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					German Equities Forum 2007
     Frankfurt, 12 November 2007
         Rainer Schorr, CEO
                      Overview of ESTAVIS business activities

                                                    ESTAVIS focuses on three main business areas

                                  Portfolio assembly                    Development                     Apartment privatisation

                         Purchases individual properties, assembles      Development as       Modernisation    Buys distressed     Buys
                         these into portfolios which are subsequently    windfall profit of   and sale of      residential         property
                         sold to institutional investors                 land which has       premium,         apartments,         packages,
                                                                         been acquired in     mostly listed,   sells these to      breaks them
                         Acts as a principal
                                                                         package deals on     properties in    private investors   up into
                                                                         an opportunistic     central          for pension         individual
                                                                         basis                locations        purposes            units which
                                                                                                                                   are sold to

                                                     ESTAVIS follows its declared strategy of diversification

ESTAVIS AG | Company presentation | November 2007                                                                                                1
                      ESTAVIS Group sells more than 5,000 units in current year

                                      Strengthen positioning in privatisation

                      More than >4,000 units sold by portfolio trading and >1,000 units by apartment privatisation

                               Estimated breakdown of 5,000 units
                               Estimated breakdown of 5,000 units                          Estimated revenue breakdown of
                                                                                           Estimated revenue breakdown of
                                sold by business area (pro forma)
                                sold by business area (pro forma)                            ESTAVIS-Group (pro forma)
                                                                                             ESTAVIS-Group (pro forma)

                                                                                               ~ 15%

                                  Apartment                                                  Apartment
                                privatisation                                              privatisation
                                ~1,000 units
                                                 25%                   Portfolio      ~ 60 %               ~35%          trading
                                                                       ~4,000 units
                                                          ~75%                                                    ~65%

ESTAVIS AG | Company presentation | November 2007                                                                                    2
                      ESTAVIS equity story – Overview

                                                        Market-maker between private and institutional
                                                    1   property markets in Germany

                                                    2   Value creation through portfolio assembly

                                                        Sustainable institutional investment market growing
                                                    3   strongly

                                                        Strong execution skills and first-mover advantage as
                                                    4   high barriers to entry

                                                        Significant opportunities for growth through
                                                    5   expansion along the value chain and in apartment
                                                        privatisation segment

                                                    6   High profitability and strong cash generation

ESTAVIS AG | Company presentation | November 2007                                                              3
                                   ESTAVIS creates value for investors through transformation of scale of
                                   individual properties into non-recourse financed portfolios

                                           Individual         Private                                                                                                 Institutional
                     Demand by investors

                                                                                                               of sc
                                                                                                     form ation tion)
                                                                                               Trans securitisa

                                                                               Value of the individual property/portfolio in EUR m

                                                        EUR 1m                                   EUR 5m                                    EUR 10m+

                                            Private             Transactions involving professional             Lowest entry level for           Typical entry level for institutional
                                            transactions        market participants                             institutional investors          investors
                                            Too small for       Too small for institutional investors           Earliest possibility for         Non-recourse financing (and
                                            institutional       No non-recourse financing                       non-recourse financing           securitisation, i.e. creating indirect
                                            investors                                                                                            ownership shares in property)*
                                            No non-recourse                                                                                      Generally the lower limit for tender
                                            financing                                                                                            bidding

                     * Properties are generally bundled in Special Purpose Vehicles (“Objektgesellschaften”) issuing securities

ESTAVIS AG | Company presentation | November 2007                                                                                                                                         4
                           ESTAVIS further adds value to the individual properties through life time

                       How ESTAVIS creates value                                                                 Steps
                                                                                                                 1.   Purchase low-value      40 days process from
                                     Primary         Secondary          Market in older
                                     transaction     transaction                                                      properties              notary to notary
                                     market          market                                                                                   –   low dependence on
                                                                                                                 2.   Portfolio assembly          property market
                                                                                                                      (Transformation of          cycles
                     Market value

                                         Portfolio                                                                                            –   high turn-around
                                                                                                                                                  frequency of capital

                                                                                                                 3.   Refurbishment where
                                                                                                                                              3-6 month process
                                                                   2.                                                 necessary
                                                                                                                                              following transfer of
                                                                                          1.                          (Life Time Extension)   economic risk
                                        0123                    12                20                 50+ years
                                    New building     Medium-age                   Older properties
                                      projects        properties

                                                                        Transformation                   Life Time
                                                                                                                             added value
                                                                           of Scale                      Extension

                                                               Value of ESTAVIS portfolio > Sum of values of individual properties

ESTAVIS AG | Company presentation | November 2007                                                                                                                        5
                      Within its core business, ESTAVIS sources properties, assembles portfolios
                      and sells these to investors

                            Sourcing                                                     Assembly                                   Sale

