Interim Announcement Q3 2015WE DEVELOP GROWTH

1INTERIM ANNOUNCEMENT Q3 2015

// Key Group indicators

In EUR thousand01/01/2015

– 30/09/201501/01/2014

– 30/09/2014 Change

Income statement

Revenue 54,955 51,745 +6.2%

Total operating revenue 55,282 52,321 +5.7%

Changes in value for investment properties 8,950 1,078 +730.2%

EBIT (Earnings before interest and tax) 51,214 40,480 +26.5%

EBIT adjusted for valuation effects 42,264 39,402 +7.3%

EBT (Earnings before tax) 35,617 25,165 +41.5%

EBT margin 64.4% 48.1% –

EBT adjusted for valuation effects and extraordinary items 26,799 24,164 +10.9%

Consolidated net income 29,856 21,254 +40.5%

Earnings per share (undiluted, in EUR) 1 0.96 0.81 +18.5%

FFO (funds from operations), absolute 23,804 21,731 +9.5%

FFO per share 1 (in EUR) 0.86 0.86 + / –0%

Balance sheet 30/09/2015 31/12/2014

Net asset value (NAV) per share (undiluted, in EUR) 2 15.21 14.54 +4.6%

LTV (loan-to-value ratio) 54.1% 53.7% –

Other key indicators 30/09/2015 31/12/2014

Share price (XETRA closing price, in EUR) 17.20 14.24 +20.8%

ICR (interest coverage ratio: interest expense / net basic rents) 32.1% 34.4% –

Average borrowing rate 3.72% 3.91% –1 Average number of shares during the reporting period: 9M 2015: 27,579,833; 9M 2014: 25,228,374 2 Shares in issue as of the reporting date: 30/09/2015: 25,594,833; 31/12/2014: 24,783,906

2INTERIM ANNOUNCEMENT Q3 2015

Key data (as of: September 30, 2015)

Market capitalisation on the reporting date (in EUR millions) 440.2

Number of shares (as of the reporting date) 25,594,833

Share price on reporting date (XETRA, in EUR) 17.20

German Securities Code (WKN) 245751

Stock exchanges / market segmentMunich: Open market (m:access)Frankfurt: Open Market / XETRA

// The share

Share price (since January 1, 2015) (index comparison with EPRA and DAX and SDAX equity indices)

EUR %

15.0

14.0

16.0

Jan

100

90

120

130

110

17.0

18.0

— EPRA-Index Germany — VIB— SDAX— DAX

Feb Mar Apr May Jun Jul Aug Sep Oct

3INTERIM ANNOUNCEMENT Q3 2015

// VIB continues on successful growth path during first nine months of 2015

Operating activities

VIB Vermögen AG is a medium-sized company specialised in commercial real estate management, and has now been

operating successfully on the real estate market for more than 20 years. The focus is on real estate from the sectors

of logistics / light industry, as well as wholesale / retail, in the strong economic region of southern Germany. VIB's

shares have been listed on the stock exchange of Munich (m:access) and Frankfurt (Open Market, XETRA) since 2005.

VIB's business model is based on a "develop-or-buy-and-hold" strategy: On the one hand, VIB acquires properties

that are already rented. Moreover, the company develops new properties in their entirety in order to transfer them

long-term to its own portfolio, and generate rental income from them. VIB also holds investments in companies with

real estate assets. In total, the VIB Group portfolio as of September 30, 2015 comprises 103 attractive logistics

properties, shopping and specialist retail centres, and industrial and service centres with a total rentable space of

around 1.0 million sqm and a 2.3% vacancy rate.

Funding via annuity loans allows VIB to pursue a sustainable financing approach. The company is able to continuously

increase its net asset value (NAV) through the ongoing repayment of these loans and the resultant interest savings.

Compared with financing through final maturity loans, no refinancing risk exists in the case of annuity loans.

Market environment

According to the September Economic Barometer published by the German Institute for Economic Research (DIW) in

September 2015, the German economy has remained on its modest uptrend. While production in the manufacturing

industry is stagnating currently, especially services that are strongly aligned with consumption are providing strong

impulses. Strong private household spending is benefiting from the continued rise in employment, exerting a positive

impact on economic trends in Germany.

Despite this development, significant uncertainty continues to prevail among German corporates. The strained

situation in the Eurozone and risks of a marked cooling of economic dynamics in emerging economies, especially

China, might also dampen economic prospects in Germany.

