Vonovia : UBS Virtual best of Europe Conference

Investor Presentation

May 2020

Agenda

	Equity Story		Business		Q1 2020		Additional
	&		Overview		Results		Information
	Q1 2020
	Performance
	Update
	pages 2-13		pages 14-28		pages 29-41		pages 42-57

Investor Presentation - May 2020

page 2

Europe's Leading Owner and Operator of Residential Real Estate

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Long-term owner and full-scale

operator of Europe's largest listed

multifamily housing portfolio with

more than 415k apartments for small and medium incomes >€53bn fair market value

~€26bn market capitalization

Geographic split (by no. of units)

9%

5%

85%

Germany Austria Sweden

Stockholm

38kGothenburg

apartments Malmö

15 urban

355kgrowthapartments1markets

Mainly

22kViennaapartments

Growing recurring cash earnings per share and DPS				Two types of sustainable shareholder returns4
Dividend policy: ~70% of recurring cash earnings are distributed as dividends
										2.25							9.2%	9.3%	8.4%	8.5%
						1.90	2.06
												7.1%
					1.63				1.572
					1.32	1.44				5.4%		5.6%	6.1%	4.8%	5.2%
				1.30
				1.12					3.8%
0.95	1.00	0.94									2.6%
0.67	0.74
														2.8%	3.3%	3.6%	3.2%	3.6%	3.3%
2013	2014	2015	2016	2017	2018	2019	2020E	2014	2015	2016	2017	2018	2019
			Recurring cash earnings ("FFO")3			Dividend						Dividend yield		Organic asset value growth (excl. YC)

1Incl. 27k apartments in other strategic locations plus 5k in non-strategic locations that are not shown on the map. 2To be proposed to the next AGM on June 30, 2020. 32013-2018 FFO is "FFO1" and 2019+ FFO is "Group FFO." 4Dividend yield plus l-f-l organic asset value growth from operating performance and investments (excluding yield compression).

Investor Presentation - May 2020

page 3

Germany's Tried and Tested Social Security System Ensures That No One

Has to Lose A Roof Over Their Head In Case of Financial Distress

Equity Story & Q1 Performance UpdateBusiness OverviewQ1 2020 ResultsAdditional Information

§	"The Federal Republic of Germany is a democratic and social federal state."
Article 20(1) of the German Basic Law.
!	German's social market economy is based on the principle of solidarity that underpins
Germany's social security systems. Anyone who cannot participate in the labor market or
society because of misfortune, illness, disability, or old age is looked after by the community.

4 layers

of

protection

for

tenants

1. Kurzarbeitergeld: Short-term labor allowance of 60% to 67% of net salary to keep employees in employment and avoid layoffs despite lack of work.
2. ALG I: Unemployment benefit based on 60% to 67% of net salary.
3. ALG II: Basic benefits to cover cost-of-living expense including "appropriate levels of expenditure for housing."
4. Sozialhilfe: last safety net to protect people from poverty and exclusion, covering necessary living expenses including food, accommodation and clothing.

Paid out of the national	Housing benefits:
Subsidy towards
unemployment fund to
housing costs for
which employees and
people with low
employers contribute
equally every month	incomes to enable
	people to live in
	adequate, family-
	friendly conditions.

Anyone who can

Tax-funded	demonstrate that
	he or she is in need
	is legally entitled.

Additional

layers of

protection

during

COVID-19 pandemic

• No financial background checkfor a period of 6 months for assistance granted between March 1 and June 30.
• Simplified application process: informal applications can be made by phone, e-mail, online or personal visit to the local government office.
• Increased benefits: Kurzarbeitergeld increased from 60%-67% to up to 80%-87%.

Source: Social Security at a Glance 2019. Federal Ministry of Labour and Social Affairs. https://www.bmas.de/EN/Services/Publications/a998-social-security-at-a-glance.html

Investor Presentation - May 2020

page 4

Long-term Structural Support from Residential Market Trends

Equity Story & Q1 Performance Update

Business Overview

Q1 2020 Results

Additional Information

Robust rent growth in regulated environments1

Rent growth in regulated marketsfollows a sustainable upward trajectory and is largely independent from GDP developments; rents in unregulated markets go up and downbroadly in line with the GDP development

Regulated (Germany)

Unregulated (USA)

6																		6
4																		4
2																		2
0																		0
2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
-2																		-2
-4																		-4
-6																		-6
		GDP, quarterly development y-o-y						Rent growth; quarterly development y-o-y

Structural supply/demand imbalance2

Germany's average annual residential completions of the last five years fall short of estimated required volumes

700																													Completions (`000)
600																													Est. required volume (`000)
500
400
300
200
100
0
1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

Large gap between in-place values and replacement costs3

No correlation pattern between interest rates & asset yields4

Vonovia (Germany)- fair value/sqm (€; total lettable area) vs. construction costs	Other factorssuch as supply/demand imbalance, rental regulation, market rent growth,
location of assets etc. seem to outweigh the impact of interest rateswhen it comes to
							Factor	pricing residential real estate.
	building
						2.5x - 3.0x
							1
	land
							0.8
								0.6
					1,677	1,865		0.4
				1,475			0.2
			1,264
		1,054					0
901	964						-0.2
								-0.4
								-0.6
								-0.8
								-1	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
2013	2014	2015	2016	2017	2018	2019	Market costs	1992
							for new
							constructions														Correlation

1Sources: Federal Statistics Office, GdW (German Association of Professional Homeowners), REIS, BofA Merrill Lynch Global Research, OECD, Note: Due to lack of q-o-q rent growth data for the US, the annual rent growth for a year is assumed to also be the q-o-q rent growth of that year. 2Sources: German Federal Statistics Office, GdW (German Association of Professional Homeowners). 3Note: VNA 2010 - 2014 refers to Deutsche Annington Portfolio at the time; construction costs excluding land. The land value refers to the share of total fair value allocated to land. 4Yearly asset yields vs. rolling 200d average of 10y interest rates. Sources: Thomson Reuters, bulwiengesa

Investor Presentation - May 2020

page 5

Fully Committed to the Long-term Nature of Our Business

Equity Story & Q1 Performance UpdateBusiness OverviewQ1 2020 ResultsAdditional Information

MEGATRENDS	Urbanization	Energy	Demographic
efficiency	change
We give people a place they call home	We are a driving force in the housing industry

Serving a basic need in a highly relevant market

Scalable B-to-C

business

beyond the

bricks

Our products & services give more than one million people an affordable home in their apartment and neighborhood.

Our actions are guided by a long-term view and a careful balance between all stakeholders.

We have the best-in class operating platform to serve our customers in regulated markets across the entire residential real estate value chain.

Our experience and knowhow enable us to scale our business in attractive European markets.

Long-term owner and full-scale operator of Europe's largest listed multifamily housing portfolio

We have the scale and the skills as well as the innovative and financial strength to help managing the megatrends.

We develop solutions for the housing market and are a reliable partner for municipalities & communities in our neighborhoods.

We offer sustainable per- share earnings and value growth with superior downside risk protection to our investors.

We have the necessary access to capital markets to finance the required investments.

We are

part

of the solution

Sustainable

earnings und value growth

License to	Contribution to climate		Operating in		Our business conduct is
S	residential markets	G
operate	Eprotection and CO2	brings with it a	built around trust,
	reduction		special responsibility		transparency & reliability

Investor Presentation - May 2020

page 6

Scalable B-to-C Business Beyond the Bricks

Increasing Profitability via Scale and Efficiencies

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Our strategy is to own for generations and create scale effects and efficiencies (buy & hold), and

Portfolio size (eop, '000)

therefore different from a financial investor with

a limited investment horizon (buy & sell)

>8m	>2.5m	>0.7m	>0.6m
				…
Invoices to	Inbound	Ancillary	Maintenance
expenses	& repair jobs
process p.a.	calls p.a.
bills p.a.	p.a.

175

396 416

357 333347

203

Granular Operating Business

Unique scalable platform to efficiently manage a large residential real estate portfolio driven by industrialization, standardization and optimization with best-in-class service

Digitalization still in early stage with cost-reduction potential in the medium- and long-term

Impact of scale to continue with acquisitions -

incremental Cost per unit (Germany) is around €250

2013 2014 2015 2016 2017 2018 2019

Proof of scalability1

														73.6%	75.0%	76.5%
		830								71.4%
				754		67.7%
					63.8%
	60.8%		645
							570
														498
																	445
																					394
	2013	2014	2015	2016	2017	2018	2019
			EBITDA Operations margin Germany			Cost per unit Germany (€)

1EBITDA Operations margin (Adj. EBITDA Rental + Adj. EBITDA Value-add - intragroup profits). 2019 margin includes positive impact from IFRS 16. Cost per unit is defined as (Rental Income - EBITDA Operations + Maintenance) / average no. of units.

