Report on the First Half-Year as of 31 October 2007

Key Data on IMMOFINANZ AG

	31 October 2007	Change in %	31 October 2006
Corporate Data
Revenues in EUR mill.	318.8	33.2%	239.3
Operating profit (EBIT) in EUR mill.	440.2	46.1%	301.4
Operating profit (EBIT) per share	0.96	43.3%	0.67
Earnings before tax (EBT) in EUR mill.	427.5	46.9%	291.0
Gross cash flow in EUR mill.	86.0	8.3%	79.4
Gross cash flow per share	0.19	5.6%	0.18
Equity in EUR mill. (including minority interest)	7,849.1	34.9%	5,820.0
Equity ratio in %	51.5%		54.9%
Balance sheet total in EUR mill.	15,237.9	43.9%	10,591.9
Book value per share	9.15	12.3%	8.15
Net asset value per share	11.32	17.3%	9.65
Property Data
Number of properties	2,944	26.7%	2,324
Thereof investments in other companies1)	1,037	89.9%	546
Letable space in sqm	12,526,634	39.5%	8,978,701
Thereof investments in other companies1)	3,064,058	44.6%	2,118,683
Fair value of properties in EUR mill.	17,762.5	67.7%	10,589.3
Thereof investments in other companies1)	2,027.5	51.7%	1,336.1
Stock Exchange Data
Earnings per share in EUR	0.45	9.8%	0.41
Share price at end of period in EUR	8.20	-13.7%	9.50
Number of shares in mill.	459.0	2.6%	447.5
Market capitalisation at end of period in EUR mill.	3,763.8	-11.5%	4,251.4

1) Investments in other companies include associates consolidated at equity and holdings

recorded as financial instruments in accordance with IAS 39.

Dear Shareholders,

IMMOFINANZ continued its successful development during the second quarter of the 2007/08 financial year. The earning position of the company is excellent and current investment projects are proceeding according to plan.

During the reporting period, the course was set for further growth:

UÊ " <Ê«>ÊÛiÃÊ vÀÊ ÌiÊ vÀÃÌÊ ÌiÊÊÌÃÊÃÌÀÞ]ÊÜÌÊ ÌiÊ`ÃÌÀLÕÌÊ ÌÌ>}Ê U EUR 150 million or 33 cents per share.
UÊ" <ÊLi}>ÊÌÊVÀi>ÃiÊÌÃÊÃÌ>iÊÊÌiÊ"
-/ÊÃÕLÃ>ÀÞÊLÞÊÀ>Ã}ÊÌÃÊ}Ê from 50.46% to 53.24% during the second quarter.

/iÊÌÀiiÊÀi}>Ê«iÀ>Ì}ÊÃÕLÃ>ÀiÃÊqÊ"1-/,]Ê" -/Ê>Ê"7
-/ÊqÊ started or concluded major investments. Examples include the completion of the Polus Center Cluj shopping centre in Romania (over 100,000 sqm, investment volume of EUR 210 mill.) by IMMO- -/]ÊÌiÊÃÌ>ÀÌÊvÊiÝ«>ÃÊÊÌiÊ ÕÃiÃÃÊ*>ÀÊ6i>ÊvÀÊxä]äääÊõÊÌÊÓnä]äääÊõÊLÞÊ "1-/,]Ê>`ÊÌiÊ>VµÕÃÌÊÀÊiÝ«>ÃÊvÊvÛiÊvÕÀÌiÀÊV>ÌÃÊLÞÊÌiÊ"7
-/Ê subsidiary Deutsche Lagerhaus.

Despite the successful development of business, the trend in the company's share price was clearly ÕÃ>ÌÃv>VÌÀÞ°Ê/iÊ }iiÀ>Ê v>V>Ê>ÀiÌÊVÀÃÃÊ Ì>ÌÊ>ÃÊ ÃiÛiÀiÞÊ >vviVÌiÊ ÕÀ«i>Ê«À«iÀÌÞÊ shares triggered a sharp drop of 28.82% in the price of the IMMOFINANZ share from the start of the financial year to the end of the reporting period. The decline is seen as particularly surprising LÞÊ" <Ê>ÊÌÃÊ
ÝiVÕÌÛiÊ >À]Ê>ÃÊÌÊÃÊ>iÌÀV>ÞÊ««Ãi`ÊÌÊÌiÊ}ÀÜÌÊvÊÌiÊ company. This situation has resulted in a significant undervaluation of the share.

The discrepancy between the undervalued share and the company's net asset value – which rose by 17.3% year-on-year – provides grounds for optimism that the share price will begin to recover ÕÀ}Ê ÌiÊ Õ«V}Ê Ài«ÀÌ}Ê «iÀÃ°Ê /iÊ iÞÊ ÃÝÌÊ V>ÌÀÃÊ ÕiÀÃVÀiÊ ÌiÊ v>V>Ê health and profitability of IMMOFINANZ. A high equity ratio, well-balanced portfolio with broad geographic and sector diversification and the continuing positive development of property >ÀiÌÃÊÕÃÌvÞÊ>Ê«ÌÃÌVÊÕÌÊÊÌiÊÃiVÊ>vÊvÊÌiÊv>V>ÊÞi>ÀÊ>ÊLiÞ`°

Successful first six months and decisions on strategic focus for growth

Major portfolio expansion by the regional subsidiaries

Weak share performance contrasts sound results

Steady rise in net asset value per share

Norbert Gertner, Member of the Executive Board

Karl Petrikovics, Chief Executive Officer

iÛi«iÌÊvÊ ÕÃiÃÃ

Strategy and investment plans

IMMOFINANZ recorded excellent results for the first half of the 2007/08 financial year (1 May to 31 October 2007): operating profit rose by 46.1% year-on-year to EUR 440.2 million. The intrinsic value of the share (net asset value per share) increased from EUR 9.65 as of 31 October 2006 to EUR 11.32 as of 31 October 2007, or by 17.3%. Revenues improved by 33.2% from EUR 239.3 million to EUR 318.8 million, and the property portfolio grew from EUR 10.6 billion to EUR 17.8 billion.

Greater focus on development projects generates substantial yields

/ÃÊÃÌÀ}ÊiÛi«iÌÊÜ>ÃÊÃÕ««ÀÌiÊLÞÊ>ÊÌÀiiÊÀi}>Ê}ÊV«>iÃ]Ê"1-/,]Ê " -/Ê>Ê"7
-/°Ê iÜÊÛiÃÌiÌÃÊÜiÀiÊVViÌÀ>ÌiÊ>LÛiÊ>ÊÊÌiÊiÛi«iÌÊ sector, since this area of business generates substantially higher yields than the purchase of com- «iÌiÊLiVÌðÊÃÊ>ÊÀÕi]Ê" <ÊiÃÊÌÊV>ÀÀÞÊÌiÊvÕÊiÛi«iÀÊÀÃÊÊÌiÃiÊ«ÀiVÌÃÊ qÊiëiV>ÞÊÌiÊÀÃÊ>ÃÃV>ÌiÊÜÌÊVÃÌÀÕVÌÊVÃÌÃÊ>ÊÀiÌ>ÃÊqÊLÕÌÊÜÀÃÊÌ}iÌiÀÊÜÌÊV>Ê ëiV>ÃÌðÊ/ÃÊ>ÜÃÊ" <ÊÌÊ«ÀiVÃiÞÊÀiVÌÊ>Ê>>}iÊÌÃÊÀÃÊ«ÃÌÊÊ>VVÀ ance with the conditions surrounding the individual projects.

Strong equity base of IMMOFINANZ becomes key competitive advantage with increasingly restrictive credit conditions

/iÊ}}ÊVÀÃÃÊvÊVviViÊÊ}L>Êv>V>Ê>ÀiÌÃÊ>ÃÊV>ÕÃiÊL>ÃÊÌÊÌ>iÊ>ÊÕVÊÀiÊ restrictive stance with respect to lending, and this trend is expected to continue in the foreseeable future. However, this development is a positive factor for IMMOFINANZ because of the company's broad equity base – property firms that rely on a larger share of debt financing are finding it increasingly difficult to locate and finance new projects, and are frequently unable to compete for attractive investment opportunities. This situation has slowed development activity and, in turn, led to the stabilisation of occupancy rates at low levels and a slowdown in the upward spiral of rental prices. The issue of a convertible bond after the end of the reporting period will allow IMMOFINANZ to safeguard this competitive advantage over the long-term. It fixes the interest rate at 3.75% for 10 years, and will thereby reduce future financing costs by a substantial amount.

Stake in IMMOEAST raised to 53.24%

IMMOFINANZ increased its stake in the listed subsidiary IMMOEAST during the second quarter with the purchase of 23,142,877 shares for EUR 192.7 million. This raised the IMMOFINANZ holding from 50.46% to 53.24%. The share purchases were continued after the reporting period to increase the stake up to a maximum of 54.9%. As of the copy date for this interim report, the IMMOFINANZ stake had reached 53.99%. This transaction allowed IMMOFINANZ to utilise the substantial undervaluation of its subsidiary: at the end of the second quarter, the net asset value per share of IMMOEAST equalled EUR 10.53, which is 31% above the average price paid by IMMOFINANZ. Acquisitions made after the reporting period subsequently led to a reduction in the average price for these share purchases.

All purchases made by IMMOFINANZ are disclosed in detail on the website of the Austrian Financial Market Authority. This information makes it easy to follow the current status of the share purchase programme (www.fma.gv.at/downloads/Directors.pdf or www.immoeast.com, Investor Relations, subpoint "Directors Dealings").

Distribution: start with dividend yield of 4.02%

The annual general meeting of IMMOFINANZ during the second quarter of 2007/08 approved a recommendation by the Executive Board for the payment of the first dividend by the company. The authorised distribution of 33 cents per share was made on 5 October. Based on the share price at the end of the second quarter, this reflects a dividend yield of 4.02% and represents a top value among the corporations listed on the Vienna Stock Exchange. The Executive Board of IMMOFINANZ has announced the intention to also pay dividends for the coming financial years.

The dividend payment totalled slightly more than EUR 150 million, which reflects 90% of cash flow.

ÊiÝViiÌÊV>«Ì>ÊL>ÃiÊÃÊ>ÊiÞÊÀiµÕÀiiÌÊvÀÊÌiÊVÌÕ>ÌÊvÊÌiÊV«>Þ½ÃÊ}ÀÜÌÊ>Ê diversification course. IMMOFINANZ will continue to pursue an offensive investment strategy >ÊÕÌÃiÊ««ÀÌÕÌiÃÊVÀi>ÌiÊLÞÊÌiÊV>}}ÊVÌÃÊÊv>V>Ê>ÀiÌðÊ/ÃÊVÕiÃÊ >ÊVÀi>ÃiÊÊÌiÊÃÌ>iÊÜiÊÊÌiÊ É
ÊÃÕLÃ>ÀÞÊ" -/]ÊÜVÊÜ>ÃÊV>ÀÀiÊÕÌÊ>ÌÊ >ÀiÌÊ«ÀViÃÊv>ÀÊLiÜÊÌiÊ 6Ê«iÀÊÃ>Ài°

ÊÌiÊ«>ÃÌÊ>ÊÕ«ÊÌÊÌiÊiÊvÊÌiÊÓääÈÉäÇÊv>V>ÊÞi>À]ÊÌiÊ«À«iÀÌÞÊ«ÀÌvÊvÊ"
-/]Ê the largest and fastest growing regional holding company in the IMMOFINANZ Group, (IMMO- 1-/,]Ê "7
-/]Ê "
-/®Ê Ü>ÃÊ Û>ÕiÊ LÞÊi«i`iÌÊ iÝÌiÀ>Ê iÝ«iÀÌÃÊ ÞÊ vÀÊ the year-end balance sheet date. This policy has been changed beginning with 2007/08 to include a semi-annual external valuation at the end of the first six months and the end of the financial year. The changeover will meet the company's goal to provide even more up-to-date independent valuations.

Rental prices

/iÊ «>ÃÌÊ ÃÝÊ ÌÃÊ >ÛiÊ ÃiiÊ >Ê Õ«Ü>ÀÊ ÌÀiÊÊ ÀiÌ>Ê «ÀViÃÊÊ i>ÀÞÊ >Ê ÃÕL>ÀiÌÃÊ Ê ÜVÊ " <ÊÃÊ>VÌÛi°Ê/ÃÊ>««iÃÊ>LÛiÊ>ÊÌÊÌiÊV«>Þ½ÃÊiÊ>ÀiÌÊÊ6i>Ê>`ÊÌiÊ>À iÌÃÊÊÌiÊi>Ã̰ÊÀÊiÝ>«i]Ê«ÀiÊÀiÌÃÊÊ7>ÀÃ>ÜÊÀÃiÊLÞÊi>ÀÞÊxä¯ÊvÀÊ
1,ÊÓ{ÊÌÊ
1,ÊÎÎÊ«iÀÊ square metre. New rentals are therefore generating higher square metre prices than the older expiring lease agreements.

Rental income rose from EUR 174.4 million in the first half of 2006/07 to EUR 233.8 million for the first half of 2007/08. This growth was supported by acquisitions and the completion of development projects as well as active asset management and higher rents as the result of indexing and new contracts. After an adjustment for new additions to the property portfolio, the increase in rental income totalled 4.7%

Occupancy rate in the IMMOEAST portfolio

Continuation of growth and diversification course

IMMOEAST, the largest IMMO-FINANZ regional holding company, is now valued twice each year by external experts.

Increasing rents on key markets in Austria and Central, Eastern and South-eastern Europe

Acquisitions, active asset management and rising rents lead to strong growth in rental income.

Value of the property portfolio

The value of the property portfolio has shown excellent development over the past 12 months. This growth was supported by an increase in average rents as well as declining yields. In particular, the decline in yields – which is a result of the increase in property prices – has continued in numerous ÃÕL>ÀiÌÃ]ÊLÕÌÊÊ«>ÀÌÊ>ÌÊ>ÊÃÜiÀÊ«>ViÊÌ>ÊÊ«ÀiÛÕÃÊ«iÀ`ð

Portfolio objects

The annual net operating income generated by let investment properties is as follows:

	Fair value	NOI (a)	Yield
IMMOEAST	3,578,414.7	223,422.0	6.2%
IMMOAUSTRIA (excl. BUWOG/ESG)	2,029,086.9	114,103.1	5.6%
BUWOG/ESG	1,978,954.5	91,704.6	4.6%
IMMOWEST	862,526.3	62,854.2	7.3%
Total	8,448,982.4	492,083.9	5.8%

Net operating income is defined as annual net rental income minus costs that cannot be charged to tenants. Vacancies were not included. The yields in the above table reflect the weighted average discount factor used for property valuation.

Development projects, excluding inventories

		Yield on
	Construction costs	NOI (a)	investment costs	on completion
IMMOEAST	4,724,781,0	462,409.5	9.8%	7.1%
IMMOAUSTRIA	112,634.5	9,573.9	8.5%	7.5%
IMMOWEST	485,419.2	38,833.5	8.0%	6.5%
Total	5,322,834.7	510,816.9	9.6%	7.0%

Net asset value and book value

IMMOFINANZ computes net asset value (NAV) in accordance with the recommendations of the European Public Real Estate Association (EPRA). The calculation of NAV is based on the fair value of the property portfolio (portfolio objects and development projects) as determined by external experts, minus liabilities held by the company. The division of NAV by the number of the company's share results in NAV/share. As of 31 October 2007, NAV per share in accordance with the EPRA equalled EUR 11.32.

The carrying value of the IMMOEAST property portfolio does not include the potential increase in value that is created by development projects. In spite of this fact, the carrying value per share equalled EUR 9.15 as of the balance sheet date – or 11.6% more than the current market price.

IMMOFINANZ AG	31.10.2006	31.10.2007	.BSLFUQSJDFBTPG	%JTDPVOU
Book value per share	8.15	9.15
Net asset value per share	9.65	11.32

Calculation of NAV per share and carrying value per share based on valuations by leading, independent property experts

Financing

In spite of the company's strong growth, the equity ratio of IMMOFINANZ equalled 51.5% as of 31 October 2007 (31 October 2007: 54.9%) and remained above the target level of 50%. This development was supported by higher earnings and a successful stock issue by the IMMOEAST subsidiary in May 2007.

The issue of two convertible bonds with a volume of EUR 750 million each during the 2007 calendar year – one before the reporting period in January and the other in November – led to a significant reduction in interest expense for IMMOFINANZ. The first bond fixed an interest rate of 2.75% for seven years, the second an interest rate of 3.75% for ten years.

