Company Presentation

September 2017

1. Our Market

Our Company
Our Numbers

German Residential – Safe Harbor and Low Risk

Evergreen contracts in a regulated market safeguard sustainable growth

Contrary to most other jurisdictions such as the USA, residential lease agreements are evergreen contracts (VNA's avg. lease length is 13.5 years); rental growth 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; BIP USA: IMF, Statista 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)

Company Presentation – September 2017

k 1 O M t a e u r r
2 O C u r o m p a n y
b 3 O N u r u m e r s

Vonovia at a Glance

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1 Free float according to Deutsche Börse is 92.5%, as Norges stake is not counted towards the free float

Company Presentation – September 2017

If You Want to Know Where Germans Live - Follow the Light

Illustration of Germany at Night

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

Proven and Unchanged Strategy since IPO

	io is fa io Re ta t & Cu to Sa t t er p u n s m c n
l a n o Pr ty Ma t i 1 op er na g em en it d a r T	f o Sy ic im iza ion ing te t t t t s ma op o p er a fo d bu du ine iv i t ty p er rm an ce a n co re s ss p ro c f fe hr h lev ing l ing t ts ou g er ag sc a e c h de f s da d d H ig ta iza t ion g re e o n a n r du l hr ho he in ia iza ion ire tr t t t t t s ou g e n u iza ion t or g an
F in in 2 an g c	En l l- ba lan d f ina ing ix d i tu ty su re w e ce nc m an ma r f i le i h low f ina ing inv t ts tm t p ro w nc c os es en , de d i ing d de l iq i d i l l t r t te ty t a g ra c re a a n a q ua u a im t es Fa d fe d i d de b t a t te to ty t s n un re ac ce ss e q u a n i l m ke l l im ta ts t a t ca p ar a es	& Me rg er s 5 Ac is i io t q u ns
fo Po l io Ma t t 3 r na g em en	fo f Po l io im iza ion by ica l t t t ta t op ay o c r w is i ion d / ic t tra te ac q s a n no n- co re no n- s g u d isp ls loc l to to tro os a e ns e ex p os e s ng a ur ur ke ts ma r de lop f he fo l hr h Pr ive io t t o t t t o- ac ve me n p or ou g f fe inv he ig h du in he tm ts to t t p ts t es en o ro c r r ig h ke d lon ba is t m ts te ar an on a g- rm s r	f o d Co t inu iew n ou s re v o n- an f f-m ke lev t o tu i t ies to o ar p p or n er f s le d ly ies ec on om o ca an ap p l lar tra te ic i 1- 4 to ing s g p s a g ro w fo l t io p or l l a he A is i t ion t m t t cq u s m us ee tr ing t a is i t ion i te ia s en cq u c r r
e v ti a 4 lu d d in Va Bu v e- a s es s o n n I	f c bu d he lue Ex ion ine to te t p an s o or e s ss e x n v a ha by f fe d d l s d in ing i t ion ice c o r a a er v s a n du ha d ly l ke d ire in ts t t a t to p ro c re c o ur d / he ies to t t cu s me rs an or p ro p er f s In ing ice to im so ur c o er v s e ns ur e ma x um d l t a t c tro p ro ce ss m an ag em en n co s on

1. Our Market

Our Company

3. Our Numbers

Track Record

Valuation Going Up but still Moderate

Fair values have been consistently moving up but are still well below replacement costs and market prices
NAV has also been steadily improving
Three points to bear in mind with regards to NAV
NAV is based on the discounted rental values of the assets
DCF assumptions are based on market terms for operating costs etc.
Reflects brick and mortar value and disregards Vonovia's operating platform and value-add business

Sustainable Growth in FFO 1 and Dividends

1 Rental income + EBITDA Value-add Business and Other; excluding sales effects. ² Midpoint 2017 guidance

Accelerating Rent Growth Momentum

h dr iv ( la ) Re t g t t 1 2 M n ro w er s s	H 1 2 0 1 7	H 1 2 0 1 6	l De ta		C i l i b l h i b i t t t t t t o n n u o u s y s u s a n a e r e n g r o w c o n r u f k h l l d t t t t t r o m m a r e r e n g r o w p u s a c c e e r a e r e n h f d h b t i t i i t i g r o w r o m m o e r n z a o n w a n n c r e a s e y b 8 0 p s -o y -y					o n
S i ing t t te ts na n ( l. bs d d ) inc i ize ts su re n	1. 2 %	1. 0 %	bp 2 0 + s		3. 8- 4. 0 % i h f 2 0 1 7 l t t t o r g a n c r e n g r o w o r p a r y d b € 0 l 2 0 i 4 7 i t t i r v e n y c a. m n v e s m e n v o u m e n						6. 1
le Ne ing t t s w	0. 5 %	0. 7 %	bp -2 0 s		h 's l f € 3 0 T i i t t 7 i s y e a r n v e s m e n v o u m e o c a. m d h h b i 4 t t t t e p e c e o p s o g a n c e n g o a o e x u r r r w v i i 2 0 1 8. t t s a n g n r					s %
b l m ke dr iv Su to ta t- t ar en re n h t g ro w	1. 7 %	1. 7 %	---
Mo de iza ion t rn	1. 9 %	1. 1 %	8 0 bp + s	Po i t s	iv t g e re n	h t tra ro w	j to ec ry				2
Su b l l- f- l r h to ta t g t en ro w	3. 6 %	2. 8 %	8 0 bp + s	Ma ke r	dr ive t n	2 0 1 3 1. 6 %	2 0 1 4 1. 6 %	2 0 1 5 1. 7 %	2 0 1 6 1. 5 %	2 0 1 7 ( E )	8+ 0 1 ( ) E
Sp t ion ac e cr ea	0. % 1	0. 0 %	0 bp 1 + s
b l o ic h Su to ta t g t rg an re n ro w	3. 7 %	2. 8 %	bp 9 0 + s	Mo de	iza ion t rn	0. 4 %	0. 9 %	1. 2 %	1. 8 %
Po fo l io t t r ma na g em en ( is i ion /. les ) t + ac q u s sa	0. 2 %	2. 8 %	bp -2 6 0 s	Sp ac e	t ion cr ea	---	---	---	---
To l r h ta t g t en ro w	3. 9 %	5. 6 %	-1 7 0 bp s	Or g an t g ro w	ic t re n h	1. 9 %	2. 5 %	2. 9 %	3. 3 %	3. 8 % - 4. 0 %	4 % >

Company Presentation – September 2017

Smooth Maturity Profile with Diverse Funding Mix

Average financing cost of debt maturing in the relevant year. ² Weighted avg. financing cost excl. Equity Hybrid. Including Equity Hybrid the avg. interest rate of debt maturing in 2021 is 3.7%. ³ Net Debt as of June 30 over H1 EBITDA Operations annualized.

Pro-active Portfolio Management Clustering

Strategic units of conwert portfolio have initially all been included in Operate and will be reclassified to UB and OA in the context of the regular annual portfolio clustering in the fall.
96% of total fair value in Strategic and Privatization clusters.