Investor Presentation - May 2020

page 7

Long-term Track Record of Sustainable Growth

Equity Story & Q1 Performance UpdateBusiness OverviewQ1 2020 ResultsAdditional Information

FFO (€/share)1		Dividend (€/share)2
	2.25			1.57
	2.06			1.44
	1.90			1.32
	1.63			1.12
	1.30			0.94
0.95	1.00	0.67	0.74

2013 2014 2015 2016 2017 2018 20192013 2014 2015 2016 2017 2018 2019

Adj. NAV (€/share)		LTV and Interest Cover Ratio
		51.9																					4.9
																			4.7
						49.7%								4.6
		44.9	49.0%	47.3%
		38.5									3.7
		30.8									3.0								42.8%	43.1%
							2.7		41.6%
		24.2										39.8%						target
21.7	22.7			2.2																range

2013	2014	2015	2016	2017	2018	2019	2013	2014	2015	2016	2017	2018	2019
									LTV (%)			Interest Cover Ratio

1Based on prevailing internal management KPI, which was FFO1 from 2013-2018 and Group FFO in 2019. 22019 DPS to be proposed to the AGM on June 30, 2020.

Investor Presentation - May 2020

page 8

Highlights Q1 - Good Start into 2020

Equity Story & Q1 Performance UpdateBusiness OverviewQ1 2020 ResultsAdditional Information

		Y-o-yincrease acrossall four segments.
Performance		Adj. EBITDA Total €456.1m(+6.1%).
		Group FFO €335.5m(+10.5%).

		Adj. NAV per share €52.23.
NAV &		Next portfolio valuation planned as perJune 30.With the exception of Berlin, where prices
Valuation		have remained flat, current indications forall other markets suggest a fair value growth

broadly in line with H1 last year.

Capital		LTV 43.0%in the middle of our target range (40%-45%).
Structure		Net debt/EBITDA multiple 11.8x.
AGM		AGMto take place in a virtual format on June 30, 2020.
and
	Unchanged €1.57dividend per share (+9% y-o-y) to be proposed.
Dividend
Guidance		Pre-COVID-19 guidance unchanged for
		EBITDA Totalof €1,875m - €1,925m (+6.5% - 9.4% y-o-y)
2020
		Group FFOof €1,275m - €1,325m (+4.6% - 8.7% y-o-y)

1Estimate based on the assumption that we will continue to observe no material COVID-19 impact by June 30.

Investor Presentation - May 2020

page 9

Stakeholder Responsibility under COVID-19 and beyond

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

As a large residential property owner with responsibility for 10,000 employees and around one million people in our apartments we consider the following areas as crucial, and we will continue to leverage our best-in-class operating platform for the benefit of all stakeholders.

Flexible working hours and home office solutions wherever possible.

Individual departments / operational units work in separate teams to avoid wide-spread

Employeescontagion in case of COVID-19 infection.

Protective gear for employees in the field and compliance with recommendations from Robert Koch-Institut.

Customer service has maintained high service level and availability.

Infrastructure

Repair & maintenance capacity fully intact.

Letting activities ongoing on-site and virtually.

Pragmatic solutions for tenants in financial distress.

Customers	Moratorium on rent increases in COVID-19 environment.
Masks will be available for our customers free of charge (via our app).

Support and assistance especially for our senior citizens (e.g. groceries shopping).

		Major investments and stimulus from the public and private sector will be required in the post
Post		COVID-19 era, and the focus must be on addressing the relevant challenges.
COVID-19		Solutions to the long-term megatrends urbanization, energy efficiency and demographic
Era		change will be even more important after COVID-19 has faded.
		We continue to do our share both as a partner and a leader in innovation and research.

Investor Presentation - May 2020

page 10

COVID-19 Business Update

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

The scale and depth of our operations put us at a relative advantage over other residential property owners and enable us to continue our operations with very little interference from COVID-19.

			Very robust with no material signs of weakness.
			Fluctuation rate going down; strong demand for rental apartments unbroken with more than
			5,000 inquiries per day; increasing number of virtual apartment viewings.
Rental and			So far, ca. 1% of tenants in Germany have contacted us due to COVID-19 related hardship
		and we have agreed on individual and pragmatic solutions. No material financial impact.
Value-add
		Rent collection continues with very low default ratios and in line with previous months.
			Customer service and infrastructure fully intact and running smoothly.
			Modernization investments ongoing but new larger projects largely put on ice for now, which
			will have a small impact on the value-add contribution from our own craftsmen organization.
Recurring			Small impact on Adj. EBITDA contribution.
		Overall demand for condo apartments remains strong.
Sales
		Largely digital back-office processes allow continued execution of sales.

Construction activities ongoing but delay in some projects is expected to lead to some

Developmentcompletions getting pushed into 2021. Small impact on Adj. EBITDA contribution.

Investor Presentation - May 2020

page 11

2020 Guidance Confirmed for Adj. EBITDA Total and Group FFO

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Organic rent growth guidance slightly reduced by 20bps due toCOVID-19as a result of lower

fluctuation and delayed completion of some investment projects.

All other elements of our guidance remain unchanged.

	2019	2020 Initial Guidance	2020 Guidance Update
	before COVID-19
	Actuals
	(Nov. 2019)	(from May 2020)
Organic rent growth1(eop)	3.9%	~3.5 - 4.0%	~3.3 - 3.8%
Rental Income	€2,074.9m	€~2.3bn	€~2.3bn
Recurring Sales (# of units)	2,607	~2,500	~2,500
FV step-up Recurring Sales	41.3%	~30%	~30%
Adj. EBITDA Total (€m)	1,760.1	1,875 - 1,925	1,875 - 1,925
Group FFO (€m)	1,218.6	1,275 - 1,325	1,275 - 1,325
Dividend (€/share)	1.572	70%	70%
		of Group FFO per share	of Group FFO per share
Investments (€m)	1,489.5	1,300 - 1,600	1,300 - 1,600

1If the one-off reduction of rents in Berlin to 120% of the rent ceiling is implemented in November, as currently planned, we expect to come out at the lower end of the range; similarly, if it is not implemented we expect to come out at the higher end of the range. 2To be proposed to the AGM on June 30, 2020.

Investor Presentation - May 2020

page 12

Wrap-up

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Vonovia is Europe's leading owner and full-scale operator with proven track record of scale and efficiencies in regulated residential real estate markets.

Granular B-to-C business with high degree of stability. Business model is resilient, predictable and provides downside protection.

Our start into 2020 was uneventful, as expected. We remain confident in our ability to deliver on our 2020 guidance and beyond, as our business is proving very robust and only marginally impacted by COVID-19.

Our relevance as a large employer and residential property owner is magnified in the current COVID-19 environment, and we live up to our responsibility to all stakeholders.

While COVID-19 is rightfully at the center of attention, the housing sector must not lose sight of the megatrends urbanization, energy efficiency and demographic change. Vonovia will make sure to maintain its leading role.

Investor Presentation - May 2020

page 13

Agenda

	Equity Story		Business		Q1 2020		Additional
	&		Overview		Results		Information
	Q1 2020
	Performance
	Update
	pages 2-13		pages 14-28		pages 29-41		pages 42-57

Investor Presentation - May 2020

page 14

Scalable B-to-C Business Beyond the Bricks

Business Segments across Entire Life Cycle of the Assets

Equity Story & Q1 Performance UpdateBusiness OverviewQ1 2020 ResultsAdditional Information

Rental		Value-add		Development		Recurring Sales
		Ancillary service		Construction of
Efficient			apartments for		Disposal of
	business
management of			(i) own portfolio		individual apartments
	for internal savings
own portfolio			(ii) disposal to third		to retail buyers
	and external income
			parties

Average duration of our	Leveraging long-term	Vonovia is one of the
rental contracts is 13	customer relations to	largest builders of new
years	generate additional cash	homes in Germany
	flows from internal
No cluster risk because of	savings and external	Size, efficiencies and
B-to-C business	income	innovation lead to building
granularity		costs below fair market
	Customer benefit through	values
High degree of insourcing	better service and/or
and standardization along	lower cost
our value chain

Steady sales volume of ca. 2k apartments p.a.

Sales prices of 20-30% above fair market value capture the spread between book value and retail value

Investor Presentation - May 2020

page 15

Scalable B-to-C Business Beyond the Bricks

Full-scale Operating Platform Enables Insourcing Strategy

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Residential real estate is a granular operating business. Vonovia has built a scalable platform to efficiently manage large portfolios and to provide the full range of services largely in-house.

