Vonovia SE — Earnings Release 2015

Jun 22, 2015

Deutsche Annington Immobilien SE

Q1 Results Conference Call June 1, 2015

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

Highlights

• Strong start into the year
• FFO 1 per share +27% (€0.33)
• EPRA NAV per share +17% (€28.35)
• Attractive guidance of combined Deutsche Annington and GAGFAH ("Vonovia")
• FFO 1 per share +42% (€1.47-1.53)
• EPRA NAV per share +20% (~€29)
• Dividend for 2015 of up to €1/share (+28% yoy) due to partial contribution of GAGFAH. Principal dividend policy of ~70% of Group FFO1 remains unchanged.
• GAGFAH integration running smoothly with synergy potential well above initial expectations
• Bottom-up synergies of €130m vs €84m initial expectation at €55m lower one-off cost
• Significantly shortened integration phase
• With operating and financial performance fully on track and the integration process well under control, the combined company remains fully committed to its strategic course

Actual per share data based on 354.1 million shares outstanding as of 31 March 2015 Guidance per share data based on 358.5 million shares currently outstanding

The combined company continues to follow its proven business strategy

Strong operating performance

Per share data based on number of share outstanding as of respective reporting date (Q1 2014: 240.2 million; Q4 2014: 271.6 million; Q1 2015: 354.1million) Per unit data based on average number of units over the respective period Numbers include 1 month of GAGFAH results

Strong operating performance

Adjusted EBITDA (€m) Adj. EBITDA Rental Adj. EBITDA Sales Adj. EBITDA Rental/unit¹ (€)

Per unit data based on average number of units over the respective period Numbers include 1 month of GAGFAH results GAGFAH fair value is preliminary until finalization of purchase price allocation

Significant FFO increase by all definitions

FFO evolution (€m)	3M 2015	3M 2014
Adjusted EBITDA	192.0	118.7
(-)Interest expense FFO	-63.2	-44.7
(-)Current income taxes	-3.6	-2.9
(=)FFO 2	125.2	71.1
(-)Adjusted EBITDA Sales	-9.5	-9.2
(=)FFO 1	115.7	61.9
thereof attributable to shareholders	112.9
thereof attributable to equity hybrid investors	2.8
(-)Capitalised maintenance	-18.3	-5.3
(=)AFFO	97.4	56.6
(+)Capitalised maintenance	18.3	5.3
(+)Expenses for maintenance	43.8	34.0
(=)FFO 1 excl. maintenance	159.5	95.9

Comments

• FFO development shows first positive impact of acquisitions and efficiency gains: significant improvement of all FFOs compared to previous year
• Top-line growth from rental increases and acquisitions at a better cost basis powers positive development
• Strong positive impact from privatisation

Numbers incl. 1 month of GAGFAH results

NAV-Bridge steadily upwarding

Comments

• Capital increase 2015 includes shares in kind and cash delivered to former GAGFAH shareholders
• Other comprehensive income includes effects from derivatives and pensions
• Goodwill included in line with EPRA Best Practice Recommendations (31.12.2014: €106m; 31.03.2015: €2.309m)

Maturity profile offers further headroom for improvement

Diversification of financial sources

KPIs as of Mar. 31 , 2015
	Current	Target
LTV	56.3%	<50%
Unencumbered assets in %	32%	≥ 50%
Global ICR	3.0x	Ongoing optimisation with
Financing cost	2.9%	most economic funding

			Key drivers further influencing leverage
LTV Q1 2015	Valuation	Financing	Disposals	Acquisitions	LTV target
 LTV post closing and funding of GAGFAH transaction	 Usual increase in line with rental growth  Additional yield compression possible in appraised values  Harmonisation of GAGFAH along Deutsche Annington	 Strong access to equity as well as debt capital markets  Approved authorised and contingent capital  Updated EMTN programme	 The combined group has a sizeable portfolio of privatisation / non-core assets  New non strategic portfolio offers further disposal potential	 Closing of Franconia acquisition as of April 1st , 2015  Potential over equitising of future acquisitions	 We aim towards a LTV ratio of <50%
56.3%	standards				<50%