According to Jones Lang LaSalle – one of the most important consulting and service companies in the real estate

sector – the commercial real estate market in Germany is heading toward a new transaction record in 2015 driven by

the sustained high demand. Commercial real estate transaction volumes stood at EUR 38.2 billion during the first nine

months of the year, for example, reflecting significant growth of 50%, or EUR 12.7 billion, compared with the previous

year's equivalent period. Among other factors, a growing level of investments realised by foreign investors have made

considerable contributions to this growth.

As also in previous quarters, trends in the retail property sector, in particular, proved very pleasing. With a share in

total transaction volumes of 35%, or EUR 13.3 billion, retail ranked as the most popular asset class during the first nine

months of 2015 after office properties (40% or EUR 15.2 billion). A positive trend is also identifiable with logistics

properties. This asset class, which has meanwhile become very popular, reached EUR 2.7 billion of transaction volumes

during the first nine months the current year, thereby up by around 20% year-on-year.

4INTERIM ANNOUNCEMENT Q3 2015

Business trends

VIB continued on its profitable growth path during the third quarter of 2015. In terms of both operating revenue and

earnings before tax (EBT), trends during the first nine months of the year were recorded within the scope of the

guidance for the full year.

Already on February 1, 2015, the company transferred the fourth MAN service station that it has developed itself to

its portfolio. This service station is located in Freiburg-Umkirch. This was followed on April 1, 2015 by a revitalised

specialist retail centre in Neu-Ulm. Both projects are fully rented. The investment volume amounted to a total of

EUR 22.3 million.

In August, VIB also completed to schedule its largest proprietary development to date, the logistics centre at the

Interpark near Ingolstadt, and transferred it to its new tenants. This commercial property was fully rented on the

completion date, and comprises a land area of 95,000 sqm and usable building space of 55,000 sqm. The highly

modern logistics centre entailed an investment volume of EUR 34.0 million, and is situated in one of the southern

Germany's most important business parks in the catchment area of the Munich and Nuremberg metropolitan regions.

With this investment VIB exceeded the mark of 1 million sqm in terms of rental space.

Future map Germany Locations VIB Group

Regions and their chances in future:Best chancesVery good chancesGood chancesLight chancesBalanced chances and risksLight risksHigh risksVery high risks

Source: Prognos AG, 2013

Logistics/Light industry

Retail

Offices Commercialbuildings & others

1 http://www.cesifo-group.de/de/ifoHome/presse/Pressemitteilungen/Pressemitteilungen-Archiv/2015/Q2/pm-20150416-GD-ifo.html2 http://www.gfk.com/de/news-und-events/presse/pressemitteilungen/seiten/gfk-kaufkraftstudie-deutschland.aspx

5INTERIM ANNOUNCEMENT Q3 2015

VIB achieved an important milestone in the financing area in the third quarter 2015 with the early fixing of interest

rates for annuity loans. Comprising a total of EUR 162 million of lending volume, the company was able to reach an

early agreement with its financing banks on new and significantly more beneficial interest terms with the usual long-

term periods. Accordingly, the average interest rate that currently stands at between 4.5 and 5.0% for the terms that

expire in 2016 and 2017 will reduce to around 2.0%. VIB will be able to report a significantly positive earnings effect

over the coming years as a result of this long-term securing of the currently favourable interest rate level. This earnings

enhancement will become fully effective as from the 2018 fiscal year.

Consolidated revenue was up by 6.2% to EUR 55.0 million during the first nine months of 2015 (9M 2014: EUR 51.7

million). Total operating revenue was up by 5.7% to EUR 55.3 million (9M 2014: EUR 52.3 million). This growth

derives from rental income from new properties which were not yet, or only partially, part of the real estate portfolio

in the prior-year equivalent period.

Value changes to investment properties of EUR 9.0 million (9M 2014: EUR 1.1 million) were chiefly attributable to

the properties that the company developed itself in 2015, the logistics centre in the Interpark near Ingolstadt, and the

MAN service station in Freiburg-Umkirch. Expenses for investment properties consisted primarily of operating

costs and repairs, and stood at EUR 9.3 million (9M 2014: EUR 9.3 million). Personnel expenses rose to EUR 2.5

million as a consequence of the company's continued growth (9M 2014: EUR 2.2 million), while other operating

expenses amounted to EUR 1.2 million (9M 2014: EUR 1.4 million).