Property Management

~1,500

Lettings agents & caretakers

Face to the customer and eyes and ears on the ground in our local markets

Technical Service

~5,000

Craftsmen

Wholly owned craftsmen subsidiary ("VTS") for large share of maintenance and modernization plus pooling of entire purchasing power

Residential EnvironmentService Center

~800	~1,000
Landscape gardeners	Service Agents
Maintenance of gray and green areas and snow/ice	Centralized property management including inbound calls
removal in the winter	and e-mails, ancillary cost billing, contract management,
	maintenance dispatch and rent growth management

	Best-in-class		Fully SAP		High degree of		Efficient process		Superior cost
	service levels		based		standardization		management		control

Investor Presentation - May 2020

page 16

Scalable B-to-C Business Beyond the Bricks

Leveraging the B-to-C Nature of Our Business

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Value-add: lower cost & higher income

Evolution of Value-add segment (Adj. EBITDA, €m)

Savings from	Additional
insourcing of services	revenues from
to ensure maximum	walking back the
process management	value chain and
and cost control	offering services at
	market prices but on

10.5

146.3

121.2

102.1

57.0

37.6

23.6

a lower cost basis

2013

2014

2015

2016

2017

2018

2019

2020E

due to scale and	EBITDA contribution from different Value-add initiatives

efficiencies

Customer benefit is in lower cost

and/or better service quality

Craftsmen cost savings (VTS)

Multimedia

Residential environment

Smart metering

Energy

Other (e.g. 3rd party management, insurance, security packages, e-mobility)

Investor Presentation - May 2020

page 17

Scalable B-to-C Business Beyond the Bricks

Opportunistic Increase of Scalability via Mergers & Acquisitions

	Equity Story & Q1 Performance Update	Business Overview		Q1 2020 Results	Additional Information
	Portfolio evolution by number of apartments ('000)		Major transactions since IPO

			3	415	04/2014
					~11k units
180		316			10/2014
				~30k units
	84				03/2015
					~145k units
IPO	Sales	Acq.	New	Q1 2020	07/2015
			construction
					~19k units

Acquisition criteria

Strategic Rationale	Financial Discipline	01/2017
~23k units
Long-term view of the	At least neutral to
investment grade
portfolio with a focus	03/2018
rating
on urban growth
(assuming 50% equity/	~48k units
regions
50% debt financing)
Earnings Accretion	Value Accretion	06/2018
		~14k units
Accretive to EBITDA	Adj. NAV/share or
Rental yield	similar1	12/2019

~21k units

First sizeable portfolio

acquisition

First sizeable corporate

acquisition

Mixed cash/stock public

takeover

Sizeable all equity financed

portfolio acquisition

Public takeover and first

acquisition outside Germany

Public takeover and acquisition

of critical mass in Austria

Public takeover and acquisition

of "nucleus" in Sweden

Acquisition of critical mass in

Sweden

1EPRA has published new Best Practice Recommendations to replace EPRA NAV with a revised but broadly similar metric

Investor Presentation - May 2020

page 18

Scalable B-to-C Business Beyond the Bricks

Implementation of Vonovia Business Model in Comparable Markets

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Vonovia has developed an operating platformand a unique business model for the efficient managementof large residential portfolios in regulated environments.

We are convinced that this business model can be implemented outside of Germanyin comparable markets: large urban rental markets with a supply- demand imbalance and a regulated rental environment.

No specific target rate or ratios in terms of German vs. non-German exposure disciplined but highly opportunistic approach.

M&A activities in European target markets are subject to the same criteriaas in Germany.

15 Urban

Growth

Regions

Randstad

(greater

Amsterdam)

Île-de-France (greater Paris)

Stockholm

Gothenburg

Malmö

Mainly

Vienna

	Germany			Austria		Sweden		France		Netherlands
•	Primary home market and		•	Run scalable operating	•	Prove that Vonovia	•	Largest long-term	•	Continue market
	expected to remain dominant in			business (Austrian SAP		business model works		potential		research
	the foreseeable future.			client successfully		outside Germany	•	Active market	•	Highly opportunistic
•	Home of Vonovia business			implemented)	•	Market consolidation on		engagement and		approach in case of
	model that we are seeking to		•	"Austrian model" along		the basis of Victoria		networking to safeguard		acquisition opportunity
	repeat in similar markets			build-hold-sell value		Park and Hembla		pole position for when
				chain		combination		opportunity arises
Investor Presentation - May 2020				page 19

Megatrends - Challenge & Opportunity

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

% of population living in cities

87%

84%

	77%	79%
Urbanization	Germany	W. Europe
2015	2050E

% of modernized housing units

			~4%
		~3%
	~1%
Energy	Avg. Germany	Required run	Vonovia 2019
efficiency
	rate Germany

% of population above/below 65 years

	21%	31%		20%	29%
	79%	69%		80%	71%
Demographic
2015 Germany2050E			2015 W. Europe2050E
change			65 or older				younger than 65

The dominant megatrends represent a challenge and

an opportunity at the same time

The key to solving the residential markets' problems lies in finding workable solutionsfor these megatrends in the

interest ofall stakeholders

Theinvestments required to meet these challengesare enormous. The German Housing Association GdW estimates the investment volume required until 2030 to be around €800bn

Large residential players with sustainable business models and access to capital market fundingplay an important role in finding and implementing solutions

Sources: United Nations, Prognos AG

Investor Presentation - May 2020

page 20

Long-term Support from Megatrends

Focus on Urban Areas with Long-term Supply/Demand Imbalance

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Portfolio evolution

Vonovia

~70knon-core apartments sold since IPO in 2013

~99% of current portfolio located in urban growth

regionsfor long-term ownership and subject to structural supply-demand imbalance

Aggregate total value growth 2017-2019 (%)1

40.8%

Vonovia Portfolio March 2015	Vonovia Strategic Portfolio
347k apartments in 818 locations	350k apartments in ~400 locations

6.0%

Strategic Portfolio

Non-core locations

Marketview of growing and shrinking regions2

The German Federal Office for Construction and Urban Development (BBSR) has analyzed all cities and counties in Germany on the basis of the average development in terms of population growth, net migration, working population (age 20-64), unemployment rate and trade tax revenue.

The results fully confirm our portfolio management

decisions

Germany (market)

Strategic Portfolio (Vonovia)

Shrinking (above average)

Shrinking

No clear direction

Growing

Growing (above average)

Vonovia location High-influx cities ("Schwarmstädte"). For more information: http://investoren.vonovia.de/websites/vonovia/English/4050/financial-reports-_-presentations.html1Simple addition of 2017-2019 valuation results excluding compound interest effects. 2Source: BBSR (https://gis.uba.de/maps/resources/apps/bbsr/index.html?lang=de)2

Investor Presentation - May 2020

page 21

Long-term Support from Megatrends

Investments into Existing Portfolio and New Construction

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

New construction: Construction of apartments for our own portfolio through entirely new buildings or floor additions to existing buildings applying modular and conventional construction methods.

Upgrade Building: Energy efficient building modernization usually including new facades, roofs, windows and heating systems.

Optimize Apartment: Primarily senior-friendly apartment renovation usually including new bathrooms, modern electrical installations and new flooring.

€m		Target
		New construction						1,300
		Upgrade Building		IRR of					-
		Optimize Apartment	9-10%				1,439	1,600
							1,139
					472	779
71	172	356
2013	2014	2015	2016	2017	2018	2019	2020E

Investor Presentation - May 2020

page 22

Long-term Support from Megatrends

More than €500m Neighborhood Development Investments

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

While each project is different depending on specific local requirements and opportunities, neighborhood development projects usually include energy efficient modernization, construction of new apartments, apartment modernization and general upgrade of the neighborhood environment.

Bielefeld (2017)

Sennestadt

302 apartments

3 years construction time €14m investment

Dortmund (2017) Westerfilde Nord + Süd 639 apartments

3 years construction time €23m investment

Essen (2016)

Eltingviertel

420 apartments

5 years construction time €27m investment

Aachen (2016)

Preuswald

397 apartments

3 years construction time €10m investment

Bochum (2019)

Weitmar

1,558 apartments

4 years construction time €81m investment

Duisburg (2019)

Hüttenheim

228 apartments

3 years construction time €27m investment

Kiel (2018) Gaarden (Förde)

682 apartments

5 years construction time €32m investment

Hamburg (2018)

Wilhelmsburg

1,451 apartments

4 years construction time €85m investment

Berlin (2017)

Lettekiez

919 apartments

3 years construction time

€36m investment

Berlin (2017)

Tegel- Ziekowstraße 1,470 apartments

6 years construction time €111m investment

Berlin (2016) Afrikanisches Viertel 422 apartments

5 years construction time €41m investment

Frankfurt (2017)

Knorrquartier

150 apartments

2 years construction time €14m investment

Kornwestheim (2019)

Südkorn

277 apartments

4 years construction time €34m investment

Note: Year refers to year of initial investment. Pie chart refers to estimated degree of project completion.

