Deutsche Wohnen SE — Earnings Release 2011

Mar 29, 2012

Deutsche Wohnen AG

» Full year results 2011Conference Call, 29 March 2012

» Highlights 2011

» Highlights 2011 – Key figures at a glance

P f e r o r m a n c e ( ) y -o -y	C le in fo l io t t t o re g p o r • In la t -p c e re n : • Ne -le in t t t w g re n : • Va c a nc y : • N O I in E U R m •	5. 6 3 E U R / s q m 6. 7 4 E U R / s q m 1. 6 % E U R 1 4 0. 6 m	l i k f l i k 3. 8 % e- o r- e : + 4. 3 % + l i k f l i k 2 5 % e- o r- e : - 5. 0 % +
R l t e s s u ( ) -o y -y	Ne f i t t p ro : • A d j d E B T: t u s e • O Re in F F ( / d is ls ) c u rr g w o p o s a : • E P R A N A V : • L T V : •	E U R 5 0. 6 m E U R 4 6. 0 m E U R 4 7. 5 m E U R 1 1. 8 4 p e r s d d fro 6 e c re a s e m	1 0 0 % + > 3 6 % + 4 4 % + ha f fe d b i l in in t t 2 0 1 1 re a c e y c a p a c re a s e 1 % 5 5 % t o
P f l i t o r o o	Ac is i io / 2 0 1 0 2 0 1 1 t q ns u • 8, 0 0 0 i in i d 2 0 1 0 t u n s s c e m • ~ Ac ive is i io d t t c re a c q u ns a n re a • D i l s p o s a s • 1, 0 5 3 i l d i iv i t t n s s o n p r a s a u • I i i l l t t t t n s u o n a s a e s s r o n g a : • Im d fo l io l i t t p ro ve p o r q a u y • 9 3. 5 % f l p fo l io is lo t t t o o a o r c a • Va lu is d Fa ir lu E U R 4 e s ra e : va e + •	6, 0 0 0 f he in Be t ; o m ~ l is io f e ie t a n o c o no m i t o n d fu l f n s u c c e s s o c u d in io t e o u r c o re re g ns 0 ( 1. 4 % ) m +	l in r f s le s o c a d i l i s o n s p o s a r e g o n s ( 2 0 1 0 9 0 % ) : ~
C i l t a p a M k t a r e	S fu l c i l in i h t t t c c e s s a p a c re a s e a u w • h t t t o u r g ro w s ra e g y Pr d d iv i d d E U R 0. 2 3 o p o s e e n : p e •	ke f 9 6 % t p q o a o a -u u ha ( E U R 2 3. 5 r s re m ; +	d d f E U R i l l e b le in 1 7 9. 1m t t t n ne p ro c e e s o na s o c o n e w u u ) 4 3 %

» Compelling performance in well managed portfolio

» Core regions further supplemented and enhanced

	3 1 / 1 2 / 2 0 1 1		3 1 / 1 2 /	2 0 1 0
R i d i l ly t e s e n a o n	R i d i l t e s e n a i t u n s	S h f l t t a r e o o a f l i t p o r o o	R i d i l t e s e n a i t u n s	S h f l t t a r e o o a f l i t p o r o o
	#	%	#	%
C i o r e r e g o n s	4 7, 3 2 5	9 3 %	4 2, 7 4 5	9 0 %
Le in fo l io t t t g p o r	4 2, 6 5 2	8 4 %	3 8, 7 8 5	8 1 %
Pr iva is io t t a n	4, 6 7 3	9 %	3, 9 6 0	9 %
D i l i s p o s a r e g o n s	3, 3 0 1	7 %	4, 9 4 3	1 0 %
fo A d j l io t t t u s m e n p o r	1, 4 1 6	3 %	2, 5 4 2	5 %
O he d is l ho l d in t r p o s a g s	1, 8 8 5	4 %	2, 4 0 1	5 %
T l t o a	5 0, 6 2 6	1 0 0 %	4 7, 6 8 8	1 0 0 %

Development last twelve months:

• Residential holdings in core regions up by around 4,600 (+ 11%)
• Share of core regions in total portfolio from 89.6% to 93.5%
• More than 1,600 units sold in structurally weak regions; thereof 2/3 in the adjustment portfolio

