Vonovia SE

Annual Report • Jan 9, 2018

Company PresentationJanuary 2018

German ResidentialSafe Harbor and Low Risk

Rental regulation safeguards high degree of stability

• Contrary to most other jurisdictions such as the USA, rental growth in Germany is regulated and not directly linked to CPI, GDP development etc.
• Rents are regulated via "Mietspiegel" (city-specific rent indices), which look at the asking rents of the previous four years to determine a rent growth level for existing tenants for the next two years.

Sources: Federal Statistics Office, GdW (German Association of Professional Homeowners), REIS, BofA Merrill Lynch Global Research, OECD. Note: Due to lack of q-o-q US rent growth data, the annual rent growth for a year is assumed to also be the q-o-q rent growth of that year.

German ResidentialSupply and Demand Imbalance

New supply falls short of demand

• Consensus estimates see a current shortage of around 1 million apartments in urban areas. Three main constraints stand in the way of material changes in the short and even medium term:
• Building permits often take several years because city administrations lack qualified personnel.
• Severe shortage of building capacity after years of downsizing.
• Substantial gap between in-place values and market replacement cost render construction in affordable segment economically unfeasible.

Sources: Federal Statistics Office, IW Köln, GdW (German Association of Professional Homeowners)

If You Want to Know Where Germans Live - Follow the Light

Illustration of Germany at Night

Illustration of Germany at Night

Note: Vonovia Strategic Portfolio

High-influx cities ("Schwarmstädte"). For more information: http://investoren.vonovia.de/websites/vonovia/English/4050/financial-reports-_-presentations.html

Proven 4+1 Strategy is Evolving into 4+2 Strategy to Include European Metropolitan Areas

	Re io & Cu Sa is fa io ta t to t t p u n s m er c n
l a n o i it d a r T	Pr ty Ma t 1 op er na g em en	f o Sy te t ic t im iza t ion t ing s ma op o p er a fo d bu du ine t iv i ty p er rm an ce a n co re s ss p ro c hr h lev l f fe ing ing t ts ou g er ag sc a e c h de f s da d d H ig ta iza t ion g re e o n r a n du l hr ho he in tr ia iza t ion t t t t ire s ou g u e n iza t ion or g an	Me & rg er s 5 Ac is i io t q u ns f o Co t inu iew n ou s re v o n- d f f-m ke t an o ar
	F in in 2 an c g	l l- ba lan d f d En ina ing ix tu i ty su re w e ce nc m an ma r f le h low f i i t ina ing ts inv tm t p ro w nc c os es en , de d d de l d l l i t r t ing te iq i i ty t a g ra c re a a n a q ua u a t im es d fe d d de b Fa t a t te to i ty t s n un re ac ce ss e q u a n l m ke l l i ta ts t a t im ca p ar a es	lev tu i t ies to op p or n er f s le d ies ec on om o ca an ly l lar tra te ic i 1- 4 ap p s g p s fo l to ing t io a g ro w p or l l a A is i t ion t m t cq u s m us ee he t tr ing t a is i t ion s en cq u i te ia cr r
	fo l Po t io Ma t 3 na g em en r	fo l io im iza ion by f ica l Po t t t ta t r op w ay o c d / is i t ion tra te ic ac q u s a n no n- co re no n- s g d ls loc l isp to to tro os a e ns ur e ex p os ur e s ng a ke ts ma r ive de lop f he fo l io hr h Pr t t o t t t o- ac ve me n p or ou g f fe he h du he inv tm ts to t ig t p ts in t es en o r r ro c h ke d lon ba ig t m ts te is r ar an on a g- rm s	6 Eu Ac iv i ie t t ro p ea n s i l d ing is ing Bu t o n ex
e v ti a v o n n I	4 Va lu d d Bu in e- a s es s	f c bu d he lue Ex ion ine to te t p an s o or e s ss e x n v a ha by f fe d d l s d in ing i t ion ice c o r a a er v s a n du ha d ly l ke d ts t t a ire t in to p ro c re c o ur d / he to t t ies cu s me rs an or p ro p er f s In ing ice to im so ur c o er v s e ns ur e ma x um d l t a t c tro p ro ce ss m an ag em en n co s on	Ge ion t rm an o p er a s Me d h as ur e ap p ro ac Ex l len fo t p tn ce ar er s r ion t co op er a Le ing kn ho ve ra g ow w, ien d be t ex p er ce a n s ice t p ra c s
	C	O i i S i t t t t p p o n s c a e g e s r u r

Company Presentation – January 2018

Track Record

Accelerating Rent Growth Momentum

			i iv Po t s e re	t g n	h j t tra to ro w ec ry
Re h dr iv ( la 1 2 M ) t g t t n ro er s s w	9 M 2 0 1 7	9 M 2 0 1 6	De l ta		2 0 3 1	2 0 14	2 0 15	2 0 6 1	2 0 17 ( ) E	2 0 1 8+ ( ) E
S i ing t t te ts na n ( inc l. bs i d ize d ) ts su re n	1. 2 %	0. 9 %	+3 0 bp s	Ma ke dr ive t n r	1. 6 %	1. 6 %	1.7 %	1.5 %
Ne le ing t t w s	0. 5 %	0. 7 %	-2 0 bp s	Mo de iza ion t rn	0. 4 %	0. 9 %	1. 2 %	1. 8 %
Su b l to ta ke dr iv h t- t g t m ar en re n ro w	% 1. 7	% 1. 5	bp +2 0 s	Sp t ion ac e c rea	---	---	---	---
de Mo iza t ion rn	2. 1 %	1. 3 %	+8 0 bp s	Or ic nt g an re h wt g ro	1. 9 %	2. 5 %	2. 9 %	3. 3 %	~4 0 %	4. 6 % - 4. 8 %
Su b l l- f- l r h to ta t g t en ro w	3. 8 %	2. 8 %	bp +1 0 0 s
Sp t ion ac e cr ea	0. 1 %	0. 0 %	+1 0 bp s	In tm t ve s en	k tra c re co	d ( ) €m r				1, 0 0 0 ~
Su b l o ic h to ta t g t rg an re n ro w	3. 9 %	2. 8 %	+1 1 0 bp s					~	7 5 0
Po fo l io t t r ma na g em en ( is i ion /. les ) t + ac q u s sa	0. 3 %	1. 6 %	3 0 bp -1 s		1 7 2	3 5 6	4 7 2
To l r h ta t g t en ro w	4. 2 %	4. 4 %	-2 0 bp s	6 5 2 0 1 3	2 0 1 4	2 0 1 5	2 0 1 6	2 0	1 7 ( E ) 2	0 1 8+ ( E )

Company Presentation – January 2018

Quarterly Analysis Reveals Organic Growth Momentum

• Comparing this year's Q3 vs. Q1 emphasizes the organic growth momentum.
• Adj. EBITDAs and FFO are growing due to operational improvements and an increasing contribution from Value-add Business, in spite of a declining portfolio as a result of non-core disposals.

		Q 3 2 0 1 7	Q 2 0 1 1 7	l De ta
Av be f r i de ia l s t er ag e nu m r o es n q m	`0 0 0	2 9 0 1, 5	2 2, 2 6 7	% -1 5
be f r de l u Av i t ia i ts er ag e nu m r o es n n	#	3 5 1, 1 4 5	3 5 6, 4 1 1	-1 5 %
h ( ) Or ic t g t g an re n ro w y- o- y	%	3. 9	3. 4	b 5 0 + p s
la ( ) In t -p ce en eo p r	€ / h / t m on sq m	6. 9 1	6. 0 6	2. % 1 +
( ) Va te ca nc ra eo p y	%	2. 9	2. 7	b 2 0 + p s
l Re ta in n co m e	€m	6. 2 4 1	2 4 1 7.	-0 2 %	-€ 1. 0m
Ma in te na nc e ex p en se s	€m	-6 4. 9	-6 3. 1	2. 9 % +
Op in t er a g ex p en se s	€m	-5 8. 9	-6 8. 5	-1 4. 0 %
d l A j. E B I T D A Re ta n	€m	2 9 2. 4	2 8 5. 6	2. 4 % +	€ 6. 8m +
d lu d d bu A j. E B I T D A Va in e- a s es s	€m	3 0. 4	1 9. 8	5 3. 5 % +
d Op A j. E B I T D A t io er a ns	€m	3 1 4. 5	3 0 0. 1	8 4. % +	€ 1 4. 4m +
O in F F te t e re s xp en se s	€m	8. -7 5	6. 8 -7	2. 2 % +
Cu O t in ta F F 1 rre n co m e xe s	€m	-3 2	-5 1	-3 7. 3 %
O 1 F F	€m	2 3 2. 8	2 8. 2 1	6. % 7 +	€ 1 4. 6m +
O ha ( O S ) F F 1 N H p er s re eo p	€	0. 4 6	0. 4 7	-2 1 %
F F O 1 ha ( N O S H ) p er s re av g.	€	0. 4 8	0. 4 7	2. 1 % +

Company Presentation – January 2018

Continued EBITDA Expansion

• 9.0% EBITDA Rental growth translates into an EBITDA Operations growth of 10.8% y-o-y because of the growing contribution from the Value-add Business.
• EBITDA Operations margin expansion (excl. maintenance) continues with 200 bps ytd.

€m (un les dic d o the ) s in ate ise rw	9 2 0 M 1 7	9 2 0 6 M 1	l De ta
l Re ta inc n om e	2 9. 1, 4 4	6. 1, 1 5 1	8. % 1 +
Ma in te na nc e ex p en se s	-1 9 2. 2	-1 8 4. 1	4. 4 % +
Op t ing er a e xp en se s	-1 9 1. 3	-1 7 7. 9	7. 5 % +
A d j. E B I T D A Re l ta n	8 6 5. 9	7 9 4. 1	9. 0 % +
In co me	7 9 5. 4	5 7 4. 4	3 8. 5 % +
f w h h l ic te o ex rn a	1 1 5. 1	9 1. 6	2 5. 7 % +
f w h ic h in l te o rn a	6 8 0. 3	4 8 2. 8	4 0. 9 % +
Op ing t er a e xp en se s	-7 1 9. 4	-5 2 9. 3	3 5. 9 % +
d j. lu d d bu in A E B I T D A Va e- a s es s	6. 0 7	4 5. 1	6 8. % 5 +
1 A d j. E B I T D A O he t r	-1 9. 8	-6 9	1 0 0 % >
d j. Op io A E B I T D A t er a ns	9 2 2. 1	8 3 2. 3	0. 8 % 1 +

Mainly consolidation

Smooth Maturity Profile with Diverse Funding Mix

Average financing cost of debt maturing in the relevant year. ² Weighted avg. financing costs excl. Equity Hybrid. Including Equity Hybrid avg. interest rate of debt maturing in 2021 is 3.6%. ³ Net Debt as of Sep 30 over 9M EBITDA Operations annualized.

