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Vonovia SE

Investor Presentation • Jun 26, 2014

477_ip_2014-06-26_88c673a2-075a-4ac0-9efc-4c21074791ac.pdf

Investor Presentation

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Deutsche Annington Immobilien SE

Roadshow Milan & LuganoJune 26th, 2014

Michael Tegeder, Senior Investor Relations Manager

Roadshow Milan & Lugano, 26 June 2014

We are well positioned in a favourable market environment

High average tenancy length in years

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)

84% of DA's portfolio in states with strongest rental growth

Deutsche Annington at a glance (data as per 31.12.2013)

  • Top 5 European real estate company1 and the largest German residential firm²
  • 175k residential units well spread across Germany
  • 97% of portfolio by fair value located in Western Germany and Berlin
  • More than 2.900 employees incl. own craftsmen organisation with 1200 FTE
  • Standardised processes and industrialised platform
  • Best-in-class financing structure in the German real estate sector
  • Dedicated portfolio strategy and investment program focused on value creation

1By market cap; ² In listed German residential sector

Steady improvement of all KPIs

1) Based on average number of units over the period

Steady improvement of all KPIs

FFO 1 ex. maintenance (€m)

1) Based on number of shares as of 31 Dec 2012 (200,0 m) and 31 Dec 2013 (224,2 m)

Successful year 2013 - all KPIs meet or exceed guidance

FY 2013 results versus guidance

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Positive outlook for 2014 confirmed

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To drive growth in both FFO and NAV, we followfour operational strategies for the existing portfolio

Portfolio review provides higher modernisation potential and less Non Core assets

Continued high levels of maintenance guarantee thesustainability of our portfolio's rental growth capacity

SG&A savings of more than € 20m lead to significant cost/unit improvement

Property management strategy

  • Integration of Asset and Property Mgmt.
  • Reduction of number of legal entities
  • IT standardisation

… lead to sustainable efficiency gains

  • HR cost savings(pay roll reduction: 79 headcounts,elderly part time program: 133 headcounts)
  • IT cost savings
  • TGS

More than € 20m savings targeted for 2014…

… lead to savings of € 120/unit in 2014

Property management strategy

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Implementation of a best-in-class financing structure

Financing strategy

Innovative hybrid excites market

Financing strategy

Comments

  • In April 2014, Deutsche Annington issued a € 700m hybrid bond – a premier to European residential real estate companies
  • The reaction of the issuance was overwhelming and the demand very strong - volume as well as coupon have exceeded our expectations
  • Another proven instrument enlarging our financing toolkit evidencing our innovative financing strategy

Long-term and well balanced maturity profile

Financing strategy

  • No major refinancing before 2016
  • Structured Loan (WOGE V) of EUR 248m due 2015 has been prepaid in April 2014
  • Hybrid-bond is due 2074 (after 2023), but will loose the equity credit in 2019 (`economical maturity´)
  • DeWAG loans currently under review for best redemption strategy, cash available at DAIG balance sheet.

Investment program capitalisingon mega-trends supported by German regulation

Portfolio management strategy

€ 500m investment opportunities identified

€ 300m investment opportunities identified1

Attractive growth potential at ~7% unlevered yield, proven by our track-record

Source: European Commission, BBSR-Bevölkerungsprognose 2030

1) Including investments for senior living as well as investments in high demand markets

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*yield forecasted depending on new rents after modernisation

  • Rent increases and vacancy reductionfor 2012 program generating unlevered6.8% asset yield end of 2013
  • € 65.3m invested in vintage year 2013, of which
  • € 48.6m invested in energy efficiency measures
  • € 16.6m invested in 1,126 apartments with a yield of 10.5% for those already let
  • Investment program 2014 fully on track
  • Hand picked house by house. Individual projects range from~ € 5k to ~€ 1.5m.
  • Craftsmen capacities and KfW funds secured

1) Vintage year: All projects with start of construction in the respective calendar year. Projects will be completed in the vintage year or the following year.Note: Only with a steady volume y-o-y , the investments in the vintage year will correspond with the booked investment Capex of the calender year

Modernization program 2014 fully running

  • Two investment modules in 2014 delivering~7% unlevered yield:
  • "Upgrade buildings" – energetic building modernization (€115m)
  • "Optimize apartments" – vacant flat modernization for elderly living (€35m)
  • Ramp-up of internal resources to realize investment volume of €150m completed
  • Subcontractor capacities secured
  • Low interest rates for KfW-loans secured

Portfolio management strategy

Imbalanced market structure provides opportunities

Current return in %

Total return is the sum of current return and expected value growth

  • Imbalanced market structure provides opportunities
  • Growth is most crucial component
  • But analyses of history shows – rent forecasts by external data providers are not reliable

Deutsche Annington's portfolio management approach

(Deutsche Annington's analyses of Germany)

Innovative portfolio management for sustainable

  • Growth is derived from basic demographic data and own estimates
  • We will invest and acquire assets with above average returns and sell assets with low return
  • We identified 10 cities with a priority for acquisitions

profitable growth

Portfolio management strategy

We developed a framework to evaluate the housing market

Vitus and DeWAGperfectly enhance our portfolio

Extension strategy offers significant advantages to our clients and improves our cost base

Extension strategy

Widening the value chain

Key objectives of DA extension strategy:

  • • Increase in customer satisfaction resulting inhigher customer loyalty
  • • Additional contribution and growth from extensions ofthe value chain
  • • Improvement of efficiencyand quality of process chains which are relevant to DAcore business

Strategic advantages of the TGS joint venture:

  • • Higher quality (build-up of know how, efficient & closely coordinated processes)
  • • High reliability (direct access to craftsmen capacities)
  • • Cost reduction (managing total costs of process)
  • • Nationwide scalable operating platform

Development of the multimedia partnership with Deutsche Telekom (DTAG):

  • • DTAG will equip 145,000 of Deutsche Annington residential units with modern fibre-optic technology.
  • • > 58,000 units will be connected end Q1 2014
  • • Partnership opens the ground for further cross-selling opportunities