Ju 3 0, 2 0 17 ne	i de ia l U its Re nt s n	lac In nt -p e re ( /s ) € q m	Va te ca nc y ra ( ) %	ir lue Fa va ( bn ) €	ir lue Fa va ( ) %
Op te era	1 0 97 2 5,	6. 2 9	2. 8	9.7	3 1 %
Up de B i l d ing ( U B ) g ra s u	1 25 0 6 4 ,	6. 0 3	2.7	1 0. 1	3 3 %
Op ( O ) t im ize A art nts A p me	8 9, 27 5	6. 25	2. 1	8. 2	27 %
Su bt l S ic C lus ot tra te te a g rs	3 2 0, 3 11	6. 8 1	2. 6	27 9	9 % 1
Pri t ize va	6, 8 0 1 1	6. 0 1	3 4.	1.5	% 5
No tra teg ic n-s	8, 8 6 2	8 4. 5	8. 9	0. 3	% 1
No n-c ore	25 9 5,	9 9 4.	8. 2	0. 3	% 1
l Ge To ta rm an y	3 0, 6 2 5 1	6. 2 1	2. 9	3 0. 1	9 8 %
Au str ia	2, 2 0 3	24 6.	3. 1	0. 6	2 %
l R i de ia l P fo l io To ta nt t es or	3 2, 8 5 15	6. 2 1	2. 9	3 0. 7	0 0 % 1

Fair value of the developed land excluding €156.0 million for undeveloped land, inheritable building rights granted and other.

Growing Investment Volume

Investments into the portfolio are increasingly meaningful organic growth drivers and provide independence from acquisition opportunities.
Average 7% hurdle rate (unlevered) for each program year with investments in year one generally lead to rent growth in year two.
Increasing scope of work from single apartment over whole building to entire neighborhoods including modular space creation.

Growing Contribution from Value-add Business

Concept

Expansion of core business to extend the value chain by offering additional services and products that are directly linked to our customers and/or the properties and offer the same cash flow stability as the rental business.
Insourcing of services to ensure maximum process management and cost control.
Two types of Value-add Business
1. External income (e.g. multimedia, smart metering)
1. Internal savings (e.g. craftsmen, resi environment)
New initiatives always follow same low risk pattern of
Prototype development
Proof of concept in pilot phase
Roll-out across portfolio

Economics

NAV does not account for Vonovia's Value-add Business.
Applying the impairment test WACC¹ to the 2017E Adj. EBITDA Value-add Business translates into an additional value of ~€5.1 per share (~16% on top of Adj. NAV).

Pe io tr t ne a n
Mu l im d ia t e	7 5 % ca
Sm in t te ar m e r g	1 5 % ca
de l e Re i ia iro t t s n nv nm en	2 0 % ca
f Cr V T S ts a m en	( ) 7 0 % in te ca m a na nc e 2 0 % ( de ) iza t io ca m o rn n d l low for tar et is 7 0 % to g aro un a h f lex i b i lity in he lum t en ou g vo es d t b le nt inu an o e na co ou s be hm kin ke ric to t p nc ar g ma es r

Company Presentation – September 2017

Guidance Unchanged and Confirmed

Half way into the year we can fully confirm the 2017 guidance.
Final 2017 guidance and initial 2018 guidance with 9M results in November.

	2 0 1 6 ls Ac tu a	2 0 1 7 Gu i da nc e ( h 2 0 Ma 17 rc , l. ) t ex c co nw er	2 0 1 7 Gu i da nc e ( 2 0 Ma 17 y , inc l. ) t co nw er	2 0 1 7 Gu i da nc e ( 2 0 Au 17 g. , inc l. ) t co nw er
h ( ) Or ic t g t g an re n ro w eo p	3. 3 %	3. 5 % -3 7 %	3. 8 % -4 0 %	3. 8 % -4 0 %
( ) Va ca nc eo p y	2. 4 %	2. 5 % <	2. 5 % <	2. 5 % <
l ( €m ) Re ta In n co me	3 8. 1, 5 1	3 0- 0 1, 5 1, 5 5	6 6 0- 6 8 0 1, 1,	6 6 0- 6 8 0 1, 1,
( ) F F O 1 €m	7 6 0. 8	8 3 0- 8 5 0	9 0 0- 9 2 0	9 0 0- 9 2 0
F F O 1 ( € / ha ) s re	1. 6 3	1. 7 8- 1. 8 2	~1 8 8	1. 8 6 1. 9 0 –
( ) Ma in €m te na nc e	3 2 0. 1	~3 4 0	~3 4 0	~3 4 0
Mo de iza ion & In ( €m ) t tm ts rn ve en s	4 7 2. 3	7 0 0- 7 3 0	~7 3 0	~7 3 0
( ) Pr iva t iza t ion #	2, 7 0 1	~2 3 0 0 ,	~2 3 0 0 ,	~2 3 0 0 ,
( ) F V Pr iva iza ion te t t s p- up	3 6. 2 %	~3 5 %	~3 0 %	~3 0 %
( ) No # n- co re	2 3, 9 3 0	tu is t ic op p or n	tu is t ic op p or n	tu is t ic op p or n
( ) F V te No Co s p- up n- re	5. 4 %	0 % >	0 % >	0 % >
D iv i de d / ha n s re	€ 1. 1 2	~7 0 % f F F O 1 o	~7 0 % f F F O 1 o	~7 0 % f F F O 1 o

C t t o n a c		C F i i l l d 2 0 1 7 n a n c a a e n a r
	20 17
f f R H e n e o m a n n	Se 13 p	Bo AM L Glo ba l R l E Co nfe ( NY C) sta te ea ren ce
d l H I R i t t e a o n v e s o r e a o n s	18 Se p	be / fer ( h) Be GS G Co rat e C Mu nic ren rg erm an rpo on en ce
f S V i E o n o v a	Se 19 p	ad Co nfe ( nic h) * Ba Inv est nt Mu er me ren ce
ß h i l i 3 P t s r a e	Se 21 p	Ro ad sh ( Ha mb ) * ow urg
p p h 4 4 8 0 3 B o m c u G e m a n r y	Se 27 p	ad sh ( w) * Ro Wa ow rsa
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4 9 2 3 4 3 1 4 1 6 2 9 +	No v 1 7	Ro ad sh ( Bru ls) * ow sse
h f f @ d i r e n e o m a n n v o n o v a e	No v 2 8	lob al al / fer ( nd ) UB S G Re Est ate C EO CF O C Lo on en ce on
d i w w w v o n o v a e	v 2 8 No	ad sh ( Ge ) * Ro ow ne va
	De c 1	So cie Ge ral Th e P ium Re vie Co nfe ( Pa ris ) te ne e rem w ren ce
	De c 5	be nfe ( hil l) * Be Eu n C te Co Pe ren rg rop ea orp ora ren ce nn y
	c 1 1 De	HS BC G lob al al Co nfe ( Ca ) Re Est ate To ren ce pe wn
	De c 1 4	Ro ad sh ( Mi lan o) * ow
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	r 6 Ma	20 lts FY 17 re su
	Ma 3 y	Int eri ret ult 3M 20 18 m s
	Ma 9 y	al ral An Ge M tin nu ne ee g
	Au 2 g	Int eri Re lts 6M 20 18 m su
*IR ly on	No v 6	Int eri Re 9M 20 18 ts m su

*IR only

Appendix

Liquid Large-cap Stock

VNA share price performance since IPO vs. DAX and EPRA Europe Index

*Other shared services: Internal Audit, Communications, Central Procurement, Insurances, Investor Relations, Accounting

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 120bps since 1992).
Asset yields outperformed interest rates by 240bps on average since 1992 and 550bps in June 2016.