Strong 2015 outlook for the combined company

	Original Outlook 2015 (DAIG stand alone)	Outlook 20151) (combined)
L-f-l rental growth	2.6 – 2.8%	2.6 – 2.8%
Vacancy	~3.3%	~3%
Rental income	€ 880 – 900m	€ 1,350 – 1,370m
FFO 1 (Group)	€ 340 – 360m	€ 530 – 550m
FFO1 (Group)/share	€ 1.25 – 1.33	€ 1.47 – 1.53
EPRA NAV2) / share	€ 24 - 25	~€ 29
Maintenance	~€ 200m	~€ 320m
Modernization	>€ 200m	€ 280 – 300m
Privatisation (#)	~1,600	~2,200
FMV step-up (Privatization)	~30%	~30%
MFH (#)	opportunistic	opportunistic
FMV step-up (MFH)	~0%	~0%
Dividend/share	~70% of FFO 1	Up to €1.003)

1) incl. acquisitions pro rata (10 months GAGFAH, 9 months Franconia); per share numbers based on 358.5 million shares currently outstanding

2) incl. goodwill

3) in principle the dividend policy of ~70% of FFO 1 (Group) remains unchanged

© Deutsche Annington Immobilien SE Q1 Conference Call, June 1, 2015

Full-year FFO 1 run rate significantly above 2015 guidance

• GAGFAH with 10 months contribution to combined 2015 FFO 1
• Full-year FFO 1 run rate ca. €40 million higher than 2015 guidance

FFO 1 (€m)

Combined 2014 FFO of DAIG + GAGFAH is the sum of both companies' FFO 1 figures as published

Purchase price fully and long term funded

Data ytd

Vonovia continues to focus on strong NAV and FFO growth

FFO I Group ~+17% EPRA NAV +17%

* Thereof €0.10 attributable to equity hybrid bondholders

More than bricks – Goodwill from GAGFAH transaction expected to be recoverable

• Goodwill as per 31 March 2015, ie excluding additional portion from sell-out right (purchase price allocation not final)
• More than €550m goodwill materialised due to share price increase after announcement
• Expected operational synergies raised from €47m to €75m
• Simulations indicate recoverability of goodwill with potential further indicative headroom of approximately 0.49pp above WACC before goodwill impairment starts**

* WACC calculation as shown in Annual Report 2014 adjusted for BBB+ rating upgrade, but not reflecting further decrease of interest rates in the meantime

^** Approximate values derived from simplified simulation, no impairment test conducted, conservative scenario assuming no additional headroom on GAGFAH portfolio

Swift execution of integration process

We expect the integration process to be completed by spring 2016

Our key success factors for the integration process:

• 2 step-onboarding methodology:
• 1. Focused and fast onboarding of GAGFAH into DAIG process and system landscape
• 1. After onboarding re-evaluation of processes and initiation of a continuous improvement process
• Availability of proven tools and programmes for all affected enterprise functions
• Clear commitment for fast and focussed integration on both sides to create the national champion on a European scale

Synergies even higher than expected

			Bottom-up analysis results in substantially higher synergies
Property Management	• Craftsmen (TGS) • Shared services • organisations •	Complementary portfolios allow for synergies in both companies' local Increased purchasing	power • Further vacancy reduction • IT Integration sets the basis for operating synergies and reduces fixed costs	Portfolio Management	• • •	Optimise portfolio to investment program, sales and tactical acquisitions Modernisation programme to drive further growth and vacancy reduction Innovative portfolio management –			disposal of assets
Financing	• Annington • • financing costs	marginal financing cost business profile and lower cost of capital	Refinancing of current GAGFAH debt at Deutsche Overall platform to further benefit from improved Maintain adequate liquidity at any time while optimising	Extension	• •	Increase customer satisfaction/ value by offering value add services Further TGS extension
€m		Synergies		€m		Cost to achieve
84 3 7 4 7	1 8 2 8	130 5 5 7 5	Financing synergies Operational synergies	230	Financing Synergies 70	160	80	Operational Synergies 15	95
Offer document	Upside from bottom-up validation	Total bottom-up validated synergies		Offer document	lower one-off costs	Total estimated cost to achieve	Offer document	Additional cost from synergy upside	Total estimated cost to achieve

1) Synergies expected to be fully effective starting January 2018

© Deutsche Annington Immobilien SE Q1 Conference Call, June 1, 2015

Our acquisitions improve portfolio quality

Current return (%)

Focused & action driven portfolio management strategy

Portfolio Management Strategy Portfolio Breakdown

Value-driven asset management approach in locations with above-average development potential

STRATEGIC

Operate: rent growth, vacancy reduction, effective and sustainable maintenance spending and cost savings. Upgrade buildings: comprehensive investments with a focus on energy efficiency.