Investor Presentation - May 2020

page 23

Solid Capital Structure with Smooth Maturity Profile and Diverse Funding Mix

Equity Story & Q1 Performance UpdateBusiness OverviewQ1 2020 ResultsAdditional Information

KPI / criteria	Mar. 31,	Dec. 31,		Evolution of LTV and Interest Cover Ratio
2020	2019
Corporate rating (Scope)	A-	A-
Corporate rating (S&P)	BBB+	BBB+
																										5.0
																							4.9
																				4.7
49.0%	49.7%								4.6
LTV2	43.0%	43.1%	47.3%
Net debt/EBITDA multiple1	11.8x	11.5x											3.7						42.8%	43.1%	43.0%
ICR	5.0x	4.9x											3.0		41.6%
						2.7
										39.8%									target
					2.2
Fixed/hedged debt ratio2	96%	96%																							range
Average cost of debt2	1.5%	1.5%
Weighted average maturity (years)2	8.1	7.9
Unencumbered assets	49%	50%
2013	2014	2015	2016	2017	2018	2019		Q1
Most recent bond issuances	Apr. 2020
								LTV (%)						Interest Cover Ratio	2020
€500m, 10 years	2.250%
€500m, 4 years	1.625%

Diverse funding mix with no more than 13% of debt maturing annually3

€m

3,500

3,000

2,500

2,000

1,500

1,000

500

0

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 from 2033

1Adj. net debt annual average over Total EBITDA.2Excl. equity hybrid. 3Incl. April 2020 Dual Tranche Bond of €500m each.

	9%		Corporate bond
18%		Equity hybrid
	58%		Structured loans
11%			Mortgage loans
		Subsidized modernization
4%
		debt & EIB loans

Investor Presentation - May 2020

page 24

Serving a Fundamental Need in a Highly Relevant Market

Main Focus Points of Our Sustainability and ESG Dimensions

Equity Story & Q1 Performance Update

Business Overview

Q1 2020 Results

Additional Information

ENVIRONMENTAL

• Largest and most meaningful positive impact is through increasing
  energy efficiency and CO2reduction of the >50,000 buildings in our portfolio
• Ca. one million tCO2e emissions per year
• Committed to Germany's ambitious target of achieving a climate neutral building stock by 2050 energy efficient modernization of our portfolio at rate of >3% p.a.
• Researching innovative ways to reduce CO2 emissions and increase the use of renewable energy

SOCIAL

• Deeply rooted in the middle of society with products & services that impact the lives of more than one million people
• Homes not a product like any otherthey serve a basic need alongside food and oxygen
• As a partner in the local markets in which we operate we provide answers to the challenges of the housing sector
• Most important solution lies in the construction of new and affordable apartments; as one of Germany's largest homebuilders we live up to our responsibility
• Responsibility for ~10,000 employees from 78 countries

G•We bear responsibility for offering

OVERNANCE

our employees a working environment in which they are

•Business conduct is built around happy, heathy and able to

trust, transparency and reliability advance in line with their own

•Inexpeverythctationsng we do we play by the

•Vonovia academy

rules and are compliant with all

•Comprehensive health relevant laws, directives, social

management

• normsGenerousand agreementshome office regulation

and part-time models

•Continuous and open dialogue with

•Ausbildung

•allWeiterbildungstakeholders

•We will only be successful if our stakeholders feel that they can rely on us

As Europe's largest listed landlord we provide a home to around 1 million people from 170 nations. All of our

actions have more than just an economic dimension.

Investor Presentation - May 2020

page 25

Serving a Fundamental Need in a Highly Relevant Market

Social - We Are In the Middle of Society

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

CUSTOMERS

• Business philosophy above and beyond what is legally required
• Self-imposedobligation to limit ourselves to maximum rent increase of €2/sqm after invest
• Guarantee to customers 70+ years that rents will remain affordable irrespective of legal rent increase opportunities
• In-housecraftsmen organization to ensure swift response time to repair & maintenance needs
• Multilingual service center for customer enquiries with 24/7 emergency service and tenant app to access all relevant data and forstate-of-the-artcustomer-landlord communication

SOCIETY

• Availability and affordability of housing is one of key social questions of our time. The most effective answer to address this challenge is new construction. With more than 2,000 apartments per year we are part of the solution
• Several hundred million of investments in neighborhood development to make sure that people feel at home not only within their apartments but also within their local neighborhood
• Various foundations, donations and different initiatives (e.g. photo award) support our commitment to society

EMPLOYEES

•We bear responsibility for offering

•We bear responsibility for offering our employees a working

our employees a working environmentininwhichwhichtheytheyareare

happpy,healthyheathyandabletoto advance in line with their own

advance in line with their own expectations

expectations

•Vonovia academy

•OurComprehensiveVonovia academyhealthcontinuously offersmanagementrange of training and

•Generous home office regulation coaching opportunities

and part-time models

•ComprehensiveAusbildunghealth

•managementWeiterbildung

•Generous home office regulation and part-time models to enable employees to balance career and family

•Signatory of Diversity Charter and committed to appreciation, tolerance and respect

Investor Presentation - May 2020

page 26

Corporate Governance

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

The duties and authorities of the three governing bodies derive from the SE Regulation, the German Stock Corporation Act and the Articles of Association. In addition, Vonovia is fully in compliancewith the German Corporate Governance Code.

In the two-tiergovernance system, the management and monitoring of the business are strictly separatedfrom each other.

Annual General Meeting (AGM)

•

•

Shareholders can exercise their voting rights.

Decision making includes the appropriation of profit, discharge of members of the SVB and MB, and capital authorization.

Two-tier Governance System

Supervisory Board (SVB)

• Appoints, supervises and advises MB
• Examines and adopts the annual financial statements
• Forms Supervisory Board Committees
• Fully independent
• Board profile with all required skills and experience

Jürgen	Prof. Dr.	Burkhard Ulrich	Vitus	Dr. Florian	Dr. Ute
Fitschen	Edgar Ernst	Drescher	Eckert	Funck	Geipel-Faber
(Chairman)

Daniel	Hildegard	Prof. Dr.	Dr. Ariane	Clara-Christina	Christian
Just	Müller	Klaus Rauscher	Reinhart	Streit	Ulbrich

Management Board (MB)

• Jointly accountable for independently managing the business in the best interest of the company and its stakeholders
• Informs the SVB regularly and comprehensively
• Develops the company's strategy, coordinates it with the
  SVB and executes that strategy

CEO	CFO
Rolf	Helene
Buch	von Roeder

CRO	CDO
Arnd	Daniel
Fittkau	Riedl

Investor Presentation - May 2020

page 27

Why Vonovia?

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Granular B-to-C business with high degree of stability. Business model is resilient, predictable and provides downside protection

Long-term owner and full-scale operator with proven track record of scale and efficiencies in regulated residential real estate markets

The megatrends urbanization, energy efficiency and demographic change provide structural support and long-term tailwind for the business

Uniquely positioned in Germany with ability and ambition to implement Vonovia business model in selected European metropolitan areas

Fully committed to long-term nature of the business and the importance of sustainability

Investor Presentation - May 2020

page 28

Agenda

	Equity Story		Business		Q1 2020		Additional
	&		Overview		Results		Information
	Q1 2020
	Performance
	Update
	pages 2-13		pages 14-28		pages 29-41		pages 42-57

Investor Presentation - May 2020

page 29

Good Start into the Year with Growth Across all Four Segments

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

6.1% Adj. EBITDA Total growth and 10.5% Group FFO growth as a result of a larger

portfolio and performance improvements.

€m (unless indicated otherwise)

Adj. EBITDA Rental

Q1 2020	Q1 2019

381.1 357.4

Adj. EBITDA Total (€m)

+6%

Adj. EBITDA Value-add

Adj. EBITDA Recurring Sales

Adj. EBITDA Development

Adj. EBITDA Total

FFO interest expenses

Current income taxes FFO

37.2 35.8

26.4 26.3

11.4 10.4

456.1	429.9	+6.1%
-90.1	-89.8
-11.8	-12.6

456.1

429.9

Consolidation1

Group FFO

of which Vonovia shareholders

of which hybrid investors

of which non-controlling interests

Number of shares (eop)

Group FFO per share (eop NOSH)

Group FFO per share (avg. NOSH)

-18.7	-23.9

335.5 303.6+10.5%

1. 289.8

1. 10.0

1. 3.8

542.3 518.1

0.62 0.59+5.1%

0.62 0.59

415	+5%
	394

Q1 2020

Q1 2019

Development

Recurring Sales

Value-add

Rental

Residential units (`000)

1Consolidation in Q1 2020 (Q1 2019) comprised intragroup profits of €7.1m (€11.1m), the valuation result of development to hold of €4.3m (€5.3m), and IFRS 16 effects of €7.3m (€7.5m).

