Deutsche Wohnen AG

» Full year results 2013 Conference Call, 28 March 2014

» Management board and areas of responsibilities

Michael Zahn Chief Executive Officer (CEO)

Areas of responsibility:

Strategy
Property Management
Nursing and Assisted Living
HR
Communication

Andreas Segal Chief Financial Officer (CFO)

Areas of responsibility:

Equity Financing
Debt Financing
Treasury
Investor Relations
Legal/Compliance

Lars Wittan Chief Investment Officer (CIO)

Areas of responsibility:

Accounting/Tax/Controlling
Asset Management
Risk Management
Corporate Planning
IT/Organisation

» Operational Development and Capital Market

» Strong operational performance sets benchmark

In-place rent and vacancy	DeuWo	stand alone					potential DeuWo stand alone
(like-for-like)	Residential units		In-place rent 1) EUR/sqm	Δ in %		Vacancy in %	3)	1)
		31/12/2013	31/12/2012	y-o-y	31/12/2013	31/12/2012
Strategic core and growth regions (letting portfolio)	61,941	5.84	5.65	3.3%	1.9%	1.7%
Core+	42,626	6.12	5.87	4.2%	1.2%	1.5%
Greater Berlin	33,079	5.89	5.64	4.6%	1.0%	1.1%
Rhine-Main	8,097	6.99	6.78	3.2%	1.9%	2.6%
Rhineland	1,450	6.42	6.25	2.7%	2.6%	2.5%
Core	19,315	5.25	5.20	0.9%	3.4%	2.3%
Hanover/Brunswick/Magdeburg	8,104	5.24	5.22	0.3%	4.8%	3.3%
Rhine Valley South	4,648	5.49	5.39	2.0%	1.2%	1.3%
Rhine Valley North	2,798	5.13	5.09	0.9%	1.1%	0.8%
Central Germany	2,003	5.02	5.00	0.3%	3.5%	1.7%
Others	1,762	5.07	5.05	0.5%	6.3%	3.2%
Privatisation	4,398	5.62	5.55	1.4%	6.8%	2.6%
Non-core	2,672	4.86	4.84	0.5%	10.8%	7.0%
Total	69,011	5.79	5.62	3.1%	2.5%	2.0%

L-f-l Rental Growth	  	3.1% rental growth for the total portfolio Strong rental growth in our Core+-regions: 4.2% 3.4% pro-forma l-f-l growth for the total portfolio (including 56,900 units of GSW )
Annualised Rental Growth	 	EUR 17.9m of rent increases (incl. GSW pro-forma) realised; thereof EUR 9.1m from Mietspiegel/ EUR 6m Re-letting DeuWo stand-alone: EUR 9.6m total; thereof EUR 5m from Mietspiegel/ EUR 4m from Re-letting
Rent potential		The increase in our achieved new-letting rent (rent potential) clearly demonstrates the accelerating 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

4) Excluding acquisitions

» Overview of portfolio changes in 2013

End of year:	2013		20121		∆ Delta
	Residential Units	Fair Value (EUR m)	Residential Units	Fair Value (EUR m)	Residential Units	Fair Value (EUR m)	FV in %
Total	150,219	8,881	82,738	4,794	+67,481	+4,087	+85.3%
Strategic core and growth regions	146,675	8,743	77,007	4,586	+69,668	+4,157	+90.6%
Core+	119,317	7,362	51,587	3,300	+67,730	+4,062	+123.1%
Core	27,358	1,381	25,420	1,286	+1,938	+95	+7.4%
Non-core	3,544	137	5,731	208	-2,187	-71	-34.1%

Portfolio development underlines shift to growth regions with significant upside potential

Total residential holdings: > 150,000 units

Thereof ~ 79% in dynamic Core⁺ -regions (> 119,300 units)
Thereof ~ 72% in Greater Berlin (> 108,400 units)
Largest private landlord of Berlin
Successful disposal of Non-core assets

1) Incl. acquisitions with transfer of risk and rewards as of 1 Jan/1 Feb 2013

» Overview of portfolio valuation as at 31 December 2013

31/12/2013	Residential units	Share in terms of	Area 1)	In-place rent 2)	Vacancy	Fair Value 3)	Share in terms of	Fair Value 4)	Multiple in-place	Yield %	Multiple market	Yield %
		units					Fair Value		rent		rent
	#	%	k sqm	EUR/sqm	%	EUR m	%	EUR/sqm
Total	150,219	100%	9,131	5.54	2.4%	8,881	100%	944	14.2	7.1%	12.8	7.8%