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

Company Presentation – September 2017

Three Valuation Layers with Different Volatilities

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.

H1 2017 Highlights

Built-in organic growth dynamics continue

Accelerated organic rent growth of 3.7% y-o-y (prior year: 2.8%)
Adj. EBITDA Operations up 8.9% y-o-y.
FFO 1 per share up 15.7% y-o-y (18.1% on average NOSH).

Execution of 2017 investment program running at full speed

98% of projects for €730m target investment volume completed or committed.
Growing pipeline for space creation projects to achieve annual run rate of ~2,000 new units p.a.

Half-year valuation supports positive momentum

Valuation exercise comprised ca. 2/3 of portfolio (20 largest cities plus five additional locations).
€1.5bn l-f-l value increase (+5.2% overall and +7.1% for the sub-portfolio that was revalued).

Guidance for 2017 confirmed

Operational integration of conwert completed.
Performance of first six months fully confirms our expectations for the full year.
Final guidance for 2017 and initial guidance for 2018 with 9M results in November.

Built-in Organic FFO 1 Growth Continues in H1

The average portfolio size was similar y-o-y.
Organic rent growth, better average portfolio quality and increased contribution from Value-add Business drove 8.9% Adj. EBITDA Operations growth in spite of temporary additional cost load from conwert.
15.7% FFO 1 per share growth despite slight dilution from conwert and scrip dividend.

		H 1 2 0 1 7	H 1 2 0 1 6	l De ta
be f r de l s Av i t ia er ag e nu m r o es n q m	`00 0	2 2, 2 2 6	21 9 3 8 ,	+1 3 %
be f r de l u Av i t ia i ts er ag e nu m r o es n n	#	3 0 5 5, 5 7	3 5 1, 7 2 0	+1 .1 %
h Or ic t g t g an re n ro w	%	3. 7	2. 8	+0 9p p
la ( ) In t -p ce en eo p r	€/m th/ on sqm	6. 2 1	5. 8 9	+3 9 %
( ) Va te nc eo p ca y ra	%	2. 9	2. 8	+0 .1p p
l Re ta in n co m e	€m	8 3 3. 2	77 4.7	+7 6 %	+€ 5 8. 5m
Ma in te na nc e ex p en se s	€m	-1 27 3	-1 1 9. 0	+7 0 %
Op in t er g ex p en se a s	€m	-1 3 2.4	-1 2 0. 1	+1 0. 2 %
d l A j. E B I T D A Re ta n	€m	5 7 3. 5	5 3 5. 6	+7 .1 %	+€ 3 7. 9m
d lu d d bu A j. E B I T D A Va in e- a s es s	€m	45 6	2 6. 0	+7 5. 4 %
d Op A j. E B I T D A t io er a ns	€m	6 0 7. 6	5 5 8. 1	+8 9 %	+€ 4 9.5 m
O F F in te t e re s xp en se	€m	-1 3 8. 0	-1 6 2. 8	-1 5. 2 %
Cu O t in ta F F 1 rre n co m e xe s	€m	-1 1. 9	-7 .5	+5 8. 7 %
O F F 1	€m	45 7.7	3 8 7. 8	+1 8. 0 %	+€ 6 9. 9m
O ha ( O ) F F 1 N S H p er s re eo	€	0. 9 6	0. 8 3	+1 5. 7 %
p O 1 ha ( O S ) F F N H p er s re av g.	€	0. 9 8	0. 8 3	+1 8. 1 %

Company Presentation – September 2017

LTV Well within Target RangeDebt/EBITDA Multiple of 11.2x

LTV down to 43.2% and well within target range of 40%-45%.

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

Debt/EBITDA multiple is net debt as of June 30 over H1 EBITDA Operations annualized.

FFO 1 per Share +15.7%

Driven by better operational performance and lower interest expenses, FFO 1 per share was up 15.7% y-o-y for eop NOSH and up 18.1% for avg. NOSH.
Number of shares outstanding increased from 466.0m to 476.5m (+2.2%) as a result of the scrip dividendand the conwert acquisition.¹

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

8.6m additional new shares were created in July in the context of the GAGFAH merger.

Investment Program well on Track

Fully on track to execute 2017 investment program at an average yield on cost of ~7% unlevered.
98% of projects committed or already completed.

Note: Numbers include projects kicked off in 2016.

Ramping Up Space Creation

The bottleneck is not availability of projects, building capacity or financing but construction permits including all preliminary approvals necessary.
By way of planning, applying for building permits and doing construction work for different projects in parallel, Vonovia is developing a pipeline to ensure a steady flow of project completions going forward to achieve a target run rate of 2,000 new apartments p.a.

Vonovia's strategy: planning, applying for construction permits and building a multitude of projects in parallel

Note: indicated durations are averages based on Vonovia's experience and can vary between different projects.

Portfolio Valuation Update

Valuation as of June 30 comprised the 20 largest cities of our portfolio, plus five additional locations, representing ca. 2/3 of the entire portfolio fair value. All other locations and values were left unchanged and adjusted only for capitalization.
Total value uplift of €1.5bn (5.2%).
Average portfolio FV of €1,341/sqm with an in-place multiple of 18.5x.
Especially the valuation movement in Leipzig confirms our view on the conwert properties.

h dr F V t ive g ro w r	lue Va u	l f i t p
	( ) %	( ) €m
l d Y ie ion co m p re ss	2. 8 %	8 3 0
In tm ts ve s en	0. 5 %	1 5 0
Pe fo r rm an ce	1. 3 %	3 9 3
Fa ir lu l i f f p ie ie d t o t va e up ro p er s re v w e	4. 7 %	1, 3 7 3
de In tm ts in to t ies ts i iew ve s en p ro p er o u re v	0. % 5	0 1 4
l fa ir lu l i f To ta t va e up	5. 2 %	1, 5 1 3

l-f-l valuation uplift compared to Dec. 31, 2016, excluding conwert, excluding Vienna.

Adj. NAV per Share Up 7.6% in H1 2017

Driven by the operating performance, the inclusion of conwert and the H1 valuation, the Adj. NAV per share is up 7.6% in the first six months in spite of the 2.2% increase in the number of shares outstanding.

