Vonovia SE

Governance Information • Feb 27, 2023

Corporate Governance Roadshow

Jürgen Fitschen (Supervisory Board Chairman) Clara C. Streit (Designated Supervisory Board Chairwoman)

February & March 2023

Agenda

1. Vonovia pages 2-6

2. Supervisory Board pages 8-18

3. Management Board Remuneration pages 20-22

4. Appendix pages 24-32

History of Vonovia

We Have Built a Responsible European Leader

Europe's Leading Residential Property Owner and Operator

• We are the long-term owner and full-scale operator of Europe's largest listed multifamily housing portfolio with ca. 550k apartments for small and medium incomes in metropolitan growth areas.
• Fair Value ~€99bn as of 9M 2022.

Portfolio by geography

Megatrends

Three Dominant Megatrends in Residential Real Estate

Urbanization Climate Change Demographic Change

Sources: United Nations, European Union.

rate Germany

~1%

Average run rate Germany ~3%

~3%

Average run

Serving a Fundamental Need in a Highly Relevant Market

Our Business Is Deeply Rooted in ESG

All of our actions have more than just an economic dimension and require adequate stakeholder reconciliation.

• We provide a home to almost 1.5 million people from ca. 150 nations.
• CO² emissions related to housing are one of the largest sources of greenhouse gas emissions.
• As a listed, blue-chip company we are rightfully held to a high standard.

Agenda

1. Vonovia pages 2-6

2. Supervisory Board pages 8-18

3. Management Board Remuneration pages 20-22

4. Appendix pages 24-32

Vonovia SE with Three Governing Bodies

• The duties and authorities of the three governing bodies derive from the SE Regulation, the German Stock Corporation Act and the Articles of Association. In addition, Vonovia is in compliance¹ with the German Corporate Governance Code.
• In the two-tier governance system, the management and the monitoring of the business are strictly separated from each other.

¹ Vonovia will not comply with the recommendation in G.13 sentence 2 of the 2022 GCGC (as amended on June 27, 2022). G.13 sentence 2 specifies that, if post-contractual non-compete clauses apply, the severance payments shall be taken into account in the calculation of any compensation payments. Even before the 2020 Code came into force, post-contractual non-compete clauses were partly agreed in a way that does not provide for such an offset regulation. When extending existing contracts and concluding future contracts, the Supervisory Board continues to decide on a case-by-case basis whether to offset severance payments against compensation payments; this may be required in the interest of flexibility and/or due to grandfathering rights. Seehttps://investoren.vonovia.de/en/corporate-governance/declaration-of-conformity/ for further details.

Key Topics On Supervisory Board's Agenda

• Today's Supervisory Board is fully independent, gender diverse, and has an appropriate competence profile.
• In order to adequately prepare the Board for tomorrow with a view towards succession planning and long-term competence needs, the following topics are currently being considered and will form a key part of the near- and medium-term agenda.

Recruitment Criteria for Supervisory Board Members

• Vonovia SE (Societas Europaea) is not subject to employee co-determination; thus, there are no employee representatives on the Supervisory Board.
• The Board shall include 12 members¹, an adequate amount of whom are to be independent, and all of whom shall have sufficient time and skills to perform the duties associated with their mandate.
• No more than two former members of the Management Board shall be members of the SVB.
• Members of the SVB who belong to the management of a listed company shall not hold more than three supervisory board mandates in non-group listed companies.
• The age limit is 75 years at the time of election.

Skills Profile

• The SVB shall be composed so as to ensure qualified supervision of and advice to the Management Board.
• Members of the SVB must
• have adequate knowledge, skills and professional experience to perform their duties;
• have adequate familiarity with the sector;
• show integrity, professionalism and commitment.

Independence

• No material conflicts of interest. • No executive or similar positions or advisory
• roles for important competitors.

Diversity

• Diversity shall be a factor in the nomination process.
• The SVB shall comprise at least 30% women/men, as the case may be.
• At least one woman shall be member of the Nomination Committee.