» Well managed portfolio with further growth potential

Re i de ia l t s n	Un i ts	Ar ea	S ha f l to ta re o fo l io t p or	1) In la t -p ce re n	2) Ne -le in t t t w g re n	Va ca nc y
	#	k s q m	%	E U R /s q m	E U R /s q m	%
To l ta	5 0, 6 2 6	3, 0 7 6		5. 5 7		2. 4 %
Co io re re g ns	4 7, 3 2 5	2, 8 6 9	9 3 %	5. 6 3		2. 1 %
Le ing fo l io t t t p or	4 2, 6 5 2	2, 5 6 7	8 4 %	5. 6 3	6. 7 4	1. 6 %
Pr iva isa ion t t	4, 6 7 3	3 0 2	9 %	5. 5 8	6. 7 9	6. 3 %
Re io in de i l ta g ns
G Be l in te re a r r	2 8, 2 0 1	1, 6 8 4	5 6 %	5. 4 5		1. 7 %
Le ttin fol io ort g p	25 22 5 ,	1, 49 6	50 %	5.4 8	6.4 1	1.2 %
Pri tisa tio va n	2, 97 6	18 8	6%	5.2 4		5.8 %
Fr k fu / Ma in t an r	4, 0 9 0	2 4 7	8 %	6. 9 9		1. 4 %
Le ttin fol io ort g p	3, 50 5	20 5	7%	7.1 1	8.5 6	0.5 %
Pri tisa tio va n	58 5	42	1%	6.3 8		6.3 %
R h ine -M in a	4, 8 4 3	2 9 0	1 0 %	6. 2 2		4. 3 %
Le ttin fol io ort g p	4, 35 8	25 9	9%	6.1 6	7.5 3	) 4.0 %3
Pri tisa tio va n	48 5	31	1%	6.7 0		6.4 %
R h ine Va l ley So h t u	5, 1 3 7	3 2 1	1 0 %	5. 3 0		2. 2 %
Le ttin fol io ort g p	4, 74 1	29 6	9%	5.2 9	5.9 6	1.6 %
Pri tisa tio va n	39 6	25	1%	5.4 6		9.2 %
R h ine Va l ley No h t r	4, 3 4 2	2 7 7	9 %	5. 3 5		1. 9 %
Le ttin fol io ort g p	4, 11 1	26 2	8%	5.3 4	5.9 0	1.5 %
Pri tisa tio va n	23 1	15	1%	5.5 5		7.9 %
O he ( ly le ing fo l io ) t t t t rs on p or	7 1 2	4 8	1 %	5. 0 6		4. 4 %
D is l r io p os a eg ns	3, 3 0 1	2 0 7	7 %	4. 6 5		8. 5 %
Ad jus rtfo lio tm t en po	1, 41 6	88	3%	4.3 7		13 .5%
Ot he r d isp al ho ldin os gs	1, 88 5	11 9	4%	4.8 3		5.3 %

Note: Including acquisitions with transfer of risks and rewards as of 1/2 January 2012 (1,332 units)

1) Contractually owed rent from rented apartments divided by rented area

2) Contractually owed rents for newly concluded contracts for units not subject to rent control effective in 20113) Without vacancy due to current capex: 1.7%

» Metropolitan Areas in Germany

• The map illustrates the eleven Metropolitan Areas in Germany defined by the German Federal Office for Building and Regional Planning:
• › These regions are characterised by fundamentally positive growth rates and migration inflows.
• › Deutsche Wohnen portfolio is currently located in four of the defined Metropolitan Areas.
• › Deutsche Wohnen's future strategic acquisitions are focussed on urban areas ('Ballungszentren') in these defined Metropolitan Areas.

Source: German Federal Office for Building and Regional Planning, Regional Monitoring 2010 with Deutsche Wohnen holdings added

» Increasing rent potential despite compelling like-for-like rental growth

In-place rent (like-for-like)

	In la -p ce re n	1) E U R /s t q m	%
	3 1 / 1 2 / 2 0 1 1	3 1 / 1 2 / 2 0 1 0
Le in fo l io in t t t g p or
io co re re g ns	5. 6 7	5. 4 6	3. 8 %
G Be l in te re a r r	5. 5 5	5. 3 0	4. 7 %
Fr k fu / Ma in t an r	7. 1 1	6. 9 3	2. 6 %
R h ine -M in a	6. 1 4	5. 9 5	3. 2 %
R h ine Va l ley So h t u	5. 3 1	5. 1 9	2. 3 %
R h ine Va l ley No h t r	5. 0 4	4. 9 5	1. 8 %
O he t rs	5. 0 6	4. 9 7	1. 8 %
Pr iva isa ion t t	5. 6 7	5. 5 8	1. 6 %
D isp l ion os a re g s	4. 6 2	4. 5 5	1. 5 %
To l ta	5. 6 0	5. 4 1	3. 5 %

Vacancy (like-for-like)

	Va ca nc	in % y	%
	/ / 3 1 1 2 2 0 1 1	/ / 3 1 1 2 2 0 1 0
Le in fo l io in t t t g p or
io co re re g ns	1. 5 %	2. 0 %	-2 5. 0 %
G Be l in te re a r r	1. 1 %	1. 3 %	1 5. 4 % -
Fr k fu / Ma in t an r	0. 5 %	1. 4 %	6 4. 3 % -
R h ine -M in a	3. 9 %	5. 2 %	2 5. 0 % -
R h ine Va l ley So h t u	1. 7 %	2. 3 %	2 6. 1 % -
R h ine Va l ley No h t r	1. 7 %	2. 1 %	1 9. 0 % -
O he t rs	4. 4 %	5. 2 %	1 5. 4 % -
Pr iva isa ion t t	6. 2 %	2. 1 %	1 0 0 % >
D isp l re ion os a g s	8. 5 %	8. 9 %	4. 5 % -
To l ta	2. 3 %	2. 4 %	-4 2 %

