Vonovia SE

Annual Report • Nov 23, 2018

Company Presentation

Asia Roadshow November 2018

l i V G t o n o v a a a a n c e	3
d i B U t u s n e s s p a e	6
d l k i i R M D t t t e s e n a a r e a a	2 0
d i A p p e n x	2 5

Vonovia at a Glance

• Largest listed European residential company with more than 400k apartments.
• Bread-and-butter business in German residential market with strong track record of optimization, standardization and industrialization via organic and acquisition growth.
• Industrialized approach leverages economies of scale in a highly homogeneous asset class.
• B-to-C business with ca. 13 years average tenant tenure.
• Strong internal growth profile via sustainable market rent growth, additional rent growth from portfolio investments and dynamic value-add business.
• Robust business model delivers highly stable and growing cash flows (Funds from Operations, "FFO 1").
• Predictable top and bottom line with downside protection and upside potential.

Company Presentation – Asia Roadshow November 2018 page 3 Guidance mid-point for 2018.

Strategy

l V i G t o n o a a a a n c e v	3
d B i U t s n e s s p a e u	6
d l k R i i M D t t t e s e n a a r e a a	2 0
d A i p p e n x	2 5

Highlights

k r a e P n a o ri l a o - t d c n i V a t , s g o a w i v u o B n o l. V c x E	O i t p e a o n s r	O ic h f % t g t 4. 1 rg an r en ro o o- w y- y. in du d by l f e l he do b le O 1 6. 8 % € 1 1 0. 2m im in in t to t o t t p er a g ex p en se s re ce a s a re su a g u fro lu de d l l a d f f in in H 1 2 0 1 7 in ic ie in t s tr tu t t co s uc re m c on we r c as w e s co n ue e nc y g a s. d j. O io in ( ) f 9 0. 9 % ( 2 9 0 bp ). A E B I T D A t in te + p er a ns m ar g ex . m a na nc e o s y- o- y d he l d d fo he b l Vo ia iv E P R A Go Aw 2 0 1 7 Su in i i Re t t ta ty t no v re ce e ar r s a p or
	F F O 1	f F F O 1 in d by 1 1. 5 % € 5 1 0. 3m in H 1 2 0 1 8 l be E B I T D A to t o t te cr ea se y -o -y as a re su r Op io d low in d in t te t ta er a ns a n er re s ex p en se s an co m e xe s.
	l V i t a u a o n	H 1 lu io ise d 2 / 3 f p fo l io ( 2 0 la Ge lo io lu ix d d i io l t t t t t va a n co m p r ca o or rg es rm an ca ns p s s a na Ge lo io d V ie ). t rm an ca ns a n nn a l- f- l v lu h lu d fo l f w h h l- f- l v lu io l i f 6. 9 % t t io ic 5. 7 % t t a e g ro on ev a e p or o a a n up w r , ( fo l d ). l v lu h f he ie io To € 1, 7 6 5m 5. 3 % ta t ts t + p er rm an ce y co m p re ss n a e g ro w o re p re se n o n fo l l p l io t ov er a or
k r a P a ri o t	d A j. N A V	d j. by A N A V 1 0. 5 % to € 2 0, 6 3 4. 4m in H 1 2 0 1 8. g re w On ha ba is, A d j. N A V € 3 9. 8 3, 3. 5 % d ( 6. 8 % h ig he N O S H ). t a p er -s re s wa s u p y r
c i V , g o w u B l. c n I	d G i a n c e u	2 0 8 Gu da lu de d k. 1 i in Bu V ic to ia Pa nc e no c s wo g an w r r i da f he be f F F O 1 € 1, 0 5 0m € 1, 0 7 0m € 2. 0 3 € 2. 0 7 t g u nc e o o r p. s. o n n ew n um r o - – 5 1 8. 1m is d ha su e s re s. k- f-a lo lcu la d k ha d fu l ly bu d fo Ba t io As in Bu V ic to ia Pa tr i te c o n- en ve p e ca n: su m g wo g an r r co n r he f hs he ha da l d ha be t irs t s ix t t F F O 1 i € 2. 0 8 € 2. 1 2. m on p ro p er s re g nc e wo ve en u u – ,

KPI Growth in spite of Smaller Portfolio and Higher NOSH

• Rental income slightly up 0.7% on a 3% smaller but higher quality portfolio.
• Adjusted EBITDA Operations up 4.1% because of substantially lower operating expenses and higher contribution from the Value-add Business.
• As a result, and supported by lower interest expenses, FFO grew by 11.5% (2.5% per share due to the 8.7% increase in NOSH from the May ABB and scrip dividend).

		H1 20 18	H1 20 17	De lta
Av mb of ide nti al era ge nu er res sqm	`00 0	21 55 7 ,	22 22 6 ,	-3. 0%	fo lio du ion in ly Po rt ct re m a
Av mb of ide nti al its era ge nu er res un	#	34 4, 68 5	35 5, 57 0	-3. 1%	dr by lea les ive n c n- up sa
Or h ( ) nic nt wt ga re gro y-o -y	%	4.1	3.7	0 b +4 ps
lac t ( ) In- p e r en eo p	€/m h/s ont qm	6.4 1	6.1 2	+4 .7%
Va e ( ) rat can cy eo p	%	2.8	2.9	-10 bp s
l in Re nta com e	€m	83 8.8	83 3.2	+0 .7%	+€ 5. 6m
Ma int en an ce ex pe nse s	€m	-13 1.6	-12 7.3	+3 .4%
Op tin era g e xp en ses	€m	-11 0.2	-13 2.4	-16 .8%	d ert ies co nw sy ne rg an f fic ien im ts e cy p rov em en
Ad tal j. EB ITD A R en	€m	59 7.0	57 3.5	+4 .1%	+€ 2 3. 5m
Ad j. EB ITD A V alu dd Bu sin e-a ess	€m	51 .7	45 .6	+1 3.4 %
Ad j. EB ITD A O rat ion pe s	€m	63 2.6	60 7.6	+4 .1%	+€ 25 0m
Int FF O 1 st ere ex pe nse	€m	-11 4.3	-13 8.0	-17 .2%	8. 7 % hig he r N O SH • o-y y-
Cu FO nt inc e t s F 1 rre om axe	€m	-8. 0	.9 -11	-32 .8%	f-a Ba k-o lop c n- en ve e • lcu lat fo ion ca : p ro rm a fu FF O 1 in lu d ing l l c
FFO 1	€m	51 0.3	45 7.7	+1 1.5 %	i bu ion fro nt t co m r Bu d V ict ia +€ 5 2. 6m wo g an or
FFO ha (eo NO SH ) 1 pe r s re p	€	0.9 8	0.9 6	+2 .5%	k in l d be Pa H1 ou r w ~€ 3 6m o r
ha (av ) FFO 1 NO SH pe r s re g.	€	1.0 3	0.9 8	+5 .8%	h ig he ~7 nt ce s r

Rent Growth Acceleration Set to Continue

h dr ive Re nt wt g ro rs		Po i iv h j t t g t tra to s e re n ro w ec ry
( las t 1 2M )	H 1 2 0 1 8	H 1 2 0 1 7	De l ta		20	13 20	14	20 15	20 16	20 17	20 18 ( E)	20 19 ( E)
				rke t d Ma riv en	1.6	% 1.6	%	% 1.7	% 1.5	1.6 %	≈	≈
S i in t t te ts ( inc l. g na n bs i d ize d r ) ts su en	1. 1 %	1. 2 %	bp -1 0 s	de Mo rni zat ion	0.4	% 0.9	%	1.2 %	1.8 %	2.5 %
				Sp eat ion ace cr	---		---	---	---	0.1 %
le Ne t t in ( h n wi t g s w o l in ) ter ia stm t ma ve en	0. 4 %	0. 5 %	-1 0 bp s	Or nic nt ga re h wt gro	1.9	% 2.5	%	2.9 %	3.3 %	4.2 %	~4 .4%
Su b l m ke to ta t ar dr iv h t g t en r en ro w	1. 5 %	1. 7 %	-2 0 bp s
de Mo iza t io rn n ( lu d let inc ing t ing ne w s wi h i t tm ts nv es en ) Op t im ize Ap tm ts ar en	2. 5 %	1. 9 %	bp 6 0 + s	In tm ve s en io ) t cr ea n	k t tra c re	d ( co r	€m in ;	lu de c s	de m o rn	iza t io n an	d sp ac	e
b l l- f- l r Su to ta t en h t g ro w	4. 0 %	3. 6 %	4 0 bp + s						7 7 9	1, 0 ~	0 0 1, ~	0 0 0
Sp io t ac e cr ea n	0. 1 %	0. 1 %	---			3 5 6		4 7 2
b l o ic Su to ta rg an h t g t re n ro w	% 4. 1	3. % 7	bp 4 0 + s	7 1 2 0 1 3	1 7 2 2 0 1 4	2 0 1 5		2 0 1 6	2 0 1 7	2 0 1 8	( ) E 2 0 1	( ) 9+ E

Smooth Maturity Profile with Diverse Funding Mix

¹incl. July 2018 Bond, which is not included in KPIs. ² Average financing cost of debt maturing in the relevant year. ³ Weighted avg. financing costs excl. Equity Hybrid. Including Equity Hybrid, avg. interest rate of debtmaturing in 2021 is 3.4%.⁴ excl. Equity Hybrid. ⁵ excl. 2nd offer period of Buwog. ⁶ excl. Buwog and Victoria Park.

