0

‘08 Annual Results PresentationParis, 18 February 2009

1

REAL ESTATE

Portfolio review

Large office market

EuroplazaArcs de SeineRives de Bercy

Rental analysis

Trends in asset values

FINANCIAL

IFRS balance sheet

Income statement

French GAAP – IFRS reconciliation

Bank financing

Net Asset Value

Dividend

CORPORATE

Shareholders & Share price

Commerz Real

Internal structure

Changes under SIIC 5

Key points for 2008

Appendices

2

REAL ESTATE

Portfolio review

Large office market

EuroplazaArcs de SeineRives de Bercy

Rental analysis

Trends in asset values

3

A high-quality portfolioThree recent HRO property complexes

In excellent locationsFinancial occupancy rate of 100% at 31 December 2008

EUROPLAZA

1998La Défense

ARCS de SEINE

2000Boulogne - Point du Jour

RIVES de BERCY

2003Charenton - Bercy

4

A strong market segmentLarge office properties (>20,000m2)

Take-up was up to double Supply in the past

Areas > 5,000 m2 Areas > 20,000 m2

Source: CBRE

0

200

400

600

800

1 000

1 200

1 400'000 m2

2000 2001 2002 2003 2004 2005 2006 2007 2008

Take-up Supply

Under-supply Over-supply Under-supply

0

100

200

300

400

500

600'000 m2

2000 2001 2002 2003 2004 2005 2006 2007 2008

Under-supply

5

A high-quality portfolio

EUROPLAZA

* GE Capital 9-year firm* Cap Gemini 4-year firm on 58% of the

initial floor space* Galderma 6-year firm* Credit Agricole 6-year firm

31-storey tower, 1300m2 per floor, restructured by HRO in 1998

* Refurbishment of lift lobbies* Extension of shared restaurant* Refurbishment of space vacated by Cap Gemini

52% of areas renegotiated

€3.3m in improvement works

6

A high-quality portfolio

ARCS de SEINE

Signature of an extension and alignment of two leases with Bouygues Telecom:

• Building A 25,000m2 Jan 2010 -> March 2011

• Building C 10,000m2 May 2009 -> March 2011

Signature of a partial transfer and extension of TF1 lease by Boursorama:• Building B 2,200m2 Jan 2010 -> Jan 2011

3 independent buildings developed or fully refurbished by HRO in 1999-2000

• 2 years to prepare• Sales teams in place

Alignment of leases on 2011

What will happen in 2011?

7

A high-quality portfolio

RIVES de BERCY

Single tenant since the building’s completion

Renewal of the existing lease:

- 6 year firm

- triple-net lease

- from February 2009

Three buildings linked by a fourth forming a façade, completed by HRO in 2003

Credit Foncier

8

Rental analysisChanges in lease book: 72% renegotiated in 2008

43% 72%

Tenant Transaction Area (m2) Firm period Gain/(Loss) of rent in %

Sales

Cap Gemini Renewal 2 600 2 years 0%Cap Gemini Renewal 6 500 5 years 0%GE Capital Renewal 9 300 9 years 0%Galderma Renewal 4 000 6 years (1%)Credit Foncier Renewal 28 100 6 years (10%)

50 500

Credit Agricole New lease 1 300 6 years (2%)

Average total 2008 51 800 6 years (5%)

Bouygues Telecom Extension of 2 leases 35 000 1.5 years

Departures

Visteon (transfered to CA) Date Sept 08 1 300 Cap Gemini Date Oct 08 6 500 Lexmark Date Nov 08 2 200

10 000

Total portfolio 120 000 Spot at 12/31/2008Total financial vacancy rate 0 0%Total physical vacancy rate 8 700 7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%Next break optionEnd of lease

9

Major tenancy terms

Bouygues Telecom

Credit Foncier GE CapitalCap Gemini

Telecom

Rental analysis

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2

10

Sector exposure

Size of largesttenant

Rental analysis

Bouygues Telecom Crédit Foncier Cap gemini Telecom Galderma IntlTF 1 GE Capital Cap gemini France

