Instone Real Estate Group AG

Earnings Release • May 8, 2024

Results Presentation

Q1 2024

Instone Group

Essen, 8 May 2024

Q1 2024 Highlights

Q1 Highlights & Outlook

Demand recovery continues in B2C business; Growth Opportunities Act promises additional tailwind

• Sales: Demand indicators confirm upward trend in retail business; increasing signs for a slight recovery in H2
• Construction costs: largely stable
• Acquisitions: first deals in advanced stages; increasing focus on returning to future growth path

Q1 results: very solid start to the year

	Revenues: €119.5m (-3.2% yoy) Gross profit margin: 27.4% (Q1-2023: 27.4%)
Q12024	EBIT: €15.8m (stable yoy)
Results'	EAT: €9.6m (+12.9% yoy)

Outlook for 2024 reiterated

	▪ Revenues: €500-600m
	▪ Gross profit margin: ~22%
	EAT: €30-40m ■
Outlook!	Sales: >€300m ■

Sales ratio: Signs of year on year recovery

• Recovery resumes in spring; improving lead indicators (e.g. reservations)
• Implementation of Growth ■ Opportunities Act (increased depreciation) is starting to show first positive effects
• Institutional investors in waitand-see mode but two deals signed (Q4-23+Q1-24); witnessing rising interest
• Sales ratio 0.8% (15 CW): 4.0 avg. weekly number of units sold / 527 avg. number of units on offer

New builds prices bottoming-out; CPI growth receding

▪ New build condo prices in top 7 cities show further signs of stabilisation in Q1; only moderate peak-totrough decline

▪ Construction price inflation is levelling off; largely stable CPI in 2024 expected

1 Bulwiengesa data; for house price index, quarterly data condo prices in top 7 cities (new build) 2 Statistisches Bundesamt

Price development: yield expansion partly offset by continued dynamic rent growth

Price discovery - yields approaching mean levels'

New-build rent development - Strong momentum persists2

• The impact of yield expansion due to higher rates is mitigated by accelerating rent growth¹
• A positive yield spread to interest was historically the exception (due to expected rent growth/inflation)
• Historically stable yields for good quality residential assets
• Beginning of price stabilisation could imply that yields may rise somewhat further towards the longterm mean of 4%, driven by rental growth
• Subsidy schemes for affordable housing support stabilisation at comparatively low yields

Decline in interest rates increases buyer interest again....Affordability improves due to strong wage inflation

Source: bulwiengesa

Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24

© Instone Group

1 Historical periods based on sellers' price indications (Bulwiengesa); forward 2023-2024 gross rental income yield based on market data (CBRE, avg. top 7 German cities) 2 Bulwiengesa: newly built apartments, top-7 cities average

Under construction projects de-risked as nearly 90% sold

• Projects with GDV of €2.9bn are "under construction" of which nearly 90% already sold
• Of the c.€2.8bn sold volume as of the reporting date c.€2.1bn has been recognised in revenues
• Some €1.2bn of land bank with zoning rights obtained (GDV)
• Land value c.€400m + outstanding land payment c.€100m (c.12.5% of pre-sales GDV)

© Instone Group

Q1 2024 Financial Performance & Outlook

Adjusted Results of Operations: Solid start to the year - high margins maintained

€m	Q1 2024	Q1 2023	Change
Revenues	119.5	123.5	(3.2%)
Project cost	(86.9)	(89.7)	(3.1%)
Gross profit	32.7	33.8	(3.3%)
Gross Margin	27.4%	27.4%
Platform cost	(17.7)	(19.3)	(8.3)%
Share of results of JVs	0.9	1.3
EBIT	15.8	15.8	0%
EBIT Margin	13.2%	12.8%
Financial & other results	(3.2)	(3.4)
EBT	12.6	12.4	1.6%
EBT Margin	10.5%	10.0%
Taxes	(3.1)	(3.9)
Tax rate	24.4%	31.3%
EAT	9.6	8.5	12.9%
EAT Margin	8.0%	6.9%
EAT post minorities	9.3	8.7	6.9%
EbS!	0.22	0.20	7.2%

• In line with expectations, majority of revenues is based on pre-sold units
• High gross margin reflects quality of projects and construction cost control; expected lower gross margin in FY-2024e based on project mix
• Reduced platform costs as result of the realised efficiency gains
• JV result reflects positive contribution of Berlin JV
• Improved financial result due to lower comparative net debt
• Lower tax rate of c.24% in FY-2024 expected mainly due to higher expected share of earnings from JV.

