Deutsche Wohnen AG

» Q1 2013 resultsConference Call, 14 May 2013

» Key figures Q1/2013

	A d j d E B T te us •	E U R 3 4. 3m	7 5 % +
	Re in F F O ( /o d isp ls ) cu rr g w os a •	E U R 3 0. 9m	6 8 % +
R l t e s u s	Re ing F F O ( /o d isp ls ) cu rr w os a •	E U R 0. 2 0 ha p er s re	1) 1 8 % +
( ) y -o -y	E P R A N A V •	E U R /s ha 1 2. 7 7 re	E U R ha De 0. 2 9 1 2 p er s re vs c +
	L T V •	5 4. 7 %
	S ic d h io tra te t g co re a n g ro w re g •	( le in fo l io ) t t t ns g p or
	In- lac t p e re n • Va ca nc y •	5. 5 7 E U R /sq m 2. 1 %	l i ke -fo l i ke 2. 8 % r- : +
R i d i l t e s e n a P t r o p e r y	Co io ( le in fo + t t t re re ns or •	l io
M t a n a g e m e n	g g p In- lac t p e re n •	) 5. 7 7 E U R /sq m	l i ke -fo l i ke 3. 0 % r- : +
( ) y -o -y	2) Ne le ing t t t re n w- • 2) Re ia l t-p te t n o n •	E U R /sq 7. 5 5 m 2 7. 4 %
	O N I •	E U R 6 4. 1m	6 1 % +
D i l	Ea in fro D isp ls rn g s m os a •	E U R 5. 5m	4 5 % +
s p o s a s	C los d e •	i in iva isa ion 3 4 0 ts t t un p r	i in ins i ion l s les 1 9 7 ts t tu t un a a ;
( ) -o y -y	S ig d ( inc l. o ha ) 2 0 1 2 ne ve r ng •	i in iva isa ion 6 0 6 ts t t un p r	i in ins i ion l s les 4 2 4 ts t tu t un a a ;
A i i i t c q s o n s u	Ac is i ion f i in ly 7, 8 0 0 t ts q o un ma u ; •	loc d in Be l in te a r
( d i l d i s c o s e n	In- lac l ip le f 1 4x 8 4 0 t m t p e re n u o o r • 3) F F O ie l d f ~ 8 % -ta	3); E U R /sq 1 5 % m a vg . r >	ia l t p te t en o n

2) Excluding acquisitions

3) Preliminary based on share price of EUR 13.41

» Development of business segments / financial performance and position

» EBITDA increased by ~ EUR 23m / + 52% (y-o-y)

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

C i E U R t o r p o r a e e x p e n s e s n m	Q 2 0 3 1 / 1	Q 2 0 2 1 / 1
S f f t a e p e n s e s x	-6 6	-5 1
C fu H l d i i t o n g o m p a ny n c o n	-2 3	-1 7
D i l s p o s a s	-0 6	-0 5
P M t t r o p e r y a n a g e m e n	-3 7	-2 9
G l d d i i i t t e n e r a a n a m n s r a o n e p e n s e s x	-3 4	-2 6
S b- l t t u o a	-1 0. 0	-7 7
P M ( l B B C ) t t t t r o p e r y a n a g e m e n e x e r n a m a n a g e m e n a u e o n	-1 8	0. 0
I l t t n o a	8 -1 1.	-7 7

New service points in Magdeburg, Hanover, Brunswick and Berlin-Hellersdorf have been established
82 employees of 99 new employees in total have already been hired
Envisaged total staff expenses of 99 new employees of ~ EUR 4.5m (full-year effect)
- →Total additional corporate expenses: ~ 5% of additional current gross rental income
IT-migration: Migrating/aligning the different systems into SAP to be completed by June 2013

a) Segment – Residential Property Management

» Ongoing increased earnings and cash contributions from letting

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








N O I M i 7 7. 0 % a r g n 3. 7 % -	7 6. 7 %
1) N O I i E U R d h 4. 1 2 t n p e r s q m a n m o n	4. 2 8
∆ -3 7 %

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

» Portfolio overview: 96% of total Fair Value is located in strategic core and growth regions

3 1 / 0 3 / 2 0 1 3	R i d i l t e s e n a	S h i a r e n	A r e a	F i a r	S h i a r e n	F i a r	M l i l t u p e	M l i l t u p e
	i t u n s	f t e r m s o		V l a u e	f t e r m s o	V l a u e	i l n- p a c e	k t m a r e
		i t u n s			F i V l a r a u e		t r e n	t r e n
	#	%	k s q m	E U R m	%	E U R / s q m
T l t o a	8 2, 2 0 5	0 0 1 %	0 3 5, 1	0 4, 7 7	0 0 1 %	9 2 2	1 4. 1	2. 1 1