Earnings before interest and tax (EBIT) were up by 26.5% to EUR 51.2 million (9M 2014: EUR 40.5 million). When

adjusted for valuation effects, EBIT advanced by 7.3% to EUR 42.3 million (9M 2014: EUR 39.4 million). Given the

favourable interest rate environment, interest expenses of EUR 15.3 million were recorded slightly below the level

of the previous-year period (EUR 15.4 million), despite brisk investment activity. Earnings before tax (EBT) were up

by 41.5% year-on-year to reach EUR 35.6 million (9M 2014: EUR 25.2 million). The EBT margin improved correspondingly

from 48.1% in the prior-year period to currently 64.4%. When adjusted for valuation effects and extraordinary

items, adjusted EBT outpaced the top line growth rate, reporting an increase of 10.9% to EUR 26.8 million (9M

2014: EUR 24.2 million).

After deducting EUR 5.8 million of income taxes (current tax EUR 2.0 million, deferred tax EUR 3.8 million), the

Group reported consolidated net income of EUR 29.9 million (9M 2014: EUR 21.3 million). Undiluted earnings

per share stood at EUR 0.96 (given an average of 27,579,833 shares in issue), reflecting 18.5% year-on-year growth

(9M 2014: EUR 0.81).

FFO (Funds from Operations), an indicator of cash inflows from operating activities, improved by EUR 2.1 million,

or 9.5%, to EUR 23.8 million during the first nine months of 2015 (9M 2014: EUR 21.7 million), while FFO per share

were at the previous year's level of EUR 0.86 despite the higher average number of shares in issue (27,579,833 shares).

Due to the strong consolidated net income that was generated, the new investments and the ongoing repayment of

annuity loans, VIB lifted its net asset value (NAV) by 8.0% compared with the end of the 2014 fiscal year to a level

of EUR 389.3 million (December 31, 2014: EUR 360.5 million). NAV per share (undiluted) increased by 4.6% to

EUR 15.21 as of September 30, 2015 compared with EUR 14.54 as of December 31, 2014.

6INTERIM ANNOUNCEMENT Q3 2015

Outlook

In view of the stable macroeconomic conditions and the current interest rate environment, the Managing Board

continues to anticipate the following for the fiscal year 2015

fgrowth in operating revenue to between EUR 74.0 million and EUR 77.0 million,

f an increase in earnings before interest and tax (EBIT) before valuation effects to between EUR 53.5

million and EUR 56.0 million, and

fgrowth in earnings before tax (EBT) before valuation effects and extraordinary items to between

EUR 33.0 million and EUR 35.0 million.

Neuburg / Danube, November 10, 2015

The Managing Board

7INTERIM ANNOUNCEMENT Q3 2015

// IFRS consolidated income statement

In EUR thousand01/01/2015

– 30/09/201501/01/2014

– 30/09/2014

Revenue 54,955 51,745

Other operating income 327 576

Total operating revenue 55,282 52,321

Changes in value for investment properties 8,950 1,078

Expenses for investment properties – 9,286 – 9,303

Personnel expenses – 2,464 – 2,192

Other operating expenses – 1,227 – 1,376

Earnings before interest, tax, depreciation and amortisation (EBITDA)

51,255 40,528

Amortisation and depreciation – 41 – 48

Earnings before interest and tax (EBIT) 51,214 40,480

Profit / loss on investments accounted for applying the equity method – 76 300

Income / expense from measurement of financial derivatives – 132 – 77

Other interest and similar income 48 81

Interest and similar expenses – 15,312 – 15,431

Expenses from guaranteed dividend – 125 – 188

Earnings before tax (EBT) 35,617 25,165

Income taxes – 5,761 – 3,911

Consolidated net income 29,856 21,254

Group shareholders' share of earnings 26,458 20,500

Non-controlling shareholders' share of earnings 3,398 754

Earnings per share (undiluted in EUR) 0.96 0.81

8INTERIM ANNOUNCEMENT Q3 2015

// Contact

Investor Relations

VIB Vermögen AG

Petra Riechert

Luitpoldstraße C70

86633 Neuburg / Danube

Tel.: +49 (0)8431 504 952

Fax: +49 (0)8431 504 973

E-Mail: petra.riechert@vib-ag.de

cometis AG

Ulrich Wiehle

Tel: +49 (0)611 205855 11

Fax: +49 (0)611 205855 66

E-mail: wiehle@cometis.de