Deutsche Wohnen AG

» Full year 2010 resultsConference Call, 29 March 2011

» Highlights¹

	N f i t t e p r o :	E U R 2 3. 8 m	E U R 3 7. 1 m +
	A d j d E B T t u s e :	E U R 3 3. 7 m	8 1 % +
R l t e s s u	F F O / d i l w o s p o s a s :	E U R / h 0. 4 0 s a r e	2 9 % +
	E P R A N A V	1 1. 7 8 E U R / h s a r e	E U R 0. 6 0 +
	D i i d d d e n p r o p o s e v :	0. 2 0 E U R / h s a r e
	F i i i t t t n a n c n g s r c r e o p m u u	i d s e	M i i f i l h d t t a u r e s p r o e e n a n c e A i d d t t t v e r a g e n e r e s r a e r e u c e H d i i d t e g e r a o m p r o e v
M i l t e s o n e s	A i i i i t t c c r e v e a c q u s o n s		1, 8 0 8 i i i t n s n c o r e r e g o n s u O F F i i t p o s e v M j i f D B 1 4 f d t a o r y o u n
	P f l i i d t o r o o m p r o e v		8 4 % c o r e
	V l i d a e s r a s e u		F i l E U R 4 7. 2 1. 8 % a r v a u e : + m =
	I l t n- p a c e r e n c o r e :	5. 4 6 E U R / s q m	1. 9 % +
	N t e w r e n c o r e :	6. 4 1 E U R / s q m	2. 6 % +
P f e r o r m a n c e	V t a c a n c y r a e :	2. 3 %	2 0. 7 % -
	N O I / d h s q m a n c a s		h i E U R 6. 3 % 1 3 t ; c a s m p r o v e m e n : + m +
	D i l E U R 1 7 1. 7 s p o s a s : m		V l d b l d, i b l i t o u m e o u e s u s a n a e m a r g n s
	M D A X		I d i i b i l i t t n c r e a s e u r n o v e r ; m o r e v s y
C i l t a p a	S h P i a r e r c e		5 6 % +
M k t a r e	N h h l d e s a r e o e r s w		R l d d i d f d t t t e a e s a e e c a e n s u

» Positive result and strong operating performance

» Milestones 2010²

» 1. Financing structure optimised

1. Long-term maturities profile significantly enhanced

Refinancing volume of EUR 516m accomplished and additional loan funds of EUR 94m secured
No major loans due before end of 2015

2. Hedging ratio considerably improved

Swaps early terminated
Hedging ratio now at 75-80% (compared to 95% in the past)
One-off costs of EUR 15.3m incurred in 2010
New structuring of corporate loan
Prolonged until 2017, floating rate (previously: 5,79% p.a. fixed)
Repayment of EUR 25m; overall prepayment costs of EUR 8.3m

3. Result: Average interest rate considerably decreased

Average interest rate significantly decreased from 4.4% in 2010 to 4.0% from Jan11 onwards
Below 4% p.a. from 2013 onwards (status-quo)

» 2. More than EUR 110m in acquisitions and DB14 spent

1. Acquisitions of 1.800 units in core regions

	U i t n s	A r e a	I l 1 t n- p a c e r e n	V a c a n c y	C l i o s n g
	#	s q m	E U R / s q m	in %
Be l in r	1, 1 2 8	5 8, 4 3 2	4. 9 1	1. 7	De 1 0 / 1 J 1 1 c a n
Po d t s a m	5 1 5	2 8, 7 8 3	5. 5 9	1. 0	1 J 1 1 a n
M in a z	1 6 5	9, 2 6 7	6. 2 2	1. 7	O 1 1 0 t c
T l t o a	8 0 8 1,	9 6, 8 2 4	2 5. 4	1. 5

Overall net purchase price: EUR 81.9 million
Average purchase price: EUR 848 per sqm
Net Initial Yield: 7.0%; ~32% rent potential

