Vonovia SE

Earnings Release • Aug 6, 2021

H1 2021 Earnings Call Presentation (pages 2-20) & Investor Presentation (pages 21-71)

August 6, 2021

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

Agenda H1 2021 Results

4	Highlights
5-11	Segment Results
12-14	H1 Valuation
15	Investment Program
16-17	LTV & Financing
18	Capital Structure
19	Guidance 2021
20	Wrap-up

Highlights

1. H1 2021 Results 2. Investor Presentation 3. Additional Information Well positioned Operating business is fully on track and market fundamentals remain highly favorable. Continued focus on managing the residential megatrends with a view towards sustainability and adequate stakeholder reconciliation. Strong operational performance Total Segment Revenue €2,312.3m (+10.0% y-o-y). Adj. EBITDA Total €1,021.8m (+8.4% y-o-y). Group FFO €764.7m (+13.1%) and €1.33 per eop share (+6.6% y-o-y). Highly positive valuation momentum €4.2bn value growth in H1 2021 (ca. 3/4 of portfolio revalued with a l-f-l value growth of 9.2%). 8.5% from performance and yield compression 0.7% from investments EPRA NTA €68.44 per share (+9.1% ytd); (€62.09 per share excluding purchasers' costs). EPRA NRV €82.45 per share (+6.8% ytd) Continuously solid capital structure LTV 40.5% (+110bps ytd) and 42.0% incl. the perpetual hybrid. Net debt/EBITDA multiple 12.3x (ytd unchanged). Latest issuance: € 4bn across five corporate bonds with different maturities, an average tenor of 9.5 years and an average coupon of 0.6875%. Increased Guidance for 2021E Strong performance across all segments leads to guidance increase. Adj. EBITDA Total €2,055m - €2,105m (+ €80m). Group FFO €1,465m - €1,515m (+ €50m). Sustainability Performance Index ~105%.

Segment Overview Revenue, EBITDA, and FFO Growth

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

On the basis of a stable portfolio volume y-o-y, Vonovia delivered top- and bottom-line growth with Total Segment Revenue up 10.0%, Adj. EBITDA Rental up 5.4%, Adj. EBITDA Total up 8.4%, and Group FFO up 13.1% (6.6% per share).

€m (unless indicated otherwise)	H1 2021	H1 2020	Delta
Total Segment Revenue	2,312.3	2,101.9	+10.0%
Adj. EBITDA Rental	823.8	781.4	+5.4%
Adj. EBITDA Value-add	79.2	67.6	+17.2%
Adj. EBITDA Recurring Sales	83.5	48.1	+73.6%
Adj. EBITDA Development1	35.3	45.1	-21.7%
Adj. EBITDA Total	1,021.8	942.2	+8.4%
FFO interest expenses	-163.8	-188.8	-13.2%
Current income taxes FFO	-43.3	-19.8	>100%
Consolidation2	-50.0	-57.3	-12.7%
Group FFO	764.7	676.3	+13.1%
of which Vonovia shareholders	734.2	648.2	+13.3%
of which hybrid investors	20.0	20.0	-
of which non-controlling interests	10.5	8.1	+29.6%
Number of shares (eop)	575.3	542.3	+6.1%
Group FFO per share (eop NOSH)	1.33	1.25	+6.6%
Group FFO per share (avg. NOSH)	1.35	1.25	+8.0%

¹ Excl. €0.0m (H1 2020: €0.3m) capitalized interest. ² Consolidation in H1 2021 (H1 2020) comprised intragroup profits of €16.0m (€16.1m), gross profit of development to hold of €18.9m (€26.5m), and IFRS 16 effects of €15.1m (€14.7m). ³ Quarterly average.

Rental Segment

Organic Growth and Efficiencies Drive Adj. EBITDA Rental

1. H1 2021 Results 2. Investor Presentation 3. Additional Information Rental Segment (€m) H1 2021 H1 2020 Delta Rental revenue 1,170.5 1,132.9 +3.3% Maintenance expenses -163.4 -154.7 +5.6% Operating expenses -183.3 -196.8 -6.9% Slight rotation at the edges but H1 average portfolio volume similar to prior year with ~415k units. Rental revenue driven by organic rent growth mostly from investments; Operating expenses down and Adj. EBITDA Operations margin (Germany) up from continued operational improvements and after COVID-related

precautionary measures in H1 2020.

Scale and efficiency gains in Germany¹

¹Adj. EBITDA Operations margin (Adj. EBITDA Rental + Adj. EBITDA Value-add – intragroup profits) / Rental revenue. Margin 2019 and beyond includes positive impact from IFRS 16. Cost per unit is defined as (Rental revenue – EBITDA Operations + Maintenance) / average no. of units.

Rental revenue by geography

Adj. EBITDA Rental 823.8 781.4 +5.4%

Related page(s): 28-29, 43-44, 51-54

Rental Segment Operating KPIs

Vacancy rate (eop, %)

• Organic rent growth of 3.4% year-on-year.
• Low vacancy levels as a result of unbroken demand for our product and strong operational performance in spite of ongoing COVID-19 restrictions.
• Rent receivables in Germany at all-time low. Temporary increase during COVID-19 pandemic overcompensated.

Organic rent growth (y-o-y, %)

Expensed and capitalized maintenance (€/sqm)

H1 2021 Earnings Call & Investor Presentation

Related page(s): 29, 44, 64

3.5

9.3

Value-add Segment

Revenue Growth from External and Internal Activities

• Increased external and internal revenue in H1 2021 from continued expansion of the different Value-add initiatives, predominantly in
• Craftsmen service
• Residential environment services
• Multimedia supply
• Smart metering supply
• Energy supply to delivery points for electricity and gas in the portfolio

¹ Disclosure of Value-add segment has been changed with the introduction of the new metric Total Segment Revenue. See FY 2020 financial report (cf. Notes A2/C23) for further details. H1 2020 figures adjusted. ² Distribution based on 2021 budget.

Recurring Sales Segment Unbroken Demand for Individual Condos

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

2. Stable fair value-step-ups on the back of high disposal volumes.

3. H1 2021 Recurring Sales positively impacted by
4. spillover from high demand in Q4 2020 and
5. some harder-to-sell condo units sold as one block availing of current high demand.
6. Outside the Recurring Sales Segment we sold 319 non-core units and land in H1 2021 with a value step-up of 38.2%.

Historical Recurring Sales volumes and FV step-up¹

• The Recurring Sales Segment comprises of single-unit sales from
• a defined sub-portfolio of ca. 25k units in Germany for which we already have a separate title
• the Austrian portfolio with 22k units, where sales are made opportunistically when apartments become vacant
• The cash proceeds from Recurring Sales are used as an equity contribution for the investment program.

Recurring Sales Segment (€m)	H1 2021	H1 2020	Delta
Units sold	1,865	1,327	+40.5%
Revenue from recurring sales	327.8	195.0	+68.1%
Fair value	-236.4	-140.5	+68.3%
Adjusted result	91.4	54.5	+67.7%
Fair value step-up	38.7%	38.8%	-10bps
Selling costs	-7.9	-6.4	+23.4%
Adj. EBITDA Recurring Sales	83.5	48.1	+73.6%

¹ 2018 onwards also including recurring sales in Austria.