Implementation of investment programme

Development projects comprise by far the largest component of IMMOFINANZ investments. The major parts of these projects are not reflected in the financial statements when the contracts are signed but during subsequent periods, in accordance with the progress of construction or increase in the investment on forward purchases. As can be seen on the following graph, completed objects represented 52%, properties under construction 37% and partnerships 11% of the total value of the portfolio at the end of the reporting period on 31 October 2007.

Property portfolio by investment type

/iÊ>ÀiÌÊ ÛÀiÌ

Austria

New record letting on the Vienna office market, further rise in rental prices

/iÊ iÞÊ «À«iÀÌÞÊ >ÀiÌÊ Ê 6i>Ê qÊ >Ê >LÛiÊ >Ê ÌiÊ vvViÊ ÃÕL>ÀiÌÊ qÊ ÀiVÀiÊ ÃÌÀ}Ê growth during the first half of 2007/08. This development was confirmed by the international «À«iÀÌÞÊV«>ÞÊ,V>ÀÊ
Ã]ÊÜVÊÀi«ÀÌiÊ£{ä]äääÊõÊvÊiÌÊë>ViÊvÀÊÌiÊÌÀʵÕ>ÀÌiÀÊ >Ê>ÊVÀi>ÃiÊvÊxȯÊÛiÀÊÌiÊV«>À>LiÊ«ÀÀÊÞi>ÀÊ«iÀ°Ê,V>À`Ê
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1,ÊÓÓÊ«iÀÊõ°

/iÊVÌÊvÊÌiÊÀiÃiÌ>Ê>ÀiÌÊÜ>ÃÊ>ÃÊÃÕ]ÊÜÌÊÃÌ>LiÊ>ÊÃÌÀ}Êi>Ê>ÃÊÜiÊ>ÃÊ steadily rising rents in most areas of the city. Long-term prospects are very positive: an analysis «ÕLÃiÊLÞÊÌiÊVÌÞÊvÊ6i>ÊÊ"VÌLiÀÊÓääÇÊvÀiV>ÃÌÃÊ>ÊÃ>À«ÊÀÃiÊÊÌiÊ««Õ>Ì]ÊÜÌÊ>Ê VÀi>ÃiÊvÊ£{ä]äääÊLÞÊÓäÓä°Ê Õ«iÊÜÌÊ>ÊVÌÕ>ÌÊvÊÌiÊVÕÀÀiÌÊi}À>«VÊÃvÌÃÊÌ>ÌÊ include an increase in the number of single households, this growth will ensure a steady rise in the demand for housing. The trend will also create numerous opportunities for the IMMOFINANZ ÃÕLÃ>ÀÞÊ 17"]ÊiÊvÊÌiÊ>À}iÃÌÊÜiÀÃÊ>ÊiÛi«iÀÃÊvÊ>«>ÀÌiÌÃÊÊ6i>°

Central, Eastern and South-eastern Europe

/iÊ«À«iÀÌÞÊ>ÀiÌÃÊÊ iÌÀ>]Ê

ÃÌiÀÊ>Ê-ÕÌi>ÃÌiÀÊ ÕÀ«i]ÊÜiÀiÊ" <ÊÃÊÀi«- ÀiÃiÌiÊLÞÊÌÃÊ"
-/ÊÃÕLÃ>ÀÞ]Ê>ÃÊÀi«ÀÌiÊv>ÛÕÀ>LiÊiÛi«iÌðÊ/iÊVÀi>ÃiÊÊÛ>ÕiÊ >ÃÊÃÜiÊÊÌiÊiÀÊ 1ÊiLiÀÊÃÌ>ÌiÃÊ>ÃÊ>ÊVÃiµÕiViÊvÊÌiÊiViÊÊÞi`Ã]ÊLÕÌÊÌiÊÊ«>ÀÌÊ dramatic rise in rental prices has provided a number of positive surprises.

/iÊ>ÀiÌÊÊ-ÕÌi>ÃÌiÀÊ
ÕÀ«iÊÀi>iÊÃÌÀ}ÊÕÀ}ÊÌiÊvÀÃÌÊÃÝÊÌÃÊvÊÌiÊVÕÀÀiÌÊv nancial year. A high level of demand for modern office and commercial space by international tenants and sound demand for apartments by the growing middle class has led to record rentals and extremely high occupancy rates. This upward trend is comparably strong in the major cities of Russia ÃVÜÊ>Ê-̰Ê\*iÌiÀÃLÕÀ}®]Ê1À>iÊ>ÊÌiÊÃÕVViÃÃÀÊÃÌ>ÌiÃÊvÊÌiÊvÀiÀÊ9Õ}Ã>Û>°Ê

Germany

/iÊ ÃÌÕ>ÌÊ Ê iÀ>Þ]Ê ÌiÊ ÃÌÊ «ÀÌ>ÌÊ >Ì>Ê >ÀiÌÊ vÀÊ ÌiÊ Ài}>Ê ÃÕLÃ>ÀÞÊ "7 -/]ÊÃÊÝi°ÊvÌiÀÊ >Ê ÃÌi>ÞÊ ÀÃiÊÊ «ÀViÃÊÕÀ}Ê ÀiViÌÊ Þi>ÀÃ]Ê >Ê ÕLiÀÊ vÊ>ÀiÌÊ Ãi}iÌÃÊ>ÛiÊÀi>ViÊ>ÊÃÀÌÌiÀÊÕ««iÀḚ̂ÊÜiÛiÀ]ÊÌiÊVi>ÀÊ>ÀiÌÊvviÀiÌ>ÌÊLÞÊVÌÞÊ and sector has created numerous attractive opportunities for investment. The logistics sector remains strong and still offers relatively high yields. High-quality, multifunctional urban development projects at prime inner city locations in the major German metropolitan areas also offer a potential for growth.

level, South-eastern Europe continues to drive growth

Central Europe stable at high

Good prospects in the logistics and urban development sectors

The IMMOFINANZ Share

Share price influenced by negative market climate

The performance of the IMMOFINANZ share during the reporting period was in no way representative of the company's development. In the second quarter of 2007/08 (1 August to 31 October 2007) the share price fell from EUR 9.30 to EUR 8.20, which reflects a decrease of 11.8%. Since the start of the 2007 calendar year, the share price has fallen 22.22%. Over the same period, the European real estate index EPRA fell by 23.4%.

IMMOFINANZ suffered from a particularly negative environment for Austrian property shares during the first half of the 2007/08 financial year. The US loan and mortgage crisis has created a climate of uncertainty on international financial markets, which has had a particularly negative effect on stock exchanges. Since the crisis has been mislabelled as a "real estate problem", property shares have come under extreme pressure.

The contrary development of financial indicators and the price of the share have led to a strong undervaluation in the IMMOFINANZ share. The net asset value per share equalled EUR 11.32 at the end of the second quarter, or 38.1% higher than the share price of EUR 8.20. Further decreases in the share price after the reporting period have led to an even greater discount and raised the dividend yield (based on the last dividend payout) to an interim level of 5.3%.

The IMMOFINANZ share is analysed by numerous leading investment banks, including UniCredit Group, Merrill Lynch, Kempen & Co, Credit Suisse, Deutsche Bank, RCB, Aurel Leven and Exane BNP Paribas.

European property shares experience heavy declines

Austrian property shares suffer under global uncertainty

Net asset value per share 38.1% above the share price as of 31 October 2007

Analysis of IMMOFINANZ by international investment banks

Investments and Portfolio Management

As of 31 October 2007 the IMMOFINANZ portfolio included 2,944 properties. Total letable space – including the space owned through investments in other companies – amounted to 12,526.634 sqm, which reflects a year-on-year increase of 39.5%.

IMMOAUSTRIA

As of the reporting date on 31 October 2007, IMMOAUSTRIA represented 36.2% of the IMMO-FINANZ portfolio. This figure corresponds to an increase of 25.5 percentage points over the comparable prior year period. The residential property subsidiary BUWOG/ESG comprised 57.1% of the IMMOAUSTRIA portfolio as of this same date. The year-on-year stagnation in revenues in the IMMOAUSTRIA segment resulted from the successful sale of several apartment buildings in Vienna. However, new development projects were started - above all by BUWOG and in the Business Park Vienna - which will only begin to generate revenues in later periods.

Key Data of IMMOAUSTRIA

	31.10.2007	Change in %	31.10.2006
Revenues in EUR mill.	144.7	0.1%	144.6
Number of properties	1.620	0.8%	1.607
Total letable space in sqm	4.707.246	4.7%	4.493.952
Proportional share of letable space in sqm	4,538,382	3.9%	4.366.832
Letable space as a % of the total portfolio	36.2%	$-25.5%$	48.6%
Fair value in EUR mill.	4.371.9	9.8%	3.981.4
Fair value as % of the total portfolio	24.6%	$-34.6%$	37.6%

*) Other: Burgenland 1.3%, Vorarlberg 1.6%, WIPARK Hungaria 0.5%, SelfStorage foreign countries 0.7%, Kempinski St. Moritz 0.3%

The expansion of the Business Park Vienna

iÌ>iÊ«>ÃÊvÀÊÌiÊiÝ«>ÃÊvÊ ÕÃiÃÃÊ\*>ÀÊ6i>ÊÜiÀiÊv>ÃiÊÕÀ}ÊÌiÊÃiVʵÕ>ÀÌiÀ°Ê In addition to the current 230,000 sqm, which are almost fully let, two office properties with a total of 50,000 sqm are now under construction at a cost of EUR 70 million. This increase in space will VÀi>ÌiÊÌiÊÕÀ}iÌÞÊiiiÊ«ÌÃÊvÀÊiÝ«>ÃÊ>ÌÊÌiÊ ÕÃiÃÃÊ*>ÀÊ6i>°

The Schottenbastei office project

/iÊ V«iÌiÊ ÀiiÃ}Ê >ÊiÀÃ>ÌÊ vÊ >Ê >ÌÌÀ>VÌÛiÊiÀÊLÕ`}Ê Ê ÌiÊ -VÌÌiL>ÃÌi]Ê >Ê «ÀiÊV>ÌÊÊÌiÊiÀÊVÌÞÊvÊ6i>]ÊÜÊVÀi>ÌiÊ>ÊvÀÃÌÀ>ÌiÊvvViÊ«À«iÀÌÞÊÜÌÊÎ]xääÊõÊvÊ total letable space. This building will be distinguished above all by a spectacular three-story rooftop extension. Rents in the city centre have risen substantially in recent years and there is strong demand for properties of this size, which are also suitable for corporate headquarters. Completion is planned for the beginning of 2009.

The Simmeringer Hauptstrasse 49 office property

/iÊ-iÀ}iÀÊ>Õ«ÌÃÌÀ>ÃÃiÊ{Ê«ÀiVÌÊÜ>ÃÊVVÕiÊÊ"VÌLiÀÊ>vÌiÀÊ>ÊVÃÌÀÕVÌÊ«iÀ`ÊvÊ 19 months. The occupancy rate for the 16,000 sqm of letable space (85% office, 15% retail) equalled 98.5% upon completion.

The Bräuhausgasse office and retail property

/iÊ ÀBÕ>ÕÃ}>ÃÃiÊÎÇÊvvViÊ>ÊÀiÌ>Ê«À«iÀÌÞÊLiivÌÃÊvÀÊÌÃÊ«ÀÝÌÞÊÌÊÌiÊVÌÞÊViÌÀiÊ>Ê attractive urban surroundings. Half of the 6,601 sqm of space was let prior to completion, while the entire retail area was leased to the Hofer discount chain. Negotiations for the remaining space are in an advanced stage, and the completion of construction is scheduled for the third quarter of 2007/08.

A, Vienna, Business Park Vienna

A, Vienna, Office Building Simmeringer Hauptstrasse

A, Vienna, Bräuhausgasse

BUWOG: growth and internationalisation

The residential property subsidiary BUWOG/ESG – which accounts for 45.8% of the Austria portfolio and is the largest subsegment of IMMO-AUSTRIA – concluded its restructuring phase following the privatisation and merger of both companies and has now initiated a phase of accelerated expansion. The realisation of apartments from the portfolio is proceeding well, with 100 units sold at an average price of EUR 1,729/sqm and substantial proceeds generated during the first half of 2007/08. The company is also planning a large number of new investments, particularly in the greater Vienna area. Projects with 500 apartments are expected to begin during the 2008 calendar year. BUWOG/ESG also took its first step toward internationalisation by establishing a foreign subsidiary in the Slovakian capital of Bratislava. BUWOG Slovakia s.r.o. is currently in the land acquisition phase, with initial acquisitions now in advanced negotiations. In accordance with the market structure in Slovakia, BUWOG Slovakia will concentrate on building privately financed condominium apartments in the Bratislava region. Advanced negotiations are also in progress for the first BUWOG project in Poland.

Several projects were completed and new projects were started during the second quarter of 2007/08.

t5IFi0CTUHBSUFOwSFTJEFOUJBMDPNQMFYXBTDPNQMFUFEBOEUSBOTGFSSFEUPUFOBOUTJO4FQUFNCFS5IFGBDJMJUZJTFTQFDJBMMZFOFSHZFGGJDJFOU and is considered a model ecological residential complex. All 138 apartments with 11,500 sqm of total space are let.
t5IFNBKPSJOWFTUNFOUJOUIF.POUF-BBVSCBOEFWFMPQNFOUBSFBJO7JFOOBTUIEJTUSJDUXBTDPODMVEFEXJUIUIFDPNQMFUJPOBOEUSBOTGFSPG UIFi\$VCJOPwBQBSUNFOUT#680(PXOTBQBSUNFOUTBU.POUF-BB
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A, Vienna, Bergmillergasse

Office and retail centre Bergmillergasse

The retail areas in the Bergmillergasse centre were transferred to the tenants Penny market, BIPA and Pagro at the start of the second quarter. This object is located next to the Merkur supermarket in the 14th district of Vienna.

WIPARK with three new garages

The garage operator WIPARK, a subsidiary of IMMOAUSTRIA, has expanded its activities in Hungary. In addition to the four large garages in Budapest, WIPARK has now taken over the operation of the Pollack Mihaly tér garage with 409 parking spaces. Construction is also proceeding on an underground garage with 209 parking spaces near the Budapest Castle and a garage with 285 parking spaces in Pecs. WIPARK currently has seven garages in Hungary, with five completed and two under construction. Four of these locations (with approx 1,100 spaces) are owned directly, and three garages are managed by the company.

29,000 sqm of office space let

During the first half year of 2007/08, roughly 29,000 sqm of office space was let in Austria. This led to a further improvement in the occupancy rate and rental income as well as the average rent per square metre in the IMMOAUSTRIA portfolio. Since only smaller areas were available in most of the properties, rentals focused primarily on medium-sized facilities of 500 to 1,500 sqm. The strongest rental activity was registered in the Altmannsdorfer Strasse 104 (4,740 sqm), Vienna Twin Tower (4,568 sqm) and Seidengasse (3,115 sqm) properties.

A, Vienna, Seidengasse

IMMOFAST

Key Data of IMMOEAST

	31.10.2007	Change in %	31.10.2006
Revenues in EUR mill.	136.1	73.4%	78.5
Number of properties	448	83.6%	244
Total letable space in sqm	13,970,431	60.7%	8.692.355
Proportional share of letable space in sqm	5,662,407	69.0%	3.351.366
Letable space as a % of the total portfolio	45.2%	21.2%	37.3
Fair value in EUR mill.	10.851.7	104.8%	5.297.5
Fair value as % of the total portfolio	61.1%	22.2%	50%

IMMOEAST also recorded the strongest growth of all IMMOFINANZ segments during the second quarter of the 2007/08 financial year. The fair value of the property portfolio rose by 104.8% year-on-year from EUR 5.3 billion to a total of EUR 10.9 billion, whereby new investments focused almost entirely on development projects.

CSOB Portfolio (Czech Republic)

Start of renovation and new use for CSOB portfolio

CSOB, a large Czech bank, has relocated as planned from the objects in the CSOB portfolio that was acquired by IMMOEAST, and work will now proceed to convert the buildings for the planned new use.

Renovation started during the second quarter on the "Na Prikope" flagship store. A total of 15,400 sqm of first-class retail space will be constructed on this leading shopping street in Prague, which is comparable to the Kohlmarkt in Vienna or Oxford and Bond Streets in London.

Sectoral distribution IMMOEAST of letable space As of 31.10.2007

Regional distribution IMMOEAST of letable space in % As of 31.10.2007

*) Bosnia, Lithuania, Serbia, Turkey, Slovenia, Croatia

/iÊi>ÊÃÊiÀÕÃÊ>ÊvÕÀÊÜiÜÊÌiÀ>Ì>ÊV>ÃÊ>ÀiÊÌiÀiÃÌiÊÊi>Ã}ÊÌiÊ object to secure one of the absolute top locations in Prague.

