KGAL Group. page 2 12.05.2004 I.KGAL GroupPage 3 II.Recent Real Estate TransactionsPage 13...

KGAL Group

05.2004

I. KGAL Group Page 3

II.Recent Real Estate Transactions Page 13

III. References2

Table of contents

05.2004

KGAL

I. KGAL Group

KGAL focuses on structuring and financing special products and other individual projects and assets

KGAL has established itself as Germany’s market leader in this sector

KGAL provides complementary and additional financing schemes beyond a bank’s standard products

05.2004

45 %

30 %

15 %

10 %Financial Investor

I. KGAL Group

Shareholders of KGAL

05.2004

I. KGAL Group

05.2004

EUR 7,0 billion

EUR 35,3 billion

1,850

1,014

EUR 97,6 million

New Business Volume

Portfolio Volume (at acquisition costs)

Number of Special PurposeCompanies & Subsidiaries

Staff

Shareholders Equity of KGAL

EUR 7,7 billion

EUR 35,2 billion

1,860

1,071

EUR 97,6 million

2002Facts and Figures 2003

I. KGAL Group

KGAL Group Facts and Figures

05.2004

I. KGAL Group

Leaseurope Ranking (based of Assets in million EUR )

2002Rank Company Country Leased Assets

1 KGAL Germany 35,864

2 Lombard UK 29,704

3 ING Lease Holding Netherlands 15,394

4 CommerzLeasing (Commerzbank AG) Germany 14,616

5 Société Générale Vendor Services Group France 12,765

6 BNP Paribas Lease Group France 11,393

7 Lloyds TSB Leasing Limited UK 11,323

8 Lloyds TSB Asset Finance Division UK 10,125

9 Locat SPA Italy 10,058

10 GE European Equiqment Finance Limted UK 9,507

05.2004

I. KGAL Group

Leaseurope Ranking (New business volume in million EUR )

2002Rank Company Country New business volume

1 Lombard UK 11,798

2 KGAL Germany 7,000

3 Société Générale Vendor Services Group France 6,438

4 De Lage Landen Group Netherlands 6,129

5 Lloyds TSB Asset Finance Division UK 5,700

6 BNP Paribas Lease Group France 5,141

7 ING Lease Holding Netherlands 4,789

8 Locat SPA Italy 4,532

9 FCE Bank plc UK 3,487

10 RCI Banque France 3,279

05.2004

Current Projects and Products

I. KGAL Group

Closed-end real estate funds (Germany, Austria, Canada, USA)

Public closed-end funds,

Private placements, Institutional investors

Cross border leases (US, Japan)

IAS-/US-GAAP off-balance-Structure

Film production closed-end funds

Closed-end aircraft funds

Closed-end ship funds

05.2004

Funds – Performance of KGAL

I. KGAL Group

Public closed-end funds and Private placements

Cooperation with acclaimed partners

as per 31.12.2003: - 252 closed-end funds

- EUR 19,5 billion total investment volume

- 43,200 investors

- EUR 7,3 billion equity

05.2004

Market overview closed-end funds (placement results)

I. KGAL Group

2003

InitiatorTotal Investment

Volume in million EUREquity

in million EUR

MPC Münchmeyer, Petersen, Hamburg 1,904 721

ALCAS/KGAL, München 1,730 652

Hanseatische Capital Invest, Jork 1,092 425

HL Hannover Leasing, München 866 401

Ideenkapital/GVP, Düsseldorf 571 380

Geno Asset Finance, Frankfurt 778 329

Blue Capital (VuW-Bank), Hamburg 443 319

Jamestown Management, Köln 669 297

Peters Dr., Dortmund 557 262

VIP Vermögensberatung, München 238 238

SachsenFonds und SüdLeasing 488 234

CFB Commerz Fonds, Düsseldorf 418 221

05.2004

Management Services by ALCAS GmbH

Management of approx. 1,860 Special Purpose Companies

Initiator and Manager of Closed-End Funds

Management Services for Investors

Supplier of Full-Service-Administration

Know How an long-standing experience in Contract Management

I. KGAL Group

05.2004

II. Recent Real Estate Transactions

KGAL has successfully arranged prominent real estate transactions for renowned costumers.

05.2004

Closed-end Fund for Institutional Investors

Aviva-Munich – Office Building in Feng Shui Style

Year built: 2003

Number of Storeys: 8

Net Rentable Area: 62,000 m2

Number of Parking Space: 816

Current Occupancy: 100%

Tenants: Bosch Siemens Hausgeräte GmbH

software design&management GmbH

Investment Volume: 191,2 million EUR

05.2004

Real Estate Portfolio Management

KarstadtQuelle AG

Investment Volume: 2,46 billion EUR

Number of Properties: 391 - Warehouses 71% - Office buildings 6% - Others 23%

Properties occupied by KarstadtQuelle Group: approx. 96,5%

Properties occupied by Others approx. 3,5%

Location: all over Germany

05.2004

Project Development

Telekom Center München Construction Period: Q4 2002 – Q2 2005




Current Occupancy: 100% leased up

Single Tenant: Deutsche Telekom Group

Investment Volume: approx. 200 million EUR

05.2004

Purchase of apartments in the Ruhr region

Viterra AG (100 % E.ON) sells property package

Number of apartments: 27,000

Location: Ruhr region – Bochum, Dortmund,Gelsenkirchen, Gladbeck, Herne

Purchaser: a KGAL special purpose company

Service contractor: Viterra AG

Business plan: divide the apartment stock in several

portfolios and sell them without market

disruption

05.2004

Leasing Structure with Lessee´s Participation

New Office Building for Lufthansa AG in Frankfurt

Year built: end of 2004 (phase 1)

Net Rentable Area: approx. 27,900 sqm

Number of Parking Space: approx. 1,500

Master Lease: Deutsche Lufthansa AG

Investment Volume: approx. 200 million EURO

05.2004

Closed-end Real Estate Fund Vienna, Austria

Office Building Lassallestraße

Year built: 2003





Single Tenant: Telekom Austria AG

Investment Volume: 91,8 million EUR

05.2004

Off-Balance-Sheet Financing

Bertelsmann Tower, New York

Year built: 1991


Net Rentable Area: 869,000 sqft - Office space

125,600 sqft - Retail space


Master Lease: Bertelsmann Property Inc.