H1 2021 Earnings Call & Investor Presentation

page 9 Related page(s): 55

Development Segment Slow Start in H1 but on Track for the Full Year

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

2. Development to hold includes 92 new apartments in Sweden, about half of which are conversions of largely unused community spaces into rentgenerating residential spaces.

3. Similar to prior years, H1 Adj. EBITDA contribution from development was low due to the more projectdriven nature of this segment.
4. Operating expenses in H1 2021 including Bien-Ries; prior year impacted by reversal of provisions.

Development Segment (€m)	H1 2021	H1 2020	Delta
Revenue from disposal of to sell properties	191.7	107.5	+78.3%
Cost of Development to sell	-160.2	-83.7	+91.4%
Gross profit Development to sell	31.5	23.8	+32.4%
Fair value Development to hold	64.4	144.7	-55.5%
Cost of Development to hold1	-45.5	-118.2	-61.5%
Gross profit Development to hold	18.9	26.5	-28.7%
Rental revenue Development	0.5	0.6	-16.7%
Operating expenses Development	-15.6	-5.8	>100%
Adj. EBITDA Development	35.3	45.1	-21.7%

¹ Excl. €0.0m (H1 2020: €0.3m) capitalized interest. Note: This segment includes the contribution of to-sell and to-hold constructions of new buildings. Not included is the construction of new apartments by adding floors to existing buildings, as this happens in the context of modernization.

Development Segment Vonovia's Contribution towards Reducing the Housing Shortage

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

New rental apartments for our own portfolio (to hold)

• 389 units completed in H1 2021 (including floor additions).
• Total pipeline of ca. 38k apartments, of which more than 70% in Germany and the remainder in Austria and Sweden.
• Average apartment size between 60-70 sqm and broadly in line with overall portfolio average.
• The Development to-hold investment volume is part of the overall investment program.

2021 target: ~1,500 completions

New apartments for disposal (to sell)

• 452 units completed in H1 2021.
• Total pipeline volume of ca. €3.1bn (ca. 9k apartments), of which ca. two thirds in Germany and ca. one third in Austria.
• Investment capital for Development to sell is not part of investment program.
• Average apartment size between 70-80 sqm.
• Average investment volume of €4.5k €5.0k per sqm.
• Gross margins between 20-25% on average.

2021 target: ~800 completions

Valuation KPIs June 30, 2021	Vonovia Total	Germany	Sweden	Austria	Value growth drivers (l-f-l) of revalued portfolio	H1 2021	H1 2020
In-place rent multiple	25,6x	26.7x	19.2x1	25.7x1	Performance & Yield compression	8.5%	4.7%
Fair value €/sqm	2,215	2,251	2,300	1,603
L-f-l value growth2,5	9.2%	9.2%	10.9%	2.9%	Investments4	0.7%	0.9%
Fair value €bn	63,13	51.1	6.9	2.8	Total4	9.2%	5.6%

¹ In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden includes ancillary costs and Austria includes maintenance and property improvement contributions from tenants. The data above shows the rental level unadjusted to the German definition. ² Local currency. ³ Including €2.3bn for undeveloped land, inheritable building rights granted (€0.7bn), assets under construction (€0.5bn), development (€0.9bn) and other (€0.3bn). ⁴ Excl. €109m capitalized investments outside of revalued portfolio in H1 2021. ⁵ L-f-l calculation of property portfolio excl. undeveloped land etc.

Broad-based Value Growth across All German Regional Markets

1. H1 2021 Results				2. Investor Presentation	3. Additional Information
Regional Market	Fair Value (€m)	% share of Regional Market revalued in H1 2021	Perfor mance & YC	Invest		Value uplift from performance, YC and investments (l-f-l)
Berlin	8,257		4.9%	0.2%		Kiel 9.1%
Rhine Main Area	5,335		8.2%	0.5%		Hamburg 7.4%
Southern Ruhr Area	4,969		10.5%	1.2%	Bremen 7.7%
Dresden	4,497		10.3%	1.0%
Rhineland	4,469		6.2%	0.6%		Hanover 8.6% Berlin 5.0%
Hamburg	3,306		6.6%	0.8%	Westphalia 7.4%
Kiel	2,763		8.3%	0.8%	N. Ruhr Area 4.3%	Leipzig 10.9%
Munich	2,559		2.2%	0.3%	S. Ruhr Area 11.7% Rhineland 6.8%	Dresden 11.3%
Stuttgart	2,370		1.7%	0.6%
Hanover	2,224		7.9%	0.7%		Rhine Main 8.7%
Northern Ruhr Area	1,959		3.2%	1.1%
Bremen	1,418		6.2%	1.5%
Leipzig	1,155		10.5%	0.3%		Stuttgart 2.2%
Westphalia	1,100		6.2%	1.1%		Munich 2.5%
Freiburg	758		8.1%	0.6%	Freiburg 8.7%
Sweden	6,853		9.8%	1.1%
Austria	2,845		2.1%	0.3%

Value Development in Berlin

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

Vonovia's fair value growth in Berlin as of June 30, 2021, results in a fair value per sqm of €2,888, which is only 1.2% above the FV per sqm reported by Deutsche Wohnen six months earlier (Dec. 31 2020).

Sources: Companies' earnings releases. "Regional Market" for Vonovia and "Greater Berlin" for Deutsche Wohnen

Investment Program Actively Managing the Megatrends

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

Three main investment categories lead to incremental rental revenue¹, value appreciation and an overall improvement of our portfolio quality, including CO² emission reductions. Target IRR for the overall investment program is ca. 9%.

¹ An aggregate amount of ~€86m additional rent p.a. is still in the pipeline from the investment programs 2017 to 2021 where projects are underway but not fully completed.

EPRA NTA and NRV

EPRA NTA of €68.44 (+9.1%) and EPRA NRV of €82.45 (+6.8%).

EPRA NTA excluding purchasers' costs of €62.09.

Dec. 31, 2020	Delta
23,143.9	+9.4%
11,947.8	+11.4%
54.9	-23.3%
-	-
-	-
4,610.0	-
3,920.8	+5.6%
43,677.4	+8.6%
565.9	+16.6%
77.18	+6.8%

¹ Hold Portfolio only for EPRA NTA; Total portfolio for EPRA NRV. ² Adjusted for effects from cross currency swaps. ³ No revaluation of intangibles in H1 (only once a year in Q4).

LTV & Net Debt/EBITDA Multiple All Financial KPIs in Line

• Based on the stable cash flows and the strong long-term fundamentals in our portfolio locations, largely driven by a structural supply/demand imbalance, we see continued upside potential for our property values and do not see material long-term downside risks for our portfolio.
• We remain committed to our LTV target range of 40-45%.

