Vonovia SE

Investor Presentation • Nov 21, 2017

1. Our Market

1. Our Company

2. Our Numbers

German Residential – Safe Harbor and Low Risk

Rental regulation safeguards high degree of stability

• Contrary to many other jurisdictions such as the USA, rental growth in Germany is regulated and not directly linked to CPI, GDP development etc.
• Rents are regulated via "Mietspiegel" (city-specific rent indices), which look at the asking rents of the previous four years to determine a rent growth level for existing tenants for the next two years.

Sources: Federal Statistics Office, GdW (German Association of Professional Homeowners), REIS, BofA Merrill Lynch Global Research, OECD. Note: Due to lack of q-o-q US rent growth data, the annual rent growth for a year is assumed to also be the q-o-q rent growth of that year.

German Residential – Landlords Benefit from Structural Imbalance between Supply and Demand

New supply falls short of demand

• Consensus estimates see shortage of around 1 million apartments in urban areas. Three main constraints stand in the way of material changes in the short and even medium term:
• Building permits take several years because city administrations lack qualified personnel.
• Severe shortage of building capacity after years of downsizing.
• Substantial gap between in-place values and market replacement cost render construction in affordable segment economically unfeasible

German Residential – Favorable Fundamentals

Low home ownership ratio – Germans prefer to rent Rental housing very affordable in Germany

• With the exception of Switzerland, Germany has the lowest homeownership ratio in Europe.

• Rental regulation, favorable tenant laws, the general perception that home buying is a life-time decision and comparatively stringent financing requirements are main drivers for low homeownership rate.

• Affordability in Germany is higher than in the UK or France.

• Whereas most other European countries saw an increase, the share of rent-related payments in relation to disposable income declined in Germany between 2005 and 2015.

Home ownership rate 2015 in %

Rent as % of disposable household income

Sources: Federal Statistics Office, Eurostat

German Residential – Favorable Fundamentals

Growing number of smaller households

• While the overall population in Germany is expected to slightly decline, the number of households is forecast to grow until at least 2030 with a clear trend towardssmaller households.
• The household growth is driven by various demographic and social trends including divorce rates, employment mobility etc.

Fragmented ownership structure

• Germany is the largest housing market in Europe with ~42m housing units, of which ~23m are rental units.
• Ownership structure is highly fragmented and majority of owners are non-professional landlords.
• Listed sector represents ~4% of total rental market.

Distribution of household sizes (million)

Ownership structure (million units)

Sources: German Federal Statistics Office, GdW (German Association of Professional Homeowners). 2035(E) household numbers are based on trend scenario of the German Federal Statistics Office.

O k 1 M t a e u r r
2 O C u r o m p a n y
b 3 O N u r u m e r s

If You Want to Know Where Germans Live - Follow the Light

Illustration of Germany at Night

Illustration of Germany at Night

Note: Vonovia Strategic Portfolio

High-influx cities ("Schwarmstädte"). For more information: http://investoren.vonovia.de/websites/vonovia/English/4050/financial-reports-_-presentations.html

Proven 4+1 Strategy is Evolving into 4+2 Strategy to Include European Metropolitan Areas

	io & Cu is fa io Re ta t to Sa t t p n s m er c n u
l a n o i it d a r T	Pr ty Ma t 1 op er na g em en	Sy ic im iza ion f o ing te t t t t ma op o p er s a fo d bu ine du iv i t ty p er rm an ce a n co re s ss p ro c hr h lev ing l ing f fe t ts ou g er ag sc a e c f s H ig h de da d iza ion d ta t g re e o n a n r in du ia l iza ion hr ho he ire tr t t t t t s ou g e n u iza t or an	& Me rg er s 5 Ac is i io t q u ns f o Co inu iew t n ou s re o n- v
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	fo l Po t io Ma t 3 na g em en r	fo l by f l Po t io t im iza t ion ta t ica r op w ay o c d / is i t ion tra te ic ac q u s a n no n- co re no n- s g d ls loc l isp to to tro os a e ns ur e ex p os ur e s ng a ke ts ma r de lop f he fo l hr h Pr t ive t o t t io t o- ac ve me n p or ou g f fe he h du he inv tm ts to t ig t p ts in t es en o r r ro c h ke d lon ba ig t m ts te is r ar an on a g- rm s	6 Eu Ac t iv i t ie ro p ea n s l d Bu i ing is t ing o n ex
e v ti a v o n n I	lu d d in 4 Va Bu e- a s es s	f c bu d he lue Ex ion ine to te t p an s o or e s ss e n a x v ha by f fe d d l s d in ing i ion ice t c o a a er s a n r v du ha d ly l ke d ire in ts t t a t to p ro c re c o ur d / he ies to t t cu s me rs an or p ro p er f s In ing ice to im so ur c o er v s e ns ur e ma x um d l t a t c tro p ro ce ss m an ag em en n co s on	Ge t ion rm an o p er a s d h Me as ur e ap p ro ac l len fo Ex t p tn ce ar er s r t ion co op er a Le ing kn ho ve ra g ow w, ien d be t ex p er ce a n s ice t p ra c s
	C	O S t i t i t t i p p o r u n s c r a e g e s

*Other shared services: Internal Audit, Communications, Central Procurement, Insurances, Investor Relations, Accounting

Track Record

Substantial Reduction of Portfolio Locations

Vonovia location

High-influx cities ("Schwarmstädte"). For more information: http://investoren.vonovia.de/websites/vonovia/English/4050/financial-reports-_-presentations.html

Excluding locations for which the disposal is planned or has already been approved by the management board to be executed within 2017. The actual disposal will take place later than 2017 for some of these transactions.

Attractive Dividend Policy

1 Rental income + EBITDA Value-add Business and Other; excluding sales effects. ² Midpoint guidance. ³ Intended to be proposed to the 2018 Annual General Meeting.

1. Our Market

2. Our Company

3. Our Numbers

Highlights 9M2017 Results

i l G i d F n a u a n c e 2 0 1 7	Co f irm d ds d to n e w ar u p p er e n h d he d f he h Or ic i ~4 % t g t te t t to t t g an re n ro w ex p ec a p en o r an g e w F F O 1 € 9 1 0m € 9 2 0m ( € 1. 8 8 € 1. 9 0 ha ). p er s re - - 1 f ( ). D P S € 1. 3 2 1 8 % + o
h O i G t g n o r a c r w	i l in ic h in in d be d Bu t- t tu t 9 M 2 0 1 7 o rg an g ro m om en m c on ue s an on w y Or ic h f 3. 9 % ( io 2. 8 % ). t g t g an re n ro w o y -o -y p r r y ea r: d Op 0. 8 % A j. E B I T D A t io 1 er a ns p -o u y -y ha ( ). F F O 1 1 5. 4 % 1 8. 7 % N O S H p er s re u p y -o -y o n av er ag e Gr h i de in ly iso t tu t e t te ow m om en m m os v n q ua r r co m p ar n.
l V t i a u a o n	irs in d ic io fo fu l l-y lu io ho i iv fu da ls in in la F t t t t ta a n ea a a n s s p os e n m en re m a p ce r r v w Co in ly im in fo in in d in ie l d io dr iv t tm ts n uo us p ro v g p er rm an ce g ro w g ve s en a n on g o g y co m p re ss n e , lu h lso in da lo io t t va e g ro w a se co n ry ca ns d fa lu h be bn bn fo fu l l y ( bn ). Ex te ir t tw € 4. 0 € 4. 5 2 0 1 7 € 1. 5 in H 1 2 0 1 7 p ec va e g ro ee n ea w r r -
I t t n v e s m e n s	br d fo in ic h ia l In tm t t ts t te t ve s en p ro g ra m o n a oa o g su p p or o rg an g ro p o n w In du in I R R d d i io l K P I f lec in ' e lu io im tro t to t tm t p t t c g as a na r e ve s en ro g ra m s vo n ov er e. Su f f l de f d fo ic ie t in tm t p te t ia i t i ie to n ve s en o n n r m an ea rs c om e. y y
l d I i i G i t n a u a n c e 2 0 8 1	i da fo ho in l s h in fo d Gu 2 0 1 8 te tr t nc e r s w s rn a en g g o g rw ar Or ic h 6 % 8 % t g t 4. 4. g an re n ro w - b le l du d ls d S in isp in 2 0 1 7 2 0 1 8. ta to to p e e n on -c or e os a an 2) F F O 1 € 9 6 0m € 9 8 0m ( € 1. 9 8 € 2. 0 2 ha p er s re - -

Intended to be proposed to the 2018 Annual General Meeting. ² Based on current 485.1m shares outstanding.

Built-in Organic FFO1 Growth Continues in 9M

• The average portfolio size was of a broadly similar size y-o-y.
• Organic rent growth, better average portfolio quality and increased contribution from Value-add Business drove Adj. EBITDA Operations growth to 10.8%.
• 15.4% FFO1 per share growth despite slight dilution from conwert, scrip dividend and Gagfah merger.

		9 M 2 0 1 7	9 M 2 0 1 6	De l ta
be f r de l s Av i ia t er ag e nu m r o es n q m	`0 0 0	2 2, 1 3 4	2 1, 6 8 5	2. 1 % +
Av be f r i de ia l u i t ts er ag e nu m r o es n n	#	3 0 9 5 4, 5	3 6 9 0 4 7,	8 % 1. +
h ( ) Or ic t g t g an re n ro o- w y- y	%	3. 9	2. 8	bp 1 1 0 + s
la ( ) In t -p ce r en eo p	/ h / € t m on sq m	6. 1 9	5. 9 4	4. 2 % +
( ) Va te ca nc ra eo p y	%	2. 9	2. 8	0 bp 1 + s
l Re in ta n co m e	€m	1, 2 4 9. 4	1, 1 5 6. 1	8. 1 % +	€ 9 3. 3m +
Ma in te na nc e ex p en se s	€m	9 2. 2 -1	8 -1 4. 1	% 4. 4 +
Op t in er a g ex p en se s	€m	-1 9 1. 3	-1 7 7. 9	7. 5 % +
d j. l A E B I T D A Re ta n	€m	8 6 9 5.	9 7 4. 1	9. 0 % +	€ 8m 7 1. +
d lu d d bu A j. E B I T D A Va in e- a s es s	€m	7 6. 0	4 5. 1	8. 6 5 % +
d j. Op io A E B I T D A t er a ns	€m	9 2 2. 1	8 3 2. 3	0. 8 % 1 +	€ 8 9. 8m +
F F O in te t e re s xp en se s	€m	-2 1 6. 5	-2 4 9. 1	-1 3. 1 %
Cu in O t ta F F 1 rre n co m e xe s	€m	-1 5. 1	6 -1 1.	3 0. 2 % +
F F O 1	€m	6 9 0. 5	5 7 1. 6	2 0. 8 % +	€ 1 1 8. 9m +
O 1 ha ( O S ) F F N H p er s re eo p	€	1. 2 4	1. 2 3	1 % 5. 4 +
O ha ( O S ) F F 1 N H p er s re av g.	€	6 1. 4	2 3 1.	8. % 1 7 +

Quarterly Analysis Reveals Organic Growth Momentum

• Comparing this year's Q3 vs. Q1 emphasizes the organic growth momentum.
• Adj. EBITDAs and FFO are growing due to operational improvements and an increasing contribution from Value-add Business, in spite of a declining portfolio as a result of non-core disposals.

