Instone Real Estate Group AG

Investor Presentation • Mar 19, 2024

Results Presentation

Q4 2023

Instone Group

Essen, 19 March 2024

Q4 2023 Highlights

Q4 Highlights & Outlook

Positive momentum in B2C business; two institutional deals signed (Q4+Q1) in still challenging environment

▪ Construction costs: stabilized; recent sideways movement of CPI

Operational · Financial strategy: focus on costs & cash preservation (operating CF €107.7m); well prepared to seize growth opportunities in 2024 & 2025

FY results: Upper end of earnings target reached

	Revenues: €616.0m (-0.8% yoy)
	Gross profit margin: 25.1% (2022: 25.3%)
	EBIT: €86.1m (-2.8% yoy)
FY 2023	▪ EAT: €48.2m (-3.6% yoy; guidance: €40-50m)
Results'	▪ DPS (proposal): €0.33 (-5.7% yoy)

Outlook 2024: continued solid profitability expected - transitional year

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

Highlights

Sales ratio: Continued improvement from low levels

• Accelerated demand recovery in Q4-2023
• Traditional weaker Q-2024 seasonality and temporary slowdown in run-up of introduction Growth Opportunities Act; additional boost in demand expected
• Institutional investors in waitand-see mode but two deals signed (Q4+Q1)
• Sales ratio 0.63% (9 CW): 3.5 avg. weekly number of units sold / 552 avg. number of units on offer

New builds with moderate price correction; CPI growth receding

▪ New build condo prices in top 7 cities decreased only slightly in Q4; moderate peak-to-trough decline

▪ Construction price inflation is levelling off; largely flat 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 reached attractive 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
• Price stabilisation as of mid 2024 could imply that yields may rise somewhat further (from current 3.5%) driven by rent growth
• Subsidy schemes for affordable housing support stabilisation at comparatively low yields

New price records show how tight the rental market in the big cities continues to be. This is particularly true for new builds

Source: Immoscout24

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

© Instone Group

1 Historical periods based on sellers' price indications (Bulwiengesa); forward 2023-2024 gross rental income yield based on market data due to current market buy-sell spreads (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% (€2.6bn) already sold .
• Of the c.€2.7bn sold volume as of the reporting date c.€2.0bn has been recognised in revenues .
• ။ Land value c.€400m + outstanding land payment c.€100m (c.12.5% of GDV of pre-sales units)

Q4 2023 Financial Performance & Outlook

FY results prove strong resilience – Earnings reach upper end of guidance range

€m	Q4 2023	Q4 2022	Change	2023	2022	Change
Revenues	182.7	179.1	2.0%	616.0	621.0	(0.8%)
Project cost	(138.9)	(135.6)	2.4%	-461.5	-463.8	(0.5%)
Gross profit	43.8	43.4	0.9%	154.5	157.2	(1.7%)
Gross Margin	24.0%	24.2%		( 25.1%	25.3%
Platform cost	(25.6)	(17.4)	47.1%	-76.5	-72.5	5.5%
Share of results of JVs	2.1	1.7		8.1	3.9
EBIT	20.3	27.7	(26.7)	86.1	88.6	(2.8%)
EBIT Margin	11.1%	15.5%		14.0%	14.3%
Financial & other results	(2.3)	(4.3)		-14.9	-15.9
EBT	18.0	23.4	(23.1%)	71.2	72.5	(2.1%)
EBT Margin	9.9%	13.1%		11.6%	11.7%
Taxes	(7.0)	(7.3)		-23.1	-22.6
Tax rate	38.9%	31.2%		32.4%	31.2%
EAT	11.1	16.0	(30.6%)	48.2	50.0	(3.6%)
EAT Margin	6.1%	8.9%		7.8%	8.1%
EAT post minorities	11.9	15.8	(24.9%)	49.3	50.9	(3.0%)
EbSI	0.28	0.35	(20.5%)	1.14	1.11	2.7%

• Majority of revenues is based on pre-sold units
• Strong margin reflects quality of projects and construction cost control
• Underlying platform cost reached target run-rate of €70m at end of Q4 (FTE reduced from 409 to 351 yoy); higher Q4 costs due to year-end costs
• JV result reflects positive contribution of Berlin JV
• Improved interest result due to higher interest income and higher share of capitalised interest (units recognised as inventories)

