF CHANGes IN eQuIty

in teur	Issued capital	share premium	reserve for cash flow hedges	retained earnings	total shareholders' equity	minority interest	Total
Status as at 31 December 2011	45,719	614,312	-60,077	19,807	619,762	1,497	621,259
Profit for the period				2,562	2,562	53	2,615
Gains/losses from cash flow hedges*			-1,777		-1,777		-1,777
Gains/losses from cash flow hedges from associates*			-123		-123		-123
Comprehensive income			-1,900	2,562	662	53	715
repayment of minority interest					0	8	8
Status as at 31 March 2012	45,719	614,312	-61,977	22,370	620,424	1,558	621,981
Profit for the period				9,128	9,128	87	9,215
Gains/losses from cash flow hedges*			-599		-599		-599
Gains/losses from cash flow hedges from associates*			-186		-186		-186
Comprehensive income			-784	9,128	8,344	87	8,431
Dividends 2011				-16,002	-16,002		-16,002
repayment of minority interest					0	-89	-89
Status as at 31 December 2012	45,719	614,312	-62,761	15,496	612,766	1,556	614,322
Profit for the period				3,654	3,654	32	3,687
Gains/losses from cash flow hedges*			8,149		8,149		8,149
Gains/losses from cash flow hedges from associates*			240		240		240
Comprehensive income			8,389	3,654	12,043	32	12,076
repayment of minority interest					0	-91	-91
Status as at 31 March 2013	45,719	614,312	-54,372	19,151	624,810	1,497	626,307

* deferred taxes deducted

seGmeNt rePOrtING

Annualised rental income of the business segments as at 31 March 2013

In teur	North	east	Central	west	south	Total Q1 2013	total Q12012	rental income Q1 2013 (P&L)
Commercial Portfolio	12,587	18,202	29,485	38,675	24,110	123,060	126,113	30,306
Co-Investments	2,853	2,377	2,228	2,980	5,097	15,534	14,534
total	15,440	20,580	31,713	41,655	29,207	138,594	140,647	30,306

Segment assets as at 31 March 2013

	North	east	Central	west	south	Total Q1 2013	total Q1 2012
Number of properties	42	33	57	60	69	261	273
market value (in eur million)	236	265.9	642.4	638.0	400.6	2,182.9	2,218.1
Lease term*	6.0 years	4.1 years	5.8 years	5.2 years	3.7 years	5.0 years	5.4 years
rental yield*	6.7%	7.7%	6.0%	6.5%	7.3%	6.7%	6.6%
Vacancy rate*	5.4%	5.9%	19.7%	13.4%	9.1%	11.6%	12.3%

Annualised rental income of the business segments as at 31 March 2012

In teur	North	east	Central	west	south	Total Q1 2012	total Q12011	rental income Q1 2012 (P&L)
Commercial Portfolio Co-Investments	11,936 3,149	17,802 2,150	33,077 1,647	38,694 2,780	24,604 4,808	126,113 14,534	112,700 13,899	31,078
total	15,085	19,952	34,724	41,474	29,412	140,647	126,599

Segment assets as at 31 March 2012

	North	east	Central	west	south	Total Q1 2012	total Q1 2011
Number of properties	49	34	57	62	71	273	288
market value (in eur million)	233.8	267.3	667.8	641.3	407.9	2,218.1	2,001.8
Lease term*	6.7 years	4.5 years	6.4 years	5.4 years	3.9 years	5.3 years	5.7 years
rental yield*	6.5%	7.5%	5.9%	6.5%	7.2%	6.6%	6.6%
Vacancy rate*	8.5%	8.3%	16.8%	13.5%	11.5%	12.3%	14.3%

* operating figures excluding development projects

NOtes As At 31 mArCH 2013

Notes to the Consolidated Financial Statements

In accordance with § 37 x Para. 3 of the wertpapierhandelsgesetz (wpHG = German securities trading Act), the quarterly financial statements comprise interim consolidated financialstatements and an interim Group management report. the interim consolidated financialstatements were compiled in accordance with the provisions of International Financial reporting standards (IFrs), as applicable in the eu, for interim financial reporting. the quarterly financial statements of the companies included are based on uniform accounting and measurement policies. the interim Group management report was compiled in compliance with the applicable provisions of the wpHG.

