Vonovia SE — Earnings Release 2014

Oct 30, 2014

Deutsche Annington Immobilien SE 9M 2014 Results

Conference Call, Dusseldorf, 30th October 2014

Rolf Buch, CEO Dr. A. Stefan Kirsten, CFO

Highlights 9M 2014

• Strong operating performance continues 2014 guidance confirmed at upper end
• Dividend proposed at 0.78 €/share (= ~70% of FFO 1)
• Positive development of business model ongoing
• Cost savings on track Cost per unit decrease from starting point € 941 to <€ 790 end of 2014
• Modernisation program 2014 successfully completed despite higher volume (€ 162m vs € 150m initially planned)
• Modernisation program of >€ 200m identified for 2015, up 24% from 2014
• Active portfolio management constantly improves long-term return profile
• Fast and smooth integration of recent acquisitions DeWAG completed, Vitus on track
• Capital structure medium to long-term shifts towards lower leverage
• 2015 outlook based on sustainable and profitable growth

Guidance	(Feb. 2014)	(July 2014*)	(Sept. 2014*)
L-f-l rental growth	2.3 –	2.3 –	2.3 –
	2.6%	2.6%	2.6%
Modernisation	€	€	€
program	150m	160m	160m
Disposals (privatisation)	~1,800 units	2,000-2,100 units	2,100-2,200 units
Step-up on FMV (privatisation)	20%	30-35%	30-35%
FFO 1	€	€	€
	250 –	275 –	280 –
	265m	285m	285m
Dividend policy	~70% of	~70% of	~70% of
	FFO 1	FFO 1	FFO 1
Dividend/share			€ 0.78

* Including pro-rata contribution of acquisitions, excluding disposal of Vitus NRW-Portfolio

All KPIs improving, strong operating performance continues

*Based on number of shares as of 30 Sep and 31 Dec 2013 (224.2m) and 30 Sep 2014 (240.2m)

All KPIs improving, strong operating performance continues

*Based on number of shares as of 30 Sep and 31 Dec 2013 (224.2m) and 30 Sep 2014 (240.2m)

**Based on average number of units over the period

© Deutsche Annington Immobilien SE 30th October 2014 9M 2014 Results

FFO by all definitions significantly exceeds previous year

FFO evolution (€m)				FFO breakdown 9M 2014 (€m)
(€m)	9M 2014	9M 2013						FFO 1 excl.
Adjusted EBITDA	400.2	363.1	400					maintenance
(-) Interest expense FFO	-153.5	-166.3		(154)				311
(-) Current income taxes	-6.0	-6.0
(=) FFO 2	240.7	190.8
(-) Adjusted EBITDA Sales	-35.7	-27.4			(6)	241	(36)	205
(=) FFO 1	205.0	163.4							17
(-) Capitalised maintenance	-16.6	-15.7
(=) AFFO	188.4	147.7
(+) Capitalised maintenance	16.6	15.7
(+) Expenses for maintenance	106.4	105.1	Adjusted	Interest	Current	FFO 2	Adjusted	FFO 1	Capitalised
(=) FFO 1 (excl. maintenance)	311.4	268.5	EBITDA	expense FFO	income taxes		EBITDA Sales		maintenance

Comments

• Significant positive development of all FFOs
• In addition to DeWAG contribution, main driver is lower interest expenses from new funding strategy
• Reduced sales volume at increased step-up lifts up sales result

KPIs for Privatisations and Non-Core up further

Privatisation
	FY 2013	9M 2014
# units sold	2,576	1,778
Gross proceeds (€m)	223.4	184,4
Fair value disposals (€m)	-178.8	-134,9
Gross profit (€m)	44.6	49.5
Fair value step-up	24.9%	36.7%
	Target	> 20%

Non-Core Disposals
	FY 2013	9M 2014
# units sold	4,144	873
Gross proceeds (€m)	130.1	28.6
Fair value disposals (€m)	-131.7	-26.9
Gross profit (€m)	-1.6	1.7
Fair value step-up	-1.2%	6.6%
	Target	= 0%

