EQS-Adhoc

Gutburg Immobilien S.A.: Favorable development thanks to active management - Seite 2

rent continues to still come out clearly below the market average and
underlines the potential to further increase portfolio rents. During the
financial year 2014 a total of EUR 2.2 million has been expensed for
investments and refurbishments, compared to EUR 3.2 million in the prior
year.

Thanks to efficient property management, reported operating profit for the
year 2014 was raised over-proportionally by 16% to EUR 15.3 million, while
operating cash flow rose by 14% to EUR 11.5 million. The prior year's
results were EUR 13.2 million and EUR 10.1 million, respectively. Value
adjustments on investment property of EUR 23.6 million exceed the
investment spending by a multiple. Besides the increased rents, positive
demographic developments at the Gutburg Immobilien locations as well as
interest rates at record lows have a positive effect on the value
development of the properties. Adjusted profit of EUR 5.9 million for the
full year 2014 advanced considerably compared to the EUR 2.6 million
reported for the prior year.

The total value of the Gutburg Immobilien portfolio rose during 2014 from
EUR 267.6 million to EUR 290.6 million. Adjusted equity as of December 31,
2014 amounted to EUR 99.1 million, compared to EUR 72.8 million at the end
of the prior year. Thanks to positive value development of the properties,
the adjusted equity ratio increased from 26.6% to 33.5%.

The Board of Directors proposes to the ordinary Annual General Meeting 2015
a distribution of EUR 10.50 per share.

Gutburg Immobilien confident about the future

Since the operative emphasis during the business year 2014 has focused on
rental rate increases, which will contribute for the full year to the 2015
results, we expect to continue the positive development of the Gutburg
Immobilien portfolio. While the focus during 2015 will again be shifted to
the management of vacancies, we are confident - thanks to the continued
strong demand at the central locations - to achieve higher rents also
during the current year. As a response to good market demand we invest into
the renovation of three buildings in Cottbus, which are located adjacent to
the University's premises. The projected investment volume of more than EUR
3 million will increase the attractiveness of the living space offered in
the medium term.

The Swiss National Bank's removal of the exchange rate floor against the
EUR has a negative impact on our financing costs. At a currency exchange