The Dolphin Strategy

Scientists describe dolphins as honest, flexible, strategic and tactical in their 'thinking'. They are capable of quickly adapting to changing conditions in an elegant manner.

"Real estate determines our lives. People live and work in buildings. Buildings determine the image of our cities and villages. Buildings are the centre of our society and are witnesses of the history and presence of our culture. The value of real estate has constancy. Real estate in Germany has a future and a high potential that we decisively help to shape."

Charles Smethurst Founder and CEO of Dolphin Trust

Listed historic real estate

Land development Business segments

Care and Living

New development, construction services, real estate management

Around the world, Dolphin Capital stands for: › the maintenance and development › restoration and renovation, as well as › international trading of listed historical real estate in Germany that enjoys special protection by the state and high tax breaks.

› in Germany › in the rest of Europe › in Asia › on the Arabian peninsula

International Business Operations

› business operations of the corporate group since 1989 › founding of Dolphin Trust GmbH in 2008

25 Years Dolphin Group

Sustainability

"We work sustainably when it is possible for us to bring the demands and requirements of all those involved into unison, even when they are opposed. The solutions that we choose in the process must be lasting and sustainable like the buildings that we build." Charles Smethurst Founder and CEO of Dolphin Trust

> integration of the constraints of historical site protection and the requirements of modern living comfort > premium quality > lasting harmony of our projects and properties with nature and society > ecological construction > self-commitment to the protection of people, the environment and nature > planning foresight for location development > proactive communication > thorough due diligence for each individual construction project

Sustainability through ...

1. Find the property and due diligence

2. Property purchase with investment capital as initial financing

3. Project management including approvals process with investment capital

4. Marketing and sale

5. Redemption of the initial financing

6. Return of investment with interest charges

7. Start of construction and realisation

8. Project completion and handover

9. Real estate management

Dolphin projects, step-by-step

Technical: > Inventory taking of building fabric > Contaminated sites and public easements > Light conditions > Room layout > Analysis of the facts with architects and

general contractors

Commercial: > Receipt of property brochures > Macro-analysis of the location > Micro-analysis of the location > Site visit and property tour > Review, decision making and possibly a

purchase offer > Preparation of notarised contract

Dolphin projects, step-by-step

Find the property and due diligence Property purchase (investment capital)

Project management including approvals process

Premium partner: Architects office archis in Karlsruhe, Prof. Bernhard Kogel

Dolphin projects, step-by-step

Marketing and sale: Sale of newly created flats in a non-renovated condition on the basis of exclusive property brochures

Dolphin projects, step-by-step

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Marketing example: Property at Canisiusstraße in Mainz, 80 flats were sold in 11 months.

Dolphin projects, step-by-step

Marketing and sale:

Redemption of the initial financing by calling for the first MABV instalments or alternatively through developer financing

Return of investment with interest or reinvestment

Start of construction and realisation by the project company

Dolphin projects, step-by-step

Project completion and handover to buyers

Real estate management (individually- and jointly-owned property)

Dolphin projects, step-by-step

› Independent and audited control of the application of funds

Dolphin Investments: Security

Current reference properties Block of flats| Leipzig, Roßmarktstraße 27 | Size: 8 flats, 51 to 63 m2

Current reference properties Gatehouse | Neustadt am Rübenberge | Size: 101 m2

Current reference properties Bolongaropalast Residence | Frankfurt, Bolongarostr. | Size: 26 flats, 38 to 107 m2

Current reference properties Block of flats| Leipzig, Gregor-Fuchs-Straße | Size: 10 flats, 55 to 59 m2

Current reference properties Block of flats| Leipzig, Hans-Poeche-Straße | Size: 8 flats, 61 to 82 m2 | Completion: 2013

Current reference properties Villa Windsor | Neustadt am Rübenberge | Size: 8 flats, 62 to 120 m2

Current purchased properties in planning

Flensburg: Kelmstraße 15/17/25

24944 Flensburg Size: 70 - 80 flats planned

Zossen: Hauptallee 94 15806 Zossen Size: ca. 120 flats planned

Canisius Carrée Mainz, Canisiusstraße

Size: 113 flats 55 to 170 m2

Ingolstadt: Adolf-Kolping-Straße

Size: 18 flats 41 to 189 m2

Dottistraße, Altbau Berlin, Dottistraße Size: 48 flats 59 to 206 m2

Current purchased properties in planning

Dolphin residential construction:

Demand perspectives

2010: 135 billion

2011: 147 billion

2012: 168 billion Euro ⩠ 1 million transactions

2013: 183 billion Euro

2014: Increasing trend

• Munich: 31,000 flats • Frankfurt am Main: 17,500 flats • Hamburg: 15,000 flats • Stuttgart: 8,000 flats • Cologne: 7,000 flats • Düsseldorf: 6,400 flats • Hanover region: 5,200 flats • Bonn: 5,000 flats • Karlsruhe: 3,600 flats • Freiburg: 3,000 flats

Shortage of flats up to 2020 Real estate purchases in Germany

Certificates