Q1 2021 Earnings Call Presentation (pages 2-21) & Investor Presentation (pages 22-83)

May, 2021

Agenda

Q1 2021 Results 2. Investor Presentation 3. Additional Information

detailed pages 50-83 index

pages 2-21 pages 22-49

Agenda Q1 2021 Results

Q1 2021 Results 2. Investor Presentation 3. Additional Information

4	Highlights
5-12	Segment Results
13-14	NTA & NRV and H1 Valuation Outlook
15-16	LTV & Financing
17	Sweden – Integration of Hembla
18	Berlin
19	Sustainability Update
20	Guidance 2021
21	Wrap-up

Highlights

	1. Q1 2021 Results	2. Investor Presentation
Good Start into 2021		Off to a good start with operating business and fundamentals fully intact. Business model continues to be highly resilient in spite of ongoing COVID-19 implications. Continued focus on adequate stakeholder reconciliation.
Performance	Adj. EBITDA Total €506.1m (+11.0%). Group FFO €382.9m	Total Segment Revenue €1,145.5m (+14.7%). (+14.1%) and €0.68 per eop share (+9.4%).
NTA, NRV & Valuation	Next valuation	"Brick and mortar" EPRA NTA €63.22 per share (+0.8% ytd). "Beyond the bricks" EPRA NRV €77.59 per share (+0.5% ytd). as per June 30 is estimated to lead to a total fair value growth between €3.5bn and €4.5bn for the ca. three quarters of the portfolio being revalued. While there is ongoing yield compression in all of our markets, we observe less in major locations where yields have already compressed the most (e.g. Munich, Berlin).
Capital Structure		LTV 39.1% (-30bps ytd) and 40.8% incl. the perpetual hybrid. Net debt/EBITDA multiple 12.0x (-30bps ytd). Latest issuance: €600m green bond with 10-year maturity and 0.625% coupon.
Hembla Integration	starting 2022	Victoria Park and Hembla successfully integrated; full €30m synergies in 2021 with additional synergies One single system and scalable operating platform for future growth
Berlin	2019 Mietspiegel,	Legal certainty that a federal state cannot pass its own rental legislation, and that responsibility for rental law lies exclusively with the federal government. However, the broader picture for Berlin remains very challenging as this ruling comes at a critical time. New Mietspiegel: City of Berlin is expected to publish a new Mietspiegel as early as May 2021. In light of the unavailability of market rents due to the Rent Freeze this will most likely be an "indexation" of the with the 2019 levels adjusted based on income growth. The growth potential on that basis is estimated to be slightly more than 1%.

1. Q1 2021 Results 2. Investor Presentation 3. Additional Information Segment Overview Largely Unchanged Portfolio Delivers Revenue, EBITDA, and FFO Growth On the basis of a stable portfolio volume y-o-y, Vonovia delivered top- and bottom-line growth with Total Segment Revenue up 14.7%, Adj. EBITDA Rental up 5.8%, Adj. EBITDA Total up 11.0%, and Group FFO up

14.1% (9.4% per share).

€m (unless indicated otherwise)	Q1 2021	Q1 2020	Delta

Total Segment Revenue	1,145.5	998.8	14.7%
Adj. EBITDA Rental	403.1	381.1	5.8%
Adj. EBITDA Value-add	45.8	37.2	23.1%
Adj. EBITDA Recurring Sales	47.1	26.4	78.4%
Adj. EBITDA Development1	10.1	11.4	-11.4%
Adj. EBITDA Total	506.1	456.1	11.0%
FFO interest expenses	-85.8	-90.1	-4.8%
Current income taxes FFO	-20.3	-11.8	72.0%
Consolidation2	-17.1	-18.7	-8.6%
Group FFO	382.9	335.5	14.1%
of which Vonovia shareholders	368.4	321.5	14.6%
of which hybrid investors	10.0	10.0	0.0%
of which non-controlling interests	4.5	4.0	12.5%

Number of shares (eop)	565.9	542.3	4.4%
Group FFO per share (eop NOSH)	0.68	0.62	9.4%
Group FFO per share (avg. NOSH)	0.68	0.62	9.4%

¹ Excl. €0.0m (Q1 2020: €0.2m) capitalized interest. ² Consolidation in Q1 2021 (Q1 2020) comprised intragroup profits of €7.0m (€7.1m), gross profit of development to hold of €2.4m (€4.3m), and IFRS 16 effects of €7.7m (€7.3m). ³ Quarterly average.

Rental Segment

Organic Growth and Efficiencies Drive Adj. EBITDA Rental

1. Q1 2021 Results			2. Investor Presentation	3. Additional Information
Rental Segment (€m)	Q1 2021	Q1 2020	Delta	Slight rotation at the margins but Q1 portfolio volume similar to prior year with 415k units.
				Rental revenue driven by organic rent growth;
				Maintenance expenses basically unchanged;
Rental revenue	581.7	564.0	+3.1%	Operating expenses down and Adj. EBITDA
Maintenance expenses	-80.3	-79.4	+1.1%	Operations margin (Germany) up on the back of
Operating expenses	-98.3	-103.5	-5.0%	continued operational improvements and after
				COVID-related precautionary measures in Q1 2020.

Scale and efficiency gains in Germany¹

¹EBITDA 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. page 6

Rental revenue by geography

Q1 2021 Earnings Call & Investor Presentation

Adj. EBITDA Rental 403.1 381.1 +5.8%

Rental Segment Operating KPIs

Organic rent growth of 3.0% year-on-year. (Q1 2021 was still fully impacted by Berlin rent reduction)
Low vacancy levels as a result of unbroken demand for our product and strong operational performance in spite of ongoing COVID-19 restrictions.

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

Value-add Segment Revenue Growth from External and Internal Activities

Increased external and internal revenue in Q1 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. Q1 2020 figures adjusted. ² Distribution based on 2021 budget.

Recurring Sales Segment Unbroken Demand for Individual Condos

1. Q1 2021 Results 2. Investor Presentation 3. Additional Information

Stable fair value-step-ups on the back of high disposal volumes.
Q1 2021 Recurring Sales positively impacted by
spillover from high demand in Q4 2020 and
some harder-to-sell condo units sold as one block availing of current high demand.
Outside the Recurring Sales Segment we sold 70 non-core units and land in Q1 2021. Mainly due to the land sales the fair value step-up was 64.1%.

Historical Recurring Sales volumes and FV step-up¹

The Recurring Sales Segment comprises of single-unit sales from
a defined subportfolio 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.

Units sold	1,182	760	+55.5%
Revenue from recurring sales	192.7	108.6	+77.4%
Fair value	-141.9	-79.4	+78.7%
Adjusted result	50.8	29.2	+74.0%
Fair value step-up	35.8%	36.8%	-100bps

Recurring Sales Segment (€m) Q1 2021 Q1 2020 Delta

Selling costs -3.7 -2.8 +32.1%

Adj. EBITDA Recurring Sales 47.1 26.4 +78.4%

¹ 2018 onwards also including recurring sales in Austria.

Q1 2021 Earnings Call & Investor Presentation

page 9 Related page(s): 62

Development Segment Slow Start in Q1 but on Track for the Full Year

Q1 2021 Results 2. Investor Presentation 3. Additional Information
Development to hold includes 81 new apartments in Sweden, about half of which are conversions of largely unused community spaces into rentgenerating residential spaces.
Similar to prior years, Q1 Adj. EBITDA contribution from development was low due to the more projectdriven nature of this segment.
Operating expenses in Q1 2021 including Bien Ries; prior year impacted by reversal of provisions.

