LEG Immobilien SE

Investor Presentation • May 11, 2021

LEG Immobilien SE Q1-2021 Results

11 May 2021

LEG

M Outlook

While the company has taken all resonable care to ensure that the presentation are accurate and that the opinions contained in it are fair and reasonable, this presentation is selective in natured to provide an introduction to, and an overview of the Company's business. Any opinions expressed in this presentation are subject to company nor any other person is under any obligation to update or keep current the information contained in this presentation quotes any information or statistics from any external sources, you should not interpret that the Company has adopted or endorsed such information or statistics as being accurate.

This presentation may contain forward-looking statements that and uncertainies, including those pertaining to the anticipated benefits to be realised from the proposals described herein. For include, in particular, statements about future events, future financial performance, plans, strategies, expects, competitive environment, regulation, and supply and demand. The Company has based these forwardlooking statements on its views and assumptions with respect to financial performance. Actual financial performance could differ materially from that projected in the forward-looking statement uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these readers should not put undue reliance on any forward-ooking statements. The information contained in this presentation is subject to change withe Company does not undertake any duty to update the information and forward-looking statements, and the estimates and associated with them, except to the extent required by applicable laws and regulations.

This presentation does not constitute an offer or in the Company and heither this presentation or anything in it stall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.

1 | Highlights Q1-2021

- Q12021 - Highlights

Q1 2021 – Financial Summary

			+ / -
Operating results		Q1-2021	Q1-2020	%/bp
Net cold rent	€m	168.4	153.5	+9.7%
Net rental income	€m	129.0	116,5	+10.7%
EBITDA adjusted	€m	126.0	113.7	+10.8%
FFO I	€m	104.1	94.0	+10.7%
FFO I per share	ಲ್ಲಿ	1.44	1.36	+5.7%
FFO II	€m	103.8	93.5	+11.0%
EBITDA margin (adj.)	9/8	74.8	74.1	+70bp
FFO I margin	%	61.8	61.2	+60bp

				+ / -
Portfolio			31.03.2021 31.03.2020	%/bp
Residential units	number	144,519	136,217	+6.1%
In-place rent (l-f-l)	€/m²	6.03	5.87	+2.8%
Capex!	€m	68.9	54.2	+27.1%
Maintenance1	€m	23.4	18.5	+26.5%
EPRA vacancy rate (I-f-I)	9/8	2.7	3:4	-70 bp
1 only for investment properties

Balance sheet		31.03.2021	31.12.2020	+ / - %/bp
Investment properties	€m	14,702.7	14,582.7	+0.8%
Cash and cash equivalents	€m	773.5	335.4	+130.6%
Equity	€m	7,526.4	7,389.9	+1.8%
Total financing liabilities	€m	6,355.3	5,869.0	+8.3%
Current financing liabilities	€m	110.7	491.3	-77,5%
Net debt	€m	5,553.3	5,502.8	+0.9%
LTV	96	37.7	37.6	+10bp
Equity ratio	0/2	47.5	48.4	-90bp
Adj. EPRA NAV, diluted	€m	8,958.6	9,264.3	-3.3%
Adj. EPRA NAV per share, diluted	毛	124.26	122.65	+1.3%
EPRA NTA, diluted	€m	8,942.4	9,247.6	-3.3%
EPRA NTA per share, diluted	€	124.03	122.43	+1.3%

Strong performance FFO I at record level for Q1

• FFO I +10.7% to €104.1m
• EBITDA-Margin 74.8% (+70bps)
• = ITV 37.7%
  • 7.5y for 1.29%
• NTA ps € 124.03 (+1.3%)

• Net cold rent +9.7%
• I-f-I rental growth +2.8%
• I-f-I vacancy 2.7% (-70bps)

• = Publication of ESG Agenda 2024 providing a first insight into our realistic strategy
• Publication of 2020 Sustainability report
• = ESG deep dive 11 June 2021
• = Among best employers in NRW