Investor Presentation - May 2020

page 30

Rental Segment

Acquisitions and Organic Growth Drive Adj. EBITDA Rental

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Rental Segment (€m)	Q1 2020	Q1 2019	Delta
Rental income	564.0	502.2	+12.3%
Maintenance expenses	-79.4	-72.7	+9.2%
Operating expenses	-103.5	-72.1	+43.6%
Adj. EBITDA Rental	381.1	357.4	+6.6%

Rental income by geography

14%

5%

Germany

Austria

Sweden

81%

Rental income growth in Q1 2020 was driven by the acquisition of Hembla plus organic rental growth. The increase in operating expenses was mainly attributable to two Hembla-related reasons:

more all-inclusive rents in Sweden compared to Q1 2019; and

double cost structure between Victoria Park and Hembla (synergies not realized yet). EBITDA Operations margin (unadjusted)2for Victoria Park was 51% and for Hembla 37%.

EBITDA Operations margin Germany1

										71.4% 73.6%75.0%	76.5% 78.2%
		830
			754		67.7%
60.8% 63.8%
	645
			570
													498
														445
																		394
2013	2014		2015		2016	2017	2018		2019	Q1 2020
			EBITDA Operations margin Germany			Cost per unit Germany (€)

1EBITDA Operations margin (Adj. EBITDA Rental + Adj. EBITDA Value-add - intragroup profits) / Rental Income. Margin 2019 and beyond includes positive impact from IFRS 16. Cost per unit is defined as (Rental Income

- EBITDA Operations + Maintenance) / average no. of units. 1EBITDA margins in Sweden not comparable to Germany because in Sweden rental income includes ancillary costs.

Investor Presentation - May 2020

page 31

Rental Segment

Operating KPIs Rental Segment

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Organic rent growth of 3.9% year-on-year

Vacancy rate stable and largely the result of investments.

Expensed maintenance on prior-year level; capitalized maintenance elevated as a result of increased volume of targeted larger-scale measures planned for 2020.

Organic rent growth (y-o-y; %)

3.9			4.0
				0.2
0.6
		2.6
2.3
1.0			1.2
		Q1 2020			Q1 2019
		Market		Modernization		New construction

Vacancy rate (%)						Expensed and capitalized maintenance (€/sqm)
2.8	2.9
				4.6
							1.6	3.9
							1.0
							3.0	2.9
		Q1 2020		Q1 2019					Q1 2020		Q1 2019
											Expensed maintenance		Capitalized maintenance

Investor Presentation - May 2020

page 32

Value-add

Segment

Continued Dynamic Growth in Adj. EBITDA Value-add

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Two types of value-add: (i) internal savingsmainly via craftsmen organization and (ii) additional revenuethrough external

income by offering services atmarket prices but on a lower cost basis due to efficiencies and size. Insourcing of services to ensuremaximum process management andcost control.

Expansion of core business to generate additional revenues by walking back the value chain and offering services that were previously provided by third parties (internalization of margin).

Cash flows from Adj. EBITDA Value-add are not included in the portfolio valuation, and as a consequence ignored in NAV.

Applying the impairment test discount rate1to the 2020E Adj. EBITDA Value-add suggests an additional value between ca. €5.5 and €6.5 per share(ca. 10-13%on top of Q1 2020 Adj. NAV).

Value-add Segment (€m)	Q1 2020	Q1 2019	Delta		Value-add EBITDA mostly from internal savings2

Income	375.1	358.8	+4.5%
of which external	77.6	80.2	-3.2%
of which internal	297.5	278.6	+6.8%
Operating expenses Value-add	-337.9	-323.0	+4.6%
Adj. EBITDA Value-add	37.2	35.8	+3.9%

Craftsmen cost savings (VTS)

Multimedia

Residential environment

Smart metering

Energy

Other (e.g. 3rd party management, insurance)

1Pre-tax WACC in impairment test of 4.1% in 2019 (2018: 5.1%). 2Distribution based on 2020 Budget

Investor Presentation - May 2020

page 33

Recurring Sales

Segment

Demand for Individual Condos Remains Strong

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Sales volume slightly below and gross proceeds in line with previous year.

Outside the Recurring Sales Segment we sold 287 non-core units in Q1 2020 with a fair value step-up of 36%, partly driven by the disposal of a commercial property.

Recurring sales by geography1

Austria

26%

Germany

74%

Recurring Sales Segment (€m)	Q1 2020	Q1 2019	Delta

Units sold	760	809	-6.1%
Gross proceeds	108.6	109.0	-0.4%
Fair value	-79.4	-79.4	-
Adjusted result	29.2	29.6	-1.4%
Fair-valuestep-up	36.8%	37.2%	-40bps
Selling costs	-2.8	-3.3	-15.2%
Adj. EBITDA Recurring Sales	26.4	26.3	+0.4%

1Based on sales proceeds.

Investor Presentation - May 2020

page 34

Development

Segment

Adj. EBITDA Development +9.6%

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information
		Development to sell (by income)	Development to hold (by fair value)

Development segment in Q1 2020 influenced by fewer notarizations and completions.

Operating expenses in Q1 2020 positively

Austria

impacted by lower volume and the reversal of provisions (€3m) that are no longer required.

47%

Germany

53%

Germany

100%

Development Segment (€m)	Q1 2020	Q1 2019	Delta
Income from disposal of "to sell" properties	45.4	59.4	-23.6%
Cost of Development to sell	-38.2	-46.1	-17.1%
Gross profit Development to sell	7.2	13.3	-45.9%
Fair value Development to hold	20.2	47.3	-57.3%
Cost of Development to hold	-15.9	-42.0	-62.1%
Gross profit Development to hold	4.3	5.3	-18.9%
Operating expenses Development segment	-0.1	-8.2	-98.8%
Adj. EBITDA Development	11.4	10.4	+9.6%

Note: This segment includes the contribution of to-sell and to-hold constructions of new buildings. Not included is the construction of new apartments by adding floors to existing buildings, as this happens in the context of, and is accounted for, under modernization.

Investor Presentation - May 2020

page 35

Development

Segment

Vonovia's Contribution towards Reducing the Housing Shortage

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

New rental apartments for our own portfolio ("to hold")

122 units completed in Q1 2020 (including floor additions). Total pipeline of ca. 41,000 units, of which more than 70% in Germany and the remainder in Austria and Sweden.

Average apartment size between 60-70 sqm and broadly in line with overall portfolio average.

The development to-hold investment volume is part of the overall investment program.

New apartments for retail disposal ("to sell")

No units completed in Q1 2020.

Total pipeline volume of ca. €3bn (ca. 8,500 apartments), of which ca. 70% in Germany and ca. 30% in Austria.

Investment capital for Development to sell is not part of investment program.

Average apartment size between 70-80 sqm.

Average investment volume of ~€4.5k per sqm.

Expected gross margin between 20-25% on average.

Pipeline with ca. 41,000 apartments

7%

8%

Under construction

Short-term pipeline

Longer-term pipeline

85%

2020 target: ~1,300 completions

Pipeline with ca. 8,500 apartments

18%			Under construction
				Short-term pipeline
12%
70%				Longer-term pipeline

2020 target: >300 completions

Investor Presentation - May 2020

page 36

Adj. NAV Growth of +0.6%

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

No portfolio valuation in Q1.

Next portfolio valuationplanned as per June 30(ca. 2/3 of portfolio via the 26 largest/most dynamic German cities plus Sweden plus Vienna).

With the exception of Berlin, where prices have remained flat, current indications for all other markets suggest a fair value growth broadly in line with H1 last year(H1 2019l-f-l was 8.4% for portfolio revalued in Germany, 3.4% for Sweden and 3.8% for Vienna)

This estimate is based on the assumptionthat we will continue to observe no materialCOVID-19impact

by June 30.

€m

(unless indicated otherwise)

Equity attributable to Vonovia's shareholders Deferred taxes on investment properties

Fair value of derivative financial instruments1

Deferred taxes on derivative financial instruments

EPRA NAV

Goodwill

Adj. NAV

EPRA NAV €/share

Adj. NAV €/share

Number of shares (eop)

Mar. 31, 2020 Dec. 31, 2019

19,376.8	19,308.3
10,329.5	10,288.9
76.5	79.8
-21.8	-22.4
29,761.0	29,654.6
-1,440.2	-1,492.7
28,320.8	28,161.9	+0.6%

54.88 54.69

52.23

51.93

+0.6%

542.3542.3

1Adjusted for effects from cross currency swaps.

Investor Presentation - May 2020

page 37

LTV well within Target Range

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Against the background of thestable cash flows and thestrong long-term fundamentals in our

portfolio locations, largely driven by a structural supply/demand imbalance, we see continued upside

potential for our property values and do not see material long-term downside risks for our portfolio.

We remain committed to our LTV target range of 40-45%.

€m	Mar 31, 2020	Dec 31, 2019
(unless indicated otherwise)
Non-derivative financial liabilities	23,430.6	23,574.9
Foreign exchange rate effects	-44.0	-37.8
Cash and cash equivalents	-428.8	-500.7
Net debt	22,957.8	23,036.4
Sales receivables/prepayments	-4.9	21.4
Adj. net debt	22,952.9	23,057.8
Fair value of real estate portfolio	53,199.7	53,316.4
Shares in other real estate companies	148.8	149.5
Adj. fair value of real estate portfolio	53,348.5	53,465.9
LTV	.	43.1%
LTV (incl. perpetual hybrid)	44.9%	45.0%
Net debt/EBITDA multiple1	11.8x	11.5x

1Adj. net debt quarterly average over Adj. EBITDA Total (LTM), adj. for IFRS 16 effect.