€ m ( les d d o he ) in ica te t ise un s rw	3 0, 2 0 J 1 7 u n.	3 2 0 M 1, 1 7 a r.	3 2 0 6 D 1, 1 e c.
bu b le 's ha ho l d Eq i i Vo ia ty t tr t t u a a o no v s re er s	1 3, 3 6 8. 0	1 2, 7 0 6. 5	1 2, 4 6 7. 8
fe d d he l d De t in t t t ie t rr e ax e s o n ve s m e n p ro p er s a n a s s e s fo le r s a	5, 3 0 7. 9	4, 8 2 7. 4	4, 5 5 0. 3
1 lu f d f l Fa ir iv t iv in ia in tr t va e o er a e a nc s m e n s u	3 9. 0	2 9. 0	4 4. 4
fe d d f l De t iv t iv in ia in tr t rr e ax e s o n er a e a nc s u m e n s	-1 2. 1	-1 4. 3	-1 5. 4
E P R A N A V	1 8, 7 0 2. 8	1 7, 5 4 8. 6	1 7, 0 4 7. 1
dw l l G i o o	-2 9 3 1. 8 ,	-2 9 3 1. 8 ,	-2 7 1 8. 9 ,
d A j. N A V	1 5, 7 7 1. 0	1 4, 6 1 6. 8	1 4, 3 2 8. 2
/ h E P R A N A V € s a r e	3 9. 2 5	3 7. 4 3	3 6. 5 8
d j. / h A N A V € s a r e	3 3. 1 0	3 1. 1 8	3 0. 7 5
A 1 dju d fo r ef fec ts f ste rom cro ss c urr enc y s wa ps.

Sales – Steady Cash Flow at Attractive Margins

Overall sales volume lower than in prior-year period mostly as a result of portfolio transaction with LEG including privatizations in H1 2016.
Non-core / Non-strategic sales include a relatively large share of commercial properties from conwert portfolio.

	P R I V A T I Z A T I O N		N O N- C O R E / N O N- S T R A T E G I C		T O T A L
€m (un les s in dic d o the ise ) ate rw	1 2 0 1 H 7	1 2 0 1 6 H	1 2 0 1 H 7	1 2 0 1 6 H	1 2 0 1 H 7	1 2 0 1 6 H

f u i l d No ts . o n so	1, 1 6 0	1, 1 4 4	3, 3 2 4	1 6 9 7, 4	8 4, 4 4	1 9, 1 3 5
fro d l In isp co me m os a	1 4 2. 7	1 3 3. 3	5 5 9. 2	7 1 7. 2	7 0 1. 9	8 5 0. 5
Fa ir lue f d isp l o os va a	-1 0 8. 7	-9 9. 1	-5 3 6. 1	-6 9 3. 1	-6 4 4. 8	-7 9 2. 2
d f fro d l A j. i t isp p ro m os a	3 4. 0	3 4. 2	2 3. 1	2 4. 1	5 7. 1	5 8. 3
Fa ir lue ( % ) te va s p- up	3 1. 3 %	3 4. 5 %	4. 3 %	3. 5 %

Se l l ing ts co s	2. 8 -1	8 -1 1.
A d j. E B I T D A Sa les	4 4. 3	4 6. 5

Improvements Across All KPIs

		2 0 H 1 1 7	2 0 6 H 1 1	l De ta
be f r de l s Av i nt ia era g e n um r o es q m	`0 0 0	2 2, 2 2 6	21 9 3 8 ,	+1 3 %
lac ( ) In t -p e r en eo p	/m h /sq € t on m	6. 1 2	5. 8 9	+3 9 %
Or ic h t g t g an ren row	%	3. 7	2. 8	0. 9p p
Va ( ) rat ca nc y e eo p	%	2. 9	2. 8	+0 .1p p
l in Re nta co me	€m	8 3 3. 2	77 4.7	+7 6 %
Co nit st p er av era g e u	€	27 6	27 7	-0 .4 %
A d j. EB IT DA Op ion t era s	€m	6 0 7. 6	5 5 8. 1	+8 9 %
Re l nta	€m	3. 5 7 5	3 6 5 5.	% +7 .1
lue d d Va Bu ine -a s ss	€m	6 45	2 6. 0	% +7 5. 4
Ot he ( li da ) i.e t ion on so r . c	€m	-1 1.5	-3 .5	1 0 0 % +>
FF O 1	€m	45 7.7	3 8 7. 8	+1 8. 0 %
ha ( ) FF O 1 p N O SH er s re eo p	€	0. 9 6	0. 8 3	% +1 5. 7
ha ( ) FF O 1 p N O SH er s re av g.	€	0. 9 8	0. 8 3	+1 8. 1 %
O AF F	€m	4 27 2	3 5 8. 7	+1 9. 1 %
A d j. EB IT DA S les a	€m	44 3	4 6. 5	-4 .7 %
d ( l ) A j. EB IT DA To ta	€m	6 1. 9 5	6 0 6 4.	8 % +7
FF O 2	€m	4 8 1. 9	4 0 9. 3	+1 7.7 %
		Ju 3 0, 2 0 1 7 n.	De 3 1, 2 0 1 6 c.	l De ta
lue f r l e fo lio Fa ir v sta te ort o ea p a	€m	3 0, 8 3 0. 2	27 11 5. 6 ,	+1 3. 7 %
EP RA N AV	€ /s ha re	3 9. 25	3 6. 5 8	+7 3 %
A d j. NA V	€ /s ha re	3 3. 1 0	3 0. 75	+7 6 %
LT V	%	3. 2 4	6 41	2p -4 p

All Strategic Markets Show Upward Potential

	Fair Va	lue						lace In-p ren	t
io l ke Re M t g na ar	(€m )	(€/s qm)	iden tial unit Res s	Livi rea ('00 ng a 0 sq m)	Vac anc y (%)	l (p.a Tota ., € m)	tial (p.a iden Res ., € m)	(€/s qm)	Org anic t grow ren th (%)	tiple (in- Mul plac nt) e re	Ave t gr owt h rage ren fore cast CB RE ( 5 yr s) (%)	Ave t gr owt h rage ren (%) fro ize Apa m O ptim rtm ents
Be rlin	6 25 4,	8 2 0 1,	3 8, 8 2 5	2, 44 4	1.7	8 9 1	9 17	6. 21	3. 2	24 .4	3. 3	45 .5
Rh ( nkf ine M ain Ar Fra urt ea , dt, bad ) Da sta W ies rm en	3, 9 6 1	1, 75 7	2 8, 0 2 5	8 9 1, 7	8 1.	6 1 4	9 15	7.5 4	3. 9	9.5 1	3. 2	0. 3 4
Rh lan d ( log ine Co ne , ldo rf, ) Dü Bo sse nn	3, 1 0 5	1, 4 6 4	3 0, 75 6	2, 0 6 3	3. 1	1 6 7	15 9	6. 6 5	4. 3	1 8. 5	2. 8	2 9.4
sde Dre n	2, 6 97	1, 15 3	3 8, 6 0 3	2, 1 9 6	2.5	15 6	14 6	5. 6 7	5. 5	17 3	3. 6	3 5. 2
uth hr So Ru Are ern a ( d, chu m) Do rtm Ess Bo un en ,	2, 6 7 8	9 6 3	44 5 2 8 ,	2, 7 21	3. 3	1 8 1	17 4	5. 5 2	4. 1	14 8	2. 1	2 9. 1
mb Ha urg	1, 7 8 7	1, 6 4 8	1 6, 5 8 4	1, 0 5 1	2. 2	8 7	8 3	6. 6 7	3. 7	2 0. 5	3. 0	3 8. 6
Mu nic h	1, 6 9 2	2, 5 6 4	9, 75 2	6 4 2	0. 8	6 2	5 8	7. 6 0	3. 4	27 3	4. 5	4 6. 5
Stu ttg art	1, 5 9 2	1, 71 7	14 2 3 5 ,	8 9 6	1. 8	8 2	7 8	7.4 2	1. 9	1 9. 3	2. 8	3 8. 4
No rth Ru hr Are a ( Du isb ern urg , Ge lse nk irc he n)	1, 3 2 6	77 4	27 2 8 1 ,	1, 6 9 3	4. 1	1 0 5	1 0 2	5. 24	3. 4	1 2. 6	1.7	2 2. 9
Ha nov er	1, 1 0 0	1, 2 3 6	1 3, 8 2 6	8 75	3. 0	6 3	6 1	6. 0 1	3. 2	17 3	2.7	3 4. 1
Kie l	9 2 8	1, 1 0 3	1 3, 9 8 3	8 11	1. 8	5 6	5 4	5. 6 0	3. 0	1 6. 5	2. 2	3 5. 9
Bre me n	8 5 4	1, 14 7	11 9 21 ,	7 2 3	3. 7	47	44	5. 3 4	1. 8	1 8. 2	2. 9	3 3. 6
Lei ig pz	6 8 0	1, 0 9 6	9, 17 1	5 8 7	4. 2	41	3 8	5. 6 9	1. 6	1 6. 5	2.4	21 .7
ha lia ( Mü We stp nst er, Os brü ck) na	6 3 1	9 6 8	9, 6 5 1	6 25	2. 2	41	0 4	6 5. 4	2. 8	9 14	2.5	3 0. 9
Fre ibu rg	5 0 8	1, 8 1 6	4, 0 5 5	27 7	1. 8	2 3	2 2	6. 8 3	3. 4	2 2. 1	3. 7	45 6
Ot he r S ic L tio tra teg oca ns	9 6 1, 7	2 6 1, 1	24 0 2 1 ,	24 1, 5	2. 9	11 5	11 1	6. 2 2	4.4	17 .1	3. 1	3 6 4.
tal St ic tio To rat Lo eg ca ns	2 9, 3 9 4	3 1, 6 1	3 3 9 9 2 4,	2 0, 9 1 6	2. 6	8 2 1, 5	0 8 1, 5	6. 17	3. 7	8. 1 6	2. 9	3 4.4