Rent potential

	3 1 / 1 2 / 2 0 1 0
	Ne -le in t t w g 2) t re n	In la -p ce 1) t re n	Re t n ia l 3) te t p o n	Re t n ia l 3) te t p o n
Le ing fo l io in t t t p or
ion co re re g s	6. 7 4	5. 6 3	1 9. 7 %	1 8. 3 %
G Be l in te re a r r	6. 4 1	5. 4 8	1 7. 0 %	1 5. 8 %
Fr k fu / Ma in t an r	8. 5 6	7. 1 1	2 0. 4 %	1 9. 2 %
R h ine -M in a	7. 5 3	6. 1 6	2 2. 2 %	2 3. 9 %
R h ine Va l ley So h t u	5. 9 6	5. 2 9	1 2. 7 %	1 2. 9 %
R h ine Va l ley No h t r	5. 9 0	5. 3 4	1 0. 5 %	4. 8 %
O he t rs	5. 5 9	5. 0 6	1 0. 5 %	8. 7 %

1) Contractually owed rent from rented apartments divided by rented area

2)Contractually owed rents for newly concluded contracts for units not subject to rent control effective in 2011

3) Rent potential = New-letting rent compared to in-place rent

4) Units full twelve month period under management

• Rent increases of EUR 3.0m in the course of 2011 lead to full-year-effect (12 month period) of EUR 6.2m in 2012
• Despite compelling in-place rental growth, rent potential is increasing, i.e. new-letting rental growth is even higher
• Development of 1,800 units acquired in 20104)
• › In-place rent increased by 0.30 EUR/sqm to 5.54 EUR/sqm (+ 5.7%)
• ›Vacancy: 0.8% (down from 1.5%)
• › New-letting rent: 25% above current in-place rent

» Strong like-for-like development since December 2007

4.8%4.4%2.9%2.4% 2.4%0.0%1.0%2.0%3.0%4.0%5.0%6.0%Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011

• Comprises ~ 43,000 units under management since Dec ⁰⁷
• Avg. growth of in-place rent (2.6% p.a.) translates into:
• ›EUR + 0.54 per sqm per month higher in-place rent
• ›EUR + 17.1m higher current gross rental income p.a.

Letting portfolio core regions

• Comprises ~ 36,500 units under management since Dec 07

• Avg. growth of in-place rent (2.8% p.a.) translates into:

• ›EUR + 0.59 per sqm per month higher in-place rent

• ›EUR + 15.7m higher current gross rental income p.a.

Note: Above time series analysis are based on a like-for-like comparison, i.e. only comprises units under management since December 2007 without taking into account any acquisitions/disposals in the period under review.

» Berlin: Compelling like-for-like development since December 2007

Letting portfolio Greater Berlin

In-place (EUR/sqm)

• Comprises ~ 21,000 units under management since Dec ⁰⁷
• Avg. growth of in-place rent (3.5% p.a.) translates into:
• ›EUR + 0.71 per sqm per month higher in-place rent
• ›EUR + 10.8m higher current gross rental income p.a.

Vacancy (%)

Note: Above time series analysis are based on a like-for-like comparison, i.e. only comprises units under management since December 2007 without taking into account any acquisitions/disposals in the period under review.

» Sustainable valuation of our portfolio: + EUR 40.0m (+ 1.4%)

	3 2 2 0 1 / 1 / 1 1			3 2 2 0 0 1 / 1 / 1
	Fa ir lu va e	Fa ir lu va e	M l ip le t u in la t -p ce re n	M l ip le t u ke t t m ar re n	Fa ir lu va e	Fa ir lu va e	M l ip le t u in la t -p ce re n	M l ip le t u ke t t m ar re n
	E U R m	E U R /s q m			E U R m	E U R /s q m
Co io re re g ns
Le ing fo l io t t t p or	2, 5 2 3	9 8 8	1 4. 5 x	1 2. 9 x	2, 2 6 5	9 7 7	1 4. 7 x	1 3. 0 x
Pr iva isa ion t t	2 6 4	8 7 2	1 3. 6 x	1 1. 4 x	2 5 1	9 5 2	1 4. 9 x	1 2. 5 x
D is l r io p os a eg ns
A d j tm t us en	3 9	4 4 0	1 0. 0 x	8. 1 x	6 6	4 2 5	1 0. 2 x	7. 8 x
O he d isp l ho l d ing t r os a s	7 3	6 1 3	1 0. 9 x	1 0. 1 x	9 1	6 0 4	1 1. 1 x	1 0. 2 x
To l ta	2, 8 9 9	9 4 6	1 4. 2 x	1 2. 6 x	2, 6 7 2	9 2 6	1 4. 4 x	1 2. 6 x

