Payments to the management board

Fundamentals of the remuneration system for the Management Board
In principle, the members of the Management Board are remunerated both for the functions they perform at CA Immo and for their managerial services to CA Immo Deutschland GmbH, solely on the basis of employment contracts concluded with CA Immo. Secondary employment of Management Board members is subject to the approval of the Supervisory Board to prevent time devoted to secondary activity and compensation paid in respect of such activity from conflicting with roles performed for the company. No separate payment is made for accepting mandates in Group companies (with the exception of Supervisory Board mandates at UBM Realitätenentwicklung AG, in which CA Immo has a holding of 25 % plus four shares). Management Board remuneration is in line with the relevant legal regulations and the recommendations of the Austrian Corporate Governance Code. The compensation structure was designed with long-term corporate development in mind. Emoluments comprise a fixed salary component and a performance-related element. The level of fixed salaries (which are paid in advance in 14 monthly payments) depends on the spheres of responsibility as determined in the schedule of responsibilities. The main prerequisite for variable remuneration is positive consolidated net income after minorities. The assessment basis includes both operational and qualitative targets agreed annually with the remuneration and nomination committee or the full Supervisory Board. Variable remuneration is restricted to a maximum of 100 % of the fixed annual salary. Since business year 2010, Management Board members and first-level managers have also had the option (subject to appropriate personal investment) of taking part in a long term incentive (LTI) programme. There are no stock option plans. Total costs for the Management Board amounts € 2,449 K in 2011 (2010: € 2,185 K).

Management Board Emoluments in € 1,000	Fixed¹⁾	Variable	2011 Total	Fixed¹⁾	Variable²⁾	2010 Total
			Gesamt			Gesamt
Bruno Ettenauer	320	310	630	320	-	320
Wolfhard Fromwald	282	274	556	282	-	280
Bernhard H. Hansen	270	262	532	270	-	270
Total	872	846	1.718	872	-	872

¹⁾ excluding auxiliary staff costs, remuneration in kind and travel expenses (for a complete overview of costs please refer to the notes section in our Annual Report 2011)
²⁾ no variable remuneration was granted in 2009 (paid 2010).

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