Development Segment (€m)	Q1 2021	Q1 2020	Delta
Revenue from disposal of to sell properties	84.2	45.4	+85.5%
Cost of Development to sell	-71.4	-38.2	+86.9%
Gross profit Development to sell	12.8	7.2	+77.8%
Fair value Development to hold	12.8	20.2	-36.6%
Cost of Development to hold1	-10.4	-15.9	-34.6%
Gross profit Development to hold	2.4	4.3	-44.2%
Rental revenue Development	0.3	0.2	+50%
Operating expenses Development	-5.4	-0.3	>100%
Adj. EBITDA Development	10.1	11.4	-11.4%

¹ Excl. €0.0m (Q1 2020: €0.2m) 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

Q1 2021 Results 2. Investor Presentation 3. Additional Information

New rental apartments for our own portfolio (to hold)

149 units completed in Q1 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)

230 units completed in Q1 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

Investment Program Actively Managing the Megatrends

Q1 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.

New construction to hold	Construction of apartments for our own portfolio through entirely new buildings or floor additions to existing buildings, applying modular and conventional construction methods (Excl. development to sell).
Upgrade Building	Energy-efficient building modernization usually including new facades, roofs, windows and heating systems.
Optimize Apartment	Primarily senior-friendly apartment renovation usually including new bathrooms, modern electrical installations, new flooring, etc.	Optimize Upgrade Apartment Building Neighborhood Development

Target IRR for the overall investment program is ca. 9%.

€m	Q1 2021	Q1 2020	Delta
Investments in modernization and new construction	244.2	291.5	-16.2%

Lower volume y-o-y related to substantial reduction of investment volume in Berlin because of the Rent Freeze, COVID-19-related delays and the general project-based nature of these investments.
On track for FY2021 guidance of €1.3bn €1.6bn.
Current investment level sufficient to achieve CO² reduction goals committed to in climate path.

¹ An aggregate amount of ~€87m additional rent p.a. is still in the pipeline from the investment programs 2017 to 2021 where projects are underway but not fully completed. Note: The target volume of €1,300 - €1,600 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.

EPRA NTA and NRV

No Revaluation in Q1 Means Few Changes ytd

Q1 2021 Results 2. Investor Presentation 3. Additional Information

EPRA NTA of €63.22 (+0.8%) and EPRA NRV of €77.59 (+0.5%).

No valuation in Q1 2021.
Next valuation will be as per June 30.

	EPRA NTA			EPRA NRV
€m (unless indicated otherwise)	Mar. 31, 2021	Dec. 31, 2020	Delta	Mar. 31, 2021	Dec. 31, 2020	Delta
IFRS Equity attributable to shareholders	23,322.0	23,143.8	0.8%	23,322.0	23,143.8	0.8%
Deferred tax in relation to FV gains of investment property1	10,572.6	10,466.8	1.0%	12,033.3	11,947.8	0.7%
FV of financial instruments2	37.9	54.9	-31.0%	37.9	54.9	-31.0%
Goodwill as part of IFRS balance sheet	-1,476.5	-1,494.7	-1.2%	-	-	-
Intangibles as per IFRS balance sheet	-115.2	-117.0	-1.5%	-	-	-
Revaluation of intangibles3	-	-	-	4,610.0	4,610.0	-
Purchasers' costs1	3,432.1	3,434.8	-0.1%	3,906.2	3,920.8	-0.4%
NAV	35,772.9	35,488.6	0.8%	43,909.5	43,677.3	0.5%
NOSH (million)	565.9	565.9	0.0%	565.9	565.9	0.0%
NAV (€/share)	63.22	62.71	0.8%	77.59	77.18	0.5%

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 Q1 (only once a year in Q4).

Outlook H1 2021 Valuation Substantial Value Growth But with A Wider Range

Q1 2021 Results 2. Investor Presentation 3. Additional Information
As in prior years, we are conducting a revaluation as of June 30 for ca. three quarters of our portfolio, including our 30 largest and/or most dynamic cities in Germany plus Sweden and Vienna.
Valuation work in all three countries is still underway but the overall fair value growth is estimated to be between €3.5bn and €4.5bn for the ca. three quarters of the portfolio that is being revalued.
While there is ongoing yield compression in all of our markets, we observe less in major locations where yields have already compressed the most.

Estimated ranges for total fair value growth expectations in H1 2021 (German locations)

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%.
Adjusted for the 2020 dividend to be paid in May 2021, the pro forma LTV would be ca. 80bps higher assuming 50% scrip and 160bps higher assuming all cash.

€m (unless indicated otherwise)	Mar. 31, 2021	Dec 31, 2020	Delta
Non-derivative financial liabilities	25,500.1	24,084.7	+5.9%
Foreign exchange rate effects	-28.8	-18.9	+52.4%
Cash and cash equivalents	-2,150.5	-613.3	>+100%
Net debt	23,320.8	23,452.5	-0.6%
Sales receivables/prepayments	-108.9	-122.3	-11.0%
Adj. net debt	23,211.9	23,330.2	-0.5%
Fair value of real estate portfolio	58,984.6	58,910.7	+0.1%
Shares in other real estate companies	324.6	324.8	-0.1%
Adj. fair value of real estate portfolio	59,309.2	59,235.5	+0.1%
LTV	39.1%	39.4%	-30bps
LTV (incl. perpetual hybrid)	40.8%	41.1%	-30bps
Net debt/EBITDA multiple1	12.0x	12.3x	-0.3

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

Q1 2021 Results 2. Investor Presentation 3. Additional Information Bond covenants Required level Current level (Mar. 31, 2021) LTV (Total financial debt / total assets) <60% 40% Secured LTV (Secured debt / total assets) <45% 12% ICR

(LTM Adj. EBITDA / LTM net cash interest) >1.8x 5.0x

(Unencumbered assets / unsecured debt) >125% 202%

KPI / criteria	Mar. 31, 2021	Dec. 31, 2020
Corporate rating (Scope)	A-	A
Corporate rating (S&P)	BBB+ (BRP3: "excellent")	BBB+ (BRP3: "excellent")
LTV3 (net debt / fair value) LTV (net debt incl. equity hybrid / fair value)	39.1% 40.8%	39.4% 41.1%
debt/EBITDA multiple2 Net	12.0x	12.3x
Fixed/hedged debt ratio3	99%	99%
debt3 Average cost of	1.4%	1.4%
Weighted average maturity (years)1	8.0	7.9
Most recent bond issuance Jan. 2021: €500m, 20 years Mar. 2021: €600m, 10 years (Green Bond)	1.000% coupon 0.625% coupon

Evolution of LTV and Interest Cover Ratio

Unencumbered assets

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

¹BRP = business risk profile. ²Adj. net debt quarterly average over Adj. EBITDA Total (LTM), adj. for IFRS 16 effects. ³Excl. equity hybrid.

Hembla Integration Completed Platform for Future Growth Successfully Established

Q1 2021 Results 2. Investor Presentation 3. Additional Information

Our objective in Sweden is to prove that Vonovia's scalable business model works in similar environments outside of Germany. The acquisition and integration of Hembla was the first major step in that direction.