S i d t t r a e g c c o r e a n h i t g r o r e g o n s w	7 6, 7 0 8	9 3 %	4, 6 8 0	4, 5 7 1	9 6 %	9 5 0	1 4. 3	1 2. 3
L i f l i t t t e n g p o r o o	7 1, 4 5 4	8 7 %	4, 3 2 8		0 %
P i i i t t r v a s a o n	5, 2 5 4	6 %	3 5 2		0 %
+ C o r e	3 6 3 5 1,	6 2 %	3, 0 2 7	3, 2 8 5	6 9 %	0 3 1, 7	0 1 5.	2. 1 5
L i f l i t t t e n g p o r o o	4 8, 4 3 7	5 9 %	2, 8 7 5		0 %
P i i i t t r a s a o n v	2, 9 2 6	4 %	1 9 7		0 %
C o r e	2 3 5, 4 5	3 1 %	6 0 8 1,	2 8 6 1,	2 7 %	8 2 7	2. 8 1	1 1. 7
L i f l i t t t e n g p o r o o	2 3, 0 1 7	2 8 %	1, 4 5 3		0 %
P i i i t t r v a s a o n	2, 3 2 8	3 %	1 5 6		0 %
N o n- c o r e	9 5, 4 7	7 %	3 5 1	9 9 1	4 %	2 5 5	0. 9 1	9. 2
D i l s p o s a	2, 1 9 5	3 %	1 4 2		0 %
O h t e r	3, 3 0 2	4 %	2 0 8		0 %

Multiple market rent in core+ regions now at 12.5x illustrates the inherent upside potential

For detailed information on the regions please refer to page 33

» Overview of portfolio as at 31 March 2013

3 1 / 0 3 / 2 0 1 3	R i d i l t e s e n a i t n	S h i a r e n f i t t r m n	A r e a	I l n- p a c e 1)	V C a c a n c y o	i l m m e r c a i t n	P k i a r n g
	u s #	e s o u s %	k m	t r e n E U R / s m	%	u s #	s p a c e s
			s q	q			#
T l t o a	8 2, 2 0 5	0 0 1 %	0 3 5, 1	2 5. 5	2. 8 %	9 6 0	2 0, 8 2 7
S i d t t r a e g c c o r e a n h i t g r o w r e g o n s	7 6, 7 0 8	9 3 %	4, 6 8 0	5. 5 7	2. 3 %	9 0 8	1 9, 0 3 7
L i f l i t t t e n g p o r o o	7 1, 4 5 4	8 7 %	4, 3 2 8	5. 5 7	2. 1 %	8 2 7	1 6, 6 2 4
P iv i i t t r a s a o n	5, 2 5 4	6 %	3 5 2	5. 5 7	5. 3 %	8 1	2, 4 1 3
+ C o r e	3 6 3 5 1,	6 2 %	3, 0 2 7	6 5. 7	9 1. %	0 7 1	9, 0 6 4
L i f l i t t t e n g p o r o o	4 8, 4 3 7	5 8 %	2, 8 7 5	5. 7 7	1. 6 %	6 2 2	7, 3 6 5
P iv i i t t r a s a o n	2, 9 2 6	4 %	1 9 7	5. 7 2	6. 0 %	7 9	1, 6 9 9
C o r e	2 5, 3 4 5	3 1 %	1, 6 0 8	5. 2 0	3. 3 %	2 0 7	9, 9 7 3
L i f l i t t t e n g p o r o o	2 3, 0 1 7	2 8 %	1, 4 5 3	5. 1 8	3. 2 %	2 0 5	9, 2 5 9
P iv i i t t r a s a o n	2, 3 2 8	3 %	1 5 6	5. 3 7	4. 4 %	2	7 1 4
N o n- c o r e	9 5, 4 7	7 %	3 5 1	4. 7 7	9. 7 %	2 5	9 0 1, 7
D i l s p o s a	2, 1 9 5	3 %	1 4 2	4. 7 1	1 3. 6 %	3 6	6 7 1
O h t e r	3, 3 0 2	4 %	2 0 8	4. 8 1	7. 1 %	1 6	1, 1 1 9

The increase in vacancy in the letting portfolio of the core regions from 2.6% (Dec 12) to 3.3% (Mar 13) is mainly due to the Hanover/Brunswick/Magdeburg region: This is attributable to the transfer of the property management from Prelios to Deutsche Wohnen development is within our expectations