1 Weighted average number of shares 43,323k (Q1-2024) /43,4322k (Q1-2023)

Strong balance sheet

€m	31/03/2024	31/12/2023
Corporate debt	179.9
Project debt'	284.0
Financial debt'	463.9	454.5
Cash and cash equivalents and term deposits'	(244.7)
Net financial debt'	219.2	186.8
Inventories and contract asset / liabilities	1,267.4
LTC1,2	17.3% )	15.1%
Adjusted EBIT (LTM)3	86.2
Adjusted EBITDA (LTM)3	91.1
Net financial debt' / adjusted EBITDA	2.4x	2.1x

• Slight increase in but still very moderate LTC
• Very solid net debt/adjusted EBITDA of 2.4x
• Balance sheet offers ample headroom for growth

Financially strong position

Cash Flow (Em)	Q1 2024	Q1 2023
EBITDA adj.	17.1	17.0
Other non-cash items	(5.9)	(1.3)
Taxes paid	(3.4)	(1.3)
Change in working capital	(35.5)	(89.1)
Operating cash flow	(27.7)	(74.7)
Land plot acquisition payments (incl. RETT)	0.7	5.6
Operating cash flow excl. investments	(27.0)	(69.1)

• The negative quarterly cash flow is attributable to fluctuations in payments during the year. Positive cash flow expected for FY-2024
• EUR 0.7m new land payments relating to prior year commitments

Liquidity (€m)	Total	t/o drawn	t/o available
Corporate debt
Promissory notes	175.0	175.0
Revolving Credit Facilities	160.0		160.0
Cash and cash equivalents and term deposits2			244.7
Total corporate funds available			404.7
Project debt2
Project finance2,3	417.8	285.2	132.6

• Net cash position on corporate level
• Clear intention to seize growth opportunities in the land market from a position of strength

11

1 RETT: Real Estate Transfer Tax

2 Q1/24 Excl. €115.9 million restricted ash and €78.6 million financial debt in comection with Project Westvilled KFW loan 3 Net available project financing

Financing: No major maturities until H2-2025

Outlook: Maintaining solid profitability - 2024 a transitional year

€m	Forecast 2024
Revenues (adjusted)	500-600
Gross profit margin (adjusted)	~22%
EAT (adjusted)	30-40
Volume of concluded sales contracts	>300

Project portfolio key figures

€m	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Volume of sales contracts	88.0	120.1	20.2	18.4	52.7	42.0	104.6	58.0	87.6
Project Portfolio	6,885.8	6,972.0	7,015.5	7,182.6	7,600.4	7,668.8	7,827.4	7,727.4	7,567.7
thereof already sold	2,781.1	2,693.4	2,822.7	2,868.8	2,958.7	2,987.3	2,945.4	2,891.4	3,070.1
thereof already realized revenues	2,140.7	2,022.5	2,089.4	2,002.2	1,944.7	1,902.7	1,721.0	1,597.1	1,684.0

Units				Q12024 Q4 2023 Q3 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022				Q2 2022	Q1 2022
Volume of sales contracts	213	195	37	28	110	44	1999	96	191
Project Portfolio				14,252.0				16,644.0	16,607.0
thereof already sold	6,430.0			6,217.0			7,265.0	7,179.0	7,404.0

(Unless otherwise stated, the figures are quarterly values)

Diversified project portfolio across most attractive German regions

Significant pipeline; well prepared to seize market opportunities

Project portfolio development (GDV)

In €bn

Expected future cash flows suggest significant upsidel

Fundamental Instone value rests on three distinct pillars

Pre-sold projects

• c.€2.9bn currently under construction
  • t/o c.€2.6bn pre-sold (90%)
• · In addition c.€180m pre-construction already pre-sold
• → Tangible and substantially de-risked cash-flow profile

Land bank

• Residual unsold and paid land bank recognised at cost² of >€400m
• → Substantial incremental value

ന Future potential

• Ability to source new projects
• Highly attractive opportunities likely to materialise within 12-24 months
• Additional income streams from various strategic initiatives

(As of 31 March 2024; in EUR million)
De-risked free cash flow from projects under construction' ~400m
Unsold land bank at cost²	>400m
Notional gross asset value2	>800m
Net debt	-219.2
Notional value to shareholders3	>600m