UÊ 7ÀÊ >ÃÊ >ÃÊ ÃÌ>ÀÌi`Ê >ÌÊ ÌiÀÊ «ÀiÊV>ÌÃÊÊ ÌiÊiÀÊ VÌÞÊ vÊ *À>}ÕiÊ ÌÊ VÛiÀÌÊ ÌÜÊ properties into 4-star business hotels with a total of 10,000 sqm.

UÊ /iÊ}iiÀ>ÊÀiÛ>ÌÊvÊÌiÊLiVÌÊ>ÌÊÕ}>Û>Ê£xÊ>ÃÊÃÌ>ÀÌiÊÕÀ}ÊÌiÊÀi«ÀÌ}Ê«iÀ°Ê 7ÌÊn]ÓääÊõÊvÊiÌ>LiÊë>Vi]ÊÌÊÜÊLiÊiÊvÊÌiÊ>À}iÃÌÊiÀÊvvViÊLÕ`}ÃÊÊÌiÊÃÌÀVÊ city centre.

ÊÌÌ>ÊvÊ
1,Ê£xäÊÊÜÊLiÊÛiÃÌi`ÊÊÌiÊLiVÌÃÊvÀÊÌiÊ -" Ê«ÀÌv°

Debowe Tarasy residential construction project (Poland)

In Katowice all apartments in the first section (completion in March 2008) of the Debowe Tarasy residential construction project have been sold. Of the apartments in the second section (3rd quarter of 2008), 60% have been sold at an average price of EUR 1,550/sqm. The investment in this «ÀiVÌÊÜÊ}iiÀ>ÌiÊ>ÊÀiÌÕÀÊvÊ>««ÀݰÊÎx¯ÊÊV>«Ì>Êi«Þi`ÊvÀÊ"
-/°Ê

Nove Mesto logistics centre (Slovakia)

"
-/Ê>VµÕÀiÊ>Ê>À}iÊ}ÃÌVÃÊViÌÀiÊ«ÀiVÌÊqÊÌiÊ ÛiÊiÃÌÊ}ÃÌVÃÊ iÌiÀÊqÊÜÌÊ {n]ÇnÊõÊÊÌiÊ-Û>>ÊVÌÞÊvÊÌiÊÃ>iÊ>i°Ê/iÊLiVÌÊÃÊV>ÌiÊÃÕÌÊvÊ/ÀiV]Ê>`Ê will be constructed in two phases, with the first section scheduled for completion in mid-2008.

Eurobusiness Park (Hungary)

/iÊ
ÕÀLÕÃiÃÃÊ*>ÀÊÜÌÊÇä]äääÊõÊvÊiÌ>LiÊë>ViÊÃÊiÊvÊÌiÊ>À}iÃÌÊ>ÊÃÌÊÃÕVViÃÃvÕÊ }ÃÌVÃÊv>VÌiÃÊÊÌiÊÕ}>À>ÊV>«Ì>°ÊVÀÊ\*>VÊ>ÃÊi>ÃiÊÀiÊÌ>ÊÎ]äääÊõÊÊÌiÊ >iÊ*>ÀÊÃiV̰Ê/iÊ
ÕÀLÕÃiÃÃÊ*>ÀÊV«ÀÃiÃÊÌiÊ >iÊ*>À]Ê->ÀÊ*>ÀÊ>Ê\*>À>Ê \*>À]Ê>Ê>ÃÊ>ÊVVÕ«>VÞÊÀ>ÌiÊvÊx¯°Ê

PL, Katowice, Debowe Tarasy

HU, Budapest, Camel Park

HU, Budapest, Central Business Center

HR, Zagreb, Grand Center

BIH, Banja Luka Rebrovac

BG, Sofia, Antim

RUS, Moscow, Shopping Centre Rostokino

Central Business Center (Hungary)

/iÊVVÕ«>VÞÊÀ>ÌiÊÊÌiÊ iÌÀ>Ê ÕÃiÃÃÊ iÌiÀÊÊ Õ>«iÃÌÊ]{ääÊõ®ÊÜ>ÃÊVÀi>ÃiÊvÀÊ Îä¯Ê>ÌÊÌiÊÌiÊvÊ>VµÕÃÌÊÌÊn{¯ÊÜÌÊ>Ê«iÀÊvÊÞÊÌiÊÌÃ°Ê iÜÊÌi>ÌÃÊVÕiÊ ÌiÊ6*ÊVÕÃÌÃÊ>ÕÌÀÌÞÊ>Ê >âÃÊ"vvViÊ iÌiÀÊÜÌÊ>ÊVLiÊÌÌ>ÊvÊ£]ÈnxÊõ°Ê/iÊ >ÛiÀ>}iÊÀiÌÃÊÀi>ÃiÊÊÌÃÊLiVÌÊ>ÛiÊiÝViii`ÊvÀiV>ÃÌðÊ"ÌiÀÊÜiÜÊV«>iÃÊ>ÛiÊ also shown great interest in leasing the remaining space.

Grand Center (Croatia)

/iÊÀ>Ê iÌiÀÊÊ<>}ÀiL]Ê>ÊvvViÊLÕ}ÊÜÌÊ£{]{ääÊõÊvÊiÌ>LiÊë>Vi]ÊÜ>ÃÊ«ÕÀV>ÃiÊ Ê>ÞÊ ÓääÇÊ vÀÊ 1,Ê Î{°xʰÊ/iÊ VVÕ«>VÞÊ À>ÌiÊ iµÕ>iÊ >««ÀÝ°Ê xä¯Ê >ÌÊ ÌiÊ ÌiÊ vÊ >VµÕÃÌ]ÊLÕÌÊÀÃiÊÌÊÛiÀÊä¯ÊÕÀ}ÊÌiÊÀi«ÀÌ}Ê«iÀ°

Banja Luka Rebrovac (Bosnia)

/iÊ >VµÕÃÌÊvÊ ÌiÊ >>ÊÕ>Ê,iLÀÛ>VÊ`iÛi«iÌÊ«ÀiVÌÊÊ >>ÊÕ>Ê Ài«ÀiÃiÌÃÊ ÌiÊ vÀÃÌÊÛiÃÌiÌÊ LÞÊ "
-/ÊÊ Ã>°ÊÃÌÊ vÊ ÌiÊ x]ÓääÊ ÃµÊ vÊiÌ>LiÊ Ã«>ViÊ Ài«ÀiÃiÌÃÊ apartments, which will be subsequently sold as condominiums.

Expansion of the Iride Business Park (Romania)

"
-/Ê«ÕÀV>ÃiÊ>Ê{Ó]äääÊõÊÃÌiÊ>}ÊÌiÊ,
Ê ÕÃiÃÃÊ*>À]ÊÜVÊV>ÊLiÊÕÃiÊ vÀÊÌiÊVÃÌÀÕVÌÊvÊÕ«ÊÌÊ£Çä]äääÊõÊvÊvvViÊë>ViÊÊÃiÛiÀ>ÊÃÌ>}iðÊ/iÊä]äääÊõÊÊÌiÊ ,? Ê ÕÃiÃÃÊ\*>ÀÊ>ÀiÊvÕÞÊiÌÊÌÊ«ÀiÌÊÌi>ÌÃÊiÊ,>vviÃi]Ê iÃÌiÊ>Ê7À«]Ê>`Ê there is strong demand for additional space.

Polus Center Cluj (Romania)

/iÊ*ÕÃÊ iÌiÀÊ ÕÊë«}Ê>ÊÜ>ÃÊ«iiÊÕÀ}ÊÌiÊÃiVʵÕ>ÀÌiÀÊvÊÌiÊÓääÇÉänÊv>- V>ÊÞi>À]Ê>ÊÜÊÜÊLiÊ>VµÕÀiÊÊ vÕÊLÞÊ " -/°Ê7ÌÊÛiÀÊ£ää]äääÊõÊvÊiÌ>LiÊ ë>ViÊ>Ê>ÊÛiÃÌiÌÊÛÕiÊvÊ
1,ÊÓ£äÊ]ÊÌÃÊÃÊÌiÊ>À}iÃÌÊÀiÌ>Ê«ÀiVÌÊV«iÌiÊ LÞÊ" -/ÊÊ,>>ÊÌÊ>Ìi°Ê/iÊë«}ÊViÌÀiÊÃÊvÕÞÊVVÕ«i]Ê«À>ÀÞÊLÞÊÌiÀ>- Ì>ÊV>ÃÊÌ>ÌÊVÕiÊ >ÀÀivÕÀ]Ê>}]Ê<>À>]Ê,iiL]Ê`>ÃÊ>Ê-Þ°

Expansion of the Antim (Bulgaria)

/iÊ iÛi«iÌÊ «ÀiVÌÊ ÃÕÀÀÕ}Ê ÌiÊ vÕÞÊ VVÕ«iÊ ÌÊ /ÜiÀÊÊ -v>Ê Ü>ÃÊ iÝ«>iÊ substantially by the purchase of two adjacent lots. Instead of the previously planned construction vÊ>««Àݰʣ£x]äääÊõÊi«i}ÊÊÌiÊÕÌViÊvÊVÕÀÀiÌÊi}Ì>ÌÃÊÜÌÊV>ÊLÕ}Ê >ÕÌÀÌiî]Ê>««ÀݰʣÎÈ]äääÊõÊÜÊÜÊLiÊ«ÃÃLi°

Rostokino shopping centre (Russia)

-ÕLÃÌ>Ì>Ê «À}ÀiÃÃÊ >ÃÊ LiiÊ >iÊ Ê ÌiÊ VÃÌÀÕVÌÊ vÊ ÌiÊ ,ÃÌÊ Ã««}Ê ViÌÀiÊ Ê ÃVÜÊ Ó{£]äääÊõÊvÊiÌ>LiÊë>Vi]Ê>ÊÜÀÊÃÊÜÊ«ÀVii}ÊÊ ÌiÊÕ««iÀÊ vÀðÊ\*Ài iÌÌ}Ê>ÃÊ>Ài>ÞÊÀi>Vi`Ê>ÊiÛiÊvÊ{n°È¯Êi>ÀÞÊ£nÊÌÃÊLivÀiÊV«ḭ

An extensive overview of the investments and major asset management activities of IMMOEAST is provided in this company's report on the first six months of 2007/08 under www.immoeast. com.

IMMOWEST

Key Data of IMMOWEST

	31.10.2007	Change in %	31.10.2006
Revenues in EUR mill.	37.9	132.5%	16.3
Number of properties	876	85.2%	473
Total letable space in sqm	23,225,150	74.2%	13,330,728
Proportional share of letable space in sqm	2,325,844	84.5%	1,260,503
Letable space as a % of the total portfolio	18.6%	31.9%	14.1%
Fair value in EUR mill.	2,538.9	93.8%	1,310.4
Fair value as % of the total portfolio	14.3%	15.3%	12.4%

/iÊ"7
-/Ê«ÀÌvÊVÕiÊnÇÈÊ«À«iÀÌiÃÊÜÌÊÓÎ]ÓÓx]£xäÊõÊvÊiÌ>LiÊë>ViÊ>ÃÊvÊΣÊ "VÌLiÀÊÓääÇ]ÊvÀÊ>ÊÞi>ÀÞi>ÀÊVÀi>ÃiÊvÊÇ{°Ó¯°Ê/ÃÊ}ÀÜÌÊÀ>ÃiÊÌiÊ"7 -/ÊV- «iÌÊ vÊ ÌiÊ " <Ê «ÀÌvÊ LÞÊ >Ê Ã}ÌÊ>À}Ê ÌÊ £n°È¯Ê>ÌÊ ÌiÊ iÊ vÊ ÌiÊ ÃiV`Ê quarter of 2007/08. Nearly all major investments were made in Germany, while logistics formed the focal point of sector activities.

DUS Plaza (Düsseldorf)

/}iÌiÀÊÜÌÊÌiÊiÛi«iÀÊÀ>>]Ê" <Ê>ÕViÊÌiʺ?1-Ê*>â>»ÊvvViÊ«ÀiVÌÊ with 17,000 sqm of total letable space at Düsseldorf Airport. The investment in this property totals 1,ÊÎÓÊ]Ê>ÊV«iÌÊÃÊÃViÕiÊvÀÊ>Õ>ÀÞÊÓä£ä°Ê-iVÌÃÊvÊÌiÊv>VÌÞÊ>ÛiÊ>ÊÀi>ÞÊ been pre-let.

DE, Düsseldorf, DUS Plaza

DE, Deutsche Lagerhaus, Freystadt

Deutsche Lagerhaus: acquisition of the Freystadt, Nürnberg II and Willich Logistic centres

The portfolio of the Deutsche Lagerhaus subsidiary was expanded in the second quarter to include three additional properties.

UÊÊÀiÞÃÌ>ÌÊ >Û>À>®Ê>Ê}ÃÌVÃÊViÌÀiÊÜ>ÃÊ>VµÕÀiÊÜÌÊÓ£]ÓääÊõÊvÊiÌ>LiÊë>Vi°Ê/iÊ«À perty is let in full to the Michelin tyre group, and is distinctive because of its advantageous location ÊiÊvÊÌiÊ>Ê >Û>À>ÊÌÀ>vvVÊ>ÀÌiÀiÃÊLiÌÜiiÊÕVÊ>`Ê ÕÀiLiÀ}°Ê

UÊ Ê ÕÀiLiÀ}Ê >ÊÎÈ]ÇääÊ ÃµÊ«À«iÀÌÞÊÜÌÊÌÃÊÜÊ À>Ü>ÞÊViVÌÊÜ>ÃÊ >VµÕÀi`Êi>ÀÊ >Ê important motorway junction.

UÊ Ê 7VÊ ÀÌÊ ,i7iÃÌ«>>®Ê ?iÕÌÃViÊ >}iÀ>ÕÃÊ >VµÕÀiÊ ÌiÊ i>µÕ>ÀÌiÀÃÊ vÊ ÌiÊ iÀiÃÊÀÕ«ÊÌÀÕ}Ê>ÊÃ>i>i>ÃiL>VÊÌÀ>Ã>V̰Ê/ÃÊÓ£]£ÇnÊõʫÀ«iÀÌÞÊÜÊLiÊÕÌÃiÊ iÌÀiÞÊ>`ÊÛiÀÊÌiÊ}ÌiÀÊLÞÊÌiÊ iÀiÃÊÀÕ«°

/iÊÌÌ>ÊÛÕiÊvÊÛiÃÌiÌÃÊvÀÊÌiÃiÊÌÀiiÊiÜÊ«À«iÀÌiÃÊ>ÕÌi`ÊÌÊ
1,ÊÎȰÎʰÊÊ

Deutsche Lagerhaus: expansion in Hamburg, Neuss and Lahr

iÕÌÃViÊ>}iÀ>ÕÃÊ>ÃÊÃÌ>ÀÌiÊÜÀÊÊÌiÊÜiÀ>}}Êi>À}iiÌÊvÊv>VÌiÃÊ>ÌÊÌÜÊÌiÀÊ locations:

UÊÊÌiÊ>LÕÀ}ÊÃÌÀVÌÊvÊiÀi]Ê>ÊiÝViiÌÊ}ÃÌVÃÊV>Ì]ÊÌiÊiÝÃÌ}Êë>ViÊvÊ££]äääÊ õÊÜ>ÃÊiÝ«>iÊLÞÊ>««ÀݰÊÈ]äääÊõ°Ê/iÊÌi>ÌÊÃÊÌiÊ?>ÃÊvÀÊ «>ÃÌÊÉ-]Ê>ÊÌiÊ property is let for the long term.

UÊÊÌiÊ«ÀÌÊvÊ iÕÃÃÊ ÀÌÊ,i7iÃÌ«>>®ÊÜÀÊÃÌ>ÀÌiÊÊ>Ê{]ÈääÊõÊiÝ«>ÃÊÌÊÌiÊ ?iÕÌÃViÊ>}iÀ>ÕÃÊ}ÃÌVÃÊViÌÀiÊ«ÀiÛÕÃÞÊ£ä]äääÊõ®°Ê/iÊ>``Ì>Êë>ViÊÜÊLiÊÕÌÃiÊ ÊvÕÊLÞÊÌiÊÃiÊÌi>ÌÊ?>ViÀ]Ê>Êi>}Ê ÕÀ«i>ÊvÀÜ>À}Ê>}ḭÊ

The 12,000 sqm expansion to the property in Lahr was also completed. The Deutsche Lagerhaus portfolio comprised 28 properties and total letable space of more than 800,000 sqm as of the balance sheet date.

