Vonovia SE

Investor Presentation • May 27, 2020

Investor Presentation May 2020

Agenda

Equity Story & Q1 2020 Performance Update	Business Overview	Q1 2020 Results	Additional Information
pages 2-13	pages 14-28	pages 29-41	pages 42-57

Europe's Leading Owner and Operator of Residential Real Estate

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information Geographic split (by no. of units) Long-term owner and full-scale operator of Europe's largest listed multifamily housing portfolio with more than 415k apartments for small and medium incomes >€53bn fair market value ~€26bn market capitalization 38k apartments Stockholm Gothenburg Malmö 22k apartments Mainly Vienna 355k apartments¹ 15 urban growth markets 85% 5% 9% Germany Austria Sweden

Growing recurring cash earnings per share and DPS

Dividend policy: ~70% of recurring cash earnings are distributed as dividends

¹ Incl. 27k apartments in other strategic locations plus 5k in non-strategic locations that are not shown on the map. ² To be proposed to the next AGM on June 30, 2020. ³ 2013-2018 FFO is "FFO1" and 2019+ FFO is "Group FFO." ⁴Dividend yield plus l-f-l organic asset value growth from operating performance and investments (excluding yield compression).

Investor Presentation - May 2020

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

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results 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 and June 30.  Simplified application process: informal applications can be made by phone, e-mail, online or personal visit to the local government office.  Increased benefits: Kurzarbeitergeld	for a period of 6 months for assistance granted between March 1 increased from 60%-67% to up to 80%-87%.

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

Investor Presentation - May 2020

Long-term Structural Support from Residential Market Trends

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

Robust rent growth in regulated environments¹ Structural supply/demand imbalance²

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

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

Germany's average annual residential completions of the last five years fall short of estimated required volumes

Large gap between in-place values and replacement costs³ No correlation pattern between interest rates & asset yields⁴

Other factors such as 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 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. ² Sources: German Federal Statistics Office, GdW (German Association of Professional Homeowners). 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

Fully Committed to the Long-term Nature of Our Business

Urbanization Demographic

We give people a place they call home We are a driving force in the housing industry

Serving a basic need in a highly relevant market

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

Our actions are guided by a long-term view and a careful balance between all stakeholders.

Scalable B-to-C business beyond the bricks

We have the best-in class operating platform to serve our customers in regulated markets across the entire residential real estate value chain.

Our experience and knowhow enable us to scale our business in attractive European markets.

We have the scale and the skills as well as the innovative and financial strength to help managing the megatrends.

We develop solutions for the housing market and are a reliable partner for municipalities & communities in our neighborhoods.

We offer sustainable pershare earnings and value growth with superior downside risk protection to our investors.

We have the necessary access to capital markets to finance the required investments.

We are part of the solution

Sustainable earnings und value growth

License to operate E

Contribution to climate protection and CO2 reduction

Operating in residential markets brings with it a special responsibility S G

Our business conduct is built around trust, transparency & reliability

Long-term owner and full-scale operator of Europe's largest listed multifamily housing portfolio

Our strategy is to own for generations and create scale effects and efficiencies (buy & hold), and therefore different from a financial investor with a limited investment horizon (buy & sell)

Scalable B-to-C Business Beyond the Bricks Increasing Profitability via Scale and Efficiencies

>8m	>2.5m	>0.7m	>0.6m
Invoices to process p.a.	Inbound calls p.a.	Ancillary expenses bills p.a.	Maintenance & repair jobs p.a.	…
Granular Operating Business

• Unique scalable platform to efficiently manage a large residential real estate portfolio driven by industrialization, standardization and optimization with best-in-class service
• Digitalization still in early stage with cost-reduction potential in the medium- and long-term
• Impact of scale to continue with acquisitions incremental Cost per unit (Germany) is around €250

Portfolio size (eop, '000)

Proof of scalability¹

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

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

Long-term Track Record of Sustainable Growth

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information 0.95 1.00 1.30 1.63 1.90 2.06 2.25 2013 2014 2015 2016 2017 2018 2019 FFO (€/share)¹ Dividend (€/share)²

Adj. NAV (€/share)

LTV and Interest Cover Ratio

¹ Based on prevailing internal management KPI, which was FFO1 from 2013-2018 and Group FFO in 2019. ² 2019 DPS to be proposed to the AGM on June 30, 2020.

Investor Presentation - May 2020

Highlights Q1 – Good Start into 2020

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information
Performance	Y-o-y increase across all four segments. Adj. EBITDA Total €456.1m (+6.1%). Group FFO €335.5m (+10.5%).
NAV & Valuation	Adj. NAV per share €52.23. Next portfolio valuation planned as per June 30. With have remained flat, current indications for all other markets suggest a fair value growth broadly in line with H1 last year.		the exception of Berlin, where prices
Capital Structure	LTV 43.0% in the middle of our target range (40%-45%). Net debt/EBITDA multiple 11.8x.
AGM and Dividend	AGM to take place in a virtual format on June 30, 2020. Unchanged €1.57 dividend per share (+9% y-o-y) to be proposed.
Guidance 2020	Pre-COVID-19 guidance unchanged for EBITDA Total of €1,875m - Group FFO of €1,275m -	€1,925m (+6.5% - 9.4% y-o-y) €1,325m (+4.6% - 8.7% y-o-y)

¹ Estimate based on the assumption that we will continue to observe no material COVID-19 impact by June 30.

Stakeholder Responsibility under COVID-19 and beyond

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

As a large residential property owner with responsibility for 10,000 employees and around one million people in our apartments we consider the following areas as crucial, and we will continue to leverage our best-in-class operating platform for the benefit of all stakeholders.

