Instone Real Estate Group AG

Investor Presentation • Nov 10, 2022

Results Presentation Q3 2022

Disclaimer

Highlights

Highlights

Significant pre-sales drive revenues and cash flows in otherwise demanding markets

Operational Highlights	✓ Projects equivalent to €2.7bn of GDV under construction, thereof €2.6bn pre-sold provide robust basis for revenues and cash flow in otherwise uncertain markets
	✓ 2023E Revenues of around €550m already secured based on construction progress only (assuming no incremental sales)
	✓ Sales: Slowdown in retail demand to below long-term mean; institutional buyers in 'wait and see' mode
	✓ Two smaller institutional deals successfully closed
	✓ New build properties are preferred sub-asset class investment market (energy efficiency, ESG, positive rental outlook)
	✓ Pricing: No Instone price concessions for projects under construction or pre-construction
	✓ Building materials: Improved availability of material however, shortages persist; material price inflation receding

Q3 results in line with expectations - still attractive margins

	✓ Adjusted revenues: €441.9m (9M 2021: €405.6m, +8.9%)
9M 2022 Results	✓ Adjusted gross profit margin: 25.8% (9M 2021: 29.8%)
	✓ Adjusted EBIT: €60.9m (9M 2021: €65.3m, -6.7%)
	✓ Adjusted earnings after tax (EAT): €34.0m (9M 2021: €40.3m, -15.6%)

Guidance 2022 reiterated

Outlook	✓ Adj. revenues of €600-675m
	✓ Adj. gross margin of at least 25%
	✓ Adj. EAT of €40-50m
	✓ Expect positive 2022 operating cash flow

Retail demand remains muted

✓ Uncertain macro environment weighs on investor demand (retail and institutional)

✓ Following a moderate recovery in August, the strong jump in interest rates in September triggered another setback

✓ Higher share of buyers with moderate leverage

House prices remain stable, CPI growth decelerating

• ✓ New-build condo prices remained robust overall in Q3; however transaction volumes depressed
• ✓ Rise in construction costs of +15% y-o-y expected; recently first indications of easing inflationary pressure (e.g. decreasing costs for construction steel and timber)
• ✓ Material shortages for various building materials persist, weighing on construction speed
• ✓ Cancellation/postponement of new development projects will lead to massive supply reduction

Expected future cash flows suggest significant upside¹

Fundamental Instone value rests on three distinct pillars

Pre-sold projects

• c.€2.7bn currently under construction
  • t/o c.€2.6bn pre-sold (97%)
  • in addition c.€300m 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 c.€440m
• → substantial incremental value

Future potential

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• Ability to source new projects
• Highly attractive opportunities likely to materialise within 12-24 months

De-risked free cash flow from projects under construction1	>600m
Unsold land bank at cost2	440
Notional gross asset value2	1,040
Net debt	-340
Notional value to shareholders3	>700m

2) Incl. proportionate share of at-equity JVs; Note: "unsold land bank at cost" excluding unsold portion of projects under construction

3) Note: 45.016m shares issued and outstanding (excluding Treasury shares) as of 30 September 2022

¹⁾ Free cash flow post platform cost and taxes

Highly visible Free Cash Flow of >€600m from projects already under construction

New build properties offer high energy efficiency and strong inflation protection

New build properties in good locations offer strong inflation protection

• ✓ New build properties in good locations offer opportunity for index-linked or staggered lease contracts
• ✓ In Munich (larger district) 60-70% of all new leases (40% of total leases) are index-linked rents, in Hamburg 50% of new leases are index-linked or staggered lease contracts ²
• ✓ Real yields of around 3% remain an attractive investment product in an inflationary environment

Instone with leading position for energy efficient buildings

• ✓ Approx. 82% of INS project portfolio meet energy standard NZEB-10% (EU Taxonomy compliant)
• ✓ Natural gas accounts for less than 2% of direct energy supply of INS's projects
• ✓ Unlike existing housing stock no capex backlog for energy or other investments, energy consumption for new properties is ~80% below average German buildings

Lower energy bill clear competitive edge

Annual energy consumption by construction year ¹

Portfolio Update

Significant pipeline supports visibility for coming years

Project portfolio development (GDV)

New project approvals	Exp. sales volume (€m)	Exp. units
YTD 2022
Metropolitan area Nuremberg	Q1	85	140
Metropolitan area Berlin	Q2	145	361
Metropolitan area NRW	Q3	51	114
Total		281	615

