Deutsche Wohnen SE — Investor Presentation 2014

Aug 25, 2014

Deutsche Wohnen AG

» Company presentation August 2014

» Key investment highlights of Deutsche Wohnen

1) current gross rental income

» Deutsche Wohnen portfolio focussed and concentrated

Portfolio development underlines shift to growth regions with significant upside potential

Total residential holdings: ~150,000 units

• Thereof ~80% in dynamic Core⁺ -regions (~118,000 units)
• Thereof ~73% in Greater Berlin (~107,000 units)
• Largest private landlord of Berlin
• Successful disposal of Non-core assets

30/06/2014	Residential units #	Share in terms of units %	Area 1) K sqm	In-place 2) rent EUR/sqm	Vacancy %	Fair Value 3) EUR m	Fair Value 4) EUR/sqm
Total	148,035	100%	8,992	5.62	2.5	8,792	949
Strategic core and growth regions	145,367	98%	8,822	5.63	2.3	8,689	956
Core+	118,142	80%	7,106	5.72	2.1	7,313	997
Core	27,225	18%	1,717	5.26	3.2	1,374	783
Non-core	2,668	2%	170	4.93	11.2	106	594

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

» Portfolio structure – characteristics meeting strong demand

Note: Figures as of 31-Dec-2013 / Based on residential units 1) excl. vacant apartments

» Strong like-for-like development 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 portfolio

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.

» Dynamic rent potential in Core⁺ regions (letting portfolio)

7

» Berlin residential real estate market offering attractive fundamentals

	Demographics		Supply and Demand
	Number of inhabitants increases consistently (mainly because of net migration gain)		~2.03m households with 54.3% single-person households (+1.3%pts. since 2007) and Ø 1.73 persons per household
	In 2013 ca. +42,000 inhabitants (+1.2% leading to a total population of ~3.45m)		~6,600 apartments completed in 2013, equalling only +0.3% of ~1.9m existing apartments
	Top ranking for greatest average rise in employment figures nationwide in 2012, 2013 and Q1-2014 up to ~1.8m employees		Building permissions are accelerating (>10k in 2013; > 9k in H1-2014 thereof ~8k new apartments) but still behind demand for new residential units in multi-family
	Household income raised by 3.1% in 2012		homes which is projected to grow further

Source: Amt für Statistik Berlin-Brandenburg 1) F+B Index Q1-2014 Report

» Core⁺ and Core regions showing positive fundamentals1)

	Rhine-Main region incl. Frankfurt/ Main	Rhineland region incl. Dusseldorf	Hanover / Brunswick / Magdeburg
Economic location	 One of the most important regions in Germany with 5.6 m inhabitants and EUR 200 bn GDP  Internationally outstanding position as financial markets centre, trade fair location, trading centre and central transport hub  Above avg. purchasing power per inhabitant of ca. EUR 24k2)	Focus on Dusseldorf:  Top location for consultancy firms in Germany with 1,760 consultancy firms based here  Most important trade centre with 3,800 retailers, 2,000 wholesalers and export trading companies  Above avg. purchasing power	 Favourable location in the centre of Germany offering logistical advantages  Automobile industry, machinery & plant engineering are traditionally strong sectors in the region  Approx. 1 m inhabitants in total (sum of all 3 cities)
Demogra phic situation	 With 685,000 inhabitants largest city in Hesse and 5th largest within Germany  Population increase of 6.6% and +8% no. of households (2007-2012)  54.1% single-person households  New construction projects (2012: 2,144 res. units) unable to meet growing demand for living space  Residential rents for medium to good quality standard: EUR 7.00/sqm – EUR 16.50/ sqm	ca. EUR 25k1) per inhabitant of  Ca. 598,000 inhabitants  Sustained population growth evident since 2000 is set to continue  Expected Increase of inhabitants up to ca. 600,600 by 2025 resulting in greater demand for living space  Dynamic development of rental prices: avg. at EUR 9.25/sqm (H1-2013; +3.6% on y-o-y basis)	Hanover and Brunswick  above average purchasing power of 22.3k1) and 22.9k1)  population growth combined with low vacancy rates and low levels of new construction lead to increasing demand Magdeburg  Stable demographic structure (inhabitants/ households) foreseen for the next years
		Core+ regions	Core regions