For detailed information on the regions please refer to page 33

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

» Compelling like-for-like rental growth y-o-y in our Core⁺ regions

( l i ke -fo l i ke ) r-	Re i de ia l t s n i ts un	In la -p ce E U R	1) t re n /sq m	∆ in %	Va ca in	nc y %
		3 1 / 0 3 / 2 0 1 3	3 1 / 0 3 / 2 0 1 2	o- y- y	3 1 / 0 3 / 2 0 1 3	3 1 / 0 3 / 2 0 1 2
S ic d h io tra te t g co re a n g ro w re g ns ( le in fo l io ) t t t g p or	4 2, 3 5 2	5. 8 2	5. 6 6	2. 8 %	1. 5 %	1. 5 %
+ Co re	3 4, 2 0 3	5. 9 5	5. 7 7	3. 0 %	1. 4 %	1. 4 %
Gr Be l in te ea r r	2 5, 2 1 3	5. 6 6	5. 5 0	2. 9 %	1. 2 %	1. 2 %
R h ine -M in a	7, 8 3 3	6. 8 4	6. 6 2	3. 3 %	1. 7 %	2. 1 %
R h ine lan d	1, 1 5 7	6. 2 5	6. 1 2	2. 1 %	2. 2 %	2. 0 %
Co re	8, 9 1 4	3 0 5.	2 5. 1	1. 7 %	8 1. %	2. 0 %
Ha / Br ic k / Ma de bu no ve r un sw g rg	0	/a n	/a n	/a n	/a n	/a n
R h ine Va l ley So h t u	4, 6 5 2	5. 4 4	5. 3 2	2. 2 %	1. 6 %	1. 7 %
R h ine Va l ley No h t r	2, 7 9 8	5. 1 1	5. 0 7	0. 8 %	1. 5 %	1. 8 %
Ce l Ge tra n rm an y	1 7 4	6. 0 9	6. 1 0	0. 1 % -	2. 1 %	4. 5 %
O he t rs	5 2 5	4. 8 9	4. 7 4	3. 3 %	6. 0 %	4. 6 %
Pr iva isa ion t t	2, 9 5 5	5. 6 4	5. 5 4	1. 8 %	6. 3 %	1. 8 %
No n-c or e	1, 9 2 8	4. 8 7	4. 8 2	1. 1 %	6. 5 %	5. 9 %
To l ta	4 7, 2 3 5	5. 7 7	5. 6 2	2. 6 %	2. 0 %	1. 7 %

In-place rent (like-for-like) and vacancy (like-for-like)

Strong rental growth in our strategic core and growth regions
› Core⁺ regions with strong rental growth (l-f-l) - even in a twelve month-period with very limited 'Mietspiegel'-effect - and a very low vacancy rate -'stars'
› Core regions with moderate rental growth (l-f-l) and also a very low vacany rate -'cash cows'

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

» Rent potential up to 27% in Core+regions (letting portfolio)

The increase in our actually achieved new-letting rent/our rent potential clearly demonstrates theaccelerating demand-based dynamic in our core+regions.

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 2012 and 2013 respectively
3) Rent potential = New-letting rent compared to in-place rent

» Strong new-letting rent development for BauBeCon regions fully integrated by end of 2012

Development of new-letting rents in BauBeCon regions fully integrated in Deutsche Wohnen organisation by end of 2012

		N l i t t e w e n g - 1 ) 2 0 1 2 t r e n	N l i t t e w e n g - 2 ) 2 0 1 3 t r e n	Δ	A l i t c u a n 3 ) l t p a c e r e n	R t e n ) 4 i l t t p o e n a
		i E U R / n s q m	i E U R / n s q m	i % n	i E U R / n s q m	i % n
+ C o r e	G B l i t r e a e r e r n	6. 1 9	7. 3 8	1 9 %	5. 7 0	2 9 %
C o r e	M d b a g e u r g	5. 0 9	5. 3 7	6 %	5. 1 6	4 %
C o r e	C l G t e n r a e r m a n y	5. 1 6	5. 2 1	1 %	4. 8 8	7 %

The BauBeCon holdings in Greater Berlin, Magdeburg and Central Germany have been fully integratedin our organisation by end of 2012
The actual achieved new-letting rents after full integration, i.e. actual achieved new-letting rents in 2013 show a strong development to new-letting rents in 2012
1) Contractually owed rents for newly concluded contracts for units not subject to rent control effective in 2012; mainly managed by Prelios
2) Contractually owed rents for newly concluded contracts for units not subject to rent control effective in 2013 respectively; completely managed by Deutsche Wohnen
3) Contractually owed rent from rented apartments divided by rented area4) Rent potential = New-letting rent compared to in-place rent

b) Segment – Disposals

» Ongoing strong privatisation business

Q 1 / 2 0 1 3	U i t n s	T i t r a n s a c o n lu o m e v	F i V lu a r a e	G r o s m a r g	s i n
	#	E U R m	E U R m	E U R m	%
Pr iva is io t t a n	6 0 6	4 6. 1	3 1. 1	1 5. 0	4 8 %
Ins i io l s le t tu t na a s	4 2 4	1 9. 4	1 6. 1	3. 3	2 0 %
f n he t re o o n- c o re	3 9 5	1 3. 0	1 2. 8	0. 2	2 %
	1, 0 3 0	6 5. 5	4 7. 2	1 8. 3	3 9 %

Privatisation (i.e. sales of individual apartments)
›In 2013, 249 units signed (w/o overhang from 2012 of 357 units)
›Significant increase of gross margin to ~ 48%

Institutional sales:

›Clear and successful focus on sales in disposal regions

C l d i E U R o s e n m	Q 2 0 3 1 / 1	Q 2 0 2 1 / 1
S l d a e s p r o c e e s	3 2. 1	4 1. 8
C f s le t o s o a s	-2 0	-3 2
Ne le d t s a s p ro c e e s	3 0. 1	3 8. 6
Fa ir Va lu e	-2 4. 6	-3 4. 8
E i f D i l a r n n g s r o m s p o s a s	5. 5	3. 8

