Q4 2009

BPT Hansa Lux SICAV-SIF Quarterly Fund Report

As of 31 December 2009

Weinmeisterstrasse, Berlin

Contacts

CommentAry

BPt Hansa Lux SICAV-SIF is a direct real estate fund, designed for institutional investors. Currently only non-domestic inves-tors can subscribe, but soon the fund is expected to be opened for German investors as well.

FInAnCIAL reSuLtS For tHe yeAr 2009Coming from a negative net result of EUR -0.54m in 2008 the fund for 2009 shows a net profit of EUR 0.96m. This is primarily caused by an increase of net operating income to EUR 2.52m plus an appreciation of property values in an amount of EUR 1.1 million. The final result is that NAV increased to EUR 100.02 per share versus 96 last year. The direct property yield for the entire year is 5.37%.

ACtIVItIeS oVer tHe quArter

After finishing the two developments Berlin-Dahlem and Ham-burg-Wärtsilä in Q2 the gross property value of the entire fund value increased from EUR 58.4m in Q3 to 59.2 m in Q4.

The operating result of the fund in Q4 is affected by a late pay-ment of the lease guarantor in Dahlem, an increase of operat-ing expenses and costs for vacancy and for fit-out for a new tenant in Walsroder Strasse. The average direct property yield decreased from 5.7% to 4.0%, mainly as a result of the above mentioned points. The yield is expected gradually to increase to above 5.5% in the coming quarters. The occupancy ratio re-mained stable at approx. 92.8%.

The performance of the Hamburg-Wärtsilä property in Q4 was satisfactory again, the property yield remains at a satisfactory high level of 6.9%.

Selected Holdings

Property value increase of EUR 1.1 m after completion of projects

NAV increased to EUR 100.02 Average direct property yield

decreased to 4.0 % in Q4, but will recover next quarter

Wärtsila Headquarter (Hamburg) Industrial/Other, 4,985 sq. m. Acquired June 2007

Fund Manager Georg Haider Email: gh@bptam.com Direct tel. +49 30 20 21 59 886

Fund Manager Barbara Bendix Email: bb@bptam.com Direct tel. +49 30 20 21 59 884 Dahlem Campus Hotel (Berlin)

Retail/Other, 17,765 sq. m. Acquired July 2007 Client Support and Regulatory Manager

Mikkel Krøyer Email: mkr@bptam.com Direct tel: +45 33 69 21 70

Fund performance

Portfolio

Fund facts

NAV per share EUR 100.02

Latest dividend per share EUR 0.0

Total fund return since inception 0.03%

Fund return since inception annualised 0.02%

Number of properties 4

Average gross property value EUR 14.8 m

Occupancy ratio (quarter average) 92.8%

Fund inception (as of the first NAV) January 2008

expected exit 2022

Status Closed-end

Target share capital EUR 90.0m

Total share capital EUR 24.3m

Net asset value (total equity) EUR 24.4m

Investment capacity EUR 300m

Gross property value EUR 59.2m

Gross asset value (GAV) EUR 62.9m

Total cash and cash equivalents EUR 2.9m

Loans EUR 37.0m

Loan to value 62.5%

Interest coverage 93.9%

For p

rofe

ssio

nal u

se o

nly.

Ass

umpti

ons,

figu

res,

and

cal

cula

tions

con

tain

ed in

this

pub

licati

on a

re in

tend

ed to

be

indi

cativ

e on

ly. T

his

publ

icati

on is

not

a fo

rmal

offe

ring

and

will

not

form

par

t of a

ny c

ontr

act w

ith B

altic

Pro

pert

y Tr

ust A

sset

Man

agem

ent A

/S (B

PTAM

) or

any

third

par

ty. N

o re

spon

sibi

lity

is a

ccep

ted

by B

PTAM

for a

ny e

rror

s th

at m

ay b

e co

ntai

ned

in th

is d

ocum

ent,

or fo

r any

loss

occ

asio

ned

thro

ugh

the

relia

nce

on th

is d

ocum

ent.

All r

ight

s re

serv

ed. ©

200

9 BP

TAM

. No

part

of t

his

publ

icati

on m

ay b

e re

prod

uced

by

any

mea

ns w

ithou

t prio

r writt

en a

utho

rizati

on fr

om B

PTAM

.

