Vonovia SE

Environmental & Social Information • Oct 6, 2021

Vonovia Sustainability Presentation

Société Générale – The European ESG/SRI Conference

October 6, 2021

	Agenda

Europe's Leading Residential Property Owner and Operator

Development

Vonovia	Environment	Social	Governance
---------	-------------	--------	------------

We are the long-term owner and full-scale operator of Europe's largest listed multifamily housing portfolio with ca. 414k apartments for small and medium incomes in metropolitan growth areas.

Geographic split (by number of units)1

• €5bn Total Segment Revenue²
• €2.08bn Adj. EBITDA²
• €1.49bn Adj. Earnings ("Group FFO")²
• Dividend policy: ~70% of Group FFO
• ca. 11,000 employees³

¹ The small stakes we own in the Dutch and in the French portfolios are less of a financial investment and more R&D to gain an even better understanding of the markets. ² Mid-point of FY2021 guidance. ³ As of 30 June 2021.

Vonovia Contributes to Solutions for Tomorrow's Challenges

	Compelling Investment Case
Vonovia	Environment	Social	Governance
Market Leader	We are Europe's largest residential landlord and the long-term owner and full-scale operator multifamily housing portfolio with ca. 414k apartments for small and medium incomes in metropolitan growth areas.		of a
Uniquely Positioned	The granularity and B-to-C nature of our business are unique in real estate. Our strategy of standardization, industrialization and process optimization makes us the industry leader with best-in-class service levels and superior cost control.
Low Risk	Fundamental megatrends provide a positive backdrop in a regulated environment that safeguards attractive risk-adjusted returns and offers downside protection.
Growth	Organic earnings and value growth plus substantial long-term upside potential from acquisitions in selected European metropolitan areas. Low execution risk from track record of acquiring and integrating >300k apartments in eight large transactions since IPO.
	All of our actions have more than just	an economic dimension.
Built-in	We provide a home to around 1 million people from ca. 150 nations.
ESG Focus	CO2 emissions related to housing are one of the largest sources of greenhouse gas emissions.
	As a listed blue-chip company we are rightfully held to a high standard.

Impeccable Track Record of Consistent & Sustainable Growth

Confident to Maintain Earnings and Value Growth Going Forward

¹ Based on prevailing internal management KPI, which was FFO1 from 2013-2018 and Group FFO starting in 2019.

FFO (€/share)¹ Dividend (€/share) – 70% payout ratio from FFO

Adj. NAV (€/share) LTV and Interest Cover Ratio

Disciplined Capital Allocation Focused on Long-term Earnings and Value Creation

	Vonovia	Environment	Social	Governance
s s e n si u B e	Dividend policy	70% of recurring cash earnings (FFO) paid out as dividend We expect to continue to be able to deliver sustainably growing dividends Scrip dividend option since FY2016	1.30 1.00 0.95 0.94 0.74 0.67 2013 2014 2015	2.38 2.25 2.06 1.90 1.69 1.63 1.57 1.44 1.32 1.12 2016 2017 2018 2019 2020 2021(E) Recurring cash earnings ("FFO")1 Dividend
r o C c ni a g r O	Investment Program	Investments in modernization and new construction to hold to address the megatrends urbanization, climate change & energy efficiency and demographic change Drives organic earnings, value growth, and overall portfolio quality	€m New construction to hold Upgrade Building Optimize Apartment 356 172 71 2013 2014 2015	1,300 - 1,600 1,489 1,344 1,139 779 472 2016 2017 2018 2019 2020 2021(E)
c ti s ni u	M&A	Disciplined and opportunistic approach Clear set of criteria to safeguard earnings and value growth for shareholders Impeccable track record of execution with >300k apartments acquired and integrated since IPO	'000 apartments 180 90 IPO Sales	414 4 320 Acq. New construction H1 2021
rt o p p O	Share buy-backs	Shareholder authorization in place (until 2023) General preference for allocating capital to long-term growth of the company Potentially an option in case shares trade at steep discount to Adj. NAV over longer time	80 70 60 50 40 30 20 10 0 Jul-13 Jan-14 Jul-14 Jul-15 Jan-16 Jan-15	Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Last reported NTA2 VNA share price

¹ Based on prevailing internal management KPI, which was FFO1 from 2013-2018 and Group FFO starting in 2019. ² Adj. NAV until March 4, 2021. EPRA NTA after that.

