Instone Real Estate Group AG

Investor Presentation • May 8, 2025

Results Presentation

Q1-2025

Essen, 8 May 2025

Q1 2025 Highlights

Q1 highlights & outlook

Strong sales momentum in B2C business despite macro headwinds

• Strong momentum in retail business in past weeks with support from new sales starts and more to come
  • Retail: Strong demand for new products which are ideally tailored to tax incentives schemes for buy-to-let investors; no tangible impact from temporary turmoil in financial markets (Q1-retail sales: +52% yoy);

Operational Highlights

• Institutional: in talks with investors for several transactions (timeline for closing: H2-25 as expected)
• Acquisitions: Increase in opportunities in the market; several land acquisitions in advanced stages of negotiations

Q1-2025 results: Solid start to the year

1 Adjusted results

Outlook for 2025 confirmed

Revenues: €500-600m Gross profit margin: ~23% EAT: €25-35m Sales: >€500m Outlook1

Retail sales: New sales starts showing strong momentum

Quarterly development of retail sales

• Continued sales recovery (private sales up from €25.5m to €38.7m in Q1-2025, +52% yoy) despite temporary hike in rates confirms stable upward trend by the market - major sales driver Positive momentum continued also
• New sales starts very well received
• in April (sales €22.2m)
• Sales ratio: 2.4% (16 CW), 13.25 avg. weekly number of units sold / 541 avg. number of units on offer; above LT mean
• Institutional market: in talks for several deals – signings expected in H2-2025

© Instone Group 4 1 Retail sales ratio = weekly number of units sold/total number of units on offer (four week moving average)

New sales starts in 2025: Boost in demand due to attractive post

tax-returns

Official sales start, once final building permit has been granted (expected in

second half of May)

Prices withstand macro headwinds; dynamic rent growth persists

7.5% 7.6% 6.4% 7.3% 7.2% 4.3% 2.8% 0.1% (2.2%) (3.3%) (4.1%) (2.7%) (1.6%) 0.6% 2.3% 1.8% 1.6% 1.3% 2.3% 1.8% 1.6% (0.5%) 0.2% (1.3%) (0.6%) (1.6%) (0.7%) 0.2% 0.4% 0.7% 0.4% 0.1% Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24Q4-24Q1-25y-o-y q-o-q In % House price inflation (new builds)1 2.7% 2.7% 5.0% 5.10% New-build rent development – Accelerating positive momentum1

Stable prices in Q1 in spite of a more volatile environment as further sign of strength

Rent growth remains at elevated levels due to rising scarcity for energy efficient apartments in good quality locations

Moderate CPI growth – INS with unrivalled low construction costs

Construction price inflation1

• Overall construction price inflation rather stable at moderate levels
• 1 Statistisches Bundesamt (Federal Statistical Office)

Under construction projects de-risked with 93% sold

- Projects with GDV of c.€2.9bn are "under construction" of which 93% already sold

• Land value c.€470m + outstanding land payment c.€80m (accounting for c.15% of pre-sales GDV)

Q1 2025 Financial Performance & Outlook

Adjusted results of operations: Solid profitability maintained

€m		Q1 2025	Q1 2024	Change
Revenues	1	105.0	119.5	(12.1%)	1  Lower construction output, in line with expectations – bulk of revenues is still derived from pre-sold units under construction
Project cost		(76.9)	(86.9)	(11.5%)
Gross profit		28.1	32.7	(14.1%)
Gross Margin	2	26.8%	27.4%		2  Sustained high margin level reflects quality of projects and cost control
Platform cost	3	(17.7)	(17.7)	0%	with inhouse construction management - lower margin in coming quarters expected (as planned)
Share of results of JVs	4	2.6	0.9
EBIT		12.9	15.8	(18.4%)
EBIT Margin		12.3%	13.2%		3  Platform costs: Stable costs despite cost inflation
Financial & other results	5	(2.7)	(3.2)
EBT		10.2	12.6	(19.0%)	4  Increase in JV result reflects positive contribution of Berlin JV
EBT Margin		9.7%	10.5%
Taxes		(2.8)	(3.1)
Tax rate	6	27.1%	24.4%		5  Improved financial result mainly due to a reduction in net debt
EAT		7.5 9,6 (21.9%)			(-€65.3m in Q1 yoy)
EAT Margin		7.1%	8.0%
EAT post minorities		7.3	9.3	(22.3%)	6  Slightly higher tax rate due to lower expected earnings contribution in FY
EPS1		0.17	0.22	(22.3%)	2025 from completed Berlin JV project in 2025