Independent and Diverse Board with Balanced Age and Tenure Structure

Feb/Mar 2023 | Corporate Governance Roadshow

Skill & Experience Matrix

Name	Independent ?	Year of birth	Year appointed	Nationality	Accountancy, finances	Real estate	Strategy	Legal and regulation	International experience, M&A, capital markets	Investment expertise	Digitalization	Sustainability
Jürgen Fitschen (Chair)	yes	1948	2018	German	x		x	x	x	x
Prof. Dr. Edgar Ernst	yes	1952	2013	German	x		x	x	x	x
Vitus Eckert	yes	1969	2018	Austrian		x	x	x	x	x
Jürgen Fenk	yes	1966	2022	German		x	x		x	x		x
Dr. Florian Funck	yes	1971	2014	German	x		x	x	x	x
Dr. Ute Geipel-Faber	yes	1950	2015	German	x	x			x	x		x
Matthias Hünlein	yes	1961	2022	German		x	x		x	x		x
Daniel Just	yes	1957	2015	German	x	x	x			x		x
Hildegard Müller	yes	1967	2013	German	x		x	x			x	x
Dr. Ariane Reinhart	yes	1969	2016	German			x	x	x		x	x
Clara-Christina Streit	yes	1968	2013	German/US	x		x		x	x	x
Christian Ulbrich	yes	1966	2014	German		x	x		x	x	x

The members of the Supervisory Board can specify up to five areas of expertise.

Board Committees

Executive and Nomination Committee

• Prepares and proposes to the AGM the appointment of supervisory board members.
• Prepares the appointment of management board members.
• Prepares and proposes remuneration system.
• Decides in cases of legal and loan transactions with management.
• Manages conflicts of interest.
• Members
• Jürgen Fitschen, Chair
• Matthias Hünlein
• Hildegard Müller
• Clara-Christina Streit
• Dr. Ariane Reinhart

Audit Committee

• Handles monitoring of accounting process and internal control systems.
• Examines effectiveness of internal control system, risk management system and internal audit system.

Finance Committee

• Deals with the financing and investment principles, incl. capital structure of the Group companies and dividend payment.

• Looks after the principles of the acquisition and disposal policies, incl. acquisition and disposal of individual shareholdings of strategic importance.

• Prof. Dr. Edgar Ernst, Chair

• Jürgen Fenk

Members

• Dr. Florian Funck

• Vitus Eckert

• Clara-Christina Streit, Chair

• Jürgen Fitschen
• Dr. Ute Geipel-Faber
• Daniel Just
• Christian Ulbrich

Future committee structure to reflect ESG topics more visibly

High Attendance Ratio Underlines Dedication

		visory Board
Supervisory Board
• 7 Meetings
Audit Committee	Jürgen Fenk
Meetings • 4
Executive and Nomination Committee
10 Meetings •	Matthias Hünlein
Finance Committee • 6 Meetings

Board Member	Super visory Board	Audit Committee	Executive and Nomination Committee	Finance Committee	Attendance Ratio
Jürgen Fitschen (Chair)	7/7	-	10/10	5/6
Prof. Dr. Edgar Ernst	7/7	4/4	-	-
Vitus Eckert	7/7	4/4	-	-
Jürgen Fenk (since 04/2022)	4/5	2/3	-	-
Dr. Florian Funck	7/7	3/4	-	-
Dr. Ute Geipel-Faber	7/7	-	-	6/6
Matthias Hünlein (since 04/2022)	5/5	-	6/6	-
Daniel Just	7/7	-	-	-
Hildegard Müller	7/7	-	10/10	-
Dr. Ariane Reinhart	7/7	-	9/10	-
Clara-Christina Streit	7/7	-	10/10	6/6
Christian Ulbrich	4/7	-	-	5/6

Frequency of meetings and attendances refers to FY 2022

Supervisory Board Remuneration

€'000	Board Remuneration (fixed)			Committee	Remuneration (fixed)		Total
	2020	2021	2022	2020	2021	2022	2020	2021	2022
Jürgen Fitschen (Chair)	200	200	275	60	60	90	260	260	365
Prof. Dr. Edgar Ernst	150	150	165	80	80	90	230	230	255
Vitus Eckert	100	100	110	40	40	45	140	140	155
Jürgen Fenk	---	---	83	---	---	34	---	---	117
Dr. Florian Funck	100	100	110	40	40	45	140	140	155
Dr. Ute Geipel-Faber	100	100	110	20	20	30	120	120	140
Matthias Hünlein	---	---	83	---	---	22	---	---	105
Daniel Just	100	100	110	20	20	30	120	120	140
Hildegard Müller	100	100	110	20	20	30	120	120	140
Dr. Ariane Reinhart	100	100	110	20	20	30	120	120	140
Clara-Christina Streit	100	100	110	60	60	90	160	160	200
Christian Ulbrich	100	100	110	20	20	30	120	120	140
Total1	1,350	1,350	1,558	440	440	591	1,790	1,790	2,150
Dax average2	2,165	n/a	n/a	604	n/a	n/a	2,769	n/a	n/a