		Q 3 2 0 1 7	Q 1 2 0 1 7	De l ta
be f r de l s Av i ia t er ag e nu m r o es n q m	`0 0 0	2 1, 9 5 0	2 2, 2 7 6	-1 5 %
be f r de l u Av i t ia i ts er ag e nu m r o es n n	#	3 5 1, 1 4 5	3 6, 5 4 1 1	% -1 5
h ( ) Or ic t g t g an re n ro o- w y- y	%	3. 9	3. 4	b 5 0 + p s
In la ( ) t -p ce r en eo p	€ / h / t m on sq m	6. 1 9	6. 0 6	2. 1 % +
( ) Va te ca nc y ra eo p	%	2. 9	2. 7	2 0 b + p s
Re l in ta n co m e	€m	4 1 6. 2	4 1 7. 2	-0 2 %	-€ 0m 1.
in Ma te na nc e ex p en se s	€m	-6 9 4.	-6 3. 1	2. 9 % +
Op t in er a g ex p en se s	€m	-5 8. 9	-6 8. 5	-1 4. 0 %
d j. l A E B I T D A Re ta n	€m	2 9 2. 4	2 8 6 5.	2. % 4 +	€ 6. 8m +
d lu d d bu A j. E B I T D A Va in e- a s es s	€m	3 0. 4	1 9. 8	5 3. 5 % +
A d j. E B I T D A Op io t er a ns	€m	3 1 4. 5	3 0 0. 1	8 % 4. +	€ 1 4. 4m +
F F O in te t e re s xp en se s	€m	-7 8. 5	-7 6. 8	2. 2 % +
Cu in F F O 1 t ta rre n co m e xe s	€m	-3 2	1 -5	-3 3 % 7.
F F O 1	€m	2 3 2. 8	2 1 8. 2	6. 7 % +	€ 6m 1 4. +
F F O 1 ha ( N O S H ) p er s re eo p	€	0. 6 4	0. 4 7	-2 1 %
ha ( ) F F O 1 N O S H p er re g. s av	€	0. 4 8	0. 4 7	2. 1 % +

Accelerating Rent Growth Momentum

Re h dr iv la 1 2 M	9 M 2 0 1 7	9 M 2 0 1 6	De l	i iv Po t t g s e re n	h t tra ro w	j to ec ry
( ) t g t t n ro er s s w			ta		2 0 3 1	2 0 14	2 0 15	2 0 6 1	2 0 17 ( ) E	2 0 1 8+ ( ) E
S i ing t t te ts na n ( inc l. bs i d ize d ) ts su re n	1. 2 %	0. 9 %	+3 0 bp s	Ma ke dr ive t n r	1. 6 %	1. 6 %	1.7 %	1.5 %
Ne le ing t t w s	0. 5 %	0. 7 %	-2 0 bp s	Mo de iza ion t rn	0. 4 %	0. 9 %	1. 2 %	1. 8 %
Su b l to ta ke dr iv h t- t g t m ar en re n ro w	% 1. 7	% 1. 5	bp +2 0 s	Sp t ion ac e c rea	---	---	---	---
de Mo iza t ion rn	2. 1 %	1. 3 %	+8 0 bp s	Or ic nt g an re h wt g ro	1. 9 %	2. 5 %	2. 9 %	3. 3 %	~4 0 %	4. 6 % - 4. 8 %
Su b l l- f- l r h to ta t g t en ro w	3. 8 %	2. 8 %	bp +1 0 0 s
Sp t ion ac e cr ea	0. 1 %	0. 0 %	+1 0 bp s	In tm t tra ve s en	k c re co	d ( ) €m r				1, 0 0 0 ~
Su b l o ic h to ta t g t rg an re n ro w	3. 9 %	2. 8 %	+1 1 0 bp s					~	7 5 0
Po fo l io t t r ma na g em en ( is i ion /. les ) t + ac q u s sa	0. 3 %	1. 6 %	3 0 bp -1 s		1 7 2	3 5 6	4 7 2
To l r h ta t g t en ro w	4. 2 %	4. 4 %	-2 0 bp s	6 5 2 0 1 3	2 0 1 4	2 0 1 5	2 0 1 6	2 0	1 7 ( E ) 2	0 1 8+ ( E )

Continued EBITDA Expansion

• 9.0% EBITDA Rental growth translates into an EBITDA Operations growth of 10.8% y-o-y because of the growing contribution from the Value-add Business.
• EBITDA Operations margin expansion (excl. maintenance) continues with 200 bps ytd.

€m (un les s in dic ate d o the ise ) rw	9 M 2 0 1 7	9 M 2 0 1 6	l De ta
l Re inc ta n om e	1, 2 4 9. 4	1, 1 5 6. 1	8. 1 % +
Ma in te na nc e ex p en se s	-1 9 2. 2	8 -1 4. 1	4. 4 % +
Op ing t er a e xp en se s	-1 9 1. 3	-1 7 7. 9	7. 5 % +
d j. l A E B I T D A Re ta n	8 6 9 5.	9 7 4. 1	9. 0 % +
In co me	7 9 5. 4	5 7 4. 4	3 8. 5 % +
f w h ic h l te o ex rn a	1 1 5. 1	9 1. 6	2 5. 7 % +
f w h h l ic in te o rn a	8 6 0. 3	8 8 4 2.	4 0. 9 % +
Op ing t er a e xp en se s	1 9. -7 4	2 9. 3 -5	3 9 % 5. +
d j. lu d d bu in A E B I T D A Va e- a s es s	7 6. 0	4 5. 1	6 8. 5 % +
1 d he A j. E B I T D A O t r	-1 9. 8	-6 9	1 0 0 % >
d j. io A E B I T D A Op t er a ns	9 2 2. 1	8 3 2. 3	1 0. 8 % +

Mainly consolidation

Smooth Maturity Profile with Diverse Funding Mix

Average financing cost of debt maturing in the relevant year. ² Weighted avg. financing costs excl. Equity Hybrid. Including Equity Hybrid avg. interest rate of debt maturing in 2021 is 3.6%. ³ Net Debt as of Sep 30 over 9M EBITDA Operations annualized.

Pro-active Portfolio Management Clustering

• As the investment program continues to evolve beyond the two original categories Optimize Apartments and Upgrade Buildings, an unambiguous allocation of properties into these two clusters becomes increasingly meaningless. Going forward, we will therefore distinguish only between Operate and Invest for the Strategic Portfolio.
• Similarly, as the Non-strategic and Non-core portfolios continue to shrink, there is no longer a need to distinguish between the two. Going forward, we will merge and report them as one cluster under Non-core.

3 0, 2 0 Se 17	de l Re i nt ia s	lac In t -p e r en	Va rat ca nc y e	Fa ir v a	lue
p.	its un	( /sq /m h ) € t m on	( ) %	( bn ) €	f t l % ota o
Op te era	1 0 6, 1 2 6	6. 3 2	2.7	9.7	3 2 %
Inv t es	21 3 3 5, 1	6. 2 0	2. 6	8. 1 5	6 0 %
Su bt l S ic C lus ot tra te te a g rs	3 21 3 9 4 ,	6. 24	2. 6	2 8. 2	9 2 %
Pri ize t va	15 71 9 ,	6. 0 4	4. 3	1.5	5 %
No n-c ore	1 0, 8 2 9	4. 8 5	9. 2	0. 4	1 %
To l Ge ta rm an y	3 47 9 8 7 ,	6. 1 9	2. 9	3 0. 2	9 8 %
Au ia str	2, 14 7	6. 3 5	2.4	0. 6	2 %
To l R i de ia l P fo l io ta nt t es or	3 5 0, 1 3 4	6. 1 9	2. 9	3 0. 8	1 0 0 %

Fair value of the developed land excluding €182.4 million for undeveloped land, inheritable building rights granted and other.

Investment Program on an Increasingly Broader Footing

	h bo ho d Ne ig o r lop De t ve me n	l l-s le h t de lop ing ire in ity Fu t ca ap p roa c o ve en are as a c , kin d s l c ta ic ia rit ia int t. g ec on om an oc er o a cco un
n o ti lu o v E	Sp Cr ion t ac e ea	be bu l d d Ne tru ct ion tw xis t ing i ing w co ns s ee n e s a n d d it ion l f loo bu i l d ing d o lan d t ha t w a a rs on s a n n e lre dy a a ow n.
m a r g o r P	Ne In i ia ive t t w s	ly ba hro d kit he de d u Pri ri t ize ma om s a n c ns mo rn p on ' in it iat ive l l a lac f o l d he ing ten ts t o at an s a s w e s r ep em en h m de l lat ste it ins ta ion sy ms w o rn s.
t n e m t s e	Up de g ra Bu i l d ing ( U B )	f fic de f t he bu l d he l l a d En ien t m iza t ion i ing erg e o rn o n y- s for fac fs, l a ( he ins lat ion de d r at co mm un a rea s u a s a n oo do he ). wi at ing ste n ws sy ms ,
v n I	Op t im ize Ap tm t ar en ( ) O A	Re fur b is hm f t ( ba hro t o art nts t en no ve r a p me om ur , f loo ), l ly fri d ly de rin wi rin nio iza t ion g, g us ua se r- en mo rn

Investment Program Evolution

• The investment program has not only grown in size but also in complexity.
• While a yield-to-cost calculation is appropriate for investments that generate relatively quick pay-backperiods, such as OA or UB, the larger investments space creation and neighborhood development generate value only over a longer period of time.
• For these types of projects, an IRR calculation is more adequate and after using it for internal reporting purposes already from the program inception, we will now use this metric in the external reporting as well.
• The target IRR for the overall investment program is >8%.
• OA and UB will continue to be measured against a 7%yield-to-cost target.

