Deutsche Wohnen AG

» 9m 2012 results

Conference Call, 12 November 2012

» Key figures 9m 2012

	S ic d h io tra te t g co re a n g ro re g ns w • In- lac t: p e re n • Va ca nc y : •	( le in fo l io ) t t t g p or E U R /sq 5. 6 3 m 1. 8 %	l i ke -fo l i ke 2. 5 % r- : +
f e r o r m a n c e ( ) -o y -y	Co io ( le in fo l + t t t re re g ns g p or • In- lac t p e re n • 1): Ne le ing t t t w- re n •	io ) 5. 8 4 E U R /sq m 7. 1 4 E U R /sq m	l i ke -fo l i ke 3. 0 % r- : +
	1): Re ia l t-p te t n o n • N O I in E U R m •	2 2. 1 % E U R 1 2 1. 8m	1 4. 7 % +
	•E in fro D isp ls ar n g s m os a :	E U R 1 4. 6m	1 0 0 % + >
D i l s p o s a s	C lo d: i in iva 1, 2 5 7 ts se un p r •	isa ion i in ins 9 5 6 t t ts un ;	i ion l s les t tu t a a
( ) -o y -y	S ig d: i in 1, 0 4 7 ts 9m ne un • i in ins i 1, 3 4 2 ts t un	in iva isa ion ( 2 0 1 2 t t p r p ion l s les tu t a a	lus ha fro i ) 2 0 1 1: 5 4 3 ts o ve r ng m un ; +
	Ne f i t p t: ro •	E U R 5 0. 8m	1 0 0 % + >
	A d j d E B T: te us •	E U R 6 0. 2m	6 0 %
			+
	Re in F F O d ls /o •	E U R 2. 5 4m	3 1 % +
	( isp ) cu rr g w os a :
R l t e s s u ( ) -o y -y	E P R A N A V: •	1 1. 5 9 E U R /s ha re	E P R A N A V ha ly l ig h ly inc d t p er s re on s re as e 2), fro E U R De in ly du 1 1. 5 0 t 3 1 2 0 1 1 m as a c. m a e
	L T V: •	5 6. 8 %	d iv i de d f E U R ha 0. 2 3 to t o n p ay -o p er s re u

» Development of business segments

» 95% of total Fair Value is located in strategic core and growth regions

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

Refined portfolio clustering differentiates within the strategic core and growth regions between

Core⁺ regions

Core regions

For detailed information regarding rent/ vacancy please refer to page 38 and 39

» 70% of total Fair Value is located in core⁺ regions: our 'stars'

R i d i l t e s e n a	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	F i a r V l a u e	S h i a r e n f t e r m s o F i V l a r a u e	F i a r V l a u e	M l i l t u p e i l n- p a c e t r e n	M l i l t u p e k t m a r e t r e n
	#	%	E U R m		E U R / s q m
+ C o r e	4 6, 2 2 8	6 3 %	2, 9 2 6	7 0 %	1, 0 3 0	1 4. 9	1 2. 5
L i f l i t t t e n g p o r o o	4 2, 7 7 9	5 8 %
P i i i t t r v a s a o n	3, 4 4 9	5 %
G B l i t r e a e r e r n	3 5, 2 8 2	4 8 %	2, 0 9 5	5 0 %	9 8 5	1 4. 8	1 2. 5
L i f l i t t t e n g p o r o o	3 3, 2 2 4	4 5 %
P iv i i t t r a s a o n	2, 0 5 8	3 %
R h i M i n e- a n	9, 3 1 2	1 3 %	7 0 8	1 7 %	1, 1 7 8	1 5. 0	1 2. 6
L i f l i t t t e n g p o r o o	8, 1 0 3	1 1 %
P iv i i t t r a s a o n	1, 2 0 9	2 %
R h i l d n e a n	1, 6 3 4	2 %	1 2 4	3 %	1, 0 9 3	1 4. 4	1 1. 8
L i f l i t t t e n g p o r o o	1, 4 5 2	2 %
P iv i i t t r a s a o n	1 8 2	0 %

Core+regions = 'stars' representing 63% of total units

Comprise the most dynamic markets with the strongest rental growth
Rhine-Main includes Frankfurt/Main
Vast majority of Rhineland is located in Dusseldorf

» 25% of total Fair Value is located in core regions: our 'cash cows'

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

Core regions = 'cash cows' representing 30% of total units

Comprise the markets with moderate rental growth / stable rental growth projections