1) Excluding GDV of at-equity JVs

2) Net of no longer pursued previously approved projects

3) Includes increased density, index based pre-agreed sales price adjustments and re-assessed sales prices of certain pre construction projects

Pre-sold units provide cash flow visibility in tougher markets

Project portfolio as of 30/09/2022 by region (GDV) Project portfolio as of 30/09/2022 by development (GDV)

• ✓ 53 projects / 16,580 units
• ✓ 86% in metropolitan regions
• ✓ ~80 average sqm / unit
• ✓ ~€5,645 ASP / sqm
• ✓ Additional three JV projects (INS share of GDV: ~€500m)

• ✓ €3.2bn GDV in "pre-construction" or "under construction" of which 93% (€2.9bn) already sold
• ✓ Of the €2.9bn pre-sold volume as of the reporting date €1.7bn have been recognised in revenues

Q3 2022 Financial Performance

Adjusted Results of Operations

High profitability maintained

€m	Q3 2022	Q3 2021	Change	9M 2022	9M 2021	Change
Revenues	173.9	145.1	19.8%	441.9	405.6	8.9%
Project cost	-129.0	-100.8	28.0%	-328.2	-284.6	15.3%
Gross profit	45.0	44.3	1.6%	113.8	121.0	-6.0%
Gross Margin	25.9%	30.5%		25.8%	29.8%
Platform cost	-20.7	-20.2	2.5%	-55.1	-58.3	-5.5%
Share of results of joint ventures	0.7	0.1		2.2	2.6
EBIT	25.0	24.2	3.3%	60.9	65.3	-6.7%
EBIT Margin	14.4%	16.7%		13.8%	16.1%
Financial and other results	-4.1	-2.6		-11.6	-10.1
EBT	20.8	21.7	-4.1%	49.3	55.2	-10.7%
EBT Margin	12.0%	15.0%		11.2%	13.6%
Taxes	-6.4	-4.8		-15.3	-14.9
Tax rate	30.7%	22.2%		31.0%	27.0%
EAT	14.4	16.9	-14.8%	34.0	40.3	-15.6%
EAT Margin	8.3%	11.6%		7.7%	9.9%
EAT post minorities	14.5	17.9	-19.1%	35.0	42.8	-18.2%
EPS1	0.31	0.38	-18.1%	0.76	0.91	-17.0%

• ✓ Moderate top line growth supported by strong presales levels and construction progress; Q3 increase (yoy) supported by smaller institutional deals
• ✓ Resilient 9M gross margin despite construction price inflation
• ✓ Platform costs continue to be scrutinized
  • ✓ Strict review of new hires
  • ✓ Non-project related/admin expenses
  • ✓ Variable compensation
  • → Target 2022: stable platform costs of ~€80m

On track to achieving our 2022 adj. revenues target

Adj. Revenues – expected development in 2022

Strong balance sheet is key strength in current environment

€m	30/09/2022	31/12/2021
Corporate debt	177.8	199.1
Project debt	321.3	191.4
Financial debt	499.1	390.5
Cash and cash equivalents and term deposits	-155.0	-151.0
Net financial debt	344.1	239.5
Inventories and contract asset / liabilities	1,322.4	1,190.1
LTC1	26.0%	20.1%
Adjusted EBIT (LTM)2	151.2	155.7
Adjusted EBITDA (LTM)2	156.1	160.3
Net financial debt / adjusted EBITDA	2.2x	1.5x

✓ Moderate 26.0% LTC

• ✓ Reminder: inventories are recorded at historical costs
• ✓ Significant hidden reserves (c.€113m according to BNP appraisal report) provide additional downside cushion;
• ✓ Net debt/adjusted EBITDA of 2.2x remains moderate
• ✓ Balance sheet and liquidity provide for downside protection as well as financial flexibility

Financially strong position

Cash Flow (€m)	Q3 2022	Q3 2021	9M 2022	9M 2021
EBITDA adj.	26.3	25,4	64.6	68.7
Other non-cash items	-3.6	-4,7	-12.7	-11.6
Taxes paid	-2.0	-0,6	-2.9	-8.0
Change in working capital	-66.7	-54,4	-75.6	62.8
Operating cash flow	-46.2	-34,3	-26.7	112.0
Land plot acquisition payments (incl. RETT)1	3.4	27,3	74.1	73.1
Operating cash flow excl. investments	-42.8	-7.0	47.4	185.0