Note: Difference between number of resi units in strategic locations and number of resi units in strategic clusters is due to privatization units that are included in the strategic locations but not in the strategic clusters.

Vonovia location

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

Expenses for maintenance

Capitalized maintenance

Maintenance capitalization

Total

ratio

-158.8

20% 20%

Maintenance

Reconciliation IFRS Profit to FFO

€m (u nle ind ica ted he ise ) ot ss rw	H1 20 17	H1 20 16	De lta
IF RS PR OF IT FO R T HE PE RI OD	0 6 6 1, 4.	9 14 7.	0 0 % 1 +>
Fin cia l re sul t an	8. 6 14	27 6. 1	6. 2 % -4
Inc e t om axe s	8 8. 0 5	0 9. 9 1	0 0 1 % +>
nd De cia tio ort iza tio pre n a am n	14 9	1 0. 0	+4 9. 0 %
e f fa alu dju of Inc ir v stm ts inv est nt rtie om rom e a en me pro pe s	-1 1 6 4.7 ,	---	---
= E BI TD A I FR S	6 5 1.4	5 4 3. 9	+1 9. 8 %
No rrin ite n-r ecu g ms	4 6. 3	4 9. 1	-5 .7 %
tal d a dju fro he ld f sal To rio stm ts ets pe en m ass or e	-3 2. 9	21 .1	1 0 0 % ->
e f oth l es Inc in stm ts in tat nie om rom ve en er rea e c om pa s	-1 2. 9	-9 .5	1 0 0 % ->
US = A DJ TE D E BI TD A	6 5 1. 9	6 0 4. 6	+7 8 %
Ad jus ted A S ale EB ITD s	-4 4. 3	-4 6. 5	-4 .7 %
= A DJ US TE D E BI TD A O PE RA TI ON S	6 0 7. 6	5 5 8. 1	+8 9 %
Int st FF O ere ex pe nse	-1 3 8. 0	-1 6 2. 8	-1 5. 2 %
Cu nt inc e t s F FO 1 rre om axe	-1 1. 9	-7 .5	+5 8. 7 %
= F FO 1	45 7.7	3 8 8 7.	+1 8. 0 %
Ca ita lize d m ain ten p an ce	-3 0. 5	-2 9. 1	8 % +4
= A FF O	27 2 4	3 8. 5 7	9. % +1 1
Cu inc s F FO 2 nt e t rre om axe	-2 0. 1	-2 0 5.	9. 6 % -1
FF O 2 ( FF O 1 i l. A dju d E BI TD A S ale s/ inc ste nt e t nc cu rre om ax es Sa les )	8 9 4 1.	0 9. 3 4	% +1 7.7

FFO 1 ha in € (eo NO SH ) pe r s re p	0. 9 6	0. 8 3	+1 5. 7 %
FO ha in € (eo NO SH ) AF pe r s re p	0. 9 0	0. 77	+1 6. 5 %
mb of sha (m illio n) Nu er res eo p	47 6. 5	4 6 6. 0	+2 2 %

IFRS P&L

€m ( les in d ica d o he ise ) te t un s rw	H1 2 0 17	H1 2 0 1 6	De l ta
fro let Inc ert t ing om e m p rop y	1, 17 1. 6	1, 1 0 0. 0	6. 5 %
Ot he r in fro ert t co me m p rop y ma na g em en	2 0. 8	1 9.4	2 % 7.
In fro ty t co me m p ro p er m an ag em en	9 2.4 1, 1	9. 1, 11 4	6. 5 %
fro d isp l o f p ies Inc ert om e m os a rop	7 0 1. 9	8 5 0. 5	-1 7.5 %
f p Ca ing ies l d nt ert rry am ou o rop so	-6 6 4. 9	-8 3 0. 4	9. 9 % -1
lua f a he l d for le Re t ion ts va o sse sa	5 3. 1	17 0	>1 0 0 %
Pr f it d isp l o f p ies t o on os a ro p er	9 0. 1	3 7. 1	>1 0 0 %
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, 1 6 4. 7	-
Ca ita lize d int l e p er na xp en se s	1 9 9.5	1 25 0	5 9. 6 %
f m ls Co st ate ria o	6 9.5 -5	0 6. 6 -5	1 2.4 %
l e Pe rso nn e xp en se s	-2 0 7. 6	-1 8 4. 6	1 2.5 %
De iat ion d a iza ion rt t p rec an mo	-1 4. 9	-1 0. 0	8. % 4 4
Ot he t ing in r o p era co me	5 1.5	9. 8 4	3. 4 %
Ot he ing t r o p era ex p en se s	-1 24 .4	-1 0 6. 4	17 0 %
l in Fin ia an c co me	4 3. 7	21 6	0 0 % >1
Fin ia l e an c xp en se s	-1 7 2. 9	-2 8 7.5	-3 9. 9 %
ing be fo Ea ta rn s re xe s	1, 6 5 2. 6	25 7. 8	0 0 % >1
Inc e t om ax es	8 8. 0 -5	0 9. 9 -1	>1 0 0 %
Pr f it fo he io d r t o p er	1, 0 6 4. 6	14 7. 9	>1 0 0 %
At i bu b le tr ta to :
's ha ho l de Vo via no s re rs	9 9 3. 2	0. 0 11	>1 0 0 %
's hy br d c l in Vo via i ita sto no ap ve rs	8 14	8 14	0. 0 %
l lin No tro int sts n-c on g ere	5 6. 6	2 3. 1	0 0 % >1
ing ha ( ba ic d d i lut d ) in € Ea rn s p er s re s an e	2. 2 1	0. 24	>1 0 0 %