Project portfolio as of 31/03/2024

(projects > €30m sales volume, representing total: ~ €6.9bn)

Project	Location	Sales volume (expected)	Lettable space (sqm)	Land plot acquired	Planning right obtained	Sales start	Construction started
Hamburg
Kösliner Weg	Norderstedt-Garstedt	93m €	24,589	0	0	2025
Sportplatz Bult	Hannover	117m €	24,007			2029
RBO	Hamburg	217m €	29,876	O	0	O	0
Büntekamp	Hannover	166m €	25,044	O	0	2025
Berlin
Nauen	Nauen	167m €	29,051	0	0	2025
Fontane Gärten	Potsdam	66m €	9,563	0		O	0
NRW
Unterbach	Düsseldorf	200m €	38,537	0	0	0	0
Literaturquartier	Essen	N/A	17,981	0	O	O	0
REME	Mönchengladbach	128m €	28,315		0	2025
west.side	Bonn	203m €	63,603		0	O	0
Gartenstadtquartier	Dortmund	93m €	25,514		0	2025
Bickendoff	Köin	625m €	145,492			2028
6-Seen Wedau	Dulsburg	73m €	16,605		O	2024
Kempen	Kempen	50m €	11,103	0	0	2025

Note: Semi-filled circle means that the milesed for sections of the project (land plot acquisition, start of sales or construction). Concerning the building rights the sense 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

Project portfolio as of 31/03/2024

(projects > €30m sales volume, representing total: ~ €6.9bn)

Project	Location	Sales volume (expected)	Lettable space (sqm)	Land plot acquired	Planning right obtained	Sales start	Construction started
Rhine-Main
Delkenheim	Wiesbaden	114m €	51,304	0	O	O	O
Schönhof-Viertel	Frankfurt	615m €	90,449	0	0	0	0
Friedberger Landstr.	Frankfurt	298m €	38,241		C	2027
Elisbethenareal	Frankfurt	84m €	9,989	0	O	2025
Steinbacher Hohl	Frankfurt	N/A	13,746			O	0
Gallus	Frankfurt	46m €	5,791			2027
Westville	Frankfurt	N/A	101,224			O	0
Heusenstamm	Heusenstamm	190m €	33,432			2025
Kesselstädter	Maintal	229m €	38,315			2025
Polaris	Hofheim	64m €	10,250			2024
Rheinblick	Wiesbaden	303m €	51,751			2026
Eichenheege	Maintal	115m €	18,055			2025
Leipzig
Parkresidenz	Leipzig	273m €	64,962			0	0
Rosa-Luxemburg	Leipzig	161m €	25,966			2025
Heide Süd	Halle	56m €	10,388			2024

Note: Semi-filled circle means that the milesed for sections of the project (land plot acquisition, start of sales or construction). Concerning the building rights the sense 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

Project portfolio as of 31/03/2024

(projects > €30m sales volume, representing total: ~ €6.9bn)

Project	Location	Sales volume (expected)	Lettable space (sqm)	Land plot acquired	Planning right obtained	Sales start	Construction started
Baden-Wurttemberg
Rottenburg	Rottenburg	170m €	33,845	O	0	O	0
Hemenberg III, Schäferlinde	Herrenberg	78m €	14,238	O	D	2026
Hemenberg II, Zeppelinstraße	Herrenberg	80m €	13,586	0	0	2025
Bavaria South
Ottobrunner	Munich	107m €	10,869	O	O	2025
Beethovenpark	Augsburg	N/A	19,109	C		O
Bavaria North
Eslarner Straße	Nuremberg	62m €	12,570	O	O	O
Lagarde	Bamberg	86m €	17,780	0	O	O	0
Schopenhauer	Nuremberg	65m €	11,206		O	0	O
Seetor	Nuremberg	113m €	16,134		O		0
Boxdorf	Nuremberg	65m €	10,099		O	O	0
Thumenberger	Nuremberg	120m €	16,291	O	O	2025
Worzeldorf	Nuremberg	70m €	11,660	O	0	2026
Lichtenreuth	Nuremberg	84m €	11,653	0	O	2026

Note: Seni-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 sens 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