✓ Expect still positive FY 2022 operating cash flow post land plot payments

Liquidity (€m)	Total	t/o drawn	t/o available
Corporate debt
Promissory notes	178.0	178.0	0.0
Revolving Credit Facilities	170.0	0.0	170.0
Total	348.0	178.0	170.0
Cash and cash equivalents and term deposits			155.0
Total corporate funds available			325.0
Project debt
Project finance2	555.8	320.3	235.6

• ✓ Well funded to weather the downturn
• ✓ Ample cash and available funding to benefit from attractive distressed opportunities once markets stabilise
• ✓ Strong continued cash flow generation based on significant pre-sales

Well balanced financing structure at attractive terms

Maturity profile (corporate debt) as of 30/09/2022

Weighted average corporate debt maturity	3.3 years
Weighted average corporate interest costs	4.07%
Share of corporate debt with floating interest	7.0%

Secured/unsecured as of 30/09/2022

Q3 achievements:

• ✓ Successfully termed out debt maturities
• ✓ €50m, 2027, 4.5% promissory note placed with group of pension funds
• ✓ No significant remaining debt maturities until 2025

Share buy back update

Programme 2022/I – CLOSED

• March 18, 2022 October 24, 2022
• Total volume spent: EUR 25.4 million from
• budgeted EUR 50 million
• A total number of 2,349,416 shares bought

c.5.0% of the share capital¹

Programme 2022/II – ONGOING

• October 26, 2022 March 31, 2023
• Maximum volume: EUR 25 million
• Maximum amount of shares: 1,349,417
• = c.2.87% of the share capital

Return of capital to shareholders – Shareholder oriented capital allocation strategy

Outlook

Outlook confirmed

€m	Outlook 2022
Revenues (adjusted)	600-675
Gross profit margin (adjusted)	≥ 25%
EAT (adjusted)	40-50
Volume of concluded sales contracts	~350

Key assumptions:

• ✓ Muted investor appetite to continue in the coming months
• ✓ Larger institutional sales excluded in 2022
• ✓ 2022 cost price inflation of +15% (y-o-y)

Appendix

10.11.2022 | Q3-2022

2021 ESG achievements and disclosures

	• Scope 1, 2 and 3 GHG1 emissions according to TCFD3 guidelines
	SBTI2 • compliant net zero targets (Net zero climate neutrality by 2045)
Environment	• Qualitative climate-scenario analysis
	• Declared membership of German Sustainable Building Council (DGNB), pre-certification of pilot project nyoo in platinum (requirement for series certification)
	• Completed first stakeholder survey, initiated platform for continuous dialogue
	• Started construction of first two affordable housing projects under Instone innovative "nyoo" brand
Social	• Confirmed Instone's position as an attractive employer
	• Re-iterated affirmative diversity policy
	• Confirmed Instone's responsibility for work standards at our contractors
	• Established first independent ESG rating by Sustainalytics; ranked top 2% among global developers
	• Strengthened ESG governance structure
Governance	• Established 3 people strong dedicated ESG team
	• Established sustainability targets in management compensation scheme
	• Launched ESG website

1) GHG=Greenhouse gas emissions / Scope 1-3: classification of emissions (direct and indirect) according to GHG Protocol

2) SBTI=Science-Based Targets Initiative / New approach for setting emissions reduction targets with focus on the amount of emissions that have to be reduced in order to meet the goals of the Paris Agreement, limiting global warming to 1.5°C

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3) Task Force on Climate Related Financial Disclosures

GHG emissions of the INS portfolio significantly below German average

GHG emissions Instone portfolio¹

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• ✓ High-quality insulation and modern heating technology lead to significantly reduced GHG emissions for Instone projects compared to average of existing resi buildings in Germany
• ✓ Instone targets share of buildings with primary energy demand of less than 90% compared to NZEB² (NZEB -10%) by 2030 of 100%

Project portfolio per energy efficiency standard (as of 31/12/2021)3

1) Diagram refers to the entire Instone portfolio based on the planned energy efficiency during usage (operational carbon only)

2) As defined as of December 31, 2021

3) Based on share of surface area / Portfolio: All buildings planned, under construction and completed in 2021