Company Presentation – January 2018

Investment Program on an Increasingly Broader Footing

	h bo ho d Ne ig o r lop De t ve me n	l l-s le h t de lop ing ire in ity Fu t ca ap p roa c o ve en are as a c , kin d s l c ta ic ia rit ia int t. g ec on om an oc er o a cco un
n o ti lu o v E	Sp Cr ion t ac e ea	be bu l d d Ne tru ct ion tw xis t ing i ing w co ns s ee n e s a n d d it ion l f loo bu i l d ing d o lan d t ha t w a a rs on s a n n e lre dy a a ow n.
m a r g o r P	Ne In i ia ive t t w s	ly ba hro d kit he de d u Pri ri t ize ma om s a n c ns mo rn p on ' in it iat ive l l a lac f o l d he ing ten ts t o at an s a s w e s r ep em en h m de l lat ste it ins ta ion sy ms w o rn s.
t n e m t s e	Up de g ra Bu i l d ing ( U B )	f fic de f t he bu l d he l l a d En ien t m iza t ion i ing erg e o rn o n y- s for fac fs, l a ( he ins lat ion de d r at co mm un a rea s u a s a n oo do he ). wi at ing ste n ws sy ms ,
v n I	Op t im ize Ap tm t ar en ( ) O A	Re fur b is hm f t ( ba hro t o art nts t en no ve r a p me om ur , f loo ), l ly fri d ly de rin wi rin nio iza t ion g, g us ua se r- en mo rn

Investment Program Evolution

• The investment program has not only grown in size but also in complexity.
• While a yield-to-cost calculation is appropriate for investments that generate relatively quick pay-backperiods, such as OA or UB, the larger investments space creation and neighborhood development generate value only over a longer period of time.
• For these types of projects, an IRR calculation is more adequate and after using it for internal reporting purposes already from the program inception, we will now use this metric in the external reporting as well.
• The target IRR for the overall investment program is >8%.
• OA and UB will continue to be measured against a 7%yield-to-cost target.

Company Presentation – January 2018

Substantial Reduction of Portfolio Locations

Vonovia location

High-influx cities ("Schwarmstädte"). For more information: http://investoren.vonovia.de/websites/vonovia/English/4050/financial-reports-_-presentations.html

Excluding locations for which the disposal is planned or has already been approved by the management board to be executed within 2017. The actual disposal will take place later than 2017 for some of these transactions.

Growing Contribution from Value-add Business

Concept

• Expansion of core business to extend the value chain by offering additional services and products that are directly linked to our customers and/or the properties and offer the same cash flow stability as the rental business.
• Insourcing of services to ensure maximum process management and cost control.
• Two types of Value-add Business
• 1. External income (e.g. multimedia, smart metering)
• 1. Internal savings (e.g. craftsmen, resi environment)
• New initiatives always follow same low risk pattern of

Rentalcontract

…

ResidentialEnvironment

Craftsmen VTS

• Prototype development
• Proof of concept in pilot phase
• Roll-out across portfolio

Multimedia

• NAV does not account for Vonovia's Value-add Business.
• Applying the impairment test WACC¹ to the 2017E Adj. EBITDA Value-add Business translates into an additional value of ~€5 per share (~15% on top of current Adj. NAV).

io Pe tr t ne a n
l im d ia Mu t e	% 7 5 ca
Sm in t te ar m e r g	1 5 % ca
Re i de ia l e iro t t s n nv nm en	2 5 % ca
Cr f V T S ts a m en	7 0 % ( in ) te ca m a na nc e ( de ) 3 0 % iza io t ca m o rn n is d 7 0 % l low for tar et to g aro un a h f lex b lity he lum i i in t en ou g vo es d t b le inu nt an o e na co ou s be hm kin ke to t p ric nc ar g ma r es

Smart

Attractive Dividend Policy

1 Rental income + EBITDA Value-add Business and Other; excluding sales effects. ² Midpoint guidance. ³ Intended to be proposed to the 2018 Annual General Meeting.

2018 Guidance Underlines Organic Growth Potential

	2 0 1 6	2 0 1 7	2 0 1 8
	ls Ac tu a	Gu i da nc e	Gu i da nc e
Or h ( ) ic t g t g an re n ro w eo p	3. 3 %	% ~4	6 % 8 % 4. 4. -
Va ( ) ca nc y eo p	2. 4 %	~2 5 %	2. 5 % <
l ( €m ) Re ta In n co me	3 8. 1, 5 1	6 6 0 6 8 0 1, 1, -	6 6 0 6 8 0 1, 1, -
F F O 1 ( €m )	7 6 0. 8	9 0 9 2 0 1 - (to rds th d) wa e u ppe r en	9 6 0 9 8 0 -
O ( € / ha ) F F 1 s re	6 3 1.	1. 8 8 1. 9 0 - (to rds th d) wa e u ppe r en	2 9 8 2. 0 2 1. -
( ) Ma in €m te na nc e	3 2 0. 1	~3 5 0	~3 6 0
de & ( €m ) Mo iza t ion In tm ts rn ve s en	2. 3 4 7	~7 5 0	0 0 0 ~1 ,
( be f u ) Pr iva t iza t ion i ts nu m r o n	2, 7 0 1	~2 6 0 0 ,	~2 3 0 0 ,
( iva iza ion ) F V te Pr t t s p- up	3 6. 2 %	~3 0 %	~3 0 %
( be f u ) No i ts n- co re nu m r o n	2 3, 9 3 0	k to 1 0 up	tu is t ic op p or n
F V ( No Co ) te s p- up n- re	5. 4 %	~7 %	0 % >
de d / ha D iv i n s re	€ 1. 1 2	1 € 1. 3 2	f ~7 0 % F F O 1 o

Intended to be proposed to the 2018 Annual General Meeting. ² Based on current number of 485.1m shares outstanding.

Appendix

German ResidentialSmall Households and Fragmented Ownership

Growing number of smaller households

• While the overall population in Germany is expected to slightly decline, the number of households is forecast to grow until at least 2035 with a clear trend towardssmaller households.
• The household growth is driven by various demographic and social trends including divorce rates, employment mobility etc.

Fragmented ownership structure

• Germany is the largest housing market in Europe with ~42m housing units, of which ~23m are rental units.
• Ownership structure is highly fragmented and majority of owners are non-professional landlords.
• Listed sector represents ~4% of total rental market.

Distribution of household sizes (million)

Ownership structure (million units)

Sources: German Federal Statistics Office, GdW (German Association of Professional Homeowners). 2035(E) household numbers are based on trend scenario of the German Federal Statistics Office.

German ResidentialUrbanization and Affordability

Sources: JLL Research, European Commission, Federal Statistics Office, Eurostat

European Metropolitan AreasLarge Markets and Low Homeownership Ratios

Size of rental market (rent p.a. estimate, €bn)

Critical mass of sizeable residential markets in Germany just as in other European metropolitan areas.

Large metropolitan areas with low home ownership ratios

Low home ownership is not a phenomenon unique to Germany but can be seen in metropolitan areas across Europe.

Sources: Federal Statistics Office, Eurostat, JLL Research, own calculations

*Other shared services: Internal Audit, Communications, Central Procurement, Insurances, Investor Relations, Accounting

Highlights 9M2017 Results

i l G i d F n a u a n c e 2 0 1 7	Co f irm d ds d to n e w ar u p p er e n h d he d f he h Or ic i ~4 % t g t te t t to t t g an re n ro w ex p ec a p en o r an g e w F F O 1 € 9 1 0m € 9 2 0m ( € 1. 8 8 € 1. 9 0 ha ). p er s re - - 1 f ( ). D P S € 1. 3 2 1 8 % + o
h O i G t g n o r a c r w	i l in ic h in in d be d Bu t- t tu t 9 M 2 0 1 7 o rg an g ro m om en m c on ue s an on w y Or ic h f 3. 9 % ( io 2. 8 % ). t g t g an re n ro w o y -o -y p r r y ea r: d Op 0. 8 % A j. E B I T D A t io 1 er a ns p -o u y -y ha ( ). F F O 1 1 5. 4 % 1 8. 7 % N O S H p er s re u p y -o -y o n av er ag e Gr h i de in ly iso t tu t e t te ow m om en m m os v n q ua r r co m p ar n.
l V t i a u a o n	irs in d ic io fo fu l l-y lu io ho i iv fu da ls in in la F t t t t ta a n ea a a n s s p os e n m en re m a p ce r r v w Co in ly im in fo in in d in ie l d io dr iv t tm ts n uo us p ro v g p er rm an ce g ro w g ve s en a n on g o g y co m p re ss n e , lu h lso in da lo io t t va e g ro w a se co n ry ca ns d fa lu h be bn bn fo fu l l y ( bn ). Ex te ir t tw € 4. 0 € 4. 5 2 0 1 7 € 1. 5 in H 1 2 0 1 7 p ec va e g ro ee n ea w r r -
I t t n v e s m e n s	br d fo in ic h ia l In tm t t ts t te t ve s en p ro g ra m o n a oa o g su p p or o rg an g ro p o n w In du in I R R d d i io l K P I f lec in ' e lu io im tro t to t tm t p t t c g as a na r e ve s en ro g ra m s vo n ov er e. Su f f l de f d fo ic ie t in tm t p te t ia i t i ie to n ve s en o n n r m an ea rs c om e. y y
l d I i i G i t n a u a n c e 2 0 8 1	i da fo ho in l s h in fo d Gu 2 0 1 8 te tr t nc e r s w s rn a en g g o g rw ar Or ic h 6 % 8 % t g t 4. 4. g an re n ro w - b le l du d ls d S in isp in 2 0 1 7 2 0 1 8. ta to to p e e n on -c or e os a an 2) F F O 1 € 9 6 0m € 9 8 0m ( € 1. 9 8 € 2. 0 2 ha p er s re - -

Intended to be proposed to the 2018 Annual General Meeting. ² Based on current 485.1m shares outstanding.

Built-in Organic FFO1 Growth Continues in 9M

• The average portfolio size was of a broadly similar size y-o-y.
• Organic rent growth, better average portfolio quality and increased contribution from Value-add Business drove Adj. EBITDA Operations growth to 10.8%.
• 15.4% FFO1 per share growth despite slight dilution from conwert, scrip dividend and Gagfah merger.