New region Central Germany: Includes Dresden, Leipzig, Halle and Erfurt

» Only 5% of total Fair Value is located in non-core regions

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

Non-core regions: only representing 7% of total units

Non-metropolitan areas, i.e. do not fit into Deutsche Wohnen's strategy
Tend to be disposed of due to portfolio-strategic reasons
Focus of disposal on sub-cluster "Disposal" due to structural risks (e.g. vacancy rate)

» Compelling like-for-like rental growth 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		Va ca in %	nc y
		3 0 / 0 9 / 2 0 1 2	3 0 / 0 9 / 2 0 1 1	y- o- y	3 0 / 0 9 / 2 0 1 2	3 0 / 0 9 / 2 0 1 1
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 0, 1 4 0	5. 7 3	5. 5 9	2. 5 %	1. 5 %	1. 8 %
+ Co re	3 2, 3 2 2	5. 8 6	5. 6 9	3. 0 %	1. 5 %	1. 7 %
Gr Be l in te ea r r	2 4, 6 6 4	5. 6 0	5. 4 3	3. 1 %	1. 1 %	1. 4 %
R h ine -M in a	7, 6 5 8	6. 7 1	6. 5 4	2. 6 %	2. 3 %	2. 5 %
R h ine lan d	0	/a n	/a n	/a n	/a n	/a n
Co re	7, 8 1 8	5. 2 5	5. 1 9	1. 2 %	1. 6 %	1. 9 %
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, 3 2 0	5. 3 6	5. 3 0	1. 1 %	1. 2 %	1. 8 %
R h ine Va l ley No h t r	2, 7 9 8	5. 0 9	5. 0 6	0. 6 %	1. 3 %	1. 6 %
Ce l Ge tra n rm an y	1 7 4	6. 0 9	6. 0 6	0. 5 %	3. 0 %	3. 2 %
O he t rs	5 2 6	4. 8 8	4. 7 2	3. 4 %	5. 5 %	4. 4 %
Pr iva isa ion t t	3, 5 1 0	5. 5 9	5. 5 4	0. 9 %	6. 7 %	2. 2 %
No n-c or e	2, 4 3 3	4. 8 1	4. 7 8	0. 6 %	7. 2 %	7. 0 %
To l ta	6, 0 8 3 4	6 8 5.	5. 5 4	2. 5 %	2. 2 %	2. 0 %

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

Strong rental growth in our strategic core and growth regions

Core⁺ regions with compelling 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

» Focused and sustainable investments in our core+& core regions

Maintenance and modernisation

	9 / 2 m	0 1 2	9 / 2 m	0 1 1
	E U R m	E U R / s q m	E U R m	E U R / s q m
M in t a e na nc e	2 1. 0	8. 5 9	2 0. 1	8. 9 5
O ing & l l-s le ng o sm a ca in te m a na nc e	1 4. 5	5. 9 3	1 3. 6	6. 0 5
Re le ing t t	6. 5	2. 6 6	6. 5	2. 9 0
M d is io t o e rn a n	2 0. 1	8. 2 2	1 7. 4	7. 7 4
I l t t n o a	4 1. 1	1 6. 8 1	3 7. 5	1 6. 6 9

Signed rent increases in 9m/2012 with ^a full year effect of EUR 4.3m thereof EUR 2.5m result from reletting/ modernisation.

Waldsiedlung in Zehlendorf, Berlin

Hufeisensiedlung in Britz, Berlin

» Our core+regions are underrented by 22%

Rent potential

	3 0 / 0 9 / 2	0 1 2		3 1 / 1 2 /	2 0 1 1
Le in fo l io t t t g p or Co lu d in Ba Be ex g u n	Ne -le in t t w g 2) t re n	In la -p ce 1) t re n	Re t n 3) ia l te t p o n	Ne -le in t t w g 2) t re n	Re t n 3) ia l te t p o n
+ Co re	7. 1 4	8 5. 5	2 2. 1 %	6. 9 1	2 0. 4 %
Gr Be l in te ea r r	6. 6 6	5. 5 9	1 9. 1 %	6. 4 1	1 7. 2 %
R h ine -M in a	8. 3 3	6. 7 2	2 4. 0 %	7. 9 8	2 1. 3 %
R h ine lan d	8. 0 5	6. 2 1	2 9. 6 %	6. 9 1	1 3. 1 %

The gap between our actually achieved new-letting rent and in-place rent (i.e. the rent potential) iswidening,….