» "Mietpreisbremse" – new rental cap

Current situation and time table

• draft bill to enable local governments to cap rental growth for new lettings in areas with "tight housing markets" to max. 10% above "comparable rent"
• Ongoing discussions:
• Definition of "tight housing market"
• Definition of "comparable rent"
• Exceptions: extensively modernized and newly built
• Time table:
• likely in 2015 during the year
• with temporal limitation of max. 5 ys. still open

Potential impact on DeuWo

~6.500 new lettings p.a. (~4.4%1) of total DeuWo portfolio) based on 7% tenant turnover annualized in Core⁺ regions2) leading to:

~€3.5m potential lower in-place rents p.a.

But: with more than €20m re-letting expenses p.a. significant cost saving potential to partially compensate negative impacts

¹⁾ as of 30 June 2014 2) for unrestricted units of letting portfolio

» Financials

» Highlights H1-2014

Operational development			Key financials
	 In-place rent	EUR 5.62 sqm	 FFO (w/o disposals)	EUR 114.2 (+88%)
	 Vacancy rate	2.5%	 FFO (w/o disposals) per share EUR 0.40 (+5%)
	 NOI / sqm / month	EUR 4.28 sqm (+5.4%)	 FFO margin	36.4%2)
	 NOI margin	76.2% (+1.2%pts.)	 FFO guidance 2014	EUR 220m3) (+5%)
	 L-f-l rental growth	3.4%1)	 EBITDA (adjusted)	EUR 244m (+83%)

Disposal business			Balance sheet and NAV figures
 Total sold units	3,462 units	 GAV	EUR 9,012m
 thereof privatizations	1,664 units	 EPRA NAV	EUR 4,063m
 Gross margin privatization	45% above book value	 EPRA NAV per share	EUR 14.20
 Sales proceeds	EUR 138.4m	 LTV	56.2%
 Free Cash Flow	EUR 71.5m

1) For entire portfolio; incl. pro forma GSW portfolio last 12 months

2) Regarding to gross rental income H1-2014: EUR 313.4m

3) Before minorities

» Strong earnings and cash contributions from letting

	in EUR m	H1-2014	H1-2013	In-place rent:
	Current gross rental income	313.4	168.1	H1-14: EUR 5.62 / sqm
Earnings	Non-recoverable expenses	(6.8)	(2.8)
from letting:	Rental loss	(4.1)	(2.1)	Maintenance1) H1-14: EUR 8.51 /sqm
+ EUR 120.4m	Maintenance	(39.6)	(21.3)	(H1-13: EUR 8.19 /sqm)
(+86.4%)	Others	(3.2)	(2.6)	additional EUR 19.1m for modernisation (EUR
	Earnings from Residential Property Management	259.7	139.3	4.11 /sqm in H1-14)
	Personnel, general and administrative expenses	(20.9)	(12.7)	NOI increased by EUR
	Net Operating Income (NOI)	238.8	126.6	112.2m (89%) due to
	NOI margin	76.2%	75.3%	2013 acquisitions
	NOI in EUR / sqm / month	4.28	4.06
	in EUR m	H1-2014	H1-2013
Cash flow	Net operating income (NOI)	238.8	126.6
+ EUR 76m	Cash interest expenses	(90.5)	(54.3)	w/o EUR 1.9m for nursing and assisted
(+ 105.1%)	Cash flow from portfolio after cash interest expenses	148.3	72.3	living in H1-2014
	Interest cover ratio	2.64	2.33
NOI-margin	 Improved mainly due to lower personnel and	admin expenses
NOI in EUR / sqm / month	 + 5.4% due to changes in portfolio structure resulting from GSW acquisition among others

