La vida en la Tierra

in accordance with ias 33.2, earnings per share are calcu- lated from the Group profit after minority interests and the number of the shares in circulation on an annual average. in accordance with ias 33.26, the weighted average of the or- dinary shares in circulation during the period and all other pe- riods presented must be corrected if an event occurs that changes the number of ordinary shares in circulation without effecting a change in resources. in accordance with ias 33.27 (b), this is the case if a free element, e.g. the issue of subscrip- tion rights, is granted to shareholders on the issue of shares. To our Shareholders The Share Management Report Financial Statements

Notes to the income statement

Corporate Governance Overview

the difference between anticipated tax expense and actual tax expense can be reconciled as follows:

teUR 2010 2009

Pre-tax Group results 18,327 8,685

applicable statutory tax rate (in %) 31.93% 3.93%

expected tax expense 5,851 5,965

deviations from tax rate

effects from differences in levy rates, staggered tariffs,

tax-free amounts (trade tax) -194 -32

difference in deferred tax rate/income tax rate -661 -,055

tax effects from deviations in the tax assessment base

effects from Group losses with no effect on taxes 5,392 2,396

effects from multiple tax amortisations of the real estate portfolio -440 -,88 effects from the expanded reduction for income from real estate management -3,134 -2,239

effects from tax results from subsidiaries 7 0

effects from tax-free financial investment sales (95% tax free) -183 0

effects from non-deductible interest expenses 0 -63

Consolidation activity excluding deferred tax -4,399 -,992

effects from tax loss carryforwards 1,050 95

Permanent differences 799 8

other deviations 49 

Recognition of deferred taxes -1,466 0

the new share quantity to be taken into account for 2009 is calculated based on the free element in a ratio of 3.57% ap- plied to the number of ordinary shares before the capital in- crease (3,39,999).

for 200, the Board of directors will propose a dividend in the amount of teUR 3,76 (eUR 0.35 per share). the entire divi- dend will be subject to capital gains tax. this is expected to come to teUR 3,67. these dividends will not be recorded as a liability in accordance with ias 0 in these consolidated fi- nancial statements.

in accordance with the recommendation of the european Public Real estate association (ePRa), the net asset value (naV) is calculated as at 3 december 200 and 3 decem-

With the capital increase performed on the basis of the reso- lution of 2 march 200, 39,87,98 shares carried dividend rights. as because the new shares began participating in prof- its in 2009, the naV for 2009 was calculated taking into ac- count the higher number of shares after the capital increase. there have been the following changes to reporting in com- parison with the previous year:

eUR 2010 2009 2009

Group profit for the period after minority interests 16,380,056 6,068,859 6,068,859 Weighted average number of shares issued 37,228,123 30,872,029 32,69,62 Basic (= diluted)

earnings per share 0.44 0.52 Basic earnings

per share at new

number of shares 0.9

teUR 31.12.2010 3.2.2009

Book value of the real estate 1,718,215 2,02,225 Value difference at fair value

Core plus -23,534 -57,009

Value added -21,372 -2,802

-44,906 -99,8

market value of the real estate 1,673,309 ,92, Carrying value Co-investments 64,670 28,96 Value difference at fair value 1,189 7,88 market value of the interests 65,859 36,830 +/- other assets/liabilities 236,880 26,5 net credit liabilities at book value -1,376,082 -,588,85

minority interests -1,473 -,50

naV 598,494 97,09

deferred taxes on the difference

between fair value/book value -746 5,336

nnaV 597,748 502,30

difference in value as compared to fair value

of net credit liabilities -32,406 -3,298

nnnaV 565,343 59,32

naV/share 15.27 3.87

nnaV/share 15.25 .00

To our Shareholders The Share Management Report Financial Statements

Notes to the income statement

Corporate Governance Overview

teUR 3.2.2009 3.2.2009

before capital after capital increase increase

naV/share 5.86 3.87

nnaV/share 6.03 .00

investment properties are valued at cost when they are added to the portfolio. transaction costs are included when they are valued for the first time. the cost model in accordance with ias 0.56 is used for subsequent valuations. Here, investment properties are valued in accordance with the provisions of ias 6, i.e. at cost less scheduled and unscheduled depreciation as well as appreciation.

the fair values of investment property, which are calculated in addition, are based entirely on the findings of the independ- ent valuer contracted for this purpose, Cushman & Wakefield, which has undertaken a valuation in accordance with inter- nationally recognised standards. the calculation of market values is based on a dynamic calculation of their present val- ues, the discounted cash flow method. a cash flow period of ten years is generally taken, at the end of which the property is assumed to be sold. the discounting rate recognised for the valuation comprises a risk-free rate, which can be derived from the current yield on long-term, fixed income federal bonds and a property-specific risk premium, which reflects the restricted fungibility of real estate investments in relation to more fungible forms of investment such as equities or bonds.

When carrying out impairment tests on investment proper- ties in accordance with ias 36, the composite book values for property and buildings are compared with the market values of the properties determined by surveyors. the comparison is based on gross market values, i.e. excluding transactions costs which may accrue in the event of the properties actually being sold. in addition, parameters specific to the company were used when calculating comparative values. these pa- rameters take account of the value in use of the properties within corporate use. in this respect, the important factor is, in particular, planning for the retention of the property in the Group as well as resultant anticipated cash flows. an objec- tive asset-specific capitalisation rate is also calculated in ac- cordance with the criteria of ias 36.a7.

as at 3 december 200, the costs included interest on debt capital of teUR 2,99, unchanged from the previous year. To our Shareholders The Share Management Report Financial Statements