Employees	Flexible working hours and home office solutions wherever possible. Individual departments / operational units work in separate teams to avoid wide-spread contagion in case of COVID-19 infection. Protective gear for employees in the field and compliance with recommendations from Robert Koch-Institut.
Infrastructure	Customer service has maintained high service level and availability. Repair & maintenance capacity fully intact. Letting activities ongoing on-site and virtually.
Customers	Pragmatic solutions for tenants in financial distress. Moratorium on rent increases in COVID-19 environment. Masks will be available for our customers free of charge (via our app). Support and assistance especially for our senior citizens (e.g. groceries shopping).
Post COVID-19 Era	Major investments and stimulus from the public and private sector will be required in the post COVID-19 era, and the focus must be on addressing the relevant challenges. Solutions to the long-term megatrends urbanization, energy efficiency and demographic change will be even more important after COVID-19 has faded. We continue to do our share both as a partner and a leader in innovation and research.

COVID-19 Business Update

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

The scale and depth of our operations put us at a relative advantage over other residential property owners and enable us to continue our operations with very little interference from COVID-19.

Rental and Value-add	Very robust with no material signs of weakness. Fluctuation rate going down; strong demand for rental apartments unbroken with more than 5,000 inquiries per day; increasing number of virtual apartment viewings. So far, ca. 1% of tenants in Germany have contacted us due to COVID-19 related hardship and we have agreed on individual and pragmatic solutions. No material financial impact. Rent collection continues with very low default ratios and in line with previous months. Customer service and infrastructure fully intact and running smoothly. Modernization investments ongoing but new larger projects largely put on ice for now, which will have a small impact on the value-add contribution from our own craftsmen organization.
Recurring Sales	Small impact on Adj. EBITDA contribution. Overall demand for condo apartments remains strong. Largely digital back-office processes allow continued execution of sales.
Development	Construction activities ongoing but delay in some projects is expected to lead to some completions getting pushed into 2021. Small impact on Adj. EBITDA contribution.

2020 Guidance Confirmed for Adj. EBITDA Total and Group FFO

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

Organic rent growth guidance slightly reduced by 20bps due to COVID-19 as a result of lower

fluctuation and delayed completion of some investment projects.

All other elements of our guidance remain unchanged.

	2019	2020 Initial Guidance before COVID-19	2020 Guidance Update
	Actuals	(Nov. 2019)	(from May 2020)
Organic rent growth1 (eop)	3.9%	~3.5 - 4.0%	~3.3 - 3.8%
Rental Income	€2,074.9m	€~2.3bn	€~2.3bn
Recurring Sales (# of units)	2,607	~2,500	~2,500
FV step-up Recurring Sales	41.3%	~30%	~30%
Adj. EBITDA Total (€m)	1,760.1	1,875 – 1,925	1,875 – 1,925
Group FFO (€m)	1,218.6	1,275 – 1,325	1,275 – 1,325
Dividend (€/share)	1.572	70% of Group FFO per share	70% of Group FFO per share
Investments (€m)	1,489.5	1,300 – 1,600	1,300 – 1,600

¹If the one-off reduction of rents in Berlin to 120% of the rent ceiling is implemented in November, as currently planned, we expect to come out at the lower end of the range; similarly, if it is not implemented we expect to come out at the higher end of the range. ² To be proposed to the AGM on June 30, 2020.

Vonovia is Europe's leading owner and full-scale operator with proven track record of scale and efficiencies in regulated residential real estate markets.

Granular B-to-C business with high degree of stability. Business model is resilient, predictable and provides downside protection.

Our start into 2020 was uneventful, as expected. We remain confident in our ability to deliver on our 2020 guidance and beyond, as our business is proving very robust and only marginally impacted by COVID-19.

Our relevance as a large employer and residential property owner is magnified in the current COVID-19 environment, and we live up to our responsibility to all stakeholders.

While COVID-19 is rightfully at the center of attention, the housing sector must not lose sight of the megatrends urbanization, energy efficiency and demographic change. Vonovia will make sure to maintain its leading role.

Agenda

Equity Story & Q1 2020 Performance Update	Business Overview	Q1 2020 Results	Additional Information
pages 2-13	pages 14-28	pages 29-41	pages 42-57

Investor Presentation - May 2020 page 14

Business Segments across Entire Life Cycle of the Assets

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information Rental Value-add Development Recurring Sales Average duration of our rental contracts is 13 years No cluster risk because of B-to-C business Efficient management of own portfolio Ancillary service business for internal savings and external income Construction of apartments for (i) own portfolio (ii) disposal to third parties Disposal of individual apartments to retail buyers Leveraging long-term customer relations to generate additional cash flows from internal savings and external income Vonovia is one of the largest builders of new homes in Germany Size, efficiencies and 2k apartments p.a. Sales prices of 20-30% above fair market value

High degree of insourcing and standardization along Customer benefit through better service and/or lower cost

Investor Presentation - May 2020

granularity

our value chain

page 15

• innovation lead to building costs below fair market values
• Steady sales volume of ca.
• capture the spread between book value and retail value

Full-scale Operating Platform Enables Insourcing Strategy

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

Residential real estate is a granular operating business. Vonovia has built a scalable platform to efficiently manage large portfolios and to provide the full range of services largely in-house.