Growing Contribution from Value-add Business

Concept

• Expansion of core business to extend the value chain by offering additional services and products that are directly linked to our customers and/or the properties and offer the same cash flow stability as the rental business.
• Insourcing of services to ensure maximum process management and cost control.
• Two types of Value-add Business
• 1. External income (e.g. multimedia, smart metering)
• 1. Internal savings (e.g. craftsmen, resi environment)
• New initiatives always follow same low risk pattern of
• Prototype development
• Proof of concept in pilot phase
• Roll-out across portfolio

Company Presentation - November 2017

Economics

• NAV does not account for Vonovia's Value-add Business.
• Applying the impairment test WACC¹ to the 2017E Adj. EBITDA Value-add Business translates into an additional value of ~€5 per share (~15% on top of current Adj. NAV).

Pe io tr t ne a n
Mu l im d ia t e	7 5 % ca
Sm in t te ar m e r g	1 5 % ca
de l e Re i ia iro t t s n nv nm en	2 5 % ca
f Cr V T S ts a m en	( ) 7 0 % in te ca m a na nc e 3 0 % ( de ) iza t io ca m o rn n d l low for tar et is 7 0 % to g aro un a h f lex i b i lity in he lum t en ou g vo es d t b le nt inu an o e na co ou s be hm kin ke ric to t p nc ar g ma es r

2018 Guidance Underlines Organic Growth Potential

	2 0 1 6	2 0 1 7	2 0 1 8
	ls Ac tu a	i da Gu nc e	i da Gu nc e
h ( ) Or ic t g t g an re n ro eo p w	3. 3 %	~4 %	4. 6 % 4. 8 % -
( ) Va ca nc y eo p	2. % 4	~2 5 %	2. % 5 <
l ( ) Re ta In €m n co me	1, 5 3 8. 1	1, 6 6 0 1, 6 8 0 -	1, 6 6 0 1, 6 8 0 -
O ( €m ) F F 1	6 0. 8 7	9 1 0 9 2 0 - (to rds th d) wa e u ppe r en	9 6 0 9 8 0 -
( / ha ) F F O 1 € s re	1. 6 3	1. 8 8 1. 9 0 - (to rds th d) wa e u ppe r en	2 1. 9 8 2. 0 2 -
Ma in ( €m ) te na nc e	3 2 0. 1	~3 5 0	~3 6 0
de ( ) Mo iza t ion & In tm ts €m rn ve s en	4 7 2. 3	0 ~7 5	~1 0 0 0 ,
Pr iva iza ion ( be f u i ) t t ts nu m r o n	2, 7 0 1	~2 6 0 0 ,	~2 3 0 0 ,
( ) F V te Pr iva t iza t ion s p- up	3 6. 2 %	~3 0 %	~3 0 %
f u No ( be i ) ts n- co re nu m r o n	2 3, 9 3 0	1 0 k to up	is ic tu t op p or n
( ) F V te No Co s p- up n- re	5. 4 %	~7 %	0 % >
de d / ha D iv i n s re	€ 1. 1 2	1 € 1. 3 2	f ~7 0 % F F O 1 o

Intended to be proposed to the 2018 Annual General Meeting. ² Based on current number of 485.1m shares outstanding.

C t t o n a c		F i i l C l d 2 0 1 7 n a n c a a e n a r
	20 17
f f R H e n e o m a n n	No v 8	ult Int eri s 9 M 20 17 m res
d l i H I t R t e a o n v e s o r e a o n s	No v 1 3- 16	Ro ad sh ( Eu e) ow rop
f V i S E o n o v a	No v 1 7	Ro ad sh ( Bru ls) * ow sse
h l ß P i i 3 t	v 2 8 No	lob al al EO / O C fer ( nd ) UB S G Re Est ate C CF Lo on en ce on
p p s a e r	No v 2 9	Ro ad sh ( Ge ) * ow ne va
h 4 4 8 0 3 B o c m u	De c 1	ét é én éra le Th nfe ( ) So ci G e P ium Re vie Co Pa ris rem w ren ce
G e r m a n y	De c 5	be nfe ( hil l) * Be Eu n C te Co Pe ren rg rop ea orp ora ren ce nn y
	De c 1 1	HS BC G lob al Re al Est Co nfe ( Ca To ) ate ren ce pe wn
9 2 3 3 6 2 9 4 4 1 4 1 +	20 18
f f h @ i d r e n e o m a n n v o n o v a e	n 9 -10 Ja	Co ba nk G t S r ( C) In stm ina NY mm erz erm an ve en em
d i o n o a e w w w v v	Ja n 1 0	J.P .M Eu n R l E CE O Co nfe ( Lo nd ) sta te org an rop ea ea ren ce on
	Ja n 1 5	ler Ch fer ( nk fur t) Ke G Co rat e C Fra p eu vre ux erm an rpo on en ce
	r 6 Ma	20 lts FY 17 re su
	Ma 3 y	Int eri ult 3M 20 18 m res s
	Ma 9 y	al ral An Ge M tin nu ne ee g
	Ju 4- 5 ne	Ca ita l M ark Da ets p y
	Au 2 g	Int eri ult 6M 20 18 m res s
	No v 6	ult Int eri 9M 20 18 m res s

Appendix

Final Guidance 2017 - Confirmed towards Upper End

	2 0 1 6 ls Ac tu a	2 0 1 7 Gu i da nc e ( Ma rch 20 17 , cl. ) ert ex co nw	2 0 1 7 Gu i da nc e ( Au 20 17 g. , inc l. ) ert co nw	2 0 1 7 in l Gu i da F a nc e ( No 20 17 v. , inc l. ) ert co nw
h ( ) Or ic t g t g an re n ro w eo p	3. 3 %	3. 5 % 3. 7 % -	3. 8 % 4. 0 % -	~4 %
( ) Va ca nc y eo p	2. 4 %	2. 5 % <	2. 5 % <	~2 5 %
l ( ) Re In €m ta n co me	1, 5 3 8. 1	1, 5 3 0 1, 5 5 0 -	1, 6 6 0 1, 6 8 0 -	1, 6 6 0 1, 6 8 0 -
F F O 1 ( €m )	7 6 0. 8	8 3 0 8 5 0 -	9 0 0 9 2 0 -	9 1 0 9 2 0 - (to rds th d) wa e u ppe r en
F F O 1 ( € / ha ) re s	1. 6 3	1. 7 8 1. 8 2 -	1. 8 6 1. 9 0 -	8 8 9 0 1. 1. - (to rds th d) wa e u ppe r en
in ( €m ) Ma te na nc e	3 2 0. 1	~3 0 4	~3 0 4	~3 0 5
de & ( €m ) Mo iza t ion In tm ts rn ve s en	2. 3 4 7	0 0 3 0 7 7 -	3 0 ~7	0 ~7 5
( be f u ) Pr iva t iza t ion i ts nu m r o n	2, 0 7 1	~2 3 0 0 ,	~2 3 0 0 ,	~2 6 0 0 ,
( ) F V te Pr iva t iza t ion s p- up	3 6. 2 %	~3 5 %	~3 0 %	~3 0 %
( be f u ) No i ts n- co re nu m r o n	2 3, 9 3 0	tu is t ic op p or n	tu is t ic op p or n	k to 1 0 up
( ) F V No Co te s p- up n- re	5. 4 %	0 % >	0 % >	~7 %
D iv i de d / ha n s re	€ 1. 1 2	~7 0 % f F F O 1 o	~7 0 % f F F O 1 o	1 € 1. 3 2

Intended to be proposed to the 2018 Annual General Meeting.

Organic Growth Drives FFO 2018

~€55m FFO growth (+6.0%) from organic improvements in spite of €48m less FFO contribution as a result of non-core disposals.

Note: 2017E and 2018E FFO numbers reflect mid points of guidance ranges.

LTV Well within Target RangeDebt/EBITDA Multiple of 10.9x

LTV down to 42.4% and well within target range of 40%-45%.

€m ( les in d ica d o he ise ) te t un s rw	Se 3 0, 2 0 1 7 p.	Ju 3 0, 2 0 1 7 n.	M 3 1, 2 0 1 7 ar	De 3 1, 2 0 1 6 c.
No de iv iv f in ia l l ia b i l i ies t t n- r a e an c	1 3, 9 2 1. 1	1 4, 2 5 7. 6	1 4, 4 3 5. 3	1 3, 3 7 1. 0
ha f fe Fo ig te ts re n ex c ng e ra e c	-2 6. 5	-1 3 7. 2	-1 9 4. 8	-2 0 9. 9
Ca h d h iv le ts s an ca s eq u a n	-3 3 9. 8	-3 8. 1 7	-1 0 0 9 7. ,	-1 0. 8 5 4 ,
de b Ne t t	1 3, 5 5 4. 8	1 3, 7 4 2. 3	1 3, 2 3 2. 6	1 1, 6 2 0. 3
Sa les b les iv re ce a	-1 7 7. 6	8 0. 0 -1	-1 4 4. 4	3 -1 5. 4
d d i io l lo fo d in is i io A t t ts ta t na an a m ou n r o u n g ac q u ns	-- -	-- -	2 0 7 5.	-- -
d j. de b A t t ne	1 3, 3 7 7. 2	1 3, 5 6 2. 3	1 3, 3 6 3. 2	1 1, 4 8 4. 9
f r fo Fa ir lu l e l io ta te t va e o ea s p or	3 0, 9 4 8. 1	3 0, 8 3 0. 2	2 9, 6 0 7. 6	2 7, 1 1 5. 6
ha he l e S in ie t ta te re s o r r ea s c om p an s	6 0 5. 4	5 6 4. 6	5 2 0. 4	5 0 3. 1
d j. fa ir lu f r l e fo l io A ta te t va e o ea s p or	3 3. 1, 5 5 5	3 3 9 8 1, 4.	3 0, 2 8. 0 1	2 6 8. 7, 1 7
L T V	2. % 4 4	3. 2 % 4	% 4 4. 4	6 % 4 1.

Debt/EBITDA multiple is adj. net debt as of Sep 30 over 9M EBITDA Operations annualized.

FFO1 per Share +15.4%

Driven by better operational performance and lower interest expenses, FFO1 per share was up 15.4% y-o-y for eop NOSH and up 18.7% for avg. NOSH¹.