LEG

Keeping the momentum

Benefitting from the portfolio growth

+6.1% units vs. Q1 20

Rating confirmed at Baa1 (stable) Strong financial profile

Minimal Corona effect

in Q1 21 and YTD

Unchanged and confirmed FY 2021 FFO I guidance of €410m - 420m

Positive across all market clusters

Strong vacancy decline across all markets, strongest in higher-yielding markets

In-place rent, l-f-l

Market split (GAV)

Markets

	Total portfolio		High-growth		Stable		Higher-yielding
	Q1-2021	▲ (YOY)	Q1-2021	▲ (YOY)	Q1-2020	▲ (YOY)	Q1-2020	▲ (YOY)
# of units	144.519	+6.1%	45.887	+9.6%	56.404	+7.1%	42.228	+1.4%
GAV residential assets (€m)	13.964	+18.7%	6.310	+19.1%	4.852	+21.4%	2.801	+13.6%
In-place rent (m²), l-f-l	€6.03	+2.8%	€6.82	+2.9%	€5.72	+2.6%	€6.55	+2.8%
EPRA vacancy, I-f-I	2.7%	—70 bps	1.6%	—30 bps	2.7%	—70 bps	4.2%	—130 bps

4.2

Q1 2021 - Highlights

Margins continue to grow in Q1 Overview

LEG

Net cold rent €m 168.4 153.5 - +9.7%

Q1-2020 Q1-2021

Adj. EBITDA

€m

Recurring Net rental and lease income €m

FFO I

€m

Recurring net rental and lease income

• Scale effects through acquisitions and rent increases
• Strong performance of value-add services

Adj. EBITDA

■ Slightly disproportional increase in admin costs

FFO I ps

• = Q1-2020 €1.36 = Q1-2021
  • €1.44

2 ESG Agenda 2024 – A Joint Journey

Our ESG mission statement

ESG Agenda 2024

LEG-specific ESG targets

Measurable and auditable targets lay the foundation for our ESG roadmap

ESG Agenda 2024

Mio. t

German reduction path by sectors

Further enforcement of Germany's targets and climate neutrality targeted by 2045

Germany CO2 emission in sector context

■ Real estate sector represents 16% of Germany's emissions (2020)

LEG

• New climate change act enforces carbon reduction to 65% when compared to 1990 (vs. previously 55%) by 2030 and climate neutrality by 2045
• Significant reduction for real estate sector required:
  • 44% by 2030 vs. 2020
  • 83% by 2040 vs. 2020
• · Uniform and consistent EU ETS (European Trading System) required to allow for uniform prices and standards across the FU and to allow for a holistic carbon reduction framework

Our transformational corridor until 2045

LEG is fully committed to the new German Climate Change Act

• LEG fully committed to new German Climate Change Act to achieve climate neutrality by 2045
• LEG targets a CO2 reduction of 10% by 20241
• 3% of units to be refurbished in 2021'
• Key driver will be the general transition of Germany towards green energy
• Refurbishments will require a more standardised and industrialised process and innovation around materials
• Tenants will also need to contribute to the transformation on the back of technology and digitisation
• The journey will therefore be rather within a corridor than along a straight path

Transition roadmap towards climate neutrality

Energy transition and energetic refurbishment are the main drivers to reach the targets

I Estimate tased on current process and aling of involvion and efficiency inqrements inceacum. Based on portfollo as of 2/222. In 2/21.1/3 ans is spend c.6/0/m for enegation

Energy transition - LEG with a good starting point

Key driver will be the shift towards green electricity and green district heating

Target heat energy mix LEG 40% Green district heating 50% Green electricity 10%

▪ Gradual shift from fossil energy towards green mix

• Increase in electricity along the planned transformation of the German energy mix towards green energy assumed
• Increase in green district heating from already high levels, benefitting from location of assets in bigger cities
• Assuming a remaining gas share of 10% as a conservative assumption. A complete shift towards green energy would reduce footprint to full climate neutrality
• CO2reduction from energy transition by 65% - 70%