Update on Situation in Berlin Broader Picture Remains Challenging

Q1 2021 Results 2. Investor Presentation 3. Additional Information Critical timing The Federal Constitutional Court Ruling comes at a very critical time with general elections for the federal government and also for the Berlin state government on Sep 26; most likely, there will also be a referendum on the issue of nationalization. The nationalization debate has already gained further momentum on the back of this ruling. The stakes are high Foregone rents may be clawed back and tenants who cannot pay may be evicted.¹ If landlords now fall back into the familiar reflex of doing everything that is legally possible it will make an already tense situation even worse and put a solution further out of reach. Challenge bigger than ever The Berlin housing market is more supply-constrained today than it was before the Berlin Rent Freeze. (Building permits were down 9.2% in 2020; this was the fourth consecutive y-o-y decline).² Investments in energy efficiency and senior friendly refurbishments have also been held back. Clear messaging required Tenants are now afraid about the financial consequences from the failed Rent Freeze legislation. Vonovia is fully aware of the severity of the situation and believes it is critical to provide clarity and certainty. That is why Vonovia has decided not to claw back any of the foregone rent from the rent freeze. We don't want our tenants to suffer financial consequences because of political decisions. Vonovia is serious about stakeholder reconciliation Vonovia is a reliable partner for all stakeholders and determined to be part of the solution in stabilizing the housing market. All stakeholders are called upon to de-escalate and join forces towards a viable path forward including common ground on affordable solutions to refurbish the housing stock and add new apartments to the market. New Mietspiegel New Mietspiegel: City of Berlin is expected to publish a new Mietspiegel as early as May 2021. In light of the unavailability of market rents due to the Rent Freeze this will most likely be an "indexation" of the 2019 Mietspiegel, with the 2019 levels adjusted based on income growth. The growth potential on that basis is estimated to be slightly more than 1%.

Sustainability Update Continued Progress

1. Q1 2021 Results		2. Investor Presentation		3. Additional Information
Sustainability Report	Based on GRI Updated materiality matrix	2020 Sustainability Report to be published on May 18 and audited by KPMG (limited assurance) standard (SASB Comprehensive implementation of TCFD recommendations	mapping to be published shortly after Sustainability Report)
SPI		Current run rate of 104.8% driven by good progress on CO2 refurbishments and customer satisfaction		reduction, senior friendly apartment
Federal Constitutional Court Decision	Vonovia's	On April 29, 2021, the German Federal Constitutional Court ruled that the 2019 German Climate Protection Act fails to stipulate sufficient reduction targets from 2031 onwards to safeguard long-term climate protection. The German government has to revise the legislation now to improve the regulation on how greenhouse gas emissions must be reduced beyond 2030. committed climate path already provides a pathway towards CO2 specific targets also beyond 2030 and is therefore already compliant with what the Court has now tasked the German government to do.			neutrality by 2050 with
CO tax 2	As of January 1, 2021, CO2 €25 per ton of CO2 is then to be drafted. estimated CO2 ca. €8m in 2022. Because CO2 Vonovia Proposal	; this rate will increase to as much as €55 by 2025. Based on current legislation, the tax is fully recoverable and borne by tenants. According to government sources, an agreement has now been reached, enacted before the end of this legislative period, to allocate the CO2 at a 50:50 ratio, starting Jan. 1, 2022. Over the next three years, a new and more differentiated bill Based on 2019 data, and not accounting for further CO2 tax burden for Vonovia on the basis of the proposed legislation would be 1 emissions are determined by tenants' heating consumption and the building's energy efficiency, Vonovia continues to support a burden sharing based on the building's energy efficiency. More efficient lower energy class	emissions from fossil heating and fuel in Germany are taxed at a rate of Landlord's contribution to CO2	reductions achieved in 2020 and 2021, the higher tax	and a new law may be tax between tenants and landlords Less efficient energy class

¹calculated as 2019 scope 1 emissions of 547,225 tons x €30/ton x 50%.

2021 Guidance

Unchanged Except for Organic Rent Growth

1. Q1 2021 Results	2. Investor Presentation		3. Additional Information
	Initial 2021 Guidance (as of 03/2021)		Current 2021 Guidance (as of 05/2021)	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%1 ~3.0% -		~3.8%	stable
Recurring Sales (# of units)	~2,500		~2,500	stable
FV step-up Recurring Sales	~30%		~30%	stable
Adj. EBITDA Total (€m)	1,975 – 2,025	1,975 –	2,025	growing
Group FFO (€m)	1,415 – 1,465	1,415 –	1,465	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%		~100%	continuous improvement

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"). ¹The range for the initial organic rent growth (eop) guidance was based on the Berlin-specific rent freeze regulation staying in place (~3.0%) vs. being ruled unconstitutional (~3.8%).

Wrap-up

High resilience in operating performance continues. Market fundamentals and long-term outlook remain favorable.

We are confident in our ability to continue to deliver growth as per our guidance for 2021 and beyond.

Agenda

Q1 2021 Results 2. Investor Presentation 3. Additional Information

Agenda Investor Presentation

Q1 2021 Results 2. Investor Presentation 3. Additional Information

24	Europe's Leading Resi Player
25	Consistent strategy Execution since IPO
26	Impeccable Track Record of Consistent & Sustainable Growth
27	Compelling Investment Case
28	Earnings & Value Growth Across Four Segments
29	Granular B-to-C End Consumer Business
30	Robust Operating Business
31	Cost per Unit – Peer Comparison
32	Megatrends
33	Capital Allocation
34	Investment Program
35	Market Outperformance
36-37	M&A Criteria & Track Record
38-46	Sustainability
47	Residential Market Trends
48	Rent Growth
49	Summary of Investment Case

Europe's Leading Residential Property Owner and Operator

Q1 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. 415k 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

Q1 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

1. Q1 2021 Results 2. Investor Presentation 3. Additional Information 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. 416k 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. 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. Q1 2021 Results	2. Investor Presentation 3. Additional Information
Development New construction of apartments to hold and to sell via greenfield and brownfield development	Efficient property and portfolio management including ancillary service business for internal savings and external revenue	Rental & Value-add (Operating business)	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	Robust top-line growth from regulated environment with high pass through rate at >75% EBITDA margin and growing 13-year average duration of rental contracts with no cluster risk because of granular B-to-C business High degree of insourcing with standardization, industrialization and process optimization along the value chain Segment contribution to 2020 Adj. EBITDA ca. 89% Property Management (~1,500 letting agents & caretakers) Face to the customer and eyes & ears	Technical Service (~5,000 craftsmen) Wholly-owned	craftsmen company	Steady sale of ca. 2.5k apartments annually at ~30% (est.) above fair market value Segment
addition to the core business Segment contribution to 2020 Adj. EBITDA ca.	on the ground in our local markets Residential Environment (~ 1,000 landscape gardeners) Mainly maintenance and construction of gray and green areas and snow/ice	("VTS") for large share and modernization entire purchasing power Service Center (~1,000 service agents) Centralized property including inbound	of maintenance plus pooling of management calls and e-mails,	contribution to 2020 Adj. EBITDA ca. 5%
6%	removal in the winter	recoverables management, and rent growth	billing, contract maintenance dispatch management

1. Q1 2021 Results 2. Investor Presentation 3. Additional Information Granular B-to-C End Consumer Business 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 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.

700,000 ancillary expense bills to prepare and settle with tenants		220,000 trees and 300 kilometers hedges		650,000 repair jobs p.a.
	3,500 elevators to be maintained	15 million sqm	of green spaces

Robust Operating Business

Q1 2021 Results 2. Investor Presentation 3. Additional Information
Successful portfolio management has resulted in portfolio concentration in urban growth areas.
Sustainable rent growth momentum and structural supply/demand imbalance in these urban areas safeguard highly robust top-line.
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.

