Vonovia SE

Investor Presentation • Nov 6, 2013

Deutsche Annington Immobilien SE 9M 2013 Results

November 6, 2013

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Presenting today

Dr Stefan KirstenCFO

Highlights

1. Continuing strong operational and financial performance

2. FY 2013 outlook confirmed, FFO 1 expected to be at top end of guidance

3. Implementation of best-in-class financing structure completed

4. Active portfolio management (investment program 2014 on track and Non-Core sales ahead of plan)

5. Higher flexibility for acquisitions and continuing strong deal flow

Improvement of all major KPIs

Note: Like-for-like in-place residential rent

Based on nominal debt amounts net of cash;

Improvement of all major KPIs (cont'd)

Based on average number of units over the period

FY 2013 outlook confirmed,FFO 1 expected to be at top end of guidance

K P I
R l h t t e n a g r o w	1. 8 2. 0 % –
M d i i l f 2 0 1 4 t o e r n s a o n o m e r o m p a v u	€ 1 5 0 m
i ( i i i ) P l d d l t t a n n e s p o s a s p r a s a o n v	2. 0 k i t n s u >
F F O 1 t t a r g e	€ 2 1 0 2 2 0 m –
D i i d d l i v e n p o c y	f F F O 7 0 % 1 o ~

FFO 1 expected to be at top end of guidance

Highlights

Operations Financing

Implementation of unique and best-in-class financing structure in the German real estate sector completed

Portfolio Acquisitions Financials

Optimal financing platform designed and established in 2013

First German real estate company to issue an unsecured corporate bond

• EUR 1.3 bn in July 2013
• EUR 4.0 bn EMTN-Program set in place with the issuance of first notes of EUR 500 m
• EUR 3.5 bn firepower on hand remain within the EMTN-Program

Refinancing of eight portfolios amounting to more than EUR 1.7 bn - mortgaged backed

Financing partners include main German Pfandbriefbanks, international insurance companies & pension funds

Hence, full and premature repayment of GRAND-CMBS

EUR 4.3 bn in July 2013 gaining full operational flexibility

Capital increase by issuing new shares within the IPO

EUR 400 m in July 2013

Full Redemption EK 02

EUR 87.5m in Sep. 2013 to further optimise DAIG`s working capital & save fee for instalment payment (5.5%)

Best-in-class financing structure to ensure full flexibility, best pricing and access to all sources in shortest time.

Highlights

Operations Financing

Simplification and increased stability through enhanced maturity profile and financing product mix

Portfolio Acquisitions Financials

• -Maturity profile further extended and smoothed
• -No major refinancing before ²⁰¹⁵
• • Higher flexibility and cost efficiency through tailored mix of financing instruments

Highlights

Rental Only (82%)

Operations Financing

Portfolio strategy

Our portfolio strategy: nationwide footprint, clearly structured, well-managed and balanced

Acquisitions Financials

Portfolio

I. Operate (44%)

•

Preparation of investment program 2014 fully on track

Portfolio

Highlights

• • Preparation of investment program 2014 fullyon track
• -Hand-picked house by house

Operations Financing

• -Individual projects range from ~€ 5k to ~€1.5m
• • Total volume of € 150m and 7% unleveredyield will be achieved
• • Closing of €90m KfW funding expected until year-end 2013
• • Tender offers and craftsmen capacity for projects with construction start in Q1-2014 secured, remainder in progress

Target KPI reached, i.e. investment volume of € 150m and 7% unlevered yield

Acquisitions Financials

All projects planned bottom-up

Location	Upgrade Build. (kE)	Optimize Apartm. (kE)	Invest total (k€)	# units
Dortmund	19,457	4,708	24,165	1,454
Frankfurt am Main	14,617	4,222	18,839	1,209
Berlin	7,849	3,725	11,575	1,000
Bonn	6,713	651	7,364	512
Kassel	5,027	1,661	6,688	464
Aachen	4,512	520	5,033	249
Essen	4,011	724	4,735	520
Cologne	2,783	1,324	4,107	359
Bochum	1,740	1,629	3,369	447
Gelsenkirchen	1,905	643	2,548	177
Herne	1,534	594	2,128	117
Dusseldorf	1,674	443	2,117	283
Munich	1,681	396	2,077	154
Wiesbaden	1,572	468	2,040	147
Nuremberg	1,785	208	1,993	117
subtotal	76,862	21,916	98,778	7,209
others	36,439	13,365	51,304	4,521
total	114,801	35,281	150,082	11,730

Note: numbers are budget values. Actuals may vary until end of 2014 due to local circumstances, e.g. lower or higher tenant turnover than planned(segment "Optimize Apartments"), longer procedures for building permits (segment "Upgrade Buildings"), etc.