€m ( les d d o he ) in ica te t ise un s rw	9 2 0 M 1 7	9 2 0 6 M 1	l De ta
d Op A j. E B I T D A t ion er a s	9 2 2. 1	8 3 2. 2	1 0. 8 %
F F O in te t e re s xp en se	-2 1 6. 5	-2 4 9. 1	-1 3. 1 %
Cu t inc ta F F O 1 rre n om e xe s	-1 5. 1	-1 1. 6	3 0. 2 %
F F O 1	6 9 0. 5	6 5 7 1.	2 0. 8 %
f w h h bu b le 's ha ho l de ic i Vo ia t tr ta to o a no s re rs v	6 0. 6 5	3 6. 2 5	2 3 % 1.
f w h ic h i bu b le Vo ia 's hy br i d i l inv t tr ta to ta to o a no ca p es rs v	3 0. 0	3 0. 0	-
f w h ic h i bu b le l l ing in t tr ta to tro te ts o n on on re a -c s	9. 9	5. 4	8 3. 3 %
Ca i l ize d in ta te p ma na nc e	-5 0. 3	-4 7. 3	6. 3 %
A F F O	6 4 0. 2	5 2 4. 3	2 2. 1 %
Cu t inc ta F F O 2 rre n om e xe s	-2 3. 8	-3 3. 1	-2 8. 1 %
d d les A j te E B I T D A Sa us	8 1. 3	6 5. 5	2 4. 1 %
F F O 2	8. 0 7 4	6 0 0 4.	2 3. 8 %
F F O 1 € / ha ( N O S H ) s re eo p	2 1. 4	2 3 1.	% 1 5. 4
F F O 1 € / ha ( N O S H ) s re av g.	6 1. 4	2 3 1.	8. % 1 7

Adj. NAV per Share Up 9.0% YTD

Adj. NAV per share is up 9.0% in the first nine months driven by the operating performance, the inclusion of conwert and the H1 valuation and in spite of the 4.1% increase in the number of shares outstanding¹ following the Gagfah cross-border merger, scrip dividend and conwert squeeze out.

3	3	3	3
0,	0,	2	2
2	2	0	0
0	0	M	6
S	J	1,	D
1	1	1	1,
7	7	7	1
e	u	a	e
p.	n.	r.	c.
1	1	1	1
3,	3,	2,	2,
7	3	7	4
8	6	0	6
4.	8.	6.	7.
0	0	5	8
8	3	8	0.
5,	0	2	3
3	9	4,	4,
5.	5,	7.	5
4	7.	4	5
3	3	2	4
6.	9.	9.	4.
2	0	0	4
-1	2.	3	-1
0.	-1	-1	5.
3	1	4.	4
1	1	1	1
9,	8,	7,	7,
1	7	5	0
9	0	4	4
5.	2.	8.	7.
3	8	6	1
-2	-2	-2	-2
9	9	9	7
3	3	3	1
1.	1.	1.	8.
8	8	8	9
,	,	,	,
1	1	1	1
6,	5,	4,	4,
2	7	6	3
6	7	1	2
3.	1.	6.	8.
5	0	8	2
3	3	3	3
9.	9.	7.	6.
5	2	4	5
7	5	3	8
3	3	3	3
3.	3.	1.	0.
3	1	1	7
5	0	8	5

See page 59 for reconciliation of number of shares.² Adjusted for effects from cross currency swaps.

€ m	2 0 6 F Y 1	2 0 H 1 1 7	2 2 0 H 1 7 E	2 0 F Y 1 7 E
f P e r o r m a n c e	8 6 2	3 9 3	5 5 0 7 5 0 -	9 4 0 1, 1 4 0 -
l d l R t t e n a e v e o p m e n		3 6 3	0 6 0 4 5 5 -	8 0 0 0 1 1, 1 –
I t t n e s m e n s v		3 0	1 0 0 ~	1 3 0 ~
I t t n v e s m e n s	0 4 4	2 9 0	6 0 4 ~	0 7 5 ~
V T S i m a g n r	9	1 0	1 0 ~	2 0 ~
( h ) I t t t n v e s m e n s c a s o u	3 4 1	2 8 0	0 4 5 ~	3 0 7 ~
Y i l d i e c o m p e s s o n r	2, 4 7 0	8 3 0	1, 5 0 0 1, 8 0 0 -	2, 3 3 0 2, 6 3 0 -
l T t o a	3, 7 7 2	1, 5 1 3	2, 5 0 0 3, 0 0 0 -	4, 0 0 0 4, 5 0 0 -

• Strong rental development in Vonovia's portfolio and the market
• Investments with approximately 20% additional valuation uplift
• Effect of Yield Compression more differentiated than in 2015:
• Less momentum in prime locations (e.g. Berlin, Hamburg, Cologne)
• Significant increase in secondary locations (e.g. Leipzig, Hanover, Bremen)
• Considerable yield compression also in formerly weaker markets (e.g. Potsdam, Magdeburg)

Note: Based on recent forecast of Vonovia calculations. Valuation results are subject to change during the ongoing valuation process.

Multitude of Attractive Neighborhood Development Projects Identified and Underway

Sales – Steady Cash Flow at Attractive Margins

• Overall sales volume lower than in prior-year period mostly as a result of portfolio transaction with LEG including privatizations in 9M 2016.
• Non-core / Non-strategic sales include a relatively large share of commercial properties from conwert portfolio.

P R I V A T I Z A T I O N		N O N- C O S T R A	/ E N O N- E G I C	T O T A L
9 2 0 1 M 7	9 2 0 1 6 M	9 2 0 1 M 7	9 2 0 1 6 M	9 2 0 1 M 7	9 2 0 1 6 M
1, 7 0 4	2, 1 5 0	6, 6 0 0	1 9, 7 7 2	8, 3 0 4	2 1, 9 2 2
2 1 4. 4	2 0 5. 5	3 6. 8 7	8 2. 7 7	9 2 5 1.	9 8 8. 2
-1 6 1. 6	8 -1 5 1.	8 8. -6 5	-7 5 3. 0	-8 5 0. 1	8 -9 0 4.
5 2. 8	5 3. 7	4 8. 3	2 9. 7	1 0 1. 1	8 3. 4
3 2. 7 %	3 5. 4 %	7. 0 %	3. 9 %
				R T

l l Se ing ts co s	-1 9. 8	-1 7. 9
A d j. E B I T D A Sa les	8 1. 3	6 5. 5

Housekeeping

f G h a g a - b d c o s s- o e r r r m e g e r r	l h l d h l h O J 1 2, t i t i t i t t i i t t i t n u y e c a p a n c r e a s e w a s e n e r e n o e c o m m e r c a r e g s e r, c r e a n g e n e h d h h d h h l d b V i i i i i i t t t t t o n o v a s a r e s r e q u r e o e x c a n g e a g a n s e r e m a n n g o u s a n n g s a r e s e y f f f f G h i i i i l l i h b d d i i G h t t t t t a g a m n o e s, e e c e c o s n g e c o s s o e m e g e a n e m n a n g a g a a s r v y r r r r r r l l i t t e g a e n y.	w a
t o e c n w r - t s q e e e o u z u	O A 2 9, h E G M l d h i i i i h h l d t t t t t t n g. e c o n e e s o e o s q e e e o e e m a n n g m n o s a e o e u w r r v u z u r r y r h f h d f € 0 8 h i t i 1 7. t e x c a n g e o r a c a s c o n s e r a o n o p e r c o n w e r s a r e. h d h l b d T i i i i A i O 2 4 t t t t t t t e s q u e e z e o u w a s e n e r e n o e c o m m e r c a r e g s e r n u s r a o n c o e r a n b f f b i O 2 5. t t e c a m e e e c v e o n c o e r A l l l i l d i i i h i I b i l i I S E t, t t t t t s a e s a p e o s o s a n n g m n o s a e s n c o n e m m o e n n e s r u r v u y u r y r w r v w f d S t t V i E. r a n s e r r e o o n o v a h h d l d f h k h f b T i A i O 2 5. t t t t t t e c o n w e r s a r e s w e r e e s e r o m e u s r a n s o c e x c a n g e a s o c o e r	i s n r e e r
t c o n e w r - i s n e g e s y r	d f l l l b d l h h l l B i i i i i i i i i t t t t t a s e o n n a e s m a e s, c o n w e r w e e v e r n g g e r s y n e r g e s a o w e r r e a z a o n c d i i S 2 0 1 6. t t t t t a s c o m p a e o o e p e c a o n s a a n n o n c e m e n n e p r u r x u Sy ies ( €m ) Sy l iza ion ( €m ) ta t ts ne rg ; p re x ne rg y re a co s 2 3 11 8 1 2 6 6 vie at nt nt vie at nt nt an no un ce me rre an no un ce me cu rre w cu w	t o s s

	f f f f A i l d i k l d d h b t t t t g r e e m e n o n e s o c o o p e r a o n, n o w e g e r a n s e r a n e x c a n g e o e s i t p r a c c e s.
	f i 's f f l h i l f i f i i i i P t V t t t t t t t t a r o o n o v a e o r s o a n a y z e e p o e n a o r a n e x p a n s o n o a c v e s n o
	l i E t t u r o p e a n m e r o p o a n a r e a s.
d M U i o s g n e	h i f l l i 's l i i l i h d l l T V t i t t i t i t t s o o w s o n o v a p r e m n a r y a n a y s s s u g g e s n g a r e s e n a r e a e s a e
h S i t N I w o n O 1 8, t. c	k l f d d l d t i E t i t t i i t m a r e s n u r o p e a n m e r o p o a n a r e a s u n c o n n w a y s a n u n e r r e g u a o r y a n
2 0 1 7	f k h l h d l k i i i G i i t t t t t t t. o p e a n g a m e o s a a e s m a o e e m a n e s e n a m a e r r w r r r r r r
	h h f f 's l "E T i i S N I V i i t t t t t t e c o o p e a o n o m s p a o o n o a n e s a e g c e e m e n o p e a n r w r r v w r u r
	" h h l k "M " d l A i i i i i i i j i & A i i i i t t t t t t t c e s, c s o p p o n s c s e e g e s c q s o n s a n c o m p m e n a v w r u u r r u r y
	h f i t t t t o e o o e s a e g e s. u r c r r
	b N i G i t o m p a c o n e r m a n c o r e u s n e s s.

Recent activities

• 1 workshop with Vonovia and SNI representatives conducted in Montpellier.
• 7 workshops planned in Paris and Bochum for the remainder of the year.
• Preliminary findings to be presented to management at the end of January 2018.