Investor Presentation - May 2020

page 38

Financial Situation Remains Comfortable

Equity Story & Q1 Performance UpdateBusiness OverviewQ1 2020 ResultsAdditional Information

		Cash flow from operating business remains stable and is more than sufficient to cover all
		operating business expenses.
Ample		Refinancing activities in April 2020: €1.0bn unsecured bonds at a weighted average
Liquidity		coupon of 1.9%.
		€1bn Commercial Paper Program covered by an additional €1bn Revolving Credit Facility.
		No material refinancing requirements until 12/2020 (€750m bond).
		The unsecured bond market remains fully open even in the COVID-19 crisis for frequent
Multiple		investment grade issuers like Vonovia. This was recently proven with our €1.0bn dual
(Re-)		tranche issuance in early April 2020.
financing		The secured financing market is also wide open with a focus on financings with moderate
options		LTVs and solid sponsors like Vonovia (marginally lower rates but requires substantially
		more time for realization).
Rating not		Our BBB+ (S&P) and A- (Scope) ratings are not effected by the uncertainties and
impacted		turbulence caused by COVID-19.
Refinancing		While refinancing conditions for unsecured debt are on average ca. 80bps above the levels
conditions		in early 2020, they are still comparatively low in a historical context. Furthermore it
still		appears that financing conditions have already begun improving again.
comparatively		The high portion of unencumbered assets in our portfolio enables us to execute on our
low		diversified funding strategy.

Investor Presentation - May 2020

page 39

Large Headroom on All Bond Covenants

Equity Story & Q1 Performance UpdateBusiness OverviewQ1 2020 ResultsAdditional Information

Covenant	Required level	Current level
(March 31, 2020)

	LTV	<60%	42%
	(Total debt / total assets)
	Secured LTV	<45%	15%
	(Secured debt / total assets)
Bonds	ICR	>1.8x	5.0x
	(LTM EBITDA / LTM interest expense)
	Unencumbered assets	>125%	196%
	(Unencumbered assets / unsecured debt)

Investor Presentation - May 2020

page 40

ESG Update

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

While dealing with COVID-19 implications is rightfully receiving most of the attention also in the

residential sector, managing the megatrendsurbanization, energy efficiency and demographic

change remains akey focus for Vonovia.

We are not relenting in our efforts to work on solutions and continue to make good progress on

our sustainability efforts. We have recently appointed a new Sustainability Director who reports directly to the CEO. Our main areas of focus and achievements include

• further developing the ESG strategy andprioritizing action items(roadmap);
• developing astep planin compliance with Paris Climate Accord and for achieving CO2 neutrality by 2050;
• finalizing the 2019Sustainability Report(publication end of May);
• participating inESG rankings(focus on GRESB, CDP, Sustainalytics, RobecoSam, MSCI);
• continuinginnovative researchtowards energy efficiency;
• ESG targetsimplemented as part of CEO's and CFO's variable compensation.

Investor Presentation - May 2020

page 41

Agenda

	Equity Story		Business		Q1 2020		Additional
	&		Overview		Results		Information
	Q1 2020
	Performance
	Update
	pages 2-13		pages 14-28		pages 29-41		pages 42-57

Investor Presentation - May 2020

page 42

Portfolio Cluster

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

55% of German portfolio earmarked for

investment strategy, safeguarding long-term sustainability of our Optimize Apartment and Upgrade

Building investment strategy

287 non-core units sold in Q1 2020 with afair value step-up of ca. 36%, partly driven by the

disposal of a commercial property

Sweden 10%

Austria 5%

Non-core 1%

Recurring

Sales 7%

Invest 55%

Operate 22%

Mar 31, 2020		Fair value1		Residential	In-place rent
(€bn)	% of total	(€/sqm)	units	(€/sqm/month)
Operate	11,059	22%	1,909	85,251	7.23
Invest	28,040	55%	1,898	238,196	6.68
Strategic	39,099	76%	1,901	323,447	6.83
Recurring Sales	3,826	7%	2,030	27,589	6.94
Non-core	477	1%	1,448	3,888	6.42
Vonovia Germany	43,402	84%	1,905	354,924	6.83
Vonovia Sweden	5,328	10%	1,794	38,089	9.20
Vonovia Austria	2,634	5%	1,453	22,310	4.65
Vonovia Total	51,364	100%	1,864	415,323	6.94

Note: In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden includes ancillary costs and Austria includes maintenance and property improvement contributions from tenants. The table above shows the rental level unadjusted to the German definition. 1Fair value of the developed land excluding €2,157.2m, of which €573.3m for undeveloped land and inheritable building rights granted, €433.3m for assets under construction, €504.2m for development, €321.0m IFRS 16 effect and €315.4m for other.

Investor Presentation - May 2020

page 43

Regional Cluster

Equity Story & Q1 Performance Update

Business Overview

Q1 2020 Results

Additional Information

Regional Market

Fair value1

In-place rent

Market rent

Average rent

Purchase

Residential

Organic rent

Multiple

increase

growth (LTM,

Residential

Vacancy

Total

Residential

power index

(€m)

(€/sqm)

(€/sqm/

growth

(in-place

forecast

%) from

units

(%)

(p.a., €m)

(p.a., €m)

(market

month)

(LTM, %)

rent)

Valuation (%

Optimize

data)2

p.a.)

Apartment

Berlin

Rhine Main Area (Frankfurt,

Darmstadt, Wiesbaden)

Southern Ruhr Area (Dortmund,

Essen, Bochum)

Rhineland (Cologne, Düsseldorf,

Bonn)

Dresden

Hamburg

Munich

Stuttgart

Kiel

Hanover

Northern Ruhr Area (Duisburg,

Gelsenkirchen)

Bremen

Leipzig

Westphalia (Münster, Osnabrück)

Freiburg

Other Strategic Locations

Total Strategic Locations

Non-Strategic Locations

Total Germany

7,478	2,685	42,271	1.4	230	218	6.88	3.5	32.5	81.3	1.8	47.3
4,434	2,491	27,428	1.7	179	173	8.37	3.7	24.8	105.9	1.8	29.7
3,881	1,432	43,491	3.4	198	193	6.25	5.4	19.6	89.1	1.5	29.0
3,842	1,980	28,508	2.4	169	161	7.30	3.0	22.7	100.8	1.7	27.8
3,606	1,572	38,519	3.6	168	159	6.26	3.7	21.4	82.6	1.7	23.1
2,767	2,158	19,758	1.9	111	107	7.25	4.0	24.9	98.9	1.6	37.2
2,285	3,500	9,665	1.4	66	62	8.29	2.9	34.5	123.7	1.9	33.3
2,127	2,393	13,753	1.7	86	82	8.06	3.4	24.9	105.7	1.8	32.4
2,109	1,528	23,220	2.4	105	101	6.43	3.9	20.0	74.8	1.7	31.8
1,881	1,798	16,264	2.7	84	81	6.77	4.1	22.3	90.3	1.7	29.1
1,702	1,068	25,505	3.7	110	107	5.86	3.4	15.5	81.4	1.2	29.1
1,192	1,610	11,852	3.2	52	50	5.99	5.5	22.8	84.3	1.8	19.6
960	1,548	9,179	3.8	44	42	6.12	2.5	21.7	76.3	1.8	25.7
914	1,465	9,475	3.3	46	45	6.28	5.1	19.9	90.9	1.5	33.1
661	2,368	4,041	2.2	25	25	7.56	3.4	26.1	86.9	1.7	29.6
2,913	1,681	26,773	3.5	138	133	6.79	3.1	21.1		1.6	30.2
42,754	1,913	349,702	2.7	1,813	1,738	6.84	3.8	23.6		1.7	30.9
647	1,511	5,222	5.9	32	28	6.49	1.7	20.4		1.7	23.1
43,402	1,905	354,924	2.7	1,845	1,765	6.83	3.7	23.5		1.7	30.8

Vonovia Sweden	5,328	1,794	38,089	2.6	320	293	9.20	5.0	16.7	2.0	-
Vonovia Austria	2,634	1,453	22,310	4.8	108	89	4.65	4.7	24.3	1.6	-
Total	51,364	1,864	415,323	2.8	2,273	2,147	6.94	3.9	22.6	1.7	n/a

Note: In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden includes ancillary costs and Austria includes maintenance and property improvement contributions from tenants. The table above shows the rental level unadjusted to the German definition. 1Fair value of the developed land excluding €2,157.2m, of which €573.3m for undeveloped land and inheritable building rights granted, €443.3m for assets under construction, €504.2m for development, €321.0m IFRS 16 effect and €315.4m for other. 2Source: GfK (2020). Data refers to the specific cities indicated in the tables, weighted by the number of households where applicable.

