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Vonovia SE

Investor Presentation • Apr 30, 2014

477_ip_2014-04-30_dd60e914-86f4-4234-8345-9d8c8a5e93b2.pdf

Investor Presentation

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Deutsche Annington Immobilien SE Q1 2014 Results

Conference CallDusseldorf, 30 April 2014

Rolf Buch, CEODr. A. Stefan Kirsten, CFO

30.04.2014

Presenting today

Rolf BuchCEO

Dr. A. Stefan KirstenCFO

To drive growth in both FFO and NAV, we followfour operational strategies for the existing portfolio

Positive performance continuingOperational results are backing our 2014 guidance

Vacancy rate4.0%3.7%

31 March 2013 31 March 2014

1) Based on average number of units over the period

Positive performance continuingPer share KPIs diluted by capital increase in March*

*Based on number of shares as of 31 March 2013 (200 m) and 31 March 2014 (240,2 m)

Q1 2013 Q1 2014

2014 SG&A savings well on track

L
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Modernization program 2014 fully running

  • Two investment modules in 2014 delivering~7% unlevered yield:
  • "Upgrade buildings" – energetic building modernization (€115m)
  • "Optimize apartments" – vacant flat modernization for elderly living (€35m)
  • Ramp-up of internal resources to realize investment volume of €150m completed
  • Subcontractor capacities secured
  • Low interest rates for KfW-loans secured

Imbalanced market structure provides opportunities

Current return in %

  • Total return is the sum of current return and expected value growth
  • Imbalanced market structure provides opportunities
  • Growth is most crucial component
  • But analyses of history shows – rent forecasts by external data providers are not reliable

Innovative portfolio management for sustainable profitable growth

Deutsche Annington's portfolio management approach(Deutsche Annington's analyses of Germany)

  • We developed a framework to evaluate the housing market
  • Growth is derived from basic demographic data and own estimates
  • We will invest and acquire assets with above average returns and sell assets with low return
  • We identified 10 cities with a priority for acquisitions

City Priority city for acquisitions

Vitus and DeWAGperfectly enhance our portfolio

Integration of Vitus & DeWAGcompleted until year end

2
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Important milestones of funding already achieved

  • bearing debt.1
  • 11.8m shares in kind will be issued to Vitus shareholders at closing. Value consideration is DAIGs NAV at YE 2013 – € 21.332
  • Equity markets approached to raise primary capital under Deutsche Annington's authorised share capital at March 2013. 16m shares issued at € 19.00. 3
  • Issuance of hybrid bond, allowing for 50% equity credit, thereby strengthening the combined capital ratios issued at April 2014. For details see appendix.4
  • Cash / bond financing: Residual amount to be raised from cash or via bond market in line with Deutsche Annington's strategy of evenly spreading its maturity profile and/or asset disposals5

Updated shareholder structure after successfulcapital increase and secondary placement

  • On March 5th, 2014, DAIG issued 16.0m new shares via an accelerated book building ("ABB") at EUR19.00 per share, a discount of 4.6% to prior days closing
  • New total number of Deutsche Annington shares outstanding reached 240.2m
  • At the same time, Monterey and CPI Capital Partners split off their shareholder agreement. CPI received 27.6m shares and offered 11.0m of these shares to be placed as secondary
  • -Hence, the free float has more than doubled from 15.6% to 32.7%.

Innovative hybrid excites market

Comments

  • In April 2014, Deutsche Annington issued a € 700m hybrid bond – a premier to European residential real estate companies
  • The reaction of the issuance was overwhelming and the demand very strong - volume as well as coupon have exceeded our expectations
  • Another proven instrument enlarging our financing toolkit evidencing our innovative financing strategy

Long-term and well balanced maturity profile

  • No major refinancing before 2016
  • Structured Loan (WOGE V) of EUR 248m due 2015 has been prepaid in April 2014
  • Hybrid-bond is due 2074 (after 2023), but will loose the equity credit in 2019 (`economical maturity´)
  • DeWAG loans currently under review for best redemption strategy, cash available at DAIG balance sheet.

FFO by all definitions significantly exceedingprevious year

57

AFFO

F
F
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(
€
)
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3.
6		 FF
O
Sa
les
tax
es

Comments

  • All FFOs with significant positive development
  • Main driver is a significantly lower interest expense from the new financing strategy being fully in place now
  • Adjusted EBITDA slightly lower due to reduced sales volume, Adjusted EBITDA Rental flat despite reduced portfolio

NAV rising due to profitable growth and capital increase

Comments

  • Main impact of NAV growth derives from capital increase on March 5th, 2014
  • Total comprehensive income includes Q1 valuation impact
  • Other changes include the costs for the capital increase

Note: Rounding errors may occur

Positive outlook for 2014 confirmed

2.
3
2.
6
%
–
€
1
5
0
m
i
1,
8
0
0
t
n
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~
2
5
0
2
6
5
m
–
O
0
%
f
F
F
1
7
o
€
~