» NAV contribution by strong disposal business

Closed in EUR m	H1-2014	H1-2013
Sales proceeds	138.4	62.8
Cost of sales	(6.0)	(3.8)
Net sales proceeds	132.4	59.0
Carrying amounts of assets sold	(106.8)	(46.7)
Earnings from Disposals	25.6	12.3

Free cash flow from sales activities of EUR 71.5m (1,133 closed privatization units and 1,119 closed units institutional sales)

Berlin: Papageienviertel

Hanover: Bemerode/Kronsberg Berlin: Hufeisensiedlung

Berlin: Steglitz

» Nursing and Assisted Living − increasing FFO contribution

in EUR m	H1-2014	H1-2013	30/06/2014		Facilities	Places
Income			Greater	Berlin	12	1,442
Nursing	27.6	25.0	Saxony		7	475
Living	3.0	1.0	Others		2	257
Other	3.2	2.0	In total		21	2,174
Total income	33.8	28.0
Costs				Average Occupancy
Nursing and corporate expenses	(8.9)	(7.2)
Staff expenses	(16.6)	(14.3)
Total costs	(25.5)	(21.5)		96.8
Earnings from Nursing and Assisted Living	8.3	6.5			96.1
Cash interest expenses	(1.9)	(1.7)
FFO contribution	6.4	4.8		30/06/2013	30/06/2014

18 of 21 facilities are owned by Deutsche Wohnen with Fair Value of the properties of EUR 144.9m

More than 50% of targeted earnings achieved in H1-2014

» Benchmark EBITDA margin among the Peer Group

in EUR m	H1-2014	H1-2013	EBITDA margins	H1-2014	H1-2013
Earnings from Residential Property Management	259.7	139.3	adj. EBITDA / gross rents	77.9%	79.1%
Earnings from Disposals	25.6	12.3	adj. EBITDA excl. disposals / gross rents	69.7%	71.8%
Earnings from Nursing and Assisted Living	8.3	6.5
Segment contribution margin	293.6	158.1	Further improvements of EBITDA margins will occur with full realization of takeover synergies
Corporate expenses	(45.8)	(22.2)
Other operating expenses/income	(7.5)	(2.9)	Cost Ratio1)
EBITDA	240.3 133.0		 14.6% in H1-2014 vs. 17.3% FY-2013 (pro forma incl. GSW)
Restructuring & Reorganization expenses	3.7	0.0
EBITDA (adjusted)	244.0	133.0	Redundancy payments

Increased by ~ EUR 111m mainly attributable to an increase of earnings from letting ~ EUR 120m and from disposals ~ EUR13m Adj. EBITDA

Margins EBITDA Margins underline the strengths of the portfolio and the operating platform

» Adjusted EBT increased by ~ 104% (y-o-y)

in EUR m	H1-2014	H1-2013
EBITDA (adjusted)	244.0	133.0
Depreciation	(3.2)	(2.7)
Financial result (net)	2) (99.6)	2) (61.0)
EBT (adjusted)	141.2	69.3
Restructuring & Reorganization	(3.7)	0.0
Valuation SWAP and Convertible Bond	(24.0)	(0.0)
EBT	113.5	69.3
Current taxes	(8.5)	(5.6)
Deferred taxes	(10.4)	(13.5)
Profit	94.6	50.2
1) Earnings per share	0.32	0.31

in EUR m	H1-2014	H1-2013
Interest expenses	(92.4)	(56.0)
Non-cash interest expenses	(7.7)	(5.5)
	(100.1)	(61.5)
Interest income	0.5	0.5
Financial result (net)	(99.6)	(61.0)

Thereof EUR (14.3)m from valuation of swaps and EUR (9.7)m from convertible bond MV of convertible bond (30/06/2014): EUR 258.3m