Vonovia Sustainability Presentation. page 7

Increased Guidance for 2021E

Vonovia	Environment	Social Governance
	Previous 2021 Guidance	Current 2021 Guidance		Mid-Term
	(as of 05/2021)	(as of 08/2021)		Outlook
Total Segment Revenue	~€4.9bn - ~€5.1bn	~€4.9bn - ~€5.1bn		growing
Rental revenue	~€2.3bn - ~€2.4bn	~€2.3bn - ~€2.4bn		growing
Organic rent growth (eop)	~3.8%	~3.8%		stable
Recurring Sales (# of units)	~2,500	~2,800		stable
FV step-up Recurring Sales	~30%	>35%		stable
Adj. EBITDA Total (€m)	1,975 – 2,025	2,055 – 2,105		growing
Group FFO (€m)	1,415 – 1,465	1,465 – 1,515		growing
Dividend (€/share)	~70% of Group FFO per share	~70% of Group FFO per share		stable payout ratio; €/share growing
Investments (€bn)	~€1.3bn – ~€1.6bn	~€1.3bn – ~€1.6bn		at least stable
SPI	~100%	~105%		at least stable

Note: The 2021 guidance is based on the current legislation under which the CO² tax is part of the recoverable expenses; equally, the 2021 guidance does not include any positive impacts expected from the Federal Funding Regulation for Energy-Efficient Buildings ("BEG").

Sustainable business model deeply rooted in ESG

Vonovia	Environment	Social	Governance

• › Climate path defined for the portfolio to achieve CO2 neutrality by 2050
• › High average modernization rate of ~3% p.a. to increase energy efficiency of our portfolio
• › 1,000 roof program for installation of photovoltaic panels started in 2019 Expansion of the program to 30,000 roofs by 2050
• › Researching innovative ways to reduce CO² emissions and increase the use of renewable energy

• › New construction with high energy standards and innovative concepts

• › Deeply rooted in the middle of society with products & services that impact the lives of more than one million people

• › Approx. three quarters of Vonovia's portfolio is located in urban quarters
• › Stakeholder reconciliation above and beyond regulatory requirements
• › Ratio of senior-friendly apartment refurbishments amongst all new lettings ~30% p.a.

• › Customer satisfaction increased by 8.6% in 2020

• › 2-tier board system with strict separation of management and monitoring

• › Full compliance with the German Corporate Governance Code
• › Comprehensive organization with Board responsibility & Sustainability/Strategy department
• › Implementation of Sustainability Performance Index (SPI) as central KPI and part of management remuneration
• › ESG rating performance significantly improved

Vonovia's Sustainability Targets

Vonovia	Environment	Social	Governance
	CO reduction of existing buildings 2 ~3% avg. annual modernization rate -	CO Intensity: <30 kg CO 2 2	/sqm p.a. by 2030
	Average primary energy need of new constructions Annual reduction average primary energy demand –	33 (kWh/sqm	p.a.) until 2024
	Biodiversity Expansion of wildflower meadows to 100,000 sqm and 260 insect habitats
	Senior-friendly apartments Ratio of senior-friendly apartment refurbishments among all new lettings -		~30% p.a
	Customer satisfaction & service quality Increase Customer Satisfaction Index (CSI) by 2%-points until 2024
	Attractive employer - best in class Increase employee satisfaction by 5%-points until 2024
	Workforce Gender Diversity Increase in the proportion of women in the top two management levels below the Management Board - 26% until 2024

Agenda

Vonovia Environment Social Governance

Vonovia Sustainability Presentation. page 11

Vonovia's Climate Path towards CO² Neutrality through Continued Modernization, Renewable Energy and Sector Coupling

Note: This climate path refers to the German portfolio; we are in the process of developing separate climate paths for the portfolios in Austria and Sweden. Source: Fraunhofer ISE modelling of Vonovia portfolio. Reduction of energy need of 160 kWh towards 60% through the following measures: Building envelope (insulated facade, windows) to become KFW Standard 100-70; scenarios 2 and 3 include the simulation of a change of energy sources. ¹ In order to achieve the climate neutral case certain regulatory adjustments still need to be made and not all of the technological concepts have been fully developed yet.