In line with IAs 34, a condensed report compared with the consolidated financial statements was chosen for the presentation of the consolidated interim financial report of DIC Asset AG as at 31 march 2013. the same methods of consolidation, currency translation, accounting and measurement are applied in the consolidated interim financial report as in the consolidated financial statements for the 2012 financial year. Income taxes were deferred on the basis of the tax rate anticipated for the entire year. the comparative figures for the previous year were partially adjusted in accordance with IAs 8 due to a finding made by the German Financial reporting enforcement Panel (FreP) regarding the consolidated financial statements for 2010.

the adjustments are made up as follows:

in teur	31.03.2012 before adjustment	Correction	31.03.2012 after adjustment
Investments in associates	69,413	-3,494	65,919
retained earnings	25,231	-2,862	22,369
Deferred tax liabilities	12,044	-633	11,411
Depreciation and amortisation	8,062	-43	8,019
Other result	8	-27	-19
share of the profit of associates	819	57	876
Deferred tax	267	-31	236
Profit for the period	2,545	70	2,615
FFO	10.5	0	10.5
earnings per share (eur)	0.05	0.01	0.06
FFO per share (eur)	0.23	0	0.23

Please refer to the consolidated financialstatements as at 31 December 2012, which form the basis for the present interim financial statements, for more detailed information. we also refer to the interim management report in this document with regard to key changes and transactions up to 31 march 2013.

In preparing the financial statements, the management must make estimates and assumptions. these influence both the amount of the figures recognised for assets, liabilities and contingent liabilities on the balance sheet date and the amount of income and expensesrecognised in the reporting period. Actual amounts accruing may deviate from these estimates. there were no adjustments on the basis of changes to estimates or assumptions in the first quarter of 2013.

New standards and interpretations

DIC Asset AG has implemented all accounting standards adopted by the eu and revised, application of which is compulsory from 1 January 2013. For a detailed description of the new standards please refer to our Annual report 2012 and the following explanations:

the amendments to IAs 1 "Presentation of Financial statements" stipulate that items included in other comprehensive income are to be grouped into those which will subsequently be recycled through the income statement and those which will not. DIC Asset AG's other comprehensive income relates solely to effectsfrom cash flow hedges, which are recycled through the income statement. the application of IFrs 12 "Disclosure of Interests in Other entities" may lead to additional disclosures in the annual consolidated financial statements.
In addition, some additional standards and amendments came into effect which will have no influence on the consolidated financialstatements or the abbreviated interim consolidated financial statements. these include IFrs 10 "Consolidated Financial statements", IFrs 11 "Joint Arrangements" and IFrs 13 "Fair Value measurement".

Disclosures on financial instruments

we raised additional funds from our corporate bond amounting to eur 13 million in the first quarter.

As in the previous year, financial liabilities measured at fair value relate to the derivatives shown in the balance sheet. they are all interest rate hedging transactions. Asin the previous year, they were valued at current market pricesin an active market for comparable financial instruments or with valuation models whose key input factors are based on observable market data (level 2 according to IFrs 7).

Dividend

to allow shareholders to participate commensurately in the success and appreciation in value of DIC Asset AG, the management board will propose a dividend of eur 0.35 per share for the 2012 financial year at the General shareholders'meeting on 3 July 2013.

Events after the balance sheet date

the transfer of title for the sale of a property from the Primo portfolio took place after the balance sheet date. two additional sales from the Helena and Primo portfolios were registered. the transfer of title and the benefits and obligations associated therewith is expected in the second or third quarter of 2013. the resulting transaction volume totalssome eur 26 million. DIC Asset AG indirectly holds a 20% share in the above-mentioned portfolios.

Please refer to the interim management report in this document with regard to the opportunities and risks and further disclosures on events after the balance sheet date.

reVIew rePOrt

To DIC Asset AG, Frankfurt am Main

we have reviewed the condensed interim consolidated financialstatements – comprising the income statement, statement of comprehensive income, statement of financial position, cash flow statement,statement of changesin equity and selected explanatory notes – together with the interim group management report of DIC Asset AG, Frankfurt am main for the period from January 1 to march 31, 2013, which are part of the quarterly financial report according to § 37x (3) wpHG ("wertpapierhandelsgesetz": German securities trading Act). the preparation of the condensed interim consolidated financial statements in accordance with those International Financial reporting standards (IFrs) applicable to interim financial reporting as adopted by the eu, and of the interim group management report in accordance with the requirements of the wpHG applicable to interim group management reports, is the responsibility of the Company´s management. Our responsibility is to issue a report on the condensed interim consolidated financial statements and on the interim group management report based on our review.