Partnership offers huge cost savings for our clients

TV supply: development of annual average costs per household

Higher flexibility for acquisitions and integration of portfolios, continuing strong deal flow

  • There is a continuing flow of attractive portfolios
  • As the largest residential real estate company in Germany operating throughout the country and due to increased financial flexibility, we have strengthened our market position significantly and are able to bid for every attractive portfolio
  • However we continue to have a disciplined approach. Thepreconditions for any purchase are:
  • Fit to portfolio
  • FFO/share accretion
  • NAV/share at least neutral
  • Maintaining our BBB rating

Vitus and DeWAG fulfill all of Deutsche Annington'sacquisition criteria

Vitus and DeWAG: Two highly attractive portfolios

Acquisition strategy

Two highly attractive portfolios , which are both accretive to Deutsche Annington's strategy, allowing for significant increase in asset density and regional diversification

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Fulfilling all our criteria

  • Strategic fit
  • FFO1/share accretion
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  • Financing structure designed to maintain our BBB rating

Vitus and DeWAGperfectly fit to our portfolio

Acquisition strategy

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1) Based on Q4/2013 figures 2) DeWAG and Vitus: transaction multiple ; DAIG: valuation multiple

New assets offering compelling upside potential:Modernisation +13,396 units, privatization +4,390 units

Significant synergy potential with Deutsche Anningtonmanagement and ownership

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+
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=
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v		 €
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+
=
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(
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c.
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s
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o		 U
€
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t
p
o
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Synergies will substantially improve EBITDA of Vitusand DeWAG

Integration of Vitus & DeWAGcompleted until year end

2
0
1
4		 2
0
1
5
Q
1		 Q
2		 Q
3		 Q
4		 Q
1		 Q
2
D
W
A
G
e
S
i
i
1.
g
n
n
g		 1
C
l
i
2
o
s
n
g		 2
I
i
f
F
i
/
A
i
3
t
t
t
n
e
g
r
a
o
n
o
n
a
n
c
e
c
c
o
n
n
g
u		 3
I
i
f
l
d
i
i
i
4
t
t
t
t
t
t
n
e
g
r
a
o
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r
e
a
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a
e
a
m
n
s
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a
e
v
d
h
i
l
t
a
n
e
c
n
c
a
p
r
o
c
e
s
s
e
s		 4
5
F
i
l
i
i
d
f
f
f
t
t
n
a
s
a
o
n
a
n
r
a
n
s
e
r
o
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r
m
e
r
i
d
P
T
U
b
i
l
l
i
p
e
r
o
s
n
g		 5
V
i
t
u
s
S
1.
i
i
g
n
n
g		 1
C
l
i
2
o
s
n
g		 2
3
I
i
f
F
i
/
A
i
t
t
t
n
e
g
r
a
o
n
o
n
a
n
c
e
c
c
o
n
n
g
u		 3
4
I
i
f
l
d
i
i
i
t
t
t
t
t
t
n
e
g
r
a
o
n
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s
a
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a
m
n
s
r
a
v
e
d
h
i
l
t
a
n
e
c
n
c
a
p
r
o
c
e
s
s
e
s		 4
5
F
i
l
i
i
d
f
f
f
t
t
n
a
z
a
o
n
a
n
r
a
n
s
e
r
o
o
r
m
e
r
i
d
P
T
U
b
i
l
l
i
p
e
r
o
s
n
g		 5
  • bearing debt.
  • 11.8m shares in kind will be issued to Vitus shareholders at closing. Value consideration is DAIGs NAV at YE 2013 – € 21.33
  • Equity markets approached to raise primary capital under Deutsche Annington's authorised share capital at March 2013. 16m shares issued at € 19.00.
  • Issuance of hybrid bond, allowing for 50% equity credit, thereby strengthening the combined capital ratios issued at April 2014. For details see appendix.
  • Cash / bond financing: Residual amount to be raised from cash or via bond market in line with Deutsche Annington's strategy of evenly spreading its maturity profile and/or asset disposals

Significant increase of free float

  • On March 5th, 2014, DAIG issued 16.0m new shares via an accelerated book building ("ABB") at EUR19.00 per share, a discount of 4.6% to prior days closing
  • New total number of Deutsche Annington shares outstanding reached 240.2m
  • At the same time, Monterey and CPI Capital Partners split off their shareholder agreement. CPI received 27.6m shares and offered 11.0m of these shares to be placed as secondary
  • On May 19th, 2014 Monterey handed over their shares in DAIG to their fund investors. 18.7m shares of investors preferring no shares as well as 11.3m of CPI shares were placed as secondary via an ABB at EUR 19,50 per share
  • Hence, DAIGs free float and share turnover have increased significantly

* In addition, the voting right of Monterey Holdings I S.á r.l. and TFCP Capital Investments Limited are attributed to Mr. Hands

** Monterey Holdings I S.á r.l. is indirectly controlled by TFCP Capital Holdings Limited. Monterey Holdings I S.á r.l. directly holds 8.76% and TFCP Capital Holdings Limited directly hold 0.28% of the voting rights in Deutsche Annington Immobilien SE.