Corporate Investment grade rating

f 20 15-0 9-3 0 as o
tin Ra g a ge nc y	tin Ra g	tlo ok Ou	da La st Up te
nd ard r's Sta & Poo	BB B+	ble Sta	06 Se 20 16 p

Bond ratings

d in Bo t n ra g s			f 20 15-0 as o	9-3 0
Na me	Te r & Co no up on	IS IN	Am nt ou	Iss ice ue pr	Co up on	Fin al Ma rit Da tu te y	Ra tin g
Bo nd 00 2 ( EU R-B d) on	6 y 3.1 25 % ea rs	DE 00 0A 1H NW 52	€ 60 0m	99 .93 5%	3.1 25 %	25 Jul 20 19 y	BB B+
nd 00 4 ( US nd ) Bo D- Bo	10 00 0% 5. ye ars	US 25 B2 2 15 5FA	US D 2 50 m	98 .99 3%	1 80 % 4.5	02 Oc t 2 02 3	BB B+
nd 00 5 ( ) Bo EM TN	8 y 3.6 25 % ea rs	00 0A DE 1H RV D5	€ 50 0m	99 .84 3%	3.6 25 %	08 Oc t 2 02 1	BB B+
nd 6 ( bri d) Bo 00 Hy	60 4. 62 5% ye ars	XS 10 28 95 96 71	€ 70 0m	99 .78 2%	4.6 25 %	08 Ap r 2 07 4	BB B
nd 7 ( ) Bo 00 EM TN	8 y 2.1 25 % ea rs	DE 00 0A 1Z LU N1	€ 50 0m	99 .41 2%	2.1 25 %	Jul 09 20 22 y	BB B+
Bo nd 00 8 ( Hy bri d)	tua l 4 % pe rpe	XS 11 17 30 08 37	€ 1, 00 0m	100 .00 0%	4.0 00 %	tua l pe rpe	BB B
Bo nd 00 9A ( EM TN )	5 y 0.8 75 % ea rs	DE 00 0A 1ZY 97 1	€ 50 0m	99 .26 3%	0.8 75 %	30 Ma r 2 02 0	BB B+
nd ( ) Bo 00 9B EM TN	10 1. 50 0% ye ars	DE 00 0A 1ZY 98 9	€ 50 0m	98 .45 5%	1.5 00 0%	31 Ma r 2 02 5	BB B+
nd ( ) Bo 01 0A EM TN	2 y 0.9 50 %+ 3M EU RIB OR ea rs	DE 00 0A 18V 120	€ 75 0m	100 .00 0%	hed d 0.8 35 % ge	15 De c 2 01 7	BB B+
nd 01 0B ( ) Bo EM TN	1.6 25 % 5 y ea rs	00 0A 18V 138 DE	€ 25 0m 1,	99 .85 2%	1.6 25 %	c 2 02 0 15 De	BB B+
nd 01 0C ( ) Bo EM TN	8 y 2.2 50 % ea rs	00 0A 18V 146 DE	€ 00 0m 1,	99 .08 5%	2.2 50 0%	c 2 02 3 15 De	BB B+
nd ( ) Bo 01 1A EM TN	6 y 0.8 75 % ea rs	DE 00 0A 18 2V S4	€ 50 0m	99 .53 0%	0.8 75 %	10 Jun 20 22	BB B+
nd ( ) Bo 01 1B EM TN	10 1. 50 0% ye ars	DE 00 0A 18 2V T2	€ 50 0m	99 .16 5%	1.5 00 0%	10 Jun 20 26	BB B+
nd 01 2 ( ) Bo EM TN	2 y 0.3 80 %+ 3M OR EU RIB ea rs	00 0A 18 C9 DE 5W	€ 50 0m	100 .00 0%	0.1 40 % hed d ge	13 Se 20 18 p	BB B+
Bo nd 01 3 ( EM TN )	8 y 1.2 50 % ea rs	DE 00 0A 189 ZX 0	€ 1, 00 0m	99 .03 7%	1.2 50 %	06 De c 2 02 4	BB B+
Bo nd 14A ( EM TN )	5 y 0.7 50 % ea rs	DE 00 0A 19 B8 D4	€ 50 0m	99 .86 3%	0.7 50 %	25 Jan 20 22	BB B+
Bo nd 14 B ( EM TN )	10 1. 75 0% ye ars	DE 00 0A 19 B8 E2	€ 50 0m	99 .26 6%	1.7 50 %	25 Jan 20 27	BB B+
Bo nd 15 ( EM TN )	8 y 1.1 25 % ea rs	DE 00 0A 19 NS 93	€ 50 0m	99 .38 6%	1.1 25 %	08 Se 20 25 p	BB B+
Bo nd 16 ( EM TN )	2 y 0.3 50 %+ 3M EU RIB OR ea rs	DE 00 0A 19S E1 1	€ 50 0m	100 .44 8%	0.3 50 %+ 3M EU RIB OR	20 No v 2 01 9	BB B+

1 EUR-equivalent Coupon

d B K P I o n s	C t o v e n a n	l L e v e	S 3 0, 2 0 1 7 e p.
	L T V l b / l T D T A t t t t o a e o a s s e s	6 0 % <	3 9 %
	S d L T V e c u r e S d b / l D t T t A t e c u r e e o a s s e s	4 5 % <	9 %
	I C R / L 1 2 M E B I T D A L 1 2 M I E t t t t a s a s n e r e s x p e n s e s	8 0 1. > x	4. 5 x
	b d U A t n e n c u m e r e s s e s b d / d b U A t U D t n e n c u m e r e s s e s n s e c u r e e	1 2 5 % >	2 2 3 %

R t i K P I a n g s	C t o v e n a n	l ( ) L B B B + e v e
	b i l D t t C t e o a p a
	l b / l l b T t D t T t E i t T t D t + o a e o a q u y o a e	6 0 % <
	I C R
	L 1 2 M E B I T D A / L 1 2 M I E t t t t a s a s n e e s p e n s e r x	8 1. 0 > x

Neighborhood Development Project Berlin Reinickendorf

• 1,107 resi units built between 1953 and 1956
• ∅in-place rent €5.96/sqm vs. market rent of ~€9.00/sqm
• ∅apt. size 53 sqm
• Excellent infrastructure especially for families and senior citizens
• S-Bahn and subway station immediately adjacent on the west-end side of the property
• High recreational value
• Good supply of shopping and daily amenities

Current Situation

Adding 210 New Apartments through Floor Additions

∑ investments ~€100m @ IRR > 10%

Innovation Example: Residential Environment Services

• Innovative approach to a traditional residential business: residential environment services (mowing lawns, trimming trees and bushes, etc.), which form part of the tenants' recoverable expenses.
• Insourcing of capacities for improved quality control and better cost basis.
• Digitization of entire process to achieve higher standardization and process control.

Improvements Across All KPIs

		9 M 2 0 1 7	9 M 2 0 1 6	l De ta
Av be f r i de ia l s nt era g e n um r o es q m	`0 0 0	2 2, 1 3 4	21 6 8 5 ,	+2 .1 %
In lac ( ) t -p e r en eo p	€ /m h /sq t on m	6. 1 9	5. 94	+4 2 %
Or h ic t g t g an ren row	%	3. 9	2. 8	+1 .1p p
( ) Va rat ca nc e eo p y	%	2. 9	2. 8	+0 .1p p
Re l in nta co me	€m	24 9.4 1,	6. 1, 15 1	+8 % .1
Co st nit p er av era g e u	€	3 8 1	4 0 2	-5 2 %
d A j. EB IT DA Op t ion era s	€m	9 2 2. 1	8 3 2. 3	+1 0. 8 %
l Re nta	€m	8 6 5. 9	7 94 .1	+9 0 %
Va lue d d Bu ine -a s ss	€m	6. 0 7	45 .1	+6 8. % 5
he ( li da ) Ot i.e t ion r . c on so	€m	-1 9. 8	-6 9	>1 0 0 %
FF O 1	€m	6 9 0. 5	5 71 6	+2 0. 8 %
FF O 1 p ha ( N O SH ) er s re eo p	€	1.4 2	1. 2 3	+1 5. 4 %
FF O 1 p ha ( N O SH ) er s re av g.	€	1.4 6	1. 2 3	+1 8. 7 %
AF F O	€m	6 4 0. 2	5 24 3	+2 2. 1 %
d j. S les A EB IT DA a	€m	8 1. 3	6 5. 5	+2 4. 1 %
A d j. EB IT DA ( To l ) ta	€m	0 0 3. 1, 4	8 97 8	8 % +1 1.
FF O 2	€m	74 8. 0	6 0 4. 0	+2 3. 8 %
		Se 3 0, 2 0 1 7 p.	De 3 1, 2 0 1 6 c.	De l ta
lue f r l e fo lio Fa ir v sta te ort a o ea p	€m	3 0, 94 8. 1	27 11 6 5. ,	+1 1 % 4.
EP RA N AV	/s ha € re	3 9.5 7	3 6. 5 8	+8 2 %
d A j. NA V	€ /s ha re	3 3. 5 3	3 0. 75	+9 0 %
LT V	%	2.4 4	6 41	+8 0 bp s