Major ESG-KPIs – achievements and targets

	Major KPIs	2020	2021	Targets
	Expected GHG emissions of portfolio in use	11 kg CO2e/m²	9.5 kg CO2e/m²	-50% (2030 vs. 2020)
	Share of projects with renewable energy supply	~14%	~22%	At least 40% (2030)
E	Share of projects with energy requirements at least NZEB -10%	~79.6%	~82.5%	100% of project portfolio in 2030
	GHG emissions / scope 1 and 2 abs.	3,387 t CO2e	3,456 t CO2e	-42% (2030 vs. 2020)
	GHG emissions / scope 1 and 2 Intensity	0.024 t CO2e/sqm	0.010 t CO2e/sqm	-42% (2030 vs. 2020)
	GHG emissions / scope 3 abs.	110,058 t CO2e	147.849 t CO2e	Net zero climate neutrality (2045)
	GHG emissions / scope 3 Intensity	0.766 t CO2e/sqm	0.416 t CO2e/sqm	Net zero climate neutrality (2045)
	Charging stations for EVs	~330	~734	From 2025, 100% of projects in construction to provide charging stations
	Brownfield developments (land plot size)	833,746sqm	690,204sqm	Acquisition focus on brownfield projects
	Collection of environmental KPIs (e.g. environmental diversity, waste, water and recycling)	/	ongoing	100% data delivered by 2025
S	Shares of affordable housing: social / subsidized / privately financed (incl. nyoo)	15% / 2% / 83%	17% / 1.5% / 81.5%	at least 50% share of revenues with affordable housing (social / subsidized / nyoo) by 2030
	Share of female employees in management positions (below C-level)	25% (1st)* / 22% (2nd)	25% (1st)* / 23% (2nd)	at least stable
	Employee satisfaction and loyalty	75%	70% / 76%	75% / 80%
	Code of Conduct for employees and contractors (UN Charter)	100%	100%	100%
G	Employee compliance and data protection training	96%	99%	100%
	Compliance cases (suspected)	2	0	0
	Independent Supervisory Board	100%	100%	100%
	of ESG targets into management compensation scheme (1st Integration management level)	Implemented	Implemented	Continuous evaluation and adoption

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KPI definitions and further explanations can be found in our Annual Report 2021, p. 60

Appraisal report / NAV calculation (as of March 2022)

	EPRA NTA
in EUR million
IFRS Equity attributable shareholders to	596 5
Diluted NAV	596 5
Diluted NAV per share (EUR/share)	12 .72
properties1 Revaluation of trading	112 7
investments2 of Revaluation other non-current	0 8
Diluted NAV Fair Value at	710 0
property3 Deferred Tax in relation fair value gains of develpment to	35 8 -
Goodwill as a result of deferred tax	6 1 -
Intangibles as per IFRS balance sheet	1 3 -
NAV	666 8
Shares Outstanding as of 31 March 2022 (million) 75.324	46.9
(EUR/share) NAV per share	14 21

in EUR million
Net BNP Valuation		2 458 0 ,
Market Value JVs	-	330 7
Book Value Projects	-	1 841 9 ,
t/o Inventories	-	876.2
t/o Contract assets (gross)	-	965.8
Comitted for projects payouts pre	recognition-	165 6
Minority Interest in Consolidated JVs	-	7 1
Delta Book Fair Value to		112 7

• ✓ Appraisal report sees hidden reserves of c. €113m corresponding to value uplift to reported book values of inventories of approx. +13%
• ✓ NAV calculation based on EPRA's Best-Practice recommendation
• ✓ Share price at significant discount to Fair Value of inventories
• ✓ Significant additional value upside from 'production' activity
• 1 Difference in value between the carrying amount of inventories plus gross contract assets and the fair value according to the valuation report of fully consolidated projects adjusted for minority interest.

27 | 10.11.2022 | Q3-2022

2 Difference in value between the carrying amount of inventories plus gross contract assets in at-equity companies and the fair value according to the valuation report. 3 Deferred taxes related to the revaluation of all projects.