Number of disposals closed in Q1/2013: 537, thereof

›Privatisation: 340 units
›Institutional sales: 197 units

c) Segment – Nursing and Assisted Living

» Nursing and Assisted Living - stable EBITDA contribution

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

E i f N i d A i d L i i t a r n n g s r o m u r s n g a n s s s e v n g	3. 1	2. 6
A i b b l i t t t t t t r u a e c u r r e n n e r e s e x p e n s e s	-0 8	-0 6
	2. 3	2. 0

Average occupancy

Note: Figure 2011 consider a termination of the lease contract for one facility and the sale of the related management company end of 2011

	F i l i i t a c e s	P l a c e s
G B l i t r e a e r e r n	1 1	1, 1 9 4
S a o n x y	7	4 7 5
O h t e r s	2	2 5 9
I l t t n o a	2 0	9 2 8 1,

Transfer of risks and rewards of four facilities in Berlin(425 places) took place in Q1/2013 -Integration well on track
17 of 20 facilities are owned by Deutsche Wohnen with Fair Value of the properties of EUR 117.3m

d) Others

» Adjusted EBT increased by 75% (y-o-y)

i E U R n m	Q 1 / 2 0 1 3	Q 1 / 2 0 1 2
E B I T D A	6 5. 7	4 3. 1
D i i t e p r e c a o n	-1 3	-0 7
F i i l l ( ) t t n a n c a r e s n e u	-3 0. 1	-2 2. 8
E B T ( d j d ) t a u s e	3 4. 3	1 9. 6
V l i S W A P t a u a o n	-0 2	-0 1
E B T	3 4. 1	1 9. 5
C t t r r e n a e s u x	-2 6	-0 8
D f d t e e r r e a x e s	-5 3	-4 3
P f i t r o	2 6. 2	1 4. 4
1 ) E i h a r n n g s p e r s a r e	0. 1 7	0. 1 4

i E U R n m	Q 1 / 2 0 1 3	Q 1 / 2 0 1 2
I t t n e r e s e p e n s e s x	-2 7. 4	-2 0. 5
N h i t t o n- c a s n e r e s e p e n s e s x	-2 9	-2 7
	3 0. 3 -	2 3. 2 -
I i t t n e r e s n c o m e	0. 2	0. 4
F i i l l ( ) t t n a n c a r e s u n e	3 0. 1 -	2 2. 8 -

EBITDA increased by ~ EUR 22.6m mainly attributable to an increase of earnings from letting ~ EUR 26.8m and ~ EUR 1.7m to increased earnings from disposals
Interest expenses only increased due to acquisitions, partly compensated by lower average interest rates from 4.06% (Mar 12) to 3.6% (Mar 13)
Current taxes affected by non-cash taxes of EUR 0.5m due to capital increase 2013

No h in t t n- c a s e re s e xp e ns e s	Q 1 / 2 0 1 3
in E U R m
Lo in b ing l ia b i l i ie t t t w- e re s e a r s	-1 8
L ia b i l i ie fro E K 0 2 t t s m ax e s	-0 5
Em loy b f i l ia b i l i t ty p e e e ne	-0 5
D B 1 4	-0 1
To l t a	-2 9

1) Based on average shares outstanding (2012: 158.1m; 2011: 105.37m)

» Strong recurring FFO per share performance +18%2) (y-o-y)

i E U R n m	Q 1 / 2 0 1 3	Q 1 / 2 0 1 2
P f i t r o	2 6. 2	1 4. 4
E i f D i l a r n n g s r o m s p o s a s	-5 5	-3 8
D i i t e p r e c a o n	1. 3	0. 7
V l i S W A P t a u a o n	0. 2	0. 1
N h f i i l o n- c a s n a n c a e p e n s e s x	2. 9	2. 7
f D d t e e r r e a e s x	5. 3	4. 3
T b f i f i l i t t a x e n e r o m c a p a n c r e a s e	0. 5	0. 0
O F F ( / d i l ) o s p o s a s w	3 0. 9	1 8. 4
F F O f i i i t t r o m p r v a s a o n	5. 9	4. 8
F F O ( i l. i i i ) t t n c p r v a s a o n	3 6. 8	2 3. 2
O F F f i i i l l t t t r o m n s o n a s a e s u	-0 4	-1 0
O F F ( i l. d i l ) n c s p o s a s	3 6. 4	2 2. 2

1) F F O ( / d i l ) h o s p o s a s p e r s a r e w	0. 2 0	2) 0. 1 7
1) F F O ( i l. d i l ) h n c s p o s a s p e r s a r e	0. 2 3	2) 0. 2 1

1) Based on average shares outstanding (Q1/13: 158.1m; Q1/12: 105.4m)

