O1 Group supports new chairman of CA Immo supervisory board

4 May 2016 – Yesterday evening, O1 Group Ltd. exercised three of its four “golden shares” in CA Immo, thereby appointing 3 new Directors to the CA Immo Supervisory Board.

We have taken this unorthodox step in order to correct a potential imbalance on the Supervisory Board to avoid a situation where the Supervisory Board could have been controlled by the legacy directors supported by the works‘ council delegates (an additional three Works Council representatives also joined the Supervisory Board yesterday). For the past decade, CA Immo has achieved an annual average ROE under 3%. While we believe that CA Immo must carefully balance the interests of its staff, its tenants and its shareholders, the returns achieved in the past decade are far too low in an Austrian and European context, and we believe that shareholders deserve a better performance. Since O1 Group and subsequently EG Real Estate Fund I became the new core shareholder, the performance of CA Immo has been steadily improving and as long as we are substantial shareholders we will continue to dedicate our efforts to support an improvement in performance by CA Immo for the benefit of all shareholders. We believe that the Golden Shares, which we acquired from Bank Austria, were created for exactly this purpose, to ensure that shareholder interests were fully represented.

Following yesterday’s Annual General Meeting, the Supervisory Board met and subsequently decided to appoint a new Chairman of the Supervisory Board who is an independent director that the Supervisory Board believes will fully serve the interests of all shareholders and has no personal interest in the outcome of a potential merger between CA Immo and Immofinanz. The new Chairman of The Supervisory Board is Torsten Hollstein, a German National with two state qualifications in law who was elected to the Supervisory Board today by the shareholders at the AGM. He is a highly regarded real estate executive who formerly worked for both Lehman Brothers and as a Managing Director for Catella Property in Germany. He is currently a Managing Director in a pan european real estate advisory firm with offices in Germany, Netherlands and the UK. Also elected by the shareholders of the AGM was Dr. Florian Koschat, a prominent Vienna based Investment Banker.

The three Directors appointed under the Golden shares were Timothy Fenwick, Marina Rudneva and Dr, Wolfgang Renner. Of these three Directors (appointed under the "golden shares"), Wolfgang Renner, a Vienna based attorney, announced his intention to resign from the Supervisory Board effective as of May 30, 2016 so his tenure as a Supervisory Board member will be less than one month. Mr Timothy Fenwick (a British National and a former 28 year veteran employee of the prominent real estate firm Jones Lang LaSalle Europe) will continue with the Supervisory Board. Mr Fenwick, who is also an independent director of certain Fidelity International Real Estate Funds, Luxembourg and O1 Properties Ltd, will bring a wealth of real estate and corporate governance experience to the Board. Marina Rudneva is Managing Director of O1 Group Overseas Limited based in Moscow. She is a qualified attorney, and has previously worked with both Gleden Invest and Deloitte & Touche

Dmitry Mints, Director of O1 Group Ltd. commented “The new Supervisory Board of CA Immo better reflects its pan European activities and has much greater real estate expertise. We are confident that the new Supervisory Board will continue to fairly represent the interests of all shareholders (especially minority shareholders) while maintaining a fair balance with interests of other constituents including staff and customers.”

After giving effect to the resignation of Dr. Renner, The Supervisory Board of CA Immo will comprise of 9 Directors elected by the shareholders of CA Immo plus two Directors delegated by O1 Group and four Works' Council representatives. 


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