Now is the time!

Now is the time: use the opportunities inherent in real estate - avoid write-downs on bonds!

And why is this? The chart below shows, on the one hand, a considerable danger of write-downs
on investments in the bond market at the current interest rate level. On the other, it illustrates that
the European real estate market is already far advanced in terms of factoring in events and that the
level reached is very favourable for entering the market in a long-term comparison.

Along with the price level, the real estate market has also currently taken the lead in terms of
nominal distribution. The comparison between bond market investments and the Euro BGV IV real estate portfolio shows a clear picture:


This correction phase will be moving towards its end over the course of 2009. Owing to the
crisis in the financial market, the spread between government bonds and initial real estate yield
(G = Germany, UK = United Kingdom) is one-off in a historical comparison and is set to narrow considerably in the foreseeable future.