euro adhoc: conwert Immobilien Invest AG / quarterly or semiannual financial statement / conwert Immobilien Invest AG with excellent revenue and earnings growth in the first three quarters of 2007

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Disclosure announcement transmitted by euro adhoc. The issuer is responsible
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29.11.2007

conwert Immobilien Invest AG with excellent revenue and earnings
growth in the first three quarters of 2007

Vienna, 29 November 2007. conwert Immobilien Invest AG (Vienna Stock
Exchange: CWI, Reuters: CONW.VI, Bloomberg: CWI AV) continued its
excellent development during the third quarter of 2007, and recorded
a further improvement in revenues and earnings. All financial
indicators reached new record levels for the first nine months:
earnings before interest and tax (EBIT) increased 87% to EUR 137.70
million, funds from operations (FFO) rose 134% to EUR 60.33 million.
FFO per share reached EUR 0.79, after EUR 0.50 in the comparable
prior year period. The conwert property indicators also showed a
significant improvement: property assets rose to EUR 2.15 billion and
the book value (NAV) per share increased 9% to EUR 15.52. During the
fourth quarter of 2007 conwert will continue to expand its market
position not only in Austria and Germany, but also through selective
acquisitions in the CEE region. These projects are expected to
increase the property portfolio to EUR 2.2 - 2.4 billion.

The excellent results recorded for the first three months of 2007
confirm that the operating activities of conwert have not been
directly affected by the worldwide turbulence on financial and
capital markets in the wake of the US mortgage crisis. With its
business model, conwert will be able to continue its growth course
and realise an above-average increase in cash inflows - funds from
operations.

Expansion of the property portfolio to EUR 2.15 billion During the
first nine months of 2007, conwert increased its property portfolio
through acquisitions and the development of new locations in Germany.
The property portfolio now includes 1,387 objects with a total value
of EUR 2.15 billion, which represents an increase of EUR 473 million
within the first 9 months. A total of 159 properties with a combined
value of EUR 104 million were acquired during the third quarter. The
usable space in the property portfolio totalled approx. 1,661,000 m²
as of 30 September 2007.

The company increased its focus on sales activities during the
reporting period, and marketed 37 individual objects as well as
numerous condominium apartments. The proceeds on sale equalled EUR
171.22 million, or roughly 20% more than the IFRS carrying values of
EUR 142.25 million.

New records for revenues and earnings Revenues for the first three
quarters of 2007 rose to EUR 248.40 million, which represents a
year-on-year increase of 89%. This growth was supported by higher
rental income (+41% to EUR 77.18 mill.) following the expansion of
usable space as well as an increase in prices on new rentals and a
significant rise in the proceeds generated by the ongoing sale of
properties (+124% to EUR 171.22 mill.). The profit margin on the IFRS
carrying values of the properties sold reached 20%, in comparison
with the 2006 value of 18%, and the gain on sale totalled EUR 28.97
million. On a cash basis, the gain on sale exceeded the acquisition
cost of these objects by 23.5%.

The conwert earnings indicators set new records during the first nine
months of 2007. Funds from operations rose from EUR 25.80 million to
EUR 60.33 million, for an increase of 134%. Earnings before interest
and tax (EBIT) reached EUR 137.70 million, exceeding the first three
quarters of 2006 by 87% and the entire prior year value of EUR 104.42
million by 32%. This development was also supported by the company´s
strategy to increase the value of the property portfolio through the
development of older buildings. The revaluation of properties by
independent experts led to a net gain of EUR 80.98 million from the
adjustment of fair value (3.8% of the property portfolio, or 58% of
EBIT). Financial results of EUR -21.09 million nearly matched the
prior year level of EUR -19.18 million, despite a significant rise in
the volume of financing. Decisive factors for this improvement were
the proportional share of earnings from the partial consolidation of
ECO Business-Immobilien AG totalling EUR 1.87 million and a
non-recurring effect of EUR 1.77 million from the initial
consolidation as well as a substantial increase in finance income to
EUR 15.2 million. Earnings before tax (EBT) increased 115% to EUR
116.61 million.

Earnings per share for the first three quarters of 2007 rose by 58%
to EUR 1.15, in spite of an increase in the number of shares
outstanding. Adjusted earnings per share based on actual income taxes
paid equalled EUR 1.53, compared with EUR 1.05 for the first three
quarters of 2006.