….. i.e. the demand-based dynamicin our core⁺ regions is furtheraccelerating

1) Contractually owed rent from rented apartments divided by rented area2) Contractually owed rents for newly concluded contracts for units not

subject to rent control effective in 20123) Rent potential = New-letting rent compared to in-place rent

» Ongoing strong privatisation business

S i d i 9 / 2 0 1 2 g n e n m i l. h 2 0 1 1 n c o v e r a n g	U i t n s	T i t r a n s a c o n l v o u m e	F i a r l v a u e	M i a r g n
	#	E U R m	E U R m	E U R % m
P iv i i t t r a s a o n	1, 5 9 0	1 1 3. 0	8 3. 5	2 9. 5 3 5 %
I i i l l t t t n s u o n a s a e s	1, 3 4 2	4 8. 1	4 6. 3	1. 8 4 %
he f n t re o on -c or e	1, 2 3 0	3 9. 4	3 9. 1	0. 3 1 %
I l t t n o a	2, 9 3 2	6 1 1. 1	2 9. 8 1	3 3 2 1. 4 %

Privatisation (i.e. sales of individual apartments)
›In 2012 contracts of 1,047 units signed (w/o overhang from 2011 - 543 units- )
›Sustainable margin of ~ 35%

Institutional sales:

›Ongoing and successful focus on sales in disposal regions in 2012

C lo d in E U R se m	9 / 2 0 1 2 m	9 / 2 0 1 1 m
Sa le ds s p ro ce e	2 8 1 1.	8 5. 7
Co f s les t o s a	-8 1	-5 4
Ne les ds t s a p ro ce e	1 1 3. 7	8 0. 3
Fa ir v lue a	-9 9. 1	-7 3. 1
Ea in fro D isp ls rn g s m os a	6 1 4.	2 7.

Number of disposals closed in 9m/2012 of 2.213 units (incl. overhang 2011) thereof
›Privatisation: 1.257 units
›Institutional sales: 956 units

Privatisation signed 1) (units and transaction volume)

Non-core properties

» Nursing and Assisted Living – stable EBITDA contribution

in E U R m	9 / 2 0 2 1 m	9 / 2 0 1 1 m
In c o m e
Nu ing rs	2 6. 8	2 5. 3
L iv ing	1. 5	2. 2
O he t r	2. 6	3. 0
To l in t a c o m e	3 0. 9	3 0. 5
C t o s s
Nu ing d t rs a n c o rp o ra e ex p e ns e s	-8 0	-8 5
S f f e t a xp e ns e s	-1 5. 2	-1 4. 7
To l c t t a o s s	-2 3. 2	-2 3. 2

Ea in fro Nu in d As is d L iv in t rn g s m rs g a n s e g	7. 7	7. 3
A i bu b le in t t t t t t r a cu rre n e re s ex p e ns e s	-1 9	-2 0
	5. 8	5. 3

Note: Figures for 2010 and 2011 shown above with consideration of the termination of the lease contract for one facility and the sale of the related management company end of 2011

As at the reporting date of 30 September 2012 occupancy of 98.6%
Acquisition of two nursing facilities in Leipzig (156 beds) in H1/2012 with an annualised EBITDA yield of ~ 9%

» Financial performance and position

» Ongoing increased earnings and cash contribution from letting

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

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

	i E U R n m	9 2 0 2 / 1 m	9 2 0 / 1 1 m
	O O N i I ( N I ) t t e p e r a n g n c o m e	1 2 1. 8	1 0 6. 2
C h f l a s o w	C h i t t a s n e r e s e x p e n s e s	-6 1. 2	-5 7. 8
2 5. 2 % +	C h f l f f l i f h i t t t t a s o w r o m p o r o o a e r c a s n e r e s e x p e n s e s	6 0. 6	8. 4 4
	I n c r e a s e	2 5. 2 %

Current gross rental income increased by EUR 19.4m while costs only increased by EUR 3.8m leading to an increase of NOI by EUR 15.6m
NOI-margin increased to 74.2 % of current gross rental income
-This shows the overall improved portfolio quality with increasing performance potential
The current gross rental income comprises one month rental income of EUR 7.8m for the BauBeCon portfolio

1) Based on average quarterly floor space (BauBeCon only for one month)

