Warimpex Finanz- und Beteiligungs AG

Russia crisis impacting profits at the beginning of the year despite the recovery of the rouble

Adhoc announcement according to article 48d section 1 BörseG

Wien (pta006/28.05.2015/08:00) - * Loss for the period of EUR 5.3 million considerably better than in Q1 2014 (EUR -8.8 million) * Finance income improved from EUR -8 million in Q1 2014 to EUR -3.9 million in Q1 2015 * Revenue improvement for hotels without Russia and Karlovy Vary (+3 per cent, NOP per available room +12 per cent), revenue contraction at hotels catering to Russian clientele (-44%) * Sale of two office towers at AIRPORTCITY St. Petersburg concluded in Q1 2015; sale of the andel's hotel Berlin in the pipeline * Construction projects in Budapest and St. Petersburg and development work in Berlin, Krakow, and St. Petersburg proceeding according to schedule

Vienna/Warsaw, 28 May 2015 - With the sale of both Jupiter towers at AIRPORTCITY St. Petersburg at the beginning of March, the first quarter of 2015 began on a high note for Warimpex Finanz- und Beteiligungs AG. While hotels that are not dependent on Russian clientele saw revenue growth, the crisis in Russia and the depreciation of the rouble since the first quarter of the previous year continued to have a substantial impact on business. This led to an overall revenue decrease of 21 per cent compared with the first quarter of 2014. Despite an improvement in finance income due to foreign currency gains caused by the appreciation of the rouble since the beginning of the year, this metric came in at minus EUR 5.3 million (Q1 2014: EUR -8.8 million).

Hotels Revenues at the hotels that are not dependent on Russian clientele rose by 3 per cent, and the net operating profit (NOP) per available room grew by 12 per cent. The main drivers were Poland and Berlin. The Russian hotels in Ekaterinburg and St. Petersburg suffered substantial decreases in occupancy and room rates. The Dvorak spa hotel in Karlovy Vary, which generally has a large share of Russian and Ukrainian guests, saw revenues decline by a substantial 35 per cent as many guests stayed home. Overall, revenues at hotels that cater to Russian clientèle declined by some 44 per cent in euro terms compared with the previous year. The positive developments of the non-Russian assets were not enough to offset the downtrend in Russia and Karlovy Vary, and revenues from hotels fell by 21 per cent overall to EUR 10.1 million.