© Instone Group 10 1 Weighted average number of shares: 43.323m

Very strong balance sheet

€m	31/03/2025	31/12/2024
Corporate debt	139.1		 LTC (loan-to-cost ratio) stays at a
1 Project debt	267.4		very low level of 11.8%
1 Financial debt	406.4	389.7
1 Cash and cash equivalents and term deposits	252.2		 … and a very solid net
1 Net financial debt	153.5	132.5	debt/adjusted EBITDA of 2.6x at the trough of the cycle
Inventories and contract asset / liabilities	1,308.4
LTC1,2	11.8%	10.5%
3 Adjusted EBIT (LTM)	54.6		 Balance sheet offers ample
3 Adjusted EBITDA (LTM)	59.3		headroom for growth investments in a buyers' market for land
1 Net financial debt / adjusted EBITDA	2.6x	2.1x

© Instone Group ¹¹ 1 Q1/25: Excl. €160m restricted cash and €113.4m financial debt in connection with Project Westville client related subsidized KfW loan 2 Loan-to-Cost: Net financial debt/(Inventories + Contract assets/liabilities) 3 LTM: Last twelve months

Financially very strong position - Firepower for future growth

Cash Flow (€m)	Q1 2025	Q1 2024
EBITDA adj.	13.9	17.1	Corporate debt
Other non-cash items	2.5	(5.9)
Taxes paid	(3.4)	(3.4)
Change in working capital	(29.9)	(35.5)
Operating cash flow	(16.9)	(27.7)
Land plot acquisition payments RETT)1 (incl.	12.7	0.7	Project debt2
Operating cash flow excl. investments	(4.2)	(27.0)
 Very strong cash generation in 2023 & 2024 (total operating CF of approx. €210m) has created significant scope for growth investments
 Acquisition payments include deferred payments for Lahnwarte
Frankfurt which was purchased last year and is now already in the sales		project, in

• Very strong cash generation in 2023 & 2024 (total operating CF of approx. €210m) has created significant scope for growth investments
• Frankfurt which was purchased last year and is now already in the sales 2 Q1/25 Excl. €160m restricted cash and €113.4m financial debt in connection with Project Westville client related subsidized KfW loan 3 Net available project financing

Liquidity (€m)	Total	t/o drawn	t/o available
Corporate debt
Promissory notes	135.0	135.0	-
Revolving Credit Facilities	141.6	-	141.6
2 Cash and cash equivalents and term deposits			252.5
Total corporate funds available			394.1
Project debt2
2,3 Project finance	404.9	242.6	162.3

process Liquidity: Significant net cash position on corporate level (>€250m) plus c. 140m RCF provides significant financial flexibility providing Instone a major competitive advantage in market consolidation phase

Significant acquisition pipeline: Several deals in advanced negotiation process (>500m under exclusivity); Increase in supply of acquisition opportunities in the past months

© Instone Group ¹² 1 RETT: Real Estate Transfer Tax

Financing: Strong access to debt financing in tough markets

© Instone Group 13 1 Refinancing promissory note in 2024: repayment of €35m in 2024, €30m in 2025 and extension of €17.5m to 2026 & 2028 respectively; interest step-up from 4.0% to 4.5% in 08/2025, from 4.5% to 5.25% in 08/2026

Outlook: Full year targets confirmed

€m	Forecast 2025
Revenues (adjusted)	500-600
Gross profit margin (adjusted)	~23%
EAT (adjusted)	25-35
Volume of concluded sales contracts	>500