■ EPS benefits from lower weighted average no. of shares

1 Weighted average number of shares 43,349.6k (2023) /45,890k (2022)

Bulk of 2024 adjusted revenues target already logged in

Strong balance sheet

€m	31/12/2023	31/12/2022
Corporate debt	176.8
Project debt'	277.7
Financial debt'	454.5	520.6
Cash and cash equivalents and term deposits'	-267.7		▪ Further improved balance sheet ratios in Q4
Net financial debt'	186.8	265.1
Inventories and contract asset / liabilities	1,240.8		▪ Very moderate LTC
LTC1,2	(15.1% )	20.8%
Adjusted EBIT (LTM)3	86.1
Adjusted EBITDA (LTM)3	91.1		▪ Solid net debt/adjusted EBITDA of 2.1x
Net financial debt' / adjusted EBITDA	2.1x	2.8x	Balance sheet offers ample headroom for growth

11

Strong cash generation

Cash Flow (€m)	Q4 2023	Q4 2022	FY 2023	FY 2022
EBITDA adj.	21.6	28.8	91.1	93.4
Other non-cash items	(5.7)	(7.4)	(9.5)	(20.2)
Taxes paid	(17.3)	(1.6)	(44.3)	(4.5)
Change in working capital	90.5	77.2	70.4	1.6
Operating cash flow	89.0	96.9	107.7	70.2
Land plot acquisition payments (incl. RETT)	0.2	42.9	10.4	117.0
Operating cash flow excl. investments	89.2	139.8	118.1	187.2

• Strong FY-2023 operating cash flow based on predictable milestone payments despite high tax payments
• ▪▪ EUR 10.4m new land payments relating to prior year commitments
• Increased focus on cash generation
• Clear intention to seize growth opportunities in the land market from a position of strength

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 deposits 4			267.7
Total corporate funds available			427.7
Project debt2
Project finance2,3	423.4	278.8	144.6

• Net cash position on corporate level
• Significant financial firepower to benefit from potential attractive . acquisition opportunities

1 RETT: Real Estate Transfer Tax

2 Q4/23: Excl. €11.9 million restricted cash and €78.1 million financial debt in connection with Project Westiglied KFW Uan 3 Net available project financing

Financing: No major maturities until H2-2025

| Secured/unsecured as of 31/12/2023

1 Raise of new promissory note in Oct 23 of which 10.5m used to partially repay promissory note due in 2024

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	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021
Volume of sales contracts	120.1	20.2	18.4	52.7	42.0	104.6	58.0	87.6	761.7
Project Portfolio	6,972.0	7,015.5	7,182.6	7,600.4	7,668.8	7,827.4	7,727.4	7,567.7	7,500.0
thereof already sold	2,693.4	2,822.7	2,868.8	2,958.7	2,987.3	2,945.4	2,891.4	3,070.1	3,038.9
thereof already realized revenues	2,022.5	2,089.4	2,002.2	1,944.7	1,902.7	1,721.0	1,597.1	1,684.0	1,621.0

Units			Q42023 Q3 2023 Q2 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q1 2022						Q4 2021
Volume of sales contracts	195	37	28	110	44	199	96	191	1,906
Project Portfolio	14,252.0	14,269.0			15,148.0		16,644.0	16,607.0
thereof already sold	6,217.0	6,588.0					17,017.0		7,215.0

(Unless otherwise stated, the figures are quarterly values)

Diversified project portfolio across most attractive German regions

Significant pipeline; well prepared to seize market opportunities

1 including one project which during the course of 2023 changed to "at-equity" consolidation 2 excluding GDV of at-equity JVs

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.€100m 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 30 September 2023; 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	-186.8
Notional value to shareholders3	>600m

1 Free cash flow post platform cost and taxes

2 Incl. proportionate share of at-equity SVs; Note: "unsold land bank at cost" excluding unsold portion of projects under construction 3 Note: 43.32m shares issued and outstanding (excluding Treasury shares)

Project portfolio as of 31/12/2023

(projects > €30m sales volume, representing total: ~ €7.0bn)