Company Presentation – Asia Roadshow November 2018

LTV Remains in Comfort Zone

• LTV as of June 30, 2018 was 43.9%.
• Current pro forma LTV, including 2nd offer period for Buwog and €500m bond issued in July, is ~45%.
• Against the background of the stable cash flows and the strong fundamentals in our portfolio locations we see continued upside potential for our property values, and we do not see material long-term downside risks.
• We therefore continue to believe that the LTV target range of 40% 45% is adequate for our low risk portfolio, and we feel comfortable with this range.
• Based on our internal LTV projections, an extremely bearish scenario with no yield compression in H2 2018 would result in an LTV of ~45%, so any yield compression will bring the LTV even deeper into our comfort zone (€500m of yield compression reduce the LTV level by ca. 50 bps).

€m ( les d d he ) in ica te ot ise un s rw	3 0, 2 0 8 Ju 1 n	3 2 0 8 M 1, 1 ar	3 2 0 De 1, 1 7 c
de f l l b l No iv t iv in ia ia i i t ies n- a e an c r	9, 6 1 7 7 4.	8, 8 8 0 1 7.	0 6 0. 1 4, 5
ha f fe Fo ig te ts re n ex c ng e ra e c	-2 9. 6	-1 7. 8	-2 3. 5
Ca h d h iv le ts s an ca s eq u a n	-8 6 5. 8	-8 2 9. 3	-2 6 6. 2
de b Ne t t	1 8, 8 7 9. 2	1 8, 0 3 9. 9	1 3, 7 7 0. 8
Sa les iv b les re ce a	-2 3 9. 8	-2 3 2. 4	-2 0 1. 2
d j. de b A t t ne	8, 6 3 9. 1 4	8 0 1 7, 7. 5	3, 6 9. 6 1 5
Fa ir lu f r l e fo l io ta te t va e o ea s p or	4 1, 7 3 2. 3	3 8, 4 8 5. 6	3 3, 4 3 6. 3
ha he l e S in ie t ta te re s o r r ea s c om p an s	7 3 4. 5	6 6 6. 6	6 4 2. 2
A d j. fa ir lu f r l e fo l io ta te t va e o ea s p or	4 2, 4 6 6. 8	3 9, 1 5 2. 2	3 4, 0 7 8. 5
L T V	4 3. 9 %	4 5. 5 %	3 9. 8 %

Invest Cluster Offers Long-Term Organic Growth Potential

• 53% of portfolio in Invest Cluster and earmarked for value-enhancing investments in the next years
• Non-core sales almost completed
• 10% of portfolio outside of Germany

3 0, 2 0 1 8 Ju ne	i de ia l Re nt s	lac In t -p e r en	Va rat ca nc e y	ir v Fa a	lue 1
	its un	( € /sq /m h ) t m on	( % )	( € bn )	% f t l ota o
Op te era	1 2 6, 0 3 9	6. 5 4	2. 6	1 3. 0	3 2 %
Inv t es	21 7, 27 0	6. 3 5	2. 6	21 .4	5 3 %
Su bt l S ic C lus ot tra te te a g rs	3 3, 3 0 9 4	6. 2 4	2. 6	3 4. 4	8 % 5
Pri ize t va	1 3, 1 8 3	6. 2 2	4. 1	1.5	4 %
Se l l	0, 6 1 1 7	3 5. 4	5. 1	0. 6	% 1
To l Ge ta rm an y	3 6 6, 6 5 9	6. 3 8	2. 7	3 6. 5	9 0 %
ia Au str	2 3, 21 5	6 4. 5	2 4.	2.5	6 %
de Sw e n	14 0 5 2 ,	8. 8 3	1.4	1. 6	4 %

Note: In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden, for example, includes certain ancillary costs. The table above shows the rental level unadjusted to the German definition.¹Fair value of the developed land excluding € 1,205.4 million, of which € 344.5 million for undeveloped land and inheritable building rights granted, € 251.9 million for assets under construction, € 461.7 million for development and € 147.3 million for other.

€1bn Investment Program on Track

• 2018 investment program well underway.
• All investment projects kicked-off or already completed.

Note: Numbers include projects kicked off in 2017.

L-f-l Value Uplift of 5.7%

• Valuation portfolio comprised the 20 largest cities of our German portfolio, plus six additional German locations and Vienna, representing ca. 2/3 of the entire portfolio. All other locations and values were left unchanged and adjusted only for capitalization.
• 6.9% l-f-l value growth on revalued portfolio, of which 5.7% l-f-l valuation uplift (performance + yield compression).
• Total value growth of €1,765m represents 5.3% on the overall portfolio.
• German portfolio as of June 30, 2018, valued at €1,561/sqm, 20.5x inplace rent multiple and 4.9% gross yield(Dec. 31, 2017: €1,475/sqm, 19.7x in-place rent and 5.1% yield).

lu dr ( ) Va iv H 1 €m e er s
Pe fo rm an ce r	2 6 8
l de lop Re ta t n ve me n	2 2 8
In tm ts ve s en	0 4
In tm ts ve s en	3 4 7
( h lua In i in ion tm ts t t ve s en va w fo l ) io t p or	2 0 4
( de f v lua In i ion tm ts ts t ve s en ou o a fo l ) io t p or	0 1 7
ie l d io Y co m p re ss n	0 1, 1 5
l v lu l i f To ta t a e up	6 1, 7 5

Continued NAV Growth

Adj. NAV is up 10.5% ytd or 3.5% per share in spite of 6.8% more issued shares.

€m (un les ind ted oth ) ica ise s erw	3 0, 2 0 1 8 Ju n	3 1, 2 0 17 De c	d j. d f h lu f Is A N A V t a g o o p o o e a e o a r xy r v
			d iv in bu in ? t e rs e o p e r a g s e s s
			d f in i io he d j. By t t A N A V e n,
bu b le 's ha ho l de Eq ity at tr i ta to Vo via u no s re rs	1 6, 9 1 6. 2	8 8 15 0 0. ,	f f le he br ic k d lu he t t t t re c s a n m or ar v a e o
fer d t d a he l d De in stm t p ert ies ts re ax es on ve en rop an sse for le sa	7, 25 3. 8	6, 1 8 5. 7	bu l d i in g s
1 Fa ir v lue f de riv ive fin ia l in at str ts a o an c um en	9 3. 4	2 6. 9	l ke d he ie t t t a p p s m ar er m s a n a s su m e s
fer d t de fin l in De riv at ive ia str ts re ax es on an c um en	-2 5. 1	-8 8	d by "a " ie t p ro p er s ar e ow ne ny o ne
EP RA N AV	8. 24 2 3 3 ,	8 21 2 4. 6 ,	h h T is ig a p p ro a c no re s
Go dw i l l o	-3 6 0 3. 9 ,	-2 6 1 3. 5 ,	he lu d d Va Bu in t e- a s e s s
A d j. NA V	2 0, 6 3 4.4	1 8, 6 71 .1	he dv d la fo in t t t t t c o s a a n a g e a n o p er a g p rm
			f a fe l o io o p ro s s na w ne r
/ ha E P R A N A V € s re	4 6. 7 9	4 3. 8 8	he d lo bu t t in ev e p m e n e s s s
A d j. N A V € / ha s re	3 9. 8 3	3 8. 4 9	he h f lo fr t iv t iza t io c a s w o m p r a n

Adjusted for effects from cross currency swaps.

Growing Contribution from Value-add Business

Concept

Company Presentation – Asia Roadshow November 2018 page 15

Economics

• NAV does not account for Vonovia's Value-add Business.
• Applying the impairment test WACC¹ to the 2018E Adj. EBITDA Value-add Business translates into an additional value of ~€5.0 per share (~12% on top of H1 Adj. NAV).

Pe ne	io tr t a n
l d Mu t im ia e	8 0 % ca
Sm in t te ar m e r g	2 3 % ca
2 i de ia l e iro Re t t s n nv nm en	3 0 % ca
En er g y	1 % ~
Cr f V T S ts a m en	7 0 % ( in ) te ca m a na nc e ( de ) 4 0 % iza io t ca m o rn n is d 7 0 % l low for tar et to g aro un a h f lex b lity he lum i i in t en ou g vo es d t b le inu nt an o e na co ou s be hm kin ke to t p ric nc ar g ma r es
d lue d d A j. E B I T D A Va Bu ine -a s ss 5 7, 3 6 7, 2 3, 6	( ) €m 1 2 0 ~ 1 0 2, 1 0
2 0 1 4 2 0 1 5 2 0 2 tax WA CC of 4 .68 % De c. 3 1, 2 017 G ard re- as per	( ) 1 6 2 0 1 7 2 0 1 8 E eni and lan dsc api rk ng ng wo

Sales – Steady Cash Flow at Attractive Margins

• Total sales volume in H1 2018 was 6,115 residential units (prior-year period: 4,484), of which 1,030 from Privatization portfolio (prior-year period: 1,160) and 5,085 from Sell portfolio (prior-year period: 3,324).
• In spite of value growth of the portfolio, privatization fair value step-ups still came out to 30.5% for H1 2018.
• The sell portfolio disposals saw a record fair value step-up of 15.4% in H1 2018, driven largely by two block sales, as we are utilizing the high market liquidity to profitably dispose of our Sell Portfolio.
• The income and fair value figures of the Sell Portfolio for the prior-year period include a substantial amount of commercial property sales.