Appendix

Roadshow Milan & Lugano, 26 June 2014

Q1 2014 key figures confirm positive development

K
F
i
e
y
g
u
r
e
s
i
€
n
m		 Q
2
0
1
1
4		 Q
2
0
3
1
1		 C
h
i
%
a
n
g
e
n
R
i
d
i
l
U
i
k
t
t
e
s
e
n
a
n
s		 1
7
4
3		 1
8
0.
3		 -3
3
%
R
l
i
t
e
n
a
n
c
o
m
e		 1
8
0.
5		 1
8
2.
0		 -0
8
%
V
%
t
a
c
a
n
c
y
r
a
e		 3
7
%		 4
0
%		 -0
3
p
p
M
h
l
i
l
/
€
t
t
o
n
y
n-
p
a
c
e
r
e
n
s
q
m		 5.
4
4		 5.
3
4		 1.
9
%
A
d
j
d
E
B
I
T
D
A
R
l
t
t
u
s
e
e
n
a		 1
0
9.
5		 1
0
9.
3		 0.
2
%
A
d
j.
E
B
I
T
D
A
R
l
/
i
i
€
t
t
e
n
a
u
n
n		 6
2
6		 6
0
3		 3
8
%
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		 6
0.
2		 1
0
2.
7		 -4
1.
4
%
A
d
j
d
E
B
I
T
D
A
S
l
t
u
s
e
a
e
s		 9.
2		 1
1.
6		 -2
0.
7
%
A
d
j
d
E
B
I
T
D
A
t
u
s
e		 1
1
8.
7		 1
2
0.
9		 -1
8
%
F
F
O
1		 6
1.
9		 4
9.
3		 2
5
6
%
F
F
O
2		 7
1.
1		 6
0.
9		 1
6.
7
%
O
F
F
1
i
t
e
m
a
n
e
n
a
n
c
e
x		 9
5.
9		 8
3
6		 1
4
7
%
O
A
F
F		 5
6.
6		 4
5.
4		 2
4
7
%
3
F
i
k
l
i
t
t
a
r
m
a
r
e
a
e
p
r
o
p
e
r
e
s
v
u		 1
0,
3
2
4
6		 1
0,
3
2
6.
7		 0.
0
%
3
N
A
V		 5
1
1
8.
8
,		 4
7
8
2.
2
,		 7.
0
%
3
L
T
V
i
%
n
,		 4
6.
2
%		 5
0.
2
%		 -4
0
p
p
1.3
O
F
F
1
/
h
i
€
s
a
r
e
n		 0.
2
6		 0.
2
5		 4
5
%
1.2
.3
N
A
V
/
h
i
€
s
a
r
e
n		 2
1.
3
1		 2
1.
3
3		 -0
1
%

1) Based on the shares qualifying for a dividend on the reporting date Mar 31, 2014: 240,242,425 and Mar. 31, 2013: 200,000,000

2) NAV / share Q1 2014 vs YE 2013, based on the shares qualifying for a dividend on the reporting date Mar 31, 2014: 240,242,425 and Dec 31, 2013: 224,242,425

3) Q1 2014 vs YE 2013

Positive performance continuingOperational results are backing our 2014 guidance

1) Based on average number of units over the period

Positive performance continuingPer share KPIs diluted by capital increase in March*

*Based on number of shares as of 31 March 2013 (200 m) and 31 March 2014 (240,2 m)

FFO by all definitions significantly exceedingprevious year

F
F
O
l
i
(
€
)
t
e
v
o
u
o
n
m		 Q
1
2
0
1
4		 Q
1
2
0
1
3		 F
F
O
b		 k
d
r
e
a
o		 Q
1
w
n		 2
0
1
4
(		 €
)
m
(
)
€m		 Q
1
2
0
1
4		 Q
1
2
0
1
3
A
d
j
d
E
B
I
T
D
A
t
u
s
e		 1
1
8.
7		 1
2
0.
9		 1
1
9		 O
F
F
1 e
xc		 l.
(-
)
In
F
F
O
ter
t e
es
xp
en
se		 -4
4.
7		 -5
6.
6		 int
ma
en
an		 ce
Cu
(-
)
inc
t
tax
rre
n
om
e
es		 -2
9		 -3
4		 (
)
4
5		 9
6
(
)
F
F
O
2
=		 7
1.
1		 6
0.
9		 (
)
3		 7
1		 6
2
Sa
(-
)
A
d
j
d
E
B
I
T
D
A
les
te
us		 -9
2		 -1
1.
6		 9 5
7
(
)
F
F
O
1
=		 6
1.
9		 4
9.
3		 5
(-
)
Ca
i
l
ise
d m
in
ta
ten
p
a
an
ce		 -5
3		 -3
9
(
)
A
F
F
O
=		 5
6.
6		 4
5.
4
(
)
Ca
i
l
ise
d m
in
ta
ten
p
a
an
ce
+		 5.
3		 3.
9
(
)
Ex
fo
in
t
p
e
ns
e
s
r m
a
e
na
nc
e
+		 3
4.
0		 3
4.
3		 Ad
jus
ted
EB
ITD
A		 Inte
t
res
exp
en
se		 Cu
nt
rre
inc
om
e		 FF
O 2		 Ad
jus
ted
EB
ITD
A		 FF
O
1		 Ca
ital
ise
d
p
inte
ma
na
nce		 AF
FO
(
)
F
F
O
(
l. m
in
)
1
t
ex
c
a
e
na
nc
e
=		 9
9
5.		 8
3.
6		 FF
O		 tax
es		 Sa
les

Comments

  • All FFOs with significant positive development
  • Main driver is a significantly lower interest expense from the new financing strategy being fully in place now
  • Adjusted EBITDA slightly lower due to reduced sales volume, Adjusted EBITDA Rental flat despite reduced portfolio

NAV rising due to profitable growth and capital increase

Comments

  • Main impact of NAV growth derives from capital increase on March 5th, 2014
  • Total comprehensive income includes Q1 valuation impact
  • Other changes include the costs for the capital increase

Note: Rounding errors may occur

Q1 2014 – Adjusted EBITDA Rental flat despite sales

Bridge to Adjusted EBITDA

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

Rental segment

(
)
€m		 Q
1 2
0
14		 Q
1 2
0
13
f un
f p
Nu
be
its
d o
io
d
m
r o
en
er		 174
3
27
,		 18
0,
29
2
Re
l
Inc
nta
om
e		 1
8
0.
5		 1
8
2.
0
Ma
inte
nan
ce		 -3
4.
0		 3
4.
3
-
Op
ing
t
sts
era
co		 -3
7.
0		 3
8.
4
-
A
d
j
d
E
B
I
T
D
A
Re
l
te
nta
us		 0
9.
1
5		 0
9.
3
1