Project	Location	Sales volume (expected)	Lettable space (sqm)	Land plot acquired	Building right obtained	Sales start	Construction started
Hamburg
SE - Kösliner Weg	Norderstedt-Garstedt	95m €	24,589	0	0	2025
H - Sportplatz Bult	Hannover	120m €	24,006			2029
HH - RBO	Hamburg	217m €	29,876			O	0
H - Büntekamp	Hannover	169m €	25,044		0	2025
Berlin
HVL - Nauen	Nauen	171m €	29,051	0	0	2025
P - Fontane Garten	Potsdam	66m €	9,563			O	0
NRW
D - Unterbach	Düsseldorf	200m €	38,537		O	0	O
E - Literaturquartier	Essen	N/A	17,981			O
MG - REME	Mönchengladbach	131m €	28,312		O	2025
BN - west.side	Bonn	203m €	63,603		0	O	0
DO - Gartenstadtquartier	Dortmund	95m €	25,514		0	2025
K - Bickendoff	Köin	631m €	145,492			2027
DU - 6-Seen Weday	Duisburg	75m €	16,603		O	2024
KK - Kempen	Kempen	52m €	11,103		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 intiated. No circle for "land plot acquired" means that the land has not yet been purchased but secured by contract

20

Project portfolio as of 31/12/2023

(projects > €30m sales volume, representing total: ~ €7.0bn)

Project	Location	Sales volume (expected)	Lettable space (sqm)	Land plot acquired	Building right obtained	Sales start	Construction started
Rhine-Main
WI - Delkenheim	Wiesbaden	114m €	51,304	0	O	O	O
F - Schönhof-Viertel	Frankfurt	618m €	90,449	0	O	0	0
F - Friedberger Landstr.	Frankfurt am Main	306m €	38,241		0	2027
F - Elisbethenareal	Frankfurt am Main	86m €	9,988	O	0	2025
F - Steinbacher Hohl	Frankfurt am Main	N/A	13,746			O	0
F - Gallus	Frankfurt am Main	47m €	5,791	0		2027
F - Westville	Frankfurt am Main	N/A	101,224	0		O	0
OF - Heusenstamm	Heusenstamm	195m €	33,430			2025
MKK - Kesselstädter	Maintal	235m €	38,314			2025
MTK - Polaris	Hofheim	65m €	10,250	0		2024
WI - Rheinblick	Wiesbaden	310m €	51,750			2025
MKK - Eichenheege	Maintal	118m €	18,055			2025
Leipzig
L - Parkresidenz	Leipzig	274m €	64,964	0	0	0	0
L - Rosa-Luxemburg	Leipzig	165m €	25,965			2025
HAL - Heide Süd	Halle	57m €	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 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

21

Project portfolio as of 31/12/2023

(projects > €30m sales volume, representing total: ~ €7.0bn)

Project	Location	Sales volume (expected)	Lettable space (sqm)	Land plot acquired	Building right obtained	Sales start	Construction started
Baden-Wurttemberg
TU - Rottenburg	Rottenburg	170m €	33,845	0	O	O	D
B - Hemenberg III, Schäferlinde	Hemenberg	80m €	14,238	O	O	2026
B - Hemenberg II, Zeppelinstraße	Hemenberg	82m €	13,586	0	O	2025
Bavaria South
M - Ottobrunner	München	110m €	10,869	O	O	2025
A - Beethovenpark	Augsburg	N/A	19,109			O
Bavaria North
N - Eslamer Straße	Nürnberg	62m €	12,570	O	O	2024
BA - Lagarde	Bamberg	87m €	17,778	0	O	0	0
N - Schopenhauer	Nürnberg	65m €	11,206		O		O
N - Seetor	Nürnberg	113m €	16,134		O		0
N - Boxdorf	Nürnberg	65m €	10,099	C	O	O	O
N - Thumenberger	Nürnberg	124m €	16,291	O	O	2025
N - Worzeldorf	Nürnberg	72m €	11,660	O	1	2026
N - Lichtenreuth	Nürnberg	86m €	11,653		O	2026

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

Favourable regulatory framework leading to attractive cash

flow profile

Private Customer's Payment Profile for German residential development projects

SIV 74 2 5% upfront 10% upfront 10% upfront 35% upfront 10% over 65% over construction period construction period 95% at completion 90% at completion 80% at completion

▪ 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")