All Strategic Markets Show Upward Potential

	Fai r va	lue				In- pla t ce ren
Re ion l Ma ke t g a r	(€m )	(€/ ) sqm	Res ide l uni ntia ts	Liv ing a ('00 are 0 s ) qm	Vac anc y (% )	al (p.a Tot ., € m)	Res l (p.a ide ntia ., € m)	Res ide ntia l (€/ /m h) ont sqm	Org ani nt gro c re wth (% )	le (in- Mu ltip pla t) ce ren	nt gro Ave rag e re st CB wth for eca RE (5 y rs) (% )	Ave nt rag e re wth (% ) fr gro om Opt imi ze Apa rtm ent s
rlin Be	4, 65 7	1, 82 8	38 67 8 ,	2, 45 0	1.7	19 2	18 1	6.2 6	3.3	24 .3	3.3	48 .5
Rh ine M ain Ar ( Fra nkf urt ea , Da sta dt, W ies bad ) rm en	3, 20 6	1, 76 5	27 99 4 ,	1, 78 5	1.7	166	160	7.6 0	3.5	19 .4	3.2	40 .5
Rh ine lan d ( Co log ne , ldo rf, ) Dü Bo sse nn	3, 120	1, 2 47	30 72 0 ,	2, 06 0	3.0	169	16 1	6.7 1	4.6	18 .5	2.8	28 .0
sde Dre n	2, 71 2	1, 159	38 60 3 ,	2, 196	2.7	15 7	14 7	5.7 5	6.1	17 .2	3.6	35 .8
So uth Ru hr Are ern a ( Do rtm d, Ess Bo chu m) un en ,	2, 2 71	97 5	48 9 44 ,	2, 9 71	3.7	18 1	17 5	5.5 7	3.9	.9 14	2.0	28 .9
mb Ha urg	1, 79 6	1, 65 9	16 56 1 ,	1, 04 9	2.1	88	84	6.7 5	4.3	20 .3	3.0	39 .7
Mu nic h	1, 68 7	2, 56 5	9, 72 2	64 0	1.1	62	58	7.6 3	2.8	27 .3	4.5	48 .3
Stu ttg art	59 3 1,	72 2 1,	21 2 14 ,	89 5	1.8	83	79	6 7.4	2.1	19 .3	2.8	39 .1
No rth Ru hr Are a ( Du isb ern urg , lse nk he n) Ge irc	1, 33 9	78 4	27 18 1 ,	1, 68 6	4.2	106	10 3	5.3 1	4.2	12 .6	1.7	23 .0
Ha nov er	20 3 1,	27 3 1,	61 0 14 ,	92 7	3.0	69	66	6.1 2	4.1	17 .5	2.7	36 .5
Kie l	93 6	1, 11 2	13 98 2 ,	81 1	1.7	57	54	5.6 5	3.4	16 .4	2.2	38 .1
Bre me n	85 9	1, 154	11 92 2 ,	72 3	3.3	47	45	5.3 8	2.0	18 .2	2.9	30 .4
Lei ig pz	68 0	09 1, 7	9, 169	58 7	4.1	41	39	2 5.7	1.9	16 .4	2.4	24 .6
We stp ha lia ( Mü nst er, brü ck) Os na	62 2	98 1	9, 66 9	62 7	2.3	41	40	5.5 0	2.8	15 .0	2.5	32 .1
Fre ibu rg	2 51	82 9 1,	05 4, 1	27 7	1.7	23	22	6.8 7	3.0	22 .1	3.7	.0 44
Ot he r S tra teg ic L tio oca ns	97 1, 4	26 8 1,	23 96 8 ,	52 2 1,	2.9	116	2 11	6.2 9	4.9	.0 17	3.1	36 .3
To tal St ic Lo tio rat eg ca ns	29 60 8 ,	1, 37 1	33 5, 53 1	20 95 3 ,	2.7	1, 59 9	1, 52 4	6.2 3	3.9	18 .5	2.9	35 .0

Note: Difference between number of resi units in strategic locations and number of resi units in strategic clusters is due to privatization units that are included in the strategic locations but not in the strategic clusters.

p	9
ag	e 4

€ m (un les s in dic d o the ise ) ate rw	9 M 2 0 1 7	9 M 2 0 1 6	D l t e a	€ 0 3 / 1 1. sq m	€ 0. 0 / 1 7 sq
				2. 3 5	2. 2 1
Ex fo in t p e ns e s r m a e na nc e	1 9 2. 2	1 8 4. 1	4. 4 %
l d C i ize in t t a p a m a e na nc e	5 2. 0	4 8. 0	8. 3 %	8. 6 8	8. 4 9
l To t a	2 4 4. 2	2 3 2. 1	5. 2 %
Ma in i l iza io t t t e na nc e c a p a n io t ra	2 1 %	2 1 %		9 M 2 0 1 7 fo Ex in te p en se s r m a na nc e	9 M 2 0 1 6

Reconciliation IFRS Profit to FFO

€m (u nle ind ica ted he ise ) ot ss rw	9M 20 17	9M 20 16	De lta
IF RS PR OF IT FO R T HE PE RI OD	1, 2 0 5. 2	27 8. 3	>1 0 0 %
1 Fin cia l re sul t an	21 8. 2	3 5 4. 1	-3 8. 4 %
Inc e t om axe s	6 6 3. 8	17 7. 1	>1 0 0 %
De cia tio nd ort iza tio pre n a am n	2 3. 0	1 6. 4	+4 0. 2 %
Inc e f fa ir v alu dju of inv rtie stm ts est nt om rom e a en me pro pe s	6 -1 1 4.7 ,	-	-
= E BI TD A I FR S	94 5. 5	8 25 9	+1 4. 5 %
No rrin ite n-r ecu g ms	75 9	7 0. 3	+8 0 %
tal rio d a dju fro he ld f sal To stm ts ets pe en m ass or e	-5 0	11 2	1 0 0 % >-
Inc e f in in oth l es nie stm ts tat om rom ve en er rea e c om pa s	-1 3. 0	-9 6	+3 5. 4 %
US = A DJ TE D E BI TD A	1, 0 0 3. 4	8 8 97	8 +1 1. %
Ad ted ale jus EB ITD A S s	-8 1. 3	-6 5. 5	+2 4. 1 %
= A DJ US TE D E BI TD A O PE RA TI ON S	9 2 2. 1	8 3 2. 3	0. 8 % +1
2 FO Int st s F ere ex pe nse	-2 1 6. 5	-2 4 9. 1	-1 3. 1 %
Cu nt inc e t s F FO 1 rre om axe	-1 5. 1	-1 1. 6	+3 0. 2 %
FO = F 1	6 9 0. 5	6 5 71	2 0. 8 % +
lize d m Ca ita ain ten p an ce	-5 0. 3	-4 7. 3	+6 3 %
= A FF O	6 0. 2 4	24 3 5	2 2. % 1 +
Cu FO 2 nt inc e t s F rre om axe	-2 3. 8	-3 3. 1	-2 8. 1 %
( in cl. Ad jus ted les / inc les ) FF O2 FF O1 EB IT DA Sa Cu nt e t rre om ax es sa	74 8. 0	6 0 4. 0	2 3. 8 % +
FFO 1 p sha in € (eo NO SH ) er re p	2 1.4	2 3 1.	6. 0 % +1
FO ha in € (eo NO SH ) AF pe r s re p	1. 3 2	1.1 3	+1 7. 3 %
Nu mb of sha (m illio n) er res eo p	8 4 5. 1	6 6. 0 4	+4 .1 %

Excluding income from investments. ² Including financial income from investments in other real estate companies.

IFRS P&L

€m ( les in d ica d o he ise ) te t un s rw	9M 2 0 17	9M 2 0 6 1	l De ta
fro let Inc ert t ing om e m p rop y	3. 9 1, 75	6 0. 3 1, 4	+6 9 %
Ot he fro r in ert t co me m p rop y ma na g em en	3 4. 0	2 9. 1	+1 6. 8 %
fro In ty t co me m p ro p er m an ag em en	1, 7 8 7. 9	1, 6 6 9. 4	% +7 .1
Inc fro d isp l o f p ies ert om e m os a rop	95 1. 2	9 8 8. 2	-3 .7 %
f p l d Ca ing nt ert ies rry am ou o rop so	-9 0 6 5.	-9 3. 9 5	% -5 .1
Re lua ion f a he l d for le t ts va o sse sa	6 0. 5	3 7. 9	+5 9. 6 %
f it d isp l o f p ies Pr t o on os a ro p er	1 0 6. 1	7 2. 2	+4 7. 0 %
Ne inc fro fa ir lue d j f inv ies t tm ts tm t p t om e m va a us en o es en ro p er	1, 1 6 4. 7	-
Ca ita lize d int l e p er na xp en se s	3 2 6. 8	2 27 .7	+4 3. 5 %
Co f m ria ls st ate o	-8 6 6. 8	-7 9 0. 6	+9 6 %
l e Pe rso nn e xp en se s	-3 0 1 7.	-2 6 1 7.	0 % +1 5.
De iat ion d a iza ion rt t p rec an mo	-2 3. 0	-1 6. 4	+4 0. 2 %
Ot he ing in t r o p era co me	8 75	7 0. 5	+7 .5 %
Ot he t ing r o p era ex p en se s	-1 9 6. 7	-1 6 6. 7	+1 8. 0 %
Fin ia l in an c co me	4 6. 2	2 2.4	>1 0 0 %
l e Fin ia an c xp en se s	-2 9 44	-3 6 6. 0	-3 3. % 1
Ea ing be fo ta rn s re xe s	1, 8 6 9. 0	45 5. 4	>1 0 0 %
Inc e t om ax es	-6 6 3. 8	-1 77 .1	>1 0 0 %
f it fo he io d Pr r t o p er	1, 2 0 2 5.	27 8. 3	>1 0 0 %
At i bu b le tr ta to :
's ha ho l de Vo via no s re rs	1, 11 7. 6	8 1 2.7	0 0 % >1
Vo via 's hy br i d c ita l in sto no ap ve rs	2 2.4	2 2.4
l lin No tro int sts n-c on g ere	6 2 5.	3. 2 7	0. 9 % -1
ing ha ( ba ic d d i lut d ) in Ea € rn s p er s re s an e	2. 3 6	0. 3 9	>1 0 0 %

IFRS Balance Sheet (1/2 – Total Assets)

( les d d o he ) €m in ica te t ise un s rw	Se 3 0, 2 0 17 p.	De 3 1, 2 0 1 6 c.	lta De
As ts
se
b le Int i ts an g as se	2, 95 6. 5	2, 74 3. 1	+7 8 %
Pro lan d e ip ert t a nt p y, p n q u me	14 5. 3	11 5. 7	+2 5. 6 %
Inv tm t p ert ies es en rop	3 0, 7 6 0. 2	2 6, 9 8 0. 3	0 % +1 4.
Fin ia l a ts an c sse	6 6 3 5.	8 9 5 5.	+1 3. 6 %
Ot he ts r a sse	21 9	15 2	+4 4. 1 %
fer d t De ts re ax as se	24 9	1 9. 6	+2 7. 0 %
To l n ta nt et on -c ur re a ss s	3 4, 5 74 .1	3 0, 9. 8 45	+1 3. 5 %
Inv to rie en s	6. 0	5. 0	+2 0. 0 %
Tr de iva b les a re ce	2 21 0	6 1 4.4	+3 4.4 %
Fin ia l a ts an c sse	0. 0	15 3. 2	0 0. 0 % -1
he Ot ts r a sse	14 8. 8	1 0 2.7	+4 4. 9 %
Inc iva b les e t om ax re ce	3 0. 9	3 4. 6	-1 0. 7 %
Ca h a d c h e len iva ts s n as q u	3 3 9. 8	1, 5 4 0. 8	9 % -7 7.
he l d for le As ts se sa	95 8	6 1. 6	+5 5. 5 %
To l c ta nt et ur re a ss s	8 4 2. 3	2, 0 6 2. 3	-5 9. 2 %
l a To ta et ss s	3 5, 41 6. 4	3 2, 5 2 2. 1	+8 9 %

IFRS Balance Sheet (2/2 – Total Equity and Liabilities)