				L
2 0 8 H 1 1	2 0 H 1 1 7	2 0 8 H 1 1	2 0 H 1 1 7	2 0 8 H 1 1	2 0 H 1 1 7
2 2 1 4.	2. 1 4 7	2 3 0. 0	9. 2 5 5	3 2 5 4.	0 9 7 1.
-9 2 5.	0 8. -1 7	9 9. 3 -1	3 6. -5 1	-2 9 4. 5	-6 8 4 4.
2 9. 0	3 0 4.	3 0. 7	2 3. 1	9. 5 7	5 7. 1
3 0. 5 %	3 1. 3 %	1 5. 4 %	4. 3 %

Se l l ing ts co s	1 1. 4	-1 2. 8
A d j. E B I T D A Sa les	4 8. 3	4 4. 3

Update on BUWOG & Victoria Park; European Activities

	O B U W G	k V ic to ia Pa r r
Cu t rre n ia Vo no v ke ta s	9 0. % ing ig h 7 t ts v o r	9 3. 4 5 % ing t v o ig h ( inc lu d ing l l ts r ca ion ) t op s
in Im t p ac 2 0 8 1	h S ing i Q 2 ta t t r w	h S ing i Q 3 ta t t r w
In te t ion g ra	Op ion l t er a a f in ion te t g ra o Ge ing t rm an o p er a bu ine fu l ly s ss on k a d d tra te c n ex p ec be le d by to te co m p he d f 2 0 1 8. t e n o l Sy iza t ion ne rg y re a d fro te 2 0 1 9 ex p ec m ds on wa r	k V ic to ia Pa r r d t a ma na g em en n f f r lar ly ta in s em a g e lac in V ic ia to p e, as r k c Pa inu t to on es r bu i ine ts n s ss ru br d ly ha d. oa un c ng e i b i l i f j in Fe ty t as o o ha ing p ur c s , de k iza t ion mo rn w or
Ne t s te x p s	Bu E G M to wo g lve he t re so o n Sq t ue ez e- ou he du le d fo Oc t. sc r 2. Ca h ion t s co m p en sa fo ino i ty r m r ha ho l de f s re rs o € 2 9. 0 ha 5 p er s re	d f ina ing an re nc be tu i t ies ing op p or n d. iew re v e No in ion te t g ra lan d V ic ia to p ne as r Pa k s he t er ve s a s r la fo fo t p rm r Vo ia 's ia l te t no v p o n h in Sw de t g ro w e n.

Comments

• European activities enhance accretive acquisition opportunities.
• Similar to Germany, we closely monitor these clearly defined geographies for opportunities, applying the same acquisition criteria:
• Austria – run combined Buwog and conwert portfolio as scalable business. Disposals more prominent in Austrian business model because of low exit yields
• Sweden – build on Victoria Park platform and consolidate Swedish residential market
• France – largest long-term opportunity. Not material at this point and only a viable long-term option to the extent legislation changes and allowsthe payout of economic dividends from social housing
• Netherlands – attractive market but no opportunities or viable partner at this point
• Other countries are not in our focus due to fundamentals, (lack of) regulation or similar related issues.

Increased Guidance Suggests ca. 8% FFO per share Growth

	2 0 1 7 Ac ls tu a	i ia l ( ) In t No 2 0 1 7 v. l. B Ex & c uw og Vic ria Pa k to r	2 0 1 8 Gu i da nc e da ( ) Up te Ma 2 0 1 8 y l. B Ex & c uw og Vic ria Pa k to r	da ( ) Up te Au 2 0 1 8 g. l. B Inc & uw og Vic ria Pa k 1 to r
Or ic h ( ) t g t g an re n ro w eo p	4. 2 %	4. 6 % 4. 8 % -	4. 6 % 4. 8 % -	2 ~4 4 % ( VN A s d-a lon e) tan
Va ( ) ca nc eo p y	2. 5 %	2. 5 % <	2. 5 % <	2. 5 % <
Re l In ( €m ) ta n co me	1, 6 6 7. 9	1, 6 6 0 1, 6 8 0 -	1, 6 7 0 1, 6 9 0 -	1, 8 9 0 1, 9 1 0 –
F F O 1 ( €m )	9 2 0. 8	9 6 0 9 8 0 -	1, 0 0 0 1, 0 2 0 – ( d-a lon e) VN A s tan	1, 0 5 0 1, 0 7 0 –
O ( € / ha ) F F 1 s re eo p ,	9 0 1.	9 8 2. 0 2 1. -	2. 0 6 2. 1 0 – ( d-a lon e) VN A s tan	2. 0 3 2. 0 7 –
( ) Ma in te €m na nc e	3 6. 2 4	~3 6 0	~3 6 0	~4 1 0
de ( ) Mo iza t ion & In tm ts €m rn ve s en	7 7 8. 6	~1 0 0 0 ,	~1 0 0 0 ,	~1 0 0 0 ,
( be f u ) Pr iva t iza t ion i ts nu m r o n	2, 6 0 8	~2 3 0 0 ,	~2 3 0 0 ,	~2 8 0 0 ,
F V ( Pr iva iza ion ) te t t s p- up	3 2. 7 %	~3 0 %	~3 0 %	3 0 % 3 5 % -
Se l l p fo l io d isp ls ( be f u i ) t ts or os a nu m r o n	1 1, 7 8 0	is ic tu t op p or n	is ic tu t op p or n	1 4, 0 0 0 to up
F V ( Se l l Po fo l io ) te t s p- up r	7. 9 %	0 % >	~5 %	1 0 % 1 5 % -
de d / ha D iv i n s re	€ 1. 3 2	0 % f O ~7 F F 1 o	0 % f O ~7 F F 1 o	0 % f O ~7 F F 1 o
de ly be f s ha Un ing r n um r o re s	8 4 5. 1	8 4 5. 1	8 4 5. 1	8. 5 1 1

1 Buwog contribution for 9 months and without synergies and Victoria Park contribution for 6 months and without synergies.

²Excl. Buwog & Victoria Park. Adjustment to ~4.4% is purely timing-related and driven by (i) lower-than-anticipated new construction volume as a result of building permits taking too long and (ii) a small share of the rent growth from the modernization investments getting pushed into early 2019, as some projects cannot be fully settled by September, which is the deadline for including the projects in the 2018 organic rent growth. This slight delay is caused by poor weather conditions in the beginning of the year as well as limited craftsmen availability for carrying out the work on time and on budget.

l i V G t o n o v a a a a n c e	3
d i B U t u s n e s s p a e	6
d l k i i R M D t t t e s e n a a r e a a	2 0
d i A p p e n x	2 5

German Residential – Safe Harbor and Low Risk

Rental regulation safeguards high degree of stability

• Contrary to most other jurisdictions such as the USA, rental growth in Germany is regulated and not directly linked to CPI, GDP development etc.
• Rents are regulated via "Mietspiegel" (city-specific rent indices), which look at the asking rents of the previous four years to determine a rent growth level for existing tenants for the next two years.

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 US rent growth data, the annual rent growth for a year is assumed to also be the q-o-q rent growth of that year.

German Residential – Landlords Benefit from Structural Imbalance between Supply and Demand

New supply falls short of demand

• Consensus estimates see a current shortage of around 1 million apartments in urban areas. Three main constraints stand in the way of material changes in the short and even medium term:
• Building permits often take several years because city administrations lack qualified personnel.
• Severe shortage of building capacity after years of downsizing.
• Substantial gap between in-place values and market replacement cost render construction in affordable segment economically unfeasible.

Sources: Federal Statistics Office, IW Köln, GdW (German Association of Professional Homeowners)

German Residential – Favorable Fundamentals

Growing number of smaller households

• 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 towardssmaller households.
• The household growth is driven by various demographic and social trends including divorce rates, employment mobility etc.

Distribution of household sizes (million)

16,1 16,8 19,0 13,8 13,9 15,45,0 5,0 3,8 4,4 3,8 3,3 1,4 1,4 1,1^{2010 2016} 2035(E) 5 or more persons4 persons3 persons2 persons1 person^Σ 40.1 ^Σ 40.9 ^Σ 43.2

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)

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

German Residential – Favorable Fundamentals

Urbanization trend across Europe

Cities across Europe are on the rise and the population living in cities is expected to grow substantially by 2030 and 2050, respectively.

% of population living in urban areas

Increasing affordability in Germany

• Affordability in Germany is higher than France, UK, Spain and the Netherlands.
• Whereas most other European countries saw an increase, the share of rent-related payments in relation to disposable income declined in Germany between 2007 and 2016.