Optimise apartments: selective investments in individual flats (focus on senior living and high-end modernization in strong markets that allow a rental premium for fully refurbished apartments).

NON STRATEGIC

Locations and assets that do not form an integral part of Deutsche Annington's strategy. Mostly average location and asset quality with stable cash flows. Under permanent review.

Privatise/ Non-core

Privatise: opportunistic retail sales at attractive premiums above current valuation. Non-core: portfolio optimization through sale of assets that have limited development potential in terms of condition and/or location.

Portfolio Breakdown

	Residential units	`000 sqm	Vacancy rate	In-place rent (€/sqm)
Operate*	191,916	11,750	2.5%	5.59
Upgrade buildings	49,388	3,090	2.5%	5.65
Optimise apartments	33,334	2,164	2.3%	6.15
STRATEGIC	274,638	17,004	2.5% *	5.67
NON STRATEGIC	31,651	1,957	6.6%	4.79
Privatise	21,749	1,486	4.5%	5.57
Non-core	17,591	1,086	11.4%	4.45
TOTAL	345,629	21,533	3.4%	5.53

* As of March 31, 2015, all locations and assets of the GAGFAH portfolio that are strategically relevant are included in the "Operate" category. The analysis of the investment potential of the portfolio will be completed by fall this year.

Investment as a Continued Focus

• Expected 2015 investment volume between €280 and €300 million including GAGFAH
• Yield commitment of ~7% (unlevered) remains unchanged
• Continuous investment focus on energy & demographic change
• Well underway on execution of 2015 investment programme as expected

Strong sales results

Privatisation
	Q1 2015	Q1 2014
# units sold	553	548
Income from disposale of properties (€m)	51.4	49.5
Fair value disposals (€m)	-37.6	-37.8
Adjusted profit from disposal of properties (€m)	13.8	11.7
Fair value step-up	36.7%	31.0%
	Target ~30%	Target 30-35%
Non-Core Disposals
	Q1 2015	Q1 2014
# units sold	1,936	378
Income from disposale of properties(€m)	71.6	10.7
Fair value disposals (€m)	-71.0	-9.8
Adjusted profit from disposal of properties (€m)	0.6	0.9
Fair value step-up		9.2%
	0.8%

• Privatisation volume slightly above previous year
• Fair value step-up increased due to good market environment and sales strength

Non-core disposals Q1 2015 mainly driven by sale of a GAGFAH sub-portfolio

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

Summary

Off to a strong start into the year

• Excellent operating and financial performance
• Integration fully on track with higher synergies at lower cost in less time
• Attractive full-year guidance

Steadfast in our strategy

• Sustainable efficiency improvements
• Value-enhancing portfolio management
• We will continue our external growth following a disciplined approach
• We have every reason to be optimistic about the remainder of the year and beyond

Capital Markets Day in Berlin, 15-16 June 2015!

Appendix

	DAIG	DeWAG	Vitus	GAGFAH	Franconia
ACT Q1 2014	3 months	-	-	-	-
ACT FY 2014	12 months	9 months	3 months	-	-
ACT Q1 2015	3 months	3 months	3 months	1 months	-
Guidance FY 2015	12 months	12 months	12 months	10 months	9 months

1Q 2015 key figures confirm the positive development of Deutsche Annington

Key Figures
in €m	3M 2015	3M 2014	Change in (%)
Residential units k	345,629	174,327	98.3
Rental income	263.6	180.5	46.0
Vacancy rate %	3.4	3.7	-0.3 pp
Monthly in-place rent€/sqm (like-for-like)	5.60	5.44	2.6
Adjusted EBITDA Rental	182.5	109.5	66.7
Adj. EBITDA Rental/unit in €	665	626	6.2
Income from disposal of properties	123.0	60.2	104.3
Adjusted EBITDA Sales	9.5	9.2	2.9
Adjusted EBITDA	192.0	118.7	61.8
FFO 1	115.7	61.9	86.9
FFO 2	125.2	71.1	76.1
FFO 1 before maintenance	159.5	95.9	66.3
AFFO	97.4	56.6	72.1
Fair market value properties³	20,748.6	12,759.1	62.6
EPRA NAV³	10,040.3	6,578.0	52.6
,4 LTV, in%3	56.3	49.7	13.3
FFO 1 / share in €1	0.33	0.26	26.8
EPRA NAV / share in €2,3	28.35	24.22	17.1