€m (unless indicated otherwise)	Jun. 30, 2021	Dec 31, 2020	Delta
Non-derivative financial liabilities	29,489.7	24,084.7	+22.4%
Foreign exchange rate effects	-25.6	-18.9	+35.4%
Cash and cash equivalents	-2,253.6	-613.3	>100%
Net debt	27,210.5	23,452.5	+16.0%
Sales receivables/prepayments	-123.2	-122.3	+0.7%
Adj. net debt	27,087.3	23,330.2	+16.1%
Fair value of real estate portfolio	63,099.4	58,910.7	+7.1%
Shares in other real estate companies	3,734.8	324.8	>100%
Adj. fair value of real estate portfolio	66,834.2	59,235.5	+12.8%
LTV	40.5%	39.4%	+110bps
LTV (incl. perpetual hybrid)	42.0%	41.1%	+90bps
Net debt/EBITDA multiple1	12.3x	12.3x	-

¹ Adj. net debt quarterly average over Adj. EBITDA Total (LTM), adj. for IFRS 16 effects.

Solid Capital Structure Smooth Maturity Profile and Diverse Funding Mix

KPI / criteria	Jun. 30, 2021	Mar. 31, 2021
Corporate rating (Scope)	A-	A
Corporate rating (S&P)	BBB+	BBB+
Corporate rating (Moody's)	A3	-
LTV1 (Adj. net debt / fair value) LTV (Adj. net debt incl. equity hybrid / fair value)	40.5% 42.0%	39.1% 40.8%
debt/EBITDA multiple2 Net	12.3x	12.0x
Fixed/hedged debt ratio1	99%	99%
debt1 Average cost of	1.26%	1.40%
Weighted average maturity (years)1	8.2	8.0
Most recent bond issuances (June 2021)
€0.5bn, 3.25 years €1bn, 6 years €1bn, 8.5 years €1bn, 12 years €0.5bn, 20 years	0.000% 0.375% 0.625% 1.000% 1.500%

Bond covenants	Required level	Current level (Jun. 30, 2021)
LTV (Total financial debt / total assets)	<60%	41%
Secured LTV (Secured debt / total assets)	<45%	10%
ICR (LTM Adj. EBITDA / LTM net cash interest)	>1.8x	5.0x
Unencumbered assets (Unencumbered assets / unsecured debt)	>125%	190%

Evolution of LTV and Interest Cover Ratio

Diverse funding mix with no more than 12% of debt maturing annually

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

¹Excl. equity hybrid. ²Adj. net debt quarterly average over Adj. EBITDA Total (LTM), adj. for IFRS 16 effect.

Increased Guidance for 2021E

VONOVIA
---------

1. H1 2021 Results		2. Investor Presentation		3. Additional Information
	Previous 2021 Guidance (as of 05/2021)	Current 2021 Guidance (as of 08/2021)		Mid-Term 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").

Wrap-up

Vonovia remains well positioned with continuously strong operating performance and highly favorable market fundamentals.

2021E guidance increase demonstrates confidence in continued earnings and value growth.

ESG focus and stakeholder reconciliation remain crucial.

Agenda

on page 71 for

detailed pages 46-71 index

1. H1 2021 Results 2. Investor Presentation 3. Additional Information 2 Investor Presentation 1 H1 2021 Results 3 Additional Information See Page Finder

H1 2021 Earnings Call & Investor Presentation

pages 2-20 pages 21-45

Agenda Investor Presentation

23	Europe's Leading Resi Player
24	Consistent strategy Execution since IPO
25	Impeccable Track Record of Consistent & Sustainable Growth
26	Compelling Investment Case
27	Earnings & Value Growth Across Four Segments
28	Granular B-to-C End Consumer Business
29	Robust Operating Business
30	Megatrends
31	Capital Allocation
32	Investment Program
33	Market Outperformance
34-35	M&A Criteria & Track Record
36-42	Sustainability
43	Residential Market Trends
44	Rent Growth
45	Summary of Investment Case

Europe's Leading Residential Property Owner and Operator

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

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.

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.

Consistent Strategy Execution since IPO

Business Built for Long-term Growth

1. H1 2021 Results 2. Investor Presentation 3. Additional Information IPO Today Business Scope Rental and condo sales Rental & Value-add (efficient, scalable B-to-C operating business). Development (profitable business & our answer to supply/demand imbalance). Recurring sales (track record of ~2.5k p.a. at 30%+ gross margin). Geographic Scope Legacy portfolio all across Germany 86% - 15 urban growth regions. 9% - Stockholm, Gothenburg and Malmö. 5% - Mostly Vienna. Small stakes to prepare and be ready for potential future growth. Vertical Integration Plans for insourcing strategy yet to be implemented Vonovia's in-house Service Center, Craftsmen Organization and Residential Environment Service Team are a clear USP in Germany. M&A Self-image of market consolidator yet to be proven Track record of >300k units acquired with swift deal execution and subsequent integration; appetite for more. (i) Low cost of capital, (ii) best-in-class platform with lowest operating costs, and (iii) committed strategy for decarbonizing the portfolio are competitive advantages that will lead to accretive acquisition opportunities in the future. Scalability Concept introduced at IPO but met with substantial doubt Scalability proven for German portfolio. Next step: replicate efficient platform with increasing EBITDA margins and declining costs per unit outside of Germany to prove it is not a German phenomenon but the Vonovia business model. Sustainability Not a focus Business is firmly anchored around sustainability. Binding climate path in place for CO² neutral portfolio by 2050. Reputation Starting a new chapter after years of private equity ownership Increasingly recognized as a reliable partner by local communities. Stakeholder approach on fundamental environmental and social issues.

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

Compelling Investment Case

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

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

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.

Earnings and Value Growth across Four Segments

1. H1 2021 Results			2. Investor Presentation		3. Additional Information
Development New construction of apartments to hold and to sell via greenfield and brownfield development		Rental & Value-add (Operating business) Efficient property and portfolio management including ancillary service business for internal savings and external revenue	Recurring Sales Disposal of individual apartments to retail buyers
Vonovia is one of the leading homebuilders in Germany New construction is a financially and strategically valuable addition to the	Face to the customer on the ground in	through rate at >75% EBITDA margin and growing because of granular B-to-C business process optimization along the value chain Property Management (~1,500 letting agents & caretakers) and eyes & ears our local markets	Robust top-line growth from regulated environment with high pass 13-year average duration of rental contracts with no cluster risk High degree of insourcing with standardization, industrialization and Segment contribution to 2020 Adj. EBITDA ca. 89% Technical Service (~5,000 craftsmen) Wholly-owned ("VTS") for large share	craftsmen company of maintenance	Steady sale of ca. 2.5k apartments annually at ~30% (est.) above fair market value Segment contribution
core business Segment contribution to 2020 Adj. EBITDA ca. 6%	Mainly maintenance of gray and green removal in the	Residential Environment (~ 1,000 landscape gardeners) and construction areas and snow/ice winter	and modernization entire purchasing Service Center (~1,000 service agents) Centralized property including inbound recoverables management, and rent growth	plus pooling of power management calls and e-mails, billing, contract maintenance dispatch management	to 2020 Adj. EBITDA ca. 5%

Granular B-to-C End Consumer Business

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

Residential real estate is a granular mass business with large volumes that offers a competitive advantage to companies with an efficient operating platform, a high degree of standardization and process excellence.