Rent as % of disposable household income*

Sources: United Nations, JLL Research, European Commission, Federal Statistics Office, Eurostat

IR Contact & Financial Calendar

f f R H e n e o m a n n
d f l H I R i t t e a o n v e s o r e a o n s
S V i E o n o v a
ß 3 3 U i i t ä t t 1 n v e r s s s r a e
8 0 3 h 4 4 B o c u m
G e m a n r y

+49 234 314 1629rene.hoffmann@vonovia.deinvestorrelations@vonovia.dewww.vonovia.de

C t t o n a c		F i i l C l d n a n c a a e n a r
	Se 2 4 p	G S / Be be Ge Co Co fe Mu ic h te re n rg rm an rp or a n re nc e, n
	Se 2 5 p	1 de Co fe h Ba In tm t Mu ic a r ve s en n re nc e, n
	Se 2 6 p	f lo ba l l fe k Bo A M L G Re Es ta te Co Ne Yo a n re nc e, w r
	Se 2 8 p	le l fe do So ie te Ge Pa Eu Re Es ta te Co Lo c ne ra n- ro p ea n a n re nc e, n n
	Oc 1 0- 1 1 t	1 Ro ds ho Sc d ina ia, Co ha & S k ho lm to a an p en g en c w v
	No 1 2- 1 6 v	Ro ds ho As ia ( To ky Se l, H K, Ku la Lu S ing ) a w o, ou a m p ur ap or e ,
	6 De c	im l 9 2 0 1 8 In te ts M r re su
	3 De 7- 1 c	ds ho ( h, do da ) Ro Eu Zu ic Pa is, Lo Am te a w ro p e r r n n, s r m
	De 1 2 c	do E P R A Co te Ac Da Lo rp or a ce ss y, n n
	De 1 7- 1 8 c	ds ho da Ro Ca a na w
	Ma 7, 2 0 1 9 r	F Y 2 0 1 8 Re l ts su
	Ma 7, 2 0 1 9 y	In im l 3 M 2 0 1 9 te ts re r su
	6, 2 0 9 Ma 1 1 y	l Ge l ing An Me t nu a ne ra e
	2 0 9 Ju 4- 5, 1 n	Ca l ke i ta Ma ts Da p r y
	Au 2, 2 0 1 9 g	im l In te ts 6 M 2 0 1 9 r re su
	No 5, 2 0 1 9 v	im l In 9 M 2 0 1 9 te ts r re su

IR only

Appendix

P a g e s	C t t o n e n
2 6- 3 8	l d d l H 1 Re A i io Da t t t su s na a –
3 9- 4 0	Ma in C Mo d iza io In t t t t ≠ ≠ e na nc e a p ex er n n ve s m e n s
4 1- 4 5	F in in a nc g
6- 4 4 7	Ac is i t io q ns u
4 8	D iv i d d Tr k Re d e n a c c or
4 9	lu lu Fa ir Va Ev io t e p er s q m o n
0 5	fo l io lu io Po t Ev t o n r
5 1- 5 3	Vo ia S ha no v re s
5 4- 5 9	b l Su t in i i ty s a a
6 0	C la io b G i d ia l ie l d d No t tw Re t Y In t t Ra t or re n e e e n er m a n s e n s a n er e s e s
6 1	hr f T La Pe t io e e y er s o rc e p n
6 2- 6 4	C io Ma t t na g e m e n o m p e ns a n
6 5- 6 9	P ic tu re s
0 7	la D is im c er

Continued EBITDA Margin Expansion

• Adj. EBITDA Operations is up 4.1% to €632.6m.
• EBITDA Operations margin (excl. maintenance) expanded to 90.9%.

€m	H1 20 18	H1 20 17	De lta
Re l in nta com e	83 8.8	83 3.2	+0 .7%
Ma int en an ce ex pe nse s	-13 1.6	-12 7.3	+3 .4%
Op tin era g e xp en ses	0.2 -11	-13 2.4	-16 .8%
Ad j. EB IT DA Re l nta	59 7.0	57 3.5	+4 .1%
Inc om e	61 0.4	48 3.8	+2 6.2 %
of wh ich ext al ern	88 .3	80 .1	+1 0.2 %
of wh ich int al ern	52 2.1	40 3.7	+2 9.3 %
Op tin era g e xp en ses	-55 8.7	-43 8.2	+2 7.5 %
Ad j. lue -ad d sin EB IT DA Va Bu es s	51 .7	.6 45	3.4 % +1
1 Ad the j. EB ITD A O r	-16 .1	-11 .5	+4 0.0 %
Ad j. EB IT DA O ion rat pe s	63 2.6	60 7.6	+4 .1%

Mainly consolidation

Continued FFO Growth

Driven by better operational performance and lower interest expenses, FFO1 was up 11.5% y-o-y or 2.5% per share (eop) in spite of 8.7% more issued shares.

€m ( les d d he ) in ica te ot ise un s rw	8 H 1 2 0 1	H 1 2 0 1 7	l De ta
d Op A j. E B I T D A t ion er a s	6 3 2. 6	6 0 6 7.	% 4. 1
In te t e F F O 1 re s xp en se	-1 1 4. 3	-1 3 8. 0	-1 7. 2 %
Cu t inc ta F F O 1 rre n om e xe s	-8 0	-1 1. 9	-3 2. 8 %
F F O 1	5 1 0. 3	4 5 7. 7	1 1. 5 %
f w h h bu b le 's ha ho l de ic t tr i ta to Vo ia o a no v s re rs	4 8 4. 7	4 3 1. 1	1 2. 4 %
f w h h bu b le 's hy br d l ic t tr i ta to Vo ia i i ta inv to o a no v ca p es rs	2 0. 0	2 0. 0	0. 0 %
f w h h bu b le l l ic t tr i ta to tro ing in te ts o a n on -c on re s	5. 6	6. 6	-1 5. 2 %
l d Ca i ta ize in te p ma na nc e	-4 9. 1	-3 0. 5	6 1. 0 %
A F F O	4 6 1. 2	4 2 7. 2	8. 0 %
d d les A j te E B I T D A Sa us	4 8. 3	4 4. 3	9. 0 %
Cu t inc ta F F O 2 rre n om e xe s	-1 3. 8	-2 0. 1	-3 1. 3 %
F F O 2	5 4 4. 8	4 8 1. 9	1 3. 1 %
/ ha ( ) ( ) F F O 1 € N O S H H 1 2 0 1 8: 5 1 8. 1m H 1 2 0 1 7: 4 7 6. 5m s re eo p ;	0. 9 8	0. 9 6	2. 5 %
/ ha ( ) ( ) F F O 1 € N O S H H 1 2 0 1 8: 4 9 3. 2m H 1 2 0 1 7: 4 6 8. 2m s re av g. ;	1. 0 3	0. 9 8	5. 8 %

• 8.7% higher NOSH y-o-y
• Back-of-an-envelope calculation: pro forma FFO 1 including full contribution from Buwog and Victoria Park in H1 would be ~€36m or ~7 cents higher

In-place Valuation vs. Fair Value Uplift

New Construction Update

Commentary

• The obstacle to higher construction volumes remainsbuilding permits, which continue to take very long in most cities.
• In aggregate, the Vonovia Space Creation plus the Buwog Development Business are expected to deliver ca. 2,800 completions next year.

Buwog Development Projects Approved since Takeover

io Lo t ca n	j Pr t o ec	le io Co t m p n ( ) t. es	In tm t ve s en lu vo m e	l d l l Ho vs . s e ( ) t. es
Be l in r	"K h äu " ( 5 0 i i ) ts om p as s se r re s un "H de hm " ( ) Da 3 3 i i ts au s an e re s un r ( Pa f 5 2 ° No d Pr j i h l t o t w t to ta r r o ec a f de l u f w h h 1, 0 1 9 i ia i ic t ts o re s n n o 2 6 ha be le d ) 1 te ve en c om p	0 5 / 2 0 2 0	€ 3 0m ca	ld ll Ho Se
V ie nn a	( 8 6 Ma in To 4 i i ts r a we r re s un , 7 ia l i ) ts co m m er c un Ma in P la ( 4 0 9 i i ts r a za re s un , d ) Re in ire zo n g re q u	3 / 2 0 2 1 1 0 / 2 0 2 3	€ 1 1 4m ca € 1 4 0m ca	ld ll Ho Se
V ie nn a	E Rn L A A ( 1 9 1 i i te ts re s un , l u ) 3 ia i ts co m m er c n	0 5 / 2 0 2 0	Ca € 3 6m	ld ll Ho Se

Reconciliation IFRS Profit to FFO

€m ( les d d o he ) in ica te t ise un s rw	2 0 8 H1 1	2 0 H1 17	lta De
IF RS P R O FI T F O R T HE P ER I O D	1, 2 0 0. 0	1, 0 6 4. 6	+1 2.7 %
1 Fin ia l r lt an c es u	95 1 .7	8. 6 14	+3 1.7 %
Inc e t om ax es	6 4 6. 7	5 8 8. 0	0. 0 % +1
iat ion d a iza ion De rt t p rec an mo	2 3. 3	14 9	+5 6. 4 %
fro fa lue d f in Ne t inc ir v j tm ts stm t p ert ies om e m a a us en o ve en rop	-1 3 7 2. 9 ,	-1 1 6 4.7 ,	+1 7. 9 %
EB IT DA IF RS =	6 9 2. 8	6 5 1.4	+6 .4 %
EB IT DA IFR S BU W O G	-4 0. 7	-	-
No rin ite n- rec ur g ms	5 0. 5	4 6. 3	+9 .1 %
fro for To l p io d a d j he l d le ta tm ts ts er us en m as se sa	-7 8	-3 2. 9	6. 3 % -7
l in fro he l e Fin ia inv tm ts in ot sta te ies an c co me m es en r r ea co mp an	-1 3. 9	-1 2. 9	+7 8 %
ST AD JU ED E BI TD A =	6 8 0. 9	6 5 1. 9	+4 .4 %
d d les j te EB IT DA S us a	-4 8. 3	-4 4. 3	+9 0 %
AD JU ST ED E BI TD A O PE RA TI O NS =	6 3 2. 6	6 0 6 7.	+4 .1 %
2 FF O int st ere ex p en se	-1 14 3	-1 3 8. 0	2 % -1 7.
Cu inc FF O 1 nt e t rre om ax es	-8 0	-1 1. 9	-3 2. 8 %
O 1 FF =	5 1 0. 3	45 7. 7	+1 1.5 %
lize d m Ca ita int p a en an ce	-4 9. 1	-3 0. 5	+6 1. 0 %
AF F O =	4 6 1. 2	4 27 2	+8 0 %
Cu inc S les nt e t rre om ax es a	3. 8 -1	-2 0. 1	-3 1. 3 %
( inc l. A d j d les / inc FF O 2 FF O 1 te EB IT DA S Cu nt e t us a rre om ax es Sa les )	8 5 44	8 9 4 1.	+1 3. 1 %

FF O 1 p ha in € ( N O SH ) er s re eo p	0. 9 8	0. 9 6	+2 .5 %
AF F O ha in € ( N O SH ) p er s re eo p	0. 8 9	0. 9 0	-0 8 %
be f s ha ( l lio ) Nu mi m r o res n eo p	5 1 8. 1	47 6. 5

Excluding income from investments. Including financial income from investments in other real estate companies.