Strategic core and growth regions	146,675	98%	8,902	5.56	2.2%	8,743	98%	953	14.2	7.0%	12.9	7.7%
Letting portfolio	139,236	93%	8,411	5.56	2.0%
Privatisation	7,439	5%	492	5.48	5.7%
Core+	119,317	79%	7,177	5.65	1.9%	7,362	83%	994	14.5	6.9%	13.1	7.6%
Letting portfolio	114,047	76%	6,830	5.65	1.8%
Privatisation	5,270	3%	347	5.52	5.1%
Core	27,358	19%	1,726	5.20	3.6%	1,381	15%	784	12.9	7.8%	11.8	8.5%
Letting portfolio	25,189	17%	1,581	5.18	3.2%
Privatisation	2,169	2%	145	5.38	7.1%
Non-core	3,544	2%	228	4.82	10.1%	137	2%	576	11.1	9.0%	9.6	10.4%
Disposal	1,119	1%	72	4.72	12.9%
Other	2,425	1%	156	4.86	8.9%

Dynamic Core⁺regions comprise 79% of total units and 83% of total fair value

Attractive spread between multiples of in-place rent and market rent offering further potential for NAV-growth

2) Contractually owed rents from rented apartments divided by rented area
3) Fair Value including residential, commercial and parking spaces
4) Fair Value divided by residential and commercial area

» Attractive financing structure with further upside potential

Long-term maturities profile 110 368 503 852 732 883 455 420 931 250 2014 2015 2016 2017 2018 2019 2020 2021 >= 2022 EUR m (nominal values) 1)

Attractive financing structure

Ø interest rate: ~ 3.3%
Ø mandatory redemptions p.a.:1.55%
Ø weighted maturity: 8.1 years
Interest rate fixed or hedged: 88.7%

Significant refinancing potential 42 366 490 810 2014 2015 2016 2017 EUR m (nominal values)

Average volume weighted interest rate of 4.3%
Expected increase in profitability / FFO in case of refinancing based on actual interest level of more than EUR 25m p.a.

Target

Further optimisation of interest expenses
Reduction of mandatory redemptions to enhance cashflow
Use of currently low interest environment for loan extensions

» Convertible bond 2013 – Benchmark transaction

EUR 250m issue size
Coupon of 0.5% p.a. significantly below average interest rate
Premium of 30% at issuance date
7Y maturity (22 Nov. 2020)
No scheduled amortisation
Unsecured and unsubordinated debt
Enhanced flexibility by repayment in cash or shares

Source: Kempen & Co.

* Excluding October 2012 Grand City Properties convertible, due to limited data available

** Including €51m March transaction (extension to the January issue)

Terms and conditions of DeuWo convertible

bond

*** 2013 Grand City Properties bond issued at 100 with redemption at 106.7, coupon shown represents yield to maturity at issue (cash coupon 1.5%)

Attractive terms demonstrate financing potential of Deutsche Wohnen

» Strong position in the capital markets

Most investable German listed real estate company

Free float market cap increased by ~ 85% from EUR 2,0bn (Dec. 2012) to EUR 3,7bn (Dec. 2013)
Largest free float of all residential peers
Ø daily trading volume increased by 56.2% to ca. 519`sh

MDAX Ranking	Jan. 2013	Dec. 2013	EPRA Weighting	Jan. 2013	Dec. 2013
Market cap	12	6	German	22.3%	36.6%
Turnover	34	24	European	2.0%	3.5%
Weight (%)	2.3	2.8	Global	0.3%	0.5%

Impressive track record of placements

3 structured equity transactions in 2013
EUR 195m ABB for acquisitions (fully invested)
14.6m shares January 2013
Value accretive as placed above NAV
Discount below 3% of share price
Successful use of shares as acquisition currency to accelerate growth and drive consolidation
Blackstone portfolio: 8.2m shares
GSW transaction: 117.3m shares