Cost per Unit – Peer Comparison Residential Real Estate Is a Scalable Business

Q1 2021 Results 2. Investor Presentation 3. Additional Information

Cost per unit is a simple and straight forward measure to compare efficiency: the fully loaded operating costs (property related costs plus overhead) divided by the average number of apartments. Maintenance expenses are excluded in this calculation, as maintenance levels are largely discretionary and more or less maintenance spending is not a sign of (in)efficiency.

Q1 2021 Earnings Call & Investor Presentation

page 31

Megatrends – Challenge & Opportunity

Q1 2021 Results 2. Investor Presentation 3. Additional Information

An increasing part of the population is moving into urban areas

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

An increasing share of the population is 65+ years

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. Q1 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 1.00 We expect to continue to be able to deliver 0.95 0.67 sustainably growing dividends Scrip dividend option since FY2016 2013 2014	2.38 2.25 2.06 1.90 1.69 1.63 1.57 1.44 1.32 1.30 1.12 0.94 0.74 2015 2016 2017 2018 2019 2020 2021(E) Recurring cash earnings ("FFO")1 Dividend
o C c ni a g r O	Investment Program	€m Investments in modernization and new construction to hold to address the Upgrade Building megatrends urbanization, energy efficiency and demographic change Drives organic earnings, value growth, and 172 71 overall portfolio quality 2013 2014	1,300 - 1,600 New construction to hold 1,489 1,344 1,139 Optimize Apartment 779 472 356 2015 2016 2017 2018 2019 2020 2021(E)
c ti s ni u	M&A	Disciplined and opportunistic approach '000 apartments Clear set of criteria to safeguard earnings and value growth for shareholders 180 Impeccable track record of execution with >300k apartments acquired and integrated since IPO IPO	415 4 319 88 Sales Acq. New construction 2020
rt o p p O	Share buy-backs	70 Shareholder authorization in place (until 60 50 2023) 40 General preference for allocating capital to 30 20 long-term growth of the company 10 0 Potentially an option in case shares trade Jul-13 Jan-14 Jul-14 at steep discount to Adj. NAV	Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Last reported NTA2 VNA share price

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

Q1 2021 Results 2. Investor Presentation 3. Additional Information

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

Q1 2021 Earnings Call & Investor Presentation

172

356

472

Investment Program for Organic Growth

1. Q1 2021 Results 2. Investor Presentation 3. Additional Information Market Outperformance

With the exception of a one-year period, Vonovia has consistently outperformed the real estate sector and the wider equity markets since the IPO.

Note: As of April. 30, 2020. 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 Financial synergies from Hembla acquisition already realized. Operating synergies to come mostly in 2021.

1. Q1 2021 Results 2. Investor Presentation 3. Additional Information Serving a Fundamental Need in a Highly Relevant Market Our Business Is Deeply Rooted in ESG 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 All of our actions have more than just an economic dimension and require adequate stakeholder

a high standard.

Commitment to climate protection

and CO² reduction

Responsibility for customers, society and employees

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.

1. Q1 2021 Results 2. Investor Presentation 3. Additional Information Vonovia's Climate Path towards CO² Neutrality through Continued Modernization, Renewable Energy and Sector Coupling Germany 1% Climate neutral case¹ Conversion to green district heating, sector coupling and renewable energy (heat pump / PV) Hybrid case depth (ca. 60% reduction) + gas condensing + solar thermal technology Base case Increased modernization depth (ca. 60% reduction) Illustration of different climate path scenarios 2020-2050 (CO² intensity) 3 3 Energy efficient modernization rate Germany (1%) Energy efficient modernization rate Vonovia (3%) -60% reduction, 3% energy efficient modernization rate -60% reduction, 3% energy efficient modernization rate + gas condensing & solar thermal technology -60% reduction, 3% energy efficient modernization rate + proprietary district heating, sector coupling / or + heat pump / or + PV Target path of German government 2030 / scenario for climate neutral housing portfolio CRREM 2-degree path 04/2020 Target corridor 0 5 10 15 20 25 30 35 40 45 50 2020E 2030E 2040E 2050E CO2 / kg / sqm

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.

No Market Standard for CO² Reduction Communication

Differences in Targets, Commitment and Reporting

Sources: Most recent Annual Reports, Investor Presentations, and Sustainability Reports available.

Balanced Stakeholder Approach

1. Q1 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)

Q1 2021 Results 2. Investor Presentation 3. Additional Information
Vonovia has established the Sustainability Performance Index with quantitative, non-financial KPIs to measure sustainability performance in the most relevant areas
SPI reporting is audited by our statutory auditor¹
The SPI is a relevant criterion in the long-term incentive plan for the executive board as well as for the leadership group below the executive management
To achieve the target of 100%, all six individual targets must be fully achieved

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

¹ German portfolio. Limited comparability of CO² emissions to previous years due to harmonization of data sources and update of emission factors for the calculation on carbon emissions in current fiscal year. ² sqm of lettable area used. Total building sqm would be ca. 1.2x larger. ³ energy related scope 3 emissions ⁴ Incl. portfolios in Austria and Sweden.

Long-term Structural Support from Residential Market Trends

2020

2,099

Large gap between in-place values and replacement costs³ German residential asset yields (%) vs. EUR interest rates (%)⁴

Factor 2.5x - 3.0x 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).

Market costs for new constructions

Q1 2021 Earnings Call & Investor Presentation

1,054

964

building land

901

2013 2014 2015 2016 2017 2018 2019

1,264

1,475

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

1,677

1,893

Stable Market Rent Growth Leveraged with Investments

1. Q1 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% 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. Q1 2021 Results		2. Investor Presentation 3. Additional Information
	Market Leader	Long-term owner and full-scale operator of Europe's largest multifamily housing portfolio for small and medium incomes in metropolitan growth 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.
	Built-in ESG Focus	All of our actions have more than just an economic dimension. 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.

Agenda

Q1 2021 Results 2. Investor Presentation 3. Additional Information

2 Investor Presentation 1 Q1 2021 Results 3 Additional Information pages 2-21 pages 22-49 See Page Finder on page 82 for detailed pages 50-83 index

Agenda – Additional Information

Q1 2021 Results 2. Investor Presentation 3. Additional Information

52-53	Megatrends
54	Vonovia in Europe
55-57	Portfolio Information
58-61	Urban Quarters, Modernization Examples
62	Investment Program Funding
63	Hold and Sale Portfolio for EPRA NTA
64-65	Historic Acquisition Pipeline; Track Record
66-67	Value-add, Business Innovation Funnel
68	Bond Overview
69	VNA History
70-71	Supervisory Board and Management Board / Management Remuneration
72-73	Germany – Residential Market Information
74	Largest Homebuilders in Germany
75-76	Sweden – Residential Market Information
77-78	VNA Shares
79	Financial Calendar
80-83	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

Q1 2021 Results 2. Investor Presentation 3. Additional Information Vonovia has developed an operating platform and a unique business model for the efficient management of large residential portfolios in regulated environments. We are convinced that this business model can be implemented outside of Germany in comparable markets: large urban rental markets with a supplydemand imbalance and a regulated rental No specific target rate or ratios in terms of German vs. non-German exposure disciplined but highly opportunistic approach. M&A activities in European target markets are 22k apartments mainly in Vienna 354k apartments in 15 urban growth regions 2.6% stake in portfolio with 27k apartments. Focus: Randstad (greater Amsterdam) 38k apartments in Stockholm, Gothenburg, and Malmö

10% stake in portfolio with 4k apartments. Focus: Île de France (greater Paris)

Germany	Austria	Sweden	France	Netherlands
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	Prove that Vonovia business • model works outside Germany • 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 opportunity arises	Continue market • research • Active engagement and networking with opportunistic approach

Q1 2021 Earnings Call & Investor Presentation

subject to the same criteria as in Germany.

environment.

