Vonovia SE

Investor Presentation • Jan 13, 2014

Commerzbank German Investment Seminar New York, 13-15 January 2014 Dr. A. Stefan Kirsten, CFO

Deutsche Annington: Innovation leader based on a long-term vision, operational excellence and unique financing structure

A top European real estate play

Largest player in a highly stable asset class – German residential

Industrial-like process approach to operations designed for growth

Financing strategy in line with leading European peers

Built-in growth and enhanced profitability expected to drive FFO per share and NAV per share accretion

Entrepreneurial approach to a stable and low-risk asset class

Platform for consolidation

Attractive asset class supported by favourable environment

Source: Federal Statistical Office, Euroconstruct, ifo

Source: BBSR Wohnungsmarktprognose 2009-2025. Projections based on 2009 numbers ¹ Rent evolution for multifamily housing

Source: Schader Stiftung (Germany), Clameur (France), Association of Residential Letting Agents (UK)

Rent evolution below disposable income growth

Source: Verband deutscher Pfandbriefbanken, Bundesbank

Deutsche Annington's portfolio footprint benefits from continuing supply / demand imbalance

Source: Destatis, 2010-2012 rental growth p.a.

5% >2.5% <2.5% of DA apartments

97% of DA's fair value⁵ in Western Germany and Berlin

Source: Capital Immobilienkompass

¹ Based on average rent differential recorded between new and existing units in Germany's largest 15 cities in 2012; ² As of 31 December 2012; ³Based on Company estimates; ⁴Rental growth data not provided for respective states; ⁵As of 31 March 2013

German-wide geographical footprint provides rent increase stability

Source: Destatis. Rental growth data not provided for Bremen, Hamburg and Schleswig-Holstein

Our portfolio strategy: nationwide footprint, clearly structured, well-managed and balanced

Investment programme proactively capitalising on mega-trends supported by German regulation

• Strong regulatory push at the EU level towards energy efficiency
• Supportive German regulatory framework allowing for rent increases following modernisation (up to 11% of energy modernisation cost)
• Public subsidised funding available to support energy efficiency investments

Optimise Apartments Capitalising e.g. on development of senior population

• Significant increase in share of elderly population expected
• Public subsidised funding available to support investments into apartments for elderly people

€500m investment opportunities identified

€300m investment opportunities identified¹

Attractive growth potential at ~7% unlevered yield, proven by our track-record

Source: European Commission, BBSR-Bevölkerungsprognose 2030

1 Including investments for senior living as well as investments in high demand markets

Preparation of investment program 2014 fully on track

• Preparation of investment program 2014 fully on track
• Hand-picked house by house
• Individual projects range from ~€ 5k to ~€1.5m
• Total volume of € 150m and 7% unlevered yield will be achieved
• Closing of €90m KfW funding expected until year-end 2013
• Tender offers and craftsmen capacity for projects with construction start in Q1-2014 secured, remainder in progress

Current status Geographic Distribution – Top 25 cities

Target KPI reached, i.e. investment volume of € 150m and 7% unlevered yield

All projects planned bottom-up

	Upgrade Build.	Optimize Apartm.	Invest total
Location	(k€)	(k€)	(k€)	# units
Dortmund	19,457	4,708	24,165	1,454
Frankfurt am Main	14,617	4,222	18,839	1,209
Berlin	7,849	3,725	11,575	1,000
Bonn	6,713	651	7,364	512
Kassel	5,027	1,661	6,688	464
Aachen	4,512	520	5,033	249
Essen	4,011	724	4,735	520
Cologne	2,783	1,324	4,107	359
Bochum	1,740	1,629	3,369	447
Gelsenkirchen	1,905	643	2,548	177
Herne	1,534	594	2,128	117
Dusseldorf	1,674	443	2,117	283
Munich	1,681	396	2,077	154
Wiesbaden	1,572	468	2,040	147
Nuremberg	1,785	208	1,993	117
subtotal	76,862	21,916	98,778	7,209
others	36,439	13,365	51,304	4,521
total	114,801	35,281	150,082	11,730

Note: numbers are budget values. Actuals may vary until end of 2014 due to local circumstances, e.g. lower or higher tenant turnover than planned (segment "Optimize Apartments"), longer procedures for building permits (segment "Upgrade Buildings"), etc.