Sales segment

(
€m
)		 Q
1 2
014		 Q
1 2
013
Nu
mb
f un
its
ld
er
o
so		 926 1,
765
Inc
fro
d
isp
l o
f p
ies
ert
om
e
m
os
a
rop		 60
.2		 102
.7
Ca
ing
f p
ies
ld
nt o
ert
rry
am
ou
rop
so		 -54
.2		 95
.5
-
Rev
lua
ion
f a
he
ld
for
le
t
ts
a
o
sse
sa		 6.1 5.5
Pro
fit
d
isp
l o
f p
ies
(
IFR
S
)
ert
on
os
a
rop		 12.
1		 12.
7
Op
ing
t
sts
era
co		 -3.
4		 2.9
-
Per
io
d a
d
ju
stm
ent
s		 0.5 1.8
Ad
j
d
EB
ITD
A S
les
te
us
a		 9.2 6
11.

Evolution of Adjusted EBITDA (€m)

Adjusted EBITDA Rental flat despite reduced portfolio as slight top-line decrease is compensated by operating cost reductions

  • Adjusted EBITDA Rental per unit improved by 3.8% to € 626 per unit
  • Adjusted EBITDA Sales decreased due to reduced sales volumes, while step-ups improved significantly especially in the privatisation segment
  • Non-recurring items reflect costs related to our recent acquisition activities

1) Based on average number of units over the period

Q1 2014 – P&L development

P
L
&		 C
t
o
m
m
e
n
s
C
ha
ng		 e
(
)
€m		 Q
1
2
0
1
4		 Q
1
2
0
1
3		 (
)
€m		 %
Re
fro
le
ing
ty
t
t
ve
nu
es
m
p
ro
p
er		 2
6
0.
7		 2
6
1.
7		 1.
0
-		 0.
4
-
Re
l
inc
ta
n
om
e		 8
0.
1
5		 8
2.
0
1		 -1
5		 -0
8
An
i
l
lar
ts
c
y
co
s		 8
0.
2		 7
9.
7		 0.
5		 0.
6
O
he
inc
fro
t
ty
t
r
om
e
m
p
ro
p
er
m
an
ag
em
en		 4.
5		 4.
3		 0.
2		 4.
7
Inc
fro
ty
t
om
e
m
p
ro
p
er
m
an
ag
em
en		 2
6
5.
2		 2
6
6.
0		 -0
8		 -0
3
Inc
fro
le
f p
ies
t
om
e
m
sa
o
ro
p
er		 6
0.
2		 1
0
2.
7		 -4
2.
5		 -4
1.
4
Ca
ing
f p
ies
l
d
t o
t
rry
a
m
ou
n
ro
p
er
s
o		 -5
4.
2		 -9
5.
5		 4
1.
3		 -4
3.
2
Re
lua
ion
f a
he
l
d
fo
le
t
ts
va
o
ss
e
r s
a		 6.
1		 5.
5		 0.
6		 1
0.
9
Pr
f
i
d
isp
l o
f p
ies
t o
t
o
n
os
a
ro
p
er		 1
2.
1		 1
2.
7		 -0
6		 -4
7
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
ro
p
er		 1
9.
8		 5
1
4.
5		 4
9
4.
7
-		 9
6.
2
-
Ca
i
l
ise
d
in
l m
de
isa
ion
ta
te
t
p
rn
a
o
rn
e
xp
en
se
s		 1
3.
5		 4.
3		 9.
2		 2
1
4.
0
Co
f m
ia
ls
t o
te
s
a
r		 9.
3
-1
1		 2
-1
1.
1		 8
1.		 -1
5
Ex
fo
i
l
lar
ts
p
en
se
s
r a
nc
co
s
y		 -7
9.
5		 -8
0.
1		 0.
6		 -3
8
Ex
fo
in
te
p
en
se
s
r m
a
na
nc
e		 -2
6.
3		 -2
7.
4		 1.
1		 -4
0
O
he
f p
ha
d g
ds
d s
ice
t
ts
r c
os
o
ur
c
se
oo
a
n
er
v
s		 -1
3.
5		 -1
3.
6		 0.
1		 -0
7
Pe
l e
rs
on
ne
xp
en
se
s		 -4
4.
1		 -3
5.
1		 -9
0		 3
3.
7
De
ia
ion
d a
isa
ion
t
t
t
p
re
c
a
n
m
or		 -1
6		 -1
5		 -0
1		 6.
7
O
he
ing
inc
t
t
r o
p
er
a
om
e		 9.
8		 9.
7		 0.
1		 1.
0
O
he
ing
t
t
r o
p
er
a
e
xp
en
se
s		 -3
9.
8		 -2
1.
2		 -1
8.
6		 8
7.
7
F
ina
ia
l
inc
nc
om
e		 1.
4		 3.
1		 -1
7		 -5
4.
8
F
ina
ia
l e
nc
xp
en
se
s		 -5
9.
8		 -7
3.
8		 1
4.
0		 -1
9.
0
Pr
f
i
be
fo
t
ta
o
re
x		 5
7.
2		 5
5
7.
6		 -5
0
0.
4		 -8
9.
7
Inc
ta
om
e
x		 -1
8.
9		 -1
7
0.
1		 1
5
1.
2		 -8
8.
9
Cu
inc
t
tax
rre
n
om
e		 -2
9		 -3
4		 0.
5		 -1
4.
7
O
he
(
inc
l.
de
fe
d
)
t
tax
rs
rre		 1
6.
0
-		 1
6
6.
7
-		 1
5
0.
7		 9
0.
4
-
Pr
f
i
fo
he
io
d
t
t
o
r
p
er		 3
8.
3		 3
8
7.
5		 3
4
9.
2
-		 9
0.
1
-
Ne
ly
b
le
l
inc
de
i
les
la
d
ta
ta
te
te
ar
s
re
n
om
e
sp
sa
-re

du
ion
f p
fo
l
io
ize
fro
1
8
0
k
1
7
4
k
t
t
to
re
c
o
or
s
m
O
f
fse
by
h
ig
he
i
de
ia
l
in
lac
t
t
t
r a
ve
ra
g
e
re
s
n
p
e
re
n

h
(
)
d
low
5.
4
4
te
t
p
er
sq
ua
re
me
r p
er
m
on
an
er
(
3.
7
%
)
te
va
ca
nc
y
ra
De
du
du
d s
les
lum
h
i
le
to
cr
ea
se
e
re
ce
a
vo
es
w