Project portfolio key figures

41.6	173.6	34.7	33.9	88.0	120.1	20.2	18.4	52.7
6,971.4	6,891.1	7,111.0	7,124.9	6,885.8	6,972.0	7,015.5	7,182.6	7,600.4
2,796.4	2,755.0	2,675.8	2,784.8	2,781.1	2,693.4	2,822.7	2,868.8	2,958.7
2,385.2	2,281.8	2,231.6	2,246.3	2,140.7	2,022.5	2,089.4	2,002.2	1,944.7

Units	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Volume of sales contracts	76	366	55	68	213	195	37	28	110
Project Portfolio	14,236	14,243	14,650	14,760	14,252	14,252	14,269	15,148	16,107
thereof already sold	6,264	6,188	6,074	6,448	6,430	6,217	6,588	7,017	7,198

(Unless otherwise stated, the figures are quarterly values)

Diversified project portfolio across most attractive German regions

Expected future cash flows suggest significant upside1

Fundamental Instone value rests on three distinct pillars

Pre-sold projects

• c.€2.9bn currently under construction
  • t/o c.€2.7bn pre-sold (93%)
• In addition c.€130m pre-construction already pre-sold
• Tangible and substantially de-risked cash-flow profile

Land bank

• of ~€470m
• Substantial incremental value

Upside from construction starts and acquisitions

• CF potential from new construction starts which will increase as of H2-25 in particular
• Ability to source new projects with very attractive future CF potential Highly attractive acquisition opportunities likely to
• materialise within 12-24 months

Fundamental Instone value rests on three distinct pillars
Pre-sold projects	(As of 31 March 2025; in €m)
 c.€2.9bn currently under construction  t/o c.€2.7bn pre-sold (93%)  In addition c.€130m pre-construction already pre-sold	De-risked free cash flow from projects under construction1	~220m
 Tangible and substantially de-risked cash-flow profile Land bank	Unsold land bank at cost2	~470m
 Residual unsold and paid land bank recognised at cost² of ~€470m  Substantial incremental value	Notional gross asset value2	>690m
Upside from construction starts and acquisitions  CF potential from new construction starts which will increase as of H2-25 in particular	Net debt	-153.5
 Ability to source new projects with very attractive future CF potential  Highly attractive acquisition opportunities likely to materialise within 12-24 months	Notional value to shareholders3	~540m

© Instone Group ¹⁸ 1 Free cash flow post platform cost and taxes; Incl. proportionate share of at-equity JVs 2 Note: "unsold land bank at cost" excluding unsold portion of projects under construction 3 Note: 43.32m shares issued and outstanding (excluding Treasury shares)

Growth Opportunities Act with attractive tax incentives for newbuild properties (scenario analysis)

Model assumptions		Payback of capital from tax incentives
Price /sqm	5,700 €		4 years	10 years
Lettable space	85 sqm	Total depreciation	142,658 €	218,532 €
Purchase price	484,500 €	Depreciation as % of total purchase price	27.3%	41.8%
Ancillary costs	38,760 €
Land (18% of total purchase price)	94,187 €	Tax incentive	63,212 €	96,831 €
Buidling costs	429,073 €	Tax incentive as % of total purchase price	12.1%	18.5%
Buidling costs per sqm	5,048 €	Tax incentive as % of equity	40.3%	62%
Rental yield	4%
Rental growth p.a.	2.5%
Equity ratio (30%)	156,978 €	Attractive post tax returns
Debt interest rate	3.5%	Average RoE (cash returns)	12.8%	9.5%
Income tax	44%	Tax free disposal gains after 10 years
 Tax incentives allow for fast payback of capital protected post tax returns for buy-to-let investors	and highly attracitve inflation	 plus additional 5% linear depreciation over if tax relevant building costs are <5,200 €/sqm QNG 40 certitification is met	4 years (according and energy	to § 7 EstG) standard of
 Tax free diposal gains after 10 years		 > 90% of Instone project pipeline ready for	construction	relevant
 Growth Opportunities Act:		meets criteria
 5% degressive depreciation on new build properties