Expansion of residential portfolio (Berlin)

/iÊÀiÃiÌ>Ê«ÀÌvÊÊ iÀÊÜ>ÃÊiÝ«>iÊvÀÊÌÃÊ«ÀiÛÕÃÊ£]xxäÊÌÊÓ]ÓxäÊ>«>ÀÌiÌÃÊÜÌÊ ÌiÊ>VµÕÃÌÊvÊÇäxÊ>«>ÀÌiÌÃÊÊÌiÊ-«>>ÕÊÃÌÀV̰Ê/ÃÊÌÀ>Ã>VÌÊÜ>ÃÊVÃiÊ>vÌiÀÊÌiÊiÊ vÊÌiÊÀi«ÀÌ}Ê«iÀ°Ê/iÊ>«>ÀÌiÌÃÊ>ÛiÊ>Ê>ÛiÀ>}iÊÃâiÊvÊxÈÊõ]Ê>ÀiÊÊÌiÊ«ÀViÊÃi} iÌÊ>`Ê>ÊVVÕ«>VÞÊÀ>ÌiÊvÊ{°Ç¯°

Expansion of City Box (Netherlands)

/iÊiÝ«>ÃÊvÊÌiÊÃivÃÌÀ>}iÊV«>ÞÊ ÌÞÊ ÝÊÃÊÜiÊÕiÀÜ>Þ°ÊÜ}ÊÌiÊ>VµÕÃÌÊ by IMMOFINANZ in spring 2007, the company is set to acquire three new facilities in Amster->]Ê>>ÃÌÀVÌÊ>ÊÛiÀÃÕÊÜÌÊÀiÊÌ>Ê£È]äääÊõÊvÊiÌ>LiÊë>Vi°Ê/iÊiÝÃÌ}ÊV>- ÌÃÊÜiÀiÊ>ÃÊi>À}iÊÌÊiiÌÊÌiÊÃÌÀ}Êi>ÊvÀÊÃivÃÌÀ>}iÊV«>ÀÌiÌðÊ ÌÞÊ ÝÊ>ÃÊ >ÊÌÌ>ÊvÊ£ÇÊÃivÃÌÀ>}iÊv>VÌiÃÊÜÌÊÈ]äääÊõ]Ê>`ÊÃÊ«>}ÊÌÊVÀi>ÃiÊÌÃÊ«ÀÌvÊÌÊ>Ê ÌÌ>ÊvÊÓ{ÊÃivÃÌÀ>}iÊV>ÌÃÊÛiÀÊÌiÊV}ÊÞi>Àð

SelfStorage - Dein Lagerraum (Germany)

/iÊÕÃÌÀ>ÊÃivÃÌÀ>}iÊ«iÀ>ÌÀÊ-ivÃÌÀ>}iÊqÊ?iÊ>}iÀÀ>ÕÊ" <ÊÃÌ>i\ÊÎ䯮ÊÃÊ VÌÕ}ÊÌÃÊ ÃÞÃÌi>ÌVÊ iÝ«>ÃÊÊiÀ>Þ°ÊvÌiÀÊ «i}Ê v>VÌiÃÊÊÕV]Ê À>vÕÀÌ]Ê >LÕÀ}ÊÕÊ iÀ]ÊÌiÊV«>ÞÊ>ÃÊÇÊvÊÌiÊ«>iÊÎäÊÃivÃÌÀ>}iÊ«À«iÀÌiÃÊÊ«iÀ>ÌÊ>Ê >ÌiÀÊ£{ÊÕiÀÊVÃÌÀÕV̰Ê/ÃÊÃÌÀ}Ê}ÀÜÌÊ«>ViÃÊÌiÊV«>ÞÊÛiÀÞÊVÃiÊÌÊLiV}ÊÌiÊ >ÀiÌÊi>iÀÊÊiÀ>Þ°ÊÊ6i>ÊiÊv>VÌÞÊÜ>ÃÊ«iiÊ>`ÊVÃÌÀÕVÌÊÊ>ÌiÀÊv>VÌÞÊ started during the reporting period.

DE, Berlin, Spandau

NL, Den Haag, City Box

Portfolio Management Balance Sheet

IMMOFINANZ AG Consolidated Balance Sheet as of 31 October 2007

with comparison to prior year data

Assets	31 October 2007 in TEUR	30 April 2007 in TEUR
Investment property	9,164,453.5	8,221,528.8
Property under construction	685,583.6	400,502.6
Other tangible assets	28,249.6	26,935.2
Intangible assets and goodwill	398,304.5	205,434.7
Shares in associated companies	459,671.2	373,213.6
Other financial instruments	950,428.0	806,617.8
Receivables and other assets	409,792.9	201,808.7
Deferred tax assets	81,935.2	84,631.7
Non-current assets	12,178,418.5	10,320,673.1
Inventories	169,758.1	139,572.7
Non-current assets held for sale	0.0	11,500.0
Receivables and other assets	1,417,248.3	592,845.4
Financial instruments	702,428.0	657,036.0
Cash and cash equivalents	770,062.5	1,000,016.0
Current assets	3,059,496.9	2,400,970.1
ASSETS	15,237,915.4	12,721,643.2
Equity and liabilities
Share capital	476,527.7	476,527.7
Reserves	2,330,751.7	2,330,751.7
Revaluation reserve	108,662.9	108,688.1
Retained earnings and consolidated profit	1,271,409.0	1,158,377.9
Currency translation adjustment	11,486.7	7,314.1
	4,198,838.0	4,081,659.5
Minority interests	3,650,268.9	2,433,674.8
Equity	7,849,106.9	6,515,334.3
Long-term financial liabilities	4,522,785.1	4,314,372.6
Trade accounts payable	5,751.1	3,472.7
Provisions	5,799.0	6,148.1
Other liabilities	141,151.1	209,583.6
Deferred tax liabilities	1,058,156.2	912,506.1
Non-current liabilities	5,733,642.5	5,446,083.1
Short-term financial liabilities	1,190,738.2	396,957.1
Trade accounts payable	173,970.4	131,549.4
Provisions	66,548.9	35,008.2
Other liabilities	223,908.5	196,711.1
Current liabilities	1,655,166.0	760,225.8
EQUITY AND LIABILITIES	15,237,915.4	12,721,643.2

IMMOFINANZ AG Consolidated Income Statement

with comparison to prior year

	1 May – 31 October 2007 in TEUR	1 August – 31 October 2007 in TEUR	1 May – 31 October 2006 in TEUR	1 August – 31 October 2006 in TEUR
Revenues	318,805.4	165,862.6	239,330.9	121,518.7
Revaluation of properties (IAS 40)	296,684.3	179,804.1	201,556.4	103,822.3
Other operating income	61,221.4	25,068.7	45,007.6	15,609.9
Depreciation and amortisation	-12,079.1	-2,865.8	-5,946.9	-3,585.0
Expenses related to properties	-105,298.5	-51,581.1	-81,988.3	-42,862.8
Other operating expenses	-105,987.0	-51,073.9	-84,313.7	-33,815.9
Personnel expenses	-8,472.1	-4,139.4	-6,542.9	-3,328.1
Cost of goods sold	-4,694.9	-3,931.5	-5,745.6	-868.4
Operating profit (EBIT)	440,179.5	257,143.7	301,357.5	156,490.7
Net financing costs	-80,453.7	-42,706.6	-61,447.5	-31,465.3
Income/(loss) on financial instruments	67,792.4	41,830.6	51,040.6	46,549.7
Financial results	-12,661.3	-876.0	-10,406.9	15,084.4
Earnings before tax (EBT)	427,518.2	256,267.7	290,950.6	171,575.1
Income taxes	-118,581.0	-88,082.5	-65,050.6	-21,621.4
Net profit for the period	308,937.2	168,185.2	225,900.0	149,953.7
Equity holders of the parent company	207,024.1	113,390.4	177,928.6	113,084.4
Minority interests	101,913.1	54,794.8	47,971.4	36,869.3
Basic earnings per share in EURO	0.45	0.25	0.41	0.26
Diluted earnings per share in EURO	0.42	0.22	0.40	0.25

IMMOFINANZ AG Statement of Changes in Equity

Balance on 31 October 2007	476,527.7	2,330,751.7	108,662.9	1,271,409.0	11,486.7	3,650,268.9	7,849,106.9
Currency translation adjustment				-180.5	2,635.5	5,691.4	8,146.4
Structural changes			-25.2	17,592.5	1,537.1	-212,870.6	-193,766.2
Dividends				-113,787.7		-2,912.4	-116,700.1
Cost of capital increase						-80,064.2	-80,064.2
Capital increase						1,404,460.0	1,404,460.0
Total recognised income and expense for the period				209,406.8		102,289.9	311,696.7
Net profit as of 31 October 2007				207,024.1		101,913.1	308,937.2
Net income recognised directly in equity				2,382.7		376.8	2,759.5
liabilities recognised directly in equity				-656.0		-125.6	-781.6
Deferred tax assets/
Fair value reserve				3,038.7		502.4	3,541.1
Balance on 30 April 2007	476,527.7	2,330,751.7	108,688.1	1,158,377.9	7,314.1	2,433,674.8	6,515,334.3
All amounts in TEUR	Share capital	Capital reserves	Revaluation reserve	Retained earnings	translation adjustment	Minority interest	Total
					Currency

IMMOFINANZ AG Consolidated Cash Flow Statement

with comparison to prior year data

All amounts in TEUR		1 May 2007 – 31 October 2007 1 May 2006 – 31 October 2006
Earnings before tax	427,518.2	290,950.6
Amortisation/reversal of negative goodwill	180,204.8	20,167.7
Gain/(loss) on the sale of non-current assets	-13,029.1	-39,821.8
Temporary changes in the fair value of financial instruments	-67,659.9	-37,484.1
Income taxes paid	-12,986.1	-3,556.7
Net financing costs	82,394.5	61,290.0
Gain/(loss) on the change in investments	-12,350.0	-534.4
Other non-cash income/(expenses)	-498,044.9	-211,566.1
Gross cash flow	86,047.5	79,445.2

Receivables and other assets	-192,664.5	47,287.2
Trade accounts payable	16,892.9	13,238.0
Provisions (excl. tax provisions)	23,027.9	14,191.1
Other liabilities	-118,051.1	-14,208.3
Cash flows from operating activities	-184,747.3	139,953.2
Acquisition of property	-326,027.6	-163,079.5
Acquisition of property companies less cash and cash equivalents	-471,711.5	-359,147.4
Acquisition of other tangible assets	4,793.4	-1,598.3
Acquisition of intangible assets	-1,029.3	0.0
Acquisition of financial instruments	-270,765.5	-488,159.5
Proceeds from the sale of property companies	37,734.2	555.8
Proceeds from the sale of non-current assets	93,900.9	117,924.4
Granting of short-term financing	-833,436.8	0.0
Proceeds from the sale of financial instruments	75,000.7	84,760.6
Interest income from financial instruments	48,311.3	56,152.7
Cash flows from investing activities	-1,643,230.2	-752,591.2

Cash inflows from long-term financing	317,765.0	488,634.3
Cash inflows from capital increases	1,218,894.9	2,149,813.5
Cash inflows from changes in investments	-118,174.5	-21,721.7
Cash inflows from short-term financing	632,908.1	-160,684.3
Cash outflows from short-term financing	0.0	-140,138.6
Repayment of long-term debt	-173,799.5	-61,490.4
Interest expense	-78,548.9	-50,372.8
Distributions	-116,700.2	0.0
Cash flows from financing activities	1,682,344.9	2,204,040.0
Differences arising from foreign currency translation	-38,928.9	6,668.3
Change in cash and cash equivalents	-184,561.5	1,598,070.3
Cash and cash equivalents at the beginning of the period	1,657,052.0	533,491.9
Cash and cash equivalents at the end of the period	1,472,490.5	2,131,562.2
Change in cash and cash equivalents	-184,561.5	1,598,070.3

IMMOFINANZ AG Segment Reporting

-i}iÌ>ÌÊLÞÊ,i}

		IMMOAUSTRIA		IMMOEAST
All amounts in TEUR	Q2 2007/08	Q2 2006/07	Q2 2007/08	Q2 2006/07
Offices	23,264.0	20,933.2	53,035.3	29,882.1
Logistics / commercial	21,377.4	20,141.9	42,120.6	29,207.5
Recreation / hotel	2,144.3	2,199.5	0.0	0.0
Residential	49,578.7	49,846.7	24.5	31.8
Parking	8,068.8	7,514.7	2,765.0	1,273.5
Rental income	104,433.2	100,636.0	97,945.4	60,394.9
Sale of inventories	962.5	6,592.8	5,474.2	0.0
Operating costs charged to tenants	34,026.1	32,789.1	28,004.1	16,357.9
Other revenues	5,314.5	4,549.2	4,707.7	1,753.0
Revenues	144,736.3	144,567.1	136,131.4	78,505.8

Revaluation of properties	92,412.0	130,801.1	155,481.1	70,755.3
Other operating income	21,825.2	11,318.2	30,664.2	27,349.6
Depreciation and amortisation	-1,653.9	-2,362.8	-8,788.6	-3,030.9
Expenses related to properties	-62,806.3	-57,813.0	-33,578.4	-19,756.3
Other operating expenses	-15,588.9	-18,707.6	-57,520.1	-40,696.6
Personnel expenses	-6,596.3	-5,917.3	-227.8	-137.2
Cost of goods sold	-789.6	-5,388.4	-3,790.8	-356.8
Operating profit (EBIT)	171,538.7	196,497.3	218,371.0	112,632.9
Segment assets	6,706,605.8	4,946,791.9	10,154,267.4	5,797,459.8
Segment liabilities	5,231,842.8	3,849,842.3	2,245,120.4	1,359,336.2

1. Accounting and Valuation Principles

The interim report as of 31 October 2007 was prepared in accordance with the principles set forth in International Financial Report- }Ê-Ì>>ÀÃ]ÊÜVÊÜiÀiÊ>«ÌiÊÌÊÌiÊLÞÊvÊ>ÜÊvÊÌiÊ ÕÀ«i>Ê1ÊÌÀÕ}ÊÌiÊ«ÀViÕÀiÊÃiÌÊvÀÌÊÊÀ̰ÊÈÊ*>À°ÊÓÊvÊ -ÊÀi}Õ>ÌÊ£ÈäÈÉÓääÓ°ÊÀÊvÀ>ÌÊÊÌiÊ,-Ê>««i`ÊLÞÊ" <ÊÊ>ÌÊÌiÊÌiÊÌÃÊÌiÀÊv>V>ÊÀi«ÀÌÊÜ>ÃÊ prepared, see the published consolidated financial statements as of 30 April 2007.

ÊiÜÞÊ>VµÕÀiÊV«>iÃÊÜiÀiÊÌ>ÞÊÀiV}ÃiÊ>ÃÊvÊÌiÊ>VµÕÃÌÊ>ÌiÊÊ>VVÀ>ViÊÜÌÊ,-ÊΰȣÊ>ÊΰÈÓ°ÊvÊÌiÊ «iÀÌÌi]ÊÌiÊ«i}ÊL>>ViÊÃiiÌÃÊvÊÌiÃiÊiÜÞÊ>VµÕÀiÊV«>iÃ]ÊÜVÊÜiÀiÊVÛiÀÌiÊÌÊ,-]ÊÜiÀiÊ>ÕÌiÊÌÊiiÌÊÌiÊ ÀiµÕÀiiÌÃÊvÊ,-ÊΰÈÓÊ>®°

Ê>VVÀ>ViÊÜÌÊ-ÊǰÇ]ÊVÕÀÀiÌÊv>V>ÊÃÌÀÕiÌÃÊ>ÀiÊVÕiÊÊV>ÃÊvÜÊ>ÃÊ>ÊV«iÌÊvÊV>ÃÊ>ÊV>ÃÊiµÕÛ>iÌÃÊvÊ they have a term of less than three months. All assets in the balance sheet position meet this criterion as of the balance sheet date.

ÊÌiÀÊ«ÀvÌÃÊqÊÜVÊÀiÃÕÌi`Ê«À>ÀÞÊvÀÊÌiÊÌÀ>ÃviÀÊvÊÃÌ>iÃÊÊÌiÀÊV«>iÃÊÀÊ«À«iÀÌiÃÊLiÌÜiiÊiLiÀÊV«> nies of the group – were eliminated.