Data for 2011 incl. acquired privatisation holdings in Berlin with transfer of risk and rewards as at 1 June 2011

Data for 2010 and 2011 each without consideration of acquisitions with transfer of risk and rewards as at 1 January or 2 January of the following year

• Increase in fair values in letting portfolio in absolute terms primarily due to acquisitions
• Profitable acquisitions and further improvement of the existing portfolio led to portfolio upward valuation of EUR 40.0m
• The portfolio upward valuation only relates to the letting portfolio in core regions
• ›Moderate decrease of in-place rent multiple mainly due to acquisitions
• ›Essentially constant market rent multiples: market dynamics as of now incorporated in our valuation
• -Ongoing market dynamics in the future = future upward valuation potential
• Disposal regionsonly amount to ~ EUR 110m (3.9% of total portfolio) as of 31 December 2011

» Increasing letting earnings and cash contribution

	E U R m	2 0 1 1	2 0 1 0
	C l i t t u r r e n g r o s s r e n a n c o m e	1 9 6. 4	1 8 9. 8
L i t t e n g	No b le n- re c o ve ra e xp e ns e s	-5 8	-6 4
E U R 6. 5 m +	Re l lo t n a s s	-1 9	-2 1
	M in t a e na nc e	-2 9. 6	-2 8. 0
	O he t rs	-1 7	-2 4
	E i f R i d i l P M t t t a r n n g s o e s e n a r o p e r y a n a g e m e n	1 5 7. 4	0. 9 1 5
	Pe l, l a d d in is io t t rs o nn e g e ne ra n a m ra n e xp e ns e s	-1 6. 8	-1 7. 0
N O I h / / t s q m m o n	N O i I ( N O I ) t t e p e r a n g n c o m e	0. 6 1 4	3 3. 9 1
0 4 % +	N O I M in a rg	7 1. 6 %	7 0. 5 %
	O 1) N I in E U R / d h t s q m a n m o n	3. 8 8	3. 7 3
	I n c r e a s e	4. 0 %
	E U R m	2 0 1 1	2 0 1 0
C h f l a s o w 2 2. 7 % +	O O Ne in In ( N I ) t t p e ra g c o m e	1 4 0. 6	1 3 3. 9
	C h in ( / Nu in d As is d L iv in ) t t t a s e re s e xp e ns e s o rs g a n s e g w	-7 8. 9	-8 3. 6
	C h f l f f l i f h i t t t t a s o r o m p o r o o a e r c a s n e r e s e p e n s e s w x	6 1. 7	5 0. 3
	I n c r e a s e	2 2. 7 %

• Robust and sustainable increase of letting earnings and Net Operating Income
• Compelling increase of cash flow from portfolio after cash interest expenses (+ EUR 11.4m)

1) Based on average quarterly floor space

» Strong privatisation business while streamlining disposal regions

2 0 1 1	U i t n s	T i t r a n s a c o n lu v o m e	F i lu a r v a e	M a r g	i n
	#	E U R m	E U R m	E U R m	%
Pr iva is io t t a n	1, 0 5 3	7 8. 1	5 7. 9	2 0. 2	3 4. 9 %
In i io l le t t t s u na s a s	2, 2 4 6	7 2. 5	7 3. 8	-1 3	-1 8 %
C f l t o s o s a e s				-8 3
	3, 2 9 9	1 5 0. 6	1 3 1. 7	1 0. 6	1 4. 4 %

• Privatisation (i.e. sales of individual apartments):
• ›Privatisation targets for 2011 clearly overachieved
• ›Sustainable gross margin of ~ 35%
• Institutional sales:
• › Clear focus on sales in disposal regions in 2011, while institutional sales in 2010 were distorted by opportunistic sales from former core regions

» More than 50% of holdings in disposal regions sold in last 3 years

• Disposal regions only comprise
• ~ 3,300 units as at Dec 11
  • › Adjustment portfolio:
  • ~ 1,400 units (- 59 %1) )
  • › Other disposal holdings:
  • ~ 1,900 units (- 47%1) )
• → We demonstrably proved successfully streamlining non-core assets at reasonable margins

D isp	l re ion os a g s	Un i ts
			2 0 0 >
	So l d s inc 3 1 De 2 0 0 8 e c		5 1 - 2 0 0
	A j fo l io tm t p t us en or		1 1 - 5 0
	O he d isp l ho l d ing t r os a s		1 - 1 0

Map shows 3,007 units currently held in disposal regions; remaining 294 units mainly located in Brandenburg