Vonovia Sustainability Presentation.

¹ German portfolio. ² energy related scope 3 emissions. ³ Incl. portfolios in Austria and Sweden. ⁴CO2 emissions avoided through annual installation.

Modernization of Building Envelope plus Fuel Switch for the Portfolio

Vonovia Portfolio 2020 -	Vonovia's CO
Energy Efficiency Class Distribution (%)	reduction strategy
(kWh/sqm/year)	2

• Energy-efficient portfolio modernization of on average ca. 3% p.a.
• Continue building modernization with even greater depth (up to 60%)
• Additional efficiency gains from fuel switch & renewable energy (generated, stored and used locally):
• Green district heat
• New technologies
• Sector coupling in the neighborhood (PV & mobility)
• New construction: CO² optimized, use of renewable energy (energy efficiency class A and better)

Photovoltaic Potential – Annual Installation Capacity to be increased 10-fold

Today's photovoltaic potential

PV expansion: Launch of the 30,000 Roofs Program

• Annual installation capacity to be increased 10-fold
• By 2030, 17,000 roofs will be equipped with PV modules
• Annual avoidance of 76,500 t CO²
• By 2050, 30,000 roofs equipped with PV modules

surfaces, facades (single-sided installation), occupation of parking areas possible in the future

Technologies for Reaching Climate Path Objectives Innovation for CO² -neutral Heat Generation

Vonovia	Environment	Social	Governance

Innovation for CO²

Existing technologies

• Continue energy efficient building modernization with a 60% reduction rate for postrefurbishment energy need
• Replacement of oil heating systems with gas condensing boilers
• Hybrid heating (combination of condensing boilers and solar, renewable)
• Heat pumps
• Green district heat
• Sector coupling

Tomorrow's Energy Center Energiesprong – Serial

Construction of a proprietary research center in Bochum Weitmar to develop renewable energy systems

• Integration of technologies such as fuel cells, electrolyzer, etc.
• The objective is to evaluate different technologies in terms of economic and ecological impact with a view to roll them out in other neighborhoods of our portfolio

Refurbishment

-neutral Heat Generation

• Concept for cost-neutral modernization by combining serial refurbishment and the integration of renewable heat and electricity
• First pilot in Bochum about to be implemented

• Additional pilots planned until 2024

• Pellet heating is almost climate neutral

• Particularly suitable in connection with local district heating
• Pellet costs are similar to gas costs; heating plants are more expensive
• When subsidized, pellet heating is a viable ecological and economically feasible alternative
• First concepts for potential pilots underway

Pellet Heating Project Hydrogen Technology

Decentralized generation of green hydrogen via PV

• Areas of application:
• Hydrogen storage for subsequent heat generation
• Disposal of hydrogen
• Technology currently still too expensive; a growing market is expected to lead to substantial cost reductions, rendering H² economically feasible

Electricity, Heat and Mobility offer Synergies within our Quarters (sector coupling)

|--|

Energy Innovation Center Bochum Weitmar

• In Bochum-Weitmar, the EZZ was created in a very short time and with its own funds as the first energy research center for the housing stock.
• In mild winters, the entire heat demand and up to a quarter of the electricity demand is generated and consumed on site using innovative technologies (including electrolyser, fuel cell, electricity and H² storage).
• The goal of the research is to identify scalable, green business models and technology combinations for our neighborhoods.
• There have already been important findings in the construction phase: For example, Vonovia is building the first lowtemperature grid in the EZZ with transfer stations supported by high-performance heat pumps. That makes it possible to achieve low temperatures and means existing radiators do not have to be replaced.
• The next step will now be to develop our own transfer stations, which can be built by our craftsmen.