2.6 million inbound calls p.a.		400,000 payment reminders p.a.		8 million invoices to process p.a.
		360,000 outbound calls p.a.	40,000 heating systems to be maintained
700,000 ancillary expense bills to prepare and settle with tenants		212,000 trees and 300 kilometers hedges			650,000 repair jobs p.a.
	3,500 elevators to be maintained		14 million sqm	of green spaces

Robust Operating Business

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

2. Successful portfolio management has resulted in portfolio concentration in urban growth areas.

3. Sustainable rent growth momentum and structural supply/demand imbalance in these urban areas safeguard highly robust top-line.
4. Focus on scale, standardization and industrialization delivers increasing efficiencies.

Bread & butter market rent growth levered with investments

Scale and efficiency gains in Germany¹

¹EBITDA Operations margin = (Adj. EBITDA Rental + Adj. EBITDA Value-add – intragroup profits) / Rental revenue. 2019 onwards, margin includes positive impact from IFRS 16. Cost per unit is defined as (Rental revenue – EBITDA Operations + Maintenance) / average no. of units. Incremental cost per unit is ca. €250 in Germany.

Megatrends – Challenge & Opportunity

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

Energy

Ca. 1/3 of greenhouse gas emissions are related to real estate

An increasing share of the population is 65+ years

An increasing part of the population is moving into urban areas

We are providing apartments at fair price levels to a growing urban population

Our products and services give more than one million people an affordable home in their apartment and neighborhood

We are a driving force of the industry and have embarked on a climate path that will result in a CO² neutral portfolio by 2050 The energy-efficient modernization of the housing stock and innovative solutions for carbon neutral residential

neighborhoods are paramount for achieving climate protection targets We are preparing at least one third of all apartments that become vacant for elderly tenants

Demographic changes require refurbishing apartments to enable an ageing population to stay in their homes with little or no assistance for longer

Our scale, sustainable business model and access to capital markets enable us to assume a leading role in our industry for finding and implementing solutions.

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

	1. H1 2021 Results	2. Investor Presentation			3. Additional Information
s s e n si u B e r	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	1.00 0.95 0.67 2013 2014	1.63 1.30 1.12 0.94 0.74 2015 2016	2.06 1.90 1.44 1.32 2017 2018 Recurring cash earnings ("FFO")1	2.38 2.25 1.69 1.57 2019 2020 Dividend	2021(E)
o C c ni a g r O	Investment Program	Investments in modernization and new construction to hold to address the megatrends urbanization, energy efficiency and demographic change Drives organic earnings, value growth, and overall portfolio quality	€m Upgrade Building 172 71 2013 2014	New construction to hold Optimize Apartment 472 356 2015 2016	1,139 779 2017 2018	1,489 1,344 2019 2020	1,300 - 1,600 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 IPO	90 Sales	320 Acq.	4 New construction	414 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	70 60 50 40 30 20 10 0 Jul-13 Jan-14 Jul-14	Jan-15 Jul-15 Jan-16 Jul-16 VNA share price	Jan-17 Jul-17 Jan-18 Jul-18	Jan-19 Jul-19 Jan-20 Jul-20 Last reported NTA2	Jan-21 Jul-21

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.

Investment Program for Organic Growth

Three main investment categories lead to incremental rental revenue¹, value appreciation and

472

356

H1 2021 Earnings Call & Investor Presentation

172

71

2013 2014 2015 2016 2017 2018 2019 2020 2021 (E)+

million does not account for any additional impacts that may arise from using the new Federal Funding Regulation for Energy-Efficient Buildings ("BEG") and that may possibly lead to higher volumes.

Over the medium Term, Vonovia has consistently outperformed the real estate sector and the wider equity markets since the IPO.

Note: As of June 31, 2021. DAX is a performance index with dividends reinvested; EURO STOXX 50 and EPRA Europe are excl. dividends. Vonovia share price return is calculated as the percent change of end of period over beginning of period; Vonovia dividend return is calculated as cumulative DPS over the period as a percent of the share price at the beginning of the period.

M&A Philosophy Growing through Acquisitions Makes Sense – But Only at the Right Price

Acquisition philosophy Acquisition criteria

• Increased scale delivers efficiencies, performance and value growth.
• In principle, any acquisition in our core markets makes sense – but only if it is made at the right price.
• We remain disciplined and opportunistic.
• No quantitative acquisition target
• No target ratios for the geographic distribution of our portfolio
• Management is not incentivized through acquisitions
• M&A is a key element of our strategy. On the basis of our acquisition criteria we keep up-to-date models for any acquisition opportunity of >1k apartments in our core markets.
• We see these main competitive advantages
• Efficient operating platform and low incremental cost per new unit
• Wide footprint across urban growth markets in Germany and selected European metropolitan areas
• Access to capital markets
• Superior sustainability profile

Strategic Rationale

Long-term view of the portfolio with a focus on urban growth regions

Financial Discipline

At least neutral to investment grade rating (assuming 50% equity/ 50% debt financing)

Earnings Accretion

Accretive to EBITDA Rental yield

Value Accretion

At least neutral to EPRA NTA per share

Portfolio Volume More than Doubled since IPO

1. H1 2021 Results 2. Investor Presentation 3. Additional Information Serving a Fundamental Need in a Highly Relevant Market Our Business Is Deeply Rooted in ESG S G E Commitment to climate protection and CO² reduction Responsibility for customers, society and employees We provide a home to around 1 million people from ca. 150 nations. 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. All of our actions have more than just an economic dimension and require adequate stakeholder reconciliation.

Reliable and transparent corporate

governance built on trust

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.

We consider 8 of the 17 United Nations Sustainability Development Goals (SDG) to be

material to our business activities and aligned with our sustainability strategy.

We expect to have positive impacts particularly on these important goals.

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.

Balanced Stakeholder Approach

1. H1 2021 Results		2. Investor Presentation	3. Additional Information
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; No claw back of foregone rents after Berlin rent freeze was ruled unconstitutional	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	242 social projects in our neighborhoods; Cooperation with non-profit organizations to support tenants in need	Vonovia Foundation supports multitude of social projects	34 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 – we actively support our employees in their development to become the experts and leaders of our industry	Culture & change – we share a common culture of diversity, performance and appreciation in an developing organization that embraces change

Highly Robust 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 environmental controlling

Continued progress on ESG Ratings and inclusion in leading ESG indices

Sustainability Performance Index (SPI)

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

2. Vonovia has established the Sustainability Performance Index with quantitative, non-financial KPIs to measure sustainability performance in the most relevant areas

3. SPI reporting is audited by our statutory auditor¹
4. 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
5. To achieve the target of 100%, all six individual targets must be fully achieved

			2020 Actuals	2021 Initial Targets	Medium-term Targets
	1	CO intensity in the portfolio2,3 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.

Long-term Structural Support from Residential Market Trends

Large gap between in-place values and replacement costs³

Vonovia (Germany) – fair value/sqm (€; total lettable area) vs. construction costs

2015 2050E

German residential asset yields (%) vs. EUR interest rates (%)⁴

Supply/demand imbalance, rental regulation, market rent growth, location of assets etc. seem to outweigh the impact of interest rates when it comes to pricing residential real estate.

¹ Source: BBSR (https://gis.uba.de/maps/resources/apps/bbsr/index.html?lang=de) ²Sources: Federal Statistics Office, German government (1.5m completions during current legislative period). ³ Note: VNA 2010 – 2014 refers to Deutsche Annington Portfolio at the time; construction costs excluding land. The land value refers to the share of total fair value allocated to land. ⁴ Yearly asset yields vs. rolling 200d average of 10y interest rates. Sources: Thomson Reuters, bulwiengesa (2020 resi yield is an estimate).