2) Under consideration of scrip adjustment for capital raise in June 2012

e) Balance sheet

» Balance sheet – Assets

i E U R n m	3 1 / 0 3 / 2 0 1 3	3 1 / 1 2 / 2 0 1 2
I i t t t n e s m e n p r o p e r e s v	4, 8 7 4. 9	4, 6 1 4. 6	Inc du is i ion to t re as e e ac q s u
O h t t t e r n o n- c u r r e n a s s e s	4 0. 3	2 4. 1
D i i t e r v a v e s	0. 2	0. 0
D f d t t e e r r e a x a s s e s	7 6. 6	8 0. 7
N t t o n c u r r e n a s s e s	4, 9 9 2. 0	4, 7 1 9. 4	Tr de iva b le in E U R a re ce s m Re l bu ine ta n s ss	3 0 3 2 0 3 1 / / 1 6. 6
L d d b i l d i h l d f l a n a n u n g s e o r s a e	3 4. 2	3 9. 1	D isp ls os a O he t r	7. 9 0. 8
T d i b l r a e r e c e v a e s	1 5. 3	2 0. 8
O h t t t e r c r r e n a s s e s u	2 5. 0	3 8. 0	O he in E U R t t a ts r c ur re n ss e m	3 0 3 2 0 3 1 / / 1
C h d h i l t a s a n c a s e q a e n s u v	2 0 0. 0	9 0. 6	No ts ts n c urr en as se he l d for le s a	1 6. 5
C t t u r r e n a s s e s	2 7 4. 5	8 8. 1 5	Inc iva b les tax om e re ce	1. 3
T l t t o a a s s e s	5, 2 6 6. 5	4, 9 0 7. 9	O he inv ies t to r en r O he t ts r a ss e	3. 0 4. 1

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

» Balance sheet – Equity and Liabilities

i E U R n m	3 1 / 0 3 / 2 0 1 3	3 1 / 1 2 / 2 0 1 2	Eq i in E U R 3 1 / 0 3 / 2 0 1 3 ty m u
T l i t t o a e q u y	1, 8 3 8. 7	1, 6 0 9. 7	Pr f i 2 6. 2 t o + Ca h f low he dg 9. 6 s e +
F i i l l i b i l i i t n a n c a a e s	2, 8 9 6. 6	2, 7 6 8. 6	Pe ion -0 8 ns s - Ne ds ( les f fec ) t p ta t roc ee s e x +
T l i b i l i i t a x a e s	6 8. 8	6 3. 6	fro i l inc 1 9 4. 0 ta m ca p re as e
D f d l i b i l i i t t e e r r e a a e s x	1 5 1. 2	1 4 3. 3	L T V 5 4. 7 % t a
D i i t e r v a v e s	1 3 9. 6	1 5 2. 5	De iva ive l ia b i l i ies E U R -1 2. 9 Δ t t r : m
O h l i b i l i i t t e r a e s	1 7 1. 6	1 7 0. 2	O he l ia b i l i ie in E U R 3 1 / 0 3 / 2 0 1 3 t t r s m
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	2 6 6. 5, 5	9 0 9 4, 7.	Tr de l ia b i l i ies 7 3. 1 t a Pe ion 5 5. 6 ns s
			Pr is ion 1 4. 5 ov s

i E U R n m	3 0 3 2 0 3 1 / / 1	3 2 2 0 2 1 / 1 / 1
E P R A N A V	2, 0 5 2. 3	1, 8 2 4. 4
E P R A N A V h i E U R p e r s a r e n	1 2. 7 7	1 2. 4 8
S h d i t t a r e s o s a n n g u	1 6 0. 7 6	1 4 6. 1 4

EPRA NAV per share rose to EUR 12.77 as at 31 March 2013

Other liabilities 23.2DB 14 5.2

increase of ~ EUR 0.29 per share since Dec 12

» LTV at 54.7%; low average interest rate: 3.6%

» Details on latest acquisitions

» Details on latest acquisition of 7,800 units in Greater Berlin(disclosed in April 2013)

Rationale

~ 95% of the acquired units are located in the city of Berlin itself
We strengthened our position in our strongest core+ region, i.e. increase our Greater Berlin exposure to ~ 54% of the entire portfolio
Capitalizing on economies of scale improvement of FFO-profile
Perfect add-on acquisition to our latest deal in Berlin of 5,200 units at the beginning 2013
Envisaged FFO yield (pre-tax) upon full integration: ~ 8%1)
This represented an unique opportunity for a medium-sized portfolio acquisition in Berlin
Transaction structure
Share component (8.15m new shares) plus cash component
- New shares to be issued above EPRA NAV -EPRA-NAV per share accretive
- This clearly demonstrates the confidence and strength of the Deutsche Wohnen AG share

Further details

Current gross rental income ~ EUR 29.7m
In-place multiple of 14x -~ EUR 840/sqm 1)
More details shown on the following pages