LEG

Energy-efficient refurbishment Shift towards a more holistic approach

LEG

■ 10% CO2 reduction by 2024

350-400

B to A

• Targeting 3% of units to be refurbished in 2021
• Shift towards a more holistic approach with lower share of individual measures and higher share of full comprehensive refurbishment measures
• At least 30% of efficiency improvement
• Latest Federal Court of Justice ruling constrains rent increase potential, whereas new BEG1 is more generous with regards to KfW grants
• CO2 reduction from refurbishment of 25% - 30%

LEG's biomass plant

Providing us with an competitive advantage – not reflected due to current framework

2020 LEG starting point for its portfolio: 36.7kg CO2e/sqm

• LEG bottom-up approach based on actual consumption
• Not reflecting the bio mass plant
• Scope 1 and scope 2
• 311kt CO₂ in total
• = 157.5 kWh/sam

Potential offset from biomass plant

Potential 18% off-set from own biomass plant

LEG Biomass Power Plant

= Started 2005

• Own carbon neutral power plant, c. 100km from LEG hubs
• Green energy from waste wood
• Recognised as carbon neutral energy
• Production of district heat and electricity for local commercial area
• Due to distance to LEG buildings, energy not provided to own buildings
• Annual production of 105,000 MWh of electricity (represents annual production of onshore wind farm with 20 large wind turbines)
• = Not reflected in our 36.7kgCO2e/sqm footprint

This represents savings of 57.5kt CO2 and potentially carbon neutral electricity for 45,000 LEG units, i.e. around 1/3 of our portfolio

ESG Agenda 2024 - Social

Affordable living is at the core of our corporate DNA

Attractive rents overall - especially for tenants in our rent-restricted units

Providing an affordable home

• Social responsibility for our 400,000 customers
• Providing a home at affordable prices
• 145,000 units at €6.02/sqm
• On average rent of c. €380 per month per unit
• Rent increases for rentrestricted units only every 3 years by inflation factor

24% of our units are rent-restricted

Preconditions for tenants of rent-restricted units

• = Rent-restricted rents c. 20% below freefinanced rents
• Entitlement from local municipal office
• Personal income <25k€ p.a. for family with 2 children (North-Rhine Westphalia)

Attractive rent levels in market context (YE 2020)1

1. Peers Vonovia and Deutsche Wohners with respective maket numbers from CBRE for esective LEG market clusters. 2. As at 31 March 2021

LEC

ESG Agenda 2024 - Social

Further improving our customer focus

A high customer satisfaction level will be a key differentiation factor

2025

ESG Agenda 2024 - Social

Trust Index 66% - Among the best employers in NRW'

Target is to keep our strong employee recognition

1 North Rhine-Westphalia. NRW represents.2% of the German GDP in 2020. Within Europe, NRW would ankas the 9th biggendent state

LEG

GE /AG

Strong partner to local communities

Acquisition of a 6% stake in GEWAG municipal housing company in Remscheid

Düsseldorf Remscheid

Profile

• = Locations: Remscheid (86%)
• = 1,036 buildings
• 6,208 units
• Total sqm 430k
• Average rent/sqm €5.29
• = Acquisition price €6m
• Implied acquisition price per sqm c. €600
• LEG with 1,088 units in Remscheid

Shareholder

50.3% - Publicutility company Remscheid 34.0% LEG Other

6.2%

9.5%

Strong partner to the city of Remscheid

DEIN

· In 2020, foundation of a district meeting location together with the city of

Remscheid and local charities, including LEG's "Dein Zuhause hilft"foundation

• · Targeting offerings for entire age range, i.e. kids, families to elderly tenants
• Offerings range from language classes, cooking classes, parents' cafe, presentations on various topics, etc.