Stable Market Rent Growth Leveraged with Investments

1. H1 2021 Results 2. Investor Presentation 3. Additional Information No direct connection between Vonovia market rent growth and inflation but over time broadly in line Vonovia has three different organic rent growth drivers New construction Modernization Market Ø1.4% Additional rent from new sqm Incremental rent from modernization • energy efficiency improvements ("Upgrade Building") and • senior-friendly apartment conversion ("Optimize Apartment") Incremental rent from market rent adjustments (Mietspiegel) and re-lettings without investments 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Inflation Germany VNA market rent growth

Regulated environment provides stable market rent growth¹

¹ Sources: Federal Statistics Office, GdW (German Association of Professional Homeowners), REIS, BofA Merrill Lynch Global Research, OECD, Note: Due to lack of q-o-q rent growth data for the US, the annual rent growth for a year is assumed to also be the q-o-q rent growth of that year.

Summary of Investment Case

1. H1 2021 Results	Market	2. Investor Presentation 3. Additional Information Long-term owner and full-scale operator of Europe's largest multifamily housing portfolio for small and medium incomes in metropolitan growth
	Leader	areas.
	Uniquely Positioned	Granular operating business in a B-to-C environment with focus on standardization, industrialization and process optimization.
	Low Risk	Attractive risk-adjusted returns and downside protection in a regulated environment supported by fundamental megatrends.
	Growth	Organic earnings and value growth plus substantial long-term upside potential from acquisitions in selected European metropolitan areas.
		All of our actions have more than just an economic dimension. We provide a home to around 1 million people from ca. 150 nations.
	Built-in 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.

Agenda

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

Agenda – Additional Information

48-49	Megatrends
50	Vonovia in Europe
51-53	Portfolio Information
54	Urban Quarters
55	Investment Program Funding
56-57	Historic Acquisition Pipeline; Track Record
58	Value-add, Business Innovation Funnel
59	Bond Overview
60	VNA History
61	Supervisory Board and Management Board
62	Germany – Residential Market Information
63	Largest Homebuilders in Germany
64	Sweden – Residential Market Information
65-66	VNA Shares
67	Financial Calendar
68-71	Disclaimer, For Your Notes, Page Finder

Sources: United Nations, Prognos AG

COVID-19 to Possibly Accelerate Megatrends that Are otherwise Fully Intact

downtown.

Culture, entertainment, medical infrastructure, likeminded people etc. - the appeal of a city goes beyond jobs.

• Less than 1/3 of the German working population would be able to work from home¹.
• With ca. 50% of all government aid being spent in Germany, immigration into Germany is likely to continue or even accelerate; the vast majority of people coming to Germany is expected to move to the cities.

Most of our properties are located on the outskirts and in the commuter belts rather than in the middle of

The cities in our target markets are substantially less dense than New York, London or similar cities.

Urbanization

Energy efficiency

• EU Green Deal, Renovation Wave, Paris Climate Accord, Fridays for Future there is broad based support for climate protection across Europe.
• While climate protection may have recently been somewhat overshadowed in the media coverage by COVID-19 events there is growing momentum towards efforts to rebuild a "greener economy" after the crisis.

• With ca. 1/3 of greenhouse gases related to real estate, opportunities may arise to accelerate our efforts towards making our portfolio CO² neutral by 2050.

• While COVID-19 severely impacts the lives of people around the globe it is fortunately not disruptive to the overall demographic development.

• The age structure of our societies will continue to shift towards a higher share of older people and the need to provide adequate housing in which the elderly can live independently for longer remains one of the main challenges that must be managed.

¹ Source: Der Informationsdienst des Instituts der deuschen Wirtschaft: Das neue alte Homeoffice, August 12, 2020 (https://www.iwd.de/artikel/das-neue-alte-homeoffice-480617/)

Scalable B-to-C Business Beyond the Bricks

Implementation of Vonovia Business Model in Comparable Markets

opportunity arises

354k residential units	22k residential units	38k residential units	10% stake in portfolio with 4k residential units	2.6% stake in portfolio with 27k residential units
Primary home market and • expected to remain dominant in the foreseeable future. • Home of Vonovia business model that we are seeking to repeat in similar markets	Run scalable operating • business (Austrian SAP client successfully implemented) "Austrian model" along • build-hold-sell value chain	Market consolidation on the • basis of Victoria Park and Hembla combination	Largest long-term • potential Active engagement • and networking to safeguard pole position for when	Continue market • research Active engagement • and networking with opportunistic approach

Long-term Support from Megatrends

Focus on Urban Areas with Long-term Supply/Demand Imbalance

1. H1 2021 Results 2. Investor Presentation 3. Additional Information ~70k non-core apartments sold since IPO in 2013 ~99% of current portfolio located in urban growth regions for long-term ownership and subject to structural supply-demand imbalance Germany (market) Vonovia Strategic Portfolio The German Federal Office for Construction and Urban Development (BBSR) has analyzed all cities and counties in Germany on the basis of the average development in terms of population growth, net migration, working population (age 20- 64), unemployment rate and trade tax revenue 51% Strategic Portfolio Non-core locations 8% Aggregate total value growth 2017-2020 (%)¹ Vonovia Portfolio March 2015 347k apartments in 818 locations Vonovia Strategic Portfolio 350k apartments in ~400 locations Portfolio evolution of growing and shrinking regions 2

The results fully confirm our portfolio

management decisions

Shrinking (above average) Shrinking No clear direction Growing Growing (above average)

Vonovia location High-influx cities ("Schwarmstädte"). For more information: http://investoren.vonovia.de/websites/vonovia/English/4050/financial-reports-_-presentations.html ¹ Simple addition of 2017-2020 valuation results excluding compound interest effects. ² Source: BBSR (https://gis.uba.de/maps/resources/apps/bbsr/index.html?lang=de) 2

H1 2021 Earnings Call & Investor Presentation

Vonovia

Market view

Portfolio Cluster

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

2. 51% of German portfolio earmarked for investment strategy, safeguarding long-term sustainability of our Optimize Apartment and Upgrade Building investment strategy

3. Outside the Recurring Sales Segment we sold 319 noncore units and land in H1 2021 with fair value step-up of 38.2%.

Portfolio Cluster		Fair value1	Residential	In-place rent
(Jun. 30, 2021)	(€bn)	% of total	(€/sqm)	units	(€/sqm/month)
Operate	15.8	26%	2,221	107,182	7.45
Invest	31.0	51%	2,257	220,744	6.89
Strategic	46.8	77%	2,245	327,926	7.07
Recurring Sales	4.1	7%	2,398	24,857	7.20
Non-core	0.2	0%	1,325	1,148	7.88
Vonovia Germany	51.1	84%	2,251	353,931	7.09
Vonovia Sweden	6.9	11%	2,300	38,371	10.32
Vonovia Austria	2.8	5%	1,603	21,766	4.82
Vonovia Total	60.8	100%	2,215	414,068	7.29

Note: In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden includes ancillary costs and Austria includes maintenance and property improvement contributions from tenants. The table above shows the rental level unadjusted to the German definition. ¹ Fair value of the developed land excluding €2,682.6m, of which €693.6m for undeveloped land and inheritable building rights granted, €468.5m for assets under construction, €855.2m for development, €337.5m IFRS effect and €327.8m other.