Property Management Technical Service

~1,500 Lettings agents & caretakers

Face to the customer and eyes and ears on the ground in our local markets

~5,000 Craftsmen

Wholly owned craftsmen subsidiary ("VTS") for large share of maintenance and modernization plus pooling of entire purchasing power

Residential Environment Service Center

~800 Landscape gardeners

Maintenance of gray and green areas and snow/ice removal in the winter

~1,000 Service Agents

Centralized property management including inbound calls and e-mails, ancillary cost billing, contract management, maintenance dispatch and rent growth management

Investor Presentation - May 2020

Leveraging the B-to-C Nature of Our Business

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

efficiencies

Multimedia

Smart metering

Energy

Residential environment

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

Opportunistic Increase of Scalability via Mergers & Acquisitions

¹EPRA has published new Best Practice Recommendations to replace EPRA NAV with a revised but broadly similar metric

Implementation of Vonovia Business Model in Comparable Markets

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results 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 environment.
• 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 subject to the same criteria as in Germany.

Germany	Austria	Sweden	France	Netherlands
• 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 market engagement and networking to safeguard pole position for when opportunity arises	• Continue market research • Highly opportunistic approach in case of acquisition opportunity

Megatrends – Challenge & Opportunity

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

Energy efficiency

% of population above/below 65 years

• The dominant megatrends represent a challenge and an opportunity at the same time
• The key to solving the residential markets' problems lies in finding workable solutions for these megatrends in the interest of all stakeholders
• The investments required to meet these challenges are enormous. The German Housing Association GdW estimates the investment volume required until 2030 to be around €800bn
• Large residential players with sustainable business models and access to capital market funding play an important role in finding and implementing solutions

Sources: United Nations, Prognos AG

Investor Presentation - May 2020

Demographic change

Long-term Support from Megatrends

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

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information ~70k non-core apartments sold since IPO in 2013 ~99% of current portfolio located in urban growth regions for long-term ownership and subject to structural supply-demand imbalance Germany (market) Strategic Portfolio (Vonovia) The German Federal Office for Construction and Urban Development (BBSR) has analyzed all cities and counties in Germany on the basis of the average development in terms of population growth, net migration, working population (age 20-64), unemployment rate and trade tax revenue. The results fully confirm our portfolio management decisions Shrinking (above average) Shrinking No clear direction Growing Growing (above average) Strategic Portfolio Non-core locations 40.8% 6.0% Aggregate total value growth 2017-2019 (%)¹ Vonovia Portfolio March 2015 347k apartments in 818 locations Vonovia Strategic Portfolio 350k apartments in ~400 locations Portfolio evolution of growing and shrinking regions 2

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 2017-2019 valuation results excluding compound interest effects. ² Source: BBSR (https://gis.uba.de/maps/resources/apps/bbsr/index.html?lang=de) 2

Vonovia

Market

view

Optimize Apartment: Primarily senior-friendly apartment renovation usually including new bathrooms, modern electrical installations and new flooring.

Long-term Support from Megatrends

Long-term Support from Megatrends

More than €500m Neighborhood Development Investments

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

While each project is different depending on specific local requirements and opportunities, neighborhood development projects usually include energy efficient modernization, construction of new apartments, apartment modernization and general upgrade of the neighborhood environment.

Solid Capital Structure with Smooth Maturity Profile and Diverse Funding Mix

target range

Equity Story & Q1 Performance Update	Business Overview		Q1 2020 Results	Additional Information
KPI / criteria	Mar. 31, 2020	Dec. 31, 2019	Evolution of LTV and Interest Cover Ratio
Corporate rating (Scope)	A-	A
Corporate rating (S&P)	BBB+	BBB+		5.0 4.9
LTV2	43.0%	43.1%	49.7% 49.0%	4.7 4.6
Net debt/EBITDA multiple1	11.8x	11.5x	47.3% 3.7
ICR	5.0x	4.9x	3.0 41.6% 2.7	43.1% 43.0% 42.8%
Fixed/hedged debt ratio2	96%	96%	2.2	39.8%
debt2 Average cost of	1.5%	1.5%
Weighted average maturity (years)2	8.1	7.9
Unencumbered assets	49%	50%	2013 2014 2015 2016	2017 2018 2019 Q1
Most recent bond issuances €500m, 10 years €500m, 4 years	Apr. 2020 2.250% 1.625%		LTV (%)	2020 Interest Cover Ratio

Diverse funding mix with no more than 13% of debt maturing annually³

¹Adj. net debt annual average over Total EBITDA. ²Excl. equity hybrid. ³Incl. April 2020 Dual Tranche Bond of €500m each.

Serving a Fundamental Need in a Highly Relevant Market

Main Focus Points of Our Sustainability and ESG Dimensions

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

• Largest and most meaningful positive impact is through increasing energy efficiency and CO² reduction of the >50,000 buildings in our portfolio
• Ca. one million tCO2e emissions per year
• Committed to Germany's ambitious target of achieving a climate neutral building stock by 2050 energy efficient modernization of our portfolio at rate of >3% p.a.
• Researching innovative ways to reduce CO2 emissions and increase the use of renewable energy

• Deeply rooted in the middle of society with products & services that impact the lives of more than one million people
• Homes not a product like any other they serve a basic need alongside food and oxygen
• As a partner in the local markets in which we operate we provide answers to the challenges of the housing sector
• Most important solution lies in the construction of new and affordable apartments; as one of Germany's largest homebuilders we live up to our responsibility
• Responsibility for ~10,000 employees from 78 countries

environment in which they are happy, heathy and able to advance in line with their own • Business conduct is built around trust, transparency and reliability

• expectations • Vonovia academy • Comprehensive health management • Generous home office regulation • In everything we do we play by the rules and are compliant with all relevant laws, directives, social norms and agreements
• and part-time models • Ausbildung • Weiterbildung • Continuous and open dialogue with all stakeholders
• We will only be successful if our stakeholders feel that they can rely on us

As Europe's largest listed landlord we provide a home to around 1 million people from 170 nations. All of our actions have more than just an economic dimension.