1) Compared to 31 December ²⁰⁰⁸

» Nursing and Assisted Living – stable EBITDA contribution

	2 0 1 1	2 0 1 0
	E U R m	E U R m
I n c o m e
Nu in rs g	3 3. 6	3 3. 4
L iv in g	2. 7	3. 1
O he t r	3. 8	4. 1
	0. 4 1	0. 6 4
C t o s s
Nu in d t rs g a n c o rp o ra e e xp e ns e s	-1 1. 5	-1 1. 7
S f f e t a xp e ns e s	-1 9. 4	-2 0. 0
	-3 0. 9	-3 1. 7
S 's i t e g m e n e a r n n g s	9. 2	8. 9
A i b b le in t t t t t t r u a c u rre n e re s e xp e ns e s	-2 7	-2 7
	6. 5	6. 2

Note: Figures for 2009 and 2010 shown above w/o consideration of one sold operation (like-for-like)

• Increasing occupancy more than compensated the sale of operating one nursing and assisted living facility during 2011
• EBITDA yield of 11.8% based on fair value of properties of EUR 78.1m

» Improved results and strong financial profile

» Adjusted EBT increased by 36% (y-o-y)

E U R m	2 0 1 1	2 0 0 1
E B I T D A	1 4 2. 0	1 3 6. 1
De ia io t p re c n	-3 0	-3 0
F in ia l r l ( ) t t a nc e s u ne	-9 3. 0	-9 9. 4
E B T ( d j d ) t a u s e	6. 0 4	3 3. 7
Va lu io inv ie t t t t a n e s m e n p ro p e r s	4 0. 0	4 7. 2
Pr l t t e p a y m e n p e na y	0. 0	-2 3. 6
Va lu io S W A P t a n	-0 2	-0 2
E B T	8 8 5.	5 7. 1
C t t u rre n a xe s	-5 4	-4 8
De fe d t rre a xe s	-2 9. 8	-2 8. 5
P f i t r o	5 0. 6	2 3. 8
Ea in ha 1) in E U R rn g s p e r s re	0. 6 1	0. 2 9

E U R m	2 0 1 1	2 0 1 0
In t t e re s e xp e ns e s	-8 1. 6	-8 6. 3
No h in t t n- c a s e re s e xp e ns e s	-1 2. 1	-1 3. 9
	-9 3. 7	0 0. 2 -1
In in t t e re s c o m e	0. 7	0. 8
F i i l l ( ) t t n a n c a r e s u n e	-9 3. 0	-9 9. 4

1) Based on average shares outstanding (2011: 83.58m; 2010: 81.84m)

• EBITDA increased by ~ EUR 6m mainly due to increase in letting earnings as a result of acquisition while keeping the overall cost structure stable (proven scaling effect)
• Interest expenses further reduced due to the debt structure optimisation in 2010
• Current taxes affected by non-cash taxes due to capital increase

C t t rre n a xe s u	2 0 1 1
C in t t u rre n c o m e a xe s	3. 0 -
No h d i l in t t t n- c a s a xe s u e o c a p a c re a s e	2. 4 -
T l t o a	5. 4 -

Thereof in 2011: ~ EUR 13m due to upward valuation of investment properties

No h in t t n- c a s e re s e xp e ns e s	2 0 1 1
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	7. 2 -
L ia b i l i ie fro E K 0 2 t t s m a xe s	2. 3 -
Em lo b f i l ia b i l i t t p y e e e ne y	2. 0 -
D B 1 4	0. 6 -
T l t o a	2. 1 1 -

» Strong recurring FFO performance in 2011: + 44% (y-o-y)

E U R m	2 0 1 1	2 0 0 1
P f i t r o	0. 6 5	2 3. 8
Ea in fro D is ls rn g s m p o s a	-1 0. 6	-1 2. 7
De ia io t p re c n	3. 0	3. 0
Va lu io inv ie t t t a n e s m . p ro p e r s	-4 0. 0	-4 7. 2
Va lu io S W A P t a n	0. 2	0. 2
No h f in ia l e n- c a s a nc xp e ns e s	1 2. 1	1 3. 9
Pr l ie t t e p a y m e n p e na s	0. 0	2 3. 6
De fe d t rre a xe s	2 9. 8	2 8. 5
Ta b f i fro i l in t t x e ne m c a p a c re a s e	2. 4	0. 0
O F F ( / d i l ) o s o s a s w	4 7. 5	3 3. 1
p
F F O ( / d is ls ) in E U R / ha o p o s a s re w	0. 5 7	1) 0. 4 0
Av f s ha d in in t t g. n o. o re s o s a n g m u	8 3. 5 8	8 1. 8 4

FFO w/o disposals

1) Scrip-adjusting the FFO (w/o disposals) per share 2010 for the capital increase 2011 (1.03 acc. toDatastream) lead to FFO (w/o disposals) per share of EUR 0.39 for 2010

» Ongoing FFO from privatisation increased by 49% y-o-y

E U R m	2 0 1 1	2 0 1 0
F F O ( / d is ls ) o p o s a w	4 7. 5	3 3. 1
O F F fro iva is io t t m p r a n	1 4. 2	9. 5
F F O ( i l. iv i i ) t t n c p r a s a o n	6 1. 7	4 2. 6
F F O fro in i io l s le t t t m s u na a s	-3 6	3. 2
F F O ( i l. d i l ) n c s p o s a s	8. 5 1	8 4 5.