Highlights

Operations Financing

Investment program 2014 balanced across DA portfolio

Portfolio

Acquisitions Appendix

Lo io t ca n	% f l ly fo l io Re On Po ta t o n r ( ) i # u ts n	% f In tm t p o ve s en ro g ra m ( ) i # u ts n
d Do tm r un	% 1 1	% 1 2
k fu Fr M in t a an r m a	6 %	1 0 %
l Be in r	9 %	9 %
Bo nn	3 %	4 %
l Ka ss e	1 %	4 %
he Aa c n	1 %	2 %
Es se n	% 5	% 4
lo Co g ne	2 %	3 %
hu Bo c m	% 5	% 4
lse k irc he Ge n n	% 4	% 2
He rn e	% 3	% 1
l do f Du ss e r	1 %	2 %
h M ic un	3 %	1 %
ba de W ie s n	1 %	1 %
be Nu re m rg	1 %	1 %
b l to ta su	5 6 %	6 1 %
he t o rs	4 4 %	3 9 %
l to ta	1 0 0 %	1 0 0 %

06.11.2013

Reduced number of DA locations by around 20 since end of last year

Successful Non-Core sales program

Portfolio

Operations Financing

• Sale of residential units with insufficient medium- to long-term growth prospects

sale of package of 2,100 units

value as planned

-

Acquisitions Financials

-

• Expected sale of appx. 4,100 units in 2013 representing appx. 28% of Non-Core segment end of 2012, driven by

Non-Core disposals fully on track, yet exceeding 2013 budget and achieving a selling price at around fair market

Highlights

• -There is a continuing flow of attractive portfolios
• -In the last months we have

Operations Financing

Highlights

• -Examined 91k units
• -Analysed 76k units in more detail
• -Performed due diligence on 64k units
• -Prepared indicative bids for 31k units
• -Submitted binding bids for more than 10k units
• • As the largest residential real estate company in Germany operating throughout the country and due to our authorized capital and increased financial flexibility, we have strengthened our market position significantly and are able to bid for every attractive portfolio

Portfolio Acquisitions Financials

• • However we continue to have a disciplined approach. The preconditions for any purchase are:
• -Fit to portfolio, FFO/share accretion, non NAV/share dilution, maintaining our BBB rating

Portfolio Acquisitions Financials

9M 2013 – Increased Adjusted EBITDA Rental and stable Adjusted EBITDA Sales

Bridge to Adjusted EBITDA

( €m )	9 M 2 0 1 3	9 M 2 0 1 2
Pr f i fo he io d t t o r p er	4 7 4	1 8 3
In / ( inc ) ter t e es xp en se s om e	2 0 5	2 4 0
Inc tax om e es	2 0 0	4 7
De ia ion t p rec	5	5
Ne inc fro fa ir v lue d j f t tm ts om e m a a us en o inv ies tm t p t es en rop er	-5 4 0	1 2 4 -
S E B I T D A I F R	3 4 4	3 5 1
No ing i tem n-r ec urr s	1 9	5
Pe io d a d j tm ts r us en	1	3 -
A d j d E B I T D A te us	3 6 3	3 5 2
A d j d E B I T D A Re l te ta us n	3 3 6	3 2 3
A d j d E B I T D A Sa les te us	2 7	3 0

Rental segment (€m) 9M ²⁰¹³ 9M 2012Average number of units over the period (k) 179.8 185.1Rental income ^{546 547} Other income from property management ^{14 14}Ancillary cost balance (14) (15) Other property management costs (211) (224)Adjusted EBITDA Rental336 323

S l t a e s s e g m e n
( ) €m	9M 20 13	9M 20 12
Nu mb f u nit old er o s s	3, 41 5	3, 44 8
Inc e f di al of ert ies om rom sp os p rop	22 6	22 6
Ca ing f p ies ld nt ert rry am ou o rop so	( 20 7)	( 20 0 )
Re lua tio f a he ld for le ts va n o sse sa	17	18
Pro fit di al of ert ies on sp os p rop	36	44
Op tin era g ex p en se s	( 10 )	( 11)
Pe rio d a dj tm ts us en	1	( ) 3
Ad j ted E BIT DA Sa les us	27	30

Evolution of Adjusted EBITDA (€m)

-Adjusted EBITDA Rental growing with reduced portfolio

• -Adjusted EBITDA Rental per unit increased by 7.1% to €1,867 per unit
• Adjusted EBITDA Sales almost on last year's level
• -Adjusted EBITDA also growing

9M 2013 – All FFO definitions significantly higher thanprevious year

Operations Financing

Comments

Highlights

• -All FFOs with significant positive development
• Main drivers are a significantly lower interest expense FFO and, furthermore, a positive impact from growth in Adjusted EBITDA

-

9M 2013 – EPRA NAV rising due to external valuation and shareholder contribution

Main impacts from valuationof investment properties andincrease in capital by old andnew shareholders

1)Excluding deferred tax impact of external valuation

Summary

• -Continuing strong operational and financial performance
• -FY 2013 outlook confirmed, which is also a good starting point for 2014
• -Best-in-class financing structure achieved providing high flexibility and liquidity
• • Active portfolio management with investment program 2014 being fully on track and Non-Core sales ahead of expectations
• -Significantly higher flexibility for acquisitions