Serving a Fundamental Need in a Highly Relevant Market

Social - We Are In the Middle of Society

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

CUSTOMERS SOCIETY EMPLOYEES

• Business philosophy above and beyond what is legally required
• Self-imposed obligation to limit ourselves to maximum rent increase of €2/sqm after invest
• Guarantee to customers 70+ years that rents will remain affordable irrespective of legal rent increase opportunities
• In-house craftsmen organization to ensure swift response time to repair & maintenance needs
• Multilingual service center for customer enquiries with 24/7 emergency service and tenant app to access all relevant data and for state-of-the-art customer-landlord communication

• Availability and affordability of housing is one of key social questions of our time. The most effective answer to address this challenge is new construction. With more than 2,000 apartments per year we are part of the solution
• Several hundred million of investments in neighborhood development to make sure that people feel at home not only within their apartments but also within their local neighborhood
• Various foundations, donations and different initiatives (e.g. photo award) support our commitment to society

• We bear responsibility for offering our employees a working environment in which they are happy, heathy and able to advance in line with their own expectations • Vonovia academy • We bear responsibility for offering our employees a working environment in which they are happy, healthy and able to advance in line with their own expectations
• Comprehensive health management • Generous home office regulation and part-time models • Our Vonovia academy continuously offers a range of training and coaching opportunities
• Ausbildung • Weiterbildung • Comprehensive health management
• Generous home office regulation and part-time models to enable employees to balance career and family
• Signatory of Diversity Charter and committed to appreciation, tolerance and respect

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 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 Jürgen Fitschen (Chairman) CEO Rolf Buch CFO Helene von Roeder CRO Arnd Fittkau CDO Daniel Riedl Prof. Dr. Edgar Ernst Burkhard Ulrich Drescher Vitus Eckert Dr. Florian Funck Dr. Ute Geipel-Faber Hildegard Müller Daniel Just Prof. Dr. Klaus Rauscher Dr. Ariane Reinhart Clara-Christina Streit Christian Ulbrich Two-tier Governance System 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. 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.

Corporate Governance

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

Investor Presentation - May 2020

Why Vonovia?

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

Granular B-to-C business with high degree of stability. Business model is resilient, predictable and provides downside protection

Long-term owner and full-scale operator with proven track record of scale and efficiencies in regulated residential real estate markets

The megatrends urbanization, energy efficiency and demographic change provide structural support and long-term tailwind for the business

Uniquely positioned in Germany with ability and ambition to implement Vonovia business model in selected European metropolitan areas

Fully committed to long-term nature of the business and the importance of sustainability

Equity Story	Business	Q1 2020	Additional
&	Overview	Results	Information
Q1 2020
Performance
Update
pages 2-13	pages 14-28	pages 29-41	pages 42-57

Investor Presentation - May 2020 page 29

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information Good Start into the Year with Growth Across all Four Segments

6.1% Adj. EBITDA Total growth and 10.5% Group FFO growth as a result of a larger portfolio and performance improvements.

¹ Consolidation in Q1 2020 (Q1 2019) comprised intragroup profits of €7.1m (€11.1m), the valuation result of development to hold of €4.3m (€5.3m), and IFRS 16 effects of €7.3m (€7.5m).

Acquisitions and Organic Growth Drive Adj. EBITDA Rental

Equity Story & Q1 Performance Update		Business Overview		Q1 2020 Results	Additional Information
Rental Segment (€m)	Q1 2020	Q1 2019	Delta	acquisition of Hembla plus organic rental growth. The increase in operating expenses was mainly attributable to two Hembla-related reasons:	Rental income growth in Q1 2020 was driven by the
Rental income	564.0	502.2	+12.3%	Q1 2019; and	more all-inclusive rents in Sweden compared to
Maintenance expenses	-79.4	-72.7	+9.2%		double cost structure between Victoria Park and
Operating expenses	-103.5	-72.1	+43.6%		Hembla (synergies not realized yet). EBITDA

81% 14% Germany Austria Sweden Rental income by geography

Adj. EBITDA Rental 381.1 357.4 +6.6%

EBITDA Operations margin Germany¹

was 51% and for Hembla 37%.

Operations margin (unadjusted)² for Victoria Park

Rental Segment

¹ EBITDA Operations margin (Adj. EBITDA Rental + Adj. EBITDA Value-add – intragroup profits) / Rental Income. Margin 2019 and beyond includes positive impact from IFRS 16. Cost per unit is defined as (Rental Income – EBITDA Operations + Maintenance) / average no. of units. ¹EBITDA margins in Sweden not comparable to Germany because in Sweden rental income includes ancillary costs.

Investor Presentation - May 2020

5%

Rental Segment

Operating KPIs Rental Segment

• Organic rent growth of 3.9% year-on-year
• Vacancy rate stable and largely the result of investments.
• Expensed maintenance on prior-year level; capitalized maintenance elevated as a result of increased volume of targeted larger-scale measures planned for 2020.

Continued Dynamic Growth in Adj. EBITDA Value-add

¹ Pre-tax WACC in impairment test of 4.1% in 2019 (2018: 5.1%). ²Distribution based on 2020 Budget

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

• Two types of value-add: (i) internal savings mainly via craftsmen organization and (ii) additional revenue through external income by offering services at market prices but on a lower cost basis due to efficiencies and size.
• Insourcing of services to ensure maximum process management and cost control.
• Expansion of core business to generate additional revenues by walking back the value chain and offering services that were previously provided by third parties (internalization of margin).
• Cash flows from Adj. EBITDA Value-add are not included in the portfolio valuation, and as a consequence ignored in NAV.
• Applying the impairment test discount rate¹ to the 2020E Adj. EBITDA Value-add suggests an additional value between ca. €5.5 and €6.5 per share (ca. 10-13% on top of Q1 2020 Adj. NAV).