IFRS Balance Sheet (1/2 – Total Assets)

€m ( les in d ica d o he ise ) te t un s rw	3 0, 2 0 17 Ju n.	3 1, 2 0 1 6 De c.	lta De
As ts se
b le Int i ts an g as se	2, 95 7. 8	2, 74 3. 1	7. 8 %
lan d e Pro ert t a ip nt p y, p n q u me	1 3 0. 5	11 5. 7	1 2. 8 %
Inv ies tm t p ert es en rop	3 0, 4 95 .7	2 6, 9 8 0. 3	1 3. 0 %
Fin ia l a ts an c sse	6 8. 4 4	8 9 5 5.	1 0. 7 %
Ot he ts r a sse	1 0 9.4	15 2	>1 0 0 %
fer d t De ts re se ax as	24 9	1 9. 6	27 0 %
l n To ta nt et on re -c ur a ss s	3 4, 3 6 6. 7	3 0, 45 9. 8	2. 8 % 1
Inv to rie en s	5. 8	5. 0	1 6. 0 %
Tr de iva b les a re ce	2 2 0. 7	1 6 4.4	3 4. 2 %
Fin ia l a ts an c sse	1 0 2. 1	15 3. 2	-3 3. 4 %
Ot he ts r a sse	6 1 5. 1	0 2.7 1	6 0. 8 %
Inc iva b les e t om ax re ce	2 8. 4	3 6 4.	-1 7. 9 %
Ca h a d c h e iva len ts s n as q u	3 8. 7 1	0. 8 1, 5 4	-7 5. 5 %
he l d for le As ts se sa	25 4. 1	6 1. 6	>1 0 0 %
l c To ta nt et ur re a ss s	1, 15 4. 3	2, 0 6 2. 3	-4 4. 0 %
l a To ta et ss s	3 5, 5 21 0	3 2, 5 2 2. 1	9. 2 %

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

(u nle ind ted he ) €m ica ot ise ss rw	Jun 30 20 17 ,	De 31 20 16 c. ,	lta De
Eq uit nd lia bil itie y a s
Su bsc rib ed ita l cap	47 6. 5	4 6 6. 0	2. 3 %
Ca l re ita p ser ve s	5, 6 7 3. 4	5, 3 3 4. 9	6. 3 %
Re tai ned rni ea ng s	7, 1 3 6. 3	6, 6 6 5. 4	7. 1 %
Ot he r re ser ve s	8 8 1.	1.5	>1 0 0 %
tal uit ibu tab le via 's sh ho lde To ttr to Vo eq y a no are rs	1 3, 3 6 8. 0	1 2, 4 6 7. 8	2 % 7.
ibu tab le t o h bri d c l in Eq uit ttr ita sto y a y ap ve rs	1, 0 21 .4	1, 0 0 1. 6	2. 0 %
To tal uit ttr ibu tab le to Vo via 's sh ho lde d h bri d c ita l in sto eq y a no are rs an ap ve rs y	14 3 8 9. 4 ,	1 3, 4 6 9. 4	6. 8 %
No llin int tro sts n-c on g ere	8 8 5. 7	41 9. 0	>1 0 0 %
To tal uit eq y	15 27 5. 1 ,	1 3, 8 8 8. 4	0. 0 % 1
Pro vis ion s	5 95 .4	6 0 7. 9	-2 .1 %
de ab les Tra pay	0. 6	1. 3	-5 3. 8 %
fin No n d eri vat ive cia l lia bili tie an s	11 77 1.1 ,	6 3. 11 4 4 ,	1.1 %
riv ati De ve s	8. 1 0	1 9. 1	8 % -5
bili s f fin lea Lia tie rom an ce ses	94 .5	94 .7	-0 2 %
bili olli Lia tie s t ntr int sts o n on -co ng ere	4. 9	9. 9	-5 0. 5 %
Ot he r li ab iliti es	8 0. 8	8 3. 3	-3 0 %
De fer red x l iab iliti ta es	9 2. 6 4, 4	3, 6 9.5 7	1 9. 2 %
tal t l iab ilit ies To no n-c ur ren	17 0 5 7. 9 ,	1 6, 2 2 9. 1	5. 1 %
Pro vis ion s	3 6 0. 8	3 7 0. 8	-2 .7 %
Tra de ab les pay	2 3. 1 5	3 8. 8 1	-1 1. 0 %
No n d eri ive fin cia l lia bili tie vat an s	2, 8 4 6. 5	27 1, 7 6	3. 9 % 4
De riv ati ve s	2 9. 9	5 7.5	8. 0 % -4
bili s f fin lea Lia tie rom an ce ses	11 2	4. 5	>1 0 0 %
Lia bili tie olli int s t ntr sts o n on -co ng ere	0. 4	2.7	-8 5. 2 %
Ot he r li ab iliti es	17 5. 7	0 2.7 1	71 .1 %
tal lia bil itie To nt cu rre s	3, 1 8 8. 0	2, 4 0 4. 6	3 2. 6 %
tal lia bil itie To s	2 0, 24 5. 9	1 8, 6 3 3. 7	8. 7 %
To tal uit nd lia bil itie eq y a s	3 21 0 5, 5	3 2, 2 2. 1 5	9. 2 %

Corporate Investment grade rating

Rat ing ag enc y	Rat ing	Ou tlo ok	Las t U pda te
Sta nda rd & Po or's	BBB +	Sta ble	06. Se p 1 6