Total value of project portfolio exceeds reported book values by some €113m

Appraisal report / NAV calculation (as of March 2022)

in EUR million	EPRA NRV	EPRA NTA	EPRA NDV
IFRS Equity attributable to shareholders	596 5	596 5	596.5
Diluted NAV	596.5	596 5	596.5
Diluted NAV per share (EUR/share)	12.72	12.72	12.72
Revaluation of trading properties1	112 7	112 7	112 7
Revaluation of other non-current investments2	0.8	0.8	0.8
Diluted NAV at Fair Value	710.0	710.0	710.0
Deferred Tax in relation to fair value gains of develpment property	40.8	35.8	35.8
Goodwill as a result of deferred tax Intangibles as per IFRS balance sheet	6.1	6.1 1.3	6.1
Fair value of fixed interest rate debt			03
Purchasers Cost (Land transfer tax, notary fee & brokerage)4	103.2
NAV	847 9	666.8	667 9
Shares Outstanding as of 31 March 2022 (million)	46.9	46.9	46.9
NAV per share (EUR/share)	18.07	14.21	14.24

1 Difference in value between the carrying amount of inventories plus gross contract assets and the fair value according to the valuation report of fully consolidated projects adjusted for minority interest.

2 Difference in value between the carrying amount of inventories plus gross contract assets in at-equity companies and the fair value according to the valuation report. 3 Deferred taxes related to the revaluation of all projects.

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4 Incidental acquisition costs comprise the incidental costs recognized in the valuation report.

Illustrative Residual Value Calculation as per BNP Valuation approach

New subsidies scheme for new construction planned for April 2023

• German government plans to invest 1bn to support owner-occupier (help-to-buy) and new build of rental apartments (planning status as of October 2022)
• The law needs to be passed by the German Parliament

Volume	• EUR 350 million	• EUR 650 million
Recipient	• Families with children <18 yrs • Household income of max. €60,000 plus €10,000 per child →Potentially 75% of German households →Promotion of 13,000-15,000 households p.a.	• Resi landlords, other private investors
Objective	• Help-to-buy: Build or buy new home/condominium for own use (for at least 10 years) • Energy efficiency (minimum energy standard KfW 55)	• New build of rental apartments • Energy efficiency (minimum energy standard KfW 40)
Promotion	• No direct grant • Subsidized mortgages, reduced interest costs (by 2- 4%) by federal KfW Bank →Will be accepted as equity substitute	• To be defined

Status of Building Rights

Project portfolio as of 30/09/2022 by building right status (GDV)

Kategorie 1 Kategorie 2

Project Portfolio Key Figures

€m	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020
Volume of sales contracts	104.6	58.0	87.6	761.7	170.7	89.1	118.6**	246.0	94.9
Project Portfolio	7,827.4	7,727.4	7,567.7	7,500.0	7,154.9	6,268.1	6,054.2	6,053.6	5,937.5
thereof already sold	2,945.4	2,891.4	3,070.1	3,038.9	2,308.7	2,444.0	2,360.5	2,328.8	2,108.6
thereof already realized revenues	1,721.0	1,597.1	1,684.0	1,621.0	1,276.2	1,436.1	1,307.8	1,265.5	n.a.
Units	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020
Volume of sales contracts	199	96	191	1,906	468	169	372**	708	128
Project Portfolio	16,580	16,644	16,607	16,418	15,913	14,338	13,678	13,561	13,374
thereof already sold	7,265	7,179	7,404	7,215	5,401	5,679	5,510	5,381	4,770

(Unless otherwise stated, the figures are quarterly values)

*Of which €24.3m (303 units) from updated business plan of already sold project Westville. **Of which €6.3m (186 units) from updated business plan of already sold project part in "Schönhof-Viertel", Frankfurt.

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Project Portfolio as of 30/09/2022

(projects > €30m sales volume, representing total: ~ €7.8bn)

Project	Location	Sales volume (expected)	Land plot acquired	Building right obtained	Sales started	Construction started
Hamburg
HH - Schulterblatt "Amanda"		€ 96 Mio.
SE - Kösliner Weg	Hamburg Norderstedt-Garstedt	€ 101 Mio.
- Sportplatz H Bult	Hannover	120 Mio. €
- RBO HH	Hamburg	215 Mio. €
H - Büntekamp	Hannover	163 Mio. €
HH - Saseler Chaussee	Hamburg	84 Mio. €
Berlin HVL - Nauen	Nauen	152 Mio. €
P - Fontane Gärten	Potsdam	67 Mio. €
NRW
D - Niederkasseler Lohweg	Düsseldorf	N/A
D - Unterbach	Düsseldorf	200 Mio. €
E - Literaturquartier	Essen	N/A
MG - REME	Mönchengladbach	121 Mio. €
BN - west.side	Bonn	202 Mio. €
DO - Gartenstadtquartier	Dortmund	€ 122 Mio.
K - Bickendorf	Köln	€ 716 Mio.
- 6-Seen DU Wedau	Duisburg	72 Mio. €
NRW	NRW	51 Mio. €
- Düsseldorfer DU Landstr.	Duisburg-Buchholz	26 Mio. €

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.