                      Property identification            Property check                             Property acquisition        Portfolio sale

                                                             Approx. 5,000 properties
                                                            administered in the system

                                                                Software review 1

                                                                800 are green-rated

                                                                Software review 2

                                                              Purchase & structure

                       >50 properties offered          Approx. 5,000                                Purchase of individual   Bundling of portfolio
                       to ESTAVIS per                  properties in database                       properties and design    Pricing
                       business day                    Properties                                   and implementation of
                                                                                                                             Sale of portfolio to
                       Ongoing contact with            categorised according                        legal and financing
                       over 500 property               to investment and                            structure
                       brokers                         refurbishment                                Pre-placement of
                       Long track record of            requirements                                 portfolio to ultimate
                       sourcing network                                                             investor

                       ESTAVIS purchases               800 properties                               Holding period of 40     Portfolio size
                       one to two                      suitable for portfolio                       days from notary to      between EUR 10-50
                       individual properties           assembly on average                          notary                   million
                       every day

                                        ESTAVIS maintains a constant deal flow from purchase of individual properties
                                                     to portfolio sale secured by factory-like assembly

ESTAVIS AG | Company presentation | November 2007                                                                                                    6
                      The acquisition of B&V - A key step in our diversification strategy

                      Summary                                                                Estimated revenue breakdown
                                                                                             Estimated revenue breakdown
                                                                                             of ESTAVIS-Group after B&V
                                                                                             of ESTAVIS-Group after B&V
                           B&V GmbH and PROTECT GmbH specialise in the                       acquisition
                           redevelopment, modernisation and sale of premium, mostly
                           listed, properties in central locations                            Apartment
                           Properties are particularly suitable for capital investment and
                           retirement provision

                           Impressive track record with double-digit growth rates in                              Portfolio
                           recent years                                                                           ~65%

                           Sales of EUR 65 million in 2006; 13 per cent operating margin

                           Purchase price: EUR 12 million in cash and 375,000 ESTAVIS
                           shares (with two-year lock-up).

                           ESTAVIS Group is one of the leading suppliers in growing
                           apartment privatisation segment

ESTAVIS AG | Company presentation | November 2007                                                                             7
                      HAG/CWI/B&V complete the value chain of ESTAVIS

                                                                                       Residential ownership rates in Europe (2004)

                                                                   Exit for           60%
                                 Portfolio     Institutional
                                   sale          investors                            50%
                         HAG/CWI allow institutional clients of ESTAVIS to exit


                                                                                                                                                          No and
                                                                                         Au ds


                                                                                        Sw nd




                                                                                      Ne mar

                                                                                        De ny


                         their portfolios

                                                                                             nl a








                         – Manage selling process as principal

                         – Split-up property objects into individual units and sell
                           to owner-occupiers (HAG)                                    Investments for retirement in Germany (2004)
                         – Sell residual units through IFAs to private investors         Property owner-occupation                                             68%
                           for pension purposes (CWI)                                                 Life insurance                                          65%
                                                                                                    Saving schemes                                          60%
                         Attractive market:                                                Private pension schemes                             49%
                         – Low residential ownership rate                                                      Bonds                        41%
                                                                                      Income from rental of property                        40%
                         – Significant potential for increased residential property            “Riester” Investments                     33%
                           demand                                                        Shares in public companies                     30%
                                                                                                     Other securities                  26%
                         Property is the most popular form of investment for
                                                                                                                Other            15%
                         pension provisions
                                                                                                                        0%       20%        40%            60%   80%

                                                                                      Source: Federal Statistical Office, Communications Network

                                                      With its product offering, HAG/CWI fulfil a growing demand

ESTAVIS AG | Company presentation | November 2007                                                                                                                      8
                      ESTAVIS holds leading position in the apartment privatisation segment

                      Combined presence of privatisation activities of HAG/CWI/B&V
                               Strengthen positioning in privatisation

                      Privatisation sales 2006 (€m) – listed peers
                      Privatisation sales 2006 (€m) – listed peers                                                                                                                                                 B&V
                                                                Focus of current operations of
                                                                                                                                                                                                                   generates c.
                                                                subsidiaries HAG/CWI/B&V                                                                                                                           five times as
                                                                Promising locations for regional
                                                                expansion                                                                                                                                          revenues as
                                          Leipzig Döbeln/Hainichen
                            Neuss                      Dresden
                                                                                                                        +520%                                                               112,6                  CWI and HAG
                                     Erfurt        Chemnitz
                              Plauen/Rodewisch Zwickau
                                                                                                                                                                     88,4                                          The regional
                                                   München                                                                                          78,1                                                           expansion of
                            CWI with strong focus                                                                                                                                                                  model offers
                            on Berlin, Leipzig and
                                                                                                                                       22,5                                                                        potential
                            HAG with strong focus                               10,1   12,6            12,6             14,3
                            on Northern Germany