• Privatisation volume tend towards upper end of 2014 target

• Fair value step-up significantly above last year's level

• Non-core sales on track

• Disposals above fair value

NAV-Bridge steadily upwarding

Comments

• Transaction costs of capital increase
• Other comprehensive income includes effects from derivate and pensions

Note: Rounding errors may occur

Fully on track to achieve increased cost saving target

Line	FY Target	Status 9M/2014	Comments
Headcount			 Slightly behind as initial plan has been adjusted for acquisitions
reduction	~€12m	Slightly behind	 Elderly part time program
			 Pay roll reduction
IT cost	~€2m	Slightly ahead	 Lower process cost
			 Lower wide area network cost
			 Higher sales
TGS	~€5m	On track	 Improved margin due to better business processes
Other operating cost	~€5m	Well ahead	 Overall lower SG&A and PTU cost
Total	>€24m	Slightly ahead

Cost saving program and acquisitions lead to a best-in-class cost structure

Increased cost saving program lifts savings up to ~€ 150/unit (up from initial target € 120/unit) Effect of acquisitions in 2014 minor, as units count pro rata, full effect from 2015 onwards

Our modernisation program is a sustainable success story

Positive track record 2014 substantially over-delivered & more to come

• Successfully delivered on promise at IPO to substantially increase investments to ~€ 150m p.a.
• 2015 contains both a steady invest flow to Deutsche Annington legacy portfolio as well as significant investments in acquired portfolios
• Total invest volume >€ 200m
• Yield commitment (7%) and invest focus (energy & demographic change) remain unchanged
• Preparations for all projects with construction start in Q1/2015 well advanced

We will focus on the systematical development of new services and products along social megatrends

New services will complete our product offering along the social megatrends

We are able to reduce the effects of "Mietpreisbremse" by benefitting from our unique modernisation skills

• With our German-wide presence and the approach to offer affordable living, only very few of our assets are located in potential "high demand housing markets", where "Mietpreisbremse" might be applied
• Assessed potential risk of lost rental growth amounts to around 0.2% p.a.
• 1. Do nothing accept situation 2. Only "comprehensive, high-end-luxury" modernisations No option for Deutsche Annington, as not in line with our position of being "Germany's largest residential real estate manager" No option for Deutsche Annington, as it leads to growth stagnation general principle to offer `affordable living´. The only realistic scenario for Deutsche Annington due to the strategic advantage of TGS. 3. Shift strategy to portfolio privatisation only
• 1. Highest implementation probability through countrywide availability of craftsmen capacity
• 1. Cost efficiency and economies of scale result in lower costs for tenants and lead to higher acceptance of modernisation efforts

Although Deutsche Annington might be affected by the "Mietpreisbremse", it offers the opportunity to focus even stronger on our strategic advantage – socially accepted modernisation executed by TGS, our own craftsmen organisation.

4. Broaden and expand rent-related investments

No option for Deutsche Annington, as not in line with our

Active portfolio management approach pays off

All 2014 transactions perfectly enhance our portfolio – acquisitions as well as disposals

Fast and smooth integration of recent acquisitions

		2014				2015
	Q1	Q2	Q3	Today Q4	Q1	Q2	Q3	Q4
DeWAG – integration completed
Vitus		1
1. Signing
2. Closing				2
3. Integration of Finance / Accounting					3
4. Integration of real estate administrative & technical processes					4
5. Finalisation and transfer of former periods PTU billing						5
Franconia
1. Signing			1
2. Closing					2
3. Integration of Finance / Accounting						3
4. Integration of real estate administrative/technical processes						4
5. Finalisation and transfer of former periods PTU billing								5

We see plenty of opportunities for acquisitions and have the power to bring them home

If it comes to an acquisition, we are a highly appreciated and reliable partner

• We offer transaction security. If we sign, we close as well in a relatively short timeframe.
• Best-in-class financing strategy with fast access to a comprehensive set of funding tools.
• Our German-wide presence is a competitive advantage ("You don't easily find portfolios of 5,000 units in one city")
• We have a dedicated and well experienced internal M&A team
• Our processes are standardised and fast
• Our deal criteria are transparent