€m (u nle ind ica ted he ise ) ot ss rw	Se 30 20 17 p. ,	De 31 20 16 c. ,	De lta
uit nd lia bil itie Eq y a s
bsc rib ed l Su ita cap	4 8 5. 1	4 6 6. 0	+4 .1 %
Ca ita l re p ser ve s	9 6 5, 5. 1	3 3 9 5, 4.	8 % +1 1.
ned Re tai rni ea ng s	7, 21 2. 8	6, 6 6 5. 4	+8 2 %
he Ot r re ser ve s	1 21 0	1.5	>1 0 0 %
To tal uit ttr ibu tab le to Vo via 's sh ho lde eq no are y a rs	1 3, 7 8 4. 0	1 2, 4 6 7. 8	+1 0. 6 %
Eq uit ibu tab le t o h bri d c ita l in ttr sto y a y ap ve rs	1, 0 3 1.5	1, 0 0 1. 6	+3 0 %
tal uit ibu tab le via 's sh ho lde d h bri d c ita l in To ttr to Vo sto eq y a no are rs an y ap ve rs	14 8 15 .5 ,	1 3, 4 6 9. 4	0. 0 % +1
llin No tro int sts n-c on g ere	6 6 0. 6	41 9. 0	+5 7.7 %
tal uit To eq y	15 47 6. 1 ,	1 3, 8 8 8. 4	+1 1.4 %
Pro vis ion s	6 0 9. 9	6 0 9 7.	+0 3 %
de ab les Tra pay	0. 6	1. 3	3. 8 % -5
n d fin l lia bili No eri vat ive cia tie an s	11 7 6 9.5 ,	11 6 4 3. 4 ,	+1 .1 %
De riv ati ve s	14 .1	1 9. 1	-2 6. 2 %
Lia bili tie s f fin lea rom an ce ses	94 .4	94 .7	-0 3 %
Lia bili tie olli int s t ntr sts o n on -co ng ere	2 6. 6	9. 9	0 0 % >1
Ot he r li ab iliti es	7 0. 7	8 3. 3	-1 5. 1 %
fer red x l iab iliti De ta es	4, 5 5 7. 2	3, 7 6 9.5	+2 0. 9 %
To tal t l iab ilit ies no n-c ur ren	17 14 3. 0 ,	6, 2 2 9. 1 1	+5 6 %
Pro vis ion s	3 4 3. 0	3 7 0. 8	% -7 .5
de ab les Tra pay	1 3 0. 9	1 3 8. 8	-5 .7 %
fin No n d eri vat ive cia l lia bili tie an s	2, 15 1. 6	1, 7 27 6	+2 4. 5 %
De riv ati ve s	8. 2	5 7.5	-8 5. 7 %
Lia bili tie s f fin lea rom an ce ses	9 4.	4. 5	+8 9 %
bili olli Lia tie s t ntr int sts o n on -co ng ere	4. 5	2.7	+6 6. 7 %
he r li ab iliti Ot es	15 4. 2	1 0 2.7	+5 0. 1 %
To tal nt lia bil itie cu rre s	2, 7 97 3	2, 0 6 4 4.	+1 6. 3 %
To tal lia bil itie s	9, 94 0. 3 1	1 8, 6 3 3. 7	0 % +7
tal uit nd lia bil itie To eq y a s	3 5, 41 6. 4	3 2, 5 2 2. 1	+8 9 %

€ m	9 M 2 0 1 7	9 M 2 0 1 6	l D t e a
f fr C h lo in iv i ie t t t a s w o m o p er a g a c s	9. 0 7 1	6 3 6. 7	2. 9 % 1
C h f lo fr in in iv i ie t t t a s o m ve s g a c s w	-1 1 6 5. 2 ,	3 2 6. 5	1 0 0 % >-
h f lo fr f C in in iv i ie t t a s w o m a nc g a c s	-7 5 4. 8	-2 9 5 3. 0 ,	-7 4. 4 %
h in h d h iv l N t t e c a ng e s c a s a n c a s e q a e n s u	2 0 0 -1 1. ,	9 8 9. 8 -1 ,	-3 9. 6 %
h d h le he b f he d C iv t t t in in t io a s a n c a s e q u a n s a e g n g o p er	1, 5 4 0. 8	3, 1 0 7. 9	-5 0. 4 %
h d h iv l h d f h i d C t t t t a s a n c a s e q u a e n s a e e n o e p e r o	3 3 9. 8	1, 1 1 8. 1	-6 9. 6 %

€ m ( les in d ica d o he ise ) te t un s rw	9 M 2 0 1 7	9 M 2 0 1 6	l D t e a
fo in Ex t p e ns e s r m a e na nc e	9 2. 2 1	8 1 4. 1	% 4. 4
C l d i t ize in t a p a m a e na nc e	5 2. 0	4 8. 0	8. 3 %
d k Mo iza io t er n n w or	5 0 8. 6	2 8 4. 6	7 8. 7 %
1 in d d iz i l M t t t t a e n a nc e a n m o e rn a o n o a	7 5 2. 8	5 1 6. 7	4 5. 7 %

Incl. intra-Group profits for 9M 2017: €53.3m (thereof €1.7m capitalized maintenance and €16.8m modernization); 9M 2016: €36.1m (thereof €0.7m capitalized maintenance and €5.8m modernization); new construction in 9M 2017 €22.8m, new construction in 9M 2016: €11.8m (included in modernization measures).

Income fromProperty Management

€ m ( les in d ica d o he ise ) te t un s rw	9 M 2 0 1 7	9 M 2 0 1 6	D l t e a
l Re t in n a c o m e	1, 2 5 2. 5	1, 1 5 9. 3	8. 0 %
l la An i t c ry c o s	5 0 1. 4	4 8 1. 0	4. 2 %
fr in In Pr L ty t t c o m e o m o p e r e g	1, 3. 9 7 5	1, 6 4 0. 3	6. 9 %
he fr O in t ty t r c o m e o m p ro p er m a na g e m e n	3 0 4.	2 9. 1	6. 8 % 1
In fr ty t c o m e o m p r o p e r m a n a g e m e n	8 1, 7 7. 9	6 6 9. 1, 4	% 7. 1

Rental income under IFRS definition. Includes €3.1m of rental income attributable to Value-add Business.

Cost of Materials

€ m ( les in d ica d o he ise ) te t un s rw	9 M 2 0 1 7	9 M 2 0 1 6	l D t e a
fo l la Ex i t p e ns e s r a nc ry c o s s	4 7 2. 0	4 6 1. 8	2. 2 % +
fo Ex in t p e ns e s r m a e na nc e	3 2 2. 0	2 6 6. 4	2 0. 9 % +
O he f p ha d d d ic t t r c o s o c s e g o o s a n s er e s ur v	8 7 2.	6 2. 4	6. % 1 7 +
l c f i ls T t t t o a o s o m a e r a	8 6 6. 8	7 9 0. 6	9. 6 % +

Conservative Valuation

In-place values are still less than half of replacement values, in spite of accelerating valuation growth in recent years.

Note: VNA 2010 – 2014 refers to Deutsche Annington Portfolio at the time; construction costs excluding land.

Acquisitions – Opportunistic but Disciplined

Historical Key Figures (1/2)

Fin cia l K Fig s ( €m les tat ed oth ise ) an ey ure un s s erw ,	9M 2 0 17	2 0 1 6	2 0 15	2 0 14	2 0 1 3
Re l in nta co me	24 9.4 1,	3 8. 1, 5 1	6 1, 41 4.	8 9. 3 7	2 8. 0 7
d d A j te EB IT DA Op t ion us era s	9 2 2. 1	1, 0 94 0	95 7. 6	5 0 3. 4	44 2.4
A d j d EB IT DA R l te ta us en	8 6 9 5.	0 6. 2 1, 4	9 24 .4	8 2. 6 4	3 3. 0 4
d d lue d d A j te EB IT DA V Bu ine us a -a s ss	7 6. 0	5 7. 0	3 7. 6	2 3. 6	1 0. 5
A d j d EB IT DA Ot he te us r	-1 9. 8	-9 2	-4 .4	-2 8	-1 .1
fro d l o f p Inc isp ert ies om e m os a rop	95 1. 3	1, 2 27 9	7 2 6. 0	2 8 7. 3	3 5 3. 5
A d j d EB IT DA S les te us a	8 1. 3	9 2, 5	71 .1	5 0. 1	27 .7
d d A j te EB IT DA us	1, 0 0 3. 4	1, 1 8 6. 5	1, 0 2 8. 7	5 5 3. 5	47 0. 1
EB IT DA IF RS	94 5. 5	1, 0 8 3. 7	8 3 8. 4	5 0 0. 3	4 3 1. 0
O FF 1	6 9 0. 5	7 6 0. 8	6 0 8. 0	2 8 6. 6	2 2 3. 5
he f a i bu b le Vo via ha ho l de t ttr ta to reo no s re rs	6 5 0. 6	71 3. 4	5 5 5. 5	27 5. 1	21 8. 4
he f a bu b le hy br d c l in t ttr i ta to Vo via i ita sto reo no ap ve rs	3 0. 0	4 0. 0	3 3. 0	-	-
he f a i bu b le No l lin int t ttr ta to tro sts reo n-c on g ere	9. 9	7.4	1 9.5	11 .5	5. 1
O 2 FF	74 8. 0	8 2 3. 8	6 6 2. 1	3 3 6. 7	25 1. 2
AF F O	6 4 0. 2	6 8 9. 2	5 2 0. 5	25 8. 3	2 0 3. 5
O 1 p ha in € FF er s re	1.4 2	1. 6 3	1. 3 0	1. 0 0	0. 95
fro fa lue d f in Inc ir v j tm ts stm t p ert ies om e m a a us en o ve en rop	1, 1 6 4.7	3, 2 3 6. 1	1, 3 2 3. 5	3 71 .1	5 5 3. 7
EB T	1, 8 6 9. 0	3, 8 9. 8 5	1, 3 7 4. 5	8 9. 1 5	6 8 9. 6
fit for he d Pro t io p er	1, 2 0 5. 2	2, 5 1 2. 9	9 94 .7	4 0 9.7	4 8 4. 2
Ca h f low fro ing ivi ies t t t s m op era ac	71 9. 0	8 2 8. 9	6 8 9. 8	3. 2 45	25 9. 6
h f low fro Ca inv t ing t ivi t ies s m es ac	-1 1 6 5. 2 ,	41 6. 4	-3 2 3 9. 8 ,	-1 17 7. 9 ,	17 1. 3
Ca h f low fro fin ing ivi ies t t s m an c ac	8 -7 5 4.	-2 8 1 2.4 ,	0 9 3. 1 4,	1, 1.7 74	-3 3. 2 5
Ma int d m de iza ion t en an ce a n o rn	2. 8 75	7 9 2.4	6 8 6. 3	3 45 .5	2 2 8. 4
he f for d c lize d m t int ita int reo m a en an ce ex p en se s a n ap a en an ce	24 4. 2	3 2 0. 1	3 3 0. 7	17 3. 8	15 7. 6
he f for de iza ion t t reo m o rn	0 8. 6 5	2. 3 47	3 6 5 5.	17 1.7	0. 8 7

The key figures of prior years have been adjusted to match the definitions of the 2016 fiscal year. The key figures per share are based on the shares carrying dividend rights on the corresponding reporting date. Values for 2013 and 2014 are TERP-adjusted.