                            ESTAVIS Group gains
                                                                                                                          Alta Fides




                                                                                       Estavis Group

                                                                                                                                                    Estavis Group
                                                                                           excl. B&V

                                                                                                                                                         incl. B&V



                            additional presence in
                            Chemnitz, Dresden and
                            Stuttgart through B&V

ESTAVIS AG | Company presentation | November 2007                                                                                                                                                                                  9
                      ESTAVIS is well positioned among property companies with a trading focus

                                                              Portfolio assembly of
                                                                                                  Portfolio Holding              Portfolio split-up
                                                              individual properties
                                                                                Exit via
                                                        Portfolio sale on
                                                                            IPO/closed-end         Asset Management             Sale to private individuals
                       Geographic reach and size

                                                                                                                                         Deutsche Wohnen

                                                               Among the real estate companies in Germany with a trading focus, ESTAVIS
                                                   differentiates itself through a constant and ongoing deal flow and a monthly turnover of properties

ESTAVIS AG | Company presentation | November 2007                                                                                                             10
                      Highlights of financial year 2006/2007


                          2006/2007: A year of outstanding success!

                          IPO completed in April 2007

                          Successful acquisition and integration of Hamburgische Immobilien Invest AG

                          Significant business expansion achieved - without funds from IPO!

ESTAVIS AG | Company presentation | November 2007                                                       11
                         Key figures of the financial year 2006/2007

                                                                       1 Jul 2006                 1 Jan 2006                     Change
                                                                   – 30 Jun 2007              – 30 Jun 20061

                        Total operating
                                                                               201,2                         44,4                 353%

                        EBIT2                                                    16,6                          5,6                 97%

                        Net profit                                                 8,8                         4,7                 89%

                        EPS (EUR)                                                1.54                        0.93                  66%

                    1   Short financial year
                    2   Include significant one-time expenses for IPO and acquisition of HAG Group in financial year 2006/2007

ESTAVIS AG | Company presentation | November 2007                                                                                         12
                      Outlook for the financial year 2007/2008


                           Substantial revenue and earnings growth

                           – Sales increases of 50 percent to over EUR 300 million

                           – EBIT margin between 12-14 percent (before extraordinary items)

                           – Dividend payout in the amount of 50 percent of net profit

                           Portfolio trading will remain core business segment (est. 2/3 of total sales)

                           Second strategic pillar through acquisition of B&V:

                           – Leading position in apartment privatisation segment with more than 1.000 units
                              sold in current financial year (est. 1/3 of total ESTAVIS sales)

                           Expansion of Development activities as third strategic pillar

ESTAVIS AG | Company presentation | November 2007                                                             13
                      Achievements in Q1 / Outlook Q2-Q3

                           First quarter ending 30 September 2007:
                           – Sale of major portfolio with transaction volume of around EUR 40 million to
                              institutional investor
                           – Assembly of commercial property portfolio (EUR 45 million)

                           – Acquisition of B&V GmbH

                           – High order back-log

                           Report on first quarter results will be published on 16 November 2007

                           Outlook for Q2 - Q3:
                           – Sale of commercial property portfolio (~ EUR 45 million)

                           – Sale of further ‘on-demand’ portfolio (~ EUR 60 million)

ESTAVIS AG | Company presentation | November 2007                                                          14
                      Financial calendar 2007/2008

                      16 November 2007              Publication of first quarter results 2007/2008

                      30 November 2007              Annual General Meeting 2007

                      15 February 2008              Publication of second quarter results 2007/2008

                      16 May 2008                   Publication of third quarter results 2007/2008

                      26 September 2008             Publication of full year results 2007/2008

ESTAVIS AG | Company presentation | November 2007                                                     15
                      Investor Relations Contact Details

                     ESTAVIS AG
                     Investor & Public Relations
                     Peter Vogt
                     Tel: +49 30 887 181 799
                     Fax: +49 30 887 181 779

ESTAVIS AG | Company presentation | November 2007          16

ESTAVIS AG | Company presentation | November 2007              17
                       ESTAVIS profits from a sustainable institutional investment market

                      Institutional investment activity in German property
                                30                                                                                8
                                                                                                                                       Real Estate AGs

                                25                                                                                7                    Investors from abroad

                                                                                                                                       Insurance companies &
                                20                                                                                6                    pension funds

                                                                                                                      10-year German
                                                                                                                       Bund rate (%)
                      EUR bn

                                                                                                                                       Special funds
                                15                                                                                5

                                                                                                                                       Open property funds

                                10                                                                                4
                                                                                                                                       Closed property funds

                                 5                                                                                3
                                                                                                                                       Property leasing/
                                                                                                                                       Leasing funds
                                     1993   1994 1995 1996 1997   1998   1999 2000   2001 2002 2003 2004   2005
                     Source: BulwienGesa