2. DB 14

Acquisition of additional 50% of DB14 (40.4% in 2010, 9.2% in 2011)
Investment of total EUR 36.4m (EUR 28.4m in 2010, EUR 8.0m in 2011)
Deutsche Wohnen owns 84% of the fund
DB 14 portfolio mainly comprises newly constructed buildings (90ies) and is majorly financed with low interest bearing debt (approx. 62%) resulting in attractive result of property management (e.g. FFO)
Due to the fact, that we now hold a majority of DB14, we cluster the corresponding 2,622 units in our core portfolio

1) In-place rent: Contractually owed rent from the rented apartments divided by the rented area

» 3. Portfolio management and valuation (1/2)

1. We successfully bolstered our core portfolio and continued to significantly dispose non-core properties

>	C f l i t o r e p o r o o :







		) it ho i de ion f its ( lus 1 t c t 3 7 u ter w u on s ra o n c e	d in iva isa ion ) t t p r

Bloc-sales portfolio: Successful disposal of 971 units mainly in rural areas [Streulagen]

2. Significant increase of operating performance, i.e. reduction of vacancy and increase in rental income since the last upside portfolio valuation in 2007

Result of fair value adjustment of investment properties in 2010: EUR 47.2m (confirmed by CBRE)

31 Dec 2010	Fair Value EUR m		Fair Value per sqm		Multiplier		Multiplier
					current gross rent		market rent
	after FV	before FV	after FV	before FV	after FV	before FV	after FV
Core portfolio	2,337	2,290	971	951	14.6	14.3	12.9
Disposal	335	335	700	700.	12.8	12.8	10.9
Total	2,672	2,625	926	910	14.4	14.1	12.6

after FV = after fair value adjustment of EUR 47.2m; before FV = before fair value adjustment

Overall, fair value adjustment in core portfolio of +2.0%
Berlin (incl. Greater Berlin): +EUR 26m/+2.1%
Residual (mainly Western Germany): +EUR 21m/+1,9%

» 3. Portfolio management and valuation (2/2)

Portfolio overview as of 31 December 2010

R i d i l t e s e n a	U i t n s	A r e a	S h a r e	I l n- p a c e * t r e n	N l i t t e e n g w - ** t r e n	V a c a n c y
	N b m e r u	k s q m	%	E U R / s q m	E U R / s q m	%
B l i e r n	2 1, 5 9 8	1, 2 8 2	5 4 %	5 3 3	6 1 5	1. 3 %
F k f / M i t r a n u r a n	3 6 5 6 ,	2 1 7	9 %	6 9 0	8 2 4	1. 5 %
R h i M i n e- a n	4 3 0 0 ,	2 5 8	1 1 %	5 8 9	7 3 0	5 4 %
S R h i V l l h t n e a e y o u	5 9 2 7 ,	3 6 9	1 5 %	5 0 8	5 4 7	3 5 %
R h i V l l N h t n e a e o r y	3 1 6 5 ,	2 0 5	8 %	4 9 6	5 1 3	2 4 %
G B l i t r e a e r e r n	9 1 4	5 5	2 %	5 3 2	6 6 2	1. 4 %
O h t e r s	6 9 6	4 6	1 %	5 0 8	5 6 1	6 6 %
C f l i t o r e p o r o o	4 0, 2 5 6	2, 4 3 1	1 0 0 %	5. 4 6	6. 4 1	2. 3 %
P i i i t t r v a s a o n	3 7 5 9 ,	2 4 8	N / A	5 4 9	5 8 7	7 9 %
B l l o c s a e s	3 6 7 3 ,	2 2 8	N / A	4 3 9	4 6 3	1 1. 5 %
T l d i l t o a s p o s a	7, 4 3 2	4 7 5	N / A	4 9 8	4 9 6	9. 4 %
T l f l i t t o a p o r o o	4 7, 6 8 8	2, 9 0 7	N / A	5. 3 8	6. 2 5	3. 3 %

Contractually owed rent from the rented apartments divided by the rented area

** formerly described as market rent: average rent for contracts signed in the last twelve months for units not subject to rent control

» Performance³

» Overview – strong performance: NOI-growth per sqm

Residential property management: NOI per month per sqm1)