Historical Key Figures (2/2)

lan Sh s ( €m les ed oth ) Ke Ba eet Fig tat ise y ce ure un s s erw ,	Se 3 0, 2 0 17 p.	De 3 1, 2 0 1 6 c.	De 3 1, 2 0 15 c.	De 3 1, c 2 0 14	De 3 1, c 2 0 1 3
Fa ir v lue f r l e fo lio sta te ort a o ea p	3 0, 94 8. 1	27 6 11 5. ,	24 15 7.7 ,	2, 9. 1 75 1	0, 3 2 6. 1 7
A d j d NA V te us	2 3. 1 6, 6 5	3 2 8. 2 14 ,	27 3. 11 5 ,	2. 0 6, 47	2 3. 5, 1 4
d d ha € A j te NA V in us p er s re	3 3. 5 3	3 0. 75	24 .1 9	2 2. 6 7	21 .74
( ) LT V %	4 2.4	41 6	4 6. 9	4 9. 3	4 8. 1
No n-F ina nci al Ke Fig y ure s	9M 2 0 17	2 0 1 6	2 0 15	2 0 14	2 0 1 3
Nu be f u nit d m r o s m an ag e	41 3, 7 0 3	3 9 2, 3 5 0	3 97 7 9 9 ,	2 3 2, 24 6	2 0 1, 7 3 7
he f o t art nts reo wn ap me	3 0, 3 5 1 4	3 3 3, 3 8 1	3 5 7, 11 7	2 0 3, 0 2 8	25 8 17 5,
he f a d by he t art nts ot reo p me ow ne rs	6 3, 5 6 9	5 8, 9 6 9	4 0, 6 8 2	2 9, 21 8	2 6, 47 9
f u Nu be nit bo ht m r o s ug	24 8 47 ,	2, 8 15	1 6 8, 6 3 2	3 1, 8 5 8	0
Nu be f u nit l d m r o s s o	8, 3 0 4	2 6, 6 3 1	15 17 4 ,	0 8 1 4,	6, 2 0 7
he f P t riv at ize reo	1, 7 0 4	2, 7 0 1	2, 97 9	2, 2 3 8	2, 5 7 6
he f N t -C reo on ore	6, 6 0 0	2 3, 9 3 0	1 2, 1 95	1, 8 4 3	4, 14 4
( ) Va rat in % ca nc y e	2. 9	2.4	2.7	3. 4	3. 5
Mo h ly in- lac in € /sq nt t p e r en m	6. 1 9	6. 0 2	5. 75	5. 5 8	5. 4 0
Mo h ly in- lac ic h ( % ) nt t o t p e r en rg an g row	3. 9	3. 3	-	-	-
Nu be f e loy m r o mp ee s	8, 3 8 7	3 7, 4 7	6, 3 6 8	3, 8 0 5	2, 9 3 5
EP RA Ke Fig ure s y	9M 2 0 17	2 0 6 1	2 0 15	2 0 14	2 0 3 1
EP RA N AV	1 9, 1 9 3. 3	17 0 47 .1 ,	1 3, 9 8 8. 2	6, 5 7 8. 0	5, 1 2 3. 4
EP RA N AV ha in € ** p er s re	3 9, 5 7	3 6. 5 8	3 0. 0 2	2 3. 0 4	21 .74
EP RA N NN AV	---	1 2, 0 3 4.4	8 9, 7 3 9.	-	-
EP RA Ea ing rn s	---	44 8. 5	3 2 9. 2	-	-
l Y l d EP RA N et In it ia ie in %	---	4. 1	4. 5	-	-
EP RA "to d- " N In it ia l Y ie l d in % et p p e up	---	4. 1	4. 5	-	-
EP RA V in % te ac an cy ra	---	2. 2	2.5	3. 0	3. 1
( l. d ) % EP RA C t R at io inc ire ct sts in os va ca nc y co	---	2 8. 4	3 1. 9	-	-
( l. d ) EP RA C t R at io ire ct sts in % os ex c va ca nc y co	---	27 0	3 0. 2	-	-

The key figures of prior years have been adjusted to match the definitions of the 2016 fiscal year. The key figures per share are based on the shares carrying dividend rights on the corresponding reporting date. Values for 2013 and 2014 are TERP-adjusted.

Vacancy Rates – Quarterly Comparison

Q1 to Q4 development 2012 – ²⁰¹⁷ 4.4%4.5%4.4%3.9%4.0%3.9% 3.9%3.5%3.7% 3.8% 3.6%3.4%3.4%3.5%3.4%2.7%2.8% 2.8% 2.8%2.4%2.7%2.9% 2.9%2%3%4%5%Q1 Q2 Q3 Q4201220132014201520162017

Vonovia History

• Seed portfolios of today's Vonovia have origin in public housing provided by government, large employers and similar landlords with a view towards offering affordable housing.
• At beginning of last decade, private equity invested in German residential on a large scale including into what is Vonovia today (mainly Deutsche Annington and Gagfah then).
• IPO in 2013.
• Final exit of private equity in 2014.

Liquid Large-cap Stock

fo S ha In io t re rm a n
Fir day of din st tra g	Jul 20 13 11 y ,
mb of sha din Nu tst er res ou an g	48 illio 5.1 m n
flo bas ed che Fre at De uts Bö e on rse def init ion	92 .7%
ISI N	DE 00 0A 1M L7J 1
Tic ker mb ol sy	VN A
Sh cla are ss	red sh ith alu Re iste g are s w no pa r v e
Lis tin g	nkf Fra urt St ock Ex cha ng e
Ma rke t s nt eg me	Re lat ed Ma rke t, gu Pri St da rd me an
jor in dic d w eig ht Ma es an (as of Se be 30 20 17 ) tem p r ,	1, 6% DA X Sto Eu e 6 00 0, 2% xx rop MS CI Ge 1, 4% rm an y GP R 2 50 Wo rld 1, 4% FTS E E PRA / NA RE IT Eu 8, 3% rop e

D t a e	N O S H ( i l l i ) m o n	C t o m m e n
b D 3 1, 2 0 1 6 e c e m e r	4 6 6 0
h 3 2 0 M 1, 1 7 a r c	6 8 8 4	i i i t t c o n w e r a c q u s o n
J 3 0 2 0 1 7 n e u ,	4 7 6 5	d d d S i i i c p e n r v
S b 3 0 2 0 t 1 7 e p e m e r ,	8 4 5 1	G f h b d a g a c r o s s- o r e r m e r g e r

The number of outstanding shares is always available at http://investoren.vonovia.de/websites/vonovia/English/2010/key-share-information.html Valuation methodology for German residential properties is primarily based on market prices for assets – not on interest rates

• While market prices are affected by the general interest levels there is no significant correlation.
• Other factors such as supply/demand imbalance, rental regulation, market rent growth, location of assets etc. outweigh the impact of interest rates when it comes to pricing residential real estate.
• The steep decline in interest rates (down by 7.4% since 1992) is not mirrored by asset yields (down by 1.1% since 1992).
• Asset yields outperformed interest rates by 2.2% on average since 1992 and 5.4% in June 2015.

Yearly asset yields vs. rolling 200d average of 10y interest ratesSources: Thomson Reuters, bulwiengesa

Three Valuation Layers with Different Volatilities

High degree of stability and predictability of underlying business (layer 1) and portfolio valuation (layer 2) is not reflected in share price development (layer 3), as equity markets appear to apply valuation parameters that are substantially less material for Vonovia's operating performance.

Company Presentation - November 2017 page 67

Wrap-up

2017 guidance confirmed towards upper end.

Built-in organic growth momentum continues in 9M 2017 and beyond.

First indication for full-year valuation shows positive fundamentals remain in place. €4.0bn - €4.5bn value uplift expected for the full year.

Investment Program on a broad footing supports organic growth potential.

Guidance for 2018 shows internal strength going forward.

Impressions

Dresden

Berlin

Leverkusen

Nuremberg

Impressions

Dortmund

Frankfurt

Company Presentation - November 2017

Bremen

Essen

Impressions

Berlin

Berlin

Optimize Apartment

Optimize Apartment

Upgrade Building

Dortmund

Upgrade Building

Hamburg

Upgrade Building

Floor Addition

Modular Construction

Modular Construction

Dortmund

Modular Construction

Neighborhood Development

Company Presentation - November 2017

VTS

Disclaimer

This presentation has been specifically prepared by Vonovia SE and/or its affiliates (together, "Vonovia") for internal use. Consequently, it may not be sufficient or appropriate for the purpose for which a third party might use it.

This presentation has been provided for information purposes only and is being circulated on a confidential basis. This presentation shall be used only in accordance with applicable law, e.g. regarding national and international insider dealing rules, and must not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by the recipient to any other person. Receipt of this presentation constitutes an express agreement to be bound by such confidentiality and the other terms set out herein.

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

Vonovia 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.

Vonovia 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.

This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever.

This presentation is neither an advertisement nor a prospectus and is made available on the express understanding that it does not contain all information that may be required to evaluate, and will not be used by the attendees/recipients in connection with, the purchase of or investment in any securities of the Company. This presentation is selective in nature and does not purport to contain all information that may be required to evaluate the Company and/or its securities. No reliance may or should be placed for any purpose whatsoever on the information contained in this presentation, or on its completeness, accuracy or fairness.

This presentation is not directed to or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

Neither this presentation nor the information contained in it may be taken, transmitted or distributed directly or indirectly into or within the United States, its territories or possessions. This presentation is not an offer of securities for sale in the United States. The securities of the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States. Consequently, the securities of the Company may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, into or within in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States unless registered under the Securities Act.

Tables and diagrams may include rounding effects.