— ESG Agenda 2024 - Governance

Among best-in-class in corporate governance

Target is to maintain a high Sustainalytics score in the 2021 review (C

3 Outlook

-- Outlook

2021 guidance

LEG

All financial targets confirmed and ESG targets integrated

		2021
FFO I		€410m - 420m1
l-f-l rent growth		~3.0%
EBITDA margin		~75%
Investments		~40 - 42€/m²
LTV		max. 43%
Dividend		70% of FFO
Acquisition ambition		Not reflected in guidance ~7,000 units
Environment	2021 - 2024 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 - 2021 -	Reduction of CO2 emissions by 10% in 4 years2 Energetic refurbishment of 3% of units2
Social	2021 - 2024 - 3 2021 2021 – 2025	Maintain high employee satisfaction level (66% Trust Index) Reduction of iteration calls from tenants by 15% Best in class in customer recognition by 2025 with a Customer Satisfaction Index of >70%
Governance	2021 (6)	Maintain Sustainalytics rating at score of 10.4

1 Including a- €2m impact from the 2020 carbon tax, assuming a 50/50 split between LEG and tenants. 2 Units as at 12/19.

4 | Appendix

-

Appendix — Financials

Portfolio transactions

Nearly unchanged portfolio size in Q1

572 145,0 5.929 144,530 -11 144.519 1,076 1,308 2,186 134,031 31.12.2019 Q4 2020 Q1 2021 31.03.2021 Q2 2021 30.06.20 Q12020 Q2 2020 Q3 2020 1,122 6,270 11,262 188 188 576 764 Acquisitions 3,532 2,361 1,509 4 Divestments 3,470 175 201 46 341 763 199 199 203 62 561 Change 2,186 1,308 1,076 5,929 10,499 -11 -11 572

1 Residential units. 2 Note: The transaction announcement and the transfer of ownership are usually several months apart. The number of units may therfore differ from other disclosures, depending on the data basis. 35W = Bremen, LS = Lover Saxony, NRW = North Rhine-Westphalia, R = Rhineland-Palatinate, SH = Schleswig-Holstein, SL = Saarland.

Number of units based on date of transfer of ownership1,2

LEG

	Acquisitions (Locations/States)
91
	Q1 2020
	NRW
	Q2 2020
	■ NRW - Kaiserslautern (RP)
	03 2020
	■ NRW - Flensburg (SH)
	Q4 2020
021	■ NRW - Brunswick (LS) - Hanover (LS) - Koblenz (RP) - Rhine-Neckar (RP/BW)
	Q1 2021
	■ NRW - Oldenburg (LS)
	Q2 2021

▪ NRW – Oldenburg (LS) – Hanover (LS) – Brunswick (LS) - Kaiserslautern, Koblenz (RP) Appendix - Financials

+2.8% l-f-l rental growth On track to meet full year target

Residential rent		l-f-l rent development	€/m²/month
+2.8%
+0.0% Cost rent	6.03		Q1-2021
Rent table +1.4% Modernisation +0.6% +0.8% Re-letting	5.87		Q1-2020
Free financed rent +5.38%	6.43		Q1-2021
	6.22		Q1-2020

l-f-l free financed rent development

€/m²/month

• Ongoing strong momentum in all of our three market segments
• Rent restricted units: no cost rent adjustments in 2021

— Appendix - Financials

FFO Bridge Q1-2021 Increase of +€10.1 m (+10.7%)

— Appendix - Financials

Portfolio valuation Q1-2021

Market segment	Residential Units	GAV Residential Assets (€m)	GAV/ m² (€)	Gross yield	In-Place Rent Multiple	Market Multiples1	GAV Commercial/ Other (€m)	Total GAV (€m)
High- Growth Markets	45,887	6,310	2.063	3.9%	25.8x	21.9x	274	6,584
Stable Markets	56,404	4,852	1,353	4.9%	20.2x	17.8x	152	5.004
Higher- Yielding Markets	42,228	2,801	1,085	5.9%	17.0x	15.2x	86	2,887
l otal Portfolio	144,519	13,964	1,514	4.6%	21.5x	18.7x	511	14,475