Boursorama SPSS FranceFM Insurance Gartner France SARLCredit Agricole

42%36%

17%

5%

Media &Communications

Banking & Insurance Services Health & Technology

11

Blue-chip tenants with excellent guaranteesRental analysis

0%

20%

40%

60%

80%

100%

Very lowrisk/cashdeposit

Low risk Standard risk Average risk High risk

Poor tenant

Average tenant

Good tenant

Very good tenant

Excellent tenant

Dun & Bradstreet ratings of tenants and guarantors(% of total rent)

12

A high-quality portfolioTrends in Asset values (€m)

- 100 200 300 400 500 600 700 800 900

1 000 1 100

Mar-06

Jun-0

6Sep

-06Dec

-06Mar-

07Ju

n-07

Sep-07

Dec-07

Mar-08

Jun-0

8Sep

-08Dec

-08

+11%+7% -9%

€868m€961m

€1,032m€938m

R ives  de Bercy

Arcs  de S eine

E uroplaza

13

FINANCIAL

IFRS balance sheet

Income statement

French GAAP – IFRS reconciliation

Bank financing

Net Asset Value

Dividend

14

Balance sheet- as at 31 December 2008-

IFRS - €mIPO

12/31/2008 12/31/2007 31/12/2006 31/03/2006AssetsFixed assets 938 1,032 963 867Current assets 26 36 34 33Cash and equivalent 10 20 31 37Total Assets 974 1,088 1,028 937

LiabilitiesShareholders' equity 547 633 555 443Bank debt 377 377 376 376Exit Tax 22 44 63 83Other liabilities 28 34 34 35Total liabilities 974 1,088 1,028 937

15

Income statement- as at 31 December 2008 -

12/31/2008 12/31/2007

Rents 6.17% 57.9 56.7Break option penalties 0.25% 2.3 0,0Recoverable real estate expenses 1.13% 10.6 10.5Real estate expenses (1.34%) (12.5) (10.6)Net revenue 6.21% 58.25 56.52

Asset management costs (0.35%) (3.3) -3.6Other income and expenses (0.20%) (1.9) -0.9Interest costs (1.70%) (16.0) -16.1Cash Flow on recurring operations 3.95% 37.1 36.1

Depreciations (2.79%) (26.2) (26,0)Net Income (French GAAP) 1.16% 10.9 10.1

(€m) % value

16

French GAAP / IFRS reconciliation

12/31/2008 12/31/2007 Change(€ '000s)

Net profit under French GAAP 10.88 10.08 0.80

Reversal of depreciation, FMV in accordance with IAS 40 26.03 26.02 0.02

Mark-to-market of property assets in accordance with IAS 40 (93.75) 68.44 (162.18)

Mark-to-market of exit tax debt in accordance with IAS 39 (1.90) (2.07) 0.17

Deferred tax liability on interest expense for the period, impact of adoption of SIIC status 0.17 0.17 0.00

Refinancing costs spread over the term of the loan in accordance with IAS 23 (0.78) (0.46) (0.32)

Cancellation of provision for impairment of treasury stock 0.13 0.00 0.13

Net profit under IFRS (59.23) 102.16 (161.39)

17

Bank financing and Covenants

Bank debt €379.9m drawn down€22.5m available for Dec.2009 exit tax installment

Current LTV 40%Term March 2013Interest rate 4.15% fixed, 4.25% if LTV > 60%No hedging instruments

Main covenants

Contract Current positionLTV 70% 40%ICR 1.5 3.0

18

Solid and transparent yieldNet Asset Value as at 31 December 2008

IPO12/31/2008 12/31/2007 12/31/2006 3/31/2006

Net Asset Value (€m) 535 635 546 443

NAV per share (€) 40.0 47.5 40.9 33.1

-16%

21%

Decrease in NAV since 2007

Increase in NAV since IPO

19

Solid and transparent yieldDividend for the year 2008

12/31/2008 12/31/2007 12/31/2006

Dividend per share 1.95 1.95 1.84

Yield- On share price 2 day's prior to earnings release 9.70% 6.12% 5.10%- On IPO share price (March 2006) 6.13% 6.13% 5.79%