• 1) Based on the number of shares as of the reporting date Q1 2015: 354.1m and Q1 2014: 240.2m
• 2) NAV / share based on the number of shares as of the reporting date Q1 2015: 354.1m and Q4 2014: 271.6m
• 3) Q1 2015 vs. YE 2014
• 4) LTV at YE 2014 adjusted for effects of capital measures

Strong growth in adjusted EBITDA rental

Bridge to Adjusted EBITDA			Rental segment
(€m)	3M 2015	3M 2014	(€m)	3M 2015
Profit for the period	30.3	38.3	Average number of units over the period	274,308
			Rental income	263.6
Net interest result	98.1	58.4	Maintenance	-43.8
Income taxes	22.8	18.9	Operating costs	-37.3
Depreciation	2.0	1.6	Adjusted EBITDA Rental	182.5
Net income from fair value adjustments of			Sales segment
investment properties	0.0	-19.8	(€m)	3M 2015
EBITDA IFRS	153.2	97.4	Number of units sold	2,489
			Income from disposal of properties	123.0
Non-recurring items	38.9	20.8	Carrying amount of properties sold	-115.8
Period adjustments	-0.1	0.5	Revaluation of assets held for sale	7.3
Adjusted EBITDA	192.0	118.7	Profit on disposal of properties (IFRS)	14.5
			Revaluation (realised) of assets held for sale Revaluation from disposal of assets held for sale	-7.3 7.2
Adjusted EBITDA Rental	182.5	109.5	Adjusted Profit from disposal of properies	14.4
Adjusted EBITDA Sales	9.5	9.2	Selling costs	-4.9
			Adjusted EBITDA Sales	9.5
Evolution of Adjusted EBITDA (€m)
Adj. EBITDA Rental Adj. EBITDA Sales	Adj. EBITDA Rental / unit
	192.0		Significant EBITDA increase driven by rental business
	9.5
118.7	665		Adjusted EBITDA Rental reflects acquisitions as well as strong operational performance
9.2 626	182.5		Adjusted EBITDA Sales on previous year level: higher Privatisation Ups & Non-Core Sales volumes offset by lower Non-Core Step-ups,
109.5			additionally higher Selling costs due to increased Sales volumes

(€m)	3M 2015	3M 2014
Average number of units over the period	274,308	174,860
Rental income	263.6	180.5
Maintenance	-43.8	-34.0
Operating costs	-37.3	-37.0
Adjusted EBITDA Rental	182.5	109.5
(€m)	3M 2015	3M 2014
Number of units sold	2,489	926
Income from disposal of properties	123.0	60.2
Carrying amount of properties sold	-115.8	-54.2
Revaluation of assets held for sale	7.3	6.1
Profit on disposal of properties (IFRS)	14.5	12.1
Revaluation (realised) of assets held for sale	-7.3	-6.1
Revaluation from disposal of assets held for sale	7.2	6.6
Adjusted Profit from disposal of properies	14.4	12.6
Selling costs	-4.9	-3.4
Adjusted EBITDA Sales	9.5	9.2

Evolution of Adjusted EBITDA (€m)

• Significant EBITDA increase driven by rental business
• Adjusted EBITDA Rental reflects acquisitions as well as strong operational performance
• Adjusted EBITDA Sales on previous year level: higher Privatisation Step-Ups & Non-Core Sales volumes offset by lower Non-Core Step-ups,

1Q 2015 – P&L development

			Change
(€m)	3M 2015	3M 2014	(€m)	%
Income from property letting	380.9	260.7	120.2	46.1
Rental income	263.6	180.5	83.1	46.0
Ancillary costs	117.3	80.2	37.1	46.3
Other income from property management	5.9	4.5	1.4	31.1
Income from property management	386.8	265.2	121.6	45.9
Income from sale of properties	123.0	60.2	62.8	104.3
Carrying amount of properties sold	-115.8	-54.2	-61.6	113.7
Revaluation of assets held for sale	7.3	6.1	1.2	19.7
Profit on disposal of properties	14.5	12.1	2.4	19.8
Net income from fair value adjustments of
investment properties	0.0	19.8	-19.8	-100.0
Capitalised internal modernisation expenses	26.5	13.5	13.0	96.3
Cost of materials	-171.8	-119.3	-52.5	44.0
Expenses for ancillary costs	-118.5	-79.5	-39.0	49.1
Expenses for maintenance	-37.8	-26.3	-11.5	43.7
Other costs of purchased goods and services	-15.5	-13.5	-2.0	14.8
Personnel expenses	-60.7	-44.1	-16.6	37.6
Depreciation and amortisation	-2.0	-1.6	-0.4	25.0
Other operating income	19.8	9.8	10.0	102.0
Other operating expenses	-61.9	-39.8	-22.1	55.5
Financial income	0.7	1.4	-0.7	-50.0
Financial expenses	-98.8	-59.8	-39.0	65.2
Profit before tax	53.1	57.2	-4.1	-7.2
Income tax	-22.8	-18.9	-3.9	20.6
Current income tax	-3.7	-2.8	-0.9	32.1
Other (incl. deferred tax)	-19.1	-16.1	-3.0	18.6
Profit for the period	30.3	38.3	-8.0	-20.9