,
im
d s
ig
i
f
ica
ly
ia
l
ly
in
he
te
t
t
s
p-
up
s
p
rov
e
n
n
es
p
ec
iva
isa
ion
t
t
t
p
r
se
g
me
n
Inc
ing
i
bu
ion
f
in
l c
f
tr
t
te
tsm
re
as
co
n
o
rn
a
ra
en

G
S
isa
ion
T
in
d
t
to
te
or
g
an
ma
na
nc
e a
n
de
isa
ion
k
t
mo
rn
wo
r
Ra
f p
l
fro
2,
5
1
6
3,
0
7
3
to
mp
p
o
er
so
nn
e
m
-u

loy
lea
ds
inc
d p
l e
to
em
p
ee
s
re
as
e
er
so
nn
e
xp
en
se
s
h
ic
h p
im
i
ly
l
fro
ins
ing
f c
f
t
tsm
r
ar
re
su
m
ou
rc
o
ra
en
w

Q1 2014 – P&L development (cont'd)

P&L

P
L
&		 C
t
o
m
m
e
n
s
C
ha
ng		 e
(
€m
)		 Q
1
2
0
1
4		 Q
1
2
0
1
3		 (
€m
)		 %
Re
fro
le
ing
ty
t
t
ve
nu
es
m
p
ro
p
er		 2
6
0.
7		 2
6
1.
7		 1.
0
-		 0.
4
-
Re
l
inc
ta
n
om
e		 1
8
0.
5		 1
8
2.
0		 -1
5		 -0
8
An
i
l
lar
ts
c
y
co
s		 8
0.
2		 7
9.
7		 0.
5		 0.
6
O
he
inc
fro
t
ty
t
r
om
e
m
p
ro
p
er
m
an
ag
em
en		 4.
5		 4.
3		 0.
2		 4.
7
Inc
fro
ty
t
om
e
m
p
ro
p
er
m
an
ag
em
en		 2
6
5.
2		 2
6
6.
0		 -0
8		 -0
3
Inc
fro
le
f p
ies
t
om
e
m
sa
o
ro
p
er		 6
0.
2		 1
0
2.
7		 -4
2.
5		 -4
1.
4
Ca
ing
f p
ies
l
d
t o
t
rry
a
m
ou
n
ro
p
er
s
o		 -5
4.
2		 -9
5.
5		 4
1.
3		 -4
3.
2
Re
lua
ion
f a
he
l
d
fo
le
t
ts
va
o
ss
e
r s
a		 6.
1		 5.
5		 0.
6		 1
0.
9
Pr
f
i
d
isp
l o
f p
ies
t o
t
o
n
os
a
ro
p
er		 1
2.
1		 1
2.
7		 -0
6		 -4
7
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
ro
p
er		 1
9.
8		 5
1
4.
5		 4
9
4.
7
-		 9
6.
2
-
Ca
i
l
ise
d
in
l m
de
isa
ion
ta
te
t
p
rn
a
o
rn
e
xp
en
se
s		 1
3.
5		 4.
3		 9.
2		 2
1
4.
0
Co
f m
ia
ls
t o
te
s
a
r		 9.
3
-1
1		 2
-1
1.
1		 8
1.		 -1
5
Ex
fo
i
l
lar
ts
p
en
se
s
r a
nc
y
co
s		 -7
9.
5		 -8
0.
1		 0.
6		 -3
8
Ex
fo
in
te
p
en
se
s
r m
a
na
nc
e		 -2
6.
3		 -2
7.
4		 1.
1		 -4
0
O
he
f p
ha
d g
ds
d s
ice
t
ts
r c
os
o
ur
c
se
oo
a
n
er
v
s		 -1
3.
5		 -1
3.
6		 0.
1		 -0
7
Pe
l e
rs
on
ne
xp
en
se
s		 -4
4.
1		 -3
5.
1		 -9
0		 3
3.
7
De
ia
ion
d a
isa
ion
t
t
t
p
re
c
a
n
m
or		 -1
6		 -1
5		 -0
1		 6.
7
O
he
ing
inc
t
t
r o
p
er
a
om
e		 9.
8		 9.
7		 0.
1		 1.
0
O
he
ing
t
t
r o
p
er
a
e
xp
en
se
s		 -3
9.
8		 -2
1.
2		 -1
8.
6		 8
7.
7
F
ina
ia
l
inc
nc
om
e		 1.
4		 3.
1		 -1
7		 -5
4.
8
F
ina
ia
l e
nc
xp
en
se
s		 -5
9.
8		 -7
3.
8		 1
4.
0		 -1
9.
0
Pr
f
i
be
fo
t
ta
o
re
x		 5
7.
2		 5
5
7.
6		 -5
0
0.
4		 -8
9.
7
Inc
ta
om
e
x		 -1
8.
9		 -1
7
0.
1		 1
5
1.
2		 -8
8.
9
Cu
inc
t
tax
rre
n
om
e		 -2
9		 -3
4		 0.
5		 -1
4.
7
O
he
(
inc
l.
de
fe
d
)
t
tax
rs
rre		 1
6.
0
-		 1
6
6.
7
-		 1
5
0.
7		 9
0.
4
-		 he
iou
t
p
rev
s y
ea
Pr
f
i
fo
he
io
d
t
t
o
r
p
er		 3
8.
3		 3
8
7.
5		 3
4
9.
2
-		 9
0.
1
-
Inc
in
re
as
e m
a

as
n
on
-re
cu
rr		 ly
dr
ive
by
is
i
ion
ho
t
ts
n
a
cq
u
co
s
s
wn
ing
i
in
he
te
t
t a
ts
ms
m
an
ag
em
en
cc
ou
n
Lo
we
r p
re
p
ay

du
to
e
su
cc
es
i
ion
in
t
p
os
s
p		 l
ies
d c
i
fe
t p
t
tm
t
me
n
en
a
a
n
om
m
en
es
fu
l re
ing
f
f
ina
ia
l
de
b
tru
tu
t
s
s
c
r
o
nc
iou
rev
s y
ea
r