» Adjusted EBT increased by 60% (y-o-y)

in E U R m	9 / 2 0 1 2 m	9 / 2 0 1 1 m
1) E B I T D A ( d j d ) t a u s e	1 3 2. 1	1 0 8. 8
De ia io t p re c n	-2 2	-2 5
2) F ina ia l r l ( d j d, ) t t t nc e su a u s e n e	-6 9. 7	-6 8. 7
E B T ( d j d ) t a u s e	6 0. 2	3 7. 6
O f f inc du le i h R R E E F t t t t w t ne -o o m e e o s e m e n	2 0. 0	0. 0
O f f io fo Ba Be C t t t ne -o ra ns a c n c o s s r o n u	-7 6	0. 0
Va lu io S W A P t a n	-0 1	-0 2
E B T	2. 7 5	3 7. 4
Cu t t rre n ax e s	-9 2	-2 1
De fe d t rre ax e s	-1 2. 5	-1 5. 6
Pr f i t o	0. 8 5	9. 1 7
3) Ea ing ha rn s p e r s re	0. 4 3	0. 2 4

in E U R m	9 2 0 2 / 1 m	9 2 0 / 1 1 m
2) In ( d j d ) t t t e re s ex p e ns e s a s e u	-6 3. 1	-5 9. 8
No h in t t n- c a s e re s ex p e ns e s	-8 2	-9 3
	3 -7 1.	-6 9. 1
In inc t t e re s o m e	1. 6	0. 4
F in ia l r l ( d j d, ) t t t a nc e s u a u s e n e	-6 9. 7	-6 8. 7

Adjusted EBITDA increased by ~ EUR 23m thereof ~ EUR 17m attributable to increasing earnings from letting and ~ EUR 7m attributable to increased earnings from disposals
Interest expenses only marginally increased due to acquisitions
Current taxes in H1/2012 affected by noncash taxes of EUR 5.6m due to capital increase 2012

No h in t t n- c a s e re s ex p e ns e s	9 / 2 0 1 2 m
M in ly ls a ac cr ua on :
Lo in be ing l ia b i l i ies te t t w- re s ar	-5 3
L ia b i l i ies fro E K 0 2 t ta m xe s	-1 6
Em loy be f i l ia b i l i t ty p ee ne	-1 1
D B 1 4	-0 2
To l t a	-8 2

1) Adjusted by one-off income due to settlement with RREEF (EUR 20.0m) and other one-off costs BauBeCon (EUR 0.5m) -Details on page 36

2) Adjusted by one-off financing costs for BauBeCon transaction (EUR 7.1m)3)Based on average shares outstanding (9m2012: 117.54m; 9m/2011: 81.84m)

» Strong recurring FFO performance in 9m 2012: 31% (y-o-y)

in E U R m	9m 2 0 2 / 1	9m 2 0 / 1 1
Pr f i t o	5 0. 8	1 9. 7
Ea ing fro D isp ls rn s m os a	-1 4. 6	-7 2
De ia ion t p rec	2. 2	2. 5
S Va lua ion W A P t	0. 1	0. 2
No h f ina ia l e n-c as nc xp en se s	8. 2	9. 3
De fe d ta rre xe s	1 2. 5	1 5. 6
Ta be f i fro i l inc t ta ne m ca p re as e x	5. 6	0. 0
On f f inc du lem i h R R E E F to t t t w t e- o om e e s e en	-2 0. 0	0. 0
On f f ion fo Ba Be Co tra t ts e- o ns ac c os r u n	7. 6	0. 0
O F F ( /o d isp ls ) w os a	5 2. 4	4 0. 1
F F O fro iva isa ion t t m p r	1 5. 1	9. 1
O F F ( in l. iva isa io ) t t c p r n	6 7. 5	4 9. 2
F F O fro ins i ion l s les t tu t m a a	-0 5	-1 9
F F O ( in l. d isp ls ) c os a	6 7. 0	4 7. 3

FFO (w/o disposals) comprises recurring BauBeCon-FFO of ~ EUR 2.6m for one month (September)
Ongoing FFO from privatisation increased by 66% y-o-y

» Balance sheet – Assets

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

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

» Balance sheet – Equity and Liabilities

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

i E U R n m	3 0 / 0 9 / 2 0 2 1	3 / 2 / 2 0 1 1 1 1
E P R A N A V	1, 6 9 4. 1	1, 2 1 1. 3
E P R A N A V h i E U R p e r s a r e n	1 1. 5 9	1 1. 8 4
S h d i t t a r e s o u s a n n g	1 4 6. 1 4	1 0 2. 3 0