Regional Markets

|--|

1. H1 2021 Results			2. Investor Presentation			3. Additional Information
Regional Markets (Jun. 30, 2021)	Fair value1 (€m)	(€/sqm)	Residential units	Vacancy (%)	Total (p.a., €m)	Residential (p.a., €m)	In-place rent Residential (€/sqm/ month)	Organic rent growth (y-o-y, %)	Multiple (in-place rent)	Purchase power index (market	Market rent increase forecast Valuation (%	Average rent growth (LTM, %) from Optimize
										data)2	p.a.)	Apartment
Berlin Rhine Main Area (Frankfurt,	8,257	2,888	43,394	1.3	242	230	7.03	2.4	34.1	82.4	1.8	19.7
Darmstadt, Wiesbaden)	5,336	3,023	27,148	1.8	184	178	8.71	3.7	29.0	104.6	1.8	34.5
Southern Ruhr Area (Dortmund, Essen, Bochum)	4,969	1,848	43,051	3.2	207	202	6.56	4.5	24.0	89.3	1.5	29.9
Dresden	4,497	1,962	38,464	3.8	172	163	6.41	2.4	26.1	100.7	1.7	21.7
Rhineland (Cologne, Düsseldorf, Bonn)	4,469	2,318	28,282	2.4	174	166	7.55	3.5	25.7	84.0	1.7	31.0
Hamburg	3,306	2,591	19,668	1.7	115	111	7.55	3.5	28.7	98.1	1.6	36.3
Kiel	2,763	1,935	24,262	2.2	114	110	6.73	3.5	24.1	76.2	1.6	34.3
Munich	2,559	3,911	9,689	1.2	68	65	8.58	3.7	37.4	122.6	1.8	46.5
Stuttgart	2,370	2,728	13,592	1.8	86	83	8.29	3.1	27.6	104.6	1.8	33.8
Hanover	2,224	2,138	16,145	2.4	87	84	7.02	3.2	25.5	89.7	1.7	34.2
Northern Ruhr Area (Duisburg, Gelsenkirchen)	1,959	1,261	24,902	3.0	112	109	6.07	2.5	17.5	81.5	1.3	22.6
Bremen	1,418	1,928	11,837	3.3	53	51	6.18	2.8	26.5	84.1	1.8	24.8
Leipzig	1,155	1,881	9,040	3.6	45	42	6.27	3.6	25.7	76.7	1.7	22.5
Westphalia (Münster, Osnabrück)	1,100	1,761	9,454	3.2	49	48	6.63	4.9	22.6	90.3	1.5	31.6
Freiburg	758	2,717	4,037	1.1	26	26	7.84	3.5	28.6	86.4	1.7	42.0
Other Strategic Locations	3,318	1,936	26,549	2.9	145	140	7.15	4.4	22.9		1.6	30.3
Total Strategic Locations	50,457	2,261	349,514	2.5	1,882	1,806	7.09	3.4	28.8		1.7	30.3
Non-Strategic Locations	600	1,669	4,417	4.9	27	24	6.82	1.5	22.1		1.7	36.3
Total Germany	51,057	2,251	353,931	2.6	1,909	1,830	7.09	3.4	26.7		1.7	30.4
Vonovia Sweden	6,853	2,300	38,371	2.5	357	331	10.32	3.6	19.2		2.0	-
Vonovia Austria	2,845	1,603	21,766	4.9	111	89	4.82	4.0	25.7		1.6	-
Total	60,754	2,215	414,068	2.7	2,376	2,250	7.29	3.4	25.6		1.7	n/a

Note: In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden includes ancillary costs and Austria includes maintenance and property improvement contributions from tenants. The table above shows the rental level unadjusted to the German definition. ¹ Fair value of the developed land excluding €2,682.6m, of which €693.6m for undeveloped land and inheritable building rights granted, €468.5m for assets under construction, €855.2m for development, €337.5m IFRS effect and €327.8m other. ² Source: GfK (2021). Data refers to the specific cities indicated in the tables, weighted by the number of households where applicable.

Neighborhoods / Urban Quarters

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

"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)

Illustrative Overview of Investment Program Funding

Investment Program

¹Average historic cash/scrip ratio has been 56%/44% since inception in 2016. ² Net of Adj. EBITDA Recurring Sales.

Acquisitions – Opportunistic and Disciplined

Acquisitions are shown for all categories in the year the acquisition process started.

Acquisition Track Record

1. H1 2021 Results			2. Investor Presentation		3. Additional Information
Larger acquisitions					Fair Value per sqm
Year	Deal	Residential units #	TOP Locations	@ Acquisition	Jun. 30, 2021	∆
	DEWAG	11,300	Berlin, Hamburg, Cologne, Frankfurt	€ 1,344	€ 2,871	114%
2014	VITUS1	20,500	Bremen, Kiel	€ 807	€ 1,890	134%
	GAGFAH	144,600	Dresden, Berlin, Hamburg	€ 889	€ 2,184	146%
2015	FRANCONIA	4,100	Berlin, Dresden	€ 1,044	€ 2,376	127%
	SÜDEWO	19,400	Stuttgart, Karlsruhe, Mannheim, Ulm	€ 1,380	€ 2,499	81%
2016	GRAINGER	2,400	Munich, Mannheim	€ 1,501	€ 2,811	87%
	CONWERT (Germany & Austria)	23,400	Berlin, Leipzig, Potsdam, Vienna	€ 1,353	€ 2,344	73%
2017	PROIMMO	1,000	Hanover	€ 1,617	€ 2,132	32%
	BUWOG (Germany & Austria)	48,300	Berlin, Lübeck, VIenna, Villach	€ 1,244	€ 1,759	41%
2018	VICTORIA PARK (Sweden)	14,000	Stockholm, Malmö, Gothenburg	SEK 15,286	SEK 21,579	41%
	AKELIUS (Sweden)	2,300	Stockholm, Gothenburg	SEK 25,933	SEK 30,642	18%
2019	HEMBLA (Sweden)	21,400	Stockholm	SEK 20,157	SEK 23,545	17%
2020	H&L Portfolio	1,100	Kiel	€ 2,114	€ 2,226	5%
	Total	313,800

Note: Excluding smaller tactical acquisitions. ¹ Net of subportfolio sold right after the acquisition.