Value-add Segment

Recurring Sales

¹ Based on sales proceeds.

Adj. EBITDA Development +9.6%

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results		Additional Information
		Development to sell (by income)		Development to hold (by fair value)
	Development segment in Q1 2020 influenced by
fewer notarizations and completions.
Operating expenses in Q1 2020 positively		Austria 47%	Germany
impacted by lower volume and the reversal of			53%
provisions (€3m) that are no longer required.					Germany 100%

Development Segment

Development Segment (€m)	Q1 2020	Q1 2019	Delta
Income from disposal of "to sell" properties	45.4	59.4	-23.6%
Cost of Development to sell	-38.2	-46.1	-17.1%
Gross profit Development to sell	7.2	13.3	-45.9%
Fair value Development to hold	20.2	47.3	-57.3%
Cost of Development to hold	-15.9	-42.0	-62.1%
Gross profit Development to hold	4.3	5.3	-18.9%
Operating expenses Development segment	-0.1	-8.2	-98.8%
Adj. EBITDA Development	11.4	10.4	+9.6%

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, and is accounted for, under modernization.

Vonovia's Contribution towards Reducing the Housing Shortage

New rental apartments for our own portfolio ("to hold")

• 122 units completed in Q1 2020 (including floor additions). Pipeline with ca. 41,000 apartments
• Total pipeline of ca. 41,000 units, 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.

Development Segment

2020 target: ~1,300 completions

New apartments for retail disposal ("to sell")

• Total pipeline volume of ca. €3bn (ca. 8,500 apartments), of which ca. 70% in Germany and ca. 30% 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 per sqm.
• Expected gross margin between 20-25% on average.

Pipeline with ca. 8,500 apartments No units completed in Q1 2020.

Adj. NAV Growth of +0.6%

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

• No portfolio valuation in Q1.
• Next portfolio valuation planned as per June 30 (ca. 2/3 of portfolio via the 26 largest/most dynamic German cities plus Sweden plus Vienna).
• With the exception of Berlin, where prices have remained flat, current indications for all other markets suggest a fair value growth broadly in line with H1 last year (H1 2019 l-f-l was 8.4% for portfolio revalued in Germany, 3.4% for Sweden and 3.8% for Vienna)
• This estimate is based on the assumption that we will continue to observe no material COVID-19 impact by June 30.

€m (unless indicated otherwise)	Mar. 31, 2020	Dec. 31, 2019
Equity attributable to Vonovia's shareholders	19,376.8	19,308.3
Deferred taxes on investment properties	10,329.5	10,288.9
Fair value of derivative financial instruments1	76.5	79.8
Deferred taxes on derivative financial instruments	-21.8	-22.4
EPRA NAV	29,761.0	29,654.6
Goodwill	-1,440.2	-1,492.7
Adj. NAV	28,320.8	28,161.9	+0.6%
EPRA NAV €/share	54.88	54.69
Adj. NAV €/share	52.23	51.93	+0.6%
Number of shares (eop)	542.3	542.3

¹ Adjusted for effects from cross currency swaps.

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

€m (unless indicated otherwise)	Mar 31, 2020	Dec 31, 2019
Non-derivative financial liabilities	23,430.6	23,574.9
Foreign exchange rate effects	-44.0	-37.8
Cash and cash equivalents	-428.8	-500.7
Net debt	22,957.8	23,036.4
Sales receivables/prepayments	-4.9	21.4
Adj. net debt	22,952.9	23,057.8
Fair value of real estate portfolio	53,199.7	53,316.4
Shares in other real estate companies	148.8	149.5
Adj. fair value of real estate portfolio	53,348.5	53,465.9
LTV	43.0%	43.1%
LTV (incl. perpetual hybrid)	44.9%	45.0%
Net debt/EBITDA multiple1	11.8x	11.5x

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

Financial Situation Remains Comfortable

Equity Story & Q1 Performance Update		Business Overview	Q1 2020 Results	Additional Information
Ample Liquidity	coupon of 1.9%.	operating business expenses.	Cash flow from operating business remains stable and is more than sufficient to cover all Refinancing activities in April 2020: €1.0bn unsecured bonds at a weighted average €1bn Commercial Paper Program covered by an additional €1bn Revolving Credit Facility. No material refinancing requirements until 12/2020 (€750m bond).
Multiple (Re-) financing options		tranche issuance in early April 2020. more time for realization).	The unsecured bond market remains fully open even in the COVID-19 crisis for frequent investment grade issuers like Vonovia. This was recently proven with our €1.0bn dual The secured financing market is also wide open with a focus on financings with moderate LTVs and solid sponsors like Vonovia (marginally lower rates but requires substantially
Rating not impacted		Our BBB+ (S&P) and A- turbulence caused by COVID-19.	(Scope) ratings are not effected by the uncertainties and
Refinancing conditions still comparatively low		diversified funding strategy.	While refinancing conditions for unsecured debt are on average ca. 80bps above the levels in early 2020, they are still comparatively low in a historical context. Furthermore it appears that financing conditions have already begun improving again. The high portion of unencumbered assets in our portfolio enables us to execute on our

Large Headroom on All Bond Covenants

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information
Covenant		Required level	Current level (March 31, 2020)
LTV

	(Total debt / total assets)	<60%	42%
Bonds	Secured LTV (Secured debt / total assets)	<45%	15%
	ICR (LTM EBITDA / LTM interest expense)	>1.8x	5.0x
	Unencumbered assets (Unencumbered assets / unsecured debt)	>125%	196%