Appendix

Key facts & figures about Deutsche Annington

• • Top 5 European real estate company¹ and the largest German residential firm²
• • 179k residential units across Germany, 97% by fair value in Western Germany and Berlin
• -€10.4bn portfolio valuation
• -€4.8bn EPRA NAV
• -€546m rental income
• • €5.37 residential in-place rent per square meter per month
• -2.1% rent per sqm growth p.a.
• -3.9% residential vacancy rate
• -€336m Adjusted EBITDA Rental
• -€363m Adjusted EBITDA
• -€163m FFO 1 and €191m FFO 2
• • Dedicated portfolio strategy and investment program focused on value creation

Note: all data as of Sep. 30, 2013, unless otherwise stated

1By GAV; ² In listed German residential sector

Deutsche Annington operates in an attractive asset class supported by a favourable environment

Source: Federal Statistical Office, Euroconstruct, ifo

Favourable household development in Germany (m)

Source: BBSR Wohnungsmarktprognose 2009-2025. Projections based on 2009 numbers

Source: Schader Stiftung (Germany), Clameur (France), Association of Residential Letting Agents (UK)

Rent evolution below disposable income growth

Rent evolution for multifamily housingSource: Verband deutscher Pfandbriefbanken, Bundesbank

Deutsche Annington's portfolio footprint benefits from continuing supply / demand imbalance

Source: Capital Immobilienkompass

Based on average rent differential recorded between new and existing units in Germany's largest 15 cities in 2012; ² As of Dec. 31, 2012; ³Based on Company estimates; ⁴Rental growth data not available for respective states; 5 As of March 31, 2013

9M 2013 key figures confirm the positive development of DA

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

1) Previous year as of Dec. 31, 2012; 2) Before IPO proceeds; 3) Based on the shares qualifying for a dividend on the reporting date Sep. 30, 2013: 224,242,425and Sep. 30, 2012: 200,000,000; 4) Based on the number of shares on the reporting date Sep. 30, 2013: 224,242,425 and Dec. 31, 2012: 200,000,000

Rent increase and vacancy reduction in the residential portfolio on track

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

9M 2013 – P&L development

P & L					C o m m
			C ha ng	e
( €m )	M 9 2 0 1 3	M 9 2 0 1 2	( €m )	%
fro ing Re ty le t t ve nu es m p ro p er	7 8 5. 2	7 9 6. 2	1 1 -	1. 4 -
Re l inc ta n om e	5 4 6. 1	5 4 7. 3	1. 2 -	0. 2 -
An i l lar ts c y co s	2 3 9. 1	2 4 8. 9	9. 8 -	3. 9 -
O he inc fro t ty t r om e m p rop er ma na g em en	1 4. 3	1 4. 0	0. 3	2. 1
Inc fro ty t om e m p ro p er ma na g em en	7 9 9. 5	8 1 0. 2	1 0. 7 -	1. 3 -
Inc fro le f p ies t om e m sa o ro p er	2 2 6. 1	2 2 6. 1	0. 0	0	fo l io t p or
Ca f p ing ies l d t o t rry am ou n rop er so	2 0 7. 1 -	2 0 0. 2 -	6. 9 -	3. 4
Re lua ion f a he l d for le t ts va o ss e sa	1 7. 2	1 7. 9	0. 7 -	3. 9 -
Pr f i d isp l o f p ies t o t o n os a ro p er	3 6. 2	4 3. 8	7. 6 -	1 7. 4 -
Ne inc fro fa ir v lue d j f t tm ts om e m a a us en o
inv ies tm t p t es en rop er	5 4 0. 1	1 2 3. 6	4 1 6. 5
Ex fo i l lar ts p en se s r a nc y co s	-2 4 0. 2	2 6 1. 9 -	2 1. 7	8. 3 -
Ex fo in te p en se s r m a na nc e	2. 9 -7	8 6. 4 -	1 3. 5	1 5. 6 -
O he f p ha d g ds d s ice t t o r c os urc se oo an erv s	4 4. 0 -	0. 5 5 -	6. 5	1 2. 9 -
Pe l e rso nn e xp en se s	-1 0 5. 7	7 9. 3 -	2 6. 4 -	3 3. 3
De ia ion d a isa ion t t t p rec an mo r	-4 6	4. 5 -	0. 1 -	2. 2
O t he t ing inc r o p era om e	3 3. 1	2 3. 6	9. 5	4 0. 3
O he ing t t r o p era ex p en se s	-6 3. 2	4 9. 6 -	1 3. 6 -	2 4 7.
F ina ia l inc nc om e	1 6. 8	8. 2	8. 6
F ina ia l e nc xp en se s	-2 2 1. 1	2 4 6 7. -	2 6. 5	1 0. 7 -
Pr f i be fo t tax o re	6 7 4. 0	2 2 9. 6	4 4 4. 4
Inc tax om e	-1 9 9. 7	4 6. 7 -	1 3 5 -
Cu inc t tax rre n om e	-6. 0	5. 3 -	0. 7 -	1 1. 1
O he ( inc l. de fe d ) t tax rs rre	1 9 3. 7 -	4 1. 4 -	1 5 2. 3 -
f fo Pr i t t he io d o r p er	4 7 4. 3	1 8 2. 9	2 9 1. 4

S b le l inc de i les la d r du ion ta ta te te t ren om e sp sa -re e c
f p fo l io ize fro 1 8 3 k 1 9 k t to 7 o or s m

Offset by higher average residential in-place rent per square metre per month (€ 5.37 vs. € 5.26) and lower vacancy rate (3.9% vs. 4.4%)

Lower ancillary costs mainly due to reduced portfolio

Profit on disposal of properties lower due to expected lower step-ups in the non-core segment while privatisation step-ups increased.