Strong financial profile

LEG

Average debt maturity Weighted avg. interest years (excl. subsidised loans) Q1-7.5 2021 Q1-8.1 1.9% 2020 1.5% 1.3% Average interest costs 0% 1.5% Q1-1.29 1.2% 2021 Q1-1.0% 1.46 2020 1.2% 1.5% Loan-to-value % Q1-37.7 2021 1.2% Q1-38.0 2020

Highlights Q1-2021

• Successful placement of €500m bond with coupon of 0.875% and 12 years maturity
• · Average interest costs down 17 bps vs. Q1-2020 and down 4 bps vs. Q4-2020
• No significant maturities until 2023
• Strong liquidity as of end of March with ~€770m cash at hand and >€400m REF's
• LTV as well as Net debt/EBITDA (LTM: 11.7x) on low levels

New EPRA NRV — NTA — NDV

€m		31.03.2021			31.12.2020
	EPRA NRV - diluted	EPRA NTA - diluted	EPRA NDV - diluted	EPRA NRV - diluted	EPRA NTA - diluted	EPRA NDV - diluted
IFRS Equity attributable to shareholders (before minorities)	7,502.1	7,502.1	7,502.1	7,365.6	7,365.6	7,365.6
Hybrid instruments	27.5	27.5	27.5	464.3	464.3	464.3
Diluted NAV (at Fair Value)	7,529.6	7,529.6	7.529,6	7,829.9	7,829.9	7,829.9
Deferred tax in relation to fair value gains of IP and deferred tax on subsidised loans and financial derivatives	1,449.0	1,436.0		1,431.3	1.417.4
Fair value of financial instruments	79,7	79.7		102.7	102.7
Goodwill as a result of deferred tax	-55.9	-55.9	-55.9	-55.9	-55.9	-55.9
Goodwill as per the IFRS balance sheet		-43.7	-43.7		-43.7	-43.7
Intangibles as per the IFRS balance sheet		-3.3			-2.8
Fair value of fixed interest rate debt			-378.0			-443.0
Deferred taxes of fixed interest rate debt			69.8			87.2
Revaluation of intangibles to fair value
Estimated ancillary acquisition costs (real estate transfer tax)	1,432.5			1,421.7
NAV	10,434.9	8,942.4	7.121,8	10,729.7	9,247.6	7,374.5
Fully diluted number of shares	72,095,943	72,095,943	72,095,943	75,534,292	75,534,292	75,534,292
NAV per share	144.74	124.03	98.78	142.05	122.43	97.63

1 Including RETT (Real Estate Transfer Taxes) the NTA would have been €143.70

FFO calculation

LEG

€m	Q1-2021	Q1-2020
Net cold rent	168.4	153.5
Profit from operating expenses	-0.7	-0.8
Maintenance (externally-procured services)	-16.2	-12.9
Staff costs	-21.1	-17.7
Allowances on rent receivables	-2.3	-2.3
Other	3.5	-0.8
Non-recurring project costs (rental and lease)	1.6	0.7
Recurring net rental and lease income	133.2	119.7
Recurring net income from other services	2.1	2.4
Staff costs	-6.5	-5.6
Non-staff operating costs	-4.1	-3.6
Non-recurring project costs (admin.)	1.3	0.8
Recurring administrative expenses	-9 3	-8.4
Other income and expenses	0.0	0.0
Adjusted EBITDA	126.0	113.7
Cash interest expenses and income	-20.5	-19.0
Cash income taxes from rental and lease	-1.4	-0.8
FFO I (including non-controlling interests)	104.1	93.9
Non-controlling interests	0.0	0.1
FFO I (excluding non-controlling interests)	104.1	94.0
FFO II (including disposal of investment property)	103.8	93.5
Capex	-69.8	-54.7
Capex-adjusted FFO I (AFFO)	34.3	39.3

Net cold rent

= +€14.9m or +9.7% YOY

Staff costs

▪ Growth in staff costs mainly due to increased tariff and additional FTE's, e.g. in newly acquired LWS Plus