1) Net operating income of the period divided by months of the period and average floor space on quarterly basis in the period under review

» Increasing performance and cash contribution from portfolio

	E U R m	2 0 1 0	2 0 0 9
E i f a r n n g s r o m	C l i t t r r e n g r o s s r e n a n c o m e u	1 8 9. 8	1 9 2. 7
l i t t e n g :	N b l o n- r e c o e r a e e p e n s e s v x	6 4 -	6 5 -
b l 1 ) t s a e	R l l t e n a o s s	2 1 -	2 0 -
	M i t a n e n a n c e	2 8 0 -	3 0 1 -
	O h t e r s	2 4 -	3 1 -
	E i f i d i l t t t a r n n g s o r e s e n a p r o p e r m a n a g e m e n y	1 5 0. 9	1 5 1. 0
O N I i m r n	P l, l d d i i i t t e r s o n n e g e n e r a a n a m n s r a o n e p e n s e s x	1 7 0 -	1 8 6 -
a g :	N i i ( N O I ) t t e o p e r a n g n c o m e	1 3 3. 9	1 3 2. 4
7 0 5 %	N O I i m a r g n	0. 7 5 %	6 8 7 %
O N I / s q m :	) 2 N O I i E U R / d h t n s q m a n m o n	3 7 3	3 5 1
6 3 % + ,	I n c r e a s e	6. 3 % +
	E U R m	2 0 1 0	2 0 0 9
C h f l a s o w :	N i i ( N O I ) t t e o p e r a n g n c o m e	1 3 3 9	1 3 2 4
E U R 1 3 m +	C h i t t a s n e r e s e x p e n s e s	8 6 3 -	9 7 8 -
	C h f l f f l i f h i t t t t a s o w r o m p o r o o a e r c a s n e r e s e x p e n s e s	4 7. 6	3 4 6
	I n c r e a s e	3 7. 6 %

1) Rental shortfalls due to disposals compensated

2) Based on average quarterly areas of the period

» Core markets speeding up

In-place rent: Contractually owed rent from the rented apartments divided by the rented areaNew-letting rent (formerly described as market-rent): Average rent for contracts signed in the last twelve months for units not subject to rent control

» Disposals – privatisation: sustainable margin of 34%

	U i t n s	T i lu t r a n s a c o n v o m e	F i lu a r v a e	M i a r g	n
	#	E U R m	E U R m	E U R m	%
Pr iva is io t t a n	6 6 0	5 6. 8	4 2. 3	1 4. 5	3 4 %
In i io l s le t t t s na a s u	2, 6 5 4	1 1 4. 9	1 0 9. 8	5, 1	5 %
he f fro fo l io t t re o m co re p or	1, 6 8 3	7 9. 1	7 4. 2	4. 9	7 %
f fro fo he b loc les l io t t re o m s a p or	9 7 1	3 5. 8	3 5. 6	0. 2	1 %
	3, 3 1 4	1 7 1. 7	2. 1 5 1	9. 6 1	3 1 %
S le t a s c o s				-6 9
E i f d i l a r n n g s r o m s p o s a s				1 2. 7

Sales costsas % of transaction volume: 4.0% (2009: 7.3%)
Privatisation (i.e. sale of individual apartments):
Sustainable gross margin of 34 % (as in previous years); 68% of privatisation portfolio already sold
Institutional sales
31 % of bloc sales portfolio already sold (2009: 13%); remaining to be sold in next three years
Disposal of properties within core portfolio comprise basic micro-locations with low rent potential (vs. ~32% rent potential of acquisitions done in 2010)

» Further cost reductions (-8.7% y-o-y)

E U R m	2 0 0 1	2 0 0 9
P l e r s o n n e e p e n s e s x	1 9 7	2 1. 7
G l d d i i i t t t e n e r a a n a m n s r a e c o s s v	1 2 1	1 2 9
C t o r p o r a e e p e n s e s x	3 1. 8	3 4 6