Long-term Support from Megatrends

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

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

Q1 2021 Earnings Call & Investor Presentation

management decisions

Portfolio Cluster

Q1 2021 Results 2. Investor Presentation 3. Additional Information
51% of German portfolio earmarked for investment strategy, safeguarding long-term sustainability of our Optimize Apartment and Upgrade Building investment strategy
Outside the Recurring Sales Segment we sold 70 noncore units and land in Q1 2021. Mainly due to the land sales the fair value step-up was 64.1%.

Portfolio Cluster		Fair value1		Residential	In-place rent
(Mar. 31, 2021)	(€bn)	% of total	(€/sqm)	units	(€/sqm/month)
Operate	14.8	26%	2,082	106,957	7.31
Invest	29.0	51%	2,110	220,723	6.80
Strategic	43.8	77%	2,100	327,680	6.97
Recurring Sales	3.9	7%	2,255	25,402	7.11
Non-core	0.2	0%	1,216	1,349	7.53
Vonovia Germany	47.8	84%	2,107	354,431	6.98
Vonovia Sweden	6.1	11%	2,046	38,331	10.18
Vonovia Austria	2.8	5%	1,569	21,953	4.79
Vonovia Total	56.7	100%	2,065	414,715	7.18

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 €2,578.3m, of which €630.1m for undeveloped land and inheritable building rights granted, €426.7m for assets under construction, €834.0m for development, €337.7m IFRS effect and €349.8m other.

Regional Markets

|--|

1. Q1 2021 Results					2. Investor Presentation					3. Additional Information
Regional Markets	Fair value1						In-place rent			Purchase	Market rent	Average rent
(Mar. 31, 2021)	(€m)	(€/sqm)	Residential units	Vacancy (%)	Total (p.a., €m)	Residential (p.a., €m)	Residential (€/sqm/ month)	Organic rent growth (y-o-y, %)	Multiple (in-place rent)	power index (market data)2	increase forecast Valuation (% p.a.)	growth (LTM, %) from Optimize Apartment
Berlin	7,841	2,747	43,296	1.3	229	216	6.63	- 2.7	34.2	82.4	1.8	18.4
Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden)	4,927	2,789	27,176	2.0	182	176	8.62	3.3	27.1	104.6	1.8	35.6
Southern Ruhr Area (Dortmund, Essen, Bochum)	4,483	1,665	43,125	3.4	205	199	6.49	4.4	21.9	89.3	1.5	29.8
Rhineland (Cologne, Düsseldorf, Bonn)	4,210	2,181	28,326	2.4	173	165	7.50	3.4	24.3	100.7	1.7	31.4
Dresden	4,055	1,769	38,471	3.8	171	161	6.36	2.0	23.7	84.0	1.7	22.0
Hamburg	3,091	2,421	19,677	1.7	114	110	7.50	3.6	27.0	98.1	1.6	37.0
Kiel	2,545	1,781	24,272	2.3	113	109	6.68	3.6	22.4	76.2	1.7	34.1
Munich	2,502	3,822	9,694	1.1	68	64	8.53	3.5	36.7	122.6	1.9	44.2
Stuttgart	2,319	2,671	13,582	1.7	85	82	8.19	2.7	27.3	104.6	1.8	32.4
Hanover	2,061	1,977	16,178	2.6	87	83	6.98	3.3	23.8	89.7	1.7	34.1
Northern Ruhr Area (Duisburg, Gelsenkirchen)	1,897	1,218	24,970	3.2	111	108	6.02	2.6	17.0	81.5	1.3	23.3
Bremen	1,325	1,802	11,842	3.3	53	51	6.13	2.4	25.0	84.1	1.8	24.8
Leipzig	1,051	1,703	9,093	3.3	45	42	6.26	3.3	23.4	76.7	1.7	22.2
Westphalia (Münster, Osnabrück)	1,031	1,649	9,467	3.3	48	47	6.59	5.4	21.4	90.3	1.5	32.7
Freiburg	698	2,506	4,034	1.3	26	25	7.72	2.4	26.9	86.4	1.7	41.6
Other Strategic Locations	3,208	1,870	26,572	3.3	143	138	7.08	4.5	22.4		1.6	31.1
Total Strategic Locations	47,243	2,115	349,775	2.6	1,854	1,779	6.99	2.6	25.5		1.7	30.5
Non-Strategic Locations	597	1,597	4,656	5.3	28	25	6.75	1.6	21.3		1.6	32.0
Total Germany	47,840	2,107	354,431	2.6	1,882	1,803	6.98	2.6	25.4		1.7	30.5
Vonovia Sweden	6,099	2,046	38,331	2.5	353	326	10.18	4.6	17.3		2.0	-
Vonovia Austria	2,806	1,569	21,953	5.0	110	89	4.79	5.1	25.5		1.4	-
Total	56,744	2,065	414,715	2.8	2,345	2,219	7.18	3.0	24.2		1.7	n/a

Neighborhoods / Urban Quarters

Q1 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

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

each with an average of

430 apartments.

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

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)

Modernization Example: Hamburg

before

after

Q1 2021 Results 2. Investor Presentation 3. Additional Information
-55% CO2 emission reduction
18kg CO2/sqm/year after modernization
Energy efficiency class¹ improved from E to B

Modernization work included primarily²

Thermal insulation
New windows
Addition of balconies
Residential environment
Floor addition for additional apartments

¹ Overall average energy efficiency class across all buildings before and after modernization; individual buildings can have a higher/lower energy efficiency class. ² Heat supply via district heating. ³ IRR for investments completed and measured. Remaining work expected to lead to an IRR of 7.6%. ²Source: empirica-systeme; 70%-90% percentile of all asking rents advertised online in 2020 within a 1km radius around the center of the urban quarter, excluding new construction units and excluding Vonovia portfolio.

googlemaps

Modernization Example: Dortmund

Q1 2021 Results 2. Investor Presentation 3. Additional Information

-19% CO2 emission reduction

31kg CO2/sqm/year after modernization
Energy efficiency class¹ improved from E to D

Modernization work included primarily²

Thermal insulation
New windows
Addition of balconies
Residential environment
Floor addition for additional apartments

¹ Overall average energy efficiency class across all buildings before and after modernization; individual buildings can have a higher/lower energy efficiency class. ² Heat supply via gas heating systems that had been installed in a previous modernization. ³ IRR for investments completed and measured. Remaining work expected to lead to an IRR of 9.1%. ²Source: empirica-systeme; 70%-90% percentile of all asking rents advertised online in 2020 within a 1km radius around the center of the urban quarter, excluding new construction units and excluding Vonovia portfolio.

Modernization Example: Dresden

Q1 2021 Results 2. Investor Presentation 3. Additional Information

-32% CO2 emission reduction

19kg CO2/sqm/year after modernization
Energy efficiency class¹ improved from D to B

Modernization work included primarily²

Thermal insulation
New windows
Elevators
Addition of balconies
Residential environment

¹ Overall average energy efficiency class across all buildings before and after modernization; individual buildings can have a higher/lower energy efficiency class. ² Heat supply via district heating. ³ IRR for investments completed and measured. Remaining work expected to lead to an IRR of 10.9%. ²Source: empirica-systeme; 70%-90% percentile of all asking rents advertised online in 2020 within a 1km radius around the center of the urban quarter, excluding new construction units and excluding Vonovia portfolio.