• The remuneration of the Supervisory Board is determined by the Annual General Meeting and is regulated in Article 13 of Vonovia's Articles of Association.
• Fixed compensation for the Chairperson of the Supervisory Board of €275k.
• Committee members receive an additional compensation for their committee work:
• Audit committee €45k (€90k for the

chairperson)

• Other committees €30k

¹ Data reflects total SVB compensation at the time; i.e. including two members who resigned in 2022. ²Source: DSW study (German retail shareholder association), October 28, 2021 (based on 2020 data). Total compensation for DAX 30 companies often includes attendance fees, variable components and other elements.

Transition from a 12-Person, Non-staggered Board…

Current tenure

		2013	2014	2015	2016	2017	May 2018	2019	2020	2021	2022	2023
1	Jürgen Fitschen						●					▲
2	Prof. Dr. Edgar Ernst	● (Jun)					●					▲
3	Vitus Eckert						●					▲
4	Jürgen Fenk										● (Apr)
5	Dr. Florian Funck		● (Aug)				●					▲
6	Dr. Ute Geipel-Faber			● (Nov)			●					▲
7	Matthias Hünlein										● (Apr)
8	Daniel Just			● (May)			●					▲
9	Hildegard Müller	● (Jun)					●					▲
10	Dr. Ariane Reinhart				● (May)		●					▲
11	Clara-Christina Streit	● (Jun)					●					▲
12	Christian Ulbrich		● (Aug)				●					▲

● = year (re-)elected; ▲ = tenure ends.

…to A Smaller and Staggered Board

Target Tenure to be Proposed to the 2023 AGM

● = year (re-)elected; ▲ = tenure ends.

¹ Subject to AGM 2023 voting results.

1 Required profile is defined			2 Committee	3 Full Board	4 AGM	5 Onboarding
Skill set	Diversity	Other	Executive and Nomination	The results of step 2 are presented to	The Supervisory Board presents its	Comprehensive onboarding process
Leadership • experience •Relevant work experience •Relevant know-how in context of Board's overall	•Age • Gender Nationality •	Integrity • •Commitment Independence • • Other mandates (no overboarding)	Committee assess potential candidate on the basis of the required profile, market mapping and with external support.	the entire Supervisory Board.	proposed candidate to the AGM for shareholders to vote.	to enable new members to assume their role and responsibility swiftly and efficiently.

skill set

Agenda

1. Vonovia pages 2-6

2. Supervisory Board pages 8-18

3. Management Board Remuneration pages 20-22

4. Appendix pages 24-32

Management Board Remuneration - Based On Three Pillars

Fixed Remuneration (incl. Pension)

• Monthly fixed compensation paid in 12 equal installments
• Annual pension contribution (alternative: cash payout)
• Other benefits (e.g. company car, insurances)

STIP

• Criteria/Targets: Group FFO, adj. EBITDA Total, individual targets agreed with SVB
• Bonus Cap at 125% predetermined amount
• Payout: Cash

LTIP

• Annually granted remuneration component in the form of virtual shares
• Criteria/Targets: relative TSR, NTA/share, Group FFO/share, Sustainability Performance Index (SPI)
• Performance Period: 4 years
• Payout: Cash
• Cap: 250% of grant value

Malus / Clawback clause for variable compensation

		VNA shares owned
Share Holding Provision	CEO	302k
• Mandatory share ownership	CFO	41k
100% (CEO 150%) of annual fixed remuneration (excl. pension) •	CRO	18k
On reappointment 150% (CEO 200%) • • Accumulation on a pro rata basis during first 4 years	CDO	28k
	CTO	22k

Management Board Remuneration – STIP

• Group FFO is the key figure for managing the sustained operational earnings power of our business.
• Adj. EBITDA Total: aggregate EBITDA across the four segments, reflecting the sustainable earnings strength of the business before interest, taxes, depreciation and amortization.
• Personal targets related to individual department responsibilities or overlapping targets (e.g. integration projects).