Payback of capital from tax incentives
	4 years	10 years
Total depreciation	142,658 €	218,532 €
Depreciation as % of total purchase price	27.3%	41.8%
Tax incentive	63,212 €	96,831 €
Tax incentive as % of total purchase price	12.1%	18.5%
Tax incentive as % of equity	40.3%	62%

Attractive post tax returns
Average RoE (cash returns)	12.8%	9.5%
Tax free disposal gains after 10 years
if tax relevant building costs are <5,200 €/sqm QNG 40 certitification is met  > 90% of Instone project pipeline ready for criteria	and energy construction meets	standard of relevant

• -
• © Instone Group 19
  • criteria

Projects > €30m sales volume, representing total: ~ €7.0bn – JVs are not included Project portfolio as of 31/03/2025

Project	Location	Sales volume (expected)	Lettable space (sqm)	Land plot acquired	Planning right obtained	Sales start	Construction started
Hamburg
Kösliner Weg	Norderstedt	101m €	24,539			2025
RBO	Hamburg	219m €	29,876
Büntekamp	Hanover	169m €	25,044			2026
Berlin
Nauen	Nauen	163m €	28,686			2026
NRW
Unterbach	Düsseldorf	190m €	40,229
Literaturquartier	Essen	N/A	18,178
REME	Mönchengladbach	128m €	28,315			2030
west.side	Bonn	204m €	63,794
Gartenstadtquartier	Dortmund	95m €	25,514			2025
Bickendorf	Cologne	650m €	146,713			2028
6-Seen Wedau	Duisburg	81m €	16,589
Kempen	Kempen	50m €	11,103			2026
Grafental	Düsseldorf	189m €	29,765
Tußmannstraße	Düsseldorf	71m €	8,375			2026

© Instone Group 20 Note: Semi-filled circle means that the milestone has already been achieved for sections of the project (land plot acquisition, start of sales or construction). Concerning the building rights the semi-filled circle means that the zoning process has been initiated. No circle for "land plot acquired" means that the land has not yet been purchased but secured by contract

Projects > €30m sales volume, representing total: ~ €7.0bn – JVs are not included Project portfolio as of 31/03/2025

Project	Location	Sales volume (expected)	Lettable space (sqm)	Land plot acquired	Planning right obtained	Sales start	Construction started
Rhine-Main
Delkenheim	Wiesbaden	114m €	51,395
Schönhof-Viertel	Frankfurt	619m €	91,399
Friedberger Landstr.	Frankfurt	308m €	38,241			2027
Elisabethenareal	Frankfurt	85m €	9,989			2026
Steinbacher Hohl	Frankfurt	N/A	13,746
Westville	Frankfurt	N/A	101,224
Heusenstamm	Heusenstamm	173m €	39,364			2026
Kesselstädter	Maintal	232m €	38,315			2026
Polaris	Hofheim	67m €	10,215			2025
Rheinblick	Wiesbaden	315m €	51,751			2027
Eichenheege	Maintal	118m €	18,055			2028
Lahnstraße	Frankfurt	80m €	10,489
Leipzig
Parkresidenz	Leipzig	289m €	66,209
Semmelweis 9	Leipzig	69m €	24,216			2025
Rosa-Luxemburg	Leipzig	170m €	26,656			2025
Heide Süd	Halle	59m €	10,521			2026

© Instone Group ²¹ Note: Semi-filled circle means that the milestone has already been achieved for sections of the project (land plot acquisition, start of sales or construction). Concerning the building rights the semi-filled circle means that the zoning process has been initiated. No circle for "land plot acquired" means that the land has not yet been purchased but secured by contract

Projects > €30m sales volume, representing total: ~ €7.0bn – JVs are not included Project portfolio as of 31/03/2025