» Balance sheet – Assets

E U R m	3 2 2 0 1 / 1 / 1 1	3 2 2 0 0 1 / 1 / 1
In ie t t t ve s m e n p ro p e r s	2, 9 2 8. 8	2, 8 2 1. 0	E U R d lu io f 4 0. 0 t m p a r va a n o u w +	inv ie t t t e s m e n p ro p e r s
O he t t t r n o n c u rre n a s s e s	2 1. 8	2 0. 5
De iva ive t r s	-	9. 2	Du is i io f r i d ia l u t t t e o a c q u n o e s e n n	i he l d fo iva is io t t t s r p r a n
De fe d t t rre a x a s s e s	6 3. 0	7 8. 7
N t t o n c u r r e n a s s e s	3, 0 1 3. 6	2, 9 2 9. 4	T h f f e r e o r o m Re l b in t n a s e s s u	3 1 / 1 2 / 2 0 1 1 E U R 5. 6 m
La d d b i l d in he l d fo le n a n g r s a u	6 3. 5	1 5. 2	D is ls p o s a O he t r	E U R 7. 4m E U R 1. 0 m
Tr d iva b le a e re c e s	1 4. 0	6. 7
O he t t t r c u rre n a s s e s	4 3. 4	4 0. 9	O h i t t t e r c u r r e n a s s e s c o m p r s e	3 1 / 1 2 / 2 0 1 1
C h d h iva le t a s a n c a s e q n s u	1 6 7. 8	4 6. 0	No t t n c rre n a s s e s u he l d fo le r s a	E U R 3 7. 4m
C t t u r r e n a s s e s	2 8 8. 7	1 0 8. 8	In iva b le t c o m e a x re c e s O he inv ie t t r e n o r s O he t t r a s s e s	E U R 0. 8 m E U R 2. 9 m E U R 2. 3 m
T l t t o a a s s e s	3, 3 0 2. 3	3, 0 3 8. 2

EUR 106m available credit lines in addition to cash at-hand

» Balance sheet – Equity and Liabilities

			Pr f i t o + h f	E U R 5 0. 6 m E R
E U R m	3 1 / 1 2 / 2 0 1 1	3 1 / 1 2 / 2 0 1 0	C lo he d a s w g e - Pe io ns ns + Ne d ( / f fe ) t t t p ro c e e s w o a x e c +	U 2 3. 2m E U R 1. 1m
To l e i t t a q u y	1, 0 8 3. 4	8 8 9. 9	fro i l in t m c a p a c re a s e D iv i d d e n -	E U R 1 8 1. 4m E U R 1 6. 4m
F in ia l l ia b i l i ie t a nc s	1, 8 3 4. 7	1, 7 8 4. 5	De f L T V 5 5. 0 % t c re a s e o o
Ta l ia b i l i ie t x s	5 8. 6	6 3. 9	In lu d in E K 0 2: c g	E U R 5 0. 5 m
De fe d l ia b i l i ie t t rre a x s	9 6. 2	9 2. 0	De l d iva ive t t t a e r a s s e s De l d iva ive l ia b i l i ie t t t a e r s	E U R 9. 3 m + E U R 2 4. 6 m +
De iva ive t r s	9 5. 0	7 0. 3	To l d l t t a e a	E U R 3 3. 9 m +
O he l ia b i l i ie t t r s	1 3 4. 4	1 3 7. 6	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	E U R 3 5. 6
T l i d l i b i l i i t t t o a e q u y a n a e s	3, 3 0 2. 3	3, 0 3 8. 2	a e s Pe io ns ns Pr is io o ns v O he l ia b i l i ie t t r s	m E U R 4 2. 7m E U R 1 1. 6 m E U R 3 7. 3 m

E U R m	3 2 2 0 1 / 1 / 1 1	3 2 2 0 0 1 / 1 / 1
E P R A N A V	1, 2 1 1. 3	9 6 4. 0
E P R A N A V ha in E U R p e r s re	1 1. 8 4	1 1. 7 8
S ha d in ( ) t t re s o s a n g m u	1 0 2. 3 0	8 1. 8 4

Marginal increase of EPRA NAV per share due to increased number of shares outstanding

DB 14 EUR 7.3m

EPRA NAV per share increased by 3.5% from EUR 11.44 when scrip-adjusting EPRA NAV as at 31 Dec 20101)

