Timeline

Voting rights breakdown

Notice details

Beneficial owner

Forum European Realty Income L.P

We refer to the disclosure of shareholdings in Züblin Immobilien Holding AG ("Züblin"), dated October 10, 2006 and notify you of the changes described in this letter. The changes should be read in the context of the original disclosure. Forum European Realty Income L.P., c/o Walkers SPV Limited, Walker House, 87 Mary Street, George Town, Grand Cayman, KY1- 9002, Cayman Islands ("Forum") (formerly: Forum European Realty Income L.P., 22 Grenville Street, St. Helier, Jersey, JE4 8PX) has converted its CHF 11.8 million face amount of Züblin's outstanding 3.55% convertible bond due 2008 into 1'627'586 shares. These shares represent 3.50% of the total outstanding voting rights of 46’539’964, as set forth in the current inscription in the commercial register. Forum also continues to hold its CHF 28.0 million face amount of Züblin's 6.25% mandatory convertible securities due 2009, convertible into 2'959'830 shares in Züblin. The shares issuable upon conversion of mandatory convertible securities would represent 6.36% of outstanding voting rights set forth in the current inscription in the commercial register. As a result, Forum holds a total of 4'587'416 shares and/or conversion rights, corresponding to 9.86% of Züblin's voting rights pursuant to the current inscription in the commercial register of 46'539'964 shares. In addition, and as disclosed with the disclosure notice of October 10, 2006, Bruin I S.à.r.l., 46A, avenue John F. Kennedy, L-1855 Luxembourg ("Bruin") continues to hold 2'904'229 shares in Züblin corresponding to 6.24% of the voting rights set forth in the current inscription of 46'539'964 registered shares in Züblin. These shares are subject to the voting restrictions set forth in the joint venture agreement with Westblaak Ventures B.V. pursuant to the disclosure notice of October 10, 2006. The shares and mandatory convertible securities held by Forum and Bruin represent 7'491'645 shares in Züblin (corresponding to 16.10% of the share capital and voting rights calculated on the basis of the total amount of voting rights set forth in the current inscription in the commercial register of 46'539'964 registered shares), out of which 2'904'229 shares or 6.24% of the share capital and the voting rights are subject to transfer restrictions pursuant to the previous paragraph. Forum is a Cayman Islands limited partnership (L.P.) controlled by a general partner that is ultimately a subsidiary of Forum European Reality Investment Management LLC, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware, USA, which in turn is owned by the shareholders already disclosed.