Project	Location	Sales volume (expected)	Lettable space (sqm)	Land plot acquired	Planning right obtained	Sales start	Construction started
Baden-Wurttemberg
Rottenburg	Rottenburg	172m €	33,932
Herrenberg III, Schäferlinde	Herrenberg	80m €	13,963			2026
Herrenberg II, Zeppelinstraße (Gefylde)	Herrenberg	89m €	14,987			2025
Bavaria South
Ottobrunner	Munich	105m €	10,870			2025
Bavaria North
Eslarner Straße	Nuremberg	N/A	12,570
Lagarde	Bamberg	90m €	17,773
Schopenhauer	Nuremberg	65m €	11,206
Seetor	Nuremberg	112m €	16,134
Boxdorf	Nuremberg	68m €	10,098
Thumenberger	Nuremberg	126m €	16,548			2025
Worzeldorf	Nuremberg	69m €	11,428			2026
Lichtenreuth	Nuremberg	87m €	11,558			2026

© Instone Group Note: Semi-filled circle means that the milestone has already been achieved for sections of the project (land plot acquisition, start of sales or construction). Concerning the building rights the semi-filled circle means that the zoning process has been initiated. No circle for "land plot acquired" means that the land has not yet been purchased but secured by contract ²²

Favourable regulatory framework leading to attractive cash

flow profile

Private Customer's Payment Profile for German residential development projects

% paid by customer % remaining to be paid by customer

German regulatory framework for customer payments compared to other European markets

• De risked: B2C development process per se low-risk via regulatory framework ("MaBV")1
• Certainty: No cancellation possibilities
• Capital-light: Predefined payment schedule limiting equity requirement from Instone
• Very favourable payment schedules vs. other European countries, particularly UK, Ireland and Spain

Significant amount of construction costs covered by customers' regular payments

Funding requirements minimized due to high pre-sales levels

Illustrative cumulative financing profile of a typical B2C Instone project

Supportive German subsidy schemes

Key positives from new subsidy scheme

	Key positives from new subsidy scheme
			The German government increases tax depreciation and invests >€1bn p.a. to support owner-occupiers (help-to-buy) and new build of rental apartments
Programme details	 Name: Social housing subsidies  Budget: €3.15bn in 2024 (€18.15bn total volume until 2027)  40% of investment born by the federal states (additionally)	 Name: Degressive Depreciation (Growth Opportunities Act)  Volume: 5% depreciation p.a.; can be combined with 5% special depreciation (§ 7 EstG) if tax relevant selling price excl. land is below €5,200 / sqm (QNG criteria must be met)	 Name: "Wohneigentum für Familien" = homes for families  Volume: €350m  Start: 16/10/2023	 Name: "Klimafreundlicher Neubau" = climate friendly new-build  Volume: €0.76bn (KFN)2  Start: 2023; Renewal: February-2024	 Name: "Klimafreundlicher Neubau im Niedrigpreissegment" = climate friendly new-build in the affordable segment  Volume: €2bn  Start: Oct-24 - Dec-25
Recipient	 Beneficiary: Housing companies, institutional and private investors  Eligibility:  New construction, extension or conversion of new living space  Modernisation of existing space  Social rental apartments or owner occupied residential properties	 Buy-to-let investors  For newly built residential properties	 Families with at least 1 child <18 years living in their household  Household income of max. €90,000 (up from €60,000 previously) plus €10,000 per child  Required to own at least 50% of the building (as only home in Germany)	 Resi landlords, other institutional or private investors	 Private investor, corporates or other investors
Objective	 Support the construction and modernisation of social housing	 Expected to have a positive impact on the return expectations  Increased willingness to pay from private buy-to-let investors (due to full tax deductibility from personal income)  Boost construction of rental apartments	 Help-to-buy: Build or buy new home/condominium for own use for the first time (for at least 10 years)  Energy efficiency:  At least energy standard KfW40 (plus additional requirements regarding GHG emissions defined in regulation "Qualitätssiegel Nachhaltiges Gebäude")  Higher subsidies possible with the additional certificate for sustainable buildings "QNG"	 New build of energy efficient buildings  Energy efficiency  At least energy standard KfW40 (plus additional requirements regarding GHG emissions defined in regulation "Qualitätssiegel Nachhaltiges Gebäude")  Higher subsidies possible with additional certificate for sustainable buildings "QNG"  Use of fossil fuels not allowed	 Increase supply in the affordable rental segment (space efficient and climate friendly)  Energy efficiency:  Energy standard 55 (no fossil fuels)  Emission targets over the life cycle have to be met (including construction) – QNG  Cap for construction costs and floor space
Subsidies	 Loan per apartment: €200k  Amortisation discount: 30-35%  Interest rate: 0-0.5%  Required minimum energy standard of 55	 Increase of depreciation on newly built residential properties from (currently) 3% linear to 5% degressive p.a.; threshold for special depreciation from €4,800 to 5,200 / sqm	 No direct grant; max. one housing unit  Subsidized mortgages, reduced interest costs (0.34%-3.43%1 ) by federal KfW Bank  €90–270k loan volume (with QNG certificate)  Will be accepted as equity substitute	 No direct grant  Subsidized mortgages (2.33%- 3.00%) by federal KfW Bank (volumes per unit)  Max. €100,000 loan volume  Up to €150,000 with QNG certificate	 No direct grant  Subsidized loans  €100,000 per apartment  Different durations (e.g. 1.13% for 10 yrs)