Favourable regulatory framework leading to attractive cash

flow profile

Private Customer's Payment Profile for German residential development projects

▪ 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

1 MaBV - Real estate agent and commercial construction industry ordinance ("Makler- und Bauträgerverordnung")

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

The German government plans to increase depreciation and invest > Ibn 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 2014 (18.5bn total volume) 40% of investment born by the federal states	Name: Degressive Depreciation (Growth Opportunities Act) Volume: 5% depreciation p.a.; can be combined with 5% special depreciation if tax relevant selling price excl. land : ▪ §tart: Oct. 16, 2023 is below 5,200 / sqm	Name: "Wohneigentum für Familien" = homes for families Volume: EUR 350 million	Name: "Klimafreundlicher Neubau" = climate friendly new-build Volume: EUR 0.76 billion (KFN )2 Start: 2023 Renewal, February 2024
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 ınvestors
Objective	Support the construction and modernisation of social housing	Expected to have a l 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: ▪ ▪ New build of energy efficient buildings 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"	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
	▪ Loan per apartment = 200k	Increase of depreciation on newly built residential	No direct grant; max. one housing unit	No direct grant
Subsidies	Amortisation discount = 30-35% Interest rate : 0-0.5% Required minimum energy standard of 55	properties from (currently) 3% linear to 5% degressive p.a.	Subsidized mortgages, reduced interest costs (0.01%-0.65%) by federal KfW Bank – 90,000 EUR-270,000 EUR credit volume (with QNG certificate) Will be accepted as equity substitute	Subsidized mortgages (1.63%-2.42%) by federal KfW Bank (volumes per unit) - Max. 100,000 EUR credit volume - Up to 150,000 EUR with QNG certificate

1 Relates to annuity mortgages. Bullet repayments at end of term priced at 0.78% p.a.

Driving sustainable success: how value creation is linked to sustainability

Major ESG-KPIs achievements

• EU Taxonomy-compliant revenues: c.90% in FY2023 (up from 86.7% in FY2022)
• Improved share of projects/objects with energy requirements at least NZEB -10%!: 100% in FY2023 (up from 97.4% in FY2022)
• GHG emissions scope 1 and 2 reduced by 46.1% from the base year 2020, in line with SBTi
• Implementation of 5 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
• Successfully implementation of the diversity target by increasing female representation on the supervisory board to >30%
• On track with implementation of CSRD/ESRS reporting

Key objectives

Predominantly EU taxonomy-compliant

100% of project/object portfolio with energy requirements of NEZB-10% by 2030

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

Net Zero climate neutrality by 2045

50% of revenues from affordable housing by 2030

Continuous expansion of ESG governance

Clear pathway to reduce GHG emissions scope 1 to 3

Scope I and 2 emissions reduced by 46.2% in 2020 (in line with SBT) requirements) through gradual conversion from construction sites to green electricity and replacement of company vehicles with electric vehicles

« For scope 3 emissions (~99% of total emisions) an energy intensity (GHG scope 3 enissions) by 5.9% in 2023 compared to the previous year

1 Baseline 2020 has changed vs. prev. report, further explanation can be found in the Annual Report

• 2 BAU scenario: based on the assumption that decarbonizing the energy sector is only progressing moderately
• 3 Climate protection scenario: based on the assumption the energy sector achieves climate neutrality in 2045
• 4 Upstream emissions cover erection of the building of materials) / downsteam enissions: largely consist of the use phase (95%) and of the demolition/disposal (5%)

ESG: Top rating underscores commitment to industry leadership

Instone Real Estate Group SE

Real Estate Development Germany ETR:INS

ESG Risk Rating	12.0	-1.2
	Updated May 10, 2023	Momentum

ESG Risk Rating Ranking
UNIVERSE		RANK PERCENTILE (18t = lowest risk) (1st = Top Score)
Global Universe	592/15343	5th
Real Estate INDUSTRY	147/1057	15th
Real Estate Development SUBINDUSTRY	6/288	3rd

• INS among the top 3% of the 288 global real estate development companies
• Top 5% across all sectors ■