Flexible use of equity instruments to create shareholder value

» Financials

» All major P&L key performance indicators increased y-o-y

Key lines from P&L statement

in EUR m	2013	2012	Δ in %
Earnings from Residential Property Management	292.3	194.4	50%
Earnings from Disposals	23.0	19.9	16%
Earnings from Nursing and Assisted Living	13.2	9.9	33%
Corporate expenses	-52.9	-40.4	31%
EBITDA (adjusted)	270.2	180.6	50%
Fair Value adjustments investment properties (IAS40)	101.3	119.2	-15%
Financial result (net, as reported)	-130.8	-107.0	22%
EBT (as reported)	217.9	205.6	6%
One-offs (excl. valuation properties, SWAP & CB)	25.5	-8.1	>100%
EBT (adjusted)	131.9	78.5	68%
Current and Deferred taxes	-5.2	-60.1	-91%
Profit (as reported)	212.7	145.5	46%
Earnings per share 1)	1.21	1.15	5%

Adjusted EBITDA

Adjusted EBT

increased by ~ EUR 90m / + 50% (y-o-y)

increased by ~ EUR 53m / + 68% (y-o-y)

1) Based on weighted average shares outstanding (2013: 175.27m; 2012: 126.09m)

» Increasing FFO-yields despite substantial EPRA NAV growth

FFO (w/o disposals) and -yields

	2013 (pro forma)1)	2013	2012
FFO (w/o disposals) in EUR m	178.8	2) 114.5	68.2
FFO (w/o disposals) per share in EUR	0.62	3) 4) 0.65	5) 0.54
EPRA NAV in EUR m as of 31/12	4,004.7	4,004.7	1,824.4
EPRA NAV per share in EUR as of 31/12	13.99	6) 6) 13.99	7) 12.48
Adjusted NAV in EUR m as of 31/12	3,513.1	3,513.1 6) 6)	1,824.4 7)
Adjusted NAV per share in EUR as of 31/12	12.27	12.27	12.48
FFO (w/o disposals) yield8)
on EPRA NAV per share	4.5%	4.6%	4.3%
FFO (w/o  FFO (w/o disposals) per share increased by 20% (y-o-y) disposals)
EPRA NAV  EPRA NAV per share increased from EUR 12.48 to EUR13.99 / + 12% (y-o-y)
FFO yield  FFO (w/o disposals) yield on EPRA NAV increased from 4.3% to 4.6% (y-o-y)
1) 2013 pro forma incudes 12 months GSW-figures 2) After 8% minority adjustment on GSW-FFO (w/o disposals) 3) Based on 286.2m shares outstanding (pro forma) 4)	5) 6) 7) Based on weighted average shares outstanding in 2013: 175.3m 8)	Based on weighted average shares outstanding in 2012: 126.1m Based on 286.2m shares outstanding as of 31/12/2013 Based on 146.14m shares outstanding as of 31/12/2012 Based on FFO (w/o disposals) per share

» Pro forma P&L 2013

	Deutsche Wohnen Group stand-alone in EUR m	GSW Group stand-alone in EUR m	Deutsche Wohnen Group pro forma in EUR m
Current Gross Rental Income	353,5	236,1	589,7
Rental loss	-4,0	-5,2	-9,2
Non-recoverable expenses	-8,9	-7,9	-16,8
Maintenance Costs	-58,1	-21,3	-79,4
Others	-6,2	-0,5	-6,7
Earnings from Residential Property Management	276,4	201,3	477,6
Earnings from Disposals	22,9	4,5	27,5
Earnings from Nursing and Assisted Living	13,2	0,0	13,2
Corporate expenses	-48,1	-54,1	-102,2
Other expenses/income	-5,3	-1,2	-6,6
One-off costs	-17,2	-20,6	-37,8
EBITDA	241,9	129,8	371,6
Depreciation and amortisation	-5,5	-0,5	-6,0
Valuation investment properties	100,7	20,6	121,2
EBIT	337,0	149,8	486,9
Financial result	-133,2	-76,6	-209,8
EBT	203,9	73,2	277,0
Income taxes	-5,3	-13,2	-18,5
Profit	198,5	60,0	258,5

FFO (w/o disposals)	109,7	75,1	184,8

Pro forma P&L

includes 12 month GSW-figures (without taking a minority interest of 8% in GSW into account)