Vonovia Innovation Lab – Value-add Business Innovation Funnel

Extensive Testing and Measured Rollout to Minimize Risk

screening of ideas or have not been reviewed yet

enough

results

Bonds and Ratings

1. H1 2021 Results 2. Investor Presentation 3. Additional Information Corporate Investment grade rating as of 2018-08-02 Rating agency Rating Outlook Last Update Moodys A3 Stable 31 May 2021

Scope A- Stable 14 Jun 2021 Standard & Poor's BBB+ Stable 30 Mar 2021

On July 22nd 2020, S&P's updated Vonovia's business risk profile from "strong" to "excellent"

Bond ratings as of 2018-08-02

Name	Tenor & Coupon	ISIN	Amount	Issue price	Coupon	Final Maturity Date		Rating
							Moodys Scope		S&P
Bond 0027E (EMTN)	20 years 1.500%	DE000A3E5MK0	€ 500m	99.078%	1.500%	14 Jun 2041	A3	A-	BBB+
Bond 027D (EMTN)	12 years 1.000%	DE000A3E5MJ2	€ 1,000m	99.450%	1.000%	16 Jun 2033	A3	A-	BBB+
Bond 027C (EMTN)	8.5 years 0.625%	DE000A3E5MH6	€ 1,000m	99.605%	0.625%	14 Dec 2029	A3	A-	BBB+
Bond 027B (EMTN)	6 years 0.375%	DE000A3E5MG8	€ 1,000m	99.947%	0.375%	16 Jun 2027	A3	A-	BBB+
Bond 027A (EMTN)	3.25 years 0.000%	DE000A3E5MF0	€ 500m	100.192%	0.000%	16 Sep 2024	A3	A-	BBB+
Bond 026 (EMTN)	10 years 0.625%	DE000A3E5FR9	€ 600m	99.759%	0.625%	24 Mar 2031	NR	A-	BBB+
Bond 025 (EMTN)	20 years 1.000%	DE000A287179	€ 500m	99.355%	1.000%	28 Jan 2041	NR	A-	BBB+
Bond 024B (EMTN)	10 years 1.000%	DE000A28ZQQ5	€ 750m	99.189%	1.000%	09 Jul 2030	NR	A-	BBB+
Bond 024A (EMTN)	6 years 0.625%	DE000A28ZQP7	€ 750m	99.684%	0.625%	09 Jul 2026	NR	A-	BBB+
Bond 023B (EMTN)	10 years 2.250%	DE000A28VQD2	€ 500m	98.908%	2.250%	07 Apr 2030	NR	A-	BBB+
Bond 023A (EMTN)	4 years 1.625%	DE000A28VQC4	€ 500m	99.831%	1.625%	07 Apr 2024	NR	A-	BBB+
Bond 022C (EMTN)	20 years 1.625%	DE000A2R8NE1	€ 500m	98.105%	1.625%	07 Oct 2039	NR	A-	BBB+
Bond 022B (EMTN)	8 years 0.625%	DE000A2R8ND3	€ 500m	98.941%	0.625%	07 Oct 2027	NR	A-	BBB+
Bond 022A (EMTN)	3.5 years 0.125%	DE000A2R8NC5	€ 500m	99.882%	0.125%	06 Apr 2023	NR	A-	BBB+
Bond 021B (EMTN)	15 years 1.125%	DE000A2R7JE1	€ 500m	99.822%	1.125%	14 Sep 2034	NR	A-	BBB+
Bond 021A (EMTN)	10 years 0.500%	DE000A2R7JD3	€ 500m	98.965%	0.500%	14 Sep 2029	NR	A-	BBB+
Bond 020 (EMTN)	6.5 years 1.800%	DE000A2RWZZ6	€ 500m	99.836%	1.800%	29 Jun 2025	NR	A-	BBB+
Bond 019 (EMTN)	5 years 0.875%	DE000A192ZH7	€ 500m	99.437%	0.875%	03 Jul 2023	NR	A-	BBB+
Bond 018D (EMTN)	20 years 2.750%	DE000A19X8C0	€ 500m	97.896%	2.750%	22 Mar 2038	NR	A-	BBB+
Bond 018C (EMTN)	12 years 2.125%	DE000A19X8B2	€ 500m	98.967%	2.125%	22 Mar 2030	NR	A-	BBB+
Bond 018B (EMTN)	8 years 1.500%	DE000A19X8A4	€ 700m(1)	101.119%	1.500%	22 Mar 2026	NR	A-	BBB+
Bond 018A (EMTN)	4.75 years 3M EURIBOR+0.450%	DE000A19X793	€ 600m	100.000%	0.793% hedged	22 Dec 2022	NR	A-	BBB+
Bond 017B (EMTN)	10 years 1.500%	DE000A19UR79	€ 500m	99.439%	1.500%	14 Jan 2028	NR	A-	BBB+
Bond 017A (EMTN)	6 years 0.750%	DE000A19UR61	€ 500m	99.330%	0.750%	15 Jan 2024	NR	A-	BBB+
Bond 015 (EMTN)	8 years 1.125%	DE000A19NS93	€ 500m	99.386%	1.125%	08 Sep 2025	NR	A-	BBB+
Bond 014B (EMTN)	10 years 1.750%	DE000A19B8E2	€ 500m	99.266%	1.750%	25 Jan 2027	NR	A-	BBB+
Bond 014A (EMTN)	5 years 0.750%	DE000A19B8D4	€ 500m	99.863%	0.750%	25 Jan 2022	NR	A-	BBB+
Bond 013 (EMTN)	8 years 1.250%	DE000A189ZX0	€ 1,000m	99.037%	1.250%	06 Dec 2024	NR	A-	BBB+
Bond 011B (EMTN)	10 years 1.500%	DE000A182VT2	€ 500m	99.165%	1.500%	10 Jun 2026	NR	A-	BBB+
Bond 011A (EMTN)	6 years 0.875%	DE000A182VS4	€ 500m	99.530%	0.875%	10 Jun 2022	NR	A-	BBB+
Bond 010C (EMTN)	8 years 2.250%	DE000A18V146	€ 1,000m	99.085%	2.250%	15 Dec 2023	NR	A-	BBB+
Bond 009B (EMTN)	10 years 1.500%	DE000A1ZY989	€ 500m	98.455%	1.500%	31 Mar 2025	NR	A-	BBB+
Bond 008 (Hybrid)	perpetual 4%	XS1117300837	€ 1,000m	100.000%	4.000%	perpetual	NR	BBB	BBB
Bond 007 (EMTN)	8 years 2.125%	DE000A1ZLUN1	€ 500m	99.412%	2.125%	09 Jul 2022	NR	A-	BBB+
Bond 005 (EMTN)	8 years 3.625%	DE000A1HRVD5	€ 500m	99.843%	3.625%	08 Oct 2021	NR	A-	BBB+
Bond 004 (USD-Bond)	10 years 5.000%	US25155FAB22	USD 250m	98.993%	4.580%(2)	02 Oct 2023	NR	A-	BBB+
(1) incl. Tap Bond €200m, Issue date 06 Feb 2020

(2) EUR-equivalent Coupon

Corporate Governance AGM, Supervisory Board, Management Board

• 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

CDO Daniel Riedl

H1 2021 Earnings Call & Investor Presentation

Residential Market Fundamentals (Germany)

Household Sizes and Ownership Structure

15.0

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

Growing number of smaller households Fragmented ownership structure

• While the overall population in Germany is expected to slightly decline, the number of households is forecast to grow until at least 2035 with a clear trend towards smaller households.
• The household growth is driven by various demographic and social trends including divorce rates, employment mobility etc.

Distribution of household sizes (million)

• Germany is the largest housing market in Europe with ~42m housing units, of which ~23m are rental units.
• Ownership structure is highly fragmented and majority of owners are non-professional landlords.
• Listed sector represents ~4% of total rental market.