Lower net debt and reduced FFO interest expense as result of improved financing structure

Driven by valuation uplift of investment properties in the previous year

Overview of DA's modernisation and maintenance split

Q
2
0
1
1
4		 Q
2
0
3
1
1
Ma
in
t
e
na
nc
e
ex
p
e
ns
e
s		 3
4.
0		 3
4.
3		 C
lea
inc
f
lec
fu
l
ke
f
f o
f
ts
ta
r
re
as
e r
e
su
cc
es
s
-o

inv
f
f
ic
ien
tm
t p
es
en
ro
g
ra
mm
e:
en
er
g
y
e
cy
j
in
2
5
0
0
i
&
ior
l
iv
ing
j
in
ts
ts
ts
p
ro
ec
un
se
n
p
ro
ec
C
i
l
is
d
in
t
t
a
p
a
e
ma
e
na
nc
e		 5.
6		 3.
9		 i
d
7
0
0
ts
ta
te
un
s
r
La
im
d
by
fav
b
le
he
t y
te
t
s
ea
r
p
ac
u
n
ou
ra
we
a
r

d
i
ion
d
he
i
la
b
i
l
i
f s
bs
i
d
ise
d
de
t
t
ty
co
n
s a
n
av
a
o
u
Mo
d
is
io
k
t
e
rn
a
n w
o
r		 1
7.
7		 1.
2		 fo
fu
d
ing
(
K
f
W
)
r
n
me
an
s
To
l c
f m
d
is
io
d
in
t
t
t
t
a
o
s
o
o
e
rn
a
n
a
n
m
a
e
na
nc
e
k
o
r
w		 5
7.
3		 3
9.
4		 Re
f
in-
ho
f
isa
ion
tsm
t
ve
nu
es
o
us
e c
ra
en
o
rg
an

inc
d s
ig
i
f
ica
ly
du
fu
l
T
G
S
t
to
re
as
e
n
n
e
su
cc
es
s
im
lem
ion
ta
t
p
en
T
he
f s
le
f o
f
is
io
t
's
t
re
o
a
s
o
wn
c
ra
me
n
o
rg
a
n
a
n		 3
7.
4		 2
6.
5
T
he
f
b
h
in
ic
t-
re
o
ou
g
s
e
rv
e
s		 1
9.
9		 1
2.
9		 Inc
in
ly
du
ic
de
isa
ion
to
t
t
re
as
e m
a
e
en
er
g
e
mo
rn
Mo
d
is
io
d
in
/
[
]
€
t
t
e
rn
a
n a
n
ma
e
na
nc
e
s
q
m		 5.
1		 3.
4

Q1 2014 – Balance sheet evolution

O
i
e
r
e
v
v
w
(
€m
)		 Ma
3
1,
2
0
1
4
r.		 De
3
1,
2
0
1
3
c.
Inv
ies
tm
t p
t
es
en
rop
er		 1
0,
2
6
8.
0		 1
0,
2
6
6.
4
O
he
t
t a
ts
r n
on
-c
ur
re
n
ss
e		 8
7.
3		 8
6.
2
To
l n
ta
t a
ts
on
-c
ur
re
n
ss
e		 1
0,
3
5
5.
3		 1
0,
3
5
2.
6
Ca
h a
d
h e
iva
len		 4
7.		 4
7.
ts
s
n
ca
s
q
u		 8
5		 5
8
O
he
t
t a
ts
r c
ur
ren
ss
e		 1
4
5.
0		 1
9
2.
4
To
l c
ta
t a
ts
ur
re
n
ss
e		 9
9
2.
5		 7
4
0.
2
To
l a
ta
ts
ss
e		 1
1,
3
4
7.
8		 1
1,
0
9
2.
8
To
l e
i
i
bu
b
le
D
A
ha
ho
l
de
ta
ty
t
tr
ta
to
q
a
s
re
rs
u		 4,
1
2
1.
9		 3,
8
0
5.
5
No
l
l
ing
in
tro
te
ts
n-c
on
res		 1
3.
9		 1
2.
5
To
l e
i
ta
ty
q
u		 4,
1
3
5.
8		 3,
8
1
8.
0
O
he
f
ina
ia
l
l
ia
b
i
l
i
ies
t
t
r
nc		 5,
4
7
1.
7		 5,
5
5
3.
0
De
fer
d
l
ia
b
i
l
i
ies
ta
t
re
x		 9
3
0.
4		 9
2
5.
0
Pr
is
ion
for
ion
d
im
i
lar
b
l
ig
ion
t
ov
s
p
en
s
s
an
s
o
a
s		 3
0
1.
9		 2
9
1.
0
O
he
l
ia
b
i
l
i
ies
t
t
t
r n
on
-c
ur
re
n		 6
4.
0		 6
1.
7
To
l n
l
ia
b
i
l
i
ie
ta
t
t
on
-c
ur
re
n
s		 6,
7
6
8.
0		 6,
8
3
0.
7
O
he
f
ina
ia
l
l
ia
b
i
l
i
ies
t
t
r
nc		 2
1
1.
9		 2
1
2.
1
O
he
l
ia
b
i
l
i
ies
t
t
t
r c
ur
ren		 2
3
2.
1		 2
3
2.
0
To
l c
l
ia
b
i
l
i
ie
ta
t
t
ur
re
n
s		 0
4
4
4.		 4
4
4.
1
To
l
l
ia
b
i
l
i
ie
ta
t
s		 7,
2
1
2.
0		 7,
2
7
4.
8
To
l e
i
d
l
ia
b
i
l
i
ie
ta
ty
t
q
u
an
s		 3
8
1
1,
4
7.		 0
9
2.
8
1
1,