Rationale

Management Board Remuneration – LTIP

• LTIP aims to ensure that remuneration structure focuses on sustainable corporate development.
• Relative TSR is from an investor perspective a well-established and accepted performance measure, focusing on share return, relative to a selected peer group. Hence, it is adequate for comparison with relevant competitors.
• Sustainability Performance Index (SPI): The SPI includes environmental, social and governance targets that are of fundamental importance to Vonovia's long-term, sustainable growth.
• Shareholder alignment safeguarded by (i) relative performance targets (Group FFO/share and NTA/share) as well as (ii) calculation method which takes actual share price performance into account.

Rationale

Agenda

1. Vonovia pages 2-6

2. Supervisory Board pages 8-18

3. Management Board Remuneration pages 20-22

4. Appendix pages 24-32

Vitus Eckert Member of the Audit Committee

Functions and Vita of Vonovia's Supervisory Board Members

• Member since May 2018 // Elected until AGM 2023
• Year of birth: 1948 // Nationality: German
• Practiced Profession: Senior Advisor of Deutsche Bank AG
• Membership of statutory supervisory boards and/or comparable boards:
• Kommanditgesellschaft CURA Vermögensverwaltung GmbH & Co. KG (Board of Directors)
• Syntellix AG (Member of the Supervisory Board)
• Member since June 2013 // Elected until AGM 2023
• Year of birth: 1952 // Nationality: German
• Practiced Profession: Independent Management Consultant
• Membership of statutory supervisory boards and/or comparable boards:
• METRO AG (Member of the Supervisory Board)
• TUI AG (Member of the Supervisory Board)
• Member since May 2018 // Elected until AGM 2023
• Year of birth: 1969 // Nationality: Austrian
• Practiced Profession: Attorney-at-law, Partner at Wess Kux Kispert & Eckert Rechtsanwalts GmbH
• Membership of statutory supervisory boards and/or comparable boards:
• STANDARD Medien AG (Chairman of the Supervisory Board)
• S. Spitz GmbH and Vitalis Food Vertriebs-GmbH (Deputy Chairman of the Supervisory Board)
• Simacek Holding GmbH and Simacek Facility Management GmbH (Chairman of the Supervisory Board)

Dr.

Functions and Vita of Vonovia's Supervisory Board Members

• Member since April 2022 // Elected until Annual General Meeting in 2026
• Year of birth: 1966 // Nationality: German
• Practiced Profession: Independent Management Consultant
• Membership of statutory supervisory boards and/or comparable boards:
• Alfons & alfreda AG, Düsseldorf (Deputy Chairman of the Supervisory Board)

Florian Funck Member of the Audit Committee

Dr. Ute Geipel-Faber Member of the Finance Committee

• Member since August 2014 // Elected until Annual General Meeting 2023
• Year of birth: 1971 // Nationality: German
• Practiced Profession: Member of the Management Board of Franz Haniel & Cie. GmbH
• Membership of statutory supervisory boards and/or comparable boards:
• TAKKT AG (Member of the Supervisory Board)
• CECONOMY AG (Member of the Supervisory Board)
• ICM Innovation City Management GmbH (Member of the Supervisory Board)
• Member since November 2015 // Elected until Annual General Meeting 2023
• Year of birth: 1950 // Nationality: German
• Practiced Profession: Independent Management Consultant
• Membership of statutory supervisory boards and/or comparable boards:
• Bayerische Landesbank (Member of the Supervisory Board)