Decrease of EPRA NAV per share due to increased number of shares outstanding

Other liabilities EUR 15.5DB 14 EUR 6.9

Profit EUR 50.8

Despite dividend pay-out of EUR 0.23 per share EPRA NAV per share slightly increased on a scrip adjusted basis (31 Dec. 2011) adjusted EPRA NAV per share: EUR 11.501)

1)Scrip adjustment of capital increase 2012 by 1.03

» LTV at 56.8%; low average interest rate: 3.76%

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

» Updated guidance 2012

» Updated guidance 2012 – FFO (w/o disposals): at least EUR 65m

After having increased our full-year FFO-guidance for 2012 in conjunction with our H1/2012reporting we, again, increase or guidance due to the very successful course of business of Deutsche Wohnen in the first nine months of 2012:

Guidance FFO (w/o disposals) 2012: at least EUR 65mPrevious updated guidance at H1/2012: EUR 60m – 65m

Guidance FFO (incl. disposals) 2012: at least EUR 85mPrevious updated guidance at H1/2012: EUR 80m – 85m

» Status on integration BauBeCon

» Integration of BauBeCon is well on track

Integration/Migration of decentralised functions

A	O	N	J	F	M
1	3	0	0	b.	3
7	1	1	1	0	1
2	2	2	2	1	2
0	0	0	0	2	0
1	1	1	1	0	1
2	2	2	3	1	3
u	t.	o	a	3	a
g.	c	v.	n.	e	y
C l i o s n g	S 1 t e p S i i f g n n g o - i i t t e r m n a o n i h t t a g r e e m e n w P l i r e o s	S 2 t e p I i f t t n e g r a o n o - 1 0, 5 0 0 i i t u n s n G B l i t r e a e r e r n d E t a n a s e r n f t t s a e s o G e r m a n y	S 3 t e p I i f t t n e g r a o n o - i t e n r e i t t o p e r a n g c o s 1) b i l l i f n g o r 2 0 1 3	S 4 t e p I i f t t n e g r a o n o - i i r e m a n n g 2, 9 0 0 i 1 t u n s	E d n O f f i i l c a - i i f t t e r m n a o n o P l i t t r e o s c o n r a c

Termination agreement (TA) with Prelios signed on 31 October 2012
TA governs the details of each integration/migration step, including the specific duties of Prelios before and after each step
Existing service providers2) have been chosen and commercial terms have been negotiated/ agreed upon
-We confirm the synergy potential from cost savings and improved operational processes and performance of ~EUR 10m p.a. FFO enhancement upon full integration of BauBeCon
1) Betriebskostenabrechung (Beko)
2) In general, agreements with service providers "Systemanbieter" mainly involve the service of technical building systems, maintenance, tenants changes and processing of insured losses.

» Background on EGM on 4 December 2012

» Deutsche Wohnen prepares for further accretive growth
Equity from June 2012 capital increase substantially invested in accretive transactions
Further transformational deals lie ahead as secularconsolidation trend continues
Deutsche Wohnen announced extraordinary general meeting for 4 December 2012 to request renewal of authorised capital (50% of outstanding shares)

Essentially bringing forward authorisation request by a few months from regular AGM next year in order to be a credible bidder in sales processes

» 96% of capital increases has been invested highly accretively

Sources & Uses of Funds

(EUR m)

S o u r c e s		U s e s
N d f i l i t t e p r o c e e s r o m c a p a n c r e a s e s		A i i i f f l i t t c q u s o n s o p o r o o s
N b 2 0 1 1 o e m e r v	1 7 9	R h i l d ( i ) 1, 1 6 0 t n e a n n s u	2 9
J 2 0 1 2 u n e	4 4 4	B B C ( i ) 2 3 0 0 0 t a u e o n u n s > ,	4 6 0
		G B l i ( i ) 1, 5 0 0 t t r e a e r e r n n s u	3 1
		B i k, D d r u n s w c r e s e n, L i i d E f ( i ) 5 1 0 0 t t e p g a n r r n s z u u ,	8 0
		E i i d d t t t t q n e s e o a e u y v	6 0 0
		R i i h e m a n n g c a s	2 3
T l i i d t t o a e q u y r a s e	6 2 3	T l i i i t t o a a c q u s o n s	6 2 3

Following successful acquisitions new equity required to drive additional value creation