Net income from fair value adjustments increase driven by valuation

Analogous to ancillary costs, expenses for ancillary costs reflect units development and insourcing effect of our caretaker organisation

9M 2013 – P&L development (cont'd)

P & L					C t o m m e n s
			C ha ng	e
( €m )	9 M 2 0 1 3	9 M 2 0 1 2	( €m )	%
fro ing Re ty le t t ve nu es m p ro p er	7 8 5. 2	7 9 6. 2	1 1 -	1. 4 -
Re l inc ta n om e	5 4 6. 1	5 4 7. 3	1. 2 -	0. 2 -
i An l lar ts c y co s	2 3 9. 1	2 4 8. 9	9. 8 -	3. 9 -
O he inc fro t ty t r om e m p rop er ma na g em en	1 4. 3	1 4. 0	0. 3	2. 1
Inc fro ty t om e m p ro p er ma na g em en	7 9 9. 5	8 1 0. 2	1 0. 7 -	1. 3 -
Inc fro le f p ies t om e m sa o ro p er	2 2 6. 1	2 2 6. 1	0. 0	0	Re du ion ia l ly fro ke ins ing t t tem ta c p ar s s m ca re r ou rc
Ca f p ing ies l d t o t rry am ou n rop er so	2 0 7. 1 -	2 0 0. 2 -	6. 9 -	3. 4	in i ia ive d he f fec t t t ts an o r e ,
Re lua ion f a he l d for le t ts va o ss e sa	1 7. 2	1 7. 9	0. 7 -	3. 9 -
f f p Pr i t o d isp l o t ies o n os a ro p er	3 6. 2	4 3. 8	7. 6 -	1 7. 4 -
Ne inc fro fa ir v lue d j f t tm ts om e m a a us en o					Inc d p l e im i ly du he to t rea se ers on ne xp en se s p r ar e
inv ies tm t p t es en rop er	5 4 0. 1	1 2 3. 6	4 1 6. 5		ins ing in i ia ive f c ke ( € -6 ) d t t ta 7m ou rc o are rs an
Ex fo i l lar ts p en se s r a nc y co s	-2 4 0. 2	2 6 1. 9 -	2 1. 7	8. 3 -	f ( € -1 2. 3m ), d L T I P (- 4. 4 €m ) tsm cra en an
Ex fo in te p en se s r m a na nc e	2. 9 -7	8 6. 4 -	1 3. 5	1 5. 6 -	Inc in ly fro ion i d a d c t rea se m a m co en sa a n os
O he f p ha d g ds d s ice t t o r c os urc se oo an erv s	4 4. 0 -	0. 5 5 -	6. 5	1 2. 9 -	t mp p im bu ts re rse me n
Pe l e rso nn e xp en se s	-1 0 5. 7	7 9. 3 -	2 6. 4 -	3 3. 3
De ia ion d a isa ion t t t p rec an mo r	-4 6	4. 5 -	0. 1 -	2. 2	Inc in ly dr ive by ins ing h ig he rea se m a n ou rc r ,
O he ing inc t t r o p era om e	3 3. 1	2 3. 6	9. 5	4 0. 3	fee is ion d inc d a d i t, l tan p rov s a n rea se u co ns u cy s
O he ing t t r o p era ex p en se s	-6 3. 2	4 9. 6 -	1 3. 6 -	2 7. 4	d leg l c ts an a os
F ina ia l inc nc om e	1 6. 8	8. 2	8. 6		F ina ia l e de d s bs ia l ly du tan t to nc xp en se s cre as e u e
F ina ia l e nc xp en se s	-2 2 1. 1	2 4 6 7. -	2 6. 5	1 0. 7 -	fro low in ter t ra tes h ic h r l te d er es w es u m
Pr f i be fo t tax o re	6 7 4. 0	2 2 9. 6	4 4 4. 4		f o tru tur ing de b t p i t ion res c o ur os s
Inc tax om e	-1 9 9. 7	4 6. 7 -	1 3 5 -
Cu inc t tax rre n om e	-6. 0	5. 3 -	0. 7 -	1 1. 1	Pr f i for he io d m in ly dr ive by lua ion t t t o p er a n va
O he ( inc l. de fe d ) t tax rs rre	1 9 3. 7 -	4 1. 4 -	1 5 2. 3 -		f fec ts e
f i fo io Pr t t he d o r p er	4 7 4. 3	1 8 2. 9	2 9 1. 4