Summary

Positive operating performance is continuing

  • KPIs are showing a positive trend, per share figures diluted temporarily due to capital increase execution in March
  • Innovative portfolio management approach paving the way for sustainable profitable growth
  • Our three main 2014 work streams are well on track
  • Modernization program is well running
  • SG&A cost savings are slightly ahead of plan
  • Pace of integration and funding of the transactions is fully on track
  • We are confirming our 2014 guidance

Appendix

30.04.2014

Q1 2014 key figures confirm positive development

K
F
i
e
y
g
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e
s
i
€
n
m		 Q
1
2
0
1
4		 Q
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R
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3
%
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5		 1
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0		 -0
8
%
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%
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7
%		 4
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%		 -0
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9
%
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3.
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7
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7
3
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6.
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,		 0
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N
A
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1
1
8.
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0
p
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%
5
1.2
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/
N
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V
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€
s
a
r
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n		 2
1.
3
1		 2
1.
3
3		 -0
1
%

1) Based on the shares qualifying for a dividend on the reporting date Mar 31, 2014: 240,242,425 and Mar. 31, 2013: 200,000,000

2) NAV / share Q1 2014 vs YE 2013, based on the shares qualifying for a dividend on the reporting date Mar 31, 2014: 240,242,425 and Dec 31, 2013: 224,242,425

3) Q1 2014 vs YE 2013

Q1 2014 – Adjusted EBITDA Rental flat despite sales

Bridge to Adjusted EBITDA

(
€m
)		 Q
1
2
0
1
4		 Q
1
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f
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A
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Sa
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us		 9.
2		 1
1.
6

Rental segment

(
€m
)		 Q
1 2
0
14		 Q
1 2
0
13
f un
f p
Nu
be
its
d o
io
d
m
r o
en
er		 174
3
27
,		 18
0,
29
2
Re
l
Inc
nta
om
e		 5
18
0.		 18
2.0
Ma
inte
nan
ce		 -3
4.0		 3
4.3
-
Op
ing
t
sts
era
co		 -37
.0		 3
8.
4
-
A
d
j
d
E
B
I
T
D
A
Re
l
te
nta
us		 10
9.
5		 10
9.
3

Sales segment

(
€m
)		 Q
1 2
014		 Q
1 2
013
Nu
mb
of u
nits
ld
er
so		 926 1,
765
e f
f p
Inc
di
al o
ert
ies
om
rom
sp
os
rop		 60
.2		 102
.7
Ca
f p
ing
nt o
ert
ies
ld
rry
am
ou
rop
so		 -54
.2		 95
.5
-
Rev
alu
atio
f a
hel
d f
le
ts
n o
sse
or
sa		 6.1 5.5
Pro
fit
di
al o
f p
ies
(
IFR
S
)
ert
on
sp
os
rop		 12.
1		 12.
7
Op
ting
sts
era
co		 -3.
4		 2.9
-
Per
iod
ad
jus
tme
nts		 0.5 1.8
Ad
ju
d E
BIT
DA
Sa
les
ste		 9.2 11.
6

Evolution of Adjusted EBITDA (€m)

  • Adjusted EBITDA Rental flat despite reduced portfolio as slight top-line decrease is compensated by operating cost reductions
  • Adjusted EBITDA Rental per unit improved by 3.8% to € 626 per unit
  • Adjusted EBITDA Sales decreased due to reduced sales volumes, while step-ups improved significantly especially in the privatisation segment
  • Non-recurring items reflect costs related to our recent acquisition activities

Q1 2014 – P&L development

P
&
L
-------------
P
&
L		 C
o		 t
m
m
e
n
s
C
ha
ng		 e
(
)
€m		 Q
1
2
0
1
4		 Q
1
2
0
1
3		 (
)
€m		 %
Re
fro
le
ing
ty
t
t
ve
nu
es
m
p
ro
p
er		 2
6
0.
7		 2
6
1.
7		 1.
0
-		 0.
4
-
Re
l
inc
ta
n
om
e		 5
1
8
0.		 1
8
2.
0		 5
-1		 -0
8
An
i
l
lar
ts
c
y
co
s		 8
0.
2		 7
9.
7		 0.
5		 0.
6
O
he
inc
fro
t
ty
t
r
om
e
m
p
ro
p
er
m
an
ag
em
en		 4.
5		 4.
3		 0.
2		 4.
7
Inc
fro
ty
t
om
e
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Inc
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ly
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,
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bu
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f
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as
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G
S
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t
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loy
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ins
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tsm
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w

Q1 2014 – P&L development (cont'd)