		9 M 2 0 1 7	9 M 2 0 1 6	l De ta
be f r i de ia l s Av t er ag e nu m r o es n q m	`0 0 0	2 2, 1 3 4	8 2 1, 6 5	2. 1 % +
be f r de l u Av i t ia i ts er ag e nu m r o es n n	#	3 5 4, 0 9 5	3 4 7, 6 9 0	1. 8 % +
Or ic h ( ) t g t g an re n ro w y- o- y	%	3. 9	2. 8	1 1 0 bp + s
la ( ) In t -p ce r en eo p	€ / h / t m on sq m	6. 1 9	9 5. 4	2 % 4. +
( ) Va te ca nc y ra eo p	%	2. 9	2. 8	bp 1 0 + s
l in Re ta n co m e	€m	1, 2 9. 4 4	1, 1 6. 1 5	8. 1 % +	€ 9 3. 3m +
Ma in te na nc e ex p en se s	€m	-1 9 2. 2	-1 8 4. 1	4. 4 % +
Op in t er a g ex p en se s	€m	-1 9 1. 3	-1 7 7. 9	7. 5 % +
d l A j. E B I T D A Re ta n	€m	8 6 5. 9	7 9 4. 1	9. 0 % +	€ 7 1. 8m +
A d j. E B I T D A Va lu d d bu in e- a s es s	€m	7 6. 0	4 5. 1	6 8. 5 % +
d A j. E B I T D A Op t io er ns a	€m	9 2 2. 1	8 3 2. 3	1 0. 8 % +	€ 8 9. 8m +
F F O in te t e re s xp en se s	€m	-2 1 6. 5	-2 4 9. 1	-1 3. 1 %
Cu t in ta F F O 1 rre n co m e xe s	€m	-1 5. 1	-1 1. 6	3 0. 2 % +
F F O 1	€m	6 9 0. 5	5 7 1. 6	2 0. 8 % +	€ 1 1 8. 9m +
ha ( ) F F O 1 N O S H p er s re eo p	€	1. 4 2	1. 2 3	1 5. 4 % +
ha ( ) F F O 1 N O S H p er s re av g.	€	1. 4 6	1. 2 3	1 8. 7 % +

Company Presentation – January 2018

Cyclicality of Debt Instruments Requires Diversification

Sources: Dealogic, Bloomberg, Broker research, Deutsche Bundesbank, Verband deutscher Pfandbriefbanken (VdP), FactSet as of June 7, 2016

1 Quarterly Mortgage Pfandbrief issuances for 2005-2012 based on equal distribution of annual issuances based on VdP data; 2013 -1Q2017 figures based on Deutsche Bundesbank

2 Corporate bond issuance volume includes senior unsecured and hybrid bonds ≥ €50m, issued in EUR in Western Europe

Currently used by Vonovia

Pro-active Portfolio Management Clustering

• As the investment program continues to evolve beyond the two original categories Optimize Apartments and Upgrade Buildings, an unambiguous allocation of properties into these two clusters becomes increasingly meaningless. Going forward, we will therefore distinguish only between Operate and Invest for the Strategic Portfolio.
• Similarly, as the Non-strategic and Non-core portfolios continue to shrink, there is no longer a need to distinguish between the two. Going forward, we will merge and report them as one cluster under Non-core.

3 0, 2 0 Se 17	de l Re i nt ia s	lac In t -p e r en	Va rat ca nc y e	Fa ir v a	lue
p.	its un	( /sq /m h ) € t m on	( ) %	( bn ) €	f t l % ota o
Op te era	1 0 6, 1 2 6	6. 3 2	2.7	9.7	3 2 %
Inv t es	21 3 3 5, 1	6. 2 0	2. 6	8. 1 5	6 0 %
Su bt l S ic C lus ot tra te te a g rs	3 21 3 9 4 ,	6. 24	2. 6	2 8. 2	9 2 %
Pri ize t va	15 71 9 ,	6. 0 4	4. 3	1.5	5 %
No n-c ore	1 0, 8 2 9	4. 8 5	9. 2	0. 4	1 %
To l Ge ta rm an y	3 47 9 8 7 ,	6. 1 9	2. 9	3 0. 2	9 8 %
Au ia str	2, 14 7	6. 3 5	2.4	0. 6	2 %
To l R i de ia l P fo l io ta nt t es or	3 5 0, 1 3 4	6. 1 9	2. 9	3 0. 8	1 0 0 %

Fair value of the developed land excluding €182.4 million for undeveloped land, inheritable building rights granted and other.

C t t o n a c		C F i i l l d 2 0 1 7 n a n c a a e n a r
	20 18
f f R H e n e o m a n n	Ja n 9 -10	Co ba nk G In t S ina r ( NY C) stm mm erz erm an ve en em
	Ja n 1 0	l E nfe ( nd ) J.P .M Eu n R sta te CE O Co Lo org an rop ea ea ren ce on
	Ja n 1 5	ler Ch G Co e C fer ( nk fur t) Ke rat Fra p eu vre erm an rpo on en ce ux
d f l H I R i t t e a o n e s o e a o n s v r V i S E o n o v a h l ß 3 P i i t p p s r a e 8 0 3 h 4 4 B o c u m G e m n r a y 4 9 2 3 4 3 1 4 1 6 2 9 + h f f d @ i r e n e o m a n n v o n o v a e	Ma r 6	FY 20 17 lts re su
	Ma 3 y	ult Int eri s 3 M 20 18 m res
	9 Ma y	al Ge ral tin An M nu ne ee g
	Ju 4- 5 ne	Ca ita l M ark D ets p ay
	Au 2 g	ult Int eri s 6 M 20 18 m res
	v 6 No	eri ult s 9 20 18 Int M m res

Company Presentation – January 2018 *IR only

www.vonovia.de

Final Guidance 2017 - Confirmed towards Upper End

	2 0 6 1 ls Ac tu a	2 0 1 7 i da Gu nc e ( rch Ma 20 17 , cl. ert ) ex co nw	2 0 1 7 i da Gu nc e ( Au 20 17 g. , inc l. ert ) co nw	2 0 1 7 in l i da F Gu a nc e ( No 20 17 v. , inc l. ert ) co nw
Or ic h ( ) t g t g an re n ro eo p w	3. 3 %	3. 5 % 3. 7 % -	3. 8 % 4. 0 % -	~4 %
Va ( ) ca nc eo p y	2. 4 %	2. 5 % <	2. 5 % <	~2 5 %
Re l In ( €m ) ta n co me	1, 5 3 8. 1	1, 5 3 0 1, 5 5 0 -	1, 6 6 0 1, 6 8 0 -	1, 6 6 0 1, 6 8 0 -
O ( €m ) F F 1	6 0. 8 7	8 3 0 8 0 5 -	9 0 0 9 2 0 -	9 1 0 9 2 0 - (to rds th d) wa e u ppe r en
O ( € / ha ) F F 1 s re	6 3 1.	8 8 2 1. 7 1. -	8 6 9 0 1. 1. -	1. 8 8 1. 9 0 - (to rds th d) wa e u ppe r en
( ) Ma in te €m na nc e	3 2 0. 1	~3 4 0	~3 4 0	~3 5 0
de ( ) Mo iza ion & In €m t tm ts rn ve s en	4 7 2. 3	7 0 0 7 3 0 -	~7 3 0	~7 5 0
( be f u ) Pr iva t iza t ion i ts nu m r o n	2, 7 0 1	~2 3 0 0 ,	~2 3 0 0 ,	~2 6 0 0 ,
F V ( Pr iva iza ion ) te t t s p- up	3 6. 2 %	~3 5 %	~3 0 %	~3 0 %
f u No ( be i ) ts n- co re nu m r o n	2 3, 9 3 0	is ic tu t op p or n	is ic tu t op p or n	1 0 k to up
F V ( No Co ) te s p- up n- re	5. 4 %	0 % >	0 % >	~7 %
de d / ha D iv i n s re	€ 2 1. 1	0 % f O ~7 F F 1 o	0 % f O ~7 F F 1 o	1 € 3 2 1.

Intended to be proposed to the 2018 Annual General Meeting.

Organic Growth Drives FFO 2018

~€55m FFO growth (+6.0%) from organic improvements in spite of €48m less FFO contribution as a result of non-core disposals.

Note: 2017E and 2018E FFO numbers reflect mid points of guidance ranges.

LTV Well within Target RangeDebt/EBITDA Multiple of 10.9x

LTV down to 42.4% and well within target range of 40%-45%.

€m ( les d d o he ) in ica te t ise un s rw	Se 3 0, 2 0 1 7 p.	3 0, 2 0 Ju 1 7 n.	3 2 0 M 1, 1 7 ar	3 2 0 6 De 1, 1 c.
de f l l b l No iv t iv in ia ia i i t ies n- a e an c r	3, 9 2 1 1. 1	2 6 1 4, 5 7.	3 3 1 4, 4 5.	3, 3 0 1 7 1.
Fo ig ha f fe te ts re n ex c ng e ra e c	-2 6. 5	-1 3 7. 2	-1 9 4. 8	-2 0 9. 9
h d h le Ca iv ts s an ca s eq a n u	-3 3 9. 8	-3 7 8. 1	-1 0 0 7. 9 ,	-1 5 4 0. 8 ,
Ne de b t t	3, 8 1 5 5 4.	1 3, 7 4 2. 3	1 3, 2 3 2. 6	1 1, 6 2 0. 3
les b les Sa iv re ce a	-1 7 7. 6	-1 8 0. 0	-1 4 4. 4	-1 3 5. 4
d d l lo fo d A i t io t ts ta in is i t io na an a m ou n r o n g ac q ns u u	-- -	-- -	2 7 5. 0	-- -
A d j. de b t t ne	1 3, 3 7 7. 2	1 3, 5 6 2. 3	1 3, 3 6 3. 2	1 1, 4 8 4. 9
ir lu f r l e fo l io Fa ta te t va e o ea s p or	8. 3 0, 9 4 1	3 0, 8 3 0. 2	2 9, 6 0 6 7.	2 6 7, 1 1 5.
S ha in he l e ie t ta te re s o r r ea s c om p an s	6 0 5. 4	5 6 4. 6	5 2 0. 4	5 0 3. 1
d j. fa ir lu f r l e fo l io A ta te t va e o ea s p or	3 1, 5 5 3. 5	3 1, 3 9 4. 8	3 0, 1 2 8. 0	2 7, 6 1 8. 7
L T V	4 2. 4 %	4 3. 2 %	4 4. 4 %	4 1. 6 %

Debt/EBITDA multiple is adj. net debt as of Sep 30 over 9M EBITDA Operations annualized.

FFO1 per Share +15.4%

Driven by better operational performance and lower interest expenses, FFO1 per share was up 15.4% y-o-y for eop NOSH and up 18.7% for avg. NOSH¹.