» Strong track record of accretive external growth

		2 0 1 2 A
D h W h t e u s c e o n e n E l h t t x e r n a g r o w	D h W h t e u s c e o n e n 1) 3 1 D 2 0 1 1 e c	B B C a u e o n	O h A i i i t t e r c q u s o n s	D h W h t e u s c e o n e n 7) P f r o- o r m a

G l ( E U R ) t r o s s a s s e v a u e m	2, 8 9 9	1, 2 4 0	4 1 1	4, 5 5 0
F i i n a n c n g
E i ( E U R ) t q u y m	1, 2 3 2	4 6 0	1 4 0	1, 8 3 2
D b ( E U R ) t e m	1, 6 6 7	7 8 0	2 7 2	2, 7 1 9
P f l i t o r o o
R i d i l i t t e s e n a u n s	4 9, 4 6 6	2 3, 4 1 6	7, 6 7 8	8 0, 5 6 0
G A V ( E U R ) p e r s q m	9 4 6	8 1 8	8 6 9	9 0 4
K P I s
2) I i i l i l d t n a y e	3) 7. 0 %	7. 7 %	7. 0 %	7. 2 %
O R i F F ( E U R ) t e c r r n g p r e a m u x,	5 0. 5	5) 4 0 4 5 -	1 1. 6	1 0 2 1 0 7 -
R i F F O h ( E U R ) t e c u r r n g p e r s a r e p r e a x,	4) 0. 6 0			6) 0. 7 0 0. 7 3 -
F F O A i t c c r e o n				1 6 % 2 1 % -

- Significant FFO per share accretion while maintaining conservative leverage
-Integration completed / well on track
-Synergy potential being unlocked
1) Figures as at 31 Dec 2011 without consideration of acquisitions with transfer of risk and rewards as at 1 January or 2 January 2012
2) Current gross rental income divided by GAV
3) Based on rent-roll as at December 2011
4) Based on average shares outstanding of 83.58m
5) After full integration of BauBeCon and realisationof synergies
6) Based on 146.1m shares
7) Without consideration of disposals during 2012

» Our acquisition outlook: Keen focus on accretive growth

Macro-analysis of markets
Valuation of asset clusters with different rent-multiples
Detailed and integrated business model

30

embedded rent potential & 'best-efforts'-equityissuance-structure

» Authorised capital is a precondition for further accretive growth

Proposed new authorisation

C i l t t a p a c a e g o r y	S h a r e s	f d i % t t o o s a n n g u
A h i d i l t t u o r s e c a p a	7 3 0 7 m	5 0 %

N b t o a e n e :
f E i i t e m p o n o r g x i l i t t c a p a c a e g o r e f t o u p o	f h b h t t s o r o ( h i d d i i l ) t t t t s a o r s e a n c o n n g e n c a p a u
h c a s »	1 0. 0 %
i k i d n n »	2 0. 0 %
Y l t t t t e o a e e m p x i l i t t c a p a c a e g o r e	i f b h t o n s o r o d 2 0. 0 % t t s n o o e c e e x

» Q & A

» Appendix – new acquisition signed

» Signed add-on acquisition of 5,100 units

	U i t n s	A r e a	R i d i l t e s e n a i l t n- p a c e r e n	R i d i l t e s e n a v a c a n c y	S i i g n n g
	#	k s q m	E U R / s q m	%
C G H / B i k, l t a n o e r ru n s c e n r a e r m a ny v w , G B l i t r e a e r e r n	5, 1 0 0 ~	3 1 0	4. 9 3	4. 5 %	S b 2 0 1 2 t e p e m e r

Located in our region Hanover/Brunswick, Central Germany and Greater Berlin
Net purchase prise: EUR 234m or EUR 744/sqm
Net initial yield (Current gross rental income/ gross purchase price): 7.5%
Debt financing of ~ EUR 161m with average interest rate of 3.6% p.a.
Annualised FFO yield (pre tax): ~ 9%

» Appendix - Other

» Adjusted EBITDA increased by ~ EUR 23m / + 21% (y-o-y)

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

T he f re o	9m	/ 2 0 1 2
On f f inc du to e-o om e e
lem i h R R E E F t t t w t se en	E U R	2 0. 0
O f f c Co he Ba Be t ts r o ne -o os n u	E U R	0. 5 -
O he / inc t r e xp en se s om e	E U R	0. 4 -