Hildegard Müller Member of the Executive and Nomination Committee

Matthias Hünlein Member of the Executive and Nomination Committee

Functions and Vita of Vonovia's Supervisory Board Members

• Member since April 2022 // Elected until Annual General Meeting 2026
• Year of birth: 1961 // Nationality: German
• Practiced Profession: Managing Director Tishman Speyer Properties Deutschland GmbH
• Membership of statutory supervisory boards and/or comparable boards:
• Tishman Speyer Investment Management GmbH (Company belongs to the Tishman Speyer Properties Deutschland GmbH group), Frankfurt am Main (Deputy Chairman of the Supervisory Board)
• Member since May 2015 // Elected until Annual General Meeting 2023
• Year of birth: 1957 // Nationality: German
• Practiced Profession: Chairman of the Management Board of Bayerische Versorgungskammer (Service and competence center for liberal professions and municipalities)
• Membership of statutory supervisory boards and/or comparable boards:
• DWS Grundbesitz GmbH (1st Deputy Chairman of the Supervisory Board)
• Universal Investment GmbH (Member of the Supervisory Board)
• GLL Real Estate Partners GmbH (Member of the Supervisory Board)
• Member since June 2013 // Elected until Annual General Meeting 2023
• Year of birth: 1967 // Nationality: German
• Practiced Profession: President of the German Association of the Automotive Industry (VDA)
• Membership of statutory supervisory boards and/or comparable boards:
• Siemens Energy AG (Member of the Supervisory Board)
• Siemens Energy Management GmbH (Member of the Supervisory Board)
• RAG-Foundation (Member of the Board of Trustees)

Dr. Ariane Reinhart Member of the Executive and Nomination Committee

Christian Ulbrich Member of the Finance Committee

Functions and Vita of Vonovia's Supervisory Board Members

• Member since May 2016 // Elected until Annual General Meeting in 2023
• Year of birth: 1969 // Nationality: German
• Practiced Profession: Member of the Management Board of Continental AG (Director of Human Resources and Director of Labor Relations)
• Membership of statutory supervisory boards and/or comparable boards:
• SUSE S.A. (Member of the Supervisory Board)
• Member since June 2013 // Elected until Annual General Meeting 2023
• Year of birth: 1968 // Nationality: German / American
• Practiced Profession: Non-executive Board Member
• Membership of statutory supervisory boards and/or comparable boards:
• Jerónimo Martins SGPS S.A. (Member of the Administrative Board)
• Vontobel Holding AG (Member of the Administrative Board) until April 2024
• Deutsche Börse AG (Member of the Supervisory Board)
• Member since August 2014 // Elected until Annual General Meeting 2023
• Year of birth: 1966 // Nationality: German
• Practiced Profession: President and Chief Executive Officer Jones Lang LaSalle Incorporated
• Membership of statutory supervisory boards and/or comparable boards:

---

Group FFO

	Adj. EBITDA Rental
(+)	Adj. EBITDA Value-Add
(+)	Adj. EBITDA Recurring Sales
(+)	Adj. EBITDA Development
=	Adj. EBITDA Total
(-)	FFO interest expenses
(-)	Current income taxes FFO
(-)	Consolidation

EPRA Net Tangible Assets, EPRA NTA

Group FFO is Vonovia's key figure for measuring sustainable earnings. Based on the Best Practice Recommendations of the European Public Real Estate Association (EPRA)

	Equity attributable to Vonovia's shareholders
(+)	Deferred tax in relation to fair value gains of investment properties1
(+)	Fair value of financial instruments2
(-)	Goodwill
(-)	Intangible assets
=	EPRA NTA

¹ Hold portfolio. ² Adjusted for effects from cross currency swaps.

Measurable Targets for Non-financial KPIs excl. DWNI

• Vonovia has established the SPI with quantitative, non-financial metrics to measure sustainability performance in the most relevant areas (based on materiality matrix).
• SPI reporting is audited by our statutory auditor (limited assurance).
• The SPI has a weight of 25% in the longterm incentive plan for the management board as well as for the leadership group below.
• Initial annual target always set at 100% on the basis of the individual categories; i.e. to achieve the target of 100%, all six individual targets must be fully achieved.

	SPI	2021 Targets	2021 Actuals	Medium-term Targets
1	CO2 intensity in the portfolio (Germany)1	Reduction of at least 2%	38.4 (kg CO2e/sqm/p.a.) (2.8% reduction)	< 25 (kg CO2e/sqm/p.a.) until 2030
2	Average primary energy need of new constructions3	Substantial increase4	38.6 (kWh/sqm p.a.) 8.1% increase4	31 (kWh/sqm p.a.) until 2025
3	Ratio of senior-friendly apartment refurbishments among all new lettings5	~30%	30.0%	~30% p.a.
4	Customer satisfaction5	In line with prior-year level	+4.5%	Maintain high level of customer satisfaction
5	Employee satisfaction	Slight increase	+5pp6	Maintain high level of employee satisfaction
6	Workforce gender diversity (1st and 2nd level below top management.)7	In line with prior-year level (2020: 25.9%)	28.0%	29.5% until 2025
			109%