€m ( les in d ica d o he ise ) te t un s rw	9 M 2 0 1 7	9 M 2 0 1 6	De l ta
A d j. E B I T D A Op ion t er a s	9 2 2. 1	8 3 2. 2	1 0. 8 %
F F O in te t e re s xp en se	-2 1 6. 5	-2 4 9. 1	-1 3. 1 %
Cu inc O t ta F F 1 rre n om e xe s	-1 5. 1	-1 1. 6	3 0. 2 %
O F F 1	6 9 0. 5	5 7 1. 6	2 0. 8 %
f w h h bu b le 's ha ho l de ic t tr i ta to Vo ia o a no v s re rs	6 5 0. 6	5 3 6. 2	2 1. 3 %
f w h h bu b le 's hy br d l ic t tr i ta to Vo ia i i ta inv to o a no v ca p es rs	3 0. 0	3 0. 0	-
f w h h bu b le l l ic t tr i ta to tro ing in te ts o a n on -c on re s	9. 9	5. 4	8 3. 3 %
l d Ca i ta ize in te p ma na nc e	0. 3 -5	3 -4 7.	6. 3 %
A F F O	6 4 0. 2	5 2 4. 3	2 2. 1 %
Cu inc F F O 2 t ta rre n om e xe s	-2 3. 8	-3 3. 1	-2 8. 1 %
d j d Sa les A te E B I T D A us	8 1. 3	6 5. 5	2 4. 1 %
O 2 F F	7 4 8. 0	6 0 4. 0	2 3. 8 %
O / ha ( O ) F F 1 € N S H s re eo p	1. 4 2	1. 2 3	1 5. 4 %
/ ha ( ) F F O 1 € N O S H s re av g.	1. 4 6	1. 2 3	1 8. 7 %

Adj. NAV per Share Up 9.0% YTD

Adj. NAV per share is up 9.0% in the first nine months driven by the operating performance, the inclusion of conwert and the H1 valuation and in spite of the 4.1% increase in the number of shares outstanding¹ following the Gagfah cross-border merger, scrip dividend and conwert squeeze out.

€ m ( les d d o he ) in ica te t ise un s rw	3 0, 2 0 S 1 7 e p.	3 0, 2 0 J 1 7 u n.	3 2 0 M 1, 1 7 a r.	3 2 0 6 D 1, 1 e c.
Eq i i bu b le Vo ia 's ha ho l d ty t tr t t u a a o no v s re er s	1 3, 7 8 4. 0	1 3, 3 6 8. 0	1 2, 7 0 6. 5	1 2, 4 6 7. 8
fe d d De in ie t t t t rr e ax e s o n ve s m e n p ro p er s a n he l d fo le t a s s e s r s a	8 5, 3 5. 4	3 0 9 5, 7.	8 2 4, 7. 4	0. 3 4, 5 5
2 lu f d f l Fa ir iv iv in ia in t tr t va e o er a e a nc s u m e n s	3 6. 2	3 9. 0	2 9. 0	4 4. 4
De fe d d iv iv f in ia l t t e ax e s o n er a e a nc rr in tr t s u m e n s	-1 0. 3	2. -1 1	3 -1 4.	-1 5. 4
E P R A N A V	1 9, 1 9 5. 3	1 8, 7 0 2. 8	1 7, 5 4 8. 6	1 7, 0 4 7. 1
dw l l G i o o	-2 9 3 1. 8 ,	-2 9 3 1. 8 ,	-2 9 3 1. 8 ,	-2 7 1 8. 9 ,
d A j. N A V	1 6, 2 6 3. 5	1 5, 7 7 1. 0	1 4, 6 1 6. 8	1 4, 3 2 8. 2
/ h E P R A N A V € s a r e	3 9. 5 7	3 9. 2 5	3 7. 4 3	3 6. 5 8
A d j. N A V € / h s a r e	3 3. 3 5	3 3. 1 0	3 1. 1 8	3 0. 7 5

See page 59 for reconciliation of number of shares.² Adjusted for effects from cross currency swaps.

€ m	2 0 6 F Y 1	2 0 H 1 1 7	2 2 0 H 1 7 E	2 0 F Y 1 7 E
f P e r o r m a n c e	8 6 2	3 9 3	5 5 0 7 5 0 -	9 4 0 1, 1 4 0 -
l d l R t t e n a e v e o p m e n		3 6 3	0 6 0 4 5 5 -	8 0 0 0 1 1, 1 –
I t t n e s m e n s v		3 0	1 0 0 ~	1 3 0 ~
I t t n e s m e n s v	0 4 4	2 9 0	6 0 4 ~	0 7 5 ~
V T S i m a g n r	9	1 0	1 0 ~	2 0 ~
( h ) I t t t n v e s m e n s c a s o u	3 1 4	2 8 0	0 4 5 ~	3 0 7 ~
i l d i Y e c o m p r e s s o n	2, 4 7 0	8 3 0	1, 5 0 0 1, 8 0 0 -	2, 3 3 0 2, 6 3 0 -
l T t o a	3, 2 7 7	3 1, 5 1	2, 0 0 3, 0 0 0 5 -	0 0 0 0 0 4, 4, 5 -

• Strong rental development in Vonovia's portfolio and the market
• Investments with approximately 20% additional valuation uplift
• Effect of Yield Compression more differentiated than in 2015:
• Less momentum in prime locations (e.g. Berlin, Hamburg, Cologne)
• Significant increase in secondary locations (e.g. Leipzig, Hanover, Bremen)
• Considerable yield compression also in formerly weaker markets (e.g. Potsdam, Magdeburg)

Note: Based on recent forecast of Vonovia calculations. Valuation results are subject to change during the ongoing valuation process.

Multitude of Attractive Neighborhood Development Projects Identified and Underway

Sales – Steady Cash Flow at Attractive Margins

• Overall sales volume lower than in prior-year period mostly as a result of portfolio transaction with LEG including privatizations in 9M 2016.
• Non-core / Non-strategic sales include a relatively large share of commercial properties from conwert portfolio.

	O P R I V A T I Z A T I N		N O N- C O R S T R A	E / N O N- T E G I C	O T T A L
€m (un less ind icat ed o the rwis e)	9 M 2 0 1 7	9 M 2 0 1 6		9 M 2 0 1 6	9 M 2 0 1 7	9 M 2 0 1 6
l d Un i ts so	0 1, 7 4	2, 0 1 5	6, 6 0 0	9, 2 1 7 7	8, 3 0 4	2 9 2 2 1,
fro d ls In isp co me m os a	2 1 4. 4	2 0 5. 5	7 3 6. 8	7 8 2. 7	9 5 1. 2	9 8 8. 2
f Fa ir lue d isp ls va o os a	-1 6 1. 6	-1 5 1. 8	-6 8 8. 5	-7 5 3. 0	-8 5 0. 1	-9 0 4. 8
d j. f i fro d isp ls A t p ro m os a	2. 8 5	3. 5 7	8. 3 4	2 9. 7	0 1 1. 1	8 3. 4
lue ( % ) Fa ir te va s p- up	3 2. % 7	3 % 5. 4	0 % 7.	3. 9 %

l l Se ing ts co s	-1 9. 8	-1 7. 9
A d j. E B I T D A Sa les	8 1. 3	6 5. 5

Housekeeping

f h G a g a - c b d r o s s- o r e r m e r g e r	O l 2, h i l i d i h i l i i h J 1 t t t t t t t t n e p n e e e n e e n o e o m m e e g e e n g e n e u y c a a c r a s w a s r c r c a r s r, c r a h d h h d h h l d b V i i t i t t i i t t i o n o v a s a r e s r e q u r e o e x c a n g e a g a n s e r e m a n n g o u s a n n g s a r e s e y f h f f l l h b d d f h G i i i i i i i G t t t t t a g a m n o r e s, e e c v e y c o s n g e c r o s s o r e r m e r g e r a n e r m n a n g a g a a s l l i t t e g a e n y.	w a
t c o n e w r - t s q u e e z e o u	h l d h h h l d O A 2 9, E G M i i i i t t t t t t n u g. e c o n w e r r e s o v e o s q u e e z e o u e r e m a n n g m n o r y s a r e o e f f h h i d i € 1 7. 0 8 h t t e c a n g e o a c a s c o n s e a o n o p e c o n e s a e. x r r r w r r h d h l O b 2 d T t t i t t i i t i A t i t 4 e s q u e e z e o u w a s e n e r e n o e c o m m e r c a r e g s e r n u s r a o n c o e r a n b f f b t i O t 2 5. e c a m e e e c v e o n c o e r l l l l d h b l A i i i i i I i i I S E t, t t t t t s a r e s u a p r e v o u s y o u s a n n g m n o r y s a r e s n c o n w e r m m o e n n v e s w f d V i S E. t t a n s e e o o n o a r r r v h h d l d f h k h f O b 2 T t i t t A t i t t 5. e c o n w e r s a r e s w e r e e s e r o m e u s r a n s o c e x c a n g e a s o c o e r	i r s n e r e
t c o n e w r - i s y n e r g e s	d f l l l b d l h h l l B i t i t t i i i i i t i t i a s e o n n a e s m a e s, c o n w e r w e e v e r n g g e r s y n e r g e s a o w e r r e a z a o n c d i i S 2 0 1 6. t t t t t a s c o m p a r e o o u r e x p e c a o n s a a n n o u n c e m e n n e p Sy ies ( €m ) Sy l iza ion ( €m ) ta t ts ne rg p re ne rg re a co s ; x y 2 3 11 8 1 2 6 6 vie at nt nt vie at nt nt an no un ce me cu rre w an no un ce me cu rre w	t o s s

	f f f f A i l d i k l d d h b t t t t g r e e m e n o n e s o c o o p e r a o n, n o w e g e r a n s e r a n e x c a n g e o e s i t p r a c c e s.
	f i 's f f l h i l f i f i i i i P t V t t t t t t t t a r o o n o v a e o r s o a n a y z e e p o e n a o r a n e x p a n s o n o a c v e s n o
	l i E t t u r o p e a n m e r o p o a n a r e a s.
d M U i o s g n e	h i f l l i 's l i i l i h d l l T V t i t t i t i t t s o o w s o n o v a p r e m n a r y a n a y s s s u g g e s n g a r e s e n a r e a e s a e
h S i t N I w o n O 1 8, t. c	k l f d d l d t i E t i t t i i t m a r e s n u r o p e a n m e r o p o a n a r e a s u n c o n n w a y s a n u n e r r e g u a o r y a n
2 0 1 7	f k h l h d l k i i i G i i t t t t t t t. o p e a n g a m e o s a a e s m a o e e m a n e s e n a m a e r r w r r r r r r
	h h f f 's l "E T i i S N I V i i t t t t t t e c o o p e a o n o m s p a o o n o a n e s a e g c e e m e n o p e a n r w r r v w r u r
	" h h l k "M " d l A i i i i i i i j i & A i i i i t t t t t t t c e s, c s o p p o n s c s e e g e s c q s o n s a n c o m p m e n a v w r u u r r u r y
	h f i t t t t o e o o e s a e g e s. u r c r r
	b N i G i t o m p a c o n e r m a n c o r e u s n e s s.