Scale and professional portfolio management allowing for cross-selling opportunities

Deutsche Telekom partnership

• In 2011, Deutsche Annington signed a contract with Deutsche Telekom whereby Deutsche Telekom will equip 145,000 residential units throughout Germany with modern fibre-optic technology
• Both parties enter into a marketing cooperation for Deutsche Telekom's telephone, internet and television products
• In 2012, Deutsche Annington restructured existing agreements with fragmented supply base of cable networks in order to enable implementation of Deutsche Telekom partnership
• By the end of the third quarter of 2013, 44,000 residential units were connected and additional 14,000 units will follow in Q1 2014.

Insourcing initiatives provide unique operating platform and economies of scale

Overview Market Operations Financing Financials

Successful Non-Core sales program

• Sale of residential units with insufficient medium- to long-term growth prospects
• Expected sale of appx. 4,100 units in 2013 representing appx. 28% of Non-Core segment end of 2012, driven by sale of package of 2,100 units
• Non-Core disposals fully on track, yet exceeding 2013 budget and achieving a selling price at around fair market value as planned
• Reduced number of DA locations by around 20 since end of last year
• Positive effects on major portfolio KPIs (vacancy rate, in-place rent, fair value/sqm)

Higher flexibility for acquisitions and continuing strong deal flow

• There is a continuing flow of attractive portfolios
• As per October 2013 we have
• Examined: 91k units
• Analysed in more details: 76k units
• Performed due diligence on: 64k units
• Thereof prepared indicative bids for: 31k units
• Thereof Submitted binding bids for more than: 10k units
• As the largest residential real estate company in Germany operating throughout the country and due to our authorized capital and 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. The preconditions for any purchase are:
• Fit to portfolio, FFO/share accretion, non NAV/share dilution, maintaining our BBB rating

Implementation of unique and best-in-class financing structure in the German real estate sector completed

Optimal financing platform designed and established in 2013

Best-in-class financing structure to ensure full flexibility, best pricing and access to all sources in shortest time.

Simplification and increased stability through enhanced maturity profile and financing product mix

• Maturity profile further extended and smoothed
• No major refinancing before 2015
• Higher flexibility and cost efficiency through tailored mix of financing instruments

9M 2013 figures confirm positive development

Note: Like-for-like in-place residential rent

¹ Based on nominal debt amounts net of cash;

9M 2013 figures confirm positive development

¹ Based on average number of units over the period

FY 2013 outlook confirmed, FFO 1 expected to be at top end of guidance

KPI
Rental growth	1.8 – 2.0 %
Modernisation volume from 2014 p.a.	€ 150 m
Planned disposals (privatisation)	>2.0 k units
FFO 1 target	€ 210 – 220 m
Dividend policy	~70% of FFO 1

FFO 1 expected to be at top end of guidance

Appendix

• Top 5 European real estate company¹ and the largest German residential firm²
• 179k residential units across Germany, 97% by fair value in Western Germany and Berlin
• €10.4bn portfolio valuation
• €4.8bn EPRA NAV
• €546m rental income
• €5.37 residential in-place rent per square meter per month
• 2.1% rent per sqm growth p.a.
• 3.9% residential vacancy rate
• €336m Adjusted EBITDA Rental
• €363m Adjusted EBITDA
• €163m FFO 1 and €191m FFO 2
• Dedicated portfolio strategy and investment program focused on value creation

Note: all data as of Sep. 30, 2013, unless otherwise stated

¹By GAV; ² In listed German residential sector

9M 2013 key figures confirm the positive development

Key Figures
in €m	9M 2013	9M 2012	Change in %
Residential Units k	178.6	183.2	-2.5%
Rental income	546.1	547.3	-0.2%
Vacancy rate %	3.9	4.4	-0.5pp
Monthly in-place rent €/sqm	5.37	5.26	2.1%
Adjusted EBITDA Rental	335.7	322.9	4.0%
Adj. EBITDA Rental / unit in €	1,867	1,744	7.1%
Income from disposal of properties	226.1	226.1	0.0%
Adjusted EBITDA Sales	27.4	29.6	-7.4%
Adjusted EBITDA	363.1	352.5	3.0%
FFO 1	163.4	115.7	41.2%
FFO 2	190.8	145.3	31.3%
FFO 1 before maintenance	259.4	214.8	20.8%
AFFO	147.7	104.5	41.3%
Fair value market properties1	10,375.4	9,982.0	3.9%
EPRA NAV1,2	4,766.5	3,448.9	38.2%
LTV, in %	50.9	58.6	-7.7pp
FFO 1 / share in €3	0.73	0.58	25.9%
NAV / share in €4	21.26	17.24	23.3%