IMMOWEST Other items and Group eliminations IMMOFINANZ Group

Q2 2007/08	Q2 2006/07	Q2 2007/08	Q2 2006/07	Q2 2007/08	Q2 2006/07
5,790.2	2,340.1	0.0	0.0	82,089.4	53,155.4
19,124.5	5,756.1	0.0	0.0	82,622.5	55,105.5
1,986.9	1,410.8	0.0	0.0	4,131.2	3,610.3
3,963.5	3,611.4	0.0	0.0	53,566.7	53,489.9
562.0	278.1	0.0	0.0	11,395.8	9,066.3
31,427.1	13,396.5	0.0	0.0	233,805.7	174,427.4
201.2	7.5	0.0	0.0	6,637.9	6,600.3
6,242.1	2,666.0	0.0	0.0	68,272.3	51,813.0
67.2	188.0	0.0	0.0	10,089.4	6,490.2
37,937.6	16,258.0	0.0	0.0	318,805.4	239,330.9

48,791.1	0.0	0.0	0.0	296,684.3	201,556.4
3,682.6	4,257.3	5,049.4	2,082.5	61,221.4	45,007.6
-1,001.3	-510.9	-635.3	-42.3	-12,079.1	-5,946.9
-8,913.8	-4,419.0	0.0	0.0	-105,298.5	-81,988.3
-15,778.5	-6,602.2	-17,099.5	-18,307.3	-105,987.0	-84,313.7
-1,553.9	-433.4	-94.2	-55.0	-8,472.1	-6,542.9
-114.5	-0.4	0.0	0.0	-4,694.9	-5,745.6
63,049.3	8,549.4	-12,779.6	-16,322.1	440,179.5	301,357.5
1,770,746.0	1,093,088.9	-3,393,703.5	-1,245,401.2	15,237,915.4	10,591,939.4
1,048,510.2	523,033.2	-1,136,665.0	-960,300.3	7,388,808.5	4,771,911.4

2. Consolidation Range

2.1 Initial consolidations

The following acquisitions and newly founded companies were added to the IMMOFINANZ consolidation range as of 31 October 2007:

Segment	Country	Company	Headquarters	Date of initial consolidation	Stake	Type of consolidation
IMMOAUSTRIA
	A	VIV Gebäudeerrichtungs GmbH	Vienna	31.10.2007	100.00%	F
	A	Stephanshof Liegenschaftsverwaltungsgesellschaft m.b.H.	Vienna	01.08.2007	100.00%	F
	A	ARO IBK GmbH	Vienna	01.08.2007	100.00%	F
	NL	Frescura Investments B.V.	Amsterdam	06.08.2007	100.00%	F
	SK	BUWOG Slovakia s.r.o.	Bratislava	08.09.2007	100.00%	F
IMMOWEST	D	Deutsche Lagerhaus Service GmbH	Mülheim	12.07.2007	90.00%	F
	D	Deutsche Lagerhaus neunzehnte Objekt GmbH & Co KG	Mülheim	23.08.2007	90.00%	F
	D	Deutsche Lagerhaus zwanzigste Objekt GmbH & Co KG	Mülheim	23.08.2007	90.00%	F
	D	Deutsche Lagerhaus einundzwanzigste Objekt GmbH & Co KG	Mülheim	23.08.2007	90.00%	F
	D	Deutsche Lagerhaus zweiundzwanzigste Objekt GmbH & Co KG	Mülheim	23.08.2007	90.00%	F
	D	Deutsche Lagerhaus dreiundzwanzigste Objekt GmbH & Co KG	Mülheim	23.08.2007	90.00%	F
	D	FRANKONIA Eurobau DUS Plaza GmbH	Nettetal	20.09.2007	50.00%	P
	LU	IMMOWEST Lux III S.à.r.l.	Luxembourg	02.07.2007	100.00%	F
	NL	Luttmer Beheer B.V.	Amsterdam	10.07.2007	100.00%	F
	NL	Valette Finance B.V.	Amsterdam	27.07.2007	100.00%	F
	USA	IMF Investments 207 LP	Houston	22.10.2007	90.00%	P
	USA	IMF Investments 107 LP	Houston	22.10.2007	90.00%	P
	A	IMMOWEST Storage Holding GmbH	Vienna	26.10.2007	100.00%	F
IMMOEAST
	CZ	Baumarkt Ceské Budejovice s.r.o.	Prague	13.08.2007	50.00%	P
	CZ	STOP.SHOP.Usti nad Orlici s.r.o. (ehem. My Box Novy Jicin s.r.o.)	Prague	16.07.2007	50.00%	P
	CZ	STOP.SHOP.Znojmo s.r.o.	Prague	16.07.2007	50.00%	P
	CZ	STOP.SHOP.Brandys nad Labem s.r.o.	Prague	16.07.2007	50.00%	P
	CZ	STOP.SHOP.Cesky Krumlov s.r.o.	Prague	16.07.2007	50.00%	P
	CZ	STOP.SHOP.Kladno s.r.o.	Prague	16.07.2007	50.00%	P
	CZ	STOP.SHOP.Louny s.r.o.	Prague	16.07.2007	50.00%	P
	CZ	BB C - Building Gamma a.s.	Prague	20.07.2007	100.00%	F
	H	Atrium Park Kft.	Budapest	31.10.2007	100.00%	F
	PL	Taifun Real Sp.z o.o.	Warsaw	31.07.2007	100.00%	F
	PL	Vertano Residence Sp.z o.o.	Warsaw	01.08.2007	50.00%	P
	PL	Vertano Residence Sp.z o.o. 1 Sp.k.	Warsaw	01.08.2007	89.89%	F
	SK	BIG BOX Nove Zamky s.r.o.	Bratislava	29.06.2007	100.00%	F
	SK	BIG BOX Trencin s.r.o.	Bratislava	29.06.2007	100.00%	F
	SK	Lifestyle Logistik s.r.o.	Bratislava	29.08.2007	50.00%	P
	SK	SCPO s.r.o.	Bratislava	24.08.2007	50.00%	P
	RU	OOO Berga Development	Moscow	24.07.2007	75.00%	P
	RU	OOO Fenix Development	Moscow	24.07.2007	75.00%	P
	BG	VTI Varna Trade Invest OOD	Sofia	24.07.2007	50.00%	P
	RO	S.C. Red Project One s.r.l.	Bucharest	18.07.2007	75.00%	F
	RO	S.C. S-Park Offices s.r.l.	Bucharest	10.07.2007	100.00%	F
	RO	Harborside Hotel s.r.l.	Bucharest	09.05.2007	75.00%	F
	RO	S.C. Red Project Two s.r.l.	Bucharest	03.05.2007	75.00%	F
	RO	S.C. Dacian Second s.r.l.	Bucharest	02.05.2007	100.00%	F
	RO	S.C. Flash Consult Invest s.r.l.	Bucharest	22.05.2007	100.00%	F
	RO	S.C. Retail Development Invest 1 s.r.l.	Bucharest	02.05.2007	80.00%	P
	RO	Real Habitation s.r.l.	Bucharest	22.06.2007	100.00%	F
	RO	SAM FMZ s.r.l.	Cluj	08.05.2007	50.00%	P
	RO	ASB Development s.r.l.	Cluj	08.05.2007	50.00%	P
	RO	S.C. IMMOEAST Narbal project s.r.l.	Bucharest	11.07.2007	100.00%	F
	RO	ORA Development srl	Cluj	31.07.2007	50.00%	P
	RO	SIB Development srl	Cluj	31.07.2007	50.00%	P
	RO	Polus Transilvania Companie de Investitii S.A.	Cluj	24.05.2007	50.00%	P

RO	IMMOEAST Project Riverside Tower S.R.L.	Bucharest	05.09.2007	100.00%	F
A	Perlagonia 1 Holding GmbH	Vienna	04.06.2007	100.00%	F
A	Perlagonia 2 Holding GmbH	Vienna	04.06.2007	100.00%	F
CY	Gendana Ventures Ltd.	Larnaca	22.06.2007	100.00%	F
CY	Berga Investment Limited	Limassol	24.07.2007	75.00%	P
CY	MONESA LIMITED	Limassol	24.07.2007	75.00%	P
CY	S+B CEE Thita Cyprus Ltd.	Nicosia	10.08.2007	50.00%	P
CY	S+B CEE Yiota Cyprus Ltd.	Nicosia	10.08.2007	50.00%	P
CY	S+B CEE Kapa Cyprus Ltd.	Nicosia	10.08.2007	50.00%	P
NL	Ugottafin B.V.	Amsterdam	18.06.2007	100.00%	F
NL	Beheer- en Beleggingsmaatschappij Mulsa B.V.	Amsterdam	18.06.2007	100.00%	F
NL	Ercofin B.V.	Amsterdam	18.06.2007	100.00%	F
NL	Concorde Investments B.V.	Amsterdam	27.07.2007	100.00%	F
NL	IMMOEAST Netherlands II B.V. (ehem. Beleggingsmaatschappij La Eanair B.V.)	Amsterdam	02.07.2007	100.00%	F
KY	Perlagonia Cayman	Cayman Islands	23.08.2007	100.00%	F

F = Full consolidation, P = Proportionate consolidation

ÊÌiÊ"1-/,ÊÃi}iÌ]ÊÌÀiiÊ>ÀÊ>VµÕÃÌÃÊÜiÀiÊ>iÊÕÀ}ÊÌiÊ«>ÃÌÊÃÝÊÌðÊÃÊvÊ£ÊÕ}ÕÃÌÊÓääÇÊ£ää¯ÊvÊÌiÊ Ã>ÀiÃÊÊ-Ìi«>ÃvÊi}iÃV>vÌÃÛiÀÜ>ÌÕ}Ã}iÃiÃV>vÌʰL°°ÊÜiÀiÊ>VµÕÀiÆÊÌÃÊV«>ÞÊÜÃÊ>ÊvvViÊLÕ}ÊÊ6i>°Ê /iÊ>VµÕÃÌÊvÊ£ää¯ÊvÊÌiÊÃ>ÀiÃÊÊ,"Ê ÊLÊ>`iÊ>ÊëiV>ÌÞÊë«}ÊViÌÀiÊÌÊÌiÊ" <Ê«ÀÌv°ÊÃÊ vÊΣÊ"VÌLiÀÊÓääÇÊ£ää¯ÊvÊÌiÊÃ>ÀiÃÊÜiÀiÊ>VµÕÀiÊÊ66ÊiLBÕiiÀÀVÌÕ}ÃÊL]ÊÜVÊÜÃÊvÕÀÊViÀV>Ê«À«iÀÌiÃÊ in Austria.

ÊÃÌ>iÊvÊxä¯ÊÜ>ÃÊ>VµÕÀi`ÊÊÌiÊiÀ>Ê, " Ê
ÕÀL>ÕÊ?1-Ê*>â>ÊLÊ>ÃÊvÊÓäÊ-i«ÌiLiÀÊÓääǰÊ/ÃÊV«>ÞÊ plans to develop an office building at Düsseldorf Airport. The project will be realised together with the German property developer À>>Ê
ÕÀL>ÕÊÌÀÕ}Ê>ÊÌÊÛiÌÕÀi°Ê

ÃÊvÊ£ÈÊÕÞÊÓääÇÊxä¯ÊvÊÌiÊÃ>ÀiÃÊÜiÀiÊ>VµÕÀiÊÊi>VÊvÊÌiÊvÜ}Ê âiVÊ-/"\*°-"\*ÊV«>iÃ\Ê-/"\*°-"\*°Ê<Ê ðÀ°°]Ê-/"\*°-"\*°Ê À>ÞÃÊ>Ê>LiÊðÀ°°]Ê-/"\*°Ê-"\*°Ê iÃÞÊÀÕÛÊðÀ°°]Ê-/"\*°-"\*°Ê>ÊðÀ°°]Ê-/"*°-"*°Ê1ÃÌÊ >Ê"ÀVÊðÀ°°ÊvÀiÀÞÊÞÊ ÝÊ ÛÞÊVÊðÀ°°®Ê>Ê-/"*°-"*°ÊÕÞÊðÀ°°Ê/iÃiÊiÌÌiÃÊ>ÀiÊ«ÀiVÌÊV«>iÃÊÌ>ÌÊÜiÀiÊ vÕiÊÌÊiÛi«ÊëiV>ÌÞÊë«}ÊViÌÀiðÊ" -/Ê>ÃÊV«iÌiÊ>ÌiÀÊÛiÃÌiÌÊÊÌiÊ âiVÊ,i«ÕLVÊÜÌÊÌiÊ>VµÕÃÌÊvÊ£ää¯ÊvÊÌiÊÃ>ÀiÃÊÊ Ê ÊqÊ Õ`}Ê>>Ê>°Ã°Ê>ÃÊvÊÓäÊÕÞÊÓääǰÊ/ÃÊV«>ÞÊÜÃÊÌiÊ*>À>V]Ê>ÊV>ÃÃÊ office building at a prime location in the fourth district of Prague.

Êxä¯ÊÃÌ>iÊÜ>ÃÊ«ÕÀV>ÃiÊÊÌiÊ âiVÊ >Õ>ÀÌÊ iÃiÊ ÕiÛViÊðÀ°°Ê>ÃÊvÊ£ÎÊÕ}ÕÃÌÊÓääǰÊ/ÃÊV«>ÞÊÜÊVÃÌÀÕVÌÊ>Ê ëiV>ÌÞÊë«}ÊViÌÀiÊÊ Õ`Üið

"ÊΣÊ"VÌLiÀÊÓääÇÊ£ää¯ÊvÊÌiÊÃ>ÀiÃÊÊÌiÊÕ}>À>ÊÌÀÕÊ*>ÀÊv̰ÊÜiÀiÊ>VµÕÀi]Ê>ÊÀiÃÕÌiÊÊÌiÊÌ>iÛiÀÊvÊÌiÊÌ-ÀÕÊ\*>ÀÊvvViÊ«ÀiVÌÊÊ Õ>«iÃ̰Ê

ÊvÊÌiÊÃ>ÀiÃÊÊÌiÊ*ÃÊ/>vÕÊ,i>Ê-«°âʰ°ÊÜiÀiÊ>VµÕÀiÊ>ÃÊvÊΣÊÕÞÊÓääǰÊ/ÃÊV«>ÞÊÜÃÊÌiÊ/>vÕÊ"vvViÊ Õ}Ê Ê7>ÀÃ>ܰÊ

Ê>`Ì]Êxä¯ÊvÊÌiÊÃ>ÀiÃÊÊÌiÊ\*ÃÊ6iÀÌ>Ê,iÃiViÊ-«°âʰ°Ê>Ê>ÊÃÌ>iÊÊ6iÀÌ>Ê,iÃiViÊ-«°âʰ°£Ê-«°°ÊÜiÀiÊ>Vquired as of 1 August 2007. This latter company will construct a residential complex in the city of Lodz.

ÃÊvÊÓÊÕiÊÓääÇÊ"
-/Ê>VµÕÀiÊ£ää¯ÊvÊÌiÊÃ>ÀiÃÊÊÌiÊ-Û>>Ê Ê "8Ê ÛiÊ<>ÞÊðÀ°°Ê>Ê Ê "8Ê/ÀiVÊ s.r.o, which will develop two specialty shopping centres.

Êxä¯ÊÃÌ>iÊÜ>ÃÊ«ÕÀV>Ãi`ÊÊÌiÊ-Û>>ÊviÃÌÞiÊ}ÃÌÊðÀ°°Ê>ÃÊvÊÓÊÕ}ÕÃÌÊÓääǰÊ/ÃÊV«>ÞÊÜÊVÃÌÀÕVÌÊ>Ê}ÃÌVÃÊ ViÌÀiÊÊ,>ÕLÞÊi>ÀÊ/ÀiV°

Êxä¯ÊÃÌ>iÊÜ>ÃÊ>VµÕÀiÊÊÌiÊ-Û>>Ê-\*"ÊðÀ°°Ê>ÃÊvÊÓ{ÊÕ}ÕÃÌÊÓääǰÊ/ÃÊ«ÀiVÌÊÛÛiÃÊÌiÊiÛi«iÌÊvÊ>ÊëiV>ÌÞÊ shopping centre in Presov.

IMMOEAST AG completed two acquisitions on the Russian market during the first quarter of the 2007/08 financial year: as of 24 July 2007 investments of 75% each were purchased in OOO Berga Development and OOO Fenix Development.

As of 24 July 2007 IMMOEAST AG acquired 50% of the shares in the Bulgarian VTI Varna Trade Invest OOD, which will develop a shopping centre in Varna by mid-2010.

A 75% stake in the Romanian S.C. Red Project one s.r.l. was acquired as of 18 July 2007. IMMOEAST will purchase the remaining 25% of shares after the completion of the Arad Retail Park, which is scheduled for June 2008.