The property Dahlem Campus Hotel in Berlin is progressing well but there is still +1,150 sq. m. of retail space which should be rented out by the general operator. Currently, our hotel op-erator, Seminaris is negotiating a contract for additional space. But, due to the fact that the general contractor and lease guar-antor is late with its payments, the direct property yield de-creased from 5.7% in Q3 to 3.7% in Q4. In the meantime the old management of this company was replaced by BPT staff members which would also permit the Fund to call for these due payments. Furthermore, these outstanding payments are as well covered by a back to back bank-guarantee.

The Weinmeisterstrasse property in Berlin showed a lower performance compared to the previous quarters, although oc-cupancy ratio (approx. 94%) and income remained stable. Rea-sons for the decline of the direct property yield to 4.8% are the timing difference in recognizing operating expenses as well as a write-off of some 2008 related property expenses.

At Walsroder Strasse the lease agreement with an affiliate of Generali-insurance started in Q4, so the occupancy increased to 66.5%. In addition, the negotiations with a dental clinic are at a final stage. When succeeding, the occupancy ratio would increase up to 81.5%. The direct property yield decreased to 1.4% as a result of the fit out for the new tenant and the va-cancy over the year and other related costs.

As already announce earlier, the Board of Directors and man-agement have reviewed the current Articles of Association (AoA) in order to make them more investor friendly and to have a legal foundation which could open the fund for new in-vestors, including German investors. This review process has triggered a range of proposals which will be distributed to all investors and shall end up in an approval by the EGM, subject to the approval of the CSSF.

mArket outLookAfter the deep financial crisis Germany showed a decline of -5% in 2009. But German economy has shown first signs of a recovery. After a growth in Q3 with 0.7% and a stagnation of GDP in Q4 the tendency continues on course for a moderate economic recovery. Expectations from leading financial insti-tutions are an increase of GDP by 1.5% in 2010 and by 2.0 % in 2011, respectively.

The increasing dynamic in the German investment market con-tinued in the final quarter of 2009. A total turnover of approx. EUR 4bn is resulting in a total turnover for the entire year of EUR 10.5bn. This was a fall of approx. 47% compared to the year before. Especially German investors were dominant in the domestic market. Due to a more stable and reliable credit en-vironment, a lower volatility of value of commercial properties in international comparison and the improving economic data for 2010 a total investment turnover of approx. EUR 12.5 up to 15bn is expected.

BPT Hansa Lux SICAV-SIF Quarterly Fund Report Q4 2009

Net initial yield (NIY) p.a. and Direct property yield (DPY) p.a.

10

8

6

4

2

0

NIY (light blue) is calculated as the net operating income divided by gross property value annualized. DPY (dark green) is calculated as the net operating income divided by the acquisition costs annualized.

%

Q4 2009 YTD 12 months 3 years p.a. 5 years p.a.

3.96

6.17 6.17

N/A N/A

3.99

5.37 5.37

Development in NAV per share and historical dividends

Development in NAV (light blue) is excluding reinvested dividends. Historical dividends (none so far) are shown at the time they are deducted from the NAV per share.

Jun.08Dec.07 Dec.08 Jun.09 Dec.090

25

50

75

100

125NAV

0

4

8

12

16

20Dividend %

25 NAV = 6 mm1 NAV = 0,24 mm

Total Fund Return

Total fund return is calculated as NAV-to-NAV taking into account distributed dividend and net capital invested for the year.

-10

-5

0

5

10%

Q4 2009 YTD 12 months 3 years p.a. 5 years p.a.

4.51 3.74 3.74

N/A N/A

5% = 7.5 mm1% = 1.5 mm

Current Allocation

BerlinHannoverHamburg

72.2%

13.1%

14.7% 5.5%16.8%

44.3%

8.7%

24.7%

RetailOfficeResidential Hotel Industrial

Allocation is calculated based on gross property value.

Current Allocation

BerlinHannoverHamburg

72.2%

13.1%

14.7% 5.5%16.8%

44.3%

8.7%

24.7%

RetailOfficeResidential Hotel Industrial

Allocation is calculated based on gross property value.

Fees

Top 5 holdings

Top 5 holdings is based on gross property value.

Management fee 0.75% of gross asset value p.a.

Acquisition fee 0.3% of the transaction sum

Incentive fee 20% of RoE in excess of 7% p.a.

Subscription fee 2.5% of the subscription price

Dahlem Campus Hotel other/Hotel Berlin

Weinmeisterstrasse Office/Retail/Residential Berlin

Walsroderstrasse Office Hannover

Wärtsilä Office/Industrial Hamburg

There are currently four holdings in the fund