• While dealing with COVID-19 implications is rightfully receiving most of the attention also in the residential sector, managing the megatrends urbanization, energy efficiency and demographic change remains a key focus for Vonovia.
• We are not relenting in our efforts to work on solutions and continue to make good progress on our sustainability efforts. We have recently appointed a new Sustainability Director who reports directly to the CEO. Our main areas of focus and achievements include
  • further developing the ESG strategy and prioritizing action items (roadmap);
  • developing a step plan in compliance with Paris Climate Accord and for achieving CO2 neutrality by 2050;
  • finalizing the 2019 Sustainability Report (publication end of May);
  • participating in ESG rankings (focus on GRESB, CDP, Sustainalytics, RobecoSam, MSCI);
  • continuing innovative research towards energy efficiency;
  • ESG targets implemented as part of CEO's and CFO's variable compensation.

Agenda

Investor Presentation - May 2020 page 42

			Portfolio Cluster
--	--	--	-------------------	--

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

• 55% of German portfolio earmarked for investment strategy, safeguarding long-term sustainability of our Optimize Apartment and Upgrade Building investment strategy
• 287 non-core units sold in Q1 2020 with a fair value step-up of ca. 36%, partly driven by the disposal of a commercial property

	Fair value1		Residential	In-place rent
Mar 31, 2020	(€bn)	% of total	(€/sqm)	units	(€/sqm/month)
Operate	11,059	22%	1,909	85,251	7.23
Invest	28,040	55%	1,898	238,196	6.68
Strategic	39,099	76%	1,901	323,447	6.83
Recurring Sales	3,826	7%	2,030	27,589	6.94
Non-core	477	1%	1,448	3,888	6.42
Vonovia Germany	43,402	84%	1,905	354,924	6.83
Vonovia Sweden	5,328	10%	1,794	38,089	9.20
Vonovia Austria	2,634	5%	1,453	22,310	4.65
Vonovia Total	51,364	100%	1,864	415,323	6.94

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 €2,157.2m, of which €573.3m for undeveloped land and inheritable building rights granted, €433.3m for assets under construction, €504.2m for development, €321.0m IFRS 16 effect and €315.4m for other.

Regional Cluster

Equity Story & Q1 Performance Update			Business Overview				Q1 2020 Results				Additional Information
		Fair value1			In-place rent					Market rent	Average rent
Regional Market	(€m)	(€/sqm)	Residential units	Vacancy (%)	Total (p.a., €m)	Residential (p.a., €m)	Residential (€/sqm/ month)	Organic rent growth (LTM, %)	Multiple (in-place rent)	Purchase power index (market data)2	increase forecast Valuation (% p.a.)	growth (LTM, %) from Optimize Apartment
Berlin	7,478	2,685	42,271	1.4	230	218	6.88	3.5	32.5	81.3	1.8	47.3
Rhine Main Area (Frankfurt, Darmstadt, Wiesbaden)	4,434	2,491	27,428	1.7	179	173	8.37	3.7	24.8	105.9	1.8	29.7
Southern Ruhr Area (Dortmund, Essen, Bochum)	3,881	1,432	43,491	3.4	198	193	6.25	5.4	19.6	89.1	1.5	29.0
Rhineland (Cologne, Düsseldorf, Bonn)	3,842	1,980	28,508	2.4	169	161	7.30	3.0	22.7	100.8	1.7	27.8
Dresden	3,606	1,572	38,519	3.6	168	159	6.26	3.7	21.4	82.6	1.7	23.1
Hamburg	2,767	2,158	19,758	1.9	111	107	7.25	4.0	24.9	98.9	1.6	37.2
Munich	2,285	3,500	9,665	1.4	66	62	8.29	2.9	34.5	123.7	1.9	33.3
Stuttgart	2,127	2,393	13,753	1.7	86	82	8.06	3.4	24.9	105.7	1.8	32.4
Kiel	2,109	1,528	23,220	2.4	105	101	6.43	3.9	20.0	74.8	1.7	31.8
Hanover	1,881	1,798	16,264	2.7	84	81	6.77	4.1	22.3	90.3	1.7	29.1
Northern Ruhr Area (Duisburg, Gelsenkirchen)	1,702	1,068	25,505	3.7	110	107	5.86	3.4	15.5	81.4	1.2	29.1
Bremen	1,192	1,610	11,852	3.2	52	50	5.99	5.5	22.8	84.3	1.8	19.6
Leipzig	960	1,548	9,179	3.8	44	42	6.12	2.5	21.7	76.3	1.8	25.7
Westphalia (Münster, Osnabrück)	914	1,465	9,475	3.3	46	45	6.28	5.1	19.9	90.9	1.5	33.1
Freiburg	661	2,368	4,041	2.2	25	25	7.56	3.4	26.1	86.9	1.7	29.6
Other Strategic Locations	2,913	1,681	26,773	3.5	138	133	6.79	3.1	21.1		1.6	30.2
Total Strategic Locations	42,754	1,913	349,702	2.7	1,813	1,738	6.84	3.8	23.6		1.7	30.9
Non-Strategic Locations	647	1,511	5,222	5.9	32	28	6.49	1.7	20.4		1.7	23.1
Total Germany	43,402	1,905	354,924	2.7	1,845	1,765	6.83	3.7	23.5		1.7	30.8
Vonovia Sweden	5,328	1,794	38,089	2.6	320	293	9.20	5.0	16.7		2.0	-
Vonovia Austria	2,634	1,453	22,310	4.8	108	89	4.65	4.7	24.3		1.6	-
Total	51,364	1,864	415,323	2.8	2,273	2,147	6.94	3.9	22.6		1.7	n/a

Note: In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden includes ancillary costs and Austria includes maintenance and property improvement contributions from tenants. The table above shows the rental level unadjusted to the German definition. ¹ Fair value of the developed land excluding €2,157.2m, of which €573.3m for undeveloped land and inheritable building rights granted, €443.3m for assets under construction, €504.2m for development, €321.0m IFRS 16 effect and €315.4m for other. ² Source: GfK (2020). Data refers to the specific cities indicated in the tables, weighted by the number of households where applicable.