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.

EPRA NTA – Distinction between Hold and Sales Portfolio

1. Q1 2021 Results	2. Investor Presentation	3. Additional Information

EPRA BPR (10/2019) pg. 15

Vonovia's unchanged strategy since the IPO is to be the "eternal" owner of the Hold portfolio (no cyclical asset rotation).
Because no disposals are foreseen from this Hold portfolio, costs that are directly linked to a disposal, by definition, will not occur. That is why Vonovia extends the logic for excluding deferred taxes to purchaser's costs as well.
The Purchaser's costs, which are deducted from the discounted rental cash flow value under IFRS, are added back to reflect the true rental fair value of the portfolio.
Vonovia's past tax disclosures also show the company achieved optimal RETT structures in its transactions.

Breakdown of the total portfolio into Hold and Sales (based on Q1 2021 fair values)

	Fair value (€m)	Fair value (%)	Def. Tax (€m)	Purchaser's costs (€m)
12% Hold. No intention to sell (eternal owner)  Germany (excl. condo & non-core) and Sweden	49,856	88%	10,573	3,435
Sales. Disposal expected in the future  Recurring & Non-core Sales Germany, 88% Austrian portfolio	6,888	12%	1,461	486
TOTAL	56,744	100%	12,033	3,921

Acquisitions – Opportunistic and Disciplined

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

Acquisition Track Record

1. Q1 2021 Results 2. Investor Presentation 3. Additional Information Larger acquisitions Fair Value per sqm Year Deal Residential units # TOP Locations @ Acquisition Mar. 31, 2021 ∆ 2014 DEWAG 11,300 Berlin, Hamburg, Cologne, Frankfurt € 1,344 € 2,741 104% VITUS¹ 20,500 Bremen, Kiel € 807 € 1,754 117% 2015 GAGFAH 144,600 Dresden, Berlin, Hamburg € 889 € 2,023 128% FRANCONIA 4,100 Berlin, Dresden € 1,044 € 2,243 115% SÜDEWO 19,400 Stuttgart, Karlsruhe, Mannheim, Ulm € 1,380 € 2,441 77% 2016 GRAINGER 2,400 Munich, Mannheim € 1,501 € 2,709 81% 2017 CONWERT (Germany & Austria) 23,400 Berlin, Leipzig, Potsdam, Vienna € 1,353 € 2,208 63% PROIMMO 1,000 Hanover € 1,617 € 1,985 23% 2018 BUWOG (Germany & Austria) 48,300 Berlin, Lübeck, VIenna, Villach € 1,244 € 1,672 34% VICTORIA PARK (Sweden) 14,000 Stockholm, Malmö, Gothenburg SEK 15,286 SEK 19,487 27% 2019 AKELIUS (Sweden) 2,300 Stockholm, Gothenburg SEK 25,933 SEK 27,976 8% HEMBLA (Sweden) 21,400 Stockholm SEK 20,157 SEK 21,151 5% 2020 H&L Portfolio 1,100 Kiel € 2,114 € 2,114 0% Total 313,800

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

Scalable B-to-C Business Beyond the Bricks

Leveraging the End-consumer Relation of Our Business

Q1 2021 Results 2. Investor Presentation 3. Additional Information

Evolution of Value-add segment (Adj. EBITDA, €m)

EBITDA contribution from different Value-add initiatives¹

Value-add: lower cost & higher revenue

Savings from insourcing of services to ensure maximum process management and cost control

Additional revenues from walking back the value chain and offering services at market prices but on a lower cost basis due to scale and efficiencies

Customer benefit is in lower cost and/or better service quality

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

Bonds and Ratings

1. Q1 2021 Results			2. Investor Presentation			3. Additional Information
	Corporate Investment grade rating		as of 2018-08-02
Rating agency	Rating	Outlook	Last Update
Scope	A-	Stable	17 Aug 2020		On July 22nd	2020, S&P's updated Vonovia's
Standard & Poor's	BBB+	Stable	30 Mar 2021			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
							Scope	S&P
Bond 026 (EMTN)	10 years 0.625%	DE000A3E5FR9	€600m	99.759%	0.625%	24 Mar 2031	A-	BBB+
Bond 025 (EMTN)	20 years 1.000%	DE000A287179	€ 500m	99.355%	1.000%	28 Jan 2041	A-	BBB+
Bond 024B (EMTN)	10 years 1.000%	DE000A28ZQQ5	€ 750m	99.189%	1.000%	09 Jul 2030	A-	BBB+
Bond 024A (EMTN)	6 years 0.625%	DE000A28ZQP7	€ 750m	99.684%	0.625%	09 Jul 2026	A-	BBB+
Bond 023B (EMTN)	10 years 2.250%	DE000A28VQD2	€ 500m	98.908%	2.250%	07 Apr 2030	A-	BBB+
Bond 023A (EMTN)	4 years 1.625%	DE000A28VQC4	€ 500m	99.831%	1.625%	07 Apr 2024	A-	BBB+
Bond 022C (EMTN)	20 years 1.625%	DE000A2R8NE1	€ 500m	98.105%	1.625%	07 Oct 2039	A-	BBB+
Bond 022B (EMTN)	8 years 0.625%	DE000A2R8ND3	€ 500m	98.941%	0.625%	07 Oct 2027	A-	BBB+
Bond 022A (EMTN)	3.5 years 0.125%	DE000A2R8NC5	€ 500m	99.882%	0.125%	06 Apr 2023	A-	BBB+
Bond 021B (EMTN)	15 years 1.125%	DE000A2R7JE1	€ 500m	99.822%	1.125%	14 Sep 2034	A-	BBB+
Bond 021A (EMTN)	10 years 0.500%	DE000A2R7JD3	€ 500m	98.965%	0.500%	14 Sep 2029	A-	BBB+
Bond 020 (EMTN)	6.5 years 1.800%	DE000A2RWZZ6	€ 500m	99.836%	1.800%	29 Jun 2025	A-	BBB+
Bond 019 (EMTN)	5 years 0.875%	DE000A192ZH7	€ 500m	99.437%	0.875%	03 Jul 2023	A-	BBB+
Bond 018D (EMTN)	20 years 2.750%	DE000A19X8C0	€ 500m	97.896%	2.750%	22 Mar 2038	A-	BBB+
Bond 018C (EMTN)	12 years 2.125%	DE000A19X8B2	€ 500m	98.967%	2.125%	22 Mar 2030	A-	BBB+
Bond 018B (EMTN)	8 years 1.500%	DE000A19X8A4	€ 700m(1)	101.119%	1.500%	22 Mar 2026	A-	BBB+
Bond 018A (EMTN)	4.75 years 3M EURIBOR+0.450%	DE000A19X793	€ 600m	100.000%	0.793% hedged	22 Dec 2022	A-	BBB+
Bond 017B (EMTN)	10 years 1.500%	DE000A19UR79	€ 500m	99.439%	1.500%	14 Jan 2028	A-	BBB+
Bond 017A (EMTN)	6 years 0.750%	DE000A19UR61	€ 500m	99.330%	0.750%	15 Jan 2024	A-	BBB+
Bond 015 (EMTN)	8 years 1.125%	DE000A19NS93	€ 500m	99.386%	1.125%	08 Sep 2025	A-	BBB+
Bond 014B (EMTN)	10 years 1.750%	DE000A19B8E2	€ 500m	99.266%	1.750%	25 Jan 2027	A-	BBB+
Bond 014A (EMTN)	5 years 0.750%	DE000A19B8D4	€ 500m	99.863%	0.750%	25 Jan 2022	A-	BBB+
Bond 013 (EMTN)	8 years 1.250%	DE000A189ZX0	€ 1,000m	99.037%	1.250%	06 Dec 2024	A-	BBB+
Bond 011B (EMTN)	10 years 1.500%	DE000A182VT2	€ 500m	99.165%	1.500%	10 Jun 2026	A-	BBB+
Bond 011A (EMTN)	6 years 0.875%	DE000A182VS4	€ 500m	99.530%	0.875%	10 Jun 2022	A-	BBB+
Bond 010C (EMTN)	8 years 2.250%	DE000A18V146	€ 1,000m	99.085%	2.250%	15 Dec 2023	A-	BBB+
Bond 009B (EMTN)	10 years 1.500%	DE000A1ZY989	€ 500m	98.455%	1.500%	31 Mar 2025	A-	BBB+
Bond 008 (Hybrid)	perpetual 4%	XS1117300837	€ 1,000m	100.000%	4.000%	perpetual	BBB	BBB
Bond 007 (EMTN)	8 years 2.125%	DE000A1ZLUN1	€ 500m	99.412%	2.125%	09 Jul 2022	A-	BBB+
Bond 005 (EMTN)	8 years 3.625%	DE000A1HRVD5	€ 500m	99.843%	3.625%	08 Oct 2021	A-	BBB+