Recent activities

• 1 workshop with Vonovia and SNI representatives conducted in Montpellier.
• 7 workshops planned in Paris and Bochum for the remainder of the year.
• Preliminary findings to be presented to management at the end of January 2018.

Corporate Investment grade rating

f 20 15-0 9-3 0 as o
tin Ra g a ge nc y	tin Ra g	tlo ok Ou	da La st Up te
nd ard r's Sta & Poo	BB B+	ble Sta	06 Se 20 16 p

Bond ratings

d in Bo t n ra g s			f 20 15-0 as o	9-3 0
Na me	Te r & Co no up on	IS IN	Am nt ou	Iss ice ue pr	Co up on	Fin al Ma rit Da tu te y	Ra tin g
Bo nd 00 2 ( EU R-B d) on	6 y 3.1 25 % ea rs	DE 00 0A 1H NW 52	€ 60 0m	99 .93 5%	3.1 25 %	25 Jul 20 19 y	BB B+
nd 00 4 ( US nd ) Bo D- Bo	10 00 0% 5. ye ars	US 25 B2 2 15 5FA	US D 2 50 m	98 .99 3%	1 80 % 4.5	02 Oc t 2 02 3	BB B+
nd 00 5 ( ) Bo EM TN	8 y 3.6 25 % ea rs	00 0A DE 1H RV D5	€ 50 0m	99 .84 3%	3.6 25 %	08 Oc t 2 02 1	BB B+
nd 6 ( bri d) Bo 00 Hy	60 4. 62 5% ye ars	XS 10 28 95 96 71	€ 70 0m	99 .78 2%	4.6 25 %	08 Ap r 2 07 4	BB B
nd 7 ( ) Bo 00 EM TN	8 y 2.1 25 % ea rs	DE 00 0A 1Z LU N1	€ 50 0m	99 .41 2%	2.1 25 %	Jul 09 20 22 y	BB B+
Bo nd 00 8 ( Hy bri d)	tua l 4 % pe rpe	XS 11 17 30 08 37	€ 1, 00 0m	100 .00 0%	4.0 00 %	tua l pe rpe	BB B
Bo nd 00 9A ( EM TN )	5 y 0.8 75 % ea rs	DE 00 0A 1ZY 97 1	€ 50 0m	99 .26 3%	0.8 75 %	30 Ma r 2 02 0	BB B+
nd ( ) Bo 00 9B EM TN	10 1. 50 0% ye ars	DE 00 0A 1ZY 98 9	€ 50 0m	98 .45 5%	1.5 00 0%	31 Ma r 2 02 5	BB B+
Bo nd 01 0B ( EM TN )	5 y 1.6 25 % ea rs	DE 00 0A 18V 138	€ 1, 25 0m	99 .85 2%	1.6 25 %	15 De c 2 02 0	BB B+
Bo nd 01 0C ( EM TN )	8 y 2.2 50 % ea rs	DE 00 0A 18V 146	€ 1, 00 0m	99 .08 5%	2.2 50 %	15 De c 2 02 3	BB B+
Bo nd 01 1A ( EM TN )	6 y 0.8 75 % ea rs	DE 00 0A 18 2V S4	€ 50 0m	99 .53 0%	0.8 75 %	10 Jun 20 22	BB B+
Bo nd 01 1B ( EM TN )	10 1. 50 0% ye ars	DE 00 0A 18 2V T2	€ 50 0m	99 .16 5%	1.5 00 %	10 Jun 20 26	BB B+
Bo nd 01 2 ( EM TN )	2 y 0.3 80 %+ 3M EU RIB OR ea rs	DE 00 0A 18 5W C9	€ 50 0m	100 .00 0%	0.1 40 % hed d ge	13 Se 20 18 p	BB B+
nd 01 3 ( ) Bo EM TN	8 y 1.2 50 % ea rs	00 0A 189 0 DE ZX	€ 00 0m 1,	99 .03 7%	1.2 50 %	06 c 2 02 De 4	BB B+
nd ( ) Bo 14A EM TN	5 y 0.7 50 % ea rs	DE 00 0A 19 B8 D4	€ 50 0m	99 .86 3%	0.7 50 %	25 Jan 20 22	BB B+
nd B ( ) Bo 14 EM TN	10 1. 75 0% ye ars	B8 DE 00 0A 19 E2	€ 50 0m	99 .26 6%	1.7 50 %	25 Jan 20 27	BB B+
nd ( ) Bo 15 EM TN	8 y 1.1 25 % ea rs	DE 00 0A 19 NS 93	€ 50 0m	99 .38 6%	1.1 25 %	08 Se 20 25 p	BB B+
Bo nd 16 ( EM TN )	2 y 0.3 50 %+ 3M EU RIB OR ea rs	DE 00 0A 19S E1 1	€ 50 0m	100 .44 8%	0.3 50 %+ 3M EU RIB OR Ca 1.9 % p ,	20 No v 2 01 9	BB B+

EUR-equivalent Coupon

d B K P I o n s	C t o v e n a n	l L e v e	S 3 0, 2 0 1 7 e p.
	L T V l b / l T t D t T t A t o a e o a s s e s	6 0 % <	3 9 %
	d S L T V e c u r e d b / l S D T A t t t e c u r e e o a s s e s	% 4 5 <	9 %
	C I R 2 / 2 L t 1 M E B I T D A L t 1 M I t t E a s a s n e r e s x p e n s e s	1. 8 0 > x	4. 5 x
	b d U A t n e n c u m e r e s s e s b d / d b U A U D t t n e n c u m e r e s s e s n s e c u r e e	2 % 1 5 >	2 2 3 %

R i K P I t a n g s	C t o e n a n v	L l ( B B B ) + e e v
	D b C i l t t t e o a p a
	T l D b / T l E i T l D b t t t t t t + o a e o a q o a e u y	6 0 % <
	I C R
	/ L t 1 2 M E B I T D A L t 1 2 M I t t E a s a s n e r e s x p e n s e	1. 8 0 > x

Neighborhood Development Project Berlin Reinickendorf

• 1,107 resi units built between 1953 and 1956
• ∅in-place rent €5.96/sqm vs. market rent of ~€9.00/sqm
• ∅apt. size 53 sqm
• Excellent infrastructure especially for families and senior citizens
• S-Bahn and subway station immediately adjacent on the west-end side of the property
• High recreational value
• Good supply of shopping and daily amenities

Current Situation

Adding 210 New Apartments through Floor Additions

∑ investments ~€100m @ IRR > 10%

Innovation Example: Residential Environment Services

• Innovative approach to a traditional residential business: residential environment services (mowing lawns, trimming trees and bushes, etc.), which form part of the tenants' recoverable expenses.
• Insourcing of capacities for improved quality control and better cost basis.
• Digitization of entire process to achieve higher standardization and process control.

Improvements Across All KPIs

		9 M 2 0 1 7	9 M 2 0 1 6	l De ta
Av be f r i de ia l s nt era g e n um r o es q m	`0 0 0	2 2, 1 3 4	21 6 8 5 ,	+2 .1 %
In lac ( ) t -p e r en eo p	€ /m h /sq t on m	6. 1 9	5. 94	+4 2 %
Or h ic t g t g an ren row	%	3. 9	2. 8	+1 .1p p
( ) Va rat ca nc e eo p y	%	2. 9	2. 8	+0 .1p p
Re l in nta co me	€m	24 9.4 1,	6. 1, 15 1	+8 % .1
Co st nit p er av era g e u	€	3 8 1	4 0 2	-5 2 %
d A j. EB IT DA Op t ion era s	€m	9 2 2. 1	8 3 2. 3	+1 0. 8 %
l Re nta	€m	8 6 5. 9	7 94 .1	+9 0 %
Va lue d d Bu ine -a s ss	€m	6. 0 7	45 .1	+6 8. % 5
he ( li da ) Ot i.e t ion r . c on so	€m	-1 9. 8	-6 9	>1 0 0 %
FF O 1	€m	6 9 0. 5	5 71 6	+2 0. 8 %
FF O 1 p ha ( N O SH ) er s re eo p	€	1.4 2	1. 2 3	+1 5. 4 %
FF O 1 p ha ( N O SH ) er s re av g.	€	1.4 6	1. 2 3	+1 8. 7 %
AF F O	€m	6 4 0. 2	5 24 3	+2 2. 1 %
d j. S les A EB IT DA a	€m	8 1. 3	6 5. 5	+2 4. 1 %
A d j. EB IT DA ( To l ) ta	€m	0 0 3. 1, 4	8 97 8	8 % +1 1.
FF O 2	€m	74 8. 0	6 0 4. 0	+2 3. 8 %
		Se 3 0, 2 0 1 7 p.	De 3 1, 2 0 1 6 c.	De l ta
lue f r l e fo lio Fa ir v sta te ort a o ea p	€m	3 0, 94 8. 1	27 11 6 5. ,	+1 1 % 4.
EP RA N AV	/s ha € re	3 9.5 7	3 6. 5 8	+8 2 %
d A j. NA V	€ /s ha re	3 3. 5 3	3 0. 75	+9 0 %
LT V	%	2.4 4	6 41	+8 0 bp s