Level		Measure
Apartment	1	Implementation of measures that do not involve any structural intervention, e.g., optimized heating system settings
	2	Digitalization of buildings and apartments, e.g., to feature smart meters
	3	Energy-efficient refurbishment, e.g., measures relating to the building shells and heating systems
Building	4	Infrastructure for e-mobility, e.g., charging stations and e-wall sockets
	5	Sustainable energy supply, e.g., photovoltaic systems for tenant electricity
	6	Building digitalization and networking
	7	Sector coupling (heat, electricity, mobility, etc.) in the neighborhood via digital platform
Neighborhood	8	Storage and distribution of energy generated in a decentralized structure enables on-site consumption
	9	Promotion of biodiversity

New Construction and Development Projects are Sustainable and CO² -optimized (1)

Vonovia Environment Social Governance

• ca. 500 condominiums
• ÖGNI NH Certificate Gold / klimaaktiv Gold Certificate
• Low-emission and low-pollution building materials
• Sustainable mobility concept

Vienna (Marina Tower) Berlin-Grünau (Pilot Houses)

• 2-5 room apartments
• Wood-hybrid construction
• Low-emission and low-pollution building materials

• Low-energy houses Standard KfW 40

• New construction of 27 apartments (50% of them barrier-free)

• Wood hybrid construction
• Energy efficiency class A+ / Standard KfW 55
• Pellet heating

Buchloe (An der Halde) Bochum (Waldenburger Str.)

• New construction of 14 apartments
• Fully automated pellet boiler
• Energy efficiency class A+ (heating)

• Photovoltaic system

• New construction projects geared towards energy efficiency

• Use of renewable energies (PV, CO² , renewable heating)

• Mainly A+ / KfW Program 55

• 86% of new constructions with energy efficiency class A or better

• Average primary energy demand of new buildings at 35.7 kWh/m² in 2020
• Reduction of the average primary energy requirement for new buildings to 33 kWh/m2

New Construction and Development Projects are Sustainable and CO² -optimized (2)

New Construction and Development Projects are Sustainable and CO² -optimized (3)

• Former industrial area, approx. 100,000 m²
• Located on the banks of the Dahme River in Treptow-Köpenick
• 2012 Takeover and soil remediation by BUWOG. 2015 Laying of the foundation stone. Per 31.12.2020, 585 residential and 4 commercial units as well as a day-care center completed
• Planning: Expansion to approx. 1,100 residential units
• Architecture: 20 sub-projects with a wide variety of architecture, building and construction methods
• Neighborhood as a signpost in terms of sustainability and architecture
• Private water area, playgrounds, waterfront promenade, neighborhood squares

New Construction and Development Projects are Sustainable and CO² -optimized (4)

• Roof and facade greening: Climbing plants on the facade with automatic irrigation system provide cooling effects in summer and improve the microclimate within the facility
• Nesting boxes and nesting places for birds
• Urban gardening areas incl. glass houses: roof garden with beds, heated glass houses for overwintering potted plants & growing young plants
• Wild bee hotel on the roof
• Mobility offers such as car sharing & electric charging stations and annual pass of the Wiener Linien, electric rental bicycles
• Own neighborhood management & assisted living

Promotion of Biodiversity in Our Neighborhoods

Ecological pruning

Vonovia's Green Bond Framework at a Glance

financed

Use of Proceeds	Process for Project Evaluation and Selection	Management of Proceeds	Reporting
3 Eligible Green Categories:	Green Finance Committee will oversee	Eligible Green Register to track net proceeds	Allocation reporting with list of financing per
Green buildings and energy efficiency	the evaluation and selection of eligible	with bond-by-bond approach	category and unallocated proceeds
Renewable energy	projects	Full allocation within 2 years following each	Impact reporting with details on Environment
Clean transportation		bond issuance	impact of the projects