European markets

Funding requirements partially compensated with 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.	Name: "Wohneigentum für Familien" = homes for families Volume: EUR 350 million Start: Oct. 16, 2023	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)	Resilandlords, other institutional or private ınvestors
Objective	Support the construction and modernisation of social housing	Expected to have a substantial 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 affordable housing and rectify overstated depreciation	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
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. Law has been passed in the German parliament (Bundestag) but it has yet to be approved by the Federal council	No direct grant; max. one housing unit 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	No direct grant 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. 2 Includes Klimafreundlicher Neubau (KFN)

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 emission 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 for each project
• Successfully implemented diversity target by increasing to 30% female representation on the supervisory board
• On track with implementation of ESRS/CSRD 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

Sustainable energy, >50% of revenues from affordable housing by 2030

Continuous expansion of ESG governance

1 Value is determined based on the number of properties

Clear pathway to reduce GHG emissions scope 1 to 3

Projected versus 1st the Climate Objective CO2e kg/m² CO2 in t €m 3,000 700 Medium-term At least -42% in line with 600 2,500 the SBTi 1.5ºC scenario Reduction already 500 achieved for Scope 1 and 2 2,000 1.5-°C-Path emissions:-46.2% Reduction pathway: 400 By 2030: -7% p.a. 1,500 By 2050: min. -97% overall Construction Scenario2 300 Long-term 1,000 Climate 200 -97% Climate change neutrality of mitigation scenario3 Scope 1, 2 and 500 100 3 by 2045 O O 2020 2025 2030 - - -2035 2040 2045 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 - Total - Upstream -- Downstream

Scope 3 emissions target curve based on SBTi4

• 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 emissions) and energy intensity (GHG scope 3 emissions) by 5.9% in 2023 compared to the previous year, based on the comparison of the portfolio of completed buildings

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) / downstream 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 (1st = 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 ▪ Market cap: €381.1m ▪ Average daily trading volume: €0.2m Prime Standard, Frankfurt ▪ Market segment:

Shareholder structure (March 2023)

Financial calendar

2024

March	19	Annual Report 2023
March	20	BofA EMEA Real Estate CEO Conference 2024, London
March	25	Frankfurt Roadshow, Deutsche Bank
May	08	Quarterly Statement for the first three months of 2024
June	05	Annual General Meeting, Essen
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

BY VIEWING THE PRESENT TON, YOU ARRETO BE BOUND TERMS AND CONDITIONS REGARDING THE WORNATION DOSCOSED IN THIS PRESENT FION IN IS PRESENT FION IN IS PRESENT FION IN IS BEEN PREPARED BY INSTONE REAL ESTATE GROUP SE (THE "COMPANY", TOGETHER WITH ITS SUBSIDIARIES, "INSTONE").

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 ad as any indusenent to entract or commitment or investment decision whatsever. This presentation is not a prospects and recipients stould rot 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 by the comection with, the purchase of or investment in any securities of the Company. This presentation is accordingly of therebed 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 ce and do not purport to cornair all information that may be equired to evaluate the Company. The information is in the presentation in the protoently verified. Parts of the financial information in this presentation are previming gand unavided. Ordain financial informati (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 correspond announts of the underlying Jurrum's of the unterlying (unrumed) figures appearing in this presentation. No relance may or shoulde pla any arrose whatsever on the information or on its completeress, accuracy of fairies. None of the Company, its shareladers, or any other any accepts any responsibility whatsoever of this presentation or varranty, express or inplied, is made by any such person in relation to the corner's of this presentation. The ifromation in this presentation is of a peliminary and may be subject to updating revision and annerity. and such information may change materially, Nore of the Company its shareladers, or any other party under this presentation or a correct any incouraces in any such information which may bearne opporent or to provide you with any additional information Respients should not contring of this presentation as legal, tax, regulatory, financial or accounting and are and are and are in relation to such matters. In particlian or warranty is given as to the adherenert or reasonableness of, and no e dated on any projections, targets, arbitions, 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 termindly industry the terms: " eximates," "antinctes," "ntents," "ntents," "ntents," "ntents," "ntents "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 irdustry in which hat one persons and program or sales By their nature, forward-looking statements in ole risks and unsercurities becuse they readed on circumstances that may or may not one forwards and guacaties of fiber performance and that the cevelopment of our prospects, growth stracts of the indexy 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 development of hategies and the industry in which hebrity in which he forward-ocking statements contained in this 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

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