Other

▪ Increase driven by income from value-add services

Recurring net rental and lease income

= +€13.5m or +11.3% YOY

Non-staff operating costs

▪ Increase related to higher consulting costs

Adjusted EBITDA

= +€12.3m or +10.8% YOY

Cash interest expenses

▪ Decline in average interest costs from 1.46% to 1.29% offset by higher debt

Balance sheet

LEG

Total Equity and Liabilities	15,849.1	15,282.3
Current liabilities	382.9	864.2
Other current liabilities	272.2	372.9
Current financing liabilities	110.7	491.3
Non-current liabilities	7,959.8	7,028.2
Other non-current liabilities	1,695.2	1,650.5
Non-current financing liabilities	6,244.6	5,377.7
Equity	7,526.4	7,389.9
Total Assets	15,849.1	15,282.3
Assets held for sale	0.5	21.6
Current assets	884.2	413.1
Cash and cash equivalents	773.5	335.4
Receivables and other assets	110.7	77.7
Non-current assets	14,964.4	14,847.6
Other non-current assets	261.7	264.9
Investment property	14,702.7	14.582.7
€m	31.03.2021	31.12.2020

Investment property

• Acquisitions contributed €50.1m
• Capex contributed €68.9m

Cash and cash equivalents

• Cash flow from operating activities €98.5m
• Investing activities €-143.8m
• Financing activities €483.4m
  • Bond issuance €494.2m
  • Repayment of loans €-7.1m

Loan to Value

€m	31.03.2021	31.12.2020
Financial liabilities	6,355.3	5,869.0
Excluding lease liabilities (IFRS 16)	28.5	30.8
Cash & cash equivalents	773.5	335.4
Net Debt	5,555.3	5,502.8
Investment properties	14,702.7	14,582.7
Properties held for sale	0.5	21.6
Prepayments for investment properties	39.0	43.3
Property values	14,742.2	14.647,6
Loan to Value (LTV) in %	37.7	37.6

• LTV nearly unchanged vs. Q4-2020

• Low LTV enables further portfolio expansion

• Appendix - Financials

Income statement

LEG

€m	Q1-2021	Q1-2020
Net rental and lease income	129.0	116.5
Net income from the disposal of investment property	-0.2	-0.3
Net income from the valuation of investment property	1.9	-0.7
Net income from the disposal of real estate inventory	0.0	-1.4
Net income from other services	1.4	1.7
Administrative and other expenses	-11.5	-10.3
Other income	0.0	0.0
Operating earnings	120.6	105.5
Net finance costs	23.1	-20.0
Earnings before income taxes	145.7	85.5
Income tax expenses	-19.3	-19.0
Consolidated net profit	124.4	66.5

Recurring net rental and lease income

■ NRI increased by €12.5m or +10.7% YOY

Administrative and other expenses

■ Increase related to higher consulting costs and additional FTEs

Net finance costs

• Net income from fair value measurement of derivatives of €48.0m mainly related to the convertibles (Q1-2020: €-0.2m)
• Increase in interest expenses due to convertible bond (nominal value: €550m) issued in Q2-2020

Income tax expenses

■ Effective tax rate of 18.5% (Q2-2020: 21.7%)

Interest expense related to loan

Cash effective interest expense ■ Interest coverage improved further

y-o-y to 6.1 (6.0)

■ Increase related to the issuance of the convertible bond in Q2-2020

amortisation

Appendix - Financials
-----------------------	--

Cash effective interest expense

LEG

€m	Q1-2021	Q1-2020
Reported interest expense	24.9	22.6
Interest expense related to loan amortisation	-4.1	-3.3
Interest costs related to valuation of assets/liabilities	0.0	0.0
Interest expenses related to changes in pension provisions	-0.2	-0.3
Other interest expenses	-0.1	0.1
Cash effective interest expense (gross)	20.5	19.0
Cash effective interest income	0.0	0.0
Cash effective interest expense (net)	20.5	19.0