» Guidance 2014 & Strategic outlook

» Positioning of DeuWo in listed residential landscape

» Q & A

» Appendix

Segment – Residential Property Management

» Overview of portfolio as at 31 December 2013

31/12/2013	Residential units	Share in terms of units	Area 1)	In-place rent 2)	Vacancy	Fair Value 3)	Share in terms of Fair Value	Fair Value 4)	Multiple in-place rent	Multiple market rent
	#	%	k sqm	EUR/sqm	%	EUR m	%	EUR/sqm
Total	150,219	100%	9,131	5.54	2.4%	8,881	100%	944	14.2	12.8

Strategic core and growth regions	146,675	98%	8,902	5.56	2.2%	8,743	98%	953	14.2	12.9
Letting portfolio	139,236	93%	8,411	5.56	2.0%
Privatisation	7,439	5%	492	5.48	5.7%
Core+	119,317	79%	7,177	5.65	1.9%	7,362	83%	994	14.5	13.1
Letting portfolio	114,047	76%	6,830	5.65	1.8%
Privatisation	5,270	3%	347	5.52	5.1%
Core	27,358	19%	1,726	5.20	3.6%	1,381	15%	784	12.9	11.8
Letting portfolio	25,189	17%	1,581	5.18	3.2%
Privatisation	2,169	2%	145	5.38	7.1%
Non-core	3,544	2%	228	4.82	10.1%	137	2%	576	11.1	9.6
Disposal	1,119	1%	72	4.72	12.9%
Other	2,425	1%	156	4.86	8.9%

Dynamic Core⁺regions comprise 79% of total units and 83% of total fair value

For detailed information on the regions please refer to next page
1) Only residential area
2) Contractually owed rents from rented apartments divided by rented area
3) Fair Value including residential, commercial and parking spaces
4) Fair Value divided by residential and commercial area

» Details on regions of portfolio as at 31 December 2013

31/12/2013	Residential	Share in	Area	In-place	Vacancy	Commercial	Parking
	units	terms of units		rent 1 )		units	spaces

	#	%	k sqm	EUR/sqm	%	#	#
Total	150,219	100%	9,131	5.54	2.4%	2,146	31,833
Strategic core and growth regions	146,675	98%	8,902	5.56	2.2%	2,096	30,584
Core+	119,317	79%	7,177	5.65	1.9%	1,877	20,550
Greater Berlin	108,411	72%	6,512	5.53	1.8%	1,660	14,866
Letting portfolio	104,280	69%	6,247	5.54	1.8%	1,607	14,031
Privatisation	4,131	3%	265	5.26	3.6%	53	835
Rhine-Main	9,084	6%	546	6.92	2.7%	180	4,948
Letting portfolio	8,098	5%	479	6.99	1.9%	123	4,023
Privatisation	986	1%	67	6.33	8.9%	57	925
Rhineland	1,822	1%	119	6.41	3.5%	37	736
Letting portfolio	1,669	1%	104	6.35	2.8%	29	366
Privatisation	153	0%	15	6.84	8.4%	8	370
Core	27,358	19%	1,726	5.20	3.6%	219	10,034
Hanover/Brunswick/Magdeburg	11,064	8%	710	5.23	4.6%	109	2,801
Letting portfolio	10,212	7%	654	5.17	4.4%	107	2,499
Privatisation	852	1%	56	5.85	6.8%	2	302
Rhine Valley South	4,871	3%	304	5.50	1.6%	41	3,353
Letting portfolio	4,650	3%	290	5.49	1.2%	41	3,186
Privatisation	221	0%	14	5.62	10.3%	0	167
Rhine Valley North	2,954	2%	191	5.16	1.7%	3	2,125
Letting portfolio	2,845	2%	184	5.14	1.3%	3	2,001
Privatisation	109	0%	7	5.54	11.4%	0	124
Central Germany	5,720	4%	343	4.98	2.8%	58	1,196
Letting portfolio Privatisation	5,720 0	4% 0%	343 0	4.98 0.00	2.8% 0.0%	58 0	1,196 0
)
Others 2	2,749	2%	177	5.02	6.2%	8	559
Letting portfolio	1,762	1%	110	5.07	6.3%	7	527
Privatisation	987	1%	68	4.93	6.1%	1	32
Non-core	3,544	2%	228	4.82	10.1%	50	1,249
Disposal	1,119	1%	72	4.72	12.9%	37	377
Other	2,425	1%	156	4.86	8.9%	13	872