However every potential acquisition is monitored by a dedicated process, keeping us disciplined

Return matrix is a powerful model to make an early decision about the strategic fit of an offered portfolio

The "cage" keeps us highly disciplined and prevents us from overpaying - a high risk in current markets

Funding for 2014 acquisitions fully completed at competitive pricing

• mainly subsidised loans or low-interest bearing debt 1
• 11.8m shares in kind will be issued to Vitus shareholders at closing. Value consideration is DAIGs NAV at YE 2013 of € 21.33 2
• Raised € 304m primary capital under Deutsche Annington's authorised share capital at March 2013. 16m shares issued at € 19.00 3
• Issuance of hybrid bond in April 2014, allowing for 50% equity credit, thereby strengthening the combined capital ratios. For details see Q1 2014 presentation 4
• Bond issuance / Disposals: EUR 500m EMTN issued in July, residual amount from asset disposals i.e. sale of NRWportfolio. 5

Capital structure shifts towards lower leverage

• The residential business will stay cyclical
• Sophisticated markets like the US give evidence that higher leveraged real estate companies do not enjoy superior long-term returns
• A mid-term moderate reduction in leverage will even further reduce distress risks and will significantly increase opportunities
• Capital raising history in Europe and US points toward earlier than later capital rises
• This might be accompanied by a mid-term rating improvement

Outlook 2015 - Further improvement of all KPIs

	Guidance 2014	Outlook 2015
l-f-l rental growth	2.3 – 2.6%	2.6 – 2.8%
Rental income	~ € 785m	€ 880 – 900m
FFO 1	€ 280 – 285m	€ 340 – 360m
NAV/share1)	€ 23 – 24	€ 24 – 25
Modernisation program	~ € 160m	> € 200m
Planned disposals (privatisation)	2,100-2,200 units	~1,600 units
Step up on FMV (privatisation)	30-35%	~30%
Dividend policy	78 cent/share2)	~70% of FFO1

1) Includes adjustment of NAV calculation to more strictly reflect EPRA Best Practices Recommendations; NAV does not include any potential yield compression in year end fair value assessment; Based on existing capital structure

2) = ~70% of FFO 1

• 2014 guidance confirmed at upper end, proposing a higher dividend for 2014
• 2015 outlook is driven by strong operational performance and active portfolio management, being the basis for further sustainable profitable growth
• More than bricks: We keep evolving our product and service offering to further improve the quality of our portfolio and thereby further enhance customer satisfaction
• Enhancing balance sheet quality with adequately de-levered capital structure

Appendix

9M 2014 key figures confirm positive development

Key Figures
in €m	9M 2014	9M 2013	Change in %
Residential Units k	184.0	178.6	3.0%
Rental income	572.7	546.1	4.9%
Vacancy rate %	3.6%	3.9%	-0.3pp
Monthly in-place rent €/sqm excl. DeWAG	5.51	5.39	2.3%
Adjusted EBITDA Rental	364.5	335.7	8.6%
Adj. EBITDA Rental / unit in €	2,017	1,865	8.2%
Income from disposal of properties	213.0	226.1	-5.8%
Adjusted EBITDA Sales	35.7	27.4	30.2%
Adjusted EBITDA	400.2	363.1	10.2%
FFO 1	205.0	163.4	25.5%
FFO 2	240.7	190.8	26.1%
FFO 1 before maintenance	311.4	268.5	16.0%
AFFO	188.4	147.7	27.6%
Fair value market properties3	11,392.3	10,326.7	10.3%
NAV3	5,094.8	4,782.2	6.5%
LTV, in %3,4	52.8%	50.2%	+2.6pp
FFO 1 / share in €1	0.85	0.73	17.1%
NAV / share in €1.2.3
	21.21	21.33	-0.6%

• 2) NAV / share 9M 2014 vs YE 2013, based on the shares qualifying for a dividend on the reporting date Sep 30, 2014: 240,242,425 and Dec 31, 2013: 224,242,425
• 3) 9M 2014 vs YE 2013
• 4) LTV at Sep 30 2014 adjusted for effects of Vitus acquisition and Vitus NRW disposal