1) Based on weighted average shares outstanding (H1-14: 286.22m; H1-13: 159.78m)

2) Adjusted for Valuation of SWAP and Convertible Bond

» Recurring FFO per share performance +5.3% (y-o-y)

in EUR m	H1-2014	H1-2013
Profit	94.6	50.2
Earnings from Disposals	(25.6)	(12.3)
Depreciation	3.2	2.7
Valuation SWAP and Convertible Bond	24.0	0.0
Non-cash financial expenses	7.7	5.5
Deferred taxes	10.4	13.5
Tax benefit from capital increase	0.0	1.0
FFO attributable to non-controlling interest	(3.8)	0.0
Restructuring & Reorganization expenses	3.7	0.0
FFO (w/o disposals)	114.2	60.6
Earnings from Disposals	24.82)	12.3
FFO (incl. disposals)	139.0	72.9
1) FFO (w/o disposals) per share	0.40	0.38
1) FFO (incl. disposals) per share	0.49	0.46

Accretive FFO (w/o disposals) per share development: +5.3% (y-o-y)

1) Based on weighted average shares outstanding (H1-14: 286.22m; H1-13: 159.78m)

2) Adjusted for non-controlling interest

» Integration of GSW well on track

in EUR m	H1-2014	H1-2013 (pro forma)
Earnings from Residential Property Management	259.7	241.8
Earnings from Disposals	25.6	17.4
Earnings from Nursing and Assisted Living	8.3	6.5
Corporate expenses	(45.8)	(51.9)	Savings of EUR 6m in corporate expenses
Other	(3.8)	(1.1)	demonstrate the progress achieved in 6 months time
EBITDA (adjusted)	244.0	212.7
FFO (w/o disposals)	114.2	97.3
FFO (w/o disposals) per share	0.40	0.34

Successful AGM with vast majority of votes "FOR" the domination agreement

• As no objections were filed the registration is expected to occur in September
• Advanced negotiations with GSW works council
• Closing of holding functions scheduled for end of 2014

» Balance sheet

Assets Equity and Liabilities

in EUR m	30/06/2014	31/12/2013	in EUR m	30/06/2014	31/12/2013
Investment properties	8,888.1	8,937.1	Total equity	3,954.5	3,944.3
Other non-current assets	550.5	554.9	Financial liabilities	4,985.2	5,154.6
Deferred tax assets	291.8	280.5	Convertible	258.3	250.2
Non current assets	9,730.4	9,772.5	Tax liabilities	69.2	62.6
Land and buildings held for sale	78.1	97.1	Deferred tax liabilities	362.8	353.1
Other current assets	88.9	107.1	Derivatives	204.5	159.3
Cash and cash equivalents	183.1	196.4	Other liabilities	246.0	249.0
Current assets	350.1	400.6	Total liabilities	6,126.0	6,228.8
Total assets	10,080.5	10,173.1	Total equity and liabilities	10,080.5	10,173.1

Investment properties represent ca. 90% of total assets

Strong cash position and available credit lines give comfort for potential acquisition opportunities

LTV reduced to 56.2% (FY-2013: 57.3%)

» EPRA NAV per share up by 1.5%

in EUR m	30/06/2014	31/12/2013	in EUR m	30/06/2014	31/12/2013
Equity (before non-controlling interests)	3,779.7	3,777.8	EPRA NAV per share in EUR (undiluted)	14.20	13.99
Fair value adjustment of convertible bond	8.2	(2.2)	Adjusted NAV per share in EUR (undiluted)	12.48	12.27
Fair values of derivative financial instruments	204.4	156.5	Shares outstanding in m	286.22	286.22
Deferred taxes (net)	71.0	72.6
EPRA NAV (undiluted)	4,063.3	4,004.7
Goodwill	(491.6)	(491.6)
Adjusted NAV (undiluted)	3,571.7	3,513.1
EPRA NAV  per share			Increased by 1.5% to EUR 14.20 as at 30 June 2014, despite dividend payment