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

2) Mainly Kiel/Luebeck

» Focused and sustainable investments in the portfolio

Maintenance and modernisation

	2013		2012
	EUR m	EUR/sqm 1 )	EUR m	EUR/sqm 2 )
Maintenance	59.4	10.36	34.7	9.68
Ongoing & small-scale maintenance	45.5	7.94	23.8	6.66
Reletting	13.9	2.42	10.8	3.02
Modernisation	26.8	4.67	33.2	9.26
In total	86.2	15.03	67.9	18.94

Deutsche Wohnen stand alone

Reletting and modernisation led to signed rent increases with a full year effect of EUR 4.3m (all-in signed rent increases EUR 9.6m)
We continue to target a high level for maintenance and modernisation on the basis of portfolio analysis to ensure our quality standards for a sustainable portfolio.

1) Based on the quarterly average area; At 30/06/2013 without the floor space of companies which were first consolidated on 30/06/2013; GSW floor space for Q4 only included for one month

2) Based on the quarterly average area; BauBeCon floor space for Q3 only included for one month

» Strong earnings and cash contributions from letting

	in EUR m	2013	2012
	Current gross rental income	372.9	240.1
Earnings	Non-recoverable expenses	-9.6	-4.1	Maintenance
from letting:	Rental loss	-4.9	-3	in FY13: EUR 10.36 sqm
+ EUR 97.9m	Maintenance	-59.4	-34.7	(in 2012: EIR 9.68 sqm)
	Others	-6.7	-3.9	additional EUR 26.8m for modernisation in FY
	Earnings from Residential Property Management	292.3	194.4	2013
	Personnel, general and administration expenses	-28.3	-22.2
	Net Operating Income (NOI)	264.0	172.2	NOI increased by EUR 91.8m (53%) due to
	NOI Margin	70.8%	71.7%	higher current gross
				rental income of EUR 132.8m (full effect of
	in EUR m	2013	2012	2012 acquisitions plus
Cash flow	Net Operating Income (NOI)	264.0	172.2	additional acquisitions in
+ 70.9%	Cash interest expenses	-118.4	-87.0	2013 including 1 month GSW) while costs
	Cash flow from portfolio after cash interest expenses	145.6	85.2	increased by only EUR
	Interest cover ratio	2.23	1.98	41.0m

only marginally decreased due to integration of new acquisitions (external management) and higher maintenance expenses per sqm vs. previous year NOI-margin

Segment – Disposals

» Very strong privatisation business & successful non-core disposals

2013	Units	Transaction volume	Fair Value	Gross Margin
	#	EUR m	EUR m	EUR m	% 1 )
Privatisation	1,342	100.7	68.6	32.1	47%
Institutional sales	2,157	68.9	67.7	1.2	2%
thereof non-core	2,066	59.2	58.8	0.4	1%
Cost of sales				-10.3
In total	3,499	169.6	136.3	23.0	17%
+ Carrying amounts of assets sold				136.3
- Loan repayment -86.4
Cashflow contribution				72.9

Privatisation (i.e. sales of individual appartments)

In 2013 1,342 units closed.
Gross margin of ~ 47%

Institutional	sales

Ongoing and successful focus on disposals in non-core regions in 2013

1) (Transaction volume divided by Fair Value)-1

Segment – Nursing and Assisted Living

» Nursing and Assisted Living − increasing EBITDA contribution

in EUR m	2013	2012
Income
Nursing	52.0	36.4
Living	3.0	2.0
Other	4.9	3.6
Total income	59.9	42.0
Costs
Nursing and corporate expenses	-16.4	-11.3
Staff expenses	-30.3	-20.8
Total costs	-46.7	-32.1
Earnings from Nursing and Assisted Living	13.2	9.9
Attributable current interest expenses	-3.6	-2.6
Earnings after current interest expenses	9.6	7.3

31/12/2013	Facilities	Places
Greater Berlin	12	1,434
Saxony	7	475
Others	2	257
In total	21	2,166

18 of 21 facilities are owned by Deutsche Wohnen with Fair Value of the properties of EUR 144.9m
Transfer of risks and rewards of five facilities in Berlin took place in 2013:
425 places in Q1/2013
250 places in Q4/2013
Slight decrease in average occupancy to 96.1% mainly due to recent acquisitions with significant upside potential
Katharinenhof achieved third place in the overall ranking of MDK (Medizinischer Dienst der Krankenversicherung) 1)