Pay-out ratio on Recurring Cash Flow 70% 72%

(€m)

20

CORPORATE

Shareholders & Share price

Commerz Real

Internal structure

Changes under SIIC 5

Key points for 2008

Appendices

21

Stable shareholdingLeading institutions

Increasing granularity of the free float

67%Commerz Realfor the fundhausInvest europa(Largest German open ended fund)14%

Covéa GroupGMF-MMA-MAAF

(+7% since March 2006)

19%Free float

833 investors(+195 in 2008)

22

8,5

7,3

6,3 6,35,7

5,24,7

3,7

3,02,6 2,5 2,4 2,4 2,2 2,1 1,9 1,8 1,7 1,7 1,7

1,4 1,3 1,2 1,00,6 0,6 0,5 0,5 0,4 0,4 0,4 0,4 0,4 0,3 0,3 0,3 0,3 0,2 0,1 0,1 0,0 0,0

0

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4

5

6

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Source: BVI

German open funds

Total: €84.3bnNet assets under management at 31 December 2008

http://www.hausinvest-europa.de

23

Share price performance

-

0,20

0,40

0,60

0,80

1,00

1,20

1,40 ja

nv.-0

8

févr

.-08

mar

s-08

avr.-

08

mai

-08

juin

-08

juil.

-08

août

-08

sept

.-08

oct.-

08

nov.

-08

déc.

-08

janv

.-09

févr

.-09

CegerealIEIF_SIIC_FRCAC40EPRA EUR

In line with its marketOutperformed SIIC average since end-November 2008

24

Management team

Board of Directors

External providers

Property ManagementFacility management

CeGeREAL Structure

CRI Covéa Free float

External providers

Accounting/ReportingTaxLegal

Asset Management Support functionsCommerz Real

AcquisitionsAsset Management

Financing

Transactions & Finance

Commerz RealAG

Framework agreement

25

Changes under SIIC 5

Reminder of SIIC4Main shareholder or those acting in concert allowed to exceed 60% ownership threshold if this is temporary and regularised during the current year

SIIC 53-year prolongation (article 210E of the General Tax Code)Conformity with 60% thresholdCarried forward by one yearPeriod of suspension with return to common law rules if threshold exceeded at 1/1/10Definitive exclusion and payment of heavy fines if situation still not in conformity at 1/1/11

Amended Finance Act for 2009Possibility of lease financings with purchase option for one year under article 210E

Regulatory framework

26

Changes under SIIC 5

An extra one year to bring Commerz Real’s stake to below 60%;

The maintenance for three years of vendor advantages from selling assets to SIIC companies (tax rate reduced to 19%);

An alternative method of acquisition financing for SIIC companies, which can now use lease financing with purchase option.

Benefits for Cegereal

These changes in the SIIC rules are very beneficial as they will allow:

27

Real estate3 recent property complexes, which can be easily sub-divided72% of leases renegotiated93% of leases at very low risk of non-paymentAsset value down by 9%

FinancialDistributable earnings up 7.6%LTV of 40% at a fixed 4.15% to 2013Net asset value down by 16%Dividend maintained at €1.95 per share

CorporateA solid major shareholderCovéa has increased its stakeA marked increase in the number of individual investorsSIIC 5: an extra year to meet shareholding threshold and vendor benefits extended for three years

Key points for 2008

28

Appendices

29

Commerz Real

Commerzbank AG

EUROHYPO

Commercial Real Estate

Commerzbank’s real estate division

30

Commerz Real

Commerzbank

Real estate assets€32bn

Non real estate assets€11bn

CRIPublic investments

(supervised by BaFin)€11bn

Tax mitigation productssold through the 

Commerzbank network

hausInvest europa€9bnEurope

hausInvest global€2bn

Europe, Asia and Americas

CeGeREAL€1bn

Direct holdings

SIICSize > €50m

Non‐SIICSize > €50m

CRSClub dealsNon‐SIIC

Size < €50m

Commerz RealOrganisation