Corporate expenses 2007: EUR 50.6 million
Personnel expenses and G&A costs incurred in the residential property management: EUR 353 per unit (2009: EUR 373 per unit)
Existing, lean and cost-effective platform established and ready to grow upon

» Financials⁴

» Adjusted EBT more than doubled y-o-y to EUR 33.7m

E U R m	2 0 1 0	2 0 0 9
E B I T D A	1 3 6 1	* 1 3 3 5
D i i t e p r e c a o n	3 0 -	2 8 -
F i i l l ( ) t t n a n c a r e s u n e	9 9 4 -	1 1 2 1 -
E B T d j d t a u s e	3 3. 7	1 8 6
R i t t e s r u c u r n g	0 0	7 8 -
V l i i i t t t a a o n n e s m p r o p e r e s u v	4 7 2	0 0
P l t t r e p a m e n p e n a y y	2 3 6 -	6 2 -
V l i S W A P t a a o n u	0 2 -	1. 2 -
E B T	5 7 1	3 4
T a x e s	3 3 3 -	1 6 6 -
P f i / l t r o o s s	2 3. 8	3. 3 1 -
E i h i E U R a r n n g s p e r s a r e n	0 2 9	0 1 6 -
E U R m	2 0 0 1	2 0 0 9
Int t e ere s xp en se s	-8 6. 3	9 7. 8 -
No h int t e n-c as ere s xp en se s	-1 3. 9	1 5. 3 -
	-1 0 0. 2	-1 1 3. 1
Int inc t ere s om e	0. 8	0. 9
F ina ia l r l ( ) t t nc es u ne	-9 9. 4	-1 1 2. 1

Substantial further reduction of interest expenses as a result of the continuing deleveraging process

Taxes affected by higher deferred taxes (+ EUR 13.7m) and higher ongoing taxes (+ EUR 3.0m)

T a x e s	2 0 1 0
O in t ng o g a xe s	4. 8 -
De fe d t rre a xe s	2 8. 5 -
To l t a	3 3. 3 -
N h i t t o n- c a s n e r e s e x p e n s e s	2 0 1 0
M in ly ls a a c c ru a o n:
Lo -in b in l ia b i l i ie t t t w e re s e a r g s	6. 7 -
L ia b i l i ie fro E K 0 2 t t s m a xe s	2. 7 -
D B 1 4	1. 8 -
Pe io is io ns n p ro v ns	2. 1 -
C i b le b d t o nv e r o n	0, 6 -
To l t a	1 3. 9 -

*Adjusted for restructuring

» Significant increase of funds from operations (+30%)

FFO-calculation

FFO (w/o sales) – i.e. from the sustainable business – significantly increased from EUR 0.31 to EUR 0.40 per share

» Balance sheet – assets

E U R	3 1 / 1 2 / 2 0 1 0	3 1 / 1 2 / 2 0 0 9
m			F irs lu io in in hr t t t va a n g a s c e e e e a rs y
I i t t t n v e s m e n p r o p e r e s	2 8 2 1. 0 ,	2 8 3 5 5 ,
O h t t t e r n o n c u r r e n a s s e s	2 9 7	2 2 4	1 2 / 3 1 / 2 0 1 0 he f d iva ive E U R 9. 2m t t : re o e r s :
f D d t t e e r r e a a s s e s x	7 8 7	9 8 4	T he f fro
N t t o n c u r r e n a s s e s	2, 9 2 9. 4	2, 9 5 6. 3	re o m Re l b in E U R t 4. 5 n a s e s s m u D is ls E U R 1. 5 p o s a m
			O he E U R 0. 7m t r
L d d b i l d i h l d f l a n a n n g e o r s a e u	1 5 2	1 8 4
T d i b l r a e r e c e a e s v	6 7	1 4 5
O h t t t e r c u r r e n a s s e s	4 0 9	3 3 0	O he is t t t r c u rre n a s s e s c o m p r e
C h d h i l t a s a n c a s e q u v a e n s	4 6 0	5 7 1	No he l d fo le E U R 3 4. 3 t t n c rre n a s s e s r s a m u In iva b le E U R 2. 4m t c o m e a x re c e s
C t t u r r e n a s s e s	1 0 8 8	1 2 3. 0	O he inv ie E U R 2. 3 t t r e n o r s m O he E U R t t 1. 9 r a s s e s m
T l t t o a a s s e s	3, 0 3 8 2	3, 0 9. 3 7