1) Preliminary based on share price of EUR 13.41

» Details on latest acquisition: Letting portfolio overview

» Details on latest acquisition: Multiple market rent < 12.5x

C l t u s e r	A r e a	C i t t o n s r u c o n y e a r	C d i i t o n o n	R i d i l t e s e n a i t u n s	I l n- p a c e t r e n	N -l i t t e w e n g 1) t r e n	R t e n 3) i l t t o e n a	V a c a n c y
				#	E U R / s q m	E U R / s q m	p %	%
T l t o a				7, 7 9 1	5. 0 9	6. 0 2	1 8. 2 %	2. 1 %
L i P t t e n g	f l i t o r o o			4, 8 3 2	5. 2 1	6. 1 3	1 7. 6 %	1. 4 %
d g o o	F k fu A l l t r a n r e r e e K i k ö p e n c B i d f e s o r L d b A l l a n s e r g e r e e H l l d f e e r s o r	1 9 6 8- 1 9 7 6 1 9 7 4 1 9 7 9 1 9 7 8 1 9 8 6	d i d m o e r n s e d i d m o e r n s e d i d m o e r n s e d i d m o e r n s e d i d m o e r n s e	7 5 4 3 5 0 1, 2 4 8 9 4 9 9 1 0	5. 5 0 5. 5 1 5. 4 7 4. 9 2 5. 2 9	6. 6 6 6. 5 9 6. 3 2 6. 1 8 5. 6 1	2 1. 2 % 1 9. 4 % 1 5. 5 % 2 5. 7 % 6. 0 %	0. 2 % 0. 4 % 0. 3 % 0. 2 % 5. 6 %
i l s m p e	H h h ö h o e n s c n a s e n u	1 9 8 8	ly d i d t p a r m o e r n s e	6 2 1	4. 5 9	5. 5 6	2 1. 1 %	0. 9 %
D l e v e o p	2) P f l i t t m e n o r o o			1, 3 0 3	4. 1 7	5. 6 0	3 4. 4 %	2. 7 %
	H l l d f e e r s o r	1 9 9 0		1, 3 0 3	4. 1 7	5. 6 0	3 4. 4 %	2. 7 %
P i i t r v a s a	i t o n			1, 6 5 6	5. 4 4	6. 0 3	1 0. 5 %	3. 5 %
	B l i e r n P d t o s a m O h t e r			1, 2 7 2 2 4 4 1 4 0	5. 4 8 5. 4 4 5. 2 9 1) Co ntra ctu New -let	ally ed t fr ow ren om re nt b d o n in	d a div ide nte tme nts par nal lua tion aft	3. 7 % 0. 0 % 2. 5 % d b d a nte y re rea th
					2) ting -let ting new 3) Re nt p ote	re ase n a nt i s 4 .89 EU R/s re qm ntia l = New -let ting nt c re	ter va er c ed to i lac om par n-p	ntly ape x, c urre e nt e re

» Details on latest acquisition: Financing at very advanced stage of negotiations

C l t u s e r	A t m o u n	I t t n e r e s ) 1 t r a e	H d i e g n g	M i t t a u r y	A i i t t m o r s a o n
	M i E U R o.	%	% ~	y e a r s	%
T l i h f i l i t t t t o a w o u c a p e x- a c y	2 2 8. 5	2. 8	8 0	6. 7	1. 5
L i f l i t t t e n g p o r o o	1 5 7. 9	2. 7	9 0	6. 7	1. 5
D l f l i t t e v e o p m e n p o r o o A d d i i l f i l i t t o n a c a p e a c x- y	2 6. 0 1 4. 0	3. 2	9 0 9 0	1 0. 0 8. 0	1. 5 1. 5
P i i i t t r v a s a o n	4 4. 6	2. 7	2 5	5. 0	1. 6