Derivation of FFO

» Adjusted EBITDA increased by ~ EUR 90m / + 50% (y-o-y)

in EUR m	2013	2012
Earnings from Residential Property Management	292.3	194.4
Earnings from Disposals	23.0	19.9
Earnings from Nursing and Assisted Living	13.2	9.9
Segment contribution margin	328.5	224.2
Corporate expenses	-52.9	-40.4
Other operating expenses/income	-22.7	12.7
EBITDA	252.9	196.5
Other One-off income	-2.2	-20.3
One-off costs for transactions	19.1	4.4
Other	0.4	0.0
EBITDA (adjusted)	270.2	180.6

Corporate expenses (in EUR m)	2013	2012
Staff expenses	-31.8	-23.6
General and administration expenses	-17.7	-12.7
Third-party Property Management	-3.4	-4.1
In total	-52.9	-40.4

Corporate Expenses

Corporate expenses 2013 include 1 month GSW for 12/2013: EUR 4.8m
Corporate expenses Deutsche Wohnen stand-alone: EUR 48.1m
This leads to a decreasing cost ratio of 13.6%1) (2012: 16.8%) of Deutsche Wohnen stand-alone

Other operating expenses/income	2013	2012
Transaction Costs (excluding one-off financing costs)	-19.1	0.0
Other one-off income	2.2	20.3
Integration Costs BauBeCon	0.0	-4.4
Other	-5.8	-3.2
In total	-22.7	12.7

increased by ~ EUR 90m mainly attributable to an increase of earnings from letting ~ EUR 98m and from disposals ~ EUR 3m Adj. EBITDA

» Adjusted EBT increased by ~ 68% (y-o-y)

in EUR m	2013	2012
EBITDA (adjusted)	4) 270.2	2) 180.6
Depreciation	-5.5	-3.1
Financial result (net)	5) -132.8	3) -99.0
EBT (adjusted)	131.9	78.5
Valuation properties	100.9	119.2
Other One-off income	2.2	20.3
One-off costs for transactions	-27.7	-12.2
Valuation SWAP and Convertible Bond	10.6	-0.2
EBT	217.9	205.6
Current taxes	-13.8	-10.5
Deferred taxes	8.6	-49.6
Profit	212.7	145.5
Earnings per share 1)	1.21	1.15

in EUR m	2013	2012
Interest expenses	-122.0	-89.6
Non-cash interest expenses	-11.8	-11.4
	-133.8	-101.0
Interest income	1.0	2.0
Financial result (net)	-132.8	-99.0

Non-cash interest expenses in EUR m	2013
Low-interest bearing liabilities	-7.7
Liabilities from EK 02 taxes	-1.9
Employee benefit liability	-1.9
DB 14	-0.2
Other	-0.1
Total	-11.8

Adj. EBITDA	 increased by ~ EUR 90m mainly attributable to an increase of earnings from letting ~ EUR 98m and from disposals ~ EUR 3m

Current taxes	 affected by non-cash taxes of EUR 2.5m due to capital increases 2013

One-off costs for transactions	 mainly include expenses for the GSW-takeover (EUR 19.1m) and corresponding financing costs (EUR 8.6m)

	1) Based on weighted average shares outstanding (2013: 175.27m; 2012: 126,09m) 2) Adjusted by one-off income due to settlement with RREEF (EUR 20.3m) and costs for transactions (EUR 4.4m) 3) Adjusted by one off financing costs for BauBeCon transaction (EUR 7.8m) and Valuation SWAP (EUR -0.2m) 4) Adjusted by one-off costs for transactions(EUR 19.1m), other one-off income (EUR2.2m) and other (EUR0.4m) 5) Adjusted by one-off costs for financing (EUR 8.6m) and Valuation SWAP and Convertible Bond (EUR 10.6m)

» Strong recurring FFO per share performance +20%2) (y-o-y)

in EUR m	2013	2012
Profit	212.7	145.5
Earnings from Disposals	-23.0	-19.9
Depreciation	5.5	3.1
Valuation properties	-100.9	-119.2
Valuation SWAP and Convertible Bond	-10.6	0.2
Non-cash financial expenses	11.8	11.4
Deferred taxes	-8.6	49.6
Tax benefit from capital increase	2.5	5.6
One-off costs for transactions	27.7	12.2
Other One-off income	-2.2	-20.3
FFO attributable to non-controlling interest	-0.4	0.0
FFO (w/o disposals)	3) 114.5	68.2
Earnings from Disposals	23.0	19.9
FFO (incl. disposals)	137.5	88.1
1) FFO (w/o disposals) per share	0.65	2) 0.54
1) FFO (incl. disposals) per share	0.78	2) 0.70

Strong accretive per share development: +20% 2) (y-o-y)

1) Based on weighted average shares outstanding (FY13: 175.3m; FY12: 126.1m)

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

3) EUR114.5m FFO (w/o disposals) includes 1 month GSW (EUR 4.8m)

Balance sheet & debt financing

» Balance sheet – Assets

in EUR m Investment properties	31/12/2013 8,937.1	31/12/2012 4,614.6	Other non-current assets mainly increased to EUR 552.2m due to goodwill of the GSW transaction (EUR 492m)
Other non-current assets	552.2	24.1	Deferred tax assets increased mainly due to
Derivatives	2.7	0.0	EUR 212.1m deferred tax assets on loss carry forwards.
Deferred tax assets	280.5	80.7	Increase due to acquisitions of partly privatised
Non current assets	9,772.5	4,719.4	portfolio; to be sold within privatisation process
Land and buildings held for sale Trade receivables	97.1 29.8	39.1 20.8	Trade receivables in EUR m 31/12/2013 Rental business 21.8 Disposals 5.8 Other 2.2
Other current assets	77.3	38.0	Other current assets in EUR m 31/12/2013
Cash and cash equivalents	196.4	90.6	Non current assets held for sale 57.5 Income tax receivables 2.6
Current assets	400.6	188.5	Other inventories 3.3 Other assets 13.9
Total assets	10,173.1	4,907.9

Total assets increased due to several acquisitions especially due to the GSW-transaction

EUR 140m available credit lines in addition to cash on hand

» Balance sheet – Equity and Liabilities

in EUR m	31/12/2013	31/12/2012	Equity in EUR m + Profit	31/12/2013 212.7
Total equity	3,944.3	1,609.7	+ Cash flow hedge	36.8
Financial liabilities	5,154.6	2,768.6	+ Pensions + Capital increase (less costs of capital	0.6
Convertible	250.2	0.0	increase, less tax effects) + Non-controlling interests	1,952.5 165.8
Tax liabilities	62.6	63.6	- Dividend	-33.8
Deferred tax liabilities	353.1	143.3	Other liabilities in EUR m	31/12/2013
Derivatives	159.3	152.5	Trade liabilites Pensions	120.6 55.3
Other liabilities	249.0	170.2	Provisions Other liabilities	16.2 53.0
Total equity and liabilities	10,173.1	4,907.9	DB 14	4.0

Equity ratio	 increased to 39% (31/12/2012: 33%)
Total equity	 mainly increased due to three capital increases in 2013

» EPRA NAV per share up by 12%

in EUR m	31/12/2013	31/12/2012
Equity (before non-controlling interests)	3,777.8	1,609.3
Fair value adjustment of convertible bond	-2.2	0.0
Fair values of derivative financial instruments	156.5	152.5
Deferred taxes (net)	72.6	62.6
EPRA NAV (undiluted)	4,004.7	1,824.4
Goodwill GSW	-491.6	0.0
Adjusted NAV (undiluted)	3,513.1	1,824.4

in EUR	31/12/2013	31/12/2012
EPRA NAV per share in EUR (undiluted)	13.99	12.48
Adjusted NAV per share in EUR (undiluted)	12.27	12.48
Shares outstanding in m	286.22	146.14

» Strong like-for-like development including GSW 1)

Comprises ~ 84,700 units under management since Dec 2008 Comprises ~ 72,000 units under management since Dec 2008

Letting Portfolio Core regions

In-place rent (EUR/sqm) In-place rent (EUR/sqm)

Comprises ~ 7,800 units under management since Dec 2008

Letting Portfolio Greater Berlin

Comprises ~ 64,800 units under management since Dec 2008

1) Pro forma incl. GSW

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.

» THE BERLIN-PORTFOLIO AT A GLANCE (incl. GSW)

» 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.