Ownership structure (million units)

2.3

2.3

2.1

0.9

0.6

Sources: German Federal Statistics Office, GdW (German Association of Professional Homeowners). 2035E household numbers are based on trend scenario of the German Federal Statistics Office.

The Most Efficient Solution to the Consequences of Germany's Housing Shortage in Urban Areas is New Construction - Vonovia Leads by Example

'000 sqm living area

¹Top 7 cities, includes projects completed between 2018 and 2025 (expected), Data source: bulwiengesa, company data.

Long-term Structural Support from Fundamental Residential Market Trends (Sweden)

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

The market fundamentals in Sweden are very

comparable to Germany.

High degree of similarities in terms of urbanization,

rental regulation, supply/demand imbalance and gap between in-place values and replacement

values.

Large gap between in-place values and replacement costs Structural supply/demand imbalance ²

Victoria Park Residential completions fall short of estimated required volumes ³ – fair value/sqm (SEK; total lettable area) vs. construction costs

Robust rent growth in regulated environments¹

Rent growth in regulated markets follows a sustainable upward trajectory and is largely independent from GDP developments; rents in unregulated markets go up and down broadly in line with the GDP development

Sources: REIS, BofA Merrill Lynch Global Research, OECD, Statistics Sweden. Note: Due to lack of q-o-q rent growth data for the US and Sweden, the annual rent growth for a year is assumed to also be the q-o-q rent growth of that year. US rent growth 2020 is full-year estimate. ² Note: The land value refers to the share of total fair value allocated to land. Allocation between building and land in Sweden assumed to be similar to Germany. Sources: Swedish National Board of Housing, Building and Planning, Statistics Sweden. ³2019 includes portfolio acquired from Akelius.

Liquid Large-cap Stock

1. H1 2021 Results 2. Investor Presentation 3. Additional Information 0 5 10 15 20 25 30 35 80 180 280 380 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Vonovia market cap (€bn) Share price (rebased to 100) Vonovia DAX EPRA Europe EuroStoxx 50 Total market cap Vonovia (€bn; weighted avg.) +293% Index inclusion +91% +60% S-DAX DAX Stoxx 600 EuroStoxx 50 M-DAX +53%

Source: Factset, company data; VNA and DAX performance are total shareholder return (share price plus dividends reinvested); EuroStoxx50 and EPRA Europe are share price performance only.

Vonovia Shares – Basic Data and NOSH Evolution

Evolution of number of shares (million) and use of proceeds from capital increases

IR Contact & Financial Calendar

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

Rene Hoffmann (Head of IR) Primary contact for Sell side, Buy side +49 234 314 1629 rene.hoffmann@vonovia.de

Stefan Heinz Primary contact for Sell side, Buy side +49 234 314 2384 stefan.heinz@vonovia.de

Oliver Larmann Primary contact for private investors, AGM +49 234 314 1609 oliver.larmann@vonovia.de

General inquiries investorrelations@vonovia.de

VONOVIA		Home	Q Investor Relations InvestorPortal Press FAQs Deutsch
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Company Profile	9M Analyst Presentation 2020	Victoria Park AB	Share Price
Sustainability	Vonovia Launches Capital Increase of approx. E1 billion via Accelerated Bookbuilding		Dividend
Key Figures	Vonovia Wins Top Spot in ESG Rating of		Performance Calculator
History	European Real Estate Companies		Shareholder Structure
Fact Sheet	Vonovia Wins Top Spot in ESG Rating of European Real Estate Companies		Analysts and Consensus
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Ronds	Ad-hoc Announcements	Annual General Meeting	Service & Contact
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Maturity Profile	Disclosure of Voting Rights	Committees of the Supervisory Board	Glossary
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Vonovia Finance B.V.	Reports & Publications	Declaration of Conformity
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https://investors.vonovia.de

¹ IR only

H1 2021 Earnings Call & Investor Presentation

Aug 6	Interim results 6M 2021
Sep 2	CoBa Corporate Conference
Sep 20	Goldman Sachs 10th German Corporate Conference
Sep 21	BofAML Global Real Estate Conference
Sep 23	10th Baader Investment Conference
Sep 24	EPRA's Annual Conference
Oct 6	1 Societe Generale The European ESG/ SRI Conference
Nov 4	Interim results 9M 2021
Nov 8-12	Q3 Roadshow
Nov 15-16	Corporate Governance Roadshow
Nov 22-26	Roadshow Asia
Dec 1	UBS Global Real Estate Conference

Dec 2 Societe Generale Flagship Conference

Disclaimer

1. H1 2021 Results 2. Investor Presentation 3. Additional Information

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.

This presentation has been provided for information purposes only and is being circulated on a confidential basis. This presentation shall be used only in accordance with applicable law, e.g. regarding national and international insider dealing rules, and must not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by the recipient to any other person. Receipt of this presentation constitutes an express agreement to be bound by such confidentiality and the other terms set out herein.

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.

For Your Notes

For Your Notes

H1 2021 Results	Investor Presentation	Additional Information
2 Agenda	21 Agenda	46 Agenda
3 Agenda H1 2021 Results	Agenda Investor Presentation 22	Agenda - Additional Information 47
4 Highlights	Vonovia at a Glance 23	Megatrends 48
5 Segment Overview	IPO to Today - Strategy Execution 24	Megatrends & COVID-19 49
6 Rental Segment	25 Impeccable KPI Track Record	50 European Activities
7 Operating KPIs	26 Compelling Investment Case	51 Urban Growth Markets
8 Value-add Segment	27 Earnings & Value Growth across 4 Segments	52 Portfolio Cluster
9 Recurring Sales Segment	Granular B-to-C End Consumer Business 28	Regional Markets 53
10 Developmnet Segment	Robust Operating Business 29	Neighborhoods / Urban Quarters 54
11 Development Pipeline	30 Megatrends	55 Investment Program Funding
12 H1 2021 Valuation	31 Capital Allocation	56 Historic Acquisition Pipeline
13 H1 2021 valuation - Regional Markets	32 Investment Program	57 Acquisition Track Record
14 Value Development in Berlin	33 Market Outperformance	58 Value-add Innovation Funnel
15 Investment Program	M&A Philosophy & Criteria 34	Overview of Bonds 59
16 EPRA NTA and NRV	M&A Track Record 35	History of Vonovia 60
17 LTV & Net Debt / EBITDA Multiple	36 Our Business Is Deeply Rooted in ESG	61 Corporate Govermance - AGM, SVB, MB
18 Capital Structure	37 ESG Ratings and Indices	62 Household Sizes and Ownersip Structure
19 2021 Guidance	38 UN Sustainability Development Goals (SDG)	63 Largest German Homebuilders
20 Wrap-up	Climate Path 39	Residential Market Trends Sweden 64
	Balanced Stakeholder Approach 40	Share Price Performance 65
	41 Highly Robust Governance	66 Vonovia Share - Basic Data & Share Count
	42 SPI	67 IR Contact & Financial Calendar
	43 Residential Market Trends	68 Disclaimer
	44 Rent Growth	69 For Your Notes
	Summary of Investment Case 45	For Your Notes 70
		Page Finder 71