Bond 004 (USD-Bond) 10 years 5.000% US25155FAB22 USD 250m 98.993% 4.580%(2) 02 Oct 2023 A- BBB+ (1) incl. Tap Bond €200m, Issue date 06 Feb 2020

(2) EUR-equivalent Coupon

Corporate Governance AGM, Supervisory Board, Management Board

Q1 2021 Results 2. Investor Presentation 3. Additional Information
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

Jürgen Fitschen (Chairman)

Prof. Dr. Klaus Rauscher

Vitus

Dr. Ariane Reinhart

Clara-Christina Streit

Dr. Florian Funck

Dr. Ute Geipel-Faber

Christian Ulbrich

Two-tier Governance System

Management Board (MB)

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

CEO Rolf Buch

CRO Arnd Fittkau

CFO Helene von Roeder

CDO Daniel Riedl

Management Board Remuneration

Germany's Tried and Tested Social Security System Ensures That No One Has to Lose A Roof Over Their Head In Case of Financial Distress

Q1 2021 Results 2. Investor Presentation 3. Additional Information

"The Federal Republic of Germany is a democratic and social federal state."

Article 20(1) of the German Basic Law.

German's social market economy is based on the principle of solidarity that underpins Germany's social security systems. Anyone who cannot participate in the labor market or society because of misfortune, illness, disability, or old age is looked after by the community.

4 layers of protection for tenants	1. Kurzarbeitergeld: Short-term labor allowance of 60% to 67% of net salary to keep employees in employment and avoid layoffs despite lack of work. 2. ALG I: Unemployment benefit based on 60% to 67% of net salary.	Paid out of the national unemployment fund to which employees and employers contribute equally every month	Housing benefits: Subsidy towards housing costs for people with low incomes to enable people to live in
	3. ALG II: Basic benefits to cover cost-of-living expense including "appropriate levels of expenditure for housing." 4. Sozialhilfe: last safety net to protect people from poverty and exclusion, covering necessary living expenses including food, accommodation and clothing.	Tax-funded	adequate, family friendly conditions. Anyone who can demonstrate that he or she is in need is legally entitled.
Additional layers of protection during COVID-19 pandemic	 No financial background check 2021.  Simplified application process: informal applications can be made by phone, e-mail, online or personal visit to the local government office. Increased benefits: Kurzarbeitergeld increased from 60%-67% to up to 80%-87%. 	for assistance granted between March 1, 2020 and December 31,

Source: Social Security at a Glance 2019. Federal Ministry of Labour and Social Affairs. https://www.bmas.de/EN/Services/Publications/a998-social-security-at-a-glance.html

Residential Market Fundamentals (Germany)

Household Sizes and Ownership Structure

Q1 2021 Results 2. Investor Presentation 3. Additional Information

15.0

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.

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

¹Top 7 cities, includes projects completed between 2017 and 2024 (expected), Data source: bulwiengesa, company data.

Sweden's Social Security and Welfare System Ensures That Citizens in Need Can Rely on Comprehensive Public Support

and support for tenants

Q1 2021 Results 2. Investor Presentation 3. Additional Information

"The personal, economic and cultural welfare of the individual shall be fundamental aims of public activity. In particular, the public institutions shall secure the right to employment, housing and education, and shall promote social care and social security, as well as favorable conditions for good health."

Chapter 1, Article 2(2), The Instrument of Government, The Constitution of Sweden

Similar to Germany, Sweden's social market economy is based on the principle of solidarity and citizens can rely on a comprehensive social security and welfare system. People who cannot participate in the labor market or society because of misfortune, illness, disability, or old age is looked after by the community.

1. Arbetslöshetsersättning: Unemployment benefits of up to 80% of previous salary. Based on previous income (at most SEK 20,000 p.m. before tax), or basic benefit of about SEK 8,000 p.m. if previously a full-time employee. The benefit is limited in time.
Protection 2. Försörjningsstöd: Benefits for anyone who otherwise can't get a reasonable standard of living (includes housing, food, clothing and telephone). Given on a need-basis and handled by municipality's social service.
3. Sickness benefits for employees and job seekers
4. Disability allowance/Merkostnadsersättning: Benefits for extra costs incurred by disability.

Housing benefits "Bostadsbidrag" and "Bostadstillägg":

Housing allowances aimed to people in certain groups that can't afford housing.

Housing allowance for families with children
Housing allowance for young people without children (below 29 years)
Housing supplement for the elderly Receiving other types of support can include an opportunity to apply for additional benefits to cover housing costs.

Source: Försäkringskassan https://www.forsakringskassan.se/

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

Q1 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. Q1 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 Vonovia market cap (€bn) Share price (rebased to 100) Vonovia DAX EPRA Europe EuroStoxx 50 Total market cap Vonovia (€bn; weighted avg.) +284% Index inclusion +86% +45% S-DAX DAX Stoxx 600 EuroStoxx 50 M-DAX +48%

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

Contact Financial Calendar

Rene Hoffmann (Head of IR) Primary contact for Sell side, Buy side +49 234 314 1629 [email protected]

Stefan Heinz Primary contact for Sell side, Buy side +49 234 314 2384 [email protected]

Oliver Larmann Primary contact for private investors, AGM +49 234 314 1609 [email protected]

General inquiries [email protected]

VONOVIA		Home	о Investor Relations InvestorPortal Press FAQs Deutsch
Vonovia at a glance	Latest Publications	Transactions	Share Information
5 Reasons to Invest	9M Report 2020	Hembla AB	Basic Information
Company Profile	9M Analyst Presentation 2020	Victoria Park AB	Share Price
Sustainability.	Vonovia Launches Capital Increase of approx. €1 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
			PO
			Capital Intreases
Creditor Relations	News & Publications	Corporate Governance	Service
Ronds	Ad-hoc Announcements	Annual General Meeting	Service & Contact
Rating	Corporate News	Supervisory Board, Rules of Procedure	Financial Calendar
Maturity Profile	Disclosure of Voting Rights	Committees of the Supervisory Board	Glossary
Financing Strategy	Directors' Dealings	Management Board	FAO
Digital financing instruments	Capital Markets Day	Corporate Governance Declaration
Vonovia Finance B.V.	Reports & Publications	Declaration of Conformity
	Presentations	Compliance and Policies
	Webcast	Articles of Association
		Directors' Dealings

https://investors.vonovia.de

	1 IR only
--	-----------	--	--

Q1 2021 Earnings Call & Investor Presentation

Dates are subject to change. The most up-to-date financial calendar is always available online.