NAV

Reflects (i.e. deducts) the goodwill from GSW transaction Adjusted

» Appendix

» LTV at 56.2%; low average interest rate ~ 3.4%

Debt structure	Financial liabilities in EUR m Mark-to-market LTV (%) Nominal value LTV (%)	5,243.5 56.2% 5,331.4 57.1%
Debt service	 Avg. interest rate incl. Convertible  Avg. mandatory redemptions p.a.:  Avg. weighted maturity:  Interest rate fixed or hedged:	bond: ~ 3.4% ~ 1.6% ~ 7.7 years ~ 90%
	EUR m

Significant potential from due refinancing available in order to enhance FFO profile through a decrease of existing interest rate levels

1) Convertible Bond

» Overview of portfolio as at 30 June 2014

30/06/2014	Residential units	Area 1)	In-place 2) rent	Vacancy	Fair Value 3) (FV)	Share in terms of FV	FV 4)	Multiple in-place rent	Yield	Multiple market rent	Yield
	#	K sqm	EUR/sqm	%	EUR m	%	EUR/sqm		%		%
Strategic core and growth regions	145,367	8,822	5.63	2.3	8,686	99%	956	13.9	7.2	12.6	7.9
Core+	118,142	7,106	5.72	2.1	7,313	83%	997	14.2	7.0	12.9	7.8
Core	27,225	1,717	5.26	3.2	1,374	16%	783	12.5	8.0	11.6	8.6
Non-core	2,668	170	4.93	11.2	106	1%	594	11.2	8.9	9.6	10.4
Disposal	473	30	5.09	16.9
Other	2,195	140	4.90	10.0
Total	148,035	8,992	5.62	2.5	8,792	100%	949	13.9	7.2	12.6	7.9

Dynamic Core⁺regions comprise 80% 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

• Very successful ongoing disposal of non-core portfolio

• 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 30 June 2014

3 0 / 0 6 / 2 0 1 4		R e s i d e n t i a l Sh a r e i n t e r ms					C o mme r c i a l	P a r k i n g
		o u n i t s	f u n i t s	A r e a	1 ) V I n - p l a c e r e n t	a c a n c y	u n i t s	s p a c e s
		#	i n %	k s q m	E U R / s q m	i n %	#	#
T o t a l		148,035	100%	8,992	5.62	2.5%	2,101	31,244
St r a t e g i c c	o r e a n d g r o w t h r e g i o n s	145,367	98%	8,822	5.63	2.3%	2,066	30,373
Letti ng Por tf ol i	o	138,956	94%	8,396	5.64	2.2%	1,954	27,915
Pr i vati sati on		6,411	4 %	426	5.49	5.6%	112	2,458
C	o r e +	118,142	80%	7,106	5.72	2.1%	1,848	20,461
	Letti ng Por tf ol i o	113,769	77%	6,815	5.73	2.0%	1738	18,541
	Pr i vati sati on	4,373	3 %	290	5.55	5.3%	110	1920
	Gr eater Ber l i n	107,361	73%	6,449	5.59	2.1%	1,635	14,834
	Letti ng Por tf ol i o	104,016	70%	6,233	5.61	2.0%	1,589	14,168
	Pr i vati sati on	3,345	2 %	216	5.23	4.4%	4 6	666
	Rhi ne-M ai n	8,966	6 %	538	7.05	2.3%	177	4,904
	Letti ng Por tf ol i o	8,084	5 %	478	7.12	1.8%	121	4,007
	Pr i vati sati on	882	1 %	6 0	6.39	7.4%	5 6	897
	Rhi nel and	1,815	1 %	119	6.59	3.6%	3 6	723
	Letti ng Por tf ol i o	1,669	1 %	104	6.56	3.1%	2 8	366
	Pr i vati sati on	146	0 %	1 4	6.83	7.2%	8	357
C	o r e	27,225	18%	1,717	5.26	3.2%	218	9,912
	Letti ng Por tf ol i o	25,187	17%	1,581	5.25	3.0%	216	9,374
	Pr i vati sati on	2,038	1 %	136	5.38	6.3%	2	538
	Hanover / Br unswi ck/ M agdebur g	11,010	7 %	706	5.31	3.9%	111	2,755
	Letti ng Por tf ol i o	10,210	7 %	654	5.27	3.6%	110	2,500
	Pr i vati sati on	800	1 %	5 2	5.86	6.7%	1	255
	Rhi ne Val l ey South	4,831	3 %	302	5.58	1.3%	4 1	3,330
	Letti ng Por tf ol i o	4,650	3 %	290	5.58	1.1%	4 1	3,183
	Pr i vati sati on	181	0 %	1 2	5.64	7.4%	0	147
	Rhi ne Val l ey Nor th	2,947	2 %	191	5.22	1.7%	3	2,113
	Letti ng Por tf ol i o	2,845	2 %	184	5,21	1.4%	3	2,007
	Pr i vati sati on	102	0 %	7	5.53	10.7%	0	106
	Centr al Ger many	5,720	4 %	343	5.02	3.2%	5 5	1,157
	Letti ng Por tf ol i o	5,720	4 %	343	5.02	3.2%	5 5	1,157
	Pr i vati sati on	0	0 %	0	0	0.0%	0	0
	Other s	2,717	2 %	175	5.05	5.7%	8	557
	Letti ng Por tf ol i o	1,762	1 %	110	5.10	6.0%	7	527
	Pr i vati sati on	955	1 %	6 6	4.95	5.2%	1	3 0
N o n - C o r e		2,668	2 %	170	4.93	11.2%	3 5	871
Di	sposal s	473	0 %	3 0	5.09	16.9%	2 2	175
	Other	2,195	1 %	140	4.90	10.0%	1 3	696