P&L Comments

Increase mainly acquisition-related (residential units  346k vs 174k), additionally In-Place Rent on a like
for-like basis increased by 2.6%
Increase mainly reflects increased portfolio size, 
additionally vacancy rate decreased by 0.3pp
Slight increase due to improved step-ups from 
privatisations and increased Non-Core volumes,
partially compensated by lower step-ups from Non Core sales
Internal quarterly review of fair value of investment 
properties did not result in any significant changes compared to 31 December 2014
Increase reflects larger portfolio size and insourcing  effect of our own caretaker organisation
Increase mainly acquisition-related 
Ramp-up of personnel from 3,073 to 5,737 
employees leads to increased personnel expenses
which primarily result from GAGFAH deal & TGS growth
Increase mainly due to acquisitions (especially 
GAGFAH) & increased cost reimbursements
Increase mainly related to consulting and audit fees 
for GAGFAH deal, other effects comprise vehicle
and travelling costs, and communication cost and
work equipment mainly due to insourcing
Strongly impacted by transaction costs for GAGFAH  deal financing

Continuous investments to guarantee the sustainability of our portfolio's rental growth capacity

Overview of DA's modernisation and maintenance split

Maintenance and modernisation
(€m)	3M 2015	3M 2014
Maintenance expenses	43.8	34.0
Capitalised maintenance	18.5	5.6
Modernisation work	35.2	17.7
Total cost of modernisation and
maintenance	97.5	57.3
Thereof sales of own craftsmen`s organisation	67.7	37.4
Thereof bought-in services	29.8	19.9
Modernisation and maintenance / sqm [€]	5.67	5.14

Balance sheet evolution

Balance sheet
(€m)	Mar. 31, 2015	Dec.31, 2014
Investment properties	20,635.9	12,687.2
Other non-current assets	2,918.4	292.8
Total non-current assets	23,554.3	12,980.0
Cash and cash equivalents	721.1	1,564.8
Other financial assets	5.0	2.0
Other current assets	354.3	212.4
Total current assets	1,080.4	1,779.2
Total assets	24,634.7	14,759.2
Total equity attributable to DA shareholders	7,581.8	4,932.6
Equity attributable to hybrid capital investors	1,011.5	1,001.6
Non-controlling interests	285.2	28.0
Total equity	8,878.5	5,962.2
	627.1	422.1
Provisions	0.9	1.0
Trade payables	12,310.4	6,539.5
Non derivative financial liabilities	166.6	54.5
Derivative financial liabilities	92.3	88.1
Liabilities from finance leases	38.7	46.3
Liabilities to non-controlling interests	35.6	8.6
Other liabilities	1,499.5	1,132.8
Deferred tax liabilities
Total non-current liabilities	14,771.1	8,292.9
Provisions	301.6	211.3
Trade payables	103.3	51.5
Non derivative financial liabilities	287.3	125.3
Derivative financial liabilities	34.5	21.9
Liabilities from finance leases	4.6	4.4
Liabilities to non-controlling interests	15.4	7.5
Income tax liabilities	44.3	0.0
Other liabilities	194.1	82.2
Total current liabilities	985.1	504.1
Total liabilities	15,756.2	8,797.0
Total equity and liabilities	24,634.7	14,759.2

Road to unencumberance

• Unencumberance ratio drops from 50% pre GAGFAH down to 32% including GAGFAH.
• S&P* grants up to 18 months grace period (i.e. 30 Sept 2016) to reach 50% unencumberance ratio.