Co ( in E U R ) te rp or a e xp en se s m	9m / 2 0 1 2	9m / 2 0 1 1
S f f e ta xp en se s	-1 5. 6	-1 4. 7
Ge l a d dm in is ion tra t ne ra n a e xp en se s	-8 6	-8 3
Pr fee Ba Be Co ty t op er m an ag em en n u	-1 0	0. 0
In l to ta	-2 5. 2	-2 3. 0

	deutsche-wohnen.com
--	---------------------

» Portfolio as at 30 September 2012

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

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

	Re i de ia l nt s its un	S ha in re f u its te rm s o n	Ar ea	In- lac p e 1)	Va Co ca nc y	ia l mm er c its un	Pa k ing r its un
	#	%	k s q m	nt re E U R /sq m	%	#	#
To l ta	3, 6 7 1 4	0 0 1 %	4, 4 7 4	6 5. 5	2. 5 %	8 0 8	2 0, 2 7 1
+ Co	4 2 2 8	6 3 %	7 5 6	5. 8 2	1. 9 %	5 7 4	3 0 7
re Gr Be l in ter ea r	6, 35 28 2	48 %	2, 2, 08 7	5.5 8	1.4 %	36 0	9, 3, 43
Let ting rtfo lio	, 33 22 4	45 %	1, 95 5	5.6 0	1.1 %	34 2	0 3, 05 6
po Priv atis atio n	, 2, 05 8	3%	13 2	5.1 6	5.7 %	18	37 4
R h ine -M in a	9, 31 2	13 %	56 1	6.6 7	3.2 %	17 9	5, 13 3
Let ting rtfo lio po	8, 10 3	11 %	47 9	6.7 4	2.4 %	11 9	3, 98 9
Priv atis atio n	1, 20 9	2%	82	6.2 6	7.9 %	60	1, 14 4
R h ine lan d	1, 63 4	2%	10 9	6.3 2	2.9 %	35	74 4
Let ting rtfo lio po	1, 45 2	2%	92	6.2 2	2.3 %	29	31 2
Priv atis atio n	18 2	0%	17	6.8 7	5.8 %	6	43 2
Co re	2 1, 7 9 6	3 0 %	1, 3 8 8	5. 2 2	2. 7 %	1 8 0	9, 6 4 4
Ha / Br ic k / Ma de bu no ve r un sw g rg	9, 02 5	12 %	57 7	5.2 9	3.4 %	90	2, 50 3
Let ting rtfo lio po	8, 10 7	11 %	51 7	5.2 2	3.5 %	90	2, 16 0
Priv atis atio n	91 8	1%	60	5.8 8	2.8 %	0	34 3
R h ine Va l ley So h t u	4, 97 5	7%	31 1	5.3 8	1.7 %	44	3, 39 7
Let ting rtfo lio po	4, 65 3	6%	29 0	5.3 7	1.2 %	44	3, 18 6
Priv atis atio n	32 2	0%	21	5.4 5	8.7 %	0	21 1
R h ine Va l ley No h rt	2, 96 2	4%	19 2	5.1 1	1.9 %	6	2, 14 4
Let ting rtfo lio po	2, 79 8	4%	18 1	5.0 9	1.3 %	6	1, 96 1
Priv atis atio n	16 4	0%	11	5.6 3	10 .5%	0	18 3
Ce Ge l ntr a rm an y	2, 00 3	3%	12 5	5.0 0	2.2 %	33	1, 03 9
Let ting rtfo lio po	2, 00 3	3%	12 5	5.0 0	2.2 %	33	1, 03 9
Priv atis atio n	0	0%	0	0.0 0	0.0 %	0	0
O he t rs	2, 83 1	4%	18 3	4.9 8	3.3 %	7	56 1
Let ting rtfo lio po	1, 76 3	2%	11 0	5.0 3	3.8 %	7	52 9
Priv atis atio n	1, 06 8	1%	73	4.8 9	2.5 %	0	32
No n-c or e	5, 1 4 0	7 %	3 3 0	4. 7 6	8. 4 %	5 4	1, 7 6 1
Dis al pos	2, 397	3%	156	4.6 9	12. 6%	41	780
Oth er	2, 743	4%	174	4.8 3	4.8 %	13	98 1

» Portfolio as at 30 September 2012 – details on regions

» New portfolio cluster as at 30 June 2012

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

For reconsiliation purpose, last reported portfolio as of 30 June 2012 in our newly used portfolio cluster

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

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

» New portfolio cluster as at 30 June 2012 – details on regions

» 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.