1) Previous year as of Dec. 31, 2012; 2) Before IPO proceeds; 3) Based on the shares qualifying for a dividend on the reporting date Sep. 30, 2013: 224,242,425 and Sep. 30, 2012: 200,000,000; 4) Based on the number of shares on the reporting date Sep. 30, 2013: 224,242,425 and Dec. 31, 2012: 200,000,000

				DA Residential Portfolio Sep. 30,	2013
	Units		Area	Vacancy		In-Place Rent	Rent l-f-l	Vacancy
Portfolio Segment	#	%	(´000 sqm)	%	€m	€/sqm	Y-o-Y in %	Y-o-Y in %
Operate	78,766	44	4,999	3.2	315	5.42	1.8	-0.4
Upgrade	43,530	24	2,746	3.0	169	5.31	1.5	-0.2
Optimise	21,367	12	1,335	2.5	95	6.06	3.4	0.4
RENTAL ONLY	143,663	80	9,080	3.1	579	5.48	2.1	-0.2
Privatise	21,215	12	1,453	5.1	88	5.29	1.0	-0.6
Non-Core	13,687	8	863	11.2	39	4.27	0.4	-2.4
TOTAL	178,565	100	11,396	3.9	705	5.37	2.1	-0.5

9M 2013 – Increased Adjusted EBITDA Rental and stable Adjusted EBITDA Sales

Bridge to Adjusted EBITDA Rental segment

(€m)	9M 2013	9M 2012
Profit for the period	474	183
Interest expenses / (income)	205	240
Income taxes	200	47
Depreciation	5	5
Net income from fair value adjustments of investment properties	-540	-124
EBITDA IFRS	344	351
Non-recurring items	19	5
Period adjustments	1	-3
Adjusted EBITDA	363	352
Adjusted EBITDA Rental	336	323
Adjusted EBITDA Sales	27	30

(€m)	9M 2013	9M 2012
Average number of units over the period (k)	179.8	185.1
Rental income	546	547
Other income from property management	14	14
Ancillary cost balance	(14)	(15)
Other property management costs	(211)	(224)
Adjusted EBITDA Rental	336	323

Sales segment

(€m)	9M 2013	9M 2012
Number of units sold	3,415	3,448
Income from disposal of properties	226	226
Carrying amount of properties sold	(207)	(200)
Revaluation of assets held for sale	17	18
Profit on disposal of properties	36	44
Operating expenses	(10)	(11)
Period adjustments	1	(3)
Adjusted EBITDA Sales	27	30

Evolution of Adjusted EBITDA (€m)

Adjusted EBITDA Rental growing with reduced portfolio

• Adjusted EBITDA Rental per unit increased by 7.1% to €1,867 per unit
• Adjusted EBITDA Sales almost on last year's level
• Adjusted EBITDA also growing

9M 2013 – All FFO definitions significantly higher than previous year

FFO evolution					FFO breakdown (€m)
(€m)	9M 2013	9M 2012
Adjusted EBITDA	363	352	363					FFO 1 excl. maintenance
(-) Interest expense FFO	(166)	(202)
(-) Current income taxes	(6)	(5)						259
(=) FFO 2	191	145
(-) Adjusted EBITDA Sales	27	30		(166)		191		163
(=) FFO 1	163	116			(6)		(27)
(-) Capitalised maintenance	16	11							(16)
(=) AFFO	148	105
(+) Capitalised maintenance	16	11
(+) Expenses for maintenance	96	99	Adjusted	Interest	Current	FFO 2	Adjusted	FFO 1	Capitalised
(=) FFO 1 (excl. maintenance)	259	215	EBITDA	expense FFO	income taxes		EBITDA Sales		maintenance

Comments

• All FFOs with significant positive development
• Main drivers are a significantly lower interest expense FFO and, furthermore, a positive impact from growth in Adjusted EBITDA

9M 2013 – EPRA NAV rising due to external valuation and shareholder contribution

Main impacts from valuation of investment properties and increase in capital by old and

1) Excluding deferred tax impact of external valuation

Note: Rounding errors may occur

P&L					Comments
			Change
(€m)	9M 2013	9M 2012	(€m)	%
Revenues from property letting	785.2	796.2	-11	-1.4
Rental income	546.1	547.3	-1.2	-0.2
Ancillary costs	239.1	248.9	-9.8	-3.9