• Increasingly comprehensive investment projects incl. neighborhood developments and new construction result in more extended periods between investment and full rent growth realization.
• 2% of 2017 investment program rent growth, 41% of 2018 investment program rent growth and 62% of 2019 investment program rent growth for an aggregate incremental rental income of ~ €54m p.a. are still in the pipeline as investments are underway but not fully completed.

Year-by-year rent growth materialization from investment programs

Investor Presentation - May 2020

Illustrative Overview of Investment Program Funding

¹Average historic cash/scrip ratio has been 55%/45% since inception in 2016

Investment Program

Acquisitions – Opportunistic but Disciplined

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

Acquisition Track Record

	Equity Story & Q1 Performance Update		Business Overview Q1 2020 Results		Additional Information
	Larger acquisitions				Fair Value per sqm
Year	Deal	Residential units #	Locations	@ Acquisition	Mar 31, 2020	∆
	DEWAG	11,300	Berlin, Hamburg, Cologne, Frankfurt/Main	€1,344	€2,499	86%
2014	VITUS1	20,500	Bremen, Kiel	€807	€1,553	93%
	GAGFAH	144,600	Dresden, Berlin, Hamburg	€889	€1,835	106%
2015	FRANCONIA	4,100	Berlin, Dresden	€1,044	€2,123	103%
	SÜDEWO	19,400	Stuttgart, Karlsruhe, Mannheim, Ulm	€1,380	€2,205	60%
2016	GRAINGER	2,400	Munich, Mannheim	€1,501	€2,472	65%
	CONWERT (Germany & Austria)	23,400	Berlin, Leipzig, Potsdam, Vienna	€1,353	€2,059	52%
2017	thereof Germany	21,200	Berlin, Leipzig, Potsdam	€1,218	€1,962	61%
	thereof Austria	2,200	Vienna	€1,986	€2,564	29%
	PROIMMO	1,000	Hanover	€1,617	€1,887	17%
	BUWOG (Germany & Austria)	48,300	Berlin, Lübeck, Vienna, Villach	€1,244	€1,514	22%
	thereof Germany	27,000	Berlin, Lübeck, Kiel	€1,330	€1,742	31%
2018	thereof Austria	21,300	Vienna, Villach, Graz	€1,157	€1,291	12%
	VICTORIA PARK (Sweden)	14,000	Stockholm, Malmö, Gothenburg	SEK15,286	SEK18,122	19%
2019	AKELIUS (Sweden)	2,300	Stockholm, Gothenburg	SEK25,933	SEK27,158	5%
	HEMBLA (Sweden)	21,400	Stockholm	SEK20,157	SEK20,158	0%
	Total	312,700

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

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

-6 -4

gap between in-place values and replacement values

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

required volumes Victoria Park³ – fair value/sqm (SEK; total lettable area) vs. construction costs

Sweden's average annual residential completions of the last five years fall short of estimated

-6 -4

GDP, quarterly development y-o-y Rent growth; quarterly development y-o-y

¹ 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. 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.

constructions

Residential Market Fundamentals (Germany) Household Sizes and Ownership Structure

While the overall population in Germany is expected to slightly decline, the number of households is forecast to

The household growth is driven by various demographic and social trends including divorce rates, employment

Distribution of household sizes (million)

grow until at least 2035 with a clear trend towards

smaller households.

mobility etc.

2008 2018 2035E

page 51

15.8 17.3 19.0 13.6 14.0 15.4 5.2 4.9 4.0 4.4 3.8 3.3 1.4 40.1 1.1 1.4 41.4 43.2 2 persons 1 person 5 or more persons 4 persons 3 persons

Growing number of smaller households Fragmented ownership structure

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

Ownership structure (million units)

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

Liquid Large-cap Stock

According to German law the lowest threshold for voting rights notifications is at 3%

Source: Factset, company data; VNA performance is total shareholder return (share price plus dividends reinvested)