Overview of DA's maintenance and capex split

M i d d i i t t a n e n a n c e a n m o e r n s a o	( € ) n m		C t o m m e n s
	M 9 2 0 1 3	M 9 2 0 1 2	Mo de isa ion d m t rn an b j t to su ec se as on a f f da h ic h m t-o tes
Sa les f f 's isa ion tm t o ow n cra en or g an	8 6. 6	3 6. 8	cu w fra ion f a t c s o ea r y
Bo h in ice t- ug se rv s	6 0. 8	1 2 0. 2	Re f in ho ve nu es o us inc d s ig i f ica rea se n
To l f de isa io d ta t t co s o m o rn n an in k te m a na nc e wo r	1 4 4 7.	1 5 0 7.	To l m de isa ion ta t o rn
In f i f f 's te ts tm rco m p an p ro o ow n cra en y isa ion l im ina d in he l i da d t te t te or g an e co ns o ina ia l ta te ts nc s me n	-9 1	-0 4	l ig h ly be low t s p rev Cr f isa tsm a en or g an f € 9. 1m o
Mo de isa io d in k t te rn n an m a na nc e wo r ise d in he l i da d t te re co g n co ns o in ia l ta te ts an c s m en	1 3 8. 3	1 5 6. 7	Mo de isa ion t rn p rog l s d e an nu a p en xp ec
1 he f in t te re o ma na nc e …	9 6. 0	9 9. 1	Dr ive by he t n w ea r c i l s ta tru tur ca p c e r eo
he f i l ise d in t ta te re o ca p ma na nc e	1 5. 7	1 1. 2	Qu ly be ter ar nu m rs la i l i du t ty to vo e co mp
f he de isa ion t t re o mo rn …	2 6. 6	4 6. 4

Note: Rounding errors may occur

1) including cost of materials of € 72.9 million as well as personnel expenses of € 23.1 million and other costs.

9M 2013 – Balance sheet evolution

i O v e r v e w
( ) €m	9 M 2 0 1 3	Y E 2 0 1 2
Inv ies tm t p t es en ro p er	1 0, 2 7 9	9, 8 4 4
O he t t a ts r n on -c ur re n ss e	8 2	1 0 3
To l n ta t a ts on -c ur re n ss e	1 0, 3 6 1	9, 9 4 7
Ca h a d c h e iva len ts s n as q u	2 8 1	4 7 0
O he t t a ts r c ur re n ss e	1 8 5	1 9 1
To l c ta t a ts ur re n ss e	4 6 6	6 6 1
To l a ta ts ss e	1 0, 8 2 7	1 0, 6 0 8
To l e i i bu b le D A ha ho l de ta ty t tr ta to q u a s re rs	3, 7 9 4	2, 6 6 6
No l l ing in tro te ts n- co n re s	1 6	1 1
To l e i ta ty q u	3, 8 1 0	2, 6 7 7
O he f ina ia l l ia b i l i ies t t r nc	5, 3 6 6	5, 7 6 7
fe De d l ia b i l i ies tax t rre	9 2 4	7 2 4
Pr is ion fo ion d s im i lar b l ig ion t ov s r p en s s a n o a s	2 9 1	3 1 9
O he l ia b i l i ies t t t r n on -c ur re n	4 8	1 3 1
To l n l ia b i l i ies ta t t on -c ur re n	6, 6 2 9	6, 9 4 1
O he f ina ia l l ia b i l i ies t t r nc	2 0 1	6 8 4
O he l ia b i l i ies t t t r c ur re n	1 8 7	3 0 6
To l c l ia b i l i ies ta t t ur re n	3 8 8	9 9 0
To l l ia b i l i ies ta t	7, 0 1 7	7, 9 3 1
i ia i i ies To ta l e ty d l b l t q u a n	1 0, 8 2 7	1 0, 6 0 8

9M 2013 – Balance sheet evolution (cont'd)

O i v e r v e w			C t o m m e n s
( €m )	M 9 2 0 1 3	Y E 2 0 1 2
Inv ies tm t p t es en ro p er	1 0, 2 9 7	9, 8 4 4
O he t t a ts r n on -c ur re n ss e	8 2	1 0 3
To l n ta t a ts on -c ur re n ss e	1 0, 3 6 1	9, 9 4 7
Ca h a d c h e iva len ts s n as q u	2 8 1	4 7 0
O he t t a ts r c ur re n ss e	1 8 5	1 9 1
To l c ta t a ts ur re n ss e	4 6 6	6 6 1
To ta l a ts ss e	1 0, 8 2 7	1 0, 6 0 8	Inc dr ive by i l c i bu ion d by ta tr t rea se n ca p on s a n p ro in he io d, in ly l ing fro lua ion f t t t p er ma res u m va o t ies p rop er
To l e i i bu b le D A ha ho l de ta ty t tr ta to q u a s re rs	3, 9 4 7	2, 6 6 6
No l l ing in tro te ts n- co n re s	1 6	1 1
To l e i ta ty q u	3, 8 1 0	2, 6 7 7
O he f ina ia l l ia b i l i ies t t r nc	3 6 6 5,	6 5, 7 7
fe De d l ia b i l i ies tax t rre	9 2 4	7 2 4
Pr is ion fo ion d s im i lar b l ig ion t ov s r p en s s a n o a s	2 9 1	3 1 9	Ea ly f E K 0 2 l ia b i l i ies in Se be t o tax t tem r rep ay me n p
O he l ia b i l i ies t t t r n on -c ur re n	4 8	1 3 1	du d he he l ia b i l i ies t t t re ce o r
To l n l ia b i l i ies ta t t on -c ur re n	6, 6 2 9	6, 9 4 1	To l p d € 1 1 3m ta t a te to ay me n mo un
			Ea ly % in h is l ia b i l i t s 5. 5 ter t o t ty r rep ay me n av es es n h ic h w du in fur he l ins lm 4 t ta ts w as e r a nn ua en
O he f ina ia l l ia b i l i ies t t r nc	2 0 1	6 8 4
O he l ia b i l i ies t t t r c ur re n To l ia i l i ies	1 8 7	3 0 6
l c b ta t t ur re n	3 8 8	9 9 0
To l l ia b i l i ies ta t	7, 0 1 7	7, 9 3 1
To l e i d l ia b i l i ies ta ty t q u a n	1 0, 8 2 7	1 0, 6 0 8