Major ESG-KPIs - achievements

	Major KPIs	2023	2022
	Taxonomy-compliant revenues (in %)	90.0	86.7
	GHG emissions / scope 1 and 2 abs.	1,437 t CO2e	2,390 t CO2e
	GHG emissions in relation to net project space	1,447 kg CO2e/sqm	1,537 kg CO2e/sqm
	Water consumption in relation to reveneues2	0.000056 ccm/€	0.000056 ccm/€
	Charging stations for EVs	1,855	1,433
	Brownfield developments (land plot size)	423,793sqm	~532,000sqm
S	Shares of affordable housing: social / subsidized / nyoo/ privately financed	16% / 1%/ 6% / 78%	18% / 1% /7% /7% % / 78%
	Share of female employees in management positions (below C-level)	20% (1st) / 28% (2nd)/	20% (1st)/ 28% (2nd)/)
	Number of daycare places / playgrounds	1,759/ 118	1,713/ 109
	Code of Conduct for employees and contractors (UN Charter)	100%	100%
G	Employee compliance and data protection training	100%	100%
	Compliance cases (suspected)	O	O
	Diversity Supervisory Board (female share)	33%	20%
	Client Satisfaction (range 1-5; 1 best)	1.3	1.7

Instone share

Basic data

DE000A2NBX80 ▪ ISIN: ▪ Ticker symbol: INS ▪ No of shares: 46,988,336 €407.4m ▪ Market cap: ▪ Average daily trading volume: €0.2m Prime Standard, Frankfurt ▪ Market segment:

Shareholder structure (May 2024)

Financial calendar

2024 Quarterly Statement for the first three months of 2024 May 08 13 May London Roadshow, Kepler Cheuvreux 08 Quarterly Statement for the first three months of 2024 May 05 Annual General Meeting, Essen June 13 Morgan Stanley European RE Capital Markets Conference, London June August 08 Group Interim Report for the first half of 2024

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, effective September 1, 2023

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

• 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

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For the puppes of this rotice, "presentation " measure of and in This presentation des rot, and interned to, constitute of or mail of and that he construel as, an offer to sell, on and first purchase, subscribe for other wise acquire, any securities of the Company of this for the elled upon incomedia with a cat as any inducenent to environment or investment decision whatsever. This presentation is neither an a prospectus and recipients and recipients studi ort purchase, subscribe for of the wise acquires of the presentation is made williable on the express unterstanding that in any be required to evaluate, and will not be used in comection with, the purchase of, or investment in any securities of the Company. This presentation is accordingly of therebed to form the basis of any investment de or contain any recommensation by the Company, its shareholders or any other party. The information and opinors contained in this presentation are provided as at this presentation and that not be and to not purport to cornair all information that may be equired to evolucity of conpary. The information in the presentation in the protoently verified. Parts of the financial information in this presentation or preliming and unuslibed. Ordain financial information (including cercentages) in this presentation to established commercial standards. As a result, the aggregate contracts (sum totals or offerences or in unters are put in relation) may not or respond in all cases to the underlying (unrumise) figures appearing elsewhere in this presentation. No relance may or shoulde placed for any arrose whatsever on the information or on its completeness, acarage of fairies. None of the Company, its shareladers, or any other party accepts any responsibility whatsever or the contention or varranty, express or inplied, is made by any such person in relation to the contention. The iframation in this presentation is of a peliminary and may be subject to updating revision and american and chinformation may change materially. Note of the Company its shareholders, or any other party under this presentation or to correct any incouracies in ary subinition which may become apparent or oprovide gou with any additional information Receive or he cortents of this presentation as legal, tax, regulating advise and are urged to consult with their wo advises in readion to such matters. In particlian or warranty is given as to the adverient or reasonableness of, and no el aros should be placed on any projections, targets, andriors, estimates or forecasts contained in this presentation is or should be relief on as a promise or representation as to the first and the forward looking statements. These forward could be the cose of forvard-looking termind.org, indusing the terms: " eximates," "and cipats" "htends," "ntents," "ntents," "ntents, "inte "Will" or "should" of in each case, their variations or comparable termind.org. These forwards include all. matters that are rothistorial forts. They appear in a number of places throughout this presentations of internions, beliefs or current expectations concerning, anong other things our respects, gover , strates, she irials and in which hat one opening acquisitions or sales By their nature, forward-looking statements included on circumstances that may or may not cour in the fitterents are not guacaties of fiber performance and that the cevelopment of our prospects, growth, stracegies, the industy in which Instance operates, and the effect of capitaly from those made in or aggested by the forward-booking statements cortained in this presentation in addition, wen if the developments growth, strategies and the industry in which hatone operates are consistent with the forward color, particle in the presentation, those developments may not be indial of our results or of results or developments in subsequent perios not covered by this presentation. Nothing that is contained in this presentation constitutes or should be treated as an admission 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

© Instone Group