All Strategic Markets Show Upward Potential

	Fai r va	lue				In- pla t ce ren
Re ion l Ma ke t g a r	(€m )	(€/ ) sqm	Res ide l uni ntia ts	Liv ing a ('00 are 0 s ) qm	Vac anc y (% )	al (p.a Tot ., € m)	Res l (p.a ide ntia ., € m)	Res ide ntia l (€/ /m h) ont sqm	Org ani nt gro c re wth (% )	le (in- Mu ltip pla t) ce ren	nt gro Ave rag e re st CB wth for eca RE (5 y rs) (% )	Ave nt rag e re wth (% ) fr gro om Opt imi ze Apa rtm ent s
rlin Be	4, 65 7	1, 82 8	38 67 8 ,	2, 45 0	1.7	19 2	18 1	6.2 6	3.3	24 .3	3.3	48 .5
Rh ine M ain Ar ( Fra nkf urt ea , Da sta dt, W ies bad ) rm en	3, 20 6	1, 76 5	27 99 4 ,	1, 78 5	1.7	166	160	7.6 0	3.5	19 .4	3.2	40 .5
Rh ine lan d ( Co log ne , ldo rf, ) Dü Bo sse nn	3, 120	1, 2 47	30 72 0 ,	2, 06 0	3.0	169	16 1	6.7 1	4.6	18 .5	2.8	28 .0
sde Dre n	2, 71 2	1, 159	38 60 3 ,	2, 196	2.7	15 7	14 7	5.7 5	6.1	17 .2	3.6	35 .8
So uth Ru hr Are ern a ( Do rtm d, Ess Bo chu m) un en ,	2, 2 71	97 5	48 9 44 ,	2, 9 71	3.7	18 1	17 5	5.5 7	3.9	.9 14	2.0	28 .9
mb Ha urg	1, 79 6	1, 65 9	16 56 1 ,	1, 04 9	2.1	88	84	6.7 5	4.3	20 .3	3.0	39 .7
Mu nic h	1, 68 7	2, 56 5	9, 72 2	64 0	1.1	62	58	7.6 3	2.8	27 .3	4.5	48 .3
Stu ttg art	59 3 1,	72 2 1,	21 2 14 ,	89 5	1.8	83	79	6 7.4	2.1	19 .3	2.8	39 .1
No rth Ru hr Are a ( Du isb ern urg , lse nk he n) Ge irc	1, 33 9	78 4	27 18 1 ,	1, 68 6	4.2	106	10 3	5.3 1	4.2	12 .6	1.7	23 .0
Ha nov er	20 3 1,	27 3 1,	61 0 14 ,	92 7	3.0	69	66	6.1 2	4.1	17 .5	2.7	36 .5
Kie l	93 6	1, 11 2	13 98 2 ,	81 1	1.7	57	54	5.6 5	3.4	16 .4	2.2	38 .1
Bre me n	85 9	1, 154	11 92 2 ,	72 3	3.3	47	45	5.3 8	2.0	18 .2	2.9	30 .4
Lei ig pz	68 0	09 1, 7	9, 169	58 7	4.1	41	39	2 5.7	1.9	16 .4	2.4	24 .6
We stp ha lia ( Mü nst er, brü ck) Os na	62 2	98 1	9, 66 9	62 7	2.3	41	40	5.5 0	2.8	15 .0	2.5	32 .1
Fre ibu rg	2 51	82 9 1,	05 4, 1	27 7	1.7	23	22	6.8 7	3.0	22 .1	3.7	.0 44
Ot he r S tra teg ic L tio oca ns	97 1, 4	26 8 1,	23 96 8 ,	52 2 1,	2.9	116	2 11	6.2 9	4.9	.0 17	3.1	36 .3
To tal St ic Lo tio rat eg ca ns	29 60 8 ,	1, 37 1	33 5, 53 1	20 95 3 ,	2.7	1, 59 9	1, 52 4	6.2 3	3.9	18 .5	2.9	35 .0

Note: Difference between number of resi units in strategic locations and number of resi units in strategic clusters is due to privatization units that are included in the strategic locations but not in the strategic clusters.

244.2

Maintenance

Expenses for maintenance

Capitalized maintenance

Maintenance capitalization

Total

ratio

192.2

52.0

Reconciliation IFRS Profit to FFO

€m (u nle ind ica ted he ise ) ot ss rw	9M 20 17	9M 20 16	De lta
IF RS PR OF IT FO R T HE PE RI OD	1, 2 0 5. 2	27 8. 3	>1 0 0 %
1 Fin cia l re sul t an	21 8. 2	3 5 4. 1	-3 8. 4 %
Inc e t om axe s	6 6 3. 8	17 7. 1	>1 0 0 %
De cia tio nd ort iza tio pre n a am n	2 3. 0	1 6. 4	+4 0. 2 %
Inc e f fa ir v alu dju of inv rtie stm ts est nt om rom e a en me pro pe s	6 -1 1 4.7 ,	-	-
= E BI TD A I FR S	94 5. 5	8 25 9	+1 4. 5 %
No rrin ite n-r ecu g ms	75 9	7 0. 3	+8 0 %
tal rio d a dju fro he ld f sal To stm ts ets pe en m ass or e	-5 0	11 2	1 0 0 % >-
Inc e f in in oth l es nie stm ts tat om rom ve en er rea e c om pa s	-1 3. 0	-9 6	+3 5. 4 %
US = A DJ TE D E BI TD A	1, 0 0 3. 4	8 8 97	8 +1 1. %
Ad ted ale jus EB ITD A S s	-8 1. 3	-6 5. 5	+2 4. 1 %
= A DJ US TE D E BI TD A O PE RA TI ON S	9 2 2. 1	8 3 2. 3	0. 8 % +1
2 FO Int st s F ere ex pe nse	-2 1 6. 5	-2 4 9. 1	-1 3. 1 %
Cu nt inc e t s F FO 1 rre om axe	-1 5. 1	-1 1. 6	+3 0. 2 %
FO = F 1	6 9 0. 5	6 5 71	2 0. 8 % +
lize d m Ca ita ain ten p an ce	-5 0. 3	-4 7. 3	+6 3 %
= A FF O	6 0. 2 4	24 3 5	2 2. % 1 +
Cu FO 2 nt inc e t s F rre om axe	-2 3. 8	-3 3. 1	-2 8. 1 %
( in cl. Ad jus ted les / inc les ) FF O2 FF O1 EB IT DA Sa Cu nt e t rre om ax es sa	74 8. 0	6 0 4. 0	2 3. 8 % +
FFO 1 p sha in € (eo NO SH ) er re p	2 1.4	2 3 1.	6. 0 % +1
FO ha in € (eo NO SH ) AF pe r s re p	1. 3 2	1.1 3	+1 7. 3 %
Nu mb of sha (m illio n) er res eo p	8 4 5. 1	6 6. 0 4	+4 .1 %

Excluding income from investments. ² Including financial income from investments in other real estate companies.

IFRS P&L

( les d d o he ) €m in ica te t ise un s rw	9M 2 0 17	9M 2 0 1 6	De l ta
Inc fro let ing ert t om e m p rop y	1, 75 3. 9	1, 6 4 0. 3	+6 9 %
he fro Ot r in ert t co me m p rop y ma na g em en	3 0 4.	2 9. 1	8 +1 6. %
In fro ty t co me m p ro p er m an ag em en	1, 7 8 7. 9	1, 6 6 9. 4	+7 .1 %
fro d isp l o f p ies Inc ert om e m os a rop	95 1. 2	9 8 8. 2	-3 .7 %
f p Ca ing ies l d nt ert rry am ou o rop so	-9 0 5. 6	-9 5 3. 9	-5 .1 %
lua f a he l d for le Re t ion ts va o sse sa	6 0. 5	3 7. 9	9. 6 % +5
f it d isp l o f p ies Pr t o on os a ro p er	1 0 6. 1	7 2. 2	0 % +4 7.
inc fro fa ir lue d j f inv ies Ne t tm ts tm t p t om e m va a us en o es en ro p er	6 1, 1 4. 7	-
lize d l e Ca ita int p er na xp en se s	3 2 6. 8	2 27 .7	3. % +4 5
Co f m ria ls st ate o	-8 6 6. 8	-7 9 0. 6	+9 6 %
Pe l e rso nn e xp en se s	-3 0 7. 1	-2 6 7. 1	+1 5. 0 %
d a De iat ion rt iza t ion p rec an mo	-2 3. 0	-1 6. 4	0. 2 % +4
Ot he ing in t r o p era co me	75 8	7 0. 5	+7 .5 %
he Ot t ing r o p era ex p en se s	9 6. -1 7	6 6. -1 7	8. +1 0 %
l in Fin ia an co me c	4 6. 2	2 2.4	>1 0 0 %
Fin ia l e an c xp en se s	-2 44 9	-3 6 6. 0	-3 3. 1 %
Ea ing be fo ta rn s re xe s	1, 8 6 9. 0	45 5. 4	>1 0 0 %
Inc e t om ax es	-6 6 3. 8	-1 77 .1	>1 0 0 %
f it fo he io d Pr r t o p er	1, 2 0 5. 2	27 8. 3	0 0 % >1
bu b le At tr i ta to :
Vo via 's ha ho l de no s re rs	1, 11 7. 6	1 8 2.7	>1 0 0 %
via 's hy br i d c ita l in Vo sto no ap ve rs	2 2.4	2 2.4
No l lin int tro sts n-c on g ere	6 5. 2	7 3. 2	-1 0. 9 %
ing ha ( ba ic d d i lut d ) in Ea € rn s p er s re s an e	2. 3 6	0. 3 9	>1 0 0 %

IFRS Balance Sheet (1/2 – Total Assets)

€m ( les in d ica d o he ise ) te t un s rw	Se 3 0, 2 0 17 p.	De 3 1, 2 0 1 6 c.	De lta
As ts se
Int i b le ts an g as se	2, 95 6. 5	2, 3. 74 1	+7 8 %
lan d e Pro ert t a ip nt p y, p n q u me	14 5. 3	11 5. 7	+2 6 % 5.
Inv tm t p ert ies es en rop	3 0, 7 6 0. 2	2 6, 9 8 0. 3	+1 4. 0 %
Fin ia l a ts an c sse	6 6 5. 3	5 8 5. 9	+1 3. 6 %
he Ot ts r a sse	21 9	15 2	+4 4. 1 %
fer De d t ts re ax as se	24 9	9. 6 1	+2 7. 0 %
l n To ta nt et on -c ur re a ss s	3 4, 5 74 .1	3 0, 45 9. 8	+1 3. 5 %
Inv rie to en s	6. 0	5. 0	+2 0. 0 %
de iva b les Tr a re ce	2 21 0	1 6 4.4	+3 % 4.4
l a Fin ia ts an c sse	0. 0	15 3. 2	-1 0 0. 0 %
Ot he ts r a sse	8. 8 14	0 2.7 1	+4 4. 9 %
b les Inc e t iva om ax re ce	3 0. 9	3 4. 6	0. % -1 7
h a d c h e len Ca iva ts s n as q u	3 3 9. 8	1, 5 4 0. 8	-7 7. 9 %
As he l d for le ts se sa	95 8	6 1. 6	+5 5. 5 %
l c To ta nt et ur re a ss s	8 4 2. 3	2, 0 6 2. 3	9. 2 % -5
l a To ta et ss s	3 5, 41 6. 4	3 2, 5 2 2. 1	+8 9 %

IFRS Balance Sheet (2/2 – Total Equity and Liabilities)

