Immovaria Real Estate AG commences share repurchases on November 3, 2014 under the program mandated by the shareholders in the Annual General Meeting held on May 26, 2014. As per the mandate, the company will repurchase up to 762,119 shares, representing 10% of the capital stock. The shares will be repurchased at a price of €1.1 per share for €0.84 million.

The acquisition may be carried out over the Stock Exchange or by means of a public purchase bid addressed to all shareholders or the public request for the delivery of a purchase offer. In case of acquisition over the stock exchange, the consideration paid by the company (without incidental costs) per share may not exceed of fall below 10% of the average of the of the closing prices for shares of the company in the access of the stock exchange Munich in the last five stock exchange days preceding the acquisition. In case of a public purchase bid or the public request for the delivery of a purchase bid, addressed to the shareholders, the offer price or the threshold values of the purchase price breakdown (without incidental costs) may do the average of the closing prices for shares of the society in the m: ACCESS of the stock exchange Munich (or one to the position of the m: ACCESS stepping functionally comparable follow-up system at the stock exchange Munich) on the last five stock broking days the day ago of the public announcement of the public purchase bid around no more than 10% over or fall below.

The public purchase bid or the request for the delivery of such a requirement can plan further conditions. If the repurchases are carried out by a public purchase bid or by request to the delivery of offers for sale, the volume of the offered shares can be limited. If the bid volume should exceed the intended buy-back volume, the acceptance must be carried out in the relationship of the shares offered in each case.

A privileged acceptance of small numbers of items up to 100 shares in the calendar year for the acquisition of offered shares of the company per shareholder as well as a rounding off according to commercial principles for to avoid of computational fractions of shares can be planned. The regulations of the German Securities Acquisition and Takeover Act are to be considered, if and as far as they apply compellingly. The temporal stipulation of a time limit is effective only for the acquisition, not for holding the shares.

The authorization may not be used by the company for the purpose of the trade in own shares, otherwise, the determination of the profit-making purpose is writhing at the discretion of the management board. The authorization can be used within the authorization period up to the achievement of the maximum acquisition volume completely or in partial amounts, once or several times. The program will be valid for until December 31, 2016.