Adjusted EBITDA Rental up driven by rental segment

Bridge to Adjusted EBITDA			Rental segment
(€m)	9M 2014	9M 2013
Profit for the period	122.0	474.3
Interest expenses / income	203.4	205.0
Income taxes	53.8	199.7
Depreciation	5.1	4.6
Net income from fair value adjustments of investment properties	-26.9	-540.1	Sales segment
EBITDA IFRS	357.4	343.5
Non-recurring items	40.5	18.5
Period adjustments	2.3	1.1
Adjusted EBITDA	400.2	363.1
Adjusted EBITDA Rental	364.5	335.7
Adjusted EBITDA Sales	35.7	27.4

(€m) 9M 2014 9M 2013 Average number of units over the period 180,685 180,027 Rental income 572.7 546.1 Maintenance -106.4 -105.1 Operating costs -101.8 -105.3 Adjusted EBITDA Rental 364.5 335.7

Sales segment

(€m)	9M 2014	9M 2013
Number of units sold	2,651	3,415
Income from disposal of properties	213.0	226.1
Carrying amount of properties sold	-180.6	-207.1
Revaluation of assets held for sale	16.5	17.2
Profit on disposal of properties (IFRS)	48.9	36.2
Operating costs	-15.5	-9.9
Period adjustments	2.3	1.1
Adjusted EBITDA Sales	35.7	27.4

Evolution of Adjusted EBITDA (€m)

• Adjusted EBITDA Rental increased by DeWAG contribution, slight rent increase of 2.3% on a like for like level.
• Adjusted EBITDA Rental per unit up by 8.2% due to DeWAG contribution
• Adjusted EBITDA Sales increased at reduced sales volumes, as step-ups improved significantly in both the privatisation and non-core segment
• Non-recurring items reflect costs of closing and integrating DeWAG.

*) Based on average number of units over the period

9M 2014 – P&L development

P&L
			Change
(€m)	9M 2014	9M 2013	(€m)	%
Income from property letting	823.5	785.2	38.3	4.9
Rental income	572.7	546.1	26.6	4.9
Ancillary costs	250.8	239.1	11.7	4.9
Other income from property management	13.2	14.3	-1.1	-7.7
Income from property management	836.7	799.5	37.2	4.7
Income from sale of properties	213.0	226.1	-13.1	-5.8
Carrying amount of properties sold	-180.6	-207.1	26.5	-12.8
Revaluation of assets held for sale	16.5	17.2	-0.7	-4.1
Profit on disposal of properties	48.9	36.2	12.7	35.1
Net income from fair value adjustments of
investment properties	26.9	540.1	-513.2	-95.0
Capitalised internal modernisation expenses	59.8	21.5	38.3	178.1
Cost of materials	-382.7	-368.1	-14.6	4.0
Expenses for ancillary costs	-246.6	-240.2	-6.4	2.7
Expenses for maintenance	-100.7	-83.9	-16.8	20.0
Other costs of purchased goods and services	-35.4	-44.0	8.6	-19.5
Personnel expenses	-130.2	-112.4	-17.8	15.8
Depreciation and amortisation	-5.1	-4.6	-0.5	10.9
Other operating income	34.7	33.1	1.6	4.8
Other operating expenses	-110.7	-67.0	-43.7	65.2
Financial income	4.2	16.8	-12.6	-75.0
Financial expenses	-206.7	-221.1	14.4	-6.5
Profit before tax	175.8	674.0	-498.2	-73.9
Income tax	-53.8	-199.7	145.9	-73.1
Current income tax	5.5	0.4	5.1	1275.0
Others (incl. deferred tax)	-59.3	-200.1	140.8	-70.4
Profit for the period	122.0	474.3	-352.3	-74.3

9M 2014 – P&L development (cont'd)