we conducted our review of the condensed interim consolidated financial statements and the interim group management report in accordance with the German generally accepted standards for the review of financial statements promulgated by the Institut der wirtschaftsprüfer (IDw). those standardsrequire that we plan and perform the review so that we can preclude through critical evaluation, with a certain level of assurance, that the condensed interim consolidated financialstatements have not been prepared, in material aspects, in accordance with the IFrs applicable to interim financial reporting as adopted by the eu, and that the interim group management report has not been prepared, in material aspects, in accordance with the requirements of the wpHG applicable to interim group management reports. A review is limited primarily to inquiries of company employees and analytical assessments and therefore does not provide the assurance attainable in a financial statement audit. since, in accordance with our engagement, we have not performed a financial statement audit, we cannot issue an auditor´s report.

based on our review, no matters have come to our attention that cause us to presume that the condensed interim consolidated financial statements have not been prepared, in material respects, in accordance with the IFrs applicable to interim financial reporting as adopted by the eu or that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the wpHG applicable to interim group management reports.

Nuremberg, 13 may 2013

rödl & Partner GmbH wirtschaftsprüfungsgesellschaft steuerberatungsgesellschaft

Hübschmann Danesitz

wirtschaftsprüfer wirtschaftsprüfer

QuArterLy FINANCIAL DAtA

in eur million	Q1 2012	Q2 2012	Q3 2012	Q4 2012	Q1 2013
Gross rental income	31.1	31.5	31.8	32.2	30.3
Net rental income	28.1	28.0	28.3	28.7	26.6
Fees from real estate management	1.2	1.1	1.3	2.1	1.6
Investment property disposal proceeds	2.8	0.1	2.9	69.9	37.0
Profit from investment property disposals	0.5	0.1	0.2	3.0	1.7
share of the profits of associates	0.9	0.5	0.5	-0.1	0.8
Funds from Operations (FFO)	10.6	11.1	10.7	12.4	11.2
ebItDA	24.7	24.6	24.5	28.3	24.3
ebIt	16.6	16.6	16.3	19.0	16.3
Profit for the period	2.6	2.6	2.5	4.1	3.7
Cash flow from operating activities	10.2	10.0	15.4	8.3	12.2
market value of investment property	2,218.1	2,216.5	2,246.8	2,223.5	2,182.9
total assets	2,254.2	2,249.3	2,251.6	2,210.2	2,196.3
equity	622.0	622.5	606.6	614.3	626.3
Net debt equity ratio in %*	31.4	31.4	30.4	31.2	32.0
total liabilities	1,632.2	1,626.8	1,645.0	1,595.9	1,570.0
Net debt ratio in %*	68.6	68.6	69.6	68.8	68.0

FFO per share (in eur)	0.23	0.24	0.23	0.27	0.25

* Net of cash and excl. hedging reserve, derivatives, deferred tax for hedges

POrtFOLIO OVerVIew *

	Commercial Portfolio	Co- Investments	Total Q1 2013	total Q1 2012
Number of properties	153	108	261	273
market value in eur million **	1,836.4	346.5	2,182.9	2,218.1
rental space in sqm	1,089,600	151,600	1,241,200	1,234,800
Portfolio proportion by rental space	84%	16%	100%
Annualised rental income in eur million	123.1	15.5	138.6	140.6
rental income in eur per sqm	10.30	9.20	10.20	10.50
Lease maturity in years	5.0	4.9	5.0	5.4
Gross rental yield	6.7%	6.5%	6.7%	6.6%
Vacancy rate	11.6%	11.8%	11.6%	12.3%

* All figures pro rata, except number of properties; all figures excluding developments, except number of properties and market value

** market value as at 31.12.2012, later acquisitions considered at cost

tyPes OF use

by pro rata rental income p.a. (as at 31 march 2013)

teNANt struCture by pro rata rental income p.a. (as at 31 march 2013)

DIC branches DIC branches

Loftwerk – a property of our special fund "DIC Office Balance I"

DIC Asset AG

eschersheimer Landstraße 223 60320 Frankfurt am main

tel. +49 (0)69 9 45 48 58-86 · Fax +49 (0)69 9 45 48 58-99 [email protected] · www.dic-asset.de

this report is also available in German (binding version).

realisation: LinusContent AG, Frankfurt am main www.linuscontent.com