Bonds / Rating

Equity Story & Q1 Performance Update		Business Overview		Q1 2020 Results		Additional Information
	Corporate Investment grade rating		as of 2018-08-02
Rating agency	Rating	Outlook	Last Update
Scope	A-	Stable	13 Dec 2019
Standard & Poor's	BBB+	Stable	06 Apr 2020
Bond ratings			as of 2018-08-02
Name	Tenor & Coupon	ISIN	Amount	Issue price	Coupon	Final Maturity Date
Bond 023B (EMTN)	10 years 2.250%	DE000A28VQD2	€ 500m	98.908%	2.250%	07 Apr 2030
Bond 023A (EMTN)	4 years 1.625%	DE000A28VQC4	€ 500m	99.831%	1.625%	07 Apr 2024
Bond 022C (EMTN)	20 years 1.625%	DE000A2R8NE1	€ 500m	98.105%	1.625%	07 Oct 2039
Bond 022B (EMTN)	8 years 0.625%	DE000A2R8ND3	€ 500m	98.941%	0.625%	07 Oct 2027
Bond 022A (EMTN)	3.5 years 0.125%	DE000A2R8NC5	€ 500m	99.882%	0.125%	06 Apr 2023
Bond 021B (EMTN)	15 years 1.125%	DE000A2R7JE1	€ 500m	99.822%	1.125%	14 Sep 2034
Bond 021A (EMTN)	10 years 0.500%	DE000A2R7JD3	€ 500m	98.965%	0.500%	14 Sep 2029
Bond 020 (EMTN)	6.5 years 1.800%	DE000A2RWZZ6	€ 500m	99.836%	1.800%	29 Jun 2025
Bond 019 (EMTN)	5 years 0.875%	DE000A192ZH7	€ 500m	99.437%	0.875%	03 Jul 2023
Bond 018D (EMTN)	20 years 2.750%	DE000A19X8C0	€ 500m	97.896%	2.750%	22 Mar 2038
Bond 018C (EMTN)	12 years 2.125%	DE000A19X8B2	€ 500m	98.967%	2.125%	22 Mar 2030
Bond 018B (EMTN)	8 years 1.500%	DE000A19X8A4	€ 700m(1)	101.119%	1.500%	22 Mar 2026
Bond 018A (EMTN)	4.75 years 3M EURIBOR+0.450%	DE000A19X793	€ 600m	100.000%	0.793% hedged	22 Dec 2022
Bond 017B (EMTN)	10 years 1.500%	DE000A19UR79	€ 500m	99.439%	1.500%	14 Jan 2028
Bond 017A (EMTN)	6 years 0.750%	DE000A19UR61	€ 500m	99.330%	0.750%	15 Jan 2024
Bond 015 (EMTN)	8 years 1.125%	DE000A19NS93	€ 500m	99.386%	1.125%	08 Sep 2025
Bond 014B (EMTN)	10 years 1.750%	DE000A19B8E2	€ 500m	99.266%	1.750%	25 Jan 2027
Bond 014A (EMTN)	5 years 0.750%	DE000A19B8D4	€ 500m	99.863%	0.750%	25 Jan 2022
Bond 013 (EMTN)	8 years 1.250%	DE000A189ZX0	€ 1,000m	99.037%	1.250%	06 Dec 2024
Bond 011B (EMTN)	10 years 1.500%	DE000A182VT2	€ 500m	99.165%	1.5000%	10 Jun 2026
Bond 011A (EMTN)	6 years 0.875%	DE000A182VS4	€ 500m	99.530%	0.875%	10 Jun 2022
Bond 010C (EMTN)	8 years 2.250%	DE000A18V146	€ 1,000m	99.085%	2.2500%	15 Dec 2023
Bond 010B (EMTN)	5 years 1.625%	DE000A18V138	€ 752m(2)	99.852%	1.625%	15 Dec 2020
Bond 009B (EMTN)	10 years 1.500%	DE000A1ZY989	€ 500m	98.455%	1.5000%	31 Mar 2025
Bond 008 (Hybrid)	perpetual 4%	XS1117300837	€ 1,000m	100.000%	4.000%	perpetual
Bond 007 (EMTN)	8 years 2.125%	DE000A1ZLUN1	€ 500m	99.412%	2.125%	09 July 2022
Bond 005 (EMTN)	8 years 3.625%	DE000A1HRVD5	€ 500m	99.843%	3.625%	08 Oct 2021
Bond 004 (USD-Bond)	10 years 5.000%	US25155FAB22	USD 250m	98.993%	4.580%(3)	02 Oct 2023

(1) Nominal mount incl. tap bond €200m in Feb 2020

(2) Nominal amount outstanding after Liability Management in Sep 2019

(3) EUR-equivalent Coupon

IR Contact & Financial Calendar

Equity Story & Q1 Performance Update Business Overview			Q1 2020 Results Additional Information
Contact			Financial Calendar 2020
Rene Hoffmann (Head of IR) Primary contact for Sell side, Buy side +49 234 314 1629 rene.hoffmann@vonovia.de		May 27	Best of Europe One-on-One Conference, New York City (UBS)1 - VIRTUAL
		June 04	DB Access Berlin Conference, Berlin (Deutsche Bank) - VIRTUAL
		June 09	European CEO Conference, Paris (Exane) - VIRTUAL
Stefan Heinz Primary contact for Sell side, Buy side +49 234 314 2384 stefan.heinz@vonovia.de		June 10	European Financials Conference, Rome (Goldman Sachs) - VIRTUAL
		June 17	German & Austrian Property Day, Paris (KeplerCheuvreux) 1 - VIRTUAL
		June 18	Europe & EEMEA Property Conference, London (Morgan Stanley) - VIRTUAL
		June 30	Annual General Meeting - VIRTUAL
Oliver Larmann Primary contact for private investors, AGM +49 234 314 1609 oliver.larmann@vonovia.de		Aug 5	Interim results H1 2020
		Aug 19	Deutschlandkonferenz, Baden Baden (Bankhaus Lampe) - VIRTUAL
		Aug 20	HSBC European Real Estate Conference, Frankfurt am Main (HSBC)
General inquiries investorrelations@vonovia.de		Sept 03	Corporate Conference 2020, Frankfurt (Commerzbank)1
		Sept 21	German Corporate Conference 2020, Munich (Berenberg & Goldman Sachs)
		Sep 24	Investment Conference 2020, Munich (Baader) 1
		Oct 01	Commerzbank Real Estate Forum, London (Commerzbank)
App & Website		Nov 4	Interim results 9M 2020

https://investors.vonovia.de

The most up-to-date financial calendar is always available online.

Disclaimer

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results 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.

For Your Notes

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information

For Your Notes

Equity Story & Q1 Performance Update Business Overview Q1 2020 Results Additional Information