Bond ratings

Na me	Ten & C or ou pon	ISI N	Am nt ou	Iss pri ue ce	Co upo n	Fin al M atu rity Da 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 03 (US D-B ond )	4 y s 3 .20 0% ear	US 251 55F AA4 9	US D 7 50m	100 .00 0%	1 2.9 70%	02 Oct 20 17	BBB +
d 0 04 (US ond ) Bon D-B	10 .00 0% rs 5 yea	US 251 22 55F AB	US D 2 50m	98. 993 %	1 80% 4.5	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	102 895 967 XS 1	700 € m	99. 782 %	4.6 25%	08. r 20 Ap 74	BBB
Bon d 0 07 (EM TN )	8 y s 2 .12 5% ear	DE0 00A 1ZL UN 1	€ 500 m	99. 412 %	2.1 25%	09 Jul y 2 022	BBB +
Bon d 0 08 (Hy brid )	pet ual 4% per	XS 111 730 083 7	€ 1,0 00m	100 .00 0%	4.0 00%	pet ual per	BBB
d 0 (E N) Bon 09A MT	.87 5 y s 0 5% ear	DE0 00A 1ZY 971	€ 500 m	99. 263 %	0.8 75%	30 Ma r 20 20	BBB +
Bon d 0 09B (E MT N)	10 rs 1 .50 0% yea	DE0 00A 1ZY 989	€ 500 m	98. 455 %	1.5 00%	31 Ma r 20 25	BBB +
d 0 (E N) Bon 10A MT	2 y s 0 .95 0% +3 M E UR IBO R ear	DE0 00A 18V 120	€ 750 m	100 .00 0%	he dge d 0.8 35%	15 Dec 20 17	BBB +
d 0 10B (E N) Bon MT	.62 5% 5 y s 1 ear	DE0 00A 18V 138	€ 1,2 50m	99. 852 %	1.6 25%	20 20 15 Dec	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 50%	15 Dec 20 23	BBB +
d 0 (E N) Bon 11A MT	6 y s 0 .87 5% ear	DE0 00A 182 VS4	€ 500 m	99. 530 %	0.8 75%	10 Jun e 2 022	BBB +
Bon d 0 11B (E MT N)	10 rs 1 .50 0% yea	DE0 00A 182 VT2	€ 500 m	99. 165 %	1.5 00%	10 Jun e 2 026	BBB +
Bon d 0 12 (EM TN )	2 y s 0 .38 0% +3 M E UR IBO R 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 +
Bon d 1 4A (EM TN )	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 1 4B (EM TN )	10 rs 1 .75 0% yea	DE0 00A 19B 8E2	€ 500 m	99. 266 %	1.7 50%	25 Jan 20 27	BBB +

EUR-equivalent Coupon

C t o v e n a n	l L e v e	3 0, 2 0 J 1 7 u n.
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 0 %
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 <	0 % 1
C I R 2 / 2 L t 1 M E B I T D A L t 1 M I t t E a s a s n e r e s x p e n s e	1. 8 0 > x	4, 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 >	2 2 % 4

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	6 0 % <
	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
	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

Acquisitions – Opportunistic but Disciplined

Historical Key Figures (1/2)

Fin cia l K Fig s ( €m les ed oth ise ) tat an ey ure un s s erw ,	H1 2 0 17	2 0 1 6	2 0 15	2 0 14	2 0 1 3
Re l in nta co me	8 3 3. 2	3 8. 1, 5 1	6 1, 41 4.	8 9. 3 7	2 8. 0 7
A d j d EB IT DA Op ion te t us era s	6 0 7. 6	0 94 0 1,	95 6 7.	0 3. 5 4	2.4 44
A d j d EB IT DA R l te ta us en	5 7 3. 5	0 6. 2 1, 4	9 24 .4	8 2. 6 4	3 3. 0 4
A d j d EB IT DA V lue d d Bu ine te us a -a s ss	45 6	5 7. 0	3 7. 6	2 3. 6	1 0. 5
A d j d EB IT DA Ot he te us r	-1 1.5	-9 2	-4 .4	-2 8	-1 .1
Inc fro d isp l o f p ies ert om e m os a rop	7 0 1. 9	1, 2 27 9	7 2 6. 0	2 8 7. 3	3 5 3. 5
A d j d EB IT DA S les te us a	44 3	9 2, 5	71 .1	5 0. 1	27 .7
A d j d EB IT DA te us	6 5 1. 9	1, 1 8 6. 5	1, 0 2 8. 7	3. 5 5 5	0. 1 47
EB IT DA IF RS	6 5 1.4	1, 0 8 3. 7	8 3 8. 4	5 0 0. 3	4 3 1. 0
FF O 1	45 7.7	7 6 0. 8	6 0 8. 0	2 8 6. 6	2 2 3. 5
he f a bu b le ha ho l de t ttr i ta to Vo via reo no s re rs	4 3 1.1	71 3. 4	5 5 5. 5	27 5. 1	21 8. 4
he f a bu b le hy br d c l in t ttr i ta to Vo via i ita sto reo no ap ve rs	2 0. 0	4 0. 0	3 3. 0	-	-
he f a bu b le l lin t ttr i ta to No tro int sts reo n-c on g ere	6. 6	7.4	1 9.5	11 .5	5. 1
FF O 2	8 4 1. 9	8 2 3. 8	6 6 2. 1	3 3 6. 7	25 1. 2
O AF F	27 2 4	6 8 9. 2	5 2 0. 5	25 8. 3	2 0 3. 5
O ha € FF 1 p in er s re	0. 9 6	1. 6 3	1. 3 0	1. 0 0	0. 95
fro fa lue d f in Inc ir v j tm ts stm t p ert ies om e m a a us en o ve en rop	1, 1 6 4.7	3, 2 3 6. 1	1, 3 2 3. 5	3 71 .1	5 5 3. 7
EB T	1, 6 5 2. 6	3, 8 5 9. 8	1, 7 3 4. 5	5 8 9. 1	6 8 9. 6
Pro fit for he io d t p er	0 6 6 1, 4.	2, 2. 9 5 1	9 94 .7	0 9.7 4	8 2 4 4.
Ca h f low fro ing ivi ies t t t s m op era ac	47 5. 4	8 2 8. 9	6 8 9. 8	3. 2 45	25 9. 6
Ca h f low fro inv ing ivi ies t t t s m es ac	9. 0 1, 17 -	6. 41 4	-3 2 3 9. 8 ,	9 -1 17 7. ,	3 17 1.
Ca h f low fro fin ing ivi ies t t s m an c ac	9. -4 5 1	-2 8 2.4 1 ,	0 9 3. 4, 1	1, 74 1.7	-3 3. 2 5
Ma int d m de iza ion t en an ce a n o rn	6. 45 4	7 9 2.4	6 8 6. 3	3 45 .5	2 2 8. 4
he f for int d c ita lize d m int t reo m a en an ce ex p en se s a n ap a en an ce	15 8. 8	3 2 0. 1	3 3 0. 7	17 3. 8	15 7. 6
he f for de iza ion t t reo m o rn	2 97 6	47 2. 3	3 5 5. 6	17 1.7	7 0. 8

The key figures of prior years have been adjusted to match the definitions of the 2016 fiscal year. The key figures per share are based on the shares carrying dividend rights on the corresponding reporting date. Values for 2013 and 2014 are TERP-adjusted.