IFRS P&L

€m ( les in d ica d o he ise ) te t un s rw	H1 2 0 1 8	H1 2 0 17	lta De
Inc fro let ing ert t om e m p rop y	1, 25 8. 6	6 1, 17 1.	+7 .4 %
Ot he r in fro ert t co me m p rop y ma na g em en	24 3	8 2 0.	+1 6. 7 %
fro In ty t co me m p ro p er m an ag em en	1, 2 8 2. 9	1, 1 9 2.4	+7 6 %
fro f p Inc d isp l o ies ert om e m os a rop	3 8 6. 4	0 9 7 1.	-4 4. 9 %
Ca ing f p ies l d nt ert rry am ou o rop so	-3 4 0. 5	-6 6 9 4.	-4 8. 8 %
Re lua ion f a he l d for le t ts va o sse sa	3 6 4.	5 3. 1	-3 4. 8 %
f it d isp l o f p ies Pr t o on os a ro p er	8 0. 5	9 0. 1	-1 0. 7 %
Inc fro he d isp l f p ies ( De lop ) t ert nt om e m os a o rop ve me	3. 7 5	-	-
Co f s l d ies st ert o o p rop	-6 0. 6	-	-
fit he d l f p ( lop ) Pro t isp ert ies De nt on os o rop ve me a	1 2. 9	-	-
inc fro fa ir lue d j f inv ies Ne t tm ts tm t p t om e m va a us en o es en ro p er	1, 3 7 2. 9	1, 1 6 4. 7	+1 9 % 7.
Ca ita lize d int l e p er na xp en se s	25 5. 7	1 9 9.5	+2 8. 2 %
Co f m ria ls st ate o	-6 27 3	-5 6 9.5	+1 0. 1 %
Pe l e rso nn e xp en se s	-2 3 6. 9	-2 0 6 7.	+1 4. 1 %
De iat ion d a iza ion rt t p rec an mo	-2 3. 3	9 -1 4.	+5 6. 4 %
Ot he ing in t r o p era co me	5 0. 4	5 1.5	-2 .1 %
Ot he t ing r o p era ex p en se s	-1 4 6. 8	-1 24 .4	+1 8. 0 %
l in Fin ia an c co me	2 6. 6	4 3. 7	-3 9. % 1
l e Fin ia an c xp en se s	-2 0 0. 9	-1 7 2. 9	6. 2 % +1
ing be fo Ea ta rn s re xe s	1, 8 4 6. 7	1, 6 5 2. 6	+1 1. 8 %
Inc e t om ax es	-6 6. 4 7	8 8. 0 -5	+1 0. 0 %
f fo Pr it he io d r t o p er	1, 2 0 0. 0	1, 0 6 4. 6	+1 2.7 %
At i bu b le tr ta to :
's ha ho l de Vo via no s re rs	1, 14 3. 4	9 9 3. 2	+1 5. 1 %
's hy br d c l in Vo via i ita sto no ap ve rs	14 8	14 8	0 %
l lin No tro int sts n-c on g ere	41 8	5 6. 6	-2 6. 1 %
Ea ing ha ( ba ic d d i lut d ) in € rn s p er s re s an e	2. 3 0	2. 1 2	+8 .5 %

IFRS Balance Sheet (1/2 – Total Assets)

€m ( les in d ica d o he ise ) te t un s rw	Ju 3 0, 2 0 1 8 n.	De 3 1, 2 0 17 c.	De lta
As ts se
Int i b le ts an g as se	3, 7 0 5. 7	2, 6 3 7. 1	0. % 4 5
lan d e Pro ert t a ip nt p y, p n q u me	2 2 2. 1	17 7. 6	25 .1 %
Inv tm t p ert ies es en rop	4 0, 9 9 2. 2	3 3, 1 8 2. 8	2 3. 5 %
Fin ia l a ts an c sse	8 0 8. 4	6 9 8. 0	8 % 15
Ot he ts r a sse	1 8. 9	1 3. 8	3 7. 0 %
De fer d t ts re ax as se	0. 1 5	0. 3 1	1. 9 %
To l n ta nt et on -c ur re a ss s	45 75 7. 8 ,	3 6, 71 9. 6	24 6 %
Inv rie to en s	6. 6	6. 2	6. % 5
de b les Tr iva a re ce	44 1. 0	2 3 4. 9	8 7.7 %
Fin ia l a ts an c sse	2 14	0. 5	>1 0 0 %
Ot he ts r a sse	1 9 3. 3	9 8. 4	9 6. 4 %
Inc iva b les e t om ax re ce	44 2	47 9	-7 .7 %
Ca h a d c h e iva len ts s n as q u	8 6 5. 8	2 6 6. 2	0 0 % >1
l e Re sta te inv to rie a en s	3 0 9.7	-	-
As he l d for le ts se sa	0 15 5.	2. 6 14	8. 7 %
l c To ta nt et re a ss s ur	2, 0 2 9. 8	7 9 6. 7	0 0 % >1
l a To ta et ss s	47 7 8 7. 6 ,	3 7, 5 1 6. 3	27 % .4

IFRS Balance Sheet (2/2 – Total Equity and Liabilities)

€m ( les in d ica d o he ise ) te t un s rw	Ju 3 0, 2 0 1 8 n.	De 3 1, 2 0 17 c.	De lta
ity d l ia b i l it ies Eq u a n
Su bs i be d c ita l cr ap	8. 5 1 1	8 4 5. 1	+6 8 %
l re Ca ita p se rve s	7, 1 8 2. 2	5, 9 6 6. 3	+2 0. 4 %
d e Re ta ine nin ar g s	8, 97 8. 8	8, 1. 6 47	+6 0 %
Ot he es erv es r r	2 3 7. 1	8 15 7.	+5 0. 3 %
l e ity i bu b le ia 's ha ho l de To ta at tr ta to V q u on ov s re rs	1 6, 9 1 6. 2	15 0 8 0. 8 ,	+1 2. 2 %
Eq ity i bu b le hy br i d c ita l in at tr ta to sto u ap ve rs	1, 0 21 .4	1, 0 0 1. 6	+2 0 %
l e ity i bu b le ia 's ha ho l de d hy br i d c ita l inv To ta at tr ta to V to q on ov s re rs an ap es rs u	17 9 3 7. 6 ,	1 6, 0 8 2.4	% +1 1.5
l lin No tro int sts n-c on g ere	9 3 7.7	6 0 8. 8	+5 4. 0 %
To ta l e ity q u	8, 8 3 1 75	6, 6 9 2 1 1.	+1 3. 1 %
vis ion Pro s	6 0 3. 5	6 0 7. 2	-0 6 %
de b les Tr a p ay a	1. 0	2.4	-5 8. 3 %
No de riv ive fin ia l lia b i lit ies at n an c	8 8. 6 17 4 ,	2, 9.4 1 45	+4 3. 3 %
De riv at ive s	6 8. 8	8. 7	0 0 % >1
fro fin Lia b i lit ies lea m an ce se s	94 .5	94 .7	-0 2 %
Lia b i lit ies l lin int to tro sts no n-c on g ere	3 1.7	24 9	+2 3 % 7.
l lia b lit fro fin Fin ia i ies ten t ing an m an an c c	5 4.7	-	-
he lia b lit Ot i ies r	4 9. 9	6 5. 3	-2 3. 6 %
De fer d t lia b i lit ies re ax	6, 3 8 8. 4	3 2 2. 6 5,	+2 0. 0 %
l n l ia b i l it ies To ta nt on -c ur re	25 14 1. 1 ,	1 8, 5 8 5. 2	+3 5. 3 %
Pro vis ion s	4 0 5. 1	3 7 6. 5	+7 6 %
Tr de b les a p ay a	2 0 7.4	1 3 0. 7	8. % +5 7
de fin l lia b lit No riv at ive ia i ies n an c	1, 9 2 6. 0	1, 6 0 1.1	+2 0. 3 %
De riv ive at s	3 6 2. 2	4.4	>1 0 0 %
Lia b i lit ies fro fin lea m an ce se s	4. 8	4. 6	3 % +4
b lit l lin Lia i ies to tro int sts no n-c on g ere	6. 7	9. 0	-2 5. 6 %
Fin ia l lia b i lit ies fro fin ing ten t an c m an an c	0 0. 2 1	7.7	>1 0 0 %
Ot he lia b i lit ies r	75 8. 8	1 0 5. 9	>1 0 0 %
l c l ia b i l it ies To ta nt ur re	3, 77 1. 2	2, 2 3 9. 9	+6 8. 4 %
To l l ia b i l it ies ta	2 8, 9 2. 3 1	2 0, 8 25 .1	+3 8. 8 %
l e ity d l ia b i l it ies To ta q u a n	47 7 8 7. 6 ,	3 7, 5 1 6. 3	+2 7.4 %