-

-

— Appendix - Financials

Investments

Reconciliation from investments to adjusted investments

€m	Q1-2021	Q1-2020	FY-2020
Maintenance	24.4	18.6	98.3
Thereof LWS Plus effect	2.4		2.6
Thereof public safety measures in connection with acquisitions	0.1		0.2
Adjusted maintenance	21.8	18.6	95.5
Capex	69.8	54.7	290.4
Thereof new construction	0.5	1.2	4.8
Thereof capitalisation of own services	2.2		10.8
Adjusted Capex	67.2	55.5	274.8
Total investments	94.2	73.3	388.7
Adjusted total investments	89.0	72.1	370.3
Area of investment properties (million sqm)	9.43	8.88	9.03
Adjusted investment per sqm (€)	9.44	8.12	41.00

LEG

Refinancing of subsidised loans lifting value

Rent potential subsidised units

• Until 2028, around 25,000 units will come off rent restriction
• Units show significant upside to market rents
• · The economic upside can theoretically be realised the year after restrictions expire, subject to general legal and other restrictions5

Around 70% of units to come off restriction until 2028

Number of units coming off restriction and rent upside

Spread to market rent

€/m²/month

It it if a real of Shita a indrage contrastial procession in traping to an approached the institus teachers in elemble, as striger legal and contactions exploires entigent le inesseessis. 3 Spears = 2222020 / Vease = 2011. Next upside is collection LC in pose ent make not (define in tot tot to learner and conce . 5 cr earner ent incesse ap of th

Appendix

Supervisory board - 100% independent members Aiming for 1/3 of female members by 2022

LEG

Michael Zimmer

Chairman since 2013

Entrepreneurial career in the real estate sector (e.g. founder of Corpus Sireo Immobilien, later sold to Swiss Life) since 1990

Stefan Jütte

Deputy Chairman since 2013

From 1980 - 2012. different roles in the DSL Bank)

Dr. Johannes Ludewig Member

From 1997 – 2011 various roles in the real estate and banking sector (e.g. CEO railway sector (e.g. CEO of of Deutsche Postbank, in different political roles in Germany from 1975 - 1997

since 2013

Age-related terms end with AGM 2022 To be replaced by one female member → Back to 6 seats with 1/3 female members

Dr. Claus Nolting

Member since 2016

Professional background as a lawyer. Different positions in the banking and private equity sector (e.g. CEO of Hypovereinsbank, Cerberus, Lone Star)

Dr. Jochen Scharpe

Member since 2013

Professional experience in Corporate Finance (KPMG) and the real estate sector, e.g. precursor of CA Immo and Siemens Real Estate

Martin Wiesmann

Member since 2020

Professional background in investment banking with Deutsche Bank and J.P. Morgan, amongst various roles Vice-Chairman IB Europe with JPM

Q1-2021 Results – LEG Immobilien SE

Dr. Sylvia Eichelberg To be elected at AGM 2021

CEO of Gothaer Health Insurance and previously in different roles with AXA and ERGO insurance

41

New ESG targets within management's remuneration system Approved by AGM 2020

LEG

Appendix

Management Team

LEG

Lars von Lackum CEO

• Strategy, M&A, Organisation, Processes and Digitisation
• Legal and Human Resources
  • Management & Supervisory Board Office
  • Legal, Compliance and Internal Audit
  • Human Resources
• Corporate Communications & Corporate Responsibility
• Acquisition
• New Construction
• .

With LEG since 2019

Susanne Schröter-Crossan CFO

• Investor Relations
• · Finance & Treasury
• Controlling & Risk Management
• Portfolio Management
• Accounting & Taxes

Dr. Volker Wiegel COO

• Asset and Property-Management
  • Commercial Management
  • Neighbourhood Management
  • Property Management
  • · Modernisation
  • · Central Procurement
  • Receivables Management
  • Rent Management
  • Operating Expenses Management
• TechnikServicePlus GmbH
• EnergieServicePlus GmbH

