Vonovia SE

Investor Presentation • Jun 20, 2017

Capital Markets Day 2017

Management Opening Presentation

Bochum – Host City for 2017 CMD

• Population of more than 360k, which is similar to Coventry, Nice, or New Orleans.
• More than 40k students enrolled at the Ruhr-Universität.
• Bochum is part of Vonovia's Southern Ruhr Area with a total of 45k residential units
• In 2016, Bochum's football stadium was renamed "Vonovia Ruhrstadion," as a sign of our commitment to Bochum. The stadium is home to the VfL Bochum football team, a club with a long-standing history and tradition.
• Both the VfL Bochum and Raab Karcher, the seed company of what used to be Deutsche Annington and is now Vonovia, were founded in 1848.

Capital Markets Day 2017

• Vonovia's 4th Capital Markets Day after
• 2014 Düsseldorf
• 2015 Berlin
• 2016 Essen
• As in prior years, the objective is to enable participants to "take a look into the machine room" and gain a better understanding of Vonovia's
• innovative strength
• unique approach to the business
• operating platform
• Opportunity to meet with various department heads throughout the event

2017 CMD Topics in the Context of Our Strategy

Breakout Session – Topics

Operating Platform & Customer Service Karsten Rech, Norbert Rieger	• Fully integrated SAP platform to ensure high degree of standardization and efficiency throughout the entire organization Track record of previous integrations (of varying size and complexity) • safeguards tried and tested integration processes Squaring the circle of better customer service and higher cost efficiency • How to build and run a state-of-the art, IT based customer service •
Modular Construction Konstantina Kanellopoulos	Identification of space creation potential in the portfolio • Enabling diverse constructions with highly standardized modules • Space creation pipeline • Learning curve • Superiority of modular approach in terms of costs, quality and time •
	• Value-add Business as a dynamic growth driver - Vonovia adds value beyond
Value-add Business Torsten Akelbein	brick-and-mortar NAV Different business models within value-add businesses – top-line growth and • bottom-line savings Where do you find the different elements in our disclosure? •
	How to consider the Value-add Business in the valuation •

Agenda

g n ni r o M	08:30 – 09:00 Registration 09:00 – 09:30 Management Opening Presentation		9:40 - 10:25
	09:40 – 10:25 Breakout Sessions (Slot 1) 10:30 – 11:25 Breakout Sessions (Slot 2)		10:30 - 11:25
	11:25 – 11:40 Coffee Break 11:40 – 12:25 Breakout Sessions (Slot 3) 12:25 Lunch		11:40 - 12:25
n o o n r e t f A	13:15 – 14:00 Transfer  Dortmund, Imigstr.
	14:00 – 14:30 Site Visit Modular Construction
	14:30 – 15:30 Transfer  Duisburg, Silberpalais
	15:30 – 16:00 Site Visit Customer Service Center
	End of CMD Duisburg Main Train Station is directly across from the		End of CMD

Vonovia will provide bus transfer to Dusseldorf International Airport (ca. 30 min. bus ride)

9:40 -	Operating Platform &	Modular Construction	Value-add Business
10:25 10:30 -	Customer Service Modular Construction	Value-add Business	Operating Platform &
11:25 11:40 -	Value-add	Operating Platform &	Customer Service Modular
12:25	Business	Customer Service	Construction
14:00 – 14:45 Transfer  Dortmund, Imigstr.

14:45 – 15:15 Site Visit Modular Construction

15:15 – 16:15 Transfer Duisburg, Silberpalais

16:15 – 16:45 Site Visit Customer Service Center

Duisburg Main Train Station is directly across from the Silberpalais

Vonovia will provide bus transfer to Dusseldorf International Airport (ca. 30 min. bus ride)

Silberpalais

CMD 2017 Home Team

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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.

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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.