IFRS Cash Flow

( les d d he ) €m in ica ise te t un s o rw	H 1 2 0 1 8	H 1 2 0 1 7	l D t e a
h f lo fr C in iv i ie t t t a s w o m o p er a g a c s	5 1 3. 5	4 7 5. 4	8. 0 %
C h f lo fr in in iv i ie t t t a s o m ve s g a c s w	-3 1 8. 5 7 ,	-1 1 9. 0 7 ,	% 1 0 0 >
h f lo fr f C in in iv i ie t t a s w o m a nc g a c s	3, 2 4 4. 8	-4 5 9. 1	---
N h in h d h iv l t t e c a ng e s c a s a n c a s e q u a e n s	5 9 9. 6	-1 1 6 2. 7 ,	---
C h d h le he b f he d iv t t t in in t io a s a n a s e q a n s a e g n g o p er c u	2 6 6. 2	1, 5 4 0. 8	% -8 2. 7
h d h iv l h d f h i d C t t t t a s a n c a s e q u a e n s a e e n o e p e r o	8 6 5. 8	3 7 8. 1	1 0 0 % >

Cost of Materials

€m ( les d d he ) in ica te t ise un s o rw	H 1 2 0 1 8	H 1 2 0 1 7	De l ta
fo l lar Ex i ts p en se s r a nc y co s	3 3 4. 1	3 1 7. 5	5. 2 %
Ex fo in te p en se s r m a na nc e	2 4 7. 4	2 0 4. 0	2 1. 3 %
he f p ha d ds d O t t o ice r c os ur c se g oo a n se rv s	4 5. 8	4 8. 0	-4 6 %
l c f m ia ls To ta t o te os a r	6 2 7. 3	5 6 9. 5	1 0. 1 %

All Strategic Markets Show Upward Potential

	Fai	lue pla 1 In- t r va ce ren
l ke Re ion Ma t g a r	(€m )	(€/ ) sqm	ide l uni ntia Res ts	Liv ing a ('00 are ) 0 s qm	Vac anc y (% )	al (p.a Tot m) ., €	l (p.a ide ntia Res m) (€/ ., €	ide ntia l Res /m h) ont sqm	Org ani nt gro c re wth (% )	le (in- ltip Mu pla t) ce ren	nt gro Ave rag e re wth for st CB eca (5 y rs) (% RE )	Rev ion ers ary 2 ial (% ) pot ent fro m O ptim ize Apa rtm ent s
Ber lin	6,3 28	2,1 83	44, 010	2,8 06	1.9	225	214	6.4 6	3.9	28. 2	4.3	47. 7
Rhi in A (F kfu Ma rt, ne rea ran tad bad en) Dar t, W ies ms	3,6 50	2,0 22	27, 821	1,7 75	2.4	170	164	7.8 3	3.9	21. 5	3.5	41. 7
Rhi nel and (C olo , D üss eld orf, gne n) Bon	3,3 76	1,6 50	29, 699	1,9 89	3.0	168	160	6.9 1	3.3	20. 1	3.1	27. 1
Sou the rn R uhr Ar (Do rtm und ea , Ess Bo chu m) en,	3,1 24	40 1,1	43, 836	2,6 80	3.4	185	179	6 5.7	4.5	16. 9	2.9	30. 4
Dre sde n	2,9 80	1,2 75	38, 576	2,1 94	2.8	161	151	5.8 8	3.8	18. 5	3.7	33. 2
Ham bur g	2,3 48	1,7 96	20, 095	1,2 74	1.7	107	102	6.8 0	4.6	22. 0	3.3	43. 7
Mu nic h	1,9 02	2,9 00	9,6 95	637	0.9	64	60	7.8 8	3.7	29. 9	4.8	55. 1
Stu ttg art	1,8 26	1,9 89	14, 116	889	1.9	84	80	7.6 5	3.1	21. 8	3.1	40. 3
l Kie	1,8 16	1,2 89	23, 475	1,3 51	2.0	101	95	6.0 0	5.6	18. 0	3.2	39. 9
Han ove r	1,5 11	1,4 48	16, 261	1,0 23	2.8	78	75	6.3 1	5.1	19. 3	2.9	40. 6
Nor the Ruh r Ar (Du isb rn ea urg , lse nki rch en) Ge	1,4 42	873	26, 394	1,6 31	3.6	107	103	5.4 9	4.5	13. 5	2.4	25. 8
Bre me n	1,0 36	1,3 65	12, 090	733	3.5	50	47	5.5 4	3.1	20. 9	3.6	29. 7
Lei pzig	809	1,3 03	9,1 66	587	5.1	42	39	5.8 5	3.0	19. 4	2.9	25. 5
hal ia ( Mü Osn abr ück ) We stp nst er,	723	64 1,1	9,4 75	614	2.5	42	41	5.7 7	5.1	0 17.	3.0	40. 0
Fre ibu rg	554	1,9 84	4,0 44	276	1.7	24	23	7.1 2	4.3	23. 2	4.1	44. 6
Oth er S tra teg ic L tion oca s	2,3 48	1,3 59	26, 648	1,6 90	2.8	131	126	6.4 0	4.8	17. 9	3.3	40. 2
Tot al S tra teg ic L tio oca ns Ge rm any	35, 77 2	1,5 67	35 5,4 01	22, 149	2.7	1,7 38	1,6 59	6.4 1	4.1	20 .6	3.4	36 .4
Aus tria	2,4 68	1,2 99	23, 215	1,7 33	4.2	108	91	4.5 6	n/a	22. 8	n/a	n/a
Sw ede n	1,5 99	1,4 62	14, 052	997	1.4	115	104	8.8 3	n/a	14. 0	n/a	n/a

Note: In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden, for example, includes certain ancillary costs. The table above shows the rental level unadjusted to the German definition.

Fair value of the developed land excluding € 1,205.4 million, of which € 344.5 million for undeveloped land and inheritable building rights granted, € 251.9 million for assets under construction, € 461.7 million for development and € 147.3 million for other. Average spread between new rents and old rents for all relettings under Optimize Apartment investment strategy.

Maintenance

1 All numbers stand-alone Vonovia, excluding Buwog and Victoria Park.

d M i i i t t o e n o n n o r z a s c a p e x	h l d h b l h C i i i i i t t t t t t a p e x s a m a n e n a n c e e x p e n s e a s c a p a z e o n e a a n c e s e e b i h l h i l t t. e c a u s e a s a v a u e- e n a n c n g e e m e n d d l I i i i i t t t t t t t t t n o n o m o e n o n n e m e n p e o e n o e n e n c r a s r z a v s s, c a x s r s u r h. t g r o w d C i i i t t p e n o e o n a x s s c r a r y.
d i i i M t N A V o e r n z a o n s t i a c c r e v e	O l € b d d 1 i t i t i i t u r a n n u a n m o e r n z a o n p r o g r a m o e s n o r e q u r e n e w e q u y. h i i f h O f d h i d T t t t F F 1 t t t t e e q u y p o r o n c o m e s r o m e u n s a a r e n o p a o u a s d d d i i v e n s. h i d i f d d i h d b ( f i f i d b f i l i i d d i d T t t t t t t t e r e m a n e r s u n e w e o e n s p e c c e a c e s e c a e o d k d f b l ). i t i t t m o e r n z a o n w o r a n a v e r y a v o r a e e r m s h l i f l l i h d i i k d h i T t t t t t t e v a u e r e r a n g o o w n g e m o e r n z a o n w o r r e n e r s e n v e s m e n l. L T V t p r o g r a m n e u r a d i i i l d h d i f M t t t t t t o e r n z a o n n v e s m e n e a s o r e n g r o w a n n c r e a s e s p e r o r m a n c e ( d d i i d d i l ). t t a n v e n p o e n a
f I h, t n e r m s o c a s d i i i i i l t m o e r n z a o n s s m a r t i i t i o a n a c q u s o n	h f l d ( l l l d h d b ) f E i i i i i t t t t t q o o g a n c c a s o s n e s e s a s p p e m e n e e o a u y r r w v u u y u w r t e n. r u r h l d h b f h / h f l T i i i t t t t t t t t t t e e o n a n e s m e n c o n e s o e e n g o c a s o s. y v r u u u r r r w w

Maintenance ≠ Capitalized Expenses ≠ Modernization Investments

Note: "Modernization investments" on this page also includes space creation investments.

• Disclosure differs within German Resi Sector, as capitalized expenses and modernization investments are often disclosed as one even though German Civil Code Regulation allows for and even requires separate treatment of capitalized expenses and modernization investments.
• Subtracting modernization investment in Vonovia's AFFO is questionable, as modernization investments are, similar to an acquisition,
  • partly debt-financed
  • discretionary
• Impact of modernization investments on rent growth is similar to an acquisition, hence the inclusion in organic rent growth.