Total residential portfolio by federal states

i ia Se Re de t l p 3 0, 2 0 1 3 s n er p.
	i Un ts	Ar ea	Va ca nc y	In -P lac Re t e n
		( ) in ho d s t us an q m	( ) in %	( ) in € i l l ion m	( in € p er sq m p er ) h t mo n
No h R h ine -W ha l ia t tp r es	9 5, 1 8 1	5, 9 5 8	4. 3 %	3 4 7. 7	5. 0 9
He ss e	2 1, 1 4 1	1, 3 3 8	1. 8 %	1 0 3. 2	6. 4 5
Ba ia va r	1 4, 2 2 4	9 4 6	2. 2 %	6 1. 1	5. 5 0
Be l in r	1 2, 8 9 3	8 3 0	1. 4 %	5 6. 1	5. 7 2
Sc h les ig- Ho ls in te w	1 1, 2 4 7	7 0 1	4. 2 %	4 1. 2	5. 1 2
Lo Sa we r xo ny	6 9 5, 7	3 8 4	8. 2 %	2 1. 6	0 9 5.
R h ine lan d- Pa la ina t te	5, 1 2 6	3 6 4	3. 2 %	2 1. 8	5. 1 7
Ba de W ür be t te n- m rg	4, 9 3 1	3 4 4	2. 5 %	2 1. 8	5. 4 1
Sa xo ny	3, 2 8 2	2 0 5	1 0. % 5	1 0. 7	4. 8 7
Sa -A ha l t xo ny n	1, 3 9 7	9 4	2 0. 0 %	4. 1	4. 0 5
Ha bu m rg	1, 1 2 2	6 5	2. 0 %	5. 6	7. 3 6
T hu ing ia r	1, 0 5 9	6 8	5. 9 %	4. 0	5. 2 1
Me k len bu -W Po ia te c rg es rn me ra n	6 4 2	4 9	2. 2 %	3. 3	1 5. 7
Br de bu an n rg	5 7 6	4 2	4. 2 %	2. 8	5. 8 4
Br em en	6 6	5	6. 1 %	0. 3	5. 7 6
Sa lan d ar	1 7	1	5. 9 %	0. 1	4. 7 5
To l ta	1 7 8, 5 6 5	1 1, 3 9 6	3. 9 %	7 0 5. 4	5. 3 7

Note: Residential in-place rent (per month in € per sqm) is defined as the current gross rental income per month for rented residential units as agreed in the corresponding rent agreements as of March 31, 2013, before deducting non-transferable