EUR 101 million available credit lines in addition to cash at-hand

» Balance sheet – equity and liabilities

E U R m	3 1 / 1 2 / 2 0 1 0	/ 1 2 / 2 0 0 9
T l i t t o a e q u y	8 8 9 9	8 6 2 0
F i i l l i b i l i i t n a n c a a e s	1, 7 8 4 5	1, 8 0 2 7
T l i b i l i i t a x a e s	6 3 9	8 4 1
D f d l i b i l i i t t e e r r e a x a e s	9 2 0	8 1. 4
D i i t e r v a v e s	7 0 3	7 0 5
O h l i b i l i i t t e r a e s	1 3 7 6	1 7 8 6
T l i d l i b i l i i t t t o a e q a n a e s u y	3, 0 3 8 2	3, 0 7 9. 3

Pr f i t o : + Pe io ns ns : + C h f lo -H d a s e g e w +	E U R 2 3. 8 m E U R -2 5 m E U R 6. 6 m
Im f L T V 6 0. 6 % t t p ro ve m e n o o
In lu d in E K E U R 0 2: 5 7. 8 c g m
A f fe d b F V- d j. f inv ( ) t t t c e y a o e s m . p ro p. ne :	~E U R 1 4m
Ne f fe ( d iva ive l ia b. ) t t t t e c e r a s s e s + =	E U R -9 4m
O he l ia b i l i ie in ly is t t r s m a c o m p r e Tr d l ia b i l i ie t a e s D B 1 4 Pe io ns ns O he l ia b i l i ie t t r s Pr is io o v ns	E U R 2 9. 3 m E U R 2 2. 5 m E U R 4 4. 7m E U R 2 7. 8 m E U R 1 3. 3 m

E U R m	3 1 / 1 2 / 2 0 1 0	3 1 / 1 2 / 2 0 0 9
E P R A N A V	9 6 4 0	9 1 5 2
E P R A N A V h i E U R p e r s a r e n	1 1. 7 8	1 1. 1 8

» LTV at 60.6 %, average interest rate at 4.0%

	F i i l l i b i l i i i E U R t n a n c a a e s n m	D W d l t s a n a o n e	D B 1 4	T l t o a
	M k- k t t a r o- m a r e	1, 6 8 1	1 0 4	1, 7 8 5
D b t t t e s r u c u r e	L T V ( ) %	6 0 5	6 1. 2	6 0 6
	N i l l o m n a v a u e	1, 7 3 9	1 5 6	1, 8 9 5
	L T V ( % )	6 2 7	9 1. 5	6 4 4
D b i t e s e r c e v	A i t t t v e r a g e n e r e s r a e : A d d i t t v e r a g e m a n a o r y r e e m p o n p. a f I i d h d d t t t n e r e s r a e s e o r e g e x :	( f f i f 4 0 % t e e c v e r o ~ 1. 6 % : ~ 7 8 % ~	J 1 2 0 1 m a n	d ) 1 o n w a r s
L t o n g e r m - i i f i l t t m a u r e s p r o e	1, 7 0 0 1, 5 0 0 1, 3 0 0 1, 1 1, 1 0 0 m 9 0 0 R U 7 0 0 E 5 0 0 2 5 8 2 4 8 3 0 0 4 9 3 9 2 5 5 1 0 0 -1 0 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 >	E i l l t s s e n a y n o > d f 2 0 1 5 6 1 e n o 0 1 6	j l d m a o r o a n s	b f u e e o r e

» Capital markets⁵

» Capital markets

1. Share price development 2010 (indexed)

Deutsche Wohnen clearly outperformed relevant benchmark indices (MDAX; EPRA) with share performance > +56% in 2010