			Change
(€m)	9M 2013	9M 2012	(€m)	%
Revenues from property letting	785.2	796.2	-11	-1.4
Rental income	546.1	547.3	-1.2	-0.2
Ancillary costs	239.1	248.9	-9.8	-3.9
Other income from property management	14.3	14.0	0.3	2.1
Income from property management	799.5	810.2	-10.7	-1.3
Income from sale of properties	226.1	226.1	0.0	0
Carrying amount of properties sold	-207.1	-200.2	-6.9	3.4
Revaluation of assets held for sale	17.2	17.9	-0.7	-3.9
Profit on disposal of properties	36.2	43.8	-7.6	-17.4
Net income from fair value adjustments of
investment properties	540.1	123.6	416.5
Expenses for ancillary costs	-240.2	-261.9	21.7	-8.3
Expenses for maintenance	-72.9	-86.4	13.5	-15.6
Other cost of purchased goods and services	-44.0	-50.5	6.5	-12.9
Personnel expenses	-105.7	-79.3	-26.4	33.3
Depreciation and amortisation	-4.6	-4.5	-0.1	2.2
Other operating income	33.1	23.6	9.5	40.3
Other operating expenses	-63.2	-49.6	-13.6	27.4
Financial income	16.8	8.2	8.6
Financial expenses	-221.1	-247.6	26.5	-10.7
Profit before tax	674.0	229.6	444.4
Income tax	-199.7	-46.7	-153
Current income tax	-6.0	-5.3	-0.7	11.1
Others (incl. deferred tax)	-193.7	-41.4	-152.3
Profit for the period	474.3	182.9	291.4

• Stable rental income despite sales-related reduction of portfolio size from 183k to 179k
• Offset by higher average residential in-place rent per square metre per month (€ 5.37 vs. € 5.26) and lower vacancy rate (3.9% vs. 4.4%)
• Lower ancillary costs mainly due to reduced portfolio
• Profit on disposal of properties lower due to expected lower step-ups in the non-core segment while privatisation step-ups increased.

Net income from fair value adjustments increase driven by valuation

Analogous to ancillary costs, expenses for ancillary costs reflect units development and insourcing effect of our caretaker organisation

9M 2013 – P&L development (cont'd)

P&L					Comments
			Change
(€m)	9M 2013	9M 2012	(€m)	%
Revenues from property letting	785.2	796.2	-11	-1.4
Rental income	546.1	547.3	-1.2	-0.2
Ancillary costs	239.1	248.9	-9.8	-3.9
Other income from property management	14.3	14.0	0.3	2.1
Income from property management	799.5	810.2	-10.7	-1.3
Income from sale of properties	226.1	226.1	0.0	0	Reduction partially stems from caretaker insourcing 
Carrying amount of properties sold	-207.1	-200.2	-6.9	3.4	initiative, and other effects
Revaluation of assets held for sale	17.2	17.9	-0.7	-3.9
Profit on disposal of properties	36.2	43.8	-7.6	-17.4
Net income from fair value adjustments of investment properties	540.1	123.6	416.5		Increased personnel expenses primarily due to the  insourcing initiative of caretakers (€ -6.7m) and
Expenses for ancillary costs	-240.2	-261.9	21.7	-8.3	craftsmen (€ -12.3m), and LTIP (-4.4€m)
Expenses for maintenance	-72.9	-86.4	13.5	-15.6	Increase mainly from compensation paid and cost
Other cost of purchased goods and services	-44.0	-50.5	6.5	-12.9	 reimbursements
Personnel expenses	-105.7	-79.3	-26.4	33.3
Depreciation and amortisation	-4.6	-4.5	-0.1	2.2	Increase mainly driven by insourcing, higher 
Other operating income	33.1	23.6	9.5	40.3	provisions and increased audit, consultancy fees
Other operating expenses	-63.2	-49.6	-13.6	27.4	and legal costs
Financial income	16.8	8.2	8.6		Financial expenses decreased substantially due to 
Financial expenses	-221.1	-247.6	26.5	-10.7	lower interest rates which resulted from
Profit before tax	674.0	229.6	444.4		restructuring of our debt positions
Income tax	-199.7	-46.7	-153
Current income tax	-6.0	-5.3	-0.7	11.1	Profit for the period mainly driven by valuation 
Others (incl. deferred tax)	-193.7	-41.4	-152.3		effects
Profit for the period	474.3	182.9	291.4

Maintenance and modernisation	(€m)
	9M 2013	9M 2012
Sales of own craftmen's organisation	86.6	36.8
Bought-in services	60.8	120.2
Total cost of modernisation and maintenance work	147.4	157.0
Intercompany profits of own craftmen's organisation eliminated in the consolidated
financial statements	-9.1	-0.4
Modernisation and maintenance work recognised in the consolidated
financial statements	138.3	156.7
…thereof maintenance1	96.0	99.1
…thereof capitalised maintenance	15.7	11.2
…thereof modernisation	26.6	46.4

Note: Rounding errors may occur

1) including cost of materials of € 72.9 million as well as personnel expenses of € 23.1 million and other costs.