Coalition agreement of new German government contains positive elements Introduction of "housing construction turbo" within the first 100 days => Reform to speed up

• Agreement contains ideas for new construction that point in the right direction:
  -
• construction processes Building standards are planned to be simplified and the "building type E" will be legally secured
• => Political target to reduce construction costs (incl. modular and serial construction) Subsidies for owner occupiers: Tax incentives, equity-replacing measures and state guarantees for mortgages will be examined Increase in investments in social housing Support of new construction of municipal housing companies (equity replacing measures) Temporary reintroduction of subsidies for KfW55 standard
  -
  -
  -

Driving sustainable success: how value creation is linked to sustainability in 2023) Share of projects/objects with energy requirements at least NZEB -

Major ESG-KPIs achievements

• EU Taxonomy-compliant revenues: 94.7% in 2024 (up from 90%
• 10%: 100%
• GHG emissions scope 1 and 2 reduced by 62.3% from the base year 2020, in line with SBTi
• Implementation of 7 working groups with focus on ESG topics (predominantly reduction Scope 3 emissions) comprising 30 employees
• Social impact scoring model which is applied to each project
• On track with implementation of voluntary¹ CSRD/ESRS reporting

Predominantly EU taxonomy-compliant Key objectives

GHG emissions scope 1 and 2 reduction target of 42% reached.

Net Zero climate neutrality by 2045

Continuous expansion of ESG governance

ESG: Top rating underscores commitment to industry leadership

UNIVERSE		RANK PERCENTILE (15t = lowest risk) (151 = Top Soore)
Global Universe	616/15079	5th
Real Estate INDUSTRY	147/1008	15th
Real Estate Development SUBINDUSTRY	4/275	2nd

• Instone among the top 2% of the 275 global real estate development companies, improved score vs. 2023
• Top 5% across all sectors

Major ESG-KPIs – achievements

	Major KPIs	2024	2023
	Taxonomy-compliant revenues (in %)	94.7	90.0
E	GHG emissions / scope 1 - 3 abs.	178.174 t CO2e	197,657 t CO2e
	GHG emissions / scope 1 - 2 abs.	1,001 t CO2 e	1,437 t CO2 e
S	Share of female employees in management positions (below C-level)	16.7% (1st) / 33.3% (2nd)/	20% (1st) / 28% (2nd)/
	Code of Conduct for employees and contractors (UN Charter)	100%	100%
G	Employee compliance and data protection training	100%	100%
	Compliance cases (suspected)	0	0

Instone share Basic data Shareholder structure (May 2025)

 ISIN:	DE000A2NBX80
 Ticker symbol:	INS
 No of shares:	46,988,336
 Market cap:	€377m
 Average daily trading volume: €0.1m
 Market segment:	Prime Standard, Frankfurt