3. Increase in coverage

Current coverage: 18 analysts
New in 2010: Goldman Sachs, UBS, CBS
New in 2011: Morgan Stanley, Deutsche Bank, WGZ, Metzler, Silvia Quandt

2. Average daily XETRA-turnover Jan10 – Feb11

Significant increase of daily turnover since MDAXinclusion on 8 December 2010
AVG Jan10-Nov10: ~ 145,000 shares/day
AVG Dec10-Feb11: ~ 310,000 shares/day
MDAX-ranking February 2011
Free-float market cap: # 34
Turnover (LTM): # 52

» Wrap-up and Guidance⁶

» The beauty of Deutsche Wohnen

» Forecast 2011*

Assuming a continuing positive economic development in Germany, we envisage the following for 2011:

» Stabilised LTV at current level of aprox. 60%, in particular with respect to our growth/acquisition agenda
» Significant increase of FFO (w/o sales) from EUR 0.40 per share to EUR 0.48 – 0.50 per share; additional upside depends on acquisitions
» Contribution of disposal segment depends significantly on the overall state of the transaction market
» With consideration of the inherent market volatility, we assume a transaction volume of EUR 100m for 2011 – nevertheless we envisage to use market opportunities for largervolumes, if possible
»Focus on streamlining the portfolio (bloc-sales)
»FFO contribution of the disposal segment EUR 0.08-0.12 per share
»Favourable market conditions lead to increasing EPRA NAV potential

*Not included: contributions from valuation, bloc sales and/or strategic acquisitions

» Appendices⁷

» Appendix 1: EBITDA increased by 1.9 % y-o-y

E U R m	2 0 1 0	2 0 0 9
E i f i d i l t t t a r n n g s r o m r e s e n a p r o p e r y m a n a g e m e n	1 5 0 9	1 5 1. 0
E i f D i l a r n n g s r o m s p o s a s	1 2 7	9 7
E i f N i d A i d l i i t a r n n g s r o m r s n g a n s s s e n g u v	8 9	9 1
S i b i i t t t e g m e n c o n r u o n m a r g n	2. 1 7 5	6 9. 8 1
C t o r p o r a e e x p e n s e s	3 1. 8 -	3 4 6 -
O h i / i t t e r o p e r a n g e x p e n s e s n c o m e	4 6 -	1. 7 -
E B I T D A	1 3 6. 1	1 3 3. 5 *

adjusted for restructuring and reorganisational costs

» Appendix 2: Current shareholder structure*

Shareholders

… … … … … … … … … … … … … … … … … … … … … … … … … … … … … … 8 ins i ion l ha ho l de in l t tu t to ta a s re rs Fr f loa De he B ör t to ts ee ac c. c se u		… … … … … … … … … … … … 4 2. 2 0 % __ _ 9 2 ** 4. 5 %

	Är fa W len -L ip 5) zte t ve rso rg un g es p e	3. 3 3 %
3 % >	Ru f fer L L P 4)	4. 6 1 %
	Su L i fe F ina ia l Inc 3) n nc	5. 0 3 %
	Co he S Inc & tee 2) n rs	5. 2 4 %
	F irs Ea le Ov Fu d t g ers ea s n	5. 2 4 %
	G Zu ic h De he He l d Le be ic he A tsc r u r ro ns ve rs run g	5. 7 5 %
5 % >	As Va lue Inv Lt d. 1) t tor se es s	9. 9 9 %