Overview
(€m)	9M 2013	YE 2012
Investment properties	10,279	9,844
Other non-current assets	82	103
Total non-current assets	10,361	9,947
Cash and cash equivalents	281	470
Other current assets	185	191
Total current assets	466	661
Total assets	10,827	10,608
Total equity attributable to DA shareholders	3,794	2,666
Non-controlling interests	16	11
Total equity	3,810	2,677
Other financial liabilities	5,366	5,767
Deferred tax liabilities	924	724
Provisions for pensions and similar obligations	291	319
Other non-current liabilities	48	131
Total non-current liabilities	6,629	6,941
Other financial liabilities	201	684
Other current liabilities	187	306
Total current liabilities	388	990
Total liabilities	7,017	7,931
Total equity and liabilities	10,827	10,608

9M 2013 – Balance sheet evolution (cont'd)

Overview
(€m)	9M 2013	YE 2012
Investment properties	10,279	9,844
Other non-current assets	82	103
Total non-current assets	10,361	9,947
Cash and cash equivalents	281	470
Other current assets	185	191
Total current assets	466	661
Total assets	10,827	10,608
Total equity attributable to DA shareholders	3,794	2,666
Non-controlling interests	16	11
Total equity	3,810	2,677
Other financial liabilities	5,366	5,767
Deferred tax liabilities	924	724
Provisions for pensions and similar obligations	291	319
Other non-current liabilities	48	131
Total non-current liabilities	6,629	6,941
Other financial liabilities	201	684
Other current liabilities	187	306
Total current liabilities	388	990
Total liabilities	7,017	7,931
Total equity and liabilities	10,827	10,608

Residential per Sep. 30, 2013
	Units	Area (in thousand sqm)	Vacancy (in %)	In-Place Rent
				(in € million)	(in € per sqm per month)
North Rhine-Westphalia	95,181	5,958	4.3%	347.7	5.09
Hesse	21,141	1,338	1.8%	103.2	6.54
Bavaria	14,224	946	2.2%	61.1	5.50
Berlin	12,893	830	1.4%	56.1	5.72
Schleswig-Holstein	11,247	701	4.2%	41.2	5.12
Lower Saxony	5,679	384	8.2%	21.6	5.09
Rhineland-Palatinate	5,126	364	3.2%	21.8	5.17
Baden-Württemberg	4,931	344	2.5%	21.8	5.41
Saxony	3,282	205	10.5%	10.7	4.87
Saxony-Anhalt	1,379	94	20.0%	4.1	4.50
Hamburg	1,122	65	2.0%	5.6	7.36
Thuringia	1,059	68	5.9%	4.0	5.21
Mecklenburg-Western Pomerania	642	49	2.2%	3.3	5.71
Brandenburg	576	42	4.2%	2.8	5.84
Bremen	66	5	6.1%	0.3	5.76
Saarland	17	1	5.9%	0.1	4.75
Total	178,565	11,396	3.9%	705.4	5.37

Note: Residential in-place rent (per month in € per sqm) is defined as the current gross rental income per month for rented residential units as agreed in the corresponding rent

agreements as of March 31, 2013, before deducting non-transferable

Total residential portfolio by 25 largest locations

1) Residential in-place rent (per month in € per sqm) is defined as the current gross rental income per month for rented residential units as agreed in the corresponding rent agreements as of March 31, 2013, before deducting non-transferable

Corporate investment grade rating

Rating agency	Rating	Outlook	Last Update
Standard & Poor's	BBB	Stable	23 July 2013

Bond ratings

	Amount	Issue Price	Coupon	Maturity Date	Rating
3 years 2.125% Euro Bond	€ 700m	99.793%	2.125%	25 July 2016	BBB
6 years 3.125% Euro Bond	€ 600m	99.935%	3.125%	25 July 2019	BBB
4 years 3.200% Yankee Bond	USD 750m	100.000%	3.200% (2.970%)*	2 Oct 2017	BBB
10 years 5.000% Yankee Bond	USD 250m	98.993%	5.000% (4.680%)*	2 Oct 2023	BBB
8 years 3.625% EMTN	€500m	99.843%	3.625%	8 Oct 2021	BBB