Company Presentation – Asia Roadshow November 2018 page 40

Cyclicality of Debt Instruments Requires Diversificatio n

Source: Dealogic, Bloomberg, Broker research, Deutsche Bundesbank, Verband deutscher Pfandbriefbanken (VdP), FactSet.

Quarterly Mortgage Pfandbrief issuances for 2005-2012 based on equal distribution of annual issuances based on VdP data; 2013 -3Q2017 figures based on Deutsche Bundesbank

2Corporate bond issuance volume includes senior unsecured and hybrid bonds ≥ €50m, issued in EUR in Western Europe

Excludes Mortgage Pfandbriefe in Q2 2018 as data not yet available.

Currently used by Vonovia

d B K P I o n s	C t o e n a n v	l L e e v	3 0, 2 0 1 8 J n u
	L T V l b / l T t D t T t A t o a e o a s s e s	6 0 % <	4 1 %
	d S L T V e c u r e d b / l S D T A t t t e c u r e e o a s s e s	% 4 5 <	1 2 %
	1 C I R 1 2 / 1 2 L t M E B I T D A L t M I t t E a s a s n e e s p e n s e r x	1. 8 0 > x	5. 1 x
	b d U A t n e n c u m e r e s s e s b d / d b U A U D t t n e n c u m e r e s s e s n s e c u r e e		2 1 % 5

R i K P I t a n g s	C t o v e n a n	l ( ) L B B B + e v e
	b i l D C t t t e o a p a
	l b / l l b T D T E i T D t t t t t t + o a e o a q u y o a e	6 0 % <
	C I R	1. 8 0 > x
	1 2 / 1 2 L t M E B I T D A L t M I t t E a s a s n e e s p e n s e r x

excl. Buwog and Victoria Park.

Bonds / Rating

Corporate Investment grade rating

as of 201 8-08 -02
ing Rat ag enc y	ing Rat	tlo ok Ou	pda Las t U te
Sta nda rd & Po or's	BBB +	Sta ble	02 Aug 20 18

Bond ratings

			as of 201 8-08	-02
Na me	Ten & C or ou pon	ISI N	Am nt ou	Iss pri ue ce	Co upo n	Fin al M rity Da atu te	Rat ing
d 0 (EU ond ) Bon 02 R-B	6 y s 3 .12 5% ear	DE0 00A 1HN W5 2	€ 600 m	99. 935 %	3.1 25%	Jul 25 y 2 019	BBB +
Bon d 0 04 (US D-B ond )	10 rs 5 .00 0% yea	US 251 55F AB 22	US D 2 50m	98. 993 %	1 4.5 80%	02 Oct 20 23	BBB +
Bon d 0 05 (EM TN )	8 y s 3 .62 5% ear	DE0 00A 1HR VD 5	€ 500 m	99. 843 %	3.6 25%	08 Oct 20 21	BBB +
d 0 06 (Hy brid ) Bon	60 .62 5% rs 4 yea	XS 102 895 967 1	€ 700 m	99. 782 %	4.6 25%	08 20 Apr 74	BBB
d 0 (EM ) Bon 07 TN	8 y s 2 .12 5% ear	DE0 00A 1ZL UN 1	€ 500 m	99. 412 %	2.1 25%	Jul 09 y 2 022	BBB +
Bon d 0 08 (Hy brid )	ual 4.0 00% pet per	XS 111 730 083 7	€ 1,0 00m	100 .00 0%	4.0 00%	ual pet per	BBB
d 0 09A (E N) Bon MT	s 0 .87 5% 5 y ear	DE0 00A 1ZY 971	€ 500 m	99. 263 %	0.8 75%	30 r 20 20 Ma	BBB +
d 0 (E N) Bon 09B MT	10 rs 1 .50 0% yea	DE0 00A 1ZY 989	€ 500 m	98. 455 %	1.5 000 %	31 Ma r 20 25	BBB +
Bon d 0 10B (E MT N)	5 y s 1 .62 5% ear	DE0 00A 18V 138	€ 1,2 50m	99. 852 %	1.6 25%	15 Dec 20 20	BBB +
Bon d 0 10C (E MT N)	8 y s 2 .25 0% ear	DE0 00A 18V 146	€ 1,0 00m	99. 085 %	2.2 500 %	15 Dec 20 23	BBB +
d 0 (E N) Bon 11A MT	.87 6 y s 0 5% ear	182 DE0 00A VS4	€ 500 m	99. 530 %	0.8 75%	10 Jun 20 22	BBB +
Bon d 0 11B (E MT N)	10 rs 1 .50 0% yea	DE0 00A 182 VT2	€ 500 m	99. 165 %	1.5 000 %	10 Jun 20 26	BBB +
Bon d 0 12 (EM TN )	2 y s 3 M E UR IBO R+ 0.3 80% ear	DE0 00A 185 WC 9	€ 500 m	100 .00 0%	0.1 40% he dge d	13 Sep 20 18	BBB +
d 0 13 (EM ) Bon TN	8 y .25 0% s 1 ear	DE0 00A 189 ZX0	€ 1,0 00m	99. 037 %	1.2 50%	06 20 24 Dec	BBB +
d 0 (E N) Bon 14A MT	5 y s 0 .75 0% ear	DE0 00A 19B 8D4	€ 500 m	99. 863 %	0.7 50%	25 Jan 20 22	BBB +
Bon d 0 14B (E MT N)	10 rs 1 .75 0% yea	DE0 00A 19B 8E2	€ 500 m	99. 266 %	1.7 50%	25 Jan 20 27	BBB +
d 0 15 (EM ) Bon TN	8 y s 1 .12 5% ear	DE0 00A 19N S93	€ 500 m	99. 386 %	1.1 25%	08 Sep 20 25	BBB +
d 0 (EM ) Bon 16 TN	2 y s 3 M E UR IBO R+ 0.3 50% ear	DE0 00A 19S E11	€ 500 m	100 .44 8%	3M EUR IBO R+ 0.3 50%	20 Nov 20 19	BBB +
Bon d 0 17A (E MT N)	6 y s 0 .75 0% ear	DE0 00A 19U R61	€ 500 m	99. 330 %	0.7 50%	15 Jan 20 24	BBB +
Bon d 0 17B (E MT N)	10 rs 1 .50 0% yea	DE0 00A 19U R79	€ 500 m	100 .80 5%	1.5 00%	14 Jan 20 28	BBB +
d 0 18A (E N) Bon MT	s 3 IBO 0.4 50% 4.7 5 y M E UR R+ ear	DE0 00A 19X 793	€ 600 m	100 .00 0%	0.7 93% he dge d	22 20 22 Dec	BBB +
Bon d 0 18B (E MT N)	8 y s 1 .50 0% ear	DE0 00A 19X 8A4	€ 500 m	99. 188 %	1.5 00%	22 Ma r 20 26	BBB +
Bon d 0 18C (E MT N)	12 rs 2 .12 5% yea	DE0 00A 19X 8B2	€ 500 m	98. 967 %	2.1 25%	22 Ma r 20 30	BBB +
d 0 18D (E N) Bon MT	20 rs 2 0% .75 yea	DE0 00A 19X 8C0	€ 500 m	97. 896 %	2.7 50%	22 r 20 38 Ma	BBB +
d 0 (EM ) Bon 19 TN	5 y s 0 .87 5% ear	DE0 00A 192 ZH 7	€ 500 m	99. 437 %	0.8 75%	Jul 03 202 3	BBB +

EUR-equivalent Coupon

Acquisitions – Opportunistic but Disciplined

Company Presentation – Asia Roadshow November 2018

Acquisition Track Record

	La ( 1, >	is i io t rg er a cq u ns 0 0 0 i de l s ize ts un a		ir lu Fa Va e in / E U R sq m		la In t -p ce re n in / E U R sq m
r a e Y	De l a	Re i de ia l u its nt s n #	T O P Lo ion t ca s	@ Ac is it ion q u	3 0. 0 6. 2 0 1 8	∆	@ Ac is it ion q u	3 0. 0 6. 2 0 1 8	∆
4 1 0	DE WA G	11 3 0 0 ,	Be lin Ha bu r m rg, , log Co ne , Fra k fur / Ma in t n	1, 3 44	2, 0 14	5 0 %	6. 7 6	7. 6 1	1 3 %
2	VI TU S	2 0, 5 0 0	Br Kie l em en ,	8 0 7	1, 3 3 4	6 5 %	5. 0 6	5. 6 6	1 2 %
	GA GF AH	6 0 0 14 4,	Dr de Be lin es n, r , bu Ha m rg	8 8 9	9 3 1, 4	6 8 %	0 5. 4	6. 17	% 14
5 1 0 2	FR AN C O NI A	4, 1 0 0	lin de Be Dr r es n ,	1, 0 44	1, 7 27	6 5 %	5. 8 2	6. 44	11 %
	Ü S DE W O	1 9, 4 0 0	St Ka lsr he utt art g r u , , he lm Ma im U nn ,	1, 3 8 0	1, 8 3 6	3 3 %	6. 8 3	7. 3 4	8 %
6 1 0 2	/ GR AI NG ER He itm an	2, 4 0 0	h, he Mu nic Ma im nn	1, 5 0 1	2, 0 2 0	3 5 %	7. 0 9	7.7 4	9 %
7 1	ert co nw ( Ge & ia ) Au str rm an y	2 3, 4 0 0	Be lin Le ip zig r , , da ien Po ts W m,	1, 3 5 3	1, 6 94	25 %	5. 8 8	6. 25	6 %
0 2	he f Ge t reo rm an y	21 2 0 0 ,	Be lin Le ip zig r , , da Po ts m	1, 21 8	1, 5 8 6	3 0 %	5. 8 6	6. 15	5 %
	he f t Au str ia reo	2, 2 0 0	Vie nn a	9 8 6 1,	2, 24 3	3 % 1	6. 11	6 7. 1	% 17

Note: Without most recent acquisitions in 2018

Sustainable FFO 1 Growth and an Attractive Dividend Policy

Rental income + EBITDA Value-add Business and Other; excluding sales effects. Midpoint guidance.