Inaugural Green Bond issuance: Focus on green buildings in Germany

Agenda

Balanced Stakeholder Approach

Vonovia	Environment		Social		Governance
A home at a fair rent level	Fair rental levels for low- to mid-income households	Self-imposed obligation to cap modernization rent increases to max. €2 per sqm; Guarantee to tenants 70+ years that rents will remain affordable even if market rents change	Hardship case management to effectively assist tenants in financial distress		COVID-19 – special promise that we will find individual solutions for tenants who struggle financially; no one to lose the roof over their head
Contribution to society and stability of local neighborhoods	382 social projects carried out / financially involved in our neighborhood. Cooperation with non-profit organizations to support tenants in need	Vonovia Foundation supports multitude of social projects	24 Neighborhood managers and social workers to assist tenants and promote unity in diversity in our neighborhoods		Customers from ca. 150 different countries and tenants from all walks of life
Top employer	It is our ambition to be the best employer in the real estate and craftsmen industries	Employer appeal – we are an attractive employer for former, current and future employees	Talents – support our employees in their development to become the experts and leaders of our industry	we actively	Culture & change – we share a common culture of diversity, performance and appreciation in an developing organization that embraces change

Vonovia Sustainability Presentation. page 27

Vonovia Service App Vonovia	Environment	Social		Governance
>200,000 downloads >50,000 users	Vonovia's	Full customer life cycle in one app		customer service app for tenants and potential tenants
	Communication Digital postbox News Feed Micro surveys		Transparency billing Push notifications	Ancillary expenses: online receipts and Status of submitted requests
	Self-service Online-booking of repairs Account management Document management		Digital rental contract Apartment search consumption	Upgrades planned for 2021 Monitoring of heating and water
	Apartment search Preferences / profiles Platform potential	Potential tenant	New tenant	Digital rental contract Cross selling Seamless transformation
			Existing tenant Self service Transparency Preferred search requests

Neighborhoods / Urban Quarters

Vonovia Environment Social Governance

"In residential real estate, a neighborhood, or urban quarter, is usually defined as a cohesive urban structure that is considered by its inhabitants as a self-contained area. It is the predominant aggregation level where a real estate company can make the biggest difference and most positive contribution for inhabitants."¹

Every urban quarter is unique… … but for each one we pursue a holistic approach

Approx. three quarters of Vonovia's German portfolio are located in almost 600 urban quarters, each with an average of

430 apartments.

Properties Location, construction year, infrastructure, investment potential, competition, urban development

Customers Existing and potential tenants, age structure, diversity, purchasing power

Big Picture Urbanization, climate change, ageing population, integration

¹ Source: GdW (Association of German Housing Companies)

Support for Social and Community Activities in Our Neighborhoods

Vonovia Environment Social Governance

We get involved on site - for different projects and associations, so that our tenants feel comfortable in their neighborhood and home.

	Vonovia supports the City of Cologne and the Lukas Podolski Foundation in Cologne Gremberghoven
New football field in Cologne - Gremberg	Construction of a new modern and functional soccer field and youth club with many sports and vacation offers
	The land was made available by Vonovia free of charge for 10 years
Strengthen Parents International	Vonovia tenant foundation supports project "Strengthen Parents International" The offer is aimed specifically at parents of refugee families, who are to be respectfully supported and strengthened.
Dementia Dementia residential WG	Vonovia cooperates with the service provider Humanika and has set up a dementia home for ten residents. People receive assistance in coping with
housing	everyday life and, if necessary, medical care.

Vonovia Sustainability Presentation. page 30

	Agenda

Highly Robust Governance

Vonovia Environment Social Governance

Governance

Highly robust governance structure with two-tier board system and fully independent supervisory board

Dedicated ESG Department reporting directly to the CEO; The Supervisory Board monitors ESG issues in the Audit Committee; Sustainability Committee meets at regular intervals and on a need-basis

Numerous policies published (e.g. human rights, whistleblower, tax understanding, etc.) Committed to ILO Core Labor Standards and UN Global Compact on Human Rights

Roadmap

Anchoring TCFD further in our sustainability reporting and adopting EU taxonomy

Further development of sustainability risk management and Environment controlling

Continued progress on ESG Ratings and inclusion in leading ESG indices

Recognition of ESG Performance

ESG Ratings and Indices

ESG Indices

Vonovia is a constituent of various ESG indices, including the following: DAX 50 ESG, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, STOXX Europe ESG Leaders 50, Dow Jones Sustainability Index Europe.