€m (u nle ind ica ted ot he ise ) ss rw	Se 30 20 17 p. ,	De 31 20 16 c. ,	De lta
Eq uit nd lia bil itie y a s
Su bsc rib ed l ita cap	4 8 5. 1	4 6 6. 0	+4 .1 %
Ca ita l re p ser ve s	5, 9 6 5. 1	5, 3 3 4. 9	+1 1. 8 %
Re tai ned rni ea ng s	21 2. 8 7,	6, 6 6 5. 4	+8 2 %
Ot he r re ser ve s	1 21 0	1.5	0 0 % >1
tal uit ibu tab le via 's sh ho lde To ttr to Vo eq y a no are rs	1 3, 7 8 4. 0	1 2, 4 6 7. 8	+1 0. 6 %
ibu tab le t o h bri d c l in Eq uit ttr ita sto y a ap ve rs y	1, 0 3 1.5	1, 0 0 1. 6	+3 0 %
To tal uit ibu tab le Vo via 's sh ho lde d h bri d c ita l in ttr to sto eq y a no are rs an y ap ve rs	14 8 15 .5 ,	1 3, 4 6 9. 4	+1 0. 0 %
No llin int tro sts n-c on g ere	6 6 0. 6	41 9. 0	% +5 7.7
tal uit To eq y	15 47 6. 1 ,	1 3, 8 8 8. 4	+1 1.4 %
Pro vis ion s	6 0 9. 9	6 0 7. 9	+0 3 %
Tra de ab les pay	0. 6	3 1.	-5 3. 8 %
n d eri ive fin cia l lia bili tie No vat an s	11 7 6 9.5 ,	11 6 4 3. 4 ,	% +1 .1
De riv ati ve s	14 .1	1 9. 1	-2 6. 2 %
bili s f fin lea Lia tie rom an ce ses	94 .4	94 .7	-0 3 %
Lia bili tie olli int s t ntr sts o n on -co ng ere	2 6. 6	9. 9	>1 0 0 %
Ot he r li ab iliti es	0. 7 7	8 3. 3	-1 5. 1 %
fer red x l iab iliti De ta es	4, 5 5 7. 2	3, 7 6 9.5	+2 0. 9 %
tal t l iab ilit ies To no n-c ur ren	17 14 3. 0 ,	1 6, 2 2 9. 1	+5 6 %
Pro vis ion s	3 3. 0 4	3 0. 8 7	-7 .5 %
de ab les Tra pay	3 0. 9 1	3 8. 8 1	% -5 .7
n d fin l lia bili No eri vat ive cia tie an s	2, 15 1. 6	1, 7 27 6	+2 4. 5 %
De riv ati ve s	8. 2	5 7.5	-8 5. 7 %
Lia bili tie s f fin lea rom an ce ses	4. 9	4. 5	+8 9 %
Lia bili tie olli int s t ntr sts o n on -co ng ere	4. 5	2.7	+6 6. 7 %
Ot he r li ab iliti es	15 4. 2	1 0 2.7	0. % +5 1
tal lia bil itie To nt cu rre s	2, 7 97 3	2, 4 0 4. 6	+1 6. 3 %
To tal lia bil itie s	1 9, 94 0. 3	1 8, 6 3 3. 7	+7 0 %
To tal uit nd lia bil itie eq y a s	3 6. 5, 41 4	3 2, 2 2. 5 1	+8 9 %

€ m	9 M 2 0 1 7	9 M 2 0 1 6	D l t e a
C h f lo fr in iv i ie t t t a s o m o p er a g a c s w	7 1 9. 0	6 3 6. 7	1 2. 9 %
C h f lo fr in t in t iv i t ie a s w o m ve s g a c s	-1 1 6 5. 2 ,	3 2 6. 5	1 0 0 % >-
f fr f C h lo in in iv i ie t t a s w o m a nc g a c s	8 -7 5 4.	-2 9 3. 0 5 ,	% -7 4. 4
h in h d h iv l N t t e c a ng e s c a s a n c a s e q a e n s u	-1 2 0 1. 0 ,	8 8 -1 9 9. ,	-3 9. 6 %
h d h le he b f he d C iv in in io t t t t a s a n c a s e q u a n s a e g n g o p er	1, 5 4 0. 8	3, 1 0 7. 9	-5 0. 4 %
f C h d h iv l h d h i d t t t t a s a n c a s e q u a e n s a e e n o e p e r o	3 3 9. 8	1, 1 1 8. 1	-6 9. 6 %

€ m ( les in d ica d o he ise ) te t un s rw	9 2 0 1 M 7	9 2 0 1 6 M	l D t e a
fo Ex in t p e ns e s r m a e na nc e	1 9 2. 2	1 8 4. 1	4. 4 %
l d C i ize in t t a p a m a e na nc e	2. 0 5	8. 0 4	8. 3 %
d iza io k Mo t er n n or w	0 8. 6 5	2 8 6 4.	8. % 7 7
1 M in d d iz i l t t t t a e n a nc e a n m o e rn a o n o a	2. 8 7 5	6. 5 1 7	% 4 5. 7

Incl. intra-Group profits for 9M 2017: €53.3m (thereof €1.7m capitalized maintenance and €16.8m modernization); 9M 2016: €36.1m (thereof €0.7m capitalized maintenance and €5.8m modernization); new construction in 9M 2017 €22.8m, new construction in 9M 2016: €11.8m (included in modernization measures).

Income fromProperty Management

€ m ( les in d ica d o he ise ) te t un s rw	9 M 2 0 1 7	9 M 2 0 1 6	D l t e a
l Re t in n a c o m e	1, 2 5 2. 5	1, 1 5 9. 3	8. 0 %
l la An i t c ry c o s	5 0 1. 4	4 8 1. 0	4. 2 %
fr in In Pr L ty t t c o m e o m o p e r e g	1, 3. 9 7 5	1, 6 4 0. 3	6. 9 %
he fr O in t ty t r c o m e o m p ro p er m a na g e m e n	3 0 4.	2 9. 1	6. 8 % 1
In fr ty t c o m e o m p r o p e r m a n a g e m e n	8 1, 7 7. 9	6 6 9. 1, 4	% 7. 1

Rental income under IFRS definition. Includes €3.1m of rental income attributable to Value-add Business.

Cost of Materials

€ m ( les in d ica d o he ise ) te t un s rw	9 M 2 0 1 7	9 M 2 0 1 6	D l t e a
fo l la Ex i t p e ns e s r a nc ry c o s s	2. 0 4 7	6 8 4 1.	2. 2 % +
fo Ex in t p e ns e s r m a e na nc e	3 2 2. 0	2 6 6. 4	2 0. 9 % +
O he f p ha d d d t t ic r c o s o c s e g o o s a n s er e s ur v	7 2. 8	6 2. 4	6. % 1 7 +
l c f i ls T t t t o a o s o m a e r a	8 6 6. 8	9 0. 6 7	9. 6 % +

Conservative Valuation

In-place values are still less than half of replacement values, in spite of accelerating valuation growth in recent years.

Note: VNA 2010 – 2014 refers to Deutsche Annington Portfolio at the time; construction costs excluding land.

Acquisitions – Opportunistic but Disciplined

Historical Key Figures (1/2)

Fin cia l K Fig s ( €m les ed oth ise ) tat an ey ure un s s erw ,	9M 2 0 17	2 0 1 6	2 0 15	2 0 14	2 0 1 3
l in Re nta co me	1, 24 9.4	1, 5 3 8. 1	1, 41 4. 6	7 8 9. 3	7 2 8. 0
A d j d EB IT DA Op ion te t us era s	9 2 2. 1	0 94 0 1,	95 6 7.	0 3. 5 4	2.4 44
d d l A j te EB IT DA R ta us en	8 6 5. 9	1, 0 4 6. 2	9 24 .4	4 8 2. 6	4 3 3. 0
d d lue d d A j te EB IT DA V Bu ine us a -a s ss	7 6. 0	5 7. 0	3 7. 6	2 3. 6	1 0. 5
d j d Ot he A te EB IT DA us r	8 -1 9.	-9 2	-4 .4	8 -2	-1 .1
fro d l o f p Inc isp ert ies om e m os a rop	95 1. 3	1, 2 27 9	7 2 6. 0	2 8 7. 3	3 5 3. 5
d j d S les A te EB IT DA us a	8 1. 3	9 2, 5	71 .1	5 0. 1	27 .7
d d A j te EB IT DA us	1, 0 0 3. 4	1, 1 8 6. 5	1, 0 2 8. 7	5 5 3. 5	47 0. 1
EB IT DA IF RS	94 5. 5	0 8 3. 1, 7	8 3 8. 4	0 0. 3 5	3 0 4 1.
FF O 1	6 9 0. 5	7 6 0. 8	6 0 8. 0	2 8 6. 6	2 2 3. 5
he f a i bu b le Vo via ha ho l de t ttr ta to reo no s re rs	6 0. 6 5	3. 71 4	5 5 5. 5	27 5. 1	21 8. 4
he f a bu b le hy br d c l in t ttr i ta to Vo via i ita sto reo no ap ve rs	3 0. 0	4 0. 0	3 3. 0	-	-
he f a i bu b le No l lin int t ttr ta to tro sts reo n-c on g ere	9. 9	7.4	9.5 1	11 .5	5. 1
FF O 2	74 8. 0	8 2 3. 8	6 6 2. 1	3 3 6. 7	25 1. 2
AF F O	6 0. 2 4	6 8 9. 2	2 0. 5 5	25 8. 3	2 0 3. 5
ha FF O 1 p in € er s re	1.4 2	1. 6 3	1. 3 0	1. 0 0	0. 95
Inc fro fa ir v lue d j f in ies tm ts stm t p ert om e m a a us en o ve en rop	6 1, 1 4.7	3, 2 3 6. 1	3 2 3. 1, 5	3 71 .1	3. 5 5 7
EB T	1, 8 6 9. 0	3, 8 5 9. 8	1, 7 3 4. 5	5 8 9. 1	6 8 9. 6
fit for Pro t he io d p er	1, 2 0 5. 2	2, 5 1 2. 9	9 94 .7	4 0 9.7	4 8 4. 2
Ca h f low fro ing ivi ies t t t s m op era ac	71 9. 0	8 2 8. 9	6 8 9. 8	45 3. 2	25 9. 6
h f low fro Ca inv t ing t ivi t ies s m es ac	-1 1 6 5. 2 ,	41 6. 4	-3 2 3 9. 8 ,	-1 17 7. 9 ,	17 1. 3
Ca h f low fro fin ing ivi ies t t s m an c ac	-7 5 4. 8	-2 8 1 2.4 ,	4, 0 9 3. 1	1, 74 1.7	-3 5 3. 2
d m de Ma int iza t ion en an ce a n o rn	75 2. 8	7 9 2.4	6 8 6. 3	3 45 .5	2 2 8. 4
he f for int d c ita lize d m int t reo m a en an ce ex p en se s a n ap a en an ce	24 2 4.	3 2 0. 1	3 3 0. 7	3. 8 17	6 15 7.
he f for de t iza t ion reo m o rn	5 0 8. 6	47 2. 3	3 5 5. 6	17 1.7	7 0. 8

The key figures of prior years have been adjusted to match the definitions of the 2016 fiscal year. The key figures per share are based on the shares carrying dividend rights on the corresponding reporting date. Values for 2013 and 2014 are TERP-adjusted.

