Study confirms attractiveness of GWB-Real-Estate-Certificate

Payout on 30th of June 2006 far above forecast

Hamburg, Germany (pts016/20.06.2006/10:00)

GWB Immobilien AG distributes EUR 0.445 per participation certificate on 30th of June 2006. The current benchmark study / financial analysis made by Independent Research, Germany, states: "Given the current price level of the GWB profit participation certificate of EUR 9.40, the annualised yield is 9.5% (+5.5 percentage points over 10Y federal government bonds)."

The GWB profit participation certificate, ISIN DE000A0DQSE2, "... is located at the upper end of the peer group range." The Frankfurt based security analysts feel that the maximum return of 12% might be already achieved for the fiscal year 2006.

According to the study the price of the GWB certificate should theoretically list at about EUR 10.45. On the Frankfurt Stock Exchange the securities are traded presently at EUR 9.40. The analysts to it: "Timing is attractive to invest in GWB profit participation certificate - current undervaluation increases attractiveness of the certificate."

The benchmark study is distributed by the issuing house youmex Capital GmbH, E-Mail GWBbenchmark@youmexcapital.com or phone +49 69 795398-15, Mr. Scarpa.

GWB Immobilien AG is specialized in developing, building, letting, managing and administration of shopping malls, retail and warehouse centres in Germany. The GWB profit participation certificate is listed with the ISIN DE000A0DQSE2 on Frankfurt Stock Exchange and Stuttgart Stock Exchange, Germany.

Publisher:
GWB Immobilien AG, Hauptstr. 1a, D-22962 Siek bei Hamburg / GERMANY, www.gwb-immobilien.com, info@gwb-immobilien.com (end)