S Immo AG — Earnings Release 2006

May 8, 2007

Stock Exchange Information

Vienna, 10 May 2006

Sparkassen Immobilien AG starts 2006 with outstanding first quarter: earnings up by 54%

The highlights in figures:

• Revenues increased by 58% to EUR 16.1 million
• EBIT rose by 50% to EUR 8.3 million
• Consolidated net profit climbed by 54% to EUR 3.7 million
• Property portfolio expanded to EUR 784 million

Stock exchange listed Sparkassen Immobilien AG extended its outstanding performance in 2005 into the first quarter of 2006 without a check.

Outstanding revenues and earnings figures

Sparkassen Immobilien AG upped its revenues in the first quarter of 2006 by 58%, from EUR 10.2m for the same period last year to EUR 16.1m. Rental income on the same basis rose by 57% to EUR 12.8m, as a result of increased rents from ongoing property acquisitions, combined with continuing high occupancy levels.

The EBIT of EUR 8.3m, an increase of 50% on the comparable period's EUR 5.6m last year, once again highlights Sparkassen Immobilien AG's impressive earnings power. The profit before tax (EBT) for the period also climbed by 56%, from EUR 2.9m to EUR 4.7m. Consolidated net profit for the three months grew by more than 50%, from EUR 2.4m to EUR 3.7m.

Property portfolio expanded by 66%

In the first quarter of 2006 Sparkassen Immobilien AG continued its successful expansion into Germany. It acquired three properties with a total of 35,000 m² lettable space: two office buildings in Munich and a large retail property in Halle on the Saale. The acquisition of a 3,100 m² plot of land in the centre of Bucharest marked the entry into the high-yield Romanian property market. In Budapest, an office property with 8,000 m² lettable space was acquired. Total lettable space grew to 578,000 m² , and the total value of the property portfolio increased by 66% to EUR 784m.

Market capitalisation up to EUR 819m

s IMMO Aktie and s IMMO Invest continued their record of steady growth: over the last year, (March 2005 – March 2006) s IMMO Aktie gained 8.0%, s IMMO Invest 7.5% and 6.6% (second tranche). Their performance meant that total market capitalisation climbed to EUR 819m, an increase of 61% compared with 31 March 2006.

Very positive outlook

The property portfolio is planned to grow even more strongly: investments totalling some EUR 500m in existing markets, but also in new markets, are scheduled for 2006, mainly in Germany but also in CEE countries such as Romania. The declared aim is for the property portfolio to grow to well over the 1 billion euro mark during the year. At the Annual General Meeting this year, on 3 May, the Company

was authorised to increase its capital by up to 50,118,718 new shares. Sparkassen Immobilien AG plans a corresponding capital issue during the next five months, to drive its growth forward.

Key figures

Consolidated income statement for the three months ended 31 March 2006 EUR '000

	01.01. -	01.01. -	Change %
	31.03.2006	31.03.2005
Revenues	16,116	10,172	+ 58%
thereof rental income	12,842	8,176	+ 57%
Other operating income	1,069	253
Income from the sale of property	1,132	2,108
Total operating income	18,317	12,533	+ 46%
Depreciation and amortisation	-4,982	-3,018
Other operating expenses	-4,998	-3,951
Operating profit (EBIT)	8,338	5,564	+ 50%
Finance profit / loss	-3,657	-2,629
Profit before tax (EBT)	4,680	2,935	+ 59%
Taxes on income	-912	-524
Net profit for the period before minorities	3,767	2,411	+ 56%
Minority interests	-64	0
Consolidated net profit	3,703	2,411	+ 54%

Property information as at 31 March 2006

Number of properties	63
Total lettable space (m2 )	578,116
- Austria	350,020
- CEE	211,346
- Germany	16,750
Property portfolio (EUR m)	784
Average rental yield	7.0%

Contact: Sparkassen Immobilien AG, Press and Public Relations A-1060 Vienna, Mariahilferstrasse 41-43 Elke Koch, Tel: +43 050100 27402, e-mail: elkepetra.koch@immorent.at This press release can be downloaded from our website at http://www.sparkassenimmobilienag.at /Service & Press