Enhancement of Sustainability Reporting

Increasing External Requirements

Additional External Reporting Requirements (beyond established GRI Standards)

¹ Mapping of SASB reporting metrics and Vonovia Sustainability Reporting / GRI Disclosure. https://investoren.vonovia.de/en/vonovia-at-a-glance/esg/esg-publications-and-downloads/

Sustainability in Vonovia's Organizational Model

Corporate Governance – AGM, Supervisory Board, Management Board

Vonovia Environment Social Governance
------------------------------------------------	--	--	--	--	--

• The duties and authorities of the three governing bodies derive from the SE Regulation, the German Stock Corporation Act and the Articles of Association. In addition, Vonovia is fully in compliance with the German Corporate Governance Code.
• In the two-tier governance system, the management and monitoring of the business are strictly separated from each other.

Annual General Meeting (AGM)

• Shareholders can exercise their voting rights.
• Decision making includes the appropriation of profit, discharge of members of the SVB and MB, and capital authorization.

Supervisory Board (SVB)

• Appoints, supervises and advises MB
• Examines and adopts the annual financial statements
• Forms Supervisory Board Committees
• Fully independent
• Board profile with all required skills and experience

Fitschen (Chairman)

Burkhard Ulrich Drescher

Prof. Dr. Klaus Rauscher

Dr. Ariane Reinhart

Dr. Florian Funck

Clara-Christina Streit

Dr. Ute Geipel-Faber

Christian Ulbrich

Two-tier Governance System

Management Board (MB)

• Jointly accountable for independently managing the business in the best interest of the company and its stakeholders
• Informs the SVB regularly and comprehensively
• Develops the company's strategy, coordinates it with the SVB and executes that strategy

CEO Rolf Buch

CRO Arnd Fittkau

CFO Helene von Roeder

CDO Daniel Riedl

Vonovia Sustainability Presentation. page 36

Management Board Remuneration - Overview

Sustainability Performance Index (SPI)
Vonovia	Environment	Social	Governance

• Vonovia has established the Sustainability Performance Index with quantitative, non-financial KPIs to measure sustainability performance in the most relevant areas
• SPI reporting is audited by our statutory auditor¹
• The SPI is a relevant criterion in the long-term incentive plan for the executive board as well as for the leadership group below the executive management
• To achieve the target of 100%, all six individual targets must be fully achieved

			2020 Actuals	2021 Initial Targets	Medium-term Targets
	1	intensity in the portfolio2,3 CO 2	39.5 (kg CO2e/sqm/p.a.)	Reduction of at least 2%	< 30 (kg CO2e/sqm/p.a.) until 2030
	2	Average primary energy need of new constructions	35.7 (kWh/sqm p.a.)	Substantial increase4	33 (kWh/sqm p.a.) until 2024
SPI	3	Ratio of senior-friendly apartment refurbishments among all new lettings3	30.1%	~30%	~30% p.a.
	4	Customer satisfaction3	+8.6%	In line with prior-year level	Increase by 2% points until 2024
	5	Employee satisfaction	No survey	Slight increase	Increase by 4% points until 2024
	6	Workforce gender diversity (1st and 2nd level below top mgt.)5	25.9%	In line with prior-year level	26% until 2024
				~100%

¹ Limited assurance. ² Limited comparability to previous years due to harmonization of data sources and update of emission factors for the calculation of carbon emissions in current fiscal year. ³Germany only at this point. ⁴ Initial increase because of projects approved in the past (prior to establishing the SPI) that will be completed in 2021. ⁵ Based on female representation within overall workforce.