Investor Presentation - May 2020

page 44

Substantial Rent Growth Pipeline

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Increasingly comprehensive investment projectsincl. neighborhood developments and new construction result in more extended periods between investment and full rent growth realization.2% of 2017 investment program rent growth, 41% of 2018 investment program rent growth and 62% of 2019 investment program rent growth for an aggregate incremental rental income of ~ €54m p.a.are still in the pipelineas investments are underway but not fully completed.

Year-by-year rent growth materialization from investment programs

		1%
				3%
39%
38%	41%

100%

61% 60% 56%

	2%
12%	21%	20%	3 years later than investment kick-off
37%		25%	2 years later than investment kick-off
	37%

	21%	1 year later than investment kick-off
50%
40%	33%
	Same year as investment kick-off

2015	2016	2017	2018	2019	2020E	2021+E
Excluding Development to Hold.		Year of rent increase execution

Investor Presentation - May 2020

page 45

History of Vonovia

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Late 19th century

until

1980s

Social housing in not-for-profit regime

The commercialization

of Germany's housing

market came in the wake of the "Neue Heimat" scandal in the

~2000

until 2013

Private equity domination

Predominantly Anglo- Saxon private equity funds bought hundreds of thousands of apartments from public and corporate owners.

	2013
	until
	2018
IPO	Beginning of
in 2013
	consolidation in the
	German residential
Professionalization	market
of the business

Proactive Portfolio management: €3bn invested in portfolio modernization.

Acquisition and integration of more than 290k apartments.

Disposal of 77k non-core apartments.

Scalability & industrialization: EBITDA Operations margin of 76% (+16 percentage points since IPO).

2018

onwards

Opportunistic expansion into selected European metropolitan areas

While Germany is expected to remain the dominant market in our portfolio also for the foreseeable future we want to build on our knowledge and track record by bringing our strategy and expertise to comparable residential markets outside of Germany.

1980s (bankruptcy of more than 250k union-owned apartments).

Push towards more professionalization but also short-term orientation.

We built the German leader with

the potential and ambition

to become

a unique European champion

Investor Presentation - May 2020

page 46

Illustrative Overview of Investment Program Funding

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Rental Income

• Maintenance expenses
• Operating expenses

• EBITDAValue-add
• EBITDA Recurring Sales
• EBITDA Development

• Total EBITDA

• Interest expenses
• Current income taxes
• Consolidation/non-cashitems

• Group FFO

Comprehensive investment program to drive organic growth and portfolio improvements

Size of investment program is calibrated to remain within LTV target range

Funded with retained cash, proceeds from recurring sales plus (often subsidized) loans

€1.3bn - €1.6bn

~70% for dividend1	~30%
cash	scrip	retained earnings

• Capitalized maintenance
• Hybrid coupon & minorities
• One-offs

• Earnings available for investment program

Incremental

debt

Sales

proceeds

Earnings

contribution

Including funding from KfW and

EIB

2,500 units * avg. fair value (~€138k) @30% est. gross margin

Investment Program

1Average historic cash/scrip ratio has been 55%/45% since inception in 2016

Investor Presentation - May 2020

page 47

Acquisitions - Opportunistic but Disciplined

Equity Story & Q1 Performance UpdateBusiness OverviewQ1 2020 ResultsAdditional Information

Acquisition pipeline ('000 units)

340

																														2013: Dewag+ Vitus (~41 k)1
																														2015: Gagfah (~145 k) 1
																														2015: Südewo (~19 k) 1
																														2016: conwert (~23 k) 1
			252																									2017: Buwog (~48 k) 1
																											2018: Victoria Park (~14 k) 1
		240
			224																											2019: Hembla (~21 k) 1
															219
																											206
		175
		158																													163
140	136
			121			114
			105
											97
			87															83									83
																	77
			71
												69									66	67
			54																								52
											44			37								37		41.5
																								35
			32
																								26					25
																													22
																															17
								9										4								4	5	3
		Examined			Analyzed in more detail			Due Diligence, partly ongoing					Bids			Signed
					2013			2014			2015		2016			2017			2018		2019			Q1 2020

1Acquisitions are shown for all categories in the year the acquisition process started.

Investor Presentation - May 2020

page 48

Acquisition Track Record

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information
	Larger acquisitions					Fair Value per sqm
	Year	Deal	Residential units	Locations		@ Acquisition	Mar 31, 2020	∆
	#
		DEWAG	11,300	Berlin, Hamburg, Cologne, Frankfurt/Main		€1,344	€2,499	86%
	2014	VITUS1	20,500	Bremen, Kiel		€807	€1,553	93%
		GAGFAH	144,600	Dresden, Berlin, Hamburg		€889	€1,835	106%
	2015	FRANCONIA	4,100	Berlin, Dresden		€1,044	€2,123	103%
		SÜDEWO	19,400	Stuttgart, Karlsruhe, Mannheim, Ulm		€1,380	€2,205	60%
	2016	GRAINGER	2,400	Munich, Mannheim		€1,501	€2,472	65%
		CONWERT (Germany &	23,400	Berlin, Leipzig, Potsdam, Vienna		€1,353	€2,059	52%
		Austria)
	2017	thereof Germany	21,200	Berlin, Leipzig, Potsdam		€1,218	€1,962	61%
	thereof Austria	2,200	Vienna		€1,986	€2,564	29%
		PROIMMO	1,000	Hanover		€1,617	€1,887	17%
		BUWOG (Germany &	48,300	Berlin, Lübeck, Vienna, Villach		€1,244	€1,514	22%
		Austria)
		thereof Germany	27,000	Berlin, Lübeck, Kiel		€1,330	€1,742	31%
	2018	thereof Austria	21,300	Vienna, Villach, Graz		€1,157	€1,291	12%
		VICTORIA PARK (Sweden)	14,000	Stockholm, Malmö, Gothenburg		SEK15,286	SEK18,122	19%
		AKELIUS (Sweden)	2,300	Stockholm, Gothenburg		SEK25,933	SEK27,158	5%
	2019	HEMBLA (Sweden)	21,400	Stockholm		SEK20,157	SEK20,158	0%
		Total	312,700

Note: Excluding smaller tactical acquisitions. 1Net of subportfolio sold right after the acquisition

Investor Presentation - May 2020

page 49

Long-term Structural Support from Fundamental Residential Market Trends (Sweden)

Equity Story & Q1 Performance Update

Business Overview

Q1 2020 Results

Additional Information

The market fundamentals in Sweden are very comparable to Germany

High degree of similarities in terms of urbanization, rental regulation, supply/demand imbalance and gap between in-place values and replacement values

Large gap between in-place values and replacement costs2

Victoria Park3- fair value/sqm (SEK; total lettable area) vs. construction costs

Robust rent growth in regulated environments1

Rent growth in regulated marketsfollows a sustainable upward trajectory and is largely independent from GDP developments; rents in unregulated markets go up and downbroadly in line with the GDP development

						Regulated (Sweden)												Unregulated (USA)
6																				6
4																				4
2																				2
0																				0
	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018		2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
	-2
-2
-4																				-4
-6				GDP, quarterly development y-o-y				-6					Rent growth; quarterly development y-o-y

Structural supply/demand imbalance

Sweden's average annual residential completions of the last five years fall short of estimated required volumes

building

land

Factor

2.5x - 3.0x

100

Completions (`000)

90	Est. required volume (`000)
80
70
60

						19,434
				14,319	15,793
			12,108
		10,375
	8,662
6,580
2013	2014	2015	2016	2017	2018	2019		Market costs
									for new

constructions

50

40

30

20

10

0

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

1Sources: REIS, BofA Merrill Lynch Global Research, OECD, Statistics Sweden. Note: Due to lack of q-o-q rent growth data for the US and Sweden, the annual rent growth for a year is assumed to also be the q-o-q rent growth of that year. 2Note: The land value refers to the share of total fair value allocated to land. Allocation between building and land in Sweden assumed to be similar to Germany. Sources: Swedish National Board of Housing, Building and Planning, Statistics Sweden. 32019 includes portfolio acquired from Akelius.