The purchase of 100% of the shares in the Romanian S.C. S-Park Offices s.r.l. on 10 July 2007 resulted in the acquisition of the S-Park Business Center in Bucharest, an A-class office building.

On 9 May 2007 a 75% stake in the Romanian Harborside Hotel s.r.l. was acquired. This company will develop a hotel and retail space in Constanta by the third quarter of 2009.

A further investment on the Romanian market was closed on 3 May 2007. IMMOEAST AG acquired 75% of the shares in S.C. Red Project Two s.r.l., which owns the Baia Mare Retail Park. After the project is completed, IMMOEAST AG will also purchase the remaining 25% of the investment.

As of 2 May 2007 100% of the shares in S.C. Dacian Second s.r.l. were acquired. This company will construct the Nord Est Logistics Park near Bucharest in three phases by January 2009.

S.C. Flash Consult Invest s.r.l. was acquired in full as of 22 May 2007. This transaction transferred the Euromall Pitesti in Romania to the IMMOEAST portfolio.

A stake of 80% was purchased in the Romanian S.C. Retail Development Invest 1 s.r.l. as of 2 May 2007. This company is scheduled to complete work on the development of a shopping centre in Baia Mare during the fourth quarter of 2008.

IMMOEAST AG acquired all of the shares in Real Habitation s.r.l. as of 22 June 2007. This company will construct several office building near Bucharest as part of the Electronica development project.

A 50% stake was purchased in the Romanian SAM FMZ s.r.l. as of 8 May 2007. This transaction gives IMMOEAST AG an investment in the development project in Satu Mare (STOP.SHOP. concept).

2.2 Structural changes and deconsolidations

Structural changes represent the impact of shifts in investments in other companies between the shareholders of the parent company (IMMOFINANZ AG) and the minority shareholders of the relevant consolidated subsidiaries or companies included through proportionate consolidation which, in turn, have their own consolidated companies with minority interests. The term structural changes also includes the acquisition of shares in companies with minority interests, where these acquisitions have an impact on group equity as well as partial deconsolidation measures or successive share purchases without transition consolidations that lead to a shift in the earned equity (either from the group's share to minority interest, or the reverse) of enterprises in which the company that is partially deconsolidated has a controlling or joint management interest as defined in IAS 31.

IMMOEAST AG carried out two downstream mergers during the first quarter of the 2007/08 financial year. Holtera Property a.s. was merged with Centrum Olympia Olomouc a.s. as of 30 May 2007, and the shares in the Czech Centrum Olympia Olomouc a.s. were subsequently sold and deconsolidated. As of 6 July 2007 the Croatian Grand Zagreb d.o.o. was merged with Grand Centar $d.o.o.$

The Czech Prokopova Development a.s. was sold and deconsolidated as of 27 September 2007.

/iÊÀi>}Êxä¯ÊÃÌ>iÊʺiiÀÊ>LÀºÊi}iÃV>vÌÃÛiÀÜiÀÌÕ}ÃÊLÊÜ>ÃÊ>VµÕÀiÊ>ÃÊvÊÓäÊÕiÊÓääÇ]Ê>ÊÌiÊV«>ÞÊ converted from proportionate to full consolidation during the first quarter of 2007/08.

" <Ê, Ê-,ÊÜ>ÃʵÕ>ÌiÊ>ÊiVÃ>ÌiÊ>ÃÊvÊÓÊ>ÞÊÓääǰÊ

/iÊiÀV>ÊÊ}ÃÊÓä£Ê ÊÜ>ÃʵÕ>ÌiÊ>ÊiVÃ>Ìi`Ê>ÃÊvÊxÊ-i«ÌiLiÀÊÓääǰÊ

ÕÀ}ÊÌiÊÃiVʵÕ>ÀÌiÀÊvÊÌiÊÓääÇÉänÊv>V>ÊÞi>À]Ê" <ÊÊVÀi>ÃiÊÌÃÊÃÌ>iÊÊ"
-/ÊÊvÀÊxä°{ȯÊ ÌÊxΰÓ{¯ÊÌÀÕ}ÊÌiÊ«ÕÀV>ÃiÊvÊ>``Ì>ÊÃ>Àið

2.3 Impact of initial and transition consolidations

/iÊvÜ}Ê>ÃÃiÌÃÊ>Ê>LÌiÃÊÜiÀiÊVÕiÊ>ÌÊv>ÀÊÛ>ÕiÊvÜ}ÊÌiÊ>VµÕÃÌÊvÊ«À«iÀÌÞÊV«>iÃÊÌ>ÊÀiV}Ì®Ê ÀÊÌiÊ«ÕÀV>ÃiÊvÊ>``Ì>ÊÃ>ÀiÃÊÌÀ>ÃÌÊVÃ>Ì®\

	1 May 2007 –	1 May 2006 –
All amounts in TEUR	31 October 2007	31 October 2006
Cash and cash equivalents	32,076.1	10,974.2
Non-current assets	668,684.1	640,956.2
Current assets	19,045.6	7,123.7
Liabilities	-369,322.7	-352,872.9
Minority interests	-1,680.7	-26.2
Currency translation adjustment	6,267.0	433.0
Acquired net assets	355,069.4	306,588.0
(Negative) goodwill	196,363.7	108,597.2
Outstanding purchase price	-47,645.4	-45,063.7
Purchase price paid in cash	503,787.7	370,121.5
Less cash and cash equivalents acquired	-32,076.1	-10,974.2
Net purchase price paid for property companies	471,711.5	359,147.3

*ÕÀV>ÃiÊ«ÀViÃÊvÀÊ«À«iÀÌÞÊV«>iÃÊÌÌ>}Ê/
1,ÊxäÎ]ÇnǰÇÊÜiÀiÊ«>`ÊÊV>ð

3. Notes to the Balance Sheet

3.1 Investment properties, including properties under construction

The following table shows the development of the cost of investment properties and properties under construction:

	Investment properties
All amounts in TEUR	including properties under construction
Balance on 30 April 2007	7,365,602.8
Change in consolidation range	615,715.4
Currency translation adjustment	45,799.3
Additions	341,828.6
Disposals	-53,731.9
Balance on 31 October 2007	8,315,214.2

The development of the fair value of investment properties and properties under construction is as follows:

All amounts in TEUR	Investment properties including properties under construction
Balance on 30 April 2007	8,622,031.4
Change in consolidation range	604,423.5
Currency translation adjustment	54,437.5
Additions	341,825.7
Disposals	-69,365.2
Revaluations	296,684.3
Balance on 31 October 2007	9,850,037.1

3.2 Outstanding construction costs

The following table shows the outstanding construction and/or acquisition costs for all property projects by region. These figures reflect contractual obligations for the purchase or construction of property projects as well as the intention of IMMOFINANZ management to realise and/or complete these projects. The costs are budgeted values, which are based on current estimates.

All amounts in TEUR Land for construction/redevelopment projects		Outstanding construction/ purchase costs	Total investment
IMMOEAST		587,745.6	613,780.3
IMMOAUSTRIA		-	-
IMMOWEST		152,304.3	241,380.3
		740,049.9	855,160.6
Development projects	Carrying value (as of 31 October 2007)	Outstanding construction/ purchase costs	Total investment
IMMOEAST	535.730,8	2,960,707.3	3,496,438.1
IMMOAUSTRIA	16.185,8	96,448.7	112,634.5
IMMOWEST	109,8	15,833.3	15,943.1
	552.026,4	3,072,989.2	3,625,015.7
Inventories	Carrying value (as of 31 October 2007)	Outstanding construction/ purchase costs	Total investment
IMMOEAST	97.207,6	241,348.8	338,540.2
IMMOAUSTRIA	33.962,7	64,519.9	98,482.6
IMMOWEST	38.316,1	71,786.2	110,102.3
	169.486,4	377,654.9	547,125.1
Forward purchases and minority interests with call rights		Outstanding construction/ purchase costs	Total investment
IMMOEAST		614,562.6	614,562.6
IMMOAUSTRIA		-	-
IMMOWEST		228,095.8	228,095.8
		842,658.4	842,658.4
Total		5,033,352.4	5,869,959.7

3.3 Net asset value

iÌÊ>ÃÃiÌÊÛ>ÕiÊÃÊV>VÕ>ÌiÊÊ>VVÀ>ViÊÜÌÊ iÃÌÊ*À>VÌViÃÊ*VÞÊ,iVi`>ÌÊȰήÊvÊÌiÊ
ÕÀ«i>Ê*ÕLVÊ,i>Ê
ÃÌ>ÌiÊÃÃ ciation based on the following principles:

µÕÌÞÊ>ÃÊÃÜÊÊÌiÊ,-Êv>V>ÊÃÌ>ÌiiÌÃÊiÝVÕ}ÊÀÌÞÊÌiÀiÃÌ®ÊÃÊ>ÕÃÌiÊLÞÊÌiÊvviÀiViÊLiÌÜiiÊÌiÊV>ÀÀÞ}ÊÛ>ÕiÃÊ of property that does not quality for measurement at fair value. An adjustment is also made to equity for financial instruments that are not stated at fair value. In a last step, deferred tax assets and deferred tax liabilities are offset against equity.

The result of the calculation is as follows:

All amounts in TEUR		31 October 2007	30 April 2007
Equity before minority interests	4,198,838.0		4,081,659.5
Goodwill	-392,710.9		-199,684.5
Deferred tax assets	-81,935.2		-84,631.7
Deferred tax liabilities	1,058,156.2	4,782,348.1	912,506.1	4,709,849.4
Property under construction (carrying value)	685,583.6		400,502.6
Property under construction (fair value)	1,248,381.0	562,797.4	744,068.4	343,565.8
Inventories (carrying value)	169,758.1		139,572.7
Inventories (fair value)	223,247.6	53,489.5	209,630.0	70,057.3
Residual value of forward purchase contracts
and investments carried at cost		80,252.0		41,144.9
Property held for sale (carrying value)	0.0		11,500.0
Property held for sale (fair value)	0.0	0.0	11,500.0	0.0
Shares in associated companies (carrying value)	459,671.2		373,213.6
Shares in associated companies (fair value)	525,304.9	65,633.7	438,847.3	65,633.7
Minority interests		-347,737.5		-249,271.0
Net asset value		5,196,783.3		4,980,980.1
Number of shares (in 1,000)		459,001.4		459,001.4
Net asset value per share (in EUR)		11.32		10.85

/iÊLÊÛ>ÕiÊ«iÀÊÃ>ÀiÊÃÊV>VÕ>ÌiÊLÞÊÛ`}ÊiµÕÌÞÊLivÀiÊÀÌÞÊÌiÀiÃÌÊLÞÊÌiÊÕLiÀÊvÊÃ>ÀiÃ\

All amounts in TEUR	31 October 2007	30 April 2007
Equity before minority interest	4,198,838.0	4,081,659.5
Number of shares (in 1,000)	459,001.4	459,001.4
Book value per share	9.15	8.89

3.4 The property portfolio

/iÊ«À«iÀÌÞÊ«ÀÌvÊvÊÌiÊ" <ÊÀÕ«ÊÌÌ>i`Ê>««ÀݰÊ
1,ʣǰnÊLÊ>ÃÊvÊΣÊ"VÌLiÀÊÓääǰÊ/ÃÊv}ÕÀiÊÃÊ comprised of the following:

All amounts in EUR mill.
Investment properties	9,164.5
Properties under construction	685.6
Inventories	169.7
	10,019.8
Reserves: property under construction	562.8
Reserves: inventories	53.5
Reserves: shares in associated companies	65.6
	681.9
Outstanding construction/purchase costs	5,033.4
Properties held through investments in other companies	1,947.2
Reserves: properties held through investments in other companies	80.3
Total	17,762.5

3.5 Receivables and other assets

		Thereof remaining term	Thereof remaining term between	Thereof remaining term
All amounts in TEUR	31 October 2007	under 1 year	1 and 5 years	over 5 years	30 April 2007

					38,549.6
					7,986.6
					18,968.2
					31,136.8
					898.1
					3,194.0

					316,427.2
					49,600.0
					29,219.1
					9,935.3
					4,082.1
					837.6
					1,186.8
					2,231.9
					1,104.5
					3,371.4
					24,415.8
					69,271.0
					182,238.2
					794,654.1

/iÊÕÌÃÌ>}Ê«ÕÀV>ÃiÊ«ÀViÊÀiViÛ>LiÃÊvÊ/ 1,ÊÈ]nÓx°äÊvÀÊÌiÊÃ>iÊvÊÛiÌÀiÃ]ÊÜVÊ>ÀiÊVÕiÊÕiÀÊÌÀ>iÊ>VVÕÌÃÊ «>Þ>Li]ÊÀiÃÕÌiÊÊvÕÊvÀÊÌiÊÃ>iÊvÊ>«>ÀÌiÌÃÊÜiÊLÞÊ 17"Ê >ÕiÊÕÊ7iÊiÃiÃV>vÌÊL°

The outstanding purchase price receivables from the sale of investment properties, which are included under receivables and assets, >ÀiÊÀi>ÌiÊ«À>ÀÞÊÌÊÌiÊÃ>iÊvÊ«À«iÀÌiÃÊiÊLÞÊÌiÊ"1-/,ÊÃi}ḭ

"ÕÌÃÌ>}Ê«ÕÀV>ÃiÊ«ÀViÊÀiViÛ>LiÃÊvÊ/ 1,ÊÈ]ÓÇ£°äÊvÀÊÌiÊÃ>iÊvÊÃ>ÀiÃÊÀiviVÌÊÌiÊÃ>iÊvÊ£xÊV«>iÃÊÌ>ÌÊÜiÀiÊÜiÊ LÞÊ*ÃiÊ6Ê-°>°À°°]Ê>ÊÌÊÛiÌÕÀiÊÌ>ÌÊÃÊ>>}iÊÌ}iÌiÀÊÜÌÊ >ÀÞi°

ÃVi>iÕÃÊÌiÀÊÀiViÛ>LiÃÊ>Ê>ÃÃiÌÃÊVÕiÊÌÀ>Ã>VÌÊVÃÌÃÊVÕÀÀi`ÊvÀÊÌiÊvÕÌÕÀiÊ«ÕÀV>ÃiÊvÊÃÌ>iÃÊÊ«ÀiVÌÊV«>iÃÊ as well as loans granted to third party companies in connection with project financing.

