Vonovia SE

Investor Presentation • Oct 8, 2015

Analysts and Investors Conference Call. Hedging Strategy.

Dr. A. Stefan Kirsten, CFO Lars Schnidrig, Head of Finance and Treasury

8 October 2015

• As part of the annual strategic meeting Vonovia´s management and board dealt intensively with the interest rate risk coming out of the maturities until year end 2018.
• Q3-figures will be published on November 3rd, but today we want to present you the results of the subsequent measures of the strategic discussion carried out.

Concentration risk and attractive market environment

Forward hedging took the risk off the table

Rounded % figures

Financial synergies predominantly assured

• Standardized market-instruments have been used.
• Closing Forward-Hedges in the total amount of EUR 2.7bn assures 86%* of the financial synergies of the GAGFAH transaction as promised for 2017.
• The remaining 14%* will be realized by opportunities within the risk-spreads of the liquidity instruments and/ or additional projects.
• On the back of these measures our financing costs will decrease to approximately 2,3% from* 2017. We will provide you an update in our conference call on November 3rd.

^* verbally corrected in Conference Call

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