1) Based on current swap rates

» Q & A

» Appendix

3 0 3 2 0 3 1 / / 1	Re i de ia l t s n i ts un	S ha in re f u i te ts rm s o n	Ar ea	In- lac p e 1) t	Va ca nc y	Co ia l mm er c i ts un	Pa k ing r sp ac es
	#	%	k s q m	re n E U R /sq m	%	#	#
To l ta	8 2, 2 0 5	1 0 0 %	5, 0 3 1	5. 5 2	2. 8 %	9 6 0	2 0, 8 2 7
S ic d g h tra te t g co re an ro w ion re g s	7 6, 7 0 8	9 3 %	4, 6 8 0	5. 5 7	2. 3 %	9 0 8	1 9, 0 3 7
+ Co re	5 1, 3 6 3	6 2 %	3, 0 7 2	5. 7 6	1. 9 %	7 0 1	9, 0 6 4
Gr Be l in ter ea r	4 0, 5 2 6	4 9 %	2, 4 1 0	5. 5 0	1. 5 %	4 8 7	3, 3 8 0
Le ing fo l io t t t p or	3 8, 8 4 3	4 7 %	2, 3 0 2	5. 5 2	1. 3 %	4 7 4	3, 0 6 1
Pr iva isa ion t t	1, 6 8 3	2 %	1 0 8	5. 1 5	5. 0 %	1 3	3 1 9
R h ine -M in a	9, 2 2 1	1 1 %	5 5 4	6. 8 0	3. 2 %	1 7 9	4, 9 6 1
Le ing fo l io t t t p or	8, 1 4 2	1 0 %	4 8 1	6. 8 7	2. 5 %	1 1 9	3, 9 9 2
Pr iva isa ion t t	1, 0 7 9	1 %	7 3	6. 3 2	7. 6 %	6 0	9 6 9
R h ine lan d	1, 6 1 6	2 %	1 0 7	6. 3 5	3. 3 %	3 5	7 2 3
Le ing fo l io t t t p or	1, 4 5 2	2 %	9 2	6. 2 6	3. 2 %	2 9	3 1 2
Pr iva isa ion t t	1 6 4	0 %	1 6	6. 8 8	3. 9 %	6	4 1 1
Co re	2 5, 3 4 5	3 1 %	1, 6 0 8	5. 2 0	3. 3 %	2 0 7	9, 9 7 3
Ha / Br ic k / Ma de bu no ve r un sw g	1 0, 9 1 5 rg	1 3 %	7 0 4	5. 2 1	4. 3 %	1 0 9	2, 7 5 5
Le ing fo l io t t t p or	1 0, 0 2 8	1 2 %	6 4 6	5. 1 5	4. 3 %	1 0 8	2, 4 1 6
Pr iva isa ion t t	8 8 7	1 %	5 8	5. 8 7	4. 0 %	1	3 3 9
So R h ine Va l ley h t u	4, 9 1 9	6 %	3 0 7	5. 4 4	2. 0 %	4 3	3, 3 7 5
Le ing fo l io t t t p or	4, 6 5 2	6 %	2 9 0	5. 4 4	1. 6 %	4 3	3, 1 8 6
Pr iva isa ion t t	2 6 7	0 %	1 7	5. 5 1	8. 8 %	0	1 8 9
R h ine Va l ley No h t r	2, 9 3 0	4 %	1 9 0	5. 1 4	2. 0 %	3	2, 1 0 6
Le ing fo l io t t t p or	2, 7 9 8	3 %	1 8 1	5. 1 1	1. 5 %	3	1, 9 5 2
Pr iva isa ion t t	1 3 2	0 %	9	5. 6 7	1 0. 7 %	0	1 5 4
Ce l Ge tra n rm an y	3, 7 7 7	5 %	2 2 7	5. 0 4	3. 1 %	4 4	1, 1 7 8
Le ing fo l io t t t p or Pr iva isa ion t t	3, 7 7 7 0	5 % 0 %	2 2 7 0	5. 0 4 0. 0 0	3. 1 % 0. 0 %	4 4 0	1, 1 7 8 0
2) O he t rs	2, 8 0 4	3 %	1 8 1	4. 9 9	3. 2 %	8	5 5 9
Le ing fo l io t t t p or	1, 7 6 2	2 %	1 1 0	5. 0 5	3. 6 %	7	5 2 7
Pr iva isa ion t t	1, 0 4 2	1 %	7 1	4. 9 1	2. 6 %	1	3 2
No n-c or e	9 5, 4 7	7 %	3 5 1	4. 7 7	9. 7 %	2 5	9 0 1, 7
D isp l os a	2, 1 9 5	3 %	1 4 2	4. 7 1	1 3. 6 %	3 6	6 7 1
			2 0 8	4. 8 1	7. 1 %	1 6	1, 1 1 9

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

2) Mainly Kiel/Luebeck

» Overview of portfolio as at 31 March 2012 (for reconciliation)

3 0 3 2 0 2 1 / / 1	R i d i l t e s e n a i t u n s	S h i a r e n f t e r m s o i t u n s	A r e a	I l n- p a c e 1) t r e n	V C a c a n c y o	i l m m e r c a i t u n s	P k i a r n g s p a c e s
	#	%	k s q m	E U R / s q m	%	#	#
T l t o a	4 9, 8 2 2	1 0 0 %	3, 0 2 5	5. 6 0	2. 3 %	4 6 6	1 5, 0 4 0
S i d t t r a e g c c o r e a n h i t g r o w r e g o n s	4 6, 8 0 1	9 4 %	2, 8 3 7	5. 6 5	2. 1 %	4 5 7	1 3, 5 2 4
L i f l i t t t e n g p o r o o	4 2, 5 4 4	8 5 %	2, 5 6 1	5. 6 6	1. 6 %	4 4 2	1 1, 9 2 8
P iv i i t t r a s a o n	4, 2 5 7	9 %	2 7 6	5. 5 9	6. 4 %	1 5	1, 5 9 6
+ C o r e	3 8, 0 5 6	7 6 %	2, 2 8 0	5. 7 5	2. 0 %	3 8 9	7, 6 2 8
L i f l i t t t e n g p o r o o	3 4, 3 7 3	6 8 %	2, 0 4 1	5. 7 7	1. 5 %	3 7 4	6, 4 6 1
P iv i i t t r a s a o n	3, 6 8 3	7 %	2 3 9	5. 6 0	6. 1 %	1 5	1, 1 6 7
C o r e	8, 7 4 5	8 1 %	5 5 7	2 3 5.	2. 6 %	6 8	8 9 6 5,
L i f l i t t t e n g p o r o o	8, 1 7 1	1 6 %	5 2 0	5. 2 1	2. 1 %	6 8	5, 4 6 7
P iv i i t t r a s a o n	5 7 4	1 %	3 7	5. 5 0	8. 3 %	0	4 2 9
N o n- c o r e	3, 0 2 1	6 %	8 8 1	8 4. 7	0 7. %	9	6 1, 5 1
D i l s p o s a	1, 3 5 1	3 %	8 3	4. 5 5	1 0. 4 %	9	6 2 7
O h t e r	1, 6 7 0	3 %	1 0 4	4. 9 5	4. 6 %	0	8 8 9