P&L					Comments
			Change
(€m)	9M 2014	9M 2013	(€m)	%
Income from property letting	823.5	785.2	38.3	4.9
Rental income	572.7	546.1	26.6	4.9
Ancillary costs	250.8	239.1	11.7	4.9
Other income from property management	13.2	14.3	-1.1	-7.7
Income from property management	836.7	799.5	37.2	4.7
Income from sale of properties	213.0	226.1	-13.1	-5.8
Carrying amount of properties sold	-180.6	-207.1	26.5	-12.8
Revaluation of assets held for sale	16.5	17.2	-0.7	-4.1
Profit on disposal of properties	48.9	36.2	12.7	35.1
Net income from fair value adjustments of investment properties	26.9	540.1	-513.2	-95.0
Capitalised internal modernisation expenses	59.8	21.5	38.3	178.1	Increase mainly driven by acquisition und 
Cost of materials	-382.7	-368.1	-14.6	4.0	integration costs for DeWAG and Vitus shown as
Expenses for ancillary costs	-246.6	-240.2	-6.4	2.7	non-recurring items in the management accounts
Expenses for maintenance	-100.7	-83.9	-16.8	20.0
Other costs of purchased goods and services	-35.4	-44.0	8.6	-19.5	Previous Year: EUR 6.1m income from S-Loan 
Personnel expenses	-130.2	-112.4	-17.8	15.8	contribution
Depreciation and amortisation	-5.1	-4.6	-0.5	10.9
Other operating income	34.7	33.1	1.6	4.8	Decrease in prepayment penalties (to reach 50% 
Other operating expenses	-110.7	-67.0	-43.7	65.2	unencumberance) and commitment fees of
Financial income	4.2	16.8	-12.6	-75.0	EUR -24.3m (PY: EUR -26.8m)
Financial expenses	-206.7	-221.1	14.4	-6.5	Valuation effects from financial instruments of 
Profit before tax	175.8	674.0	-498.2	-73.9	EUR -11.3m (PY: EUR +13.9m)
Income tax	-53.8	-199.7	145.9	-73.1	Transaction costs EUR -4.1m ( PY EUR -17.9m) 
Current income tax	5.5	0.4	5.1	1275.0
Others (incl. deferred tax)	-59.3	-200.1	140.8	-70.4	Deferred tax 2013 driven by valuation uplift of  investment properties
Profit for the period	122.0	474.3	-352.3	-74.3

Overview of DA's modernisation and maintenance split

Maintenance and modernisation 9M 2014 (€m)
	9M 2014	9M 2013
Maintenance expenses	106.4	105.1
Capitalised maintenance	16.9	15.7
Modernisation work	120.0	26.6
Total cost of modernisation and maintenance work	243.3	147.4
Thereof sales of own craftmen's organisation	129.8	86.6
Thereof bought-in services	113.5	60.8
Modernisation and maintenance / sqm [€]	21.08	12.83

9M 2014 – Balance sheet evolution

Overview
(€m)	Sept. 30, 2014	Dec. 31, 2013
Investment properties	11,337.4	10,266.4
Other non-current assets	108.7	86.2
Total non-current assets	11,446.1	10,352.6
Cash and cash equivalents	196.9	547.8
Other financial assets	1,101.8	2.1
Other current assets	146.9	190.3
Total current assets	1,445.6	740.2
Total assets	12,891.7	11,092.8
Total equity attributable to DA shareholders	3,998.4	3,805.5
Non-controlling interests	17.2	12.5
Total equity	4,015.6	3,818.0
Other financial liabilities	6,986.2	5,553.0
Deferred tax liabilities	1,007.6	925.0
Provisions for pensions and similar obligations	331.5	291.0
Other non-current liabilities	71.4	61.7
Total non-current liabilities	8,396.7	6,830.7
Other financial liabilities	253.7	212.1
Other current liabilities	225.7	232.0
Total current liabilities	479.4	444.1
Total liabilities	8,876.1	7,274.8
Total equity and liabilities	12,891.7	11,092.8