Investment Volume: 212,4 million USD

05.2004

Closed-end Real Estate Fund Chicago, USA

AMA Building

Year built: 1990


Net Rentable Area: 622,487 sqft

Number of Parking Space:20


Major Tenant: American Medical Association

Investment Volume: 130 million USD

05.2004

III. References (1)

Client Description of transactions Relationship since

€ 220 mio. of closed-end funds for 87 office buildings in Thuringia (€ 178 mio.) and 11 in Saxony (€ 42 mio.)

1996

€ 91 mio. sale & lease back of IT-systems, truck stops and gas stations throughout Germany 2000

€ 32 mio. private placement of a TV studio for the working pool of broadcasting corporations of Germany in Hamburgand Schwerin

1997

€ 65 mio. closed-end cross border real estate fund „Office Center Vienna“ 2001

€ 212 mio. sale & lease back of Bertelsmann HQ Building in New York and additional office buildings in the USA 1992

1986€ 4 billion IAS-conform off balance sheet financing of lease receivables and residual values for 150,000 vehicles (thereof € 2 billion asset backed securitisation) plus € 124 mio. private placement, buy & lease of service centers and office buildings in Germany

05.2004

III. References (2)


€ 65 mio. closed-end fund of general headquarters, Mainz

1996

€ 256 mio. private placement of general headquartersin Bonn and Siegen

1995

€ 260 mio. closed-end fund for bank building, “City Carré”, Berlin + € 40 mio. full service leasing for 1800 vehicles

1993

€ 100 mio. sale & lease back of various real estate assets in Munich

1971

€ 65 mio. leasing for office buildings and computer center in Frankfurt

1985

2002€ 113,7 mio. buy without lease of 12 buildings in Germany

05.2004

III. References (3)


€ 54 mio. private placement, of airport center, office center, car parks etc. in Frankfurt

1988

€ 830 mio. sale & lease back, private placement for gas grid in Berlin plus full service leasing contract for 300 vehicles

2000

€ 910 mio. German leveraged leases, private placement, airport center, hangars, maintenance sheds, car parks, office building in Munich

1992

€ 250 mio. private placements of real estate assets in Berlin, Hamburg etc. 1983

€ 88 mio. operate lease, closed-end fund for 2 Boeing 737-800

2001

€ 196 mio. sale & lease back, private placement of various real estate assets in Germany

2000

05.2004

III. References (4)


€ 2,5 bill. sale & lease back of real estate portfolio of ca. 500 properties throughout Germany plus € 34 mio. balance sheet neutral financing acc. to IAS & Austrian accounting regulation

2000

Lidl & Schwarz € 77 mio. leasing, buy and lease and sale & lease back of warehouses and logistics centers throughout Germany

1980

2002€ 65 mio. private placement and lease of the new headquarter in Munich

€ 500 mio. IAS-conform off balance sheet financing of 11,300 trucks and trailers in Germany (asset backed securitisation)

2001

2003€ 101 mio. closed-end fund for 4 container ships

€ 3,3 billion of various German, US and Japanese leveraged leases and operate lease for various aircraft plus real estate transactions

1989

05.2004

III. References (5)


€ 1.0 billion closed-end fund and € 412 mio. private placement for international film productions (e.g. “Shaft”, “Mission Impossible II”).

1998

2000€ 217 mio. private placement for headquarters tower in Nuernberg plus 8 branches and 2 hotels

€ 120 mio. buy & lease of “pro arte Hotel“, Berlin plus hotels in Ulm and Wuerzburg

2001

€ 76 mio. sale & lease back of 4 warehouses in Bonn, Frankfurt, Cologne and Munich

1999

1995€ 213 mio. leasing for general headquarters, Duesseldorf

€ 415 mio. operate and financial lease for rolling stock, real estate assets and aircraft

1993

05.2004

III. References (6)


1999€ 50 mio. closed-end property fund, office and shopping center, Munich

€ 623 mio. private placement, buy & lease of administrative and warehouse buildings in Germany; € 64 mio. full service leasing contract for 3000 vehicles

1963

€ 62,5 mio. private placement, buy & lease for 28 buildings in Munich 1983

€ 1,1 billion German leveraged leases for 22 aircraft (Avro Regional Jets, A 320, A 319, A321, A330, B747) with 4,000 investors and € 550 mio. of equity

1985

€ 110 mio. private placement, sale & lease back of 180rolling stock for Munich underground railways

1998

€ 172 mio. private placement for international filmProductions

2003

05.2004

III. References (7)


€ 490 mio. sale & lease back, private placement of residential properties, Berlin

2000

€ 1,3 billion of various financing structures (originally for Condor), e.g. Japanese and German leveraged leases for various B 767, B 757, A 320

1989

Purchase of 27,000 apartments in North-Rhine Westphalia1995

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