Conservative Valuation Levels

In-place values are still way below replacement values, in spite of accelerating valuation growth in recent years.

Note: VNA 2010 – 2014 refers to Deutsche Annington Portfolio at the time; construction costs excluding land. The land value refers to share of total fair value allocated to land. Source for market costs: Arbeitsgemeinschaft für zeitgemäßes Bauen e.V.

Company Presentation – Asia Roadshow November 2018

Substantial Reduction of Portfolio Locations

Vonovia location

High-influx cities ("Schwarmstädte"). For more information: http://investoren.vonovia.de/websites/vonovia/English/4050/financial-reports-_-presentations.html

Liquid Large-cap Stock

Vonovia History

• Seed portfolios of today's Vonovia have origin in public housing provided by government, large employers and similar landlords with a view towards offering affordable housing.
• At beginning of last decade, private equity invested in German residential on a large scale including into what is Vonovia today (mainly Deutsche Annington and Gagfah then).
• IPO in 2013.
• Final exit of private equity in 2014.

D t a e	O N S H ( i l l i ) m o n	C t o m m e n
b 3 2 0 6 D 1, 1 e c e m e r	6 6 0 4
h 3 1, 2 0 1 M 7 a r c	6 8 8 4	i i i t t c o n w e r a c q u s o n
J 3 0 2 0 1 7 u n e ,	4 7 6 5	d d d S i i i c r p v e n
b S 3 0 2 0 1 7 t e p e m e r ,	4 8 5 1	f h b d G a g a c o s s- o e m e g e r r r r r
b 3 2 0 D 1, 1 7 e c e m e r	8 4 5 1
h M 3 1, 2 0 1 8 a c r	4 8 5 1
3 0 2 0 8 J 1 u n e ,	8 5 1 1	€ b 0 / 2 0 8 d d d 1 A B B i 5 1 i i i n n ; s c r p v e n

The number of outstanding shares is always available at http://investoren.vonovia.de/websites/vonovia/English/2010/key-share-information.html

Integrated element of Vonovia's business model

• With almost 400,000 apartments throughout Germany, Vonovia is the country's leading residential real estate company. This role in the housing landscape imposes on us a particular responsibility to actively shape the development of the housing industry.
• We aim to live up to the responsibility by pursuing a continuous dialogue with our stakeholder groups, and by considering social and ecological issues in our core activities. A key priority for us is to use our business model and our holistic approach to help resolve the most urgent challenges in the housing industry and make a positive contribution to social development.

Sustainability reporting at Vonovia

• Separate Sustainability Reporting Unit at Vonovia.
• Started Sustainability Reporting in 2015 with our first sustainability report published in 2016, based on GRI G4 guidelines.
• Publication of third Sustainability Report in 2018, in accordance with the core option of the GRI standards, including the voluntary sector-specific disclosures for "Constriction and Real Estate". The report is available at: http://reports.vonovia.de/2017/sustainability-report/
• Vonovia received the EPRA Gold Award for the 2017 Sustainability Report.
• Sustainability Report for 2018 to be published in April 2019.

Achievements since last report

• -Expansion of the key figures base
• • Clearer definition of boundaries for CO2 calculatio n
• -Adaptation of the structure to the requirements of the CSR guidelines implementation law
• -Online only: Sustainability Report only available online

Highlights

• -Vonovia achieves renovation ratio of 5%
• -Achieved energy savings of more than 45% for refurbished buildings
• -Annual CO2 savings of approx. 50,000 tons
• -Quarters development supports good neighborhood
• -Company strengthens diversity
• -Trainee rate of 5.5% emphasizes high significance

"The most important thing we can do as the housing sector to tackle climate change is to upgrade our portfolio," Rolf Buch, CEO Vonovia.

• Vonovia exceeded the German government's targets for the energy efficient renovation of housing stock: 3 % of apartments are to be modernized p.a., Vonoviahas hit 5 %. Nationwide, this rate is around 1 %.

• • For new constructions, Vonovia considers feasibility of photovoltaics; within 2 years, volume of electricity generated by our own photovoltaic systems has grown from 0 to a total of 5,510 MWh, resulting in an annual saving of 2,900 metric tons of carbon dioxide.
• • We are currently working on equipping existing units with photovoltaic systems and explore further possibilities: e.g. additional use of battery storage systems, cogeneration units and corresponding e-mobility concepts for tenants. The first charging stations for e-cars are to be built on Vonovia premises before the end of 2018.
• • One of the focus points of our modernization efforts has been the Ruhr area, in particular Dortmund and Essen.
• • In 2017 alone, CO2 emissions were reduced by around 23,000 metric tons due to energy efficient modernization. This corresponds to calculated energy savings of more than 45% for refurbished buildings, depending on the individual consumption (Determination of these values is based on the standards of the international Greenhouse Gas Protocol).
• -The company explicitly supports the goals of the Paris Climate Protection Agreement and the

German Federal Government's Climate Protection Plan – housing stock should be almost climateneutral by 2050.

-The related energy savings also result in significant benefits for the tenants through lower heating costs.

"It is our social responsibility to act sustainably in order to support requirements by the German federal government. However, we also see declining acceptance for modernization measures, in particular in cities with a shortage in housing. That is why, with our projects, we have to pay even greater attention to ensuring that there is no displacement and that people can stay in their homes. We want to provide security to our tenants."

Neighborhood Development Supports Good Neighborhoods

• • Vonovia is committed to good neighborhoods and actively supports initiatives to enable a peaceful and enjoyable environment for our tenants.
• • One example is our cooperation with the City of Cologne, the Lukas Podolski Foundation and the non-profit youth welfare organization RheinFlanke e.V., a district in Cologne Gremberghoven which focuses on the support of young people with a special focus on immigrants.
• • The overall focus is a new modern and functional sports ground. In addition, a new youth center has been created, where sports activities, career counselling, holiday programs, and handicraft courses take place.

-33% women on Vonovia's Supervisory Board.

25% women on Vonovia's Management Board.

took parental leave in 2017, more than 40% were male.

-

-

-

• Trainees at Vonovia: 5.5% of total workforce. Vonovia is above average: According to the Federal Institute for Vocational Education and Training, the number for larger companies is at 4.5%.

Vonovia aims to improve compatibility of family and career. Out of 219 employees who

Vonovia focuses on employees with different qualifications and backgrounds. This also

completed on-the-job training at Vonovia, we also support young refugees through

includes the integration of refugees into the labor market: In 2017, 14 refugees

internships or by offering to initially work in supportive activities.

Valuation methodology for German residential properties is primarily based on market prices for assets – not on interest rates

• While market prices are affected by general interest rate levels, there is no significant correlation.
• Other factors such as supply/demand imbalance, rental regulation, market rent growth, location of assets etc. outweigh the impact of interest rates when it comes to pricing residential real estate.
• The steep decline in interest rates (down by 760bps since 1992) is not mirrored by asset yields (down by 160bps since 1992).
• Asset yields outperformed interest rates by ca. 240bps on average since 1992 and 520bps in June 2016.

Yearly asset yields vs. rolling 200d average of 10y interest ratesSources: Thomson Reuters, bulwiengesa

High degree of stability and predictability of underlying business (layer 1) and portfolio valuation (layer 2) is not reflected in share price development (layer 3), as equity markets appear to apply valuation parameters that are substantially less material for Vonovia's operating performance.

Management Board Compensation - Overview

Total remuneration cap

Share Holding Provision

• •Mandatory share ownership

• • 100% of annual fixed remuneration (excl. pension)(accumulation on a pro rata basis during first 4 years)

• Rationale

• FFO1is key figure in the industry for managing the sustained operational earnings power of our business.
• Adj. NAV per share as standard figure for the value of our property assets (calculation according to EPRA best practice standards, after corrections for goodwill).
• EBITDA Sales: Measure of success of our sales activities.

• Personal targets related to individual department responsibilities or overlapping targets (e.g. integration projects).

• LTIP plan which aims to ensure that remuneration structure focuses on sustainable corporate development.

• Relative TSR is from an investor perspective a well established and accepted performance measure, focusing on absolute share price performance and easily comparable with peers.
• Customer Satisfaction Index (CSI): Based on customer surveys and reflects how our services are perceived and accepted by our customers.
• Shareholder alignment safeguarded by (i) relative performance targets (FFO per share and NAV per share) as well as (ii) calculation method which takes actual share price performance into account.

Impressions

Optimize Apartment

Upgrade Building

Modular Construction

Modular Construction

Disclaimer

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.