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

» Details on regions of portfolio as at 31 March 2012

(for reconciliation)

3 1 / 0 3 / 2 0 1 2	Re i de ia l t s n	S ha in re	Ar ea	In- lac p e	Co Va ca nc y	ia l mm er c	Pa k ing r
	i ts un	f te rm s o		1) t re n		i ts un	sp ac es
	#	i ts un %	k s q m	E U R /sq m	%	#	#
To l ta	4 9, 8 2 2	1 0 0 %	3, 0 2 5	5. 6 0	2. 3 %	4 6 6	1 5, 0 4 0
S ic d g h r ion tra te t g co re an ro w eg s	4 6, 8 0 1	9 4 %	2, 8 3 7	5. 6 5	2. 1 %	4 5 7	1 3, 5 2 4
+ Co re	3 8, 0 5 6	7 6 %	2, 2 8 0	5. 7 5	2. 0 %	3 8 9	7, 6 2 8
Gr Be l in ter ea r	2 7, 9 8 5	5 6 %	1, 6 7 1	5. 4 7	1. 6 %	2 9 1	2, 7 6 8
Le ing fo l io t t t p or	2 5, 3 4 9	5 1 %	1, 5 0 4	5. 5 0	1. 2 %	2 7 6	2, 3 5 4
Pr iva isa ion t t	2, 6 3 6	5 %	1 6 7	5. 2 1	5. 8 %	1 5	4 1 4
R h ine -M in a	8, 9 1 4	1 8 %	5 3 6	6. 6 1	2. 8 %	9 7	4, 6 8 6
Le ing fo l io t t t p or	7, 8 6 7	1 6 %	4 6 4	6. 6 2	2. 3 %	9 7	3, 9 3 3
Pr iva isa ion t t	1, 0 4 7	2 %	7 2	6. 5 2	6. 6 %	0	7 5 3
R h ine lan d	1, 1 5 7	2 %	7 2	6. 1 2	2. 0 %	1	1 7 4
Le ing fo l io t t t p or	1, 1 5 7	2 %	7 2	6. 1 2	2. 0 %	1	1 7 4
Pr iva isa ion t t	0	0 %	0	0. 0 0	0. 0 %	0	0
Co re	8, 7 4 5	8 1 %	5 5 7	2 3 5.	2. 6 %	6 8	8 9 6 5,
Ha / Br ic k / Ma de bu no ve r un sw g rg	--	--	--	--	--	--	--
Le ing fo l io t t t p or	--	--	--	--	--	--	--
Pr iva isa ion t t	--	--	--	--	--	--	--
R h ine Va l ley So h t u	5, 0 2 3	1 0 %	3 1 4	5. 3 3	2. 5 %	4 1	3, 4 3 3
Le ing fo l io t t t p or	4, 6 6 1	9 %	2 9 1	5. 3 2	2. 0 %	4 1	3, 2 1 0
Pr iva isa ion t t	3 6 2	1 %	2 3	5. 4 4	9. 3 %	0	2 2 3
R h ine Va l ley No h t r	3, 0 0 4	6 %	1 9 4	5. 1 1	2. 2 %	6	2, 1 6 7
Le ing fo l io t t t p or	2, 7 9 8	6 %	1 8 1	5. 0 7	1. 8 %	6	1, 9 6 1
Pr iva isa ion t t	2 0 6	0 %	1 4	5. 6 0	6. 7 %	0	2 0 6
Ce l Ge tra n rm an y	1 7 4	0 %	1 2	6. 1 0	4. 5 %	1 9	2 9 3
Le ing fo l io t t t p or Pr iva isa ion t t	1 7 4 0	0 % 0 %	1 2 0	6. 1 0 0. 0 0	4. 5 % 0. 0 %	1 9 0	2 9 3 0
O he t rs	5 4 4	1 %	3 7	4. 7 4	4. 8 %	2	3
Le ing fo l io t t t p or	5 3 8	1 %	3 6	4. 7 3	4. 8 %	2	3
Pr iva isa ion t t	6	0 %	0	5. 2 2	1 0. 2 %	0	0
No n- co re	3, 0 2 1	6 %	1 8 8	4. 7 8	7. 0 %	9	1, 5 1 6
D isp l os a	1, 3 5 1	3 %	8 3	4. 5 5	1 0. 4 %	9	6 2 7
O he t r	1, 6 7 0	3 %	1 0 4	4. 9 5	4. 6 %	0	8 8 9

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

» 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, the development or the performance of Deutsche Wohnen to differ materially from the estimations expressed or implied herein. Deutsche Wohnen 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 Deutsche Wohnen AG or any of its affiliates (including 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.