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

» Berlin's key facts

(1) Population		(2) Residential units
Population Berlin (12/2013)(1)	ca. 3.45m	Number of residential units (2012)(1)	ca. 1.9m
		Number of residential units for
Population Capital Region		letting (2012)(6)	ca. 1.6m
Berlin-Brandenburg (12/2013)(1)	ca. 4.5m	Completed apartments 2013 (2012)(1)	6,641 (5,417)

(3) Vacancy and rents		(4) Economic data
Average vacancy rate (2012)(5)	2.3%	Average unemployment rate 2013 (2012)(2)	11.7% (12.3%)
Mean monthly net cold rent according to rent table 2013 (2011)(4)	€5.54/sqm (€5.21/sqm)	Purchasing power/ household per month 2013 (2012)(3)	€2,851 (€2,696)
Monthly median new letting rent analysed by CBRE 2013 (2012)(3)	€8.02/sqm/month (€7.50/sqm/month)	Housing cost ratio/ household per month 2013 (2012)(3)	26.6% (27.4%)

Source: (1) Statistical Office Berlin-Brandenburg (2) Federal Employment Agency; (3): CBRE /GSW Housing Market Report 2013; (4) Senatsverwaltung für Stadtentwicklung (5) Verband Berlin-Brandenburgischer Wohnungsunternehmen e.V., (BBU), (6) own calculatíon based on 15% home ownership rate for Berlin

» Hidden Champions – backbone of German economy

Number of Hidden Champions

Hidden Champion =

• 1. No. 1 on continent and/or Top 3 worldwide in their sector
• 1. Revenues < 5 bn Euro
• 1. Mainly family-owned, max 5,000 employees

Main Reasons:

• 1. Historical, scattered regionalism leads to intensive competition
• 2. Strong manufacturing basis
• 3. Power of innovation
• 4. Unit labour costs
• 5. "Made in Germany"
• 6. Dual apprenticeship
• 7. Political stability

Source: Simon, Herrmann: Hidden Champions (2012); p. 56, 63; Processing CBRE

» 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

» 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

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