¹ Total stock, based on final energy demand from energy performance certificates and related to rental space, partly incl. specific CO2 factors of district heating suppliers; excluding Deutsche Wohnen. ² After conversion to the Carnot method for the emission factors of district heating. ³ Based on energy performance certificates, excluding commercial spaces and floor additions. ⁴ Initial increase because of projects approved in the past (prior to establishing the SPI) that will be completed in 2022. Substantial reduction expected from 2023 onwards. ⁵ Germany only. ⁶ Compared to 2019 survey (Germany & Austria. Sweden did not participate in 2019 but was included in 2021). ⁷ Based on female representation within overall workforce.

Vonovia Shares

Major Shareholders and Basic Share Data

First day of trading	July 11, 2013
No. of shares outstanding	795.8 million
Free float	85.4%
ISIN	DE000A1ML7J1
Ticker symbol	VNA
Share class	Registered shares with no par value
Main listing	Frankfurt Stock Exchange
Market segment	Regulated Market, Prime Standard
Major indices	EURO STOXX 50, DAX, GPR 250 World, FTSE EPRA/NAREIT Europe, DAX 50 ESG, STOXX Global ESG Leaders EURO STOXX ESG Leaders 50, Dow Jones Sustainability Index Europe

IR Contact

Rene Hoffmann (Head of IR) Primary contact for Sell side, Buy side +49 234 314 1629 rene.hoffmann@vonovia.de

Stefan Heinz (Primary contact for Sell side, Buy side) +49 234 314 2384 stefan.heinz@vonovia.de

Oliver Larmann (Primary contact for private investors, AGM, regulators) +49 234 314 1609 oliver.larmann@vonovia.de

General inquiries investorrelations@vonovia.de

Disclaimer

This presentation has been specifically prepared by Vonovia SE and/or its affiliates (together, "Vonovia") for internal use. Consequently, it may not be sufficient or appropriate for the purpose for which a third party might use it.

This presentation has been provided for information purposes only and is being circulated on a confidential basis. This presentation shall be used only in accordance with applicable law, e.g. regarding national and international insider dealing rules, and must not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by the recipient to any other person. Receipt of this presentation constitutes an express agreement to be bound by such confidentiality and the other terms set out herein.

This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of Vonovia ("forward-looking statements") which reflect various assumptions concerning anticipated results taken from Vonovia's current business plan or from public sources which have not been independently verified or assessed by Vonovia and which may or may not prove to be correct. Any forward-looking statements reflect current expectations based on the current business plan and various other assumptions and involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements only speak as at the date the presentation is provided to the recipient. It is up to the recipient of this presentation to make its own assessment of the validity of any forward-looking statements and assumptions and no liability is accepted by Vonovia in respect of the achievement of such forward-looking statements and assumptions.

Vonovia accepts no liability whatsoever to the extent permitted by applicable law for any direct, indirect or consequential loss or penalty arising from any use of this presentation, its contents or preparation or otherwise in connection with it.

No representation or warranty (whether express or implied) is given in respect of any information in this presentation or that this presentation is suitable for the recipient's purposes. The delivery of this presentation does not imply that the information herein is correct as at any time subsequent to the date hereof.

Vonovia has no obligation whatsoever to update or revise any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof.

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 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 selective in nature and does not purport to contain all information that may be required to evaluate the Company and/or its securities. 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.

This presentation is not directed to or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

Neither this presentation nor the information contained in it may be taken, transmitted or distributed directly or indirectly into or within the United States, its territories or possessions. This presentation is not an offer of securities for sale in the United States. The securities of the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States. Consequently, the securities of the Company may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, into or within in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States unless registered under the Securities Act.

Tables and diagrams may include rounding effects.

Per share numbers for 2013-2014 are TERP.adjusted (TERP factor: 1.051). Subscription rights offering in 2015 due to Südewo acquisition.

Per share numbers for 2013-2020 are TERP adjusted (TERP factor: 1.067). Subscription rights offering in 2021 due to Deutsche Wohnen acquisition.