Rent increase on track, vacancy yoy slightly decreased

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

Note: Rounding errors may occur

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

*EUR-equivalent re-offer yield

Hybrid structure

Ov
iew
f t
he
ke
fea
tu
erv
o
y
res
Iss
ue
r		 De
he
An
ing
F
ina
B
V
tsc
ton

u
n
nc
e
Gu
nto
ara
r		 De
he
An
ing
Im
b
i
l
ien
S
E
tsc
ton

u
n
mo
Ins
tru
nt
me		 Su
bo
d
ina
d
No
b
j
Int
Ra
Re
it
h a
F
irs
Ca
l
l
Da
du
(
he
"N
")
€
7
0
0m
te
tes
t
to
t
te
t w
t
te
2
0
1
9,
2
0
7
4
t
tes

m
r
su
ec
ere
s
se
e
o
Ma
ity
tu
r		 6
0 y
(
2
0
7
4
)
ea
rs
Iss
Pr
ice
ue		 9
9.
7
8
2
%
Iss
Ra
ing
t
ue
s		 B
B+
fro
S
da
d
Po
's
(
he
be
low
iss
's
ior
ing
)
&
2 n
tan
tc
t
m
r
or
o
s
ue
r
se
n
ra
Eq
ity
Cr
d
it
u
e		 ity
d
it,
du
d
he
F
irs
Ca
l
l
Da
fro
S
da
d
Po
's
5
0
%
to
0
%
t
t
t
te
tan
&

eq
u
cre
re
ce
a
m
r
or
Ac
ing
t
co
un		 S
De
b
ing
de
I
F
R
t a
nt
cc
ou
un
r
Ca
Op
Iss
's
l
l
ion
t
ue
r
s		 Ca
Re
de
b
le
Pa
8
Ap
i
l
2
0
1
9
(
he
"F
irs
l
l
Da
"),
d e
5 y
he
fte
t
t
t
te
t
em
a
a
r o
n
r
an
ve
ry
ea
rs
rea
r
Ra
k
ing
n		 De
ly
bo
d
ina
d,
ior
ly
he
Iss
's
ha
ita
l
te
to
t
ep
su
r
se
n
on
ue
r
s
re
ca
p
Int
t
ere
s		 Int
i
l
l
be
b
le
l
ly
in
t
ere
s
w
p
ay
a
an
nu
a
arr
ea
rs

F
ixe
d r
i
l t
he
F
irs
Ca
l
l
Da
te
t
t
te

a
un
Fro
(
d
inc
lu
d
ing
)
he
F
irs
Ca
l
l
Da
Int
5 y
f
ixe
d r
ba
d o
he
lev
5-y
Sw
Ra
lus
he
lev
Ma
in
t
t
te,
t re
ts
to
te
n t
t
te
t
t
m
an
ere
s
se
ev
ery
ea
rs
a
a
se
re
an
ea
r
ap
p
re
an
rg
Co
up
on		 4.
6
2
5
%
Co
S
-U
tep
up
on
p		 2
5
bp
in
Ap
i
l
2
0
2
4
(
he
"F
irs
S
Da
")
t
t
tep
te

s
r
-up
A
d
d
it
ion
l
7
5
bp
in
Ap
i
l
2
0
3
9
(
he
"S
d
S
Da
")
t
tep
te
a
s
r
ec
on
-up

bp
i
f a
C
ha
f
Co
l o
d
he
No
l
le
d
5
0
0
ntr
t
tes
t c
s
ng
e o
o
cc
urs
an
ar
e n
o
a
Ea
ly
Re
de
ion
Ev
t
ts
r
mp
en		 Gr
Ev
Pa
t a
t

os
s-u
p
en
r
Ta
De
du
i
b
i
l
ity
Ev
1
0
1
%
t
t a
t

x
c
en
Ac
ing
Ev
1
0
1
%
t
t a
t
co
un
en

Ra
ing
Ev
t
t a
t
1
0
1
%

en
Re
ha
Ev
Pa
t a
t
p
urc
se
en
r

C
ha
f
Co
l a
Pa
ntr
t

ng
e o
o
r
Int
De
fer
l
t
ere
s
ra		 Pa
f
int
be
de
fer
d o
Int
Pa
Da
nt
t m
t
nt
te

y
me
o
ere
s
ay
re
n a
ny
ere
s
y
me
Ca
h c
la
ive
d n
d
ing
t
t c

s
um
u
an
o
om
p
ou
n
Ou
d
ing
Ar
f
Int
be
i
d a
im
ts
tan
t m
t a
t
rea
rs
o
ere
s
ay
p
a
ny
e

T
he
Iss
d
ing
Ar
f
Int
he
l
ies
f t
he
fo
l
low
ing
(
h a
"M
da
Se
lem
Da
")
t p
ts
tan
t o
n t
t o
tor
t
t
t
te