1) Scrip adjustment of capital increase 2011 by 1.03 (acc. to Datastream)

» LTV decreased to 55%; Ø interest rate: 4.07% from Jan 12 onwards

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

» Forecast

» Forecast 20121)

Base case, i.e. w/o consideration of acquisitions in 2012

Residential Property Management

• Significant increase in earnings due to full-yeareffect of both acquisitions and rental increases in 2011 and rental increase in 2012 (fy-effect: EUR 4m), partly offset by disposals
• Sustainable low level of vacancy
• Maintenance: ~ EUR 9 – 10 per sqm p.a.
• Modernisation: ~ EUR 40m2)

Other

• Earnings from Nursing and Assisted Living at stable EUR 9m p.a.
• Corporate expenses: + 4% (compared to 2011)
• Cash interest expenses: ~ EUR 85m

Recurring FFO: EUR 55 m (base case)

Disposals

• Privatisation: ~ 900 units with a transaction volume of ^~EUR 70m
• Institutional sales/disposal regions: ~ 1,100 units with a transaction volume of ^~EUR 45m
• Earnings from disposals: ~ EUR 10m

FFO (incl. disposals): ~ EUR 65 m (base case)

Continued focus on external growth in 2012

• Available cash-on-hand plus unused credit lines enable future acquisitions
• With positive FFO-effects on base case depending on timing/closing

1) Assuming an economic development in Germany as currently forecast2)

Partly debt financed and ~ EUR 10m comprise identified capex measures related to acquisitions in 2011

» Appendix

» EBITDA increased by EUR 5.9m / + 4.3% (y-o-y)

E U R m	2 0 1 1	2 0 1 0
Ea in fro Re i d ia l Pr M t t t rn g s m s e n o p e r y a na g e m e n	1 5 7. 4	1 5 0. 9
Ea in fro D is ls rn g s m p o s a	1 0. 6	1 2. 7
Ea in fro Nu in d As is d L iv in t rn g s m rs g a n s e g	9. 2	8. 9
S b l t t u o a	2 1 7 7.	2. 1 7 5
C t o rp o ra e e xp e ns e s	-3 2. 9	-3 1. 8
O he in / in t t r o p e ra g e xp e ns e s c o m e	-2 3	-4 6
E B I T D A	1 4 2. 0	1 3 6. 1

C t o r p o r a e e x p e n s e s	2 0 1 1	2 0 1 0
S f f e t a xp e ns e s	-2 0. 3	-1 9. 7
G l a d d in is io t t e ne ra n a m ra n e xp e ns e s	-1 2. 6	-1 2. 1
	-3 2. 9	-3 1. 8

» NOI performance continuously increased

Residential Property Management: Net Operating Income (NOI) per sqm and month1)

1) NOI: Net Operating Income of the period divided by months of the period and average floor space on quarterly basis in the period under review

» Portfolio as at 31 December 2010 in current portfolio-cluster-format

In order to compare key figures of the portfolio y-o-y as shown on p. 6, we illustrate the current portfolio cluster format as at 31 December 2010 in the following table:

Re i de ia l t s n	Un i ts	Ar ea	S ha f l to ta re o fo l io t p or	1) In la t -p ce re n	2) Ne -le in t t t w g re n	Va ca nc y
	Nu be m r	k s q m	%	E U R /s q m	E U R /s q m	%
To l ta	4 7, 6 8 8	2, 9 0 7		5. 3 8		3. 3 %
Co io re re g ns	2, 4 7 4 5	2, 6 0 3	9 0 %	5. 4 7		2. 6 %
Le ing fo l io t t t p or	3 8, 7 8 5	2, 3 3 9	8 1 %	5. 4 6	6. 4 6	2. 0 %
Pr iva isa ion t t	3, 9 6 0	2 6 5	8 %	5. 6 1		7. 1 %
Re io in de i l ta g ns
G Be l in te re a r r	2 4, 8 9 7	1, 4 9 3	5 2 %	5. 2 9		1. 6 %
Le ttin fol io ort g p	23 01 2 ,	1, 36 7	48 %	5.3 0	6.1 4	1.3 %
Pri tisa tio va n	1, 88 5	12 6	4%	5.1 8		5.3 %
Fr k fu / Ma in t an r	4, 2 1 3	2 5 6	9 %	6. 8 1		2. 3 %
Le ttin fol io ort g p	3, 54 6	20 8	8%	6.9 2	8.2 5	1.5 %
Pri tisa tio va n	66 7	48	1%	6.2 9		6.3 %
R h ine -M in a	4, 6 4 5	2 8 1	1 0 %	6. 0 2		5. 7 %
Le ttin fol io ort g p	4, 09 2	24 5	9%	5.9 5	7.3 7	5.5 %
Pri tisa tio va n	55 3	36	1%	6.5 0		6.8 %
R h ine Va l ley So h t u	4, 9 5 9	3 1 1	1 0 %	5. 2 1		3. 3 %
Le ttin fol io ort g p	4, 43 8	27 8	9%	5.1 8	5.8 5	2.3 %
Pri tisa tio va n	52 1	33	1%	5.4 2		11 .8%
R h ine Va l ley No h t r	3, 2 8 5	2 1 1	7 %	4. 9 9		3. 3 %
Le ttin rtfo lio g po	2, 95 1	19 0	6%	4.9 5	5.1 9	2.1 %
Pri tisa tio va n	33 4	21	1%	5.4 0		13 .1%
O he ( ly le ing fo l io ) t t t t rs on p or	7 4 6	5 1	2 %	4. 9 5		5. 6 %
D is l r io p os a eg ns	9 3 4, 4	3 0 3	0 1 %	3 4. 5		6 1 1. %
Ad jus rtfo lio tm t en po	2, 54 2	154	5%	4.3 1		18 .2%
Ot he r d isp al ho ldin os gs	2, 40 1	14 9	5%	4.7 3		5.6 %