3.6 Derivative financial instruments

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Company	Derivative	Currency	Beginning	End	Financial institution*)	Fixed interest rate/ exchange rate	Reference interest rate	Hedge	Currency	Reference value as of 31.10.2007 as of 31.10.2007 in 1,000	Market value in TEUR
IMMOAUSTRIA
BUWOG	SWAP	EUR	14.07.2005	31.12.2014	BA-CA	3.26%	6M-EURIBOR	Interest rate	EUR	6,802.0	410.1
BUWOG	SWAP	EUR	30.09.2005	30.09.2015	BA-CA	3.37%	6M-EURIBOR	Interest rate	EUR	3,970.0	259.2
BUWOG	SWAP	EUR	30.09.2005	30.09.2015	BA-CA	3.22%	6M-EURIBOR	Interest rate	EUR	3,081.0	179.5
SelfStorage	CAP	EUR	27.10.2004	27.10.2009	ERSTE BANK	3.26%	3M-EURIBOR	Interest rate	EUR	6,000.0	103.2
SelfStorage	Floor	EUR	30.06.2003	30.06.2008	ERSTE BANK	1.99%	3M-EURIBOR	Interest rate	EUR	6,500.0	0.0
SelfStorage	CAP	EUR	30.06.2003	30.06.2008	ERSTE BANK	4.50%	3M-EURIBOR	Interest rate	EUR	6,500.0	7.0
SELICASTELLO GAMMA	CAP	EUR	30.09.2005	31.03.2008	SMBC	4.00%	3M-EURIBOR	Interest rate	EUR	51,400.0	172.6
v7JFOOBFSCFSH\$JUZi	48"1	&63			#"\$"		.&63*#03	*OUFSFTUSBUF	&63
v7JFOOBFSCFSH\$JUZi	48"1	&63			#"\$"		.&63*#03	*OUFSFTUSBUF	&63
Bauteile A+B	CAP	EUR	17.07.2006	15.07.2011	RZB	4.50%	6M-EURIBOR	Interest rate	EUR	49,266.7	-19.4
Bauteile A+B	CAP	EUR	17.07.2006	15.07.2011	RZB	4.50%	6M-EURIBOR	Interest rate	EUR	4,024.2	-1.6
Bauteile C+D	CAP	EUR	17.07.2006	15.07.2011	RZB	4.50%	6M-EURIBOR	Interest rate	EUR	32,940.8	-13.0
IMMOFINANZ AG	SWAP	EUR	15.11.2005	16.11.2009	BA-CA	3M-EURIBOR	3.38%	Interest rate	EUR	100,000.0	-3,169.9
IMMOFINANZ AG	CAP	EUR	30.06.2006	30.06.2011	RZB	4.75%	6M-EURIBOR	Interest rate	EUR	50,000.0	-124.2
IMMOFINANZ AG	CAP	EUR	15.09.2006	16.05.2011	WestLB AG	4.50%	3M-EURIBOR	Interest rate	EUR	100,000.0	280.2
IMMOFINANZ AG	CAP	EUR	27.09.2006	16.05.2011	RZB	4.50%	3M-EURIBOR	Interest rate	EUR	100,000.0	243.7
IMMOFINANZ	CAP	EUR	20.08.2006	23.05.2011	RZB	4.50%	3M-EURIBOR	Interest rate	EUR	18,480.0	-10.1
IMMOFINANZ	CAP	EUR	20.08.2006	20.05.2011	RZB	4.50%	3M-EURIBOR	Interest rate	EUR	10,327.5	-5.7
AEDIFICIO	CAP	EUR	29.09.2006		31.03.2011 Constantia Privatbank	5.00%	3M-EURIBOR	Interest rate	EUR	25,015.5	46.4
AEDIFICIO	CAP	EUR	06.08.2007	04.01.2010	BA-CA	4.75%	3M-EURIBOR	Interest rate	EUR	1,258.2	-1.5
ESG Beteiligungs GmbH	CAP	EUR	31.07.2006	31.07.2011	Oberbank AG	4.50%	3M-EURIBOR	Interest rate	EUR	38,000.0	151.2
IMF	CAP	EUR	20.09.2006	20.09.2011	RLB OÖ	4.50%	3M-EURIBOR	Interest rate	EUR	263,000.0	292.5
IMF	CAP	EUR	31.07.2006	31.07.2011	Oberbank AG	4.50%	3M-EURIBOR	Interest rate	EUR	50,000.0	198.9
IMMOFINANZ ALPHA	CAP	EUR	20.08.2006	23.05.2011	RZB	4.50%	3M-EURIBOR	Interest rate	EUR	10,290.5	-5.6
IMMOFINANZ ALPHA	CAP	EUR	20.08.2006	23.05.2011	RZB	4.50%	3M-EURIBOR	Interest rate	EUR	4,295.4	-1.2
IMMOFINANZ ALPHA	CAP	EUR	23.08.2007	31.10.2012	ERSTE BANK	4.75%	3M-EURIBOR	Interest rate	EUR	4,213.7	-20.2
Immofinanz TCT	CAP	EUR	01.09.2006	01.09.2011	BA-CA	4.50%	3M-EURIBOR	Interest rate	EUR	3,123.3	-2.8
Immofinanz TCT	CAP	EUR	01.09.2006	01.09.2011	BA-CA	4.50%	6M-EURIBOR	Interest rate	EUR	1,215.0	-1.0
Immofinanz TCT	CAP	EUR	01.09.2006	01.09.2011	BA-CA	4.50%	3M-EURIBOR	Interest rate	EUR	2,428.0	-2.5
Immofinanz TCT	CAP	EUR	01.09.2006	01.09.2011	BA-CA	4.50%	3M-EURIBOR	Interest rate	EUR	2,725.0	-3.2
Immofinanz TCT	CAP	EUR	01.09.2006	01.09.2011	BA-CA	4.50%	3M-EURIBOR	Interest rate	EUR	3,700.0	-4.3
Immofinanz TCT	CAP	EUR	01.09.2006	01.09.2011	BA-CA	4.50%	6M-EURIBOR	Interest rate	EUR	422.9	-0.4
RentCon	CAP	EUR	31.10.2006	31.10.2011	BA-CA	4.50%	3M-EURIBOR	Interest rate	EUR	3,000.8	-1.9
RentCon	CAP	EUR	31.10.2006	31.10.2011	BA-CA	4.50%	3M-EURIBOR	Interest rate	EUR	9,859.9	-6.2
FUTUR-IMMOBILIEN GmbH	CAP	EUR	31.10.2006	31.10.2011	BA-CA	4.50%	3M-EURIBOR	Interest rate	EUR	3,201.9	-3.8
ARO Immobilien GmbH	CAP	EUR	31.08.2006	31.08.2011	BA-CA	4.50%	3M-EURIBOR	Interest rate	EUR	8,835.2	-6.5
AEDIFICIO KEG	CAP	EUR	16.10.2006	17.10.2011	BA-CA	4.50%	3M-EURIBOR	Interest rate	EUR	4,172.6	-2.1
F & I	CAP	EUR	06.08.2007	06.08.2012	BA-CA	4.75%	3M-EURIBOR	Interest rate	EUR	10,138.0	-85.6
IMMOFINANZ GAMMA	CAP	EUR	23.08.2007	31.10.2012	ERSTE BANK	4.75%	3M-EURIBOR	Interest rate	EUR	4,213.7	-20.2
SPE	CAP	EUR	23.08.2007	31.10.2012	ERSTE BANK	4.75%	3M-EURIBOR	Interest rate	EUR	4,213.7	-20.2
City Parkgaragen	CAP	EUR	06.08.2007	06.08.2012	BA-CA	4.75%	3M-EURIBOR	Interest rate	EUR	8,950.4	-68.8
WIPARK Garagen AG	CAP	EUR	06.08.2007	06.08.2012	BA-CA	4.75%	12M-EURIBOR	Interest rate	EUR	53,738.7	-343.0

*) Abbreviations: BUWOG: BUWOG Bauen und Wohnen Gesellschaft mbH; BA-CA: Bank Austria Creditanstalt AG; SelfStorage: SelfStorage-Dein Lager LagervermietungsgesmbH; ERSTE BANK: ERSTE BANK DER OESTERR. SPARKASSEN AG; RZB: Raiffeisen Zentralbank Österreich AG; SELICASTELLO GAMMA: SELICASTELLO GAMMA Liegenschaftsbesitz GmbH; IMMOFINANZ ALPHA: IMMOFINANZ ALPHA Immobilien Vermietungs-Gesellschaft m.b.H.; IMMOFINANZ GAMMA: IMMOFINANZ GAMMA Liegenschafts- u. Mobilienverm. GmbH; SPE: SPE Liegenschaftsvermietung Gesellschaft m.b.H; City Parkgaragen: City Parkgaragen Betriebsgesellschaft m.b.H.; AEDIFICIO: AEDIFICIO Liegenschafts-vermietungs- und Beteiligungsgesellschaft.m.b.H & Co Fischhof 3; F & I: F & I Liegenschaftsvermietungs GmbH; RentCon: RentCon Handels- und Leasing GmbH; Immofinanz TCT Liegenschaftsverwaltungs GmbH; IMF: IMF Immobilienholding Gesellschaft m.b.H.; AEDIFICIO: AEDIFICIO Liegenschaftsvermietungs- und Beteiligungsgesellschaft m.b.H.; IMMOFINANZ: IMMOFINANZ Immobilien 7FSNJFUVOHT(FTFMMTDIBGUNC)#BVUFJMF\$?%#BVUFJMF\$?%&SSJDIUVOHTHFTNC)#BVUFJMF"?##BVUFJMF"?#&SSJDIUVOHTHFTNC)v7JFOOBFSCFSH\$JUZiv7JFOOBFSCFSH\$JUZi&SSJDIUVOHTHFTNC)4.#\$4.#\$ Derivative Products Limit; WestLB AG, Düsseldorf; Constantia Privatbank: Constantia Privatbank Aktiengesellschaft; RLB OÖ: Raiffeisen Landesbank Oberösterreich Aktiengesellschaft

Company	Derivative	Currency	Beginning	End	Financial institution*)	Fixed interest rate/ exchange rate	Reference interest rate	Hedge	Currency	Reference value as of 31.10.2007 as of 31.10.2007 in 1,000	Market value in TEUR
IMMOWEST
IMMOWEST PROMTUS	CAP	EUR	06.02.2006	31.03.2017	Lehman Brothers	3.45%	6M-EURIBOR	Interest rate	EUR	58,200.8	2,800.0
Rheinische Lagerhaus GmbH	FX	CHF/EUR	01.12.2002	31.03.2009	Dr. Koehne	1.54	n.a.	Foreign currency	CHF	10,423.2	-658.4
Rheinische Lagerhaus	FX	CHF/EUR	30.04.2004	19.11.2007	Dr. Koehne	1.54	n.a.	Foreign currency	CHF	1,598.8	-217.2
Rheinische Lagerhaus	SWAP	CHF/EUR	01.07.1998	01.07.2008	SEB AG	3.65%	12M-BBA Interest Rate	Interest rate	CHF	6,300.0	-13.6
Deutsche Lagerhaus	SWAP	CHF/EUR	16.02.2006	30.06.2009	Bankhaus Lampe	6M-CHF-Libor	5.10%	Interest rate	CHF	17,000.0	-190.7
Deutsche Lagerhaus	SWAP	CHF/EUR	16.02.2006	30.12.2008	Bankhaus Lampe	6M-CHF-Libor	4.15%	Interest rate	CHF	7,000.0	-63.1
Deutsche Lagerhaus elfte Objekt GmbH u. Co. KG SWAP		EUR	31.08.2007	31.08.2017	EUROHYPO AG	4.78%	3M-EURIBOR	Interest rate	EUR	10,451.4	232.9
Deutsche Lagerhaus Poing GmbH u. Co. KG	SWAP	EUR	31.08.2007	31.08.2017	EUROHYPO AG	4.78%	3M-EURIBOR	Interest rate	EUR	15,627.3	348.3
Deutsche Lagerhaus fünfzehnte Ob.GmbH u. Co. KG SWAP		EUR	31.08.2007	31.08.2017	EUROHYPO AG	4.78%	3M-EURIBOR	Interest rate	EUR	16,423.6	366.0
Deutsche Lagerhaus sechzehnte Ob.GmbH u. Co. KG SWAP		EUR	31.08.2007	31.08.2017	EUROHYPO AG	4.78%	3M-EURIBOR	Interest rate	EUR	8,261.5	184.1
Deutsche Lagerhaus siebzehnte Ob.GmbH u. Co. KG SWAP		EUR	01.10.2007	29.09.2017	EUROHYPO AG	4.73%	3M-EURIBOR	Interest rate	EUR	6,600.0	127.5
City Box Holdings B.V.	CAP	EUR	01.10.2004	01.08.2009	Goldman Sachs	4.00%	1M-EURIBOR	Interest rate	EUR	12,562.5	98.9

*) Abbreviations: IMMOWEST PROMTUS: IMMOWEST PROMTUS Holding GmbH; Rheinische Lagerhaus: Rheinische Lagerhaus Rheine GmbH; Deutsche Lagerhaus: Deutsche Lagerhaus GmbH u.Co KG; Lehman Brothers: Lehman Brothers Special Financing Inc., Dr. Koehne: Dr. Koehne GmbH & Co KG, Bankhaus Lampe KG, Düsseldorf; Goldman Sachs: Goldman Sachs Capital Markets LP

Company	Derivative	Currency	Beginning	End	Financial institution*)	Fixed interest rate/ exchange rate	Reference interest rate	Hedge	Currency	Reference value as of 31.10.2007 as of 31.10.2007 in 1,000	Market value in TEUR
IMMOEAST
Atom Centrum a.s.	CAP	EUR	31.03.2006		31.03.2011 HVB Bank C. Rep. a.s.	4.00%	3M-EURIBOR	Interest rate	EUR	14,128.8	229.6
IRIDE S.A.	CAP	EUR	07.08.2006	28.07.2011	RZB	5.00%	3M-EURIBOR	Interest rate	EUR	44,401.2	109.2
Globe 13 Kft.	CAP	EUR	31.10.2006	31.10.2011	BA-CA	5.00%	3M-EURIBOR	Interest rate	EUR	16,990.0	-46.5
Lentia Real (1) Kft.	CAP	EUR	31.10.2006	31.10.2011	BA-CA	5.00%	3M-EURIBOR	Interest rate	EUR	8,854.0	-24.7
Szepvölgyi Businesspark Kft. CAP		EUR	31.10.2006	31.10.2011	BA-CA	5.00%	3M-EURIBOR	Interest rate	EUR	9,500.0	-26.4
Arpad Center Kft.	CAP	EUR	31.10.2006	31.10.2011	BA-CA	5.00%	3M-EURIBOR	Interest rate	EUR	5,276.0	-14.4
MBP I Sp. z o.o.	FX FORWARD	USD/EUR	04.12.2006	28.12.2007	Aareal Bank AG	1.3417	n.a.	Foreign currency	USD	2,336.1	124.1
MBP I Sp. z o.o.	FX FORWARD	USD/EUR	04.12.2006	31.03.2008	Aareal Bank AG	1.3448	n.a.	Foreign currency	USD	2,185.1	111.7
MBP I Sp. z o.o.	FX FORWARD	USD/EUR	04.12.2006	30.06.2008	Aareal Bank AG	1.3477	n.a.	Foreign currency	USD	2,126.1	104.0
MBP I Sp. z o.o.	FX FORWARD	USD/EUR	04.12.2006	30.09.2008	Aareal Bank AG	1.3507	n.a.	Foreign currency	USD	1,975.8	91.9
MBP I Sp. z o.o.	FX FORWARD	USD/EUR	04.12.2006	30.12.2008	Aareal Bank AG	1.3539	n.a.	Foreign currency	USD	1,808.1	79.4
MBP I Sp. z o.o.	FX FORWARD	USD/EUR	04.12.2006	31.03.2009	Aareal Bank AG	1.3571	n.a.	Foreign currency	USD	1,581.9	65.7
MBP I Sp. z o.o.	FX FORWARD	USD/EUR	04.12.2006	30.06.2009	Aareal Bank AG	1.3602	n.a.	Foreign currency	USD	1,482.8	58.6
MBP I Sp. z o.o.	FX FORWARD	USD/EUR	04.12.2006	30.09.2009	Aareal Bank AG	1.3633	n.a.	Foreign currency	USD	939.3	35.5
MBP I Sp. z o.o.	FX FORWARD	USD/EUR	04.12.2006	30.12.2009	Aareal Bank AG	1.3668	n.a.	Foreign currency	USD	643.6	23.1
MBP I Sp. z o.o.	FX FORWARD	USD/EUR	04.12.2006	31.03.2010	Aareal Bank AG	1.3708	n.a.	Foreign currency	USD	570.1	19.4
MBP I Sp. z o.o.	FX FORWARD	USD/EUR	04.12.2006	30.06.2010	Aareal Bank AG	1.3744	n.a.	Foreign currency	USD	567.7	18.4
MBP I Sp. z o.o.	FX FORWARD	USD/EUR	04.12.2006	30.09.2010	Aareal Bank AG	1.3779	n.a.	Foreign currency	USD	567.7	17.5
MBP I Sp. z o.o.	FX FORWARD	USD/EUR	04.12.2006	30.12.2010	Aareal Bank AG	1.3814	n.a.	Foreign currency	USD	378.5	11.2
MBP I Sp. z o.o.	SWAP	EUR	30.11.2006	30.12.2010	Aareal Bank AG	3.83%	3M-EURIBOR	Interest rate	EUR	141,661.7	2,301.9
Delta Park A.S.	CAP	EUR	27.07.2007	27.04.2010	RZB	4.75%	6M-EURIBOR	Interest rate	EUR	12,915.0	-55.8
Mester Park KFT	CAP	EUR	29.06.2007	29.06.2012	RZB	4.75%	3M-EURIBOR	Interest rate	EUR	12,915.0	-101.3
ARE 8 Sp. z o.o.	CAP	EUR	23.08.2007	30.06.2010	ERSTE BANK	4.75%	3M-EURIBOR	Interest rate	EUR	6,821.8	-17.1
AI Sp. z o.o	CAP	EUR	23.08.2007	30.09.2012	ERSTE BANK	4.75%	3M-EURIBOR	Interest rate	EUR	1,444.5	-6.6
OI Sp. z o.o	CAP	EUR	23.08.2007	30.09.2012	ERSTE BANK	4.75%	3M-EURIBOR	Interest rate	EUR	5,469.1	-25.2
Atlantis Sp. z o.o	CAP	EUR	23.08.2007	30.09.2012	ERSTE BANK	4.75%	3M-EURIBOR	Interest rate	EUR	8,396.5	-38.2
ARE 5 Sp. z o.o.	CAP	EUR	23.08.2007	30.09.2012	ERSTE BANK	4.75%	3M-EURIBOR	Interest rate	EUR	3,053.9	-14.5
Secure Bud Sp. z o.o.	CAP	EUR	23.08.2007	30.09.2012	ERSTE BANK	4.75%	3M-EURIBOR	Interest rate	EUR	8,295.0	-39.1
ARE 4 Sp. z o.o.	CAP	EUR	23.08.2007	30.09.2012	ERSTE BANK	4.75%	3M-EURIBOR	Interest rate	EUR	8,911.8	-41.7
Central Bud Sp. z o.o.	CAP	EUR	23.08.2007	30.09.2012	ERSTE BANK	4.75%	3M-EURIBOR	Interest rate	EUR	8,638.6	-40.9
Omega Sp. z o.o.	CAP	EUR	23.08.2007	30.09.2012	ERSTE BANK	4.75%	3M-EURIBOR	Interest rate	EUR	2,892.4	-13.5
CEPD Kft.	CAP	EUR	23.08.2007	30.09.2012	ERSTE BANK	4.75%	3M-EURIBOR	Interest rate	EUR	24,025.0	-112.7
Passat Real Sp. z o.o.	CAP	EUR	06.08.2007	06.08.2012	BA-CA	4.75%	6M-EURIBOR	Interest rate	EUR	13,600.0	-110.8
Polus a.s.	SWAP	EUR	31.10.2007	31.07.2012	Hypo Real	4.57%	3M-EURIBOR	Interest rate	EUR	134,662.5	-1,182.5
Cora G.S. S.R.L.	SWAP	EUR	20.09.2007	15.07.2011	Hypo Real	4.40%	3M-EURIBOR	Interest rate	EUR	19,670.0	-25.1
IMMOEAST AG	CAP	EUR	30.08.2007	30.07.2010	BA-CA	4.75%	3M-EURIBOR	Interest rate	EUR	11,855.0	33.1
IMMOEAST AG	CAP	EUR	30.08.2007	31.05.2011	BA-CA	4.75%	3M-EURIBOR	Interest rate	EUR	13,821.0	63.6
IMMOEAST AG	CAP	EUR	30.08.2007	19.03.2013	BA-CA	4.75%	3M-EURIBOR	Interest rate	EUR	5,127.6	49.2
IMMOEAST AG	CAP	EUR	14.08.2007	14.08.2012	BA-CA	4.75%	3M-EURIBOR	Interest rate	EUR	100,000.0	776.3
Taifun Real Sp. z o.o.	CAP	EUR	06.08.2007	06.08.2012	BA-CA	4.75%	3M-EURIBOR	Interest rate	EUR	8,059.0	-53.3
Diamant Real s.r.o.	CAP	EUR	14.08.2007	14.08.2012	BA-CA	4.75%	3M-EURIBOR	Interest rate	EUR	40,000.0	-326.2
Blizzard Real Sp. z o.o.	CAP	EUR	06.08.2007	06.08.2012	BA-CA	4.75%	12M-EURIBOR	Interest rate	EUR	15,000.0	-125.2