EU Taxonomy

Sustainable finance / EU Taxonomy – EU classification framework for sustainable investments to redirect future investments streams

• Vonovia's average refurbishment rate of around 3% p.a. in line with EU requirement
• Relevant screening criteria for goal 1 and 2 for real estate/construction:
• Energetic renovation: reduction of primary energy demand of at least 30% compared to status before renovation (local standards GEG) or measures referring to subcategories like energy efficiency equipment, photovoltaic, charging stations or energy measurement devices
• New construction: primary energy demand must be at least 10% lower than national net-zero-energy-building (NZEB); in Germany = GEG / EnEV 2016
• Acquisitions & ownership of buildings: latest version refers to performance of buildings with EPC A or Top 15% of regional Portfolio (to be defined)
• DNSH ( "do not significant harm criteria" ) to be defined in more detail and based on in place management-systems
• Reporting processes need to be aligned with taxonomy criteria Taxonomy compatibility expected to differ strongly with respect to CAPEX or turnover
• Light disclosure for 2021 and full reporting for 2022

Vonovia's Approach to Climate Action Reflects the TCFD Recommendations

Governance	Board responsibility for climate action, defines strategy and targets and monitors progress Central Department Sustainability/Strategy to coordinate measures ESG Score as central management KPI including CO -Intensity 2
Strategy	CO reduction in building stock & construction defined as major drivers for business strategy 2 High average modernization rate of ~3% p.a. and fuel-switch to renewable energies Scenario modelling of climate pathways together with Fraunhofer ISE institute
Risk Management	Climate change fully integrated in Corporate Risk Management Physical risks assessed via risk maps based on regularly updated sources No material physical risks for Vonovia's properties identified
Metrics & Targets	1.02 mn t CO e in portfolio in 2020 (scopes 1,2,3 acc. to GHG protocol) 2 Targets: GHG neutral building stock until 2050 CO -intensity of < 30 kg/m²/a until 2030 2

Disclaimer

Vonovia Environment Social Governance

This presentation has been specifically prepared by Vonovia SE and/or its affiliates (together, "Vonovia") for internal use. Consequently, it may not be sufficient or appropriate for the purpose for which a third party might use it.

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This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of Vonovia ("forward-looking statements") which reflect various assumptions concerning anticipated results taken from Vonovia's current business plan or from public sources which have not been independently verified or assessed by Vonovia and which may or may not prove to be correct. Any forward-looking statements reflect current expectations based on the current business plan and various other assumptions and involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements only speak as at the date the presentation is provided to the recipient. It is up to the recipient of this presentation to make its own assessment of the validity of any forward-looking statements and assumptions and no liability is accepted by Vonovia in respect of the achievement of such forward-looking statements and assumptions.

Vonovia accepts no liability whatsoever to the extent permitted by applicable law for any direct, indirect or consequential loss or penalty arising from any use of this presentation, its contents or preparation or otherwise in connection with it.

No representation or warranty (whether express or implied) is given in respect of any information in this presentation or that this presentation is suitable for the recipient's purposes. The delivery of this presentation does not imply that the information herein is correct as at any time subsequent to the date hereof.

Vonovia has no obligation whatsoever to update or revise any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof.

This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever.

This presentation is neither an advertisement nor a prospectus and is made available on the express understanding that it does not contain all information that may be required to evaluate, and will not be used by the attendees/recipients in connection with, the purchase of or investment in any securities of the Company. This presentation is selective in nature and does not purport to contain all information that may be required to evaluate the Company and/or its securities. No reliance may or should be placed for any purpose whatsoever on the information contained in this presentation, or on its completeness, accuracy or fairness.

This presentation is not directed to or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

Neither this presentation nor the information contained in it may be taken, transmitted or distributed directly or indirectly into or within the United States, its territories or possessions. This presentation is not an offer of securities for sale in the United States. The securities of the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States. Consequently, the securities of the Company may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, into or within in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States unless registered under the Securities Act.

Tables and diagrams may include rounding effects. Per-share numbers for 2013 and 2014 are TERP-adjusted.