*EUR-Equivalent re-offer yield

Key bond terms

	3 years 2.125% Euro Bond	6 years 3.125% Euro Bond
Issuer:	Deutsche Annington Finance B.V.*	Deutsche Annington Finance B.V.*
Trade Date:	17 July 2013	17 July 2013
ISIN:	DE000A1HNTJ5	DE000A1HNW52
WKN:	A1HNTJ	A1HNW5
Listing:	Unregulated open-market segment (Freiverkehr) of the Frankfurt Stock Exchange	Unregulated open-market segment (Freiverkehr) of the Frankfurt Stock Exchange
Notional Amount:	EUR 700,000,000	EUR 600,000,000
Denominations:	EUR 100,000 per Note	EUR 100,000 per Note
Issue Price:	99.793%	99.935%
Coupon:	2.125% (payable annually)	3.125% (payable annually)
First Coupon payment:	25 July 2014	25 July 2014
Maturity Date:	25 July 2016	25 July 2019
Covenants:	Total Debt / Total Assets <= 60%; Secured Debt / Total Assets <= 45%; Interest Coverage Ratio (LTM Adjusted EBITDA to LTM Interest Expense)>=1.4x until 30-Sep-13 and 1.8x thereafter; Total Unencumbered Assets / Unsecured Debt >= 125%	Total Debt / Total Assets <= 60%; Secured Debt / Total Assets <= 45%; Interest Coverage Ratio (LTM Adjusted EBITDA to LTM Interest Expense)>=1.4x until 30-Sep-13 and 1.8x thereafter; Total Unencumbered Assets / Unsecured Debt >= 125%
Rating:	BBB	BBB

*The bonds are guaranteed by Deutsche Annington Immobilien SE.

	2013/17 3.20% USD-Bond	2013/23 5.00% USD-Bond	2013/21 3.625% EUR-MTN
Issuer:	Deutsche Annington Finance B.V.*	Deutsche Annington Finance B.V.*	Deutsche Annington Finance B.V.*
Trade Date:	02 October 2013	02 October 2013	08 October 2013
ISIN:	144A: US25155FAA49	144A: US25155FAB22	DE000A1HRVD5
	Reg S: USN8172PAC88	Reg S: USN8172PAD61
WKN/ CUSIP:	144A: 25155FAA4	144A: 25155FAB2	A1HRVD
	Reg S: N8172PAC8	Reg S: N8172PAD6
Listing:	no Listing	no Listing	Regulated market of the Luxembourg Stock Exchange
Notional Amount:	USD 750,000,000	USD 250,000,000	EUR 500,000,000
Denominations:	USD 50,000 per note	USD 50,000 per note	EUR 1,000 per note
Issue Price:	100.000%	98.993%	99.843%
Coupon:	3.20% (half-annually payment)	5.00% (half-annually payment)	3.625% (annually payment)
EUR-Equivalent re-offer	2.97% (half-annually payment)	4.68% (half-annually payment)	-
yield
First Coupon payment:	2 April 2014	2 April 2014	8 October 2014
Maturity Date:	2 October 2017	2 October 2023	8 October 2021
Covenants:	Total Debt / Total Assets <= 60%;	Total Debt / Total Assets <= 60%;	Total Debt / Total Assets <= 60%;
	Secured Debt / Total Assets <= 45%;	Secured Debt / Total Assets <= 45%;	Secured Debt / Total Assets <= 45%;
	Interest Coverage Ratio (LTM Adjusted EBITDA to LTM	Interest Coverage Ratio (LTM Adjusted EBITDA to LTM	Interest Coverage Ratio (LTM Adjusted EBITDA to LTM
	Interest Expense)>=1.4x until 30-Sep-13 and 1.8x	Interest Expense)>=1.4x until 30-Sep-13 and 1.8x	Interest Expense)>=1.4x until 30-Sep-13 and 1.8x
	thereafter;	thereafter;	thereafter;
	Total Unencumbered Assets / Unsecured Debt >= 125%	Total Unencumbered Assets / Unsecured Debt >= 125%	Total Unencumbered Assets / Unsecured Debt >= 125%
Rating:	BBB	BBB	BBB

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