Historical Key Figures (2/2)

Ke Ba lan Sh Fig s ( €m les ed oth ise ) eet tat y ce ure un s s erw ,	Ju 3 0, n. 2 0 17	De 3 1, c. 2 0 1 6	De 3 1, c. 2 0 15	De 3 1, c 2 0 14	De 3 1, c 2 0 1 3
ir v lue f r l e fo lio Fa sta te ort a o ea p	3 0, 8 3 0. 2	27 11 5. 6 ,	24 15 7.7 ,	2, 9. 1 75 1	0, 3 2 1 6. 7
d d A j te NA V us	0 15 77 1. ,	14 3 2 8. 2 ,	11 27 3. 5 ,	6, 47 2. 0	5, 1 2 3. 4
d j d ha in € A te NA V us p er s re	3 3. 1 0	3 0. 75	24 .1 9	2 2. 6 7	21 .74
LT V ( % )	4 3. 2	6 41	3 47	9.7 4	9. 0 4
No n-F ina nci al Ke Fig y ure s	H1 2 0 17	2 0 1 6	2 0 15	2 0 14	2 0 1 3
Nu be f u nit d m r o s m an ag e	6, 2 8 2 41	3 9 2, 3 0 5	3 97 9 9 7 ,	2 3 2, 24 6	2 0 3 1, 7 7
he f o t art nts reo wn ap me	3 2, 8 5 15	3 3 3, 3 8 1	3 5 7, 11 7	2 0 3, 0 2 8	25 8 17 5,
he f a d by he t art nts ot reo p me ow ne rs	6 3, 4 6 7	5 8, 9 6 9	4 0, 6 8 2	2 9, 21 8	2 6, 47 9
be f u bo ht Nu nit m r o s ug	2 3, 74 5	2, 8 15	1 6 8, 6 3 2	3 1, 8 5 8	0
be f u l d Nu nit m r o s s o	4, 4 8 4	2 6, 6 3 1	15 17 4 ,	4, 0 8 1	6, 7 2 0
he f P t riv at ize reo	1, 1 6 0	2, 7 0 1	2, 97 9	2, 2 3 8	2, 5 7 6
he f N -C t reo on ore	3, 3 24	2 3, 9 3 0	1 2, 1 95	1, 8 4 3	4, 14 4
( % ) Va rat in ca nc y e ; eo p	2. 9	2.4	2.7	3. 4	3. 5
h ly lac € /sq Mo nt in- t in p e r en m	6. 1 2	6. 0 2	5. 75	5. 5 8	5. 4 0
h ly in- lac ic h ( % ) Mo nt t o t p e r en rg an g row	3. 7	3. 3	-	-	-
be f e loy Nu m r o mp ee s	8, 25 7	7, 4 3 7	6, 3 6 8	3, 8 5 0	2, 9 3 5
EP RA Ke Fig y ure s	H1 2 0 17	2 0 1 6	2 0 15	2 0 14	2 0 1 3
EP RA N AV	1 8, 7 0 2. 8	17 0 47 .1 ,	1 3, 9 8 8. 2	6, 5 7 8. 0	5, 1 2 3. 4
EP RA N AV ha in € ** p er s re	3 9. 25	3 6. 8 5	3 0. 0 2	2 3. 0 4	21 .74
EP RA N NN AV		2, 0 3 1 4.4	9, 3 9. 8 7	-	-
EP RA Ea ing rn s		8. 44 5	3 2 9. 2	-	-
EP RA N In it ia l Y ie l d in % et		4. 1	4. 5	-	-
EP RA "to d- " N In it ia l Y ie l d in % et p p e up		4. 1	4. 5	-	-
EP RA V in % te ac an cy ra		2. 2	2.5	3. 0	3. 1
( l. d ) EP RA C t R at io inc ire ct sts in % os va ca nc y co		2 8. 4	3 1. 9	-	-
( l. d ) EP RA C t R at io ire ct sts in % os ex c va ca nc y co		27 0	3 0. 2	-	-

Vacancy Rates – Annual Comparison

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.

German Residential – Favorable Fundamentals

Low home ownership ratio – Germans prefer to rent Rental housing very affordable in Germany

With the exception of Switzerland, Germany has the lowest homeownership ratio in Europe.
Rental regulation, favorable tenant laws, the general perception that home buying is a life-time decision and comparatively stringent financing requirements are main drivers for low homeownership rate.

Home ownership rate 2015 in %

Affordability in Germany is higher than in the UK or France.
Whereas most other European countries saw an increase, the share of rent-related payments in relation to disposable income declined in Germany between 2005 and 2015.

Rent as % of disposable household income

Sources: Federal Statistics Office, Eurostat

German Residential – Favorable Fundamentals

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.

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 2030 with a clear trend towardssmaller households.
The household growth is driven by various demographic and social trends including divorce rates, employment mobility etc.

Ownership structure (million units)

Distribution of household sizes (million)

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

Impressions

Frankfurt

Impressions

Dortmund

Dresden

Impressions

Essen

Dortmund

Company Presentation – September 2017

Optimize Apartment

Before

Upgrade Building

BeforeAfter

Upgrade Building

Before

After

Upgrade Building

Modernization - Impressions

Before

Addition of new floor plus modernization investment

Upgrade Building

Company Presentation – September 2017

Addition of new floor plus modernization investment

Upgrade Building

Floor Addition

Company Presentation – September 2017

Pictures taken at the production site of our cooperation partner Modulbau Lingen.

Company Presentation – September 2017

Neighbourhood Development "Eltingviertel"

Company Presentation – September 2017

VTS Van

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.

AI Terminal

Vonovia SE

477_ip_2017-09-08_cebbb500-9ca7-428e-a8c1-11dcd029d4cf.pdf

Company Presentation

1. Our Market

German Residential – Safe Harbor and Low Risk

Evergreen contracts in a regulated market safeguard sustainable growth

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

New supply falls short of demand

Vonovia at a Glance

If You Want to Know Where Germans Live - Follow the Light

Illustration of Germany at Night

Illustration of Germany at Night

Proven and Unchanged Strategy since IPO

1. Our Market

3. Our Numbers

Track Record

Valuation Going Up but still Moderate

Sustainable Growth in FFO 1 and Dividends

Accelerating Rent Growth Momentum

Smooth Maturity Profile with Diverse Funding Mix

Pro-active Portfolio Management Clustering

Growing Investment Volume

Growing Contribution from Value-add Business

Concept

Economics

Guidance Unchanged and Confirmed

Appendix

Liquid Large-cap Stock

VNA share price performance since IPO vs. DAX and EPRA Europe Index

Three Valuation Layers with Different Volatilities

H1 2017 Highlights

Built-in organic growth dynamics continue

Execution of 2017 investment program running at full speed

Half-year valuation supports positive momentum

Guidance for 2017 confirmed

Built-in Organic FFO 1 Growth Continues in H1

LTV Well within Target RangeDebt/EBITDA Multiple of 11.2x

FFO 1 per Share +15.7%

Investment Program well on Track

Ramping Up Space Creation

Portfolio Valuation Update

Adj. NAV per Share Up 7.6% in H1 2017

Sales – Steady Cash Flow at Attractive Margins

Improvements Across All KPIs

All Strategic Markets Show Upward Potential

Maintenance

Reconciliation IFRS Profit to FFO

IFRS P&L

IFRS Balance Sheet (1/2 – Total Assets)

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

Corporate Investment grade rating

Bond ratings

EUR-equivalent Coupon

Acquisitions – Opportunistic but Disciplined

Historical Key Figures (1/2)

Historical Key Figures (2/2)

Vacancy Rates – Annual Comparison

Vonovia History

German Residential – Favorable Fundamentals

Low home ownership ratio – Germans prefer to rent Rental housing very affordable in Germany

Rent as % of disposable household income

German Residential – Favorable Fundamentals

Fragmented ownership structure

Growing number of smaller households

Ownership structure (million units)

Distribution of household sizes (million)

Impressions

Impressions

Impressions

Optimize Apartment

Optimize Apartment

Upgrade Building

Upgrade Building

Upgrade Building

Modernization - Impressions

Before

Floor Addition

Floor Addition

Neighbourhood Development "Eltingviertel"