With LEG since 2013

With LEG since 2020

Q1-2021 Results – LEG Immobilien SE 43

LEG additional creditor information

Unsecured financing covenants

Covenant	Threshold	Q1-2021
Consolidated Adjusted EBITDA / Net Cash Interest	≥1.8x	5.8x
Unencumbered Assets / Unsecured Financial Indebtedness	≥125%	218%
Net Financial Indebtedness / Total Assets	≤60%	35%
Secured Financial Indebtedness / Total Assets	<45%	20%

Financing mix Fixed interest 83.6% 9.5% ■ Derivatives 7.0%

Ratings (Moody's)

lype	Rating	Outlook
Long Term Rating	Baa1	Stable
Short Term Rating	P-2	Stable

Key financial ratios
	Q1-2021	Q1-2020
Net debt / EBITDA	11.7x	10.8x
I TV	37.7%	38.0%

— Appendix

Capital market financing Corporate bonds

lssue Size	2017/2024 €500m	2019/2027 €500m	2019/2034 €300m	2021/2033 €500m
Term / Maturity Date	7 years / 23 January 2024	8 years / 28 November 2027	15 years / 28 November 2034	12 years / 30 March 2033
Coupon	1.250 % p.a. (annual payment)	0.875 % p.a. (annual payment)	1.625 % p.a. (annual payment)	0.875 % p.a. (annual payment)
Issue Price	99.409 %	99.356 %	98.649 %	99.232%
Financial Covenants	▪ Net financial debt/ total assets ≤ 60% ▪ Secured financial debt/ total assets ≤ 45% ■ Unencumbered assets/ unsecured financial debt ≥ 125% ▪ Adj. EBITDA/ net cash interest ≥ 1.8 x
ISIN	XS1554456613	DE000A254P51	DE000A254P69	DE000A3H3JU7
WKN	A2F4W8	A254P5	A254P6	A3H3JU

Capital market financing Convertible bonds

	2017/2025	2020/2028
lssue Size	€400m	€550m
Term / Maturity Date	8 years/ 1 September 2025	8 years/ 30 June 2028
Coupon	0.875% p.a. (semi-annual payment: 1 March, 1 September)	0.4% p.a. (semi-annual payment: 15 January, 15 July)
# of shares	3,438,349	3,546,869
Initial Conversion Price	€118.4692	€155.2500
Adjusted Conversion Price1	€116.3349 (as of 4 September 2020)	€155.0663 (as of 7 September 2020)
Issuer Call	From 22 September 2022, if LEG share price >130% of the then applicable conversion price	From 5 August 2025, if LEG share price >130% of the then applicable conversion price
ાંડાંગ	DE000A2GSDH2	DE000A289T23
WKN	A2GSDH	A289T2

1 Dividend-protection: The conversion pice will not be adjusted with the dividend exceeds €2.76 (2020/2028 convertible).

LEG share information

Sustainable increase in share price and market capitalisation since IPO

IPO = Initial Public Offering; CI = capital increase in kind; CB = convertible bond; SD = stock dividend

Financial calendar

For our detailed financial calendar, please visit our IR web page

IR Contact

Investor Relations Team

Frank Kopfinger, CFA Head of Investor Relations & Strategy

Tel: +49 (0) 211 4568-550 E-Mail: frank.kopfinger@leg-se.com Elke Franzmeier Assistant Investor Relations & Strategy

Tel: +49 (0) 211 4568-159 E-Mail: elke.franzmeier@leg-se.com

Karin Widenmann Senior Manager Investor Relations

Tel: +49 (0) 211 4568-458 E-Mail: karin.widenmann@leg-se.com Gordon Schönell, CIIA Senior Manager Investor Relations

Tel: +49 (0) 211 4568-286 E-Mail: gordon.schoenell@leg-se.com

LEG Immobilien SE | Hans-Böckler-Str. 38 | 40476 Düsseldorf, Germany Phone: +49 (0) 2114568-400 | Fax: +49 (0) 211 4568-22 204 | E-Mail: ir@leg-se.com | Internet: www.leg-se.com