Portfolio overview as at 31 December 2010

1) Contractually owed rent from rented apartments divided by rented area

2) Contractually owed rents for newly concluded contracts for units not subject to rent control effective in 2010

» Track record: Successful execution of growth strategy in 2010/2011

Accretive acquisitions and realisation of economies of scale

	Ac is i io 2 0 1 0 d 2 0 1 1 t q u ns an
Re io g n	Be l in r Le in t t g	Be l in r Pr iva is io t t a n	R h in M in e- a	R h in Va l ley e So h t u	R h in Va l ley e No h t r	To l ta
Po fo l io t r
To l u i ta ts n	4, 1 4 5	1, 8 6 7	4 6 6	3 5 0	1, 1 6 0	7, 9 8 8
he f r i de ia l u i t t ts re o es n n	4, 1 2 8	1, 8 5 8	4 5 7	3 3 4	1, 1 6 0	7, 9 3 7
To l a ( ) ta re a sq m	2 3 6, 5 9 2	1 1 0, 8 2 5	2 4, 7 1 3	2 3, 5 5 7	7 2, 4 2 3	4 6 8, 1 1 0
G A V ( in E U R ) m	2 0 4. 8	7 5. 5	2 5. 8	1 8. 7	8 2. 6	4 0 7. 4
G A V ( in E U R ) p er s q m	8 6 6	6 8 1	1, 0 4 4	7 9 4	1, 1 4 1	8 7 0
Va ( % ) ca nc y	2. 4 %	5. 9 %	2. 5 %	4. 1 %	1. 3 %	3. 1 %
Re t n
In- lac ( E U R d h ) t t p e re n p er s q m an m on	4. 9 8	5. 1 5	6. 6 6	4. 9 6	5. 8 9	5. 2 5
Es im d ia l re ( E U R d h ) 1) t te te t t t a p o n n p er s q m an m on	6. 2 2	5. 1 6	7. 8 6	5. 7 6	6. 8 7	6. 1 3
Re ia l ( % ) t p te t n o n	2 5 %	0 %	1 8 %	1 6 %	1 7 %	1 7 %
Av ice f u i l d ( in E U R ) ts er ag e p r o n so p er s q m		9 7 4				9 7 4
G in ( ) 2) % ro ss m ar g		4 3 %				4 3 %
K P Is
Ne in i ia l ie l d 3) ( ) t t % y	6. 9 %	8. 6 %	7. 8 %	7. 5 %	6. 3 %	7. 2 %
F F O i ho d isp ls ( in E U R ) t t ta os a p re m w u x	6. 6	2. 9	0. 9	0. 6	2. 0	1 3. 0
( in E U R ) p er s q m	2 7. 9	2 6. 2	3 6. 4	2 5. 5	2 7. 6	2 7. 8
O 4) Pr F F inc l i bu ion ie l d ( % ) tax ta tr t e- re m en co n y	8. 1 %	9. 6 %	8. 7 %	8. 0 %	6. 1 %	8. 0 %
F F O fro d isp ls ( in E U R ) ta m os a p re x m		2. 0				2. 0
O To l F F ( in E U R ) ta ta p re m x	6. 6	4. 9	0. 9	0. 6	2. 0	1 5. 0
ha ( in E U R, ba d i l l ion ha ) 8 1. 8 4 p er s re se on m s re s	0. 0 8	0. 0 6	0. 0 1	0. 0 1	0. 0 2	0. 1 8
	1) C im est ate om pa ny 2) A ale rice ( in EU R p s) div ide d b GA V ( in EU R p s) ter ter ve rag e s s p er sq ua re me y er sq ua re me

3) Current gross rental income divided by GAV

Figures as at November 2011

4) FFO without disposals pre tax divided by assumed equity portion based on a LTV of 60%

» 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.

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