Investor Presentation - May 2020

page 50

Residential Market Fundamentals (Germany)

Household Sizes and Ownership Structure

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

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 2035 with a clear trend towards smaller 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)

			41.4	43.2
40.1		1.1
	1.4
		3.3
	1.4
		3.8
4.0			4.4
5.2		4.9
						15.4			5 or more persons
			14.0			4 persons
13.6						3 persons
											2 persons
15.8	17.3	19.0			1 person
2008	2018	2035E

Ownership structure (million units)

Amateur landlords		15.0
Professional, not listed	2.3
Government owned	2.3
Cooperatives	2.1
Listed property companies	0.9
Churches and other	0.6

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

Investor Presentation - May 2020

page 51

Liquid Large-cap Stock

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information
	Blackrock
	First day of trading	July 11, 2013
	7.4%Norges	No. of shares outstanding	542.3 million
	6.6%
	FMR	Free float	93.4%
	3.6%	ISIN	DE000A1ML7J1
	DWS
	3.1%	Ticker symbol	VNA
	APG
	Share class	Registered shares with no par value
	3.1%
		Main listing	Frankfurt Stock Exchange
Other		Market segment	Regulated Market, Prime Standard
	Major indices	DAX, Stoxx Europe 600, MSCI, GPR 250 World,
76.2%
			FTSE EPRA/NAREIT Europe, GPTMS150

According to German law the lowest threshold for voting rights notifications is at 3%

Share price (rebased to 100)

Hembla

Beginning

(21k)

Stoxx 600

Victoria

European

inclusion

Park (14k)

expansion;

conwert

cooperation

30

MSCI

350

Südewo

(23k)

with CDC

Buwog

inclusion

Habitat

(48k)

(19k)

25 bn)

300

DeWag &

M-DAX

Gagfah

DAX

(€

inclusion

(145k)

Vitus (32k)

inclusion

20

cap

250

+207%

market

S-DAX

15

200

+33%

inclusion

+22%

150

10

Vonovia

5

100

0

Sep-13Nov-13Jan-14Mar-14May-14Jul-14Sep-14Nov-14Jan-15Mar-15May-15

Jul-15Sep-15Nov-15Jan-16Mar-16May-16

Jul-16Sep-16Nov-16Jan-17Mar-17May-17Jul-17Sep-17Nov-17Jan-18Mar-18May-18

Jul-18Sep-18Nov-18Jan-19Mar-19May-19Jul-19Sep-19Nov-19Jan-20Mar-20

Jul-13

Vonovia		DAX		EPRA Europe	Total market cap Vonovia (€bn; weighted avg.)	Index inclusion		Acquisition

Source: Factset, company data; VNA performance is total shareholder return (share price plus dividends reinvested)

Investor Presentation - May 2020

page 52

Bonds / Rating

Equity Story & Q1 Performance UpdateBusiness OverviewQ1 2020 ResultsAdditional Information

Corporate Investment grade rating		as of 2018-08-02
Rating agency	Rating	Outlook	Last Update
Scope	A-	Stable	13 Dec 2019
Standard & Poor's	BBB+	Stable	06 Apr 2020
Bond ratings			as of 2018-08-02
Name	Tenor & Coupon	ISIN	Amount	Issue price	Coupon	Final Maturity Date
Bond 023B (EMTN)	10 years 2.250%	DE000A28VQD2	€ 500m	98.908%	2.250%	07 Apr 2030
Bond 023A (EMTN)	4 years 1.625%	DE000A28VQC4	€ 500m	99.831%	1.625%	07 Apr 2024
Bond 022C (EMTN)	20 years 1.625%	DE000A2R8NE1	€ 500m	98.105%	1.625%	07 Oct 2039
Bond 022B (EMTN)	8 years 0.625%	DE000A2R8ND3	€ 500m	98.941%	0.625%	07 Oct 2027
Bond 022A (EMTN)	3.5 years 0.125%	DE000A2R8NC5	€ 500m	99.882%	0.125%	06 Apr 2023
Bond 021B (EMTN)	15 years 1.125%	DE000A2R7JE1	€ 500m	99.822%	1.125%	14 Sep 2034
Bond 021A (EMTN)	10 years 0.500%	DE000A2R7JD3	€ 500m	98.965%	0.500%	14 Sep 2029
Bond 020 (EMTN)	6.5 years 1.800%	DE000A2RWZZ6	€ 500m	99.836%	1.800%	29 Jun 2025
Bond 019 (EMTN)	5 years 0.875%	DE000A192ZH7	€ 500m	99.437%	0.875%	03 Jul 2023
Bond 018D (EMTN)	20 years 2.750%	DE000A19X8C0	€ 500m	97.896%	2.750%	22 Mar 2038
Bond 018C (EMTN)	12 years 2.125%	DE000A19X8B2	€ 500m	98.967%	2.125%	22 Mar 2030
Bond 018B (EMTN)	8 years 1.500%	DE000A19X8A4	€ 700m(1)	101.119%	1.500%	22 Mar 2026
Bond 018A (EMTN)	4.75 years 3M EURIBOR+0.450%	DE000A19X793	€ 600m	100.000%	0.793% hedged	22 Dec 2022
Bond 017B (EMTN)	10 years 1.500%	DE000A19UR79	€ 500m	99.439%	1.500%	14 Jan 2028
Bond 017A (EMTN)	6 years 0.750%	DE000A19UR61	€ 500m	99.330%	0.750%	15 Jan 2024
Bond 015 (EMTN)	8 years 1.125%	DE000A19NS93	€ 500m	99.386%	1.125%	08 Sep 2025
Bond 014B (EMTN)	10 years 1.750%	DE000A19B8E2	€ 500m	99.266%	1.750%	25 Jan 2027
Bond 014A (EMTN)	5 years 0.750%	DE000A19B8D4	€ 500m	99.863%	0.750%	25 Jan 2022
Bond 013 (EMTN)	8 years 1.250%	DE000A189ZX0	€ 1,000m	99.037%	1.250%	06 Dec 2024
Bond 011B (EMTN)	10 years 1.500%	DE000A182VT2	€ 500m	99.165%	1.5000%	10 Jun 2026
Bond 011A (EMTN)	6 years 0.875%	DE000A182VS4	€ 500m	99.530%	0.875%	10 Jun 2022
Bond 010C (EMTN)	8 years 2.250%	DE000A18V146	€ 1,000m	99.085%	2.2500%	15 Dec 2023
Bond 010B (EMTN)	5 years 1.625%	DE000A18V138	€ 752m(2)	99.852%	1.625%	15 Dec 2020
Bond 009B (EMTN)	10 years 1.500%	DE000A1ZY989	€ 500m	98.455%	1.5000%	31 Mar 2025
Bond 008 (Hybrid)	perpetual 4%	XS1117300837	€ 1,000m	100.000%	4.000%	perpetual
Bond 007 (EMTN)	8 years 2.125%	DE000A1ZLUN1	€ 500m	99.412%	2.125%	09 July 2022
Bond 005 (EMTN)	8 years 3.625%	DE000A1HRVD5	€ 500m	99.843%	3.625%	08 Oct 2021
Bond 004 (USD-Bond)	10 years 5.000%	US25155FAB22	USD 250m	98.993%	4.580%(3)	02 Oct 2023

1. Nominal mount incl. tap bond €200m in Feb 2020
2. Nominal amount outstanding after Liability Management in Sep 2019
3. EUR-equivalentCoupon

Investor Presentation - May 2020

page 53

IR Contact & Financial Calendar

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Contact

Rene Hoffmann (Head of IR)

Primary contact for Sell side, Buy side [phone] [e-mail]

Stefan Heinz

Primary contact for Sell side, Buy side [phone] [e-mail]

Oliver Larmann

Primary contact for private investors, AGM [phone] [e-mail]

General inquiries [e-mail]

App & Website

	Financial Calendar 2020
May 27	Best of Europe One-on-One Conference, New York City (UBS)1- VIRTUAL
June 04	DB Access Berlin Conference, Berlin (Deutsche Bank) - VIRTUAL
June 09	European CEO Conference, Paris (Exane) - VIRTUAL
June 10	European Financials Conference, Rome (Goldman Sachs) - VIRTUAL
June 17	German & Austrian Property Day, Paris (KeplerCheuvreux)1- VIRTUAL
June 18	Europe & EEMEA Property Conference, London (Morgan Stanley) - VIRTUAL
June 30	Annual General Meeting -VIRTUAL
Aug 5	Interim results H1 2020
Aug 19	Deutschlandkonferenz, Baden Baden (Bankhaus Lampe) - VIRTUAL
Aug 20	HSBC European Real Estate Conference, Frankfurt am Main (HSBC)
Sept 03	Corporate Conference 2020, Frankfurt (Commerzbank)1
Sept 21	German Corporate Conference 2020, Munich (Berenberg & Goldman Sachs)
Sep 24	Investment Conference 2020, Munich (Baader)1
Oct 01	Commerzbank Real Estate Forum, London (Commerzbank)
Nov 4	Interim results 9M 2020

https://investors.vonovia.de

1IR only

The most up-to-date financial calendar is always available online.

Investor Presentation - May 2020

page 54

Disclaimer

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

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.

Investor Presentation - May 2020

page 55

For Your Notes

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Investor Presentation - May 2020

page 56

For Your Notes

Equity Story & Q1 Performance Update	Business Overview	Q1 2020 Results	Additional Information

Investor Presentation - May 2020

page 57