*) Abbreviations: BA-CA: Bank Austria Creditanstalt AG; ERSTE BANK: ERSTE BANK DER OESTERR. SPARKASSEN AG; Hypo Real: Hypo Real Estate Bank International AG; RZB: Raiffeisen Zentralbank Österreich AG

The reference value forms the base value for derivatives outstanding as of the balance sheet date.

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3.7 Financial liabilities

All amounts in TEUR	31 October 2007	Thereof remaining term under 1 year	Thereof remaining term between 1 and 5 years	Thereof remaining term over 5 years	30 April 2007
Liabilities arising from convertible bond	713,475.4	13,682.4	28,078.6	671,714.4	700,557.5
Amounts due to financial institutions	4,408,105.1	1,048,437.1	980,099.7	2,379,568.3	3,406,268.8
Thereof guaranteed	0.0	0.0	0.0	0.0	0.0
Thereof secured by collateral	3,515,444.5	232,543.0	968,589.5	2,314,311.9	3,266,811.8
Thereof not secured by collateral	892,660.5	815,894.1	11,510.1	65,256.4	139,457.0
Amounts due to local authorities	377,736.0	17,169.1	73,298.6	287,268.3	376,098.2
Liabilities arising from finance leases	88,899.8	3,398.0	43,515.1	41,986.7	94,008.7
Liabilities arising from the issue of bonds	3,081.1	153.2	2,927.9	0.0	3,084.4
Contingent liabilities arising from the acquisition of companies	0.0	0.0	0.0	0.0	3,381.5
Financial liabilities, limited partnership interests	7,208.9	7,208.9	0.0	0.0	17,648.9
Other financial liabilities	115,016.9	100,689.5	5,546.1	8,781.4	110,281.7
Total	5,713,523.3	1,190,738.2	1,133,466.0	3,389,319.1	4,711,329.7

/iÊiÞÊV`ÌÃÊvÊv>V>Ê>LÌiÃÊ>ÃÊvÊΣÊ"VÌLiÀÊÓääÇÊ>ÀiÊ>ÃÊvÜÃ\

		Nominal value	Interest rate	Effective
	Currency	in 1,000	fixed/variable	interest rate
Liabilities arising from convertible bond		100,000.0	fixed	6.20%
		750,000.0	fixed	4.36%
Amounts due to financial institutions (credits and cash advances)	EUR	159,851.9	fixed	4.88%
	EUR	4,050,783.7	variable	5.60%
	EUR	205,799.6	variable	4.39% *)
	EUR	138,102.9	fixed	5.17% *)
	USD	124,519.1	variable	6.90%
	CHF	39,240.0	fixed	4.34%
	CHF	102,541.8	variable	3.66%
	CZK	17,061.8	variable	4.51%
	PLN	94,263.6	variable	5.86%
Amounts due to local authorities	EUR	312,565.2	fixed	0.68% *)
Liabilities arising from the issue of bonds	EUR	1,453.5	variable	4.88% *)
	EUR	1,453.5	fixed	5.80% *)

*) Related to BUWOG Bauen und Wohnen Gesellschaft mbH and ESG Wohnungsgesellschaft mbH

3.8 Other liabilities

All amounts in TEUR Fair value of derivative financial instruments	31 October 2007 39,509.4	remaining term under 1 year 39,509.4	term between 1 and 5 years 0.0	remaining term over 5 years 0.0	30 April 2007 37,903.7
Rental and lease prepayments	42,023.7	33,828.1	4,405.5	3,790.0	32,987.9
Fiscal authorities (transaction taxes)	8,975.2	8,958.9	15.3	1.0	9,602.5
Property management	8,412.1	8,401.5	10.6	0.0	7,900.9
Amounts due to joint venture partners	5,354.1	2.3	0.0 ₁	5,351.8	10.7
Special dividend rights and silent partner investments	1,103.7	157.1	0.0	946.6	1,103.7
Amounts due to associated companies	5,796.4	2,893.1	2,903.3	0.0	1,623.8
Fiscal authorities (income taxes)	590.7	590.7	0.0	0.0	962.0
Payments received for construction and refurbishing	5,988.2	1,676.4	3,272.6	1,039.2	6,913.1
Income from the sale of rental rights	369.3	205.8	130.8	32.7	348.0
Outstanding purchase prices (purchase of shares)	60,534.4	57,755.4	2,777.3	1.6	68,173.8
Outstanding purchase prices (purchase of properties)	16,845.3	16,845.3	0.0	0.0	172.7
Miscellaneous	169,557.3	53,084.5	82,857.9	33,614.8	238,591.8
Total	365,059.6	223,908.5	96,373.5	44,777.6	406,294.7

The liabilities arising from outstanding purchase prices (share deals) represent amounts due in connection with the acquisition of companies. Of this total, TEUR 23,095.8 is related to the purchase of 100% of the shares in the Czech Brno Estates a.s. and TEUR 11,190.0 to the purchase of 100% of the shares in Atrium Park Kft.. Furthermore, TEUR 3,759.4 is related to the acquisition of 100% of the shares in S.C. Baneasa 6981 s.r.l., TEUR 3,584.3 to the purchase of the shares in the Cypriote Gendana Ventures Ltd. and TEUR 2,244.1 to the purchase of 100% of the shares in the Polish Taifun Real sp.z.o.o..

Miscellaneous other liabilities of TEUR 169,557.3 include TEUR 66,753.2 relating to the 15 companies in the Poseidon subgroup, which were deconsolidated at the end of December 2006. The remainder is comprised largely of amounts due to shareholders outside the consolidation range.

4. Notes to the Income Statement

4.1 Revaluations

The IMMOFINANZ property portfolio was revalued by a total of TEUR 296,684.3 as of 31 October 2007.

The major revaluations involved the following properties:

All amounts in TEUR	1 May 2007 - 31 October 2007
IMMOWEST
D, Cologne, Hildeboldplatz 2/Im Klapperhof 4-46	3,272.0
D, Frankfurt, Ludwig Landmann Straße/Rossittener Strasse 21-23	2,200.9
D, Cologne, Hohenzollernring 62	2,086.0
D, Munich, Drygalskiallee	1,875.8
D, Berlin, Wexstrasse 40	1,226.3

IMMOEAST
CZ, BB Centrum Building A, B, C und Gamma	38,814.7
RO, S- Park	18,532.4
RO, Harborside Constanta	18,052.3
RO, Iride Business Park	14,224.7
RO, Baneasa Airport Center	13,726.2
RO, Victoria Park (II-IV)	12,393.5
PL, IO- Building	9,131.3
RO, Capri Trade (Pipera II)	6,934.9
RO, Jandameriei Office	6,183.9
CZ, Park Hostivar	4,703.6

Both internal and external valuations were prepared for the above properties as of the balance sheet date. The revaluations of TEUR 92,412.0 in the IMMOAUSTRIA segment include approx. TEUR 70,000 relating to properties in the BUWOG portfolio. The remainder resulted from index adjustments that were based on the Austrian consumer price index.

4.2 Other operating income

	$1$ May 2007 $-$	$1$ May 2006 $-$
All amounts in TEUR	31 October 2007	31 October 2006
Reversal of negative goodwill	4.392.6	4.203.1
Disposal of non-current assets	12,897.0	26.524.8
Expenses charged out	3.804.7	934.5
Currency translation adjustments	9.313.1	4,689.6
Reversal of provisions	698.7	1,479.2
Insurance compensation	274.1	606.8
Income from deconsolidations/ transition consolidations	12.351.3	266.4
Miscellaneous	17,489.8	6.303.2
Total	61.221.4	45,007.6

The income of TEUR 12,351.3 from deconsolidations was generated primarily from the sale of shares in the Czech Centrum Olympia Olomouc a.s. and Prokopova Development a.s. as well as the liquidation of the French IMMOFINANZ FRANCE SARL.

4.3 Other operating expenses

	1 May 2007 –	1 May 2006 –
All amounts in TEUR	31 October 2007	31 October 2006
Administration	53,883.1	36,342.8
Legal, audit and consulting expenses	11,347.2	7,904.4
Commissions	3,266.0	2,670.6
Penalties	788.3	156.4
Taxes and duties	4,038.0	3,592.7
Advertising	5,591.8	3,660.3
Expenses charged out	147.0	546.9
Rental and leasing expenses	396.7	247.2
Translations	58.1	18.8
Property valuation	2,200.0	757.3
Miscellaneous	24,270.7	28,416.4
Total	105,987.0	84,313.7

4.4 Financial results

23,842.7 -5,164.2 0.0



-1,572.7
3,659.6
30,275.3
-61,447.5
-83,452.7
22,005.2
1 May 2006 – 31 October 2006

Profit/(loss) on financial instruments and the proceeds on the disposal of financial instruments include income of TEUR 27,978.2 from current financial instruments as well as expenses of TEUR 6,168.3 and income of TEUR 7,096.3 from derivative financial instruments.

Income from distributions represents distributions from investments in companies that are classified as financial instruments in ac-VÀ>ViÊÜÌÊ-ÊΰÊ/ÃÊViÊÜ>ÃÊ}iiÀ>ÌiÊ«À>ÀÞÊLÞÊÌiÊÛiÃÌiÌÃÊÊ >ÀÞiÊ
ÕÀ«iÊ,i>Ê
ÃÌ>ÌiÊ*>ÀÌiÀÃ]Ê >Ê À`VÊ Investment Fund III and Fondo Immobilii Publici stammen.

Unrealised foreign exchange gains of TEUR 6,098.9 resulted from the valuation of EUR-denominated financial liabilities in countries outside the Euro zone. These financial liabilities are recorded in local currency in the countries of origin and adjusted as of each balance sheet date to reflect the change in the exchange rate between the local currency and the Euro.

4.5 Income taxes

This item includes income taxes paid or owned by group companies as well as provisions for deferred taxes.

Total -118,581.0	-65,050.6
Deferred taxes -103,354.8	-61,536.7
Income tax expense -15,226.2	-3,513.9
All amounts in TEUR 31 October 2007	31 October 2006
1 May 2007 –	1 May 2006 –

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5. Capital increase

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6. Notes to the Interim Financial Statements

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Group revenues rose by more than one-third over the comparable prior year period. This development was supported by a significant VÀi>ÃiÊÊÀiÛiÕiÃÊÊÌiÊvvViÊx{¯®Ê>Ê}ÃÌVÃÉViÀV>Êi>ÀÞÊx䯮ÊÃiVÌÀðÊÊÀi}>ÊV«>ÀÃÊÃÜÃÊVÃÌ>ÌÊÀiÛi- ÕiÃÊÊÌiÊ"1-/,ÊÃi}ḭÊÊV«>ÀÃÊÜÌÊÌiÊ«ÀÀÊÞi>À]ÊÀiÛiÕiÃÊÀiVÀiÊLÞÊÌiÊ" -/Ê>Ê"7
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Development of share price: IMMOFINANZ vs. GPR-250 Europe, I-ATX, MSCI World from 1.1.1998 to 31.10.2007

The long-term development of the IMMOFINANZ share has been very positive, in spite of the recent Ã>À«Ê«ÀViÊiVi°Ê/iÊ£äÞi>ÀÊ«iÀvÀ>ViÊ>ÊxÞi>ÀÊ«iÀvÀ>ViÊ ÌÌ>iÊn°ÈίÊ>ʰän¯]Ê respectively, as of 31 October 2007. Over a period of three years, investors have been able to realise >Ê>Õ>ÊÀiÌÕÀÊvÊn°£n¯ÊÜÌÊ" <ÊÃ>ÀiðÊ/iÊ>ÀiÌÊV>«Ì>Ã>ÌÊvÊÌiÊV«>ÞÊ iµÕ>iÊ 1,ÊΰÇÈÊLÊ>ÌÊÌiÊiÊvÊ"VÌLiÀ°Ê" <ÊÌÀ>iÃÊÊÌiÊ\*ÀiÊ-i}iÌÊvÊÌiÊ 6i>Ê-ÌVÊ ÝV>}i]Ê>Ê>ÊÃ>ÀiÃÊ>ÀiÊi`ÊÊvÀiiÊv>̰

Information on	Contact for Investor Relations	Margit Hermentin
IMMOFINANZ shares as of 31.10.2007	Shareholders' Telephone	+43/1/532 06 39
	E-Mail	[email protected]
	Internet	www.immofinanz.com
	Vienna Stock Exchange ID	80905
	Vienna Stock Exchange Symbol	IIA
	Reuters	UMFI VI
	Datastream	O:IMMO 866289
	Bloomberg	IIA AV
	ISIN	AT 0000809058
	IMMOFINANZ analyses	IMMOFINANZ is analysed by the following investment banks:
		Aurel Leven, Credit Suisse, Deutsche Bank, Exane BNP Paribas,
		Kempen & Co., Merill Lynch, RCB, UniCredit Group
	Included in the following indexes	WBI, ATX Prime, Immobilien-ATX, EPRA, GPR 15, DJ Euro-Stoxx,
		DJ STOXX 600, GPR 250 Europe, GPR 250 Global, MSCI World, MSCI Europe,
Performance of		MSCI EMU (European Monetary Union), FTSE World Europe, FTSE Global Index
IMMOFINANZ shares as of
31.10.2007 in %
	Period	Performance
	1 year	-10.39%
	3 years p.a.	8.18%
	5 years p.a.	9.08%
	10 years p.a.	8.63%
Financial Calendar	Since founding in 1990 p.a.	7.70%


	27 March 2008	Report on the First Three Quarters as of 31.1.2008
	29 August 2008	Annual Report 2007/2008
	23 September 2008	15th Annual General Meeting