Historical Key Figures (2/2)

lan Sh s ( les ed oth ) Ke Ba eet Fig €m tat ise ce ure un s s erw y ,	Se 3 0, 2 0 17 p.	3 2 0 6 De 1, 1 c.	3 2 0 De 1, 15 c.	3 De 1, c 2 0 14	3 De 1, c 2 0 1 3
lue f r l e fo lio Fa ir v sta te ort a o ea p	3 0, 94 8. 1	27 11 5. 6 ,	24 15 7.7 ,	1 2, 75 9. 1	1 0, 3 2 6. 7
d d A j te NA V us	1 6, 2 6 3. 5	14 3 2 8. 2 ,	11 27 3. 5 ,	6, 47 2. 0	5, 1 2 3. 4
d d ha A j te NA V in € us p er s re	3 3. 5 3	3 0. 75	24 .1 9	2 2. 6 7	21 .74
LT V ( % )	2.4 4	6 41	6. 9 4	9. 3 4	8. 4 1
No n-F ina nci al Ke Fig y ure s	9M 2 0 17	2 0 1 6	2 0 15	2 0 14	2 0 1 3
Nu be f u nit d m r o s m an ag e	3, 0 3 41 7	3 9 2, 3 0 5	3 97 9 9 7 ,	2 3 2, 24 6	2 0 3 1, 7 7
he f o t art nts reo wn ap me	3 5 0, 1 3 4	3 3 3, 3 8 1	3 5 7, 11 7	2 0 3, 0 2 8	17 5, 25 8
he f a d by he t art nts ot reo p me ow ne rs	6 3, 5 6 9	5 8, 9 6 9	4 0, 6 8 2	2 9, 21 8	2 6, 47 9
Nu be f u nit bo ht m r o s ug	24 8 47 ,	2, 8 15	6 8, 6 3 2 1	3 8 8 1, 5	0
be f u nit l d Nu m r o s s o	8, 3 0 4	2 6, 6 3 1	15 17 4 ,	4, 0 8 1	6, 7 2 0
he f P t riv at ize reo	1, 7 0 4	2, 7 0 1	2, 97 9	2, 2 3 8	2, 5 7 6
he f N t -C reo on ore	6, 6 0 0	2 3, 9 3 0	1 2, 1 95	1, 8 4 3	4, 14 4
Va ( in % ) rat ca nc y e	2. 9	2.4	2.7	3. 4	3. 5
h ly in- lac in € /sq Mo nt t p e r en m	6. 1 9	6. 0 2	5. 75	5. 5 8	5. 4 0
h ly lac h ( % ) Mo nt in- t o ic t p e r en rg an g row	3. 9	3. 3	-	-	-
be f e loy Nu m r o mp ee s	8, 3 7 8	7, 4 3 7	6, 3 6 8	3, 8 5 0	2, 9 3 5
EP RA Ke Fig y ure s	9M 2 0 17	2 0 1 6	2 0 15	2 0 14	2 0 1 3
EP RA N AV	9, 9 3. 3 1 1	0 17 47 .1 ,	3, 9 8 8. 2 1	6, 8. 0 5 7	2 3. 5, 1 4
EP RA N AV ha in € ** p er s re	3 9, 5 7	3 6. 8 5	3 0. 0 2	2 3. 0 4	21 .74
EP RA N NN AV	---	1 2, 0 3 4.4	9, 7 3 9. 8	-	-
EP RA Ea ing rn s	---	44 8. 5	3 2 9. 2	-	-
EP RA N In it ia l Y ie l d in % et	---	4. 1	4. 5	-	-
EP RA "to d- " N In it ia l Y ie l d in % et p p e up	---	4. 1	4. 5	-	-
in % EP RA V te ac an cy ra	---	2. 2	2.5	3. 0	3. 1
( l. d ) EP RA C t R at io inc ire ct sts in % os va ca nc y co	---	2 8. 4	3 1. 9	-	-
EP RA C t R io ( l. d ire ) in % at ct sts os ex c va ca nc y co	---	27 0	3 0. 2	-	-

The key figures of prior years have been adjusted to match the definitions of the 2016 fiscal year. The key figures per share are based on the shares carrying dividend rights on the corresponding reporting date. Values for 2013 and 2014 are TERP-adjusted.

Vacancy Rates – Quarterly Comparison

Q1 to Q4 development 2012 – ²⁰¹⁷ 4.4%4.5%4.4%3.9%4.0%3.9% 3.9%3.5%3.7% 3.8% 3.6%3.4%3.4%3.5%3.4%2.7%2.8% 2.8% 2.8%2.4%2.7%2.9% 2.9%2%3%4%5%Q1 Q2 Q3 Q4201220132014201520162017

Vonovia History

• Seed portfolios of today's Vonovia have origin in public housing provided by government, large employers and similar landlords with a view towards offering affordable housing.
• At beginning of last decade, private equity invested in German residential on a large scale including into what is Vonovia today (mainly Deutsche Annington and Gagfah then).
• IPO in 2013.
• Final exit of private equity in 2014.

Liquid Large-cap Stock

Fir day of din st tra g	Jul 11 20 y ,	13
Nu mb of sha din tst er res ou an g	48 5.1 m	illio n
Fre flo bas ed De che Bö at uts e on rse def init ion	92	.7%
ISI N	DE 00 0A 1M	L7J 1
Tic ker mb ol sy		VN A
Sh cla are ss	Re iste red sh ith g are s w no pa r v	alu e
Lis tin g	nkf St ock cha Fra urt Ex	ng e
rke Ma t s nt eg me	lat ed Re Ma gu da Pri St me an	rke t, rd
Ma jor in dic d w eig ht es an of (as Se tem be 30 20 17 ) p r ,	DA X 1, Sto Eu e 6 00 0, rop xx MS CI Ge 1, rm an y rld GP R 2 50 Wo 1, / FTS E E PRA NA RE IT Eu 8, rop e	6% 2% 4% 4% 3%

VNA share price performance since IPO vs. DAX and EPRA Europe Index

D t a e	N O S H ( i l l i ) m o n	C t o m m e n
b D 3 1, 2 0 1 6 e c e m e r	4 6 6 0
h M 3 1, 2 0 1 7 a r c	8 8 4 6	i i i t t c o n w e r a c q u s o n
J 3 0 2 0 1 7 n e u ,	4 7 6 5	d d d S i i i c p e n r v
S b 3 0 2 0 1 7 t e p e m e r ,	8 4 5 1	G f h b d a g a c r o s s- o r e r m e r g e r

The number of outstanding shares is always available at http://investoren.vonovia.de/websites/vonovia/English/2010/key-share-information.html Valuation methodology for German residential properties is primarily based on market prices for assets – not on interest rates

• While market prices are affected by general interest rate levels, there is no significant correlation.
• Other factors such as supply/demand imbalance, rental regulation, market rent growth, location of assets etc. outweigh the impact of interest rates when it comes to pricing residential real estate.
• The steep decline in interest rates (down by 760bps since 1992) is not mirrored by asset yields (down by 120bps since 1992).
• Asset yields outperformed interest rates by 240bps on average since 1992 and 550bps in June 2016.

Yearly asset yields vs. rolling 200d average of 10y interest ratesSources: Thomson Reuters, bulwiengesa

Three Valuation Layers with Different Volatilities

High degree of stability and predictability of underlying business (layer 1) and portfolio valuation (layer 2) is not reflected in share price development (layer 3), as equity markets appear to apply valuation parameters that are substantially less material for Vonovia's operating performance.

Company Presentation – January 2018 page 67

Wrap-up

2017 guidance confirmed towards upper end.

Built-in organic growth momentum continues in 9M 2017 and beyond.

First indication for full-year valuation shows positive fundamentals remain in place. €4.0bn - €4.5bn value uplift expected for the full year.

Investment Program on a broad footing supports organic growth potential.

Guidance for 2018 shows internal strength going forward.

Impressions

Dresden

Berlin

Leverkusen

Nuremberg

Impressions

Dortmund

Frankfurt

Bremen

Essen

Company Presentation – January 2018

Impressions

Berlin

Berlin

Optimize Apartment

Optimize Apartment

Upgrade Building

Dortmund

Upgrade Building

Hamburg

Upgrade Building

Company Presentation – January 2018

Floor Addition

Modular Construction

Company Presentation – January 2018

Modular Construction

Dortmund

Modular Construction

Company Presentation – January 2018

Neighborhood Development

Company Presentation – January 2018

VTS

Disclaimer

This presentation has been specifically prepared by Vonovia SE and/or its affiliates (together, "Vonovia") for internal use. Consequently, it may not be sufficient or appropriate for the purpose for which a third party might use it.

This presentation has been provided for information purposes only and is being circulated on a confidential basis. This presentation shall be used only in accordance with applicable law, e.g. regarding national and international insider dealing rules, and must not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by the recipient to any other person. Receipt of this presentation constitutes an express agreement to be bound by such confidentiality and the other terms set out herein.

This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of Vonovia ("forward-looking statements") which reflect various assumptions concerning anticipated results taken from Vonovia's current business plan or from public sources which have not been independently verified or assessed by Vonovia and which may or may not prove to be correct. Any forward-looking statements reflect current expectations based on the current business plan and various other assumptions and involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements only speak as at the date the presentation is provided to the recipient. It is up to the recipient of this presentation to make its own assessment of the validity of any forward-looking statements and assumptions and no liability is accepted by Vonovia in respect of the achievement of such forward-looking statements and assumptions.

Vonovia accepts no liability whatsoever to the extent permitted by applicable law for any direct, indirect or consequential loss or penalty arising from any use of this presentation, its contents or preparation or otherwise in connection with it.

No representation or warranty (whether express or implied) is given in respect of any information in this presentation or that this presentation is suitable for the recipient's purposes. The delivery of this presentation does not imply that the information herein is correct as at any time subsequent to the date hereof.

Vonovia has no obligation whatsoever to update or revise any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof.

This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever.

This presentation is neither an advertisement nor a prospectus and is made available on the express understanding that it does not contain all information that may be required to evaluate, and will not be used by the attendees/recipients in connection with, the purchase of or investment in any securities of the Company. This presentation is selective in nature and does not purport to contain all information that may be required to evaluate the Company and/or its securities. No reliance may or should be placed for any purpose whatsoever on the information contained in this presentation, or on its completeness, accuracy or fairness.

This presentation is not directed to or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

Neither this presentation nor the information contained in it may be taken, transmitted or distributed directly or indirectly into or within the United States, its territories or possessions. This presentation is not an offer of securities for sale in the United States. The securities of the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States. Consequently, the securities of the Company may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, into or within in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States unless registered under the Securities Act.

Tables and diagrams may include rounding effects.