ue
r m
us
ay
ou
rea
rs
o
ere
s
ea
r
ea
c
an
y
en
:
O
O
Gu
)
Pa
Ju
ior
b
l
ig
ion
Pa
ity
b
l
ig
ion
f t
he
Iss
f t
he
b
j
in
ion
nt
t
t
nto
t
to
rta
t
a
me
on
n
a
s o
r
r
a
s,
o
ue
r o
r o
ara
r,
su
ec
ce
ex
ce
p
s
y
b
)
Re
ha
de
ion
is
it
ion
f
Ju
ior
O
b
l
ig
ion
Pa
ity
O
b
l
ig
ion
f t
he
Iss
f t
he
Gu
b
j
in
ion
t
t
t
nto
t
to
rta
t
p
urc
se
re
mp
or
ac
q
u
o
n
a
s o
r
r
a
s,
o
ue
r o
r o
ara
r,
su
ec
ce
ex
ce
p
s
,
)
Re
de
ion
f t
he
No
t
tes
c
mp
o
d
)
Int
Pa
Da
h
ic
h a
he
du
le
d
int
is
i
d
t
nt
te
t
ere
s
y
me
on
w
sc
ere
s
p
a
)
W
in
d
ing
d
iss
lu
ion
l
iq
i
da
ion
f t
he
Iss
he
Gu
t
t
r t
nto
e
-up
o
or
o
ue
r o
ara
r
u
,
De
ina
ion
t
no
m
s		 k
€
1
0
0
L
is
ing
t		 Lu
bo
S
k
Ex
ha
toc

xe
m
urg
c
ng
e

Privatisations stable, Non-Core disposals ramped upsuccessfully

P
i
i
i
t
t
r
v
a
s
a
o
n
F
Y
2
0
2
1		 F
Y
2
0
3
1
i
l
d
#
t
u
n
s
s
o		 2,
7
8
4		 2,
5
7
6
G
d
(
)
€
r
o
s
s
p
r
o
c
e
e
s
m		 2
3
3.
5		 2
2
3.
4
F
i
l
d
i
l
(
)
€
a
r
a
e
s
p
o
s
a
s
m
v
u		 1
9
1.
0
-		 1
7
8.
8
-
G
f
i
(
)
€
t
r
o
s
s
p
r
o
m		 4
2.
5		 4
4.
6
F
i
l
t
a
r
v
a
u
e
s
e
p
-u
p		 2
2.
2
%		 2
9
4.
%
T
2
0
%
t
a
r
g
e
>

Non-Core Disposals

Y
2
0
1
3
4,
1
4
4
3
0.
1
1
3
1.
7
1.
6
-
1.
2
%
0
%
t
g
e
=
  • Privatisation volume on similar level as previousyear

  • Fair value step-up increased due to good market environment

  • Non-core disposals stepped up significantly, driven by sale of a package of 2,100 units in Q4

  • Disposals around fair value as planned
  • Higher step-up in 2012 mainly due to sale of large commercial units with a one-off character

Investment Process

Y
1
e
a
r		 Y
2
e
a
r		 Y
3
e
a
r
I
D
f
i
i
i
&
t
t
t
n
e
s
m
e
n
e
n
o
n
v
D
i
i
e
c
s
o
n
H
i
l
i
t
t
e
a
n
s
u
a
o
n		 C
i
f
i
2
t
t
t
o
n
s
r
u
c
o
n
o
v
n
a
g
e
y
e
a
r
R
i
f
i
2
t
t
e
n
n
c
r
e
a
s
e
s
o
v
n
a
g
e
y
e
a
r
I
D
f
i
i
i
&
t
t
t
n
v
e
s
m
e
n
e
n
o
n
D
i
i
e
c
s
o
n
H
i
t
t
e
a
n
g
s
y
s
e
m		 C
i
f
i
2
t
t
t
o
n
s
r
u
c
o
n
o
v
n
a
g
e
y
e
a
r
R
e		 i
f
i
2
t
t
n
n
c
r
e
a
s
e
s
o
v
n
a
g
e
y
e
a
r
I
D
f
i
i
i
&
t
t
t
n
v
e
s
m
e
n
e
n
o
n
D
i
i
e
c
s
o
n
A
t
t
p
a
r
m
e
n
s		 C
i
f
i
2
t
t
t
o
n
s
r
c
o
n
o
n
a
g
e
e
a
r
u
v
y
R
i
f
i
t
e
n
n
c
r
e
a
s
e
s
o
v
n		 2
t
a
g
e
y
e
a
r
C
t
t
o
n
a
c		 F
i
i
l
C
n
a
n
c
a		 l
d
2
0
1
4
a
e
n
a
r
I
R
l
i
t
t
n
e
s
o
r
e
a
o
n
s
v		 M
2
0-
2
1
a
y		 M
R
d
h
i
P
i
t
a
n
a
g
e
m
e
n
o
a
s
o
w
n
a
r
s
D
h
A
i
I
b
i
l
i
S
E
t
t
e
s
c
e
n
n
n
o
n
m
m
o
e
n
u		 M
2
2
a
y		 I
R
R
d
h
i
D
l
d
f
/
C
l
ü
o
a
s
o
w
n
s
s
e
o
r
o
o
g
n
e
g
P
h
i
l
i
ß
3
t
p
p
s
r
a
e		 J
5
n
e
u		 C
K
R
E
f
i
A
d
t
e
m
p
e
n
o
n
e
r
e
n
c
e
n
m
s
e
r
a
m
B
h
G
4
4
8
0
3
o
c
u
m
e
r
m
a
n
y
,		 J
1
2
u
n
e		 D
h
B
k
C
f
i
B
l
i
t
e
u
s
c
e
a
n
o
n
e
r
e
n
c
e
n
e
r
n
T
l.
4
9
2
3
4
3
1
4
1
6
0
9
e
:
+		 J
2
5
n
e
u		 I
R
R
d
h
i
V
i
o
a
s
o
n
e
n
n
a
w
@
i
l
i
d
h
i
t
t
t
t
n
v
e
s
o
r
r
e
a
o
n
s
e
u
s
c
e-
a
n
n
n
g
o
n.
c
o
m		 J
2
6
n
e
u		 I
R
R
d
h
i
M
i
l
o
a
s
o
n
a
n
o
w
h
/
/
d
h
i
t
t
t
t
p
:
w
w
w
e
u
s
c
e-
a
n
n
n
g
o
n.
c
o
m		 J
l
3
1
u
y		 M
l
d
i
l
l
6
2
0
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4
t
r
e
s
u
s
a
n
e
a
r
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c
a
O
3
0
t
c		 M
l
d
i
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9
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1
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t
r
e
s
s
a
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e
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a
u

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