33 | 10.11.2022 | Q3-2022

Project Portfolio as of 30/09/2022

(projects > €30m sales volume, representing total: ~ €7.8bn)

Project	Location	Sales volume (expected)	Land plot acquired	Building right obtained	Sales started	Construction started
Rhine-Main
WI - Delkenheim	Wiesbaden	111 Mio. €
- Schönhof-Viertel F	Frankfurt am Main	610 Mio. €
F - Friedberger Landstr.	Frankfurt am Main	306 Mio. €
F - Elisabethenareal	Frankfurt am Main	€ 90 Mio.
F - Steinbacher Hohl	Frankfurt am Main	56 Mio. €
F - Gallus	Frankfurt am Main	41 Mio. €
F - Westville	Frankfurt am Main	N/A
WI - Aukamm	Wiesbaden	€ 200 Mio.
OF - Heusenstamm	Heusenstamm	191 Mio. €
MKK - Kesselstädter	Maintal	237 Mio. €
MTK - Polaris	Hofheim	75 Mio. €
WI - Rheinblick	Wiesbaden	305 Mio. €
MKK- Eichenheege	Maintal	€ 108 Mio.
Leipzig
L - Semmelweis 9	Leipzig	121 Mio. €
L - Parkresidenz	Leipzig	285 Mio. €
L - Rosa-Luxemburg	Leipzig	111 Mio. €
Süd HAL - Heide	(Saale) Halle	41 € Mio.

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.

Project Portfolio as of 30/09/2022

(projects > €30m sales volume, representing total: ~ €7.8bn)

Project	Location	Sales volume (expected)	Land plot acquired	Building right obtained	Sales started	Construction started
Baden-Wurttemberg
S - City-Prag	Stuttgart	€ 134 Mio.
- Schorndorf WN	Schorndorf	N/A
TÜ - Rottenburg	Rottenburg	176 Mio. €
S - Herrenberg Schäferlinde	Herrenberg	82 Mio. €
BB - Herrenberg II	Herrenberg	83 Mio. €
Bavaria South
M - Ottobrunner	München	118 Mio. €
A - Beethovenpark	Augsburg	N/A
Bavaria North
N - Eslarner Straße	Nürnberg	64 Mio. €
RO - Bahnhofsareal Nord	Rosenheim	26 Mio. €
BA - Lagarde	Bamberg	88 Mio. €
- Schopenhauer N	Nürnberg	€ 68 Mio.
- Stephanstr. N	Nürnberg	N/A
N - Seetor	Nürnberg	114 Mio. €
R - Marina Bricks	Regensburg	30 Mio. €
N - Boxdorf	Nürnberg	70 Mio. €
N - Thumenberger	Nürnberg	€ 132 Mio.
N - Worzeldorf	Nürnberg	68 Mio. €
N - Lichtenreuth	Nürnberg	87 Mio. €

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.

• ISIN: DE000A2NBX80

Activum 25.95%

DWS 4.32% Schroders 3.07%

DAMAC Properties 5.06%

Financial Calendar

2022

November	10	Quarterly Statement for the first nine months of 2022
November	15	Roadshow Germany, Deutsche Bank
November	22	Roadshow UK, Deutsche Bank
November	30	UBS Global Real Estate Conference, London

2023

January	09	ODDO BHF Forum, virtual
January	12	Barclays Real Estate Conference, London
January	17	UniCredit Kepler Cheuvreux German Corporate Conference, Frankfurt
March	16	Annual Report 2022
May	11	Quarterly Statement for the first quarter of 2023
June	14	Annual General Meeting
August	10	Group Interim Report for the first half of 2023
November	09	Quarterly Statement for the first nine months of 2023

Investor Relations Contacts

Burkhard Sawazki

Head of Business Development & Communication

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

Simone Cujai

Senior Investor Relations Manager

T +49 201 45355-428 M +49 162 8035792 simone.cujai@instone.de

Tania Hanson

Roadshows & Investor Events

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

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