© Instone Group ³⁰ 1 Based on closing price on 02/05/ 2025 at €8.02

Financial calendar

08	May	2025	Quarterly Statement for the first three months of 2025
12	May	2025	Roadshow London, Deutsche Bank
11	June	2025	Annual General Meeting, Essen
12	June	2025	Warburg Highlights Conference, Hamburg
07	August	2025	Group Interim Report for the first half of 2025

The Instone Management Board

Kruno Crepulja CEO

• CEO since 2008 (of Instone's predecessor formart)
• Comprehensive experience as an engineer, site manager and project developer
• 17-year career on the management boards of large development companies
• Appointed until 31 December 2025

David Dreyfus CFO

• CFO, since September 1, 2023

• 28 years of experience in corporate finance and capital markets, including as Director with Lazard and Senior Partner of Lilja & Co.

• Mr. Dreyfus already advised Instone in preparation and execution of its IPO in 2017 and 2018
• Appointed until 31 December 2027

Andreas Gräf

COO

• COO since 2008 (of Instone's predecessor formart)
• Established the residential development as a standalone business model at HOCHTIEF
• Working in the construction and real estate sector for 30 years
• Appointed until 31 December 2025

Investor Relations Contact

Burkhard Sawazki

Head of IR and Capital Market Communication & Strategy

T +49 201 45355-137 M +49 173 2606034 burkhard.sawazki@instone.de

Tania Hanson

Roadshows & Investor Events

T +49 201 45355-311 M +49 152 53033602 tania.hanson@instone.de

Disclaimer

BY VIEWING THIS PRESENTATION, YOU AGREE TO BE BOUND BY THE FOLLOWING TERMS AND CONDITIONS REGARDING THE INFORMATION DISCLOSED IN THIS PRESENTATION. THIS PRESENTATION HAS BEEN PREPARED BY INSTONE REAL ESTATE GROUP SE (THE "COMPANY", TOGETHER WITH ITS SUBSIDIARIES, "INSTONE").

For the purposes of this notice, "presentation" means this document, its contents or any part of it. 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 recipients should not purchase, subscribe for or otherwise acquire any securities of the Company. This presentation 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 accordingly not intended to form the basis of any investment decision and does not constitute or contain any recommendation by the Company, its shareholders or any other party. The information and opinions contained in this presentation are provided as at the date of this presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate the Company. The information in this presentation is in draft form and has not been independently verified. Parts of the financial information in this presentation are preliminary and unaudited. Certain financial information (including percentages) in this presentation has been rounded according to established commercial standards. As a result, the aggregate amounts (sum totals or sub totals or differences or if numbers are put in relation) may not correspond in all cases to the aggregated amounts of the underlying (unrounded) figures appearing elsewhere in this presentation. 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. None of the Company, its shareholders, or any other party accepts any responsibility whatsoever for the contents of this presentation, and no representation or warranty, express or implied, is made by any such person in relation to the contents of this presentation. The information in this presentation is of a preliminary and abbreviated nature and may be subject to updating, revision and amendment, and such information may change materially. None of the Company, its shareholders, or any other party undertakes or is under any duty to update this presentation or to correct any inaccuracies in any such information which may become apparent or to provide you with any additional information. Recipients should not construe the contents of this presentation as legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisers in relation to such matters. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, ambitions, estimates or forecasts contained in this presentation and nothing in this presentation is or should be relied on as a promise or representation as to the future. This presentation may contain forward looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our prospects, growth, strategies, the industry in which Instone operates and potential or ongoing acquisitions or sales. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance and that the development of our prospects, growth, strategies, the industry in which Instone operates, and the effect of acquisitions or sales on Instone may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the development of Instone's prospects, growth, strategies and the industry in which Instone operates are consistent with the forward-looking statements contained in this presentation, those developments may not be indicative of our results, liquidity or financial position or of results or developments in subsequent periods not covered by this presentation. Nothing that is contained in this presentation constitutes or should be treated as an admission concerning the financial position of the Company and/or Instone.

Instone Real Estate Group SE Grugaplatz 2-4, 45131 Essen E-Mail: investorrelations@instone.de Internet: instone-group.de/en