Total residential portfolio by 25 largest locations

Se Re i de ia l p 3 0, 2 0 1 3 t s n er p.
	Un i ts	Ar ea	Va ca nc y	( 1) In -P lac Re t e n
		( ho d t us an ) sq m	( ) %	( ) € i l l ion m	( € p er sq m p er ) h t mo n
Do d tm r un	1 6 0 7, 7	1, 0 4 7	3. 1 %	9. 5 5	4. 8 7
Be l in r	1 2, 8 9 3	8 3 0	1. 4 %	5 6. 1	5. 7 2
Es se n	1 0, 0 7 0	6 1 7	5. 8 %	3 6. 1	5. 1 9
Fr k fu Ma in t a an r m	9, 9 9 5	6 1 9	0. 8 %	2. 4 5	1 1 7.
Ge lse k irc he n n	7, 7 5 9	4 7 6	6. 8 %	2 4. 5	4. 6 0
Bo hu c m	6 1 1 7,	4 3 9	3. 0 %	2 6. 1	1 2 5.
Du is bu rg	4, 1 9 7	2 8 1	4. 3 %	1 6. 0	4. 9 7
Mu ic h n	4, 6 4 8	3 1 0	0. 8 %	2 3. 1	6. 2 6
He rn e	4, 5 7 5	2 8 0	1 % 5.	1 0 5.	4. 1 7
Bo nn	4, 2 4 4	2 9 8	1. 7 %	2 1. 2	6. 0 5
Co log ne	3, 9 8 4	2 6 3	2. 1 %	1 9. 8	6. 4 0
G la d be k c	3, 2 8 5	2 0 0	3. 2 %	1 1. 3	4. 9 0
He te r n	2, 7 1 1	1 7 4	4. 5 %	9. 1	4. 5 7
Ma l r	2, 5 0 8	1 6 7	7. 9 %	9. 4	5. 0 9
D üs l do f se r	2, 4 1 7	1 6 2	2. 6 %	1 3. 0	6. 9 0
Aa he c n	2, 1 8 7	1 4 5	2. 4 %	9. 1	5. 3 6
W ies ba de n	2, 0 6 2	1 3 7	2. 2 %	1 1. 8	7. 3 3
Be ka rg me n	2, 0 1 9	1 3 4	8. 1 %	6. 6	4. 4 9
Ge ha h t t es c	1, 9 9 9	1 1 4	3. 6 %	7. 3	5. 5 6
Bo t tro p	1, 9 1 4	1 2 0	3. 5 %	7. 1	5. 0 7
Ka l ss e	1, 8 6 3	1 1 6	3. 3 %	6. 6	4. 8 7
Ca Ra l tro s p- e ux	1, 7 0 4	1 0 0	4. 6 %	5. 8	5. 1 1
Re k l ing ha c us en	1, 6 6 5	1 0 9	3. 9 %	6. 0	4. 8 7
Nu be re m rg	1, 6 1 2	1 1 1	1. 2 %	7. 6	5. 8 0
F len bu s rg	1, 5 9 8	1 0 6	5. 1 %	5. 8	4. 7 9
Su b l to ta	1 1 7, 6 6 7	7, 3 8 0	3. 4 %	4 6 6. 4	5. 4 5
Re in ing ma	6 0, 8 9 8	4. 0 1 6	5. 0 %	2 3 9. 1	5. 2 2
To l ta	5 5 1 7 8, 6	1 1, 3 9 6	3. 9 %	5. 7 0 4	5. 3 7

1) Residential in-place rent (per month in € per sqm) is defined as the current gross rental income per month for rented residential units as agreed in the corresponding rent agreements as of March 31, 2013, before deducting non-transferable

Rating: investment grade rating from S&P

-Corporate investment grade rating

R i t a n g a g e n c y	R i t a n g	O l k t u o o	L U d t t a s p a e
S d d & P 's t a n a r o o r	B B B	S b l t a e	J l 2 3 2 0 1 3 u y

-Bond ratings

	A t m o u n	I P i s s u e r c e	C o u p o n	i M t t a y D u r t a e	R i t a n g
3 2. 1 2 5 % y e a r s E B d u r o o n	€ 0 0 7 m	9 9 9 3 % 7	2 1 2 % 5	2 J l 2 0 1 6 5 u y	B B B
5 6 3. 1 2 % y e a r s E B d r o o n u	€ 6 0 0 m	9 9 9 3 % 5	3 1 2 % 5	2 J l 2 0 1 9 5 u y	B B B
4 3. 2 0 0 % y e a r s Y k B d a n e e o n	U S D 7 5 0 m	1 0 0 0 0 0 %	3 2 0 0 %	O 2 2 0 1 7 t c	B B B
1 0 5. 0 0 0 % y e a r s Y k B d a n e e o n	S U D 2 0 5 m	9 8 9 9 3 %	0 0 0 % 5	O 2 2 0 2 3 t c	B B B
5 8 3. 6 2 % y e a r s E M T N	€ 0 0 5 m	9 9 8 4 3 %	3 6 2 % 5	O 8 2 0 2 1 t c	B B B

Key bond terms

	5 E B d 3 2. 1 2 % y e a r s u r o o n	5 E B d 6 3. 1 2 % y e a r s u r o o n
Iss ue r:	De he An ing F ina B. V. * ts to u c n n nc e	De he An ing F ina B. V. * ts to u c n n nc e
Tr de Da te a :	1 Ju ly 2 0 1 3 7	1 Ju ly 2 0 1 3 7
S I I N:	D E 0 0 0 A 1 H N T J 5	D E 0 0 0 A 1 H N W 5 2
W K N:	A 1 H N T J	A 1 H N W 5
L is in t g :	( ) f Un la d ke Fr ive ke hr he te t s t t reg op en -m ar eg me n e r o u	( ) f Un la d ke Fr ive ke hr he te t s t t reg op en -m ar eg me n e r o u
	Fr k fu S k Ex ha t to an r c c ng e	Fr k fu S k Ex ha t to an r c c ng e
No io l Am t t: na ou n	E U R 7 0 0, 0 0 0, 0 0 0	E U R 6 0 0, 0 0 0, 0 0 0
De in io t no m a ns :	E U R No 1 0 0, 0 0 0 te p er	E U R No 1 0 0, 0 0 0 te p er
Iss Pr ice ue :	9 9. 9 3 % 7	9 9. 9 3 % 5
Co up on :	( ) 2. 1 2 5 % b le l ly p ay a an nu a	( ) 3. 1 2 5 % b le l ly p ay a an nu a
F irs Co t t: up on p ay m en	2 5 Ju ly 2 0 1 4	2 5 Ju ly 2 0 1 4
Ma i Da tu ty te r :	Ju ly 2 5 2 0 1 6	Ju ly 2 5 2 0 1 9
Co ts ve na n :	To l De b / To l As 6 0 % ta t ta ts se ; < =	To l De b / To l As 6 0 % ta t ta ts se ; < =
	Se d De b / To l As 4 % t ta ts 5 cu re se ; < =	Se d De b / To l As 4 % t ta ts 5 cu re se ; < =
	Co In Ra io ( L T M A d j d E B I T D A L T M te t t te to res ve rag e us	Co In Ra io ( L T M A d j d E B I T D A L T M te t t te to res ve rag e us
	) Se In Ex 1. 4x i l 3 0- 1 3 d 1. 8x te t t res p en se u n p- an >=	) Se In Ex 1. 4x i l 3 0- 1 3 d 1. 8x te t t res p en se u n p- an >=
	f he t te rea r;	f he t te rea r;
	/ To l Un be d As Un d De b 1 2 5 % ta ts t > en cu m re se se cu re =	/ To l Un be d As Un d De b 1 2 5 % ta ts t > en cu m re se se cu re =
Ra in t g :	B B B	B B B