*S&P RatingsDirect Research Update (10.03.2015)

Evolution of average interest costs and interest rate sensitivity

Development

• Reduction of average interest costs since 2012, 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 €700mm 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 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 economic benefit and the shareholder interests to support long term growth.
• Next aim is to reduce the refinancing volume for 2018 quickly.

Bonds / Rating

Corporate investment grade rating

Rating agency	Rating	Outlook	Last Update
Standard & Poor's	BBB+	Stable	10 Mar 2015

Bond ratings

	Amount	Issue price	Coupon	Final 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 (Series No. 1)	€ 500m	99.843%	3.625%	8 Oct 2021	BBB+
60 years 4.625% Hybrid Bond	€ 700m	99.782%	4.625%	8 Apr 2074	BBB-
8 years 2.125% EMTN (Series No. 2)	€ 500m	99.412%	2.125%	9 July 2022	BBB+
perpetual 4% Hybrid Bond	€ 1.000m	100.000%	4.000%	perpetual	BBB
5 years 0.875% EMTN (Series No. 3)	€ 500m	99.263%	0.875%	30 Mar 2020	BBB+
10 years 1.500% EMTN (Series No. 4)	€ 500m	98.455%	1.5000%	31 Mar 2025	BBB+

*EUR-equivalent re-offer yield

CMBS Overview as per 31 March 2015

Name	Amount	Coupon	Final Maturity Date
German Residential Funding 2013-1 Limited	€ 1.919m	2.78%	27. Aug. 18
German Residential Funding 2013-2 Limited	€ 689m	2.68%	27. Nov. 18
Taurus 2013 (GMF1) PLC	€1.042m	3.35%	21. May 18

	Shares	%*
Total	246,176,178	100%
DAIG	230,924,617	93.8%
GAGFAH Treasury shares	541	0.0%
Free Float**	15,251,020	6.2%

*Rounded figures

**incl. ~5% JP Morgan

Diverse, well-balanced national footprint

				In-place rent
	Residential units	`000 sqm	Vacancy rate (%)	(€m p.a.)	(€/sqm)
0 Dresden	37,366	2,117	2.9	125.9	5.12
Berlin	28,641	1,792	1.4	118.9	5.61
Dortmund	20,256	1,249	2.7	72.1	4.95
Essen	12,300	762	5.0	46.0	5.31
Frankfurt (Main)	11,801	724	1.1	64.2	7.46
Kiel	11429	664	1.4	41.0	5.22
Bremen	11,105	677	4.3	38.8	5.05
Hamburg	11,005	693	0.9	51.8	6.28
Gelsenkirchen	8,516	522	6.9	27.4	4.71
Bochum	7,571	435	2.6	27.0	5.31
	7,250	464	2.6	32.0	5.90
Hannover Cologne	6,390	448	1.7	36.2	6.86
Duisburg	5,574	338	5.3	19.4	5.09
Munich	5,240	348	0.9	27.7	6.70
	5,221	367	2.1	27.0	6.28
Bonn	5,033	305	4.3	17.1	4.87
Herne	4,649	307	2.6	17.7	4.93
Bielefeld	3,958	241	5.8	16.0	5.88
Heidenheim an der Brenz	3,915	248	3.9	15.2	5.31
Osnabrück	3,510	227	2.3	18.9	7.14
Düsseldorf	3,325	205	0.5	13.2	5.39
Braunschweig	3,225	198	3.0	11.6	5.02
Gladbeck	3,103	174	12.0	7.9	4.31
Zwickau	2,628	176	2.8	15.7	7.67
Wiesbaden	2,627	168	5.0	8.9	4.66
Herten	225,638	13,849	2.9	897.6	5.57
Subtotal TOP 25
Other locations	119,991	7,684	4.5	480.1	5.46
TOTAL	345,629	21.,533	3.4	1,377.7	5.53

As of March 31, 2015

IR Contact & Financial Calendar

Contact	Financial Calendar 2015
Investor Relations	March 5	Full year results 2014
Deutsche Annington Immobilien SE	Apr 30	Annual General Meeting
Philippstraße 3	Jun 01	Interim report Q1 2015
44803 Bochum, Germany	Aug 19	Interim report H1 2015
Tel.: +49 234 314 1609 investorrelations@deutsche-annington.com	Nov 3	Interim report Q3 2015
http://www.deutsche-annington.com

This presentation does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of Deutsche Annington Immobilien SE ("DA") or any of its subsidiaries nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of DA or any of its subsidiaries, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

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.

DA 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.

DA 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.

Tables and diagrams may include rounding effects.