P&L

P
&
L		 C
t
o
m
m
e
n
s
C
ha
ng		 e
(
)
€m		 Q
1
2
0
1
4		 Q
1
2
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1
3		 (
)
€m		 %
Re
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m
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6
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4
-
inc
Re
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8
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6
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inc
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7
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Inc
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1.
4
Ca
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2
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2
Re
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9
Pr
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de
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in
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f
f
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p
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nc
s
c
re

Driven by valuation uplift of investment properties in the previous year

© Deutsche Annington Immobilien SE30.04.2014 24

Overview of DA's modernisation and maintenance split

Q
1
2
0
1
4		 Q
1
2
0
1
3
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/
[
€
]
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m		 5.
1		 3.
4

Q1 2014 – Balance sheet evolution

O
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v
e
r
v
e
w		 C
t
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m
m
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n
s
(
€m
)		 Ma
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1
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c.
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Rent increase on track, vacancy yoy slightly decreased

i
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m
(
l
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€
s
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7		 (
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8		 0.
9
R
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3.
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9,
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1		 5
9
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6		 5.
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2		 0.
1
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9,
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1
9		 1
1.
1		 1,
3
2
1		 4.
8		 8
0.
3		 5.
3
1		 1.
6		 (
)
0.
7
C
N
o
n-
o
r
e		 9,
9
5
5		 5.
5		 6
0
2		 1
1.
0		 2
0
7.		 4.
2
1		 0.
9		 (
)
1.
6
T
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7
4,
3
2
7		 1
0
0		 1
1,
1
1
9		 3.
7		 6
9
9.
0		 5.
4
4		 1.
9		 (
)
0.
3

Note: Rounding errors may occur

Implementation of a best-in-class financing structure

Rating: investment grade rating from S&P

Corporate investment grade rating

R
i
t
a
n
g
a
g
e
n
c
y		 R
i
t
a
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l
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r		 B
B
B		 S
b
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e		 J
l
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0
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3
u
y

Bond ratings

A
t
m
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P
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s
s
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r
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p
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7
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9
9
3
%
7		 2
1
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%
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4
p
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+

*EUR-equivalent re-offer yield

Hybrid structure

Ov
iew
f t
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r		 De
he
An
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ton

u
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u
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a
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(
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)
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l
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f
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ts
5 y
to
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t
5-y
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se
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up
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t
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te

s
r
-up
A
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it
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bp
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Ap
i
l
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0
3
9
(
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No
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ly
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Int
De
fer
l
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ra		 f
fer
Pa
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t m
be
de
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Int
t
Pa
nt
Da
te

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s
ay
re
n a
ny
ere
s
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me
Ca
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la
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T
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Iss
d
ing
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f
Int
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ies
f t
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l
low
ing
(
h a
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da
Se
lem
Da
")
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ts
tan
t o
n t
t o
tor
tt
t
te

ue
r m
us
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ou
rea
rs
o
ere
s
ea
r
ea
c
an
y
en
:
)
Pa
Ju
ior
O
b
l
ig
ion
Pa
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O
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l
ig
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f t
he
Iss
f t
he
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nto
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me
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a
s o
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s,
o
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r o
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r,
su
ec
ce
ex
ce
p
s
y
b
)
Re
ha
de
ion
is
it
ion
f
Ju
ior
O
b
l
ig
ion
Pa
ity
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ig
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f t
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t
t
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t
to
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t
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r a
cq
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a
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r
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a
s,
o
ue
r o
r o
ara
r,
su
ec
ce
ex
ce
p
s
,
)
Re
de
ion
f t
he
No
t
tes
c
mp
o
)
d
Int
t
Pa
nt
Da
te
h
ic
h a
he
du
le
d
int
t
is
i
d
ere
s
y
me
on
w
sc
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s
p
a
)
W
in
d
ing
d
iss
lu
ion
l
iq
i
da
ion
f t
he
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he
Gu
t
t
r t
nto
e
-up
o
or
o
ue
r o
ara
r
u
,
De
ina
t
ion
no
m
s		 €
1
0
0
k

Higher flexibility for acquisitions and integration of portfolios, continuing strong deal flow

  • There is a continuing flow of attractive portfolios
  • As the largest residential real estate company in Germany operating throughout the country and due to increased financial flexibility, we have strengthened our market position significantly and are able to bid for every attractive portfolio
  • However we continue to have a disciplined approach. Thepreconditions for any purchase are:
  • Fit to portfolio
  • FFO/share accretion
  • NAV/share at least neutral
  • Maintaining our BBB rating

Vitus and DeWAG fulfill all of Deutsche Annington'sacquisition criteria

This presentation has been specifically prepared by Deutsche Annington Immobilien SE and/or its affiliates (together, "DA") 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 toany 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 DA ("forward-looking statements") which reflect various assumptions concerning anticipated results taken from DA's current business plan or from public sources which have not been independently verified or assessed by DA 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 DA in respect of the achievement of such forward-looking statements and assumptions.

DA 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.

DA 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.

IR Contact & Financial Calendar

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