*The bonds are guaranteed by Deutsche Annington Immobilien SE.

Key bond terms (cont'd)

	/ S 2 0 1 3 1 7 3. 2 0 % U D- Bo d	/ S 2 0 1 3 2 3 5. 0 0 % U D- Bo d	/ 2 0 1 3 2 1 3. 6 2 5 % E U R- M T N
	n *	n *	*
Iss ue r:	De ch e A nni Fi B .V. uts ton ng na nce	De ch e A nni Fi B .V. uts ton ng na nce	De ch e A nni Fi B .V. uts ton ng na nce
Tra de Da te:	02 Oc tob 20 13 er	02 Oc tob 20 13 er	08 Oc tob 20 13 er
ISI N:	US 144 A: 25 155 FA A4 9	US 144 A: 25 155 FA B2 2	DE 000 A1 HR VD 5
	S: US C8 Re N8 172 PA 8 g	S: US Re N8 172 PA D6 1 g
W KN / C US IP:	144 A: 25 155 FA A4	144 A: 25 155 FA B2	A1 HR VD
	Re S: N8 PA C8 172 g	Re S: N8 PA D6 172 g
Lis tin g:	Lis tin no g	Lis tin no g	Re late d m ark of t he Lux bo St k E han et gu em urg oc xc ge
No tio l A t: na mo un	US D 7 50 00 0, 00 0 ,	US D 2 50 00 0, 00 0 ,	EU R 5 00 00 0, 00 0 ,
mi tio De no na ns :	US D 5 0, 00 0 p not er e	US D 5 0, 000 ote pe r n	EU R 1 000 ote pe r n ,
Iss P ric ue e:	100 .00 0%	98 .99 3%	99 .84 3%
Co up on :	( f-a nt) 3.2 0% hal ual ly nn pay me	( f-a nt) 5.0 0% hal lly nn ua pay me	(an nt) 3.6 25 % lly nua pay me
EU R-E iva len -of fer t re qu	( hal f-a ual ly nt) 2.9 7% nn pay me	( hal f-a lly nt) 4.6 8% nn ua pay me	-
iel d y
Co Fir st nt: up on pa y me	2 A il 2 014 pr	2 A il 2 014 pr	8 O be r 2 014 cto
ity Ma tur Da te:	2 O be r 2 017 cto	2 O be r 2 023 cto	8 O be r 2 02 1 cto
Co nts ve na :	To tal De bt / T l A 60 %; ota ets ss <=	To tal De bt / To tal As = 6 0% set s < ;	To tal De bt / T l A 60 %; ota ets ss <=
	Se bt / red De To tal As = 4 5% set cu s < ;	Se bt / red De To tal As = 4 5% set cu s < ;	Se bt / red De To tal As = 4 5% set cu s < ;
	t C o ( Inte e R ati LTM Ad jus ted EB ITD A t o L TM res ove rag	t C o ( Inte e R ati LT M Ad jus ted EB ITD A t o L TM res ove rag	t C o ( Inte e R ati LTM Ad jus ted EB ITD A t o L TM res ove rag
	e)> -Se Inte t E =1 .4x til 30 13 d 1 .8x res xp ens un p- an	e)> -Se Inte t E =1 .4x til 30 13 d 1 .8x res xp ens un p- an	e)> -Se Inte t E =1 .4x til 30 13 d 1 .8x res xp ens un p- an
	fte the rea r;	fte the rea r;	fte the rea r;
	s / To tal Un be red As set Un red De bt 12 5% enc um se cu >=	s / To tal Un be red As set Un red De bt 12 5% enc um se cu >=	/ U To tal Un mb d A ets red De bt 12 5% en cu ere ss nse cu >=
Ra tin g:	BB B	BB B	BB B

* Fully and unconditionally guaranteed by Deutsche Annington Immobilien SE

IR Contact

Florian Goldgruber, CFAHead of Capital Markets & Investor Relations investorrelations@deutsche-annington.com

From January 2014 you will be supported byThomas Eisenlohrwho will take over the role as Head of Investor Relations

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