Excellent financial position and increase in substance value Equity
rose to EUR 1,352 million as of the balance sheet date on 30
September 2007, resulting in an equity ratio of 54%. conwert has a
sound financial basis to support its future expansion, which was
further improved by the placement of EUR 196.40 million in
convertible bonds in November of this year.

The inherent value (NAV) of the conwert share also showed sound
development, rising by 9% to EUR 15.52 over the past 12 months.
Adjusted NAV per share, which also includes undisclosed reserves in
the property portfolio and deferred taxes, increased from EUR 17.81
to EUR 19.89. This represents an improvement of 12%.

Positive outlook on 2007 conwert readied a number of property
acquisitions during the third quarter of 2007 that have since been
closed. The company will utilise further opportunities for
acquisitions during the last three months of this year, and expand
the property portfolio to approx. EUR 2.2 - 2.4 billion. In addition,
the active management of investment properties is expected to
generate higher rental income.

For the full reporting year, conwert expects revenues of EUR 329 -
370 million. Earnings before interest and tax (EBIT) should reach EUR
178 - 190 million, net profit EUR 105 - 115 million and earnings per
share EUR 1.32 - 1.44 (diluted earnings per share, including the
convertible bonds issued in November 2007).

Selected Key Data

Key company figures in EUR m
1-9/2007 1-9/2006 Change 2006
Rental income 77.18 54.73 41% 79.54
Proceeds from the
sale of properties 171.22 76.57 124% 185.46
Revenues 248.40 131.30 89% 265.00
Earnings before interest
and tax (EBIT) 137.70 73.45 87% 104.42
Financial results -21.09 -19.18 - -27.39
Earnings before tax (EBT) 116.61 54.27 115% 77.03
Profit for the period 88.81 37.48 137% 51.67
Profit for the period after
minority interest 87.34 37.51 133% 51.82

Balance sheet total 2,516.06 1,848.18 36% 1,921.85
Equity 1,351.48 843.39 60% 857.99
Equity ratio in % * 53.71 45.60 - 44.6
Adjusted equity ratio in % ** 54.18 46.27 - 45.3

Funds from operations (FFO)*** 60.33 25.80 134% 64.62

* Equity including minority interest
** Equity including financing contributions from tenants
*** Earnings before interest and tax (EBIT) - net gain on the adjustment of
fair value + cash gains on the sale of properties in relation to IFRS gains on
sale

Key property figures
30.09.2007 30.09.2006 Change 31.12.2006
Number of objects 1,387 963 44% 981
Rental units 19,964 14,993 33% 15,376
Total usable space in sqm 1,661,015 1,262,827 32% 1,322,412
Parking spaces-/
garage spaces 5,508 3,416 61% 4,298
Property assets in EUR m 2,146.69 1,598.52 34% 1,673.37

Key stock exchange figures
30.09.2007 30.09.2006 Change 31.12.2006
Earnings per share in EUR 1.15 0.73 58% 0.97
Adjusted earnings per
share in EUR 1.53 1.05 46% 1.44
Share price in EUR
at end of period 12.96 15.90 - 19% 16.40
Book value/share in EUR 15.52 14.24 9% 14.49
Adjusted NAV/share in EUR 19.89 17.81 12% 19.19
Number of shares
at end of period 85,359,273 58,684,500 45% 58,684,500
Market capitalisation EUR m 1,106.26 933.08 19% 962.43
Price/earnings ratio 11.27 21.86 - 16.91
Price/adjusted earnings ratio 8.47 15.09 - 11.39

end of announcement euro adhoc 29.11.2007 07:30:00
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ots Originaltext: conwert Immobilien Invest AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
For additional information contact:

conwert Immobilien Invest AG, Johann Kowar, Chairman of the Management Board,
T +43 / 1 / 521 45-0, E kowar@conwert.at

Hochegger|Financials, Roland Mayrl, T +43 / 1 / 504 69 87-31,
E r.mayrl@hochegger.com

Branche: Real Estate
ISIN: AT0000697750
WKN: 069775
Index: WBI
Börsen: Wiener Börse AG / official dealing