May 5-7	Vonovia 3M Roadshow with Goldman Sachs
May 19	1 Berenberg US Conference Tarrytown
May 26	1 UBS Best of Europe
May 27	Kempen & Co. Amsterdam European Property Seminar
Jun 2	EPRA Corporate Access Day
Jun 8	Exane BNP Paribas 23rd European CEO Conference
Jun 9	Goldman Sachs 24th European Financials Conference
Jun 17	dbAccess Berlin Conference
Jun 17	Morgan Stanley Europe & EEMEA Property Conference
Aug 6	Interim results 6M 2021
Sep 20	Goldman Sachs 10th German Corporate Conference
Sep 21	BofAML Global Real Estate Conference
Sep 23	10th Baader Investment Conference
Sep 29	Capital Markets Day
Oct 6-7	Societe Generale The European ESG/ SRI Conference 1
Nov 4	Interim results 9M 2021
Dec 2 or 3	Societe Generale Flagship Conference

Disclaimer

Q1 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

Q1 2021 Results 2. Investor Presentation 3. Additional Information

For Your Notes

Q1 2021 Results 2. Investor Presentation 3. Additional Information
Q1 2021 Results 2. Investor Presentation 3. Additional Information

Agenda 22 Agenda 50 Agenda Agenda Q1 2021 Results 23 Agenda Investor Presentation 51 Agenda - Additional Information Highlights 24 Vonovia at a Glance 52 Megatrends Segment Overview 25 IPO to Today - Strategy Execution 53 Megatrends & COVID-19 Rental Segment 26 Impeccable KPI Track Record 54 European Activities Operating KPIs 27 Compelling Investment Case 55 Urban Growth Markets Value-add Segment 28 Earnings & Value Growth across 4 Segments 56 Portfolio Cluster Recurring Sales Segment 29 Granular B-to-C End Consumer Business 57 Regional Markets Developmnet Segment 30 Robust Operating Business 58 Neighborhoods / Urban Quarters Development Pipeline 31 Cost per Unit - Peer Comparison 59 Modernization Example: Hamburg Investment Program 32 Megatrends 60 Modernization Example: Dortmund EPRA NTA & NRV 33 Capital Allocation 61 Modernization Example: Dresden Outlook H1 2021 Valuation 34 Investment Program 62 Investment Program Funding LTV & Net Debt / EBITDA Multiple 35 Market Outperformance 63 EPRA NTA - Hold vs. Sales Portfolio Capital Structure 36 M&A Philosophy & Criteria 64 Historic Acquisition Pipeline Hembla Integration Completed 37 M&A Track Record 65 Acquisition Track Record Update on Situation in Berlin 38 Our Business Is Deeply Rooted in ESG 66 Value-add Sustainability Update 39 ESG Ratings and Indices 67 Value-add Innovation Funnel 2021 Guidance 40 UN Sustainability Development Goals (SDG) 68 Overview of Bonds Wrap-up 41 Climate Path 69 History of Vonovia

Summary of Investment Case 77 Share Price Performance

Q1 2021 Results Investor Presentation Additional Information

No Market Standard for CO² Reduction 70 Corporate Govermance AGM, SVB, MB
Balanced Stakeholder Approach 71 Management Board Remuneration
Highly Robust Governance 72 Social Security System Germany
SPI 73 Household Sizes and Ownersip Structure
Environment KPIs 74 Largest German Homebuilders
Residential Market Trends 75 Social Security System Sweden
Rent Growth 76 Residential Market Trends Sweden
Vonovia Share Basic Data & Share Count
IR Contact & Financial Calendar
Disclaimer
For Your Notes
For Your Notes
Page Finder

AI Terminal

Vonovia SE

477_ip_2021-05-04_0a33c675-92b5-4a6c-bc59-b843db3b1464.pdf

Q1 2021 Earnings Call Presentation (pages 2-21) & Investor Presentation (pages 22-83)

Agenda

Agenda Q1 2021 Results

Highlights

Rental Segment

Organic Growth and Efficiencies Drive Adj. EBITDA Rental

Scale and efficiency gains in Germany1

Rental Segment Operating KPIs

Value-add Segment Revenue Growth from External and Internal Activities

Recurring Sales Segment Unbroken Demand for Individual Condos

1. Q1 2021 Results 2. Investor Presentation 3. Additional Information

Historical Recurring Sales volumes and FV step-up1

page 9 Related page(s): 62

Development Segment Slow Start in Q1 but on Track for the Full Year

Development Segment

New rental apartments for our own portfolio (to hold)

2021 target: ~1,500 completions

New apartments for disposal (to sell)

2021 target: ~800 completions

Investment Program Actively Managing the Megatrends

EPRA NTA and NRV

EPRA NTA of €63.22 (+0.8%) and EPRA NRV of €77.59 (+0.5%).

Outlook H1 2021 Valuation Substantial Value Growth But with A Wider Range

Estimated ranges for total fair value growth expectations in H1 2021 (German locations)

Solid Capital Structure Smooth Maturity Profile and Diverse Funding Mix

Evolution of LTV and Interest Cover Ratio

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

Hembla Integration Completed Platform for Future Growth Successfully Established

Update on Situation in Berlin Broader Picture Remains Challenging

Sustainability Update Continued Progress

2021 Guidance

Wrap-up

Agenda

Agenda Investor Presentation

Europe's Leading Residential Property Owner and Operator

Consistent Strategy Execution since IPO

Impeccable Track Record of Consistent & Sustainable Growth

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

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

Earnings and Value Growth across Four Segments

Robust Operating Business

Bread & butter market rent growth levered with investments

Scale and efficiency gains in Germany1

Cost per Unit – Peer Comparison Residential Real Estate Is a Scalable Business

Megatrends – Challenge & Opportunity

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

We are preparing at least one third of all apartments that become vacant for elderly tenants

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

1. Q1 2021 Results 2. Investor Presentation 3. Additional Information Market Outperformance

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

Acquisition philosophy Acquisition criteria

Strategic Rationale

Financial Discipline

Earnings Accretion

Accretive to EBITDA Rental yield

Value Accretion

Portfolio Volume More than Doubled since IPO

Recognition of ESG Performance

ESG Indices

No Market Standard for CO2 Reduction Communication

Balanced Stakeholder Approach

Highly Robust Governance

Sustainability Performance Index (SPI)

Long-term Structural Support from Residential Market Trends

Large gap between in-place values and replacement costs3 German residential asset yields (%) vs. EUR interest rates (%)4

Stable Market Rent Growth Leveraged with Investments

Regulated environment provides stable market rent growth1

Summary of Investment Case

Agenda

Agenda – Additional Information

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

Scalable B-to-C Business Beyond the Bricks

Long-term Support from Megatrends

Portfolio Cluster

Regional Markets

Neighborhoods / Urban Quarters

Properties

Scale and efficiency gains in Germany¹

Historical Recurring Sales volumes and FV step-up¹

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

Scale and efficiency gains in Germany¹

No Market Standard for CO² Reduction Communication

Large gap between in-place values and replacement costs³ German residential asset yields (%) vs. EUR interest rates (%)⁴

Regulated environment provides stable market rent growth¹

EBITDA contribution from different Value-add initiatives¹

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

Robust rent growth in regulated environments¹