Rent increase on track, vacancy yoy decreased

DA Residential Portfolio Sep. 30, 2014
	Units		Area	Vacancy		In-Place Rent		Rent l-f-l*
Portfolio Segment	#	%	(´000 sqm)	%	Y-o-Y in %	€m (annualised)	€/sqm	Y-o-Y in %
Operate	72,776	39.6	4,618	3.0	(0.2)	302.7	5.63	+1.7
Upgrade	47,965	26.1	3,032	2.9	(0.1)	195.9	5.55	+2.6
Optimise	33,527	18.2	2,132	3.2	+0.7	148.5	6.00	+3.6
RENTAL ONLY	154,268	83.9	9,782	3.0	(0.1)	647.1	5.69	+2.4
Privatise	20,205	11.0	1,383	4.9	(0.2)	86.0	5.44	+1.7
Non-Core	9,510	5.2	598	11.5	+0.3	27.3	4.30	+0.9
TOTAL	183,983	100.0	11,763	3.6	(0.3)	760.4	5.59	+2.3

* excluding DeWAG

Note: Rounding errors may occur

Long-term and well-balanced maturity profile

Evolution of average interest costs and interest rate sensitivity

Development

• Reduction of average interest costs in 2012 and 2013, while extended and smoothened the maturity profile at the same time.
• Superior mix of secured and unsecured refinancing sources to reduce risk and maximise funding options.
• Included a Hybrid with 4.6% coupon to our capital structure for the 2014 acquisitions instead of Convertibles, so that FFO dilution could be avoided.

Outlook

• We could reduce our debt costs to c.2.9%, by refinancing c.€1.0bn existing secured debt with new secured or unsecured debt. However, this would cause c.€80m prepayment fees.
• In addition, by refinancing the Hybrid and issuing €700m Convertibles, interest costs would be reduced to c. 2.4%, which would be the lowest in the industry.
• We will further optimise our capital structure as well as debt profile in terms of costs and maturity. Our focus is not purely on minimising the average interest costs. We also consider the optimal product mix, the overall economical benefit and the shareholder interests to support long term growth.

Rating: investment grade rating from S&P

Corporate investment grade rating

Rating agency	Rating	Outlook	Last Update
Standard & Poor's	BBB	Stable	18 June 2014

Bond ratings

	Amount	Issue Price	Coupon	Maturity Date	Rating
3 years 2.125% Euro Bond	€ 700m	99.793%	2.125%	25 July 2016	BBB
6 years 3.125% Euro Bond	€ 600m	99.935%	3.125%	25 July 2019	BBB
4 years 3.200% Yankee Bond	USD 750m	100.000%	3.200% (2.970%)*	2 Oct 2017	BBB
10 years 5.000% Yankee Bond	USD 250m	98.993%	5.000% (4.580%)*	2 Oct 2023	BBB
8 years 3.625% EMTN	€ 500m	99.843%	3.625%	8 Oct 2021	BBB
8 years 2.125% EMTN	€ 500m	99.412%	2.125%	9 July 2022	BBB
60 years 4,625% Hybrid	€ 700m	99.782%	4.625%	8 Apr 2074	BB+

*EUR-equivalent re-offer yield

Significant increase of free float (~ 80%) and liquidity after recent placements

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This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of DA ("forward-looking statements") which reflect various assumptions concerning anticipated results taken from DA's current business plan or from public sources which have not been independently verified or assessed by DA 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 DA in respect of the achievement of such forward-looking statements and assumptions.

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IR Contact & Financial Calendar

Contact	Financial Calendar Q4 2014
Investor Relations	Oct 1	Societe Generale Conference, London
Deutsche Annington Immobilien SE Philippstraße 3	Oct 30 Oct 31	DAIG Interim Report Jan.-Sept. 2014 Management Roadshow, Amsterdam
44803 Bochum, Germany	Nov 3	Management Roadshow, Frankfurt
Tel.: +49 234 314 1609	Nov 4-5	Management Roadshow, London
investorrelations@deutsche-annington.com	Dec 1	Berenberg Conference, Penny Hill (UK)
http://www.deutsche-annington.com	Dec 2	UBS Conference, London
	Dec 9-10	Barclays Conference, New York