		1)	Att ribu ted ting rig hts c. t o A rt. 2 2, S 1, Se nt. 1, N o.6 W HG vo ac ec. p
		2)	Att ribu ted ting rig hts o A 2, S Se 1, N Wp HG in c ion wi th A c. t rt. 2 1, nt. o. 6 ect rt. vo ac ec. onn
			Se , Se HG 22, c. 1 nt. 2 W p
		3)	Att ribu ted ting rig hts o A rt. 2 2, S 1, Se 1, N o. 6 in c ion wi th A rt. 2 2, c. t nt. ect vo ac ec. onn
			Se , Se HG c. 1 nt. 2 W p
*	G 2 3 Fe br 2 0 1 1; d ing la W H i f ica ion ive d fro t to te t t t as a ua ry ac co r s p no re ce m	4)	Att ribu ted ting rig hts o A rt. 2 2, S . 1, Se 1, N o. 6 W HG c. t ect nt. vo ac p
		5)	G r AG 2, S Se Fer i Fin e A . M LP att ribu ted ting rig hts c. t o A rt. 2 1, nt. 1, N anc esp vo ac ec. o.
	bo d ha ho l de ta te a ve s s re rs		1 W HG p
**	i ho Zu ic h De he He l d Le be ic he A G t t tsc w u r u r ro ns ve rs ru ng	6)	Att ribu ted ting rig hts o A rt. 2 2, S 1, Se 1, N o.6 W HG c. t nt. vo ac ec. p

» Appendix 3: Core portfolio as of 31 December 2009

» In order to compare key-portfolio figures of the core-portfolio y-o-y as shown on p. 8, we illustrate the current portfolio structure, i.e. core portfolio incl. DB 14 properties and new region 'Greater Berlin'(formerly included in 'Brandenburg' and Other) as of 31 December 2009 in the following table

Core portfolio overview as of 31 December 2009 (DB 14 within core portfolio)

	U i t n s	A r e a	I l n- p a c e * t r e n	N l i t t e w e n g - ** t r e n	V a c a n c y
	N b u m e r	k s q m	E U R / s q m	E U R / s q m	%
B l i e r n	2 1, 9 0 8	1, 3 1 2	5 2 4	5 9 5	1. 5 %
F k f / M i t r a n r a n u	3 6 5 8 ,	2 1 7	6 8 3	8 1 7	2 0 %
R h i M i n e- a n	4 1 9 7 ,	2 5 3	5 7 1	7 3 4	6 6 %
R h i V l l S h t n e a e y o u	6 0 0 2 ,	3 7 4	5 0 2	5 2 7	5 6 %
R h i V l l N h t n e a e y o r	3 2 5 3 ,	2 1 1	4 9 3	5 0 5	2 2 %
G B l i t r e a e r e r n	4 3 6	2 9	4 9 1	6 1 0	1. 6 %
O h t e r s	7 1 4	4 7	5 0 5	5 1 8	5 7 %
C f l i t o r e p o r o o	4 0, 1 6 8	2, 4 4 2	5. 3 6	6. 2 5	2. 9 %

Contractually owed rent from the rented apartments divided by the rented area

** formerly described as market rent: Average rent for contracts signed in the last twelve months for units not subject to rent control

» Appendix 4: Macro economics in Berlin, Frankfurt/Main

»Strong macro economic figures in our main regions

Berlin

Net migration inflow 2003-2009: +60,966 people (2nd highest figure after Munich)
Number of households 2000-2009: > +160,000
Working population 2003-2008: +7.3%
Number of single households 1999-2008: +22.9% to 1.05m
Rank 8 regarding attractiveness of location conditions in HWWI/Berenberg city ranking 2010 (2008: rank 24)

Frankfurt/Main

Rank 2 of 11 German metropolitan areas regarding economic power
GDP per working people: EUR 86,508 (2nd place behind Dusseldorf)
Rank 1 regarding attractiveness of location conditions in HWWI/Berenberg city ranking 2010 (2008: rank 1)
Population growth 2003-2009: +4.4%
Estimated population growth 2010-2020: +3.4% (study of Bertelsman foundation)
» Please refer to our "room for growth"-publication issued with our financial annual report for further information

» Disclaimer

This presentation contains forward-looking statements including assumptions, opinions and views of Deutsche Wohnen or quoted from third party sources. Various known and unknown risks, uncertainties and other factors could cause actual results, financial positions, development or performance of the company to differ materially from the estimations expressed or implied herein. The company does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and accordingly, none of the company or any of its parent or subsidiary undertakings or any of such person's officers, directors or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Deutsche Wohnen does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation.