Deutsche Wohnen SE — Earnings Release 2017

May 12, 2017

Deutsche Wohnen AG

» Q1 2017 results

Conference Call, 12 May 2017

» Financial highlights Q1 2017

O t i l d l p e r a o n a e v e	t o p m e n		K P I s
In E U R m	Q 1 2 0 1 7	Yo Y	In E U R m	Q 1 2 0 1 7	Yo Y
N O I le t t in g	1 4 3. 6	4. 0 % +	F F O I ( f te in i t ies ) a r m or	1 1 3. 1	1 1. 0 % +
O N I m in ar g	9. 6 % 7	0. 9p p -	in / s E U R ha ( d i lu d ) te re un	0. 3 3	1 0. 0 % +
L i ke -fo l i ke l g h ta t r- re n ro w	3. 3 %	0. 4p p -	F F O I m in ar g	6 2. 7 %	3. 3p p +
i -fo i ( in ) L ke l ke t h Be l r- g ro r w	3. 8 %	0. 5p p -	F F O I I ( f te in i t ies ) a r m or	1 2 1. 7	-3 1 %
L i ke -fo l i ke te r- v ac an cy ra	1. 6 %	0. 1p p +	in / s E U R ha ( d i lu d ) te re un	0. 3 5	5. 4 % -
O N I n in ur s g	1 2. 5	1 7 1. 7 % +	A d j. E B I T D A ( l. d isp ls ) ex c os a	1 4 6. 7	% 8. 3 +
O F F i bu io tr t co n n	1 1. 4	1 8 0 % 5. +	A d j. E B I T D A in m ar g	8 1. 3 %	2. 3p p +
Oc te cu p an cy ra	9 7. 2 %	1. 2p p -	Co io t r t s a	1 0. 6 %	1. 0p p +
Ea in fro d isp ls rn g s m os a	8. 6	6 3. % 7 -	1) C ( ) I R l. d isp ls ex c os a	6. 0x	0. 8x +
Gr in iva iza io t t os s m ar g p r n	3 1 %	2p p -	In E U R m	Q 1 2 0 1 7	Y T D
Gr in in les t. s os s m ar g s a	2 4 %	7p + p	E P R A N A V ha ( d i lu te d ) p er s re un	2 9. 6 4	0. 1 % -
Fr h f lo im t ee c as w p ac	4 8. 0	5 6. 0 % -	T V L	3 6. 1 %	1. 6p p -

1) Defined as adjusted EBITDA (excl. disposals) / cash interest expenses

» Portfolio update Q1 2017 – significant expansion of reversionary potential

S tra te ic lus te g c r	Re i de t ia l s n i ts un	% f to ta l o d by me as ur e	1) In lac t -p e re n	Fa ir lu va e	Mu l t ip le	in lac -p e	Mu l t ip le ke t m ar	2) Re t p te t ia l n o n	Va ca nc y
		fa ir v lue a	E U R /sq /m t h m on	E U R /sq m	t re n	t re n	in %	in %
S tra te ic d t h g co re a n g ro w io re g ns	1 5 4, 6 0 8	9 9. 0 %	6. 1 8	1, 6 2 2	2 1. 8	1 6. 4	2 7 %	1. 8 %
Co + re	1 3 6, 1 6 5	9 1. 5 %	6. 2 6	1, 7 0 8	2 2. 7	1 6. 8	3 0 %	1. 8 %
Co re	1 8, 4 4 3	7. 5 %	5. 6 1	1, 0 0 1	1 4. 9	1 2. 7	1 5 %	2. 1 %
No n- co re	3, 1 8 2	1. 0 %	5. 2 2	7 6 0	1 2. 7	1 0. 6	1 1 %	5. 7 %
To ta l	1 5 7, 7 9 0	1 0 0 %	6. 1 6	1, 6 0 3	2 1. 7	1 6. 3	2 7 %	1. 9 %
T he f Gr Be l in te re o ea r r	1 1 0, 6 0 5	7 5. 6 %	6. 1 6	1, 7 5 8	2 3. 8	1 7. 2	3 1 %	1. 7 %

Total portfolio valued at market rent multiple of 16.3x (6.1% gross yield)

Rent potential further increased from 22% at year end 2016 to 27% in Q1 2017, in Berlin from 24% to even more than 30%

Recently acquired quality portfolio in Berlin comprising ~4,200 units had transfer of ownership in April 2017

1) Contractually owed rent from rented apartments divided by rented area; 2) Unrestricted residential units (letting portfolio); rent potential = new-letting rent compared to in-place rent (letting portfolio)

» Strong like-for-like development in particular in Berlin

L i ke -fo l i ke r- 3 1 / 0 3 / 2 0 1 7	Re i de t ia l u i ts s n n be nu m r	2) In- lac t p e r en 3 1 / 0 3 / 2 0 1 7 E U R /sq m	2) In- lac t p e r en 3 1 / 0 3 / 2 0 1 6 E U R /sq m	C ha ng e y- o-y	Va ca nc y 3 1 / 0 3 / 2 0 1 7 in %	Va ca nc y 3 1 / 0 3 / 2 0 1 6 in %	C ha ng e y- o-y
S tra teg ic d g t h r ion co re an row eg	s
+ Co re	1 3 1, 0 5 8	6. 2 2	6. 0 1	3. 6 %	1. 6 %	1. 4 %	0. 2 p p
Co re	1 7, 8 4 3	5. 6 2	5. 5 3	% 1. 6	% 2. 0	% 2. 2	0. 2 p p -
1) Le ing fo l io t t t p or	1 4 8, 9 0 1	6. 1 5	5. 9 5	% 3. 3	% 1. 6	% 1. 5	0. 1 p p
To ta l	1 5 4, 6 9 3	6. 1 3	5. 9 1	3. 3 %	1. 9 %	1. 6 %	0. 2 p p
f Gr T he te Be l in reo ea r r	1 0 8, 6 9 3	6. 1 6	5. 9 4	3. 8 %	1. 6 %	1. % 5	0. 1 p p

• Strong like for like rental growth of 3.3%, in Berlin even 3.8%
• Vacancy slightly increased, however ~30bps capex driven vacancy
• Tenant turnover stable at 7%

1) Excluding disposal portfolio and non-core portfolio; 2) Contractually owed rent from rented apartments divided by rented area

» Focused and increasing investments into the portfolio

	Q 1 2	0 1 7	Q 1 2 0 1 6
	E U R m	1) E U R / s q m	E U R m	1) E U R / s q m
Ma in te na nc e ( d t hr h p & l ) ex p en se ou g	2 1. 8	8. 9 1	1 7. 4	7. 1 0
Mo de iza t io rn n
( i ta l ize d o ba lan ca p n ce he t ) s e	2 5. 8	1 0. 5 5	1 3. 3	5. 4 3
To l ta	4 7. 6	1 9. 4 6	3 0. 7	1 2. 5 2
Ca i ta l iza t io te p n ra	5 4.	2 %	4 3.	3 %

1) Annualized figure, based on the quarterly average area

» Stable margins and increased NOI per sqm

in E U R m	Q 1 2 0 1 7	Q 1 2 0 1 6
Re ta l in n co m e	1 8 0. 4	1 7 1. 5
No b le n- re co ve ra ex p en se s	( ) 2. 2	( 2. 8 )
Re l los ta n s	( ) 1. 2	( 2. 3 )
Ma in te na nc e	( 2 1. 8 )	( 1 7. 4 )
O he t rs	( 1. 0 )	( 1. 8 )
Ea in fro Re i de ia l Pr t ty rn g s m s n op er Ma t na g em en	1 5 4. 2	1 4 2 7.
Pe l, l d dm in is tra t ive rso nn e g en er a an a ex p en se s	( 1 0. 6 )	( 9. 1 )
Op ( O ) Ne t t in In N I er a g co m e	1 4 3. 6	1 3 8. 1
O N I in ma rg	% 7 9. 6	8 0. 5 %
O / s / m N I in E U R t h q m on	4. 8 9	4. 6 9

in E U R m	Q 1 2 0 1 7	Q 1 2 0 1 6
Ne ing inc ( N O I ) t o t p er a om e	1 4 3. 6	1 3 8. 1
Ca h in te t s re s ex p en se s	( ) 2 3. 6	( ) 2 5. 9
Ca h f low fro t fo l io f te h in te t s m p or a r c as re s ex p en se s	1 2 0. 0	1 1 2. 2

Stable NOI margin despite increased maintenance expenses

» Attractive margins of disposal business despite significant revaluations

D isp ls os a	Pr iva t iza t io n		In t i tu t io l les s na sa		To ta l
wi th los ing in c	Q 1 2 0 1 7	Q 1 2 0 1 6	Q 1 2 0 1 7	Q 1 2 0 1 6	Q 1 2 0 1 7	Q 1 2 0 1 6
No f i ts . o un	1 8 4	4 9 1	3 0 6	1, 2 8 0	4 9 0	1, 1 7 7
Pr ds ( E U R ) oc ee m	2 3. 9	4 3. 5	2 8. 4	1 1 6 5.	2. 3 5	1 9. 1 5
Bo k v lu o a e	1 8. 3	3 2. 8	2 2. 9	9 9. 2	4 1. 2	1 3 2. 0
Pr ice in E U R p er s q m	1, 8 4 3	1, 2 2 7	1, 1 2 6	1, 1 3 5	/a n	/a n
Ea in ( E U R ) rn g s m	3. 6	6 7.	0 5.	1 6. 1	8. 6	2 3. 7
Gr in os s m ar g	3 1 %	3 3 %	2 4 %	1 % 7	2 % 7	2 1 %
Ca h f low im t ( E U R ) s p ac m	2 0	2 7	2 8	8 2	4 8	1 0 9

Demand for property continues to be high; a total of 1,929 units were sold, of which 490 unis had transfer of ownership in the first three months of 2017

In Berlin, recent prices realized in privatizations were above EUR 2,000 /sqm at average rent multipliers of 30x

» Increasing FFO contribution from Nursing and Assisted Living

Op ( ) t io in E U R er a ns m	Q 1 2 0 1 7	Q 1 2 0 1 6		in E U R m	Q 1 2 0 1 7	Q 1 2 0 1 6
To l inc ta om e	2 3. 0	1 2 7.		Nu ing rs	1 7. 8	1 3. 6
To ta l e xp en se s	( 2 0. 9 )	( 1 5. 5 )		L iv ing	2. 2	1. 6
E B I T D A t io op er a ns	2. 1	1. 7		O he t r	3. 0	2. 0
E B I T D A in ma rg	9. 1 %	9. 9 %		in E U R m	Q 1 2 0 1 7	Q 1 2 0 1 6
Le as e e xp en se s	3. 8	3. 1
E B I T D A R	9 5.	4. 8		S f f ta	( 1 2. 1 )	( 8. 8 )
E B I T D A R in ma rg	2 5. 7 %	2 7. 9 %		Re / lea t n se O he t	( 3. 8 ) 5. 1	( 3. 1 ) 3. 7
As ts ( in E U R ) se m	Q 1 2 0 1 7	Q 1 2 0 1 6		r	( )	( ) he t
Le inc as e om e	1 0. 5	3. 0		S l ig h in de l ine in ion l bu ine fro t m t ar g c op er a a s ss m in te t ion f 3 fa i l i t ies in Ha bu ire d in Q g ra o c m rg ac q u 2 0 1 6. Ra f o fu l ly fu b is he d fa i l i ty mp p o ne re r c cu rre -u ing t o lev l o f o ly ~8 0 % ru nn a cc up an cy e n
To ta l e xp en se s	( 0. 1 )	( 0. 1 )
E B I T D A ts as se	1 0. 4	2. 9
Op t io & As ts ( in E U R ) er a ns se m	Q 1 2 0 1 7	Q 1 2 0 1 6
To ta l E B I T D A	1 2. 5	4. 6		Se in he l i da d g t o t t te co ns o ro u "E ing fro ing as ar n s m nu rs a n	f ina ia l s up nc d a is te d l iv ss	ta te ts me n ing "
In te t e re s xp en se s	( 1. 1 )	( 0. 6 )
F F O I c i bu io tr t on n	1 1. 4	4. 0		Inc lu de ts to t s p ay me n op er a	ion l p tn a ar er

Total FV of nursing assets EUR ~690m, translating into attractive (annualized) RoCE of ~7%

» EBITDA margin increased to more than 80%

in E U R m	Q 1 2 0 1 7	Q 1 2 0 1 6
Ea ing fro Re i de t ia l Pr ty Ma t rn s m s n op er na g em en	1 5 4. 2	1 4 7. 2
Ea ing fro D isp ls rn s m os a	8. 6	2 3. 7
Ea ing fro Nu ing d As is te d L iv ing rn s m rs a n s	1 2. 5	4. 6
Se t tr i bu t io in g m en co n n m ar g	1 3 7 5.	1 7 5. 5
Co te rp or a ex p en se s	( 1 9. 1 )	( 1 6. ) 5
O t he t ing / inc r op er a ex p en se s om e	( ) 1. 0	0. 2
E B I T D A	1 2 5 5.	1 9. 2 5
On f fs e- o	0. 1	0. 0
A d j. E B I T D A ( in l. d isp ls ) c os a	1 5 5. 3	1 5 9. 2
Ea ing fro D isp ls rn s m os a	( 8. 6 )	( 2 3. ) 7
A d j. E B I T D A ( l. d isp ls ) ex c os a	1 4 6. 7	1 3 5. 5

Further increase of adj. EBITDA margin by 2.3pp (excl. disposals). Earnings from residential property management as well as assisted living exceeded cost inflation of personal expenses

» FFO growth of 10% mainly driven by operations and acquisition s

in E U R m	Q 1 2 0 1 7	Q 1 2 0 1 6
E B I T D A ( d j te d ) a us	1 3 5 5.	1 5 9. 2
Ea ing fro D isp ls rn s m os a	( ) 8. 6	( 2 3. 7 )
Lo -te t ion t ng rm re mu ne ra co mp on en ( ha ba d ) s re se	1. 1	1. 0
A i lua ion t e ty t q va u	0. 2	0. 2
/ ( ) In te t e inc ing re s xp en se om e re cu rr	( 2 4. 6 )	( 2 6. 1 )
Inc tax om e es	( 8. 3 )	( 1 ) 7.
M ino i ies t r	( ) 2. 0	( 1. 6 )
F F O I	1 1 3. 1	1 0 1. 9
Ea ing fro D isp ls rn s m os a	8. 6	2 3. 7
O F F I I	1 2 1. 7	1 2 5. 6
1) F F O I p ha in E U R er s re	0. 3 3	0. 3 0
2) f s D i lu d n be ha te um r o re s	3 6 3. 4	3 0. 2 7
2)i D i lu d F F O I p ha E U R te er s re n	0. 3 1	0. 2 8
1) F F O I I p ha in E U R er s re	0. 3 5	0. 3 7

Dilution risk from in the money convertible bonds has been reduced significantly in Q1 2017

FFO I per share increased by 10% yoy

1) Based on weighted average shares outstanding (Q1 2017: 344.4m; Q1 2016: 337.4m);

2) Based on weighted average shares assuming full conversion of in the money convertible bonds

» EPRA NAV per share stable in Q1 2017

in E U R m	3 1 / 0 3 / 2 0 1 7	3 1 / 1 2 / 2 0 1 6
Eq i ( be fo l l ing in ) ty tro te ts u re no n- co n re s	8, 4 6 6. 9	7, 9 6 5. 6
f f Fa ir v lue de iva t ive ina ia l a s o r nc ins tru ts me n	2 7. 7	4 7. 0
De fe d ( ) tax t rre es ne	2, 0 1 7. 1	2, 0 0 4. 4
( ) E P R A N A V d i lu te d un	1 0, 1 1. 5 7	1 0, 0 1 7. 0
S ha d ing in ts tan re s o u m	3 4. 7 5	3 3 7. 5
E P R A N A V ha in E U R p er s re ( d i lu te d ) un	2 9. 6 4	2 9. 6 8
E f fe ts f ise f t i b les c o ex er c o co nv er	1) 5 8 4. 3	1) 9 9 2. 3
( ) E P R A N A V d i lu te d	1 1, 0 9 6. 0	1 1, 0 0 9. 3
S ha d i lu d in te re s m	3 7 3. 7	3 7 0. 8
E P R A N A V ha in E U R ( d i lu te d ) p er s re	2 9. 6 9	2 9. 6 9

EPRA NAV per share (undiluted) in EUR

Following recent tender offer for c. EUR 470m convertible bond due 2020, dilution risk of convertibles significantly reduced

Next revaluation with Q2 2017 financials envisaged

1) Current strike price: 17.4542 EUR and 21.0106 EUR corresponds to ~19.1m shares

» Conservative long term capital structure with <1.5% interest costs

Ra t ing	A- / A 3; b le loo k ta t s ou
1) I C R ( l. d isp ls ) ex c os a	6x ~
Ø i tu ty ma r	8. 1 y ea rs ~
% d ba k de b t se cu re n	7 0 %
% d de b t un se cu re	3 0 %
Ø in te t c t re s os	1. % ( ~8 % he dg d ) 5 5 < e
L T V ta t r rg e an g e	3 4 0 % 5-

• Low leverage, long maturities and strong rating
• Flexible financing approach to optimize financing costs
• No significant maturities until and including 2019
• Flexible access to liquidity via EUR 500m commercial paper programme and EUR 440m credit facilities
• LTV at 36.1% as of Q1 2016 (pro-forma recent acquisition of 4,200 units in Berlin at mid-point of LTV target range)

1) Defined as adjusted EBITDA (excl. disposals) / Interest expenses

2) Excluding commercial paper

» Appendix

» Bridge from adjusted EBITDA to profit

in E U R m	Q 1 2 0 1 7	Q 1 2 0 1 6
E B I T D A ( d j te d ) a us	1 5 5. 3	1 5 9. 2
De ia t ion p re c	( 1. ) 7	( 1. 3 )
A t e i ty lua t ion q u va	0. 2	0. 2
F ina ia l re l ( ) t t nc su ne	( 3 8. 3 )	( 2 6. 2 )
E B T ( d j te d ) a us	1 1 5. 5	1 3 1. 9
On f fs e- o	( 9. 2 )	0. 0
Va lua ion S W A P d i b le bo ds t t an co nv er n	( ) 3 1. 1	( ) 4. 3
E B T	2 7 5.	1 2 6 7.
Cu t tax rre n es	( 9. 7 )	( 7. 1 )
De fe d tax rre es	( 1 8. 2 )	3 4.
f Pr i t o	4 7. 3	1 2 4. 8
Pr f i i bu b le he ha ho l de f t a t tr ta to t o s re rs o he t t c p ar en om p an y	4 5. 3	1 2 1. 4
1) Ea ing ha rn s p er s re	0. 1 3	0. 3 6

in E U R m	Q 1 2 0 1 7	Q 1 2 0 1 6
In te t e re s xp en se s	( 2 4. ) 7	( 2 6. ) 5
In % f re l inc ta o n om e	1 3. % 7 ~	1 % 5. 5 ~
No h in te t n- ca s re s ex p en se s	( ) 1 3. 7	( ) 0. 0
	( ) 3 8. 4	( ) 2 6. 5
In te t inc re s om e	0. 1	0. 3
F in ia l l t ( t ) an c re su ne	( 3 8. 3 )	( 2 6. 2 )
No h in te t e inc d m in ly du to n- ca s re s xp en se re as e a e f s ( de t ion bs i d ize d loa te d be low i ts re mp o u ns ac co un ina l v lue ) no m a

Thereof EUR (32.3m) from convertible bonds (increase in market value because of positive share price performance) and EUR 1.2m from valuation of derivatives

Mainly relating to re-purchase of convertible bond for which deferred tax assets had to be reversed

1) Based on weighted average shares outstanding (Q1 2017: 344.35m; Q1 2016: 337.42m)

» Summary balance sheet

A t s s e s			E i d L i b i l i i t t q u y a n a e s
in E U R m	/ / 3 1 0 3 2 0 1 7	/ / 3 1 1 2 2 0 1 6	in E U R m	3 1 / 0 3 / 2 0 1 7	3 1 / 1 2 / 2 0 1 6
Inv tm t p t ies es en ro p er	1 6, 5 3 5. 0	1 6, 0 0 5. 1	To ta l e i ty q u	8, 3 2 7 7.	8, 2 3 4. 0
O he t t ts r n on -c ur re n as se	1 2 4. 7	1 0 8. 6	F ina ia l l ia b i l i t ies nc	4, 5 3 6. 1	4, 6 0 0. 0
De fe d tax ts rre as se	0. 7	0. 7	Co t i b les nv er	1, 4 0 5. 2	1, 0 4 5. 1
No t ts n cu rre n as se	1 6, 6 6 0. 4	1 6, 1 1 4. 4	Bo ds n	7 6 0. 3	7 3 2. 3
La d a d bu i l d ing he l d fo le n n s r sa	3 7 2. 0	3 8 1. 5	Ta l ia b i l i ies t x	5 5. 7	4 8. 3
Tr de iva b les a re ce	3 8. 1	1 6. 4	De fe d tax l ia b i l i t ies rre	1, 7 0 6. 6	1, 6 8 7. 1
O he t t ts r c ur re n as se	8 8 5.	9. 1 7	De iva t ive r s	2 7. 9	4 7. 0
Ca h d h e iva len ts s an ca s q u	9 2. 9 5	1 9 2. 2	O he l ia b i l i ies t t r	5 2 0. 2	3 8 9. 8
Cu t ts rre n as se	1, 0 8 8. 8	6 6 9. 2	To l l ia b i l i ies ta t	9, 0 1 2. 0	8, 4 9. 6 5
To ta l a ts ss e	1 7, 7 4 9. 2	1 6, 7 8 3. 6	To ta l e i ty d l ia b i l i t ies q u an	1 7, 7 4 9. 2	1 6, 7 8 3. 6

Investment properties represent ~93% of total assets

Strong balance sheet structure offering comfort throughout market cycles

» Guidance unchanged

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

» Strong like-for-like development in particular in Berlin

L i ke -fo l i ke r- 3 1 / 0 3 / 2 0 1 7	Re i de t ia l u i ts s n n be nu m r	2) In- lac t p e r en 3 1 / 0 3 / 2 0 1 7 E U R /sq m	2) In- lac t p e r en 3 1 / 0 3 / 2 0 1 6 E U R /sq m	C ha ng e y- o-y	Va ca nc y 3 1 / 0 3 / 2 0 1 7 in %	Va ca nc y 3 1 / 0 3 / 2 0 1 6 in %	C ha ng e y- o-y
1) Le t t ing t fo l io p or	1 4 8, 9 0 1	6. 1 5	9 5. 5	3. 3 %	1. 6 %	1. % 5	0. 1 p p
+ Co re	1 3 1, 0 5 8	6. 2 2	6. 0 1	3. 6 %	1. 6 %	1. 4 %	0. 2 p p
Gr ter Be l in ea r	1 0 8, 6 9 3	6. 1 6	9 4 5.	3. 8 %	1. 6 %	% 1. 5	0. 1 p p
R h ine -M in a	8, 9 3 4	7. 6 0	7. 3 8	2. 9 %	% 1. 5	1. 2 %	0. 4 p p
Ma he im / Lu dw ig ha fen nn s	4, 7 8 0	5. 8 6	5. 7 1	2. 7 %	0. 7 %	0. % 5	0. 2 p p
R h ine lan d	4, 8 8 2	6. 1 5	6. 0 4	% 1. 8	1. 1 %	% 1. 0	0. 1 p p
Dr de / Le ip ig es n z	3, 6 9 7	5. 3 2	5. 1 8	2. 6 %	% 2. 5	2. 3 %	0. 3 p p
Co re	1 7, 8 4 3	6 2 5.	3 5. 5	1. 6 %	2. 0 %	2. 2 %	0. 2 p p -
/ Ha Br ic k no ve r un sw	9, 0 9 1	5. 6 8	5. 6 0	% 1. 4	1. 9 %	1. 9 %	0. 0 p p
K ie l / L ü be k c	9 4, 4 5	5. 5 5	5. 4 3	2. 3 %	2. 1 %	1. 9 %	0. 2 p p
Co C i ies Ea Ge t ter re s n rm an y	3, 8 0 7	4 5. 5	4 9 5.	1. 0 %	2. 0 %	3. 3 %	1. 3 p p -
To l ta	3) 1 5 4, 6 9 3	6. 1 3	5. 9 1	3. 3 %	1. 9 %	1. 6 %	0. 2 p p

1) Excluding disposal portfolio and non-core portfolio; 2) Contractually owed rent from rented apartments divided by rented area; 3) Total L-f-l stock incl. Non-Core

» 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.

Deutsche Wohnen AG

Registered Office Pfaffenwiese 30065929 Frankfurt/ Main Berlin OfficeMecklenburgische Straße 57 14197 BerlinPhone: +49 30 897 86 5413 Fax: +49 30 897 86 5419

© 2017Deutsche Wohnen AG