We have audited the accompanying consolidated financial statements of CA Immobilien Anlagen Aktiengesellschaft, Vienna, which comprise the balance sheet as at 31 December 2006, and the income statement, cash flow statement and statement of changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory notes.

Management’s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with laws and regulations applicable in Austria and International Standards on Auditing (ISAs). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting  policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion
Our audit did not give rise to any objections. In our opinion the consolidated financial statements are in accordance with legal requirements and present fairly, in all material respects, the financial position of the group as of 31 December 2006 and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU.

Report on the Management Report
Austrian Commercial Law requires that the Management Report, which has to be prepared by the Management in accordance with Austrian Commercial Law, has to be audited whether it is consistent with the consolidated financial statements. In our opinion, the Management Report for the group is consistent with the consolidated financial statements.

In our opinion, the Management Report for the group is consistent with the consolidated financial statements.

Vienna, 9 March 2007


     KPMG Wirtschaftsprüfungs- und Steuerberatungs GmbH

Mag. Walter Reiffenstuhl                 ppa Mag. Nikolaus Urschler
                 (Austrian Chartered Accountants)