                      Strong momentum and growth prospects
                               Increasing importance of foreign investors since 2004
                               Demand for German property portfolios has been surging over the last two years
                               Introduction of REITs in Germany implies significant potential for ESTAVIS’ “fund-procurement” business model
                               Low growth in prices for properties suggests upside potential and further interest from international investors
                               Securitisation started in Germany in 2003

ESTAVIS AG | Company presentation | November 2007                                                                                                              18
                      Given current price levels, demand for German property portfolios from
                      institutional investors is sustainable in the future

                      Relative house price developments
                           House price

                                                                               German house prices remain at 2003
                           160                                      France     levels
                           150                                                 Other European countries displayed
                           140                                       UK        sharp rises over the same period
                                                                     Sweden    High rental yields in Germany
                           120                                       Finland


                           100                                       Germany

                             2003            2004          2005   2006

                     Source: Thomson

ESTAVIS AG | Company presentation | November 2007                                                                   19
                      More than 50% of German residential properties are eligible for portfolio

                                                                                 Unit inventory in Germany
                                                                                     approx. 39m units

                                  Commercial landlords                                Private landlords                        Owner-occupiers
                                     9.8 million units                                   13.8m units                             15.1m units

                                                Co-operatives                    Leased flats within owner-occupied             One-/two-family houses
                                                    2.3m                                   buildings 3.4m                               12.2m

                                      Municipal housing developers                         Private tenants                           Condominiums
                                                  2.7m                                         10.4m                                     2.9m

                                        Public housing developers              20.2 million units available for portfolio assembly

                                   Private sector housing developers


                                    Other (mostly financial investors)

                     Sources: Federal Statistical Office, IFO Institut, 2003

                            The German property market is expected to go through a fundamental shift in ownership structure
                            It is assumed that an increasing number of units will be bought by institutional investors
                            At the end of 2003 there were only 1.6m housing units held by financial investors

ESTAVIS AG | Company presentation | November 2007                                                                                                        20
                      Profit and loss account (IFRS)

                                                                                     July 1, 2006                     Jan 1, 20061
                       EUR (in ths)
                                                                                 – June 30, 2007                   – June 30, 2006

                       Revenues                                                            198,398                             44,048

                       Total performmance                                                  201,229                             44,380

                       Cost of materials                                                   172,338                             37,279

                       Personnel expenses                                                     2,867                                464

                       Other expenses2                                                      10,216                              1,048

                       EBIT                                                                 16,550                              5,566

                       % margin                                                               8.3%                             12.6%

                       Financial result                                                      -1,903                                    5

                       Pre-tax result                                                       14,648                              5,570

                       Net income                                                             8,814                             4,669

                      1       Short financial year
                      2       Include significant one-time expenses for IPO and acquisition of HAG Group in financial year 2006/2007

ESTAVIS AG | Company presentation | November 2007                                                                                          21
                         Balance sheet (IFRS)

                         EUR (in ths)                         June 30, 2007         June 30, 20061         EUR (in ths)               June 30, 2007   June 30, 20061

                         ASSETS                                                                            EQUITY & LIABILITIES

                         Goodwill                                      11,492                        -     Shareholder’s equity             85,654            3,458

                         Intangible assets                                  50                       -     Minority interests               10,514                2

                         Property, plant & equipmt.                        775                   162       LT financial liabilities         13,535               78

                         Investment property                           16,939                        -     Deferred tax liabilities          2,666               48

                         Investment in associates                          917                       -     Provisions                        5,506              958

                         Other financial assets                            721                   277       ST financial liabilities         33,022            5,113

                         Tax assets2                                     1,668                   182       Advance payments                    768           38,407

                         Inventories                                   23,057                 36,773       Current tax liabilities           5,553              246

                         Receivables                                   85,647                  4,514       Payables                          3,443            5,016

                         Liquid assets                                 36,048                 13,807       Other liabilities                15,606            2,185

                         Total                                        177,316                 55,716       Total                           177,316           55,716
                     1   Short financial year
                         Includes current and deferred tax assets
                         Includes short-term receivables from sale of portfolios at the end of financial year

ESTAVIS AG | Company presentation | November 2007                                                                                                                  22

                     This presentation is made by ESTAVIS AG (the "Company") solely for use at the investor presentation held in connection with the contemplated offering of shares of the
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                     sold in the United States or to, or for the account or benefit of, U.S. persons (as defined by Regulation S of the Securities Act) unless the securities are registered under the
                     Securities Act, or an exemption from the registration requirements of the Securities Act is available. There will be no public offer of the securities in the United States. Neither
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ESTAVIS AG | Company presentation | November 2007                                                                                                                                                        23

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